NPORT-EX 2 principal_3016.htm
Schedule
of
Investments
Blue
Chip
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
1
INVESTMENT
COMPANIES
-
0
.35
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0
.35
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
4.22%
(a),(b)
6,120,458‌
$
6,120‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.19%
(a),(b),(c)
32,224,745‌
32,225‌
$
38,345‌
TOTAL
INVESTMENT
COMPANIES
$
38,345‌
COMMON
STOCKS
-
100
.19
%
Shares
Held
Value
(000's)
Aerospace
&
Defense
-
6
.92
%
HEICO
Corp
-
Class
A
901,148‌
$
212,527‌
TransDigm
Group
Inc
377,177‌
553,858‌
$
766,385‌
Building
Materials
-
1
.13
%
Vulcan
Materials
Co
469,812‌
124,533‌
Chemicals
-
2
.46
%
Air
Products
and
Chemicals
Inc
118,242‌
32,979‌
Linde
PLC
352,050‌
164,611‌
Sherwin-Williams
Co/The
209,670‌
75,232‌
$
272,822‌
Commercial
Services
-
0
.48
%
Moody's
Corp
111,931‌
53,651‌
Computers
-
0
.59
%
Gartner
Inc
(d)
150,159‌
65,532‌
Distribution
&
Wholesale
-
1
.87
%
Copart
Inc
(d)
4,027,168‌
207,319‌
Diversified
Financial
Services
-
12
.28
%
Brookfield
Asset
Management
Ltd
(e)
678,489‌
38,063‌
Brookfield
Wealth
Solutions
Ltd
(d),(e)
58,969‌
3,414‌
Charles
Schwab
Corp/The
3,029,336‌
267,612‌
Mastercard
Inc
910,651‌
533,277‌
Visa
Inc
1,415,619‌
516,970‌
$
1,359,336‌
Electronics
-
0
.74
%
Amphenol
Corp
905,835‌
81,462‌
Healthcare
-
Products
-
5
.38
%
Danaher
Corp
1,502,822‌
285,386‌
IDEXX
Laboratories
Inc
(d)
177,168‌
90,951‌
Intuitive
Surgical
Inc
(d)
81,670‌
45,109‌
Thermo
Fisher
Scientific
Inc
431,996‌
174,017‌
$
595,463‌
Insurance
-
4
.35
%
Arthur
J
Gallagher
&
Co
188,966‌
65,654‌
Progressive
Corp/The
1,460,784‌
416,221‌
$
481,875‌
Internet
-
20
.83
%
Airbnb
Inc
(d)
1,815,729‌
234,229‌
Alphabet
Inc
-
A
Shares
820,094‌
140,843‌
Alphabet
Inc
-
C
Shares
623,273‌
107,733‌
Amazon.com
Inc
(d)
5,785,668‌
1,186,120‌
Meta
Platforms
Inc
277,219‌
179,496‌
Netflix
Inc
(d)
379,210‌
457,794‌
$
2,306,215‌
Lodging
-
2
.97
%
Hilton
Worldwide
Holdings
Inc
1,325,841‌
329,392‌
Pharmaceuticals
-
1
.88
%
Zoetis
Inc
1,232,187‌
207,784‌
Private
Equity
-
7
.07
%
Brookfield
Corp
(e)
9,473,792‌
546,827‌
KKR
&
Co
Inc
1,944,694‌
236,203‌
$
783,030‌
Real
Estate
-
1
.75
%
CoStar
Group
Inc
(d)
2,638,880‌
194,116‌
Retail
-
3
.54
%
Costco
Wholesale
Corp
118,379‌
123,135‌
O'Reilly
Automotive
Inc
(d)
196,886‌
269,242‌
$
392,377‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Semiconductors
-
4
.56
%
Broadcom
Inc
1,267,383‌
$
306,795‌
NVIDIA
Corp
1,468,258‌
198,406‌
$
505,201‌
Software
-
21
.39
%
Cadence
Design
Systems
Inc
(d)
1,224,207‌
351,433‌
Constellation
Software
Inc/Canada
19,995‌
72,456‌
Microsoft
Corp
3,230,232‌
1,487,070‌
MSCI
Inc
128,669‌
72,572‌
Roper
Technologies
Inc
437,553‌
249,523‌
Veeva
Systems
Inc
(d)
215,969‌
60,407‌
Workday
Inc
(d)
305,696‌
75,724‌
$
2,369,185‌
TOTAL
COMMON
STOCKS
$
11,095,678‌
Total
Investments
$
11,134,023‌
Other
Assets
and
Liabilities
-  (0.54)%
(
59,852‌
)
TOTAL
NET
ASSETS
-
100.00%
$
11,074,171‌
(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
$38,340
or
0.35%
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
$40,935
or
0.37%
of
net
assets.
Schedule
of
Investments
Blue
Chip
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
2
Affiliated
Securities
August
31,
2024
Purchases
Sales
May
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.19%
$
5‌
$
511,799‌
$
479,579‌
$
32,225‌
$
5‌
$
511,799‌
$
479,579‌
$
32,225‌
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
4.19%
$
153‌
$
—‌
$
—‌
$
—‌
$
153‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
Bond
Market
Index
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
3
INVESTMENT
COMPANIES
-
3
.59
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0
.79
%
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
165,000‌
$
17,782‌
Vanguard
Short-Term
Corporate
Bond
ETF
40,000‌
3,163‌
$
20,945‌
Money
Market
Funds
-
2
.80
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
4.22%
(a),(b)
486,249‌
486‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.19%
(a),(b),(c)
73,315,627‌
73,316‌
$
73,802‌
TOTAL
INVESTMENT
COMPANIES
$
94,747‌
BONDS
-
27
.01
%
Principal
Amount
(000's)
Value
(000's)
Advertising
-
0
.01
%
Interpublic
Group
of
Cos
Inc/The
2.40%,
03/01/2031
$
60‌
$
53‌
Omnicom
Group
Inc
2.45%,
04/30/2030
155‌
140‌
2.60%,
08/01/2031
35‌
30‌
$
223‌
Aerospace
&
Defense
-
0
.48
%
Boeing
Co/The
2.70%,
02/01/2027
110‌
107‌
2.95%,
02/01/2030
140‌
128‌
3.25%,
02/01/2028
685‌
661‌
3.50%,
03/01/2039
200‌
151‌
3.63%,
02/01/2031
275‌
256‌
3.95%,
08/01/2059
290‌
192‌
5.04%,
05/01/2027
315‌
317‌
5.15%,
05/01/2030
475‌
479‌
5.71%,
05/01/2040
245‌
236‌
5.81%,
05/01/2050
505‌
473‌
5.88%,
02/15/2040
100‌
97‌
5.93%,
05/01/2060
350‌
324‌
6.26%,
05/01/2027
110‌
113‌
6.30%,
05/01/2029
255‌
268‌
6.53%,
05/01/2034
225‌
240‌
6.86%,
05/01/2054
200‌
213‌
General
Dynamics
Corp
1.15%,
06/01/2026
200‌
194‌
2.25%,
06/01/2031
280‌
247‌
4.25%,
04/01/2040
155‌
135‌
4.95%,
08/15/2035
115‌
113‌
L3Harris
Technologies
Inc
4.40%,
06/15/2028
200‌
199‌
5.05%,
06/01/2029
125‌
127‌
5.40%,
01/15/2027
360‌
365‌
5.40%,
07/31/2033
360‌
365‌
5.50%,
08/15/2054
290‌
273‌
5.60%,
07/31/2053
155‌
148‌
Lockheed
Martin
Corp
3.90%,
06/15/2032
75‌
71‌
4.07%,
12/15/2042
105‌
87‌
4.09%,
09/15/2052
162‌
125‌
4.15%,
06/15/2053
310‌
240‌
4.50%,
02/15/2029
135‌
136‌
4.70%,
12/15/2031
340‌
342‌
4.70%,
05/15/2046
75‌
66‌
4.75%,
02/15/2034
160‌
157‌
5.10%,
11/15/2027
155‌
159‌
5.20%,
02/15/2055
140‌
129‌
5.20%,
02/15/2064
235‌
211‌
5.25%,
01/15/2033
155‌
159‌
5.70%,
11/15/2054
155‌
152‌
Northrop
Grumman
Corp
3.20%,
02/01/2027
130‌
128‌
4.65%,
07/15/2030
155‌
155‌
4.70%,
03/15/2033
160‌
157‌
4.90%,
06/01/2034
305‌
300‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Aerospace
&
Defense
(continued)
Northrop
Grumman
Corp
(continued)
4.95%,
03/15/2053
$
120‌
$
105‌
5.25%,
05/01/2050
600‌
552‌
RTX
Corp
1.90%,
09/01/2031
155‌
131‌
2.38%,
03/15/2032
60‌
51‌
2.82%,
09/01/2051
150‌
90‌
3.03%,
03/15/2052
60‌
37‌
3.50%,
03/15/2027
200‌
197‌
4.05%,
05/04/2047
610‌
472‌
4.13%,
11/16/2028
270‌
267‌
4.70%,
12/15/2041
350‌
310‌
5.15%,
02/27/2033
410‌
413‌
5.38%,
02/27/2053
305‌
284‌
5.75%,
11/08/2026
145‌
147‌
5.75%,
01/15/2029
145‌
151‌
6.10%,
03/15/2034
180‌
192‌
6.40%,
03/15/2054
180‌
192‌
$
12,786‌
Agriculture
-
0
.35
%
Altria
Group
Inc
2.45%,
02/04/2032
60‌
51‌
3.40%,
05/06/2030
530‌
497‌
3.70%,
02/04/2051
60‌
41‌
3.88%,
09/16/2046
410‌
294‌
4.00%,
02/04/2061
(d)
60‌
41‌
4.88%,
02/04/2028
545‌
550‌
5.38%,
01/31/2044
375‌
345‌
5.80%,
02/14/2039
350‌
346‌
Archer-Daniels-Midland
Co
2.70%,
09/15/2051
60‌
36‌
2.90%,
03/01/2032
130‌
116‌
4.50%,
08/15/2033
290‌
280‌
BAT
Capital
Corp
2.26%,
03/25/2028
150‌
141‌
2.73%,
03/25/2031
150‌
133‌
3.46%,
09/06/2029
210‌
200‌
3.98%,
09/25/2050
390‌
272‌
4.39%,
08/15/2037
540‌
475‌
4.54%,
08/15/2047
400‌
316‌
5.63%,
08/15/2035
150‌
150‌
5.83%,
02/20/2031
100‌
104‌
6.42%,
08/02/2033
155‌
166‌
7.08%,
08/02/2043
155‌
168‌
7.08%,
08/02/2053
80‌
87‌
BAT
International
Finance
PLC
5.93%,
02/02/2029
310‌
324‌
Bunge
Ltd
Finance
Corp
2.75%,
05/14/2031
60‌
54‌
Philip
Morris
International
Inc
1.75%,
11/01/2030
85‌
73‌
4.13%,
04/28/2028
155‌
154‌
4.13%,
03/04/2043
300‌
245‌
4.38%,
04/30/2030
175‌
173‌
4.63%,
11/01/2029
140‌
140‌
4.88%,
02/15/2028
160‌
162‌
4.88%,
02/13/2029
130‌
132‌
4.88%,
04/30/2035
150‌
145‌
4.90%,
11/01/2034
140‌
137‌
5.13%,
11/17/2027
580‌
590‌
5.25%,
02/13/2034
300‌
302‌
5.38%,
02/15/2033
160‌
163‌
5.50%,
09/07/2030
315‌
327‌
5.63%,
11/17/2029
580‌
605‌
5.75%,
11/17/2032
290‌
304‌
Schedule
of
Investments
Bond
Market
Index
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
4
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Agriculture
(continued)
Reynolds
American
Inc
5.70%,
08/15/2035
$
50‌
$
50‌
5.85%,
08/15/2045
375‌
353‌
$
9,242‌
Airlines
-
0
.02
%
American
Airlines
2019-1
Class
AA
Pass
Through
Trust
3.15%,
08/15/2033
102‌
93‌
Delta
Air
Lines
2020-1
Class
AA
Pass
Through
Trust
2.00%,
06/10/2028
227‌
212‌
Southwest
Airlines
Co
3.00%,
11/15/2026
80‌
78‌
United
Airlines
2019-2
Class
AA
Pass
Through
Trust
2.70%,
11/01/2033
53‌
47‌
$
430‌
Apparel
-
0
.01
%
NIKE
Inc
3.25%,
03/27/2040
155‌
120‌
3.38%,
11/01/2046
225‌
158‌
$
278‌
Automobile
Manufacturers
-
0
.58
%
American
Honda
Finance
Corp
1.30%,
09/09/2026
60‌
58‌
2.25%,
01/12/2029
(d)
65‌
60‌
4.55%,
03/03/2028
300‌
300‌
4.60%,
04/17/2030
160‌
159‌
4.70%,
01/12/2028
160‌
161‌
4.90%,
07/09/2027
150‌
151‌
4.90%,
01/10/2034
(d)
135‌
131‌
5.05%,
07/10/2031
130‌
131‌
5.65%,
11/15/2028
140‌
145‌
5.85%,
10/04/2030
360‌
377‌
Ford
Motor
Co
6.10%,
08/19/2032
215‌
210‌
Ford
Motor
Credit
Co
LLC
2.70%,
08/10/2026
415‌
401‌
5.13%,
11/05/2026
270‌
268‌
5.30%,
09/06/2029
270‌
261‌
5.80%,
03/05/2027
265‌
265‌
5.80%,
03/08/2029
250‌
247‌
5.85%,
05/17/2027
455‌
454‌
5.88%,
11/07/2029
225‌
222‌
5.92%,
03/20/2028
430‌
431‌
6.05%,
03/05/2031
265‌
260‌
6.05%,
11/05/2031
210‌
205‌
6.50%,
02/07/2035
225‌
219‌
6.80%,
11/07/2028
290‌
296‌
7.12%,
11/07/2033
290‌
295‌
7.35%,
11/04/2027
215‌
221‌
General
Motors
Co
5.00%,
04/01/2035
250‌
231‌
5.15%,
04/01/2038
160‌
144‌
5.20%,
04/01/2045
85‌
71‌
5.35%,
04/15/2028
155‌
156‌
5.40%,
04/01/2048
(d)
65‌
55‌
5.95%,
04/01/2049
230‌
208‌
6.25%,
04/15/2035
155‌
157‌
6.25%,
10/02/2043
305‌
290‌
General
Motors
Financial
Co
Inc
1.50%,
06/10/2026
60‌
58‌
2.35%,
02/26/2027
240‌
230‌
2.35%,
01/08/2031
55‌
47‌
2.40%,
04/10/2028
60‌
56‌
2.40%,
10/15/2028
155‌
143‌
2.70%,
06/10/2031
60‌
51‌
4.00%,
10/06/2026
75‌
74‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Automobile
Manufacturers
(continued)
General
Motors
Financial
Co
Inc
(continued)
4.35%,
01/17/2027
$
310‌
$
307‌
4.90%,
10/06/2029
135‌
133‌
5.35%,
07/15/2027
130‌
131‌
5.35%,
01/07/2030
310‌
310‌
5.40%,
05/08/2027
130‌
131‌
5.45%,
07/15/2030
155‌
155‌
5.45%,
09/06/2034
135‌
129‌
5.55%,
07/15/2029
250‌
253‌
5.60%,
06/18/2031
130‌
130‌
5.80%,
01/07/2029
270‌
276‌
5.90%,
01/07/2035
140‌
138‌
6.00%,
01/09/2028
160‌
164‌
6.15%,
07/15/2035
155‌
155‌
6.40%,
01/09/2033
320‌
330‌
Honda
Motor
Co
Ltd
2.53%,
03/10/2027
135‌
130‌
PACCAR
Financial
Corp
4.45%,
08/06/2027
330‌
332‌
4.60%,
01/31/2029
135‌
136‌
5.00%,
05/13/2027
130‌
132‌
Toyota
Motor
Corp
5.12%,
07/13/2028
160‌
164‌
Toyota
Motor
Credit
Corp
1.15%,
08/13/2027
160‌
150‌
1.65%,
01/10/2031
55‌
47‌
1.90%,
01/13/2027
65‌
62‌
4.35%,
10/08/2027
335‌
335‌
4.45%,
06/29/2029
205‌
205‌
4.50%,
05/14/2027
155‌
155‌
4.55%,
08/07/2026
600‌
601‌
4.55%,
05/17/2030
320‌
319‌
4.60%,
10/10/2031
375‌
372‌
4.63%,
01/12/2028
400‌
403‌
4.80%,
05/15/2030
155‌
156‌
4.80%,
01/05/2034
180‌
178‌
4.95%,
01/09/2030
310‌
315‌
5.00%,
03/19/2027
155‌
157‌
5.10%,
03/21/2031
125‌
127‌
5.40%,
11/20/2026
205‌
208‌
$
15,325‌
Automobile
Parts
&
Equipment
-
0
.02
%
Aptiv
Swiss
Holdings
Ltd
3.25%,
03/01/2032
160‌
141‌
4.40%,
10/01/2046
200‌
146‌
BorgWarner
Inc
4.38%,
03/15/2045
300‌
239‌
$
526‌
Banks
-
5
.67
%
Australia
&
New
Zealand
Banking
Group
Ltd/New
York
NY
4.90%,
07/16/2027
455‌
461‌
Banco
Santander
SA
2.75%,
12/03/2030
200‌
176‌
3.49%,
05/28/2030
200‌
187‌
4.18%,
03/24/2028
(e)
600‌
594‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.00%
5.29%,
08/18/2027
200‌
203‌
5.44%,
07/15/2031
400‌
411‌
5.57%,
01/17/2030
400‌
411‌
5.59%,
08/08/2028
200‌
206‌
6.94%,
11/07/2033
200‌
223‌
Bank
of
America
Corp
1.73%,
07/22/2027
(e)
415‌
401‌
Secured
Overnight
Financing
Rate
+
0.96%
1.90%,
07/23/2031
(e)
445‌
385‌
Secured
Overnight
Financing
Rate
+
1.53%
Schedule
of
Investments
Bond
Market
Index
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
5
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Bank
of
America
Corp
(continued)
1.92%,
10/24/2031
(e)
$
205‌
$
176‌
Secured
Overnight
Financing
Rate
+
1.37%
2.09%,
06/14/2029
(e)
60‌
56‌
Secured
Overnight
Financing
Rate
+
1.06%
2.30%,
07/21/2032
(e)
115‌
99‌
Secured
Overnight
Financing
Rate
+
1.22%
2.48%,
09/21/2036
(e)
630‌
527‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.20%
2.50%,
02/13/2031
(e)
225‌
203‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.25%
2.55%,
02/04/2028
(e)
255‌
246‌
Secured
Overnight
Financing
Rate
+
1.05%
2.57%,
10/20/2032
(e)
260‌
225‌
Secured
Overnight
Financing
Rate
+
1.21%
2.65%,
03/11/2032
(e)
175‌
155‌
Secured
Overnight
Financing
Rate
+
1.22%
2.68%,
06/19/2041
(e)
465‌
324‌
Secured
Overnight
Financing
Rate
+
1.93%
2.83%,
10/24/2051
(e)
175‌
106‌
Secured
Overnight
Financing
Rate
+
1.88%
2.97%,
02/04/2033
(e)
530‌
467‌
Secured
Overnight
Financing
Rate
+
1.33%
2.97%,
07/21/2052
(e)
115‌
72‌
Secured
Overnight
Financing
Rate
+
1.56%
3.25%,
10/21/2027
550‌
537‌
3.31%,
04/22/2042
(e)
715‌
533‌
Secured
Overnight
Financing
Rate
+
1.58%
3.42%,
12/20/2028
(e)
700‌
679‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.30%
3.59%,
07/21/2028
(e)
600‌
587‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.63%
3.82%,
01/20/2028
(e)
500‌
493‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.84%
3.85%,
03/08/2037
(e)
550‌
493‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.00%
3.97%,
03/05/2029
(e)
75‌
74‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.33%
3.97%,
02/07/2030
(e)
600‌
585‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.47%
4.08%,
03/20/2051
(e)
515‌
398‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.41%
4.27%,
07/23/2029
(e)
250‌
247‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.57%
4.33%,
03/15/2050
(e)
255‌
206‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.78%
4.38%,
04/27/2028
(e)
175‌
174‌
Secured
Overnight
Financing
Rate
+
1.58%
4.57%,
04/27/2033
(e)
315‌
306‌
Secured
Overnight
Financing
Rate
+
1.83%
4.62%,
05/09/2029
(e)
405‌
405‌
Secured
Overnight
Financing
Rate
+
1.11%
4.98%,
01/24/2029
(e)
300‌
303‌
Secured
Overnight
Financing
Rate
+
0.83%
5.00%,
01/21/2044
75‌
69‌
5.02%,
07/22/2033
(e)
585‌
583‌
Secured
Overnight
Financing
Rate
+
2.16%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Bank
of
America
Corp
(continued)
5.16%,
01/24/2031
(e)
$
300‌
$
304‌
Secured
Overnight
Financing
Rate
+
1.00%
5.20%,
04/25/2029
(e)
250‌
254‌
Secured
Overnight
Financing
Rate
+
1.63%
5.29%,
04/25/2034
(e)
515‌
516‌
Secured
Overnight
Financing
Rate
+
1.91%
5.43%,
08/15/2035
(e)
200‌
196‌
Secured
Overnight
Financing
Rate
+
1.91%
5.46%,
05/09/2036
(e)
305‌
307‌
Secured
Overnight
Financing
Rate
+
1.64%
5.47%,
01/23/2035
(e)
600‌
606‌
Secured
Overnight
Financing
Rate
+
1.65%
5.51%,
01/24/2036
(e)
285‌
287‌
Secured
Overnight
Financing
Rate
+
1.31%
5.52%,
10/25/2035
(e)
620‌
609‌
Secured
Overnight
Financing
Rate
+
1.74%
5.82%,
09/15/2029
(e)
315‌
326‌
Secured
Overnight
Financing
Rate
+
1.57%
5.87%,
09/15/2034
(e)
315‌
327‌
Secured
Overnight
Financing
Rate
+
1.84%
5.88%,
02/07/2042
60‌
62‌
5.93%,
09/15/2027
(e)
315‌
320‌
Secured
Overnight
Financing
Rate
+
1.34%
6.11%,
01/29/2037
100‌
104‌
7.75%,
05/14/2038
500‌
585‌
Bank
of
America
NA
5.53%,
08/18/2026
265‌
268‌
Bank
of
Montreal
3.09%,
01/10/2037
(e)
125‌
106‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.40%
4.64%,
09/10/2030
(e)
270‌
270‌
Secured
Overnight
Financing
Rate
+
1.25%
4.70%,
09/14/2027
435‌
437‌
5.30%,
06/05/2026
160‌
161‌
5.37%,
06/04/2027
195‌
199‌
5.72%,
09/25/2028
315‌
327‌
Bank
of
New
York
Mellon
Corp/The
2.05%,
01/26/2027
65‌
63‌
2.50%,
01/26/2032
65‌
56‌
3.99%,
06/13/2028
(e)
70‌
69‌
Secured
Overnight
Financing
Rate
+
1.15%
4.54%,
02/01/2029
(e)
370‌
371‌
Secured
Overnight
Financing
Rate
+
1.17%
4.89%,
07/21/2028
(e)
130‌
131‌
Secured
Overnight
Financing
Rate
+
0.84%
4.94%,
02/11/2031
(e)
335‌
339‌
Secured
Overnight
Financing
Rate
+
0.89%
4.97%,
04/26/2034
(e)
170‌
168‌
Secured
Overnight
Financing
Rate
+
1.61%
5.06%,
07/22/2032
(e)
130‌
131‌
Secured
Overnight
Financing
Rate
+
1.23%
5.19%,
03/14/2035
(e)
360‌
360‌
Secured
Overnight
Financing
Rate
+
1.42%
5.83%,
10/25/2033
(e)
155‌
162‌
Secured
Overnight
Financing
Rate
+
2.07%
6.32%,
10/25/2029
(e)
315‌
333‌
Secured
Overnight
Financing
Rate
+
1.60%
Bank
of
Nova
Scotia/The
1.30%,
09/15/2026
260‌
250‌
2.15%,
08/01/2031
60‌
52‌
2.70%,
08/03/2026
400‌
392‌
4.74%,
11/10/2032
(e)
325‌
321‌
Secured
Overnight
Financing
Rate
+
1.44%
4.85%,
02/01/2030
615‌
622‌
5.35%,
12/07/2026
135‌
137‌
5.40%,
06/04/2027
255‌
260‌
Schedule
of
Investments
Bond
Market
Index
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
6
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Barclays
PLC
2.65%,
06/24/2031
(e)
$
385‌
$
343‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.90%
3.56%,
09/23/2035
(e)
200‌
182‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.90%
3.81%,
03/10/2042
(e)
200‌
152‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.70%
4.84%,
09/10/2028
(e)
200‌
200‌
Secured
Overnight
Financing
Rate
+
1.34%
4.94%,
09/10/2030
(e)
200‌
200‌
Secured
Overnight
Financing
Rate
+
1.56%
4.97%,
05/16/2029
(e)
750‌
753‌
3
Month
USD
LIBOR
+
1.90%
5.09%,
02/25/2029
(e)
225‌
226‌
Secured
Overnight
Financing
Rate
+
0.96%
5.50%,
08/09/2028
(e)
300‌
304‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.65%
5.67%,
03/12/2028
(e)
250‌
254‌
Secured
Overnight
Financing
Rate
+
1.49%
5.69%,
03/12/2030
(e)
250‌
256‌
Secured
Overnight
Financing
Rate
+
1.74%
5.79%,
02/25/2036
(e)
215‌
215‌
Secured
Overnight
Financing
Rate
+
1.59%
6.22%,
05/09/2034
(e)
320‌
334‌
Secured
Overnight
Financing
Rate
+
2.98%
6.50%,
09/13/2027
(e)
235‌
240‌
Secured
Overnight
Financing
Rate
+
1.88%
6.69%,
09/13/2034
(e)
315‌
338‌
Secured
Overnight
Financing
Rate
+
2.62%
7.44%,
11/02/2033
(e)
310‌
347‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
3.50%
Canadian
Imperial
Bank
of
Commerce
1.25%,
06/22/2026
60‌
58‌
4.63%,
09/11/2030
(e)
135‌
134‌
Secured
Overnight
Financing
Rate
+
1.34%
4.86%,
01/13/2028
(e)
215‌
216‌
Secured
Overnight
Financing
Rate
+
0.72%
5.00%,
04/28/2028
350‌
356‌
5.26%,
04/08/2029
130‌
133‌
5.93%,
10/02/2026
460‌
468‌
5.99%,
10/03/2028
160‌
167‌
Citibank
NA
4.91%,
05/29/2030
500‌
504‌
5.57%,
04/30/2034
260‌
266‌
5.80%,
09/29/2028
275‌
286‌
Citigroup
Inc
1.46%,
06/09/2027
(e)
455‌
440‌
Secured
Overnight
Financing
Rate
+
0.77%
2.52%,
11/03/2032
(e)
155‌
133‌
Secured
Overnight
Financing
Rate
+
1.18%
2.56%,
05/01/2032
(e)
200‌
175‌
Secured
Overnight
Financing
Rate
+
1.17%
2.57%,
06/03/2031
(e)
310‌
278‌
Secured
Overnight
Financing
Rate
+
2.11%
2.90%,
11/03/2042
(e)
60‌
41‌
Secured
Overnight
Financing
Rate
+
1.38%
2.98%,
11/05/2030
(e)
150‌
139‌
Secured
Overnight
Financing
Rate
+
1.42%
3.06%,
01/25/2033
(e)
500‌
440‌
Secured
Overnight
Financing
Rate
+
1.35%
3.52%,
10/27/2028
(e)
125‌
122‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.41%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Citigroup
Inc
(continued)
3.79%,
03/17/2033
(e)
$
520‌
$
477‌
Secured
Overnight
Financing
Rate
+
1.94%
3.88%,
01/24/2039
(e)
220‌
185‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.43%
3.89%,
01/10/2028
(e)
500‌
493‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.82%
4.13%,
07/25/2028
620‌
611‌
4.28%,
04/24/2048
(e)
100‌
80‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.10%
4.30%,
11/20/2026
75‌
75‌
4.45%,
09/29/2027
875‌
871‌
4.54%,
09/19/2030
(e)
270‌
267‌
Secured
Overnight
Financing
Rate
+
1.34%
4.64%,
05/07/2028
(e)
155‌
155‌
Secured
Overnight
Financing
Rate
+
1.14%
4.65%,
07/30/2045
115‌
98‌
4.65%,
07/23/2048
150‌
125‌
4.66%,
05/24/2028
(e)
835‌
835‌
Secured
Overnight
Financing
Rate
+
1.89%
4.79%,
03/04/2029
(e)
300‌
300‌
Secured
Overnight
Financing
Rate
+
0.87%
4.91%,
05/24/2033
(e)
165‌
162‌
Secured
Overnight
Financing
Rate
+
2.09%
4.95%,
05/07/2031
(e)
305‌
305‌
Secured
Overnight
Financing
Rate
+
1.46%
5.17%,
02/13/2030
(e)
265‌
268‌
Secured
Overnight
Financing
Rate
+
1.36%
5.33%,
03/27/2036
(e)
380‌
375‌
Secured
Overnight
Financing
Rate
+
1.47%
5.41%,
09/19/2039
(e)
325‌
310‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.73%
5.61%,
03/04/2056
(e)
150‌
143‌
Secured
Overnight
Financing
Rate
+
1.75%
5.83%,
02/13/2035
(e)
500‌
499‌
Secured
Overnight
Financing
Rate
+
2.06%
6.02%,
01/24/2036
(e)
450‌
453‌
Secured
Overnight
Financing
Rate
+
1.83%
6.17%,
05/25/2034
(e)
320‌
328‌
Secured
Overnight
Financing
Rate
+
2.66%
6.27%,
11/17/2033
(e)
310‌
329‌
Secured
Overnight
Financing
Rate
+
2.34%
6.68%,
09/13/2043
360‌
382‌
Cooperatieve
Rabobank
UA
5.25%,
05/24/2041
185‌
178‌
Cooperatieve
Rabobank
UA/NY
4.80%,
01/09/2029
265‌
268‌
4.88%,
01/21/2028
600‌
610‌
Deutsche
Bank
AG/New
York
NY
5.00%,
09/11/2030
(e)
270‌
269‌
Secured
Overnight
Financing
Rate
+
1.70%
5.30%,
05/09/2031
(e)
340‌
340‌
Secured
Overnight
Financing
Rate
+
1.72%
5.37%,
09/09/2027
255‌
260‌
5.37%,
01/10/2029
(e)
215‌
217‌
Secured
Overnight
Financing
Rate
+
1.21%
6.72%,
01/18/2029
(e)
320‌
334‌
Secured
Overnight
Financing
Rate
+
3.18%
6.82%,
11/20/2029
(e)
300‌
317‌
Secured
Overnight
Financing
Rate
+
2.51%
7.08%,
02/10/2034
(e)
320‌
336‌
Secured
Overnight
Financing
Rate
+
3.65%
Schedule
of
Investments
Bond
Market
Index
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
7
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Fifth
Third
Bancorp
4.06%,
04/25/2028
(e)
$
275‌
$
272‌
Secured
Overnight
Financing
Rate
+
1.36%
5.63%,
01/29/2032
(e)
135‌
139‌
Secured
Overnight
Financing
Rate
+
1.84%
6.34%,
07/27/2029
(e)
235‌
246‌
Secured
Overnight
Financing
Rate
+
2.34%
Fifth
Third
Bank
NA
4.97%,
01/28/2028
(e)
250‌
251‌
Secured
Overnight
Financing
Rate
+
0.81%
Goldman
Sachs
Group
Inc/The
1.54%,
09/10/2027
(e)
60‌
58‌
Secured
Overnight
Financing
Rate
+
0.82%
1.95%,
10/21/2027
(e)
235‌
226‌
Secured
Overnight
Financing
Rate
+
0.91%
1.99%,
01/27/2032
(e)
355‌
302‌
Secured
Overnight
Financing
Rate
+
1.09%
2.60%,
02/07/2030
(d)
590‌
539‌
2.62%,
04/22/2032
(e)
115‌
101‌
Secured
Overnight
Financing
Rate
+
1.28%
2.64%,
02/24/2028
(e)
185‌
179‌
Secured
Overnight
Financing
Rate
+
1.11%
2.65%,
10/21/2032
(e)
425‌
369‌
Secured
Overnight
Financing
Rate
+
1.26%
2.91%,
07/21/2042
(e)
115‌
80‌
Secured
Overnight
Financing
Rate
+
1.47%
3.10%,
02/24/2033
(e)
210‌
185‌
Secured
Overnight
Financing
Rate
+
1.41%
3.21%,
04/22/2042
(e)
60‌
44‌
Secured
Overnight
Financing
Rate
+
1.51%
3.44%,
02/24/2043
(e)
200‌
148‌
Secured
Overnight
Financing
Rate
+
1.63%
3.69%,
06/05/2028
(e)
290‌
285‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.77%
3.81%,
04/23/2029
(e)
375‌
367‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.42%
3.85%,
01/26/2027
510‌
506‌
4.22%,
05/01/2029
(e)
500‌
495‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.56%
4.41%,
04/23/2039
(e)
175‌
154‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.69%
4.48%,
08/23/2028
(e)
445‌
444‌
Secured
Overnight
Financing
Rate
+
1.73%
4.69%,
10/23/2030
(e)
275‌
274‌
Secured
Overnight
Financing
Rate
+
1.14%
4.80%,
07/08/2044
210‌
184‌
4.94%,
04/23/2028
(e)
305‌
307‌
Secured
Overnight
Financing
Rate
+
1.32%
5.02%,
10/23/2035
(e)
275‌
266‌
Secured
Overnight
Financing
Rate
+
1.42%
5.05%,
07/23/2030
(e)
595‌
600‌
Secured
Overnight
Financing
Rate
+
1.21%
5.15%,
05/22/2045
450‌
396‌
5.21%,
01/28/2031
(e)
385‌
390‌
Secured
Overnight
Financing
Rate
+
1.08%
5.33%,
07/23/2035
(e)
475‌
471‌
Secured
Overnight
Financing
Rate
+
1.55%
5.54%,
01/28/2036
(e)
310‌
312‌
Secured
Overnight
Financing
Rate
+
1.38%
5.56%,
11/19/2045
(e)
280‌
268‌
Secured
Overnight
Financing
Rate
+
1.58%
5.73%,
04/25/2030
(e)
220‌
227‌
Secured
Overnight
Financing
Rate
+
1.27%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Goldman
Sachs
Group
Inc/The
(continued)
5.73%,
01/28/2056
(e)
$
195‌
$
190‌
Secured
Overnight
Financing
Rate
+
1.70%
5.85%,
04/25/2035
(e)
330‌
340‌
Secured
Overnight
Financing
Rate
+
1.55%
6.25%,
02/01/2041
220‌
229‌
6.48%,
10/24/2029
(e)
315‌
332‌
Secured
Overnight
Financing
Rate
+
1.77%
6.56%,
10/24/2034
(e)
160‌
174‌
Secured
Overnight
Financing
Rate
+
1.95%
6.75%,
10/01/2037
785‌
844‌
HSBC
Holdings
PLC
2.01%,
09/22/2028
(e)
300‌
282‌
Secured
Overnight
Financing
Rate
+
1.73%
2.36%,
08/18/2031
(e)
200‌
175‌
Secured
Overnight
Financing
Rate
+
1.95%
2.80%,
05/24/2032
(e)
600‌
525‌
Secured
Overnight
Financing
Rate
+
1.19%
2.85%,
06/04/2031
(e)
200‌
180‌
Secured
Overnight
Financing
Rate
+
2.39%
3.97%,
05/22/2030
(e)
300‌
289‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.87%
4.04%,
03/13/2028
(e)
500‌
494‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.81%
4.58%,
06/19/2029
(e)
300‌
298‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.80%
4.76%,
06/09/2028
(e)
250‌
250‌
Secured
Overnight
Financing
Rate
+
2.11%
4.90%,
03/03/2029
(e)
210‌
210‌
Secured
Overnight
Financing
Rate
+
1.03%
5.13%,
03/03/2031
(e)
300‌
301‌
Secured
Overnight
Financing
Rate
+
1.29%
5.24%,
05/13/2031
(e)
200‌
201‌
Secured
Overnight
Financing
Rate
+
1.57%
5.29%,
11/19/2030
(e)
480‌
485‌
Secured
Overnight
Financing
Rate
+
1.29%
5.40%,
08/11/2033
(e)
500‌
504‌
Secured
Overnight
Financing
Rate
+
2.87%
5.55%,
03/04/2030
(e)
250‌
256‌
Secured
Overnight
Financing
Rate
+
1.46%
5.72%,
03/04/2035
(e)
250‌
255‌
Secured
Overnight
Financing
Rate
+
1.78%
5.73%,
05/17/2032
(e)
255‌
262‌
Secured
Overnight
Financing
Rate
+
1.52%
5.79%,
05/13/2036
(e)
305‌
307‌
Secured
Overnight
Financing
Rate
+
1.88%
5.87%,
11/18/2035
(e)
280‌
277‌
Secured
Overnight
Financing
Rate
+
1.90%
5.89%,
08/14/2027
(e)
370‌
375‌
Secured
Overnight
Financing
Rate
+
1.57%
6.16%,
03/09/2029
(e)
200‌
207‌
Secured
Overnight
Financing
Rate
+
1.97%
6.25%,
03/09/2034
(e)
570‌
599‌
Secured
Overnight
Financing
Rate
+
2.39%
6.33%,
03/09/2044
(e)
595‌
624‌
Secured
Overnight
Financing
Rate
+
2.65%
6.50%,
09/15/2037
100‌
105‌
6.55%,
06/20/2034
(e)
320‌
335‌
Secured
Overnight
Financing
Rate
+
2.98%
7.39%,
11/03/2028
(e)
310‌
328‌
Secured
Overnight
Financing
Rate
+
3.35%
HSBC
USA
Inc
4.65%,
06/03/2028
(f)
225‌
226‌
Schedule
of
Investments
Bond
Market
Index
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
8
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Huntington
Bancshares
Inc/OH
5.27%,
01/15/2031
(e)
$
330‌
$
334‌
Secured
Overnight
Financing
Rate
+
1.28%
Huntington
National
Bank/The
4.87%,
04/12/2028
(e)
250‌
251‌
Secured
Overnight
Financing
Rate
+
0.72%
5.65%,
01/10/2030
310‌
319‌
ING
Groep
NV
4.86%,
03/25/2029
(e)
300‌
301‌
Secured
Overnight
Financing
Rate
+
1.01%
5.34%,
03/19/2030
(e)
250‌
255‌
Secured
Overnight
Financing
Rate
+
1.44%
5.53%,
03/25/2036
(e)
200‌
200‌
Secured
Overnight
Financing
Rate
+
1.61%
6.11%,
09/11/2034
(e)
235‌
247‌
Secured
Overnight
Financing
Rate
+
2.09%
JPMorgan
Chase
&
Co
1.47%,
09/22/2027
(e)
245‌
235‌
Secured
Overnight
Financing
Rate
+
0.77%
1.76%,
11/19/2031
(e)
135‌
115‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.11%
1.95%,
02/04/2032
(e)
115‌
98‌
Secured
Overnight
Financing
Rate
+
1.07%
2.07%,
06/01/2029
(e)
190‌
177‌
Secured
Overnight
Financing
Rate
+
1.02%
2.18%,
06/01/2028
(e)
70‌
67‌
Secured
Overnight
Financing
Rate
+
1.89%
2.53%,
11/19/2041
(e)
65‌
44‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.51%
2.55%,
11/08/2032
(e)
420‌
364‌
Secured
Overnight
Financing
Rate
+
1.18%
2.58%,
04/22/2032
(e)
465‌
410‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.25%
2.74%,
10/15/2030
(e)
600‌
553‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.51%
2.95%,
10/01/2026
525‌
516‌
2.96%,
05/13/2031
(e)
575‌
524‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.52%
3.11%,
04/22/2041
(e)
235‌
176‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.46%
3.11%,
04/22/2051
(e)
335‌
218‌
Secured
Overnight
Financing
Rate
+
2.44%
3.33%,
04/22/2052
(e)
215‌
146‌
Secured
Overnight
Financing
Rate
+
1.58%
3.51%,
01/23/2029
(e)
590‌
574‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.21%
3.88%,
07/24/2038
(e)
100‌
86‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.62%
3.96%,
11/15/2048
(e)
825‌
641‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.64%
4.01%,
04/23/2029
(e)
200‌
197‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.38%
4.20%,
07/23/2029
(e)
230‌
228‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.52%
4.32%,
04/26/2028
(e)
550‌
548‌
Secured
Overnight
Financing
Rate
+
1.56%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
JPMorgan
Chase
&
Co
(continued)
4.51%,
10/22/2028
(e)
$
205‌
$
205‌
Secured
Overnight
Financing
Rate
+
0.86%
4.57%,
06/14/2030
(e)
305‌
304‌
Secured
Overnight
Financing
Rate
+
1.75%
4.59%,
04/26/2033
(e)
135‌
132‌
Secured
Overnight
Financing
Rate
+
1.80%
4.60%,
10/22/2030
(e)
475‌
472‌
Secured
Overnight
Financing
Rate
+
1.04%
4.85%,
07/25/2028
(e)
65‌
65‌
Secured
Overnight
Financing
Rate
+
1.99%
4.91%,
07/25/2033
(e)
435‌
431‌
Secured
Overnight
Financing
Rate
+
2.08%
4.95%,
10/22/2035
(e)
460‌
446‌
Secured
Overnight
Financing
Rate
+
1.34%
4.95%,
06/01/2045
430‌
389‌
4.98%,
07/22/2028
(e)
260‌
262‌
Secured
Overnight
Financing
Rate
+
0.93%
5.00%,
07/22/2030
(e)
260‌
262‌
Secured
Overnight
Financing
Rate
+
1.13%
5.01%,
01/23/2030
(e)
320‌
324‌
Secured
Overnight
Financing
Rate
+
1.31%
5.04%,
01/23/2028
(e)
305‌
307‌
Secured
Overnight
Financing
Rate
+
1.19%
5.10%,
04/22/2031
(e)
320‌
325‌
Secured
Overnight
Financing
Rate
+
1.44%
5.14%,
01/24/2031
(e)
425‌
432‌
Secured
Overnight
Financing
Rate
+
1.01%
5.29%,
07/22/2035
(e)
475‌
474‌
Secured
Overnight
Financing
Rate
+
1.46%
5.30%,
07/24/2029
(e)
315‌
321‌
Secured
Overnight
Financing
Rate
+
1.45%
5.34%,
01/23/2035
(e)
185‌
186‌
Secured
Overnight
Financing
Rate
+
1.62%
5.35%,
06/01/2034
(e)
545‌
551‌
Secured
Overnight
Financing
Rate
+
1.85%
5.50%,
01/24/2036
(e)
455‌
460‌
Secured
Overnight
Financing
Rate
+
1.32%
5.53%,
11/29/2045
(e)
280‌
274‌
Secured
Overnight
Financing
Rate
+
1.55%
5.57%,
04/22/2028
(e)
250‌
255‌
Secured
Overnight
Financing
Rate
+
0.93%
5.57%,
04/22/2036
(e)
150‌
153‌
Secured
Overnight
Financing
Rate
+
1.68%
5.58%,
04/22/2030
(e)
250‌
258‌
Secured
Overnight
Financing
Rate
+
1.16%
5.60%,
07/15/2041
370‌
371‌
5.72%,
09/14/2033
(e)
255‌
262‌
Secured
Overnight
Financing
Rate
+
2.58%
5.77%,
04/22/2035
(e)
390‌
403‌
Secured
Overnight
Financing
Rate
+
1.49%
6.07%,
10/22/2027
(e)
320‌
327‌
Secured
Overnight
Financing
Rate
+
1.33%
6.09%,
10/23/2029
(e)
320‌
334‌
Secured
Overnight
Financing
Rate
+
1.57%
6.25%,
10/23/2034
(e)
320‌
342‌
Secured
Overnight
Financing
Rate
+
1.81%
JPMorgan
Chase
Bank
NA
5.11%,
12/08/2026
270‌
273‌
KeyBank
NA/Cleveland
OH
5.85%,
11/15/2027
775‌
795‌
KeyCorp
2.25%,
04/06/2027
110‌
105‌
5.12%,
04/04/2031
(e)
200‌
200‌
Secured
Overnight
Financing
Rate
+
1.23%
Schedule
of
Investments
Bond
Market
Index
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
9
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Korea
Development
Bank/The
4.38%,
02/15/2028
$
315‌
$
316‌
4.50%,
02/15/2029
265‌
266‌
5.38%,
10/23/2026
320‌
324‌
5.63%,
10/23/2033
200‌
210‌
Kreditanstalt
fuer
Wiederaufbau
0.00%,
06/29/2037
(g)
250‌
144‌
1.00%,
10/01/2026
(d)
90‌
86‌
2.88%,
04/03/2028
600‌
584‌
3.00%,
05/20/2027
520‌
510‌
3.50%,
08/27/2027
495‌
491‌
3.75%,
02/15/2028
250‌
249‌
3.75%,
07/15/2030
185‌
183‌
3.88%,
05/15/2028
(d)
290‌
290‌
3.88%,
06/15/2028
380‌
380‌
4.00%,
03/15/2029
(d)
480‌
481‌
4.13%,
07/15/2033
315‌
311‌
4.38%,
03/01/2027
500‌
503‌
4.38%,
02/28/2034
140‌
140‌
4.63%,
08/07/2026
315‌
317‌
4.63%,
03/18/2030
400‌
412‌
4.75%,
10/29/2030
320‌
331‌
Landwirtschaftliche
Rentenbank
1.75%,
07/27/2026
200‌
195‌
3.88%,
09/28/2027
320‌
320‌
3.88%,
06/14/2028
320‌
320‌
4.13%,
05/28/2030
300‌
302‌
4.63%,
04/17/2029
250‌
256‌
Lloyds
Banking
Group
PLC
3.57%,
11/07/2028
(e)
200‌
195‌
3
Month
USD
LIBOR
+
1.21%
4.34%,
01/09/2048
400‌
307‌
4.98%,
08/11/2033
(e)
200‌
196‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.30%
5.09%,
11/26/2028
(e)
210‌
212‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.85%
5.68%,
01/05/2035
(e)
265‌
268‌
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)
310‌
314‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.48%
M&T
Bank
Corp
4.83%,
01/16/2029
(e)
300‌
301‌
Secured
Overnight
Financing
Rate
+
0.93%
Mitsubishi
UFJ
Financial
Group
Inc
1.54%,
07/20/2027
(e)
800‌
773‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.75%
1.64%,
10/13/2027
(e)
200‌
192‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.67%
2.05%,
07/17/2030
200‌
175‌
2.56%,
02/25/2030
285‌
259‌
3.20%,
07/18/2029
200‌
189‌
4.08%,
04/19/2028
(e)
600‌
594‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.30%
4.32%,
04/19/2033
(e)
200‌
190‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.55%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Mitsubishi
UFJ
Financial
Group
Inc
(continued)
5.13%,
07/20/2033
(e)
$
200‌
$
200‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.13%
5.16%,
04/24/2031
(e)
200‌
203‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.17%
5.35%,
09/13/2028
(e)
255‌
259‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.90%
5.41%,
04/19/2034
(d),(e)
200‌
203‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.97%
5.43%,
04/17/2035
(e)
200‌
201‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.00%
5.57%,
01/16/2036
(e)
225‌
228‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.95%
Mizuho
Financial
Group
Inc
2.20%,
07/10/2031
(e)
200‌
176‌
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)
700‌
657‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.39%
5.41%,
09/13/2028
(d),(e)
255‌
260‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.05%
5.59%,
07/10/2035
(e)
260‌
264‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.30%
5.74%,
05/27/2031
(e)
320‌
332‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.65%
5.75%,
07/06/2034
(e)
315‌
324‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.90%
Morgan
Stanley
1.51%,
07/20/2027
(e)
115‌
111‌
Secured
Overnight
Financing
Rate
+
0.86%
1.79%,
02/13/2032
(e)
550‌
463‌
Secured
Overnight
Financing
Rate
+
1.03%
1.93%,
04/28/2032
(e)
95‌
80‌
Secured
Overnight
Financing
Rate
+
1.02%
2.24%,
07/21/2032
(e)
115‌
98‌
Secured
Overnight
Financing
Rate
+
1.18%
2.48%,
01/21/2028
(e)
40‌
39‌
Secured
Overnight
Financing
Rate
+
1.00%
2.48%,
09/16/2036
(e)
810‌
677‌
Secured
Overnight
Financing
Rate
+
1.36%
2.51%,
10/20/2032
(e)
130‌
112‌
Secured
Overnight
Financing
Rate
+
1.20%
2.70%,
01/22/2031
(e)
325‌
296‌
Secured
Overnight
Financing
Rate
+
1.14%
2.80%,
01/25/2052
(e)
210‌
126‌
Secured
Overnight
Financing
Rate
+
1.43%
2.94%,
01/21/2033
(e)
90‌
79‌
Secured
Overnight
Financing
Rate
+
1.29%
3.13%,
07/27/2026
150‌
148‌
3.22%,
04/22/2042
(e)
310‌
228‌
Secured
Overnight
Financing
Rate
+
1.49%
Schedule
of
Investments
Bond
Market
Index
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
10
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Morgan
Stanley
(continued)
3.59%,
07/22/2028
$
90‌
$
88‌
3
Month
USD
LIBOR
+
1.34%
3.77%,
01/24/2029
(e)
600‌
587‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.40%
3.95%,
04/23/2027
710‌
703‌
4.21%,
04/20/2028
(e)
135‌
134‌
Secured
Overnight
Financing
Rate
+
1.61%
4.30%,
01/27/2045
320‌
266‌
4.35%,
09/08/2026
375‌
373‌
4.65%,
10/18/2030
(e)
600‌
596‌
Secured
Overnight
Financing
Rate
+
1.10%
4.89%,
07/20/2033
(e)
275‌
271‌
Secured
Overnight
Financing
Rate
+
2.08%
5.04%,
07/19/2030
(e)
260‌
263‌
Secured
Overnight
Financing
Rate
+
1.22%
5.12%,
02/01/2029
(e)
320‌
324‌
Secured
Overnight
Financing
Rate
+
1.73%
5.16%,
04/20/2029
(e)
260‌
264‌
Secured
Overnight
Financing
Rate
+
1.59%
5.17%,
01/16/2030
(e)
200‌
203‌
Secured
Overnight
Financing
Rate
+
1.45%
5.19%,
04/17/2031
(e)
305‌
309‌
Secured
Overnight
Financing
Rate
+
1.51%
5.23%,
01/15/2031
(e)
225‌
228‌
Secured
Overnight
Financing
Rate
+
1.11%
5.25%,
04/21/2034
(e)
425‌
425‌
Secured
Overnight
Financing
Rate
+
1.87%
5.32%,
07/19/2035
(e)
260‌
258‌
Secured
Overnight
Financing
Rate
+
1.56%
5.42%,
07/21/2034
(e)
315‌
318‌
Secured
Overnight
Financing
Rate
+
1.88%
5.45%,
07/20/2029
(e)
315‌
322‌
Secured
Overnight
Financing
Rate
+
1.63%
5.47%,
01/18/2035
(e)
325‌
327‌
Secured
Overnight
Financing
Rate
+
1.73%
5.52%,
11/19/2055
(e)
275‌
262‌
Secured
Overnight
Financing
Rate
+
1.71%
5.59%,
01/18/2036
(e)
220‌
222‌
Secured
Overnight
Financing
Rate
+
1.42%
5.65%,
04/13/2028
(e)
105‌
107‌
Secured
Overnight
Financing
Rate
+
1.01%
5.66%,
04/18/2030
(e)
250‌
258‌
Secured
Overnight
Financing
Rate
+
1.26%
5.66%,
04/17/2036
(e)
245‌
249‌
Secured
Overnight
Financing
Rate
+
1.76%
5.83%,
04/19/2035
(e)
275‌
284‌
Secured
Overnight
Financing
Rate
+
1.58%
5.95%,
01/19/2038
(e)
160‌
161‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.43%
6.30%,
10/18/2028
(e)
310‌
322‌
Secured
Overnight
Financing
Rate
+
2.24%
6.34%,
10/18/2033
(e)
310‌
332‌
Secured
Overnight
Financing
Rate
+
2.56%
6.38%,
07/24/2042
200‌
214‌
6.41%,
11/01/2029
(e)
280‌
295‌
Secured
Overnight
Financing
Rate
+
1.83%
6.63%,
11/01/2034
(e)
180‌
195‌
Secured
Overnight
Financing
Rate
+
2.05%
Morgan
Stanley
Bank
NA
4.45%,
10/15/2027
(e)
275‌
275‌
Secured
Overnight
Financing
Rate
+
0.68%
4.97%,
07/14/2028
(e)
260‌
262‌
Secured
Overnight
Financing
Rate
+
0.93%
5.02%,
01/12/2029
(e)
320‌
323‌
Secured
Overnight
Financing
Rate
+
0.91%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
National
Australia
Bank
Ltd/New
York
4.79%,
01/10/2029
$
500‌
$
508‌
5.09%,
06/11/2027
500‌
508‌
NatWest
Group
PLC
1.64%,
06/14/2027
(e)
200‌
194‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.90%
4.89%,
05/18/2029
(e)
700‌
702‌
3
Month
USD
LIBOR
+
1.75%
5.08%,
01/27/2030
(e)
400‌
402‌
3
Month
USD
LIBOR
+
1.91%
5.12%,
05/23/2031
(e)
400‌
402‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.05%
Oesterreichische
Kontrollbank
AG
3.63%,
09/09/2027
325‌
323‌
3.75%,
09/05/2029
265‌
262‌
4.00%,
05/28/2028
150‌
150‌
4.25%,
03/01/2028
320‌
323‌
4.50%,
01/24/2030
280‌
286‌
4.75%,
05/21/2027
250‌
253‌
PNC
Financial
Services
Group
Inc/The
2.31%,
04/23/2032
(e)
245‌
212‌
Secured
Overnight
Financing
Rate
+
0.98%
2.55%,
01/22/2030
250‌
228‌
3.45%,
04/23/2029
175‌
169‌
4.63%,
06/06/2033
(e)
160‌
152‌
Secured
Overnight
Financing
Rate
+
1.85%
4.90%,
05/13/2031
(e)
475‌
475‌
Secured
Overnight
Financing
Rate
+
1.33%
5.22%,
01/29/2031
(e)
295‌
300‌
Secured
Overnight
Financing
Rate
+
1.07%
5.30%,
01/21/2028
(e)
135‌
137‌
Secured
Overnight
Financing
Rate
+
1.34%
5.35%,
12/02/2028
(e)
410‌
417‌
Secured
Overnight
Financing
Rate
+
1.62%
5.40%,
07/23/2035
(e)
285‌
284‌
Secured
Overnight
Financing
Rate
+
1.60%
5.68%,
01/22/2035
(e)
65‌
66‌
Secured
Overnight
Financing
Rate
+
1.90%
5.94%,
08/18/2034
(e)
315‌
326‌
Secured
Overnight
Financing
Rate
+
1.95%
6.62%,
10/20/2027
(e)
240‌
247‌
Secured
Overnight
Financing
Rate
+
1.73%
Royal
Bank
of
Canada
1.15%,
07/14/2026
60‌
58‌
3.63%,
05/04/2027
320‌
316‌
3.88%,
05/04/2032
145‌
137‌
4.51%,
10/18/2027
(e)
205‌
205‌
Secured
Overnight
Financing
Rate
+
0.72%
4.65%,
10/18/2030
(e)
205‌
204‌
Secured
Overnight
Financing
Rate
+
1.08%
4.90%,
01/12/2028
165‌
167‌
4.95%,
02/01/2029
235‌
239‌
4.97%,
01/24/2029
(e)
215‌
217‌
Secured
Overnight
Financing
Rate
+
0.83%
4.97%,
05/02/2031
(e)
305‌
307‌
Secured
Overnight
Financing
Rate
+
1.13%
5.00%,
05/02/2033
175‌
175‌
5.15%,
02/04/2031
(e)
215‌
218‌
Secured
Overnight
Financing
Rate
+
1.03%
5.20%,
07/20/2026
160‌
161‌
6.00%,
11/01/2027
155‌
161‌
Santander
Holdings
USA
Inc
2.49%,
01/06/2028
(e)
290‌
279‌
Secured
Overnight
Financing
Rate
+
1.25%
5.35%,
09/06/2030
(e)
325‌
327‌
Secured
Overnight
Financing
Rate
+
1.94%
Schedule
of
Investments
Bond
Market
Index
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
11
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Santander
Holdings
USA
Inc
(continued)
5.47%,
03/20/2029
(e)
$
155‌
$
156‌
Secured
Overnight
Financing
Rate
+
1.61%
Santander
UK
Group
Holdings
PLC
2.47%,
01/11/2028
(e)
200‌
192‌
Secured
Overnight
Financing
Rate
+
1.22%
2.90%,
03/15/2032
(e)
600‌
528‌
Secured
Overnight
Financing
Rate
+
1.48%
State
Street
Corp
2.20%,
02/07/2028
(e)
65‌
63‌
Secured
Overnight
Financing
Rate
+
0.73%
2.20%,
03/03/2031
60‌
52‌
4.33%,
10/22/2027
435‌
436‌
4.42%,
05/13/2033
(e)
135‌
131‌
Secured
Overnight
Financing
Rate
+
1.61%
4.53%,
02/20/2029
(e)
310‌
311‌
Secured
Overnight
Financing
Rate
+
1.02%
4.54%,
02/28/2028
(d)
150‌
151‌
4.68%,
10/22/2032
(e)
135‌
134‌
Secured
Overnight
Financing
Rate
+
1.05%
4.82%,
01/26/2034
(e)
245‌
240‌
Secured
Overnight
Financing
Rate
+
1.57%
4.83%,
04/24/2030
305‌
308‌
5.15%,
02/28/2036
(e)
150‌
149‌
Secured
Overnight
Financing
Rate
+
1.22%
5.27%,
08/03/2026
155‌
157‌
5.68%,
11/21/2029
(e)
140‌
146‌
Secured
Overnight
Financing
Rate
+
1.48%
Sumitomo
Mitsui
Financial
Group
Inc
2.13%,
07/08/2030
200‌
176‌
2.14%,
09/23/2030
150‌
131‌
2.93%,
09/17/2041
60‌
43‌
3.01%,
10/19/2026
75‌
74‌
3.04%,
07/16/2029
200‌
188‌
3.36%,
07/12/2027
400‌
392‌
3.45%,
01/11/2027
165‌
163‌
5.24%,
04/15/2030
225‌
230‌
5.32%,
07/09/2029
260‌
266‌
5.42%,
07/09/2031
200‌
206‌
5.52%,
01/13/2028
410‌
421‌
5.63%,
01/15/2035
225‌
230‌
5.77%,
01/13/2033
400‌
416‌
5.80%,
07/13/2028
315‌
327‌
5.81%,
09/14/2033
(d)
235‌
246‌
6.18%,
07/13/2043
160‌
168‌
Toronto-Dominion
Bank/The
1.20%,
06/03/2026
260‌
252‌
1.95%,
01/12/2027
125‌
120‌
2.00%,
09/10/2031
60‌
52‌
3.20%,
03/10/2032
65‌
58‌
4.11%,
06/08/2027
30‌
30‌
4.46%,
06/08/2032
70‌
68‌
4.57%,
12/17/2026
150‌
150‌
4.57%,
06/02/2028
(f)
305‌
305‌
4.69%,
09/15/2027
655‌
658‌
4.78%,
12/17/2029
340‌
341‌
4.99%,
04/05/2029
250‌
254‌
5.30%,
01/30/2032
330‌
335‌
5.52%,
07/17/2028
160‌
165‌
5.53%,
07/17/2026
160‌
162‌
Truist
Bank
2.25%,
03/11/2030
1,000‌
884‌
3.80%,
10/30/2026
250‌
247‌
Truist
Financial
Corp
1.89%,
06/07/2029
(e)
130‌
120‌
Secured
Overnight
Financing
Rate
+
0.86%
1.95%,
06/05/2030
60‌
52‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Truist
Financial
Corp
(continued)
4.12%,
06/06/2028
(e)
$
290‌
$
288‌
Secured
Overnight
Financing
Rate
+
1.37%
4.87%,
01/26/2029
(e)
160‌
161‌
Secured
Overnight
Financing
Rate
+
1.44%
5.07%,
05/20/2031
(e)
155‌
156‌
Secured
Overnight
Financing
Rate
+
1.31%
5.12%,
01/26/2034
(e)
160‌
157‌
Secured
Overnight
Financing
Rate
+
1.85%
5.15%,
08/05/2032
(e)
290‌
292‌
Secured
Overnight
Financing
Rate
+
1.57%
5.44%,
01/24/2030
(e)
65‌
66‌
Secured
Overnight
Financing
Rate
+
1.62%
5.71%,
01/24/2035
(d),(e)
245‌
249‌
Secured
Overnight
Financing
Rate
+
1.92%
5.87%,
06/08/2034
(e)
160‌
164‌
Secured
Overnight
Financing
Rate
+
2.36%
UBS
AG/Stamford
CT
4.86%,
01/10/2028
(e)
500‌
502‌
Secured
Overnight
Financing
Rate
+
0.72%
5.00%,
07/09/2027
500‌
506‌
US
Bancorp
1.38%,
07/22/2030
110‌
94‌
2.22%,
01/27/2028
(e)
275‌
265‌
Secured
Overnight
Financing
Rate
+
0.73%
2.49%,
11/03/2036
(e)
400‌
333‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
0.95%
3.15%,
04/27/2027
250‌
245‌
4.55%,
07/22/2028
(e)
480‌
480‌
Secured
Overnight
Financing
Rate
+
1.66%
4.65%,
02/01/2029
(e)
285‌
285‌
Secured
Overnight
Financing
Rate
+
1.23%
4.84%,
02/01/2034
(e)
285‌
276‌
Secured
Overnight
Financing
Rate
+
1.60%
5.05%,
02/12/2031
(e)
285‌
287‌
Secured
Overnight
Financing
Rate
+
1.06%
5.08%,
05/15/2031
(e)
105‌
106‌
Secured
Overnight
Financing
Rate
+
1.30%
5.38%,
01/23/2030
(e)
55‌
56‌
Secured
Overnight
Financing
Rate
+
1.56%
5.68%,
01/23/2035
(e)
240‌
244‌
Secured
Overnight
Financing
Rate
+
1.86%
5.84%,
06/12/2034
(e)
320‌
330‌
Secured
Overnight
Financing
Rate
+
2.26%
5.85%,
10/21/2033
(e)
155‌
161‌
Secured
Overnight
Financing
Rate
+
2.09%
US
Bank
NA/Cincinnati
OH
4.73%,
05/15/2028
(e)
250‌
250‌
Secured
Overnight
Financing
Rate
+
0.91%
Wells
Fargo
&
Co
2.39%,
06/02/2028
(e)
220‌
211‌
Secured
Overnight
Financing
Rate
+
2.10%
2.57%,
02/11/2031
(e)
700‌
632‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.26%
3.00%,
10/23/2026
250‌
245‌
3.07%,
04/30/2041
(e)
485‌
355‌
Secured
Overnight
Financing
Rate
+
2.53%
3.35%,
03/02/2033
(e)
430‌
386‌
Secured
Overnight
Financing
Rate
+
1.50%
3.53%,
03/24/2028
(e)
160‌
157‌
Secured
Overnight
Financing
Rate
+
1.51%
3.58%,
05/22/2028
(e)
375‌
367‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.57%
4.10%,
06/03/2026
200‌
199‌
4.15%,
01/24/2029
400‌
395‌
Schedule
of
Investments
Bond
Market
Index
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
12
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Wells
Fargo
&
Co
(continued)
4.40%,
06/14/2046
$
110‌
$
87‌
4.61%,
04/25/2053
(e)
255‌
210‌
Secured
Overnight
Financing
Rate
+
2.13%
4.65%,
11/04/2044
600‌
499‌
4.75%,
12/07/2046
250‌
207‌
4.81%,
07/25/2028
(e)
65‌
65‌
Secured
Overnight
Financing
Rate
+
1.98%
4.90%,
01/24/2028
(e)
215‌
216‌
Secured
Overnight
Financing
Rate
+
0.78%
4.90%,
07/25/2033
(e)
735‌
722‌
Secured
Overnight
Financing
Rate
+
2.10%
4.90%,
11/17/2045
75‌
64‌
4.97%,
04/23/2029
(e)
155‌
156‌
Secured
Overnight
Financing
Rate
+
1.37%
5.01%,
04/04/2051
(e)
440‌
386‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.50%
5.15%,
04/23/2031
(e)
305‌
309‌
Secured
Overnight
Financing
Rate
+
1.50%
5.20%,
01/23/2030
(e)
265‌
269‌
Secured
Overnight
Financing
Rate
+
1.50%
5.21%,
12/03/2035
(e)
280‌
275‌
Secured
Overnight
Financing
Rate
+
1.38%
5.24%,
01/24/2031
(e)
200‌
203‌
Secured
Overnight
Financing
Rate
+
1.11%
5.38%,
11/02/2043
185‌
171‌
5.39%,
04/24/2034
(e)
375‌
377‌
Secured
Overnight
Financing
Rate
+
2.02%
5.50%,
01/23/2035
(e)
265‌
267‌
Secured
Overnight
Financing
Rate
+
1.78%
5.56%,
07/25/2034
(e)
475‌
481‌
Secured
Overnight
Financing
Rate
+
1.99%
5.57%,
07/25/2029
(e)
475‌
487‌
Secured
Overnight
Financing
Rate
+
1.74%
5.61%,
04/23/2036
(e)
155‌
157‌
Secured
Overnight
Financing
Rate
+
1.74%
5.61%,
01/15/2044
250‌
235‌
5.71%,
04/22/2028
(e)
250‌
255‌
Secured
Overnight
Financing
Rate
+
1.07%
6.30%,
10/23/2029
(e)
320‌
336‌
Secured
Overnight
Financing
Rate
+
1.79%
6.49%,
10/23/2034
(e)
320‌
343‌
Secured
Overnight
Financing
Rate
+
2.06%
Wells
Fargo
Bank
NA
5.25%,
12/11/2026
250‌
253‌
5.45%,
08/07/2026
315‌
318‌
Westpac
Banking
Corp
1.15%,
06/03/2026
60‌
58‌
3.02%,
11/18/2036
(e)
405‌
350‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.53%
3.13%,
11/18/2041
60‌
42‌
4.11%,
07/24/2034
(e)
555‌
531‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.00%
5.05%,
04/16/2029
690‌
708‌
$
149,562‌
Beverages
-
0
.52
%
Anheuser-Busch
Cos
LLC
/
Anheuser-Busch
InBev
Worldwide
Inc
4.70%,
02/01/2036
575‌
553‌
4.90%,
02/01/2046
992‌
894‌
Anheuser-Busch
InBev
Worldwide
Inc
3.50%,
06/01/2030
130‌
125‌
4.75%,
01/23/2029
550‌
558‌
4.95%,
01/15/2042
220‌
204‌
5.00%,
06/15/2034
125‌
126‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Beverages
(continued)
Anheuser-Busch
InBev
Worldwide
Inc
(continued)
5.45%,
01/23/2039
$
450‌
$
451‌
5.55%,
01/23/2049
470‌
461‌
5.80%,
01/23/2059
325‌
325‌
8.20%,
01/15/2039
60‌
75‌
Coca-Cola
Co/The
1.50%,
03/05/2028
60‌
56‌
2.50%,
06/01/2040
140‌
99‌
2.50%,
03/15/2051
265‌
154‌
2.60%,
06/01/2050
140‌
84‌
2.88%,
05/05/2041
60‌
44‌
3.00%,
03/05/2051
465‌
302‌
4.65%,
08/14/2034
325‌
323‌
5.00%,
05/13/2034
455‌
462‌
5.20%,
01/14/2055
230‌
215‌
5.30%,
05/13/2054
455‌
435‌
Constellation
Brands
Inc
2.25%,
08/01/2031
1,040‌
891‌
3.15%,
08/01/2029
90‌
85‌
3.60%,
02/15/2028
700‌
684‌
4.35%,
05/09/2027
160‌
160‌
4.90%,
05/01/2033
250‌
245‌
Diageo
Capital
PLC
2.38%,
10/24/2029
200‌
184‌
5.30%,
10/24/2027
310‌
317‌
5.63%,
10/05/2033
400‌
416‌
Keurig
Dr
Pepper
Inc
2.25%,
03/15/2031
60‌
52‌
3.35%,
03/15/2051
60‌
39‌
3.95%,
04/15/2029
735‌
718‌
4.05%,
04/15/2032
210‌
200‌
4.35%,
05/15/2028
175‌
174‌
4.50%,
04/15/2052
185‌
148‌
5.10%,
03/15/2027
155‌
157‌
5.15%,
05/15/2035
155‌
152‌
Molson
Coors
Beverage
Co
3.00%,
07/15/2026
105‌
103‌
4.20%,
07/15/2046
250‌
196‌
PepsiCo
Inc
2.63%,
10/21/2041
725‌
499‌
2.75%,
10/21/2051
225‌
137‌
2.88%,
10/15/2049
145‌
93‌
3.00%,
10/15/2027
600‌
585‌
4.45%,
02/07/2028
545‌
550‌
4.50%,
07/17/2029
345‌
348‌
4.80%,
07/17/2034
345‌
342‌
5.00%,
02/07/2035
(d)
315‌
314‌
$
13,735‌
Biotechnology
-
0
.31
%
Amgen
Inc
1.65%,
08/15/2028
125‌
115‌
2.00%,
01/15/2032
120‌
101‌
2.45%,
02/21/2030
155‌
141‌
2.60%,
08/19/2026
700‌
686‌
2.77%,
09/01/2053
510‌
293‌
3.00%,
02/22/2029
200‌
190‌
3.00%,
01/15/2052
120‌
75‌
3.15%,
02/21/2040
155‌
117‌
3.38%,
02/21/2050
545‌
373‌
4.20%,
03/01/2033
80‌
76‌
4.20%,
02/22/2052
200‌
152‌
4.40%,
05/01/2045
265‌
220‌
4.66%,
06/15/2051
410‌
340‌
4.88%,
03/01/2053
80‌
68‌
5.15%,
03/02/2028
280‌
285‌
5.15%,
11/15/2041
113‌
104‌
5.25%,
03/02/2030
335‌
343‌
5.25%,
03/02/2033
330‌
333‌
Schedule
of
Investments
Bond
Market
Index
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
13
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Biotechnology
(continued)
Amgen
Inc
(continued)
5.60%,
03/02/2043
$
320‌
$
310‌
5.65%,
03/02/2053
320‌
305‌
5.75%,
03/02/2063
240‌
227‌
Biogen
Inc
5.20%,
09/15/2045
30‌
26‌
Gilead
Sciences
Inc
1.65%,
10/01/2030
150‌
129‌
2.80%,
10/01/2050
150‌
91‌
2.95%,
03/01/2027
240‌
235‌
4.15%,
03/01/2047
25‌
20‌
4.50%,
02/01/2045
500‌
427‌
4.75%,
03/01/2046
580‌
508‌
5.10%,
06/15/2035
140‌
139‌
5.25%,
10/15/2033
160‌
163‌
5.50%,
11/15/2054
340‌
325‌
5.55%,
10/15/2053
160‌
153‌
Regeneron
Pharmaceuticals
Inc
1.75%,
09/15/2030
160‌
137‌
Royalty
Pharma
PLC
1.75%,
09/02/2027
655‌
616‌
2.20%,
09/02/2030
155‌
135‌
3.30%,
09/02/2040
155‌
113‌
$
8,071‌
Building
Materials
-
0
.13
%
Carrier
Global
Corp
2.49%,
02/15/2027
35‌
34‌
2.72%,
02/15/2030
420‌
387‌
3.38%,
04/05/2040
155‌
120‌
3.58%,
04/05/2050
155‌
111‌
5.90%,
03/15/2034
116‌
122‌
6.20%,
03/15/2054
28‌
30‌
CRH
America
Finance
Inc
5.50%,
01/09/2035
285‌
287‌
Johnson
Controls
International
plc
/
Tyco
Fire
&
Security
Finance
SCA
2.00%,
09/16/2031
120‌
102‌
Martin
Marietta
Materials
Inc
2.50%,
03/15/2030
155‌
141‌
3.20%,
07/15/2051
60‌
38‌
5.15%,
12/01/2034
140‌
139‌
Masco
Corp
1.50%,
02/15/2028
260‌
239‌
Owens
Corning
4.30%,
07/15/2047
150‌
118‌
5.50%,
06/15/2027
130‌
132‌
5.70%,
06/15/2034
290‌
296‌
Trane
Technologies
Financing
Ltd
3.80%,
03/21/2029
90‌
88‌
5.10%,
06/13/2034
380‌
379‌
Vulcan
Materials
Co
3.50%,
06/01/2030
295‌
280‌
3.90%,
04/01/2027
250‌
248‌
5.35%,
12/01/2034
275‌
277‌
$
3,568‌
Chemicals
-
0
.24
%
Air
Products
and
Chemicals
Inc
2.80%,
05/15/2050
300‌
185‌
4.60%,
02/08/2029
130‌
131‌
4.80%,
03/03/2033
160‌
159‌
Albemarle
Corp
5.45%,
12/01/2044
200‌
162‌
Dow
Chemical
Co/The
2.10%,
11/15/2030
160‌
138‌
3.60%,
11/15/2050
160‌
105‌
4.38%,
11/15/2042
350‌
275‌
4.63%,
10/01/2044
270‌
214‌
4.80%,
11/30/2028
90‌
91‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Chemicals
(continued)
Dow
Chemical
Co/The
(continued)
4.80%,
05/15/2049
$
340‌
$
269‌
5.15%,
02/15/2034
(d)
130‌
127‌
DuPont
de
Nemours
Inc
4.73%,
11/15/2028
700‌
709‌
5.32%,
11/15/2038
87‌
89‌
5.42%,
11/15/2048
185‌
183‌
Eastman
Chemical
Co
4.65%,
10/15/2044
75‌
62‌
Ecolab
Inc
1.30%,
01/30/2031
150‌
126‌
1.65%,
02/01/2027
105‌
101‌
2.75%,
08/18/2055
(d)
700‌
405‌
4.30%,
06/15/2028
(f)
60‌
60‌
LYB
International
Finance
III
LLC
2.25%,
10/01/2030
130‌
114‌
3.63%,
04/01/2051
130‌
84‌
4.20%,
10/15/2049
160‌
114‌
5.63%,
05/15/2033
160‌
161‌
Mosaic
Co/The
5.63%,
11/15/2043
25‌
24‌
Nutrien
Ltd
4.20%,
04/01/2029
400‌
394‌
4.50%,
03/12/2027
150‌
150‌
5.00%,
04/01/2049
280‌
243‌
5.40%,
06/21/2034
300‌
299‌
5.80%,
03/27/2053
330‌
317‌
Sherwin-Williams
Co/The
2.20%,
03/15/2032
250‌
212‌
3.30%,
05/15/2050
90‌
59‌
4.50%,
06/01/2047
390‌
319‌
Westlake
Corp
3.13%,
08/15/2051
60‌
35‌
3.60%,
08/15/2026
110‌
108‌
$
6,224‌
Commercial
Mortgage
Backed
Securities
-
0
.02
%
Fannie
Mae-Aces
2.99%,
12/25/2027
(h)
636‌
618‌
Commercial
Services
-
0
.12
%
American
University/The
3.67%,
04/01/2049
35‌
26‌
Global
Payments
Inc
3.20%,
08/15/2029
140‌
131‌
4.15%,
08/15/2049
70‌
50‌
Massachusetts
Institute
of
Technology
3.96%,
07/01/2038
185‌
166‌
4.68%,
07/01/2114
100‌
80‌
Moody's
Corp
4.25%,
08/08/2032
65‌
63‌
5.00%,
08/05/2034
290‌
288‌
5.25%,
07/15/2044
90‌
83‌
PayPal
Holdings
Inc
2.85%,
10/01/2029
755‌
706‌
3.90%,
06/01/2027
65‌
65‌
4.40%,
06/01/2032
265‌
258‌
5.50%,
06/01/2054
130‌
122‌
S&P
Global
Inc
1.25%,
08/15/2030
160‌
137‌
2.45%,
03/01/2027
350‌
340‌
2.50%,
12/01/2029
55‌
51‌
3.25%,
12/01/2049
55‌
38‌
3.70%,
03/01/2052
100‌
74‌
5.25%,
09/15/2033
335‌
344‌
TR
Finance
LLC
5.85%,
04/15/2040
30‌
30‌
University
of
Southern
California
5.25%,
10/01/2111
(d)
20‌
18‌
$
3,070‌
Schedule
of
Investments
Bond
Market
Index
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
14
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Computers
-
0
.56
%
Apple
Inc
1.20%,
02/08/2028
$
430‌
$
399‌
1.65%,
05/11/2030
550‌
486‌
2.40%,
08/20/2050
210‌
121‌
2.65%,
05/11/2050
600‌
366‌
2.65%,
02/08/2051
240‌
146‌
2.70%,
08/05/2051
85‌
52‌
2.80%,
02/08/2061
850‌
492‌
2.90%,
09/12/2027
300‌
293‌
2.95%,
09/11/2049
140‌
92‌
3.00%,
06/20/2027
500‌
490‌
3.20%,
05/11/2027
110‌
108‌
3.35%,
02/09/2027
525‌
519‌
3.35%,
08/08/2032
500‌
467‌
3.75%,
11/13/2047
195‌
150‌
3.85%,
05/04/2043
400‌
328‌
3.95%,
08/08/2052
235‌
183‌
4.20%,
05/12/2030
155‌
155‌
4.38%,
05/13/2045
80‌
69‌
4.50%,
05/12/2032
155‌
154‌
4.65%,
02/23/2046
375‌
337‌
4.75%,
05/12/2035
155‌
154‌
4.85%,
05/10/2053
(d)
320‌
297‌
Dell
International
LLC
/
EMC
Corp
3.38%,
12/15/2041
310‌
225‌
3.45%,
12/15/2051
(d)
346‌
229‌
4.35%,
02/01/2030
535‌
526‌
4.75%,
04/01/2028
100‌
100‌
5.25%,
02/01/2028
160‌
163‌
5.30%,
10/01/2029
300‌
306‌
5.30%,
04/01/2032
150‌
151‌
5.40%,
04/15/2034
185‌
185‌
6.02%,
06/15/2026
486‌
491‌
8.35%,
07/15/2046
26‌
32‌
Hewlett
Packard
Enterprise
Co
4.45%,
09/25/2026
405‌
404‌
4.55%,
10/15/2029
535‌
530‌
4.85%,
10/15/2031
205‌
203‌
5.00%,
10/15/2034
470‌
458‌
6.20%,
10/15/2035
75‌
78‌
6.35%,
10/15/2045
340‌
340‌
HP
Inc
3.00%,
06/17/2027
140‌
135‌
4.75%,
01/15/2028
495‌
497‌
6.00%,
09/15/2041
355‌
348‌
6.10%,
04/25/2035
150‌
152‌
IBM
International
Capital
Pte
Ltd
4.75%,
02/05/2031
265‌
266‌
4.90%,
02/05/2034
265‌
260‌
International
Business
Machines
Corp
2.20%,
02/09/2027
575‌
555‌
3.50%,
05/15/2029
160‌
154‌
4.00%,
06/20/2042
110‌
89‌
4.15%,
05/15/2039
195‌
168‌
4.25%,
05/15/2049
600‌
473‌
4.40%,
07/27/2032
100‌
97‌
4.50%,
02/06/2028
370‌
372‌
4.65%,
02/10/2028
285‌
287‌
4.70%,
02/19/2046
145‌
124‌
5.10%,
02/06/2053
160‌
142‌
5.70%,
02/10/2055
245‌
236‌
NetApp
Inc
2.38%,
06/22/2027
155‌
148‌
$
14,782‌
Consumer
Products
-
0
.03
%
Church
&
Dwight
Co
Inc
3.95%,
08/01/2047
200‌
153‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Consumer
Products
(continued)
Clorox
Co/The
1.80%,
05/15/2030
$
350‌
$
306‌
Kimberly-Clark
Corp
5.30%,
03/01/2041
300‌
290‌
$
749‌
Cosmetics
&
Personal
Care
-
0
.19
%
Colgate-Palmolive
Co
4.20%,
05/01/2030
330‌
329‌
4.60%,
03/01/2028
160‌
162‌
Estee
Lauder
Cos
Inc/The
1.95%,
03/15/2031
125‌
107‌
2.38%,
12/01/2029
100‌
91‌
3.15%,
03/15/2027
100‌
98‌
Haleon
US
Capital
LLC
3.38%,
