# EDGAR Filing Document

**Accession Number:** 0000898745
**File Stem:** 0000898745-25-000523
**Filing Date:** 2025-9
**Character Count:** 1055578
**Document Hash:** 9d8cb2bb4fdd23624a83db171e8f62d9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000898745-25-000523.hdr.sgml**: 20250924

**ACCESSION NUMBER**: 0000898745-25-000523

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250924

**DATE AS OF CHANGE**: 20250924

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PRINCIPAL FUNDS, INC.
- **CENTRAL INDEX KEY:** 0000898745

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07572
- **FILM NUMBER:** 251336037

**BUSINESS ADDRESS:**
- **STREET 1:** 711 HIGH STREET
- **CITY:** DES MOINES
- **STATE:** IA
- **ZIP:** 50392
- **BUSINESS PHONE:** 515-235-9328

**MAIL ADDRESS:**
- **STREET 1:** PRINCIPAL FINANCIAL GROUP
- **CITY:** DES MOINES
- **STATE:** IA
- **ZIP:** 50392

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRINCIPAL FUNDS, INC
- **DATE OF NAME CHANGE:** 20211220

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRINCIPAL FUNDS INC
- **DATE OF NAME CHANGE:** 20080616

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRINCIPAL INVESTORS FUND INC
- **DATE OF NAME CHANGE:** 20001012

## Series and Classes Contracts Data

### MidCap Fund (f/k/a MidCap Blend Fund) (Series ID: S000007075)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000019312 | R-3                 | PMBMX           |
| C000019313 | R-5                 | PMBPX           |
| C000019315 | Institutional Class | PCBIX           |
| C000019316 | Class J             | PMBJX           |
| C000019317 | Class A             | PEMGX           |
| C000038781 | Class C             | PMBCX           |
| C000175482 | R-6                 | PMAQX           |

## Nport-Ex

Schedule

of

Investments

California

Municipal

Fund

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.01

%

Invesco

California

AMT-Free

Municipal

Bond

ETF

500

$

iShares

California

Muni

Bond

ETF

702

$

TOTAL

INVESTMENT

COMPANIES

$

MUNICIPAL

BONDS

-

.13

%

Principal

Amount

(000's)

Value

(000's)

California

-

.01

%

Alameda

Community

Improvement

Commission

Successor

Agency

(credit

support

from

Build

America

Mutual

Assurance

Corp)

5.00%,

09/01/2031

(a) $

1,000

$

1,004

Alameda

Corridor

Transportation

Authority

0.00%,

10/01/2047

(b) 1,750

984

5.00%,

10/01/2035

5,270

5,342

Alameda

Corridor

Transportation

Authority

(credit

support

from

Assured

Guaranty)

5.00%,

10/01/2043

(a) 1,000

1,040

Alameda

Unified

School

District-Alameda

County/

CA

5.00%,

08/01/2032

1,795

1,797

Anaheim

Housing

&

Public

Improvements

Authority

2.60%,

10/01/2054

(c) 200

Bay

Area

Toll

Authority

5.00%,

04/01/2042

1,000

1,046

5.00%,

04/01/2043

1,000

1,040

Beverly

Hills

Unified

School

District

CA

3.00%,

08/01/2044

2,230

1,714

Burbank-Glendale-Pasadena

Airport

Authority

Brick

Campaign

5.25%,

07/01/2040

1,435

1,507

California

Community

Choice

Financing

Authority

4.00%,

02/01/2052

(c) 2,275

2,261

4.00%,

10/01/2052

(c) 1,115

1,123

4.00%,

05/01/2053

(c) 3,150

3,165

5.00%,

02/01/2054

(c) 5,000

5,253

5.00%,

02/01/2055

(c) 5,000

5,305

5.00%,

02/01/2055

(c) 5,000

5,298

California

County

Tobacco

Securitization

Agency

4.00%,

06/01/2049

1,485

1,224

California

Educational

Facilities

Authority

5.00%,

10/01/2036

1,000

1,002

5.00%,

06/01/2043

4,645

5,026

5.00%,

05/01/2045

9,550

10,211

5.00%,

10/01/2045

1,000

1,000

5.00%,

04/01/2051

10,015

10,496

5.00%,

03/01/2055

(c) 1,800

2,071

California

Health

Facilities

Financing

Authority

5.00%,

08/15/2031

2,700

2,752

5.00%,

06/01/2041

(c) 10,000

10,924

5.00%,

11/01/2047

3,375

3,444

5.00%,

11/15/2048

2,785

2,770

5.00%,

12/01/2054

2,000

1,959

5.25%,

12/01/2044

2,155

2,134

California

Housing

Finance

Agency

3.50%,

11/20/2035

9,235

8,617

4.25%,

01/15/2035

8,138

8,250

California

Housing

Finance

Agency

(credit

support

from

Federal

Home

Loan

Mortgage

Corporation

Collateral)

3.75%,

03/25/2035

(a) 12,016

11,922

California

Housing

Finance

Agency

(credit

support

from

Section

542(c)

Housing

Finance

Agency

Risk

Sharing

Program)

4.75%,

08/01/2045

(a) 4,050

4,020

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

California

(continued)

California

Infrastructure

&

Economic

Development

Bank

5.00%,

08/01/2038

$

1,175

$

1,218

5.00%,

08/01/2039

1,130

1,166

9.50%,

01/01/2065

(c),(d)

14,000

12,483

California

Municipal

Finance

Authority

2.40%,

10/01/2044

(c) 4,000

3,774

3.44%,

02/20/2041

(c) 4,278

3,768

4.00%,

07/15/2029

8,310

8,167

4.00%,

10/01/2039

2,150

1,980

4.38%,

09/01/2053

(c) 1,700

1,689

5.00%,

05/15/2033

1,000

1,034

5.00%,

05/15/2034

1,000

1,029

5.00%,

12/31/2034

7,550

7,623

5.00%,

11/01/2035

(d) 1,750

1,804

5.00%,

12/31/2036

8,000

8,046

5.00%,

05/15/2038

2,000

2,026

5.00%,

10/01/2044

1,000

967

5.00%,

04/01/2054

3,480

3,221

5.25%,

11/01/2036

2,100

2,105

5.38%,

11/01/2045

(d) 3,245

3,206

California

Municipal

Finance

Authority

(credit

support

from

Build

America

Mutual

Assurance

Corp)

5.00%,

05/15/2043

(a) 600

608

5.00%,

05/15/2044

(a) 5,000

5,050

California

Municipal

Finance

Authority

(credit

support

from

Build

America

Mutual

Assurance

Corp

-

Transfer

Custodial

Receipt)

5.00%,

05/15/2031

(a) 10,000

10,606

California

Municipal

Finance

Authority

(credit

support

from

Fannie

Mae

Collateral)

4.45%,

12/01/2042

(a) 4,900

4,772

California

Pollution

Control

Financing

Authority

3.00%,

11/01/2025

11,380

11,376

4.25%,

12/01/2027

(c) 1,200

1,211

4.30%,

07/01/2040

3,600

3,601

5.00%,

07/01/2029

(d) 1,000

1,031

5.00%,

07/01/2029

(d) 1,000

1,046

5.00%,

07/01/2030

(d) 2,000

2,008

5.00%,

07/01/2030

(d) 565

595

5.00%,

07/01/2031

(d) 1,000

1,054

5.00%,

07/01/2037

(d) 12,500

12,444

5.00%,

07/01/2039

(d) 8,500

8,558

5.00%,

11/21/2045

(d) 2,500

2,439

California

Public

Finance

Authority

4.00%,

08/01/2047

1,325

1,164

6.50%,

06/01/2054

(d) 17,120

15,687

California

School

Finance

Authority

5.00%,

07/01/2035

(d) 1,925

1,926

5.00%,

08/01/2038

(d) 1,000

1,006

California

State

University

5.00%,

11/01/2037

2,000

2,039

California

Statewide

Communities

Development

Authority

3.00%,

06/01/2029

(d) 550

528

4.00%,

09/02/2029

1,000

1,014

5.00%,

10/01/2028

1,875

1,882

5.00%,

11/01/2032

(d) 1,135

1,150

5.00%,

06/01/2034

(d) 375

5.00%,

09/02/2034

1,000

1,033

5.00%,

12/01/2036

(d) 7,000

7,012

5.00%,

09/02/2038

3,000

3,052

5.00%,

06/01/2039

(d) 475

5.00%,

09/02/2039

900

923

5.00%,

09/02/2039

945

961

5.00%,

05/15/2040

3,840

3,835

5.00%,

09/02/2040

1,000

1,013

Schedule

of

Investments

California

Municipal

Fund

July

31,

2025

(unaudited)

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

California

(continued)

California

Statewide

Communities

Development

Authority

(continued)

5.00%,

12/01/2041

(d) $

4,040

$

3,891

5.00%,

09/02/2044

1,425

1,389

5.00%,

09/02/2048

940

916

5.00%,

06/01/2051

(d) 1,950

1,734

5.25%,

12/01/2034

3,500

3,502

5.25%,

12/01/2038

(d) 1,000

1,003

5.25%,

12/01/2043

(d) 3,825

3,752

5.25%,

12/01/2044

1,370

1,423

California

Statewide

Communities

Development

Authority

(credit

support

from

Build

America

Mutual

Assurance

Corp)

4.00%,

05/15/2036

(a) 3,000

2,987

California

Statewide

Financing

Authority

6.00%,

05/01/2043

2,050

2,054

6.00%,

05/01/2043

1,550

1,583

Carlsbad

Unified

School

District

4.00%,

08/01/2050

500

Chino

Valley

Unified

School

District

5.00%,

08/01/2055

(e) 6,570

6,589

5.25%,

08/01/2047

2,000

2,026

City

of

Compton

CA

Water

Revenue

6.00%,

08/01/2039

1,250

1,274

City

of

Irvine

CA

4.00%,

09/02/2038

1,000

970

City

of

Long

Beach

CA

Airport

System

Revenue

(credit

support

from

Assured

Guaranty)