03/24/2027
250‌
246‌
3.63%,
03/24/2032
250‌
232‌
4.00%,
03/24/2052
250‌
189‌
Kenvue
Inc
4.85%,
05/22/2032
155‌
156‌
4.90%,
03/22/2033
160‌
160‌
5.05%,
03/22/2028
160‌
164‌
5.05%,
03/22/2053
330‌
301‌
5.10%,
03/22/2043
160‌
151‌
Procter
&
Gamble
Co/The
1.90%,
02/01/2027
540‌
522‌
3.55%,
03/25/2040
400‌
334‌
4.05%,
05/01/2030
175‌
174‌
4.60%,
05/01/2035
(d)
155‌
154‌
Unilever
Capital
Corp
1.38%,
09/14/2030
150‌
129‌
1.75%,
08/12/2031
680‌
583‌
2.90%,
05/05/2027
435‌
426‌
4.63%,
08/12/2034
320‌
314‌
$
5,022‌
Diversified
Financial
Services
-
0
.85
%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
2.45%,
10/29/2026
150‌
145‌
3.00%,
10/29/2028
600‌
566‌
3.30%,
01/30/2032
750‌
666‌
3.40%,
10/29/2033
150‌
129‌
3.88%,
01/23/2028
250‌
244‌
4.88%,
04/01/2028
165‌
166‌
4.95%,
09/10/2034
330‌
317‌
5.10%,
01/19/2029
150‌
151‌
5.38%,
12/15/2031
365‌
368‌
6.10%,
01/15/2027
315‌
321‌
Air
Lease
Corp
1.88%,
08/15/2026
350‌
338‌
2.10%,
09/01/2028
385‌
357‌
2.88%,
01/15/2032
65‌
57‌
5.10%,
03/01/2029
135‌
137‌
5.20%,
07/15/2031
130‌
132‌
Ally
Financial
Inc
2.20%,
11/02/2028
60‌
55‌
4.75%,
06/09/2027
160‌
160‌
5.74%,
05/15/2029
(e)
170‌
172‌
Secured
Overnight
Financing
Rate
+
1.96%
8.00%,
11/01/2031
420‌
470‌
American
Express
Co
1.65%,
11/04/2026
310‌
298‌
3.30%,
05/03/2027
500‌
491‌
4.05%,
05/03/2029
100‌
99‌
4.05%,
12/03/2042
440‌
366‌
4.73%,
04/25/2029
(e)
305‌
307‌
Secured
Overnight
Financing
Rate
+
1.26%
5.09%,
01/30/2031
(e)
215‌
218‌
Secured
Overnight
Financing
Rate
+
1.02%
Schedule
of
Investments
Bond
Market
Index
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
15
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Diversified
Financial
Services
(continued)
American
Express
Co
(continued)
5.10%,
02/16/2028
(e)
$
330‌
$
333‌
Secured
Overnight
Financing
Rate
+
1.00%
5.28%,
07/27/2029
(e)
160‌
164‌
Secured
Overnight
Financing
Rate
+
1.28%
5.28%,
07/26/2035
(e)
345‌
344‌
Secured
Overnight
Financing
Rate
+
1.42%
5.39%,
07/28/2027
(e)
160‌
161‌
Secured
Overnight
Financing
Rate
+
0.97%
5.53%,
04/25/2030
(e)
250‌
258‌
Secured
Overnight
Financing
Rate
+
1.09%
5.67%,
04/25/2036
(e)
155‌
158‌
Secured
Overnight
Financing
Rate
+
1.79%
6.49%,
10/30/2031
(e)
70‌
76‌
Secured
Overnight
Financing
Rate
+
1.94%
BlackRock
Funding
Inc
4.90%,
01/08/2035
(d)
260‌
259‌
5.35%,
01/08/2055
230‌
219‌
Blackrock
Inc
2.10%,
02/25/2032
295‌
251‌
2.40%,
04/30/2030
200‌
183‌
Capital
One
Financial
Corp
1.88%,
11/02/2027
(e)
390‌
375‌
Secured
Overnight
Financing
Rate
+
0.86%
2.36%,
07/29/2032
(e)
510‌
422‌
Secured
Overnight
Financing
Rate
+
1.34%
3.75%,
07/28/2026
300‌
297‌
4.10%,
02/09/2027
75‌
74‌
4.93%,
05/10/2028
(e)
445‌
446‌
Secured
Overnight
Financing
Rate
+
2.06%
5.46%,
07/26/2030
(e)
140‌
143‌
Secured
Overnight
Financing
Rate
+
1.56%
5.70%,
02/01/2030
(e)
135‌
139‌
Secured
Overnight
Financing
Rate
+
1.91%
5.82%,
02/01/2034
(e)
160‌
162‌
Secured
Overnight
Financing
Rate
+
2.60%
5.88%,
07/26/2035
(e)
140‌
142‌
Secured
Overnight
Financing
Rate
+
1.99%
6.05%,
02/01/2035
(e)
245‌
251‌
Secured
Overnight
Financing
Rate
+
2.26%
6.18%,
01/30/2036
(e)
70‌
70‌
Secured
Overnight
Financing
Rate
+
2.04%
6.31%,
06/08/2029
(e)
360‌
375‌
Secured
Overnight
Financing
Rate
+
2.64%
7.62%,
10/30/2031
(e)
210‌
234‌
Secured
Overnight
Financing
Rate
+
3.07%
Charles
Schwab
Corp/The
1.65%,
03/11/2031
400‌
338‌
1.95%,
12/01/2031
540‌
453‌
2.00%,
03/20/2028
115‌
108‌
5.64%,
05/19/2029
(e)
160‌
166‌
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)
140‌
148‌
Secured
Overnight
Financing
Rate
+
1.88%
CME
Group
Inc
5.30%,
09/15/2043
200‌
196‌
Intercontinental
Exchange
Inc
1.85%,
09/15/2032
120‌
98‌
2.10%,
06/15/2030
400‌
355‌
2.65%,
09/15/2040
160‌
113‌
3.00%,
09/15/2060
160‌
94‌
3.75%,
09/21/2028
335‌
328‌
4.00%,
09/15/2027
385‌
381‌
4.25%,
09/21/2048
250‌
199‌
4.60%,
03/15/2033
220‌
216‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Diversified
Financial
Services
(continued)
Intercontinental
Exchange
Inc
(continued)
4.95%,
06/15/2052
$
65‌
$
57‌
Jefferies
Financial
Group
Inc
2.63%,
10/15/2031
200‌
171‌
2.75%,
10/15/2032
300‌
249‌
4.15%,
01/23/2030
225‌
217‌
Legg
Mason
Inc
5.63%,
01/15/2044
25‌
24‌
Mastercard
Inc
2.00%,
11/18/2031
190‌
164‌
2.95%,
03/15/2051
60‌
38‌
3.35%,
03/26/2030
875‌
837‌
3.85%,
03/26/2050
125‌
96‌
4.55%,
03/15/2028
145‌
147‌
4.55%,
01/15/2035
270‌
262‌
4.88%,
03/09/2028
160‌
163‌
Nasdaq
Inc
2.50%,
12/21/2040
55‌
37‌
5.35%,
06/28/2028
160‌
164‌
5.95%,
08/15/2053
295‌
293‌
Nomura
Holdings
Inc
2.33%,
01/22/2027
200‌
192‌
2.68%,
07/16/2030
450‌
403‌
5.84%,
01/18/2028
320‌
329‌
6.09%,
07/12/2033
(d)
315‌
330‌
Synchrony
Financial
3.95%,
12/01/2027
720‌
700‌
Visa
Inc
1.10%,
02/15/2031
60‌
51‌
1.90%,
04/15/2027
80‌
77‌
2.00%,
08/15/2050
160‌
85‌
2.70%,
04/15/2040
155‌
115‌
2.75%,
09/15/2027
150‌
146‌
4.15%,
12/14/2035
500‌
471‌
4.30%,
12/14/2045
400‌
341‌
Voya
Financial
Inc
3.65%,
06/15/2026
500‌
495‌
$
22,436‌
Electric
-
2
.00
%
AEP
Texas
Inc
2.10%,
07/01/2030
160‌
140‌
3.45%,
01/15/2050
50‌
33‌
3.45%,
05/15/2051
60‌
39‌
4.70%,
05/15/2032
105‌
102‌
5.25%,
05/15/2052
105‌
91‌
AEP
Transmission
Co
LLC
2.75%,
08/15/2051
60‌
35‌
4.00%,
12/01/2046
350‌
270‌
4.50%,
06/15/2052
70‌
57‌
5.40%,
03/15/2053
160‌
149‌
AES
Corp/The
2.45%,
01/15/2031
360‌
308‌
Alabama
Power
Co
1.45%,
09/15/2030
155‌
133‌
3.13%,
07/15/2051
60‌
38‌
Ameren
Corp
1.75%,
03/15/2028
60‌
56‌
5.00%,
01/15/2029
130‌
131‌
5.70%,
12/01/2026
140‌
142‌
Ameren
Illinois
Co
1.55%,
11/15/2030
65‌
56‌
3.25%,
03/15/2050
75‌
49‌
3.85%,
09/01/2032
355‌
331‌
4.15%,
03/15/2046
330‌
265‌
American
Electric
Power
Co
Inc
2.30%,
03/01/2030
155‌
139‌
5.63%,
03/01/2033
160‌
164‌
Schedule
of
Investments
Bond
Market
Index
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
16
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
Arizona
Public
Service
Co
2.60%,
08/15/2029
$
90‌
$
83‌
2.65%,
09/15/2050
150‌
85‌
Baltimore
Gas
and
Electric
Co
2.25%,
06/15/2031
60‌
53‌
4.55%,
06/01/2052
220‌
179‌
5.45%,
06/01/2035
155‌
156‌
5.65%,
06/01/2054
130‌
125‌
Berkshire
Hathaway
Energy
Co
1.65%,
05/15/2031
365‌
307‌
2.85%,
05/15/2051
85‌
50‌
3.80%,
07/15/2048
650‌
475‌
4.60%,
05/01/2053
355‌
287‌
5.15%,
11/15/2043
200‌
184‌
CenterPoint
Energy
Houston
Electric
LLC
3.35%,
04/01/2051
60‌
41‌
4.25%,
02/01/2049
250‌
197‌
4.95%,
04/01/2033
160‌
159‌
5.20%,
10/01/2028
160‌
164‌
CenterPoint
Energy
Inc
1.45%,
06/01/2026
60‌
58‌
2.95%,
03/01/2030
100‌
92‌
CMS
Energy
Corp
3.75%,
12/01/2050
(e)
60‌
53‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.90%
Commonwealth
Edison
Co
3.00%,
03/01/2050
715‌
448‌
3.13%,
03/15/2051
420‌
267‌
4.00%,
03/01/2048
370‌
282‌
5.30%,
06/01/2034
130‌
131‌
5.30%,
02/01/2053
160‌
146‌
5.65%,
06/01/2054
130‌
125‌
5.95%,
06/01/2055
60‌
60‌
Connecticut
Light
and
Power
Co/The
2.05%,
07/01/2031
60‌
52‌
3.20%,
03/15/2027
140‌
138‌
4.95%,
01/15/2030
300‌
304‌
Consolidated
Edison
Co
of
New
York
Inc
2.40%,
06/15/2031
55‌
49‌
3.00%,
12/01/2060
65‌
37‌
3.70%,
11/15/2059
80‌
53‌
3.88%,
06/15/2047
300‌
225‌
4.30%,
12/01/2056
500‌
381‌
5.20%,
03/01/2033
160‌
162‌
5.30%,
03/01/2035
300‌
302‌
6.15%,
11/15/2052
155‌
159‌
6.30%,
08/15/2037
370‌
395‌
6.75%,
04/01/2038
160‌
178‌
Consumers
Energy
Co
2.50%,
05/01/2060
91‌
48‌
4.35%,
04/15/2049
300‌
248‌
4.50%,
01/15/2031
175‌
174‌
4.60%,
05/30/2029
135‌
136‌
4.70%,
01/15/2030
155‌
156‌
4.90%,
02/15/2029
155‌
157‌
5.05%,
05/15/2035
90‌
89‌
Dominion
Energy
Inc
3.30%,
04/15/2041
60‌
43‌
3.38%,
04/01/2030
315‌
296‌
4.60%,
05/15/2028
535‌
536‌
4.90%,
08/01/2041
360‌
314‌
5.38%,
11/15/2032
410‌
414‌
5.45%,
03/15/2035
150‌
148‌
5.95%,
06/15/2035
200‌
206‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
DTE
Electric
Co
1.90%,
04/01/2028
$
40‌
$
38‌
3.70%,
03/15/2045
200‌
151‌
5.20%,
03/01/2034
130‌
130‌
5.25%,
05/15/2035
155‌
155‌
5.40%,
04/01/2053
160‌
151‌
DTE
Energy
Co
4.88%,
06/01/2028
105‌
106‌
4.95%,
07/01/2027
550‌
554‌
5.20%,
04/01/2030
245‌
249‌
Duke
Energy
Carolinas
LLC
4.00%,
09/30/2042
145‌
116‌
4.95%,
01/15/2033
160‌
160‌
5.25%,
03/15/2035
140‌
141‌
5.30%,
02/15/2040
125‌
122‌
5.35%,
01/15/2053
160‌
148‌
5.40%,
01/15/2054
135‌
126‌
6.05%,
04/15/2038
460‌
481‌
Duke
Energy
Corp
2.65%,
09/01/2026
90‌
88‌
3.15%,
08/15/2027
90‌
88‌
3.30%,
06/15/2041
60‌
44‌
3.50%,
06/15/2051
60‌
39‌
3.95%,
08/15/2047
150‌
109‌
4.20%,
06/15/2049
150‌
113‌
4.50%,
08/15/2032
340‌
327‌
4.80%,
12/15/2045
230‌
193‌
4.85%,
01/05/2029
135‌
136‌
5.00%,
08/15/2052
240‌
203‌
5.45%,
06/15/2034
380‌
383‌
5.80%,
06/15/2054
380‌
360‌
6.10%,
09/15/2053
160‌
159‌
Duke
Energy
Florida
LLC
1.75%,
06/15/2030
155‌
135‌
2.50%,
12/01/2029
255‌
235‌
3.20%,
01/15/2027
150‌
147‌
3.40%,
10/01/2046
200‌
139‌
5.88%,
11/15/2033
145‌
152‌
5.95%,
11/15/2052
155‌
155‌
6.40%,
06/15/2038
250‌
269‌
Duke
Energy
Indiana
LLC
2.75%,
04/01/2050
155‌
92‌
5.40%,
04/01/2053
160‌
148‌
5.90%,
05/15/2055
155‌
153‌
Duke
Energy
Progress
LLC
2.50%,
08/15/2050
160‌
90‌
5.55%,
03/15/2055
150‌
143‌
Emera
US
Finance
LP
4.75%,
06/15/2046
75‌
61‌
Entergy
Arkansas
LLC
2.65%,
06/15/2051
45‌
26‌
4.20%,
04/01/2049
600‌
463‌
5.15%,
01/15/2033
160‌
161‌
Entergy
Corp
1.90%,
06/15/2028
35‌
32‌
2.40%,
06/15/2031
60‌
52‌
Entergy
Louisiana
LLC
2.90%,
03/15/2051
35‌
21‌
3.10%,
06/15/2041
60‌
43‌
3.12%,
09/01/2027
200‌
194‌
4.75%,
09/15/2052
415‌
348‌
5.15%,
09/15/2034
145‌
143‌
5.80%,
03/15/2055
390‌
378‌
Entergy
Texas
Inc
1.75%,
03/15/2031
150‌
128‌
4.00%,
03/30/2029
170‌
168‌
Schedule
of
Investments
Bond
Market
Index
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
17
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
Evergy
Kansas
Central
Inc
5.25%,
03/15/2035
$
320‌
$
318‌
5.70%,
03/15/2053
160‌
153‌
Evergy
Metro
Inc
2.25%,
06/01/2030
155‌
138‌
Eversource
Energy
1.65%,
08/15/2030
160‌
137‌
5.00%,
01/01/2027
135‌
136‌
5.13%,
05/15/2033
160‌
157‌
Exelon
Corp
3.35%,
03/15/2032
65‌
59‌
5.13%,
03/15/2031
315‌
319‌
5.15%,
03/15/2029
125‌
127‌
6.50%,
03/15/2055
(e)
425‌
424‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.98%
Florida
Power
&
Light
Co
2.45%,
02/03/2032
65‌
57‌
2.88%,
12/04/2051
65‌
40‌
3.70%,
12/01/2047
70‌
52‌
4.05%,
10/01/2044
145‌
117‌
4.13%,
02/01/2042
300‌
250‌
4.40%,
05/15/2028
160‌
161‌
4.80%,
05/15/2033
120‌
119‌
5.10%,
04/01/2033
160‌
162‌
5.30%,
06/15/2034
130‌
132‌
5.60%,
06/15/2054
130‌
126‌
5.65%,
02/01/2037
250‌
258‌
5.70%,
03/15/2055
145‌
143‌
Georgia
Power
Co
3.25%,
03/30/2027
400‌
393‌
4.30%,
03/15/2042
460‌
386‌
4.55%,
03/15/2030
340‌
341‌
4.65%,
05/16/2028
160‌
161‌
4.70%,
05/15/2032
65‌
64‌
Interstate
Power
and
Light
Co
2.30%,
06/01/2030
40‌
36‌
5.60%,
06/29/2035
160‌
161‌
Kentucky
Utilities
Co
3.30%,
06/01/2050
205‌
135‌
MidAmerican
Energy
Co
3.15%,
04/15/2050
145‌
95‌
4.25%,
07/15/2049
215‌
170‌
5.30%,
02/01/2055
135‌
124‌
Mississippi
Power
Co
4.25%,
03/15/2042
30‌
25‌
National
Rural
Utilities
Cooperative
Finance
Corp
1.00%,
06/15/2026
60‌
58‌
4.12%,
09/16/2027
135‌
135‌
4.15%,
12/15/2032
765‌
723‌
4.80%,
03/15/2028
365‌
369‌
5.00%,
02/07/2031
135‌
137‌
5.15%,
06/15/2029
130‌
133‌
Nevada
Power
Co
2.40%,
05/01/2030
200‌
181‌
NextEra
Energy
Capital
Holdings
Inc
1.90%,
06/15/2028
45‌
42‌
2.25%,
06/01/2030
250‌
222‌
2.75%,
11/01/2029
545‌
504‌
3.55%,
05/01/2027
700‌
687‌
4.90%,
02/28/2028
160‌
162‌
4.90%,
03/15/2029
135‌
136‌
5.00%,
07/15/2032
70‌
70‌
5.05%,
03/15/2030
395‌
400‌
5.25%,
03/15/2034
135‌
134‌
5.25%,
02/28/2053
160‌
143‌
5.45%,
03/15/2035
145‌
145‌
5.90%,
03/15/2055
145‌
140‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
NextEra
Energy
Capital
Holdings
Inc
(continued)
6.50%,
08/15/2055
(e)
$
285‌
$
287‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.98%
Northern
States
Power
Co/MN
2.25%,
04/01/2031
60‌
53‌
2.60%,
06/01/2051
97‌
57‌
2.90%,
03/01/2050
70‌
44‌
5.05%,
05/15/2035
175‌
175‌
5.10%,
05/15/2053
160‌
144‌
5.35%,
11/01/2039
30‌
30‌
5.65%,
05/15/2055
155‌
150‌
NSTAR
Electric
Co
4.55%,
06/01/2052
65‌
53‌
4.95%,
09/15/2052
565‌
492‌
5.20%,
03/01/2035
150‌
148‌
5.40%,
06/01/2034
130‌
131‌
Ohio
Power
Co
1.63%,
01/15/2031
265‌
222‌
Oncor
Electric
Delivery
Co
LLC
3.10%,
09/15/2049
195‌
124‌
4.15%,
06/01/2032
65‌
62‌
4.30%,
05/15/2028
570‌
570‌
4.50%,
03/20/2027
(i)
155‌
155‌
4.55%,
09/15/2032
390‌
380‌
4.60%,
06/01/2052
65‌
53‌
4.65%,
11/01/2029
140‌
141‌
5.55%,
06/15/2054
115‌
108‌
Pacific
Gas
and
Electric
Co
2.10%,
08/01/2027
605‌
571‌
2.50%,
02/01/2031
880‌
757‌
3.30%,
08/01/2040
155‌
110‌
3.50%,
08/01/2050
850‌
538‌
4.20%,
06/01/2041
195‌
148‌
5.70%,
03/01/2035
150‌
147‌
5.80%,
05/15/2034
125‌
124‌
5.90%,
06/15/2032
60‌
60‌
5.90%,
10/01/2054
135‌
121‌
6.10%,
01/15/2029
360‌
372‌
6.75%,
01/15/2053
160‌
159‌
PacifiCorp
2.90%,
06/15/2052
60‌
34‌
5.30%,
02/15/2031
265‌
269‌
5.35%,
12/01/2053
155‌
136‌
5.50%,
05/15/2054
160‌
144‌
6.00%,
01/15/2039
310‌
312‌
6.25%,
10/15/2037
330‌
341‌
PECO
Energy
Co
2.80%,
06/15/2050
110‌
67‌
2.85%,
09/15/2051
150‌
91‌
4.38%,
08/15/2052
360‌
290‌
4.60%,
05/15/2052
20‌
17‌
PPL
Capital
Funding
Inc
5.25%,
09/01/2034
295‌
292‌
PPL
Electric
Utilities
Corp
3.00%,
10/01/2049
70‌
45‌
3.95%,
06/01/2047
100‌
77‌
4.85%,
02/15/2034
65‌
64‌
5.00%,
05/15/2033
160‌
160‌
Public
Service
Co
of
Colorado
1.88%,
06/15/2031
45‌
38‌
2.70%,
01/15/2051
95‌
55‌
3.20%,
03/01/2050
250‌
162‌
5.25%,
04/01/2053
200‌
178‌
5.35%,
05/15/2034
385‌
383‌
5.85%,
05/15/2055
320‌
309‌
Schedule
of
Investments
Bond
Market
Index
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
18
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
Public
Service
Co
of
Oklahoma
5.20%,
01/15/2035
$
485‌
$
474‌
5.25%,
01/15/2033
160‌
159‌
Public
Service
Electric
and
Gas
Co
3.15%,
01/01/2050
155‌
102‌
3.65%,
09/01/2028
(d)
200‌
196‌
3.80%,
03/01/2046
570‌
432‌
4.85%,
08/01/2034
140‌
138‌
5.30%,
08/01/2054
140‌
130‌
5.45%,
08/01/2053
155‌
147‌
Public
Service
Enterprise
Group
Inc
4.90%,
03/15/2030
75‌
76‌
5.88%,
10/15/2028
160‌
166‌
6.13%,
10/15/2033
160‌
168‌
Puget
Sound
Energy
Inc
2.89%,
09/15/2051
170‌
102‌
San
Diego
Gas
&
Electric
Co
1.70%,
10/01/2030
150‌
129‌
3.32%,
04/15/2050
155‌
101‌
3.70%,
03/15/2052
65‌
45‌
4.50%,
08/15/2040
50‌
44‌
Sempra
4.00%,
02/01/2048
70‌
50‌
6.55%,
04/01/2055
(e)
380‌
356‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.14%
Southern
California
Edison
Co
2.25%,
06/01/2030
155‌
135‌
2.85%,
08/01/2029
100‌
92‌
3.45%,
02/01/2052
65‌
40‌
3.65%,
02/01/2050
640‌
415‌
4.00%,
04/01/2047
450‌
316‌
4.70%,
06/01/2027
135‌
135‌
4.88%,
02/01/2027
135‌
135‌
5.25%,
03/15/2030
345‌
347‌
5.30%,
03/01/2028
160‌
162‌
5.45%,
06/01/2031
65‌
65‌
5.45%,
03/01/2035
140‌
135‌
5.50%,
03/15/2040
350‌
319‌
5.65%,
10/01/2028
160‌
163‌
5.70%,
03/01/2053
160‌
140‌
5.85%,
11/01/2027
155‌
159‌
5.90%,
03/01/2055
105‌
94‌
5.95%,
02/01/2038
30‌
29‌
Southern
Co/The
1.75%,
03/15/2028
60‌
56‌
3.75%,
09/15/2051
(e)
40‌
39‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.92%
4.40%,
07/01/2046
300‌
242‌
5.20%,
06/15/2033
160‌
160‌
5.50%,
03/15/2029
160‌
166‌
5.70%,
10/15/2032
665‌
689‌
Southern
Power
Co
4.95%,
12/15/2046
35‌
30‌
Southwestern
Electric
Power
Co
4.10%,
09/15/2028
500‌
492‌
Southwestern
Public
Service
Co
4.50%,
08/15/2041
150‌
127‌
6.00%,
06/01/2054
195‌
191‌
Tampa
Electric
Co
3.45%,
03/15/2051
100‌
67‌
Tucson
Electric
Power
Co
1.50%,
08/01/2030
105‌
89‌
3.25%,
05/01/2051
60‌
38‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
Union
Electric
Co
2.15%,
03/15/2032
$
60‌
$
51‌
2.63%,
03/15/2051
130‌
75‌
5.45%,
03/15/2053
160‌
150‌
Virginia
Electric
and
Power
Co
2.30%,
11/15/2031
65‌
56‌
2.45%,
12/15/2050
145‌
79‌
2.95%,
11/15/2051
120‌
73‌
3.75%,
05/15/2027
40‌
40‌
5.05%,
08/15/2034
150‌
147‌
5.45%,
04/01/2053
310‌
286‌
5.55%,
08/15/2054
150‌
140‌
8.88%,
11/15/2038
225‌
291‌
WEC
Energy
Group
Inc
1.38%,
10/15/2027
130‌
121‌
2.20%,
12/15/2028
60‌
55‌
Wisconsin
Electric
Power
Co
4.75%,
09/30/2032
360‌
360‌
Wisconsin
Public
Service
Corp
4.55%,
12/01/2029
290‌
292‌
Xcel
Energy
Inc
1.75%,
03/15/2027
15‌
14‌
2.60%,
12/01/2029
140‌
128‌
4.60%,
06/01/2032
40‌
38‌
4.75%,
03/21/2028
155‌
156‌
$
52,662‌
Electrical
Components
&
Equipment
-
0
.03
%
Emerson
Electric
Co
0.88%,
10/15/2026
225‌
215‌
2.20%,
12/21/2031
820‌
712‌
$
927‌
Electronics
-
0
.11
%
Amphenol
Corp
5.00%,
01/15/2035
475‌
471‌
5.05%,
04/05/2027
275‌
279‌
Fortive
Corp
3.15%,
06/15/2026
100‌
99‌
Honeywell
International
Inc
1.10%,
03/01/2027
60‌
57‌
1.75%,
09/01/2031
60‌
51‌
1.95%,
06/01/2030
450‌
398‌
3.81%,
11/21/2047
100‌
75‌
4.25%,
01/15/2029
160‌
159‌
4.70%,
02/01/2030
270‌
272‌
5.00%,
02/15/2033
500‌
501‌
5.00%,
03/01/2035
295‌
293‌
5.25%,
03/01/2054
225‌
208‌
Tyco
Electronics
Group
SA
7.13%,
10/01/2037
37‌
42‌
$
2,905‌
Entertainment
-
0
.07
%
Warnermedia
Holdings
Inc
3.76%,
03/15/2027
380‌
368‌
4.05%,
03/15/2029
130‌
121‌
4.28%,
03/15/2032
395‌
335‌
5.05%,
03/15/2042
430‌
309‌
5.14%,
03/15/2052
740‌
480‌
5.39%,
03/15/2062
215‌
139‌
$
1,752‌
Environmental
Control
-
0
.20
%
Republic
Services
Inc
1.75%,
02/15/2032
635‌
527‌
2.30%,
03/01/2030
685‌
620‌
3.38%,
11/15/2027
385‌
377‌
5.00%,
11/15/2029
130‌
133‌
5.00%,
04/01/2034
320‌
320‌
5.15%,
03/15/2035
75‌
75‌
Schedule
of
Investments
Bond
Market
Index
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
19
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Environmental
Control
(continued)
Waste
Connections
Inc
2.20%,
01/15/2032
$
120‌
$
102‌
4.20%,
01/15/2033
735‌
702‌
Waste
Management
Inc
2.00%,
06/01/2029
60‌
55‌
2.50%,
11/15/2050
75‌
43‌
3.15%,
11/15/2027
790‌
769‌
4.15%,
04/15/2032
100‌
96‌
4.63%,
02/15/2033
160‌
158‌
4.65%,
03/15/2030
310‌
312‌
4.88%,
02/15/2029
310‌
316‌
4.95%,
07/03/2031
130‌
132‌
4.95%,
03/15/2035
310‌
306‌
5.35%,
10/15/2054
240‌
227‌
$
5,270‌
Federal
&
Federally
Sponsored
Credit
-
0
.04
%
Federal
Farm
Credit
Banks
Funding
Corp
4.38%,
06/23/2026
475‌
476‌
4.50%,
08/14/2026
630‌
633‌
$
1,109‌
Finance
-
Mortgage
Loan/Banker
-
0
.31
%
Fannie
Mae
0.75%,
10/08/2027
270‌
251‌
0.88%,
08/05/2030
710‌
607‌
5.63%,
07/15/2037
65‌
70‌
6.25%,
05/15/2029
750‌
812‌
6.63%,
11/15/2030
230‌
258‌
7.13%,
01/15/2030
250‌
283‌
7.25%,
05/15/2030
249‌
285‌
Federal
Home
Loan
Banks
1.25%,
12/21/2026
450‌
432‌
3.25%,
11/16/2028
950‌
931‌
3.63%,
09/04/2026
565‌
563‌
4.00%,
10/09/2026
270‌
270‌
4.00%,
03/10/2027
845‌
847‌
4.00%,
06/30/2028
400‌
401‌
4.13%,
01/15/2027
265‌
266‌
4.63%,
11/17/2026
275‌
277‌
4.75%,
04/09/2027
375‌
381‌
5.50%,
07/15/2036
370‌
397‌
Freddie
Mac
6.25%,
07/15/2032
280‌
314‌
6.75%,
03/15/2031
543‌
616‌
$
8,261‌
Food
-
0
.37
%
Conagra
Brands
Inc
1.38%,
11/01/2027
100‌
92‌
4.85%,
11/01/2028
140‌
141‌
5.30%,
11/01/2038
85‌
80‌
5.40%,
11/01/2048
445‌
392‌
General
Mills
Inc
2.25%,
10/14/2031
775‌
665‌
4.88%,
01/30/2030
140‌
141‌
4.95%,
03/29/2033
160‌
158‌
5.50%,
10/17/2028
160‌
165‌
Hershey
Co/The
2.65%,
06/01/2050
185‌
110‌
J
M
Smucker
Co/The
2.13%,
03/15/2032
19‌
16‌
5.90%,
11/15/2028
245‌
257‌
6.50%,
11/15/2043
235‌
246‌
JBS
USA
Holding
Lux
Sarl/
JBS
USA
Food
Co/
JBS
Lux
Co
Sarl
5.13%,
02/01/2028
265‌
268‌
5.75%,
04/01/2033
193‌
195‌
6.50%,
12/01/2052
265‌
268‌
6.75%,
03/15/2034
349‌
375‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Food
(continued)
JBS
USA
LUX
Sarl
/
JBS
USA
Food
Co
/
JBS
USA
Foods
Group
6.38%,
02/25/2055
(i)
$
215‌
$
214‌
Kellanova
2.10%,
06/01/2030
155‌
138‌
Koninklijke
Ahold
Delhaize
NV
5.70%,
10/01/2040
9‌
9‌
Kraft
Heinz
Foods
Co
3.00%,
06/01/2026
200‌
197‌
4.38%,
06/01/2046
235‌
185‌
4.88%,
10/01/2049
200‌
167‌
5.00%,
06/04/2042
200‌
176‌
5.20%,
03/15/2032
145‌
145‌
5.20%,
07/15/2045
170‌
151‌
6.50%,
02/09/2040
200‌
209‌
Kroger
Co/The
1.70%,
01/15/2031
60‌
51‌
3.70%,
08/01/2027
700‌
690‌
4.45%,
02/01/2047
345‌
278‌
5.00%,
09/15/2034
200‌
195‌
5.15%,
08/01/2043
300‌
271‌
5.40%,
07/15/2040
30‌
29‌
5.50%,
09/15/2054
200‌
185‌
5.65%,
09/15/2064
210‌
194‌
McCormick
&
Co
Inc/MD
1.85%,
02/15/2031
60‌
51‌
Mondelez
International
Inc
1.50%,
02/04/2031
(d)
165‌
139‌
2.63%,
03/17/2027
65‌
63‌
2.63%,
09/04/2050
165‌
95‌
4.25%,
05/06/2028
155‌
155‌
4.50%,
05/06/2030
155‌
153‌
4.75%,
08/28/2034
145‌
141‌
Sysco
Corp
2.40%,
02/15/2030
250‌
226‌
2.45%,
12/14/2031
115‌
99‌
4.85%,
10/01/2045
250‌
216‌
5.40%,
03/23/2035
315‌
315‌
5.75%,
01/17/2029
145‌
151‌
The
Campbell's
Company
4.15%,
03/15/2028
185‌
184‌
Tyson
Foods
Inc
3.55%,
06/02/2027
75‌
74‌
4.55%,
06/02/2047
700‌
568‌
$
9,683‌
Forest
Products
&
Paper
-
0
.03
%
Georgia-Pacific
LLC
7.75%,
11/15/2029
20‌
23‌
International
Paper
Co
4.80%,
06/15/2044
200‌
169‌
Suzano
Austria
GmbH
2.50%,
09/15/2028
255‌
234‌
Suzano
International
Finance
BV
5.50%,
01/17/2027
300‌
302‌
$
728‌
Gas
-
0
.16
%
Atmos
Energy
Corp
1.50%,
01/15/2031
150‌
127‌
3.38%,
09/15/2049
145‌
99‌
4.13%,
10/15/2044
140‌
113‌
5.75%,
10/15/2052
410‌
403‌
5.90%,
11/15/2033
160‌
169‌
6.20%,
11/15/2053
120‌
126‌
CenterPoint
Energy
Resources
Corp
1.75%,
10/01/2030
150‌
129‌
4.40%,
07/01/2032
70‌
67‌
5.25%,
03/01/2028
160‌
163‌
Schedule
of
Investments
Bond
Market
Index
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
20
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Gas
(continued)
NiSource
Inc
3.60%,
05/01/2030
$
640‌
$
609‌
4.80%,
02/15/2044
210‌
181‌
5.00%,
06/15/2052
135‌
116‌
5.25%,
03/30/2028
65‌
66‌
5.40%,
06/30/2033
160‌
161‌
5.65%,
02/01/2045
250‌
238‌
Southern
California
Gas
Co
2.55%,
02/01/2030
155‌
141‌
5.05%,
09/01/2034
640‌
631‌
5.45%,
06/15/2035
155‌
155‌
5.75%,
06/01/2053
160‌
152‌
6.00%,
06/15/2055
145‌
143‌
Southern
Co
Gas
Capital
Corp
1.75%,
01/15/2031
160‌
136‌
3.15%,
09/30/2051
60‌
37‌
$
4,162‌
Hand
&
Machine
Tools
-
0
.02
%
Stanley
Black
&
Decker
Inc
2.30%,
03/15/2030
700‌
617‌
2.75%,
11/15/2050
85‌
47‌
$
664‌
Healthcare
-
Products
-
0
.34
%
Abbott
Laboratories
3.75%,
11/30/2026
250‌
249‌
4.75%,
11/30/2036
350‌
342‌
4.75%,
04/15/2043
300‌
279‌
4.90%,
11/30/2046
210‌
195‌
5.30%,
05/27/2040
300‌
300‌
Agilent
Technologies
Inc
2.10%,
06/04/2030
155‌
137‌
2.30%,
03/12/2031
60‌
52‌
Baxter
International
Inc
1.73%,
04/01/2031
85‌
72‌
1.92%,
02/01/2027
270‌
258‌
2.27%,
12/01/2028
665‌
614‌
2.54%,
02/01/2032
380‌
326‌
3.13%,
12/01/2051
260‌
160‌
Boston
Scientific
Corp
2.65%,
06/01/2030
350‌
321‌
Danaher
Corp
2.60%,
10/01/2050
150‌
88‌
DH
Europe
Finance
II
Sarl
2.60%,
11/15/2029
150‌
139‌
3.25%,
11/15/2039
150‌
117‌
GE
HealthCare
Technologies
Inc
4.80%,
08/14/2029
155‌
156‌
5.65%,
11/15/2027
355‌
364‌
5.86%,
03/15/2030
155‌
162‌
5.91%,
11/22/2032
155‌
163‌
6.38%,
11/22/2052
155‌
164‌
Koninklijke
Philips
NV
5.00%,
03/15/2042
30‌
26‌
Medtronic
Global
Holdings
SCA
4.25%,
03/30/2028
160‌
160‌
Medtronic
Inc
4.38%,
03/15/2035
500‌
476‌
4.63%,
03/15/2045
286‌
251‌
Revvity
Inc
1.90%,
09/15/2028
45‌
41‌
Stryker
Corp
1.95%,
06/15/2030
600‌
529‌
4.38%,
05/15/2044
25‌
21‌
4.63%,
03/15/2046
100‌
86‌
4.70%,
02/10/2028
545‌
550‌
4.85%,
12/08/2028
135‌
137‌
5.20%,
02/10/2035
145‌
145‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Healthcare
-
Products
(continued)
Thermo
Fisher
Scientific
Inc
2.00%,
10/15/2031
(d)
$
65‌
$
56‌
2.60%,
10/01/2029
145‌
135‌
2.80%,
10/15/2041
650‌
454‌
4.80%,
11/21/2027
155‌
157‌
5.09%,
08/10/2033
300‌
303‌
5.40%,
08/10/2043
150‌
145‌
Zimmer
Biomet
Holdings
Inc
2.60%,
11/24/2031
610‌
532‌
$
8,862‌
Healthcare
-
Services
-
0
.74
%
Advocate
Health
&
Hospitals
Corp
3.83%,
08/15/2028
300‌
295‌
Aetna
Inc
6.75%,
12/15/2037
205‌
217‌
Baylor
Scott
&
White
Holdings
4.19%,
11/15/2045
125‌
101‌
Centene
Corp
3.38%,
02/15/2030
600‌
547‌
4.63%,
12/15/2029
600‌
578‌
Cigna
Group/The
2.40%,
03/15/2030
791‌
713‌
3.20%,
03/15/2040
155‌
115‌
3.40%,
03/01/2027
300‌
295‌
3.40%,
03/15/2051
90‌
58‌
3.88%,
10/15/2047
55‌
40‌
4.38%,
10/15/2028
175‌
174‌
4.80%,
08/15/2038
870‌
796‌
5.13%,
05/15/2031
265‌
269‌
5.60%,
02/15/2054
205‌
190‌
Elevance
Health
Inc
3.13%,
05/15/2050
75‌
47‌
3.60%,
03/15/2051
60‌
41‌
4.10%,
03/01/2028
255‌
253‌
4.38%,
12/01/2047
300‌
238‌
4.65%,
01/15/2043
660‌
565‌
4.75%,
02/15/2030
135‌
136‌
4.75%,
02/15/2033
160‌
156‌
5.20%,
02/15/2035
205‌
203‌
5.38%,
06/15/2034
200‌
201‌
5.65%,
06/15/2054
130‌
121‌
5.70%,
02/15/2055
215‌
202‌
6.10%,
10/15/2052
155‌
154‌
HCA
Inc
2.38%,
07/15/2031
60‌
51‌
3.38%,
03/15/2029
135‌
128‌
3.50%,
09/01/2030
680‌
634‌
3.50%,
07/15/2051
260‌
167‌
4.38%,
03/15/2042
65‌
52‌
4.50%,
02/15/2027
300‌
299‌
5.00%,
03/01/2028
315‌
318‌
5.20%,
06/01/2028
160‌
162‌
5.25%,
06/15/2026
545‌
546‌
5.45%,
04/01/2031
380‌
387‌
5.45%,
09/15/2034
210‌
208‌
5.50%,
03/01/2032
145‌
147‌
5.50%,
06/01/2033
160‌
161‌
5.50%,
06/15/2047
240‌
217‌
5.60%,
04/01/2034
130‌
131‌
5.75%,
03/01/2035
145‌
146‌
5.95%,
09/15/2054
210‌
198‌
6.00%,
04/01/2054
200‌
190‌
Humana
Inc
1.35%,
02/03/2027
180‌
171‌
2.15%,
02/03/2032
150‌
123‌
3.13%,
08/15/2029
175‌
163‌
4.95%,
10/01/2044
320‌
267‌
5.50%,
03/15/2053
160‌
139‌
Schedule
of
Investments
Bond
Market
Index
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
21
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Healthcare
-
Services
(continued)
Humana
Inc
(continued)
5.55%,
05/01/2035
$
235‌
$
231‌
Kaiser
Foundation
Hospitals
4.15%,
05/01/2047
500‌
398‌
Laboratory
Corp
of
America
Holdings
4.70%,
02/01/2045
500‌
422‌
Memorial
Sloan-Kettering
Cancer
Center
4.20%,
07/01/2055
300‌
235‌
Providence
St
Joseph
Health
Obligated
Group
3.74%,
10/01/2047
250‌
178‌
Quest
Diagnostics
Inc
2.95%,
06/30/2030
155‌
143‌
4.60%,
12/15/2027
220‌
221‌
5.00%,
12/15/2034
225‌
221‌
UnitedHealth
Group
Inc
2.30%,
05/15/2031
60‌
52‌
2.75%,
05/15/2040
155‌
108‌
2.88%,
08/15/2029
150‌
140‌
2.90%,
05/15/2050
155‌
93‌
3.05%,
05/15/2041
660‌
470‌
3.25%,
05/15/2051
435‌
278‌
3.45%,
01/15/2027
100‌
98‌
3.50%,
08/15/2039
125‌
98‌
3.70%,
05/15/2027
65‌
64‌
4.25%,
01/15/2029
175‌
173‌
4.25%,
04/15/2047
320‌
250‌
4.25%,
06/15/2048
110‌
85‌
4.45%,
12/15/2048
95‌
76‌
4.60%,
04/15/2027
210‌
211‌
4.70%,
04/15/2029
105‌
105‌
4.75%,
07/15/2026
250‌
251‌
4.75%,
07/15/2045
250‌
213‌
4.75%,
05/15/2052
155‌
127‌
4.80%,
01/15/2030
250‌
251‌
4.90%,
04/15/2031
210‌
211‌
4.95%,
01/15/2032
250‌
249‌
5.00%,
04/15/2034
210‌
205‌
5.15%,
07/15/2034
250‌
247‌
5.20%,
04/15/2063
320‌
273‌
5.35%,
02/15/2033
200‌
202‌
5.50%,
07/15/2044
250‌
235‌
5.50%,
04/15/2064
210‌
189‌
5.63%,
07/15/2054
250‌
234‌
5.88%,
02/15/2053
310‌
299‌
6.88%,
02/15/2038
200‌
222‌
$
19,468‌
Home
Builders
-
0
.01
%
DR
Horton
Inc
1.30%,
10/15/2026
60‌
57‌
1.40%,
10/15/2027
150‌
140‌
$
197‌
Home
Furnishings
-
0
.01
%
Leggett
&
Platt
Inc
4.40%,
03/15/2029
250‌
240‌
Insurance
-
0
.67
%
Allstate
Corp/The
1.45%,
12/15/2030
170‌
143‌
3.85%,
08/10/2049
200‌
147‌
5.25%,
03/30/2033
290‌
294‌
American
International
Group
Inc
4.38%,
06/30/2050
100‌
81‌
4.75%,
04/01/2048
500‌
430‌
5.13%,
03/27/2033
105‌
105‌
5.45%,
05/07/2035
75‌
75‌
Aon
Corp
2.80%,
05/15/2030
155‌
142‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
(continued)
Aon
Corp
/
Aon
Global
Holdings
PLC
2.60%,
12/02/2031
$
50‌
$
44‌
2.85%,
05/28/2027
65‌
63‌
2.90%,
08/23/2051
(d)
60‌
36‌
5.00%,
09/12/2032
520‌
522‌
5.35%,
02/28/2033
160‌
163‌
Aon
North
America
Inc
5.13%,
03/01/2027
125‌
126‌
5.15%,
03/01/2029
190‌
194‌
5.45%,
03/01/2034
325‌
329‌
5.75%,
03/01/2054
135‌
129‌
Arch
Capital
Finance
LLC
5.03%,
12/15/2046
45‌
39‌
Arthur
J
Gallagher
&
Co
4.60%,
12/15/2027
290‌
291‌
4.85%,
12/15/2029
220‌
222‌
5.15%,
02/15/2035
440‌
433‌
5.55%,
02/15/2055
220‌
204‌
Athene
Holding
Ltd
4.13%,
01/12/2028
575‌
565‌
6.25%,
04/01/2054
300‌
287‌
6.63%,
05/19/2055
155‌
154‌
Berkshire
Hathaway
Finance
Corp
2.50%,
01/15/2051
90‌
52‌
2.85%,
10/15/2050
100‌
63‌
2.88%,
03/15/2032
250‌
228‌
3.85%,
03/15/2052
440‌
330‌
4.20%,
08/15/2048
270‌
222‌
4.25%,
01/15/2049
250‌
207‌
4.30%,
05/15/2043
235‌
204‌
5.75%,
01/15/2040
25‌
26‌
Brighthouse
Financial
Inc
4.70%,
06/22/2047
300‌
226‌
Brown
&
Brown
Inc
4.50%,
03/15/2029
300‌
298‌
Chubb
Corp/The
6.00%,
05/11/2037
350‌
373‌
Chubb
INA
Holdings
LLC
2.85%,
12/15/2051
30‌
19‌
3.05%,
12/15/2061
200‌
119‌
4.35%,
11/03/2045
400‌
335‌
4.65%,
08/15/2029
145‌
146‌
5.00%,
03/15/2034
215‌
215‌
CNA
Financial
Corp
2.05%,
08/15/2030
160‌
139‌
Corebridge
Financial
Inc
3.85%,
04/05/2029
365‌
354‌
3.90%,
04/05/2032
390‌
359‌
6.05%,
09/15/2033
160‌
166‌
Equitable
Holdings
Inc
4.35%,
04/20/2028
140‌
139‌
5.00%,
04/20/2048
62‌
53‌
Hartford
Insurance
Group
Inc/The
2.90%,
09/15/2051
195‌
119‌
Lincoln
National
Corp
6.30%,
10/09/2037
240‌
247‌
Markel
Group
Inc
3.45%,
05/07/2052
75‌
49‌
Marsh
&
McLennan
Cos
Inc
2.38%,
12/15/2031
295‌
254‌
4.38%,
03/15/2029
440‌
440‌
4.55%,
11/08/2027
140‌
141‌
4.85%,
11/15/2031
290‌
291‌
4.90%,
03/15/2049
110‌
97‌
5.00%,
03/15/2035
275‌
271‌
5.40%,
09/15/2033
160‌
164‌
5.40%,
03/15/2055
220‌
206‌
5.70%,
09/15/2053
160‌
156‌
Schedule
of
Investments
Bond
Market
Index
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
22
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
(continued)
Marsh
&
McLennan
Cos
Inc
(continued)
6.25%,
11/01/2052
$
155‌
$
162‌
MetLife
Inc
4.13%,
08/13/2042
250‌
205‌
4.60%,
05/13/2046
195‌
170‌
4.88%,
11/13/2043
50‌
45‌
5.25%,
01/15/2054
240‌
220‌
5.30%,
12/15/2034
130‌
132‌
5.38%,
07/15/2033
160‌
165‌
5.70%,
06/15/2035
600‌
626‌
Progressive
Corp/The
2.45%,
01/15/2027
(d)
500‌
486‌
3.70%,
03/15/2052
210‌
151‌
4.35%,
04/25/2044
30‌
25‌
4.95%,
06/15/2033
(d)
160‌
161‌
Prudential
Financial
Inc
2.10%,
03/10/2030
400‌
361‌
3.70%,
10/01/2050
(e)
160‌
145‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.04%
3.70%,
03/13/2051
785‌
560‌
5.20%,
03/14/2035
150‌
149‌
5.70%,
09/15/2048
(e)
520‌
520‌
3
Month
USD
LIBOR
+
2.67%
Travelers
Cos
Inc/The
3.05%,
06/08/2051
90‌
58‌
4.00%,
05/30/2047
175‌
137‌
5.45%,
05/25/2053
200‌
191‌
6.25%,
06/15/2037
650‌
706‌
W
R
Berkley
Corp
4.00%,
05/12/2050
75‌
56‌
Willis
North
America
Inc
2.95%,
09/15/2029
50‌
47‌
3.88%,
09/15/2049
140‌
100‌
5.35%,
05/15/2033
160‌
161‌
$
17,665‌
Internet
-
0
.46
%
Alibaba
Group
Holding
Ltd
2.13%,
02/09/2031
(d)
500‌
440‌
3.15%,
02/09/2051
200‌
128‌
3.40%,
12/06/2027
860‌
839‌
4.20%,
12/06/2047
200‌
159‌
Alphabet
Inc
1.90%,
08/15/2040
160‌
105‌
4.00%,
05/15/2030
630‌
624‌
5.25%,
05/15/2055
505‌
488‌
5.30%,
05/15/2065
280‌
268‌
Amazon.com
Inc
1.65%,
05/12/2028
400‌
374‌
2.10%,
05/12/2031
210‌
185‌
2.50%,
06/03/2050
285‌
168‌
2.88%,
05/12/2041
210‌
154‌
3.10%,
05/12/2051
210‌
139‌
3.15%,
08/22/2027
600‌
588‌
3.25%,
05/12/2061
400‌
255‌
3.30%,
04/13/2027
180‌
178‌
3.88%,
08/22/2037
300‌
267‌
3.95%,
04/13/2052
540‌
417‌
4.05%,
08/22/2047
500‌
407‌
4.25%,
08/22/2057
350‌
280‌
4.70%,
12/01/2032
420‌
424‌
4.80%,
12/05/2034
(d)
250‌
252‌
4.95%,
12/05/2044
180‌
170‌
Booking
Holdings
Inc
3.60%,
06/01/2026
200‌
199‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Internet
(continued)
eBay
Inc
2.60%,
05/10/2031
$
360‌
$
319‌
3.65%,
05/10/2051
400‌
277‌
4.00%,
07/15/2042
20‌
16‌
5.95%,
11/22/2027
155‌
160‌
Expedia
Group
Inc
2.95%,
03/15/2031
263‌
236‌
Meta
Platforms
Inc
3.85%,
08/15/2032
435‌
412‌
4.30%,
08/15/2029
405‌
407‌
4.45%,
08/15/2052
750‌
620‌
4.75%,
08/15/2034
310‌
307‌
4.80%,
05/15/2030
100‌
102‌
4.95%,
05/15/2033
160‌
162‌
5.40%,
08/15/2054
310‌
294‌
5.55%,
08/15/2064
355‌
340‌
5.60%,
05/15/2053
320‌
313‌
Netflix
Inc
4.90%,
08/15/2034
285‌
286‌
5.88%,
11/15/2028
485‌
509‌
$
12,268‌
Investment
Companies
-
0
.01
%
Ares
Capital
Corp
5.50%,
09/01/2030
(f)
155‌
154‌
Iron
&
Steel
-
0
.05
%
ArcelorMittal
SA
6.00%,
06/17/2034
260‌
268‌
Nucor
Corp
3.13%,
04/01/2032
65‌
58‌
4.30%,
05/23/2027
65‌
65‌
Steel
Dynamics
Inc
1.65%,
10/15/2027
65‌
61‌
5.38%,
08/15/2034
130‌
130‌
5.75%,
05/15/2055
150‌
141‌
Vale
Overseas
Ltd
6.13%,
06/12/2033
320‌
330‌
6.40%,
06/28/2054
280‌
268‌
$
1,321‌
Lodging
-
0
.06
%
Hyatt
Hotels
Corp
5.25%,
06/30/2029
130‌
131‌
Marriott
International
Inc/MD
2.85%,
04/15/2031
510‌
457‌
5.00%,
10/15/2027
275‌
278‌
5.35%,
03/15/2035
305‌
301‌
5.55%,
10/15/2028
315‌
325‌
$
1,492‌
Machinery
-
Construction
&
Mining
-
0
.07
%
Caterpillar
Financial
Services
Corp
1.10%,
09/14/2027
120‌
112‌
1.15%,
09/14/2026
60‌
58‌
4.50%,
01/08/2027
135‌
135‌
4.70%,
11/15/2029
480‌
486‌
5.00%,
05/14/2027
130‌
132‌
Caterpillar
Inc
2.60%,
04/09/2030
160‌
148‌
3.25%,
09/19/2049
145‌
99‌
3.80%,
08/15/2042
550‌
445‌
5.50%,
05/15/2055
305‌
298‌
$
1,913‌
Machinery
-
Diversified
-
0
.16
%
Deere
&
Co
3.90%,
06/09/2042
200‌
166‌
5.45%,
01/16/2035
140‌
143‌
Dover
Corp
5.38%,
03/01/2041
30‌
28‌
Schedule
of
Investments
Bond
Market
Index
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
23
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Machinery
-
Diversified
(continued)
Ingersoll
Rand
Inc
5.20%,
06/15/2027
$
130‌
$
132‌
5.31%,
06/15/2031
130‌
133‌
John
Deere
Capital
Corp
1.05%,
06/17/2026
60‌
58‌
1.50%,
03/06/2028
(d)
260‌
242‌
2.00%,
06/17/2031
55‌
48‌
2.35%,
03/08/2027
65‌
63‌
2.80%,
07/18/2029
115‌
108‌
4.15%,
09/15/2027
155‌
155‌
4.35%,
09/15/2032
345‌
337‌
4.50%,
01/08/2027
135‌
136‌
4.65%,
01/07/2028
355‌
360‌
4.75%,
06/08/2026
320‌
321‌
4.85%,
06/11/2029
215‌
219‌
4.90%,
06/11/2027
215‌
218‌
4.90%,
03/07/2031
125‌
127‌
4.95%,
07/14/2028
160‌
163‌
5.10%,
04/11/2034
300‌
302‌
Otis
Worldwide
Corp
2.57%,
02/15/2030
155‌
141‌
3.36%,
02/15/2050
455‌
305‌
Rockwell
Automation
Inc
1.75%,
08/15/2031
40‌
34‌
2.80%,
08/15/2061
60‌
34‌
Westinghouse
Air
Brake
Technologies
Corp
4.70%,
09/15/2028
300‌
301‌
$
4,274‌
Media
-
0
.57
%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
2.25%,
01/15/2029
120‌
110‌
2.30%,
02/01/2032
250‌
206‌
2.80%,
04/01/2031
110‌
97‌
3.50%,
06/01/2041
115‌
81‌
3.70%,
04/01/2051
110‌
71‌
3.85%,
04/01/2061
335‌
206‌
3.90%,
06/01/2052
210‌
139‌
4.40%,
12/01/2061
180‌
121‌
4.80%,
03/01/2050
600‌
464‌
5.38%,
04/01/2038
50‌
46‌
5.38%,
05/01/2047
240‌
202‌
5.75%,
04/01/2048
280‌
246‌
6.15%,
11/10/2026
140‌
142‌
6.38%,
10/23/2035
500‌
513‌
6.48%,
10/23/2045
395‌
380‌
6.55%,
06/01/2034
290‌
303‌
Comcast
Corp
1.50%,
02/15/2031
410‌
346‌
2.35%,
01/15/2027
155‌
150‌
2.45%,
08/15/2052
160‌
85‌
2.65%,
02/01/2030
115‌
106‌
2.65%,
08/15/2062
160‌
81‌
2.89%,
11/01/2051
350‌
208‌
2.94%,
11/01/2056
390‌
223‌
2.99%,
11/01/2063
409‌
225‌
3.25%,
11/01/2039
230‌
176‌
3.45%,
02/01/2050
250‌
168‌
3.55%,
05/01/2028
685‌
671‌
3.75%,
04/01/2040
300‌
243‌
3.90%,
03/01/2038
160‌
135‌
3.97%,
11/01/2047
105‌
79‌
4.00%,
03/01/2048
210‌
158‌
4.15%,
10/15/2028
250‌
248‌
4.40%,
08/15/2035
245‌
229‌
4.55%,
01/15/2029
520‌
523‌
4.70%,
10/15/2048
300‌
252‌
4.80%,
05/15/2033
365‌
359‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Media
(continued)
Comcast
Corp
(continued)
4.95%,
05/15/2032
$
155‌
$
156‌
5.10%,
06/01/2029
345‌
354‌
5.30%,
06/01/2034
345‌
348‌
5.35%,
05/15/2053
250‌
226‌
5.50%,
11/15/2032
325‌
337‌
5.65%,
06/01/2054
295‌
280‌
6.05%,
05/15/2055
155‌
155‌
Discovery
Communications
LLC
3.63%,
05/15/2030
60‌
53‌
3.95%,
03/20/2028
250‌
239‌
5.20%,
09/20/2047
200‌
140‌
Fox
Corp
5.48%,
01/25/2039
110‌
105‌
5.58%,
01/25/2049
320‌
294‌
6.50%,
10/13/2033
410‌
439‌
Paramount
Global
4.38%,
03/15/2043
400‌
292‌
4.85%,
07/01/2042
300‌
234‌
7.88%,
07/30/2030
30‌
33‌
Time
Warner
Cable
Enterprises
LLC
8.38%,
07/15/2033
20‌
23‌
Time
Warner
Cable
LLC
4.50%,
09/15/2042
170‌
131‌
5.50%,
09/01/2041
250‌
220‌
5.88%,
11/15/2040
260‌
243‌
6.55%,
05/01/2037
360‌
362‌
7.30%,
07/01/2038
60‌
64‌
Walt
Disney
Co/The
2.00%,
09/01/2029
350‌
319‌
2.20%,
01/13/2028
110‌
105‌
2.65%,
01/13/2031
150‌
137‌
2.75%,
09/01/2049
300‌
184‌
3.38%,
11/15/2026
170‌
168‌
3.50%,
05/13/2040
155‌
124‌
3.60%,
01/13/2051
305‌
219‌
4.70%,
03/23/2050
220‌
191‌
4.95%,
10/15/2045
325‌
293‌
6.40%,
12/15/2035
369‌
410‌
6.65%,
11/15/2037
250‌
282‌
$
15,152‌
Metal
Fabrication
&
Hardware
-
0
.01
%
Precision
Castparts
Corp
3.90%,
01/15/2043
193‌
153‌
Mining
-
0
.20
%
Barrick
PD
Australia
Finance
Pty
Ltd
5.95%,
10/15/2039
410‌
413‌
BHP
Billiton
Finance
USA
Ltd
4.13%,
02/24/2042
170‌
142‌
4.90%,
02/28/2033
160‌
159‌
5.00%,
02/21/2030
285‌
289‌
5.00%,
09/30/2043
500‌
461‌
5.25%,
09/08/2026
160‌
162‌
5.25%,
09/08/2030
160‌
164‌
5.50%,
09/08/2053
(d)
160‌
154‌
Freeport-McMoRan
Inc
4.38%,
08/01/2028
200‌
198‌
5.25%,
09/01/2029
700‌
707‌
Newmont
Corp
2.60%,
07/15/2032
170‌
148‌
4.88%,
03/15/2042
500‌
453‌
6.25%,
10/01/2039
100‌
107‌
Rio
Tinto
Alcan
Inc
6.13%,
12/15/2033
30‌
32‌
Rio
Tinto
Finance
USA
Ltd
2.75%,
11/02/2051
155‌
91‌
Schedule
of
Investments
Bond
Market
Index
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
24
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Mining
(continued)
Rio
Tinto
Finance
USA
PLC
4.75%,
03/22/2042
$
250‌
$
222‌
4.88%,
03/14/2030
430‌
435‌
5.00%,
03/09/2033
160‌
160‌
5.25%,
03/14/2035
150‌
149‌
5.75%,
03/14/2055
130‌
126‌
Southern
Copper
Corp
5.25%,
11/08/2042
200‌
181‌
5.88%,
04/23/2045
110‌
105‌
7.50%,
07/27/2035
240‌
269‌
$
5,327‌
Miscellaneous
Manufacturers
-
0
.09
%
3M
Co
2.38%,
08/26/2029
250‌
230‌
3.25%,
08/26/2049
100‌
66‌
5.15%,
03/15/2035
295‌
292‌
Eaton
Corp
4.15%,
03/15/2033
575‌
550‌
4.15%,
11/02/2042
95‌
80‌
Illinois
Tool
Works
Inc
2.65%,
11/15/2026
90‌
88‌
Parker-Hannifin
Corp
4.20%,
11/21/2034
225‌
211‌
4.25%,
09/15/2027
435‌
434‌
4.50%,
09/15/2029
435‌
437‌
Teledyne
Technologies
Inc
2.25%,
04/01/2028
60‌
57‌
$
2,445‌
Oil
&
Gas
-
0
.79
%
BP
Capital
Markets
America
Inc
1.75%,
08/10/2030
205‌
178‌
2.72%,
01/12/2032
230‌
202‌
2.94%,
06/04/2051
750‌
457‌
3.00%,
02/24/2050
155‌
97‌
3.00%,
03/17/2052
135‌
82‌
3.06%,
06/17/2041
115‌
83‌
3.54%,
04/06/2027
215‌
212‌
3.59%,
04/14/2027
400‌
395‌
4.70%,
04/10/2029
270‌
273‌
4.81%,
02/13/2033
160‌
157‌
4.89%,
09/11/2033
160‌
157‌
4.97%,
10/17/2029
200‌
204‌
4.99%,
04/10/2034
135‌
133‌
5.02%,
11/17/2027
410‌
416‌
5.23%,
11/17/2034
200‌
199‌
BP
Capital
Markets
PLC
3.28%,
09/19/2027
115‌
112‌
Canadian
Natural
Resources
Ltd
4.95%,
06/01/2047
300‌
244‌
5.00%,
12/15/2029
(i)
295‌
294‌
6.25%,
03/15/2038
300‌
301‌
Cenovus
Energy
Inc
6.75%,
11/15/2039
40‌
42‌
Chevron
Corp
2.00%,
05/11/2027
155‌
149‌
Chevron
USA
Inc
2.34%,
08/12/2050
160‌
88‌
4.41%,
02/26/2027
150‌
151‌
4.69%,
04/15/2030
150‌
152‌
4.82%,
04/15/2032
320‌
323‌
ConocoPhillips
Co
3.80%,
03/15/2052
345‌
241‌
4.03%,
03/15/2062
440‌
305‌
4.30%,
11/15/2044
200‌
161‌
4.70%,
01/15/2030
210‌
211‌
5.00%,
01/15/2035
220‌
215‌
5.05%,
09/15/2033
315‌
315‌
5.50%,
01/15/2055
220‌
203‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Oil
&
Gas
(continued)
ConocoPhillips
Co
(continued)
5.55%,
03/15/2054
$
155‌
$
144‌
Devon
Energy
Corp
5.00%,
06/15/2045
75‌
61‌
5.20%,
09/15/2034
205‌
194‌
5.60%,
07/15/2041
380‌
341‌
5.75%,
09/15/2054
205‌
178‌
Diamondback
Energy
Inc
3.25%,
12/01/2026
110‌
108‌
5.15%,
01/30/2030
95‌
96‌
5.20%,
04/18/2027
55‌
56‌
5.40%,
04/18/2034
500‌
491‌
5.75%,
04/18/2054
350‌
314‌
EOG
Resources
Inc
5.65%,
12/01/2054
210‌
199‌
Equinor
ASA
2.38%,
05/22/2030
250‌
226‌
3.00%,
04/06/2027
155‌
152‌
3.25%,
11/18/2049
445‌
299‌
3.63%,
04/06/2040
155‌
125‌
4.25%,
06/02/2028
(f)
300‌
301‌
4.25%,
11/23/2041
200‌
171‌
Exxon
Mobil
Corp
2.44%,
08/16/2029
100‌
93‌
2.61%,
10/15/2030
500‌
458‌
3.00%,
08/16/2039
80‌
61‌
3.45%,
04/15/2051
230‌
159‌
3.57%,
03/06/2045
340‌
254‌
4.23%,
03/19/2040
315‌
276‌
Hess
Corp
4.30%,
04/01/2027
300‌
299‌
7.13%,
03/15/2033
21‌
24‌
7.30%,
08/15/2031
109‌
122‌
Marathon
Petroleum
Corp
5.00%,
09/15/2054
200‌
156‌
Occidental
Petroleum
Corp
5.00%,
08/01/2027
175‌
175‌
5.20%,
08/01/2029
375‌
373‌
5.38%,
01/01/2032
175‌
169‌
6.05%,
10/01/2054
255‌
222‌
6.45%,
09/15/2036
520‌
511‌
6.63%,
09/01/2030
320‌
333‌
Phillips
66
2.15%,
12/15/2030
110‌
96‌
4.65%,
11/15/2034
560‌
525‌
4.88%,
11/15/2044
350‌
294‌
5.88%,
05/01/2042
30‌
29‌
Phillips
66
Co
4.90%,
10/01/2046
270‌
222‌
4.95%,
12/01/2027
160‌
162‌
5.25%,
06/15/2031
205‌
208‌
5.50%,
03/15/2055
135‌
119‌
Pioneer
Natural
Resources
Co
1.90%,
08/15/2030
160‌
140‌
2.15%,
01/15/2031
55‌
48‌
Shell
Finance
US
Inc
3.25%,
04/06/2050
350‌
232‌
4.00%,
05/10/2046
360‌
280‌
4.13%,
05/11/2035
130‌
121‌
4.38%,
05/11/2045
325‌
269‌
4.55%,
08/12/2043
340‌
292‌
Shell
International
Finance
BV
2.88%,
11/26/2041
120‌
84‌
3.88%,
11/13/2028
300‌
297‌
6.38%,
12/15/2038
400‌
434‌
Schedule
of
Investments
Bond
Market
Index
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
25
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Oil
&
Gas
(continued)
Suncor
Energy
Inc
3.75%,
03/04/2051
$
60‌
$
40‌
4.00%,
11/15/2047
100‌
71‌
6.80%,
05/15/2038
77‌
81‌
6.85%,
06/01/2039
73‌
78‌
TotalEnergies
Capital
International
SA
2.83%,
01/10/2030
250‌
235‌
2.99%,
06/29/2041
115‌
82‌
3.13%,
05/29/2050
265‌
170‌
3.39%,
06/29/2060
115‌
73‌
TotalEnergies
Capital
SA
5.15%,
04/05/2034
235‌
237‌
5.28%,
09/10/2054
135‌
123‌
5.43%,
09/10/2064
335‌
304‌
5.49%,
04/05/2054
235‌
219‌
Valero
Energy
Corp
2.80%,
12/01/2031
740‌
646‌
4.00%,
06/01/2052
525‌
362‌
6.63%,
06/15/2037
60‌
63‌
7.50%,
04/15/2032
60‌
68‌
Woodside
Finance
Ltd
5.40%,
05/19/2030
155‌
155‌
6.00%,
05/19/2035
155‌
154‌
$
20,906‌
Oil
&
Gas
Services
-
0
.05
%
Baker
Hughes
Holdings
LLC
/
Baker
Hughes
Co-
Obligor
Inc
2.06%,
12/15/2026
60‌
58‌
3.14%,
11/07/2029
150‌
141‌
3.34%,
12/15/2027
135‌
132‌
Halliburton
Co
4.50%,
11/15/2041
400‌
329‌
5.00%,
11/15/2045
230‌
197‌
7.45%,
09/15/2039
386‌
441‌
NOV
Inc
3.60%,
12/01/2029
150‌
143‌
$
1,441‌
Packaging
&
Containers
-
0
.03
%
Amcor
Flexibles
North
America
Inc
4.80%,
03/17/2028
(i)
175‌
175‌
5.10%,
03/17/2030
(i)
90‌
91‌
Packaging
Corp
of
America
3.05%,
10/01/2051
200‌
121‌
Smurfit
Westrock
Financing
DAC
5.42%,
01/15/2035
280‌
279‌
WRKCo
Inc
3.00%,
06/15/2033
80‌
69‌
$
735‌
Pharmaceuticals
-
1
.30
%
AbbVie
Inc
2.95%,
11/21/2026
300‌
294‌
3.20%,
11/21/2029
820‌
778‌
4.05%,
11/21/2039
375‌
320‌
4.25%,
11/14/2028
140‌
140‌
4.25%,
11/21/2049
375‌
300‌
4.40%,
11/06/2042
25‌
22‌
4.45%,
05/14/2046
270‌
226‌
4.50%,
05/14/2035
300‌
285‌
4.55%,
03/15/2035
170‌
162‌
4.80%,
03/15/2027
255‌
257‌
4.80%,
03/15/2029
455‌
462‌
4.85%,
06/15/2044
645‌
579‌
4.88%,
11/14/2048
440‌
389‌
4.95%,
03/15/2031
190‌
193‌
5.05%,
03/15/2034
95‌
95‌
5.20%,
03/15/2035
145‌
146‌
5.40%,
03/15/2054
150‌
142‌
5.60%,
03/15/2055
145‌
141‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pharmaceuticals
(continued)
Astrazeneca
Finance
LLC
1.75%,
05/28/2028
$
105‌
$
98‌
2.25%,
05/28/2031
60‌
53‌
4.80%,
02/26/2027
130‌
131‌
4.85%,
02/26/2029
130‌
132‌
4.88%,
03/03/2028
285‌
290‌
4.88%,
03/03/2033
400‌
402‌
4.90%,
02/26/2031
130‌
132‌
AstraZeneca
PLC
1.38%,
08/06/2030
350‌
300‌
3.00%,
05/28/2051
45‌
29‌
4.38%,
08/17/2048
60‌
50‌
6.45%,
09/15/2037
330‌
364‌
Becton
Dickinson
&
Co
1.96%,
02/11/2031
60‌
51‌
3.70%,
06/06/2027
600‌
591‌
3.79%,
05/20/2050
710‌
510‌
4.67%,
06/06/2047
355‌
296‌
4.69%,
12/15/2044
59‌
50‌
5.08%,
06/07/2029
235‌
238‌
Bristol-Myers
Squibb
Co
1.13%,
11/13/2027
120‌
112‌
1.45%,
11/13/2030
65‌
56‌
2.55%,
11/13/2050
65‌
37‌
2.95%,
03/15/2032
200‌
179‌
3.40%,
07/26/2029
350‌
337‌
3.55%,
03/15/2042
200‌
154‌
3.70%,
03/15/2052
250‌
177‌
3.90%,
02/20/2028
130‌
129‌
4.13%,
06/15/2039
195‌
169‌
4.25%,
10/26/2049
360‌
284‌
4.35%,
11/15/2047
210‌
171‌
4.55%,
02/20/2048
171‌
143‌
4.90%,
02/22/2027
380‌
384‌
4.90%,
02/22/2029
265‌
270‌
5.20%,
02/22/2034
465‌
469‌
5.50%,
02/22/2044
130‌
126‌
5.55%,
02/22/2054
230‌
218‌
5.75%,
02/01/2031
140‌
148‌
6.40%,
11/15/2063
215‌
226‌
Cardinal
Health
Inc
3.41%,
06/15/2027
400‌
392‌
CVS
Health
Corp
1.30%,
08/21/2027
160‌
149‌
1.75%,
08/21/2030
160‌
136‌
1.88%,
02/28/2031
55‌
46‌
3.00%,
08/15/2026
105‌
103‌
3.25%,
08/15/2029
740‌
695‌
4.30%,
03/25/2028
500‌
494‌
4.78%,
03/25/2038
800‌
711‌
4.88%,
07/20/2035
510‌
476‌
5.05%,
03/25/2048
725‌
605‌
5.13%,
07/20/2045
430‌
369‌
5.25%,
02/21/2033
160‌
158‌
5.30%,
06/01/2033
160‌
158‌
5.55%,
06/01/2031
130‌
133‌
5.70%,
06/01/2034
130‌
131‌
5.88%,
06/01/2053
320‌
294‌
Eli
Lilly
&
Co
2.50%,
09/15/2060
155‌
83‌
4.15%,
03/15/2059
320‌
247‌
4.50%,
02/09/2027
130‌
131‌
4.50%,
02/09/2029
130‌
131‌
4.55%,
02/12/2028
545‌
551‌
4.60%,
08/14/2034
400‌
390‌
4.70%,
02/09/2034
130‌
128‌
4.75%,
02/12/2030
275‌
280‌
4.88%,
02/27/2053
120‌
107‌
Schedule
of
Investments
Bond
Market
Index
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
26
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pharmaceuticals
(continued)
Eli
Lilly
&
Co
(continued)
5.00%,
02/09/2054
$
130‌
$
118‌
5.05%,
08/14/2054
400‌
365‌
5.60%,
02/12/2065
285‌
279‌
GlaxoSmithKline
Capital
Inc
3.88%,
05/15/2028
140‌
139‌
4.50%,
04/15/2030
150‌
150‌
4.88%,
04/15/2035
75‌
74‌
6.38%,
05/15/2038
760‌
828‌
Johnson
&
Johnson
2.10%,
09/01/2040
115‌
77‌
3.70%,
03/01/2046
290‌
229‌
4.50%,
03/01/2027
215‌
217‌
4.55%,
03/01/2028
400‌
406‌
4.80%,
06/01/2029
520‌
532‌
4.90%,
06/01/2031
520‌
534‌
4.95%,
06/01/2034
(d)
260‌
266‌
5.95%,
08/15/2037
75‌
82‌
McKesson
Corp
4.65%,
05/30/2030
325‌
325‌
Merck
&
Co
Inc
1.45%,
06/24/2030
200‌
173‌
1.70%,
06/10/2027
155‌
148‌
1.90%,
12/10/2028
70‌
65‌
2.35%,
06/24/2040
135‌
92‌
2.75%,
12/10/2051
310‌
186‌
2.90%,
12/10/2061
420‌
237‌
3.70%,
02/10/2045
600‌
462‌
4.15%,
05/18/2043
200‌
167‌
4.50%,
05/17/2033
300‌
295‌
5.00%,
05/17/2053
320‌
286‌
Novartis
Capital
Corp
2.75%,
08/14/2050
155‌
96‌
3.80%,
09/18/2029
300‌
295‌
4.20%,
09/18/2034
300‌
284‌
4.40%,
05/06/2044
250‌
218‌
4.70%,
09/18/2054
300‌
261‌
Pfizer
Inc
1.75%,
08/18/2031
245‌
209‌
2.55%,
05/28/2040
800‌
558‌
4.00%,
12/15/2036
45‌
41‌
4.20%,
09/15/2048
80‌
64‌
4.30%,
06/15/2043
225‌
190‌
4.40%,
05/15/2044
75‌
64‌
7.20%,
03/15/2039
60‌
70‌
Pfizer
Investment
Enterprises
Pte
Ltd
4.45%,
05/19/2028
780‌
784‌
4.65%,
05/19/2030
320‌
322‌
4.75%,
05/19/2033
480‌
472‌
5.11%,
05/19/2043
320‌
298‌
5.30%,
05/19/2053
500‌
458‌
5.34%,
05/19/2063
320‌
288‌
Takeda
Pharmaceutical
Co
Ltd
2.05%,
03/31/2030
700‌
620‌
3.18%,
07/09/2050
645‌
409‌
5.30%,
07/05/2034
260‌
260‌
Utah
Acquisition
Sub
Inc
5.25%,
06/15/2046
305‌
236‌
Viatris
Inc
2.30%,
06/22/2027
115‌
109‌
2.70%,
06/22/2030
155‌
136‌
3.85%,
06/22/2040
335‌
238‌
4.00%,
06/22/2050
305‌
195‌
Wyeth
LLC
5.95%,
04/01/2037
410‌
430‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pharmaceuticals
(continued)
Zoetis
Inc
2.00%,
05/15/2030
$
85‌
$
76‌
3.00%,
05/15/2050
40‌
25‌
4.70%,
02/01/2043
250‌
223‌
$
34,196‌
Pipelines
-
0
.82
%
Cheniere
Corpus
Christi
Holdings
LLC
3.70%,
11/15/2029
300‌
287‌
Cheniere
Energy
Partners
LP
5.75%,
08/15/2034
255‌
256‌
Eastern
Gas
Transmission
&
Storage
Inc
4.60%,
12/15/2044
640‌
528‌
Enbridge
Inc
1.60%,
10/04/2026
20‌
19‌
2.50%,
08/01/2033
465‌
379‌
3.13%,
11/15/2029
150‌
140‌
3.40%,
08/01/2051
45‌
29‌
4.25%,
12/01/2026
75‌
75‌
5.30%,
04/05/2029
195‌
199‌
5.70%,
03/08/2033
160‌
163‌
5.90%,
11/15/2026
265‌
269‌
5.95%,
04/05/2054
250‌
240‌
6.70%,
11/15/2053
215‌
225‌
Energy
Transfer
LP
3.75%,
05/15/2030
715‌
676‌
5.30%,
04/15/2047
500‌
425‌
5.35%,
05/15/2045
220‌
192‌
5.55%,
05/15/2034
205‌
204‌
5.70%,
04/01/2035
460‌
459‌
5.75%,
02/15/2033
155‌
158‌
6.05%,
09/01/2054
275‌
254‌
6.10%,
12/01/2028
320‌
334‌
6.25%,
04/15/2049
155‌
148‌
6.40%,
12/01/2030
320‌
340‌
6.50%,
02/01/2042
370‌
371‌
Enterprise
Products
Operating
LLC
3.13%,
07/31/2029
350‌
332‌
3.30%,
02/15/2053
80‌
51‌
4.25%,
02/15/2048
250‌
196‌
4.45%,
02/15/2043
350‌
294‌
4.85%,
01/31/2034
135‌
132‌
4.85%,
03/15/2044
750‌
658‌
4.95%,
02/15/2035
220‌
215‌
5.55%,
02/16/2055
220‌
205‌
6.45%,
09/01/2040
490‌
527‌
6.88%,
03/01/2033
39‌
43‌
Kinder
Morgan
Energy
Partners
LP
4.70%,
11/01/2042
20‌
17‌
5.00%,
03/01/2043
275‌
238‌
Kinder
Morgan
Inc
1.75%,
11/15/2026
60‌
58‌
2.00%,
02/15/2031
130‌
112‌
3.25%,
08/01/2050
130‌
81‌
3.60%,
02/15/2051
320‌
212‌
5.00%,
02/01/2029
335‌
339‌
5.05%,
02/15/2046
30‌
26‌
5.10%,
08/01/2029
150‌
152‌
5.20%,
06/01/2033
160‌
158‌
5.40%,
02/01/2034
335‌
334‌
5.55%,
06/01/2045
500‌
459‌
5.85%,
06/01/2035
40‌
41‌
5.95%,
08/01/2054
210‌
201‌
MPLX
LP
4.13%,
03/01/2027
425‌
422‌
4.25%,
12/01/2027
300‌
298‌
4.50%,
04/15/2038
200‌
172‌
5.00%,
03/01/2033
160‌
155‌
5.50%,
06/01/2034
200‌
197‌
Schedule
of
Investments
Bond
Market
Index
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
27
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pipelines
(continued)
MPLX
LP
(continued)
5.50%,
02/15/2049
$
830‌
$
729‌
5.95%,
04/01/2055
150‌
139‌
ONEOK
Inc
3.40%,
09/01/2029
350‌
330‌
4.25%,
09/24/2027
350‌
348‌
4.75%,
10/15/2031
335‌
327‌
5.55%,
11/01/2026
189‌
191‌
5.70%,
11/01/2054
285‌
255‌
5.85%,
11/01/2064
285‌
255‌
6.05%,
09/01/2033
315‌
323‌
6.63%,
09/01/2053
155‌
156‌
Plains
All
American
Pipeline
LP
5.95%,
06/15/2035
210‌
210‌
Plains
All
American
Pipeline
LP
/
PAA
Finance
Corp
3.55%,
12/15/2029
485‌
459‌
4.70%,
06/15/2044
330‌
264‌
Sabine
Pass
Liquefaction
LLC
4.20%,
03/15/2028
645‌
639‌
5.00%,
03/15/2027
375‌
377‌
Targa
Resources
Corp
5.20%,
07/01/2027
220‌
222‌
6.13%,
03/15/2033
160‌
165‌
6.13%,
05/15/2055
405‌
381‌
6.15%,
03/01/2029
145‌
151‌
6.50%,
03/30/2034
215‌
226‌
TransCanada
PipeLines
Ltd
4.25%,
05/15/2028
300‌
298‌
Western
Midstream
Operating
LP
5.45%,
11/15/2034
290‌
278‌
6.15%,
04/01/2033
230‌
235‌
Williams
Cos
Inc/The
2.60%,
03/15/2031
160‌
142‌
3.50%,
10/15/2051
60‌
40‌
3.75%,
06/15/2027
45‌
44‌
4.85%,
03/01/2048
350‌
294‌
4.90%,
03/15/2029
135‌
136‌
5.10%,
09/15/2045
120‌
105‌
5.30%,
08/15/2028
250‌
256‌
5.30%,
08/15/2052
65‌
58‌
5.65%,
03/15/2033
160‌
164‌
6.00%,
03/15/2055
310‌
301‌
6.30%,
04/15/2040
430‌
445‌
$
21,638‌
Private
Equity
-
0
.04
%
Brookfield
Finance
Inc
2.72%,
04/15/2031
60‌
53‌
3.50%,
03/30/2051
150‌
99‌
3.90%,
01/25/2028
700‌
687‌
5.68%,
01/15/2035
130‌
131‌
Brookfield
Finance
LLC
/
Brookfield
Finance
Inc
3.45%,
04/15/2050
250‌
164‌
$
1,134‌
Regional
Authority
-
0
.24
%
Province
of
Alberta
Canada
1.30%,
07/22/2030
525‌
455‌
3.30%,
03/15/2028
170‌
167‌
4.50%,
06/26/2029
250‌
254‌
Province
of
British
Columbia
Canada
0.90%,
07/20/2026
265‌
256‌
1.30%,
01/29/2031
160‌
136‌
4.20%,
07/06/2033
315‌
305‌
4.70%,
01/24/2028
280‌
285‌
4.75%,
06/12/2034
250‌
250‌
4.80%,
11/15/2028
390‌
399‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Regional
Authority
(continued)
Province
of
Manitoba
Canada
1.50%,
10/25/2028
$
85‌
$
78‌
4.30%,
07/27/2033
160‌
156‌
Province
of
Ontario
Canada
1.13%,
10/07/2030
300‌
256‌
2.13%,
01/21/2032
340‌
295‌
3.10%,
05/19/2027
285‌
280‌
3.70%,
09/17/2029
265‌
260‌
4.20%,
01/18/2029
360‌
361‌
4.70%,
01/15/2030
480‌
490‌
Province
of
Quebec
Canada
1.35%,
05/28/2030
490‌
428‌
3.63%,
04/13/2028
320‌
316‌
4.25%,
09/05/2034
405‌
390‌
4.50%,
04/03/2029
450‌
456‌
4.50%,
09/08/2033
160‌
158‌
7.50%,
09/15/2029
36‌
41‌
$
6,472‌
REITs
-
0
.85
%
Alexandria
Real
Estate
Equities
Inc
1.88%,
02/01/2033
240‌
187‌
2.00%,
05/18/2032
600‌
484‌
2.75%,
12/15/2029
70‌
64‌
2.95%,
03/15/2034
65‌
53‌
3.00%,
05/18/2051
100‌
59‌
3.55%,
03/15/2052
300‌
195‌
4.00%,
02/01/2050
70‌
50‌
4.90%,
12/15/2030
80‌
79‌
5.15%,
04/15/2053
160‌
135‌
American
Homes
4
Rent
LP
4.95%,
06/15/2030
105‌
105‌
American
Tower
Corp
1.88%,
10/15/2030
175‌
150‌
2.90%,
01/15/2030
155‌
143‌
2.95%,
01/15/2051
60‌
37‌
3.38%,
10/15/2026
500‌
492‌
3.65%,
03/15/2027
515‌
507‌
3.70%,
10/15/2049
300‌
212‌
3.95%,
03/15/2029
200‌
195‌
5.25%,
07/15/2028
160‌
163‌
5.65%,
03/15/2033
160‌
164‌
5.90%,
11/15/2033
160‌
167‌
AvalonBay
Communities
Inc
1.90%,
12/01/2028
60‌
55‌
2.05%,
01/15/2032
60‌
51‌
2.30%,
03/01/2030
755‌
683‌
5.00%,
02/15/2033
155‌
154‌
5.35%,
06/01/2034
130‌
132‌
Boston
Properties
LP
2.55%,
04/01/2032
245‌
203‌
2.75%,
10/01/2026
500‌
487‌
2.90%,
03/15/2030
600‌
543‌
COPT
Defense
Properties
LP
2.75%,
04/15/2031
60‌
52‌
Crown
Castle
Inc
1.05%,
07/15/2026
115‌
110‌
2.50%,
07/15/2031
60‌
52‌
2.90%,
04/01/2041
60‌
42‌
3.10%,
11/15/2029
125‌
116‌
3.25%,
01/15/2051
115‌
73‌
3.70%,
06/15/2026
600‌
594‌
3.80%,
02/15/2028
430‌
420‌
4.00%,
11/15/2049
95‌
68‌
4.90%,
09/01/2029
145‌
145‌
5.00%,
01/11/2028
160‌
161‌
5.10%,
05/01/2033
350‌
343‌
Schedule
of
Investments
Bond
Market
Index
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
28
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
REITs
(continued)
CubeSmart
LP
2.00%,
02/15/2031
$
110‌
$
94‌
2.25%,
12/15/2028
60‌
55‌
Digital
Realty
Trust
LP
5.55%,
01/15/2028
345‌
353‌
Equinix
Inc
1.80%,
07/15/2027
155‌
147‌
2.50%,
05/15/2031
460‌
404‌
3.20%,
11/18/2029
330‌
311‌
3.40%,
02/15/2052
60‌
39‌
ERP
Operating
LP
4.65%,
09/15/2034
350‌
334‌
Essex
Portfolio
LP
1.70%,
03/01/2028
60‌
56‌
3.00%,
01/15/2030
140‌
129‌
4.00%,
03/01/2029
784‌
765‌
5.50%,
04/01/2034
135‌
136‌
Extra
Space
Storage
LP
2.20%,
10/15/2030
75‌
65‌
2.40%,
10/15/2031
60‌
51‌
5.40%,
02/01/2034
135‌
134‌
5.40%,
06/15/2035
200‌
196‌
5.50%,
07/01/2030
160‌
164‌
GLP
Capital
LP
/
GLP
Financing
II
Inc
4.00%,
01/15/2030
140‌
132‌
Healthcare
Realty
Holdings
LP
2.00%,
03/15/2031
150‌
126‌
Healthpeak
OP
LLC
2.13%,
12/01/2028
210‌
193‌
3.00%,
01/15/2030
350‌
324‌
5.25%,
12/15/2032
80‌
80‌
Kilroy
Realty
LP
2.50%,
11/15/2032
160‌
126‌
Kimco
Realty
OP
LLC
2.25%,
12/01/2031
60‌
51‌
2.70%,
10/01/2030
160‌
145‌
3.70%,
10/01/2049
30‌
21‌
4.60%,
02/01/2033
165‌
159‌
6.40%,
03/01/2034
360‌
385‌
Mid-America
Apartments
LP
1.70%,
02/15/2031
250‌
212‌
5.30%,
02/15/2032
130‌
133‌
NNN
REIT
Inc
3.60%,
12/15/2026
300‌
295‌
Omega
Healthcare
Investors
Inc
4.75%,
01/15/2028
30‌
30‌
Prologis
LP
1.25%,
10/15/2030
160‌
135‌
1.75%,
07/01/2030
155‌
135‌
2.25%,
01/15/2032
60‌
51‌
2.88%,
11/15/2029
75‌
70‌
4.00%,
09/15/2028
400‌
395‌
4.63%,
01/15/2033
575‌
563‌
4.88%,
06/15/2028
160‌
162‌
5.25%,
05/15/2035
155‌
154‌
5.25%,
03/15/2054
330‌
303‌
Public
Storage
Operating
Co
1.85%,
05/01/2028
115‌
107‌
2.25%,
11/09/2031
60‌
52‌
5.10%,
08/01/2033
160‌
162‌
5.13%,
01/15/2029
(d)
160‌
164‌
Realty
Income
Corp
2.10%,
03/15/2028
60‌
56‌
2.20%,
06/15/2028
65‌
61‌
3.10%,
12/15/2029
300‌
281‌
3.25%,
01/15/2031
160‌
148‌
4.13%,
10/15/2026
220‌
219‌
4.75%,
02/15/2029
135‌
136‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
REITs
(continued)
Realty
Income
Corp
(continued)
4.85%,
03/15/2030
$
160‌
$
161‌
4.88%,
06/01/2026
700‌
702‌
4.90%,
07/15/2033
160‌
157‌
5.38%,
09/01/2054
305‌
286‌
Simon
Property
Group
LP
1.75%,
02/01/2028
555‌
519‌
2.65%,
02/01/2032
385‌
334‌
3.25%,
11/30/2026
300‌
295‌
4.75%,
09/26/2034
305‌
291‌
4.75%,
03/15/2042
164‌
144‌
UDR
Inc
2.10%,
08/01/2032
100‌
81‌
3.20%,
01/15/2030
145‌
137‌
Ventas
Realty
LP
3.00%,
01/15/2030
500‌
463‌
5.10%,
07/15/2032
(f)
155‌
155‌
5.63%,
07/01/2034
130‌
132‌
VICI
Properties
LP
4.75%,
04/01/2028
75‌
75‌
5.13%,
11/15/2031
440‌
434‌
Welltower
OP
LLC
2.75%,
01/15/2032
570‌
501‌
4.13%,
03/15/2029
300‌
296‌
WP
Carey
Inc
2.40%,
02/01/2031
65‌
56‌
$
22,543‌
Retail
-
0
.63
%
AutoZone
Inc
1.65%,
01/15/2031
160‌
136‌
3.75%,
06/01/2027
200‌
198‌
3.75%,
04/18/2029
200‌
194‌
5.10%,
07/15/2029
260‌
265‌
Costco
Wholesale
Corp
1.38%,
06/20/2027
125‌
118‌
Dollar
Tree
Inc
4.20%,
05/15/2028
130‌
128‌
Home
Depot
Inc/The
0.90%,
03/15/2028
(d)
55‌
50‌
1.88%,
09/15/2031