5.25%,

06/01/2047

(a) 3,600

3,591

City

of

Los

Angeles

Department

of

Airports

3.25%,

05/15/2049

720

501

5.00%,

05/15/2026

5.00%,

05/15/2028

(e) 2,760

2,912

5.00%,

05/15/2029

1,875

2,008

5.00%,

05/15/2035

835

899

5.00%,

05/15/2036

5,000

5,128

5.00%,

05/15/2037

(e) 4,225

4,382

5.00%,

05/15/2042

(e) 3,500

3,487

5.00%,

05/15/2044

(e) 3,100

3,045

5.00%,

05/15/2044

(e) 4,090

4,022

5.50%,

05/15/2040

(e) 5,000

5,242

Coachella

Valley

Unified

School

District/CA

(credit

support

from

Assured

Guaranty)

0.00%,

08/01/2039

(a),(b)

4,000

2,125

Compton

Public

Finance

Authority

4.50%,

09/01/2032

(d) 8,000

8,000

County

of

Sacramento

CA

Airport

System

Revenue

5.00%,

07/01/2036

1,350

1,359

5.00%,

07/01/2037

2,000

2,028

5.25%,

07/01/2054

10,000

10,285

East

Bay

Municipal

Utility

District

Water

System

Revenue

3.00%,

06/01/2037

Escondido

Union

High

School

District

0.00%,

08/01/2041

(b) 1,000

Foothill-Eastern

Transportation

Corridor

Agency

4.00%,

01/15/2046

6,000

5,530

Golden

State

Tobacco

Securitization

Corp

5.00%,

06/01/2026

1,000

1,021

5.00%,

06/01/2028

5,000

5,232

5.00%,

06/01/2051

10,630

10,169

Indio

Redevelopment

Agency

Successor

Agency

5.63%,

08/15/2035

Inland

Valley

Development

Agency

5.25%,

09/01/2037

1,000

1,008

La

Verne

Public

Financing

Authority

7.25%,

09/01/2026

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

California

(continued)

Long

Beach

Bond

Finance

Authority

5.00%,

11/15/2035

$

3,485

$

3,695

5.50%,

11/15/2032

1,010

1,136

Los

Angeles

County

Metropolitan

Transportation

Authority

Sales

Tax

Revenue

5.00%,

07/01/2038

1,695

1,823

5.00%,

07/01/2038

960

1,054

Los

Angeles

County

Public

Works

Financing

Authority

5.00%,

12/01/2033

2,000

2,005

Los

Angeles

County

Sanitation

Districts

Financing

Authority

5.00%,

10/01/2035

4,500

4,511

Los

Angeles

Department

of

Water

&

Power

2.50%,

07/01/2050

(c) 900

900

5.00%,

07/01/2029

520

563

5.00%,

07/01/2042

2,180

2,227

5.00%,

07/01/2043

(e) 5,000

5,059

Los

Angeles

Department

of

Water

&

Power

Water

System

Revenue

2.60%,

07/01/2035

(c) 1,600

1,600

Los

Angeles

Unified

School

District/CA

5.00%,

07/01/2033

5,000

5,755

5.25%,

07/01/2042

9,050

9,236

Merced

Union

High

School

District

0.00%,

08/01/2032

(b) 3,380

2,667

Metropolitan

Water

District

of

Southern

California

5.00%,

07/01/2040

5,000

5,252

5.00%,

04/01/2054

1,000

1,027

M-S-R

Energy

Authority

6.13%,

11/01/2029

1,500

1,586

6.13%,

11/01/2029

1,790

1,893

Norco

Community

Redevelopment

Agency

Successor

Agency

(credit

support

from

Build

America

Mutual

Assurance

Corp)

5.00%,

03/01/2032

(a) 895

897

Norman

Y

Mineta

San

Jose

International

Airport

SJC

5.00%,

03/01/2047

6,000

5,816

Nuveen

California

AMT-Free

Quality

Municipal

Income

Fund

2.74%,

10/01/2047

(c),(d)

500

500

Oakland

Unified

School

District/Alameda

County

5.00%,

08/01/2040

3,400

3,400

Port

Commission

of

the

City

&

County

of

San

Francisco

4.00%,

03/01/2035

1,000

994

Port

of

Los

Angeles

5.00%,

08/01/2033

500

549

5.00%,

08/01/2034

3,465

3,801

5.00%,

08/01/2036

500

538

Poway

Unified

School

District

0.00%,

08/01/2036

(b) 4,000

2,610

Regents

of

the

University

of

California

Medical

Center

Pooled

Revenue

5.00%,

05/15/2035

4,540

4,589

Rialto

Redevelopment

Agency

5.00%,

09/01/2037

1,000

1,033

Richmond

Joint

Powers

Financing

Authority

(credit

support

from

Assured

Guaranty)

5.00%,

11/01/2035

(a) 1,180

1,246

5.00%,

11/01/2037

(a) 3,660

3,815

Riverside

County

Public

Financing

Authority

(credit

support

from

Build

America

Mutual

Assurance

Corp)

5.00%,

10/01/2029

(a) 1,500

1,505

Schedule

of

Investments

California

Municipal

Fund

July

31,

2025

(unaudited)

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

California

(continued)

Riverside

County

Transportation

Commission

4.00%,

06/01/2037

$

1,875

$

1,829

4.00%,

06/01/2046

3,460

2,934

Sacramento

Area

Flood

Control

Agency

5.00%,

10/01/2033

2,000

2,040

Sacramento

Municipal

Utility

District

5.00%,

11/15/2054

1,000

1,010

San

Diego

Association

of

Governments

South

Bay

Expressway

Revenue

5.00%,

07/01/2036

1,500

1,540

5.00%,

07/01/2037

2,300

2,357

San

Diego

County

Regional

Airport

Authority

4.00%,

07/01/2038

10,815

10,686

5.00%,

07/01/2039

2,000

2,072

5.00%,

07/01/2042

1,345

1,340

5.25%,

07/01/2042

2,745

2,849

San

Diego

Housing

Authority

Inc

(credit

support

from

Federal

Home

Loan

Mortgage

Corporation

Collateral

HUD

Section

8)

4.20%,

06/01/2040

(a) 3,195

3,014

San

Francisco

Bay

Area

Rapid

Transit

District

Sales

Tax

Revenue

4.00%,

07/01/2039

2,075

2,014

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

5.00%,

05/01/2035

1,000

1,029

5.00%,

05/01/2036

3,000

3,072

5.25%,

05/01/2055

(e) 3,500

3,531

5.50%,

05/01/2043

4,000

4,149

San

Joaquin

Valley

Clean

Energy

Authority

5.50%,

01/01/2056

(c) 7,020

7,722

San

Luis

Obispo

County

Financing

Authority

(credit

support

from

Assured

Guaranty)

5.00%,

08/01/2030

(a) 1,000

1,002

San

Ramon

Valley

Fire

Protection

District

4.00%,

08/01/2050

680

587

Santa

Monica-Malibu

Unified

School

District

4.00%,

08/01/2041

2,340

2,202

4.00%,

08/01/2042

2,000

1,904

5.00%,

08/01/2054

5,000

5,102

Southern

California

Public

Power

Authority

5.00%,

11/01/2029

4,725

4,942

5.00%,

07/01/2049

1,000

1,005

5.00%,

07/01/2053

1,000

998

State

of

California

5.00%,

09/01/2028

5.00%,

03/01/2035

5,000

5,711

5.00%,

03/01/2038

2,000

2,194

5.00%,

09/01/2043

5,000

5,211

State

of

California

(credit

support

from

Assured

Guaranty)

5.25%,

08/01/2032

(a) 5,000

5,665

Tender

Option

Bond

Trust

Receipts/Certificates

2.44%,

07/01/2048

(c),(d)

3,050

3,050

3.00%,

04/01/2043

(c),(d)

5,000

5,000

Tobacco

Securitization

Authority

of

Southern

California

5.00%,

06/01/2035

1,500

1,540

Travis

Unified

School

District

(credit

support

from

Assured

Guaranty)

5.00%,

09/01/2029

(a) 1,000

1,002

University

of

California

2.30%,

05/15/2048

(c) 3,000

3,000

Woodland-Davis

Clean

Water

Agency

(credit

support

from

Assured

Guaranty)

5.00%,

03/01/2039

(a) 1,500

1,509

$

609,669

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Guam

-

.69

%

Guam

Government

Waterworks

Authority

5.00%,

07/01/2040

$

7,890

$

7,917

5.50%,

07/01/2044

(f) 1,545

1,597

Port

Authority

of

Guam

5.00%,

07/01/2048

1,000

952

$

10,466

Puerto

Rico

-

.43

%

Commonwealth

of

Puerto

Rico

0.00%,

07/01/2033

(b) 526

0.00%,

11/01/2043

(b),(c)

1,685

1,047

4.00%,

07/01/2037

4.00%,

07/01/2041

4.00%,

07/01/2046

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

6.50%,

01/01/2041

3,420

3,772

6.50%,

01/01/2042

3,250

3,586

6.75%,

01/01/2045

5,550

6,118

6.75%,

01/01/2045

3,250

3,583

Puerto

Rico

Sales

Tax

Financing

Corp

Sales

Tax

Revenue

5.00%,

07/01/2058

2,000

1,828

$

21,343

TOTAL

MUNICIPAL

BONDS

$

641,478

Total

Investments

$

641,529

Liability

for

Floating

Rate

Notes

Issued

in

Conjunction

with

Securities

Held

-

(4.14)%

Notes

with

interest

rates

of

2.30%

-

3.50%

at

July

31,

2025

and

contractual

maturities

of

collateral

of

2027-2032.