760‌
648‌
2.13%,
09/15/2026
350‌
341‌
2.38%,
03/15/2051
55‌
30‌
2.75%,
09/15/2051
60‌
36‌
2.88%,
04/15/2027
65‌
64‌
2.95%,
06/15/2029
500‌
475‌
3.13%,
12/15/2049
235‌
154‌
4.20%,
04/01/2043
300‌
250‌
4.25%,
04/01/2046
430‌
351‌
4.40%,
03/15/2045
300‌
252‌
4.85%,
06/25/2031
150‌
152‌
4.88%,
06/25/2027
130‌
132‌
4.90%,
04/15/2029
135‌
138‌
4.95%,
09/30/2026
135‌
136‌
4.95%,
06/25/2034
260‌
260‌
4.95%,
09/15/2052
85‌
75‌
5.30%,
06/25/2054
260‌
243‌
5.40%,
09/15/2040
250‌
247‌
5.88%,
12/16/2036
400‌
422‌
Lowe's
Cos
Inc
1.30%,
04/15/2028
130‌
120‌
1.70%,
10/15/2030
130‌
112‌
3.10%,
05/03/2027
500‌
489‌
3.65%,
04/05/2029
135‌
131‌
3.70%,
04/15/2046
20‌
15‌
3.75%,
04/01/2032
65‌
60‌
4.05%,
05/03/2047
300‌
227‌
Schedule
of
Investments
Bond
Market
Index
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
29
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Retail
(continued)
Lowe’s
Cos
Inc
(continued)
4.25%,
04/01/2052
$
540‌
$
410‌
4.55%,
04/05/2049
135‌
108‌
5.00%,
04/15/2033
130‌
130‌
5.00%,
04/15/2040
155‌
143‌
5.63%,
04/15/2053
380‌
356‌
5.75%,
07/01/2053
160‌
152‌
McDonald's
Corp
2.63%,
09/01/2029
140‌
131‌
3.50%,
07/01/2027
250‌
246‌
3.70%,
02/15/2042
300‌
233‌
4.45%,
03/01/2047
500‌
413‌
4.60%,
05/15/2030
320‌
321‌
4.95%,
08/14/2033
(d)
175‌
176‌
5.15%,
09/09/2052
255‌
229‌
6.30%,
03/01/2038
600‌
645‌
O'Reilly
Automotive
Inc
1.75%,
03/15/2031
75‌
64‌
4.35%,
06/01/2028
300‌
300‌
Starbucks
Corp
2.00%,
03/12/2027
290‌
278‌
3.00%,
02/14/2032
345‌
307‌
3.75%,
12/01/2047
370‌
265‌
4.30%,
06/15/2045
225‌
177‌
4.45%,
08/15/2049
220‌
175‌
4.80%,
05/15/2030
170‌
171‌
4.80%,
02/15/2033
120‌
118‌
Target
Corp
1.95%,
01/15/2027
280‌
271‌
2.35%,
02/15/2030
250‌
229‌
2.95%,
01/15/2052
325‌
200‌
4.50%,
09/15/2032
690‌
680‌
4.50%,
09/15/2034
305‌
291‌
4.80%,
01/15/2053
(d)
160‌
139‌
TJX
Cos
Inc/The
1.15%,
05/15/2028
65‌
60‌
1.60%,
05/15/2031
65‌
55‌
Walmart
Inc
1.05%,
09/17/2026
105‌
101‌
1.50%,
09/22/2028
300‌
277‌
1.80%,
09/22/2031
135‌
116‌
2.50%,
09/22/2041
135‌
93‌
2.65%,
09/22/2051
105‌
65‌
3.90%,
04/15/2028
50‌
50‌
3.95%,
06/28/2038
195‌
175‌
4.00%,
04/15/2030
275‌
274‌
4.00%,
04/11/2043
250‌
208‌
4.05%,
06/29/2048
300‌
244‌
4.10%,
04/28/2027
155‌
155‌
4.10%,
04/15/2033
275‌
266‌
4.15%,
09/09/2032
200‌
196‌
4.50%,
09/09/2052
300‌
258‌
4.90%,
04/28/2035
155‌
155‌
$
16,755‌
Semiconductors
-
0
.60
%
Analog
Devices
Inc
2.10%,
10/01/2031
290‌
251‌
2.80%,
10/01/2041
60‌
43‌
3.50%,
12/05/2026
250‌
247‌
5.30%,
04/01/2054
125‌
117‌
Applied
Materials
Inc
4.35%,
04/01/2047
200‌
166‌
4.80%,
06/15/2029
305‌
311‌
5.10%,
10/01/2035
250‌
254‌
Broadcom
Corp
/
Broadcom
Cayman
Finance
Ltd
3.88%,
01/15/2027
650‌
645‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Semiconductors
(continued)
Broadcom
Inc
3.14%,
11/15/2035
(i)
$
738‌
$
611‌
3.19%,
11/15/2036
(i)
30‌
24‌
3.42%,
04/15/2033
(i)
452‌
403‌
3.47%,
04/15/2034
(i)
415‌
365‌
3.50%,
02/15/2041
(i)
250‌
194‌
3.75%,
02/15/2051
(i)
570‌
412‌
4.15%,
02/15/2028
135‌
134‌
4.15%,
11/15/2030
310‌
302‌
4.30%,
11/15/2032
300‌
287‌
4.35%,
02/15/2030
210‌
208‌
4.55%,
02/15/2032
75‌
73‌
4.75%,
04/15/2029
355‌
358‌
5.15%,
11/15/2031
235‌
239‌
5.20%,
04/15/2032
285‌
289‌
Intel
Corp
2.00%,
08/12/2031
60‌
51‌
3.05%,
08/12/2051
60‌
35‌
3.15%,
05/11/2027
150‌
146‌
3.20%,
08/12/2061
60‌
33‌
3.25%,
11/15/2049
250‌
152‌
3.73%,
12/08/2047
345‌
234‌
3.75%,
03/25/2027
155‌
153‌
3.75%,
08/05/2027
65‌
64‌
4.00%,
08/05/2029
585‌
567‌
4.10%,
05/19/2046
250‌
181‌
4.15%,
08/05/2032
765‌
711‌
4.60%,
03/25/2040
155‌
132‌
5.20%,
02/10/2033
300‌
297‌
5.60%,
02/21/2054
200‌
178‌
5.63%,
02/10/2043
300‌
276‌
5.70%,
02/10/2053
385‌
345‌
KLA
Corp
4.70%,
02/01/2034
135‌
132‌
4.95%,
07/15/2052
240‌
213‌
Lam
Research
Corp
2.88%,
06/15/2050
500‌
315‌
Marvell
Technology
Inc
2.45%,
04/15/2028
115‌
108‌
Micron
Technology
Inc
2.70%,
04/15/2032
90‌
77‌
4.66%,
02/15/2030
300‌
296‌
5.30%,
01/15/2031
80‌
80‌
5.80%,
01/15/2035
290‌
292‌
6.05%,
11/01/2035
155‌
158‌
NVIDIA
Corp
1.55%,
06/15/2028
60‌
56‌
3.50%,
04/01/2040
600‌
494‌
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA
Inc
2.50%,
05/11/2031
115‌
100‌
3.13%,
02/15/2042
265‌
182‌
3.15%,
05/01/2027
80‌
78‌
3.25%,
05/11/2041
60‌
43‌
4.40%,
06/01/2027
480‌
479‌
QUALCOMM
Inc
3.25%,
05/20/2027
500‌
492‌
4.30%,
05/20/2047
350‌
287‌
4.50%,
05/20/2030
155‌
155‌
4.50%,
05/20/2052
165‌
136‌
4.80%,
05/20/2045
110‌
98‌
6.00%,
05/20/2053
155‌
160‌
Texas
Instruments
Inc
4.15%,
05/15/2048
365‌
292‌
4.50%,
05/23/2030
155‌
155‌
4.60%,
02/15/2028
250‌
253‌
4.60%,
02/08/2029
225‌
228‌
4.90%,
03/14/2033
160‌
162‌
5.00%,
03/14/2053
160‌
143‌
Schedule
of
Investments
Bond
Market
Index
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
30
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Semiconductors
(continued)
Texas
Instruments
Inc
(continued)
5.15%,
02/08/2054
$
130‌
$
119‌
TSMC
Arizona
Corp
3.88%,
04/22/2027
590‌
584‌
$
15,855‌
Software
-
0
.70
%
Adobe
Inc
4.95%,
01/17/2030
535‌
548‌
Fidelity
National
Information
Services
Inc
1.65%,
03/01/2028
540‌
501‌
3.10%,
03/01/2041
55‌
39‌
5.10%,
07/15/2032
550‌
551‌
Fiserv
Inc
3.50%,
07/01/2029
900‌
858‌
4.40%,
07/01/2049
590‌
463‌
4.75%,
03/15/2030
140‌
140‌
5.15%,
08/12/2034
70‌
69‌
5.35%,
03/15/2031
125‌
128‌
5.45%,
03/02/2028
240‌
245‌
5.63%,
08/21/2033
155‌
158‌
Intuit
Inc
1.35%,
07/15/2027
160‌
151‌
5.13%,
09/15/2028
160‌
164‌
5.25%,
09/15/2026
315‌
318‌
5.50%,
09/15/2053
220‌
213‌
Microsoft
Corp
1.35%,
09/15/2030
80‌
69‌
2.50%,
09/15/2050
160‌
96‌
2.53%,
06/01/2050
611‌
371‌
2.68%,
06/01/2060
549‌
317‌
2.92%,
03/17/2052
476‌
309‌
3.30%,
02/06/2027
140‌
138‌
3.45%,
08/08/2036
250‌
221‌
3.70%,
08/08/2046
500‌
397‌
Oracle
Corp
2.30%,
03/25/2028
115‌
109‌
2.65%,
07/15/2026
300‌
294‌
2.80%,
04/01/2027
155‌
151‌
2.88%,
03/25/2031
305‌
275‌
2.95%,
04/01/2030
655‌
607‌
3.25%,
11/15/2027
500‌
486‌
3.60%,
04/01/2040
355‌
277‌
3.60%,
04/01/2050
700‌
476‌
3.65%,
03/25/2041
325‌
249‌
3.80%,
11/15/2037
250‌
209‌
3.90%,
05/15/2035
130‌
115‌
3.95%,
03/25/2051
115‌
82‌
4.00%,
07/15/2046
500‌
374‌
4.00%,
11/15/2047
75‌
56‌
4.10%,
03/25/2061
60‌
42‌
4.20%,
09/27/2029
135‌
133‌
4.30%,
07/08/2034
75‌
70‌
4.38%,
05/15/2055
150‌
114‌
4.50%,
07/08/2044
50‌
41‌
4.65%,
05/06/2030
530‌
530‌
4.70%,
09/27/2034
290‌
277‌
5.25%,
02/03/2032
285‌
289‌
5.38%,
09/27/2054
135‌
120‌
5.50%,
09/27/2064
135‌
119‌
5.55%,
02/06/2053
305‌
280‌
6.00%,
08/03/2055
285‌
276‌
6.13%,
07/08/2039
60‌
62‌
6.13%,
08/03/2065
285‌
277‌
6.15%,
11/09/2029
180‌
191‌
6.25%,
11/09/2032
360‌
384‌
6.90%,
11/09/2052
360‌
389‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Software
(continued)
Roper
Technologies
Inc
1.40%,
09/15/2027
$
860‌
$
804‌
2.95%,
09/15/2029
400‌
374‌
4.75%,
02/15/2032
80‌
79‌
4.90%,
10/15/2034
80‌
78‌
Salesforce
Inc
1.95%,
07/15/2031
60‌
52‌
2.70%,
07/15/2041
265‌
185‌
2.90%,
07/15/2051
400‌
248‌
Synopsys
Inc
4.65%,
04/01/2028
300‌
302‌
4.85%,
04/01/2030
325‌
328‌
5.15%,
04/01/2035
300‌
297‌
5.70%,
04/01/2055
105‌
100‌
Take-Two
Interactive
Software
Inc
4.95%,
03/28/2028
360‌
364‌
VMware
LLC
1.40%,
08/15/2026
680‌
655‌
1.80%,
08/15/2028
685‌
627‌
2.20%,
08/15/2031
115‌
98‌
$
18,409‌
Sovereign
-
1
.36
%
Canada
Government
International
Bond
3.75%,
04/26/2028
505‌
503‌
4.00%,
03/18/2030
635‌
635‌
4.63%,
04/30/2029
250‌
256‌
Chile
Government
International
Bond
2.45%,
01/31/2031
500‌
441‌
2.55%,
01/27/2032
400‌
346‌
2.75%,
01/31/2027
500‌
486‌
3.10%,
05/07/2041
400‌
291‌
3.24%,
02/06/2028
300‌
290‌
3.50%,
04/15/2053
200‌
134‌
3.86%,
06/21/2047
200‌
151‌
4.00%,
01/31/2052
200‌
150‌
4.95%,
01/05/2036
515‌
498‌
Export
Development
Canada
3.75%,
09/07/2027
265‌
264‌
3.88%,
02/14/2028
315‌
314‌
4.13%,
02/13/2029
265‌
266‌
4.38%,
06/29/2026
475‌
476‌
4.75%,
06/05/2034
250‌
256‌
Export-Import
Bank
of
Korea
1.38%,
02/09/2031
200‌
169‌
4.00%,
09/11/2029
265‌
261‌
4.25%,
09/15/2027
200‌
199‌
4.50%,
09/15/2032
200‌
196‌
4.63%,
01/14/2028
200‌
201‌
5.13%,
09/18/2028
200‌
205‌
5.25%,
01/14/2035
200‌
205‌
Indonesia
Government
International
Bond
2.15%,
07/28/2031
200‌
172‌
2.85%,
02/14/2030
200‌
185‌
3.05%,
03/12/2051
200‌
128‌
3.50%,
01/11/2028
500‌
491‌
3.70%,
10/30/2049
200‌
146‌
4.20%,
10/15/2050
400‌
316‌
4.35%,
01/11/2048
200‌
164‌
4.55%,
01/11/2028
200‌
201‌
4.65%,
09/20/2032
200‌
196‌
4.75%,
02/11/2029
300‌
303‌
4.75%,
09/10/2034
200‌
194‌
5.15%,
09/10/2054
(d)
200‌
183‌
5.65%,
01/11/2053
200‌
194‌
Israel
Government
International
Bond
3.88%,
07/03/2050
200‌
135‌
4.13%,
01/17/2048
200‌
147‌
4.50%,
01/17/2033
200‌
187‌
Schedule
of
Investments
Bond
Market
Index
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
31
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Sovereign
(continued)
Israel
Government
International
Bond
(continued)
4.50%,
01/30/2043
$
200‌
$
164‌
5.38%,
02/19/2030
200‌
202‌
5.50%,
03/12/2034
400‌
394‌
5.75%,
03/12/2054
400‌
355‌
Japan
Bank
for
International
Cooperation
1.25%,
01/21/2031
200‌
170‌
1.88%,
07/21/2026
264‌
257‌
1.88%,
04/15/2031
200‌
175‌
2.13%,
02/16/2029
200‌
186‌
2.25%,
11/04/2026
400‌
389‌
2.88%,
07/21/2027
330‌
322‌
4.63%,
07/22/2027
230‌
232‌
4.63%,
07/19/2028
200‌
203‌
4.63%,
04/17/2034
200‌
201‌
4.88%,
10/18/2028
300‌
307‌
Japan
International
Cooperation
Agency
4.25%,
05/22/2030
200‌
200‌
4.75%,
05/21/2029
400‌
408‌
Korea
International
Bond
1.00%,
09/16/2030
200‌
169‌
3.88%,
09/20/2048
250‌
199‌
Mexico
Government
International
Bond
2.66%,
05/24/2031
500‌
424‌
3.25%,
04/16/2030
200‌
182‌
3.50%,
02/12/2034
400‌
328‌
3.75%,
01/11/2028
225‌
219‌
3.75%,
04/19/2071
200‌
107‌
4.50%,
04/22/2029
400‌
390‌
4.60%,
01/23/2046
200‌
144‌
4.60%,
02/10/2048
300‌
213‌
4.75%,
03/08/2044
500‌
377‌
5.55%,
01/21/2045
(d)
360‌
309‌
5.75%,
10/12/2110
100‌
76‌
6.00%,
05/07/2036
400‌
383‌
6.05%,
01/11/2040
700‌
648‌
6.34%,
05/04/2053
500‌
438‌
6.35%,
02/09/2035
200‌
199‌
6.40%,
05/07/2054
275‌
242‌
6.75%,
09/27/2034
350‌
363‌
6.88%,
05/13/2037
280‌
283‌
7.38%,
05/13/2055
280‌
277‌
Panama
Government
International
Bond
2.25%,
09/29/2032
200‌
147‌
3.16%,
01/23/2030
600‌
526‌
3.30%,
01/19/2033
500‌
392‌
3.88%,
03/17/2028
300‌
286‌
4.30%,
04/29/2053
200‌
122‌
4.50%,
04/16/2050
200‌
127‌
6.70%,
01/26/2036
600‌
578‌
6.85%,
03/28/2054
200‌
173‌
Peruvian
Government
International
Bond
1.86%,
12/01/2032
60‌
47‌
2.78%,
01/23/2031
545‌
480‌
2.78%,
12/01/2060
310‌
161‌
3.30%,
03/11/2041
300‌
217‌
3.55%,
03/10/2051
60‌
40‌
5.63%,
11/18/2050
150‌
139‌
5.88%,
08/08/2054
330‌
311‌
6.55%,
03/14/2037
400‌
423‌
8.75%,
11/21/2033
180‌
217‌
Philippine
Government
International
Bond
2.65%,
12/10/2045
400‌
252‌
3.00%,
02/01/2028
300‌
289‌
3.20%,
07/06/2046
200‌
138‌
3.70%,
03/01/2041
400‌
317‌
3.70%,
02/02/2042
250‌
196‌
4.75%,
03/05/2035
265‌
257‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Sovereign
(continued)
Philippine
Government
International
Bond
(continued)
5.00%,
07/17/2033
$
200‌
$
200‌
5.17%,
10/13/2027
500‌
509‌
5.50%,
02/04/2035
225‌
231‌
5.50%,
01/17/2048
200‌
191‌
5.60%,
05/14/2049
200‌
193‌
5.61%,
04/13/2033
250‌
260‌
7.75%,
01/14/2031
190‌
220‌
Republic
of
Italy
Government
International
Bond
2.88%,
10/17/2029
300‌
279‌
3.88%,
05/06/2051
400‌
270‌
5.38%,
06/15/2033
205‌
211‌
Republic
of
Poland
Government
International
Bond
4.88%,
02/12/2030
525‌
530‌
4.88%,
10/04/2033
320‌
313‌
5.13%,
09/18/2034
450‌
446‌
5.50%,
03/18/2054
375‌
340‌
State
of
Israel
2.50%,
01/15/2030
200‌
178‌
3.38%,
01/15/2050
200‌
124‌
Svensk
Exportkredit
AB
3.75%,
09/13/2027
265‌
264‌
3.75%,
05/08/2028
345‌
343‌
4.13%,
06/14/2028
320‌
321‌
4.88%,
09/14/2026
320‌
323‌
Tennessee
Valley
Authority
3.50%,
12/15/2042
200‌
159‌
3.88%,
03/15/2028
525‌
525‌
4.25%,
09/15/2065
115‌
90‌
4.63%,
09/15/2060
200‌
170‌
4.88%,
05/15/2035
150‌
151‌
5.25%,
09/15/2039
250‌
258‌
5.38%,
04/01/2056
196‌
192‌
5.88%,
04/01/2036
325‌
354‌
Uruguay
Government
International
Bond
4.13%,
11/20/2045
136‌
112‌
4.38%,
10/27/2027
200‌
199‌
4.98%,
04/20/2055
100‌
86‌
5.10%,
06/18/2050
300‌
269‌
5.44%,
02/14/2037
140‌
140‌
5.75%,
10/28/2034
330‌
344‌
7.63%,
03/21/2036
500‌
587‌
$
35,887‌
Supranational
Bank
-
1
.22
%
African
Development
Bank
0.88%,
07/22/2026
115‌
111‌
3.50%,
09/18/2029
265‌
260‌
4.00%,
03/18/2030
290‌
290‌
4.13%,
02/25/2027
135‌
135‌
4.38%,
03/14/2028
320‌
324‌
4.63%,
01/04/2027
190‌
192‌
Asian
Development
Bank
1.50%,
01/20/2027
425‌
408‌
1.50%,
03/04/2031
115‌
100‌
1.75%,
09/19/2029
300‌
274‌
1.88%,
03/15/2029
135‌
125‌
2.75%,
01/19/2028
130‌
126‌
3.13%,
08/20/2027
450‌
442‌
3.13%,
04/27/2032
135‌
126‌
3.63%,
08/28/2029
395‌
390‌
3.75%,
04/25/2028
320‌
319‌
3.88%,
09/28/2032
450‌
439‌
3.88%,
06/14/2033
320‌
311‌
4.00%,
01/12/2033
160‌
157‌
4.13%,
01/12/2027
275‌
275‌
4.13%,
05/30/2030
470‌
473‌
4.38%,
01/14/2028
340‌
344‌
Schedule
of
Investments
Bond
Market
Index
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
32
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Supranational
Bank
(continued)
Asian
Development
Bank
(continued)
4.38%,
03/06/2029
$
550‌
$
558‌
4.38%,
03/22/2035
225‌
224‌
4.50%,
08/25/2028
380‌
386‌
5.82%,
06/16/2028
39‌
41‌
Asian
Infrastructure
Investment
Bank/The
3.75%,
09/14/2027
255‌
254‌
4.13%,
01/18/2029
270‌
272‌
4.50%,
01/16/2030
280‌
286‌
4.50%,
05/21/2035
145‌
146‌
4.88%,
09/14/2026
320‌
323‌
Council
Of
Europe
Development
Bank
3.63%,
01/26/2028
315‌
313‌
3.63%,
05/08/2028
345‌
342‌
4.50%,
01/15/2030
210‌
214‌
4.63%,
06/11/2027
125‌
126‌
European
Bank
for
Reconstruction
&
Development
4.13%,
01/25/2029
435‌
437‌
4.38%,
03/09/2028
255‌
258‌
European
Investment
Bank
0.75%,
10/26/2026
660‌
631‌
1.25%,
02/14/2031
255‌
219‌
1.63%,
05/13/2031
(d)
60‌
52‌
3.63%,
07/15/2030
520‌
510‌
3.75%,
11/15/2029
510‌
505‌
3.75%,
02/14/2033
615‌
595‌
3.88%,
03/15/2028
500‌
500‌
3.88%,
06/15/2028
650‌
649‌
4.00%,
02/15/2029
1,100‌
1,102‌
4.13%,
02/13/2034
265‌
260‌
4.38%,
03/19/2027
375‌
378‌
4.38%,
10/10/2031
550‌
557‌
4.50%,
03/14/2030
570‌
583‌
4.63%,
02/12/2035
(d)
455‌
462‌
4.75%,
06/15/2029
250‌
257‌
Inter-American
Development
Bank
1.13%,
07/20/2028
515‌
473‌
1.13%,
01/13/2031
420‌
358‌
1.50%,
01/13/2027
425‌
408‌
3.13%,
09/18/2028
300‌
292‌
3.50%,
09/14/2029
300‌
294‌
3.50%,
04/12/2033
320‌
302‌
3.75%,
06/14/2030
305‌
302‌
4.00%,
01/12/2028
310‌
311‌
4.13%,
02/15/2029
265‌
266‌
4.38%,
02/01/2027
275‌
277‌
4.38%,
07/17/2034
250‌
249‌
4.38%,
01/24/2044
50‌
46‌
4.50%,
02/15/2030
480‌
490‌
4.50%,
09/13/2033
320‌
323‌
International
Bank
for
Reconstruction
&
Development
0.75%,
11/24/2027
500‌
463‌
0.75%,
08/26/2030
515‌
436‌
0.88%,
07/15/2026
325‌
314‌
1.25%,
02/10/2031
615‌
526‌
1.38%,
04/20/2028
365‌
339‌
1.63%,
11/03/2031
495‌
424‌
1.75%,
10/23/2029
950‌
865‌
2.50%,
03/29/2032
620‌
557‌
3.13%,
06/15/2027
500‌
492‌
3.50%,
07/12/2028
480‌
474‌
3.63%,
05/05/2028
155‌
154‌
3.88%,
10/16/2029
270‌
269‌
3.88%,
02/14/2030
315‌
313‌
3.88%,
08/28/2034
330‌
316‌
4.00%,
08/27/2026
135‌
135‌
4.00%,
07/25/2030
435‌
434‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Supranational
Bank
(continued)
International
Bank
for
Reconstruction
&
Development
(continued)
4.00%,
01/10/2031
$
275‌
$
274‌
4.00%,
05/06/2032
230‌
227‌
4.13%,
03/20/2030
605‌
608‌
4.50%,
04/10/2031
375‌
382‌
4.63%,
08/01/2028
480‌
490‌
4.63%,
01/15/2032
280‌
287‌
4.75%,
11/14/2033
280‌
288‌
International
Finance
Corp
4.25%,
07/02/2029
250‌
253‌
4.38%,
01/15/2027
395‌
397‌
4.50%,
01/21/2028
355‌
360‌
Nordic
Investment
Bank
3.75%,
05/09/2030
345‌
341‌
4.25%,
02/28/2029
200‌
202‌
$
32,072‌
Telecommunications
-
0
.98
%
America
Movil
SAB
de
CV
2.88%,
05/07/2030
600‌
549‌
3.63%,
04/22/2029
400‌
385‌
4.38%,
04/22/2049
200‌
160‌
6.13%,
03/30/2040
380‌
386‌
AT&T
Inc
1.65%,
02/01/2028
200‌
186‌
2.25%,
02/01/2032
145‌
123‌
2.30%,
06/01/2027
750‌
720‌
2.75%,
06/01/2031
400‌
358‌
3.10%,
02/01/2043
145‌
101‌
3.50%,
06/01/2041
640‌
490‌
3.50%,
09/15/2053
627‌
417‌
3.55%,
09/15/2055
815‌
539‌
3.65%,
06/01/2051
355‌
247‌
3.65%,
09/15/2059
999‌
656‌
4.30%,
12/15/2042
250‌
207‌
4.35%,
03/01/2029
700‌
697‌
4.35%,
06/15/2045
300‌
243‌
4.50%,
05/15/2035
700‌
658‌
4.50%,
03/09/2048
500‌
405‌
5.38%,
08/15/2035
(f)
155‌
156‌
5.40%,
02/15/2034
320‌
324‌
6.05%,
08/15/2056
(f)
155‌
155‌
Bell
Telephone
Co
of
Canada
or
Bell
Canada
5.20%,
02/15/2034
130‌
128‌
Cisco
Systems
Inc
4.75%,
02/24/2030
145‌
147‌
4.80%,
02/26/2027
265‌
268‌
4.85%,
02/26/2029
265‌
270‌
4.95%,
02/24/2032
460‌
466‌
5.05%,
02/26/2034
440‌
443‌
5.30%,
02/26/2054
265‌
251‌
5.50%,
01/15/2040
310‌
314‌
5.90%,
02/15/2039
170‌
179‌
Juniper
Networks
Inc
2.00%,
12/10/2030
55‌
47‌
Orange
SA
5.38%,
01/13/2042
30‌
28‌
Rogers
Communications
Inc
3.20%,
03/15/2027
130‌
127‌
3.70%,
11/15/2049
90‌
63‌
3.80%,
03/15/2032
65‌
59‌
5.00%,
02/15/2029
130‌
131‌
5.00%,
03/15/2044
75‌
65‌
7.50%,
08/15/2038
250‌
283‌
Sprint
Capital
Corp
6.88%,
11/15/2028
320‌
342‌
Schedule
of
Investments
Bond
Market
Index
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
33
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Telecommunications
(continued)
Telefonica
Emisiones
SA
4.10%,
03/08/2027
$
325‌
$
323‌
5.21%,
03/08/2047
550‌
475‌
7.05%,
06/20/2036
305‌
334‌
T-Mobile
USA
Inc
2.05%,
02/15/2028
190‌
179‌
2.25%,
11/15/2031
150‌
129‌
2.40%,
03/15/2029
25‌
23‌
2.55%,
02/15/2031
600‌
531‌
3.00%,
02/15/2041
150‌
107‌
3.30%,
02/15/2051
250‌
163‌
3.38%,
04/15/2029
265‌
253‌
3.40%,
10/15/2052
235‌
153‌
3.75%,
04/15/2027
315‌
311‌
3.88%,
04/15/2030
600‌
579‌
4.20%,
10/01/2029
135‌
133‌
4.38%,
04/15/2040
345‌
299‌
4.50%,
04/15/2050
300‌
242‌
4.80%,
07/15/2028
160‌
162‌
4.95%,
03/15/2028
95‌
96‌
5.05%,
07/15/2033
330‌
327‌
5.13%,
05/15/2032
305‌
308‌
5.15%,
04/15/2034
305‌
304‌
5.20%,
01/15/2033
160‌
161‌
5.25%,
06/15/2055
135‌
120‌
5.50%,
01/15/2055
135‌
125‌
5.65%,
01/15/2053
360‌
341‌
5.75%,
01/15/2034
160‌
166‌
5.75%,
01/15/2054
160‌
153‌
6.00%,
06/15/2054
160‌
159‌
Verizon
Communications
Inc
1.50%,
09/18/2030
180‌
153‌
1.75%,
01/20/2031
135‌
115‌
2.10%,
03/22/2028
175‌
165‌
2.36%,
03/15/2032
265‌
226‌
2.55%,
03/21/2031
315‌
279‌
2.65%,
11/20/2040
750‌
517‌
2.88%,
11/20/2050
505‌
307‌
2.99%,
10/30/2056
89‌
52‌
3.00%,
11/20/2060
65‌
37‌
3.40%,
03/22/2041
715‌
540‌
3.55%,
03/22/2051
815‌
570‌
3.70%,
03/22/2061
480‌
323‌
3.85%,
11/01/2042
90‌
71‌
4.02%,
12/03/2029
400‌
392‌
4.13%,
03/16/2027
600‌
598‌
4.33%,
09/21/2028
510‌
509‌
4.40%,
11/01/2034
300‌
281‌
4.50%,
08/10/2033
300‌
287‌
4.67%,
03/15/2055
345‌
284‌
4.81%,
03/15/2039
75‌
69‌
4.86%,
08/21/2046
300‌
262‌
5.25%,
04/02/2035
350‌
349‌
Vodafone
Group
PLC
4.25%,
09/17/2050
250‌
189‌
5.63%,
02/10/2053
160‌
147‌
5.75%,
06/28/2054
330‌
309‌
5.88%,
06/28/2064
205‌
192‌
6.15%,
02/27/2037
86‌
91‌
$
25,743‌
Transportation
-
0
.43
%
Burlington
Northern
Santa
Fe
LLC
3.05%,
02/15/2051
600‌
387‌
3.55%,
02/15/2050
155‌
111‌
4.15%,
04/01/2045
200‌
164‌
4.40%,
03/15/2042
30‌
26‌
4.45%,
01/15/2053
40‌
33‌
5.20%,
04/15/2054
160‌
148‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Transportation
(continued)
Burlington
Northern
Santa
Fe
LLC
(continued)
5.40%,
06/01/2041
$
360‌
$
349‌
5.50%,
03/15/2055
330‌
319‌
Canadian
National
Railway
Co
4.38%,
09/18/2034
305‌
289‌
Canadian
Pacific
Railway
Co
1.75%,
12/02/2026
145‌
139‌
3.10%,
12/02/2051
450‌
288‌
4.80%,
03/30/2030
405‌
408‌
6.13%,
09/15/2115
75‌
73‌
CSX
Corp
2.40%,
02/15/2030
60‌
55‌
3.35%,
09/15/2049
60‌
41‌
3.80%,
03/01/2028
75‌
74‌
3.80%,
04/15/2050
700‌
517‌
4.30%,
03/01/2048
200‌
162‌
4.50%,
11/15/2052
160‌
132‌
4.90%,
03/15/2055
335‌
292‌
5.20%,
11/15/2033
(d)
160‌
162‌
FedEx
Corp
3.10%,
08/05/2029
(i)
800‌
748‌
3.88%,
08/01/2042
(i)
30‌
22‌
4.55%,
04/01/2046
(i)
420‌
333‌
5.10%,
01/15/2044
(i)
295‌
252‌
Norfolk
Southern
Corp
2.30%,
05/15/2031
60‌
52‌
2.55%,
11/01/2029
150‌
138‌
2.90%,
08/25/2051
60‌
37‌
3.94%,
11/01/2047
192‌
145‌
4.05%,
08/15/2052
200‌
150‌
4.45%,
03/01/2033
160‌
154‌
4.55%,
06/01/2053
455‌
373‌
4.84%,
10/01/2041
180‌
161‌
5.35%,
08/01/2054
125‌
117‌
Ryder
System
Inc
2.90%,
12/01/2026
150‌
146‌
4.30%,
06/15/2027
20‌
20‌
4.95%,
09/01/2029
290‌
291‌
Union
Pacific
Corp
2.38%,
05/20/2031
710‌
630‌
2.80%,
02/14/2032
110‌
98‌
2.89%,
04/06/2036
140‌
114‌
2.97%,
09/16/2062
90‌
51‌
3.20%,
05/20/2041
60‌
45‌
3.38%,
02/14/2042
65‌
49‌
3.80%,
10/01/2051
310‌
227‌
3.80%,
04/06/2071
590‌
391‌
3.84%,
03/20/2060
220‌
154‌
4.00%,
04/15/2047
250‌
195‌
4.50%,
01/20/2033
130‌
127‌
4.95%,
09/09/2052
130‌
116‌
5.60%,
12/01/2054
145‌
140‌
United
Parcel
Service
Inc
2.50%,
09/01/2029
125‌
116‌
3.40%,
09/01/2049
180‌
122‌
4.65%,
10/15/2030
155‌
155‌
4.88%,
03/03/2033
410‌
410‌
4.88%,
11/15/2040
30‌
28‌
5.05%,
03/03/2053
410‌
362‌
5.15%,
05/22/2034
130‌
131‌
5.50%,
05/22/2054
130‌
123‌
5.95%,
05/14/2055
155‌
154‌
6.20%,
01/15/2038
200‌
213‌
$
11,459‌
Schedule
of
Investments
Bond
Market
Index
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
34
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Trucking
&
Leasing
-
0
.02
%
GATX
Corp
1.90%,
06/01/2031
$
115‌
$
96‌
5.50%,
06/15/2035
315‌
313‌
$
409‌
Water
-
0
.05
%
American
Water
Capital
Corp
2.30%,
06/01/2031
360‌
313‌
3.25%,
06/01/2051
300‌
197‌
3.75%,
09/01/2047
340‌
251‌
4.45%,
06/01/2032
130‌
127‌
6.59%,
10/15/2037
13‌
14‌
Essential
Utilities
Inc
2.40%,
05/01/2031
(d)
360‌
313‌
5.30%,
05/01/2052
65‌
57‌
5.38%,
01/15/2034
135‌
135‌
$
1,407‌
TOTAL
BONDS
$
712,762‌
MUNICIPAL
BONDS
-
0
.11
%
Principal
Amount
(000's)
Value
(000's)
California
-
0
.03
%
Bay
Area
Toll
Authority
6.26%,
04/01/2049
$
175‌
$
180‌
6.91%,
10/01/2050
125‌
137‌
California
State
University
2.98%,
11/01/2051
155‌
99‌
East
Bay
Municipal
Utility
District
Water
System
Revenue
5.87%,
06/01/2040
20‌
21‌
Regents
of
the
University
of
California
Medical
Center
Pooled
Revenue
6.55%,
05/15/2048
20‌
21‌
State
of
California
3.50%,
04/01/2028
115‌
113‌
7.30%,
10/01/2039
300‌
341‌
$
912‌
Georgia
-
0
.00
%
Municipal
Electric
Authority
of
Georgia
6.64%,
04/01/2057
145‌
154‌
Illinois
-
0
.04
%
Chicago
Transit
Authority
Sales
&
Transfer
Tax
Receipts
Revenue
6.90%,
12/01/2040
277‌
303‌
Chicago
Transit
Authority
Sales
Tax
Receipts
Fund
6.20%,
12/01/2040
30‌
31‌
State
of
Illinois
5.10%,
06/01/2033
659‌
655‌
$
989‌
New
Jersey
-
0
.02
%
New
Jersey
Economic
Development
Authority
(credit
support
from
National
Public
Finance
Guarantee
Corp
)
7.43%,
02/15/2029
(j)
250‌
263‌
New
Jersey
Transportation
Trust
Fund
Authority
6.56%,
12/15/2040
146‌
156‌
$
419‌
New
York
-
0
.01
%
Port
Authority
of
New
York
&
New
Jersey
4.46%,
10/01/2062
250‌
202‌
Ohio
-
0
.00
%
Ohio
State
University/The
4.91%,
06/01/2040
50‌
48‌
Texas
-
0
.01
%
Dallas
Area
Rapid
Transit
5.02%,
12/01/2048
30‌
26‌
State
of
Texas
4.68%,
04/01/2040
160‌
151‌
$
177‌
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Wisconsin
-
0
.00
%
State
of
Wisconsin
(credit
support
from
Assured
Guaranty
)
5.70%,
05/01/2026
(j)
$
75‌
$
76‌
TOTAL
MUNICIPAL
BONDS
$
2,977‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
70
.20
%
Principal
Amount
(000's)
Value
(000's)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
-
0
.25
%
2.00%,
09/01/2031
$
47‌
$
45‌
2.00%,
12/01/2031
55‌
52‌
2.50%,
01/01/2031
97‌
93‌
2.50%,
02/01/2031
97‌
94‌
2.50%,
12/01/2031
173‌
165‌
2.50%,
01/01/2032
186‌
178‌
2.50%,
03/01/2032
58‌
55‌
2.50%,
11/01/2036
41‌
38‌
3.00%,
11/01/2028
55‌
54‌
3.00%,
04/01/2029
49‌
48‌
3.00%,
09/01/2029
49‌
48‌
3.00%,
10/01/2029
75‌
73‌
3.00%,
11/01/2029
35‌
34‌
3.00%,
01/01/2030
32‌
31‌
3.00%,
11/01/2030
35‌
34‌
3.00%,
03/01/2031
22‌
22‌
3.00%,
05/01/2032
113‌
109‌
3.00%,
03/01/2033
47‌
45‌
3.00%,
04/01/2033
18‌
18‌
3.00%,
09/01/2036
34‌
32‌
3.00%,
09/01/2036
62‌
58‌
3.00%,
02/01/2037
67‌
63‌
3.00%,
10/01/2042
142‌
126‌
3.00%,
11/01/2042
228‌
203‌
3.00%,
02/01/2043
222‌
197‌
3.00%,
08/01/2043
284‌
253‌
3.00%,
09/01/2043
60‌
53‌
3.00%,
10/01/2043
47‌
42‌
3.00%,
01/01/2045
54‌
47‌
3.00%,
06/01/2046
106‌
93‌
3.00%,
10/01/2046
72‌
63‌
3.00%,
02/01/2047
118‌
103‌
3.50%,
12/01/2031
69‌
68‌
3.50%,
05/01/2034
26‌
26‌
3.50%,
11/01/2034
33‌
32‌
3.50%,
01/01/2035
72‌
70‌
3.50%,
04/01/2037
27‌
26‌
3.50%,
06/01/2042
179‌
166‌
3.50%,
02/01/2045
36‌
33‌
3.50%,
03/01/2045
96‌
88‌
3.50%,
06/01/2045
103‌
94‌
3.50%,
06/01/2046
127‌
115‌
4.00%,
12/01/2030
6‌
6‌
4.00%,
11/01/2033
49‌
49‌
4.00%,
07/01/2034
35‌
34‌
4.00%,
04/01/2038
67‌
65‌
4.00%,
12/01/2040
78‌
74‌
4.00%,
02/01/2044
64‌
60‌
4.00%,
04/01/2044
74‌
70‌
4.00%,
07/01/2044
91‌
85‌
4.00%,
09/01/2044
32‌
30‌
4.00%,
11/01/2044
115‌
108‌
4.00%,
01/01/2045
100‌
94‌
4.00%,
08/01/2045
139‌
130‌
4.00%,
12/01/2045
23‌
22‌
4.00%,
02/01/2046
37‌
35‌
4.00%,
05/01/2046
83‌
77‌
4.50%,
10/01/2030
26‌
26‌
4.50%,
05/01/2031
3‌
3‌
4.50%,
05/01/2049
1,651‌
1,585‌
5.50%,
06/01/2034
39‌
39‌
Schedule
of
Investments
Bond
Market
Index
Fund
May
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)
5.50%,
07/01/2038
$
46‌
$
47‌
5.50%,
07/01/2038
38‌
39‌
5.50%,
12/01/2038
77‌
79‌
5.50%,
10/01/2039
131‌
133‌
5.50%,
06/01/2041
50‌
51‌
6.00%,
04/01/2038
227‌
236‌
6.00%,
11/01/2038
47‌
49‌
$
6,513‌
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
-
19
.02
%
1.50%,
12/01/2035
1,844‌
1,626‌
1.50%,
03/01/2036
1,069‌
939‌
1.50%,
05/01/2036
1,164‌
1,029‌
1.50%,
05/01/2036
3,729‌
3,278‌
1.50%,
11/01/2036
815‌
718‌
1.50%,
12/01/2036
2,051‌
1,800‌
1.50%,
05/01/2037
738‌
647‌
1.50%,
11/01/2050
742‌
551‌
1.50%,
01/01/2051
3,465‌
2,559‌
1.50%,
06/01/2051
1,620‌
1,199‌
2.00%,
09/01/2029
76‌
74‌
2.00%,
05/01/2030
31‌
30‌
2.00%,
12/01/2031
76‌
71‌
2.00%,
02/01/2032
50‌
47‌
2.00%,
02/01/2036
1,286‌
1,164‌
2.00%,
02/01/2036
2,858‌
2,596‌
2.00%,
03/01/2036
2,321‌
2,108‌
2.00%,
04/01/2036
4,143‌
3,791‌
2.00%,
05/01/2036
823‌
748‌
2.00%,
09/01/2036
2,884‌
2,610‌
2.00%,
02/01/2037
5,867‌
5,316‌
2.00%,
11/01/2041
5,835‌
4,915‌
2.00%,
05/01/2042
2,519‌
2,112‌
2.00%,
12/01/2050
13,638‌
10,698‌
2.00%,
02/01/2051
7,118‌
5,574‌
2.00%,
02/01/2051
9,603‌
7,516‌
2.00%,
02/01/2051
1,988‌
1,569‌
2.00%,
02/01/2051
1,680‌
1,315‌
2.00%,
03/01/2051
3,984‌
3,116‌
2.00%,
04/01/2051
2,102‌
1,664‌
2.00%,
04/01/2051
4,845‌
3,827‌
2.00%,
04/01/2051
10,803‌
8,532‌
2.00%,
04/01/2051
7,221‌
5,686‌
2.00%,
06/01/2051
1,844‌
1,442‌
2.00%,
07/01/2051
10,606‌
8,286‌
2.00%,
09/01/2051
2,707‌
2,110‌
2.00%,
10/01/2051
3,633‌
2,850‌
2.00%,
10/01/2051
2,301‌
1,818‌
2.00%,
11/01/2051
1,702‌
1,326‌
2.00%,
11/01/2051
1,555‌
1,228‌
2.00%,
12/01/2051
2,506‌
1,973‌
2.00%,
12/01/2051
5,205‌
4,098‌
2.00%,
12/01/2051
3,114‌
2,443‌
2.00%,
01/01/2052
1,960‌
1,540‌
2.00%,
01/01/2052
10,813‌
8,540‌
2.00%,
01/01/2052
4,368‌
3,404‌
2.00%,
02/01/2052
2,690‌
2,100‌
2.00%,
03/01/2052
4,406‌
3,466‌
2.00%,
04/01/2052
1,972‌
1,562‌
2.00%,
04/01/2052
9,882‌
7,783‌
2.00%,
04/01/2052
1,180‌
933‌
2.50%,
01/01/2028
23‌
22‌
2.50%,
11/01/2028
75‌
73‌
2.50%,
09/01/2029
54‌
52‌
2.50%,
05/01/2030
71‌
68‌
2.50%,
08/01/2030
100‌
96‌
2.50%,
03/01/2031
77‌
74‌
2.50%,
11/01/2031
181‌
173‌
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%,
12/01/2031
$
34‌
$
33‌
2.50%,
01/01/2032
51‌
49‌
2.50%,
03/01/2032
61‌
59‌
2.50%,
07/01/2033
6‌
5‌
2.50%,
02/01/2035
902‌
842‌
2.50%,
06/01/2035
1,938‌
1,794‌
2.50%,
10/01/2036
42‌
38‌
2.50%,
10/01/2036
18‌
16‌
2.50%,
12/01/2036
54‌
50‌
2.50%,
01/01/2037
3,449‌
3,203‌
2.50%,
04/01/2037
1,046‌
972‌
2.50%,
04/01/2042
3,910‌
3,381‌
2.50%,
01/01/2043
47‌
41‌
2.50%,
05/01/2043
73‌
63‌
2.50%,
10/01/2043
59‌
51‌
2.50%,
08/01/2046
38‌
32‌
2.50%,
12/01/2046
65‌
54‌
2.50%,
12/01/2046
101‌
85‌
2.50%,
08/01/2050
4,126‌
3,424‌
2.50%,
09/01/2050
1,311‌
1,082‌
2.50%,
10/01/2050
587‌
484‌
2.50%,
11/01/2050
566‌
468‌
2.50%,
02/01/2051
5,416‌
4,509‌
2.50%,
02/01/2051
1,985‌
1,639‌
2.50%,
07/01/2051
547‌
449‌
2.50%,
07/01/2051
802‌
659‌
2.50%,
07/01/2051
7,366‌
6,066‌
2.50%,
07/01/2051
1,119‌
925‌
2.50%,
08/01/2051
984‌
804‌
2.50%,
09/01/2051
1,649‌
1,356‌
2.50%,
10/01/2051
4,454‌
3,641‌
2.50%,
11/01/2051
5,334‌
4,426‌
2.50%,
11/01/2051
2,358‌
1,952‌
2.50%,
01/01/2052
1,577‌
1,300‌
2.50%,
02/01/2052
3,017‌
2,466‌
2.50%,
02/01/2052
2,564‌
2,102‌
2.50%,
02/01/2052
1,144‌
943‌
2.50%,
02/01/2052
1,946‌
1,608‌
2.50%,
02/01/2052
1,938‌
1,603‌
2.50%,
02/01/2052
10,231‌
8,456‌
2.50%,
03/01/2052
1,990‌
1,639‌
2.50%,
03/01/2052
9,917‌
8,180‌
2.50%,
04/01/2052
7,082‌
5,839‌
2.50%,
04/01/2052
9,518‌
7,840‌
2.50%,
05/01/2052
2,786‌
2,305‌
3.00%,
04/01/2027
12‌
12‌
3.00%,
01/01/2029
19‌
18‌
3.00%,
02/01/2029
22‌
22‌
3.00%,
12/01/2029
21‌
20‌
3.00%,
12/01/2029
15‌
15‌
3.00%,
01/01/2030
120‌
117‌
3.00%,
01/01/2030
99‌
96‌
3.00%,
06/01/2030
62‌
61‌
3.00%,
09/01/2030
27‌
26‌
3.00%,
10/01/2030
112‌
109‌
3.00%,
11/01/2030
106‌
104‌
3.00%,
12/01/2030
22‌
22‌
3.00%,
03/01/2031
71‌
69‌
3.00%,
04/01/2031
24‌
23‌
3.00%,
09/01/2031
121‌
117‌
3.00%,
12/01/2031
51‌
50‌
3.00%,
01/01/2033
16‌
15‌
3.00%,
04/01/2033
16‌
16‌
3.00%,
08/01/2034
158‌
151‌
3.00%,
05/01/2035
175‌
165‌
3.00%,
05/01/2037
2,693‌
2,563‌
3.00%,
06/01/2040
347‌
321‌
Schedule
of
Investments
Bond
Market
Index
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
36
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%,
04/01/2043
$
108‌
$
96‌
3.00%,
05/01/2043
250‌
222‌
3.00%,
05/01/2043
79‌
70‌
3.00%,
05/01/2043
49‌
44‌
3.00%,
07/01/2043
256‌
227‌
3.00%,
07/01/2043
51‌
45‌
3.00%,
08/01/2043
273‌
242‌
3.00%,
10/01/2043
153‌
136‌
3.00%,
11/01/2043
69‌
61‌
3.00%,
01/01/2045
345‌
307‌
3.00%,
05/01/2046
44‌
39‌
3.00%,
10/01/2046
299‌
261‌
3.00%,
10/01/2049
1,472‌
1,268‌
3.00%,
11/01/2049
1,227‌
1,063‌
3.00%,
11/01/2049
1,683‌
1,448‌
3.00%,
03/01/2050
2,677‌
2,313‌
3.00%,
02/01/2052
1,986‌
1,723‌
3.00%,
03/01/2052
1,705‌
1,453‌
3.00%,
03/01/2052
401‌
347‌
3.00%,
03/01/2052
6,284‌
5,391‌
3.00%,
04/01/2052
1,702‌
1,475‌
3.00%,
05/01/2052
2,739‌
2,370‌
3.00%,
05/01/2052
3,452‌
2,941‌
3.00%,
05/01/2052
6,496‌
5,542‌
3.00%,
05/01/2052
10,318‌
8,862‌
3.00%,
06/01/2052
6,980‌
6,003‌
3.50%,
12/01/2026
14‌
14‌
3.50%,
03/01/2029
46‌
45‌
3.50%,
09/01/2029
43‌
42‌
3.50%,
11/01/2030
42‌
41‌
3.50%,
04/01/2032
7‌
6‌
3.50%,
07/01/2032
6‌
6‌
3.50%,
09/01/2032
6‌
6‌
3.50%,
12/01/2032
779‌
764‌
3.50%,
10/01/2033
4‌
4‌
3.50%,
05/01/2034
22‌
21‌
3.50%,
06/01/2034
15‌
15‌
3.50%,
07/01/2034
95‌
92‌
3.50%,
10/01/2034
25‌
24‌
3.50%,
02/01/2036
28‌
27‌
3.50%,
02/01/2037
22‌
21‌
3.50%,
05/01/2037
30‌
28‌
3.50%,
05/01/2037
1,376‌
1,340‌
3.50%,
03/01/2041
11‌
11‌
3.50%,
03/01/2042
26‌
24‌
3.50%,
06/01/2042
152‌
138‌
3.50%,
07/01/2042
26‌
24‌
3.50%,
04/01/2043
207‌
191‌
3.50%,
05/01/2043
140‌
130‌
3.50%,
08/01/2043
151‌
139‌
3.50%,
01/01/2044
51‌
47‌
3.50%,
01/01/2044
640‌
592‌
3.50%,
10/01/2044
77‌
70‌
3.50%,
12/01/2044
138‌
126‌
3.50%,
11/01/2045
100‌
91‌
3.50%,
12/01/2045
12‌
11‌
3.50%,
12/01/2045
124‌
113‌
3.50%,
01/01/2046
153‌
139‌
3.50%,
03/01/2046
37‌
34‌
3.50%,
12/01/2046
112‌
102‌
3.50%,
01/01/2048
734‌
662‌
3.50%,
08/01/2049
818‌
734‌
3.50%,
11/01/2049
1,622‌
1,470‌
3.50%,
12/01/2049
1,180‌
1,075‌
3.50%,
01/01/2050
5,656‌
5,072‌
3.50%,
04/01/2052
4,449‌
3,970‌
3.50%,
05/01/2052
2,349‌
2,110‌
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%,
06/01/2052
$
1,304‌
$
1,160‌
3.50%,
07/01/2052
9,538‌
8,605‌
3.50%,
07/01/2052
845‌
750‌
3.50%,
08/01/2052
3,389‌
3,037‌
3.50%,
10/01/2052
2,533‌
2,250‌
4.00%,
04/01/2029
2‌
2‌
4.00%,
12/01/2030
3‌
3‌
4.00%,
03/01/2031
33‌
33‌
4.00%,
11/01/2031
4‌
4‌
4.00%,
11/01/2033
1‌
1‌
4.00%,
11/01/2033
86‌
85‌
4.00%,
10/01/2034
51‌
50‌
4.00%,
02/01/2036
86‌
84‌
4.00%,
01/01/2037
28‌
27‌
4.00%,
10/01/2037
551‌
534‌
4.00%,
10/01/2037
39‌
39‌
4.00%,
03/01/2038
15‌
14‌
4.00%,
07/01/2038
54‌
53‌
4.00%,
12/01/2038
38‌
37‌
4.00%,
01/01/2039
50‌
48‌
4.00%,
01/01/2041
34‌
33‌
4.00%,
02/01/2041
12‌
11‌
4.00%,
12/01/2041
53‌
51‌
4.00%,
06/01/2042
52‌
49‌
4.00%,
06/01/2042
88‌
84‌
4.00%,
07/01/2042
268‌
255‌
4.00%,
12/01/2042
92‌
88‌
4.00%,
09/01/2044
42‌
40‌
4.00%,
11/01/2044
40‌
37‌
4.00%,
10/01/2049
1,470‌
1,366‌
4.00%,
11/01/2049
588‌
547‌
4.00%,
04/01/2050
1,187‌
1,102‌
4.00%,
05/01/2052
4,250‌
3,956‌
4.00%,
08/01/2052
6,483‌
5,979‌
4.00%,
08/01/2052
2,767‌
2,541‌
4.00%,
09/01/2052
2,663‌
2,440‌
4.00%,
01/01/2053
5,126‌
4,760‌
4.00%,
05/01/2053
4,387‌
4,054‌
4.50%,
06/01/2029
4‌
5‌
4.50%,
07/01/2029
1‌
1‌
4.50%,
08/01/2030
3‌
3‌
4.50%,
01/01/2034
11‌
11‌
4.50%,
01/01/2040
745‌
734‌
4.50%,
08/01/2052
2,175‌
2,056‌
4.50%,
08/01/2052
984‌
934‌
4.50%,
10/01/2052
3,284‌
3,104‌
4.50%,
10/01/2052
4,844‌
4,606‌
4.50%,
01/01/2053
1,544‌
1,465‌
4.50%,
05/01/2053
4,732‌
4,490‌
4.50%,
07/01/2053
5,357‌
5,104‌
5.00%,
08/01/2039
692‌
693‌
5.00%,
12/01/2039
492‌
492‌
5.00%,
07/01/2052
2,433‌
2,378‌
5.00%,
08/01/2052
1,951‌
1,908‌
5.00%,
11/01/2052
4,138‌
4,046‌
5.00%,
04/01/2053
1,704‌
1,667‌
5.00%,
04/01/2053
6,237‌
6,053‌
5.00%,
05/01/2053
5,127‌
5,015‌
5.00%,
06/01/2053
2,595‌
2,536‌
5.00%,
10/01/2053
2,457‌
2,409‌
5.00%,
05/01/2054
1,013‌
985‌
5.00%,
11/01/2054
4,118‌
4,014‌
5.00%,
12/01/2054
3,402‌
3,308‌
5.50%,
03/01/2038
43‌
43‌
5.50%,
05/01/2038
51‌
52‌
5.50%,
06/01/2038
69‌
71‌
5.50%,
09/01/2038
107‌
109‌
Schedule
of
Investments
Bond
Market
Index
Fund
May
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)
5.50%,
11/01/2038
$
58‌
$
59‌
5.50%,
04/01/2039
56‌
58‌
5.50%,
04/01/2040
37‌
37‌
5.50%,
03/01/2053
3,295‌
3,291‌
5.50%,
07/01/2053
1,318‌
1,316‌
5.50%,
07/01/2053
5,869‌
5,922‌
5.50%,
08/01/2053
2,105‌
2,097‌
5.50%,
08/01/2053
5,617‌
5,592‌
5.50%,
04/01/2054
3,214‌
3,208‌
5.50%,
06/01/2054
4,242‌
4,227‌
5.50%,
08/01/2054
1,473‌
1,471‌
5.50%,
08/01/2054
4,722‌
4,681‌
5.50%,
10/01/2054
3,825‌
3,817‌
5.50%,
02/01/2055
4,429‌
4,410‌
6.00%,
10/01/2036
42‌
44‌
6.00%,
01/01/2053
4,629‌
4,736‌
6.00%,
05/01/2053
1,450‌
1,473‌
6.00%,
10/01/2053
2,573‌
2,609‌
6.00%,
10/01/2053
2,980‌
3,043‌
6.00%,
11/01/2053
3,203‌
3,261‌
6.00%,
03/01/2054
1,933‌
1,963‌
6.00%,
07/01/2054
1,914‌
1,945‌
6.00%,
07/01/2054
2,765‌
2,814‌
6.00%,
08/01/2054
2,803‌
2,854‌
6.00%,
09/01/2054
5,717‌
5,806‌
6.00%,
09/01/2054
3,990‌
4,058‌
6.00%,
07/01/2055
(k)
2,500‌
2,521‌
6.50%,
01/01/2054
2,756‌
2,859‌
6.50%,
01/01/2054
4,505‌
4,658‌
6.50%,
02/01/2054
2,765‌
2,863‌
6.50%,
05/01/2054
2,334‌
2,412‌
6.50%,
07/01/2055
(k)
7,550‌
7,745‌
$
501,801‌
Government
National
Mortgage
Association
(GNMA)
-
6
.22
%
2.00%,
08/20/2050
1,967‌
1,580‌
2.00%,
01/20/2051
2,424‌
1,948‌
2.00%,
02/20/2051
7,270‌
5,841‌
2.00%,
05/20/2051
5,532‌
4,445‌
2.00%,
07/20/2051
8,909‌
7,158‌
2.00%,
08/20/2051
571‌
459‌
2.00%,
11/20/2051
2,248‌
1,807‌
2.50%,
06/20/2027
15‌
15‌
2.50%,
12/20/2030
27‌
26‌
2.50%,
03/20/2031
47‌
45‌
2.50%,
07/20/2043
62‌
54‌
2.50%,
12/20/2046
149‌
128‌
2.50%,
01/20/2047
48‌
42‌
2.50%,
06/20/2050
2,287‌
1,924‌
2.50%,
04/20/2051
2,457‌
2,059‌
2.50%,
05/20/2051
7,669‌
6,427‌
2.50%,
07/20/2051
9,477‌
7,944‌
2.50%,
09/20/2051
7,793‌
6,532‌
3.00%,
02/15/2027
7‌
6‌
3.00%,
08/20/2029
16‌
16‌
3.00%,
09/20/2029
20‌
20‌
3.00%,
07/20/2030
18‌
18‌
3.00%,
01/20/2031
22‌
21‌
3.00%,
07/20/2032
26‌
25‌
3.00%,
03/20/2043
199‌
175‌
3.00%,
03/20/2043
42‌
38‌
3.00%,
04/20/2043
268‌
240‌
3.00%,
06/20/2043
238‌
213‌
3.00%,
08/20/2043
258‌
231‌
3.00%,
12/15/2044
25‌
22‌
3.00%,
01/15/2045
21‌
19‌
3.00%,
01/15/2045
25‌
22‌
3.00%,
02/20/2045
23‌
20‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Government
National
Mortgage
Association
(GNMA)
(continued)
3.00%,
05/20/2045
$
147‌
$
131‌
3.00%,
06/20/2045
60‌
53‌
3.00%,
07/20/2045
440‌
390‌
3.00%,
12/20/2045
104‌
92‌
3.00%,
01/20/2046
46‌
40‌
3.00%,
03/20/2046
183‌
162‌
3.00%,
04/20/2046
400‌
354‌
3.00%,
05/20/2046
297‌
263‌
3.00%,
06/20/2046
288‌
255‌
3.00%,
07/20/2046
656‌
580‌
3.00%,
08/20/2046
273‌
241‌
3.00%,
09/20/2046
204‌
181‌
3.00%,
10/20/2046
156‌
137‌
3.00%,
12/15/2046
61‌
54‌
3.00%,
07/20/2051
1,080‌
942‌
3.00%,
09/20/2051
7,130‌
6,216‌
3.00%,
12/20/2051
9,461‌
8,248‌
3.50%,
05/20/2042
63‌
58‌
3.50%,
06/20/2042
65‌
59‌
3.50%,
07/20/2042
253‌
232‌
3.50%,
09/20/2042
195‌
179‌
3.50%,
10/20/2042
141‌
129‌
3.50%,
11/20/2042
124‌
113‌
3.50%,
12/20/2042
129‌
119‌
3.50%,
01/20/2043
214‌
196‌
3.50%,
02/20/2043
341‌
312‌
3.50%,
03/20/2043
230‌
210‌
3.50%,
04/15/2043
80‌
73‌
3.50%,
04/20/2043
152‌
137‌
3.50%,
05/20/2043
101‌
92‌
3.50%,
07/20/2043
130‌
119‌
3.50%,
08/20/2043
312‌
286‌
3.50%,
09/20/2043
225‌
206‌
3.50%,
10/20/2043
105‌
96‌
3.50%,
09/20/2044
85‌
78‌
3.50%,
10/20/2044
98‌
90‌
3.50%,
11/20/2044
94‌
85‌
3.50%,
12/20/2044
97‌
88‌
3.50%,
01/20/2045
93‌
85‌
3.50%,
02/20/2045
127‌
115‌
3.50%,
03/15/2045
24‌
22‌
3.50%,
03/20/2045
158‌
144‌
3.50%,
04/15/2045
8‌
8‌
3.50%,
04/20/2045
152‌
136‌
3.50%,
04/20/2045
94‌
85‌
3.50%,
05/20/2045
155‌
140‌
3.50%,
06/20/2045
24‌
22‌
3.50%,
07/20/2045
132‌
119‌
3.50%,
08/20/2045
145‌
131‌
3.50%,
09/20/2045
137‌
124‌
3.50%,
10/20/2045
124‌
112‌
3.50%,
11/20/2045
222‌
201‌
3.50%,
12/20/2045
161‌
146‌
3.50%,
02/20/2046
132‌
119‌
3.50%,
08/15/2046
26‌
24‌
3.50%,
09/15/2046
65‌
58‌
3.50%,
07/20/2047
2,994‌
2,702‌
3.50%,
01/15/2048
35‌
31‌
3.50%,
01/20/2048
1,714‌
1,545‌
3.50%,
02/20/2048
3,959‌
3,569‌
3.50%,
08/20/2048
1,360‌
1,226‌
3.50%,
09/15/2048
77‌
71‌
3.50%,
04/20/2052
1,347‌
1,202‌
4.00%,
11/20/2043
178‌
168‌
4.00%,
02/20/2044
73‌
69‌
4.00%,
05/15/2044
65‌
61‌
4.00%,
05/20/2044
41‌
39‌
4.00%,
07/20/2044
12‌
12‌
Schedule
of
Investments
Bond
Market
Index
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
38
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Government
National
Mortgage
Association
(GNMA)
(continued)
4.00%,
08/20/2044
$
93‌
$
87‌
4.00%,
09/20/2044
83‌
77‌
4.00%,
10/20/2044
301‌
281‌
4.00%,
11/15/2044
41‌
38‌
4.00%,
11/20/2044
59‌
55‌
4.00%,
12/20/2044
111‌
104‌
4.00%,
01/20/2045
48‌
45‌
4.00%,
03/20/2045
74‌
69‌
4.00%,
08/20/2045
80‌
75‌
4.00%,
09/15/2045
9‌
9‌
4.00%,
09/20/2045
95‌
89‌
4.00%,
10/20/2045
120‌
113‌
4.00%,
11/20/2045
165‌
155‌
4.00%,
12/15/2045
27‌
25‌
4.00%,
01/20/2046
193‌
180‌
4.00%,
02/20/2046
31‌
29‌
4.00%,
04/20/2046
115‌
107‌
4.00%,
10/20/2046
33‌
31‌
4.00%,
11/20/2046
151‌
141‌
4.00%,
01/20/2047
9‌
8‌
4.00%,
02/20/2047
137‌
127‌
4.00%,
03/20/2047
93‌
86‌
4.00%,
05/20/2047
31‌
29‌
4.00%,
11/20/2047
205‌
190‌
4.00%,
03/20/2049
513‌
475‌
4.00%,
05/20/2049
655‌
604‌
4.00%,
04/20/2052
7,171‌
6,595‌
4.50%,
03/15/2039
68‌
66‌
4.50%,
03/15/2040
74‌
72‌
4.50%,
07/15/2040
88‌
85‌
4.50%,
02/20/2041
16‌
15‌
4.50%,
03/20/2041
11‌
10‌
4.50%,
05/15/2045
7‌
7‌
4.50%,
12/20/2046
111‌
108‌
4.50%,
10/15/2047
60‌
59‌
4.50%,
02/20/2049
2,524‌
2,414‌
4.50%,
05/20/2052
985‌
935‌
4.50%,
08/20/2052
303‌
288‌
4.50%,
09/20/2052
8,367‌
7,944‌
4.50%,
06/20/2053
2,905‌
2,750‌
5.00%,
07/20/2038
51‌
50‌
5.00%,
04/20/2039
37‌
37‌
5.00%,
01/20/2045
59‌
59‌
5.00%,
02/20/2046
22‌
22‌
5.00%,
12/20/2046
45‌
45‌
5.00%,
08/20/2048
14‌
14‌
5.00%,
10/20/2048
53‌
52‌
5.00%,
12/20/2052
893‌
871‌
5.00%,
01/20/2053
5,862‌
5,703‌
5.00%,
02/20/2053
1,358‌
1,321‌
5.00%,
04/20/2053
2,747‌
2,677‌
5.00%,
10/20/2053
5,561‌
5,412‌
5.50%,
03/15/2038
46‌
47‌
5.50%,
02/15/2039
40‌
41‌
5.50%,
06/15/2040
81‌
82‌
5.50%,
07/20/2044
41‌
42‌
5.50%,
09/20/2044
62‌
63‌
5.50%,
12/20/2048
8‌
8‌
5.50%,
03/20/2053
840‌
837‌
5.50%,
08/20/2053
824‌
820‌
5.50%,
07/20/2055
(k)
21,100‌
20,928‌
6.00%,
07/20/2053
4,170‌
4,235‌
6.00%,
07/20/2055
(k)
7,100‌
7,157‌
6.50%,
12/20/2052
5,471‌
5,607‌
$
164,009‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
U.S.
Treasury
-
44
.71
%
0.38%,
07/31/2027
$
6,345‌
$
5,885‌
0.38%,
09/30/2027
5,215‌
4,812‌
0.50%,
04/30/2027
14,200‌
13,314‌
0.50%,
05/31/2027
4,955‌
4,633‌
0.50%,
06/30/2027
3,790‌
3,535‌
0.50%,
08/31/2027
7,780‌
7,218‌
0.50%,
10/31/2027
5,120‌
4,724‌
0.63%,
07/31/2026
6,055‌
5,818‌
0.63%,
03/31/2027
3,635‌
3,425‌
0.63%,
11/30/2027
7,625‌
7,041‌
0.63%,
12/31/2027
6,650‌
6,123‌
0.63%,
05/15/2030
21,605‌
18,378‌
0.63%,
08/15/2030
15,065‌
12,696‌
0.75%,
08/31/2026
13,290‌
12,758‌
0.75%,
01/31/2028
10,210‌
9,409‌
0.88%,
06/30/2026
4,470‌
4,318‌
0.88%,
09/30/2026
6,920‌
6,639‌
0.88%,
11/15/2030
13,310‌
11,275‌
1.00%,
07/31/2028
8,595‌
7,865‌
1.13%,
10/31/2026
5,395‌
5,181‌
1.13%,
02/28/2027
605‌
576‌
1.13%,
02/29/2028
5,245‌
4,873‌
1.13%,
08/31/2028
7,015‌
6,430‌
1.13%,
02/15/2031
12,680‌
10,832‌
1.13%,
05/15/2040
3,250‌
1,974‌
1.13%,
08/15/2040
3,885‌
2,335‌
1.25%,
11/30/2026
8,500‌
8,163‌
1.25%,
12/31/2026
9,625‌
9,225‌
1.25%,
03/31/2028
6,615‌
6,154‌
1.25%,
04/30/2028
10,140‌
9,415‌
1.25%,
05/31/2028
8,310‌
7,699‌
1.25%,
06/30/2028
9,680‌
8,950‌
1.25%,
09/30/2028
5,880‌
5,399‌
1.25%,
08/15/2031
10,095‌
8,526‌
1.25%,
05/15/2050
10,980‌
5,129‌
1.38%,
08/31/2026
4,375‌
4,233‌
1.38%,
10/31/2028
8,830‌
8,125‌
1.38%,
12/31/2028
7,435‌
6,815‌
1.38%,
11/15/2031
11,485‌
9,699‌
1.38%,
11/15/2040
4,490‌
2,800‌
1.38%,
08/15/2050
4,950‌
2,374‌
1.50%,
08/15/2026
23,765‌
23,050‌
1.50%,
01/31/2027
1,475‌
1,417‌
1.50%,
11/30/2028
6,840‌
6,309‌
1.50%,
02/15/2030
12,175‌
10,908‌
1.63%,
09/30/2026
495‌
480‌
1.63%,
10/31/2026
13,835‌
13,385‌
1.63%,
11/30/2026
2,925‌
2,825‌
1.63%,
08/15/2029
15,815‌
14,440‌
1.63%,
05/15/2031
11,030‌
9,610‌
1.63%,
11/15/2050
7,265‌
3,730‌
1.75%,
12/31/2026
2,055‌
1,985‌
1.75%,
01/31/2029
14,125‌
13,095‌
1.75%,
11/15/2029
2,360‌
2,153‌
1.75%,
08/15/2041
8,245‌
5,356‌
1.88%,
06/30/2026
3,625‌
3,539‌
1.88%,
07/31/2026
1,340‌
1,306‌
1.88%,
02/28/2027
7,160‌
6,911‌
1.88%,
02/28/2029
5,360‌
4,985‌
1.88%,
02/15/2032
10,485‌
9,093‌
1.88%,
02/15/2041
5,820‌
3,920‌
1.88%,
02/15/2051
6,040‌
3,305‌
1.88%,
11/15/2051
9,395‌
5,090‌
2.00%,
11/15/2026
3,845‌
3,736‌
2.00%,
11/15/2041
5,285‌
3,562‌
2.00%,
02/15/2050
3,950‌
2,262‌
2.00%,
08/15/2051
10,165‌
5,711‌
2.25%,
02/15/2027
5,635‌
5,477‌
Schedule
of
Investments
Bond
Market
Index
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
39
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
U.S.
Treasury
(continued)
2.25%,
08/15/2027
$
4,875‌
$
4,707‌
2.25%,
11/15/2027
6,555‌
6,306‌
2.25%,
05/15/2041
6,930‌
4,933‌
2.25%,
08/15/2046
4,160‌
2,662‌
2.25%,
08/15/2049
6,550‌
4,007‌
2.25%,
02/15/2052
6,160‌
3,668‌
2.38%,
05/15/2027
4,230‌
4,108‌
2.38%,
03/31/2029
6,075‌
5,745‌
2.38%,
05/15/2029
6,050‌
5,712‌
2.38%,
02/15/2042
6,020‌
4,289‌
2.38%,
11/15/2049
3,305‌
2,075‌
2.38%,
05/15/2051
6,765‌
4,186‌
2.50%,
03/31/2027
7,945‌
7,746‌
2.50%,
02/15/2045
2,425‌
1,669‌
2.50%,
02/15/2046
2,375‌
1,609‌
2.50%,
05/15/2046
1,125‌
760‌
2.63%,
05/31/2027
3,865‌
3,770‌
2.63%,
02/15/2029
7,695‌
7,358‌
2.63%,
07/31/2029
2,255‌
2,143‌
2.75%,
04/30/2027
4,420‌
4,325‌
2.75%,
07/31/2027
13,665‌
13,343‌
2.75%,
02/15/2028
8,515‌
8,270‌
2.75%,
05/31/2029
2,500‌
2,393‌
2.75%,
08/15/2032
11,730‌
10,686‌
2.75%,
08/15/2042
739‌
554‌
2.75%,
11/15/2042
1,090‌
813‌
2.75%,
11/15/2047
1,605‌
1,115‌
2.88%,
05/15/2028
3,870‌
3,763‌
2.88%,
08/15/2028
6,250‌
6,061‌
2.88%,
04/30/2029
4,605‌
4,433‌
2.88%,
05/15/2032
10,200‌
9,406‌
2.88%,
05/15/2043
2,880‌
2,175‌
2.88%,
08/15/2045
2,575‌
1,882‌
2.88%,
11/15/2046
600‌
432‌
2.88%,
05/15/2049
4,490‌
3,149‌
2.88%,
05/15/2052
1,405‌
965‌
3.00%,
05/15/2042
1,705‌
1,334‌
3.00%,
11/15/2044
4,710‌
3,548‌
3.00%,
05/15/2045
2,280‌
1,708‌
3.00%,
11/15/2045
1,095‌
816‌
3.00%,
02/15/2047
3,175‌
2,333‌
3.00%,
05/15/2047
4,345‌
3,184‌
3.00%,
02/15/2048
3,415‌
2,480‌
3.00%,
08/15/2048
1,210‌
875‌
3.00%,
02/15/2049
3,190‌
2,297‌
3.00%,
08/15/2052
4,610‌
3,251‌
3.13%,
11/15/2028
11,250‌
10,973‌
3.13%,
08/31/2029
3,010‌
2,915‌
3.13%,
11/15/2041
7,350‌
5,906‌
3.13%,
02/15/2042
1,140‌
912‌
3.13%,
02/15/2043
815‌
642‌
3.13%,
08/15/2044
2,320‌
1,790‌
3.13%,
05/15/2048
1,030‌
764‌
3.25%,
06/30/2027
5,950‌
5,875‌
3.25%,
06/30/2029
4,380‌
4,269‌
3.25%,
05/15/2042
5,235‌
4,246‌
3.38%,
05/15/2033
9,200‌
8,661‌
3.38%,
08/15/2042
3,025‌
2,490‌
3.38%,
11/15/2048
6,675‌
5,162‌
3.50%,
01/31/2028
3,970‌
3,933‌
3.50%,
04/30/2028
3,820‌
3,782‌
3.50%,
01/31/2030
7,810‌
7,658‌
3.50%,
04/30/2030
3,395‌
3,323‌
3.50%,
02/15/2033
8,390‌
7,990‌
3.50%,
02/15/2039
1,130‌
1,001‌
3.63%,
03/31/2028
3,180‌
3,160‌
3.63%,
08/31/2029
2,540‌
2,509‌
3.63%,
03/31/2030
6,730‌
6,628‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
U.S.
Treasury
(continued)
3.63%,
08/15/2043
$
2,410‌
$
2,033‌
3.63%,
02/15/2044
1,245‌
1,045‌
3.63%,
02/15/2053
2,325‌
1,857‌
3.63%,
05/15/2053
7,665‌
6,115‌
3.75%,
12/31/2028
6,315‌
6,284‌
3.75%,
05/31/2030
2,265‌
2,241‌
3.75%,
06/30/2030
800‌
791‌
3.75%,
08/31/2031
9,060‌
8,881‌
3.75%,
08/15/2041
2,175‌
1,912‌
3.75%,
11/15/2043
1,250‌
1,071‌
3.88%,
11/30/2027
4,725‌
4,725‌
3.88%,
12/31/2027
5,365‌
5,366‌
3.88%,
03/15/2028
5,120‌
5,123‌
3.88%,
09/30/2029
6,260‌
6,244‌
3.88%,
11/30/2029
2,300‌
2,293‌
3.88%,
08/15/2033
10,405‌
10,121‌
3.88%,
08/15/2034
11,485‌
11,065‌
3.88%,
08/15/2040
1,350‌
1,217‌
3.88%,
02/15/2043
2,125‌
1,867‌
3.88%,
05/15/2043
1,060‌
929‌
4.00%,
02/29/2028
1,715‌
1,721‌
4.00%,
01/31/2029
2,680‌
2,688‌
4.00%,
07/31/2029
5,130‌
5,144‌
4.00%,
02/28/2030
12,340‌
12,367‌
4.00%,
07/31/2030
5,145‌
5,146‌
4.00%,
01/31/2031
7,695‌
7,676‌
4.00%,
04/30/2032
8,705‌
8,619‌
4.00%,
02/15/2034
11,750‌
11,481‌
4.00%,
11/15/2042
3,490‌
3,125‌
4.00%,
11/15/2052
8,460‌
7,240‌
4.13%,
06/15/2026
10,165‌
10,163‌
4.13%,
09/30/2027
6,975‌
7,013‌
4.13%,
10/31/2027
4,750‌
4,776‌
4.13%,
11/15/2027
2,145‌
2,157‌
4.13%,
03/31/2029
5,800‌
5,843‌
4.13%,
10/31/2029
1,000‌
1,007‌
4.13%,
11/30/2029
10,715‌
10,796‌
4.13%,
10/31/2031
4,015‌
4,015‌
4.13%,
11/30/2031
6,155‌
6,152‌
4.13%,
02/29/2032
5,270‌
5,261‌
4.13%,
03/31/2032
125‌
125‌
4.13%,
11/15/2032
8,815‌
8,776‌
4.13%,
08/15/2044
2,735‌
2,458‌
4.13%,
08/15/2053
3,930‌
3,436‌
4.25%,
11/30/2026
2,525‌
2,534‌
4.25%,
03/15/2027
4,660‌
4,684‌
4.25%,
02/28/2029
6,355‌
6,430‌
4.25%,
06/30/2029
5,900‌
5,971‌
4.25%,
02/28/2031
2,640‌
2,666‌
4.25%,
06/30/2031
4,620‌
4,659‌
4.25%,
11/15/2034
9,360‌
9,268‌
4.25%,
05/15/2039
3,400‌
3,252‌
4.25%,
11/15/2040
1,088‌
1,023‌
4.25%,
02/15/2054
3,315‌
2,961‌
4.25%,
08/15/2054
5,895‌
5,271‌
4.38%,
07/31/2026
1,785‌
1,790‌
4.38%,
08/15/2026
1,610‌
1,615‌
4.38%,
08/31/2028
3,915‌
3,973‌
4.38%,
05/15/2034
10,690‌
10,720‌
4.38%,
02/15/2038
495‌
486‌
4.38%,
11/15/2039
700‌
674‌
4.38%,
05/15/2040
1,995‌
1,916‌
4.38%,
05/15/2041
5,250‌
4,995‌
4.38%,
08/15/2043
1,645‌
1,539‌
4.50%,
07/15/2026
16,330‌
16,398‌
4.50%,
05/15/2027
4,445‌
4,493‌
4.50%,
11/15/2033
9,935‌
10,083‌
4.50%,
02/15/2036
1,630‌
1,650‌
Schedule
of
Investments
Bond
Market
Index
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
40
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
U.S.
Treasury
(continued)
4.50%,
05/15/2038
$
1,200‌
$
1,195‌
4.50%,
08/15/2039
730‌
714‌
4.50%,
02/15/2044
3,835‌
3,637‌
4.50%,
11/15/2054
6,070‌
5,666‌
4.63%,
06/30/2026
5,225‌
5,251‌
4.63%,
11/15/2026
10,695‌
10,784‌
4.63%,
06/15/2027
16,890‌
17,126‌
4.63%,
09/30/2028
6,215‌
6,358‌
4.63%,
04/30/2029
6,920‌
7,095‌
4.63%,
09/30/2030
1,460‌
1,503‌
4.63%,
04/30/2031
2,775‌
2,855‌
4.63%,
05/31/2031
12,215‌
12,563‌
4.63%,
02/15/2035
9,265‌
9,439‌
4.63%,
02/15/2040
2,745‌
2,715‌
4.63%,
05/15/2044
4,030‌
3,880‌
4.63%,
11/15/2044
6,255‌
6,008‌
4.63%,
05/15/2054
6,335‌
6,026‌
4.63%,
02/15/2055
6,445‌
6,147‌
4.75%,
02/15/2037
1,250‌
1,283‌
4.75%,
02/15/2041
3,264‌
3,246‌
4.75%,
02/15/2045
2,710‌
2,645‌
4.75%,
11/15/2053
4,430‌
4,299‌
4.75%,
05/15/2055
2,385‌
2,324‌
5.00%,
05/15/2037
885‌
927‌
5.25%,
11/15/2028
409‌
426‌
5.25%,
02/15/2029
795‌
835‌
5.38%,
02/15/2031
1,100‌
1,173‌
5.50%,
08/15/2028
1,115‌
1,171‌
6.13%,
11/15/2027
700‌
737‌
6.25%,
05/15/2030
1,050‌
1,156‌
6.38%,
08/15/2027
1,540‌
1,621‌
6.50%,
11/15/2026
1,000‌
1,040‌
6.63%,
02/15/2027
450‌
471‌
$
1,179,778‌
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
1,852,101‌
Total
Investments
$
2,662,587‌
Other
Assets
and
Liabilities
-  (0.91)%
(
24,017‌
)
TOTAL
NET
ASSETS
-
100.00%
$
2,638,570‌
(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
$4,706
or
0.18%
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
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$5,030
or
0.19%
of
net
assets.
(e)
Rate
shown
is
as
of
period
end.
The
rate
may
be
a
variable
or
floating
rate
or
a
fixed
rate
which
may
convert
to
a
variable
or
floating
rate
in
the
future.
(f)
Security
purchased
on
a
when-issued
basis.
(g)
Non-income
producing
security
(h)
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
Rate
shown
is
the
rate
in
effect
as
of
period
end.
(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
$4,293
or
0.16%
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.
Affiliated
Securities
August
31,
2024
Purchases
Sales
May
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.19%
$
71,025‌
$
778,821‌
$
776,530‌
$
73,316‌
$
71,025‌
$
778,821‌
$
776,530‌
$
73,316‌
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
4.19%
$
1,945‌
$
—‌
$
—‌
$
—‌
$
1,945‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
Capital
Securities
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
41
INVESTMENT
COMPANIES
-
2
.43
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0
.12
%
Invesco
Preferred
ETF
(a)
121,647‌
$
1,335‌
Money
Market
Funds
-
2
.31
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
4.22%
(b),(c)
1,428,270‌
1,428‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.19%
(b),(c),(d)
25,116,178‌
25,116‌
$
26,544‌
TOTAL
INVESTMENT
COMPANIES
$
27,879‌
PREFERRED
STOCKS
-
1
.00
%
Shares
Held
Value
(000's)
Banks
-
0
.56
%
Cullen/Frost
Bankers
Inc
4.45%,
12/15/2025
(e)
55,739‌
$
942‌
Regions
Financial
Corp
6.95%,
09/15/2029
(e)
107,520‌
2,741‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.77%
US
Bancorp
5.12%,
07/03/2025
(e)
11,995‌
246‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.86%
Wintrust
Financial
Corp
0.00%,
07/15/2030
(e),(f)
95,600‌
2,443‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.88%
$
6,372‌
Diversified
Financial
Services
-
0
.01
%
Affiliated
Managers
Group
Inc
4.20%,
09/30/2061
9,119‌
135‌
Affiliated
Managers
Group
Inc
5.88%,
03/30/2059
1,353‌
27‌
$
162‌
Insurance
-
0
.27
%
Assurant
Inc
5.25%,
01/15/2061
29,885‌
590‌
Corebridge
Financial
Inc
6.38%,
12/15/2064
109,872‌
2,502‌
$
3,092‌
REITs
-
0
.16
%
Public
Storage
4.10%,
01/13/2027
(e)
5,800‌
94‌
Public
Storage
5.60%,
07/03/2025
(e)
14,249‌
323‌
Rexford
Industrial
Realty
Inc
5.63%,
06/22/2025
(e)
68,660‌
1,466‌
$
1,883‌
TOTAL
PREFERRED
STOCKS
$
11,509‌
BONDS
-
97
.34
%
Principal
Amount
(000's)
Value
(000's)
Banks
-
63
.61
%
Australia
&
New
Zealand
Banking
Group
Ltd/
United
Kingdom
6.75%,
06/15/2026
(e),(g),(h),(i)
$
1,900‌
$
1,916‌
USD
Swap
Rate
NY
5
Year
+
5.17%
Banco
Bilbao
Vizcaya
Argentaria
SA
6.13%,
11/16/2027
(e),(g),(h)
600‌
577‌
USD
Swap
Semi-Annual
5
Year
+
3.87%
9.38%,
03/19/2029
(e),(g),(h)
8,500‌
9,329‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.10%
Banco
Santander
SA
4.75%,
11/12/2026
(e),(g),(h)
15,400‌
14,750‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.75%
8.00%,
02/01/2034
(e),(g),(h)
1,000‌
1,046‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.91%
9.63%,
11/21/2028
(e),(g),(h)
3,000‌
3,303‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.31%
9.63%,
05/21/2033
(e),(g),(h)
5,000‌
5,749‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.30%
Bank
of
America
Corp
6.13%,
04/27/2027
(e),(g)
10,304‌
10,375‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.23%
6.63%,
05/01/2030
(e),(g)
14,500‌
14,730‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.68%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Bank
of
Montreal
7.30%,
11/26/2084
(g)
$
2,500‌
$
2,502‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.01%
7.70%,
05/26/2084
(g)
7,300‌
7,530‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.45%
Bank
of
New
York
Mellon
Corp/The
3.70%,
03/20/2026
(e),(g)
25,000‌
24,512‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.35%
3.75%,
12/20/2026
(e),(g)
19,600‌
18,863‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.63%
Bank
of
Nova
Scotia/The
3.63%,
10/27/2081
(g)
7,600‌
7,020‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.61%
7.35%,
04/27/2085
(g)
3,675‌
3,686‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.90%
8.00%,
01/27/2084
(g)
525‌
553‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.02%
8.63%,
10/27/2082
(g)
3,300‌
3,477‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.39%
Barclays
PLC
4.38%,
03/15/2028
(e),(g),(h)
18,000‌
16,430‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.41%
7.63%,
03/15/2035
(e),(g),(h)
1,000‌
988‌
USD
Secured
Overnight
Financing
Rate
ICE
Swap
Rate
5
Year
+
3.69%
8.00%,
03/15/2029
(e),(g),(h)
1,200‌
1,252‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.43%
9.63%,
12/15/2029
(a),(e),(g),(h)
1,800‌
1,987‌
USD
Secured
Overnight
Financing
Rate
ICE
Swap
Rate
5
Year
+
5.78%
BNP
Paribas
SA
4.50%,
02/25/2030
(e),(g),(h),(i)
3,500‌
3,071‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.94%
4.63%,
02/25/2031
(e),(g),(h),(i)
7,000‌
6,072‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.34%
7.38%,
08/19/2025
(e),(g),(h),(i)
6,803‌
6,825‌
USD
Swap
Rate
NY
5
Year
+
5.15%
8.50%,
08/14/2028
(e),(g),(h),(i)
2,000‌
2,118‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.35%
9.25%,
11/17/2027
(e),(g),(h),(i)
5,000‌
5,312‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.97%
9.25%,
11/17/2027
(e),(g),(h)
1,400‌
1,487‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.97%
Canadian
Imperial
Bank
of
Commerce
6.95%,
01/28/2085
(g)
5,500‌
5,459‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.83%
Schedule
of
Investments
Capital
Securities
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
42
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Citigroup
Inc
3.88%,
02/18/2026
(e),(g)
$
23,583‌
$
23,104‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.42%
4.00%,
12/10/2025
(e),(g)
12,000‌
11,877‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.60%
6.75%,
02/15/2030
(e),(g)
1,000‌
989‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.57%
7.00%,
08/15/2034
(e),(g)
4,000‌
4,105‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
2.76%
7.38%,
05/15/2028
(e),(g)
3,600‌
3,717‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.21%
Citizens
Financial
Group
Inc
4.00%,
10/06/2026
(e),(g)
4,900‌
4,747‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.22%
5.65%,
10/06/2025
(e),(g)
10,000‌
9,976‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.31%
7.70%,
07/06/2025
(e)
3,462‌
3,431‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.42%
Corestates
Capital
III
5.16%,
02/15/2027
(i)
10,571‌
10,568‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.83%
Credit
Agricole
SA
8.13%,
12/23/2025
(e),(g),(h),(i)
8,932‌
9,054‌
USD
Swap
Semi-Annual
5
Year
+
6.19%
Deutsche
Bank
AG
8.13%,
04/30/2030
(a),(e),(g),(h)
7,000‌
7,088‌
USD
Secured
Overnight
Financing
Rate
Spread-Adj.
ICE
Swap
Rate
5
Year
+
4.36%
Fifth
Third
Bancorp
4.50%,
09/30/2025
(e),(g)
2,200‌
2,186‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.22%
Goldman
Sachs
Group
Inc/The
3.65%,
08/10/2026
(e),(g)
7,100‌
6,868‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.92%
3.80%,
05/10/2026
(e),(g)
444‌
436‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.97%
6.85%,
02/10/2030
(e),(g)
1,000‌
1,008‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.46%
7.38%,
08/10/2025
(e),(g)
1,500‌
1,508‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.62%
7.50%,
02/10/2029
(a),(e),(g)
1,000‌
1,046‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.16%
7.50%,
05/10/2029
(e),(g)
12,000‌
12,497‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.81%
HSBC
Holdings
PLC
6.00%,
05/22/2027
(e),(g),(h)
3,000‌
2,981‌
USD
Swap
Rate
NY
5
Year
+
3.75%
6.50%,
03/23/2028
(e),(g),(h)
500‌
502‌
USD
Swap
Rate
NY
5
Year
+
3.61%
7.05%,
06/05/2030
(e),(g),(h),(j)
1,000‌
1,000‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.99%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
HSBC
Holdings
PLC
(continued)
8.00%,
03/07/2028
(a),(e),(g),(h)
$
5,000‌
$
5,213‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.86%
Huntington
Bancshares
Inc/OH
4.45%,
10/15/2027
(e),(g)
19,200‌
18,630‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
7
Year
+
4.05%
5.63%,
07/15/2030
(a),(e),(g)
8,700‌
8,674‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
4.95%
Huntington
Capital
II
5.19%,
06/15/2028
2,400‌
2,277‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.89%
Huntington
National
Bank/The
9.61%,
05/06/2030
2,000‌
2,004‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.35%
ING
Groep
NV
5.75%,
11/16/2026
(a),(e),(g),(h)
7,515‌
7,469‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.34%
Intesa
Sanpaolo
SpA
7.70%,
09/17/2025
(e),(g),(h),(i)
7,000‌
7,022‌
USD
Swap
Semi-Annual
5
Year
+
5.46%
JPMorgan
Chase
&
Co
3.65%,
06/01/2026
(e),(g)
15,593‌
15,206‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.85%
6.50%,
04/01/2030
(e),(g)
6,000‌
6,081‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.15%
6.88%,
06/01/2029
(e),(g)
7,600‌
7,924‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.74%
KeyCorp
5.00%,
09/15/2026
(e),(g)
3,775‌
3,704‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.87%
KeyCorp
Capital
I
5.30%,
07/01/2028
1,500‌
1,456‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.00%
KeyCorp
Capital
III
7.75%,
07/15/2029
2,700‌
2,833‌
Lloyds
Banking
Group
PLC
6.75%,
09/27/2031
(e),(g),(h)
900‌
875‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.15%
7.50%,
09/27/2025
(e),(g),(h)
20,150‌
20,193‌
USD
Swap
Rate
NY
5
Year
+
4.50%
8.00%,
09/27/2029
(a),(e),(g),(h)
2,000‌
2,102‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.91%
M&T
Bank
Corp
3.50%,
09/01/2026
(e),(g)
8,000‌
7,496‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.68%
5.13%,
11/01/2026
(e),(g)
4,000‌
3,943‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.78%
Schedule
of
Investments
Capital
Securities
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
43
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
NatWest
Group
PLC
4.60%,
06/28/2031
(e),(g),(h)
$
18,000‌
$
15,459‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.10%
6.00%,
12/29/2025
(e),(g),(h)
8,000‌
7,974‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.63%
Nordea
Bank
Abp
6.63%,
03/26/2026
(e),(g),(h),(i)
15,600‌
15,640‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.11%
PNC
Capital
Trust
C
5.15%,
06/01/2028
3,000‌
2,943‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.83%
PNC
Financial
Services
Group
Inc/The
6.00%,
05/15/2027
(e),(g)
13,600‌
13,625‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.00%
6.20%,
09/15/2027
(e),(g)
2,000‌
2,028‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.24%
6.25%,
03/15/2030
(e),(g)
13,500‌
13,553‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
7
Year
+
2.81%
Regions
Financial
Corp
5.75%,
06/16/2025
(a),(e),(g)
3,500‌
3,497‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.43%
Royal
Bank
of
Canada
6.35%,
11/24/2084
(g)
8,550‌
8,034‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.26%
7.50%,
05/02/2084
(g)
10,500‌
10,916‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.89%
Societe
Generale
SA
8.50%,
03/25/2034
(e),(g),(h),(i)
3,600‌
3,695‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.15%
10.00%,
11/14/2028
(e),(g),(h),(i)
7,000‌
7,613‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.45%
10.00%,
11/14/2028
(e),(g),(h)
600‌
653‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.45%
Standard
Chartered
PLC
4.75%,
01/14/2031
(a),(e),(g),(h)
12,500‌
11,107‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.81%
7.01%,
07/30/2037
(e),(g),(i)
7,100‌
7,268‌
3
Month
USD
LIBOR
+
1.46%
7.01%,
07/30/2037
(e),(g)
2,000‌
2,047‌
3
Month
USD
LIBOR
+
1.46%
7.63%,
01/16/2032
(e),(g),(h),(i)
2,100‌
2,097‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.02%
7.88%,
03/08/2030
(a),(e),(g),(h),(i)
1,000‌
1,025‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.57%
State
Street
Corp
6.45%,
09/15/2030
(e),(g)
3,800‌
3,788‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.14%
6.70%,
09/15/2029
(e),(g)
10,800‌
11,010‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.63%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
State
Street
Corp
(continued)
6.70%,
03/15/2029
(e),(g)
$
6,900‌
$
7,043‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.61%
Swedbank
AB
7.75%,
03/17/2030
(e),(g),(h)
3,000‌
3,113‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.66%
Toronto-Dominion
Bank/The
7.25%,
07/31/2084
(a),(g)
1,000‌
1,022‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.98%
8.13%,
10/31/2082
(g)
13,201‌
13,826‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.08%
Truist
Financial
Corp
4.95%,
09/01/2025
(e),(g)
6,400‌
6,358‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.61%
5.10%,
03/01/2030
(e),(g)
2,000‌
1,945‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
4.35%
5.21%,
03/15/2028
2,000‌
1,921‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.91%
5.26%,
05/15/2027
4,500‌
4,425‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.93%
6.67%,
09/01/2025
(e),(g)
16,136‌
16,032‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.00%
UBS
Group
AG
3.88%,
06/02/2026
(a),(e),(g),(h),(i)
10,000‌
9,705‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.10%
4.38%,
02/10/2031
(e),(g),(h)
2,500‌
2,191‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.31%
4.88%,
02/12/2027
(e),(g),(h),(i)
12,000‌
11,559‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.40%
6.88%,
08/07/2025
(e),(g),(h)
19,500‌
19,508‌
USD
Swap
Semi-Annual
(VS
6
Month)
5
Year
+
4.59%
7.00%,
02/10/2030
(e),(g),(h),(i)
2,000‌
1,980‌
USD
Secured
Overnight
Financing
Rate
ICE
Swap
Rate
5
Year
+
3.08%
US
Bancorp
3.70%,
01/15/2027
(e),(g)
32,500‌
30,974‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.54%
Wells
Fargo
&
Co
3.90%,
03/15/2026
(e),(g)
16,700‌
16,443‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.45%
6.85%,
09/15/2029
(e),(g)
9,000‌
9,250‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.77%
7.63%,
09/15/2028
(e),(g)
6,800‌
7,244‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.61%
$
731,220‌
Diversified
Financial
Services
-
9
.62
%
American
Express
Co
3.55%,
09/15/2026
(e),(g)
43,889‌
42,443‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.85%
Schedule
of
Investments
Capital
Securities
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
44
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Diversified
Financial
Services
(continued)
Capital
One
Financial
Corp
3.95%,
09/01/2026
(a),(e),(g)
$
10,200‌
$
9,902‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.16%
6.13%,
06/23/2025
(e),(g)
21,300‌
21,346‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.78%
Charles
Schwab
Corp/The
4.00%,
06/01/2026
(e),(g)
25,500‌
25,200‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.17%
Voya
Financial
Inc
4.70%,
01/23/2048
(g)
10,800‌
10,222‌
3
Month
USD
LIBOR
+
2.08%
7.76%,
09/15/2028
(e),(g)
1,400‌
1,442‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.36%
$
110,555‌
Electric
-
3
.74
%
American
Electric
Power
Co
Inc
3.88%,
02/15/2062
(g)
7,100‌
6,778‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.68%
6.95%,
12/15/2054
(g)
2,000‌
2,045‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.68%
7.05%,
12/15/2054
(g)
2,600‌
2,674‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.75%
Dominion
Energy
Inc
4.35%,
01/15/2027
(e),(g)
9,900‌
9,675‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.20%
6.63%,
05/15/2055
(g)
3,500‌
3,504‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.21%
Duke
Energy
Corp
3.25%,
01/15/2082
(g)
5,000‌
4,760‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.32%
EUSHI
Finance
Inc
7.63%,
12/15/2054
(g)
500‌
511‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.14%
Evergy
Inc
6.65%,
06/01/2055
(g)
1,000‌
990‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.56%
NextEra
Energy
Capital
Holdings
Inc
3.80%,
03/15/2082
(g)
2,000‌
1,897‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.55%
6.63%,
10/01/2066
2,291‌
2,084‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.33%
6.70%,
09/01/2054
(g)
2,700‌
2,737‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.36%
Sempra
6.55%,
04/01/2055
(g)
2,000‌
1,871‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.14%
6.63%,
04/01/2055
(g)
1,500‌
1,412‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.35%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
Southern
Co/The
6.38%,
03/15/2055
(g)
$
2,000‌
$
2,033‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.07%
$
42,971‌
Food
-
0
.57
%
Dairy
Farmers
of
America
Inc
7.13%,
12/01/2026
(e),(i)
7,000‌
6,598‌
Gas
-
0
.53
%
NiSource
Inc
6.95%,
11/30/2054
(g)
6,000‌
6,139‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.45%
Insurance
-
12
.83
%
ACE
Capital
Trust
II
9.70%,
04/01/2030
2,570‌
3,062‌
Allianz
SE
3.20%,
10/30/2027
(e),(g),(h),(i)
5,000‌
4,298‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.17%
Argentum
Netherlands
BV
for
Zurich
Insurance
Co
Ltd
5.13%,
06/01/2048
(g)
2,000‌
1,973‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.27%
Cloverie
PLC
for
Zurich
Insurance
Co
Ltd
5.63%,
06/24/2046
(g)
4,900‌
4,902‌
3
Month
USD
LIBOR
+
4.92%
Corebridge
Financial
Inc
6.38%,
09/15/2054
(g)
1,200‌
1,168‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.65%
6.88%,
12/15/2052
(g)
7,100‌
7,208‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.85%
Dai-ichi
Life
Insurance
Co
Ltd/The
6.20%,
01/16/2035
(e),(g),(i)
6,000‌
5,955‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.52%
Equitable
Holdings
Inc
6.70%,
03/28/2055
(g)
1,600‌
1,618‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.39%
Liberty
Mutual
Group
Inc
4.13%,
12/15/2051
(g),(i)
11,500‌
11,072‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.32%
7.80%,
03/07/2087
(i)
6,100‌
6,885‌
3
Month
USD
LIBOR
+
3.58%
Liberty
Mutual
Insurance
Co
7.70%,
10/15/2097
(i)
1,100‌
1,191‌
Meiji
Yasuda
Life
Insurance
Co
5.80%,
09/11/2054
(g),(i)
3,600‌
3,496‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.03%
6.10%,
06/11/2055
(g),(i)
400‌
393‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.91%
MetLife
Capital
Trust
IV
7.88%,
12/15/2067
(i)
2,200‌
2,386‌
MetLife
Inc
3.85%,
09/15/2025
(e),(g)
4,500‌
4,460‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.58%
9.25%,
04/08/2068
(i)
10,372‌
12,159‌
3
Month
USD
LIBOR
+
5.54%
10.75%,
08/01/2069
4,300‌
5,628‌
3
Month
USD
LIBOR
+
7.55%
Schedule
of
Investments
Capital
Securities
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
45
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
(continued)
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
5.88%,
05/23/2042
(g),(i)
$
3,600‌
$
3,658‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.98%
Nippon
Life
Insurance
Co
2.75%,
01/21/2051
(g),(i)
4,600‌
3,972‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.65%
2.90%,
09/16/2051
(g),(i)
10,500‌
8,958‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.60%
Prudential
Financial
Inc
3.70%,
10/01/2050
(g)
8,000‌
7,244‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.04%
6.50%,
03/15/2054
(g)
2,000‌
2,030‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.40%
Sumitomo
Life
Insurance
Co
3.38%,
04/15/2081
(g),(i)
5,000‌
4,440‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.75%
Swiss
RE
Subordinated
Finance
PLC
5.70%,
04/05/2035
(g),(i)
1,600‌
1,592‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.81%
6.19%,
04/01/2046
(g),(i)
4,600‌
4,502‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.13%
Zurich
Finance
Ireland
Designated
Activity
Co
3.00%,
04/19/2051
(g)
31,200‌
26,994‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.78%
3.50%,
05/02/2052
(g)
7,200‌
6,245‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.79%
$
147,489‌
Oil
&
Gas
-
0
.25
%
BP
Capital
Markets
PLC
4.88%,
03/22/2030
(e),(g)
3,000‌
2,879‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.40%
Pipelines
-
5
.12
%
Enbridge
Inc
5.75%,
07/15/2080
(g)
5,000‌
4,830‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.31%
6.00%,
01/15/2077
(g)
4,200‌
4,147‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.15%
6.25%,
03/01/2078
(g)
11,000‌
10,820‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.90%
7.63%,
01/15/2083
(g)
2,000‌
2,071‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.42%
8.50%,
01/15/2084
(g)
4,650‌
5,046‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.43%
Enterprise
Products
Operating
LLC
5.25%,
08/16/2077
(g)
7,938‌
7,811‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.29%
5.38%,
02/15/2078
(g)
1,300‌
1,262‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.83%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pipelines
(continued)
Transcanada
Trust
5.50%,
09/15/2079
(g)
$
12,500‌
$
12,059‌
Secured
Overnight
Financing
Rate
+
4.42%
5.60%,
03/07/2082
(g)
7,300‌
6,865‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.99%
5.88%,
08/15/2076
(g)
4,000‌
3,972‌
3
Month
USD
LIBOR
+
4.64%
$
58,883‌
REITs
-
0
.38
%
Scentre
Group
Trust
2
5.13%,
09/24/2080
(a),(g),(i)
4,500‌
4,415‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.69%
Sovereign
-
0
.69
%
CoBank
ACB
4.25%,
01/01/2027
(a),(e),(g)
2,000‌
1,915‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.05%
6.25%,
10/01/2026
(e),(g)
1,000‌
1,001‌
3
Month
USD
LIBOR
+
4.66%
6.45%,
10/01/2027
(e),(g)
5,000‌
4,973‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.49%
$
7,889‌
TOTAL
BONDS
$
1,119,038‌
Total
Investments
$
1,158,426‌
Other
Assets
and
Liabilities
-  (0.77)%
(
8,807‌
)
TOTAL
NET
ASSETS
-
100.00%
$
1,149,619‌
(a)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$30,980
or
2.69%
of
net
assets.
(b)
1-day
yield
shown
is
as
of
period
end.
(c)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$20,748
or
1.80%
of
net
assets.
(d)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(e)
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.
(f)
Non-income
producing
security
(g)
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.
(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
$263,328
or
22.91%
of
net
assets.
(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
$198,510
or
17.27%
of
net
assets.
(j)
Security
purchased
on
a
when-issued
basis.
Schedule
of
Investments
Capital
Securities
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
46
Affiliated
Securities
August
31,
2024
Purchases
Sales
May
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.19%
$
28,358‌
$
422,352‌
$
425,594‌
$
25,116‌
$
28,358‌
$
422,352‌
$
425,594‌
$
25,116‌
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
4.19%
$
285‌
$
—‌
$
—‌
$
—‌
$
285‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
47
INVESTMENT
COMPANIES
-
13.75%
Shares
Held
Value
(000's)
Closed-End
Funds
-
0.15%
Sprott
Physical
Uranium
Trust
(a)
221,300‌
$
3,569‌
Exchange-Traded
Funds
-
10.67%
Global
X
MLP
&
Energy
Infrastructure
ETF
402,400‌
24,381‌
Global
X
US
Infrastructure
Development
ETF
646,200‌
26,824‌
Invesco
Optimum
Yield
Diversified
Commodity
Strategy
No
K-1
ETF
398,220‌
4,994‌
iShares
Global
Infrastructure
ETF
1,490,416‌
87,935‌
Schwab
US
TIPS
ETF
202,154‌
5,359‌
SPDR
Gold
MiniShares
Trust
(a),(b)
1,545,400‌
100,822‌
SPDR
S&P
Global
Natural
Resources
ETF
97,447‌
5,174‌
Vanguard
Real
Estate
ETF
94,658‌
8,455‌
$
263,944‌
Money
Market
Funds
-
2.93%
BlackRock
Liquidity
FedFund
-
Institutional
Class
4.22%
(a),(c),(d)
5,004,311‌
5,005‌
BlackRock
Liquidity
Funds
Treasury
Trust
Fund
-
Institutional
Class
4.18%
(a),(c)
2,980,484‌
2,980‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.19%
(c),(d),(e)
64,515,743‌
64,515‌
$
72,500‌
TOTAL
INVESTMENT
COMPANIES
$
340,013‌
COMMON
STOCKS
-
63.63%
Shares
Held
Value
(000's)
Agriculture
-
0.39%
Archer-Daniels-Midland
Co
18,539‌
$
895‌
Bunge
Global
SA
5,173‌
404‌
Darling
Ingredients
Inc
(f)
237,772‌
7,409‌
Wilmar
International
Ltd
399,000‌
943‌
$
9,651‌
Biotechnology
-
0.27%
Corteva
Inc
94,914‌
6,720‌
Building
Materials
-
0.34%
Boise
Cascade
Co
2,090‌
181‌
Builders
FirstSource
Inc
(f)
1,433‌
154‌
Interfor
Corp
(f)
53,967‌
493‌
Louisiana-Pacific
Corp
7,091‌
639‌
Masterbrand
Inc
(f)
9,026‌
92‌
Stella-Jones
Inc
7,832‌
443‌
Svenska
Cellulosa
AB
SCA
249,244‌
3,370‌
UFP
Industries
Inc
5,272‌
514‌
West
Fraser
Timber
Co
Ltd
34,195‌
2,519‌
$
8,405‌
Chemicals
-
0.78%
CF
Industries
Holdings
Inc
42,250‌
3,832‌
FMC
Corp
4,834‌
196‌
ICL
Group
Ltd
111,636‌
737‌
Ingevity
Corp
(f)
10,257‌
424‌
Lenzing
AG
(f)
1,058‌
32‌
Methanex
Corp
165,076‌
5,388‌
Mosaic
Co/The
115,348‌
4,169‌
Nutrien
Ltd
62,666‌
3,702‌
Yara
International
ASA
24,766‌
889‌
$
19,369‌
Commercial
Services
-
0.91%
Atlas
Arteria
Ltd
2,848,385‌
9,751‌
Cengage
Learning
Holdings
II
Inc
(f)
2,772‌
58‌
Motiva
Infraestrutura
de
Mobilidade
SA
1,216,914‌
2,866‌
Transurban
Group
1,072,252‌
9,799‌
$
22,474‌
Consumer
Products
-
0.08%
Avery
Dennison
Corp
3,111‌
553‌
Kimberly-Clark
Corp
7,407‌
1,065‌
Ontex
Group
NV
(f)
27,029‌
241‌
$
1,859‌
Cosmetics
&
Personal
Care
-
0.12%
Essity
AB
43,187‌
1,263‌
Procter
&
Gamble
Co/The
3,672‌
624‌
Unicharm
Corp
128,200‌
1,020‌
$
2,907‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Electric
-
11.58%
American
Electric
Power
Co
Inc
106,395‌
$
11,011‌
Brookfield
Renewable
Corp
(g)
210,781‌
6,195‌
Clearway
Energy
Inc
-
Class
C
96,789‌
2,978‌
CLP
Holdings
Ltd
873,500‌
7,397‌
CMS
Energy
Corp
141,775‌
9,957‌
Constellation
Energy
Corp
24,000‌
7,348‌
CPFL
Energia
SA
356,649‌
2,525‌
Dominion
Energy
Inc
198,514‌
11,250‌
E.ON
SE
564,875‌
9,900‌
EDP
Renovaveis
SA
938,593‌
9,474‌
EDP
SA
1,517,993‌
6,059‌
Emera
Inc
229,282‌
10,511‌
Enel
SpA
2,065,371‌
18,984‌
Entergy
Corp
143,370‌
11,940‌
Eversource
Energy
116,018‌
7,519‌
Exelon
Corp
285,925‌
12,529‌
HK
Electric
Investments
&
HK
Electric
Investments
Ltd
2,692,000‌
1,943‌
National
Grid
PLC
(g)
1,506,947‌
21,339‌
NextEra
Energy
Inc
346,114‌
24,449‌
OGE
Energy
Corp
184,181‌
8,191‌
PG&E
Corp
649,912‌
10,971‌
Public
Service
Enterprise
Group
Inc
73,629‌
5,966‌
Redeia
Corp
SA
728,206‌
15,065‌
Sempra
171,433‌
13,473‌
SSE
PLC
586,126‌
13,953‌
Terna
-
Rete
Elettrica
Nazionale
785,466‌
8,009‌
WEC
Energy
Group
Inc
58,964‌
6,335‌
Xcel
Energy
Inc
158,644‌
11,121‌
$
286,392‌
Energy
-
Alternate
Sources
-
0.25%
ERG
SpA
290,011‌
6,133‌
Engineering
&
Construction
-
5.09%
Aena
SME
SA
(h)
67,262‌
18,096‌
Aeroports
de
Paris
SA
140,157‌
18,788‌
Athens
International
Airport
SA
364,275‌
4,152‌
Auckland
International
Airport
Ltd
2,977,233‌
13,432‌
Cellnex
Telecom
SA
-
Rights
(f),(h)
383,424‌
14,701‌
China
Tower
Corp
Ltd
(h)
2,709,043‌
4,012‌
Enav
SpA
(h)
3,047,052‌
14,586‌
Fraport
AG
Frankfurt
Airport
Services
Worldwide
(f),(g)
114,189‌
7,928‌
Grupo
Aeroportuario
del
Sureste
SAB
de
CV
ADR
26,914‌
8,667‌
Sacyr
SA
2,434,702‌
9,854‌
Vinci
SA
81,306‌
11,617‌
$
125,833‌
Entertainment
-
0.05%
Crown
Finance
US
Inc
-
4A2
Shares
(f)
54,222‌
1,243‌
Food
-
0.02%
Ingredion
Inc
2,498‌
348‌
Forest
Products
&
Paper
-
1.01%
Acadian
Timber
Corp
(g)
42,330‌
554‌
Canfor
Corp
(f)
60,166‌
570‌
Empresas
CMPC
SA
310,642‌
496‌
Holmen
AB
29,989‌
1,238‌
International
Paper
Co
226,578‌
10,833‌
Mondi
PLC
147,902‌
2,406‌
Nine
Dragons
Paper
Holdings
Ltd
(f)
1,035,000‌
408‌
Oji
Holdings
Corp
292,400‌
1,387‌
Sappi
Ltd
176,359‌
340‌
Suzano
SA
ADR
(g)
105,622‌
917‌
Suzano
SA
179,400‌
1,555‌
Sylvamo
Corp
9,309‌
493‌
UPM-Kymmene
Oyj
134,193‌
3,714‌
Western
Forest
Products
Inc
(f)
275,639‌
82‌
$
24,993‌
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
48
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Gas
-
0.35%
China
Gas
Holdings
Ltd
3,679,200‌
$
3,350‌
Snam
SpA
893,735‌
5,347‌
$
8,697‌
Hand
&
Machine
Tools
-
0.01%
Makita
Corp
11,300‌
346‌
Healthcare
-
Products
-
0.00%
Carestream
Health
Inc
(f)
17,410‌
35‌
Healthcare
-
Services
-
0.00%
Millennium
Health
LLC
(f),(i),(j)
20,580‌
2‌
Millennium
Health
LLC
(f),(i),(j)
19,318‌
—‌
$
2‌
Home
Builders
-
0.14%
DR
Horton
Inc
4,459‌
526‌
KB
Home
4,709‌
243‌
Lennar
Corp
-
A
Shares
1,442‌
153‌
Meritage
Homes
Corp
4,075‌
259‌
NVR
Inc
(f)
58‌
413‌
PulteGroup
Inc
5,030‌
493‌
Sumitomo
Forestry
Co
Ltd
37,500‌
1,089‌
Toll
Brothers
Inc
2,965‌
309‌
$
3,485‌
Housewares
-
0.00%
Scotts
Miracle-Gro
Co/The
1,667‌
99‌
Internet
-
0.01%
Catalina
Marketing
Corp
(f)
4,112‌
123‌
Iron
&
Steel
-
0.59%
ArcelorMittal
SA
14,648‌
444‌
ArcelorMittal
SA
236,763‌
7,240‌
Fortescue
Ltd
54,877‌
546‌
Nippon
Steel
Corp
34,900‌
702‌
Novolipetsk
Steel
PJSC
(f)
1,124,750‌
—‌
Nucor
Corp
29,081‌
3,180‌
POSCO
Holdings
Inc
2,410‌
437‌
Reliance
Inc
1,753‌
513‌
Severstal
PAO
(f)
149,085‌
—‌
Steel
Dynamics
Inc
4,589‌
565‌
Vale
SA
ADR
116,200‌
1,061‌
$
14,688‌
Machinery
-
Construction
&
Mining
-
0.15%
GE
Vernova
Inc
7,625‌
3,606‌
Machinery
-
Diversified
-
0.23%
AGCO
Corp
25,740‌
2,522‌
ANDRITZ
AG
8,237‌
570‌
Deere
&
Co
3,645‌
1,845‌
Kadant
Inc
(g)
859‌
270‌
Valmet
Oyj
17,282‌
565‌
$
5,772‌
Mining
-
2.47%
Agnico
Eagle
Mines
Ltd
16,316‌
1,923‌
Anglo
American
PLC
290,165‌
8,606‌
Antofagasta
PLC
11,182‌
267‌
Barrick
Mining
Corp
56,050‌
1,075‌
BHP
Group
Ltd
149,924‌
3,683‌
Boliden
AB
(f)
8,864‌
277‌
Cameco
Corp
43,635‌
2,554‌
Capstone
Copper
Corp
(f)
1,282,791‌
6,954‌
China
Hongqiao
Group
Ltd
74,500‌
132‌
First
Quantum
Minerals
Ltd
(f)
21,660‌
321‌
Franco-Nevada
Corp
6,220‌
1,048‌
Freeport-McMoRan
Inc
277,441‌
10,676‌
Glencore
PLC
(f)
320,250‌
1,219‌
Gold
Fields
Ltd
ADR
29,005‌
667‌
Impala
Platinum
Holdings
Ltd
ADR
(f)
322,760‌
2,356‌
Ivanhoe
Mines
Ltd
(f)
117,194‌
907‌
Newmont
Corp
36,892‌
1,945‌
Norsk
Hydro
ASA
42,958‌
236‌
Pan
American
Silver
Corp
83,900‌
2,046‌
Polyus
PJSC
(f)
124,590‌
—‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Mining
(continued)
Rio
Tinto
Ltd
12,031‌
$
875‌
Rio
Tinto
PLC
98,037‌
5,802‌
South32
Ltd
146,389‌
289‌
Southern
Copper
Corp
2,867‌
261‌
Sumitomo
Metal
Mining
Co
Ltd
8,900‌
203‌
Teck
Resources
Ltd
14,542‌
539‌
Teck
Resources
Ltd
119,698‌
4,435‌
Wheaton
Precious
Metals
Corp
14,718‌
1,275‌
Zijin
Mining
Group
Co
Ltd
194,000‌
431‌
$
61,002‌
Oil
&
Gas
-
3.97%
Antero
Resources
Corp
(f)
40,629‌
1,522‌
BP
PLC
306,167‌
1,489‌
Canadian
Natural
Resources
Ltd
294,401‌
8,940‌
Cenovus
Energy
Inc
24,461‌
322‌
Chevron
Corp
13,781‌
1,884‌
ConocoPhillips
69,760‌
5,954‌
Coterra
Energy
Inc
6,037‌
147‌
Crescent
Energy
Co
564,896‌
4,739‌
Devon
Energy
Corp
5,384‌
163‌
Diamondback
Energy
Inc
57,078‌
7,680‌
Ecopetrol
SA
ADR
(g)
4,714‌
40‌
Empresas
Copec
SA
75,627‌
520‌
Eni
SpA
41,431‌
611‌
EOG
Resources
Inc
4,610‌
500‌
EQT
Corp
60,538‌
3,337‌
Equinor
ASA
14,945‌
350‌
Expand
Energy
Corp
59,497‌
6,909‌
Exxon
Mobil
Corp
107,015‌
10,948‌
Hess
Corp
2,265‌
299‌
Imperial
Oil
Ltd
(g)
2,967‌
212‌
Marathon
Petroleum
Corp
42,751‌
6,871‌
Neste
Oyj
8,232‌
88‌
Occidental
Petroleum
Corp
5,537‌
226‌
Permian
Resources
Corp
455,520‌
5,744‌
Petroleo
Brasileiro
SA
-
Petrobras
ADR
35,560‌
410‌
Phillips
66
78,496‌
8,908‌
Reliance
Industries
Ltd
(h)
32,981‌
2,170‌
Repsol
SA
22,133‌
298‌
Shell
PLC
112,374‌
3,708‌
Suncor
Energy
Inc
(g)
23,864‌
848‌
Suncor
Energy
Inc
205,816‌
7,317‌
TotalEnergies
SE
42,624‌
2,509‌
Transocean
Ltd
(f)
54,446‌
136‌
Valero
Energy
Corp
14,889‌
1,921‌
Woodside
Energy
Group
Ltd
36,290‌
521‌
$
98,241‌
Oil
&
Gas
Services
-
0.03%
Baker
Hughes
Co
8,116‌
301‌
Halliburton
Co
7,119‌
139‌
Schlumberger
NV
11,488‌
380‌
$
820‌
Packaging
&
Containers
-
1.07%
Amcor
PLC
378,997‌
3,453‌
Billerud
Aktiebolag
66,725‌
727‌
Crown
Holdings
Inc
37,392‌
3,683‌
Graphic
Packaging
Holding
Co
42,924‌
953‌
Klabin
SA
231,890‌
746‌
Packaging
Corp
of
America
21,574‌
4,167‌
Sealed
Air
Corp
5,642‌
182‌
SIG
Group
AG
(f)
73,985‌
1,513‌
Smurfit
WestRock
PLC
172,202‌
7,462‌
Sonoco
Products
Co
18,020‌
821‌
Stora
Enso
Oyj
266,917‌
2,699‌
$
26,406‌
Pipelines
-
4.53%
APA
Group
1,380,418‌
7,376‌
Cheniere
Energy
Inc
42,097‌
9,977‌
Enbridge
Inc
701,052‌
32,627‌
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
49
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Pipelines
(continued)
Gibson
Energy
Inc
428,454‌
$
7,075‌
Kinder
Morgan
Inc
291,557‌
8,175‌
Koninklijke
Vopak
NV
163,039‌
7,468‌
ONEOK
Inc
119,991‌
9,700‌
Pembina
Pipeline
Corp
173,651‌
6,508‌
South
Bow
Corp
294,070‌
7,622‌
TC
Energy
Corp
187,891‌
9,521‌
Venture
Global
Inc
(g)
103,958‌
1,203‌
Williams
Cos
Inc/The
79,738‌
4,825‌
$
112,077‌
Real
Estate
-
2.45%
CBRE
Group
Inc
(f)
30,480‌
3,811‌
CoStar
Group
Inc
(f)
50,512‌
3,716‌
Fastighets
AB
Balder
(f)
492,800‌
3,455‌
Mitsui
Fudosan
Co
Ltd
2,469,600‌
23,652‌
Qualitas
Ltd
(g)
1,515,269‌
2,775‌
Sun
Hung
Kai
Properties
Ltd
819,700‌
8,805‌
Vonovia
SE
440,322‌
14,427‌
$
60,641‌
REITs
-
23.74%
Agree
Realty
Corp
155,761‌
11,729‌
Alexandria
Real
Estate
Equities
Inc
39,376‌
2,764‌
American
Healthcare
REIT
Inc
536,385‌
18,741‌
American
Homes
4
Rent
451,080‌
17,073‌
American
Tower
Corp
47,026‌
10,093‌
Americold
Realty
Trust
Inc
242,300‌
4,015‌
AvalonBay
Communities
Inc
106,655‌
22,053‌
Boardwalk
Real
Estate
Investment
Trust
55,900‌
2,854‌
BXP
Inc
58,680‌
3,951‌
Camden
Property
Trust
32,792‌
3,853‌
CapitaLand
Integrated
Commercial
Trust
5,622,715‌
9,107‌
COPT
Defense
Properties
195,500‌
5,366‌
Cousins
Properties
Inc
245,012‌
6,877‌
Crown
Castle
Inc
203,458‌
20,417‌
Digital
Realty
Trust
Inc
101,769‌
17,456‌
Equinix
Inc
40,025‌
35,575‌
Equity
LifeStyle
Properties
Inc
81,800‌
5,200‌
Equity
Residential
203,794‌
14,294‌
Essex
Property
Trust
Inc
43,370‌
12,313‌
Extra
Space
Storage
Inc
142,837‌
21,590‌
Federal
Realty
Investment
Trust
39,932‌
3,813‌
Gaming
and
Leisure
Properties
Inc
140,900‌
6,580‌
Goodman
Group
914,568‌
19,398‌
Healthpeak
Properties
Inc
192,226‌
3,347‌
Host
Hotels
&
Resorts
Inc
256,688‌
3,976‌
InvenTrust
Properties
Corp
229,959‌
6,459‌
Invitation
Homes
Inc
117,296‌
3,953‌
Iron
Mountain
Inc
44,860‌
4,428‌
Japan
Hotel
REIT
Investment
Corp
7,138‌
3,699‌
Keppel
DC
REIT
3,274,600‌
5,555‌
Kimco
Realty
Corp
185,822‌
3,951‌
Klepierre
SA
436,624‌
17,093‌
Link
REIT
1,292,414‌
6,840‌
Mapletree
Industrial
Trust
561,400‌
840‌
Merlin
Properties
Socimi
SA
330,300‌
4,092‌
Mid-America
Apartment
Communities
Inc
24,001‌
3,760‌
Nippon
Accommodations
Fund
Inc
6,700‌
5,347‌
Nippon
Building
Fund
Inc
7,200‌
6,580‌
Nippon
Prologis
REIT
Inc
5,901‌
3,153‌
PotlatchDeltic
Corp
63,084‌
2,482‌
Prologis
Inc
233,386‌
25,346‌
Prologis
Property
Mexico
SA
de
CV
686,621‌
2,620‌
Public
Storage
12,795‌
3,946‌
Rayonier
Inc
105,337‌
2,496‌
Realty
Income
Corp
68,793‌
3,895‌
Regency
Centers
Corp
156,126‌
11,265‌
Ryman
Hospitality
Properties
Inc
79,000‌
7,672‌
Sabra
Health
Care
REIT
Inc
313,717‌
5,484‌
Safestore
Holdings
PLC
452,627‌
4,010‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
REITs
(continued)
SBA
Communications
Corp
17,933‌
$
4,158‌
Segro
PLC
526,371‌
4,950‌
Sekisui
House
Reit
Inc
6,600‌
3,535‌
Simon
Property
Group
Inc
63,574‌
10,367‌
Stockland
1,869,200‌
6,583‌
Sunstone
Hotel
Investors
Inc
312,700‌
2,802‌
UDR
Inc
90,357‌
3,743‌
Unibail-Rodamco-Westfield
(f)
85,700‌
8,128‌
UNITE
Group
PLC/The
1,004,015‌
11,670‌
Ventas
Inc
361,168‌
23,216‌
VICI
Properties
Inc
694,158‌
22,012‌
Vornado
Realty
Trust
179,182‌
6,750‌
Welltower
Inc
290,474‌
44,814‌
Weyerhaeuser
Co
265,342‌
6,874‌
$
587,003‌
Retail
-
0.05%
Gymboree
Corp/The
(f),(i)
17,842‌
—‌
Gymboree
Holding
Corp
(f),(i)
48,577‌
—‌
Home
Depot
Inc/The
1,658‌
610‌
JOANN
Inc
(f),(i)
3,309‌
—‌
Lowe's
Cos
Inc
2,582‌
583‌
$
1,193‌
Semiconductors
-
0.00%
Bright
Bidco
-
1145
Shares
(f)
11,047‌
3‌
Bright
Bidco
-
4A2
Shares
(f)
15,092‌
5‌
$
8‌
Software
-
0.01%
Avaya
Holdings
Corp
(f)
7,612‌
56‌
Avaya
Holdings
Corp
(f)
24,502‌
179‌
Bloom
Parent
Inc
(f),(i)
103‌
103‌
$
338‌
Telecommunications
-
0.20%
NEXTDC
Ltd
(f)
538,188‌
4,553‌
Windstream
(f),(k)
26,873‌
477‌
$
5,030‌
Transportation
-
0.61%
American
Commercial
Lines
Inc
(f)
573‌
27‌
American
Commercial
Lines
Inc
-
Warrants
(f)
603‌
28‌
Canadian
National
Railway
Co
76,936‌
8,088‌
Frontline
PLC
(g)
59,553‌
1,088‌
Union
Pacific
Corp
26,393‌
5,850‌
$
15,081‌
Water
-
2.13%
Essential
Utilities
Inc
306,274‌
11,801‌
Pennon
Group
PLC
1,668,969‌
11,495‌
Severn
Trent
PLC
404,765‌
14,782‌
United
Utilities
Group
PLC
912,573‌
14,449‌
$
52,527‌
TOTAL
COMMON
STOCKS
$
1,573,547‌
PREFERRED
STOCKS
-
0.30%
Shares
Held
Value
(000's)
Electric
-
0.29%
Centrais
Eletricas
Brasileiras
SA
0.11%
406,522‌
$
3,349‌
Cia
Paranaense
de
Energia
-
Copel
0.44%
1,741,023‌
3,890‌
$
7,239‌
Transportation
-
0.01%
American
Commercial
Lines
Inc
Preferred
A
-
Anti-
Dilution
Warrants
0.00%,
04/30/2045
(f)
6,729‌
1‌
American
Commercial
Lines
Inc
Preferred
B
2.50%
2,428‌
148‌
American
Commercial
Lines
Inc
Preferred
B
-
Anti-
Dilution
Warrants
0.00%,
04/30/2045
(f)
13,648‌
5‌
American
Commercial
Lines
Inc
Preferred
B
-
Warrants
0.00%,
04/30/2045
(f)
1,706‌
104‌
$
258‌
TOTAL
PREFERRED
STOCKS
$
7,497‌
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
50
BONDS
-
0.62%
Principal
Amount
(000's)
Value
(000's)
Commercial
Mortgage
Backed
Securities
-
0.10%
BAMLL
Trust
2024-BHP
6.68%,
08/15/2039
(h)
$
120‌
$
120‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.35%
BFLD
2024-VICT
Mortgage
Trust
6.22%,
07/15/2041
(h)
120‌
120‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.89%
BX
Commercial
Mortgage
Trust
2024-AIRC
6.02%,
08/15/2039
(h)
189‌
190‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.69%
BX
Commercial
Mortgage
Trust
2024-KING
5.87%,
05/15/2034
(h)
395‌
395‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.54%
BX
Commercial
Mortgage
Trust
2024-MDHS
5.97%,
05/15/2041
(h)
263‌
263‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.64%
BX
Commercial
Mortgage
Trust
2024-XL4
7.47%,
02/15/2039
(h)
237‌
238‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.14%
COMM
2024-WCL1
MORTGAGE
TRUST
6.17%,
06/15/2041
(h)
180‌
179‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.84%
CONE
Trust
2024-DFW1
5.97%,
08/15/2041
(h)
70‌
70‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.64%
DBSG
2024-ALTA
Mortgage
Trust
5.95%,
06/10/2037
(h),(l)
110‌
112‌
GWT
2024-WLF2
6.02%,
05/15/2041
(h)
350‌
350‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.69%
HONO
2021-LULU
Mortgage
Trust
5.59%,
10/15/2036
(h)
100‌
99‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.26%
LBA
Trust
2024-BOLT
5.92%,
06/15/2039
(h)
270‌
270‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.59%
$
2,406‌
Electric
-
0.00%
Pacific
Gas
and
Electric
Co
3.15%,
01/01/2026
91‌
91‌
Healthcare
-
Services
-
0.02%
Team
Health
Holdings
Inc
9.00%,
PIK
4.50%;
06/30/2028
(h),(l),(m)
354‌
384‌
Mortgage
Backed
Securities
-
0.19%
Angel
Oak
Mortgage
Trust
2025-2
5.64%,
02/25/2070
(h),(l)
209‌
209‌
BRAVO
Residential
Funding
Trust
2023-NQM3
4.85%,
09/25/2062
(h),(l)
595‌
590‌
Ellington
Financial
Mortgage
Trust
2021-3
1.24%,
09/25/2066
(h),(l)
744‌
614‌
Freddie
Mac
REMICS
5.77%,
12/25/2054
1,434‌
1,436‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
1.45%
J.P.
Morgan
Mortgage
Trust
2023-DSC1
4.62%,
07/25/2063
(h),(l)
327‌
315‌
PRKCM
2022-AFC2
Trust
5.33%,
08/25/2057
(h),(l)
166‌
166‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Mortgage
Backed
Securities
(continued)
PRPM
2025-NQM2
Trust
5.69%,
04/25/2070
(h),(l)
$
250‌
$
250‌
Santander
Mortgage
Asset
Receivable
Trust
2025-NQM2
5.73%,
02/25/2065
(h),(l)
198‌
199‌
SG
Residential
Mortgage
Trust
2022-2
5.35%,
08/25/2062
(h),(l)
292‌
291‌
Verus
Securitization
Trust
2022-7
5.15%,
07/25/2067
(h),(l)
365‌
365‌
Verus
Securitization
Trust
2022-INV2
6.79%,
10/25/2067
(h),(l)
207‌
207‌
$
4,642‌
Other
Asset
Backed
Securities
-
0.07%
AMSR
2022-SFR3
Trust
4.00%,
10/17/2039
(h)
551‌
530‌
New
Residential
Mortgage
Loan
Trust
2022-SFR2
4.00%,
09/04/2039
(h)
560‌
538‌
Progress
Residential
2022-SFR6
Trust
6.04%,
07/20/2039
(h)
635‌
642‌
$
1,710‌
Sovereign
-
0.22%
Brazil
Notas
do
Tesouro
Nacional
Serie
F
9.76%,
01/01/2029
BRL
1,700‌
269‌
9.76%,
01/01/2035
3,990‌
562‌
Bundesrepublik
Deutschland
Bundesanleihe
2.50%,
08/15/2054
EUR
410‌
421‌
European
Union
2.50%,
10/04/2052
455‌
407‌
3.00%,
03/04/2053
936‌
925‌
Israel
Government
International
Bond
5.75%,
03/12/2054
$
204‌
181‌
Japan
Government
Thirty
Year
Bond
2.30%,
12/20/2054
JPY
61,300‌
379‌
2.40%,
03/20/2055
46,350‌
293‌
Kingdom
of
Belgium
Government
Bond
3.30%,
06/22/2054
(h)
EUR
410‌
424‌
Mexico
Government
International
Bond
3.50%,
02/12/2034
$
240‌
197‌
6.35%,
02/09/2035
432‌
430‌
6.88%,
05/13/2037
200‌
202‌
United
Kingdom
Gilt
4.38%,
07/31/2054
GBP
652‌
748‌
United
Kingdom
Inflation-Linked
Gilt
1.25%,
11/22/2054
50‌
53‌
$
5,491‌
Telecommunications
-
0.02%
CommScope
LLC
9.50%,
12/15/2031
(g),(h)
$
553‌
575‌
TOTAL
BONDS
$
15,299‌
SENIOR
FLOATING
RATE
INTERESTS
-
3.83%
Principal
Amount
(000's)
Value
(000's)
Advertising
-
0.05%
Advantage
Sales
&
Marketing
Inc
Term
Loan
B2
8.79%,
10/28/2027
(n)
$
75‌
$
63‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.25%
Clear
Channel
Outdoor
Holdings
Inc
Term
Loan
B
8.44%,
08/23/2028
(n)
708‌
693‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.00%
CMG
Media
Corp
Term
Loan
B2
7.90%,
06/18/2029
(n)
108‌
102‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.50%
Planet
US
Buyer
LLC
Term
Loan
B
7.33%,
02/07/2031
(n)
413‌
413‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.00%
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
51
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Advertising
(continued)
Red
Ventures
LLC
Term
Loan
B5
7.07%,
03/03/2030
(n)
$
106‌
$
91‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
$
1,362‌
Aerospace
&
Defense
-
0.12%
Azorra
Soar
Tlb
Finance
Ltd
Term
Loan
B
7.80%,
10/18/2029
(n)
249‌
248‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
Bleriot
US
Bidco
Inc
Term
Loan
B
7.05%,
10/31/2030
(n)
252‌
252‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.25%
Goat
Holdco
LLC
Term
Loan
B
7.33%,
12/10/2031
(n)
345‌
344‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Kaman
Corp
7.05%,
01/30/2032
(n)
685‌
680‌
CME
Term
Secured
Overnight
Financing
Rate
6
Month
+
2.75%
TransDigm
Inc
Term
Loan
J
6.80%,
02/28/2031
(n)
1,022‌
1,022‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.50%
TransDigm
Inc
Term
Loan
L
6.80%,
01/19/2032
(n)
307‌
307‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.50%
$
2,853‌
Airlines
-
0.04%
AAdvantage
Loyalty
IP
Ltd
Term
Loan
B
6.52%,
04/20/2028
(n)
246‌
243‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.25%
Air
Canada
Term
Loan
B
6.32%,
03/21/2031
(n)
349‌
349‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.00%
SkyMiles
IP
Ltd
Term
Loan
B
8.02%,
10/20/2027
(n)
150‌
151‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.75%
United
Airlines
Inc
Term
Loan
B
6.28%,
02/22/2031
(n)
191‌
192‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.00%
WestJet
Loyalty
LP
Term
Loan
B
7.58%,
02/14/2031
(n)
159‌
158‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.25%
$
1,093‌
Apparel
-
0.01%
ABG
Intermediate
Holdings
2
LLC
Term
Loan
B1
6.57%,
12/21/2028
(n)
36‌
36‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
Varsity
Brands
Inc
Term
Loan
B
7.83%,
08/26/2031
(n)
310‌
308‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.50%
$
344‌
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Automobile
Parts
&
Equipment
-
0.04%
Clarios
Global
LP
Term
Loan
B
6.83%,
05/04/2030
(n)
$
512‌
$
509‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
7.07%,
01/14/2032
(n)
279‌
278‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
Dexko
Global
Inc
Term
Loan
B
8.19%,
10/04/2028
(n)
217‌
207‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
$
994‌
Banks
-
0.00%
Ascensus
Holdings
Inc
Term
Loan
B
7.32%,
08/02/2028
(n)
85‌
84‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Beverages
-
0.04%
BrewCo
Borrower
LLC
Term
Loan
0.00%,
04/05/2028
(f),(n)
35‌
14‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
6.25%
0.00%,
04/05/2028
(f),(n)
91‌
37‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.50%
6.08%,
PIK
7.50%,
01/05/2026
(m),(n)
9‌
8‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
9.00%
Naked
Juice
LLC
Term
Loan
9.71%,
01/24/2029
(n)
109‌
107‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.50%
Pegasus
Bidco
BV
Term
Loan
B
7.58%,
07/12/2029
(n)
283‌
283‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.25%
Primo
Brands
Corp
Term
Loan
B
6.55%,
03/31/2028
(n)
525‌
525‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.25%
$
974‌
Building
Materials
-
0.06%
ACProducts
Holdings
Inc
Term
Loan
B
8.81%,
05/17/2028
(n)
109‌
80‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.25%
Chariot
Buyer
LLC
Term
Loan
B
7.68%,
10/22/2028
(n)
759‌
756‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Cornerstone
Building
Brands
Inc
Term
Loan
B
7.68%,
04/12/2028
(n)
339‌
301‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
MITER
Brands
Acquisition
Holdco
Inc
Term
Loan
B2
7.33%,
03/21/2031
(n)
64‌
64‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Quikrete
Holdings
Inc
Term
Loan
B3
6.57%,
01/31/2032
(n)
134‌
133‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
Quikrete
Holdings
Inc
Term
Loan
B1
6.57%,
04/14/2031
(n)
119‌
118‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
$
1,452‌
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
52
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Chemicals
-
0.10%
Discovery
Purchaser
Corp
Term
Loan
B
8.02%,
08/04/2029
(n)
$
458‌
$
456‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
Ecovyst
Catalyst
Technologies
LLC
Term
Loan
B
6.28%,
06/12/2031
(n)
263‌
261‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.00%
Fortis
333
Inc
Term
Loan
B
7.80%,
02/06/2032
(n)
110‌
109‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.50%
Herens
US
Holdco
Corp
Term
Loan
B
8.32%,
07/03/2028
(n)
149‌
141‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.93%
INEOS
US
Finance
LLC
Term
Loan
B
7.32%,
02/07/2031
(n)
69‌
66‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
7.58%,
02/18/2030
(n)
235‌
227‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
INEOS
US
Petrochem
LLC
Term
Loan
B
8.57%,
10/01/2031
(n)
66‌
59‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.25%
8.67%,
04/02/2029
(n)
88‌
81‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.25%
NIC
Acquisition
Corp
Term
Loan
B
8.31%,
12/29/2027
(n)
113‌
97‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.75%
Nouryon
Finance
BV
Term
Loan
B
7.51%,
04/03/2028
(n)
860‌
862‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.25%
USALCO
LLC
Term
Loan
B
8.30%,
09/30/2031
(n)
203‌
204‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.00%
$
2,563‌
Commercial
Services
-
0.26%
Allied
Universal
Holdco
LLC
Term
Loan
B
8.18%,
05/12/2028
(n)
578‌
579‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
American
Auto
Auction
Group
LLC
Term
Loan
0.00%,
05/22/2032
(n),(o)
33‌
33‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.50%
Anticimex
Global
AB
Term
Loan
B1
7.66%,
11/16/2028
(n)
594‌
593‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.15%
Belron
Finance
2019
LLC
Term
Loan
B
7.05%,
10/16/2031
(n)
175‌
176‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.75%
Boost
Newco
Borrower
LLC
Term
Loan
B2
6.30%,
01/31/2031
(n)
582‌
582‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.00%
Camelot
US
Acquisition
LLC
Term
Loan
B
7.07%,
01/31/2031
(n)
8‌
8‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Services
(continued)
Catawba
Nation
Gaming
Authority
Term
Loan
B
9.05%,
03/29/2032
(n)
$
145‌
$
146‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.75%
CHG
Healthcare
Services
Inc
Term
Loan
B1
7.31%,
09/29/2028
(n)
48‌
48‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.00%
Creative
Artists
Agency
LLC
Term
Loan
B
7.08%,
10/01/2031
(n)
201‌
201‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
Driven
Holdings
LLC
Term
Loan
B
7.44%,
12/17/2028
(n)
50‌
50‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Ensemble
RCM
LLC
Term
Loan
B
7.28%,
08/01/2029
(n)
315‌
315‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.00%
First
Advantage
Holdings
LLC
Term
Loan
B
7.58%,
09/19/2031
(n)
301‌
301‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Garda
World
Security
Corp
Term
Loan
B
7.33%,
02/01/2029
(n)
595‌
592‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Jupiter
Buyer
Inc
Term
Loan
B
9.03%,
10/10/2031
(n)
273‌
274‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.75%
Mister
Car
Wash
Holdings
Inc
Term
Loan
B
6.82%,
03/27/2031
(n)
245‌
245‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.75%
OMNIA
Partners
LLC
Term
Loan
B
7.03%,
07/25/2030
(n)
257‌
257‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.75%
PG
Polaris
BidCo
Sarl
Term
Loan
B
7.30%,
03/26/2031
(n)
354‌
354‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.00%
Prime
Security
Services
Borrower
LLC
Term
Loan
B1
6.33%,
10/13/2030
(n)
411‌
410‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.00%
Shift4
Payments
LLC
0.00%,
05/07/2032
(n),(o)
40‌
40‌
Spin
Holdco
Inc
Term
Loan
B
8.56%,
03/03/2028
(n)
428‌
365‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.00%
Wand
NewCo
3
Inc
Term
Loan
B2
6.82%,
01/30/2031
(n)
426‌
422‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
WEX
Inc
Term
Loan
B2
6.07%,
03/31/2028
(n)
206‌
205‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.75%
XPLOR
T1
LLC
Term
Loan
B
7.80%,
06/24/2031
(n)
179‌
179‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.50%
$
6,375‌
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
53
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Computers
-
0.14%
Amentum
Holdings
Inc
Term
Loan
B
6.58%,
07/30/2031
(n)
$
127‌
$
126‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
Fortress
Intermediate
3
Inc
Term
Loan
B
8.07%,
06/27/2031
(n)
262‌
262‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
Javelin
Buyer
Inc
7.58%,
10/08/2031
(n)
433‌
434‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.25%
Kaseya
Inc
Term
Loan
B
7.57%,
03/06/2032
(n)
317‌
317‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
McAfee
Corp
Term
Loan
B1
7.33%,
03/01/2029
(n)
361‌
347‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
NCR
Atleos
Corp
Term
Loan
B
8.03%,
03/27/2029
(n)
96‌
96‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.75%
Perforce
Software
Inc
Term
Loan
B
9.08%,
03/21/2031
(n)
204‌
197‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.75%
Synechron
Inc
Term
Loan
B
8.04%,
10/03/2031
(n)
250‌
249‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.75%
Tempo
Acquisition
LLC
Term
Loan
B1
6.07%,
08/31/2028
(n)
135‌
134‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.75%
VeriFone
Systems
Inc
Term
Loan
10.21%,
08/18/2028
(n)
453‌
412‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.50%
Vision
Solutions
Inc
Term
Loan
B
8.54%,
04/23/2028
(n)
277‌
259‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.00%
X
Corp
Term
Loan
B1
10.95%,
10/26/2029
(n)
381‌
377‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
6.50%
X
Corp
Term
Loan
B3
9.50%,
10/26/2029
(n)
248‌
247‌
$
3,457‌
Consumer
Products
-
0.01%
Kronos
Acquisition
Holdings
Inc
Term
Loan
B
0.00%,
06/27/2031
(n),(o)
58‌
49‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.00%
VC
GB
Holdings
I
Corp
Term
Loan
B
0.00%,
06/30/2028
(n),(o)
81‌
80‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.50%
$
129‌
Cosmetics
&
Personal
Care
-
0.01%
Conair
Holdings
LLC
Term
Loan
B
8.19%,
05/17/2028
(n)
56‌
39‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Cosmetics
&
Personal
Care
(continued)
Opal
US
LLC
Term
Loan
B
0.00%,
03/31/2032
(n),(o)
$
330‌
$
330‌
CME
Term
Secured
Overnight
Financing
Rate
6
Month
+
3.25%
$
369‌
Distribution
&
Wholesale
-
0.01%
Gates
Corp/DE
Term
Loan
B5
6.08%,
06/04/2031
(n)
338‌
337‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.75%
Diversified
Financial
Services
-
0.02%
Dechra
Finance
US
LLC
Term
Loan
B
7.51%,
12/04/2031
(n)
125‌
124‌
CME
Term
Secured
Overnight
Financing
Rate
6
Month
+
3.25%
Ditech
Holding
Corp
0.00%,
06/30/2022
(f),(n)
792‌
22‌
Prime
Rate
+
6.00%
Kestra
Advisor
Services
Holdings
A
Inc
Term
Loan
B
7.32%,
03/22/2031
(n)
240‌
240‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Orion
US
Finco
Term
Loan
B
0.00%,
05/20/2032
(n),(o)
56‌
56‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
$
442‌
Electric
-
0.13%
Cornerstone
Generation
LLC
Term
Loan
B
0.00%,
10/28/2031
(n),(o)
359‌
360‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
EFS
Cogen
Holdings
I
LLC
Term
Loan
B
7.80%,
10/03/2031
(n)
129‌
130‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.50%
Invenergy
Thermal
Operating
I
LLC
0.00%,
05/06/2032
(n),(o)
108‌
108‌
0.00%,
05/06/2032
(n),(o)
7‌
7‌
Kestrel
Acquisition
LLC
Term
Loan
B
7.80%,
10/29/2031
(n)
199‌
199‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.50%
Long
Ridge
Energy
LLC
8.82%,
02/07/2032
(n)
87‌
84‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.50%
Talen
Energy
Supply
LLC
Term
Loan
B
6.81%,
05/17/2030
(n)
1,155‌
1,156‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.50%
6.81%,
12/11/2031
(n)
918‌
918‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.50%
Thunder
Generation
Funding
LLC
Term
Loan
B
7.30%,
10/02/2031
(n)
205‌
205‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.00%
$
3,167‌
Electronics
-
0.01%
Coherent
Corp
Term
Loan
B2
6.32%,
07/02/2029
(n)
73‌
73‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.00%
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
54
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electronics
(continued)
Ingram
Micro
Inc
Term
Loan
B1
7.05%,
09/17/2031
(n)
$
155‌
$
156‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.75%
$
229‌
Engineering
&
Construction
-
0.05%
Apple
Bidco
LLC
Term
Loan
B
6.82%,
09/22/2031
(n)
512‌
508‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
Brown
Group
Holding
LLC
Term
Loan
B1
6.83%,
07/01/2031
(n)
357‌
355‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
Brown
Group
Holding
LLC
Term
Loan
B2
6.81%,
07/01/2031
(n)
148‌
148‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.75%
Centuri
Group
Inc
Term
Loan
B
6.94%,
08/18/2028
(n)
233‌
233‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
$
1,244‌
Entertainment
-
0.18%
Allwyn
International
A.S.
6.23%,
06/02/2031
(n)
214‌
212‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.00%
AMC
Entertainment
Holdings
Inc
Term
Loan
11.32%,
01/04/2029
(n)
685‌
685‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
7.00%
Bally's
Corp
Term
Loan
B
0.00%,
08/06/2028
(n),(o)
142‌
125‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.25%
Caesars
Entertainment
Inc
Term
Loan
B
6.58%,
02/06/2030
(n)
420‌
419‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.25%
Caesars
Entertainment
Inc
Term
Loan
B1
6.56%,
02/06/2031
(n)
222‌
221‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.25%
Cinemark
USA
Inc
Term
Loan
B
7.06%,
05/24/2030
(n)
244‌
244‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
Crown
Finance
US
Inc
Term
Loan
B
9.58%,
10/31/2031
(n)
610‌
611‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.25%
Entain
PLC
Term
Loan
B
7.05%,
10/31/2029
(n)
550‌
551‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.75%
Flutter
Financing
BV
Term
Loan
B
0.00%,
05/24/2032
(n),(o)
50‌
50‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.00%
6.05%,
11/30/2030
(n)
366‌
365‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.75%
Herschend
Entertainment
Co
LLC
Term
Loan
7.57%,
05/14/2032
(n)
125‌
125‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Entertainment
(continued)
Light
&
Wonder
International
Inc
Term
Loan
B2
6.57%,
04/14/2029
(n)
$
124‌
$
123‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
Merlin
Entertainment
7.80%,
11/12/2029
(n)
146‌
138‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Scientific
Games
Holdings
LP
Term
Loan
B
7.28%,
04/04/2029
(n)
488‌
485‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.00%
SeaWorld
Parks
&
Entertainment
Inc
Term
Loan
B3
6.32%,
12/04/2031
(n)
103‌
102‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.00%
Six
Flags
Entertainment
Corp
Term
Loan
B
6.33%,
04/18/2031
(n)
89‌
89‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.00%
$
4,545‌
Environmental
Control
-
0.05%
GFL
ES
US
LLC
Term
Loan
B
6.82%,
02/04/2032
(n)
220‌
219‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.50%
Madison
IAQ
LLC
Term
Loan
B
6.76%,
06/21/2028
(n)
143‌
143‌
CME
Term
Secured
Overnight
Financing
Rate
6
Month
+
2.50%
Reworld
Holding
Corp
Term
Loan
B1
6.58%,
11/30/2028
(n)
192‌
192‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
Reworld
Holding
Corp
Term
Loan
C1
6.58%,
11/30/2028
(n)
15‌
15‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
Win
Waste
Innovations
Holdings
Inc
Term
Loan
7.19%,
03/24/2028
(n)
592‌
586‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
Win
Waste
Innovations
Holdings
Inc
Term
Loan
B1
8.18%,
03/24/2028
(n)
70‌
70‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
$
1,225‌
Food
-
0.04%
8th
Avenue
Food
&
Provisions
Inc
Term
Loan
B
8.19%,
10/01/2025
(n)
1‌
1‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
9.19%,
10/01/2025
(n)
64‌
62‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.75%
Aspire
Bakeries
Hldgs
LLC
8.58%,
12/13/2030
(n)
139‌
139‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.25%
CHG
PPC
Parent
LLC
Term
Loan
B
7.44%,
12/08/2028
(n)
350‌
351‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Fiesta
Purchaser
Inc
Term
Loan
B
7.57%,
02/12/2031
(n)
241‌
241‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
55
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Food
(continued)
Savor
Acquisition
Inc
Term
Loan
B
7.58%,
02/04/2032
(n)
$
91‌
$
92‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
$
886‌
Hand
&
Machine
Tools
-
0.01%
Madison
Safety
&
Flow
LLC
Term
Loan
B
7.07%,
09/26/2031
(n)
169‌
169‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
Healthcare
-
Products
-
0.09%
Bausch
+
Lomb
Corp
Term
Loan
B
7.68%,
05/10/2027
(n)
525‌
523‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Insulet
Corp
Term
Loan
B
6.82%,
08/01/2031
(n)
179‌
179‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
Medline
Borrower
LP
Term
Loan
B
6.58%,
10/23/2028
(n)
1,225‌
1,224‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
Viant
Medical
Holdings
Inc
8.32%,
10/17/2031
(n)
263‌
261‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.00%
Vyaire
Medical
Inc
0.00%,
04/16/2025
(f),(i),(n)
510‌
—‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.75%
5.45%,
PIK
6.00%,
10/10/2024
(i),(m),(n)
298‌
—‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.00%
$
2,187‌
Healthcare
-
Services
-
0.23%
ADMI
Corp
Term
Loan
B1
10.07%,
12/23/2027
(n)
156‌
151‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.75%
Concentra
Health
Services
Inc
Term
Loan
B1
6.33%,
07/26/2031
(n)
175‌
175‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.00%
Eyecare
Partners
LLC
PIK
Term
Loan
B
5.39%,
PIK
3.61%,
11/30/2028
(m),(n)
177‌
147‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.00%
Global
Medical
Response
Inc
PIK
Term
Loan
B
9.08%,
PIK
0.75%,
10/31/2028
(m),(n)
265‌
265‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.75%
National
Mentor
Holdings
Inc
Term
Loan
C
8.17%,
03/02/2028
(n)
12‌
12‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.75%
National
Mentor
Holdings
Inc
Term
Loan
B
8.17%,
03/02/2028
(n)
301‌
292‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
Onex
TSG
Intermediate
Corp
Term
Loan
B
9.35%,
02/25/2028
(n)
59‌
59‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.75%
Pacific
Dental
Services
LLC
Term
Loan
B
7.08%,
03/15/2031
(n)
265‌
265‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Healthcare
-
Services
(continued)
Phoenix
Guarantor
Inc
Term
Loan
B5
6.82%,
02/21/2031
(n)
$
452‌
$
452‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
Phoenix
Newco
Inc
Term
Loan
B
6.82%,
11/15/2028
(n)
1,282‌
1,281‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
Radiology
Partners
Inc
6.59%,
PIK
1.50%,
01/31/2029
(m),(n)
386‌
382‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.50%
Select
Medical
Corp
Term
Loan
B2
6.32%,
11/18/2031
(n)
154‌
154‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.00%
Sound
Inpatient
Physicians
Inc
PIK
Term
Loan
A
11.06%,
06/28/2028
(n)
25‌
26‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.50%
Sound
Inpatient
Physicians
Inc
PIK
Term
Loan
B
8.06%,
PIK
1.50%,
06/28/2028
(m),(n)
280‌
264‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.50%
Star
Parent
Inc
Term
Loan
B
8.30%,
09/27/2030
(n)
127‌
125‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.75%
Surgery
Center
Holdings
Inc
Term
Loan
7.08%,
12/19/2030
(n)
954‌
955‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
Team
Health
Holdings
Inc
Term
Loan
B
9.53%,
03/02/2027
(n)
614‌
611‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.25%
US
Radiology
Specialists
Inc
Term
Loan
B
9.06%,
12/15/2027
(n)
35‌
35‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.75%
$
5,651‌
Home
Furnishings
-
0.05%
AI
Aqua
Merger
Sub
Inc
Term
Loan
B
7.32%,
07/31/2028
(n)
705‌
700‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
MillerKnoll
Inc
Term
Loan
B
6.44%,
07/19/2028
(n)
102‌
101‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.00%
Somnigroup
International
Inc
Term
Loan
B
6.80%,
10/03/2031
(n)
249‌
250‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
Weber-Stephen
Products
LLC
Term
Loan
B
7.69%,
10/30/2027
(n)
249‌
247‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Weber-Stephen
Products
LLC
Term
Loan
8.68%,
10/30/2027
(n)
25‌
25‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.25%
$
1,323‌
Insurance
-
0
.28%
Acrisure
LLC
Term
Loan
B6
7.32%,
11/06/2030
(n)
520‌
516‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
56
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
(continued)
Alera
Group
Inc
0.00%,
05/21/2032
(n),(o)
$
280‌
$
280‌
Alliant
Holdings
Intermediate
LLC
Term
Loan
B6
7.07%,
09/12/2031
(n)
984‌
979‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
AmWINS
Group
Inc
Term
Loan
B
6.57%,
01/23/2032
(n)
312‌
312‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
AssuredPartners
Inc
Term
Loan
B5
7.83%,
02/14/2031
(n)
346‌
346‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
Asurion
LLC
Term
Loan
B8
7.69%,
12/23/2026
(n)
544‌
543‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Asurion
LLC
Term
Loan
B9
7.69%,
07/31/2027
(n)
148‌
147‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Asurion
LLC
Term
Loan
B3
9.69%,
01/31/2028
(n)
122‌
118‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.25%
Asurion
LLC
Term
Loan
B4
9.69%,
01/20/2029
(n)
139‌
132‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.25%
Asurion
LLC
Term
Loan
B11
8.68%,
08/19/2028
(n)
30‌
30‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.25%
BroadStreet
Partners
Inc
Term
Loan
B4
7.33%,
06/14/2031
(n)
1,039‌
1,040‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
CRC
Insurance
Group
LLC
Term
Loan
B
7.05%,
05/06/2031
(n)
268‌
267‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.75%
HUB
International
Ltd
Term
Loan
B
6.77%,
06/20/2030
(n)
1,038‌
1,037‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.50%
Sedgwick
Claims
Management
Services
Inc
Term
Loan
B
7.33%,
07/31/2031
(n)
641‌
642‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.00%
USI
Inc/NY
Term
Loan
C
6.55%,
09/27/2030
(n)
223‌
222‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.25%
USI
Inc/NY
Term
Loan
D
6.55%,
11/22/2029
(n)
228‌
228‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.25%
$
6,839‌
Internet
-
0.07%
Catalina
Marketing
Corp
0.00%,
PIK
13.81%,
04/23/2027
(m),(n)
157‌
156‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
9.50%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Internet
(continued)
CNT
Holdings
I
Corp
Term
Loan
B
6.78%,
11/08/2032
(n)
$
612‌
$
611‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.50%
Gen
Digital
Inc
Term
Loan
B1
6.08%,
09/12/2029
(n)
416‌
415‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.75%
MH
Sub
I
LLC
Term
Loan
B3
0.00%,
04/24/2028
(n),(o)
91‌
88‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.25%
Proofpoint
Inc
Term
Loan
B
7.33%,
08/31/2028
(n)
393‌
392‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
$
1,662‌
Investment
Companies
-
0.01%
Aragorn
Parent
Corp
Term
Loan
B
8.58%,
12/15/2028
(n)
262‌
263‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.25%
Leisure
Products
&
Services
-
0.10%
Alterra
Mountain
Co
Term
Loan
B6
7.07%,
08/17/2028
(n)
119‌
119‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
Alterra
Mountain
Co
Term
Loan
B
7.32%,
05/31/2030
(n)
330‌
331‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Carnival
Corp
Term
Loan
B
6.33%,
08/08/2027
(n)
194‌
194‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.00%
6.33%,
10/18/2028
(n)
184‌
184‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.00%
ClubCorp
Holdings
Inc
Term
Loan
B
9.56%,
09/18/2026
(n)
555‌
555‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.00%
GBT
US
III
LLC
Term
Loan
B1
6.78%,
07/28/2031
(n)
151‌
151‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.50%
Hayward
Industries
Inc
Term
Loan
B
6.94%,
05/28/2028
(n)
467‌
467‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
SRAM
LLC
Term
Loan
B
6.58%,
02/21/2032
(n)
224‌
223‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
Topgolf
Callaway
Brands
Corp
Term
Loan
B
7.33%,
03/16/2030
(n)
137‌
134‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
$
2,358‌
Lodging
-
0.01%
Fertitta
Entertainment
LLC/NV
Term
Loan
B
7.83%,
01/13/2029
(n)
318‌
316‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
57
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Machinery
-
Diversified
-
0.10%
Chart
Industries
Inc
Term
Loan
B
6.79%,
03/15/2030
(n)
$
421‌
$
422‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.50%
Husky
Injection
Molding
Systems
Ltd
Term
Loan
B
8.78%,
02/01/2029
(n)
373‌
372‌
CME
Term
Secured
Overnight
Financing
Rate
6
Month
+
4.50%
Oregon
Tool
Lux
LP
Term
Loan
0.00%,
10/15/2029
(n),(o)
58‌
45‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.00%
9.67%,
10/15/2029
(n)
53‌
53‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.25%
TK
Elevator
US
Newco
Inc
Term
Loan
B
7.24%,
04/30/2030
(n)
1,087‌
1,089‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Victory
Buyer
LLC
Term
Loan
8.19%,
11/18/2028
(n)
395‌
389‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
$
2,370‌
Media
-
0.15%
Cengage
Learning
Inc
Term
Loan
B
7.83%,
03/22/2031
(n)
308‌
308‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
Century
DE
Buyer
LLC
Term
Loan
7.78%,
10/30/2030
(n)
261‌
262‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.50%
CSC
Holdings
LLC
Term
Loan
B5
8.88%,
04/15/2027
(n)
662‌
649‌
Prime
Rate
+
1.50%
CSC
Holdings
LLC
Term
Loan
B6
8.83%,
01/18/2028
(n)
713‌
703‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.50%
Directv
Financing
LLC
Term
Loan
Non-Extended
9.54%,
08/02/2027
(n)
100‌
101‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.00%
McGraw-Hill
Education
Inc
Term
Loan
B
7.57%,
08/06/2031
(n)
258‌
259‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Nexstar
Media
Inc
Term
Loan
B4
6.94%,
09/18/2026
(n)
259‌
259‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
Sunrise
Financing
Partnership
Term
Loan
AAA
6.79%,
01/31/2032
(n)
260‌
260‌
CME
Term
Secured
Overnight
Financing
Rate
6
Month
+
2.50%
Virgin
Media
Bristol
LLC
Term
Loan
Y
7.37%,
03/31/2031
(n)
219‌
215‌
CME
Term
Secured
Overnight
Financing
Rate
6
Month
+
3.25%
Ziggo
Financing
Partnership
Term
Loan
I
6.94%,
04/28/2028
(n)
611‌
594‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
$
3,610‌
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Mining
-
0.01%
Arsenal
AIC
Parent
LLC
Term
Loan
B
7.07%,
08/18/2030
(n)
$
353‌
$
352‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
Packaging
&
Containers
-
0.10%
Berlin
Packaging
LLC
Term
Loan
B7
7.82%,
06/07/2031
(n)
329‌
330‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
Clydesdale
Acquisition
Holdings
Inc
Term
Loan
B
7.50%,
04/13/2029
(n)
335‌
333‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.18%
7.55%,
03/26/2032
(n)
553‌
549‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Klockner
Pentaplast
of
America
Inc
Term
Loan
B
9.23%,
02/12/2026
(n)
348‌
316‌
CME
Term
Secured
Overnight
Financing
Rate
6
Month
+
4.73%
Plaze
Inc
Term
Loan
B
8.19%,
08/03/2026
(n)
135‌
130‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
Proampac
PG
Borrower
LLC
Term
Loan
B
8.28%,
09/15/2028
(n)
374‌
373‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.00%
SupplyOne
Inc
Term
Loan
B
8.08%,
03/27/2031
(n)
233‌
233‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
TricorBraun
Holdings
Inc
Term
Loan
B
7.69%,
03/03/2028
(n)
97‌
96‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
$
2,360‌
Pharmaceuticals
-
0.06%
Amneal
Pharmaceuticals
LLC
Term
Loan
B
9.82%,
05/04/2028
(n)
162‌
165‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.50%
Barentz
International
BV
7.65%,
03/03/2031
(n)
227‌
226‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.25%
Gainwell
Acquisition
Corp
Term
Loan
B
8.40%,
10/01/2027
(n)
283‌
270‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.00%
Jazz
Financing
Lux
Sarl
Term
Loan
B2
6.58%,
05/05/2028
(n)
472‌
472‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
Organon
&
Co
Term
Loan
B
6.57%,
05/19/2031
(n)
421‌
410‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
$
1,543‌
Pipelines
-
0.08%
BCP
Renaissance
Parent
LLC
Term
Loan
B
7.30%,
10/31/2028
(n)
273‌
273‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
EPIC
Crude
Services
LP
Term
Loan
B
7.26%,
10/15/2031
(n)
249‌
250‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.00%
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
58
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pipelines
(continued)
Freeport
LNG
Investments
LLLP
7.53%,
11/17/2026
(n)
$
614‌
$
611‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.00%
Freeport
LNG
Investments
LLLP
Term
Loan
B
7.52%,
12/21/2028
(n)
125‌
125‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.50%
8.66%,
12/21/2028
(n)
419‌
418‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.25%
Oryx
Midstream
Services
Permian
Basin
LLC
Term
Loan
B
6.57%,
10/05/2028
(n)
305‌
304‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
Traverse
Midstream
Partners
LLC
Term
Loan
B
7.28%,
02/16/2028
(n)
38‌
38‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.00%
$
2,019‌
Real
Estate
-
0.03%
Cushman
&
Wakefield
US
Borrower
LLC
Term
Loan
B2
7.07%,
01/31/2030
(n)
423‌
424‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
Forest
City
Enterprises
LLC
Term
Loan
B
7.94%,
12/07/2025
(n)
397‌
384‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
$
808‌
Retail
-
0.13%
1011778
BC
ULC
Term
Loan
B6
6.08%,
09/20/2030
(n)
450‌
448‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.75%
Academy
Ltd
Term
Loan
8.19%,
11/05/2027
(n)
72‌
71‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
EG
America
LLC
Term
Loan
B2
8.56%,
02/07/2028
(n)
232‌
232‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.25%
Gulfside
Supply
Inc
Term
Loan
B
7.30%,
05/29/2031
(n)
212‌
211‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.00%
IRB
Holding
Corp
Term
Loan
B
6.82%,
12/15/2027
(n)
399‌
399‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
Johnstone
Supply
LLC
Term
Loan
B
6.82%,
06/09/2031
(n)
318‌
318‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
LBM
Acquisition
LLC
Term
Loan
B
8.18%,
12/17/2027
(n)
51‌
49‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
8.18%,
06/06/2031
(n)
188‌
169‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
LS
Group
OpCo
Acquistion
LLC
Term
Loan
B1
6.82%,
04/23/2031
(n)
208‌
206‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Retail
(continued)
Michaels
Cos
Inc/The
Term
Loan
8.81%,
04/15/2028
(n)
$
113‌
$
79‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.25%
Petco
Health
&
Wellness
Co
Inc
Term
Loan
B
7.81%,
03/03/2028
(n)
142‌
131‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.25%
PetSmart
LLC
Term
Loan
B
8.18%,
02/11/2028
(n)
419‌
417‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
QXO
Building
Products
Inc
Term
Loan
B
7.28%,
04/23/2032
(n)
85‌
85‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Restoration
Hardware
Inc
Term
Loan
B
6.94%,
10/20/2028
(n)
214‌
203‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
Serta
Simmons
Bedding
LLC
Term
Loan
Exit
11.90%,
06/29/2028
(n)
20‌
18‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
7.50%
WH
Borrower
LLC
9.07%,
02/12/2032
(n)
105‌
104‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.75%
White
Cap
Supply
Holdings
LLC
Term
Loan
B
7.58%,
10/19/2029
(n)
143‌
142‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
$
3,282‌
Software
-
0.54%
Avalara
Inc
Term
Loan
B
7.55%,
03/19/2032
(n)
275‌
275‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.25%
Avaya
Inc
PIK
Term
Loan
Exit
11.82%,
PIK
0.00%,
07/31/2028
(m),(n)
908‌
714‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
7.50%
Azalea
Topco
Inc
Term
Loan
B
7.57%,
04/30/2031
(n)
317‌
317‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Boxer
Parent
Co
Inc
Term
Loan
B
7.32%,
07/30/2031
(n)
1,187‌
1,178‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.00%
Cloud
Software
Group
Inc
Term
Loan
B2
4.03%,
03/21/2031
(n)
45‌
45‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.75%
Cotiviti
Inc
Term
Loan
B
7.07%,
05/01/2031
(n)
590‌
587‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
Cotiviti
Inc
Term
Loan
7.07%,
02/13/2032
(n)
250‌
248‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
Dayforce
Inc
Term
Loan
B
6.28%,
03/01/2031
(n)
230‌
231‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.00%
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
59
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Software
(continued)
DTI
Holdco
Inc
Term
Loan
B
8.32%,
04/26/2029
(n)
$
133‌
$
132‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.00%
Dun
&
Bradstreet
Corp/The
Term
Loan
B2
6.58%,
01/18/2029
(n)
5‌
5‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
Ellucian
Holdings
Inc
Term
Loan
B
7.32%,
10/09/2029
(n)
403‌
403‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Envestnet
Inc/BCPE
Pequod
Buyer
Inc
7.58%,
09/19/2031
(n)
210‌
210‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.50%
Epicor
Software
Corp
Term
Loan
B
7.08%,
05/23/2031
(n)
993‌
995‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
EVERTEC
Group
LLC
Term
Loan
B
7.07%,
10/30/2030
(n)
220‌
219‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
FinThrive
Software
Intermediate
Holdings
Inc
Term
Loan
C
0.00%,
12/15/2028
(n),(o)
58‌
52‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.00%
FinThrive
Software
Intermediate
Holdings
Inc
Term
Loan
B
8.32%,
12/17/2028
(n)
238‌
231‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.00%
Genesys
Cloud
Services
Inc
Term
Loan
B
6.82%,
01/23/2032
(n)
640‌
638‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
Icon
Parent
Inc
7.21%,
09/11/2031
(n)
713‌
712‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.00%
Informatica
LLC
Term
Loan
B
6.58%,
10/27/2028
(n)
452‌
453‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
Leia
Finco
US
LLC
Term
Loan
B
7.46%,
10/09/2031
(n)
550‌
550‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.25%
Mitchell
International
Inc
Term
Loan
B
7.58%,
06/17/2031
(n)
493‌
491‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
PointClickCare
Technologies
Inc
Term
Loan
B
7.55%,
10/10/2031
(n)
224‌
225‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.25%
Polaris
Newco
LLC
Term
Loan
B
8.29%,
06/02/2028
(n)
147‌
142‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.00%
Project
Ruby
Ultimate
Parent
Corp
Term
Loan
B
7.44%,
03/10/2028
(n)
240‌
240‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Software
(continued)
Rackspace
Finance
LLC
Term
Loan
B
7.20%,
05/15/2028
(n)
$
452‌
$
202‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
10.70%,
05/15/2028
(n)
230‌
229‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.25%
Rocket
Software
Inc
Term
Loan
B
8.58%,
11/28/2028
(n)
515‌
515‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.25%
SS&C
Technologies
Inc
Term
Loan
B8
6.33%,
05/09/2031
(n)
190‌
190‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.00%
UKG
Inc
Term
Loan
B
7.33%,
02/10/2031
(n)
1,563‌
1,566‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
VS
Buyer
LLC
Term
Loan
B
7.02%,
04/12/2031
(n)
229‌
229‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
West
Technology
Group
LLC
Term
Loan
B3
8.53%,
04/09/2027
(n)
253‌
139‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.00%
Zelis
Payments
Buyer
Inc
Term
Loan
B
7.07%,
09/28/2029
(n)
609‌
604‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
ZoomInfo
LLC
Term
Loan
B
6.08%,
02/28/2030
(n)
283‌
280‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.75%
$
13,247‌
Telecommunications
-
0.40%
Altice
France
SA
TERM
B14-Exit
9.75%,
08/15/2028
(n)
56‌
51‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.50%
Altice
France
SA
Term
Loan
B11
9.25%,
07/31/2025
(n)
149‌
131‌
CME
Term
Secured
Overnight
Financing
Rate
6
Month
+
2.75%
Altice
France
SA
Term
Loan
B12
10.05%,
01/31/2026
(n)
148‌
131‌
CME
Term
Secured
Overnight
Financing
Rate
6
Month
+
3.69%
Altice
France
SA
Term
Loan
B13
10.50%,
08/14/2026
(n)
370‌
329‌
CME
Term
Secured
Overnight
Financing
Rate
6
Month
+
4.00%
Cincinnati
Bell
Inc
Term
Loan
B4
7.07%,
11/22/2028
(n)
364‌
365‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
CommScope
LLC
9.57%,
12/18/2029
(n)
1,830‌
1,846‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Connect
Finco
SARL
Term
Loan
B
8.83%,
09/27/2029
(n)
137‌
125‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.50%
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
60
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Telecommunications
(continued)
Cyborg
Oldco
DC
Holdings
Inc
Term
Loan
B
0.00%,
05/01/2024
(f),(n)
$
277‌
$
—‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Delta
Topco
Inc
Term
Loan
B
7.07%,
11/30/2029
(n)
797‌
792‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.75%
Digicel
International
Finance
Ltd
PIK
Term
Loan
B
9.53%,
PIK
2.25%,
05/25/2027
(m),(n)
618‌
615‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.15%
Frontier
Communications
Holdings
LLC
Term
Loan
B
6.79%,
07/01/2031
(n)
1,071‌
1,070‌
CME
Term
Secured
Overnight
Financing
Rate
6
Month
+
2.50%
Level
3
Financing
Inc
Term
Loan
B3
8.57%,
03/22/2032
(n)
983‌
988‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.25%
Lumen
Technologies
Inc
Term
Loan
A
10.33%,
06/01/2028
(n)
404‌
413‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.00%
Lumen
Technologies
Inc
Term
Loan
B2
6.79%,
04/15/2030
(n)
610‌
603‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.35%
MLN
US
Holdco
LLC
0.00%,
10/18/2027
(f),(n)
615‌
—‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
6.80%
MLN
US
Holdco
LLC
Term
Loan
0.00%,
11/30/2025
(f),(n)
1,058‌
3‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.50%
Syniverse
Holdings
LLC/DE
Term
Loan
11.31%,
05/13/2027
(n)
83‌
79‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
7.00%
Viasat
Inc
Term
Loan
B
8.94%,
03/04/2029
(n)
23‌
22‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.50%
8.94%,
05/30/2030
(n)
271‌
252‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.50%
Zayo
Group
Holdings
Inc
Term
Loan
B
7.44%,
03/09/2027
(n)
2,146‌
2,045‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
$
9,860‌
Transportation
-
0.01%
PODS
LLC
Term
Loan
B
7.54%,
03/31/2028
(n)
144‌
138‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.00%
Stonepeak
Nile
Parent
LLC
Term
Loan
B
6.98%,
02/04/2032
(n)
156‌
156‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
$
294‌
TOTAL
SENIOR
FLOATING
RATE
INTERESTS
$
94,637‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
19.66%
Principal
Amount
(000's)
Value
(000's)
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
-
0.64%
5.00%,
06/01/2055
(p)
$
1,423‌
$
1,377‌
5.50%,
06/01/2055
(p)
8,708‌
8,620‌
6.00%,
06/01/2055
(p)
5,831‌
5,888‌
$
15,885‌
U.S.
Treasury
-
0.02%
3.00%,
02/15/2049
655‌
472‌
U.S.
Treasury
Bill
-
9.81%
4.10%,
09/04/2025
(a),(q),(r),(s)
88,700‌
87,722‌
4.12%,
08/07/2025
(a),(q)
2,800‌
2,778‌
4.16%,
07/17/2025
(a),(q),(r)
6,540‌
6,506‌
4.16%,
07/31/2025
(a),(q),(s)
4,700‌
4,667‌
4.16%,
11/28/2025
(a),(q)
6,290‌
6,160‌
4.17%,
07/15/2025
(a),(q),(r)
23,635‌
23,516‌
4.18%,
07/08/2025
(a),(q)
23,075‌
22,978‌
4.19%,
06/10/2025
(a),(q)
25‌
25‌
4.19%,
06/26/2025
(a),(q)
5,595‌
5,579‌
4.19%,
07/01/2025
(a),(q)
2,455‌
2,447‌
4.19%,
07/03/2025
(a),(q)
7,165‌
7,139‌
4.19%,
08/26/2025
(a),(q)
380‌
376‌
4.20%,
09/02/2025
(a),(q)
340‌
336‌
4.21%,
07/10/2025
(a),(q)
1,190‌
1,185‌
4.21%,
07/24/2025
(a),(q)
1,745‌
1,734‌
4.22%,
06/12/2025
(a),(q)
1,585‌
1,583‌
4.23%,
06/05/2025
(a),(q)
13,800‌
13,795‌
4.23%,
07/22/2025
(a),(q)
54,280‌
53,962‌
$
242,488‌
U.S.
Treasury
Inflation-Indexed
Obligations
-
9.19%
0.13%,
07/15/2026
6,687‌
6,630‌
0.13%,
10/15/2026
6,969‌
6,887‌
0.13%,
01/15/2030
6,563‌
6,159‌
0.13%,
07/15/2030
7,484‌
6,986‌
0.13%,
01/15/2031
8,034‌
7,391‌
0.13%,
07/15/2031
8,120‌
7,414‌
0.13%,
01/15/2032
8,999‌
8,087‌
0.13%,
02/15/2051
2,788‌
1,490‌
0.13%,
02/15/2052
3,423‌
1,796‌
0.25%,
07/15/2029
6,170‌
5,896‌
0.25%,
02/15/2050
2,824‌
1,609‌
0.38%,
01/15/2027
543‌
535‌
0.38%,
07/15/2027
5,837‌
5,754‌
0.50%,
01/15/2028
6,827‌
6,686‌
0.63%,
07/15/2032
9,422‌
8,715‌
0.63%,
02/15/2043
2,942‌
2,157‌
0.75%,
07/15/2028
5,826‌
5,741‌
0.75%,
02/15/2042
3,667‌
2,810‌
0.75%,
02/15/2045
4,423‌
3,195‌
0.88%,
01/15/2029
5,194‌
5,096‌
0.88%,
02/15/2047
2,756‌
1,971‌
1.00%,
02/15/2046
2,248‌
1,685‌
1.00%,
02/15/2048
2,133‌
1,547‌
1.00%,
02/15/2049
1,462‌
1,045‌
1.13%,
01/15/2033
8,740‌
8,280‌
1.25%,
04/15/2028
7,543‌
7,516‌
1.38%,
07/15/2033
8,666‌
8,338‌
1.38%,
02/15/2044
4,171‌
3,463‌
1.50%,
02/15/2053
3,238‌
2,523‌
1.63%,
10/15/2027
7,940‌
8,032‌
1.63%,
10/15/2029
9,562‌
9,650‌
1.63%,
04/15/2030
4,811‌
4,825‌
1.75%,
01/15/2028
2,815‌
2,848‌
1.75%,
01/15/2034
9,155‌
8,997‌
1.88%,
07/15/2034
(s)
9,427‌
9,353‌
2.13%,
04/15/2029
8,194‌
8,396‌
2.13%,
01/15/2035
10,620‌
10,694‌
2.13%,
02/15/2040
1,615‌
1,578‌
2.13%,
02/15/2041
2,280‌
2,203‌
2.13%,
02/15/2054
3,189‌
2,870‌
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
61
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
U.S.
Treasury
Inflation-Indexed
Obligations
(continued)
2.38%,
10/15/2028
$
8,133‌
$
8,426‌
2.38%,
02/15/2055
1,637‌
1,556‌
2.50%,
01/15/2029
2,721‌
2,824‌
3.38%,
04/15/2032
1,254‌
1,388‌
3.63%,
04/15/2028
2,347‌
2,496‌
3.88%,
04/15/2029
3,356‌
3,660‌
$
227,198‌
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
486,043‌
TOTAL
PURCHASED
OPTIONS
-
0.00%
$
88‌
TOTAL
PURCHASED
INTEREST
RATE
SWAPTIONS
-
0.00%
$
26‌
Total
Investments
$
2,517,150‌
Other
Assets
and
Liabilities
-  (1.79)%
(44,407‌)
TOTAL
NET
ASSETS
-
100.00%
$
2,472,743‌
(a)
All
or
a
portion
of
this
security
is
owned
by
the
DRA
Cayman
Corporation,
which
is
a
wholly-owned
subsidiary
of
the
Fund.
(b)
The
Trust
is
not
registered
as
an
investment
company
under
the
Investment
Company
Act
of
1940,
as
amended,
and
is
not
required
to
register
under
such
act.
Consequently,
shareholders
do
not
have
the
regulatory
protections
provided
to
investors
in
registered
investment
companies.
The
Trust
sells
shares
under
the
Securities
Act
of
1933
and
files
reports
pursuant
to
the
Securities
Act
of
1934.
(c)
1-day
yield
shown
is
as
of
period
end.
(d)
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
$31,466
or
1.27%
of
net
assets.
(e)
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.
(f)
Non-income
producing
security
(g)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$36,233
or
1.47%
of
net
assets.
(h)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$62,270
or
2.52%
of
net
assets.
(i)
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.
(j)
Restricted
Security.
Please
see
Restricted
Securities
sub-schedule
for
additional
information.
(k)
Security
is
subject
to
a
contractual
sale
restriction
but
this
feature
is
not
considered
in
measuring
the
fair
value.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$477.
The
sale
restriction
provision
specified
in
the
shareholder
agreements
have
no
specified
expiration
date
or
circumstances
that
could
cause
a
lapse.  
(l)
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
Rate
shown
is
the
rate
in
effect
as
of
period
end.
(m)
Payment
in
kind;
the
issuer
has
the
option
of
paying
additional
securities
in
lieu
of
cash.
(n)
Rate
information
disclosed
is
based
on
an
average
weighted
rate
of
the
underlying
tranches
as
of
period
end.
(o)
This
Senior
Floating
Rate
Note
will
settle
after
May
31,
2025,
at
which
time
the
interest
rate
will
be
determined.
(p)
Security
was
purchased
in
a
"to-be-announced"
("TBA")
transaction.
(q)
Rate
shown
is
the
discount
rate
of
the
original
purchase.
(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
$15,431
or
0.62%
of
net
assets.
(s)
Security
or
a
portion
of
the
security
was
pledged
to
cover
margin
requirements
for
swap
and/or
swaption
contracts.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$9,136
or
0.37%
of
net
assets.
Affiliated
Securities
August
31,
2024
Purchases
Sales
May
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.19%
$
108,731‌
$
1,273,500‌
$
1,317,716‌
$
64,515‌
$
108,731‌
$
1,273,500‌
$
1,317,716‌
$
64,515‌
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
4.19%
$
1,600‌
$
—‌
$
—‌
$
—‌
$
1,600‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Restricted
Securities
Security
Name
Acquisition
Date
Cost
Value
Percent
of
Net
Assets
Millennium
Health
LLC
03/15/2016
$
—‌
$
2‌
0.00%
Millennium
Health
LLC
03/15/2016
—‌
—‌
0.00%
Total
$
2‌
0.00%
Amounts
in
thousands.
Options
Purchased
Options
Outstanding
Counterparty
Contracts/
Shares
Notional
Amount
Exercise
Price
Expiration
Date
Upfront
Payments
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
AUD
versus
NZD
Citigroup
Inc
1
AUD
2,996‌
AUD
1.09‌
06/04/2025
$
6‌
$
—‌
$
(6‌)
Put
-
USD
versus
JPY
Barclays
Bank
PLC
1
$
1,572‌
$
146.00‌
06/12/2025
11‌
30‌
19‌
Put
-
USD
versus
JPY
JPMorgan
Chase
1
1,572‌
$
141.00‌
06/12/2025
7‌
5‌
(2‌)
Put
-
USD
versus
JPY
Barclays
Bank
PLC
1
1,955‌
$
150.00‌
11/20/2025
4‌
5‌
1‌
Put
-
USD
versus
MXN
Morgan
Stanley
&
Co
1
2,752‌
$
19.10‌
08/15/2025
26‌
22‌
(4‌)
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
62
Options
(continued)
Purchased
Options
Outstanding
Counterparty
Contracts/
Shares
Notional
Amount
Exercise
Price
Expiration
Date
Upfront
Payments
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
Payout
at
expiry
if
USD-SOFR
ICESWAP>=5.2
and
difference
of
US
10-Year
swap
and
US
2-Year
swap
>=.401
Citigroup
Inc
36,167,000‌
$
36,167‌
$
0.40‌
08/19/2025
$
19‌
$
26‌
$
7‌
Total
$
73‌
$
88‌
$
15‌
Written
Options
Outstanding
Counterparty
Contracts/
Shares
Notional
Amount
Exercise
Price
Expiration
Date
Upfront
Receipts
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
AUD
versus
NZD
Citigroup
Inc
1
AUD
2,996‌
AUD
1.10‌
06/04/2025
$
(2‌)
$
—‌
$
2‌
Put
-
USD
versus
JPY
Barclays
Bank
PLC
1
$
1,572‌
$
141.00‌
06/12/2025
(2‌)
(4‌)
(2‌)
Put
-
USD
versus
JPY
JPMorgan
Chase
1
1,572‌
$
146.00‌
06/12/2025
(28‌)
(30‌)
(2‌)
Put
-
USD
versus
MXN
Morgan
Stanley
&
Co
1
2,752‌
$
18.50‌
08/15/2025
(7‌)
(5‌)
2‌
Call
-
Payout
at
expiry
if
USD-SOFR
ICESWAP>=6.0
and
difference
of
US
10-Year
swap
and
US
2-Year
swap
>=.801
Citigroup
Inc
36,167,000‌
36,167‌
$
0.80‌
08/19/2025
(2‌)
(3‌)
(1‌)
Total
$
(41‌)
$
(42‌)
$
(1‌)
Amounts
in
thousands
except
contracts/shares.