(g) $

(25,720)

(25,720)

Total

Net

Investments

$

615,809

Other

Assets

and

Liabilities

- 1.00%

6,224

TOTAL

NET

ASSETS

-

100.00%

$

622,033

(a) Credit

support

indicates

investments

that

benefit

from

credit

enhancement

or

liquidity

support

provided

by

a

third

party

bank,

institution,

or

government

agency.

(b) Non-income

producing

security

(c) Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions. These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(d) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$101,753

or

16.36%

of

net

assets.

(e) Security

or

portion

of

underlying

security

related

to

Inverse

Floaters

entered

into

by

the

fund.

(f) Security

purchased

on

a

when-issued

basis.

(g) Floating

rate

securities.

The

interest

rate(s)

shown

reflect

the

rates

in

effect

at

July

31,

2025. Schedule

of

Investments

Core

Fixed

Income

Fund

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.95

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.95

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.21%

(a),(b)

632,360

$

632

Principal

Government

Money

Market

Fund

-

Class

4.22%

(a),(b),(c)

98,614,602

98,615

$

99,247

TOTAL

INVESTMENT

COMPANIES

$

99,247

COMMON

STOCKS

-

.15

%

Shares

Held

Value

(000's)

Transportation

-

.15

%

Trailer

Bridge

Inc

(d),(e),(f)

178,279

$

15,050

TOTAL

COMMON

STOCKS

$

15,050

BONDS

-

.39

%

Principal

Amount

(000's)

Value

(000's)

Airlines

-

.19

%

Alaska

Airlines

2020-1

Class

A

Pass

Through

Trust

4.80%,

02/15/2029

(g) $

19,418

$

19,414

AS

Mileage

Plan

IP

Ltd

5.02%,

10/20/2029

(g) 27,523

27,289

Delta

Air

Lines

Inc

/

SkyMiles

IP

Ltd

4.75%,

10/20/2028

(g) 24,492

24,507

United

Airlines

2013-1

Class

A

Pass

Through

Trust

4.30%,

02/15/2027

4,608

4,606

United

Airlines

2019-2

Class

AA

Pass

Through

Trust

2.70%,

11/01/2033

6,812

6,093

United

Airlines

2024-1

Class

A

Pass

Through

Trust

5.88%,

08/15/2038

41,634

41,720

$

123,629

Apparel

-

.14

%

Under

Armour

Inc

3.25%,

06/15/2026

14,750

14,509

Automobile

Asset

Backed

Securities

-

.05

%

BMW

Vehicle

Owner

Trust

2024-A

4.69%,

02/25/2027

11,408

11,410

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.34%

Ford

Credit

Auto

Owner

Trust

2024-A

4.70%,

01/15/2027

10,043

10,043

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.36%

Ford

Credit

Floorplan

Master

Owner

Trust

A

5.59%,

05/15/2028

(g) 20,000

20,108

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.25%

Nissan

Master

Owner

Trust

Receivables

5.01%,

02/15/2028

(g) 38,000

38,035

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.67%

Tesla

Electric

Vehicle

Trust

2023-1

4.87%,

12/21/2026

(g) 7,455

7,457

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.52%

Toyota

Auto

Receivables

2024-A

Owner

Trust

4.69%,

12/15/2026

2,928

2,928

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.35%

Toyota

Auto

Receivables

2024-C

Owner

Trust

5.16%,

05/17/2027

19,238

19,268

$

109,249

Automobile

Manufacturers

-

.04

%

American

Honda

Finance

Corp

2.30%,

09/09/2026

7,000

6,836

4.40%,

10/05/2026

30,000

29,967

4.75%,

01/12/2026

9,000

8,999

4.90%,

07/09/2027

15,000

15,128

5.80%,

10/03/2025

47,000

47,085

$

108,015

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

-

.44

%

Bank

of

America

Corp

3.19%,

07/23/2030

(h) $

8,000

$

7,611

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.44%

3.88%,

08/01/2025

10,000

10,000

3.97%,

02/07/2030

(h) 8,000

7,869

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.47%

4.98%,

01/24/2029

(h) 29,000

29,360

Secured

Overnight

Financing

Rate

+

0.83%

5.08%,

01/20/2027

(h) 20,000

20,059

Secured

Overnight

Financing

Rate

+

1.29%

5.74%,

02/12/2036

(h) 28,000

28,485

Secured

Overnight

Financing

Rate

+

1.70%

Bank

of

New

York

Mellon

Corp/The

1.65%,

01/28/2031

10,000

8,666

2.80%,

05/04/2026

8,000

7,906

3.00%,

10/30/2028

9,000

8,617

4.94%,

02/11/2031

(h) 29,000

29,535

Secured

Overnight

Financing

Rate

+

0.89%

5.32%,

06/06/2036

(h) 10,000

10,191

Secured

Overnight

Financing

Rate

+

1.35%

Bank

of

New

York

Mellon/The

4.73%,

04/20/2029

(h) 13,000

13,137

Secured

Overnight

Financing

Rate

+

1.14%

Citibank

NA

4.88%,

11/19/2027

(h) 24,000

24,098

Secured

Overnight

Financing

Rate

+

0.71%

Citigroup

Inc

2.98%,

11/05/2030

(h) 51,000

47,620

Secured

Overnight

Financing

Rate

+

1.42%

4.45%,

09/29/2027

8,000

7,978

Cullen/Frost

Bankers

Inc

4.50%,

03/17/2027

11,000

10,902

Goldman

Sachs

Group

Inc/The

1.99%,

01/27/2032

(h) 15,000

13,014

Secured

Overnight

Financing

Rate

+

1.09%

3.50%,

11/16/2026

21,000

20,727

3.81%,

04/23/2029

(h) 13,000

12,760

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.42%

4.25%,

10/21/2025

23,500

23,472

5.54%,

01/28/2036

(h) 23,000

23,514

Secured

Overnight

Financing

Rate

+

1.38%

JPMorgan

Chase

&

Co

1.05%,

11/19/2026

(h) 9,000

8,901

Secured

Overnight

Financing

Rate

+

0.80%

2.53%,

11/19/2041

(h) 9,000

6,312

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.51%

2.74%,

10/15/2030

(h) 47,000

43,781

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.51%

4.92%,

01/24/2029

(h) 28,000

28,305

Secured

Overnight

Financing

Rate

+

0.80%

Morgan

Stanley

1.79%,

02/13/2032

(h) 10,000

8,554

Secured

Overnight

Financing

Rate

+

1.03%

1.93%,

04/28/2032

(h) 6,250

5,358

Secured

Overnight

Financing

Rate

+

1.02%

2.70%,

01/22/2031

(h) 38,000

35,020

Secured

Overnight

Financing

Rate

+

1.14%

3.95%,

04/23/2027

10,000

9,917

5.12%,

02/01/2029

(h) 18,000

18,265

Secured

Overnight

Financing

Rate

+

1.73%

6.25%,

08/09/2026

4,000

4,069

Schedule

of

Investments

Core

Fixed

Income

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Morgan

Stanley

Bank

NA

4.45%,

10/15/2027

(h) $

25,000

$

24,966

Secured

Overnight

Financing

Rate

+

0.68%

PNC

Bank

NA

2.70%,

10/22/2029

53,000

49,201

3.10%,

10/25/2027

4,750

4,621

4.78%,

01/15/2027

(h) 25,000

25,011

Secured

Overnight

Financing

Rate

+

0.50%

PNC

Financial

Services

Group

Inc/The

2.31%,

04/23/2032

(h) 15,000

13,169

Secured

Overnight

Financing

Rate

+

0.98%

4.90%,

05/13/2031

(h) 19,000

19,208

Secured

Overnight

Financing

Rate

+

1.33%

Truist

Bank

3.30%,

05/15/2026

5,000

4,948

4.63%,

09/17/2029

(h) 52,000

51,573

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.15%

Truist

Financial

Corp

1.27%,

03/02/2027

(h) 5,500

5,386

Secured

Overnight

Financing

Rate

+

0.61%

US

Bancorp

2.49%,

11/03/2036

(h) 29,000

24,618

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.95%

3.00%,

07/30/2029

6,000

5,664

3.15%,

04/27/2027

3,800

3,728

3.90%,

04/26/2028

5,000

4,956

4.84%,

02/01/2034

(h) 25,000

24,681

Secured

Overnight

Financing

Rate

+

1.60%

5.08%,

05/15/2031

(h) 12,000

12,215

Secured

Overnight

Financing

Rate

+

1.30%

5.42%,

02/12/2036

(h) 18,000

18,322

Secured

Overnight

Financing

Rate

+

1.41%

Wells

Fargo

&

Co

2.88%,

10/30/2030

(h) 32,000

29,893

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.43%

4.90%,

01/24/2028

(h) 23,500

23,623

Secured

Overnight

Financing

Rate

+

0.78%

$

879,786

Beverages

-

.81

%

Anheuser-Busch

Cos

LLC

/

Anheuser-Busch

InBev

Worldwide

Inc

4.70%,

02/01/2036

34,000

32,968

Anheuser-Busch

InBev

Worldwide

Inc

4.90%,

01/23/2031

21,000

21,503

5.00%,

06/15/2034

30,000

30,424

$

84,895

Biotechnology

-

.29

%

Amgen

Inc

1.65%,

08/15/2028

20,000

18,461

2.20%,

02/21/2027

11,500

11,122

2.45%,

02/21/2030

40,000

36,562

5.25%,

03/02/2033

19,000

19,381

Biogen

Inc

2.25%,

05/01/2030

65,000

58,313

Gilead

Sciences

Inc

1.20%,

10/01/2027

19,000

17,798

2.60%,

10/01/2040

19,000

13,540

3.65%,

03/01/2026

21,000

20,898

4.80%,

11/15/2029

20,000

20,320

5.25%,

10/15/2033

22,000

22,670

$

239,065

Chemicals

-

.76

%

Air

Liquide

Finance

SA

2.25%,

09/10/2029

(g) 24,000

22,234

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Chemicals

(continued)