Interest
Rate
Swaptions
Purchased
Swaptions
Outstanding
Counterparty
Paid
by
the
Fund
Rate/Reference    Frequency
Received
by
the
Fund
Rate/Reference  Frequency
Notional
Amount
Exercise
Rate
Expiration
Date
Upfront
Payments
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Put
-
30
Year
Interest
Rate
Swap
Deutsche
Bank
AG
4.35%
Annual
Secured
Overnight
Financing
Rate
Annual
$
2,643‌
4.35%
08/13/2025
$
38‌
$
26‌
$
(12‌)
Total
$
38‌
$
26‌
$
(12‌)
Written
Swaptions
Outstanding
Counterparty
Paid
by
the
Fund
Rate/Reference  Frequency
Received
by
the
Fund
Rate/Reference  Frequency
Notional
Amount
Exercise
Rate
Expiration
Date
Upfront
Receipts
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Put
-
5
Year
Interest
Rate
Swap
Deutsche
Bank
AG
Secured
Overnight
Financing
Rate
Annual
4.03%
Annual
$
10,181‌
4.03%
08/13/2025
$
(44‌)
$
(20‌)
$
24‌
Total
$
(44‌)
$
(20‌)
$
24‌
Amounts
in
thousands.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
3
Month
Secured
Overnight
Financing
Rate;
June
2026
Long
11‌
$
2,657‌
$
1‌
30
Day
Federal
Funds;
July
2025
Long
6‌
2,392‌
(4‌)
Australia
10
Year
Bond;
June
2025
Long
1‌
74‌
—‌
Australia
3
Year
Bond;
June
2025
Short
14‌
970‌
—‌
Brent
Crude;
August
2025
(a)
Long
174‌
10,924‌
218‌
Brent
Crude;
December
2025
(a)
Short
50‌
3,071‌
143‌
Brent
Crude;
June
2026
(a)
Short
41‌
2,547‌
225‌
Brent
Crude;
November
2025
(a)
Long
48‌
2,947‌
(428‌)
California
Carbon
Allowance
Vintage;
December
2025
(a)
Long
87‌
2,340‌
(652‌)
Cocoa;
July
2025
(a)
Long
7‌
685‌
142‌
Coffee
'C';
December
2025
(a)
Long
11‌
1,385‌
(152‌)
Coffee
'C';
July
2025
(a)
Long
12‌
1,541‌
(129‌)
Copper;
December
2025
(a)
Long
16‌
1,920‌
(6‌)
Copper;
July
2025
(a)
Long
40‌
4,678‌
124‌
Corn;
December
2025
(a)
Long
30‌
658‌
(13‌)
Corn;
December
2025
(a)
Short
203‌
4,451‌
153‌
Corn;
July
2025
(a)
Long
513‌
11,389‌
(551‌)
Cotton
No.2;
December
2025
(a)
Long
45‌
1,524‌
(29‌)
Cotton
No.2;
July
2025
(a)
Short
12‌
390‌
3‌
ECX
Emission;
December
2025
(a)
Short
14‌
1,119‌
(39‌)
Euribor;
June
2026
Short
4‌
1,116‌
—‌
Euro
Bond
10
Year
Bond;
June
2025
Long
10‌
1,490‌
15‌
Euro
Buxl
30
Year
Bond;
June
2025
Short
4‌
552‌
(2‌)
Euro
Milling
Wheat;
September
2025
(a)
Long
107‌
1,219‌
(167‌)
Euro-BTP;
June
2025
Short
12‌
1,651‌
(19‌)
Feeder
Cattle;
August
2025
(a)
Long
9‌
1,345‌
4‌
Frozen
Concentrated
Orange
Juice-A;
July
2025
(a)
Long
1‌
43‌
2‌
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
63
Futures
Contracts
(continued)
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
Frozen
Concentrated
Orange
Juice-A;
November
2025
(a)
Long
2‌
$
82‌
$
6‌
Gasoline
RBOB;
July
2025
(a)
Long
62‌
5,247‌
(235‌)
Gasoline
RBOB;
November
2025
(a)
Long
10‌
734‌
3‌
Gold
100
oz;
August
2025
(a)
Long
91‌
30,170‌
(776‌)
Gold
100
oz;
December
2025
(a)
Long
20‌
6,739‌
424‌
ICE
3
Month
Sterling
Overnight
Index
Average;
June
2026
Long
3‌
973‌
—‌
ICE
Endex
Dutch
TTF
Natural
Gas;
July
2025
(a)
Long
23‌
665‌
42‌
KC
HRW
Wheat;
December
2025
(a)
Long
14‌
398‌
(1‌)
KC
HRW
Wheat;
July
2025
(a)
Long
47‌
1,253‌
20‌
Lean
Hogs;
October
2025
(a)
Long
13‌
462‌
48‌
Live
Cattle;
August
2025
(a)
Long
73‌
6,113‌
130‌
Live
Cattle;
October
2025
(a)
Long
12‌
996‌
50‌
LME
Copper;
December
2026
(a)
Short
23‌
5,414‌
80‌
LME
Copper;
July
2025
(a)
Long
92‌
21,936‌
599‌
LME
Copper;
June
2025
(a)
Short
—‌
—‌
(2,159‌)
LME
Lead;
July
2025
(a)
Short
—‌
—‌
12‌
LME
Lead;
November
2025
(a)
Long
5‌
247‌
3‌
LME
Lead;
September
2025
(a)
Short
—‌
—‌
(21‌)
LME
Nickel;
July
2025
(a)
Short
—‌
—‌
61‌
LME
Nickel;
June
2025
(a)
Short
—‌
—‌
283‌
LME
Nickel;
November
2025
(a)
Long
8‌
740‌
(21‌)
LME
Nickel;
September
2025
(a)
Short
—‌
—‌
(76‌)
LME
PRI
Alum;
December
2026
(a)
Short
38‌
2,384‌
268‌
LME
PRI
Alum;
July
2025
(a)
Short
—‌
—‌
156‌
LME
PRI
Alum;
July
2025
(a)
Long
283‌
17,251‌
193‌
LME
PRI
Alum;
June
2025
(a)
Short
—‌
—‌
(1,784‌
)
LME
PRI
Alum;
November
2025
(a)
Long
32‌
1,967‌
5‌
LME
PRI
Alum;
September
2025
(a)
Short
—‌
—‌
(289‌)
LME
Zinc;
July
2025
(a)
Short
—‌
—‌
5‌
LME
Zinc;
June
2025
(a)
Short
—‌
—‌
67‌
LME
Zinc;
November
2025
(a)
Long
10‌
659‌
(1‌)
LME
Zinc;
September
2025
(a)
Short
—‌
—‌
(87‌)
Low
Sulphur
Gasoline;
July
2025
(a)
Long
104‌
6,144‌
100‌
Low
Sulphur
Gasoline;
November
2025
(a)
Long
14‌
823‌
10‌
Natural
Gas;
April
2027
(a)
Short
24‌
832‌
(
10‌)
Natural
Gas;
April
2028
(a)
Short
16‌
524‌
7‌
Natural
Gas;
January
2026
(a)
Short
97‌
4,650‌
268‌
Natural
Gas;
July
2025
(a)
Long
153‌
5,274‌
(366‌)
Natural
Gas;
June
2027
(a)
Short
24‌
858‌
(28‌)
Natural
Gas;
June
2028
(a)
Short
16‌
543‌
(11‌)
Natural
Gas;
March
2026
(a)
Long
164‌
6,719‌
(160‌)
Natural
Gas;
May
2027
(a)
Short
24‌
825‌
(9‌)
Natural
Gas;
May
2028
(a)
Short
16‌
518‌
14‌
Natural
Gas;
October
2025
(a)
Long
91‌
3,283‌
(
332‌)
NY
Harb
ULSD;
November
2025
(a)
Long
8‌
677‌
3‌
Platinum;
July
2025
(a)
Long
12‌
633‌
36‌
Silver;
December
2025
(a)
Long
12‌
2,024‌
27‌
Silver;
July
2025
(a)
Long
32‌
5,285‌
271‌
Soybean
Meal;
December
2025
(a)
Long
24‌
741‌
(23‌)
Soybean
Oil;
December
2025
(a)
Long
29‌
829‌
83‌
Soybean
Oil;
July
2025
(a)
Long
39‌
1,097‌
30‌
Soybean;
July
2025
(a)
Long
47‌
2,449‌
(13‌)
Soybean;
November
2025
(a)
Long
134‌
6,879‌
(14‌)
Sugar
#11;
July
2025
(a)
Long
46‌
878‌
(89‌)
Sugar
#11;
October
2025
(a)
Long
54‌
1,042‌
(85‌)
US
10
Year
Note;
September
2025
Short
23‌
2,547‌
(23‌)
US
10
Year
Ultra
Note;
September
2025
Short
169‌
19,020‌
(168‌)
US
2
Year
Note;
September
2025
Long
217‌
45,014‌
49‌
US
5
Year
Note;
September
2025
Long
53‌
5,734‌
18‌
US
Long
Bond;
September
2025
Short
9‌
1,015‌
(16‌)
US
Ultra
Bond;
September
2025
Short
26‌
3,018‌
(58‌)
Wheat;
December
2025
(a)
Long
23‌
657‌
—‌
Wheat;
December
2025
(a)
Short
88‌
2,512‌
(4‌)
Wheat;
July
2025
(a)
Long
22‌
587‌
(18‌)
WTI
Crude;
July
2025
(a)
Long
66‌
4,012‌
98‌
WTI
Crude;
November
2025
(a)
Short
28‌
1,630‌
(33‌)
WTI
Crude;
September
2025
(a)
Long
73‌
4,307‌
(35‌)
Total
$
(4,637‌)
Amounts
in
thousands
except
contracts.
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
64
(a)
All
or
a
portion
of
this
security
is
owned
by
the
DRA
Cayman
Corporation,
which
is
a
wholly-owned
subsidiary
of
the
Fund.
Foreign
Currency
Contracts
Unrealized
Appreciation/(Depreciation)
Counterparty
Settlement
Date
Currency
to
Accept
Currency
to
Deliver
Asset
Liability
Bank
of
America
NA
06/03/2025
EUR
53‌
$
60‌
$
—‌
$
—‌
Bank
of
America
NA
07/02/2025
$
9‌
EUR
8‌
—‌
—‌
Barclays
Bank
PLC
06/03/2025
JPY
78,601‌
$
544‌
2‌
—‌
Barclays
Bank
PLC
07/02/2025
$
546‌
JPY
78,601‌
—‌
(2‌)
Barclays
Bank
PLC
07/02/2025
$
49‌
CAD
67‌
—‌
—‌
BNP
Paribas
06/03/2025
EUR
1,939‌
$
2,189‌
13‌
—‌
BNP
Paribas
07/02/2025
$
2,193‌
EUR
1,939‌
—‌
(13‌)
Citigroup
Inc
06/18/2025
BRL
1,126‌
$
197‌
—‌
(1‌)
Citigroup
Inc
06/18/2025
$
353‌
BRL
2,080‌
—‌
(9‌)
Deutsche
Bank
AG
06/03/2025
GBP
601‌
$
809‌
—‌
—‌
Deutsche
Bank
AG
06/03/2025
$
2,218‌
EUR
1,942‌
13‌
—‌
Deutsche
Bank
AG
06/03/2025
$
402‌
JPY
57,250‌
4‌
—‌
Deutsche
Bank
AG
06/18/2025
$
148‌
BRL
835‌
2‌
—‌
Deutsche
Bank
AG
07/02/2025
$
810‌
GBP
601‌
—‌
—‌
HSBC
Securities
Inc
06/03/2025
$
169‌
JPY
24,265‌
—‌
—‌
JPMorgan
Chase
06/03/2025
$
74‌
EUR
65‌
—‌
—‌
JPMorgan
Chase
06/03/2025
$
931‌
GBP
695‌
—‌
(6‌)
JPMorgan
Chase
06/18/2025
$
209‌
BRL
1,191‌
2‌
—‌
Standard
Chartered
Bank,
Hong
Kong
06/03/2025
GBP
90‌
$
122‌
—‌
(1‌)
Toronto
Dominion
Bank
06/18/2025
MXN
345‌
$
17‌
1‌
—‌
UBS
AG
07/22/2025
$
129‌
JPY
18,000‌
4‌
—‌
Total
$
41‌
$
(32‌)
Amounts
in
thousands.
Exchange
Cleared
Credit
Default
Swaps
Sell
Protection
Reference
Entity
Implied
Credit
Spread
as
of
May
31,
2025
(a)
(Pay)/
Receive
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
(b)
Upfront
Payments/
(Receipts)
Unrealized
Appreciation/
(Depreciation)
Fair
Value
(c)
CDX.NA.HY.44
N/A
5.00%
Quarterly
06/20/2030
$
3,609‌
$
174‌
$
46‌
$
220‌
Total
$
174‌
$
46‌
$
220‌
Amounts
in
thousands.
(a)
Implied
credit
spreads,
represented
in
absolute
terms,
used
in
determining
the
fair
value
of
credit
default
swap
agreements
on
corporate
issues
or
sovereign
issues
as
of
period
end
serve
as
an
indicator
of
the
current
status
of
the
payment/performance
risk
and
represent
the
likelihood
or
risk
of
default
for
the
credit
derivative.
The
implied
credit
spread
of
a
particular
referenced
entity
reflects
the
cost
of
buying/selling
protection
and
may
include
upfront
payments
required
to
be
made
to
enter
into
the
agreement.
Wider
credit
spreads
represent
a
deterioration
of
the
referenced
entity's
credit
soundness
and
a
greater
likelihood
or
risk
of
default
or
other
credit
event
occurring
as
defined
under
the
terms
of
the
agreement.
(b)
The
maximum
potential
payment
amount
that
the
seller
of
credit
protection
could
be
required
to
make
if
a
credit
event
occurs
is
$3,609.
(c)
The
price
and
resulting
fair
value
for
credit
default
swap
agreements
serve
as
an
indicator
of
the
current
status
of
the
payment/performance
risk
and
represent
the
likelihood
of
an
expected
liability
(or
profit)
for
the
credit
default
swap
as
of
the
period
end.
Increasing
fair
values
of
the
swap,
in
absolute
terms
when
compared
to
the
notional
amount
of
the
swap,
represent
a
deterioration
of
the
referenced
entity's
credit
soundness
and
a
greater
likelihood
or
risk
of
default
or
other
credit
event
occurring
as
defined
under
the
terms
of
the
agreement.
Exchange
Cleared
Interest
Rate
Swaps
Floating
Rate
Index
(Pay)/
Receive
Floating
Rate
Fixed
Rate
Payment
Frequency
Paid
by
Fund
Payment
Frequency
Received
by
Fund
Effective
Date
(a)
Maturity
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Upfront
Payments/
(Receipts)
Fair
Value
6
Month
Euro
Interbank
Offered
Rate
Receive
2.49%
Annual
Semiannual
N/A
02/19/2054
EUR
307‌
$
7‌
$
1‌
$
8‌
6
Month
Euro
Interbank
Offered
Rate
Receive
2.51%
Annual
Semiannual
N/A
02/20/2054
337‌
6‌
2‌
8‌
6
Month
Euro
Interbank
Offered
Rate
Receive
2.51%
Annual
Semiannual
N/A
02/20/2054
461‌
8‌
2‌
10‌
6
Month
Euro
Interbank
Offered
Rate
Pay
2.46%
Semiannual
Annual
N/A
03/22/2054
2‌
—‌
—‌
—‌
6
Month
Euro
Interbank
Offered
Rate
Receive
2.54%
Annual
Semiannual
N/A
04/22/2054
398‌
5‌
—‌
5‌
6
Month
Euro
Interbank
Offered
Rate
Pay
2.44%
Semiannual
Annual
N/A
06/24/2054
58‌
(2‌)
—‌
(2‌)
6
Month
Euro
Interbank
Offered
Rate
Receive
2.25%
Annual
Semiannual
N/A
10/02/2054
370‌
28‌
2‌
30‌
6
Month
Euro
Interbank
Offered
Rate
Pay
2.18%
Semiannual
Annual
N/A
11/07/2054
73‌
(7‌)
—‌
(7‌)
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
2.69%
Maturity
Maturity
N/A
04/15/2029
$
200‌
(1‌)
—‌
(1‌)
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
2.84%
Maturity
Maturity
N/A
04/15/2028
250‌
(1‌)
—‌
(1‌)
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
65
Exchange
Cleared
Interest
Rate
Swaps
(continued)
Floating
Rate
Index
(Pay)/
Receive
Floating
Rate
Fixed
Rate
Payment
Frequency
Paid
by
Fund
Payment
Frequency
Received
by
Fund
Effective
Date
(a)
Maturity
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Upfront
Payments/
(Receipts)
Fair
Value
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
2.84%
Maturity
Maturity
N/A
04/15/2028
$
249‌
$
(1‌)
$
—‌
$
(1‌)
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
2.68%
Maturity
Maturity
N/A
04/15/2029
200‌
(1‌)
—‌
(1‌)
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
2.72%
Maturity
Maturity
N/A
04/15/2029
399‌
(2‌)
—‌
(2‌)
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
2.87%
Maturity
Maturity
N/A
04/15/2028
499‌
(2‌)
—‌
(2‌)
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
2.67%
Maturity
Maturity
N/A
04/15/2029
262‌
—‌
—‌
—‌
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
2.83%
Maturity
Maturity
N/A
04/15/2028
345‌
(1‌)
—‌
(1‌)
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
2.76%
Maturity
Maturity
N/A
04/09/2027
1,200‌
—‌
—‌
—‌
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
2.73%
Maturity
Maturity
N/A
04/15/2028
255‌
1‌
—‌
1‌
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
2.53%
Maturity
Maturity
N/A
04/15/2029
231‌
1‌
—‌
1‌
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
2.83%
Maturity
Maturity
N/A
04/15/2028
499‌
(2‌)
—‌
(2‌)
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
2.40%
Maturity
Maturity
N/A
04/09/2029
710‌
4‌
—‌
4‌
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
2.92%
Maturity
Maturity
N/A
05/12/2027
3,305‌
(9‌)
—‌
(9‌)
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
2.90%
Maturity
Maturity
N/A
04/15/2027
3,125‌
(9‌)
—‌
(9‌)
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
2.80%
Maturity
Maturity
N/A
07/15/2027
825‌
(3‌)
—‌
(3‌)
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
2.65%
Maturity
Maturity
N/A
04/15/2029
267‌
—‌
—‌
—‌
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
2.79%
Maturity
Maturity
N/A
04/15/2028
499‌
—‌
—‌
—‌
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
2.69%
Maturity
Maturity
N/A
04/15/2029
399‌
(1‌)
—‌
(1‌)
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
2.61%
Maturity
Maturity
N/A
01/21/2028
740‌
4‌
(1‌)
3‌
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
2.55%
Maturity
Maturity
N/A
05/07/2049
40‌
(1‌)
—‌
(1‌)
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
2.47%
Maturity
Maturity
N/A
07/15/2049
40‌
—‌
—‌
—‌
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
2.31%
Maturity
Maturity
N/A
08/23/2049
20‌
—‌
—‌
—‌
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
2.51%
Maturity
Maturity
N/A
11/08/2054
130‌
(2‌)
—‌
(2‌)
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
2.59%
Maturity
Maturity
N/A
01/29/2027
8,390‌
58‌
—‌
58‌
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
2.48%
Maturity
Maturity
N/A
02/10/2050
170‌
(2‌)
1‌
(1‌)
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
2.54%
Maturity
Maturity
N/A
04/15/2029
199‌
1‌
—‌
1‌
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
2.69%
Maturity
Maturity
N/A
04/15/2028
249‌
1‌
—‌
1‌
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
2.64%
Maturity
Maturity
N/A
04/15/2029
399‌
—‌
—‌
—‌
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
2.69%
Maturity
Maturity
N/A
04/15/2028
249‌
1‌
—‌
1‌
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
2.53%
Maturity
Maturity
N/A
04/15/2029
199‌
1‌
—‌
1‌
EUR
-
France
Consumer
Price
Index
Ex
Tobacco
Pay
2.02%
Maturity
Maturity
N/A
03/15/2035
EUR
250‌
4‌
(1‌)
3‌
Eurostat
Eurozone
HICP
ex
Tobacco
Receive
2.06%
Maturity
Maturity
N/A
03/15/2035
250‌
(4‌)
—‌
(4‌)
Eurostat
Eurozone
HICP
ex
Tobacco
Receive
1.50%
Maturity
Maturity
N/A
05/15/2027
409‌
—‌
—‌
—‌
Eurostat
Eurozone
HICP
ex
Tobacco
Receive
1.51%
Maturity
Maturity
N/A
05/15/2027
491‌
—‌
—‌
—‌
Eurostat
Eurozone
HICP
ex
Tobacco
Receive
1.53%
Maturity
Maturity
N/A
05/15/2027
1,553‌
(1‌)
—‌
(
1‌)
Secured
Overnight
Financing
Rate
Pay
3.90%
Annual
Annual
N/A
05/16/2026
$
2,599‌
(4‌)
—‌
(4‌)
Secured
Overnight
Financing
Rate
Pay
3.80%
Annual
Annual
N/A
05/16/2026
3,387‌
(9‌)
—‌
(9‌)
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
66
Exchange
Cleared
Interest
Rate
Swaps
(continued)
Floating
Rate
Index
(Pay)/
Receive
Floating
Rate
Fixed
Rate
Payment
Frequency
Paid
by
Fund
Payment
Frequency
Received
by
Fund
Effective
Date
(a)
Maturity
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Upfront
Payments/
(Receipts)
Fair
Value
Secured
Overnight
Financing
Rate
Receive
3.81%
Annual
Annual
N/A
05/16/2026
$
2,599‌
$
5‌
$
2‌
$
7‌
Secured
Overnight
Financing
Rate
Receive
3.79%
Annual
Annual
N/A
05/16/2026
3,387‌
9‌
—‌
9‌
Tokyo
Overnight
Average
Rate
Receive
0.68%
Annual
Annual
N/A
04/21/2027
JPY
194,705‌
2‌
—‌
2‌
Tokyo
Overnight
Average
Rate
Receive
1.00%
Annual
Annual
N/A
03/12/2027
202,964‌
(3‌)
—‌
(3‌)
Tokyo
Overnight
Average
Rate
Receive
1.03%
Annual
Annual
N/A
03/12/2027
496,691‌
(7‌)
—‌
(7‌)
Tokyo
Overnight
Average
Rate
Receive
1.02%
Annual
Annual
N/A
03/12/2027
460,140‌
(6‌)
(1‌)
(7‌)
Tokyo
Overnight
Average
Rate
Receive
0.69%
Annual
Annual
N/A
04/21/2027
196,981‌
2‌
—‌
2‌
Tokyo
Overnight
Average
Rate
Receive
0.70%
Annual
Annual
N/A
05/11/2027
155,484‌
2‌
—‌
2‌
US
Federal
Funds
Effective
Rate
(continuous
series)
Pay
4.28%
Annual
Annual
N/A
07/30/2025
$
81,335‌
(5‌)
—‌
(5‌)
US
Federal
Funds
Effective
Rate
(continuous
series)
Pay
4.29%
Annual
Annual
N/A
07/30/2025
81,335‌
(4‌)
—‌
(4‌)
US
Federal
Funds
Effective
Rate
(continuous
series)
Pay
4.29%
Annual
Annual
N/A
07/30/2025
81,334‌
(4‌)
—‌
(4‌)
Total
$
56‌
$
7‌
$
63‌
Amounts
in
thousands.
(a)    
Forward
swap.
Total
Return
Swaps
Counterparty
Fund
Pays
Fund
Receives
Payment
Frequency
Maturity
Date
Notional
Amount
Upfront
Payments/
(Receipts)
Value
and
Unrealized
Appreciation/
(Depreciation)
Asset
Liability
Bank
of
America
NA
(a)
United
States
Treasury
13
Week
Bill
High
Discount
Rate
+
0.12%
Bloomberg
Commodity
Index
3
Month
Forward
Total
Return
Monthly
11/03/2025
$
16‌
$
—‌
$
—‌
$
(32‌)
Bank
of
America
NA
(a)
3
Month
US
Treasury
Bill
High
Rate
+
0.25%
CRB
Total
Return
Index
Monthly
05/01/2026
4‌
—‌
17‌
—‌
Citigroup
Inc
(a)
United
States
Treasury
13
Week
Bill
High
Discount
Rate
+
0.11%
Bloomberg
Commodity
Index
3
Month
Forward
Total
Return
Monthly
11/03/2025
47‌
—‌
—‌
(96‌)
Citigroup
Inc
(a)
3
Month
US
Treasury
Bill
High
Rate
+
0.24%
CRB
Total
Return
Index
Monthly
05/01/2026
7‌
—‌
29‌
—‌
Goldman
Sachs
&
Co
(a)
United
States
Treasury
13
Week
Bill
High
Discount
Rate
+
0.11%
Bloomberg
Commodity
Index
3
Month
Forward
Total
Return
Monthly
11/03/2025
37‌
—‌
—‌
(76‌)
Goldman
Sachs
&
Co
(a)
Bloomberg
Commodity
Index
3
Month
Forward
Total
Return
+
0.00%
Bloomberg
Commodity
Index
3
Month
Forward
Total
Return
Monthly
11/04/2025
6‌
—‌
—‌
(12‌)
Goldman
Sachs
&
Co
(a)
Bloomberg
Cotton
Subindex
+
0.00%
Bloomberg
Cotton
Subindex
Monthly
11/04/2025
28‌
—‌
—‌
(30‌)
JPMorgan
Chase
(a)
Bloomberg
Cotton
Subindex
+
0.00%
Bloomberg
Cotton
Subindex
Monthly
11/04/2025
50‌
—‌
—‌
(16‌)
Total
$
—‌
$
46‌
$
(262‌)
Amounts
in
thousands.
(a)
All
or
a
portion
of
this
security
is
owned
by
the
DRA
Cayman
Corporation,
which
is
a
wholly-owned
subsidiary
of
the
Fund.
Schedule
of
Investments
Edge
MidCap
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
67
INVESTMENT
COMPANIES
-
1
.31
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
1
.31
%
Principal
Government
Money
Market
Fund
-
Class
R-6
4.19%
(a),(b)
747,916‌
$
748‌
TOTAL
INVESTMENT
COMPANIES
$
748‌
COMMON
STOCKS
-
98
.79
%
Shares
Held
Value
(000's)
Advertising
-
0
.21
%
Interpublic
Group
of
Cos
Inc/The
5,078‌
$
122‌
Automobile
Parts
&
Equipment
-
1
.94
%
Autoliv
Inc
10,758‌
1,106‌
Banks
-
2
.91
%
Cullen/Frost
Bankers
Inc
13,090‌
1,662‌
Building
Materials
-
2
.58
%
Lennox
International
Inc
2,614‌
1,475‌
Chemicals
-
2
.50
%
RPM
International
Inc
12,538‌
1,427‌
Commercial
Services
-
2
.71
%
Morningstar
Inc
5,020‌
1,548‌
Computers
-
0
.46
%
Amdocs
Ltd
2,884‌
265‌
Consumer
Products
-
3
.91
%
Avery
Dennison
Corp
7,954‌
1,414‌
WD-40
Co
3,346‌
815‌
$
2,229‌
Diversified
Financial
Services
-
5
.63
%
Hamilton
Lane
Inc
10,131‌
1,510‌
LPL
Financial
Holdings
Inc
4,394‌
1,700‌
$
3,210‌
Electric
-
4
.10
%
Alliant
Energy
Corp
26,656‌
1,659‌
Talen
Energy
Corp
(c)
2,788‌
680‌
$
2,339‌
Electronics
-
2
.91
%
nVent
Electric
PLC
25,218‌
1,659‌
Entertainment
-
2
.75
%
Live
Nation
Entertainment
Inc
(c)
11,453‌
1,571‌
Hand
&
Machine
Tools
-
7
.86
%
Lincoln
Electric
Holdings
Inc
8,111‌
1,570‌
MSA
Safety
Inc
9,645‌
1,573‌
Snap-on
Inc
4,203‌
1,348‌
$
4,491‌
Healthcare
-
Products
-
5
.00
%
Bio-Techne
Corp
23,436‌
1,134‌
STERIS
PLC
7,033‌
1,725‌
$
2,859‌
Healthcare
-
Services
-
2
.45
%
Universal
Health
Services
Inc
7,357‌
1,400‌
Insurance
-
5
.54
%
Fidelity
National
Financial
Inc
22,731‌
1,245‌
Kinsale
Capital
Group
Inc
1,909‌
901‌
Markel
Group
Inc
(c)
521‌
1,012‌
$
3,158‌
Leisure
Products
&
Services
-
1
.56
%
YETI
Holdings
Inc
(c)
29,201‌
892‌
Lodging
-
2
.19
%
Hyatt
Hotels
Corp
9,491‌
1,253‌
Machinery
-
Diversified
-
2
.03
%
Nordson
Corp
5,467‌
1,159‌
Oil
&
Gas
-
3
.78
%
Coterra
Energy
Inc
29,302‌
712‌
HF
Sinclair
Corp
15,383‌
556‌
Permian
Resources
Corp
70,676‌
892‌
$
2,160‌
Pharmaceuticals
-
1
.90
%
Cardinal
Health
Inc
7,023‌
1,085‌
Pipelines
-
1
.35
%
DT
Midstream
Inc
7,365‌
771‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
REITs
-
7
.42
%
Alexandria
Real
Estate
Equities
Inc
7,137‌
$
501‌
Equity
LifeStyle
Properties
Inc
20,951‌
1,332‌
Essential
Properties
Realty
Trust
Inc
34,871‌
1,133‌
Terreno
Realty
Corp
22,561‌
1,273‌
$
4,239‌
Retail
-
7
.30
%
Casey's
General
Stores
Inc
3,849‌
1,686‌
Tractor
Supply
Co
31,372‌
1,518‌
Williams-Sonoma
Inc
5,940‌
961‌
$
4,165‌
Semiconductors
-
3
.52
%
Monolithic
Power
Systems
Inc
2,362‌
1,563‌
Teradyne
Inc
5,646‌
444‌
$
2,007‌
Software
-
10
.41
%
Cloudflare
Inc
(c)
10,775‌
1,787‌
Fair
Isaac
Corp
(c)
805‌
1,390‌
HubSpot
Inc
(c)
2,144‌
1,265‌
Tyler
Technologies
Inc
(c)
2,606‌
1,503‌
$
5,945‌
Transportation
-
1
.65
%
Expeditors
International
of
Washington
Inc
8,340‌
940‌
Water
-
2
.22
%
Essential
Utilities
Inc
32,929‌
1,269‌
TOTAL
COMMON
STOCKS
$
56,406‌
Total
Investments
$
57,154‌
Other
Assets
and
Liabilities
-  (0.10)%
(
57‌
)
TOTAL
NET
ASSETS
-
100.00%
$
57,097‌
(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
Edge
MidCap
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
68
Affiliated
Securities
August
31,
2024
Purchases
Sales
May
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.19%
$
975‌
$
17,443‌
$
17,670‌
$
748‌
$
975‌
$
17,443‌
$
17,670‌
$
748‌
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
4.19%
$
41‌
$
—‌
$
—‌
$
—‌
$
41‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
69
INVESTMENT
COMPANIES
-
21.43%
Shares
Held
Value
(000's)
Closed-End
Funds
-
0.63%
BlackRock
Municipal
Income
Quality
Trust
25,921‌
$
272‌
BlackRock
MuniYield
Quality
Fund
III
Inc
6,330‌
66‌
BlackRock
MuniYield
Quality
Fund
Inc
34,708‌
382‌
Franklin
Universal
Trust
13,711‌
103‌
Invesco
Municipal
Opportunity
Trust
18,794‌
173‌
Invesco
Value
Municipal
Income
Trust
39,478‌
462‌
Nuveen
AMT-Free
Municipal
Credit
Income
Fund
32,880‌
392‌
Nuveen
AMT-Free
Quality
Municipal
Income
Fund
29,283‌
318‌
Nuveen
Municipal
Credit
Income
Fund
22,907‌
272‌
Nuveen
Municipal
Value
Fund
Inc
14,992‌
128‌
Saba
Capital
Income
&
Opportunities
Fund
10,973‌
84‌
$
2,652‌
Exchange-Traded
Funds
-
1.13%
iShares
Floating
Rate
Bond
ETF
22,383‌
1,141‌
iShares
MSCI
EAFE
Value
ETF
9,750‌
621‌
iShares
Russell
2000
ETF
706‌
145‌
iShares
Russell
2000
Growth
ETF
57‌
15‌
iShares
Russell
2000
Value
ETF
147‌
22‌
PGIM
AAA
CLO
ETF
35,525‌
1,826‌
Vanguard
Value
ETF
5,650‌
968‌
$
4,738‌
Money
Market
Funds
-
19.67%
BlackRock
Liquidity
FedFund
-
Institutional
Class
4.22%
(a)
3,883,000‌
3,883‌
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
-
Institutional
Class
4.23%
(a),(b)
3,725,072‌
3,725‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.19%
(a),(c)
74,817,183‌
74,817‌
$
82,425‌
TOTAL
INVESTMENT
COMPANIES
$
89,815‌
COMMON
STOCKS
-
35.54%
Shares
Held
Value
(000's)
Advertising
-
0.36%
Dentsu
Group
Inc
(d)
3,500‌
$
76‌
Interpublic
Group
of
Cos
Inc/The
49,416‌
1,184‌
National
CineMedia
Inc
8,508‌
46‌
Omnicom
Group
Inc
2,019‌
148‌
Publicis
Groupe
SA
468‌
51‌
$
1,505‌
Aerospace
&
Defense
-
0.66%
Airbus
SE
114‌
21‌
CAE
Inc
(d),(e)
600‌
15‌
FTAI
Aviation
Ltd
264‌
31‌
General
Dynamics
Corp
(d)
1,016‌
283‌
General
Electric
Co
(d)
894‌
220‌
HEICO
Corp
-
Class
A
(d)
211‌
50‌
Hexcel
Corp
888‌
47‌
Howmet
Aerospace
Inc
(d)
2,085‌
354‌
L3Harris
Technologies
Inc
(d)
804‌
196‌
Lockheed
Martin
Corp
(d)
1,091‌
527‌
MTU
Aero
Engines
AG
324‌
129‌
Northrop
Grumman
Corp
287‌
139‌
Rolls-Royce
Holdings
PLC
(d)
3,610‌
42‌
RTX
Corp
(d)
773‌
105‌
Safran
SA
474‌
140‌
Singapore
Technologies
Engineering
Ltd
24,600‌
149‌
Spirit
AeroSystems
Holdings
Inc
(e)
8,601‌
322‌
$
2,770‌
Agriculture
-
0.22%
Altria
Group
Inc
(d)
5,709‌
346‌
Archer-Daniels-Midland
Co
3,259‌
157‌
Philip
Morris
International
Inc
(d)
2,350‌
425‌
$
928‌
Airlines
-
0.22%
ANA
Holdings
Inc
(d)
11,100‌
220‌
Delta
Air
Lines
Inc
(d)
4,513‌
218‌
Japan
Airlines
Co
Ltd
(d)
12,300‌
249‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Airlines
(continued)
Qantas
Airways
Ltd
32,493‌
$
222‌
$
909‌
Apparel
-
0.47%
Carter's
Inc
1,243‌
39‌
Deckers
Outdoor
Corp
(d),(e)
3,094‌
326‌
Gildan
Activewear
Inc
(d)
3,000‌
140‌
NIKE
Inc
1,330‌
80‌
On
Holding
AG
(e)
905‌
54‌
Ralph
Lauren
Corp
975‌
270‌
Skechers
USA
Inc
(e)
12,884‌
799‌
Steven
Madden
Ltd
2,107‌
52‌
Tapestry
Inc
2,593‌
204‌
$
1,964‌
Automobile
Manufacturers
-
0.34%
Blue
Bird
Corp
(e)
1,611‌
62‌
Cummins
Inc
636‌
204‌
Daimler
Truck
Holding
AG
2,413‌
105‌
Ferrari
NV
283‌
135‌
General
Motors
Co
1,998‌
99‌
Mercedes-Benz
Group
AG
2,903‌
174‌
Subaru
Corp
(d)
4,900‌
90‌
Suzuki
Motor
Corp
(d)
6,200‌
79‌
Tesla
Inc
(d),(e)
1,002‌
347‌
Volvo
AB
-
B
Shares
4,433‌
123‌
Zapp
Electric
Vehicles
Group
Ltd
-
Warrants
(e)
1,167‌
—‌
$
1,418‌
Automobile
Parts
&
Equipment
-
0.16%
Aptiv
PLC
(d),(e)
3,402‌
227‌
Denso
Corp
(d)
7,700‌
104‌
Gentex
Corp
2,538‌
55‌
Goodyear
Tire
&
Rubber
Co/The
(e)
5,534‌
63‌
Magna
International
Inc
(d)
4,500‌
164‌
Phinia
Inc
1,108‌
48‌
Visteon
Corp
(e)
217‌
18‌
$
679‌
Banks
-
1.06%
AIB
Group
PLC
1,088‌
9‌
Atlantic
Union
Bankshares
Corp
1,794‌
54‌
Banco
Bilbao
Vizcaya
Argentaria
SA
10,194‌
153‌
Banco
BPM
SpA
1,313‌
15‌
Banco
Santander
SA
1,038‌
8‌
Bank
of
America
Corp
(d)
4,264‌
188‌
Bank
of
New
York
Mellon
Corp/The
297‌
26‌
Bank
OZK
1,191‌
53‌
Banner
Corp
795‌
49‌
BOC
Hong
Kong
Holdings
Ltd
33,000‌
139‌
Cadence
Bank
3,432‌
104‌
CaixaBank
SA
2,554‌
22‌
Citigroup
Inc
(d)
2,672‌
201‌
Citizens
Financial
Group
Inc
430‌
17‌
Columbia
Banking
System
Inc
2,100‌
49‌
Computershare
Ltd
5,538‌
143‌
CVB
Financial
Corp
3,280‌
62‌
DBS
Group
Holdings
Ltd
4,540‌
157‌
DNB
Bank
ASA
12,741‌
341‌
Erste
Group
Bank
AG
428‌
34‌
Fifth
Third
Bancorp
(d)
942‌
36‌
FinecoBank
Banca
Fineco
SpA
10,054‌
217‌
First
Hawaiian
Inc
2,266‌
54‌
First
Interstate
BancSystem
Inc
3,192‌
87‌
FNB
Corp/PA
3,567‌
50‌
Goldman
Sachs
Group
Inc/The
154‌
93‌
Home
BancShares
Inc/AR
2,467‌
70‌
HSBC
Holdings
PLC
(d)
9,999‌
118‌
Huntington
Bancshares
Inc/OH
533‌
8‌
JPMorgan
Chase
&
Co
(d)
1,167‌
308‌
Lloyds
Banking
Group
PLC
(d)
51,041‌
53‌
M&T
Bank
Corp
(d)
752‌
137‌
Morgan
Stanley
924‌
119‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
70
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Banks
(continued)
Northern
Trust
Corp
74‌
$
8‌
Old
National
Bancorp/IN
2,945‌
61‌
PNC
Financial
Services
Group
Inc/The
165‌
29‌
Prosperity
Bancshares
Inc
630‌
44‌
Regions
Financial
Corp
8‌
—‌
Royal
Bank
of
Canada
(d)
800‌
101‌
Standard
Chartered
PLC
(d)
2,717‌
42‌
Stellar
Bancorp
Inc
1,570‌
42‌
Sumitomo
Mitsui
Financial
Group
Inc
(d)
1,500‌
39‌
Sumitomo
Mitsui
Trust
Group
Inc
(d)
3,800‌
103‌
Svenska
Handelsbanken
AB
7,740‌
103‌
Truist
Financial
Corp
502‌
20‌
UniCredit
SpA
2,205‌
142‌
United
Community
Banks
Inc/GA
1,396‌
40‌
US
Bancorp
(d)
4,810‌
210‌
Veritex
Holdings
Inc
1,708‌
41‌
Wells
Fargo
&
Co
3,226‌
241‌
$
4,440‌
Beverages
-
0.34%
Coca-Cola
Co/The
3,860‌
278‌
Coca-Cola
HBC
AG
(d),(e)
1,721‌
90‌
Constellation
Brands
Inc
1,371‌
244‌
Keurig
Dr
Pepper
Inc
7,582‌
255‌
Kirin
Holdings
Co
Ltd
9,000‌
129‌
Molson
Coors
Beverage
Co
(d)
2,104‌
113‌
Monster
Beverage
Corp
(e)
2,169‌
139‌
PepsiCo
Inc
1,504‌
198‌
$
1,446‌
Biotechnology
-
0.64%
89bio
Inc
(e)
207‌
2‌
ACADIA
Pharmaceuticals
Inc
(e)
212‌
5‌
ADMA
Biologics
Inc
(e)
403‌
8‌
Akero
Therapeutics
Inc
(e)
136‌
7‌
Akouos
Inc
-
Contingent
Value
Rights
(e),(f)
4,410‌
2‌
Alnylam
Pharmaceuticals
Inc
(d),(e)
78‌
24‌
Amicus
Therapeutics
Inc
(e)
2,238‌
14‌
ANI
Pharmaceuticals
Inc
(e)
33‌
2‌
Apogee
Therapeutics
Inc
(e)
332‌
12‌
Arcellx
Inc
(e)
80‌
5‌
Arcutis
Biotherapeutics
Inc
(e)
192‌
2‌
Ardelyx
Inc
(e)
439‌
2‌
Arrowhead
Pharmaceuticals
Inc
(e)
214‌
3‌
Aurinia
Pharmaceuticals
Inc
(e)
238‌
2‌
Avidity
Biosciences
Inc
(e)
697‌
22‌
Axsome
Therapeutics
Inc
(e)
156‌
16‌
Beam
Therapeutics
Inc
(e)
169‌
3‌
BioCryst
Pharmaceuticals
Inc
(e)
325‌
3‌
Biogen
Inc
(d),(e)
3,276‌
425‌
Biohaven
Ltd
(e)
154‌
2‌
BioMarin
Pharmaceutical
Inc
(d),(e)
5,037‌
292‌
Blueprint
Medicines
Corp
(e)
404‌
41‌
Bridgebio
Pharma
Inc
(e)
253‌
9‌
Celldex
Therapeutics
Inc
(e)
820‌
16‌
CG
oncology
Inc
(e)
99‌
2‌
Corteva
Inc
1,468‌
104‌
Crinetics
Pharmaceuticals
Inc
(e)
741‌
23‌
CSL
Ltd
50‌
8‌
Cytokinetics
Inc
(e)
530‌
16‌
Denali
Therapeutics
Inc
(e)
227‌
3‌
Disc
Medicine
Inc
(e)
311‌
14‌
Dynavax
Technologies
Corp
(e)
237‌
2‌
Dyne
Therapeutics
Inc
(e)
155‌
2‌
Edgewise
Therapeutics
Inc
(e)
132‌
2‌
Genmab
A/S
(e)
757‌
160‌
Geron
Corp
(e)
1,031‌
2‌
Gilead
Sciences
Inc
(d)
5,859‌
645‌
Halozyme
Therapeutics
Inc
(e)
224‌
13‌
Ideaya
Biosciences
Inc
(e)
156‌
3‌
Illumina
Inc
(d),(e)
886‌
73‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Biotechnology
(continued)
Immunovant
Inc
(e)
106‌
$
2‌
Incyte
Corp
(d),(e)
3,969‌
258‌
Inhibrx
Inc
-
Contingent
Value
Rights
(e),(f)
4,407‌
3‌
Innoviva
Inc
(e)
99‌
2‌
Insmed
Inc
(e)
786‌
55‌
Intellia
Therapeutics
Inc
(e)
186‌
1‌
Iovance
Biotherapeutics
Inc
(e)
480‌
1‌
Janux
Therapeutics
Inc
(e)
60‌
1‌
Kiniksa
Pharmaceuticals
International
Plc
(e)
68‌
2‌
Krystal
Biotech
Inc
(e)
45‌
6‌
Kymera
Therapeutics
Inc
(e)
338‌
10‌
Ligand
Pharmaceuticals
Inc
(e)
32‌
3‌
Liquidia
Corp
(e)
111‌
2‌
Novavax
Inc
(e)
279‌
2‌
Nurix
Therapeutics
Inc
(e)
136‌
1‌
Nuvalent
Inc
(e)
312‌
23‌
PTC
Therapeutics
Inc
(e)
633‌
31‌
Recursion
Pharmaceuticals
Inc
(e)
481‌
2‌
Revolution
Medicines
Inc
(e)
1,062‌
42‌
Royalty
Pharma
PLC
2,343‌
77‌
Scholar
Rock
Holding
Corp
(e)
474‌
14‌
Soleno
Therapeutics
Inc
(e)
153‌
11‌
SpringWorks
Therapeutics
Inc
(e)
122‌
6‌
Structure
Therapeutics
Inc
ADR
(e)
257‌
6‌
Summit
Therapeutics
Inc
(e)
168‌
3‌
Swedish
Orphan
Biovitrum
AB
(e)
2,001‌
61‌
Syndax
Pharmaceuticals
Inc
(e)
147‌
1‌
Tarsus
Pharmaceuticals
Inc
(e)
66‌
3‌
Tevogen
Bio
Holdings
Inc
-
Warrants
(e)
597‌
—‌
TG
Therapeutics
Inc
(e)
296‌
10‌
Travere
Therapeutics
Inc
(e)
150‌
2‌
Vera
Therapeutics
Inc
(e)
82‌
2‌
Veracyte
Inc
(e)
137‌
4‌
Vericel
Corp
(e)
89‌
4‌
Vertex
Pharmaceuticals
Inc
(e)
105‌
46‌
Viridian
Therapeutics
Inc
(e)
138‌
2‌
$
2,690‌
Building
Materials
-
0.66%
AZEK
Co
Inc/The
(e)
35,295‌
1,748‌
Builders
FirstSource
Inc
(e)
461‌
50‌
Cemex
SAB
de
CV
ADR
20,339‌
139‌
CRH
PLC
600‌
54‌
Gibraltar
Industries
Inc
(e)
901‌
53‌
Holcim
AG
(e)
102‌
11‌
Johnson
Controls
International
plc
1,179‌
119‌
Masco
Corp
(d)
2,849‌
178‌
Mohawk
Industries
Inc
(e)
358‌
36‌
Trane
Technologies
PLC
(d)
734‌
316‌
Vulcan
Materials
Co
(d)
167‌
44‌
$
2,748‌
Chemicals
-
0.75%
Asahi
Kasei
Corp
(d)
13,700‌
96‌
Cabot
Corp
661‌
49‌
CF
Industries
Holdings
Inc
2,168‌
197‌
DuPont
de
Nemours
Inc
(d)
11,400‌
761‌
Eastman
Chemical
Co
(d)
2,725‌
214‌
Ecolab
Inc
(d)
717‌
191‌
Evonik
Industries
AG
1,510‌
33‌
FMC
Corp
771‌
31‌
Givaudan
SA
4‌
20‌
Linde
PLC
960‌
449‌
LyondellBasell
Industries
NV
5,188‌
293‌
Mativ
Holdings
Inc
2,855‌
16‌
Nitto
Denko
Corp
(d)
6,000‌
109‌
Novonesis
Novozymes
B
1,486‌
105‌
Nutrien
Ltd
(d)
3,300‌
195‌
PPG
Industries
Inc
(d)
2,933‌
325‌
Quaker
Chemical
Corp
471‌
51‌
$
3,135‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
71
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Coal
-
0.01%
Ramaco
Resources
Inc
-
A
Shares
4,050‌
$
37‌
Ramaco
Resources
Inc
-
B
Shares
150‌
1‌
$
38‌
Commercial
Services
-
0.89%
Adtalem
Global
Education
Inc
(e)
522‌
69‌
Altaba
Inc
-
Escrow
(e)
837,142‌
1,088‌
Automatic
Data
Processing
Inc
(d)
789‌
257‌
Booz
Allen
Hamilton
Holding
Corp
(d)
995‌
105‌
Cintas
Corp
(d)
919‌
208‌
CoreCivic
Inc
(e)
2,533‌
56‌
Corpay
Inc
(e)
756‌
246‌
Dun
&
Bradstreet
Holdings
Inc
15,938‌
144‌
Edenred
SE
265‌
8‌
GEO
Group
Inc/The
(e)
530‌
14‌
H&R
Block
Inc
810‌
46‌
Laureate
Education
Inc
(e)
4,099‌
92‌
Loomis
AB
1,232‌
48‌
PayPal
Holdings
Inc
(d),(e)
3,450‌
242‌
PROG
Holdings
Inc
1,872‌
54‌
Progyny
Inc
(e)
2,571‌
55‌
Remitly
Global
Inc
(e)
3,327‌
71‌
Repay
Holdings
Corp
(e)
5,384‌
26‌
S&P
Global
Inc
486‌
250‌
Shift4
Payments
Inc
(e)
632‌
60‌
Stride
Inc
(e)
249‌
38‌
TransUnion
775‌
66‌
TriNet
Group
Inc
995‌
83‌
United
Rentals
Inc
(d)
350‌
248‌
Upbound
Group
Inc
2,111‌
48‌
Verra
Mobility
Corp
(e)
5,312‌
126‌
$
3,748‌
Computers
-
1.26%
Accenture
PLC
-
Class
A
1,476‌
468‌
Apple
Inc
(d)
11,130‌
2,236‌
CACI
International
Inc
(e)
133‌
57‌
Cognizant
Technology
Solutions
Corp
162‌
13‌
CyberArk
Software
Ltd
(e)
232‌
89‌
Dell
Technologies
Inc
1,415‌
157‌
EPAM
Systems
Inc
(e)
1,017‌
177‌
ExlService
Holdings
Inc
(e)
1,802‌
83‌
Fortinet
Inc
(d),(e)
2,514‌
255‌
Grid
Dynamics
Holdings
Inc
(e)
3,904‌
49‌
Hewlett
Packard
Enterprise
Co
(d)
14,060‌
243‌
HP
Inc
5,792‌
144‌
International
Business
Machines
Corp
316‌
82‌
Leidos
Holdings
Inc
(d)
919‌
136‌
Maximus
Inc
656‌
48‌
NCR
Voyix
Corp
(e)
4,053‌
45‌
NetApp
Inc
1,088‌
108‌
Okta
Inc
(d),(e)
225‌
23‌
Otsuka
Corp
(d)
8,200‌
169‌
PAR
Technology
Corp
(e)
286‌
19‌
SCSK
Corp
(d)
3,000‌
91‌
Seagate
Technology
Holdings
PLC
(d)
1,977‌
233‌
Western
Digital
Corp
(d)
5,736‌
296‌
WNS
Holdings
Ltd
(e)
1,353‌
78‌
$
5,299‌
Consumer
Products
-
0.12%
Avery
Dennison
Corp
984‌
175‌
Clorox
Co/The
(d)
883‌
117‌
Helen
of
Troy
Ltd
(e)
834‌
22‌
Kimberly-Clark
Corp
1,330‌
191‌
$
505‌
Cosmetics
&
Personal
Care
-
0.23%
Colgate-Palmolive
Co
1,709‌
159‌
Estee
Lauder
Cos
Inc/The
3,361‌
225‌
Kao
Corp
(d)
1,100‌
50‌
Prestige
Consumer
Healthcare
Inc
(e)
88‌
8‌
Procter
&
Gamble
Co/The
2,421‌
411‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Cosmetics
&
Personal
Care
(continued)
Unilever
PLC
1,601‌
$
102‌
$
955‌
Distribution
&
Wholesale
-
0.54%
Fastenal
Co
(d)
6,238‌
258‌
H&E
Equipment
Services
Inc
14,687‌
1,390‌
LKQ
Corp
(d)
3,072‌
124‌
MRC
Global
Inc
(e)
6,539‌
81‌
Pool
Corp
(d)
74‌
22‌
Rush
Enterprises
Inc
-
Class
A
788‌
39‌
Sumitomo
Corp
1,000‌
26‌
Toyota
Tsusho
Corp
(d)
2,500‌
53‌
WW
Grainger
Inc
(d)
259‌
282‌
$
2,275‌
Diversified
Financial
Services
-
1.84%
4L
Technologies
(e),(f)
24,306‌
—‌
Air
Lease
Corp
879‌
51‌
Ally
Financial
Inc
(d)
2,805‌
98‌
American
Express
Co
(d)
858‌
252‌
Ameriprise
Financial
Inc
32‌
16‌
Apollo
Global
Management
Inc
213‌
28‌
ASX
Ltd
330‌
15‌
Blackrock
Inc
170‌
167‌
Bread
Financial
Holdings
Inc
1,183‌
61‌
Capital
One
Financial
Corp
(d)
1,733‌
328‌
Cboe
Global
Markets
Inc
481‌
110‌
Charles
Schwab
Corp/The
(d)
3,046‌
269‌
CI
Financial
Corp
56,318‌
1,290‌
CME
Group
Inc
1,151‌
333‌
Coinbase
Global
Inc
(e)
818‌
202‌
Element
Comm
Aviation
(e),(f),(g)
280‌
—‌
Enova
International
Inc
(e)
942‌
87‌
EZCORP
Inc
(e)
2,838‌
38‌
Federal
Agricultural
Mortgage
Corp
273‌
51‌
Franklin
Resources
Inc
4,070‌
88‌
Hamilton
Lane
Inc
260‌
39‌
IGM
Financial
Inc
(d)
700‌
22‌
Interactive
Brokers
Group
Inc
-
A
Shares
285‌
60‌
Intercontinental
Exchange
Inc
984‌
177‌
Invesco
Ltd
177‌
3‌
Mastercard
Inc
715‌
419‌
Mr
Cooper
Group
Inc
(e)
9,921‌
1,285‌
Nasdaq
Inc
2,839‌
237‌
Navient
Corp
4,324‌
58‌
PJT
Partners
Inc
440‌
66‌
Radian
Group
Inc
1,993‌
68‌
Raymond
James
Financial
Inc
(d)
1,474‌
217‌
Singapore
Exchange
Ltd
14,800‌
161‌
Synchrony
Financial
(d)
1,872‌
108‌
T
Rowe
Price
Group
Inc
1,037‌
97‌
TMX
Group
Ltd
(d)
600‌
24‌
TPG
Inc
1,611‌
77‌
Tradeweb
Markets
Inc
(d)
882‌
127‌
Visa
Inc
(d)
2,560‌
935‌
Voya
Financial
Inc
479‌
32‌
$
7,696‌
Electric
-
0.62%
Ameresco
Inc
(e)
1,680‌
23‌
CLP
Holdings
Ltd
1,500‌
13‌
Constellation
Energy
Corp
(d)
2,500‌
765‌
Dominion
Energy
Inc
944‌
53‌
Duke
Energy
Corp
229‌
27‌
Edison
International
(d)
2,350‌
131‌
Emera
Inc
(d)
1,100‌
50‌
Evergy
Inc
175‌
12‌
Eversource
Energy
(d)
1,857‌
120‌
Exelon
Corp
1,669‌
73‌
Iberdrola
SA
5,483‌
100‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
72
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Electric
(continued)
Kansai
Electric
Power
Co
Inc/The
4,400‌
$
50‌
NRG
Energy
Inc
(d)
3,913‌
611‌
PG&E
Corp
767‌
13‌
PPL
Corp
228‌
8‌
Sempra
997‌
78‌
Vistra
Corp
(d)
2,855‌
459‌
$
2,586‌
Electrical
Components
&
Equipment
-
0.22%
Acuity
Inc
146‌
38‌
AMETEK
Inc
1,235‌
221‌
Eaton
Corp
PLC
(d)
306‌
98‌
Emerson
Electric
Co
1,016‌
121‌
Energizer
Holdings
Inc
1,593‌
37‌
Generac
Holdings
Inc
(d),(e)
2,971‌
363‌
Novanta
Inc
(e)
327‌
40‌
Zeo
Energy
Corp
-
Warrants
(e)
524‌
—‌
$
918‌
Electronics
-
0.68%
ABB
Ltd
340‌
19‌
Allegion
plc
1,709‌
244‌
Amphenol
Corp
(d)
2,529‌
227‌
Brady
Corp
813‌
57‌
Celestica
Inc
(d),(e)
200‌
23‌
Flex
Ltd
(e)
1,410‌
60‌
Fortive
Corp
1,820‌
128‌
Garmin
Ltd
278‌
56‌
Halma
PLC
(d)
2,285‌
90‌
Honeywell
International
Inc
5,162‌
1,170‌
Jabil
Inc
1,612‌
271‌
Keysight
Technologies
Inc
(d),(e)
1,059‌
166‌
NEXTracker
Inc
(e)
735‌
42‌
NIDEC
CORP
(d)
6,000‌
117‌
SCREEN
Holdings
Co
Ltd
(d)
400‌
28‌
TTM
Technologies
Inc
(e)
3,427‌
102‌
Vishay
Intertechnology
Inc
3,733‌
53‌
Yokogawa
Electric
Corp
(d)
700‌
17‌
$
2,870‌
Energy
-
Alternate
Sources
-
0.05%
First
Solar
Inc
(e)
317‌
50‌
Vestas
Wind
Systems
A/S
9,179‌
145‌
$
195‌
Engineering
&
Construction
-
0.38%
ACS
Actividades
de
Construccion
y
Servicios
SA
2,235‌
147‌
AECOM
(d)
1,855‌
204‌
Aena
SME
SA
(h)
341‌
92‌
Bouygues
SA
2,171‌
95‌
Eiffage
SA
418‌
57‌
Fluor
Corp
(e)
1,216‌
51‌
Jacobs
Solutions
Inc
(d)
1,530‌
193‌
Obayashi
Corp
(d)
9,700‌
146‌
Skanska
AB
8,446‌
201‌
Stantec
Inc
800‌
82‌
Vinci
SA
934‌
133‌
WSP
Global
Inc
(d)
1,000‌
205‌
$
1,606‌
Entertainment
-
0.64%
Caesars
Entertainment
Inc
(e)
8,502‌
229‌
DraftKings
Inc
(e)
2,093‌
75‌
Everi
Holdings
Inc
(e)
57,676‌
814‌
Flutter
Entertainment
PLC
(e)
290‌
73‌
Genius
Sports
Ltd
(e)
5,039‌
48‌
International
Game
Technology
PLC
84,000‌
1,236‌
Live
Nation
Entertainment
Inc
(e)
973‌
133‌
Monarch
Casino
&
Resort
Inc
704‌
59‌
$
2,667‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Environmental
Control
-
0.11%
Casella
Waste
Systems
Inc
(e)
575‌
$
67‌
Republic
Services
Inc
(d)
461‌
119‌
Veralto
Corp
2,274‌
230‌
Waste
Management
Inc
(d)
187‌
45‌
$
461‌
Food
-
1.05%
Chocoladefabriken
Lindt
&
Spruengli
AG
-
REG
1‌
157‌
Conagra
Brands
Inc
7,059‌
162‌
General
Mills
Inc
2,847‌
154‌
George
Weston
Ltd
(d)
200‌
40‌
Grocery
Outlet
Holding
Corp
(e)
3,711‌
50‌
Kellanova
(i)
33,037‌
2,730‌
Kraft
Heinz
Co/The
6,640‌
178‌
Kroger
Co/The
2,216‌
152‌
Loblaw
Cos
Ltd
(d)
100‌
17‌
Marks
&
Spencer
Group
PLC
(d)
4,286‌
22‌
Mondelez
International
Inc
1,472‌
99‌
Orkla
ASA
972‌
11‌
Sprouts
Farmers
Market
Inc
(e)
190‌
33‌
Sysco
Corp
771‌
56‌
The
Campbell's
Company
7,211‌
245‌
Tyson
Foods
Inc
4,788‌
269‌
WK
Kellogg
Co
2,846‌
48‌
$
4,423‌
Gas
-
0.10%
Centrica
PLC
(d)
108,727‌
232‌
New
Jersey
Resources
Corp
1,261‌
58‌
Spire
Inc
814‌
61‌
UGI
Corp
1,489‌
54‌
$
405‌
Hand
&
Machine
Tools
-
0.23%
Fuji
Electric
Co
Ltd
(d)
300‌
13‌
Kennametal
Inc
2,215‌
48‌
Makita
Corp
(d)
3,200‌
98‌
Schindler
Holding
AG
-
PC
310‌
110‌
Snap-on
Inc
(d)
829‌
266‌
Stanley
Black
&
Decker
Inc
(d)
4,501‌
294‌
Techtronic
Industries
Co
Ltd
13,053‌
146‌
$
975‌
Healthcare
-
Products
-
0.87%
Abbott
Laboratories
131‌
17‌
ABIOMED
Inc
-
Contingent
Value
Rights
(e),(f)
692‌
1‌
Agilent
Technologies
Inc
616‌
69‌
Allurion
Technologies
Inc
-
Warrants
(e)
931‌
—‌
Artivion
Inc
(e)
2,707‌
80‌
Baxter
International
Inc
(d)
11,706‌
357‌
Boston
Scientific
Corp
(e)
817‌
86‌
Danaher
Corp
1,308‌
249‌
Exact
Sciences
Corp
(e)
1,096‌
62‌
GE
HealthCare
Technologies
Inc
(d)
4,744‌
335‌
Glaukos
Corp
(e)
381‌
36‌
Hologic
Inc
(d),(e)
4,840‌
301‌
IDEXX
Laboratories
Inc
(d),(e)
306‌
157‌
Insulet
Corp
(e)
209‌
68‌
Integra
LifeSciences
Holdings
Corp
(e)
4,030‌
51‌
Intuitive
Surgical
Inc
(e)
72‌
40‌
Lantheus
Holdings
Inc
(e)
915‌
69‌
Medtronic
PLC
3,347‌
278‌
Natera
Inc
(e)
454‌
72‌
Omnicell
Inc
(e)
1,575‌
48‌
PROCEPT
BioRobotics
Corp
(e)
605‌
35‌
Psyence
Biomedical
Ltd
-
Warrants
(e)
974‌
—‌
ResMed
Inc
(d)
1,446‌
354‌
SI-BONE
Inc
(e)
2,083‌
39‌
Solventum
Corp
(d),(e)
3,104‌
227‌
Stryker
Corp
372‌
142‌
Thermo
Fisher
Scientific
Inc
(d)
911‌
366‌
TransMedics
Group
Inc
(e)
225‌
29‌
Twist
Bioscience
Corp
(e)
115‌
3‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
73
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Healthcare
-
Products
(continued)
Zimmer
Biomet
Holdings
Inc
877‌
$
81‌
$
3,652‌
Healthcare
-
Services
-
0.59%
Amedisys
Inc
(e)
3,518‌
331‌
Centene
Corp
(e)
1,349‌
76‌
Charles
River
Laboratories
International
Inc
(e)
405‌
55‌
Cigna
Group/The
482‌
153‌
DaVita
Inc
(e)
280‌
38‌
Elevance
Health
Inc
(d)
486‌
187‌
Ensign
Group
Inc/The
225‌
33‌
Eurofins
Scientific
SE
1,359‌
91‌
GeneDx
Holdings
Corp
(e)
465‌
33‌
HCA
Healthcare
Inc
(d)
389‌
148‌
Humana
Inc
93‌
22‌
ICON
PLC
(e)
365‌
47‌
IQVIA
Holdings
Inc
(d),(e)
2,888‌
405‌
Molina
Healthcare
Inc
(d),(e)
453‌
138‌
PACS
Group
Inc
(e)
163‌
2‌
Quest
Diagnostics
Inc
725‌
126‌
UnitedHealth
Group
Inc
1,325‌
400‌
Universal
Health
Services
Inc
1,026‌
195‌
$
2,480‌
Holding
Companies
-
Diversified
-
0.68%
Acropolis
Infrastructure
Acquisition
Corp
-
Escrow
(e),(f)
5,690‌
—‌
Alchemy
Investments
Acquisition
Corp
1
-
Warrants
(e)
3,107‌
—‌
Aldel
Financial
II
Inc
-
Warrants
(e)
4,558‌
2‌
AltEnergy
Acquisition
Corp
-
Warrants
(e)
449‌
—‌
Andretti
Acquisition
Corp
II
(e)
9,732‌
100‌
Andretti
Acquisition
Corp
II
-
Warrants
(e)
4,866‌
1‌
Archimedes
Tech
SPAC
Partners
II
Co
(e)
6,462‌
66‌
Ares
Acquisition
Corp
II
(e)
26,926‌
308‌
Armada
Acquisition
Corp
II
(e)
12,540‌
126‌
Arogo
Capital
Acquisition
Corp
-
Warrants
(e)
4,211‌
—‌
Berto
Acquisition
Corp
(e)
2,089‌
21‌
Cal
Redwood
Acquisition
Corp
(e)
3,133‌
31‌
Cantor
Equity
Partners
II
Inc
(e)
1,531‌
18‌
Cartesian
Growth
Corp
II
-
Warrants
(e)
781‌
—‌
Cartesian
Growth
Corp
III
(e)
2,069‌
21‌
Cayson
Acquisition
Corp
(e)
3,476‌
36‌
Cayson
Acquisition
Corp
-
Rights
(e)
3,476‌
—‌
CERo
Therapeutics
Holdings
Inc
-
Warrants
(e)
449‌
—‌
ChampionsGate
Acquisition
Corp
(e)
1,253‌
13‌
Churchill
Capital
Corp
X
(e)
3,135‌
32‌
Columbus
Circle
Capital
Corp
I
(e)
1,567‌
16‌
Copley
Acquisition
Corp
(e)
2,611‌
26‌
Dune
Acquisition
Corp
II
(e)
7,672‌
77‌
EGH
Acquisition
Corp
(e)
1,557‌
16‌
ESH
Acquisition
Corp
-
Rights
(e)
5,825‌
1‌
EVe
Mobility
Acquisition
Corp
-
Warrants
(e)
1,847‌
—‌
Evergreen
Corp
-
Warrants
(e)
4,211‌
—‌
Gesher
Acquisition
Corp
II
(e)
5,220‌
53‌
Global
Lights
Acquisition
Corp
(e)
2,875‌
31‌
Gores
Holdings
X
Inc
(e)
10,695‌
109‌
Graf
Global
Corp
(e)
4,458‌
46‌
Graf
Global
Corp
-
Warrants
(e)
2,229‌
—‌
International
Media
Acquisition
Corp
-
Warrants
(e)
2,300‌
—‌
Iron
Horse
Acquisitions
Corp
(e)
4,699‌
50‌
Iron
Horse
Acquisitions
Corp
-
Rights
(e)
4,699‌
2‌
Iron
Horse
Acquisitions
Corp
-
Warrants
(e)
4,699‌
—‌
Jaws
Mustang
Acquisition
Corp
-
Warrants
(e)
4,137‌
—‌
Jena
Acquisition
Corp
II
(e)
8,369‌
85‌
K&F
Growth
Acquisition
Corp
II
(e)
5,396‌
55‌
Keen
Vision
Acquisition
Corp
-
Warrants
(e)
10,678‌
1‌
Lakeshore
Acquisition
III
Corp
(e)
10,326‌
104‌
Live
Oak
Acquisition
Corp
V
(e)
4,701‌
53‌
Mountain
Lake
Acquisition
Corp
(e)
7,860‌
1‌
Mountain
Lake
Acquisition
Corp
(e)
7,860‌
80‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Holding
Companies
-
Diversified
(continued)
New
Providence
Acquisition
Corp
III
(e)
29,923‌
$
301‌
Newbury
Street
II
Acquisition
Corp
(e)
9,880‌
101‌
Newbury
Street
II
Acquisition
Corp
-
Warrants
(e)
4,940‌
1‌
NewHold
Investment
Corp
III
(e)
4,537‌
46‌
Oak
Woods
Acquisition
Corp
-
Warrants
(e)
10,768‌
—‌
Oyster
Enterprises
II
Acquisition
Corp
(e)
5,227‌
52‌
Papaya
Growth
Opportunity
Corp
I
-
Warrants
(e)
1,648‌
—‌
Perimeter
Acquisition
Corp
I
(e)
3,123‌
32‌
Pershing
Square
Tontine
Holdings
Ltd
(e),(f)
977‌
—‌
Pershing
Square
Tontine
Holdings
Ltd
-
Escrow
(e),(f)
3,910‌
—‌
ProCap
Acquisition
Corp
(e)
1,567‌
17‌
Pyrophyte
Acquisition
Corp
-
Warrants
(e)
600‌
—‌
Renatus
Tactical
Acquisition
Corp
I
(e)
1,044‌
12‌
Republic
Digital
Acquisition
Co
(e)
1,567‌
16‌
Roman
DBDR
Acquisition
Corp
II
(e)
6,268‌
64‌
Roman
DBDR
Acquisition
Corp
II
-
Warrants
(e)
3,134‌
1‌
Silverbox
Corp
IV
(e)
9,012‌
94‌
Silverbox
Corp
IV
-
Warrants
(e)
3,004‌
1‌
Sizzle
Acquisition
Corp
II
(e)
5,432‌
55‌
Slam
Corp
-
Warrants
(e)
6,312‌
1‌
Soulpower
Acquisition
Corp
(e)
10,864‌
110‌
Spark
I
Acquisition
Corp
(e)
8,467‌
92‌
Spark
I
Acquisition
Corp
-
Warrants
(e)
4,233‌
1‌
Spring
Valley
Acquisition
Corp
II
-
Rights
(e)
1,102‌
—‌
Spring
Valley
Acquisition
Corp
II
-
Warrants
(e)
551‌
—‌
Stellar
V
Capital
Corp
(e)
4,313‌
44‌
Target
Global
Acquisition
I
Corp
-
Warrants
(e)
1,309‌
—‌
Thayer
Ventures
Acquisition
Corp
II
(e)
522‌
5‌
UY
Scuti
Acquisition
Corp
(e)
2,169‌
22‌
Veea
Inc
-
Warrants
(e)
1,370‌
—‌
Volato
Group
Inc
-
Warrants
(e)
1,728‌
—‌
Voyager
Acquisition
Corp
(e)
9,148‌
94‌
Voyager
Acquisition
Corp
-
Warrants
(e)
3,935‌
1‌
Wen
Acquisition
Corp
(e)
3,146‌
33‌
Willow
Lane
Acquisition
Corp
(e)
6,595‌
67‌
Willow
Lane
Acquisition
Corp
-
Warrants
(e)
3,297‌
1‌
$
2,845‌
Home
Builders
-
0.10%
Champion
Homes
Inc
(e)
1,716‌
112‌
Lennar
Corp
-
A
Shares
70‌
7‌
NVR
Inc
(d),(e)
34‌
242‌
Sekisui
Chemical
Co
Ltd
(d)
2,500‌
44‌
$
405‌
Home
Furnishings
-
0.06%
Leggett
&
Platt
Inc
6,249‌
57‌
MillerKnoll
Inc
2,738‌
46‌
Rational
AG
101‌
83‌
Somnigroup
International
Inc
463‌
30‌
Xperi
Inc
(e)
6,255‌
49‌
$
265‌
Insurance
-
1.35%
Admiral
Group
PLC
(d)
1,141‌
52‌
Aflac
Inc
1,413‌
146‌
Ageas
SA/NV
1,126‌
74‌
AIA
Group
Ltd
1,600‌
13‌
Aon
PLC
542‌
202‌
Assurant
Inc
510‌
104‌
Baloise
Holding
AG
196‌
46‌
Beazley
PLC
1,312‌
17‌
Berkshire
Hathaway
Inc
-
Class
B
(d),(e)
1,113‌
561‌
Brown
&
Brown
Inc
1,237‌
140‌
Chubb
Ltd
1,563‌
465‌
Cincinnati
Financial
Corp
(d)
1,285‌
194‌
Dai-ichi
Life
Holdings
Inc
(d)
14,000‌
109‌
Equitable
Holdings
Inc
(d)
2,693‌
142‌
Everest
Group
Ltd
194‌
67‌
Globe
Life
Inc
1,187‌
144‌
Hannover
Rueck
SE
349‌
110‌
Hartford
Insurance
Group
Inc/The
882‌
115‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
74
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Insurance
(continued)
iA
Financial
Corp
Inc
(d)
600‌
$
61‌
Insurance
Australia
Group
Ltd
13,506‌
75‌
Kemper
Corp
783‌
50‌
Lancashire
Holdings
Ltd
5,981‌
49‌
Loews
Corp
1,608‌
144‌
Marsh
&
McLennan
Cos
Inc
752‌
176‌
MetLife
Inc
739‌
58‌
MS&AD
Insurance
Group
Holdings
Inc
(d)
8,500‌
202‌
NN
Group
NV
1,731‌
109‌
ProAssurance
Corp
(e)
33,331‌
773‌
Progressive
Corp/The
668‌
190‌
Prudential
PLC
(d)
11,177‌
127‌
QBE
Insurance
Group
Ltd
811‌
12‌
SiriusPoint
Ltd
(e)
3,202‌
63‌
T&D
Holdings
Inc
(d)
5,600‌
128‌
Talanx
AG
2,441‌
317‌
Tokio
Marine
Holdings
Inc
1,000‌
42‌
Travelers
Cos
Inc/The
480‌
132‌
Tryg
A/S
467‌
12‌
W
R
Berkley
Corp
1,726‌
129‌
Willis
Towers
Watson
PLC
313‌
99‌
$
5,649‌
Internet
-
2.55%
Airbnb
Inc
(e)
659‌
85‌
Alphabet
Inc
-
A
Shares
(d)
10,060‌
1,727‌
Alphabet
Inc
-
C
Shares
442‌
76‌
Amazon.com
Inc
(d),(e)
7,202‌
1,477‌
Angi
Inc
(e),(i)
26,698‌
418‌
Booking
Holdings
Inc
(d)
78‌
431‌
CAR
Group
Ltd
1,163‌
27‌
CDW
Corp/DE
446‌
81‌
Chewy
Inc
(e)
392‌
18‌
Criteo
SA
ADR
(e)
1,085‌
28‌
eBay
Inc
2,545‌
186‌
Expedia
Group
Inc
(d)
1,131‌
189‌
F5
Inc
(d),(e)
1,307‌
373‌
Gen
Digital
Inc
(d)
14,040‌
400‌
GIBO
Holdings
Ltd
-
Warrants
(e)
1,119‌
—‌
GoDaddy
Inc
(e)
1,093‌
199‌
Hims
&
Hers
Health
Inc
(e)
903‌
51‌
IAC
Inc
(e),(i)
50,846‌
1,828‌
LY
Corp
(d)
38,600‌
139‌
Magnite
Inc
(e)
5,884‌
96‌
Match
Group
Inc
5,982‌
179‌
MercadoLibre
Inc
(d),(e)
15‌
39‌
Meta
Platforms
Inc
(d)
1,622‌
1,050‌
Netflix
Inc
(d),(e)
788‌
951‌
Pinterest
Inc
(e)
926‌
29‌
Roku
Inc
(d),(e)
296‌
22‌
Shopify
Inc
(e)
300‌
32‌
Spotify
Technology
SA
(e)
166‌
110‌
Trend
Micro
Inc/Japan
(d)
700‌
52‌
Uber
Technologies
Inc
(e)
873‌
74‌
VeriSign
Inc
(d)
1,069‌
291‌
Zillow
Group
Inc
-
C
Shares
(e)
692‌
46‌
$
10,704‌
Investment
Companies
-
0.01%
EXOR
NV
108‌
10‌
HA
Sustainable
Infrastructure
Capital
Inc
1,072‌
27‌
$
37‌
Iron
&
Steel
-
0.53%
ArcelorMittal
SA
1,943‌
59‌
Fortescue
Ltd
13,646‌
136‌
Reliance
Inc
262‌
77‌
United
States
Steel
Corp
(i)
35,892‌
1,931‌
$
2,203‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Leisure
Products
&
Services
-
0.11%
Carnival
Corp
(d),(e)
16,184‌
$
376‌
Life
Time
Group
Holdings
Inc
(e)
777‌
22‌
Malibu
Boats
Inc
(e)
1,395‌
42‌
Royal
Caribbean
Cruises
Ltd
89‌
23‌
$
463‌
Lodging
-
0.05%
Galaxy
Entertainment
Group
Ltd
5,000‌
21‌
Las
Vegas
Sands
Corp
634‌
26‌
Marriott
International
Inc/MD
165‌
44‌
Sands
China
Ltd
(e)
1,600‌
3‌
Wyndham
Hotels
&
Resorts
Inc
614‌
51‌
Wynn
Resorts
Ltd
530‌
48‌
$
193‌
Machinery
-
Construction
&
Mining
-
0.15%
Caterpillar
Inc
(d)
800‌
278‌
GE
Vernova
Inc
159‌
75‌
Komatsu
Ltd
(d)
4,200‌
128‌
Sandvik
AB
3,774‌
83‌
Vertiv
Holdings
Co
567‌
61‌
$
625‌
Machinery
-
Diversified
-
0.26%
Applied
Industrial
Technologies
Inc
360‌
82‌
Cactus
Inc
386‌
16‌
Daifuku
Co
Ltd
(d)
2,900‌
77‌
Deere
&
Co
126‌
64‌
Dover
Corp
1,243‌
221‌
Hexagon
AB
12,238‌
123‌
Ichor
Holdings
Ltd
(e)
4,720‌
74‌
Otis
Worldwide
Corp
(d)
2,244‌
214‌
Rockwell
Automation
Inc
166‌
52‌
Wartsila
OYJ
Abp
4,021‌
81‌
Westinghouse
Air
Brake
Technologies
Corp
208‌
42‌
Xylem
Inc/NY
19‌
2‌
Zurn
Elkay
Water
Solutions
Corp
1,377‌
50‌
$
1,098‌
Media
-
1.55%
Altice
USA
Inc
(e)
22,876‌
53‌
Charter
Communications
Inc
(d),(e)
379‌
150‌
Comcast
Corp
-
Class
A
(d)
7,329‌
254‌
Endeavor
Group
Holdings
Inc
(f)
137,899‌
3,792‌
Fox
Corp
-
A
Shares
(d)
7,283‌
400‌
iHeartMedia
Inc
(e)
4,361‌
6‌
Liberty
Broadband
Corp
-
A
Shares
(e)
11,654‌
1,083‌
Liberty
Media
Corp-Liberty
Formula
One
-
C
Shares
(e)
984‌
95‌
Paramount
Global
-
Class
B
11,913‌
144‌
Walt
Disney
Co/The
(d)
4,573‌
516‌
$
6,493‌
Metal
Fabrication
&
Hardware
-
0.05%
Proto
Labs
Inc
(e)
1,524‌
56‌
Prysmian
SpA
447‌
29‌
VAT
Group
AG
(h)
142‌
54‌
Xometry
Inc
(e)
1,616‌
54‌
$
193‌
Mining
-
0.38%
Barrick
Mining
Corp
(d)
13,355‌
256‌
Barrick
Mining
Corp
2,984‌
57‌
First
Quantum
Minerals
Ltd
(d),(e)
3,400‌
50‌
Franco-Nevada
Corp
(d)
1,200‌
202‌
Freeport-McMoRan
Inc
(d)
9,370‌
361‌
Kaiser
Aluminum
Corp
1,468‌
107‌
Kinross
Gold
Corp
(d)
7,000‌
103‌
Lundin
Mining
Corp
(d)
8,000‌
76‌
Newmont
Corp
(d)
2,302‌
122‌
Norsk
Hydro
ASA
6,878‌
38‌
Northern
Star
Resources
Ltd
8,256‌
112‌
Pan
American
Silver
Corp
(d)
3,300‌
80‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
75
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Mining
(continued)
Rio
Tinto
PLC
ADR
741‌
$
44‌
$
1,608‌
Miscellaneous
Manufacturers
-
0.39%
3M
Co
(d)
1,805‌
268‌
A
O
Smith
Corp
(d)
7,021‌
452‌
Alfa
Laval
AB
919‌
39‌
Illinois
Tool
Works
Inc
(d)
979‌
240‌
Parker-Hannifin
Corp
(d)
25‌
16‌
Sturm
Ruger
&
Co
Inc
1,354‌
49‌
Teledyne
Technologies
Inc
(d),(e)
493‌
246‌
Textron
Inc
(d)
4,294‌
318‌
$
1,628‌
Office
&
Business
Equipment
-
0.07%
Zebra
Technologies
Corp
(d),(e)
1,010‌
293‌
Oil
&
Gas
-
1.08%
ARC
Resources
Ltd
(d)
1,800‌
38‌
Canadian
Natural
Resources
Ltd
2,057‌
62‌
Chevron
Corp
(d)
2,049‌
280‌
ConocoPhillips
1,035‌
88‌
Coterra
Energy
Inc
1,727‌
42‌
Devon
Energy
Corp
9,006‌
273‌
EOG
Resources
Inc
(d)
4,027‌
438‌
EQT
Corp
(d)
5,424‌
299‌
Equinor
ASA
1,901‌
44‌
Exxon
Mobil
Corp
1,081‌
111‌
Hess
Corp
(i)
15,935‌
2,106‌
MEG
Energy
Corp
858‌
15‌
Occidental
Petroleum
Corp
2,404‌
98‌
Ovintiv
Inc
(d)
480‌
17‌
Parkland
Corp
10,582‌
299‌
Phillips
66
903‌
102‌
Suncor
Energy
Inc
(d)
500‌
18‌
Texas
Pacific
Land
Corp
9‌
10‌
Valero
Energy
Corp
1,008‌
130‌
Viper
Energy
Inc
879‌
35‌
Woodside
Energy
Group
Ltd
1,979‌
28‌
$
4,533‌
Oil
&
Gas
Services
-
0.67%
Baker
Hughes
Co
(d)
3,751‌
139‌
ChampionX
Corp
(i)
96,365‌
2,319‌
Halliburton
Co
8,226‌
161‌
Helix
Energy
Solutions
Group
Inc
(e)
6,083‌
38‌
Schlumberger
NV
2,563‌
85‌
Select
Water
Solutions
Inc
4,186‌
34‌
Tidewater
Inc
(e)
605‌
24‌
$
2,800‌
Packaging
&
Containers
-
0.18%
Amcor
PLC
19,861‌
181‌
Ball
Corp
3,872‌
208‌
CCL
Industries
Inc
1,300‌
76‌
Greif
Inc
-
Class
A
832‌
46‌
Packaging
Corp
of
America
1,024‌
198‌
Smurfit
WestRock
PLC
208‌
9‌
Sonoco
Products
Co
1,108‌
50‌
$
768‌
Pharmaceuticals
-
1.63%
AbbVie
Inc
(d)
1,340‌
249‌
Agios
Pharmaceuticals
Inc
(e)
101‌
3‌
Alkermes
PLC
(e)
293‌
9‌
Amneal
Pharmaceuticals
Inc
(e)
296‌
2‌
Amphastar
Pharmaceuticals
Inc
(e)
66‌
2‌
Amplifon
SpA
6,059‌
139‌
Astellas
Pharma
Inc
(d)
22,100‌
218‌
AstraZeneca
PLC
(d)
1,283‌
188‌
AstraZeneca
PLC
ADR
1,168‌
85‌
Avadel
Pharmaceuticals
PLC
(e)
157‌
1‌
Becton
Dickinson
&
Co
7,999‌
1,381‌
BellRing
Brands
Inc
(e)
1,155‌
73‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Pharmaceuticals
(continued)
Bristol-Myers
Squibb
Co
(d)
5,911‌
$
285‌
Cardinal
Health
Inc
593‌
92‌
Catalyst
Pharmaceuticals
Inc
(e)
205‌
5‌
Cencora
Inc
691‌
201‌
Collegium
Pharmaceutical
Inc
(e)
56‌
2‌
Corcept
Therapeutics
Inc
(e)
145‌
11‌
CVS
Health
Corp
(d)
4,178‌
268‌
Daiichi
Sankyo
Co
Ltd
(d)
9,900‌
263‌
Dexcom
Inc
(d),(e)
1,346‌
115‌
Eli
Lilly
&
Co
438‌
323‌
Grifols
SA
(e)
6,546‌
70‌
GSK
PLC
(d)
5,318‌
108‌
Guardian
Pharmacy
Services
Inc
(e)
971‌
21‌
Harmony
Biosciences
Holdings
Inc
(e)
68‌
2‌
Hikma
Pharmaceuticals
PLC
5,245‌
151‌
Ipsen
SA
600‌
71‌
Johnson
&
Johnson
2,017‌
313‌
Madrigal
Pharmaceuticals
Inc
(e)
33‌
9‌
MannKind
Corp
(e)
477‌
2‌
McKesson
Corp
(d)
332‌
239‌
Merck
&
Co
Inc
(d)
4,582‌
352‌
Merus
NV
(e)
220‌
12‌
Mirum
Pharmaceuticals
Inc
(e)
71‌
3‌
Neurocrine
Biosciences
Inc
(e)
1,095‌
135‌
Novartis
AG
1,444‌
167‌
Novo
Nordisk
A/S
668‌
47‌
Ocular
Therapeutix
Inc
(e)
317‌
3‌
Ono
Pharmaceutical
Co
Ltd
(d)
15,300‌
167‌
Orion
Oyj
1,956‌
133‌
Otsuka
Holdings
Co
Ltd
600‌
31‌
Pacira
BioSciences
Inc
(e)
1,429‌
37‌
Pfizer
Inc
9,615‌
226‌
Protagonist
Therapeutics
Inc
(e)
448‌
21‌
Recordati
Industria
Chimica
e
Farmaceutica
SpA
2,613‌
157‌
Rhythm
Pharmaceuticals
Inc
(e)
99‌
6‌
Sanofi
SA
ADR
1,608‌
79‌
Supernus
Pharmaceuticals
Inc
(e)
90‌
3‌
Takeda
Pharmaceutical
Co
Ltd
(d)
400‌
12‌
Vaxcyte
Inc
(e)
594‌
19‌
Verona
Pharma
PLC
ADR
(e)
404‌
33‌
Viatris
Inc
17,169‌
151‌
Zoetis
Inc
(d)
774‌
131‌
$
6,826‌
Pipelines
-
0.16%
Cheniere
Energy
Inc
(d)
745‌
176‌
Excelerate
Energy
Inc
1,918‌
54‌
Keyera
Corp
(d)
3,700‌
113‌
Kinder
Morgan
Inc
(d)
8,883‌
249‌
Southcross
Holdings
(e),(f)
615,976‌
—‌
Targa
Resources
Corp
(d)
496‌
78‌
Williams
Cos
Inc/The
374‌
23‌
$
693‌
Private
Equity
-
0.08%
Blackstone
Inc
(d)
1,273‌
177‌
KKR
&
Co
Inc
1,329‌
161‌
$
338‌
Real
Estate
-
0.21%
CBRE
Group
Inc
(d),(e)
2,083‌
260‌
CFLD
Cayman
Investment
Ltd
Unit
Trust
(e)
32,218‌
1‌
Daito
Trust
Construction
Co
Ltd
(d)
2,600‌
293‌
LEG
Immobilien
SE
1,798‌
153‌
Marcus
&
Millichap
Inc
1,354‌
39‌
Sekisui
House
Ltd
(d)
1,000‌
23‌
Sunac
China
Holdings
Ltd
(e)
8,540‌
2‌
Vonovia
SE
3,612‌
118‌
$
889‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
76
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
REITs
-
0.71%
American
Healthcare
REIT
Inc
1,672‌
$
58‌
American
Tower
Corp
(d)
1,298‌
278‌
AvalonBay
Communities
Inc
1,081‌
223‌
Camden
Property
Trust
(d)
1,307‌
154‌
CareTrust
REIT
Inc
2,015‌
58‌
Crown
Castle
Inc
302‌
30‌
Digital
Realty
Trust
Inc
891‌
153‌
EPR
Properties
1,047‌
58‌
Equinix
Inc
(d)
226‌
201‌
Extra
Space
Storage
Inc
170‌
26‌
Independence
Realty
Trust
Inc
2,919‌
54‌
Kimco
Realty
Corp
3,679‌
78‌
Land
Securities
Group
PLC
4,254‌
36‌
Macerich
Co/The
3,816‌
62‌
Mid-America
Apartment
Communities
Inc
503‌
79‌
Nippon
Building
Fund
Inc
(d)
52‌
48‌
Pebblebrook
Hotel
Trust
4,810‌
44‌
Phillips
Edison
&
Co
Inc
1,352‌
48‌
Piedmont
Office
Realty
Trust
Inc
8,385‌
60‌
Prologis
Inc
1,192‌
130‌
Realty
Income
Corp
2,793‌
158‌
Regency
Centers
Corp
1,040‌
75‌
Rithm
Capital
Corp
4,084‌
46‌
Simon
Property
Group
Inc
(d)
692‌
113‌
UDR
Inc
1,557‌
65‌
Ventas
Inc
2,905‌
187‌
VICI
Properties
Inc
5,782‌
183‌
Welltower
Inc
(d)
1,798‌
277‌
$
2,982‌
Retail
-
1.16%
American
Eagle
Outfitters
Inc
4,491‌
49‌
Associated
British
Foods
PLC
3,254‌
92‌
AutoZone
Inc
(d),(e)
54‌
202‌
Bath
&
Body
Works
Inc
(d)
9,012‌
253‌
Best
Buy
Co
Inc
1,207‌
80‌
Boot
Barn
Holdings
Inc
(e)
324‌
52‌
CarMax
Inc
(e)
350‌
23‌
Carvana
Co
(e)
180‌
59‌
Casey's
General
Stores
Inc
80‌
35‌
Chipotle
Mexican
Grill
Inc
(d),(e)
303‌
15‌
Costco
Wholesale
Corp
(d)
26‌
28‌
Cracker
Barrel
Old
Country
Store
Inc
1,064‌
61‌
Dick's
Sporting
Goods
Inc
775‌
139‌
Dollar
General
Corp
(d)
1,195‌
116‌
Dollar
Tree
Inc
(d),(e)
3,335‌
301‌
Fast
Retailing
Co
Ltd
(d)
100‌
33‌
Freshpet
Inc
(e)
436‌
35‌
Home
Depot
Inc/The
(d)
985‌
363‌
Lowe's
Cos
Inc
(d)
819‌
185‌
MatsukiyoCocokara
&
Co
(d)
6,200‌
125‌
McDonald's
Corp
(d)
1,645‌
516‌
MSC
Industrial
Direct
Co
Inc
667‌
54‌
Ollie's
Bargain
Outlet
Holdings
Inc
(e)
433‌
48‌
O'Reilly
Automotive
Inc
(e)
82‌
112‌
Ross
Stores
Inc
(d)
1,147‌
161‌
Starbucks
Corp
732‌
61‌
Target
Corp
(d)
2,854‌
268‌
TJX
Cos
Inc/The
3,017‌
383‌
Ulta
Beauty
Inc
(e)
355‌
167‌
Walmart
Inc
(d)
3,319‌
328‌
Wesfarmers
Ltd
1,723‌
92‌
Williams-Sonoma
Inc
248‌
40‌
Wingstop
Inc
77‌
26‌
Yum!