Westlake

Corp

2.88%,

08/15/2041

$

15,000

$

10,123

3.38%,

06/15/2030

4,500

4,234

3.60%,

08/15/2026

43,000

42,500

$

79,091

Commercial

Services

-

.84

%

ERAC

USA

Finance

LLC

4.60%,

05/01/2028

(g) 38,500

38,819

5.00%,

02/15/2029

(g) 9,500

9,676

7.00%,

10/15/2037

(g) 13,000

14,914

United

Rentals

North

America

Inc

6.00%,

12/15/2029

(g) 24,000

24,430

$

87,839

Computers

-

.07

%

Apple

Inc

2.05%,

09/11/2026

30,000

29,294

2.38%,

02/08/2041

20,000

13,942

3.20%,

05/11/2027

13,000

12,804

3.25%,

02/23/2026

13,000

12,927

4.15%,

05/10/2030

24,500

24,593

4.75%,

05/12/2035

18,000

18,119

$

111,679

Diversified

Financial

Services

-

.48

%

Atlas

Warehouse

Lending

Co

LP

6.05%,

01/15/2028

(g) 22,000

22,250

6.25%,

01/15/2030

(g) 27,000

27,238

Citadel

Securities

Global

Holdings

LLC

5.50%,

06/18/2030

(g) 30,000

30,262

6.20%,

06/18/2035

(g) 10,000

10,197

Jefferies

Financial

Group

Inc

2.63%,

10/15/2031

30,000

26,152

2.75%,

10/15/2032

8,000

6,799

4.15%,

01/23/2030

19,000

18,557

4.85%,

01/15/2027

1,750

1,758

6.25%,

01/15/2036

10,325

10,703

$

153,916

Electric

-

.90

%

AEP

Transmission

Co

LLC

3.15%,

09/15/2049

24,000

15,964

5.40%,

03/15/2053

23,000

22,095

AES

Corp/The

5.80%,

03/15/2032

38,000

38,573

Alabama

Power

Co

1.45%,

09/15/2030

25,000

21,593

3.13%,

07/15/2051

19,000

12,599

3.45%,

10/01/2049

42,000

29,879

Alliant

Energy

Finance

LLC

1.40%,

03/15/2026

(g) 4,500

4,408

5.95%,

03/30/2029

(g) 10,000

10,449

American

Electric

Power

Co

Inc

1.00%,

11/01/2025

11,450

11,344

Berkshire

Hathaway

Energy

Co

2.85%,

05/15/2051

23,000

14,139

Black

Hills

Corp

2.50%,

06/15/2030

15,000

13,510

3.05%,

10/15/2029

39,500

36,919

3.15%,

01/15/2027

7,500

7,343

4.35%,

05/01/2033

8,000

7,540

Dayton

Power

&

Light

Co/The

3.95%,

06/15/2049

14,000

10,309

Entergy

Corp

2.40%,

06/15/2031

24,000

21,074

Entergy

Louisiana

LLC

2.90%,

03/15/2051

18,500

11,530

3.25%,

04/01/2028

12,000

11,686

4.20%,

09/01/2048

31,000

24,619

FirstEnergy

Pennsylvania

Electric

Co

4.30%,

01/15/2029

(g) 14,000

13,812

Schedule

of

Investments

Core

Fixed

Income

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

FirstEnergy

Transmission

LLC

2.87%,

09/15/2028

(g) $

25,000

$

23,796

Florida

Power

&

Light

Co

2.88%,

12/04/2051

20,000

12,545

3.15%,

10/01/2049

25,000

16,801

5.05%,

04/01/2028

14,500

14,792

5.15%,

06/15/2029

20,000

20,587

Indianapolis

Power

&

Light

Co

5.70%,

04/01/2054

(g) 15,500

15,168

Interstate

Power

and

Light

Co

2.30%,

06/01/2030

9,500

8,559

3.50%,

09/30/2049

66,000

46,185

5.60%,

06/29/2035

16,000

16,418

Louisville

Gas

and

Electric

Co

3.30%,

10/01/2025

3,000

2,994

Monongahela

Power

Co

3.55%,

05/15/2027

(g) 20,000

19,652

5.85%,

02/15/2034

(g) 10,500

10,916

Nevada

Power

Co

2.40%,

05/01/2030

20,500

18,670

NextEra

Energy

Capital

Holdings

Inc

2.75%,

11/01/2029

51,000

47,547

Northern

States

Power

Co/MN

2.90%,

03/01/2050

18,500

12,045

5.10%,

05/15/2053

28,500

26,423

Oncor

Electric

Delivery

Co

LLC

0.55%,

10/01/2025

13,000

12,922

2.70%,

11/15/2051

15,000

8,790

3.10%,

09/15/2049

33,500

22,028

4.10%,

11/15/2048

5,000

3,946

5.65%,

11/15/2033

24,000

25,221

5.75%,

03/15/2029

21,000

21,893

PacifiCorp

5.25%,

06/15/2035

5,750

5,707

5.35%,

12/01/2053

34,000

30,329

6.25%,

10/15/2037

2,500

2,618

PPL

Electric

Utilities

Corp

3.00%,

10/01/2049

17,000

11,064

4.85%,

02/15/2034

19,000

18,891

5.25%,

05/15/2053

52,000

49,487

Public

Service

Co

of

Colorado

1.88%,

06/15/2031

11,500

9,888

3.20%,

03/01/2050

15,000

9,916

Solar

Star

Funding

LLC

3.95%,

06/30/2035

(g) 4,500

4,247

5.38%,

06/30/2035

(g) 16,382

16,718

Southwestern

Electric

Power

Co

1.65%,

03/15/2026

24,000

23,574

2.75%,

10/01/2026

10,000

9,783

3.85%,

02/01/2048

12,500

9,077

Tucson

Electric

Power

Co

3.25%,

05/01/2051

18,000

11,650

4.85%,

12/01/2048

7,000

6,060

Wisconsin

Power

and

Light

Co

5.38%,

03/30/2034

19,000

19,428

Xcel

Energy

Inc

2.60%,

12/01/2029

32,000

29,567

3.50%,

12/01/2049

24,000

16,472

$

1,031,759

Electronics

-

.43

%

Keysight

Technologies

Inc

3.00%,

10/30/2029

48,000

45,008

Environmental

Control

-

.21

%

Republic

Services

Inc

1.75%,

02/15/2032

(i) 29,500

24,856

2.30%,

03/01/2030

16,500

15,048

4.88%,

04/01/2029

23,500

23,944

5.15%,

03/15/2035

9,000

9,133

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Environmental

Control

(continued)

Waste

Connections

Inc

5.25%,

09/01/2035

$

52,000

$

52,746

$

125,727

Food

-

.83

%

Kraft

Heinz

Foods

Co

3.75%,

04/01/2030

21,000

20,062

Mars

Inc

4.45%,

03/01/2027

(g) 28,000

28,039

5.00%,

03/01/2032

(g) 38,000

38,350

$

86,451

Gas

-

.00

%

NiSource

Inc

2.95%,

09/01/2029

29,000

27,325

3.60%,

05/01/2030

14,000

13,405

5.35%,

04/01/2034

39,000

39,604

5.35%,

07/15/2035

24,000

24,077

$

104,411

Healthcare

-

Services

-

.36

%

HCA

Inc

4.13%,

06/15/2029

14,000

13,723

5.60%,

04/01/2034

37,000

37,707

5.63%,

09/01/2028

2,000

2,052

7.50%,

11/06/2033

1,950

2,211

UnitedHealth

Group

Inc

2.00%,

05/15/2030

9,000

8,013

2.88%,

08/15/2029

15,000

14,102

3.50%,

08/15/2039

14,000

11,189

4.70%,

04/15/2029

28,500

28,700

4.75%,

07/15/2026

24,000

24,076

$

141,773

Insurance

-

.58

%

Berkshire

Hathaway

Finance

Corp

1.45%,

10/15/2030

36,500

31,762

1.85%,

03/12/2030

8,000

7,216

2.50%,

01/15/2051

12,500

7,355

2.85%,

10/15/2050

30,500

19,381

Fidelity

National

Financial

Inc

3.40%,

06/15/2030

32,000

29,881

4.50%,

08/15/2028

39,500

39,289

First

American

Financial

Corp

2.40%,

08/15/2031

22,000

18,840

4.00%,

05/15/2030

28,000

26,635

5.45%,

09/30/2034

30,000

29,400

Prudential

Financial

Inc

2.10%,

03/10/2030

23,000

20,886

3.88%,

03/27/2028

4,550

4,513

5.20%,

03/14/2035

34,000

34,241

$

269,399

Internet

-

.52

%

Amazon.com

Inc

2.88%,

05/12/2041

20,000

14,887

3.95%,

04/13/2052

10,000

7,857

4.05%,

08/22/2047

38,000

31,281

$

54,025

Lodging

-

.02

%

Choice

Hotels

International

Inc

3.70%,

12/01/2029

42,000

39,737

3.70%,

01/15/2031

11,000

10,213

Marriott

International

Inc/MD

2.75%,

10/15/2033

(i) 36,000

30,564

Travel

+

Leisure

Co

4.50%,

12/01/2029

(g),(i)

26,500

25,445

$

105,959

Schedule

of

Investments

Core

Fixed

Income

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Media

-

.78

%

Comcast

Corp

2.65%,

02/01/2030

$

33,000

$

30,548

3.30%,

02/01/2027

10,000

9,846

3.95%,

10/15/2025

15,000

14,974

4.25%,

10/15/2030

4,500

4,453

4.65%,

02/15/2033

30,000

29,674

6.45%,

03/15/2037

1,800

1,963

Discovery

Communications

LLC

3.63%,

05/15/2030

9,000

7,972

4.13%,

05/15/2029

22,000

20,493

5.30%,

05/15/2049

13,000

7,800

Time

Warner

Cable

LLC

6.55%,

05/01/2037

7,400

7,603

6.75%,

06/15/2039

6,000

6,149

7.30%,

07/01/2038

7,750

8,357

Walt

Disney

Co/The

2.00%,

09/01/2029

28,000

25,624

6.40%,

12/15/2035

8,900

9,978

$

185,434

Oil

&

Gas

-

.32

%

BP

Capital

Markets

America

Inc

3.12%,

05/04/2026

10,000

9,909

3.41%,

02/11/2026

13,000

12,919

3.94%,

09/21/2028

13,000

12,843

4.70%,

04/10/2029

39,000

39,453

4.87%,

11/25/2029

24,000

24,434

Canadian

Natural

Resources

Ltd

5.00%,

12/15/2029

(g) 14,500

14,596

Marathon

Petroleum

Corp

5.13%,

12/15/2026

8,500

8,567

Phillips

1.30%,

02/15/2026

11,500

11,292

Suncor

Energy

Inc

4.00%,

11/15/2047

4,500

3,312

$

137,325

Oil

&

Gas

Services

-

.32

%

Schlumberger

Holdings

Corp

4.00%,

12/21/2025

(g) 33,000

32,900

Other

Asset

Backed

Securities

-

.69

%

PFS

Financing

Corp

5.19%,

01/15/2028

(g) 28,000

28,033

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.85%

Verizon

Master

Trust

5.19%,

06/20/2029

43,500

43,656

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.85%

$

71,689

Packaging

&

Containers

-

.07

%

Sealed

Air

Corp

6.88%,

07/15/2033

(g) 6,900

7,376

Pharmaceuticals

-

.99

%

AbbVie

Inc

4.65%,

03/15/2028

19,000

19,174

5.05%,

03/15/2034

60,000

60,757

Bristol-Myers

Squibb

Co

1.13%,

11/13/2027

12,500

11,694

1.45%,

11/13/2030

10,000

8,620

3.20%,

06/15/2026

13,124

13,001

3.40%,

07/26/2029

8,346

8,053

3.90%,

02/20/2028

10,500

10,418

5.90%,

11/15/2033

20,000

21,378

CVS

Health

Corp

1.30%,

08/21/2027

14,000

13,106

3.00%,

08/15/2026

17,000

16,709

4.30%,

03/25/2028

5,046

5,012

5.05%,

03/25/2048

23,000

19,790

$

207,712

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pipelines

-

.78

%

Buckeye

Partners

LP

3.95%,

12/01/2026

$

10,500

$

10,323

El

Paso

Natural

Gas

Co

LLC

7.50%,

11/15/2026

11,400

11,785

Enterprise

Products

Operating

LLC

4.30%,

06/20/2028

22,000

21,976

4.60%,

01/15/2031

46,000

45,962

NGPL

PipeCo

LLC

3.25%,

07/15/2031

(g) 15,000

13,306

4.88%,

08/15/2027

(g) 43,000

42,681

Plains

All

American

Pipeline

LP

/

PAA

Finance

Corp

4.50%,

12/15/2026

13,500

13,489

Southern

Natural

Gas

Co

LLC

8.00%,

03/01/2032

4,750

5,367

Tennessee

Gas

Pipeline

Co

LLC

8.38%,

06/15/2032

2,000

2,320

TransCanada

PipeLines

Ltd

6.10%,

06/01/2040

7,000

7,132

7.25%,

08/15/2038

10,000

11,240

$

185,581

REITs

-

.69

%

Alexandria

Real

Estate

Equities

Inc

1.88%,

02/01/2033

13,000

10,453

2.00%,

05/18/2032

14,000

11,584

2.75%,

12/15/2029

14,500

13,418

3.38%,

08/15/2031

30,000

27,669

4.30%,

01/15/2026

9,900

9,883

4.75%,

04/15/2035

14,500

13,856

4.90%,

12/15/2030

4,250

4,275

American

Tower

Corp

1.88%,

10/15/2030

20,000

17,361

2.10%,

06/15/2030

3,000

2,662

2.75%,

01/15/2027

53,000

51,675

2.95%,

01/15/2051

10,000

6,290

3.38%,

10/15/2026

5,000

4,933

American

Tower

Trust

#1

5.49%,

03/15/2053

(g) 14,000

14,193

Crown

Castle

Inc

2.25%,

01/15/2031

18,000

15,732

2.90%,

04/01/2041

30,000

21,443

3.10%,

11/15/2029

8,000

7,510

4.00%,

11/15/2049

17,000

12,666

4.30%,

02/15/2029

13,000

12,829

5.00%,

01/11/2028

18,000

18,151

CubeSmart

LP

2.00%,

02/15/2031

26,000

22,442

3.00%,

02/15/2030

18,000

16,725

4.00%,

11/15/2025

5,000

4,986

4.38%,

02/15/2029

2,000

1,978

DOC

DR

LLC

2.63%,

11/01/2031

32,000

28,075

4.30%,

03/15/2027

22,400

22,293

Healthcare

Realty

Holdings

LP

2.40%,

03/15/2030

9,000

8,034

3.63%,

01/15/2028

3,500

3,398

Healthpeak

OP

LLC

2.88%,

01/15/2031

7,000

6,357

3.00%,

01/15/2030

50,000

46,872

5.25%,

12/15/2032

14,000

14,200

Omega

Healthcare

Investors

Inc

3.38%,

02/01/2031

46,000

42,069

3.63%,

10/01/2029

32,000

30,352

4.75%,

01/15/2028

7,000

7,020

5.25%,

01/15/2026

8,000

7,994

Schedule

of

Investments

Core

Fixed

Income

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

REITs

(continued)

Prologis

LP

2.88%,

11/15/2029

$

12,500

$

11,744

3.25%,

06/30/2026

5,000

4,947

3.38%,

12/15/2027

25,000

24,501

SBA

Tower

Trust

1.63%,

05/15/2051

(g) 46,000

44,281

2.33%,

07/15/2052

(g) 10,000

9,422

2.59%,

10/15/2056

(g) 20,500

17,755

Store

Capital

LLC

2.75%,

11/18/2030

18,500

16,428

4.63%,

03/15/2029

33,500

32,970

Ventas

Realty

LP

3.00%,

01/15/2030

8,000

7,482

3.85%,

04/01/2027

21,000

20,771

5.63%,

07/01/2034

38,500

39,566

Welltower

OP

LLC

2.70%,

02/15/2027

12,000

11,706

2.75%,

01/15/2031

7,000

6,372

3.10%,

01/15/2030

25,000

23,613

4.13%,

03/15/2029

6,000

5,937

4.25%,

04/15/2028

4,000

3,997

4.50%,

07/01/2030

24,500

24,437

Weyerhaeuser

Co

7.38%,

03/15/2032

11,281

12,764

WP

Carey

Inc

2.40%,

02/01/2031

21,000

18,502

3.85%,

07/15/2029

30,000

29,159

$

905,732

Semiconductors

-

.39

%

NVIDIA

Corp

2.00%,

06/15/2031

19,000

16,766

2.85%,

04/01/2030

14,000

13,226

3.50%,

04/01/2040

13,000

10,921

$

40,913

Software

-

.33

%

Oracle

Corp

5.50%,

08/03/2035

33,500

33,970

Telecommunications

-

.55

%

Corning

Inc

4.75%,

03/15/2042

4,650

4,172

5.45%,

11/15/2079

43,500

39,546

Crown

Castle

Towers

LLC

4.24%,

07/15/2048

(g) 16,000

15,701

Sprint

Spectrum

Co

LLC

/

Sprint

Spectrum

Co

II

LLC

/

Sprint

Spectrum

Co

III

LLC

5.15%,

09/20/2029

(g) 18,975

19,042

T-Mobile

USA

Inc

2.05%,

02/15/2028

10,000

9,439

2.55%,

02/15/2031

20,000

17,867

3.00%,

02/15/2041

39,000

28,532

5.30%,

05/15/2035

27,500

27,711

$

162,010

Transportation

-

.85

%

Ryder

System

Inc

2.90%,

12/01/2026

51,000

49,853

3.35%,

09/01/2025

25,000

24,955

5.00%,

03/15/2030

14,000

14,181

$

88,989

Trucking

&

Leasing

-

.67

%

Penske

Truck

Leasing

Co

Lp

/

PTL

Finance

Corp

1.20%,

11/15/2025

(g) 22,000

21,773

1.70%,

06/15/2026

(g) 39,000

37,999

5.70%,

02/01/2028

(g) 10,000

10,244

$

70,016

TOTAL

BONDS

$

6,085,832

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

.75

%

Principal

Amount

(000's)