Brands
Inc
(d)
2,465‌
355‌
$
4,857‌
Savings
&
Loans
-
0.01%
WSFS
Financial
Corp
774‌
41‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Semiconductors
-
1.73%
Advantest
Corp
(d)
300‌
$
15‌
Analog
Devices
Inc
(d)
433‌
93‌
Applied
Materials
Inc
(d)
1,596‌
250‌
ARM
Holdings
PLC
ADR
(e)
341‌
42‌
ASM
International
NV
40‌
22‌
ASML
Holding
NV
-
NY
Reg
Shares
74‌
55‌
Broadcom
Inc
(d)
5,911‌
1,432‌
Disco
Corp
400‌
90‌
KLA
Corp
(d)
105‌
79‌
Lam
Research
Corp
(d)
3,475‌
281‌
Lasertec
Corp
(d)
1,600‌
160‌
Marvell
Technology
Inc
403‌
24‌
Microchip
Technology
Inc
1,412‌
82‌
Micron
Technology
Inc
948‌
89‌
MKS
Inc
236‌
19‌
Monolithic
Power
Systems
Inc
(d)
27‌
18‌
NVIDIA
Corp
(d)
20,143‌
2,722‌
NXP
Semiconductors
NV
435‌
83‌
ON
Semiconductor
Corp
(d),(e)
9,033‌
380‌
QUALCOMM
Inc
(d)
3,055‌
444‌
Silicon
Motion
Technology
Corp
ADR
848‌
52‌
SiTime
Corp
(e)
287‌
56‌
Skyworks
Solutions
Inc
(d)
6,974‌
481‌
Texas
Instruments
Inc
970‌
177‌
Tokyo
Electron
Ltd
(d)
400‌
63‌
Tower
Semiconductor
Ltd
(e)
1,330‌
52‌
$
7,261‌
Shipbuilding
-
0.00%
Yangzijiang
Shipbuilding
Holdings
Ltd
3,100‌
5‌
Software
-
1.47%
Adeia
Inc
3,666‌
47‌
Adobe
Inc
(e)
160‌
66‌
Agilysys
Inc
(e)
291‌
31‌
Airship
AI
Holdings
Inc
-
Warrants
(e)
8,689‌
14‌
ANSYS
Inc
(e)
44‌
15‌
AppLovin
Corp
(e)
197‌
77‌
Atlassian
Corp
(d),(e)
444‌
92‌
Autodesk
Inc
(d),(e)
267‌
79‌
AvePoint
Inc
(e)
4,532‌
85‌
Broadridge
Financial
Solutions
Inc
138‌
34‌
Clearwater
Analytics
Holdings
Inc
(e)
1,964‌
45‌
Cloudflare
Inc
(d),(e)
401‌
67‌
Constellation
Software
Inc/Canada
-
Warrants
(e),(f)
153‌
—‌
Docusign
Inc
(e)
510‌
45‌
Dynatrace
Inc
(d),(e)
1,036‌
56‌
Electronic
Arts
Inc
(d)
1,263‌
182‌
Fair
Isaac
Corp
(e)
16‌
28‌
Fiserv
Inc
(d),(e)
1,571‌
256‌
Freshworks
Inc
(e)
2,283‌
35‌
Gamehaus
Holdings
Inc
(e)
422‌
1‌
iLearningEngines
Holdings
Inc
-
Warrants
(e)
1,824‌
—‌
Intapp
Inc
(e)
605‌
33‌
Intuit
Inc
290‌
218‌
Konami
Group
Corp
(d)
900‌
122‌
LeddarTech
Holdings
Inc
-
Warrants
(e)
2,297‌
—‌
Microsoft
Corp
(d)
5,805‌
2,672‌
MINDBODY
Inc
(e),(f)
9,229‌
1‌
MKD
Tech
Inc
-
Warrants
(e)
8,878‌
—‌
MSCI
Inc
(d)
200‌
113‌
Nutanix
Inc
(e)
581‌
45‌
Oracle
Corp
(d)
483‌
80‌
Oracle
Corp
Japan
(d)
600‌
70‌
Palantir
Technologies
Inc
(d),(e)
2,422‌
319‌
Paychex
Inc
581‌
92‌
Paycom
Software
Inc
(d)
338‌
88‌
RingCentral
Inc
(e)
1,729‌
45‌
Roper
Technologies
Inc
331‌
189‌
Salesforce
Inc
(d)
1,007‌
266‌
SEMrush
Holdings
Inc
(e)
3,641‌
36‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
77
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Software
(continued)
ServiceNow
Inc
(e)
86‌
$
87‌
Snowflake
Inc
-
Class
A
(d),(e)
188‌
39‌
Synopsys
Inc
(d),(e)
76‌
35‌
TIS
Inc
(d)
3,200‌
105‌
Veeva
Systems
Inc
(e)
588‌
164‌
Veradigm
Inc
(e)
7,366‌
32‌
Verint
Systems
Inc
(e)
1,896‌
33‌
Workday
Inc
(d),(e)
154‌
38‌
$
6,177‌
Telecommunications
-
1.32%
A10
Networks
Inc
3,393‌
59‌
Arista
Networks
Inc
(e)
2,525‌
218‌
AT&T
Inc
(d)
12,223‌
340‌
Calix
Inc
(e)
727‌
34‌
Cisco
Systems
Inc
(d)
4,754‌
299‌
Corning
Inc
(d)
3,339‌
166‌
Credo
Technology
Group
Holding
Ltd
(e)
404‌
25‌
Deutsche
Telekom
AG
4,801‌
182‌
Frontier
Communications
Parent
Inc
(e)
61,012‌
2,210‌
Juniper
Networks
Inc
25,167‌
905‌
KDDI
Corp
(d)
4,000‌
69‌
Motorola
Solutions
Inc
(d)
207‌
86‌
Tele2
AB
3,577‌
53‌
Telefonaktiebolaget
LM
Ericsson
6,046‌
51‌
Telenor
ASA
3,839‌
59‌
Telstra
Group
Ltd
2,304‌
7‌
T-Mobile
US
Inc
1,261‌
305‌
Verizon
Communications
Inc
(d)
7,946‌
350‌
Vodafone
Group
PLC
(d)
95,023‌
99‌
$
5,517‌
Toys,
Games
&
Hobbies
-
0.03%
Bandai
Namco
Holdings
Inc
(d)
2,000‌
64‌
Hasbro
Inc
1,010‌
67‌
$
131‌
Transportation
-
0.43%
AP
Moller
-
Maersk
A/S
-
B
17‌
31‌
CSX
Corp
3,683‌
116‌
Expeditors
International
of
Washington
Inc
(d)
2,639‌
298‌
FedEx
Corp
912‌
199‌
Freightos
Ltd
-
Warrants
(e)
388‌
—‌
InPost
SA
(e)
2,022‌
33‌
JB
Hunt
Transport
Services
Inc
351‌
49‌
Kawasaki
Kisen
Kaisha
Ltd
(d)
10,300‌
155‌
Kirby
Corp
(e)
517‌
57‌
Knight-Swift
Transportation
Holdings
Inc
1,123‌
50‌
Nippon
Yusen
KK
(d)
2,800‌
102‌
Ryder
System
Inc
472‌
70‌
SITC
International
Holdings
Co
Ltd
49,000‌
156‌
Union
Pacific
Corp
1,198‌
265‌
United
Parcel
Service
Inc
2,356‌
230‌
$
1,811‌
Trucking
&
Leasing
-
0.01%
Greenbrier
Cos
Inc/The
1,119‌
50‌
Water
-
0.06%
United
Utilities
Group
PLC
(d)
15,281‌
242‌
TOTAL
COMMON
STOCKS
$
149,009‌
CONVERTIBLE
PREFERRED
STOCKS
-
0.04%
Shares
Held
Value
(000's)
Aerospace
&
Defense
-
0.03%
Boeing
Co/The
6.00%,
10/15/2027
1,876‌
$
127‌
Diversified
Financial
Services
-
0.00%
Apollo
Global
Management
Inc
6.75%,
07/31/2026
150‌
10‌
Electric
-
0.00%
PG&E
Corp
6.00%,
12/01/2027
316‌
14‌
Pipelines
-
0.01%
Southcross
Energy
Series
A
0.00%
(e),(f)
2,399,339‌
19‌
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
$
170‌
PREFERRED
STOCKS
-
0.02%
Shares
Held
Value
(000's)
Electronics
-
0.02%
Sartorius
AG
0.74%
330‌
$
79‌
TOTAL
PREFERRED
STOCKS
$
79‌
BONDS
-
35.53%
Principal
Amount
(000's)
Value
(000's)
Advertising
-
0.08%
Clear
Channel
Outdoor
Holdings
Inc
7.50%,
06/01/2029
(h)
$
382‌
$
338‌
Aerospace
&
Defense
-
0.65%
BAE
Systems
PLC
5.30%,
03/26/2034
(h)
230‌
232‌
Boeing
Co/The
3.63%,
02/01/2031
209‌
195‌
5.71%,
05/01/2040
151‌
146‌
5.81%,
05/01/2050
370‌
346‌
5.93%,
05/01/2060
10‌
9‌
6.53%,
05/01/2034
45‌
48‌
6.86%,
05/01/2054
135‌
144‌
7.01%,
05/01/2064
65‌
69‌
F-Brasile
SpA
/
F-Brasile
US
LLC
7.38%,
08/15/2026
(h)
1,191‌
1,187‌
RTX
Corp
5.00%,
02/27/2026
65‌
65‌
Triumph
Group
Inc
9.00%,
03/15/2028
(h)
290‌
304‌
$
2,745‌
Agriculture
-
0.09%
Cargill
Inc
4.95%,
02/11/2028
(h)
320‌
320‌
Secured
Overnight
Financing
Rate
+
0.61%
JBS
USA
LUX
Sarl
/
JBS
USA
Food
Co
/
JBS
USA
Foods
Group
5.95%,
04/20/2035
(h)
55‌
56‌
$
376‌
Airlines
-
0.44%
Gol
Finance
SA
14.82%,
PIK
14.82%;
06/08/2025
(h),(j)
975‌
994‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
10.50%
Latam
Airlines
Group
SA
13.38%,
10/15/2029
(h)
547‌
614‌
United
Airlines
2016-2
Class
B
Pass
Through
Trust
3.65%,
04/07/2027
98‌
97‌
United
Airlines
2019-2
Class
B
Pass
Through
Trust
3.50%,
11/01/2029
147‌
140‌
$
1,845‌
Automobile
Asset
Backed
Securities
-
0.68%
American
Credit
Acceptance
Receivables
Trust
2023-4
7.65%,
09/12/2030
(h)
100‌
104‌
American
Credit
Acceptance
Receivables
Trust
2025-1
5.54%,
08/12/2031
(h)
30‌
30‌
Avis
Budget
Rental
Car
Funding
AESOP
LLC
2.13%,
08/20/2027
(h)
350‌
338‌
5.58%,
12/20/2030
(h)
120‌
122‌
7.24%,
06/20/2029
(h)
100‌
104‌
Bridgecrest
Lending
Auto
Securitization
Trust
2024-2
6.30%,
02/15/2030
120‌
122‌
Carvana
Auto
Receivables
Trust
2021-N4
2.30%,
09/11/2028
21‌
20‌
Carvana
Auto
Receivables
Trust
2021-P1
1.53%,
03/10/2027
140‌
136‌
Carvana
Auto
Receivables
Trust
2024-N1
5.80%,
05/10/2030
(h)
15‌
15‌
Drive
Auto
Receivables
Trust
2024-1
5.43%,
11/17/2031
30‌
30‌
DT
Auto
Owner
Trust
2022-2
5.46%,
03/15/2028
(h)
150‌
150‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
78
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Automobile
Asset
Backed
Securities
(continued)
DT
Auto
Owner
Trust
2023-2
6.62%,
02/15/2029
(h)
$
115‌
$
117‌
DT
Auto
Owner
Trust
2023-3
7.12%,
05/15/2029
(h)
100‌
104‌
Exeter
Automobile
Receivables
Trust
2023-2
6.32%,
08/15/2029
100‌
102‌
Exeter
Automobile
Receivables
Trust
2023-5
7.13%,
02/15/2030
125‌
130‌
Exeter
Automobile
Receivables
Trust
2024-5
5.06%,
02/18/2031
50‌
50‌
Ford
Credit
Auto
Lease
Trust
2023-B
6.97%,
06/15/2028
35‌
36‌
GLS
Auto
Receivables
Issuer
Trust
2023-4
7.18%,
08/15/2029
(h)
110‌
114‌
GLS
Auto
Receivables
Issuer
Trust
2024-1
5.95%,
12/17/2029
(h)
25‌
26‌
GLS
Auto
Select
Receivables
Trust
2024-2
5.93%,
06/17/2030
(h)
15‌
15‌
Hertz
Vehicle
Financing
III
LLC
4.85%,
06/25/2026
(h)
42‌
42‌
LAD
Auto
Receivables
Trust
2023-4
6.76%,
03/15/2029
(h)
50‌
51‌
Prestige
Auto
Receivables
Trust
2021-1
2.08%,
02/15/2028
(h)
170‌
166‌
Santander
Drive
Auto
Receivables
Trust
2024-3
5.97%,
10/15/2031
130‌
133‌
Westlake
Automobile
Receivables
Trust
2022-2
5.48%,
09/15/2027
(h)
125‌
125‌
Westlake
Automobile
Receivables
Trust
2023-3
6.47%,
03/15/2029
(h)
100‌
102‌
Westlake
Automobile
Receivables
Trust
2023-4
7.19%,
07/16/2029
(h)
110‌
114‌
Westlake
Automobile
Receivables
Trust
2024-1
5.65%,
02/15/2029
(h)
35‌
35‌
6.02%,
10/15/2029
(h)
90‌
91‌
Westlake
Automobile
Receivables
Trust
2024-2
5.91%,
04/15/2030
(h)
25‌
25‌
Westlake
Automobile
Receivables
Trust
2025-1
5.54%,
11/15/2030
(h)
100‌
101‌
$
2,850‌
Automobile
Manufacturers
-
0.49%
Allison
Transmission
Inc
3.75%,
01/30/2031
(h)
75‌
68‌
American
Honda
Finance
Corp
4.45%,
10/22/2027
395‌
394‌
Mclaren
Finance
PLC
7.50%,
08/01/2026
(h)
1,211‌
1,212‌
Toyota
Motor
Credit
Corp
4.35%,
10/08/2027
390‌
390‌
$
2,064‌
Automobile
Parts
&
Equipment
-
0.03%
ZF
North
America
Capital
Inc
6.88%,
04/23/2032
(h)
150‌
138‌
Banks
-
1.88%
Australia
&
New
Zealand
Banking
Group
Ltd/New
York
NY
5.67%,
10/03/2025
410‌
412‌
Bank
of
America
Corp
2.48%,
09/21/2036
(k)
95‌
79‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.20%
3.85%,
03/08/2037
(k)
125‌
112‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.00%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
BBVA
Mexico
SA
Institucion
de
Banca
Multiple
Grupo
Financiero
BBVA
Mexico
7.63%,
02/11/2035
(h),(k),(l)
$
700‌
$
709‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.38%
BBVA
Mexico
SA
Institucion
De
Banca
Multiple
Grupo
Financiero
BBVA
Mexico/TX
5.13%,
01/18/2033
(k),(l)
200‌
190‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.65%
BOI
Finance
BV
7.50%,
02/16/2027
EUR
525‌
599‌
Commonwealth
Bank
of
Australia/New
York
NY
4.58%,
11/27/2026
$
395‌
397‌
5.32%,
03/13/2026
250‌
252‌
Goldman
Sachs
Group
Inc/The
5.80%,
08/10/2026
(k)
410‌
411‌
Secured
Overnight
Financing
Rate
+
1.08%
Israel
Discount
Bank
Ltd
5.38%,
01/26/2028
(h)
275‌
275‌
JPMorgan
Chase
&
Co
6.50%,
04/01/2030
(k),(m)
240‌
243‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.15%
Morgan
Stanley
2.48%,
09/16/2036
(k)
290‌
242‌
Secured
Overnight
Financing
Rate
+
1.36%
National
Bank
of
Uzbekistan
8.50%,
07/05/2029
400‌
412‌
PNC
Bank
NA
4.78%,
01/15/2027
(k)
320‌
320‌
Secured
Overnight
Financing
Rate
+
0.50%
Standard
Chartered
PLC
5.91%,
05/14/2035
(h),(k)
200‌
204‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.45%
6.10%,
01/11/2035
(h),(k)
600‌
620‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.10%
7.63%,
01/16/2032
(h),(k),(l),(m)
550‌
549‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.02%
State
Street
Bank
&
Trust
Co
4.59%,
11/25/2026
395‌
397‌
State
Street
Corp
4.33%,
10/22/2027
395‌
396‌
UBS
Group
AG
5.58%,
05/09/2036
(h),(k)
200‌
200‌
Secured
Overnight
Financing
Rate
+
1.76%
5.62%,
09/13/2030
(h),(k)
210‌
216‌
USD
Secured
Overnight
Financing
Rate
ICE
Swap
Rate
1
Year
+
1.34%
5.70%,
02/08/2035
(h),(k)
250‌
255‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.77%
US
Bank
NA/Cincinnati
OH
4.51%,
10/22/2027
(k)
395‌
395‌
Secured
Overnight
Financing
Rate
+
0.69%
$
7,885‌
Building
Materials
-
0.36%
Cemex
SAB
de
CV
5.13%,
06/08/2026
(h),(k),(m)
200‌
198‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.53%
5.20%,
09/17/2030
(h)
375‌
371‌
Holcim
Finance
US
LLC
5.40%,
04/07/2035
(h)
75‌
75‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
79
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Building
Materials
(continued)
Limak
Cimento
Sanayi
ve
Ticaret
AS
9.75%,
07/25/2029
$
650‌
$
643‌
Quikrete
Holdings
Inc
6.38%,
03/01/2032
(h)
205‌
208‌
$
1,495‌
Chemicals
-
0.14%
Illuminate
Buyer
LLC
/
Illuminate
Holdings
IV
Inc
9.00%,
07/01/2028
(h)
589‌
591‌
Commercial
Mortgage
Backed
Securities
-
0.67%
BPR
Trust
2021-NRD
9.95%,
12/15/2038
(h)
20‌
19‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.62%
11.20%,
12/15/2038
(h)
140‌
132‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.87%
BPR
Trust
2022-SSP
7.33%,
05/15/2039
(h)
245‌
245‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
BX
Trust
2025-VLT6
5.77%,
03/15/2042
(h)
295‌
294‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.44%
Citigroup
Commercial
Mortgage
Trust
2014-GC21
4.76%,
05/10/2047
(h),(n)
135‌
116‌
COMM
2012-CCRE3
Mortgage
Trust
3.92%,
10/15/2045
(h)
105‌
97‌
COMM
2012-LC4
Mortgage
Trust
5.51%,
12/10/2044
(n)
2‌
2‌
CSMC
2014-USA
OA
LLC
4.37%,
09/15/2037
(h)
1,055‌
670‌
DC
Commercial
Mortgage
Trust
2023-DC
7.14%,
09/12/2040
(h),(n)
110‌
113‌
Extended
Stay
America
Trust
2021-ESH
8.14%,
07/15/2038
(h)
103‌
103‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.81%
Greystone
CRE
Notes
2021-HC2
LTD
6.24%,
12/15/2039
(h)
72‌
71‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.91%
LEX
2024-BBG
Mortgage
Trust
4.87%,
10/13/2033
(h),(n)
25‌
25‌
Morgan
Stanley
Capital
I
Trust
2011-C2
5.21%,
06/15/2044
(h),(n)
172‌
170‌
Starwood
Retail
Property
Trust
2014-STAR
0.00%,
11/15/2027
(e),(h)
170‌
—‌
1.00
x
Prime
Rate
+
0.00%
0.00%,
11/15/2027
(e),(h)
645‌
—‌
1.00
x
Prime
Rate
+
0.00%
Wells
Fargo
Commercial
Mortgage
Trust
2013-LC12
3.83%,
07/15/2046
(n)
11‌
10‌
Wells
Fargo
Commercial
Mortgage
Trust
2016-C36
4.11%,
11/15/2059
(n)
100‌
86‌
WFRBS
Commercial
Mortgage
Trust
2011-C3
5.85%,
03/15/2044
(h),(n)
108‌
35‌
WFRBS
Commercial
Mortgage
Trust
2011-C4
4.98%,
06/15/2044
(h),(n)
600‌
575‌
WFRBS
Commercial
Mortgage
Trust
2014-C20
4.38%,
05/15/2047
69‌
62‌
$
2,825‌
Commercial
Services
-
0.14%
La
Financiere
Atalian
3.50%,
PIK
5.00%;
06/30/2028
(j),(n)
EUR
245‌
100‌
Mersin
Uluslararasi
Liman
Isletmeciligi
AS
8.25%,
11/15/2028
$
200‌
206‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Services
(continued)
Mobius
Merger
Sub
Inc
9.00%,
06/01/2030
(h)
$
95‌
$
84‌
TriNet
Group
Inc
3.50%,
03/01/2029
(h)
70‌
65‌
United
Rentals
North
America
Inc
6.13%,
03/15/2034
(h)
130‌
132‌
$
587‌
Computers
-
0.10%
Hewlett
Packard
Enterprise
Co
4.85%,
10/15/2031
231‌
229‌
5.00%,
10/15/2034
74‌
72‌
NetApp
Inc
5.50%,
03/17/2032
65‌
66‌
5.70%,
03/17/2035
55‌
55‌
$
422‌
Consumer
Products
-
0.01%
Kronos
Acquisition
Holdings
Inc
8.25%,
06/30/2031
(h)
67‌
59‌
Credit
Card
Asset
Backed
Securities
-
0.02%
Mission
Lane
Credit
Card
Master
Trust
7.69%,
11/15/2028
(h)
100‌
100‌
Distribution
&
Wholesale
-
0.11%
H&E
Equipment
Services
Inc
3.88%,
12/15/2028
(h)
212‌
213‌
Telecommunications
co
Telekom
Srbija
AD
Belgrade
7.00%,
10/28/2029
(h)
250‌
248‌
$
461‌
Diversified
Financial
Services
-
0.48%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
5.38%,
12/15/2031
165‌
166‌
Aircastle
Ltd
5.95%,
02/15/2029
(h)
55‌
56‌
6.50%,
07/18/2028
(h)
145‌
150‌
Aviation
Capital
Group
LLC
6.75%,
10/25/2028
(h)
210‌
222‌
Avolon
Holdings
Funding
Ltd
5.38%,
05/30/2030
(h)
45‌
45‌
BGC
Group
Inc
6.15%,
04/02/2030
(h)
45‌
45‌
Blue
Owl
Finance
LLC
6.25%,
04/18/2034
185‌
188‌
Brookfield
Asset
Management
Ltd
5.80%,
04/24/2035
40‌
41‌
Citadel
LP
6.00%,
01/23/2030
(h)
35‌
36‌
6.38%,
01/23/2032
(h)
25‌
26‌
Freedom
Mortgage
Holdings
LLC
8.38%,
04/01/2032
(h)
10‌
10‌
9.13%,
05/15/2031
(h)
20‌
20‌
Jefferies
Financial
Group
Inc
6.20%,
04/14/2034
240‌
245‌
Macquarie
Airfinance
Holdings
Ltd
5.15%,
03/17/2030
(h)
35‌
34‌
5.20%,
03/27/2028
(h)
85‌
85‌
Rocket
Mortgage
LLC
/
Rocket
Mortgage
Co-Issuer
Inc
3.88%,
03/01/2031
(h)
45‌
41‌
4.00%,
10/15/2033
(h)
245‌
212‌
SOCAR
Turkey
Enerji
AS
via
Steas
Funding
1
DAC
7.23%,
03/17/2026
320‌
316‌
Synchrony
Financial
5.45%,
03/06/2031
(k)
55‌
55‌
Secured
Overnight
Financing
Rate
+
1.68%
$
1,993‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
80
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
-
0.69%
Comision
Federal
de
Electricidad
5.00%,
09/29/2036
$
332‌
$
294‌
Eastern
European
Electric
Co
BV
6.50%,
05/15/2030
(h)
EUR
200‌
231‌
Energo-Pro
AS
8.00%,
05/27/2030
(h)
775‌
895‌
FIEMEX
Energia
-
Banco
Actinver
SA
Institucion
de
Banca
Multiple
7.25%,
01/31/2041
(h)
$
547‌
540‌
Pacific
Gas
and
Electric
Co
6.40%,
06/15/2033
110‌
113‌
Saavi
Energia
Sarl
8.88%,
02/10/2035
(h)
800‌
818‌
$
2,891‌
Electrical
Components
&
Equipment
-
0.03%
Molex
Electronic
Technologies
LLC
4.75%,
04/30/2028
(h)
140‌
140‌
Electronics
-
0.07%
Sensata
Technologies
Inc
3.75%,
02/15/2031
(h)
190‌
169‌
TD
SYNNEX
Corp
6.10%,
04/12/2034
110‌
113‌
$
282‌
Energy
-
Alternate
Sources
-
0.14%
FS
Luxembourg
Sarl
8.88%,
02/12/2031
(h)
575‌
583‌
Engineering
&
Construction
-
0.84%
Aeropuertos
Dominicanos
Siglo
XXI
SA
7.00%,
06/30/2034
(h)
225‌
228‌
ATP
Tower
Holdings
/
Andean
Telecom
Partners
Chile
SpA
/
Andean
Tower
Partners
Colombia
SAS
7.88%,
02/03/2030
(h)
600‌
600‌
HTA
Group
Ltd/Mauritius
7.50%,
06/04/2029
(h)
375‌
382‌
IHS
Holding
Ltd
7.88%,
05/29/2030
(h)
475‌
469‌
7.88%,
05/29/2030
200‌
198‌
8.25%,
11/29/2031
200‌
199‌
IHS
Netherlands
Holdco
BV
8.00%,
09/18/2027
430‌
432‌
Kingston
Airport
Revenue
Finance
Ltd
6.75%,
12/15/2036
(h)
400‌
396‌
Sitios
Latinoamerica
SAB
de
CV
6.00%,
11/25/2029
(h)
600‌
609‌
$
3,513‌
Entertainment
-
0.21%
Everi
Holdings
Inc
5.00%,
07/15/2029
(h)
330‌
333‌
Light
&
Wonder
International
Inc
7.00%,
05/15/2028
(h)
461‌
461‌
Warnermedia
Holdings
Inc
4.28%,
03/15/2032
95‌
81‌
$
875‌
Environmental
Control
-
0.01%
GFL
Environmental
Inc
4.38%,
08/15/2029
(h)
45‌
43‌
Food
-
0.17%
Grupo
Nutresa
SA
8.00%,
05/12/2030
(h)
575‌
591‌
JBS
USA
Holding
Lux
Sarl/
JBS
USA
Food
Co/
JBS
Lux
Co
Sarl
3.00%,
02/02/2029
35‌
33‌
Mars
Inc
5.20%,
03/01/2035
(h)
70‌
70‌
$
694‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Forest
Products
&
Paper
-
0.10%
LD
Celulose
International
GmbH
7.95%,
01/26/2032
(h)
$
400‌
$
412‌
Gas
-
0.06%
Venture
Global
Plaquemines
LNG
LLC
7.50%,
05/01/2033
(h)
110‌
115‌
7.75%,
05/01/2035
(h)
110‌
116‌
$
231‌
Hand
&
Machine
Tools
-
0.09%
Werner
FinCo
LP
/
Werner
FinCo
Inc
11.50%,
06/15/2028
(h)
342‌
372‌
Healthcare
-
Products
-
0.03%
Avantor
Funding
Inc
4.63%,
07/15/2028
(h)
40‌
39‌
Hologic
Inc
3.25%,
02/15/2029
(h)
105‌
100‌
$
139‌
Healthcare
-
Services
-
0.17%
Centene
Corp
3.38%,
02/15/2030
110‌
100‌
4.63%,
12/15/2029
230‌
221‌
HCA
Inc
5.60%,
04/01/2034
285‌
287‌
Molina
Healthcare
Inc
3.88%,
05/15/2032
(h)
70‌
63‌
4.38%,
06/15/2028
(h)
65‌
63‌
$
734‌
Home
Builders
-
0.05%
Meritage
Homes
Corp
5.65%,
03/15/2035
225‌
220‌
Home
Equity
Asset
Backed
Securities
-
0.05%
GITSIT
Mortgage
Loan
Trust
2025-NPL1
6.28%,
02/25/2055
(h),(n)
194‌
194‌
Insurance
-
0.50%
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
6.50%,
10/01/2031
(h)
60‌
60‌
AssuredPartners
Inc
5.63%,
01/15/2029
(h)
627‌
627‌
7.50%,
02/15/2032
(h)
814‌
871‌
Global
Atlantic
Fin
Co
3.13%,
06/15/2031
(h)
85‌
74‌
4.40%,
10/15/2029
(h)
50‌
48‌
Marsh
&
McLennan
Cos
Inc
4.55%,
11/08/2027
395‌
397‌
$
2,077‌
Internet
-
0.56%
Getty
Images
Inc
9.75%,
03/01/2027
(h)
1,284‌
1,260‌
Go
Daddy
Operating
Co
LLC
/
GD
Finance
Co
Inc
3.50%,
03/01/2029
(h)
85‌
79‌
5.25%,
12/01/2027
(h)
60‌
60‌
Netflix
Inc
4.88%,
06/15/2030
(h)
230‌
234‌
5.38%,
11/15/2029
(h)
35‌
36‌
Uber
Technologies
Inc
4.50%,
08/15/2029
(h)
350‌
344‌
4.80%,
09/15/2034
75‌
72‌
7.50%,
09/15/2027
(h)
246‌
248‌
$
2,333‌
Investment
Companies
-
0.11%
Antares
Holdings
LP
2.75%,
01/15/2027
(h)
505‌
480‌
Iron
&
Steel
-
0.05%
Mineral
Resources
Ltd
8.00%,
11/01/2027
(h)
5‌
5‌
8.50%,
05/01/2030
(h)
20‌
20‌
9.25%,
10/01/2028
(h)
10‌
10‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
81
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Iron
&
Steel
(continued)
Samarco
Mineracao
SA
9.00%,
PIK
9.00%;
06/30/2031
(j),(n)
$
100‌
$
97‌
Steel
Dynamics
Inc
5.25%,
05/15/2035
85‌
84‌
$
216‌
Leisure
Products
&
Services
-
0.14%
Carnival
Corp
5.75%,
03/01/2027
(h)
251‌
252‌
6.13%,
02/15/2033
(h)
150‌
150‌
NCL
Corp
Ltd
6.75%,
02/01/2032
(h)
65‌
65‌
NCL
Finance
Ltd
6.13%,
03/15/2028
(h)
40‌
40‌
Royal
Caribbean
Cruises
Ltd
5.63%,
09/30/2031
(h)
65‌
64‌
$
571‌
Lodging
-
0.06%
Hilton
Grand
Vacations
Borrower
LLC
/
Hilton
Grand
Vacations
Borrower
Inc
6.63%,
01/15/2032
(h)
55‌
55‌
Marriott
International
Inc/MD
5.50%,
04/15/2037
195‌
190‌
$
245‌
Media
-
0.62%
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
5.13%,
05/01/2027
(h)
320‌
317‌
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
3.70%,
04/01/2051
85‌
55‌
3.90%,
06/01/2052
15‌
10‌
4.40%,
12/01/2061
295‌
199‌
4.80%,
03/01/2050
25‌
19‌
5.25%,
04/01/2053
60‌
49‌
6.83%,
10/23/2055
100‌
100‌
CSC
Holdings
LLC
3.38%,
02/15/2031
(h)
675‌
442‌
4.63%,
12/01/2030
(h)
235‌
108‌
Directv
Financing
LLC
8.88%,
02/01/2030
(h)
25‌
25‌
Directv
Financing
LLC
/
Directv
Financing
Co-
Obligor
Inc
10.00%,
02/15/2031
(h)
95‌
92‌
DISH
DBS
Corp
5.25%,
12/01/2026
(h)
675‌
623‌
iHeartCommunications
Inc
7.00%,
01/15/2031
(h)
48‌
36‌
Paramount
Global
4.38%,
03/15/2043
270‌
197‌
5.85%,
09/01/2043
75‌
64‌
6.88%,
04/30/2036
240‌
244‌
Time
Warner
Cable
LLC
6.55%,
05/01/2037
30‌
30‌
$
2,610‌
Mining
-
0.73%
First
Quantum
Minerals
Ltd
9.38%,
03/01/2029
(h)
250‌
263‌
Glencore
Funding
LLC
6.50%,
10/06/2033
(h)
435‌
465‌
Ivanhoe
Mines
Ltd
7.88%,
01/23/2030
(h)
775‌
755‌
Vedanta
Resources
Finance
II
PLC
9.48%,
07/24/2030
(h)
475‌
450‌
10.88%,
09/17/2029
400‌
395‌
WE
Soda
Investments
Holding
PLC
9.50%,
10/06/2028
(h)
525‌
543‌
9.50%,
10/06/2028
200‌
207‌
$
3,078‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Miscellaneous
Manufacturers
-
0.05%
Axon
Enterprise
Inc
6.13%,
03/15/2030
(h)
$
25‌
$
25‌
6.25%,
03/15/2033
(h)
15‌
15‌
Textron
Financial
Corp
6.32%,
02/15/2067
(h)
170‌
153‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.00%
$
193‌
Mortgage
Backed
Securities
-
0.62%
Alternative
Loan
Trust
2003-22CB
5.75%,
12/25/2033
37‌
37‌
Alternative
Loan
Trust
2004-16CB
5.50%,
07/25/2034
22‌
22‌
5.50%,
08/25/2034
18‌
18‌
Alternative
Loan
Trust
2004-J10
6.00%,
09/25/2034
19‌
19‌
Banc
of
America
Alternative
Loan
Trust
2003-8
5.50%,
10/25/2033
22‌
23‌
Banc
of
America
Funding
2005-7
Trust
5.75%,
11/25/2035
17‌
17‌
Banc
of
America
Funding
2007-4
Trust
5.50%,
11/25/2034
19‌
17‌
Banc
of
America
Mortgage
2005-A
Trust
5.12%,
02/25/2035
(n)
6‌
6‌
BINOM
Securitization
Trust
2022-RPL1
3.00%,
02/25/2061
(h),(n)
140‌
112‌
CAFL
2023-RTL1
Issuer
LLC
7.55%,
12/28/2030
(h),(n)
100‌
101‌
CHL
Mortgage
Pass-Through
Trust
2004-HYB4
5.85%,
09/20/2034
(n)
10‌
10‌
Connecticut
Avenue
Securities
Trust
2022-R06
7.07%,
05/25/2042
(h)
49‌
50‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
2.75%
CSFB
Mortgage-Backed
Pass-Through
Certificates
Series
2003-27
5.75%,
11/25/2033
19‌
19‌
DSLA
Mortgage
Loan
Trust
2005-AR5
5.10%,
09/19/2045
84‌
44‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.77%
GITSIT
Mortgage
Loan
Trust
2024-NPL1
7.47%,
06/25/2054
(h),(n)
35‌
35‌
GSR
Mortgage
Loan
Trust
2005-4F
6.50%,
02/25/2035
25‌
24‌
IndyMac
INDX
Mortgage
Loan
Trust
2004-AR7
5.66%,
09/25/2034
63‌
50‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.33%
IndyMac
INDX
Mortgage
Loan
Trust
2005-AR11
3.74%,
08/25/2035
(n)
266‌
192‌
Lehman
XS
Trust
Series
2006-2N
4.96%,
02/25/2046
47‌
42‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.63%
MASTR
Alternative
Loan
Trust
2003-9
5.25%,
11/25/2033
12‌
13‌
MASTR
Alternative
Loan
Trust
2004-5
5.50%,
06/25/2034
9‌
9‌
6.00%,
06/25/2034
10‌
11‌
MASTR
Alternative
Loan
Trust
2004-8
6.00%,
09/25/2034
64‌
64‌
Merrill
Lynch
Mortgage
Investors
Trust
Series
MLCC
2006-2
5.98%,
05/25/2036
(n)
1‌
1‌
MFA
2024-NPL1
Trust
6.33%,
10/25/2062
(n)
94‌
94‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
82
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Mortgage
Backed
Securities
(continued)
New
Residential
Mortgage
Loan
Trust
2024-RTL1
6.66%,
03/25/2039
(h),(n)
$
105‌
$
106‌
NLT
2023-1
Trust
3.20%,
10/25/2062
(h),(n)
102‌
92‌
PRPM
2024-2
LLC
7.03%,
03/25/2029
(h),(n)
82‌
82‌
PRPM
2025-2
LLC
9.56%,
05/25/2030
(h),(n)
100‌
100‌
RCO
IX
Mortgage
LLC
2025-2
6.51%,
04/25/2030
(h),(n)
143‌
144‌
RCO
X
Mortgage
LLC
2025-1
5.88%,
01/25/2030
(h),(n)
197‌
196‌
Redwood
Funding
Trust
2025-1
7.58%,
05/27/2055
(h),(n)
98‌
102‌
Roc
Mortgage
Trust
2024-RTL1
5.59%,
10/25/2039
(h),(n)
130‌
129‌
Structured
Adjustable
Rate
Mortgage
Loan
Trust
4.75%,
07/25/2035
320‌
189‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.42%
Toorak
Mortgage
Trust
2024-RRTL1
6.60%,
02/25/2039
(h),(n)
260‌
261‌
VCAT
2025-NPL3
LLC
5.89%,
02/25/2055
(h),(n)
124‌
124‌
VOLT
XCIII
LLC
5.89%,
02/27/2051
(h),(n)
10‌
10‌
VOLT
XCIV
LLC
6.24%,
02/27/2051
(h),(n)
7‌
7‌
VOLT
XCVI
LLC
6.12%,
03/27/2051
(h),(n)
10‌
10‌
$
2,582‌
Oil
&
Gas
-
2.30%
Azule
Energy
Finance
Plc
8.13%,
01/23/2030
(h)
775‌
755‌
California
Resources
Corp
7.13%,
02/01/2026
(h)
127‌
127‌
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp
11.00%,
04/15/2026
(h)
810‌
811‌
Civitas
Resources
Inc
8.38%,
07/01/2028
(h)
60‌
60‌
Continental
Resources
Inc/OK
2.88%,
04/01/2032
(h)
135‌
110‌
5.75%,
01/15/2031
(h)
410‌
408‌
Ecopetrol
SA
8.38%,
01/19/2036
95‌
90‌
Energean
Israel
Finance
Ltd
4.88%,
03/30/2026
(h)
75‌
74‌
5.38%,
03/30/2028
(h)
605‌
574‌
8.50%,
09/30/2033
(h)
490‌
499‌
EQT
Corp
3.63%,
05/15/2031
(h)
105‌
96‌
Helmerich
&
Payne
Inc
5.50%,
12/01/2034
(h)
295‌
261‌
Leviathan
Bond
Ltd
6.50%,
06/30/2027
(h)
600‌
593‌
Matador
Resources
Co
6.50%,
04/15/2032
(h)
10‌
10‌
Northern
Oil
&
Gas
Inc
8.13%,
03/01/2028
(h)
15‌
15‌
OGX
Austria
GmbH
0.00%,
06/01/2018
(e),(h)
600‌
—‌
0.00%,
04/01/2022
(e),(f)
1,100‌
—‌
ORLEN
SA
6.00%,
01/30/2035
(h)
650‌
657‌
Permian
Resources
Operating
LLC
6.25%,
02/01/2033
(h)
30‌
30‌
8.00%,
04/15/2027
(h)
84‌
86‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Oil
&
Gas
(continued)
Petroleos
de
Venezuela
SA
0.00%,
05/16/2024
(e)
$
3,645‌
$
430‌
0.00%,
11/15/2026
(e)
850‌
100‌
Petroleos
Mexicanos
5.35%,
02/12/2028
375‌
352‌
5.95%,
01/28/2031
250‌
217‌
6.50%,
03/13/2027
425‌
417‌
6.84%,
01/23/2030
540‌
505‌
Puma
International
Financing
SA
7.75%,
04/25/2029
(h)
725‌
737‌
Raizen
Fuels
Finance
SA
6.70%,
02/25/2037
(h)
475‌
459‌
SM
Energy
Co
6.75%,
08/01/2029
(h)
65‌
64‌
Tengizchevroil
Finance
Co
International
Ltd
3.25%,
08/15/2030
450‌
393‌
4.00%,
08/15/2026
200‌
196‌
Uzbekneftegaz
JSC
8.75%,
05/07/2030
(h)
475‌
479‌
Viper
Energy
Inc
7.38%,
11/01/2031
(h)
50‌
52‌
$
9,657‌
Oil
&
Gas
Services
-
0.10%
Yinson
Boronia
Production
BV
8.95%,
07/31/2042
396‌
413‌
Other
Asset
Backed
Securities
-
2.26%
37
Capital
Clo
4
Ltd
6.06%,
04/15/2035
(h)
255‌
254‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.80%
AASET
2024-2
Ltd
5.93%,
09/16/2049
(h)
238‌
238‌
Accelerated
Assets
2018-1
LLC
4.51%,
12/02/2033
(h)
27‌
27‌
Affirm
Asset
Securitization
Trust
2023-B
6.82%,
09/15/2028
(h)
100‌
101‌
AIM
Aviation
Finance
Ltd
5.07%,
02/15/2040
(h),(n)
675‌
475‌
Applebee's
Funding
LLC
/
IHOP
Funding
LLC
7.82%,
03/05/2053
(h)
150‌
154‌
Bain
Capital
Credit
CLO
2020-1
Ltd
6.62%,
04/18/2033
(h)
145‌
145‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.35%
BHG
Securitization
Trust
2023-B
7.45%,
12/17/2036
(h)
100‌
103‌
Blackbird
Capital
Aircraft
Lease
Securitization
Ltd
2016-1
4.21%,
12/16/2041
(h),(n)
59‌
59‌
Carval
Clo
X-C
Ltd
6.07%,
07/20/2037
(h)
260‌
261‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.80%
Clsec
Holdings
22t
LLC
6.17%,
05/11/2037
(h)
90‌
84‌
Compass
Datacenters
Issuer
III
LLC
5.66%,
02/25/2050
(h)
65‌
65‌
5.85%,
02/25/2050
(h)
25‌
25‌
CyrusOne
Data
Centers
Issuer
I
LLC
5.91%,
02/20/2050
(h)
75‌
76‌
Domino's
Pizza
Master
Issuer
LLC
4.12%,
07/25/2047
(h)
498‌
489‌
EWC
Master
Issuer
LLC
5.50%,
03/15/2052
(h)
97‌
95‌
Foundation
Finance
Trust
2025-1
5.26%,
04/15/2050
(h)
100‌
100‌
6.09%,
04/15/2050
(h)
100‌
98‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
83
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Other
Asset
Backed
Securities
(continued)
Frontier
Issuer
LLC
6.60%,
08/20/2053
(h)
$
315‌
$
320‌
Golub
Capital
Partners
CLO
74
B
Ltd
6.13%,
07/25/2037
(h)
250‌
251‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.85%
Golub
Capital
Partners
CLO
75B
Ltd
6.23%,
07/25/2037
(h)
260‌
260‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.95%
GoodLeap
Home
Improvement
Solutions
Trust
2024-1
6.38%,
10/20/2046
(h)
96‌
96‌
Kapitus
Asset
Securitization
IV
LLC
5.49%,
09/10/2031
(h)
100‌
100‌
Kestrel
Aircraft
Funding
Ltd
4.25%,
12/15/2038
(h)
131‌
128‌
KKR
CLO
22
Ltd
6.13%,
07/20/2031
(h)
250‌
251‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.86%
Labrador
Aviation
Finance
Ltd
2016-1A
4.30%,
01/15/2042
(h)
138‌
134‌
Madison
Park
Funding
LIII
Ltd
6.02%,
04/21/2035
(h)
250‌
250‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.75%
Madison
Park
Funding
LIX
Ltd
6.52%,
04/18/2037
(h)
260‌
260‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.25%
Marlette
Funding
Trust
2023-4
8.15%,
12/15/2033
(h)
100‌
103‌
OCP
Clo
2019-17
Ltd
6.27%,
07/20/2037
(h)
250‌
251‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.00%
Octagon
Investment
Partners
XXII
Ltd
6.43%,
01/22/2030
(h)
250‌
250‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.16%
OHA
Credit
Partners
XI
Ltd
6.47%,
04/20/2037
(h)
250‌
250‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.20%
OHA
Loan
Funding
2013-1
Ltd
6.63%,
04/23/2037
(h)
250‌
250‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.35%
OnDeck
Asset
Securitization
Trust
IV
LLC
8.99%,
06/17/2031
(h)
100‌
102‌
OWN
Equipment
Fund
I
LLC
5.70%,
12/20/2032
(h)
92‌
93‌
Palmer
Square
BDC
CLO
1
Ltd
6.41%,
07/15/2037
(h)
250‌
251‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.15%
Palmer
Square
CLO
2024-2
LTD
5.92%,
07/20/2037
(h)
250‌
251‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.65%
Planet
Fitness
Master
Issuer
LLC
3.86%,
12/05/2049
(h)
261‌
246‌
5.77%,
06/05/2054
(h)
184‌
186‌
Post
CLO
2023-1
Ltd
6.22%,
04/20/2036
(h)
250‌
250‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.95%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Other
Asset
Backed
Securities
(continued)
Rockford
Tower
2024-2
Ltd
6.12%,
10/20/2037
(h)
$
250‌
$
251‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.85%
Rockford
Tower
CLO
2018-1
Ltd
5.68%,
05/20/2031
(h)
96‌
96‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.36%
SEB
Funding
LLC
7.39%,
04/30/2054
(h)
70‌
71‌
Sierra
Timeshare
2020-2
Receivables
Funding
LLC
3.51%,
07/20/2037
(h)
10‌
10‌
Sixth
Street
CLO
XV
Ltd
6.28%,
10/24/2037
(h)
250‌
251‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.00%
Sixth
Street
CLO
XXV
Ltd
6.08%,
07/24/2037
(h)
250‌
251‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.80%
Subway
Funding
LLC
6.03%,
07/30/2054
(h)
214‌
216‌
Sunnova
Helios
X
Issuer
LLC
6.00%,
11/22/2049
(h)
105‌
48‌
Sunnova
Helios
XIII
Issuer
LLC
5.30%,
02/20/2051
(h)
88‌
82‌
Trinitas
CLO
XII
Ltd
6.28%,
04/25/2033
(h)
255‌
256‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.00%
WAVE
2017-1
Trust
3.84%,
11/15/2042
(h)
85‌
81‌
Wellfleet
CLO
2024-1
Ltd
6.32%,
07/18/2037
(h)
250‌
251‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.05%
Wingstop
Funding
LLC
5.86%,
12/05/2054
(h)
100‌
101‌
Ziply
Fiber
Issuer
LLC
6.64%,
04/20/2054
(h)
95‌
97‌
7.81%,
04/20/2054
(h)
30‌
31‌
$
9,475‌
Packaging
&
Containers
-
0.20%
Mauser
Packaging
Solutions
Holding
Co
9.25%,
04/15/2027
(h)
858‌
845‌
Pharmaceuticals
-
0.39%
Bausch
Health
Cos
Inc
4.88%,
06/01/2028
(h)
155‌
126‌
Eli
Lilly
&
Co
4.55%,
02/12/2028
320‌
323‌
Teva
Pharmaceutical
Finance
Netherlands
II
BV
4.38%,
05/09/2030
EUR
120‌
140‌
7.38%,
09/15/2029
110‌
143‌
7.88%,
09/15/2031
100‌
137‌
Teva
Pharmaceutical
Finance
Netherlands
III
BV
4.10%,
10/01/2046
$
795‌
556‌
7.88%,
09/15/2029
200‌
216‌
$
1,641‌
Pipelines
-
0.54%
Acu
Petroleo
Luxembourg
Sarl
7.50%,
07/13/2035
484‌
487‌
Galaxy
Pipeline
Assets
Bidco
Ltd
2.16%,
03/31/2034
(h)
276‌
242‌
2.16%,
03/31/2034
203‌
178‌
Greensaif
Pipelines
Bidco
Sarl
6.13%,
02/23/2038
225‌
228‌
Southern
Gas
Corridor
CJSC
6.88%,
03/24/2026
325‌
328‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
84
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pipelines
(continued)
Targa
Resources
Corp
5.55%,
08/15/2035
$
115‌
$
113‌
6.13%,
03/15/2033
65‌
67‌
6.50%,
03/30/2034
275‌
289‌
Venture
Global
Calcasieu
Pass
LLC
3.88%,
11/01/2033
(h)
105‌
90‌
4.13%,
08/15/2031
(h)
90‌
82‌
Venture
Global
LNG
Inc
8.38%,
06/01/2031
(h)
25‌
25‌
Western
Midstream
Operating
LP
6.15%,
04/01/2033
135‌
138‌
$
2,267‌
Real
Estate
-
0.23%
Agile
Group
Holdings
Ltd
0.00%,
10/13/2025
(e)
210‌
13‌
CFLD
Cayman
Investment
Ltd
0.00%,
01/31/2031
(e),(h)
109‌
3‌
0.00%,
01/31/2031
(e),(h)
58‌
2‌
0.00%,
01/31/2031
(e),(h)
14‌
—‌
China
Evergrande
Group
0.00%,
06/28/2025
(e)
200‌
3‌
Kaisa
Group
Holdings
Ltd
0.00%,
06/30/2024
(e)
400‌
17‌
0.00%,
04/16/2025
(e)
200‌
9‌
0.00%,
11/11/2025
(e)
200‌
9‌
0.00%,
06/01/2026
(e)
200‌
8‌
KWG
Group
Holdings
Ltd
0.00%,
02/13/2026
(e)
210‌
15‌
MAF
Global
Securities
Ltd
7.88%,
06/30/2027
(k),(m)
200‌
206‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.89%
NWD
Finance
BVI
Ltd
4.13%,
03/10/2028
(k),(m)
425‌
131‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.86%
NWD
MTN
Ltd
4.13%,
07/18/2029
400‌
216‌
4.50%,
05/19/2030
200‌
105‌
8.63%,
02/08/2028
200‌
139‌
Sunac
China
Holdings
Ltd
0.00%,
PIK
0.00%;
09/30/2025
(e),(h),(j)
19‌
2‌
0.00%,
PIK
0.00%;
09/30/2026
(e),(h),(j)
19‌
2‌
0.00%,
PIK
0.00%;
09/30/2027
(e),(h),(j)
37‌
4‌
0.00%,
PIK
0.00%;
09/30/2028
(e),(h),(j)
56‌
6‌
0.00%,
PIK
0.00%;
09/30/2029
(e),(h),(j)
56‌
6‌
0.00%,
PIK
0.00%;
09/30/2030
(e),(h),(j)
27‌
3‌
Times
China
Holdings
Ltd
0.00%,
03/22/2026
(e)
210‌
7‌
Yuzhou
Group
Holdings
Co
Ltd
0.00%,
08/12/2026
(e)
200‌
14‌
0.00%,
01/13/2027
(e)
400‌
28‌
Zhenro
Properties
Group
Ltd
0.00%,
01/07/2026
(e)
200‌
1‌
$
949‌
Regional
Authority
-
0.11%
Provincia
de
Buenos
Aires/Government
Bonds
6.63%,
09/01/2037
(n)
659‌
477‌
REITs
-
0.02%
Iron
Mountain
Inc
4.50%,
02/15/2031
(h)
55‌
52‌
5.25%,
07/15/2030
(h)
30‌
29‌
$
81‌
Retail
-
0.20%
1011778
BC
ULC
/
New
Red
Finance
Inc
3.50%,
02/15/2029
(h)
20‌
19‌
3.88%,
01/15/2028
(h)
5‌
5‌
4.00%,
10/15/2030
(h)
185‌
170‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Retail
(continued)
Lowe's
Cos
Inc
4.80%,
04/01/2026
$
315‌
$
315‌
Starbucks
Corp
4.85%,
02/08/2027
310‌
312‌
$
821‌
Semiconductors
-
0.16%
Broadcom
Inc
3.14%,
11/15/2035
(h)
310‌
257‌
3.47%,
04/15/2034
(h)
75‌
66‌
Entegris
Inc
4.75%,
04/15/2029
(h)
105‌
102‌
Micron
Technology
Inc
5.88%,
09/15/2033
185‌
190‌
6.05%,
11/01/2035
60‌
61‌
$
676‌
Software
-
0.45%
AppLovin
Corp
5.13%,
12/01/2029
85‌
85‌
5.50%,
12/01/2034
210‌
210‌
Dun
&
Bradstreet
Corp/The
5.00%,
12/15/2029
(h)
1,254‌
1,264‌
Fair
Isaac
Corp
6.00%,
05/15/2033
(h)
100‌
100‌
Paychex
Inc
5.60%,
04/15/2035
45‌
46‌
Synopsys
Inc
5.15%,
04/01/2035
80‌
79‌
5.70%,
04/01/2055
95‌
91‌
$
1,875‌
Sovereign
-
14.42%
Argentine
Republic
Government
International
Bond
4.12%,
07/09/2035
(n)
725‌
487‌
Benin
Government
International
Bond
7.96%,
02/13/2038
400‌
367‌
Brazil
Notas
do
Tesouro
Nacional
Serie
F
9.76%,
01/01/2027
BRL
12,083‌
2,001‌
10.00%,
01/01/2031
1,173‌
177‌
Bundesschatzanweisungen
2.20%,
03/11/2027
EUR
45‌
51‌
Canadian
Treasury
Bill
2.58%,
07/16/2025
(o)
CAD
7,500‌
5,447‌
2.62%,
08/27/2025
(o)
14,500‌
10,498‌
2.78%,
06/18/2025
(o)
14,400‌
10,479‌
Chile
Government
International
Bond
2.75%,
01/31/2027
$
775‌
753‌
3.25%,
09/21/2071
200‌
117‌
Colombia
Government
International
Bond
3.00%,
01/30/2030
425‌
362‌
7.38%,
04/25/2030
350‌
360‌
7.75%,
11/07/2036
200‌
194‌
Colombian
TES
12.75%,
11/28/2040
COP
2,821,000‌
671‌
13.25%,
02/09/2033
2,738,000‌
696‌
Dominican
Republic
International
Bond
4.50%,
01/30/2030
$
700‌
657‌
Ecuador
Government
International
Bond
5.00%,
07/31/2040
(n)
375‌
200‌
5.50%,
07/31/2035
(n)
721‌
449‌
6.90%,
07/31/2030
(n)
875‌
678‌
Egypt
Government
Bond
24.46%,
10/01/2027
EGP
17,300‌
355‌
25.32%,
08/13/2027
16,000‌
333‌
Egypt
Government
International
Bond
7.05%,
01/15/2032
$
400‌
348‌
7.63%,
05/29/2032
400‌
360‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
85
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Sovereign
(continued)
Egypt
Treasury
Bills
20.72%,
09/16/2025
(o)
EGP
15,300‌
$
285‌
21.12%,
12/16/2025
(o)
6,800‌
119‌
21.80%,
10/07/2025
(o)
3,675‌
68‌
23.72%,
11/18/2025
(o)
38,000‌
679‌
26.56%,
08/19/2025
(o)
38,500‌
731‌
Gabon
Government
International
Bond
6.63%,
02/06/2031
$
300‌
225‌
Ghana
Government
International
Bond
0.00%,
01/03/2030
(e),(h)
354‌
288‌
0.00%,
01/03/2030
(e)
359‌
292‌
5.00%,
07/03/2029
(h),(n)
575‌
525‌
Guatemala
Government
Bond
7.05%,
10/04/2032
275‌
289‌
Israel
Government
International
Bond
5.50%,
03/12/2034
200‌
197‌
5.63%,
02/19/2035
875‌
864‌
Ivory
Coast
Government
International
Bond
4.88%,
01/30/2032
EUR
225‌
225‌
4.88%,
01/30/2032
(h)
475‌
474‌
5.88%,
10/17/2031
175‌
184‌
8.08%,
04/01/2036
(h)
$
800‌
756‌
Japan
Treasury
Discount
Bill
0.41%,
10/10/2025
(o)
JPY
217,000‌
1,506‌
Lebanon
Government
International
Bond
0.00%,
03/09/2020
(e)
$
275‌
47‌
0.00%,
06/19/2020
(e)
800‌
139‌
0.00%,
05/27/2022
(e)
100‌
17‌
0.00%,
10/04/2022
(e)
100‌
17‌
0.00%,
11/29/2027
(e)
150‌
26‌
0.00%,
03/20/2028
(e)
300‌
52‌
0.00%,
05/17/2033
(e)
625‌
108‌
Malaysia
Government
Bond
3.34%,
05/15/2030
MYR
4,075‌
962‌
3.83%,
07/05/2034
1,850‌
444‌
Mexican
Bonos
7.75%,
11/23/2034
MXN
4,600‌
214‌
7.75%,
11/13/2042
13,500‌
568‌
8.50%,
11/18/2038
17,500‌
820‌
Mexico
Government
International
Bond
5.13%,
05/04/2037
EUR
105‌
117‌
Morocco
Government
International
Bond
4.75%,
04/02/2035
(h)
100‌
113‌
Nigeria
Government
International
Bond
6.13%,
09/28/2028
$
650‌
604‌
7.14%,
02/23/2030
400‌
368‌
Pakistan
Government
International
Bond
6.88%,
12/05/2027
900‌
834‌
Peru
Government
Bond
5.40%,
08/12/2034
PEN
3,350‌
855‌
Peruvian
Government
International
Bond
6.90%,
08/12/2037
1,550‌
422‌
Republic
of
Poland
Government
Bond
2.00%,
08/25/2036
PLN
4,485‌
1,070‌
Republic
of
South
Africa
Government
Bond
8.75%,
01/31/2044
ZAR
37,150‌
1,637‌
8.75%,
02/28/2048
16,200‌
705‌
8.88%,
02/28/2035
15,315‌
786‌
9.00%,
01/31/2040
6,590‌
309‌
Republic
of
Uzbekistan
International
Bond
3.70%,
11/25/2030
$
200‌
171‌
3.90%,
10/19/2031
230‌
193‌
5.10%,
02/25/2029
(h)
EUR
100‌
115‌
6.90%,
02/28/2032
(h)
$
500‌
496‌
Romanian
Government
International
Bond
5.13%,
09/24/2031
(h)
EUR
175‌
192‌
5.88%,
07/11/2032
(h)
160‌
179‌
6.25%,
09/10/2034
(h)
95‌
107‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Sovereign
(continued)
Romanian
Government
International
Bond
(continued)
6.38%,
09/18/2033
EUR
700‌
$
806‌
Senegal
Government
International
Bond
4.75%,
03/13/2028
850‌
829‌
5.38%,
06/08/2037
200‌
147‌
6.75%,
03/13/2048
$
400‌
250‌
Turkiye
Government
Bond
37.00%,
02/18/2026
TRY
10,000‌
246‌
Turkiye
Government
International
Bond
7.25%,
05/29/2032
$
200‌
197‌
Ukraine
Government
International
Bond
1.75%,
02/01/2034
(h),(n)
169‌
83‌
1.75%,
02/01/2034
(n)
366‌
180‌
United
Kingdom
Gilt
4.13%,
01/29/2027
GBP
215‌
290‌
4.50%,
03/07/2035
55‌
73‌
Uruguay
Government
International
Bond
8.50%,
03/15/2028
UYU
3,500‌
82‌
9.75%,
07/20/2033
3,375‌
83‌
Zambia
Government
International
Bond
0.50%,
12/31/2053
(h)
$
525‌
320‌
0.50%,
12/31/2053
709‌
432‌
$
60,452‌
Student
Loan
Asset
Backed
Securities
-
0.25%
College
Ave
Student
Loans
2021-A
LLC
4.12%,
07/25/2051
(h)
48‌
45‌
Navient
Private
Education
Refi
Loan
Trust
2018-A
3.68%,
02/18/2042
(h)
74‌
72‌
Navient
Private
Education
Refi
Loan
Trust
2018-C
4.22%,
06/16/2042
(h)
278‌
272‌
Navient
Private
Education
Refi
Loan
Trust
2020-F
2.69%,
07/15/2069
(h)
100‌
84‌
Nelnet
Student
Loan
Trust
2021-D
2.90%,
04/20/2062
(h)
100‌
88‌
SLM
Private
Credit
Student
Loan
Trust
2003-A
7.31%,
06/15/2032
50‌
50‌
1.00
x
US
28
Day
Auction
Rate
+
0.00%
SLM
Private
Credit
Student
Loan
Trust
2003-B
7.28%,
03/15/2033
200‌
200‌
1.00
x
US
28
Day
Auction
Rate
+
0.00%
SMB
Private
Education
Loan
Trust
2015-C
3.50%,
09/15/2043
(h)
23‌
23‌
SMB
Private
Education
Loan
Trust
2018-C
4.00%,
11/17/2042
(h)
100‌
97‌
SoFi
Professional
Loan
Program
2020-ATrust
3.12%,
05/15/2046
(h)
160‌
135‌
$
1,066‌
Supranational
Bank
-
0.63%
Africa
Finance
Corp
7.50%,
01/21/2030
(h),(k),(m)
450‌
440‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.02%
Asian
Development
Bank
6.72%,
02/08/2028
INR
10,700‌
126‌
Banque
Ouest
Africaine
de
Developpement
5.00%,
07/27/2027
$
400‌
391‌
European
Bank
for
Reconstruction
&
Development
6.75%,
01/13/2032
INR
36,000‌
425‌
Inter-American
Development
Bank
7.00%,
01/25/2029
20,000‌
237‌
7.00%,
04/17/2033
28,000‌
336‌
International
Bank
for
Reconstruction
&
Development
6.50%,
04/17/2030
14,000‌
163‌
6.75%,
09/08/2027
9,000‌
106‌
6.85%,
04/24/2028
7,500‌
88‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
86
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Supranational
Bank
(continued)
International
Bank
for
Reconstruction
&
Development
(continued)
7.05%,
07/22/2029
INR
27,500‌
$
327‌
$
2,639‌
Telecommunications
-
0.48%
EchoStar
Corp
10.75%,
11/30/2029
$
989‌
994‌
Frontier
Communications
Holdings
LLC
5.88%,
11/01/2029
238‌
240‌
6.00%,
01/15/2030
(h)
374‌
379‌
VEON
Holdings
BV
3.38%,
11/25/2027
450‌
411‌
$
2,024‌
Transportation
-
0.17%
Transnet
SOC
Ltd
8.25%,
02/06/2028
700‌
714‌
Trucking
&
Leasing
-
0.05%
SMBC
Aviation
Capital
Finance
DAC
5.10%,
04/01/2030
(h)
200‌
200‌
Water
-
0.05%
Aegea
Finance
Sarl
9.00%,
01/20/2031
(h)
200‌
211‌
TOTAL
BONDS
$
148,965‌
CONVERTIBLE
BONDS
-
0.59%
Principal
Amount
(000's)
Value
(000's)
Chemicals
-
0.09%
Sasol
Financing
USA
LLC
4.50%,
11/08/2027
$
400‌
$
359‌
Commercial
Services
-
0.00%
Global
Payments
Inc
1.50%,
03/01/2031
17‌
15‌
Computers
-
0.01%
Parsons
Corp
2.63%,
03/01/2029
20‌
21‌
Seagate
HDD
Cayman
3.50%,
06/01/2028
8‌
12‌
$
33‌
Diversified
Financial
Services
-
0.00%
Coinbase
Global
Inc
0.25%,
04/01/2030
13‌
14‌
Electric
-
0.01%
Evergy
Inc
4.50%,
12/15/2027
18‌
21‌
Pinnacle
West
Capital
Corp
4.75%,
06/15/2027
(h)
5‌
5‌
$
26‌
Electronics
-
0.00%
Advanced
Energy
Industries
Inc
2.50%,
09/15/2028
5‌
5‌
Itron
Inc
1.38%,
07/15/2030
(h)
10‌
11‌
$
16‌
Engineering
&
Construction
-
0.01%
Fluor
Corp
1.13%,
08/15/2029
14‌
16‌
Granite
Construction
Inc
3.75%,
05/15/2028
3‌
6‌
$
22‌
Food
-
0.00%
Post
Holdings
Inc
2.50%,
08/15/2027
17‌
20‌
Internet
-
0.01%
DoorDash
Inc
0.00%,
05/15/2030
(e),(h)
20‌
20‌
Sea
Ltd
2.38%,
12/01/2025
13‌
23‌
CONVERTIBLE
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Internet
(continued)
Spotify
USA
Inc
0.00%,
03/15/2026
(e)
$
4‌
$
6‌
Uber
Technologies
Inc
0.88%,
12/01/2028
7‌
9‌
$
58‌
Leisure
Products
&
Services
-
0.01%
Carnival
Corp
5.75%,
12/01/2027
12‌
23‌
NCL
Corp
Ltd
0.88%,
04/15/2030
(h)
5‌
5‌
1.13%,
02/15/2027
17‌
16‌
$
44‌
Oil
&
Gas
-
0.01%
Northern
Oil
&
Gas
Inc
3.63%,
04/15/2029
18‌
18‌
Permian
Resources
Operating
LLC
3.25%,
04/01/2028
5‌
11‌
$
29‌
Retail
-
0.00%
Freshpet
Inc
3.00%,
04/01/2028
6‌
8‌
Semiconductors
-
0.30%
ams-OSRAM
AG
2.13%,
11/03/2027
EUR
1,200‌
1,257‌
Software
-
0.10%
Datadog
Inc
0.00%,
12/01/2029
(e),(h)
$
30‌
28‌
Dye
&
Durham
Ltd
3.75%,
03/01/2026
(h)
CAD
453‌
320‌
Guidewire
Software
Inc
1.25%,
11/01/2029
(h)
$
13‌
15‌
Nutanix
Inc
0.25%,
10/01/2027
10‌
14‌
Snowflake
Inc
0.00%,
10/01/2029
(e),(h)
14‌
20‌
Tyler
Technologies
Inc
0.25%,
03/15/2026
9‌
11‌
Vertex
Inc
0.75%,
05/01/2029
7‌
9‌
$
417‌
Telecommunications
-
0.04%
EchoStar
Corp
3.88%,
PIK
0.00%;
11/30/2030
(j),(n)
159‌
153‌
InterDigital
Inc
3.50%,
06/01/2027
5‌
14‌
$
167‌
TOTAL
CONVERTIBLE
BONDS
$
2,485‌
SENIOR
FLOATING
RATE
INTERESTS
-
0.33%
Principal
Amount
(000's)
Value
(000's)
Entertainment
-
0.06%
DraftKings
Crown
Holdings
Inc
6.08%,
02/25/2032
(p)
$
80‌
$
79‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.75%
Flutter
Financing
BV
Term
Loan
B
0.00%,
05/24/2032
(p),(q)
30‌
30‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.00%
6.05%,
11/30/2030
(p)
146‌
145‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.75%
Light
&
Wonder
International
Inc
Term
Loan
B2
6.57%,
04/14/2029
(p)
16‌
16‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
$
270‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
87
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Food
Service
-
0.04%
Aramark
Services
Inc
Term
Loan
B7
6.34%,
04/06/2028
(p)
$
15‌
$
15‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.00%
Aramark
Services
Inc
Term
Loan
B8
6.40%,
06/22/2030
(p)
137‌
137‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.00%
$
152‌
Healthcare
-
Products
-
0.02%
Bausch
+
Lomb
Corp
Term
Loan
8.32%,
09/14/2028
(p)
100‌
99‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.00%
Healthcare
-
Services
-
0.02%
IQVIA
Inc
Term
Loan
B5
6.05%,
01/02/2031
(p)
75‌
75‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.75%
Insurance
-
0.03%
CRC
Insurance
Group
LLC
Term
Loan
B
7.05%,
05/06/2031
(p)
46‌
45‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.75%
HUB
International
Ltd
Term
Loan
B
6.77%,
06/20/2030
(p)
50‌
50‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.50%
Ryan
Specialty
LLC
Term
Loan
B
6.58%,
09/10/2031
(p)
28‌
28‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
$
123‌
Internet
-
0.01%
MH
Sub
I
LLC
Term
Loan
B3
8.56%,
04/24/2028
(p)
34‌
32‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.25%
Leisure
Products
&
Services
-
0.07%
Carnival
Corp
Term
Loan
B
6.33%,
08/08/2027
(p)
61‌
61‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.00%
6.33%,
10/18/2028
(p)
248‌
248‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.00%
$
309‌
Lodging
-
0.02%
Hilton
Grand
Vacations
Borrower
LLC
Term
Loan
B
6.32%,
01/17/2031
(p)
81‌
81‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.00%
Mining
-
0.03%
Novelis
Holdings
Inc
6.29%,
02/25/2032
(p)
120‌
120‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.00%
Software
-
0.03%
Open
Text
Corp
Term
Loan
B
6.08%,
01/31/2030
(p)
132‌
132‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.75%
TOTAL
SENIOR
FLOATING
RATE
INTERESTS
$
1,393‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
2.30%
Principal
Amount
(000's)
Value
(000's)
U.S.
Treasury
-
1.43%
0.63%,
05/15/2030
$
3,895‌
$
3,313‌
4.50%,
03/31/2026
(r)
2,685‌
2,691‌
$
6,004‌
U.S.
Treasury
Bill
-
0.87%
4.19%,
07/03/2025
(o)
1,390‌
1,385‌
4.20%,
06/05/2025
(o)
335‌
335‌
4.21%,
07/17/2025
(o)
1,030‌
1,025‌
4.23%,
08/28/2025
(o)
925‌
915‌
$
3,660‌
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
9,664‌
TOTAL
PURCHASED
OPTIONS
-
0.08%
$
321‌
Total
Investments
$
401,901‌
Other
Assets
and
Liabilities
-  4.14%
17,321‌
TOTAL
NET
ASSETS
-
100.00%
$
419,222‌
(a)
1-day
yield
shown
is
as
of
period
end.
(b)
All
or
a
portion
of
this
security
is
owned
by
the
GMS
Cayman
Corporation,
which
is
a
wholly-owned
subsidiary
of
the
Fund.
(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
pledged
to
cover
margin
requirements
for
swap
and/or
swaption
contracts.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$37,750
or
9.00%
of
net
assets.
(e)
Non-income
producing
security
(f)
The
value
of
these
investments
was
determined
using
significant
unobservable
inputs,
in
good
faith
by
the
Manager,
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Directors.
(g)
Restricted
Security.
Please
see
Restricted
Securities
sub-schedule
for
additional
information.
(h)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$62,858
or
14.99%
of
net
assets.
(i)
Security
or
a
portion
of
the
security
was
pledged
as
collateral
for
short
sales.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$7,710
or
1.84%
of
net
assets.
(j)
Payment
in
kind;
the
issuer
has
the
option
of
paying
additional
securities
in
lieu
of
cash.
(k)
Rate
shown
is
as
of
period
end.
The
rate
may
be
a
variable
or
floating
rate
or
a
fixed
rate
which
may
convert
to
a
variable
or
floating
rate
in
the
future.
(l)
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
$1,448
or
0.35%
of
net
assets.
(m)
Perpetual
security.
Perpetual
securities
pay
an
indefinite
stream
of
interest,
but
they
may
be
called
by
the
issuer
at
an
earlier
date.
Date
shown,
if
any,
reflects
the
next
call
date
or
final
legal
maturity
date.
Rate
shown
is
as
of
period
end.
(n)
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.
(o)
Rate
shown
is
the
discount
rate
of
the
original
purchase.
(p)
Rate
information
disclosed
is
based
on
an
average
weighted
rate
of
the
underlying
tranches
as
of
period
end.
(q)
This
Senior
Floating
Rate
Note
will
settle
after
May
31,
2025,
at
which
time
the
interest
rate
will
be
determined.
(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
$2,371
or
0.57%
of
net
assets.
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
88
Affiliated
Securities
August
31,
2024
Purchases
Sales
May
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.19%
$
68,413‌
$
341,646‌
$
335,242‌
$
74,817‌
$
68,413‌
$
341,646‌
$
335,242‌
$
74,817‌
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
4.19%
$
2,665‌
$
—‌
$
—‌
$
—‌
$
2,665‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
Restricted
Securities
Security
Name
Acquisition
Date
Cost
Value
Percent
of
Net
Assets
Element
Comm
Aviation
06/15/2015
$
2,800‌
$
—‌
0.00%
Total
$
—‌
0.00%
Amounts
in
thousands.
Options
Purchased
Options
Outstanding
Counterparty
Contracts/
Shares
Notional
Amount
Exercise
Price
Expiration
Date
Upfront
Payments
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Put
-
Ball
Corp
N/A
137‌
$
14‌
$
45.00‌
06/20/2025
$
3‌
$
—‌
$
(3‌)
Put
-
Becton,
Dickinson
&
Co
N/A
46‌
5‌
$
180.00‌
06/20/2025
35‌
42‌
7‌
Put
-
Becton,
Dickinson
&
Co
N/A
32‌
3‌
$
200.00‌
06/20/2025
6‌
90‌
84‌
Put
-
Boeing
Co
N/A
18‌
2‌
$
150.00‌
07/18/2025
1‌
—‌
(1‌)
Put
-
DuPont
De
Nemours
Inc
N/A
252‌
25‌
$
60.00‌
06/20/2025
56‌
5‌
(51‌)
Put
-
Honeywell
International
Inc
N/A
78‌
8‌
$
190.00‌
06/20/2025
45‌
—‌
(45‌)
Put
-
IAC
-
Interactive
Corp
N/A
508‌
51‌
$
40.00‌
06/20/2025
53‌
—‌
(53‌)
Put
-
International
Game
Techno
N/A
656‌
66‌
$
15.00‌
06/20/2025
81‌
44‌
(37‌)
Put
-
International
Game
Techno
N/A
183‌
18‌
$
14.00‌
07/18/2025
9‌
8‌
(1‌)
Put
-
Phillips
66
N/A
25‌
3‌
$
100.00‌
07/18/2025
1‌
3‌
2‌
Put
-
Phillips
66
N/A
62‌
6‌
$
90.00‌
06/20/2025
24‌
—‌
(24‌)
Put
-
S&P
500
Index
N/A
9‌
1‌
$
5,100.00‌
06/20/2025
166‌
3‌
(163‌)
Put
-
S&P
500
Index
N/A
5‌
1‌
$
5,500.00‌
08/15/2025
37‌
35‌
(2‌)
Put
-
S&P
500
Index
N/A
2‌
—‌
$
5,625.00‌
07/18/2025
12‌
12‌
—‌
Put
-
S&P
500
Index
N/A
5‌
1‌
$
5,350.00‌
07/18/2025
58‌
15‌
(43‌)
Put
-
SPDR
S&P
500
ETF
Trust
N/A
45‌
5‌
$
580.00‌
06/20/2025
28‌
26‌
(2‌)
Put
-
US
10
Year
Note
Future;
September
2025
N/A
75‌
75‌
$
100.00‌
06/20/2025
1‌
—‌
(1‌)
Put
-
US
10
Year
Note
Future;
September
2025
N/A
75‌
75‌
$
110.00‌
06/20/2025
69‌
27‌
(42‌)
Put
-
US
Long
Bond
Future;
September
2025
N/A
26‌
26‌
$
110.00‌
06/20/2025
29‌
11‌
(18‌)
Total
$
714‌
$
321‌
$
(393‌)
Written
Options
Outstanding
Counterparty
Contracts/
Shares
Notional
Amount
Exercise
Price
Expiration
Date
Upfront
Receipts
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
Ball
Corp
N/A
137‌
$
14‌
$
50.00‌
06/20/2025
$
(49‌)
$
(51‌)
$
(2‌)
Call
-
Becton,
Dickinson
&
Co
N/A
14‌
1‌
$
225.00‌
06/20/2025
(2‌)
—‌
2‌
Call
-
Becton,
Dickinson
&
Co
N/A
64‌
6‌
$
230.00‌
06/20/2025
(76‌)
—‌
76‌
Call
-
Boeing
Co
N/A
15‌
2‌
$
205.00‌
07/18/2025
(14‌)
(16‌)
(2‌)
Call
-
DuPont
De
Nemours
Inc
N/A
252‌
25‌
$
70.00‌
06/20/2025
(38‌)
(13‌)
25‌
Call
-
Honeywell
International
Inc
N/A
71‌
7‌
$
200.00‌
06/20/2025
(70‌)
(194‌)
(124‌)
Call
-
IAC
-
Interactive
Corp
N/A
508‌
51‌
$
45.00‌
06/20/2025
(244‌)
—‌
244‌
Call
-
International
Game
Techno
N/A
183‌
18‌
$
16.00‌
07/18/2025
(38‌)
(7‌)
31‌
Call
-
International
Game
Techno
N/A
656‌
66‌
$
16.00‌
06/20/2025
(90‌)
(9‌)
81‌
Call
-
Merck
&
Co
Inc
N/A
2‌
—‌
$
90.00‌
06/20/2025
—‌
—‌
—‌
Call
-
Phillips
66
N/A
5‌
1‌
$
105.00‌
06/20/2025
(2‌)
(5‌)
(3‌)
Call
-
Phillips
66
N/A
25‌
3‌
$
115.00‌
07/18/2025
(31‌)
(12‌)
19‌
Call
-
Skechers
USA,
Inc
-  Class
A
N/A
48‌
5‌
$
65.00‌
06/20/2025
(1‌)
—‌
1‌
Call
-
SPDR
S&P
500
ETF
Trust
N/A
30‌
3‌
$
605.00‌
06/20/2025
(17‌)
(7‌)
10‌
Call
-
United
Parcel
Service
Inc
N/A
2‌
—‌
$
110.00‌
06/20/2025
—‌
—‌
—‌
Call
-
United
States
Steel
Corp
N/A
71‌
7‌
$
36.00‌
06/20/2025
(55‌)
(127‌)
(72‌)
Call
-
United
States
Steel
Corp
N/A
36‌
4‌
$
35.00‌
06/20/2025
(29‌)
(68‌)
(39‌)
Call
-
Williams
Cos
Inc/The
N/A
2‌
—‌
$
65.00‌
06/20/2025
—‌
—‌
—‌
Put
-
Paramount
Global
N/A
127‌
13‌
$
10.00‌
08/15/2025
(16‌)
(4‌)
12‌
Put
-
S&P
500
Index
N/A
5‌
1‌
$
4,925.00‌
08/15/2025
(13‌)
(12‌)
1‌
Put
-
S&P
500
Index
N/A
4‌
—‌
$
4,600.00‌
06/20/2025
(18‌)
—‌
18‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
89
Options
(continued)
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
5‌
$
1‌
$
4,800.00‌
07/18/2025
$
(19‌)
$
(4‌)
$
15‌
Put
-
SPDR
S&P
500
ETF
Trust
N/A
11‌
1‌
$
550.00‌
06/20/2025
(3‌)
(2‌)
1‌
Call
-
US
5
Year
Note
Future;
September
2025
N/A
150‌
150‌
$
109.00‌
06/20/2025
(20‌)
(23‌)
(3‌)
Put
-
US
10
Year
Note
Future;
September
2025
N/A
150‌
150‌
$
108.50‌
06/20/2025
(54‌)
(12‌)
42‌
Put
-
US
Long
Bond
Future;
September
2025
N/A
26‌
26‌
$
108.00‌
06/20/2025
(15‌)
(4‌)
11‌
Total
$
(914‌)
$
(570‌)
$
344‌
Amounts
in
thousands
except
contracts/shares.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
1
Month
Secured
Overnight
Financing
Rate;
October
2025
Short
8‌
$
3,196‌
$
—‌
3
Month
Secured
Overnight
Financing
Rate;
June
2026
Long
69‌
16,663‌
(25‌)
3
Month
Secured
Overnight
Financing
Rate;
March
2026
Short
49‌
11,812‌
(4‌)
ASX
90
Day
Bank
Bill;
June
2026
Long
14‌
8,956‌
—‌
AUD/USD;
June
2025
Short
1‌
64‌
—‌
Australia
10
Year
Bond;
June
2025
Short
27‌
1,986‌
(30‌)
Australia
10
Year
Bond;
June
2025
Long
33‌
2,428‌
(1‌)
Australia
3
Year
Bond;
June
2025
Long
103‌
7,140‌
26‌
Brent
Crude;
August
2025
(a)
Short
16‌
1,004‌
19‌
Brent
Crude;
December
2025
Short
2‌
123‌
(2‌)
Brent
Crude;
October
2025
Short
5‌
308‌
6‌
Brent
Crude;
September
2025
Short
2‌
124‌
2‌
Brent
Financial
Last
Day;
August
2025
Short
5‌
314‌
3‌
CAC40
Index;
June
2025
Long
17‌
1,495‌
(16‌)
Canada
10
Year
Bond;
September
2025
Long
21‌
1,872‌
19‌
Canada
10
Year
Bond;
September
2025
Short
6‌
535‌
(3‌)
Canada
5
Year
Bond;
September
2025
Long
1‌
83‌
—‌
Canadian
Dollar;
June
2025
Long
1‌
73‌
1‌
Canola;
July
2025
Long
19‌
197‌
—‌
Canola;
November
2025
Long
9‌
90‌
3‌
CME
Bitcoin;
June
2025
Long
1‌
526‌
(28‌)
CME
Micro
Bitcoin;
June
2025
Long
3‌
32‌
(2‌)
CME
Micro
Ether;
June
2025
Long
3‌
1‌
—‌
Cocoa;
December
2025
Long
1‌
81‌
(12‌)
Cocoa;
July
2025
(a)
Long
3‌
264‌
(16‌)
Cocoa;
September
2025
Long
3‌
277‌
11‌
Cocoa;
September
2025
(a)
Long
1‌
87‌
1‌
Coffee
'C';
July
2025
(a)
Long
4‌
514‌
(61‌)
Coffee
'C';
September
2025
Long
1‌
127‌
(15‌)
Copper;
July
2025
Long
2‌
234‌
1‌
Copper;
September
2025
Long
3‌
355‌
2‌
Corn;
December
2025
Short
33‌
724‌
—‌
Corn;
July
2025
(a)
Short
40‌
888‌
9‌
Corn;
September
2025
Long
3‌
63‌
(1‌)
Cotton
No.2;
December
2025
Short
2‌
68‌
1‌
Cotton
No.2;
July
2025
(a)
Short
15‌
488‌
16‌
Crude
Oil;
October
2025
Long
1‌
19‌
—‌
Crude
Palm
Oil;
August
2025
Short
5‌
114‌
(3‌)
Crude
Palm
Oil;
July
2025
Short
2‌
46‌
—‌
Crude
Palm
Oil;
October
2025
Short
2‌
45‌
—‌
Crude
Palm
Oil;
September
2025
Short
8‌
182‌
(1‌)
DAX
Index;
June
2025
Long
4‌
2,730‌
23‌
DJ
Euro
Stoxx
50;
June
2025
Short
7‌
427‌
(1‌)
DJ
Euro
Stoxx
50;
June
2025
Long
39‌
2,378‌
4‌
Dollar
Index;
June
2025
Short
14‌
1,390‌
6‌
Dollar
Index;
June
2025
Long
1‌
99‌
—‌
ECX
Emission;
December
2025
Short
2‌
160‌
5‌
ECX
Emission;
December
2026
Long
1‌
82‌
(4‌)
E-Mini
Crude
Oil;
July
2025
Short
1‌
30‌
1‌
E-Mini
DJIA
Index;
June
2025
Long
1‌
211‌
(1‌)
eMini
MSCI
EAFE;
June
2025
Long
7‌
912‌
19‌
eMini
MSCI
Emerging
Markets;
June
2025
Long
17‌
977‌
(17‌)
E-Mini
Natural
Gas;
July
2025
Long
2‌
17‌
(1‌)
EUR/GBP;
June
2025
Short
2‌
284‌
—‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
90
Futures
Contracts
(continued)
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
Euribor;
June
2026
Long
162‌
$
45,191‌
$
35‌
Euribor;
June
2027
Long
37‌
10,292‌
(1‌)
Euribor;
June
2028
Long
15‌
4,161‌
—‌
Euribor;
March
2026
Long
31‌
8,649‌
(3‌)
Euribor;
September
2025
Long
9‌
2,508‌
(1‌)
Euro
Bond
10
Year
Bond;
June
2025
Short
21‌
3,129‌
(19‌)
Euro
Bond
10
Year
Bond;
June
2025
Long
38‌
5,661‌
40‌
Euro
Buxl
30
Year
Bond;
June
2025
Short
7‌
966‌
2‌
Euro
Milling
Wheat;
December
2025
Short
16‌
193‌
2‌
Euro
Milling
Wheat;
March
2026
Short
9‌
112‌
—‌
Euro
Milling
Wheat;
September
2025
Short
27‌
308‌
5‌
Euro
Schatz;
June
2025
Long
234‌
28,521‌
(13‌)
Euro
Stoxx
Bank;
June
2025
Long
33‌
378‌
—‌
Euro-Bobl
5
Year;
June
2025
Short
15‌
2,029‌
(7‌)
Euro-Bobl
5
Year;
June
2025
Long
30‌
4,058‌
7‌
Euro-BTP;
June
2025
Long
44‌
6,053‌
34‌
Euro-Oat;
June
2025
Short
15‌
2,142‌
(16‌)
Feeder
Cattle;
August
2025
Long
7‌
1,046‌
(6‌)
Frozen
Concentrated
Orange
Juice-A;
July
2025
Long
1‌
43‌
1‌
FTSE
China
A50
Index;
June
2025
Long
19‌
253‌
(1‌)
FTSE
KLCI
Index;
June
2025
Long
1‌
18‌
—‌
FTSE/JSE
Top
40;
June
2025
Long
14‌
676‌
13‌
FTSE100
Index;
June
2025
Short
5‌
591‌
(6‌)
FTSE100
Index;
June
2025
Long
6‌
710‌
14‌
Gasoline
RBOB;
August
2025
Short
1‌
83‌
3‌
Gasoline
RBOB;
July
2025
(a)
Long
1‌
85‌
—‌
Gasoline
RBOB;
July
2025
Short
2‌
169‌
5‌
Gasoline
RBOB;
October
2025
Short
3‌
227‌
7‌
Gasoline
RBOB;
September
2025
Short
4‌
328‌
(3‌)
GBP/USD;
June
2025
Long
1‌
84‌
—‌
Gold
100
oz;
August
2025
(a)
Long
8‌
2,652‌
(6‌)
Gold
100
oz;
December
2025
Long
3‌
1,011‌
(20‌)
Gold;
April
2026
Long
9‌
960‌
(5‌)
Gold;
February
2026
Long
6‌
638‌
3‌
Hang
Seng
Index;
June
2025
Long
13‌
1,922‌
2‌
HSCEI
China
Index;
June
2025
Long
2‌
107‌
(1‌)
HSTECH;
June
2025
Long
1‌
33‌
—‌
IBEX
Mini
Index;
June
2025
Long
2‌
32‌
1‌
ICE
3
Month
Sterling
Overnight
Index
Average;
June
2026
Long
14‌
4,542‌
(6‌)
ICE
Endex
Dutch
TTF
Natural
Gas;
July
2025
Short
5‌
145‌
12‌
IFSC
Nifty
50;
June
2025
Long
21‌
1,043‌
(4‌)
INR/USD
Standard;
June
2025
Long
2‌
117‌
—‌
Japan
10
Year
Bond
TSE;
June
2025
Short
5‌
4,833‌
32‌
Japan
Topix
Index;
June
2025
Long
5‌
972‌
20‌
KC
HRW
Wheat;
July
2025
(a)
Short
26‌
693‌
48‌
KC
HRW
Wheat;
September
2025
Short
3‌
82‌
—‌
Korea
10
Year
Bond;
June
2025
Long
82‌
7,083‌
(108‌)
Korea
3
Year
Bond;
June
2025
Long
281‌
21,896‌
(78‌)
KOSDAQ150;
June
2025
Short
4‌
35‌
(1‌)
KOSPI
200
Index;
June
2025
Long
7‌
457‌
10‌
Kospi200
Mini;
June
2025
Long
5‌
65‌
2‌
Lean
Hogs;
August
2025
Long
5‌
210‌
13‌
Lean
Hogs;
July
2025
Long
4‌
168‌
7‌
Lean
Hogs;
October
2025
Long
4‌
142‌
3‌
Live
Cattle;
August
2025
Long
14‌
1,172‌
4‌
Live
Cattle;
December
2025
Long
8‌
666‌
6‌
Live
Cattle;
February
2026
Long
5‌
416‌
3‌
Live
Cattle;
October
2025
Long
8‌
664‌
7‌
LME
Copper;
August
2025
Long
1‌
238‌
(1‌)
LME
Copper;
June
2025
(a)
Short
—‌
—‌
(187‌)
LME
Copper;
September
2025
(a)
Long
4‌
949‌
(4‌)
LME
Lead;
August
2025
Short
—‌
—‌
(5‌)
LME
Lead;
August
2025
Short
—‌
—‌
—‌
LME
Lead;
August
2025
Short
—‌
—‌
—‌
LME
Lead;
August
2025
Long
2‌
98‌
(1‌)
LME
Lead;
August
2025
Short
4‌
196‌
3‌
LME
Lead;
August
2025
Long
1‌
49‌
(1‌)
LME
Lead;
August
2025
Long
1‌
49‌
—‌
LME
Nickel;
August
2025
Short
4‌
366‌
9‌
LME
Nickel;
August
2025
Long
1‌
91‌
(2‌)
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
91
Futures
Contracts
(continued)
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
LME
Nickel;
August
2025
Short
1‌
$
92‌
$
2‌
LME
PRI
Alum;
August
2025
Short
—‌
—‌
—‌
LME
PRI
Alum;
August
2025
Long
1‌
61‌
(2‌)
LME
PRI
Alum;
August
2025
Short
—‌
—‌
(6‌)
LME
PRI
Alum;
August
2025
Short
2‌
122‌
1‌
LME
PRI
Alum;
June
2025
(a)
Short
—‌
—‌
(88‌)
LME
PRI
Alum;
September
2025
(a)
Short
7‌
428‌
8‌
LME
Tin;
August
2025
Long
2‌
304‌
(24‌)
LME
Tin;
August
2025
Short
—‌
—‌
4‌
LME
Zinc;
August
2025
Short
1‌
66‌
(13‌)
LME
Zinc;
August
2025
Short
—‌
—‌
—‌
LME
Zinc;
August
2025
Short
6‌
393‌
12‌
LME
Zinc;
August
2025
Long
1‌
66‌
(2‌)
LME
Zinc;
August
2025
Long
2‌
131‌
(3‌)
LME
Zinc;
August
2025
Short
—‌
—‌
—‌
LME
Zinc;
June
2025
(a)
Short
—‌
—‌
19‌
LME
Zinc;
September
2025
(a)
Short
4‌
262‌
10‌
Low
Sulphur
Gasoline;
August
2025
Short
4‌
235‌
7‌
Low
Sulphur
Gasoline;
July
2025
(a)
Short
17‌
1,004‌
38‌
Low
Sulphur
Gasoline;
October
2025
Short
3‌
177‌
5‌
Low
Sulphur
Gasoline;
September
2025
Short
2‌
118‌
4‌
Maize;
August
2025
Short
1‌
11‌
—‌
Mexican
Peso;
June
2025
Short
2‌
52‌
—‌
Micro
E-Mini
Russell
2000;
June
2025
Long
1‌
10‌
—‌
Micro
EUR/USD;
June
2025
Long
3‌
43‌
—‌
Micro
Gold;
August
2025
Long
2‌
66‌
(1‌)
Milk;
July
2025
Long
4‌
156‌
(1‌)
Mini
FTSE/MIB;
June
2025
Long
9‌
410‌
12‌
Mini
HIS
Index;
June
2025
Long
9‌
266‌
—‌
Mini
H-Shares
Index;
June
2025
Long
8‌
86‌
—‌
Mini
Japan
10
Year
Bond;
June
2025
Short
15‌
1,451‌
—‌
Mini
Topix
Index;
June
2025
Long
12‌
233‌
5‌
MSCI
Singapore
Index;
June
2025
Long
15‌
478‌
2‌
Nasdaq
100
E-Mini;
June
2025
Long
3‌
1,283‌
5‌
Nasdaq
100
Micro
E-mini;
June
2025
Long
1‌
43‌
—‌
Natural
Gas;
August
2025
Short
1‌
35‌
2‌
Natural
Gas;
July
2025
(a)
Long
6‌
207‌
(14‌)
Natural
Gas;
July
2025
Short
4‌
138‌
6‌
Natural
Gas;
October
2025
Long
1‌
36‌
(3‌)
New
Zealand
Dollar;
June
2025
Short
1‌
60‌
—‌
Nikkei
225
Mini;
June
2025
Long
6‌
158‌
—‌
Nikkei
225
OSE;
June
2025
Long
3‌
791‌
11‌
Nikkei
225
OSE;
June
2025
Short
2‌
528‌
(29‌)
Nikkei
225
SGX;
June
2025
Long
4‌
528‌
8‌
Nikkei
225
Yen;
June
2025
Long
1‌
131‌
(3‌)
Nikkei
225;
June
2025
Long
3‌
566‌
4‌
NY
Harb
ULSD;
December
2025
Long
1‌
85‌
(3‌)
NY
Harb
ULSD;
July
2025
(a)
Long
10‌
842‌
(40‌)
NY
Harb
ULSD;
October
2025
Short
1‌
85‌
3‌
NY
Harb
ULSD;
September
2025
Short
2‌
168‌
6‌
Oat;
July
2025
Long
1‌
19‌
—‌
Palladium;
September
2025
Long
1‌
97‌
(2‌)
Platinum;
April
2026
Long
3‌
49‌
—‌
Platinum;
February
2026
Long
1‌
17‌
1‌
Platinum;
July
2025
Long
3‌
158‌
(4‌)
Rapeseed
Euro;
August
2025
Long
6‌
162‌
(4‌)
Rapeseed
Euro;
November
2025
Long
2‌
54‌
(1‌)
Robusta
Coffee
10tn;
July
2025
Short
2‌
90‌
4‌
Rough
Rice;
July
2025
Short
2‌
54‌
(2‌)
RSS3
Rubber;
October
2025
Short
2‌
21‌
—‌
Russell
2000
Emini;
June
2025
Short
97‌
10,031‌
(358‌)
S&P
500
Emini;
June
2025
Short
12‌
3,550‌
(347‌)
S&P
500
Emini;
June
2025
Long
2‌
592‌
2‌
S&P
Mid
400
Emini;
June
2025
Short
2‌
601‌
3‌
S&P/TSX
60
Index;
June
2025
Long
4‌
914‌
20‌
SET50
Index;
June
2025
Long
6‌
27‌
(1‌)
SGX
Iron
Ore
62%;
July
2025
Long
9‌
86‌
—‌
Short
Term
Euro-BTP;
June
2025
Long
161‌
19,771‌
8‌
Silver;
July
2025
(a)
Long
4‌
661‌
(7‌)
Silver;
July
2025
Short
2‌
330‌
(2‌)
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
92
Futures
Contracts
(continued)
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
Silver;
September
2025
Long
1‌
$
167‌
$
—‌
Soybean
Meal;
December
2025
Long
2‌
62‌
—‌
Soybean
Meal;
July
2025
(a)
Short
34‌
1,007‌
4‌
Soybean
Oil;
December
2025
Long
19‌
543‌
(12‌)
Soybean
Oil;
January
2026
Long
5‌
143‌
(2‌)
Soybean
Oil;
July
2025
(a)
Long
20‌
562‌
(15‌)
Soybean;
January
2026
Short
8‌
416‌
(1‌)
Soybean;
July
2025
(a)
Short
43‌
2,240‌
24‌
Soybean;
November
2025
Short
13‌
667‌
6‌
SPI
200
Index;
June
2025
Long
9‌
1,227‌
28‌
Stoxx
50;
June
2025
Long
2‌
103‌
—‌
Stoxx
600
Bank;
June
2025
Long
5‌
78‌
2‌
Stoxx
600
Insurance;
June
2025
Long
4‌
109‌
—‌
Stoxx
600
Utilities;
June
2025
Long
7‌
176‌
6‌
Stoxx
Europe
600;
June
2025
Long
19‌
592‌
11‌
Sugar
#11;
July
2025
(a)
Short
33‌
631‌
13‌
Sugar
#11;
March
2026
Short
5‌
99‌
1‌
Sugar
#11;
May
2026
Short
3‌
58‌
—‌
Sugar
#11;
October
2025
Short
11‌
212‌
4‌
SX5E
Dividend;
December
2026
Long
3‌
53‌
1‌
TSR20
FOB;
July
2025
Short
1‌
8‌
—‌
UK
10
Year
Gilt;
September
2025
Short
46‌
5,670‌
(25‌)
UK
Natural
Gas;
August
2025
Short
5‌
169‌
14‌
UK
Natural
Gas;
July
2025
Short
5‌
166‌
11‌
US
10
Year
Note;
September
2025
Short
28‌
3,101‌
(11‌)
US
10
Year
Ultra
Note;
September
2025
Short
49‌
5,515‌
(11‌)
US
2
Year
Note;
September
2025
Short
145‌
30,078‌
(28‌)
US
2
Year
Note;
September
2025
Long
12‌
2,489‌
2‌
US
3
Year
Note;
September
2025
Long
2‌
423‌
1‌
US
5
Year
Note;
September
2025
Long
337‌
36,459‌
85‌
US
5
Year
Note;
September
2025
Short
42‌
4,544‌
(12‌)
US
Dollar;
June
2025
Long
2‌
20‌
—‌
US
Long
Bond;
September
2025
Short
73‌
8,233‌
(59‌)
US
Ultra
Bond;
September
2025
Short
19‌
2,206‌
(14‌)
USD/CNH;
June
2025
Long
1‌
100‌
—‌
Wheat;
December
2025
Short
6‌
171‌
(1‌)
Wheat;
July
2025
Short
2‌
63‌
(2‌)
Wheat;
July
2025
(a)
Short
31‌
827‌
25‌
Wheat;
September
2025
Short
9‌
247‌
(2‌)
White
Maize-SAF;
July
2025
Long
2‌
51‌
1‌
White
Sugar;
October
2025
Short
2‌
47‌
1‌
WIG20
Index;
June
2025
Long
19‌
283‌
2‌
WTI
Crude;
August
2025
Short
3‌
179‌
2‌
WTI
Crude;
December
2025
Short
3‌
174‌
(1‌)
WTI
Crude;
July
2025
(a)
Short
9‌
548‌
13‌
WTI
Crude;
July
2025
Long
2‌
122‌
—‌
WTI
Crude;
October
2025
Short
3‌
175‌
7‌
WTI
Crude;
September
2025
Short
1‌
59‌
(1‌)
XAE
Energy;
June
2025
Long
1‌
85‌
(3‌)
XAF
Financial;
June
2025
Long
1‌
157‌
(2‌)
XAY
Consumer
Discretionary;
June
2025
Long
1‌
216‌
(4‌)
Yellow
Maize-SAF;
July
2025
Short
1‌
23‌
(1‌)
Total
$
(910‌)
Amounts
in
thousands
except
contracts.