Value

(000's)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

-

.06

%

3.50%,

03/01/2048

$

6,518

$

5,968

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

-

.93

%

2.00%,

10/01/2050

31,093

24,708

2.00%,

11/01/2050

31,323

24,925

2.00%,

12/01/2050

36,438

28,911

2.00%,

12/01/2050

36,166

28,696

2.50%,

09/01/2050

31,145

25,879

2.50%,

10/01/2050

31,438

26,059

2.50%,

10/01/2050

31,923

26,462

2.50%,

11/01/2050

31,994

26,595

2.50%,

11/01/2050

30,271

25,155

2.50%,

11/01/2050

29,789

24,759

2.50%,

11/01/2050

31,927

26,523

2.50%,

11/01/2050

30,686

25,528

2.50%,

02/01/2052

31,142

25,592

3.00%,

06/01/2042

11,537

10,339

3.00%,

08/01/2049

15,662

13,681

3.00%,

09/01/2049

11,316

9,792

3.00%,

10/01/2049

12,119

10,505

3.00%,

10/01/2049

14,242

12,402

3.00%,

10/01/2049

16,709

14,550

3.00%,

11/01/2049

13,924

12,067

3.00%,

11/01/2049

16,271

14,168

3.00%,

11/01/2049

11,336

9,840

3.00%,

03/01/2050

16,901

14,717

3.00%,

04/01/2050

18,294

15,930

3.00%,

09/01/2050

20,637

17,867

3.00%,

05/01/2052

15,672

13,578

3.50%,

06/01/2046

11,724

10,869

3.50%,

08/01/2047

6,693

6,117

3.50%,

09/01/2047

28,080

25,637

3.50%,

12/01/2047

6,842

6,215

3.50%,

06/01/2049

26,151

23,768

3.50%,

07/01/2049

8,428

7,620

3.50%,

09/01/2049

24,735

22,386

3.50%,

09/01/2049

7,974

7,209

3.50%,

09/01/2049

7,434

6,720

3.50%,

11/01/2049

12,265

11,198

3.50%,

11/01/2049

10,042

9,072

3.50%,

12/01/2049

11,753

10,619

3.50%,

01/01/2050

34,759

31,465

3.50%,

02/01/2050

21,959

19,701

3.50%,

06/01/2050

19,518

17,645

3.50%,

08/01/2050

26,924

24,352

3.50%,

10/01/2050

25,628

23,129

3.50%,

01/01/2051

19,394

17,513

3.50%,

01/01/2051

27,800

25,285

3.50%,

04/01/2052

31,525

28,275

3.50%,

04/01/2052

42,591

38,296

4.00%,

02/01/2044

7,304

6,980

4.00%,

06/01/2046

10,224

9,764

4.00%,

10/01/2047

27,054

25,414

4.00%,

10/01/2048

7,721

7,254

4.00%,

03/01/2049

22,166

20,812

4.00%,

04/01/2049

24,339

22,858

4.00%,

06/01/2049

36,704

34,476

4.00%,

08/01/2049

27,559

25,855

4.00%,

10/01/2049

12,477

11,664

4.00%,

12/01/2049

20,408

19,260

4.00%,

01/01/2050

17,611

16,437

4.00%,

07/01/2050

38,381

35,997

4.00%,

02/01/2052

31,626

29,237

4.00%,

02/01/2052

32,285

29,874

4.00%,

02/01/2052

37,962

35,184

4.00%,

05/01/2052

39,733

36,914

4.00%,

05/01/2052

38,266

35,308

4.00%,

06/01/2052

32,298

29,927

Schedule

of

Investments

Core

Fixed

Income

Fund

July

31,

2025

(unaudited)

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

4.50%,

06/01/2046

$

11,564

$

11,322

4.50%,

07/01/2052

37,475

35,570

4.50%,

07/01/2052

15,794

15,072

4.50%,

08/01/2052

33,204

31,917

4.50%,

08/01/2052

33,808

32,313

4.50%,

08/01/2052

37,196

35,497

4.50%,

09/01/2052

33,994

32,676

4.50%,

09/01/2052

33,877

32,237

4.50%,

09/01/2052

31,982

30,521

4.50%,

10/01/2052

33,571

32,123

4.50%,

10/01/2052

21,334

20,390

4.50%,

11/01/2052

35,431

33,788

4.50%,

11/01/2052

36,050

34,716

4.50%,

02/01/2053

31,912

30,483

5.00%,

07/01/2052

35,151

34,591

5.00%,

09/01/2052

33,809

33,189

5.00%,

10/01/2052

32,343

31,651

5.00%,

10/01/2052

20,492

20,113

5.00%,

02/01/2053

32,724

32,198

5.00%,

03/01/2053

33,971

33,343

5.00%,

07/01/2053

33,733

33,190

5.00%,

09/01/2053

25,886

25,407

5.00%,

10/01/2053

39,871

39,065

5.00%,

10/01/2053

42,597

41,874

5.00%,

02/01/2054

37,948

37,196

5.00%,

11/01/2054

40,165

39,437

5.50%,

02/01/2053

30,757

30,817

5.50%,

03/01/2053

34,361

34,501

5.50%,

04/01/2053

32,005

32,120

5.50%,

07/01/2053

34,380

34,493

5.50%,

09/01/2053

33,896

34,100

5.50%,

09/01/2053

34,283

34,373

5.50%,

03/01/2054

27,562

27,664

5.50%,

06/01/2054

28,310

28,401

5.50%,

10/01/2054

37,873

37,991

5.50%,

12/01/2054

39,555

39,670

6.00%,

10/01/2053

33,854

34,640

$

2,494,183

Government

National

Mortgage

Association

(GNMA)

-

.10

%

3.00%,

02/20/2046

11,109

9,859

U.S.

Treasury

-

.66

%

0.38%,

09/30/2027

40,000

37,088

0.50%,

10/31/2027

40,000

37,088

0.75%,

01/31/2028

40,000

37,023

0.88%,

11/15/2030

40,000

34,123

1.13%,

02/15/2031

40,000

34,397

1.13%,

08/15/2040

55,000

33,636

1.25%,

08/15/2031

40,000

34,014

1.25%,

05/15/2050

40,000

18,961

1.38%,

08/15/2050

40,000

19,444

1.50%,

02/15/2030

40,000

36,000

1.63%,

11/15/2050

40,000

20,770

1.75%,

11/15/2029

40,000

36,659

1.75%,

08/15/2041

55,000

36,216

1.88%,

02/15/2032

40,000

34,898

1.88%,

02/15/2051

40,000

22,147

1.88%,

11/15/2051

55,000

30,130

2.00%,

08/15/2051

55,000

31,243

2.25%,

08/15/2027

40,000

38,684

2.25%,

11/15/2027

40,000

38,552

2.25%,

08/15/2046

50,000

32,373

2.25%,

08/15/2049

40,000

24,750

2.25%,

02/15/2052

50,000

30,086

2.38%,

05/15/2051

40,000

24,999

2.63%,

02/15/2029

40,000

38,334

2.75%,

07/31/2027

(j) 40,000

39,086

2.75%,

02/15/2028

40,000

38,891

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

(continued)

2.75%,

08/15/2032

$

40,000

$

36,611

2.75%,

08/15/2042

50,000

37,867

2.75%,

08/15/2047

45,000

31,686

2.88%,

05/15/2028

40,000

38,934

2.88%,

08/15/2028

40,000

38,839

2.88%,

05/15/2032

20,000

18,521

2.88%,

05/15/2052

45,000

31,205

3.00%,

11/15/2045

45,000

33,882

3.00%,

08/15/2048

40,000

29,233

3.00%,

08/15/2052

45,000

31,990

3.13%,

11/15/2028

40,000

39,055

3.38%,

05/15/2033

40,000

37,795

3.50%,

02/15/2033

40,000

38,234

3.63%,

02/15/2044

45,000

38,080

3.63%,

02/15/2053

40,000

32,186

3.63%,

05/15/2053

40,000

32,152

3.75%,

11/15/2043

40,000

34,542

3.88%,

08/15/2033

40,000

39,039

4.00%,

02/15/2034

20,000

19,613

4.00%,

11/15/2052

40,000

34,477

4.13%,

11/15/2032

40,000

39,911

4.50%,

11/15/2033

40,000

40,709

4.63%,

05/15/2054

40,000

38,283

$

1,632,436

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

4,142,446

Total

Investments

$

10,342,575

Other

Assets

and

Liabilities

- 0.76%

79,520

TOTAL

NET

ASSETS

-

100.00%

$

10,422,095

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$2,992

or

0.03%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Non-income

producing

security

(e) The

value

of

these

investments

was

determined

using

significant

unobservable

inputs,

in

good

faith

by

the

Manager,

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

(f) Restricted

Security.

Please

see

Restricted

Securities

sub-schedule

for

additional

information.

(g) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$877,132

or

8.42%

of

net

assets.

(h) Rate

shown

is

as

of

period

end.

The

rate

may

be

a

variable

or

floating

rate

or

a

fixed

rate

which

may

convert

to

a

variable

or

floating

rate

in

the

future.

(i) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$2,888

or

0.03%

of

net

assets.

(j) Security

or

a

portion

of

the

security

was

pledged

to

cover

margin

requirements

for

futures

contracts.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$4,397

or

0.04%

of

net

assets.

Schedule

of

Investments

Core

Fixed

Income

Fund

July

31,

2025

(unaudited)

Affiliated

Securities

October

31,

2024

Purchases

Sales

July

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

118,527

$

1,622,953

$

1,642,865

$

98,615

$

118,527

$

1,622,953

$

1,642,865

$

98,615

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

2,768

$

—

$

—

$

—

$

2,768

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Restricted

Securities

Security

Name

Acquisition

Date

Cost

Value

Percent

of

Net

Assets

Trailer

Bridge

Inc

05/07/2012-05/28/2019

$

21,314

$

15,050

0.15%

Total

$

15,050

0.15%

Amounts

in

thousands.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

US

Year

Note;

September

2025

Long

3,024

$

625,921

$

(809)

US

Ultra

Bond;

September

2025

Short

47,394

(544)

Total

$

(1,353)

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

Core

Plus

Bond

Fund

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.46

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.56

%

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

568,000

$

21,238

Vanguard

Short-Term

Corporate

Bond

ETF

98,000

7,769

$

29,007

Money

Market

Funds

-

.90

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.21%

(a),(b)

802,532

803

Principal

Government

Money

Market

Fund

-

Class

4.22%

(a),(b),(c)

14,293,347

14,293

$

15,096

TOTAL

INVESTMENT

COMPANIES

$

44,103

COMMON

STOCKS

-

.01

%

Shares

Held

Value

(000's)

Diversified

Financial

Services

-

.00

%

Avation

PLC

-

Warrants

(d) 3,500

$

Oil

&

Gas

-

.01

%

Mesquite

Energy

Inc

(d),(e)

Retail

-

.00

%

Claire's

Holdings

LLC

(d) 232

—

TOTAL

COMMON

STOCKS

$

BONDS

-

.42

%

Principal

Amount

(000's)

Value

(000's)

Aerospace

&

Defense

-

.52

%

Boeing

Co/The

2.20%,

02/04/2026

$

2,595

$

2,561

5.15%,

05/01/2030

5.81%,

05/01/2050

1,760

1,698

6.26%,

05/01/2027

Bombardier

Inc

6.75%,

06/15/2033

(f) 25

7.25%,

07/01/2031

(f) 40

7.50%,

02/01/2029

(f) 150

8.75%,

11/15/2030

(f) 265

Northrop

Grumman

Corp

4.95%,

03/15/2053

5.25%,

07/15/2035

RTX

Corp

3.03%,

03/15/2052

530

6.10%,

03/15/2034

545

588

6.40%,

03/15/2054

625

681

TransDigm

Inc

6.38%,

03/01/2029

(f) 270

$

7,934

Agriculture

-

.88

%

BAT

Capital

Corp

4.76%,

09/06/2049

5.83%,

02/20/2031

7.08%,

08/02/2053

825

920

BAT

International

Finance

PLC

5.93%,

02/02/2029

JBS

USA

LUX

Sarl

/

JBS

USA

Food

Co

/

JBS

USA

Foods

Group

5.95%,

04/20/2035

(f) 540

557

Philip

Morris

International

Inc

4.38%,

04/30/2030

(g) 510

506

4.63%,

11/01/2029

522

525

4.88%,

04/30/2035

560

549

Reynolds

American

Inc

5.70%,

08/15/2035

635

647

$

4,612

Airlines

-

.66

%

American

Airlines

2021-1

Class

B

Pass

Through

Trust

3.95%,

01/11/2032

American

Airlines

Inc

8.50%,

05/15/2029

(f) 150

American

Airlines

Inc/AAdvantage

Loyalty

IP

Ltd

5.75%,

04/20/2029

(f) 20

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Airlines

(continued)

AS

Mileage

Plan

IP

Ltd

5.02%,

10/20/2029

(f) $

1,145

$

1,135

5.31%,

10/20/2031

(f) 405

Delta

Air

Lines

Inc

/

SkyMiles

IP

Ltd

4.50%,

10/20/2025

(f) 71

4.75%,

10/20/2028

(f) 705

705

Grupo

Aeromexico

SAB

de

CV

8.63%,

11/15/2031

(f),(g)

OneSky

Flight

LLC

8.88%,

12/15/2029

(f) 9

United

Airlines

2024-1

Class

A

Pass

Through

Trust

5.88%,

08/15/2038

719

720

United

Airlines

Inc

4.38%,

04/15/2026

(f) 35

$

3,457

Automobile

Asset

Backed

Securities

-

.58

%

AmeriCredit

Automobile

Receivables

Trust

2022-2

4.38%,

04/18/2028

AmeriCredit

Automobile

Receivables

Trust

2023-2

6.19%,

04/19/2027

AmeriCredit

Automobile

Receivables

Trust

2024-1

4.95%,

02/18/2028

612

612

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.60%

5.75%,

02/18/2028

AutoNation

Finance

Trust

2025-1

5.63%,

09/10/2032

(f) 555

560

BMW

Vehicle

Owner

Trust

2024-A

5.42%,

02/25/2027

562

563

BofA

Auto

Trust

2025-1

4.90%,

11/22/2027

(f) 460

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.55%

Carmax

Auto

Owner

Trust

2024-3

5.21%,

09/15/2027

734

736

Chase

Auto

Owner

Trust

2024-1

5.48%,

04/26/2027

(f) 195

Chase

Auto

Owner

Trust

2024-2

5.66%,

05/26/2027

(f) 278

Chase

Auto

Owner

Trust

2024-4

5.25%,

09/27/2027

(f) 584

585

Chase

Auto

Owner

Trust

2024-5

4.18%,

08/27/2029

(f) 1,670

1,663

Drive

Auto

Receivables

Trust

2024-2

4.94%,

12/15/2027

810

810

Ford

Credit

Floorplan

Master

Owner

Trust

A

4.30%,

09/15/2029

(f) 500

5.29%,

04/15/2029

(f) 575

583

GM

Financial

Automobile

Leasing

Trust

2024-1

5.18%,

06/22/2026

GM

Financial

Automobile

Leasing

Trust

2024-3

4.21%,

10/20/2027

675

673

4.82%,

01/20/2027

1,289

1,289

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.47%

GM

Financial

Consumer

Automobile

Receivables

Trust

2023-3

5.45%,

06/16/2028

663

666

Mercedes-Benz

Auto

Lease

Trust

2024-A

5.44%,

02/16/2027

547

548

Mercedes-Benz

Auto

Lease

Trust

2025-A

4.86%,

04/17/2028

1,500

1,503

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.52%

Nissan

Auto

Lease

Trust

2023-B

5.69%,

07/15/2026

Santander

Drive

Auto

Receivables

Trust

2023-4

5.73%,

04/17/2028

965

968

Schedule

of

Investments

Core

Plus

Bond

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Automobile

Asset

Backed

Securities

(continued)

Santander

Drive

Auto

Receivables

Trust

2024-1

5.25%,

04/17/2028

$

679

$

680

Santander

Drive

Auto

Receivables

Trust

2024-2

5.80%,

09/15/2027

Santander

Drive

Auto

Receivables

Trust

2024-3

5.91%,

06/15/2027

Santander

Drive

Auto

Receivables

Trust

2024-4

5.41%,

07/15/2027

Santander

Drive

Auto

Receivables

Trust

2025-1

4.76%,

08/16/2027

615

615

Santander

Drive

Auto

Receivables

Trust

2025-2

4.71%,

06/15/2028

1,192

1,192

Santander

Drive

Auto

Receivables

Trust

2025-3

4.63%,

10/16/2028

2,830

2,832

Tesla

Electric

Vehicle

Trust

2023-1

5.54%,

12/21/2026

(f) 319

Toyota

Lease

Owner

Trust

2024-B

4.21%,

09/20/2027

(f) 1,380

1,378

USB

Auto

Owner

Trust

2025-1

5.40%,

12/15/2032

(f) 400

Wheels

Fleet

Lease

Funding

LLC

4.99%,

01/18/2040

(f) 1,590

1,591

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.67%

World

Omni

Auto

Receivables

Trust

2023-C

5.15%,

11/15/2028

619

621

$

23,884

Automobile

Manufacturers

-

.94

%

Ford

Motor

Co

3.25%,

02/12/2032

9.63%,

04/22/2030

Ford

Motor

Credit

Co

LLC

3.38%,

11/13/2025

5.80%,

03/08/2029

1,420

1,423

6.13%,

03/08/2034

6.80%,

11/07/2028

1,065

1,102

Hyundai

Capital

America

5.25%,

01/08/2027

(f) 855

862

5.30%,

06/24/2029

(f) 345

6.50%,

01/16/2029

(f) 265

$

4,911

Automobile

Parts

&

Equipment

-

.10

%

Dana

Inc

5.38%,

11/15/2027

Phinia

Inc

6.75%,

04/15/2029

(f) 95

Tenneco

Inc

8.00%,

11/17/2028

(f) 125

$

517

Banks

-

.93

%

AIB

Group

PLC

5.32%,

05/15/2031

(f),(h)

955

971

Secured

Overnight

Financing

Rate

+

1.65%

5.87%,

03/28/2035

(f),(h)

815

839

Secured

Overnight

Financing

Rate

+

1.91%

Banco

Santander

SA

5.37%,

07/15/2028

(h) 1,000

1,016

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.95%

Bank

of

America

Corp

2.68%,

06/19/2041

(h) 1,335

952

Secured

Overnight

Financing

Rate

+

1.93%

2.69%,

04/22/2032

(h) 861

772

Secured

Overnight

Financing

Rate

+

1.32%

3.85%,

03/08/2037

(h) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.00%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Bank

of

Montreal

3.80%,

12/15/2032

(h) $

1,045

$

1,015

USD

Swap

Semi-Annual

Year

+

1.43%

Barclays

PLC

2.28%,

11/24/2027

(h) 500

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.05%

5.34%,

09/10/2035

(h) 540

537

Secured

Overnight

Financing

Rate

+

1.91%

BNP

Paribas

SA

4.79%,

05/09/2029

(f),(h)

670

672

Secured

Overnight

Financing

Rate

+

1.45%

5.09%,

05/09/2031

(f),(h)

880

888

Secured

Overnight

Financing

Rate

+

1.68%

BPCE

SA

5.88%,

01/14/2031

(f),(h)

Secured

Overnight

Financing

Rate

+

1.68%

6.29%,

01/14/2036

(f),(h)

650

683

Secured

Overnight

Financing

Rate

+

2.04%

CaixaBank

SA

4.63%,

07/03/2029

(f),(h)

755

754

Secured

Overnight

Financing

Rate

+

1.14%

5.58%,

07/03/2036

(f),(h)

Secured

Overnight

Financing

Rate

+

1.79%

Citigroup

Inc

3.79%,

03/17/2033

(h) 965

901

Secured

Overnight

Financing

Rate

+

1.94%

Cooperatieve

Rabobank

UA

4.99%,

05/27/2031

(f),(h)

580

586

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.92%

Danske

Bank

A/S

4.61%,

10/02/2030

(f),(h)

1,565

1,560

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.10%

5.02%,

03/04/2031

(f),(h)