(a)
All
or
a
portion
of
this
security
is
owned
by
the
GMS
Cayman
Corporation,
which
is
a
wholly-owned
subsidiary
of
the
Fund.
Foreign
Currency
Contracts
Unrealized
Appreciation/(Depreciation)
Counterparty
Settlement
Date
Currency
to
Accept
Currency
to
Deliver
Asset
Liability
Bank
of
America
NA
06/18/2025
AUD
10,668‌
$
6,674‌
$
212‌
$
(5‌)
Bank
of
America
NA
06/18/2025
GBP
6,628‌
$
8,753‌
174‌
(1‌)
Bank
of
America
NA
06/18/2025
CAD
17,153‌
$
12,213‌
298‌
—‌
Bank
of
America
NA
06/18/2025
EUR
7,110‌
$
7,908‌
179‌
(1‌)
Bank
of
America
NA
06/18/2025
JPY
603,051‌
$
4,172‌
40‌
(14‌)
Bank
of
America
NA
06/18/2025
MXN
85,234‌
$
4,256‌
129‌
—‌
Bank
of
America
NA
06/18/2025
NZD
7,893‌
$
4,582‌
141‌
(4‌)
Bank
of
America
NA
06/18/2025
CHF
11,095‌
$
13,203‌
329‌
(23‌)
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
93
Foreign
Currency
Contracts
(continued)
Unrealized
Appreciation/(Depreciation)
Counterparty
Settlement
Date
Currency
to
Accept
Currency
to
Deliver
Asset
Liability
Bank
of
America
NA
06/18/2025
$
4,574‌
GBP
3,470‌
$
—‌
$
(101‌)
Bank
of
America
NA
06/18/2025
$
8,634‌
AUD
13,689‌
—‌
(191‌)
Bank
of
America
NA
06/18/2025
$
5,800‌
NZD
10,081‌
—‌
(227‌)
Bank
of
America
NA
06/18/2025
$
10,205‌
CHF
8,830‌
—‌
(549‌)
Bank
of
America
NA
06/18/2025
$
2,542‌
MXN
50,959‌
—‌
(80‌)
Bank
of
America
NA
06/18/2025
$
6,524‌
EUR
5,964‌
3‌
(260‌)
Bank
of
America
NA
06/18/2025
$
4,588‌
JPY
670,269‌
8‌
(85‌)
Bank
of
America
NA
06/18/2025
$
14,335‌
CAD
20,398‌
—‌
(543‌)
BMO
Capital
Markets
06/18/2025
GBP
129‌
$
167‌
7‌
—‌
BNP
Paribas
06/18/2025
$
5,057‌
CAD
7,200‌
—‌
(196‌)
BNP
Paribas
06/25/2025
INR
81,191‌
$
948‌
—‌
—‌
BNP
Paribas
06/25/2025
NOK
31,939‌
$
3,128‌
2‌
—‌
BNP
Paribas
06/25/2025
RON
15,405‌
$
3,426‌
25‌
—‌
BNP
Paribas
06/25/2025
$
1,643‌
SEK
15,798‌
—‌
(8‌)
BNP
Paribas
06/25/2025
$
2,745‌
NOK
27,874‌
13‌
—‌
BNP
Paribas
06/25/2025
$
307‌
MXN
5,985‌
—‌
(1‌)
BNP
Paribas
06/25/2025
$
732‌
CZK
16,127‌
—‌
(3‌)
BNP
Paribas
06/25/2025
$
721‌
GBP
535‌
—‌
—‌
BNP
Paribas
06/25/2025
$
1,840‌
COP
7,713,338‌
—‌
(13‌)
BNP
Paribas
06/25/2025
$
681‌
PHP
37,951‌
1‌
—‌
BNP
Paribas
06/25/2025
$
2,049‌
IDR
33,681,124‌
—‌
(11‌)
BNP
Paribas
06/25/2025
$
878‌
ZAR
15,748‌
4‌
—‌
BNP
Paribas
07/16/2025
$
2,851‌
CAD
4,000‌
—‌
(71‌)
BNP
Paribas
08/27/2025
$
10,445‌
CAD
14,500‌
—‌
(171‌)
Citigroup
Inc
06/02/2025
TWD
33,500‌
$
1,038‌
81‌
—‌
Citigroup
Inc
06/02/2025
$
1,120‌
TWD
33,500‌
2‌
—‌
Citigroup
Inc
06/13/2025
EUR
74‌
$
84‌
—‌
—‌
Citigroup
Inc
06/13/2025
$
3,551‌
EUR
3,145‌
—‌
(22‌)
Citigroup
Inc
06/26/2025
EUR
600‌
$
681‌
1‌
—‌
Citigroup
Inc
06/26/2025
$
1,447‌
COP
6,050,388‌
—‌
(6‌)
Citigroup
Inc
06/26/2025
$
261‌
BRL
1,499‌
—‌
—‌
Citigroup
Inc
07/24/2025
TRY
28,400‌
$
671‌
17‌
—‌
Citigroup
Inc
07/25/2025
TRY
14,050‌
$
333‌
7‌
—‌
Citigroup
Inc
08/29/2025
EUR
1,889‌
RON
9,694‌
—‌
(6‌)
Credit
Agricole
CIB
06/18/2025
$
5,188‌
CAD
7,200‌
—‌
(62‌)
Credit
Agricole
CIB
06/25/2025
AUD
5,579‌
$
3,581‌
16‌
—‌
Credit
Agricole
CIB
06/25/2025
BRL
27,939‌
$
4,893‌
—‌
(32‌)
Credit
Agricole
CIB
06/25/2025
CAD
2,089‌
$
1,519‌
5‌
—‌
Credit
Agricole
CIB
06/25/2025
EUR
1,840‌
$
2,086‌
6‌
—‌
Credit
Agricole
CIB
06/25/2025
INR
110,885‌
$
1,296‌
—‌
(1‌)
Credit
Agricole
CIB
06/25/2025
IDR
10,441,148‌
$
641‌
—‌
(2‌)
Credit
Agricole
CIB
06/25/2025
JPY
1,013,229‌
$
7,077‌
—‌
(18‌)
Credit
Agricole
CIB
06/25/2025
NZD
4,364‌
$
2,576‌
33‌
—‌
Credit
Agricole
CIB
06/25/2025
PHP
117,920‌
$
2,115‌
—‌
(2‌)
Credit
Agricole
CIB
06/25/2025
CHF
1,242‌
$
1,505‌
8‌
—‌
Credit
Agricole
CIB
06/25/2025
$
4,570‌
SEK
43,884‌
—‌
(16‌)
Credit
Agricole
CIB
06/25/2025
$
7,541‌
CHF
6,212‌
—‌
(30‌)
Credit
Agricole
CIB
06/25/2025
$
3,952‌
ZAR
71,285‌
—‌
(7‌)
Credit
Agricole
CIB
06/25/2025
$
4,069‌
GBP
3,025‌
5‌
(11‌)
Credit
Agricole
CIB
06/25/2025
$
2,599‌
CLP
2,434,326‌
25‌
—‌
Credit
Agricole
CIB
06/25/2025
$
3,629‌
CAD
5,028‌
—‌
(39‌)
Credit
Agricole
CIB
06/25/2025
$
878‌
KRW
1,203,123‌
5‌
—‌
Credit
Agricole
CIB
06/25/2025
$
851‌
PHP
47,274‌
4‌
—‌
Credit
Agricole
CIB
06/25/2025
$
2,486‌
THB
81,283‌
5‌
—‌
Credit
Agricole
CIB
06/25/2025
$
1,636‌
EUR
1,441‌
—‌
(2‌)
Credit
Agricole
CIB
07/16/2025
$
2,525‌
CAD
3,500‌
—‌
(31‌)
Deutsche
Bank
AG
06/13/2025
TWD
5,932‌
$
200‌
—‌
(1‌)
Deutsche
Bank
AG
06/13/2025
$
700‌
KRW
980,730‌
—‌
(12‌)
Deutsche
Bank
AG
06/16/2025
INR
8,530‌
$
100‌
—‌
—‌
Deutsche
Bank
AG
06/16/2025
$
400‌
KRW
561,481‌
—‌
(6‌)
Deutsche
Bank
AG
06/16/2025
$
2,800‌
INR
240,941‌
—‌
(14‌)
Deutsche
Bank
AG
06/18/2025
$
226‌
EUR
206‌
—‌
(9‌)
Deutsche
Bank
AG
06/20/2025
INR
17,152‌
$
200‌
—‌
—‌
Deutsche
Bank
AG
06/23/2025
INR
8,576‌
$
100‌
—‌
—‌
Deutsche
Bank
AG
06/27/2025
INR
17,182‌
$
200‌
1‌
—‌
Deutsche
Bank
AG
06/27/2025
TWD
2,970‌
$
100‌
—‌
—‌
Deutsche
Bank
AG
06/30/2025
INR
17,076‌
$
200‌
—‌
—‌
Goldman
Sachs
&
Co
06/06/2025
EUR
101‌
$
115‌
—‌
—‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
94
Foreign
Currency
Contracts
(continued)
Unrealized
Appreciation/(Depreciation)
Counterparty
Settlement
Date
Currency
to
Accept
Currency
to
Deliver
Asset
Liability
Goldman
Sachs
&
Co
06/06/2025
$
481‌
EUR
454‌
$
—‌
$
(35‌)
Goldman
Sachs
&
Co
06/20/2025
$
531‌
EUR
473‌
—‌
(7‌)
Goldman
Sachs
&
Co
06/26/2025
GBP
96‌
$
126‌
2‌
—‌
Goldman
Sachs
&
Co
06/26/2025
MYR
3,025‌
$
713‌
—‌
(1‌)
Goldman
Sachs
&
Co
06/26/2025
$
123‌
GBP
96‌
—‌
(5‌)
Goldman
Sachs
&
Co
07/02/2025
$
325‌
SEK
3,119‌
—‌
—‌
Goldman
Sachs
&
Co
07/15/2025
$
158‌
GBP
122‌
—‌
(7‌)
Goldman
Sachs
&
Co
07/16/2025
$
80‌
JPY
12,355‌
—‌
(6‌)
Goldman
Sachs
&
Co
10/15/2025
$
208‌
JPY
30,281‌
—‌
(6‌)
Goldman
Sachs
&
Co
11/05/2025
$
553‌
EUR
488‌
—‌
(5‌)
HSBC
Securities
Inc
06/03/2025
EUR
738‌
$
833‌
5‌
—‌
HSBC
Securities
Inc
06/13/2025
EUR
149‌
$
170‌
—‌
—‌
HSBC
Securities
Inc
06/13/2025
$
1,055‌
EUR
938‌
—‌
(10‌)
HSBC
Securities
Inc
06/26/2025
MXN
13,325‌
$
687‌
—‌
(2‌)
HSBC
Securities
Inc
06/26/2025
KRW
4,458,250‌
$
3,266‌
—‌
(32‌)
HSBC
Securities
Inc
06/26/2025
$
1,271‌
PEN
4,650‌
—‌
(14‌)
HSBC
Securities
Inc
06/26/2025
$
1,088‌
PLN
4,075‌
—‌
—‌
HSBC
Securities
Inc
07/25/2025
TWD
31,550‌
$
1,085‌
—‌
(15‌)
JPMorgan
Chase
06/02/2025
TWD
33,500‌
$
1,120‌
—‌
(2‌)
JPMorgan
Chase
06/02/2025
$
1,090‌
TWD
33,500‌
—‌
(28‌)
JPMorgan
Chase
06/06/2025
EUR
36‌
$
40‌
—‌
—‌
JPMorgan
Chase
06/06/2025
$
124‌
EUR
118‌
—‌
(9‌)
JPMorgan
Chase
06/12/2025
$
164‌
EUR
149‌
—‌
(6‌)
JPMorgan
Chase
06/13/2025
KRW
975,243‌
$
700‌
7‌
—‌
JPMorgan
Chase
06/13/2025
$
200‌
TWD
6,005‌
—‌
(1‌)
JPMorgan
Chase
06/16/2025
TWD
5,999‌
$
200‌
1‌
—‌
JPMorgan
Chase
06/16/2025
KRW
1,511,111‌
$
1,100‌
—‌
(4‌)
JPMorgan
Chase
06/16/2025
$
700‌
KRW
975,072‌
—‌
(7‌)
JPMorgan
Chase
06/18/2025
$
319‌
CAD
453‌
—‌
(12‌)
JPMorgan
Chase
06/26/2025
CZK
62,850‌
$
2,866‌
1‌
—‌
JPMorgan
Chase
06/26/2025
$
1,640‌
ZAR
29,375‌
8‌
—‌
JPMorgan
Chase
06/26/2025
$
1,933‌
INR
165,000‌
6‌
—‌
JPMorgan
Chase
07/02/2025
$
1,100‌
KRW
1,509,470‌
5‌
—‌
JPMorgan
Chase
07/11/2025
GBP
1,500‌
AUD
3,135‌
—‌
(1‌)
JPMorgan
Chase
07/11/2025
GBP
1,595‌
EUR
1,900‌
—‌
(14‌)
JPMorgan
Chase
07/11/2025
GBP
2,000‌
$
2,694‌
1‌
—‌
JPMorgan
Chase
07/11/2025
GBP
875‌
JPY
170,329‌
—‌
(10‌)
JPMorgan
Chase
07/11/2025
CAD
200‌
JPY
20,795‌
1‌
—‌
JPMorgan
Chase
07/11/2025
CAD
3,377‌
AUD
3,800‌
16‌
—‌
JPMorgan
Chase
07/11/2025
CNH
1,435‌
$
200‌
—‌
—‌
JPMorgan
Chase
07/11/2025
CZK
6,635‌
$
300‌
3‌
—‌
JPMorgan
Chase
07/11/2025
EUR
200‌
JPY
32,691‌
—‌
(1‌)
JPMorgan
Chase
07/11/2025
EUR
2,375‌
CAD
3,703‌
—‌
(1‌)
JPMorgan
Chase
07/11/2025
EUR
1,125‌
AUD
1,974‌
8‌
—‌
JPMorgan
Chase
07/11/2025
EUR
1,500‌
$
1,694‌
13‌
—‌
JPMorgan
Chase
07/11/2025
EUR
300‌
HUF
121,850‌
—‌
(1‌)
JPMorgan
Chase
07/11/2025
EUR
500‌
NOK
5,767‌
4‌
—‌
JPMorgan
Chase
07/11/2025
HUF
467,305‌
$
1,300‌
12‌
—‌
JPMorgan
Chase
07/11/2025
ILS
2,460‌
$
700‌
1‌
—‌
JPMorgan
Chase
07/11/2025
JPY
138,120‌
NZD
1,600‌
7‌
—‌
JPMorgan
Chase
07/11/2025
JPY
230,530‌
CAD
2,200‌
3‌
—‌
JPMorgan
Chase
07/11/2025
JPY
149,057‌
AUD
1,600‌
9‌
—‌
JPMorgan
Chase
07/11/2025
JPY
125,000‌
$
864‌
9‌
—‌
JPMorgan
Chase
07/11/2025
NZD
7,339‌
AUD
6,800‌
5‌
—‌
JPMorgan
Chase
07/11/2025
NOK
7,228‌
EUR
625‌
—‌
(3‌)
JPMorgan
Chase
07/11/2025
NOK
16,236‌
$
1,600‌
—‌
(9‌)
JPMorgan
Chase
07/11/2025
PLN
8,282‌
$
2,200‌
12‌
—‌
JPMorgan
Chase
07/11/2025
SGD
2,582‌
$
2,000‌
7‌
—‌
JPMorgan
Chase
07/11/2025
ZAR
21,604‌
$
1,200‌
—‌
(1‌)
JPMorgan
Chase
07/11/2025
SEK
9,582‌
$
1,000‌
2‌
—‌
JPMorgan
Chase
07/11/2025
SEK
10,898‌
EUR
1,000‌
2‌
—‌
JPMorgan
Chase
07/11/2025
SEK
20,313‌
NOK
21,500‌
18‌
—‌
JPMorgan
Chase
07/11/2025
CHF
750‌
$
911‌
5‌
—‌
JPMorgan
Chase
07/11/2025
CHF
417‌
GBP
375‌
4‌
—‌
JPMorgan
Chase
07/11/2025
CHF
1,988‌
EUR
2,125‌
10‌
—‌
JPMorgan
Chase
07/11/2025
CHF
1,000‌
JPY
174,424‌
4‌
—‌
JPMorgan
Chase
07/11/2025
$
900‌
MXN
17,500‌
2‌
—‌
JPMorgan
Chase
07/11/2025
$
1,031‌
AUD
1,600‌
—‌
(1‌)
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
95
Foreign
Currency
Contracts
(continued)
Unrealized
Appreciation/(Depreciation)
Counterparty
Settlement
Date
Currency
to
Accept
Currency
to
Deliver
Asset
Liability
JPMorgan
Chase
07/11/2025
$
1,200‌
TRY
49,000‌
$
—‌
$
(2‌)
JPMorgan
Chase
07/11/2025
$
1,596‌
CAD
2,200‌
—‌
(11‌)
JPMorgan
Chase
07/11/2025
$
87‌
JPY
12,500‌
—‌
—‌
JPMorgan
Chase
07/11/2025
$
1,194‌
NZD
2,000‌
—‌
(2‌)
JPMorgan
Chase
07/25/2025
TRY
100,750‌
$
2,413‌
25‌
—‌
JPMorgan
Chase
07/25/2025
$
499‌
TRY
21,450‌
—‌
(20‌)
JPMorgan
Chase
08/14/2025
$
1,311‌
CAD
1,802‌
—‌
(8‌)
JPMorgan
Chase
11/14/2025
$
307‌
CAD
423‌
—‌
(4‌)
JPMorgan
Chase
12/17/2025
$
1,301‌
EUR
1,140‌
—‌
(10‌)
Merrill
Lynch
06/05/2025
$
100‌
EUR
95‌
—‌
(8‌)
Merrill
Lynch
07/31/2025
$
298‌
EUR
261‌
1‌
—‌
RBC
Dominon
Securities
Corp
06/25/2025
COP
13,578,943‌
$
3,243‌
21‌
(3‌)
RBC
Dominon
Securities
Corp
06/25/2025
HUF
1,337,955‌
$
3,741‌
19‌
—‌
RBC
Dominon
Securities
Corp
06/25/2025
INR
28,348‌
$
330‌
1‌
—‌
RBC
Dominon
Securities
Corp
06/25/2025
IDR
74,174,255‌
$
4,506‌
30‌
—‌
RBC
Dominon
Securities
Corp
06/25/2025
TWD
58,832‌
$
1,966‌
13‌
—‌
RBC
Dominon
Securities
Corp
06/25/2025
PEN
5,218‌
$
1,432‌
10‌
—‌
RBC
Dominon
Securities
Corp
06/25/2025
PLN
7,343‌
$
1,957‌
5‌
—‌
RBC
Dominon
Securities
Corp
06/25/2025
KRW
476,974‌
$
345‌
1‌
—‌
RBC
Dominon
Securities
Corp
06/25/2025
$
2,861‌
KRW
3,967,699‌
—‌
(17‌)
RBC
Dominon
Securities
Corp
06/25/2025
$
3,928‌
PEN
14,473‌
—‌
(71‌)
RBC
Dominon
Securities
Corp
06/25/2025
$
3,520‌
CNH
25,282‌
4‌
—‌
RBC
Dominon
Securities
Corp
06/25/2025
$
855‌
MXN
16,568‌
3‌
—‌
RBC
Dominon
Securities
Corp
06/25/2025
$
865‌
CLP
812,151‌
7‌
—‌
RBC
Dominon
Securities
Corp
10/10/2025
$
1,524‌
JPY
217,000‌
—‌
(6‌)
State
Street
Financial
Global
Markets
06/26/2025
ZAR
10,775‌
$
600‌
—‌
(2‌)
UBS
AG
06/18/2025
$
597‌
GBP
462‌
—‌
(25‌)
Total
$
2,119‌
$
(3,332‌)
Amounts
in
thousands.
Credit
Default
Swaps
Buy
Protection
Counterparty
Reference
Entity
Implied
Credit
Spread
as
of
May
31,
2025
(a)
(Pay)/
Receive
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
Upfront
Payments/
(Receipts)
Unrealized
Appreciation/
(Depreciation)
Fair
Value
Asset
----
Liability
Goldman
Sachs
&
Co
Bank
of
China
Ltd/Hong
Kong,
1.25%,
06/24/2025
0.30%
(1.00)%
Quarterly
12/20/2026
$
2,650‌
$
(25‌)
$
(3‌)
$
—‌
$
(28‌)
Goldman
Sachs
&
Co
China
Construction
Bank
/London,
3.125%,
05/17/2025
0.23%
(1.00)%
Quarterly
12/20/2026
2,650‌
(25‌)
(7‌)
—‌
(31‌)
Goldman
Sachs
&
Co
China
Development
Bank,
3.00%,
06/01/2026
0.28%
(1.00)%
Quarterly
12/20/2026
2,150‌
(20‌)
(3‌)
—‌
(24‌)
Goldman
Sachs
&
Co
Industrial
&
Commercial
Bank
of
China
Ltd/
Hong
Kong,
1.625%,
10/28/2026
0.23%
(1.00)%
Quarterly
12/20/2026
2,650‌
(25‌)
(6‌)
—‌
(31‌)
Total
$
(95‌)
$
(19‌)
$
—‌
$
(114‌)
Amounts
in
thousands.
Exchange
Cleared
Credit
Default
Swaps
Buy
Protection
Reference
Entity
Implied
Credit
Spread
as
of
May
31,
2025
(a)
(Pay)/
Receive
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
Upfront
Payments/
(Receipts)
Unrealized
Appreciation/
(Depreciation)
Fair
Value
CDX.EM.43
N/A
(1.00)%
Quarterly
06/20/2030
$
1,600‌
$
54‌
$
(3‌)
$
51‌
CDX.NA.HY.44
N/A
(5.00)%
Quarterly
06/20/2030
5,850‌
(263‌)
(94‌)
(357‌)
ITRX.XOVER.43
N/A
(5.00)%
Quarterly
06/20/2030
EUR
4,800‌
(374‌)
(97‌)
(471‌)
Total
$
(583‌)
$
(194‌)
$
(777‌)
Amounts
in
thousands.
(a)
Implied
credit
spreads,
represented
in
absolute
terms,
used
in
determining
the
fair
value
of
credit
default
swap
agreements
on
corporate
issues
or
sovereign
issues
as
of
period
end
serve
as
an
indicator
of
the
current
status
of
the
payment/performance
risk
and
represent
the
likelihood
or
risk
of
default
for
the
credit
derivative.
The
implied
credit
spread
of
a
particular
referenced
entity
reflects
the
cost
of
buying/selling
protection
and
may
include
upfront
payments
required
to
be
made
to
enter
into
the
agreement.
Wider
credit
spreads
represent
a
deterioration
of
the
referenced
entity's
credit
soundness
and
a
greater
likelihood
or
risk
of
default
or
other
credit
event
occurring
as
defined
under
the
terms
of
the
agreement.
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
96
Exchange
Cleared
Interest
Rate
Swaps
Floating
Rate
Index
(Pay)/
Receive
Floating
Rate
Fixed
Rate
Payment
Frequency
Paid
by
Fund
Payment
Frequency
Received
by
Fund
Effective
Date
(a)
Maturity
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Upfront
Payments/
(Receipts)
Fair
Value
1
Day
MXN
TIIE
Banxico
Receive
0.00%
Monthly
Monthly
N/A
12/24/2025
MXN
195,000‌
$
464‌
$
37‌
$
501‌
28
Day
MXN
TIIE
Banxico
Pay
0.00%
Monthly
Monthly
N/A
12/24/2025
195,000‌
(470‌)
(37‌)
(507‌)
3
Month
KRW
Certificate
of
Deposit
Pay
2.27%
Quarterly
Quarterly
N/A
06/18/2027
KRW
4,700,000‌
(2‌)
—‌
(2‌)
3
Month
KRW
Certificate
of
Deposit
Receive
2.45%
Quarterly
Quarterly
N/A
06/18/2035
1,000,000‌
8‌
—‌
8‌
3
Month
KRW
Certificate
of
Deposit
Receive
2.45%
Quarterly
Quarterly
N/A
06/18/2035
2,200,000‌
17‌
—‌
17‌
3
Month
KRW
Certificate
of
Deposit
Pay
2.27%
Quarterly
Quarterly
N/A
06/18/2027
10,000,000‌
(5‌)
—‌
(5‌)
3
Month
Tel
AVIV
Inter-Bank
Offered
Rate
Pay
0.00%
Quarterly
Annual
N/A
09/18/2025
ILS
1,300‌
(4‌)
—‌
(4‌)
3
Month
Tel
AVIV
Inter-Bank
Offered
Rate
Pay
0.00%
Quarterly
Annual
N/A
09/18/2025
10,200‌
(32‌)
(1‌)
(33‌)
6
Month
Prague
Interbank
Offered
Rate
Pay
3.65%
Semiannual
Annual
N/A
03/11/2030
CZK
8,000‌
7‌
(1‌)
6‌
6
Month
Prague
Interbank
Offered
Rate
Pay
3.65%
Semiannual
Annual
N/A
03/11/2030
35,963‌
21‌
5‌
26‌
6
Month
Prague
Interbank
Offered
Rate
Pay
3.65%
Semiannual
Annual
N/A
03/11/2030
16,000‌
12‌
—‌
12‌
6
Month
Prague
Interbank
Offered
Rate
Pay
3.65%
Semiannual
Annual
N/A
03/11/2030
36,100‌
25‌
1‌
26‌
6
Month
Prague
Interbank
Offered
Rate
Pay
3.65%
Semiannual
Annual
N/A
03/11/2030
16,000‌
11‌
1‌
12‌
Brazil
Cetip
DI
Interbank
Deposit
Rate
Pay
14.90%
Maturity
Maturity
N/A
01/04/2027
BRL
83,211‌
159‌
—‌
159‌
Shekel
Overnight
Interest
Rate
Pay
3.86%
Quarterly
Annual
N/A
06/18/2030
ILS
1,300‌
(3‌)
(1‌)
(4‌)
Shekel
Overnight
Interest
Rate
Pay
3.86%
Quarterly
Annual
N/A
06/18/2030
10,200‌
(30‌)
—‌
(30‌)
Shekel
Overnight
Interest
Rate
Receive
0.00%
Annual
Quarterly
N/A
09/18/2025
10,200‌
32‌
—‌
32‌
Shekel
Overnight
Interest
Rate
Receive
0.00%
Annual
Quarterly
N/A
09/18/2025
1,300‌
4‌
—‌
4‌
Total
$
214‌
$
4‌
$
218‌
Amounts
in
thousands.
(a)    
Forward
swap.
Total
Return
Swaps
Counterparty
Fund
Pays
Fund
Receives
Payment
Frequency
Maturity
Date
Notional
Amount
Upfront
Payments/
(Receipts)
Value
and
Unrealized
Appreciation/
(Depreciation)
Asset
Liability
Goldman
Sachs
&
Co
(a)
Overnight
Bank
Funding
Rate
plus/less
spread
Total
return
on
a
custom
basket
of
long
securities
traded
in
foreign
currencies
but
settle
in
USD
Monthly
06/02/2025-
05/18/2026
$
13,761‌
$
—‌
$
249‌
$
—‌
HSBC
Securities
Inc
US
Federal
Funds
Effective
Rate
+
0.00%
Zambia
Government
Bond,
13.00%,
12/18/2027
Maturity
12/20/2027
ZMW
5,030‌
$
—‌
$
20‌
$
—‌
JPMorgan
Chase
Secured
Overnight
Financing
Rate
+
0.60%
Egypt
Treasury
Bill,
0.00%,
12/16/2025
Maturity
12/16/2025
EGP
19,200‌
—‌
13‌
—‌
JPMorgan
Chase
(b)
Overnight
Bank
Funding
Rate
plus/less
spread
Total
return
on
a
custom
basket
of
long
and
short
securities
traded
in
foreign
currencies
but
settle
in
USD
Monthly
12/29/2025-
03/10/2026
$
8,180‌
—‌
551‌
—‌
Morgan
Stanley
&
Co
(c)
1
Day
Federal
Funds
Rate
plus/less
spread
Total
return
on
a
custom
basket
of
long
and
short
securities
traded
in
USD
Monthly
07/29/2026
91,411‌
—‌
5,091‌
—‌
Morgan
Stanley
&
Co
(d)
1
Day
Federal
Funds
Rate
plus/less
spread
Total
return
on
a
custom
basket
of
long
and
short
securities
traded
in
USD
Monthly
09/06/2028
20,334‌
—‌
—‌
(1,135‌)
Total
$
—‌
$
5,924‌
$
(1,135‌)
The
maturity
dates
are
measured
from
the
commencement
of
investment
in
each
underlying
position
of
a
custom
basket.
The
spread
for
a
custom
basket
is
negotiated
at
the
security
level
and
is
usually
similar
within
a
region
but
may
vary.
Notional
Amount
represents
the
total
absolute
value
of
the
underlying
securities
in
a
custom
basket.
Top
Underlying
Securities
includes
the
50
largest
components
and
any
other
components
where
the
notional
exceeds
1%
of
the
notional
amount
of
the
custom
basket.
Amounts
in
thousands.
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
97
Description
Shares
Notional
Amount
%
of
Total
Absolute
Notional
Amount
Hess
Corp
25,000
$
3,305
24.02%
Schlumberger
NV
(69,343)
(2,292
)
(16.65)%
DuPont
de
Nemours
Inc
19,000
1,269
9.22%
Omnicom
Group
Inc
(14,631)
(1,075
)
(7.81)%
Kellanova
11,305
934
6.79%
Honeywell
International
Inc
2,700
612
4.45%
Ball
Corp
10,100
541
3.93%
Just
Eat
Takeaway.com
NV
24,014
531
3.86%
Covestro
AG
7,632
524
3.81%
Charter
Communications
Inc
(1,195)
(474
)
(3.44)%
Phillips
66
3,000
340
2.47%
Chevron
Corp
(2,388)
(326
)
(2.37)%
Fortnox
AB
34,747
313
2.28%
Vivendi
SE
82,094
277
2.01%
Topcon
Corp
9,176
208
1.51%
Herc
Holdings
Inc
(1,672)
(207
)
(1.51)%
BBGI
Global
Infrastructure
SA
84,839
164
1.19%
James
Hardie
Industries
PLC
(6,614)
(151
)
(1.10)%
Canal+
SA
38,718
109
0.79%
Fujitsu
General
Ltd
4,400
86
0.62%
James
Hardie
Industries
PLC
(705)
(16
)
(0.12)%
Juniper
Networks
Inc
182
7
0.05%
Description
Shares
Notional
Amount
%
of
Total
Absolute
Notional
Amount
Chevron
Corp
(46,736)
$
(6,389
)
(78.11)%
Hess
Corp
7,312
967
11.82%
James
Hardie
Industries
PLC
(27,740)
(634
)
(7.75)%
Nuveen
New
York
AMT-Free
Quality
Municipal
Income
Fund
10,491
103
1.26%
Vivendi
SE
11,673
39
0.48%
Canal+
SA
13,353
38
0.46%
Herc
Holdings
Inc
(87)
(11
)
(0.13)%
(a)
Top
Underlying
Securities
WESTGSUSD
(b)
Top
Underlying
Securities
WESEBSUSD
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
98
Description
Shares
Notional
Amount
%
of
Total
Absolute
Notional
Amount
Microsoft
Corp
2,202
$
1,014
1.11%
NVIDIA
Corp
6,782
916
1.00%
International
Paper
Co
(14,093)
(674
)
(0.74)%
Tractor
Supply
Co
(12,892)
(624
)
(0.68)%
Nordson
Corp
(2,827)
(599
)
(0.65)%
Norwegian
Cruise
Line
Holdings
Ltd
(33,723)
(595
)
(0.65)%
Huntington
Ingalls
Industries
Inc
(2,660)
(593
)
(0.65)%
PACCAR
Inc
(6,312)
(592
)
(0.65)%
AES
Corp/The
(58,695)
(592
)
(0.65)%
Constellation
Energy
Corp
1,876
574
0.63%
Alphabet
Inc
-
A
Shares
3,330
572
0.63%
Apple
Inc
2,811
565
0.62%
Fidelity
National
Information
Services
Inc
(6,984)
(556
)
(0.61)%
Vertex
Pharmaceuticals
Inc
(1,233)
(545
)
(0.60)%
Dayforce
Inc
(9,064)
(536
)
(0.59)%
Sherwin-Williams
Co/The
(1,444)
(518
)
(0.57)%
Jack
Henry
&
Associates
Inc
(2,850)
(516
)
(0.56)%
Hess
Corp
(3,852)
(509
)
(0.56)%
IDEXX
Laboratories
Inc
(962)
(494
)
(0.54)%
Erie
Indemnity
Co
(1,358)
(487
)
(0.53)%
Akamai
Technologies
Inc
(6,339)
(481
)
(0.53)%
Warner
Bros
Discovery
Inc
(47,271)
(471
)
(0.51)%
Trimble
Inc
(6,573)
(468
)
(0.51)%
NRG
Energy
Inc
3,004
468
0.51%
NextEra
Energy
Inc
(6,601)
(466
)
(0.51)%
CoStar
Group
Inc
(6,275)
(462
)
(0.51)%
Equifax
Inc
(1,735)
(458
)
(0.50)%
Dow
Inc
(16,300)
(452
)
(0.49)%
Genuine
Parts
Co
(3,531)
(447
)
(0.49)%
Zoetis
Inc
(2,641)
(445
)
(0.49)%
Amazon.com
Inc
2,131
437
0.48%
Rockwell
Automation
Inc
(1,384)
(437
)
(0.48)%
ConocoPhillips
(5,103)
(436
)
(0.48)%
Norfolk
Southern
Corp
(1,730)
(428
)
(0.47)%
Lennox
International
Inc
(756)
(427
)
(0.47)%
Ingersoll
Rand
Inc
(5,171)
(422
)
(0.46)%
American
International
Group
Inc
(4,964)
(420
)
(0.46)%
Airbnb
Inc
(3,231)
(417
)
(0.46)%
Intel
Corp
(21,158)
(414
)
(0.45)%
Bio-Techne
Corp
(8,474)
(410
)
(0.45)%
MarketAxess
Holdings
Inc
(1,889)
(409
)
(0.45)%
Arista
Networks
Inc
(4,715)
(409
)
(0.45)%
Boeing
Co/The
(1,927)
(400
)
(0.44)%
Church
&
Dwight
Co
Inc
(4,031)
(396
)
(0.44)%
Iron
Mountain
Inc
(4,002)
(395
)
(0.43)%
Marathon
Petroleum
Corp
(2,455)
(395
)
(0.43)%
Labcorp
Holdings
Inc
(1,576)
(392
)
(0.43)%
Diamondback
Energy
Inc
(2,894)
(389
)
(0.43)%
Monster
Beverage
Corp
(6,062)
(388
)
(0.42)%
Air
Products
and
Chemicals
Inc
(1,372)
(383
)
(0.42)%
(c)
Top
Underlying
Securities
GOTEBSUSD
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
99
Description
Shares
Notional
Amount
%
of
Total
Absolute
Notional
Amount
JFE
Holdings
Inc
(28,000)
$
(333
)
(1.64)%
Sumitomo
Metal
Mining
Co
Ltd
(13,500)
(311
)
(1.53)%
Shimadzu
Corp
(12,400)
(301
)
(1.48)%
Tenaris
SA
(16,043)
(269
)
(1.32)%
Mitsui
OSK
Lines
Ltd
(7,500)
(267
)
(1.31)%
Kyowa
Kirin
Co
Ltd
(15,900)
(260
)
(1.28)%
Canadian
Pacific
Kansas
City
Ltd
(3,100)
(253
)
(1.25)%
Robinhood
Markets
Inc
(3,612)
(239
)
(1.18)%
Ferguson
Enterprises
Inc
(1,292)
(236
)
(1.16)%
Waste
Connections
Inc
(1,171)
(231
)
(1.14)%
Yakult
Honsha
Co
Ltd
(11,200)
(227
)
(1.12)%
Fastighets
AB
Balder
(31,383)
(220
)
(1.08)%
Danaher
Corp
(1,154)
(219
)
(1.08)%
Pro
Medicus
Ltd
(1,195)
(217
)
(1.07)%
Everest
Group
Ltd
(594)
(206
)
(1.01)%
Agilent
Technologies
Inc
(1,720)
(193
)
(0.95)%
Hikari
Tsushin
Inc
(700)
(191
)
(0.94)%
Cardinal
Health
Inc
(1,238)
(191
)
(0.94)%
Aristocrat
Leisure
Ltd
(4,576)
(184
)
(0.91)%
Tokyo
Metro
Co
Ltd
(14,400)
(182
)
(0.89)%
Element
Fleet
Management
Corp
(7,600)
(181
)
(0.89)%
American
Financial
Group
Inc/OH
(1,452)
(180
)
(0.89)%
Pearson
PLC
(11,267)
(177
)
(0.87)%
National
Australia
Bank
Ltd
(7,194)
(176
)
(0.87)%
Unilever
PLC
(2,766)
(175
)
(0.86)%
Alstom
SA
(7,709)
(174
)
(0.86)%
Hewlett
Packard
Enterprise
Co
(10,073)
(174
)
(0.86)%
CK
Infrastructure
Holdings
Ltd
(26,000)
(168
)
(0.83)%
DSV
A/S
(711)
(168
)
(0.82)%
Jacobs
Solutions
Inc
(1,304)
(165
)
(0.81)%
EQT
AB
(5,498)
(161
)
(0.79)%
Aflac
Inc
(1,550)
(160
)
(0.79)%
First
Solar
Inc
(1,015)
(160
)
(0.79)%
Rentokil
Initial
PLC
(33,771)
(160
)
(0.79)%
Fujitsu
Ltd
(6,700)
(154
)
(0.76)%
Kyocera
Corp
(12,500)
(153
)
(0.75)%
FUJIFILM
Holdings
Corp
(6,600)
(151
)
(0.74)%
Revvity
Inc
(1,634)
(148
)
(0.73)%
GFL
Environmental
Inc
(2,900)
(147
)
(0.72)%
Graco
Inc
(1,715)
(145
)
(0.71)%
Kerry
Group
PLC
(1,327)
(145
)
(0.71)%
Ashtead
Group
PLC
(2,479)
(145
)
(0.71)%
Bunzl
PLC
(4,474)
(143
)
(0.71)%
Nitori
Holdings
Co
Ltd
(1,400)
(140
)
(0.69)%
LVMH
Moet
Hennessy
Louis
Vuitton
SE
(256)
(139
)
(0.68)%
Air
Products
and
Chemicals
Inc
(497)
(139
)
(0.68)%
BASF
SE
(2,848)
(137
)
(0.67)%
Dow
Inc
(4,897)
(136
)
(0.67)%
Akzo
Nobel
NV
(1,992)
(136
)
(0.67)%
Hyatt
Hotels
Corp
(1,015)
(134
)
(0.66)%
(d)
Top
Underlying
Securities
LACEBSUSD
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
100
Short
Sales
Outstanding
COMMON
STOCKS
-
(0.52)%
Shares
Value
(000's)
Advertising
-
(0.04)%
Omnicom
Group
Inc
2,352‌
$
173‌
Commercial
Services
-
0.00%
Herc
Holdings
Inc
132‌
16‌
Media
-
(0.15)%
Charter
Communications
Inc
1,554‌
616‌
Real
Estate
-
(0.33)%
Redfin
Corp
137,649‌
1,375‌
TOTAL
COMMON
STOCKS
(proceeds
$2,203)
$
2,180‌
TOTAL
SHORT
SALES
(proceeds
$2,203)
$
2,180‌
Schedule
of
Investments
Global
Sustainable
Listed
Infrastructure
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
101
INVESTMENT
COMPANIES
-
2
.68
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
2
.68
%
Principal
Government
Money
Market
Fund
-
Class
R-6
4.19%
(a),(b)
630,112‌
$
630‌
TOTAL
INVESTMENT
COMPANIES
$
630‌
COMMON
STOCKS
-
97
.04
%
Shares
Held
Value
(000's)
Commercial
Services
-
5
.28
%
Atlas
Arteria
Ltd
217,423‌
$
745‌
Motiva
Infraestrutura
de
Mobilidade
SA
211,122‌
497‌
$
1,242‌
Electric
-
41
.72
%
Boralex
Inc
10,266‌
236‌
CenterPoint
Energy
Inc
19,815‌
738‌
CMS
Energy
Corp
10,227‌
718‌
DTE
Energy
Co
3,396‌
464‌
Elia
Group
SA/NV
6,581‌
699‌
Emera
Inc
15,100‌
692‌
Entergy
Corp
10,183‌
848‌
National
Grid
PLC
78,188‌
1,107‌
NextEra
Energy
Inc
21,719‌
1,534‌
Northwestern
Energy
Group
Inc
9,450‌
523‌
PG&E
Corp
43,626‌
737‌
Sempra
9,852‌
774‌
Xcel
Energy
Inc
10,589‌
743‌
$
9,813‌
Engineering
&
Construction
-
11
.11
%
Aeroports
de
Paris
SA
5,987‌
803‌
Beijing
Capital
International
Airport
Co
Ltd
(c)
924,000‌
326‌
Cellnex
Telecom
SA
-
Rights
(c),(d)
19,923‌
764‌
China
Tower
Corp
Ltd
(d)
205,500‌
304‌
Enav
SpA
(d)
87,126‌
417‌
$
2,614‌
Gas
-
2
.13
%
ENN
Energy
Holdings
Ltd
63,200‌
501‌
Pipelines
-
11
.93
%
APA
Group
117,968‌
631‌
DT
Midstream
Inc
3,759‌
394‌
Gibson
Energy
Inc
37,500‌
619‌
Williams
Cos
Inc/The
19,192‌
1,161‌
$
2,805‌
REITs
-
8
.46
%
American
Tower
Corp
5,749‌
1,234‌
Crown
Castle
Inc
7,532‌
756‌
$
1,990‌
Telecommunications
-
1
.21
%
Indus
Towers
Ltd
(c)
63,531‌
285‌
Transportation
-
8
.77
%
Canadian
National
Railway
Co
9,000‌
946‌
Rumo
SA
(c)
140,558‌
465‌
Union
Pacific
Corp
2,940‌
652‌
$
2,063‌
Water
-
6
.43
%
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
SABESP
17,300‌
355‌
Guangdong
Investment
Ltd
502,524‌
408‌
Severn
Trent
PLC
20,533‌
750‌
$
1,513‌
TOTAL
COMMON
STOCKS
$
22,826‌
Total
Investments
$
23,456‌
Other
Assets
and
Liabilities
-  0.28%
67‌
TOTAL
NET
ASSETS
-
100.00%
$
23,523‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
1-day
yield
shown
is
as
of
period
end.
(c)
Non-income
producing
security
(d)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$1,485
or
6.31%
of
net
assets.
Schedule
of
Investments
Global
Sustainable
Listed
Infrastructure
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
102
Affiliated
Securities
August
31,
2024
Purchases
Sales
May
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.19%
$
438‌
$
5,982‌
$
5,790‌
$
630‌
$
438‌
$
5,982‌
$
5,790‌
$
630‌
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
4.19%
$
19‌
$
—‌
$
—‌
$
—‌
$
19‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
International
Equity
Index
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
103
INVESTMENT
COMPANIES
-
4
.09
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
3
.12
%
iShares
MSCI
EAFE
ETF
396,300‌
$
35,195‌
Money
Market
Funds
-
0
.97
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
4.22%
(a),(b)
865,468‌
866‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.19%
(a),(b),(c)
10,052,393‌
10,052‌
$
10,918‌
TOTAL
INVESTMENT
COMPANIES
$
46,113‌
COMMON
STOCKS
-
95
.81
%
Shares
Held
Value
(000's)
Advertising
-
0
.20
%
Dentsu
Group
Inc
11,800‌
$
255‌
Publicis
Groupe
SA
13,493‌
1,471‌
WPP
PLC
63,594‌
513‌
$
2,239‌
Aerospace
&
Defense
-
3
.28
%
Airbus
SE
34,907‌
6,420‌
BAE
Systems
PLC
176,960‌
4,537‌
Dassault
Aviation
SA
1,158‌
421‌
Elbit
Systems
Ltd
1,576‌
634‌
IHI
Corp
8,600‌
836‌
Leonardo
SpA
23,858‌
1,476‌
Melrose
Industries
PLC
74,915‌
475‌
MTU
Aero
Engines
AG
3,173‌
1,269‌
Rheinmetall
AG
2,626‌
5,628‌
Rolls-Royce
Holdings
PLC
497,816‌
5,793‌
Saab
AB
18,882‌
954‌
Safran
SA
21,153‌
6,256‌
Singapore
Technologies
Engineering
Ltd
92,000‌
556‌
Thales
SA
5,445‌
1,668‌
$
36,923‌
Agriculture
-
0
.83
%
British
American
Tobacco
PLC
116,319‌
5,236‌
Imperial
Brands
PLC
45,953‌
1,743‌
Japan
Tobacco
Inc
70,400‌
2,160‌
Wilmar
International
Ltd
113,100‌
267‌
$
9,406‌
Airlines
-
0
.27
%
ANA
Holdings
Inc
(d)
9,200‌
182‌
Deutsche
Lufthansa
AG
35,197‌
282‌
International
Consolidated
Airlines
Group
SA
73,060‌
321‌
Japan
Airlines
Co
Ltd
(d)
8,600‌
174‌
Qantas
Airways
Ltd
43,708‌
299‌
Ryanair
Holdings
PLC
49,978‌
1,326‌
Singapore
Airlines
Ltd
87,700‌
484‌
$
3,068‌
Apparel
-
1
.61
%
Adidas
AG
10,045‌
2,505‌
Asics
Corp
38,800‌
935‌
Hermes
International
SCA
1,861‌
5,132‌
Kering
SA
4,388‌
858‌
LVMH
Moet
Hennessy
Louis
Vuitton
SE
16,159‌
8,765‌
$
18,195‌
Automobile
Manufacturers
-
2
.56
%
Bayerische
Motoren
Werke
AG
17,090‌
1,516‌
Daimler
Truck
Holding
AG
28,008‌
1,217‌
Ferrari
NV
7,405‌
3,544‌
Honda
Motor
Co
Ltd
248,100‌
2,520‌
Isuzu
Motors
Ltd
31,400‌
424‌
Mercedes-Benz
Group
AG
42,424‌
2,537‌
Nissan
Motor
Co
Ltd
131,300‌
333‌
Renault
SA
11,332‌
583‌
Stellantis
NV
118,273‌
1,206‌
Subaru
Corp
34,500‌
633‌
Suzuki
Motor
Corp
92,600‌
1,175‌
Toyota
Motor
Corp
556,700‌
10,599‌
Volvo
AB
-
B
Shares
93,314‌
2,586‌
$
28,873‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Automobile
Parts
&
Equipment
-
0
.67
%
Aisin
Corp
31,000‌
$
394‌
Bridgestone
Corp
33,600‌
1,443‌
Cie
Generale
des
Etablissements
Michelin
SCA
39,523‌
1,512‌
Continental
AG
6,485‌
569‌
Denso
Corp
111,500‌
1,505‌
Sumitomo
Electric
Industries
Ltd
42,100‌
883‌
Toyota
Industries
Corp
9,700‌
1,213‌
$
7,519‌
Banks
-
13
.85
%
ABN
AMRO
Bank
NV
(e)
27,009‌
698‌
AIB
Group
PLC
123,533‌
975‌
ANZ
Group
Holdings
Ltd
174,658‌
3,268‌
Banca
Mediolanum
SpA
13,145‌
219‌
Banco
Bilbao
Vizcaya
Argentaria
SA
338,557‌
5,082‌
Banco
BPM
SpA
66,756‌
767‌
Banco
de
Sabadell
SA
316,493‌
1,008‌
Banco
Santander
SA
890,115‌
7,101‌
Bank
Hapoalim
BM
74,207‌
1,245‌
Bank
Leumi
Le-Israel
BM
88,574‌
1,429‌
Bank
of
Ireland
Group
PLC
57,869‌
795‌
Bankinter
SA
39,629‌
510‌
Banque
Cantonale
Vaudoise
1,767‌
205‌
Barclays
PLC
840,124‌
3,720‌
BNP
Paribas
SA
59,785‌
5,236‌
BOC
Hong
Kong
Holdings
Ltd
217,500‌
915‌
BPER
Banca
SPA
58,661‌
521‌
CaixaBank
SA
231,816‌
1,966‌
Chiba
Bank
Ltd/The
32,900‌
299‌
Commerzbank
AG
52,194‌
1,590‌
Commonwealth
Bank
of
Australia
98,305‌
11,155‌
Computershare
Ltd
30,864‌
799‌
Concordia
Financial
Group
Ltd
(d)
60,500‌
388‌
Credit
Agricole
SA
62,079‌
1,137‌
Danske
Bank
A/S
40,660‌
1,558‌
DBS
Group
Holdings
Ltd
125,070‌
4,315‌
Deutsche
Bank
AG
108,726‌
3,011‌
DNB
Bank
ASA
52,789‌
1,412‌
Erste
Group
Bank
AG
18,150‌
1,462‌
FinecoBank
Banca
Fineco
SpA
36,018‌
779‌
Hang
Seng
Bank
Ltd
44,300‌
618‌
HSBC
Holdings
PLC
1,038,186‌
12,231‌
ING
Groep
NV
184,890‌
3,927‌
Intesa
Sanpaolo
SpA
888,978‌
4,963‌
Israel
Discount
Bank
Ltd
72,672‌
619‌
Japan
Post
Bank
Co
Ltd
106,500‌
1,149‌
KBC
Group
NV
13,539‌
1,339‌
Lloyds
Banking
Group
PLC
3,533,271‌
3,680‌
Macquarie
Group
Ltd
21,270‌
2,934‌
Mediobanca
Banca
di
Credito
Finanziario
SpA
29,473‌
701‌
Mitsubishi
UFJ
Financial
Group
Inc
673,500‌
9,421‌
Mizrahi
Tefahot
Bank
Ltd
9,144‌
524‌
Mizuho
Financial
Group
Inc
140,280‌
3,901‌
National
Australia
Bank
Ltd
179,904‌
4,403‌
NatWest
Group
PLC
474,535‌
3,370‌
Nordea
Bank
Abp
184,670‌
2,677‌
Oversea-Chinese
Banking
Corp
Ltd
199,000‌
2,499‌
Resona
Holdings
Inc
123,200‌
1,092‌
Skandinaviska
Enskilda
Banken
AB
93,545‌
1,561‌
Societe
Generale
SA
42,312‌
2,297‌
Standard
Chartered
PLC
118,587‌
1,850‌
Sumitomo
Mitsui
Financial
Group
Inc
216,800‌
5,570‌
Sumitomo
Mitsui
Trust
Group
Inc
37,688‌
1,020‌
Svenska
Handelsbanken
AB
85,982‌
1,149‌
Swedbank
AB
50,048‌
1,355‌
UBS
Group
AG
193,207‌
6,163‌
UniCredit
SpA
82,311‌
5,293‌
United
Overseas
Bank
Ltd
74,200‌
2,038‌
Westpac
Banking
Corp
201,222‌
4,222‌
$
156,131‌
Schedule
of
Investments
International
Equity
Index
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
104
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Beverages
-
1
.44
%
Anheuser-Busch
InBev
SA/NV
58,066‌
$
4,100‌
Asahi
Group
Holdings
Ltd
85,100‌
1,122‌
Carlsberg
AS
5,632‌
806‌
Coca-Cola
Europacific
Partners
PLC
13,534‌
1,242‌
Coca-Cola
HBC
AG
(f)
12,811‌
668‌
Davide
Campari-Milano
NV
36,165‌
236‌
Diageo
PLC
130,721‌
3,548‌
Heineken
Holding
NV
7,641‌
596‌
Heineken
NV
16,979‌
1,515‌
JDE
Peet's
NV
10,072‌
277‌
Kirin
Holdings
Co
Ltd
(d)
45,800‌
657‌
Pernod
Ricard
SA
11,897‌
1,230‌
Suntory
Beverage
&
Food
Ltd
8,200‌
266‌
$
16,263‌
Biotechnology
-
0
.69
%
Argenx
SE
(f)
3,587‌
2,058‌
CSL
Ltd
28,444‌
4,539‌
Genmab
A/S
(f)
3,707‌
782‌
Swedish
Orphan
Biovitrum
AB
(f)
11,541‌
353‌
$
7,732‌
Building
Materials
-
1
.45
%
AGC
Inc
11,300‌
335‌
Cie
de
Saint-Gobain
SA
26,384‌
2,970‌
Daikin
Industries
Ltd
15,500‌
1,764‌
Geberit
AG
1,970‌
1,471‌
Heidelberg
Materials
AG
7,862‌
1,541‌
Holcim
AG
(f)
30,618‌
3,393‌
James
Hardie
Industries
PLC
(f)
25,337‌
583‌
Kingspan
Group
PLC
9,114‌
783‌
Nibe
Industrier
AB
89,336‌
366‌
ROCKWOOL
A/S
5,648‌
268‌
Sika
AG
8,956‌
2,404‌
Svenska
Cellulosa
AB
SCA
35,765‌
484‌
$
16,362‌
Chemicals
-
2
.34
%
Air
Liquide
SA
33,978‌
7,041‌
Akzo
Nobel
NV
10,068‌
687‌
Arkema
SA
3,385‌
242‌
Asahi
Kasei
Corp
72,200‌
507‌
BASF
SE
52,430‌
2,528‌
Brenntag
SE
7,235‌
490‌
Covestro
AG
(f)
10,554‌
725‌
Croda
International
PLC
7,820‌
324‌
DSM-Firmenich
AG
10,963‌
1,220‌
EMS-Chemie
Holding
AG
414‌
315‌
Evonik
Industries
AG
15,109‌
328‌
Givaudan
SA
542‌
2,726‌
ICL
Group
Ltd
45,640‌
301‌
Mitsubishi
Chemical
Group
Corp
79,800‌
425‌
Nippon
Paint
Holdings
Co
Ltd
55,800‌
420‌
Nippon
Sanso
Holdings
Corp
10,000‌
357‌
Nitto
Denko
Corp
41,600‌
757‌
Novonesis
Novozymes
B
20,772‌
1,464‌
Shin-Etsu
Chemical
Co
Ltd
105,800‌
3,378‌
Syensqo
SA
4,273‌
328‌
Symrise
AG
7,828‌
936‌
Toray
Industries
Inc
81,700‌
564‌
Yara
International
ASA
9,760‌
350‌
$
26,413‌
Commercial
Services
-
2
.63
%
Adyen
NV
(e),(f)
1,480‌
2,836‌
Ashtead
Group
PLC
25,376‌
1,486‌
Brambles
Ltd
80,640‌
1,206‌
Bureau
Veritas
SA
18,728‌
640‌
Dai
Nippon
Printing
Co
Ltd
23,100‌
341‌
Edenred
SE
14,264‌
446‌
Experian
PLC
53,984‌
2,689‌
Intertek
Group
PLC
9,406‌
607‌
Nexi
SpA
(e)
29,006‌
175‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Commercial
Services
(continued)
Randstad
NV
6,396‌
$
268‌
Recruit
Holdings
Co
Ltd
82,600‌
4,920‌
RELX
PLC
108,519‌
5,840‌
Rentokil
Initial
PLC
148,819‌
706‌
Secom
Co
Ltd
24,700‌
899‌
Securitas
AB
28,991‌
429‌
SGS
SA
(d)
9,463‌
988‌
TOPPAN
Holdings
Inc
14,100‌
374‌
Transurban
Group
182,979‌
1,672‌
Wise
PLC
(f)
39,274‌
583‌
Wolters
Kluwer
NV
14,012‌
2,485‌
$
29,590‌
Computers
-
1
.09
%
Capgemini
SE
9,563‌
1,588‌
Check
Point
Software
Technologies
Ltd
(f)
5,093‌
1,166‌
CyberArk
Software
Ltd
(f)
2,761‌
1,057‌
Fujitsu
Ltd
103,700‌
2,375‌
Logitech
International
SA
8,966‌
747‌
NEC
Corp
72,200‌
1,885‌
Nomura
Research
Institute
Ltd
22,243‌
858‌
NTT
Data
Group
Corp
37,100‌
1,022‌
Obic
Co
Ltd
19,000‌
693‌
Otsuka
Corp
13,300‌
273‌
SCSK
Corp
9,200‌
279‌
Teleperformance
SE
3,177‌
321‌
$
12,264‌
Consumer
Products
-
0
.28
%
Henkel
AG
&
Co
KGaA
6,126‌
450‌
Reckitt
Benckiser
Group
PLC
40,055‌
2,723‌
$
3,173‌
Cosmetics
&
Personal
Care
-
1
.98
%
Beiersdorf
AG
5,849‌
802‌
Essity
AB
35,385‌
1,035‌
Haleon
PLC
530,463‌
2,961‌
Kao
Corp
27,400‌
1,251‌
L'Oreal
SA
14,125‌
5,979‌
Shiseido
Co
Ltd
23,500‌
378‌
Unicharm
Corp
65,700‌
523‌
Unilever
PLC
146,951‌
9,352‌
$
22,281‌
Distribution
&
Wholesale
-
1
.56
%
AddTech
AB
15,321‌
527‌
Bunzl
PLC
19,244‌
617‌
D'ieteren
Group
1,261‌
259‌
IMCD
NV
3,484‌
474‌
ITOCHU
Corp
69,800‌
3,705‌
Marubeni
Corp
83,100‌
1,684‌
Mitsubishi
Corp
200,900‌
4,064‌
Mitsui
&
Co
Ltd
145,100‌
3,030‌
Rexel
SA
13,184‌
370‌
SGH
Ltd
11,996‌
392‌
Sumitomo
Corp
64,100‌
1,632‌
Toyota
Tsusho
Corp
37,500‌
792‌
$
17,546‌
Diversified
Financial
Services
-
1
.83
%
AerCap
Holdings
NV
10,814‌
1,251‌
Amundi
SA
(e)
3,621‌
296‌
ASX
Ltd
11,429‌
525‌
Daiwa
Securities
Group
Inc
78,600‌
532‌
Deutsche
Boerse
AG
11,062‌
3,564‌
Euronext
NV
(e)
4,608‌
751‌
Futu
Holdings
Ltd
ADR
3,620‌
369‌
Hong
Kong
Exchanges
&
Clearing
Ltd
70,700‌
3,537‌
Japan
Exchange
Group
Inc
58,500‌
641‌
Julius
Baer
Group
Ltd
12,145‌
801‌
London
Stock
Exchange
Group
PLC
27,987‌
4,258‌
Mitsubishi
HC
Capital
Inc
51,800‌
380‌
Nomura
Holdings
Inc
177,200‌
1,083‌
ORIX
Corp
68,400‌
1,450‌
Schedule
of
Investments
International
Equity
Index
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
105
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Diversified
Financial
Services
(continued)
SBI
Holdings
Inc
15,990‌
$
484‌
Schroders
PLC
42,579‌
204‌
Singapore
Exchange
Ltd
50,500‌
548‌
$
20,674‌
Electric
-
2
.73
%
BKW
AG
1,240‌
262‌
Chubu
Electric
Power
Co
Inc
37,900‌
464‌
CLP
Holdings
Ltd
96,500‌
817‌
Contact
Energy
Ltd
47,161‌
258‌
E.ON
SE
131,887‌
2,311‌
EDP
Renovaveis
SA
18,438‌
186‌
EDP
SA
184,983‌
738‌
Elia
Group
SA/NV
2,885‌
306‌
Endesa
SA
18,723‌
572‌
Enel
SpA
477,784‌
4,392‌
Engie
SA
107,294‌
2,316‌
Fortum
Oyj
26,446‌
457‌
Iberdrola
SA
340,509‌
6,241‌
Kansai
Electric
Power
Co
Inc/The
55,500‌
630‌
Meridian
Energy
Ltd
76,817‌
252‌
National
Grid
PLC
(d)
287,675‌
4,074‌
Origin
Energy
Ltd
101,554‌
709‌
Orsted
AS
(e),(f)
9,911‌
407‌
Power
Assets
Holdings
Ltd
81,500‌
515‌
Redeia
Corp
SA
23,922‌
495‌
RWE
AG
37,270‌
1,403‌
Sembcorp
Industries
Ltd
52,500‌
269‌
SSE
PLC
65,051‌
1,549‌
Terna
-
Rete
Elettrica
Nazionale
82,940‌
846‌
Verbund
AG
4,014‌
314‌
$
30,783‌
Electrical
Components
&
Equipment
-
0
.95
%
Fujikura
Ltd
14,700‌
683‌
Legrand
SA
15,406‌
1,871‌
Schneider
Electric
SE
32,124‌
8,105‌
$
10,659‌
Electronics
-
1
.44
%
ABB
Ltd
92,905‌
5,263‌
Assa
Abloy
AB
58,879‌
1,869‌
Halma
PLC
22,379‌
877‌
Hoya
Corp
20,400‌
2,409‌
Kyocera
Corp
75,600‌
919‌
MINEBEA
MITSUMI
Inc
21,200‌
296‌
Murata
Manufacturing
Co
Ltd
98,300‌
1,426‌
NIDEC
CORP
49,200‌
955‌
SCREEN
Holdings
Co
Ltd
4,800‌
341‌
Shimadzu
Corp
13,900‌
336‌
TDK
Corp
114,500‌
1,254‌
Yokogawa
Electric
Corp
13,400‌
329‌
$
16,274‌
Energy
-
Alternate
Sources
-
0
.08
%
Vestas
Wind
Systems
A/S
59,531‌
941‌
Engineering
&
Construction
-
1
.22
%
Acciona
SA
1,450‌
234‌
ACS
Actividades
de
Construccion
y
Servicios
SA
10,373‌
681‌
Aena
SME
SA
(e)
4,422‌
1,190‌
Aeroports
de
Paris
SA
2,035‌
273‌
Auckland
International
Airport
Ltd
99,142‌
447‌
Bouygues
SA
11,169‌
487‌
Cellnex
Telecom
SA
-
Rights
(e),(f)
29,051‌
1,114‌
CK
Infrastructure
Holdings
Ltd
36,000‌
233‌
Eiffage
SA
4,044‌
556‌
Ferrovial
SE
30,000‌
1,528‌
Infrastrutture
Wireless
Italiane
SpA
(e)
16,423‌
193‌
Kajima
Corp
24,800‌
611‌
Keppel
Ltd
85,700‌
450‌
Obayashi
Corp
38,300‌
578‌
Skanska
AB
20,060‌
477‌
Taisei
Corp
9,200‌
513‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Engineering
&
Construction
(continued)
Vinci
SA
29,082‌
$
4,155‌
$
13,720‌
Entertainment
-
0
.66
%
Aristocrat
Leisure
Ltd
33,283‌
1,337‌
CTS
Eventim
AG
&
Co
KGaA
3,679‌
446‌
Entain
PLC
35,802‌
363‌
Evolution
AB
(e)
8,711‌
598‌
FDJ
UNITED
(e)
6,530‌
240‌
Genting
Singapore
Ltd
353,700‌
189‌
Lottery
Corp
Ltd/The
131,208‌
431‌
Oriental
Land
Co
Ltd/Japan
63,600‌
1,413‌
Toho
Co
Ltd/Tokyo
6,600‌
348‌
Universal
Music
Group
NV
64,641‌
2,068‌
$
7,433‌
Food
-
3
.53
%
Aeon
Co
Ltd
38,500‌
1,184‌
Ajinomoto
Co
Inc
53,700‌
1,342‌
Barry
Callebaut
AG
209‌
215‌
Carrefour
SA
31,972‌
478‌
Chocoladefabriken
Lindt
&
Spruengli
AG
-
PC
(d)
56‌
902‌
Chocoladefabriken
Lindt
&
Spruengli
AG
-
REG
6‌
943‌
Coles
Group
Ltd
79,009‌
1,100‌
Danone
SA
37,924‌
3,242‌
J
Sainsbury
PLC
103,413‌
398‌
Jeronimo
Martins
SGPS
SA
16,693‌
421‌
Kerry
Group
PLC
9,696‌
1,060‌
Kesko
Oyj
16,101‌
389‌
Kikkoman
Corp
39,900‌
364‌
Kobe
Bussan
Co
Ltd
8,700‌
275‌
Koninklijke
Ahold
Delhaize
NV
53,629‌
2,263‌
Lotus
Bakeries
NV
24‌
249‌
Marks
&
Spencer
Group
PLC
120,934‌
610‌
MEIJI
Holdings
Co
Ltd
14,100‌
315‌
Mowi
ASA
27,435‌
512‌
Nestle
SA
153,999‌
16,407‌
Nissin
Foods
Holdings
Co
Ltd
11,500‌
244‌
Orkla
ASA
41,323‌
469‌
Salmar
ASA
3,968‌
177‌
Seven
&
i
Holdings
Co
Ltd
130,000‌
1,955‌
Tesco
PLC
397,372‌
2,079‌
WH
Group
Ltd
(e)
491,000‌
452‌
Woolworths
Group
Ltd
72,012‌
1,479‌
Yakult
Honsha
Co
Ltd
15,000‌
304‌
$
39,828‌
Food
Service
-
0
.34
%
Compass
Group
PLC
99,714‌
3,506‌
Sodexo
SA
5,216‌
360‌
$
3,866‌
Forest
Products
&
Paper
-
0
.13
%
Holmen
AB
4,458‌
184‌
Mondi
PLC
26,021‌
423‌
UPM-Kymmene
Oyj
31,463‌
871‌
$
1,478‌
Gas
-
0
.22
%
Centrica
PLC
295,259‌
631‌
Hong
Kong
&
China
Gas
Co
Ltd
657,387‌
577‌
Osaka
Gas
Co
Ltd
21,400‌
545‌
Snam
SpA
118,871‌
711‌
$
2,464‌
Hand
&
Machine
Tools
-
0
.27
%
Fuji
Electric
Co
Ltd
7,900‌
349‌
Makita
Corp
14,000‌
429‌
Schindler
Holding
AG
-
PC
2,384‌
849‌
Schindler
Holding
AG
-
REG
1,384‌
476‌
Techtronic
Industries
Co
Ltd
86,000‌
958‌
$
3,061‌
Schedule
of
Investments
International
Equity
Index
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
106
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Healthcare
-
Products
-
1
.80
%
Alcon
AG
29,354‌
$
2,528‌
Cochlear
Ltd
3,857‌
674‌
Coloplast
A/S
7,435‌
723‌
Demant
A/S
(f)
5,316‌
209‌
DiaSorin
SpA
1,297‌
135‌
EssilorLuxottica
SA
17,469‌
4,854‌
Fisher
&
Paykel
Healthcare
Corp
Ltd
34,552‌
752‌
FUJIFILM
Holdings
Corp
65,900‌
1,487‌
Koninklijke
Philips
NV
48,884‌
1,127‌
Lifco
AB
13,741‌
559‌
Olympus
Corp
67,000‌
858‌
QIAGEN
NV
12,715‌
574‌
Sartorius
Stedim
Biotech
1,721‌
379‌
Siemens
Healthineers
AG
(e)
19,879‌
1,052‌
Smith
&
Nephew
PLC
48,967‌
711‌
Sonova
Holding
AG
2,970‌
933‌
Straumann
Holding
AG
6,538‌
841‌
Sysmex
Corp
29,600‌
497‌
Terumo
Corp
78,500‌
1,441‌
$
20,334‌
Healthcare
-
Services
-
0
.55
%
BioMerieux
2,442‌
328‌
Eurofins
Scientific
SE
6,955‌
464‌
Fresenius
Medical
Care
AG
12,927‌
734‌
Fresenius
SE
&
Co
KGaA
24,902‌
1,220‌
Lonza
Group
AG
4,243‌
2,944‌
Sonic
Healthcare
Ltd
26,903‌
463‌
$
6,153‌
Holding
Companies
-
Diversified
-
0
.07
%
Jardine
Matheson
Holdings
Ltd
9,268‌
414‌
Swire
Pacific
Ltd
21,000‌
179‌
Wharf
Holdings
Ltd/The
63,000‌
167‌
$
760‌
Home
Builders
-
0
.18
%
Barratt
Redrow
PLC
80,404‌
500‌
Daiwa
House
Industry
Co
Ltd
32,900‌
1,109‌
Sekisui
Chemical
Co
Ltd
22,300‌
387‌
$
1,996‌
Home
Furnishings
-
1
.04
%
Hoshizaki
Corp
6,400‌
238‌
Panasonic
Holdings
Corp
137,500‌
1,576‌
Rational
AG
302‌
248‌
Sony
Group
Corp
361,300‌
9,671‌
$
11,733‌
Insurance
-
5
.83
%
Admiral
Group
PLC
15,347‌
693‌
Aegon
Ltd
77,944‌
558‌
Ageas
SA/NV
8,765‌
572‌
AIA
Group
Ltd
628,200‌
5,229‌
Allianz
SE
22,685‌
8,997‌
ASR
Nederland
NV
8,690‌
557‌
Aviva
PLC
157,845‌
1,301‌
AXA
SA
104,085‌
4,906‌
Baloise
Holding
AG
2,431‌
577‌
Dai-ichi
Life
Holdings
Inc
206,500‌
1,612‌
Generali
50,706‌
1,846‌
Gjensidige
Forsikring
ASA
11,749‌
297‌
Hannover
Rueck
SE
3,554‌
1,124‌
Helvetia
Holding
AG
2,189‌
519‌
Insurance
Australia
Group
Ltd
139,432‌
777‌
Japan
Post
Holdings
Co
Ltd
104,800‌
1,027‌
Japan
Post
Insurance
Co
Ltd
11,400‌
251‌
Legal
&
General
Group
PLC
347,399‌
1,166‌
M&G
PLC
134,184‌
429‌
Medibank
Pvt
Ltd
162,346‌
499‌
MS&AD
Insurance
Group
Holdings
Inc
75,800‌
1,805‌
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
7,858‌
5,091‌
NN
Group
NV
15,858‌
998‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Insurance
(continued)
Phoenix
Group
Holdings
PLC
41,251‌
$
353‌
Prudential
PLC
153,278‌
1,743‌
QBE
Insurance
Group
Ltd
88,742‌
1,326‌
Sampo
Oyj
142,728‌
1,523‌
Sompo
Holdings
Inc
52,450‌
1,587‌
Suncorp
Group
Ltd
63,834‌
850‌
Swiss
Life
Holding
AG
1,693‌
1,691‌
Swiss
Re
AG
17,718‌
3,131‌
T&D
Holdings
Inc
28,800‌
659‌
Talanx
AG
3,806‌
494‌
Tokio
Marine
Holdings
Inc
107,900‌
4,563‌
Tryg
A/S
19,984‌
514‌
Unipol
Assicurazioni
SpA
21,147‌
414‌
Zurich
Insurance
Group
AG
8,597‌
6,030‌
$
65,709‌
Internet
-
1
.71
%
Auto
Trader
Group
PLC
(e)
51,649‌
553‌
CAR
Group
Ltd
22,265‌
510‌
Delivery
Hero
SE
(e),(f)
11,222‌
310‌
Grab
Holdings
Ltd
(f)
139,386‌
679‌
LY
Corp
168,500‌
608‌
M3
Inc
26,000‌
365‌
MonotaRO
Co
Ltd
14,500‌
299‌
Prosus
NV
(f)
76,862‌
3,948‌
Rakuten
Group
Inc
(f)
88,800‌
489‌
Scout24
SE
(e)
4,422‌
602‌
Sea
Ltd
ADR
(f)
22,472‌
3,604‌
Spotify
Technology
SA
(f)
9,027‌
6,004‌
Trend
Micro
Inc/Japan
7,500‌
562‌
Wix.com
Ltd
(f)
3,117‌
464‌
ZOZO
Inc
23,600‌
256‌
$
19,253‌
Investment
Companies
-
0
.54
%
Eurazeo
SE
2,361‌
165‌
EXOR
NV
5,209‌
502‌
Groupe
Bruxelles
Lambert
NV
4,897‌
401‌
Industrivarden
AB
-
A
Shares
7,026‌
255‌
Industrivarden
AB
-
C
Shares
9,126‌
330‌
Infratil
Ltd
54,214‌
341‌
Investment
AB
Latour
8,698‌
229‌
Investor
AB
-
B
Shares
101,676‌
2,994‌
L
E
Lundbergforetagen
AB
4,465‌
228‌
Sofina
SA
905‌
262‌
Washington
H
Soul
Pattinson
&
Co
Ltd
14,090‌
335‌
$
6,042‌
Iron
&
Steel
-
0
.33
%
ArcelorMittal
SA
27,650‌
838‌
BlueScope
Steel
Ltd
25,856‌
380‌
Fortescue
Ltd
99,826‌
993‌
JFE
Holdings
Inc
33,900‌
402‌
Nippon
Steel
Corp
56,877‌
1,144‌
$
3,757‌
Leisure
Products
&
Services
-
0
.29
%
Amadeus
IT
Group
SA
26,464‌
2,201‌
Shimano
Inc
4,500‌
638‌
Yamaha
Motor
Co
Ltd
54,400‌
417‌
$
3,256‌
Lodging
-
0
.25
%
Accor
SA
11,491‌
611‌
Galaxy
Entertainment
Group
Ltd
128,000‌
541‌
InterContinental
Hotels
Group
PLC
8,710‌
998‌
Sands
China
Ltd
(f)
141,600‌
277‌
Whitbread
PLC
10,400‌
406‌
$
2,833‌
Machinery
-
Construction
&
Mining
-
2
.02
%
Epiroc
AB
-
A
Shares
38,848‌
868‌
Epiroc
AB
-
B
Shares
22,988‌
449‌
Hitachi
Ltd
269,000‌
7,495‌
Schedule
of
Investments
International
Equity
Index
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
107
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Machinery
-
Construction
&
Mining
(continued)
Komatsu
Ltd
53,100‌
$
1,614‌
Metso
Oyj
36,650‌
444‌
Mitsubishi
Electric
Corp
112,000‌
2,235‌
Mitsubishi
Heavy
Industries
Ltd
188,300‌
4,336‌
Sandvik
AB
62,853‌
1,372‌
Siemens
Energy
AG
(f)
39,911‌
3,900‌
$
22,713‌
Machinery
-
Diversified
-
1
.52
%
Atlas
Copco
AB
-
A
Shares
157,790‌
2,534‌
Atlas
Copco
AB
-
B
Shares
92,012‌
1,310‌
Beijer
Ref
AB
22,690‌
335‌
Daifuku
Co
Ltd
18,900‌
500‌
FANUC
Corp
55,500‌
1,481‌
GEA
Group
AG
8,605‌
576‌
Hexagon
AB
122,389‌
1,234‌
Keyence
Corp
11,460‌
4,797‌
Kone
Oyj
20,038‌
1,250‌
Kubota
Corp
57,600‌
661‌
Omron
Corp
10,200‌
264‌
SMC
Corp
3,400‌
1,275‌
Spirax
Group
PLC
4,340‌
335‌
Wartsila
OYJ
Abp
29,648‌
594‌
$
17,146‌
Media
-
0
.15
%
Bollore
SE
41,223‌
262‌
Informa
PLC
77,487‌
822‌
Pearson
PLC
35,010‌
550‌
$
1,634‌
Metal
Fabrication
&
Hardware
-
0
.22
%
Prysmian
SpA
16,565‌
1,065‌
SKF
AB
20,107‌
442‌
Tenaris
SA
(d)
23,907‌
401‌
VAT
Group
AG
(e)
1,592‌
607‌
$
2,515‌
Mining
-
1
.91
%
Anglo
American
PLC
74,907‌
2,222‌
Antofagasta
PLC
23,246‌
555‌
BHP
Group
Ltd
298,183‌
7,325‌
Boliden
AB
(f)
16,697‌
522‌
Evolution
Mining
Ltd
117,706‌
671‌
Glencore
PLC
(f)
602,331‌
2,292‌
Norsk
Hydro
ASA
82,900‌
454‌
Northern
Star
Resources
Ltd
80,018‌
1,088‌
Rio
Tinto
Ltd
21,883‌
1,591‌
Rio
Tinto
PLC
66,297‌
3,924‌
South32
Ltd
266,299‌
525‌
Sumitomo
Metal
Mining
Co
Ltd
14,400‌
328‌
$
21,497‌
Miscellaneous
Manufacturers
-
1
.23
%
Alfa
Laval
AB
17,055‌
726‌
Alstom
SA
(f)
20,405‌
461‌
Indutrade
AB
16,107‌
436‌
Knorr-Bremse
AG
4,277‌
433‌
Siemens
AG
44,645‌
10,738‌
Smiths
Group
PLC
19,717‌
573‌
Trelleborg
AB
11,889‌
435‌
$
13,802‌
Office
&
Business
Equipment
-
0
.18
%
Canon
Inc
(d)
55,000‌
1,680‌
Ricoh
Co
Ltd
31,800‌
297‌
$
1,977‌
Oil
&
Gas
-
2
.96
%
Aker
BP
ASA
18,629‌
429‌
BP
PLC
940,913‌
4,575‌
DCC
PLC
5,834‌
365‌
ENEOS
Holdings
Inc
160,930‌
763‌
Eni
SpA
129,397‌
1,908‌
Equinor
ASA
49,390‌
1,156‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Oil
&
Gas
(continued)
Galp
Energia
SGPS
SA
24,596‌
$
394‌
Idemitsu
Kosan
Co
Ltd
47,805‌
291‌
Inpex
Corp
51,900‌
694‌
Neste
Oyj
24,852‌
267‌
OMV
AG
8,681‌
464‌
Repsol
SA
68,227‌
919‌
Santos
Ltd
191,454‌
813‌
Shell
PLC
351,640‌
11,602‌
TotalEnergies
SE
120,017‌
7,065‌
Woodside
Energy
Group
Ltd
111,574‌
1,602‌
$
33,307‌
Packaging
&
Containers
-
0
.06
%
SIG
Group
AG
(f)
18,027‌
369‌
Stora
Enso
Oyj
34,325‌
347‌
$
716‌
Pharmaceuticals
-
7
.65
%
Astellas
Pharma
Inc
106,600‌
1,053‌
AstraZeneca
PLC
91,089‌
13,343‌
Bayer
AG
57,731‌
1,625‌
Chugai
Pharmaceutical
Co
Ltd
39,400‌
2,060‌
Daiichi
Sankyo
Co
Ltd
100,900‌
2,685‌
Eisai
Co
Ltd
15,400‌
441‌
Galderma
Group
AG
6,289‌
826‌
Grifols
SA
(f)
17,456‌
188‌
GSK
PLC
241,805‌
4,912‌
Hikma
Pharmaceuticals
PLC
9,810‌
283‌
Ipsen
SA
2,223‌
262‌
Kyowa
Kirin
Co
Ltd
13,900‌
227‌
Merck
KGaA
7,620‌
999‌
Novartis
AG
111,683‌
12,891‌
Novo
Nordisk
A/S
189,855‌
13,489‌
Ono
Pharmaceutical
Co
Ltd
22,000‌
240‌
Orion
Oyj
6,389‌
434‌
Otsuka
Holdings
Co
Ltd
26,000‌
1,322‌
Recordati
Industria
Chimica
e
Farmaceutica
SpA
6,781‌
407‌
Roche
Holding
AG
1,886‌
644‌
Roche
Holding
AG
41,271‌
13,370‌
Sandoz
Group
AG
24,619‌
1,252‌
Sanofi
SA
65,218‌
6,459‌
Shionogi
&
Co
Ltd
44,500‌
743‌
Sigma
Healthcare
Ltd
271,430‌
546‌
Takeda
Pharmaceutical
Co
Ltd
93,400‌
2,804‌
Teva
Pharmaceutical
Industries
Ltd
ADR
(f)
67,377‌
1,131‌
UCB
SA
7,454‌
1,356‌
Zealand
Pharma
A/S
(f)
3,768‌
262‌
$
86,254‌
Pipelines
-
0
.04
%
APA
Group
76,335‌
408‌
Private
Equity
-
0
.54
%
3i
Group
PLC
57,181‌
3,141‌
CapitaLand
Investment
Ltd/Singapore
138,000‌
269‌
CVC
Capital
Partners
PLC
(e)
12,532‌
233‌
EQT
AB
21,949‌
643‌
Partners
Group
Holding
AG
1,333‌
1,789‌
$
6,075‌
Real
Estate
-
0
.97
%
Azrieli
Group
Ltd
2,553‌
195‌
CK
Asset
Holdings
Ltd
113,632‌
470‌
Daito
Trust
Construction
Co
Ltd
3,400‌
383‌
Fastighets
AB
Balder
(f)
42,325‌
297‌
Henderson
Land
Development
Co
Ltd
84,982‌
265‌
Hongkong
Land
Holdings
Ltd
64,929‌
336‌
Hulic
Co
Ltd
26,900‌
272‌
LEG
Immobilien
SE
4,391‌
373‌
Mitsubishi
Estate
Co
Ltd
62,600‌
1,138‌
Mitsui
Fudosan
Co
Ltd
155,800‌
1,492‌
REA
Group
Ltd
3,116‌
481‌
Sagax
AB
12,954‌
284‌
Sekisui
House
Ltd
35,100‌
796‌
Schedule
of
Investments
International
Equity
Index
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
108
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Real
Estate
(continued)
Sino
Land
Co
Ltd
211,073‌
$
213‌
Sumitomo
Realty
&
Development
Co
Ltd
18,200‌
697‌
Sun
Hung
Kai
Properties
Ltd
85,000‌
913‌
Swiss
Prime
Site
AG
4,713‌
670‌
Vonovia
SE
43,656‌
1,430‌
Wharf
Real
Estate
Investment
Co
Ltd
98,000‌
244‌
$
10,949‌
REITs
-
0
.81
%
CapitaLand
Ascendas
REIT
220,350‌
452‌
CapitaLand
Integrated
Commercial
Trust
343,729‌
557‌
Covivio
SA/France
3,269‌
196‌
Gecina
SA
2,705‌
298‌
Goodman
Group
119,317‌
2,531‌
Klepierre
SA
12,682‌
496‌
Land
Securities
Group
PLC
41,717‌
356‌
Link
REIT
153,240‌
811‌
Nippon
Building
Fund
Inc
452‌
413‌
Scentre
Group
306,640‌
726‌
Segro
PLC
75,762‌
712‌
Stockland
140,721‌
496‌
Unibail-Rodamco-Westfield
(f)
7,125‌
676‌
Vicinity
Ltd
228,099‌
362‌
$
9,082‌
Retail
-
2
.29
%
Associated
British
Foods
PLC
19,139‌
538‌
Avolta
AG
5,183‌
278‌
Cie
Financiere
Richemont
SA
31,580‌
5,959‌
CK
Hutchison
Holdings
Ltd
157,632‌
881‌
Fast
Retailing
Co
Ltd
11,200‌
3,731‌
H
&
M
Hennes
&
Mauritz
AB
33,392‌
478‌
Industria
de
Diseno
Textil
SA
64,079‌
3,472‌
JD
Sports
Fashion
PLC
151,237‌
172‌
Kingfisher
PLC
104,749‌
392‌
MatsukiyoCocokara
&
Co
19,400‌
391‌
Moncler
SpA
13,770‌
862‌
Next
PLC
6,855‌
1,190‌
Nitori
Holdings
Co
Ltd
4,700‌
468‌
Pan
Pacific
International
Holdings
Corp
22,300‌
730‌
Pandora
A/S
4,833‌
883‌
Reece
Ltd
13,084‌
132‌
Swatch
Group
AG/The
-
BR
(d)
1,707‌
288‌
Tokyo
Gas
Co
Ltd
19,400‌
651‌
Wesfarmers
Ltd
66,662‌
3,567‌
Zalando
SE
(e),(f)
13,224‌
473‌
Zensho
Holdings
Co
Ltd
5,900‌
322‌
$
25,858‌
Semiconductors
-
2
.91
%
Advantest
Corp
45,100‌
2,281‌
ASM
International
NV
2,761‌
1,503‌
ASML
Holding
NV
23,150‌
17,055‌
BE
Semiconductor
Industries
NV
4,784‌
578‌
Disco
Corp
5,400‌
1,210‌
Infineon
Technologies
AG
76,715‌
2,983‌
Lasertec
Corp
4,700‌
469‌
Nova
Ltd
(f)
1,775‌
373‌
Renesas
Electronics
Corp
99,100‌
1,203‌
STMicroelectronics
NV
39,912‌
1,002‌
Tokyo
Electron
Ltd
26,300‌
4,139‌
$
32,796‌
Shipbuilding
-
0
.10
%
Kongsberg
Gruppen
ASA
5,186‌
914‌
Yangzijiang
Shipbuilding
Holdings
Ltd
152,100‌
249‌
$
1,163‌
Software
-
2
.48
%
Capcom
Co
Ltd
20,300‌
602‌
Dassault
Systemes
SE
39,450‌
1,479‌
Konami
Group
Corp
5,900‌
801‌
Monday.com
Ltd
(f)
2,386‌
710‌
Nemetschek
SE
3,405‌
473‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Software
(continued)
Nexon
Co
Ltd
19,300‌
$
347‌
Nice
Ltd
(f)
3,706‌
628‌
Oracle
Corp
Japan
2,300‌
270‌
Pro
Medicus
Ltd
3,388‌
614‌
Sage
Group
PLC/The
57,691‌
949‌
SAP
SE
61,382‌
18,569‌
Temenos
AG
3,324‌
247‌
TIS
Inc
12,500‌
410‌
WiseTech
Global
Ltd
11,792‌
815‌
Xero
Ltd
(f)
8,571‌
1,018‌
$
27,932‌
Telecommunications
-
2
.95
%
BT
Group
PLC
350,940‌
850‌
Deutsche
Telekom
AG
205,046‌
7,765‌
Elisa
Oyj
8,384‌
442‌
Hikari
Tsushin
Inc
1,000‌
272‌
HKT
Trust
&
HKT
Ltd
221,980‌
320‌
KDDI
Corp
180,300‌
3,121‌
Koninklijke
KPN
NV
229,249‌
1,078‌
Nippon
Telegraph
&
Telephone
Corp
1,755,300‌
1,954‌
Nokia
OYJ
312,844‌
1,628‌
Orange
SA
109,415‌
1,633‌
Singapore
Telecommunications
Ltd
437,900‌
1,293‌
SoftBank
Corp
1,681,700‌
2,584‌
SoftBank
Group
Corp
56,200‌
2,936‌
Swisscom
AG
(f)
1,527‌
1,050‌
Tele2
AB
32,223‌
482‌
Telecom
Italia
SpA/Milano
(f)
630,326‌
270‌
Telefonaktiebolaget
LM
Ericsson
163,751‌
1,394‌
Telefonica
SA
216,507‌
1,159‌
Telenor
ASA
36,299‌
557‌
Telia
Co
AB
139,077‌
538‌
Telstra
Group
Ltd
236,495‌
729‌
Vodafone
Group
PLC
1,171,709‌
1,215‌
$
33,270‌
Toys,
Games
&
Hobbies
-
0
.61
%
Bandai
Namco
Holdings
Inc
35,000‌
1,112‌
Nintendo
Co
Ltd
64,800‌
5,287‌
Sanrio
Co
Ltd
10,500‌
463‌
$
6,862‌
Transportation
-
1
.27
%
AP
Moller
-
Maersk
A/S
-
A
173‌
309‌
AP
Moller
-
Maersk
A/S
-
B
269‌
487‌
Central
Japan
Railway
Co
45,500‌
994‌
Deutsche
Post
AG
56,394‌
2,531‌
DSV
A/S
12,049‌
2,837‌
East
Japan
Railway
Co
53,400‌
1,119‌
Getlink
SE
17,832‌
341‌
Hankyu
Hanshin
Holdings
Inc
13,400‌
360‌
InPost
SA
(f)
13,217‌
217‌
Kawasaki
Kisen
Kaisha
Ltd
(d)
20,600‌
310‌
Kuehne
+
Nagel
International
AG
2,848‌
641‌
Mitsui
OSK
Lines
Ltd
(d)
20,200‌
716‌
MTR
Corp
Ltd
91,500‌
319‌
Nippon
Yusen
KK
25,800‌
941‌
Poste
Italiane
SpA
(e)
26,947‌
585‌
SG
Holdings
Co
Ltd
18,600‌
181‌
SITC
International
Holdings
Co
Ltd
77,000‌
246‌
Tokyo
Metro
Co
Ltd
(d)
17,100‌
216‌
Tokyu
Corp
29,400‌
357‌
West
Japan
Railway
Co
26,400‌
569‌
$
14,276‌
Water
-
0
.22
%
Severn
Trent
PLC
15,927‌
582‌
United
Utilities
Group
PLC
40,196‌
636‌
Veolia
Environnement
SA
36,982‌
1,273‌
$
2,491‌
TOTAL
COMMON
STOCKS
$
1,079,708‌
Schedule
of
Investments
International
Equity
Index
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
109
PREFERRED
STOCKS
-
0
.31
%
Shares
Held
Value
(000's)
Automobile
Manufacturers
-
0
.20
%
Bayerische
Motoren
Werke
AG
4.32%
3,300‌
$
273‌
Dr
Ing
hc
F
Porsche
AG
1.49%
(d),(e)
6,713‌
324‌
Porsche
Automobil
Holding
SE
1.91%
9,026‌
361‌
Volkswagen
AG
6.36%
12,157‌
1,316‌
$
2,274‌
Consumer
Products
-
0
.07
%
Henkel
AG
&
Co
KGaA
2.04%
9,978‌
800‌
Electronics
-
0
.04
%
Sartorius
AG
0.74%
1,545‌
371‌
TOTAL
PREFERRED
STOCKS
$
3,445‌
Total
Investments
$
1,129,266‌
Other
Assets
and
Liabilities
-  (0.21)%
(
2,350‌
)
TOTAL
NET
ASSETS
-
100.00%
$
1,126,916‌
(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
$8,426
or
0.75%
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
$8,567
or
0.76%
of
net
assets.
(e)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$13,689
or
1.21%
of
net
assets.
(f)
Non-income
producing
security
Affiliated
Securities
August
31,
2024
Purchases
Sales
May
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.19%
$
8,792‌
$
226,701‌
$
225,441‌
$
10,052‌
$
8,792‌
$
226,701‌
$
225,441‌
$
10,052‌
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
4.19%
$
63‌
$
—‌
$
—‌
$
—‌
$
63‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
eMini
MSCI
EAFE;
June
2025
Long
21‌
$
2,735‌
$
172‌
Total
$
172‌
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
International
Small
Company
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
110
INVESTMENT
COMPANIES
-
2
.35
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
2
.35
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
4.22%
(a),(b)
871,378‌
$
871‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.19%
(a),(b),(c)
10,607,646‌
10,608‌
$
11,479‌
TOTAL
INVESTMENT
COMPANIES
$
11,479‌
COMMON
STOCKS
-
98
.65
%
Shares
Held
Value
(000's)
Advertising
-
0
.56
%
Stroeer
SE
&
Co
KGaA
47,102‌
$
2,729‌
Aerospace
&
Defense
-
0
.80
%
Saab
AB
77,284‌
3,906‌
Airlines
-
1
.02
%
JET2
PLC
198,299‌
4,968‌
Apparel
-
1
.60
%
Asics
Corp
169,100‌
4,076‌
Gildan
Activewear
Inc
80,800‌
3,762‌
$
7,838‌
Automobile
Parts
&
Equipment
-
0
.83
%
Nifco
Inc/Japan
170,200‌
4,080‌
Banks
-
5
.00
%
Banca
Mediolanum
SpA
269,190‌
4,475‌
Banco
Comercial
Portugues
SA
6,412,164‌
5,002‌
BAWAG
Group
AG
(d)
40,758‌
5,078‌
Chiba
Bank
Ltd/The
349,200‌
3,174‌
Concordia
Financial
Group
Ltd
452,100‌
2,898‌
Mebuki
Financial
Group
Inc
782,000‌
3,853‌
$
24,480‌
Beverages
-
0
.82
%
Royal
Unibrew
A/S
48,326‌
4,015‌
Biotechnology
-
0
.60
%
Bavarian
Nordic
A/S
(e)
111,694‌
2,945‌
Building
Materials
-
3
.02
%
Breedon
Group
PLC
676,460‌
4,153‌
Buzzi
SpA
66,181‌
3,405‌
Sumitomo
Osaka
Cement
Co
Ltd
138,400‌
3,678‌
Wienerberger
AG
95,758‌
3,549‌
$
14,785‌
Chemicals
-
2
.95
%
ADEKA
Corp
178,500‌
3,292‌
Air
Water
Inc
217,100‌
3,030‌
Fuso
Chemical
Co
Ltd
125,700‌
3,339‌
NOF
Corp
269,900‌
4,774‌
$
14,435‌
Commercial
Services
-
4
.96
%
4imprint
Group
PLC
58,051‌
2,790‌
Boyd
Group
Services
Inc
25,100‌
3,749‌
Elis
SA
211,978‌
5,770‌
GMO
Payment
Gateway
Inc
59,900‌
3,661‌
Securitas
AB
249,069‌
3,683‌
TechnoPro
Holdings
Inc
169,900‌
4,611‌
$
24,264‌
Computers
-
2
.47
%
Computacenter
PLC
121,170‌
4,251‌
CyberArk
Software
Ltd
(e)
9,283‌
3,554‌
Sopra
Steria
Group
19,930‌
4,297‌
$
12,102‌
Distribution
&
Wholesale
-
2
.45
%
Rexel
SA
136,767‌
3,841‌
SGH
Ltd
111,525‌
3,647‌
Sojitz
Corp
181,800‌
4,484‌
$
11,972‌
Diversified
Financial
Services
-
2
.55
%
Credit
Saison
Co
Ltd
146,800‌
3,995‌
IG
Group
Holdings
PLC
315,406‌
4,771‌
Man
Group
PLC/Jersey
1,561,046‌
3,689‌
$
12,455‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Electric
-
3
.26
%
Capital
Power
Corp
97,500‌
$
3,910‌
Hera
SpA
940,253‌
4,673‌
Sembcorp
Industries
Ltd
687,100‌
3,518‌
Tohoku
Electric
Power
Co
Inc
550,100‌
3,823‌
$
15,924‌
Electrical
Components
&
Equipment
-
0
.80
%
SWCC
Corp
81,300‌
3,924‌
Electronics
-
2
.47
%
Celestica
Inc
(e)
38,500‌
4,458‌
NKT
A/S
(e)
48,921‌
4,193‌
SCREEN
Holdings
Co
Ltd
48,200‌
3,429‌
$
12,080‌
Engineering
&
Construction
-
5
.91
%
Balfour
Beatty
PLC
669,152‌
4,507‌
Fraport
AG
Frankfurt
Airport
Services
Worldwide
(e),(f)
55,578‌
3,859‌
Kajima
Corp
153,600‌
3,784‌
Kandenko
Co
Ltd
199,100‌
4,099‌
Kinden
Corp
159,000‌
4,300‌
Stantec
Inc
41,290‌
4,247‌
Technip
Energies
NV
109,258‌
4,136‌
$
28,932‌
Entertainment
-
0
.80
%
Sportradar
Group
AG
(e)
164,385‌
3,930‌
Food
-
4
.16
%
Aryzta
AG
(e)
42,079‌
4,348‌
Cranswick
PLC
60,662‌
4,350‌
Kotobuki
Spirits
Co
Ltd
241,500‌
3,896‌
Toyo
Suisan
Kaisha
Ltd
63,700‌
4,226‌
Yamazaki
Baking
Co
Ltd
156,800‌
3,527‌
$
20,347‌
Healthcare
-
Products
-
1
.52
%
ConvaTec
Group
PLC
(d)
1,237,747‌
4,841‌
Menicon
Co
Ltd
343,500‌
2,584‌
$
7,425‌
Home
Builders
-
0
.84
%
Bellway
PLC
112,835‌
4,123‌
Home
Furnishings
-
0
.90
%
JVCKenwood
Corp
538,400‌
4,402‌
Insurance
-
2
.69
%
ASR
Nederland
NV
72,535‌
4,651‌
AUB
Group
Ltd
157,337‌
3,503‌
Beazley
PLC
394,314‌
5,025‌
$
13,179‌
Internet
-
1
.69
%
Scout24
SE
(d)
30,234‌
4,119‌
U-Next
Holdings
Co
Ltd
276,600‌
4,159‌
$
8,278‌
Iron
&
Steel
-
1
.69
%
Japan
Steel
Works
Ltd/The
94,300‌
4,448‌
thyssenkrupp
AG
389,690‌
3,795‌
$
8,243‌
Leisure
Products
&
Services
-
0
.69
%
Flight
Centre
Travel
Group
Ltd
(f)
395,935‌
3,392‌
Lodging
-
1
.55
%
MGM
China
Holdings
Ltd
3,024,400‌
4,284‌
Whitbread
PLC
84,608‌
3,305‌
$
7,589‌
Machinery
-
Construction
&
Mining
-
0
.97
%
Weir
Group
PLC/The
145,328‌
4,757‌
Machinery
-
Diversified
-
3
.59
%
ATS
Corp
(e)
139,500‌
4,038‌
IMI
PLC
183,456‌
4,921‌
KION
Group
AG
99,320‌
4,624‌
Organo
Corp
74,800‌
3,999‌
$
17,582‌
Schedule
of
Investments
International
Small
Company
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
111
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Media
-
0
.77
%
Quebecor
Inc
134,300‌
$
3,778‌
Metal
Fabrication
&
Hardware
-
0
.66
%
Vallourec
SACA
190,583‌
3,227‌
Mining
-
5
.24
%
Alamos
Gold
Inc
199,500‌
5,167‌
Bellevue
Gold
Ltd
(e),(f)
4,307,376‌
2,770‌
Capstone
Copper
Corp
(e)
493,600‌
2,676‌
NGEx
Minerals
Ltd
(e)
363,927‌
4,174‌
Northern
Star
Resources
Ltd
305,042‌
4,148‌
OR
Royalties
Inc
197,200‌
5,039‌
Paladin
Energy
Ltd
(e),(f)
414,109‌
1,665‌
$
25,639‌
Miscellaneous
Manufacturers
-
1
.48
%
Amano
Corp
124,900‌
3,682‌
Trelleborg
AB
97,595‌
3,571‌
$
7,253‌
Office
&
Business
Equipment
-
0
.75
%
Canon
Marketing
Japan
Inc
99,400‌
3,688‌
Oil
&
Gas
-
1
.52
%
ARC
Resources
Ltd
161,000‌
3,365‌
Whitecap
Resources
Inc
651,080‌
4,061‌
$
7,426‌
Oil
&
Gas
Services
-
0
.77
%
SBM
Offshore
NV
163,233‌
3,745‌
Packaging
&
Containers
-
0
.66
%
Gerresheimer
AG
44,813‌
3,224‌
Pharmaceuticals
-
1
.68
%
Hikma
Pharmaceuticals
PLC
123,003‌
3,550‌
Laboratorios
Farmaceuticos
Rovi
SA
42,962‌
2,656‌
Zealand
Pharma
A/S
(e)
28,610‌
1,989‌
$
8,195‌
Private
Equity
-
0
.99
%
Intermediate
Capital
Group
PLC
179,679‌
4,864‌
Real
Estate
-
2
.59
%
PSP
Swiss
Property
AG
29,008‌
5,106‌
TAG
Immobilien
AG
236,242‌
3,993‌
Tokyo
Tatemono
Co
Ltd
(f)
202,100‌
3,580‌
$
12,679‌
REITs
-
7
.84
%
British
Land
Co
PLC/The
940,940‌
4,957‌
Canadian
Apartment
Properties
REIT
106,200‌
3,464‌
Gecina
SA
37,709‌
4,151‌
Invincible
Investment
Corp
7,344‌
3,125‌
KDX
Realty
Investment
Corp
3,776‌
3,978‌
Keppel
DC
REIT
2,224,700‌
3,774‌
Mirvac
Group
3,189,454‌
4,752‌
Mitsui
Fudosan
Logistics
Park
Inc
5,037‌
3,554‌
Stockland
1,001,239‌
3,526‌
Tritax
Big
Box
REIT
PLC
1,560,001‌
3,091‌
$
38,372‌
Retail
-
4
.28
%
B&M
European
Value
Retail
SA
832,971‌
3,843‌
Brunello
Cucinelli
SpA
33,518‌
4,131‌
Food
&
Life
Cos
Ltd
126,400‌
5,409‌
JINS
Holdings
Inc
61,100‌
3,601‌
Monogatari
Corp/The
159,400‌
3,953‌
$
20,937‌
Semiconductors
-
0
.61
%
Nova
Ltd
(e)
13,988‌
2,988‌
Software
-
3
.07
%
Cellebrite
DI
Ltd
(e)
200,697‌
3,348‌
Descartes
Systems
Group
Inc/The
(e)
34,000‌
3,942‌
JMDC
Inc
172,000‌
3,884‌
TIS
Inc
116,500‌
3,821‌
$
14,995‌
Telecommunications
-
0
.70
%
Gamma
Communications
PLC
214,149‌
3,423‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Transportation
-
1
.88
%
Kamigumi
Co
Ltd
147,900‌
$
4,095‌
Kyushu
Railway
Co
155,300‌
4,170‌
Sankyu
Inc
19,800‌
952‌
$
9,217‌
TOTAL
COMMON
STOCKS
$
482,731‌
Total
Investments
$
494,210‌
Other
Assets
and
Liabilities
-  (1.00)%
(
4,893‌
)
TOTAL
NET
ASSETS
-
100.00%
$
489,317‌
(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
$8,521
or
1.74%
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
$14,038
or
2.87%
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
$8,626
or
1.76%
of
net
assets.
Schedule
of
Investments
International
Small
Company
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
112
Affiliated
Securities
August
31,
2024
Purchases
Sales
May
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.19%
$
22,143‌
$
235,943‌
$
247,478‌
$
10,608‌
$
22,143‌
$
235,943‌
$
247,478‌
$
10,608‌
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
4.19%
$
120‌
$
—‌
$
—‌
$
—‌
$
120‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
Opportunistic
Municipal
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
113
INVESTMENT
COMPANIES
-
0
.11
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0
.11
%
iShares
Short-Term
National
Muni
Bond
ETF
1,000‌
$
106‌
JPMorgan
Ultra-Short
Municipal
Income
ETF
6‌
—‌
SPDR
Nuveen
ICE
High
Yield
Municipal
Bond
ETF
1,678‌
42‌
VanEck
High
Yield
Muni
ETF
341‌
17‌
VanEck
Short
High
Yield
Muni
ETF
1,000‌
22‌
$
187‌
TOTAL
INVESTMENT
COMPANIES
$
187‌
MUNICIPAL
BONDS
-
105
.29
%
Principal
Amount
(000's)
Value
(000's)
Alabama
-
7
.05
%
County
of
Jefferson
AL
Sewer
Revenue
5.25%,
10/01/2049
$
1,800‌
$
1,818‌
Lower
Alabama
Gas
District/The
5.00%,
09/01/2034
1,700‌
1,759‌
5.00%,
09/01/2046
3,355‌
3,416‌
Mobile
County
Industrial
Development
Authority
4.75%,
12/01/2054
3,000‌
2,705‌
Tuscaloosa
County
Industrial
Development
Authority
5.25%,
05/01/2044
(a)
2,003‌
1,969‌
$
11,667‌
Arizona
-
1
.64
%
Arizona
Industrial
Development
Authority
0.00%,
01/01/2059
(b)
1,150‌
200‌
Navajo
Nation
5.50%,
12/01/2030
(a)
2,500‌
2,514‌
$
2,714‌
Arkansas
-
2
.49
%
Arkansas
Development
Finance
Authority
4.75%,
09/01/2049
(a)
1,000‌
978‌
5.45%,
09/01/2052
1,000‌
993‌
6.88%,
07/01/2048
(a)
2,000‌
2,144‌
$
4,115‌
California
-
16
.72
%
Alameda
Corridor
Transportation
Authority
(credit
support
from
Assured
Guaranty
)
5.00%,
10/01/2052
(c)
1,000‌
1,020‌
Bay
Area
Toll
Authority
2.60%,
04/01/2056
5‌
3‌
California
Educational
Facilities
Authority
5.00%,
05/01/2049
390‌
419‌
5.00%,
04/01/2051
2,110‌
2,268‌
California
Infrastructure
&
Economic
Development
Bank
9.50%,
01/01/2065
(a),(d)
4,500‌
4,359‌
California
Pollution
Control
Financing
Authority
5.00%,
07/01/2038
(a)
1,115‌
1,141‌
5.00%,
07/01/2039
(a)
1,250‌
1,260‌
California
Public
Finance
Authority
6.50%,
06/01/2054
(a)
5,000‌
4,661‌
6.75%,
07/01/2065
(a)
3,500‌
3,634‌
California
Statewide
Financing
Authority
6.00%,
05/01/2043
1,000‌
1,021‌
City
of
Compton
CA
Sewer
Revenue
6.00%,
09/01/2039
1,000‌
1,019‌
City
of
Los
Angeles
Department
of
Airports
5.00%,
05/15/2037
(e)
1,421‌
1,472‌
La
Verne
Public
Financing
Authority
7.25%,
09/01/2026
165‌
165‌
Los
Angeles
Department
of
Water
&
Power
3.10%,
07/01/2034
(d)
3,320‌
3,320‌
3.10%,
07/01/2035
(d)
400‌
400‌
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
5.25%,
05/01/2055
(e)
1,500‌
1,517‌
$
27,679‌
Colorado
-
1
.25
%
Creekside
Village
Metropolitan
District
5.00%,
12/01/2039
1,232‌
1,148‌
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Colorado
(continued)
Regional
Transportation
District
4.00%,
07/15/2040
$
1,000‌
$
925‌
$
2,073‌
Connecticut
-
1
.03
%
Mohegan
Tribal
Finance
Authority
7.00%,
02/01/2045
(a)
1,700‌
1,713‌
Florida
-
10
.54
%
County
of
Miami-Dade
FL
Aviation
Revenue
5.00%,
10/01/2049
(e)
3,000‌
2,931‌
Florida
Development
Finance
Corp
4.38%,
10/01/2054
(a),(d)
2,000‌
1,991‌
5.25%,
08/01/2029
(a)
1,000‌
1,026‌
5.25%,
08/01/2055
1,000‌
1,002‌
5.50%,
07/01/2053
3,000‌
2,816‌
6.13%,
07/01/2032
(a),(d)
2,000‌
2,026‌
Greater
Orlando
Aviation
Authority
5.25%,
10/01/2049
(e)
2,000‌
2,030‌
Ocean
Highway
&
Port
Authority
5.50%,
12/01/2049
(a)
1,500‌
1,151‌
Palm
Beach
County
Health
Facilities
Authority
7.63%,
05/15/2058
1,000‌
1,105‌
Village
Community
Development
District
No
15
4.80%,
05/01/2055
(a)
1,500‌
1,375‌
$
17,453‌
Georgia
-
5
.45
%
Atlanta
Development
Authority/The
0.00%,
12/15/2048
(a),(b)
4,000‌
3,474‌
5.50%,
04/01/2039
(a)
4,000‌
4,020‌
George
L
Smith
II
Congress
Center
Authority
5.00%,
01/01/2036
(a)
1,528‌
1,528‌
$
9,022‌
Illinois
-
5
.50
%
City
of
Chicago
IL
7.46%,
02/15/2026
990‌
693‌
Illinois
State
Toll
Highway
Authority
4.00%,
01/01/2046
(e)
400‌
360‌
5.00%,
01/01/2040
(e)
5,000‌
5,010‌
5.25%,
01/01/2043
(e)
1,500‌
1,580‌
State
of
Illinois
5.50%,
05/01/2047
1,435‌
1,470‌
$
9,113‌
Indiana
-
0
.46
%
City
of
Whiting
IN
3.00%,
11/01/2051
1,145‌
767‌
Kansas
-
0
.57
%
City
of
Wichita
KS
6.00%,
05/15/2054
1,000‌
940‌
Kentucky
-
0
.55
%
City
of
Henderson
KY
4.45%,
01/01/2042
(a)
1,000‌
915‌
Louisiana
-
3
.77
%
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
3.50%,
11/01/2032
1,000‌
947‌
4.40%,
11/01/2044
(a)
805‌
743‌
5.50%,
11/01/2039
(a)
500‌
511‌
5.65%,
11/01/2037
(a)
800‌
829‌
Louisiana
Public
Facilities
Authority
0.00%,
07/01/2039
(b)
278‌
—‌
Parish
of
St
James
LA
6.35%,
10/01/2040
(a)
3,000‌
3,215‌
$
6,245‌
Maine
-
0
.06
%
Finance
Authority
of
Maine
0.00%,
12/01/2051
(a),(b)
1,000‌
100‌
Schedule
of
Investments
Opportunistic
Municipal
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
114
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Maryland
-
0
.58
%
City
of
Westminster
MD
6.25%,
07/01/2044
$
600‌
$
588‌
Maryland
Stadium
Authority
(credit
support
from
State
Intercept
Program
)
0.00%,
05/01/2051
(b),(c)
1,500‌
380‌
$
968‌
Michigan
-
0
.59
%
City
of
Detroit
MI
5.00%,
04/01/2050
1,000‌
976‌
Montana
-
0
.84
%
City
of
Kalispell
MT
5.25%,
05/15/2037
1,400‌
1,393‌
Nevada
-
1
.21
%
Las
Vegas
Convention
&
Visitors
Authority
5.00%,
07/01/2043
(e)
2,000‌
2,005‌
State
of
Nevada
Department
of
Business
&
Industry
0.00%,
12/15/2037
(a),(b)
706‌
—‌
$
2,005‌
New
Hampshire
-
1
.16
%
New
Hampshire
Business
Finance
Authority
4.38%,
09/20/2036
962‌
933‌
New
Hampshire
Health
and
Education
Facilities
Authority
Act
(credit
support
from
Build
America
Mutual
Assurance
Corp
-
Transfer
Custodial
Receipt
)
5.00%,
08/01/2059
(c)
1,000‌
991‌
$
1,924‌
New
Jersey
-
2
.13
%
New
Jersey
Economic
Development
Authority
6.63%,
01/01/2045
(a)
1,500‌
1,520‌
New
Jersey
Transportation
Trust
Fund
Authority
5.25%,
06/15/2050
1,000‌
1,021‌
South
Jersey
Port
Corp
5.00%,
01/01/2042
1,000‌
992‌
$
3,533‌
New
York
-
14
.67
%
New
York
City
Transitional
Finance
Authority
5.50%,
05/01/2042
1,000‌
1,082‌
New
York
Liberty
Development
Corp
5.25%,
10/01/2035
1,300‌
1,450‌
New
York
State
Dormitory
Authority
5.00%,
10/01/2048
(e)
500‌
530‌
5.00%,
10/01/2050
(e)
1,000‌
1,055‌
5.25%,
10/01/2049
2,000‌
2,001‌
5.50%,
05/01/2049
3,200‌
3,256‌
New
York
State
Environmental
Facilities
Corp
5.12%,
09/01/2050
(a),(d)
1,000‌
1,021‌
New
York
Transportation
Development
Corp
4.00%,
10/31/2041
1,000‌
871‌
5.00%,
01/01/2034
1,000‌
1,006‌
5.38%,
08/01/2036
1,050‌
1,068‌
5.63%,
04/01/2040
1,000‌
1,025‌
6.00%,
06/30/2054
1,100‌
1,153‌
New
York
Transportation
Development
Corp
(credit
support
from
Assured
Guaranty
)
5.50%,
06/30/2044
(c)
1,210‌
1,252‌
Oneida
Indian
Nation
of
New
York
6.00%,
09/01/2043
(a)
3,000‌
3,158‌
Suffolk
Regional
Off-Track
Betting
Corp
6.00%,
12/01/2053
3,000‌
3,066‌
Western
Regional
Off-Track
Betting
Corp
4.13%,
12/01/2041
(a)
1,500‌
1,291‌
$
24,285‌
Ohio
-
3
.50
%
Buckeye
Tobacco
Settlement
Financing
Authority
5.00%,
06/01/2055
2,650‌
2,293‌
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Ohio
(continued)
Cleveland-Cuyahoga
County
Port
Authority
4.00%,
12/01/2055
(a)
$
900‌
$
677‌
4.50%,
12/01/2055
(a)
1,210‌
961‌
County
of
Hamilton
OH
5.50%,
08/01/2051
1,000‌
984‌
Ohio
Air
Quality
Development
Authority
4.50%,
01/15/2048
(a)
1,000‌
879‌
$
5,794‌
Oklahoma
-
0
.58
%
Tulsa
County
Industrial
Authority
5.25%,
11/15/2045
1,000‌
968‌
Pennsylvania
-
3
.41
%
Lancaster
County
Hospital
Authority/PA
5.00%,
07/01/2045
1,000‌
925‌
Pennsylvania
Economic
Development
Financing
Authority
5.45%,
01/01/2051
(a),(d)
2,000‌
1,987‌
5.50%,
11/01/2044
1,000‌
1,001‌
Philadelphia
Authority
for
Industrial
Development
4.00%,
07/01/2049
2,000‌
1,739‌
$
5,652‌
Puerto
Rico
-
2
.71
%
Commonwealth
of
Puerto
Rico
0.00%,
07/01/2033
(b)
133‌
90‌
0.00%,
11/01/2043
(b),(d)
426‌
257‌
4.00%,
07/01/2037
80‌
74‌
4.00%,
07/01/2041
108‌
93‌
4.00%,
07/01/2046
113‌
93‌
5.38%,
07/01/2025
58‌
57‌
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
6.75%,
01/01/2045
1,480‌
1,646‌
Puerto
Rico
Sales
Tax
Financing
Corp
Sales
Tax
Revenue
5.00%,
07/01/2058
2,325‌
2,181‌
$
4,491‌
South
Carolina
-
0
.58
%
South
Carolina
Jobs-Economic
Development
Authority
0.00%,
06/01/2040
(a),(b)
1,000‌
150‌
0.00%,
06/01/2051
(a),(b)
2,000‌
300‌
5.25%,
11/15/2052
560‌
513‌
$
963‌
South
Dakota
-
0
.30
%
Oglala
Sioux
Tribe
5.75%,
10/01/2025
(a)
500‌
497‌
Tennessee
-
1
.58
%
Chattanooga
Health
Educational
&
Housing
Facility
Board
5.00%,
10/01/2028
1,050‌
1,054‌
Metropolitan
Government
Nashville
&
Davidson
County
Industrial
Development
Board
4.00%,
06/01/2051
(a)
1,000‌
808‌
Nashville
Metropolitan
Development
&
Housing
Agency
5.13%,
06/01/2036
(a)
750‌
754‌
$
2,616‌
Texas
-
7
.22
%
City
of
Houston
TX
Airport
System
Revenue
4.00%,
07/01/2041
1,000‌
866‌
4.00%,
07/15/2041
500‌
433‌
5.50%,
07/15/2038
1,500‌
1,542‌
New
Hope
Cultural
Education
Facilities
Finance
Corp
6.50%,
07/01/2056
(a)
4,200‌
3,764‌
Schedule
of
Investments
Opportunistic
Municipal
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
115
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Texas
(continued)
Port
of
Beaumont
Navigation
District
4.00%,
01/01/2050
(a)
$
3,000‌
$
2,325‌
5.13%,
01/01/2044
(a)
1,000‌
946‌
5.25%,
01/01/2054
(a)
505‌
470‌
Port
of
Port
Arthur
Navigation
District
3.25%,
04/01/2040
(d)
300‌
300‌
Tarrant
County
Cultural
Education
Facilities
Finance
Corp
4.13%,
12/01/2054
1,000‌
841‌
Texas
Municipal
Gas
Acquisition
and
Supply
Corp
I
6.25%,
12/15/2026
450‌
461‌
$
11,948‌
Utah
-
1
.75
%
Mida
Mountain
Village
Public
Infrastructure
District
5.13%,
06/15/2054
(a)
1,500‌
1,392‌
6.00%,
06/15/2054
(a)
1,500‌
1,506‌
$
2,898‌
Virginia
-
1
.10
%
Virginia
Beach
Development
Authority
7.00%,
09/01/2059
1,000‌
1,087‌
Virginia
Small
Business
Financing
Authority
4.00%,
01/01/2039
800‌
737‌
$
1,824‌
West
Virginia
-
1
.20
%
West
Virginia
Economic
Development
Authority
5.45%,
01/01/2055
(a),(d)
2,000‌
1,987‌
Wisconsin
-
3
.10
%
Public
Finance
Authority
5.00%,
09/01/2039
(a)
1,000‌
973‌
5.00%,
06/01/2041
(a)
1,000‌
983‌
5.25%,
06/15/2055
1,000‌
993‌
5.50%,
06/15/2055
750‌
747‌
5.75%,
06/15/2055
750‌
728‌
Wisconsin
Health
&
Educational
Facilities
Authority
6.50%,
07/01/2033
300‌
279‌
7.00%,
07/01/2043
500‌
422‌
$
5,125‌
TOTAL
MUNICIPAL
BONDS
$
174,363‌
Total
Investments
$
174,550‌
Liability
for
Floating
Rate
Notes
Issued
in
Conjunction
with
Securities
Held
-
(7.32)%
Notes
with
interest
rates
of
2.00%
-2.09%
at
May
31,
2025
and
contractual
maturity
of
collateral
from
2025-2045.
(f)
$
(
12,128‌
)
(
12,128‌
)
Total
Net
Investments
$
162,422‌
Other
Assets
and
Liabilities
-  1.92%
3,176‌
TOTAL
NET
ASSETS
-
100.00%
$
165,598‌
(a)
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
$75,626
or
45.67%
of
net
assets.
(b)
Non-income
producing
security
(c)
Credit
support
indicates
investments
that
benefit
from
credit
enhancement
or
liquidity
support
provided
by
a
third
party
bank,
institution,
or
government
agency.
(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
or
portion
of
underlying
security
related
to
Inverse
Floaters
entered
into
by
the
fund.
(f)
Floating
rate
securities.
The
interest
rate(s)
shown
reflect
the
rates
in
effect
at
May
31,
2025.
Schedule
of
Investments
Small-MidCap
Dividend
Income
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
116
INVESTMENT
COMPANIES
-
1
.22
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
1
.22
%
Principal
Government
Money
Market
Fund
-
Class
R-6
4.19%
(a),(b)
19,382,269‌
$
19,382‌
TOTAL
INVESTMENT
COMPANIES
$
19,382‌
COMMON
STOCKS
-
99
.06
%
Shares
Held
Value
(000's)
Advertising
-
0
.63
%
Interpublic
Group
of
Cos
Inc/The
414,012‌
$
9,920‌
Automobile
Parts
&
Equipment
-
1
.22
%
Linamar
Corp
422,463‌
19,314‌
Banks
-
9
.34
%
Cullen/Frost
Bankers
Inc
299,254‌
37,999‌
East
West
Bancorp
Inc
487,705‌
44,479‌
ServisFirst
Bancshares
Inc
388,240‌
28,897‌
Wintrust
Financial
Corp
308,208‌
36,803‌
$
148,178‌
Building
Materials
-
0
.81
%
Owens
Corning
95,502‌
12,793‌
Chemicals
-
1
.44
%
RPM
International
Inc
201,245‌
22,910‌
Commercial
Services
-
0
.84
%
Service
Corp
International/US
171,377‌
13,367‌
Computers
-
4
.07
%
Amdocs
Ltd
358,493‌
32,895‌
Leidos
Holdings
Inc
213,228‌
31,669‌
$
64,564‌
Consumer
Products
-
1
.47
%
Avery
Dennison
Corp
130,987‌
23,280‌
Distribution
&
Wholesale
-
1
.40
%
LKQ
Corp
548,823‌
22,211‌
Diversified
Financial
Services
-
7
.40
%
Air
Lease
Corp
170,332‌
9,813‌
Federal
Agricultural
Mortgage
Corp
155,835‌
29,051‌
Hamilton
Lane
Inc
165,719‌
24,692‌
Jefferies
Financial
Group
Inc
566,651‌
27,539‌
Raymond
James
Financial
Inc
178,815‌
26,282‌
$
117,377‌
Electric
-
3
.69
%
Alliant
Energy
Corp
327,545‌
20,383‌
IDACORP
Inc
185,951‌
22,119‌
NRG
Energy
Inc
102,431‌
15,969‌
$
58,471‌
Electrical
Components
&
Equipment
-
1
.16
%
Littelfuse
Inc
89,681‌
18,390‌
Electronics
-
3
.80
%
Hubbell
Inc
58,419‌
22,759‌
nVent
Electric
PLC
428,956‌
28,225‌
TD
SYNNEX
Corp
76,250‌
9,252‌
$
60,236‌
Engineering
&
Construction
-
1
.05
%
Comfort
Systems
USA
Inc
34,764‌
16,625‌
Food
-
3
.05
%
Ingredion
Inc
273,113‌
37,996‌
Lancaster
Colony
Corp
61,973‌
10,374‌
$
48,370‌
Gas
-
1
.62
%
NiSource
Inc
647,884‌
25,617‌
Hand
&
Machine
Tools
-
4
.39
%
Lincoln
Electric
Holdings
Inc
101,537‌
19,657‌
MSA
Safety
Inc
144,414‌
23,535‌
Snap-on
Inc
82,288‌
26,394‌
$
69,586‌
Healthcare
-
Products
-
2
.79
%
CONMED
Corp
123,467‌
7,007‌
STERIS
PLC
151,660‌
37,188‌
$
44,195‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Healthcare
-
Services
-
4
.40
%
Concentra
Group
Holdings
Parent
Inc
962,597‌
$
20,821‌
Quest
Diagnostics
Inc
184,800‌
32,033‌
Select
Medical
Holdings
Corp
1,103,011‌
16,865‌
$
69,719‌
Home
Builders
-
1
.11
%
LCI
Industries
201,295‌
17,541‌
Insurance
-
5
.99
%
Assured
Guaranty
Ltd
290,385‌
24,552‌
Equitable
Holdings
Inc
757,850‌
40,068‌
F&G
Annuities
&
Life
Inc
57,677‌
1,843‌
Fidelity
National
Financial
Inc
521,213‌
28,547‌
$
95,010‌
Iron
&
Steel
-
1
.24
%
Reliance
Inc
66,897‌
19,589‌
Leisure
Products
&
Services
-
2
.96
%
Acushnet
Holdings
Corp
377,947‌
25,791‌
Brunswick
Corp/DE
418,458‌
21,182‌
$
46,973‌
Lodging
-
1
.07
%
Hyatt
Hotels
Corp
128,154‌
16,920‌
Machinery
-
Diversified
-
4
.54
%
AGCO
Corp
307,552‌
30,134‌
Crane
Co
139,104‌
23,842‌
Nordson
Corp
85,017‌
18,023‌
$
71,999‌
Media
-
0
.85
%
Nexstar
Media
Group
Inc
79,575‌
13,561‌
Metal
Fabrication
&
Hardware
-
1
.41
%
Timken
Co/The
326,905‌
22,390‌
Miscellaneous
Manufacturers
-
0
.30
%
Donaldson
Co
Inc
69,599‌
4,841‌
Oil
&
Gas
-
3
.25
%
HF
Sinclair
Corp
429,801‌
15,529‌
Magnolia
Oil
&
Gas
Corp
657,644‌
14,139‌
Permian
Resources
Corp
1,731,355‌
21,832‌
$
51,500‌
Packaging
&
Containers
-
2
.09
%
Packaging
Corp
of
America
171,274‌
33,085‌
Pipelines
-
2
.06
%
Targa
Resources
Corp
207,316‌
32,741‌
REITs
-
10
.81
%
Agree
Realty
Corp
395,619‌
29,790‌
BXP
Inc
243,944‌
16,425‌
Camden
Property
Trust
144,355‌
16,960‌
Cousins
Properties
Inc
701,608‌
19,694‌
EastGroup
Properties
Inc
118,469‌
20,086‌
Essential
Properties
Realty
Trust
Inc
753,707‌
24,496‌
Four
Corners
Property
Trust
Inc
630,816‌
17,417‌
Regency
Centers
Corp
198,486‌
14,321‌
Terreno
Realty
Corp
217,921‌
12,295‌
$
171,484‌
Retail
-
3
.24
%
Dick's
Sporting
Goods
Inc
27,327‌
4,901‌
Domino's
Pizza
Inc
23,352‌
11,065‌
Williams-Sonoma
Inc
218,696‌
35,376‌
$
51,342‌
Semiconductors
-
2
.83
%
Amkor
Technology
Inc
965,471‌
17,398‌
MKS
Inc
333,751‌
27,431‌
$
44,829‌
Shipbuilding
-
0
.74
%
Huntington
Ingalls
Industries
Inc
52,918‌
11,804‌
TOTAL
COMMON
STOCKS
$
1,570,732‌
Total
Investments
$
1,590,114‌
Other
Assets
and
Liabilities
-  (0.28)%
(
4,467‌
)
TOTAL
NET
ASSETS
-
100.00%
$
1,585,647‌
Schedule
of
Investments
Small-MidCap
Dividend
Income
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
117
(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
August
31,
2024
Purchases
Sales
May
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.19%
$
30,655‌
$
440,025‌
$
451,298‌
$
19,382‌
$
30,655‌
$
440,025‌
$
451,298‌
$
19,382‌
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
4.19%
$
942‌
$
—‌
$
—‌
$
—‌
$
942‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
Spectrum
Preferred
and
Capital
Securities
Income
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
118
INVESTMENT
COMPANIES
-
3
.37
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0
.68
%
Invesco
Preferred
ETF
(a)
3,413,593‌
$
37,447‌
iShares
Preferred
and
Income
Securities
ETF
(a)
2,493‌
75‌
$
37,522‌
Money
Market
Funds
-
2
.69
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
4.22%
(b),(c)
9,261,183‌
9,261‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.19%
(b),(c),(d)
138,554,449‌
138,554‌
$
147,815‌
TOTAL
INVESTMENT
COMPANIES
$
185,337‌
CONVERTIBLE
PREFERRED
STOCKS
-
0
.05
%
Shares
Held
Value
(000's)
Banks
-
0
.05
%
Wells
Fargo
&
Co
7.50%
(a),(e)
2,374‌
$
2,697‌
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
$
2,697‌
PREFERRED
STOCKS
-
8
.66
%
Shares
Held
Value
(000's)
Banks
-
3
.93
%
Bank
of
America
Corp
4.25%,
11/17/2026
(e)
7,500‌
$
125‌
Bank
of
America
Corp
4.38%,
11/03/2025
(e)
293,847‌
5,054‌
Bank
of
America
Corp
5.24%,
07/03/2025
(e)
200,640‌
4,051‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.91%
Bank
of
New
York
Mellon
Corp/The
6.15%,
03/20/2030
(e)
868,500‌
22,008‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.16%
Citizens
Financial
Group
Inc
5.00%,
07/06/2025
(e)
15,373‌
292‌
Citizens
Financial
Group
Inc
7.38%,
07/06/2029
(e)
669,818‌
17,335‌
Cullen/Frost
Bankers
Inc
4.45%,
12/15/2025
(e)
298,372‌
5,045‌
First
Horizon
Corp
4.70%,
07/10/2026
(e)
1,388‌
23‌
First
Horizon
Corp
6.50%,
10/10/2025
(e)
4,079‌
93‌
First
Horizon
Corp
6.63%,
08/01/2025
(e)
14,146‌
360‌
3
Month
USD
LIBOR
+
4.26%
Goldman
Sachs
Group
Inc/The
5.23%,
07/03/2025
(a),(e)
31,810‌
670‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.93%
Huntington
Bancshares
Inc/OH
5.70%,
09/01/2025
(e)
19,328‌
415‌
Huntington
Bancshares
Inc/OH
6.88%,
04/15/2028
(a),(e)
65,819‌
1,630‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.70%
JPMorgan
Chase
&
Co
4.75%,
09/01/2025
(e)
124,722‌
2,472‌
JPMorgan
Chase
&
Co
5.75%,
09/01/2025
(a),(e)
10,841‌
259‌
KeyCorp
5.65%,
09/15/2025
(a),(e)
57,334‌
1,182‌
KeyCorp
6.13%,
12/15/2026
(a),(e)
725,354‌
17,633‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.15%
KeyCorp
6.20%,
12/15/2027
(e)
393,416‌
9,757‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.13%
M&T
Bank
Corp
5.63%,
12/15/2026
(e)
29,503‌
732‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.28%
M&T
Bank
Corp
7.50%,
06/15/2029
(e)
150,526‌
3,911‌
Morgan
Stanley
5.85%,
04/15/2027
(a),(e)
649,481‌
14,938‌
3
Month
USD
LIBOR
+
3.49%
Morgan
Stanley
6.50%,
10/15/2027
(e)
440,877‌
11,278‌
Morgan
Stanley
6.63%,
10/15/2029
(e)
467,149‌
12,010‌
Northern
Trust
Corp
4.70%,
10/01/2025
(e)
206,006‌
4,007‌
Regions
Financial
Corp
4.45%,
06/15/2026
(e)
311,305‌
5,264‌
Regions
Financial
Corp
5.70%,
05/15/2029
(e)
338,586‌
7,679‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.41%
Regions
Financial
Corp
6.95%,
09/15/2029
(e)
845,886‌
21,562‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.77%
Truist
Financial
Corp
4.75%,
09/01/2025
(e)
462,909‌
8,568‌
PREFERRED
STOCKS
(continued)
Shares
Held
Value
(000’s)
Banks
(continued)
UMB
Financial
Corp
0.00%,
07/15/2030
(e),(f),(g)
490,700‌
$
12,400‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.74%
US
Bancorp
4.00%,
04/15/2026
(a),(e)
54,816‌
888‌
US
Bancorp
5.12%,
07/03/2025
(e)
116,001‌
2,383‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.86%
US
Bancorp
5.50%,
07/03/2025
(e)
117,583‌
2,667‌
Webster
Financial
Corp
5.25%,
07/03/2025
(e)
194,856‌
3,531‌
Webster
Financial
Corp
6.50%,
07/01/2025
(e)
37,427‌
852‌
Wells
Fargo
&
Co
4.38%,
03/15/2026
(a),(e)
25,297‌
430‌
Wells
Fargo
&
Co
4.70%,
12/15/2025
(e)
59,138‌
1,071‌
Wells
Fargo
&
Co
4.75%,
09/15/2025
(e)
73,015‌
1,341‌
Wintrust
Financial
Corp
0.00%,
07/15/2030
(e),(f)
477,600‌
12,203‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.88%
$
216,119‌
Diversified
Financial
Services
-
0
.49
%
Affiliated
Managers
Group
Inc
4.20%,
09/30/2061
175,526‌
2,593‌
Affiliated
Managers
Group
Inc
4.75%,
09/30/2060
10,536‌
172‌
Affiliated
Managers
Group
Inc
5.88%,
03/30/2059
146,158‌
2,982‌
Capital
One
Financial
Corp
4.25%,
09/01/2026
(e)
103,648‌
1,684‌
Capital
One
Financial
Corp
4.80%,
09/01/2025
(e)
222,141‌
3,947‌
Capital
One
Financial
Corp
5.00%,
09/01/2025
(e)
252,621‌
4,737‌
Stifel
Financial
Corp
4.50%,
08/15/2026
(a),(e)
558,669‌
9,229‌
Stifel
Financial
Corp
5.20%,
10/15/2047
4,481‌
91‌
Stifel
Financial
Corp
6.13%,
07/03/2025
(e)
5,715‌
128‌
Voya
Financial
Inc
5.35%,
09/15/2029
(e)
58,984‌
1,423‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.21%
$
26,986‌
Electric
-
0
.84
%
CMS
Energy
Corp
5.88%,
03/01/2079
142,374‌
3,164‌
CMS
Energy
Corp
5.88%,
10/15/2078
4,626‌
103‌
DTE
Energy
Co
4.38%,
12/01/2081
242,879‌
4,170‌
DTE
Energy
Co
5.25%,
12/01/2077
381,382‌
8,142‌
Entergy
Arkansas
LLC
4.88%,
09/01/2066
50,980‌
1,040‌
Entergy
Louisiana
LLC
4.88%,
09/01/2066
125,440‌
2,535‌
Entergy
Texas
Inc
5.38%,
07/03/2025
(e)
42,934‌
969‌
Georgia
Power
Co
5.00%,
10/01/2077
(a)
172,885‌
3,817‌
NextEra
Energy
Capital
Holdings
Inc
5.65%,
03/01/2079
98,197‌
2,190‌
NextEra
Energy
Capital
Holdings
Inc
6.50%,
06/01/2085
(a)
145,235‌
3,631‌
Southern
Co/The
4.95%,
01/30/2080
248,873‌
4,940‌
Southern
Co/The
5.25%,
12/01/2077
552,715‌
11,718‌
$
46,419‌
Food
-
0
.41
%
Dairy
Farmers
of
America
Inc
7.88%,
12/01/2025
(e),(h)
236,300‌
22,567‌
Gas
-
0
.00
%
Spire
Inc
5.90%,
07/02/2025
(e)
5,031‌
118‌
Insurance
-
1
.09
%
Allstate
Corp/The
4.75%,
07/15/2025
(a),(e)
135,447‌
2,569‌
Allstate
Corp/The
5.10%,
07/15/2025
(e)
47,311‌
983‌
Allstate
Corp/The
7.38%,
07/15/2028
(e)
230,877‌
6,130‌
Allstate
Corp/The
7.75%,
01/15/2053
215,493‌
5,592‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.43%
American
Financial
Group
Inc/OH
4.50%,
09/15/2060
92,709‌
1,494‌
American
Financial
Group
Inc/OH
5.63%,
06/01/2060
126,716‌
2,523‌
American
Financial
Group
Inc/OH
5.88%,
03/30/2059
(a)
93,043‌
1,950‌
Arch
Capital
Group
Ltd
4.55%,
06/11/2026
(e)
119,912‌
2,028‌
Arch
Capital
Group
Ltd
5.45%,
07/02/2025
(e)
54,066‌
1,105‌
Assurant
Inc
5.25%,
01/15/2061
16,269‌
321‌
Corebridge
Financial
Inc
6.38%,
12/15/2064
34,735‌
791‌
Schedule
of
Investments
Spectrum
Preferred
and
Capital
Securities
Income
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
119
PREFERRED
STOCKS
(continued)
Shares
Held
Value
(000’s)
Insurance
(continued)
Equitable
Holdings
Inc
4.30%,
03/15/2026
(e)
538,152‌
$
8,880‌
Equitable
Holdings
Inc
5.25%,
09/15/2025
(e)
461,567‌
9,116‌
Prudential
Financial
Inc
5.63%,
08/15/2058
169,114‌
3,905‌
Prudential
Financial
Inc
5.95%,
09/01/2062
(a)
166,189‌
4,120‌
RenaissanceRe
Holdings
Ltd
4.20%,
07/15/2026
(e)
227,949‌
3,554‌
RenaissanceRe
Holdings
Ltd
5.75%,
07/03/2025
(a),(e)
23,682‌
502‌
W
R
Berkley
Corp
4.13%,
03/30/2061
107,926‌
1,693‌
W
R
Berkley
Corp
5.10%,
12/30/2059
150,258‌
2,877‌
$
60,133‌
REITs
-
1
.31
%
Digital
Realty
Trust
Inc
5.20%,
07/03/2025
(e)
11,018‌
225‌
Digital
Realty
Trust
Inc
5.25%,
07/02/2025
(e)
16,600‌
348‌
Digital
Realty
Trust
Inc
5.85%,
07/02/2025
(e)
76,850‌
1,794‌
Federal
Realty
Investment
Trust
5.00%,
07/02/2025
(e)
65,290‌
1,334‌
Kimco
Realty
Corp
5.13%,
07/03/2025
(e)
104,113‌
2,062‌
Kimco
Realty
Corp
5.25%,
07/03/2025
(e)
201,769‌
4,094‌
Prologis
Inc
8.54%,
11/13/2026
(e)
124,449‌
6,950‌
Public
Storage
3.88%,
10/06/2025
(e)
92,821‌
1,433‌
Public
Storage
3.90%,
11/17/2025
(e)
109,753‌
1,696‌
Public
Storage
3.95%,
08/17/2026
(e)
77,361‌
1,209‌
Public
Storage
4.00%,
11/19/2026
(e)
471,069‌
7,509‌
Public
Storage
4.00%,
06/16/2026
(e)
853,470‌
13,613‌
Public
Storage
4.10%,
01/13/2027
(e)
119,590‌
1,943‌
Public
Storage
4.13%,
08/14/2025
(e)
483,398‌
7,971‌
Public
Storage
4.63%,
07/02/2025
(e)
170,706‌
3,189‌
Public
Storage
4.70%,
07/03/2025
(e)
306,791‌
5,792‌
Public
Storage
4.75%,
07/03/2025
(e)
238,451‌
4,464‌
Public
Storage
5.60%,
07/03/2025
(e)
273,001‌
6,178‌
$
71,804‌
Telecommunications
-
0
.59
%
AT&T
Inc
4.75%,
07/03/2025
(e)
1,678,335‌
31,804‌
AT&T
Inc
5.00%,
07/03/2025
(a),(e)
22,144‌
442‌
$
32,246‌
TOTAL
PREFERRED
STOCKS
$
476,392‌
BONDS
-
89
.17
%
Principal
Amount
(000's)
Value
(000's)
Banks
-
60
.40
%
Australia
&
New
Zealand
Banking
Group
Ltd/
United
Kingdom
6.75%,
06/15/2026
(e),(h),(i),(j)
$
12,200‌
$
12,301‌
USD
Swap
Rate
NY
5
Year
+
5.17%
6.75%,
06/15/2026
(e),(i),(j)
2,700‌
2,722‌
USD
Swap
Rate
NY
5
Year
+
5.17%
Banco
Bilbao
Vizcaya
Argentaria
SA
6.13%,
11/16/2027
(e),(i),(j)
14,200‌
13,663‌
USD
Swap
Semi-Annual
5
Year
+
3.87%
7.75%,
01/14/2032
(e),(i),(j)
45,000‌
44,655‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.25%
9.38%,
03/19/2029
(e),(i),(j)
27,000‌
29,634‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.10%
Banco
Santander
SA
4.75%,
11/12/2026
(e),(i),(j)
47,000‌
45,018‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.75%
8.00%,
02/01/2034
(e),(i),(j)
4,600‌
4,811‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.91%
9.63%,
11/21/2028
(e),(i),(j)
40,000‌
44,034‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.31%
9.63%,
05/21/2033
(e),(i),(j)
20,000‌
22,996‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.30%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Bank
of
America
Corp
4.38%,
01/27/2027
(e),(i)
$
11,620‌
$
11,254‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.76%
6.13%,
04/27/2027
(e),(i)
47,236‌
47,562‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.23%
6.63%,
05/01/2030
(e),(i)
36,600‌
37,180‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.68%
8.05%,
06/15/2027
6,112‌
6,464‌
Bank
of
Montreal
7.30%,
11/26/2084
(i)
17,000‌
17,013‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.01%
7.70%,
05/26/2084
(i)
37,793‌
38,981‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.45%
Bank
of
New
York
Mellon
Corp/The
3.70%,
03/20/2026
(e),(i)
49,485‌
48,518‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.35%
3.75%,
12/20/2026
(e),(i)
58,050‌
55,868‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.63%
4.63%,
09/20/2026
(e),(i)
7,650‌
7,576‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.39%
4.70%,
09/20/2025
(e),(i)
9,391‌
9,334‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.36%
6.30%,
03/20/2030
(a),(e),(i)
2,400‌
2,449‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.30%
Bank
of
Nova
Scotia/The
3.63%,
10/27/2081
(i)
14,445‌
13,343‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.61%
7.35%,
04/27/2085
(i)
25,300‌
25,373‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.90%
8.00%,
01/27/2084
(i)
21,245‌
22,383‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.02%
8.63%,
10/27/2082
(i)
39,003‌
41,091‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.39%
Barclays
PLC
4.38%,
03/15/2028
(e),(i),(j)
20,900‌
19,077‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.41%
6.13%,
12/15/2025
(e),(i),(j)
25,000‌
24,946‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.87%
7.63%,
03/15/2035
(e),(i),(j)
6,600‌
6,520‌
USD
Secured
Overnight
Financing
Rate
ICE
Swap
Rate
5
Year
+
3.69%
8.00%,
03/15/2029
(e),(i),(j)
3,600‌
3,755‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.43%
9.63%,
12/15/2029
(a),(e),(i),(j)
50,400‌
55,634‌
USD
Secured
Overnight
Financing
Rate
ICE
Swap
Rate
5
Year
+
5.78%
Schedule
of
Investments
Spectrum
Preferred
and
Capital
Securities
Income
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
120
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
BNP
Paribas
SA
4.50%,
02/25/2030
(e),(h),(i),(j)
$
5,000‌
$
4,388‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.94%
4.63%,
02/25/2031
(e),(i),(j)
5,000‌
4,337‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.34%
4.63%,
02/25/2031
(e),(h),(i),(j)
4,100‌
3,556‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.34%
7.38%,
09/10/2034
(e),(h),(i),(j)
25,000‌
25,164‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.54%
7.75%,
08/16/2029
(e),(h),(i),(j)
55,000‌
57,213‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.90%
7.75%,
08/16/2029
(e),(i),(j)
10,048‌
10,451‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.90%
8.00%,
08/22/2031
(e),(h),(i),(j)
20,000‌
20,913‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.73%
8.50%,
08/14/2028
(e),(h),(i),(j)
64,300‌
68,107‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.35%
9.25%,
11/17/2027
(e),(h),(i),(j)
6,000‌
6,374‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.97%
9.25%,
11/17/2027
(e),(i),(j)
8,600‌
9,136‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.97%
Canadian
Imperial
Bank
of
Commerce
6.95%,
01/28/2085
(i)
13,600‌
13,499‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.83%
Citigroup
Capital
III
7.63%,
12/01/2036
3,300‌
3,607‌
Citigroup
Inc
3.88%,
02/18/2026
(e),(i)
69,500‌
68,088‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.42%
4.00%,
12/10/2025
(e),(i)
23,990‌
23,744‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.60%
6.25%,
08/15/2026
(a),(e),(i)
54,167‌
54,708‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.78%
6.75%,
02/15/2030
(e),(i)
4,500‌
4,452‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.57%
7.00%,
08/15/2034
(e),(i)
22,900‌
23,503‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
2.76%
7.38%,
05/15/2028
(a),(e),(i)
24,600‌
25,397‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.21%
Citizens
Financial
Group
Inc
4.00%,
10/06/2026
(a),(e),(i)
33,819‌
32,764‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.22%
5.65%,
10/06/2025
(a),(e),(i)
27,996‌
27,930‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.31%
7.70%,
07/06/2025
(a),(e)
7,738‌
7,669‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.42%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Credit
Agricole
SA
4.75%,
03/23/2029
(e),(h),(i),(j)
$
7,100‌
$
6,521‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.24%
8.13%,
12/23/2025
(e),(h),(i),(j)
63,768‌
64,641‌
USD
Swap
Semi-Annual
5
Year
+
6.19%
8.13%,
12/23/2025
(e),(i),(j)
15,000‌
15,205‌
USD
Swap
Semi-Annual
5
Year
+
6.19%
Depository
Trust
&
Clearing
Corp/The
3.38%,
06/20/2026
(e),(h),(i)
5,000‌
4,829‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.61%
Deutsche
Bank
AG
6.00%,
10/30/2025
(e),(i),(j)
3,000‌
2,983‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.52%
8.13%,
04/30/2030
(a),(e),(i),(j)
11,200‌
11,340‌
USD
Secured
Overnight
Financing
Rate
Spread-Adj.
ICE
Swap
Rate
5
Year
+
4.36%
DNB
Bank
ASA
7.38%,
05/30/2029
(e),(i),(j)
4,000‌
4,070‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.72%
Fifth
Third
Bancorp
4.50%,
09/30/2025
(e),(i)
10,431‌
10,365‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.22%
Goldman
Sachs
Group
Inc/The
3.65%,
08/10/2026
(e),(i)
23,598‌
22,826‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.92%
3.80%,
05/10/2026
(a),(e),(i)
12,800‌
12,580‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.97%
4.13%,
11/10/2026
(e),(i)
11,800‌
11,491‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.95%
6.13%,
11/10/2034
(a),(e),(i)
17,100‌
16,682‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
2.40%
6.85%,
02/10/2030
(e),(i)
13,700‌
13,813‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.46%
7.50%,
05/10/2029
(e),(i)
8,000‌
8,331‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.81%
HSBC
Holdings
PLC
6.00%,
05/22/2027
(e),(i),(j)
15,900‌
15,799‌
USD
Swap
Rate
NY
5
Year
+
3.75%
6.50%,
03/23/2028
(a),(e),(i),(j)
5,600‌
5,623‌
USD
Swap
Rate
NY
5
Year
+
3.61%
6.88%,
09/11/2029
(a),(e),(i),(j)
5,000‌
5,032‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.30%
6.95%,
03/11/2034
(a),(e),(i),(j)
6,000‌
5,964‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.19%
7.05%,
06/05/2030
(e),(g),(i),(j)
8,300‌
8,301‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.99%
Huntington
Bancshares
Inc/OH
4.45%,
10/15/2027
(e),(i)
90,661‌
87,971‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
7
Year
+
4.05%
5.63%,
07/15/2030
(a),(e),(i)
38,673‌
38,558‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
4.95%
Schedule
of
Investments
Spectrum
Preferred
and
Capital
Securities
Income
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
121
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
ING
Groep
NV
4.25%,
05/16/2031
(e),(i),(j)
$
14,385‌
$
12,021‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.86%
4.88%,
05/16/2029
(e),(i),(j)
12,600‌
11,630‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.51%
5.75%,
11/16/2026
(e),(i),(j)
20,625‌
20,498‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.34%
7.25%,
11/16/2034
(e),(i),(j)
30,400‌
30,465‌
USD
Secured
Overnight
Financing
Rate
ICE
Swap
Rate
5
Year
+
4.08%
Intesa
Sanpaolo
SpA
7.70%,
09/17/2025
(e),(h),(i),(j)
87,826‌
88,099‌
USD
Swap
Semi-Annual
5
Year
+
5.46%
JPMorgan
Chase
&
Co
3.65%,
06/01/2026
(e),(i)
99,624‌
97,154‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.85%
5.48%,
01/15/2087
4,000‌
3,660‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.21%
6.50%,
04/01/2030
(e),(i)
13,200‌
13,379‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.15%
6.88%,
06/01/2029
(e),(i)
44,000‌
45,878‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.74%
KeyCorp
5.00%,
09/15/2026
(e),(i)
18,852‌
18,495‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.87%
KeyCorp
Capital
III
7.75%,
07/15/2029
11,200‌
11,752‌
Lloyds
Banking
Group
PLC
6.75%,
06/27/2026
(e),(i),(j)
200‌
200‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.82%
6.75%,
09/27/2031
(a),(e),(i),(j)
15,000‌
14,583‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.15%
7.50%,
09/27/2025
(e),(i),(j)
23,465‌
23,516‌
USD
Swap
Rate
NY
5
Year
+
4.50%
8.00%,
09/27/2029
(a),(e),(i),(j)
6,400‌
6,727‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.91%
M&T
Bank
Corp
3.50%,
09/01/2026
(e),(i)
37,118‌
34,779‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.68%
5.13%,
11/01/2026
(a),(e),(i)
6,305‌
6,215‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.78%
7.30%,
08/01/2025
(a),(e),(i)
15,848‌
15,802‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.17%
Macquarie
Bank
Ltd/London
6.13%,
03/08/2027
(e),(h),(i),(j)
21,000‌
20,949‌
USD
Swap
Semi-Annual
5
Year
+
3.70%
6.13%,
03/08/2027
(e),(i),(j)
5,000‌
4,988‌
USD
Swap
Semi-Annual
5
Year
+
3.70%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
NatWest
Group
PLC
4.60%,
06/28/2031
(e),(i),(j)
$
26,085‌
$
22,403‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.10%
6.00%,
12/29/2025
(e),(i),(j)
55,100‌
54,922‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.63%
7.30%,
11/19/2034
(a),(e),(i),(j)
6,800‌
6,662‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.94%
8.00%,
08/10/2025
(e),(i),(j)
10,225‌
10,255‌
USD
Swap
Semi-Annual
5
Year
+
5.72%
8.13%,
11/10/2033
(a),(e),(i),(j)
6,000‌
6,362‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.75%
Nordea
Bank
Abp
6.30%,
09/25/2031
(e),(h),(i),(j)
43,100‌
41,660‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.66%
6.63%,
03/26/2026
(e),(i),(j)
13,400‌
13,434‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.11%
6.63%,
03/26/2026
(e),(h),(i),(j)
74,562‌
74,753‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.11%
Northern
Trust
Corp
4.60%,
10/01/2026
(a),(e),(i)
12,400‌
12,278‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.46%
PNC
Financial
Services
Group
Inc/The
6.00%,
05/15/2027
(e),(i)
6,000‌
6,011‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.00%
6.20%,
09/15/2027
(a),(e),(i)
9,200‌
9,329‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.24%
6.25%,
03/15/2030
(e),(i)
111,020‌
111,453‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
7
Year
+
2.81%
Royal
Bank
of
Canada
6.35%,
11/24/2084
(i)
55,450‌
52,105‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.26%
7.50%,
05/02/2084
(a),(i)
40,000‌
41,584‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.89%
Societe
Generale
SA
8.50%,
03/25/2034
(e),(h),(i),(j)
24,000‌
24,633‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.15%
9.38%,
11/22/2027
(e),(h),(i),(j)
3,800‌
4,021‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.39%
10.00%,
11/14/2028
(e),(h),(i),(j)
30,100‌
32,737‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.45%
Standard
Chartered
PLC
4.30%,
08/19/2028
(a),(e),(h),(i),(j)
17,532‌
15,770‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.14%
4.75%,
01/14/2031
(e),(h),(i),(j)
10,000‌
8,884‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.81%
4.75%,
01/14/2031
(a),(e),(i),(j)
10,000‌
8,886‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.81%
7.01%,
07/30/2037
(e),(h),(i)
9,200‌
9,418‌
3
Month
USD
LIBOR
+
1.46%
Schedule
of
Investments
Spectrum
Preferred
and
Capital
Securities
Income
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
122
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Standard
Chartered
PLC
(continued)
7.63%,
01/16/2032
(e),(h),(i),(j)
$
16,600‌
$
16,575‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.02%
7.75%,
08/15/2027
(a),(e),(h),(i),(j)
45,000‌
46,374‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.98%
State
Street
Corp
6.45%,
09/15/2030
(e),(i)
11,100‌
11,065‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.14%
6.70%,
09/15/2029
(e),(i)
51,193‌
52,190‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.63%
6.70%,
03/15/2029
(e),(i)
52,160‌
53,243‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.61%
Svenska
Handelsbanken
AB
4.38%,
03/01/2027
(e),(i),(j)
20,400‌
19,757‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.94%
Swedbank
AB
7.63%,
03/17/2028
(e),(i),(j)
14,000‌
14,525‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.59%
7.75%,
03/17/2030
(e),(i),(j)
14,800‌
15,355‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.66%
Toronto-Dominion
Bank/The
7.25%,
07/31/2084
(a),(i)
1,000‌
1,022‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.98%
8.13%,
10/31/2082
(i)
44,600‌
46,711‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.08%
Truist
Financial
Corp
4.95%,
09/01/2025
(e),(i)
17,205‌
17,092‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.61%
5.10%,
03/01/2030
(e),(i)
35,906‌
34,923‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
4.35%
5.21%,
03/15/2028
9,022‌
8,668‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.91%
UBS
Group
AG
3.88%,
06/02/2026
(a),(e),(h),(i),(j)
20,000‌
19,410‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.10%
4.38%,
02/10/2031
(a),(e),(h),(i),(j)
7,000‌
6,135‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.31%
6.85%,
09/10/2029
(e),(h),(i),(j)
17,000‌
16,950‌
USD
Secured
Overnight
Financing
Rate
ICE
Swap
Rate
5
Year
+
3.63%
7.00%,
02/10/2030
(e),(h),(i),(j)
15,600‌
15,445‌
USD
Secured
Overnight
Financing
Rate
ICE
Swap
Rate
5
Year
+
3.08%
7.13%,
08/10/2034
(e),(h),(i),(j)
7,000‌
6,869‌
USD
Secured
Overnight
Financing
Rate
ICE
Swap
Rate
5
Year
+
3.18%
9.25%,
11/13/2028
(e),(h),(i),(j)
17,000‌
18,499‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.75%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
US
Bancorp
3.70%,
01/15/2027
(e),(i)
$
36,243‌
$
34,541‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.54%
5.30%,
04/15/2027
(e),(i)
10,895‌
10,802‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.18%
USB
Realty
Corp
5.66%,
01/15/2027
(e),(h)
1,500‌
1,202‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.41%
Wells
Fargo
&
Co
3.90%,
03/15/2026
(e),(i)
110,800‌
109,094‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.45%
6.85%,
09/15/2029
(e),(i)
58,400‌
60,021‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.77%
7.63%,
09/15/2028
(e),(i)
47,100‌
50,173‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.61%
7.95%,
11/15/2029
3,700‌
4,118‌
$
3,321,189‌
Diversified
Financial
Services
-
4
.93
%
American
Express
Co
3.55%,
09/15/2026
(e),(i)
74,690‌
72,229‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.85%
Capital
One
Financial
Corp
3.95%,
09/01/2026
(a),(e),(i)
49,940‌
48,479‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.16%
Charles
Schwab
Corp/The
4.00%,
12/01/2030
(e),(i)
1,100‌
993‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
3.08%
4.00%,
06/01/2026
(e),(i)
109,900‌
108,608‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.17%
Julius
Baer
Group
Ltd
6.88%,
06/09/2027
(e),(i),(j)
5,000‌
4,931‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.94%
Voya
Financial
Inc
4.70%,
01/23/2048
(i)
15,655‌
14,817‌
3
Month
USD
LIBOR
+
2.08%
7.76%,
09/15/2028
(e),(i)
20,306‌
20,919‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.36%
$
270,976‌
Electric
-
3
.49
%
American
Electric
Power
Co
Inc
3.88%,
02/15/2062
(i)
20,950‌
20,000‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.68%
6.95%,
12/15/2054
(i)
10,000‌
10,225‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.68%
7.05%,
12/15/2054
(i)
18,600‌
19,130‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.75%
Dominion
Energy
Inc
6.63%,
05/15/2055
(i)
27,600‌
27,632‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.21%
6.88%,
02/01/2055
(i)
18,800‌
19,475‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.39%
Schedule
of
Investments
Spectrum
Preferred
and
Capital
Securities
Income
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
123
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
Dominion
Energy
Inc
(continued)
7.00%,
06/01/2054
(i)
$
22,400‌
$
23,539‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.51%
Duke
Energy
Corp
6.45%,
09/01/2054
(i)
14,900‌
15,052‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.59%
Evergy
Inc
6.65%,
06/01/2055
(i)
4,800‌
4,751‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.56%
Exelon
Corp
6.50%,
03/15/2055
(i)
1,400‌
1,398‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.98%
NextEra
Energy
Capital
Holdings
Inc
3.80%,
03/15/2082
(i)
3,000‌
2,845‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.55%
5.65%,
05/01/2079
(i)
3,200‌
3,116‌
3
Month
USD
LIBOR
+
3.16%
6.63%,
10/01/2066
12,149‌
11,053‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.33%
6.70%,
09/01/2054
(i)
16,700‌
16,930‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.36%
Sempra
6.55%,
04/01/2055
(i)
10,400‌
9,731‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.14%
6.63%,
04/01/2055
(i)
7,700‌
7,246‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.35%
$
192,123‌
Food
-
0
.18
%
Dairy
Farmers
of
America
Inc
7.13%,
12/01/2026
(e),(h)
10,700‌
10,085‌
Gas
-
0
.08
%
NiSource
Inc
6.95%,
11/30/2054
(i)
4,000‌
4,093‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.45%
Insurance
-
13
.49
%
ACE
Capital
Trust
II
9.70%,
04/01/2030
15,505‌
18,474‌
Allianz
SE
3.20%,
10/30/2027
(e),(h),(i),(j)
5,800‌
4,986‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.17%
3.50%,
11/17/2025
(e),(i),(j)
6,200‌
6,024‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.97%
3.50%,
11/17/2025
(e),(h),(i),(j)
22,400‌
21,765‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.97%
5.60%,
09/03/2054
(h),(i)
2,000‌
1,957‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.77%
Aon
Corp
8.21%,
01/01/2027
4,350‌
4,571‌
Argentum
Netherlands
BV
for
Swiss
Re
Ltd
5.63%,
08/15/2052
(i)
63,620‌
63,381‌
3
Month
USD
LIBOR
+
3.78%
5.75%,
08/15/2050
(i)
500‌
499‌
3
Month
USD
LIBOR
+
3.59%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
(continued)
Argentum
Netherlands
BV
for
Zurich
Insurance
Co
Ltd
5.13%,
06/01/2048
(i)
$
2,490‌
$
2,456‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.27%
AXA
SA
5.13%,
01/17/2047
(i)
500‌
501‌
Secured
Overnight
Financing
Rate
+
4.14%
Corebridge
Financial
Inc
6.38%,
09/15/2054
(i)
12,500‌
12,163‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.65%
6.88%,
12/15/2052
(i)
36,290‌
36,840‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.85%
Dai-ichi
Life
Insurance
Co
Ltd/The
6.20%,
01/16/2035
(e),(h),(i)
16,700‌
16,576‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.52%
Equitable
Holdings
Inc
6.70%,
03/28/2055
(i)
8,100‌
8,192‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.39%
Liberty
Mutual
Group
Inc
4.13%,
12/15/2051
(h),(i)
19,100‌
18,389‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.32%
7.80%,
03/07/2087
(h)
76,240‌
86,053‌
3
Month
USD
LIBOR
+
3.58%
Liberty
Mutual
Insurance
Co
7.70%,
10/15/2097
(h)
5,025‌
5,440‌
Meiji
Yasuda
Life
Insurance
Co
5.80%,
09/11/2054
(h),(i)
19,000‌
18,449‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.03%
6.10%,
06/11/2055
(h),(i)
23,700‌
23,276‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.91%
MetLife
Capital
Trust
IV
7.88%,
12/15/2067
(h)
24,540‌
26,617‌
MetLife
Inc
9.25%,
04/08/2068
(h)
53,475‌
62,689‌
3
Month
USD
LIBOR
+
5.54%
10.75%,
08/01/2069
50,413‌
65,979‌
3
Month
USD
LIBOR
+
7.55%
Mitsui
Sumitomo
Insurance
Co
Ltd
4.95%,
03/06/2029
(e),(i)
520‌
509‌
USD
Swap
Semi-Annual
5
Year
+
3.26%
4.95%,
03/06/2029
(e),(h),(i)
1,800‌
1,762‌
USD
Swap
Semi-Annual
5
Year
+
3.26%
MMI
Capital
Trust
I
7.63%,
12/15/2027
1,073‌
1,138‌
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
5.88%,
05/23/2042
(h),(i)
4,800‌
4,877‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.98%
5.88%,
05/23/2042
(i)
1,800‌
1,829‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.98%
Nationwide
Financial
Services
Inc
6.75%,
05/15/2087
72,995‌
71,900‌
Schedule
of
Investments
Spectrum
Preferred
and
Capital
Securities
Income
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
124
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
(continued)
Nippon
Life
Insurance
Co
2.75%,
01/21/2051
(h),(i)
$
3,200‌
$
2,763‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.65%
2.90%,
09/16/2051
(h),(i)
22,900‌
19,537‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.60%
4.70%,
01/20/2046
(a),(h),(i)
5,000‌
4,976‌
USD
Swap
Rate
NY
5
Year
+
3.75%
5.95%,
04/16/2054
(h),(i)
18,300‌
18,153‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.59%
Prudential
Financial
Inc
5.13%,
03/01/2052
(i)
1,000‌
961‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.16%
6.00%,
09/01/2052
(i)
23,400‌
23,360‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.23%
6.50%,
03/15/2054
(i)
8,285‌
8,411‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.40%
Reinsurance
Group
of
America
Inc
6.65%,
09/15/2055
(i)
7,100‌
6,970‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.39%
Sumitomo
Life
Insurance
Co
4.00%,
09/14/2077
(a),(h),(i)
4,700‌
4,572‌
3
Month
USD
LIBOR
+
2.99%
Swiss
RE
Subordinated
Finance
PLC
5.70%,
04/05/2035
(h),(i)
10,800‌
10,744‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.81%
6.19%,
04/01/2046
(h),(i)
2,000‌
1,957‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.13%
Zurich
Finance
Ireland
Designated
Activity
Co
3.00%,
04/19/2051
(i)
60,100‌
51,999‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.78%
$
741,695‌
Oil
&
Gas
-
0
.80
%
BP
Capital
Markets
PLC
4.88%,
03/22/2030
(e),(i)
21,762‌
20,886‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.40%
6.13%,
03/18/2035
(e),(i)
23,700‌
23,197‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.92%
$
44,083‌
Pipelines
-
3
.87
%
Enbridge
Inc
5.75%,
07/15/2080
(i)
59,201‌
57,193‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.31%
6.00%,
01/15/2077
(a),(i)
28,981‌
28,617‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.15%
6.25%,
03/01/2078
(i)
34,882‌
34,313‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.90%
7.38%,
03/15/2055
(i)
5,000‌
5,073‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.12%
8.25%,
01/15/2084
(i)
2,000‌
2,097‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.79%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pipelines
(continued)
Enbridge
Inc
(continued)
8.50%,
01/15/2084
(a),(i)
$
17,815‌
$
19,331‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.43%
Enterprise
Products
Operating
LLC
5.25%,
08/16/2077
(i)
27,400‌
26,961‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.29%
TransCanada
PipeLines
Ltd
7.00%,
06/01/2065
(i)
12,100‌
11,981‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.61%
Transcanada
Trust
5.50%,
09/15/2079
(i)
28,000‌
27,012‌
Secured
Overnight
Financing
Rate
+
4.42%
$
212,578‌
REITs
-
0
.92
%
Scentre
Group
Trust
2
5.13%,
09/24/2080
(h),(i)
51,600‌
50,622‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.69%
Sovereign
-
1
.01
%
CoBank
ACB
4.25%,
01/01/2027
(e),(i)
1,000‌
958‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.05%
6.25%,
10/01/2026
(e),(i)
16,400‌
16,416‌
3
Month
USD
LIBOR
+
4.66%
6.45%,
10/01/2027
(a),(e),(i)
11,400‌
11,338‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.49%
7.25%,
07/01/2029
(e),(i)
20,000‌
20,308‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.88%
Farm
Credit
Bank
of
Texas
7.75%,
06/15/2029
(a),(e),(i)
6,000‌
6,210‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.29%
$
55,230‌
TOTAL
BONDS
$
4,902,674‌
Total
Investments
$
5,567,100‌
Other
Assets
and
Liabilities
-  (1.25)%
(
68,739‌
)
TOTAL
NET
ASSETS
-
100.00%
$
5,498,361‌
(a)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$132,503
or
2.41%
of
net
assets.
(b)
1-day
yield
shown
is
as
of
period
end.
(c)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$120,841
or
2.20%
of
net
assets.
(d)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(e)
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.
(f)
Non-income
producing
security
(g)
Security
purchased
on
a
when-issued
basis.
(h)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$1,181,202
or
21.48%
of
net
assets.
(i)
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.
Schedule
of
Investments
Spectrum
Preferred
and
Capital
Securities
Income
Fund
May
31,
2025
(unaudited)
See
accompanying
notes.
125
(j)
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
$1,477,542
or
26.87%
of
net
assets.
Affiliated
Securities
August
31,
2024
Purchases
Sales
May
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.19%
$
172,326‌
$
2,447,288‌
$
2,481,060‌
$
138,554‌
$
172,326‌
$
2,447,288‌
$
2,481,060‌
$
138,554‌
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
4.19%
$
1,473‌
$
—‌
$
—‌
$
—‌
$
1,473‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Glossary
to
the
Schedule
of
Investments
May
31,
2025
(unaudited)
See
accompanying
notes.
126
Currency
Abbreviations
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CHF
Swiss
Franc
CNH
Chinese
Renminbi
COP
Colombian
Peso
CZK
Czech
Koruna
EGP
Egyptian
Pound
EUR
Euro
GBP
British
Pound
Sterling
HUF
Hungarian
Forint
IDR
Indonesian
Rupiah
ILS
Israeli
New
Shekel
INR
Indian
Rupee
JPY
Japanese
Yen
KRW
South
Korean
Won
MXN
Mexican
Peso
MYR
Malaysian
Ringgit
NOK
Norwegian
Krone
NZD
New
Zealand
Dollar
PEN
Peruvian
Nuevo
Sol
PHP
Philippine
Peso
PLN
Polish
Zloty
RON
Romanian
New
Leu
SEK
Swedish
Krona
SGD
Singapore
Dollar
TRY
Turkish
Lira
TWD
New
Taiwan
Dollar
USD/$
United
States
Dollar
UYU
Uruguayan
Peso
ZAR
South
African
Rand