820

828

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.93%

Deutsche

Bank

AG/New

York

NY

5.30%,

05/09/2031

(h) 1,205

1,225

Secured

Overnight

Financing

Rate

+

1.72%

5.71%,

02/08/2028

(h) 1,165

1,182

Secured

Overnight

Financing

Rate

+

1.59%

Goldman

Sachs

Group

Inc/The

5.02%,

10/23/2035

(h) 1,085

1,070

Secured

Overnight

Financing

Rate

+

1.42%

5.21%,

01/28/2031

(h) 1,415

1,445

Secured

Overnight

Financing

Rate

+

1.08%

5.22%,

04/23/2031

(h) 1,400

1,432

Secured

Overnight

Financing

Rate

+

1.58%

5.54%,

01/28/2036

(h) 280

Secured

Overnight

Financing

Rate

+

1.38%

5.56%,

11/19/2045

(h) 425

Secured

Overnight

Financing

Rate

+

1.58%

5.73%,

01/28/2056

(h) 465

Secured

Overnight

Financing

Rate

+

1.70%

HSBC

Holdings

PLC

5.24%,

05/13/2031

(h) 1,405

1,431

Secured

Overnight

Financing

Rate

+

1.57%

5.60%,

05/17/2028

(h) 1,620

1,647

Secured

Overnight

Financing

Rate

+

1.06%

5.79%,

05/13/2036

(h) 785

809

Secured

Overnight

Financing

Rate

+

1.88%

Huntington

Bancshares

Inc/OH

5.27%,

01/15/2031

(h) 990

1,011

Secured

Overnight

Financing

Rate

+

1.28%

5.71%,

02/02/2035

(h) 1,545

1,580

Secured

Overnight

Financing

Rate

+

1.87%

Schedule

of

Investments

Core

Plus

Bond

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

JPMorgan

Chase

&

Co

4.91%,

07/25/2033

(h) $

2,055

$

2,067

Secured

Overnight

Financing

Rate

+

2.08%

4.95%,

10/22/2035

(h) 495

Secured

Overnight

Financing

Rate

+

1.34%

5.14%,

01/24/2031

(h) 215

Secured

Overnight

Financing

Rate

+

1.01%

5.34%,

01/23/2035

(h) 150

Secured

Overnight

Financing

Rate

+

1.62%

5.58%,

07/23/2036

(h) 480

Secured

Overnight

Financing

Rate

+

1.64%

6.50%,

04/01/2030

(h),(i)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.15%

KeyBank

NA/Cleveland

OH

5.00%,

01/26/2033

750

743

KeyCorp

5.12%,

04/04/2031

(g),(h)

1,440

1,455

Secured

Overnight

Financing

Rate

+

1.23%

Mizuho

Financial

Group

Inc

5.38%,

05/26/2030

(h) 1,365

1,398

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.12%

Morgan

Stanley

0.99%,

12/10/2026

(h) 2,740

2,704

Secured

Overnight

Financing

Rate

+

0.72%

2.48%,

09/16/2036

(h) 1,140

972

Secured

Overnight

Financing

Rate

+

1.36%

5.19%,

04/17/2031

(h) 1,205

1,231

Secured

Overnight

Financing

Rate

+

1.51%

5.23%,

01/15/2031

(h) 705

722

Secured

Overnight

Financing

Rate

+

1.11%

5.32%,

07/19/2035

(h) 3,150

3,190

Secured

Overnight

Financing

Rate

+

1.56%

5.52%,

11/19/2055

(h) 322

Secured

Overnight

Financing

Rate

+

1.71%

5.66%,

04/17/2036

(h) 290

Secured

Overnight

Financing

Rate

+

1.76%

Morgan

Stanley

Private

Bank

NA

4.73%,

07/18/2031

(h) 530

532

Secured

Overnight

Financing

Rate

+

1.08%

NatWest

Group

PLC

5.12%,

05/23/2031

(h) 300

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.05%

NatWest

Markets

PLC

4.79%,

03/21/2028

(f) 520

524

PNC

Financial

Services

Group

Inc/The

4.90%,

05/13/2031

(h) 1,655

1,673

Secured

Overnight

Financing

Rate

+

1.33%

5.37%,

07/21/2036

(h) 340

Secured

Overnight

Financing

Rate

+

1.42%

5.40%,

07/23/2035

(h) 170

Secured

Overnight

Financing

Rate

+

1.60%

5.58%,

01/29/2036

(h) 350

Secured

Overnight

Financing

Rate

+

1.39%

5.68%,

01/22/2035

(h) 1,680

1,743

Secured

Overnight

Financing

Rate

+

1.90%

6.88%,

10/20/2034

(h) 571

638

Secured

Overnight

Financing

Rate

+

2.28%

Scotiabank

Peru

SAA

6.10%,

10/01/2035

(f),(h)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.31%

Truist

Bank

4.67%,

05/20/2027

(h) 355

Secured

Overnight

Financing

Rate

+

0.59%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Truist

Financial

Corp

5.44%,

01/24/2030

(h) $

1,585

$

1,630

Secured

Overnight

Financing

Rate

+

1.62%

7.16%,

10/30/2029

(h) 290

Secured

Overnight

Financing

Rate

+

2.45%

UBS

Group

AG

1.36%,

01/30/2027

(f),(h)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.08%

4.75%,

05/12/2028

(f),(h)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.75%

5.43%,

02/08/2030

(f),(h)

775

795

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.52%

UniCredit

SpA

1.98%,

06/03/2027

(f),(h)

600

587

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.20%

US

Bancorp

5.05%,

02/12/2031

(h) 560

569

Secured

Overnight

Financing

Rate

+

1.06%

5.08%,

05/15/2031

(h) 710

723

Secured

Overnight

Financing

Rate

+

1.30%

5.10%,

07/23/2030

(h) 1,065

1,087

Secured

Overnight

Financing

Rate

+

1.25%

5.42%,

02/12/2036

(h) 420

Secured

Overnight

Financing

Rate

+

1.41%

5.68%,

01/23/2035

(h) 1,215

1,259

Secured

Overnight

Financing

Rate

+

1.86%

US

Bank

NA/Cincinnati

OH

4.73%,

05/15/2028

(h) 465

Secured

Overnight

Financing

Rate

+

0.91%

Westpac

Banking

Corp

4.11%,

07/24/2034

(h) 1,465

1,418

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.00%

$

62,180

Biotechnology

-

.36

%

Amgen

Inc

4.56%,

06/15/2048

530

5.60%,

03/02/2043

780

770

CSL

Finance

PLC

4.75%,

04/27/2052

(f) 750

641

$

1,858

Building

Materials

-

.47

%

AmeriTex

HoldCo

Intermediate

LLC

7.63%,

08/15/2033

(f),(j)

522

531

10.25%,

10/15/2028

(f) 730

775

Cemex

SAB

de

CV

7.20%,

06/10/2030

(f),(h),(i)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.52%

Miter

Brands

Acquisition

Holdco

Inc

/

MIWD

Borrower

LLC

6.75%,

04/01/2032

(f) 55

Quikrete

Holdings

Inc

6.38%,

03/01/2032

(f) 105

6.75%,

03/01/2033

(f) 70

Smyrna

Ready

Mix

Concrete

LLC

6.00%,

11/01/2028

(f) 704

701

$

2,447

Chemicals

-

.72

%

Consolidated

Energy

Finance

SA

5.63%,

10/15/2028

(f) 405

6.50%,

05/15/2026

(f) 150

Ecolab

Inc

2.70%,

12/15/2051

1,070

651

Schedule

of

Investments

Core

Plus

Bond

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Chemicals

(continued)

International

Flavors

&

Fragrances

Inc

1.83%,

10/15/2027

(f) $

925

$

870

3.47%,

12/01/2050

(f) 130

OCP

SA

6.10%,

04/30/2030

(f) 320

Olympus

Water

US

Holding

Corp

4.25%,

10/01/2028

(f) 375

6.25%,

10/01/2029

(f),(g)

Sociedad

Quimica

y

Minera

de

Chile

SA

5.50%,

09/10/2034

(f) 460

Vibrantz

Technologies

Inc

9.00%,

02/15/2030

(f) 481

$

3,730

Commercial

Mortgage

Backed

Securities

-

.22

%

ALA

Trust

2025-OANA

6.08%,

06/15/2040

(f) 1,000

1,005

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.74%

BBCMS

Mortgage

Trust

2024-5C29

5.21%,

09/15/2057

1,750

1,779

BBCMS

Mortgage

Trust

2025-5C33

6.17%,

03/15/2058

(k) 2,500

2,598

Benchmark

2021-B25

Mortgage

Trust

2.58%,

04/15/2054

500

BPR

Trust

2024-PMDW

5.36%,

11/05/2041

(f),(k)

2,550

2,573

BSTN

Commercial

Mortgage

Trust

2025-1C

5.37%,

06/15/2044

(f),(k)

3,000

3,040

BX

2025-BIO3

Mortgage

Trust

6.14%,

02/10/2042

(f) 1,000

1,021

BX

Commercial

Mortgage

Trust

2021-XL2

5.14%,

10/15/2038

(f) 880

880

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.80%

BX

Trust

2025-VLT6

5.79%,

03/15/2042

(f) 2,000

1,999

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.44%

Citigroup

Commercial

Mortgage

Trust

2019-C7

3.10%,

12/15/2072

1,500

1,402

COMM

2013-CCRE6

Mortgage

Trust

3.87%,

03/10/2046

(f),(k)

COMM

2025-167G

Mortgage

Trust

5.50%,

08/10/2040

(f) 800

796

DROP

Mortgage

Trust

2021-FILE

5.61%,

10/15/2043

(f) 1,500

1,451

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.26%

ELM

Trust

2024-ELM

5.80%,

06/10/2039

(f),(k)

2,000

2,014

GS

Mortgage

Securities

Trust

2020-GSA2

2.01%,

12/12/2053

2,000

1,738

JPMBB

Commercial

Mortgage

Securities

Trust

2014-C24

0.71%,

11/15/2047

(k),(l)

969

—

LBA

Trust

2024-7IND

5.78%,

10/15/2041

(f) 750

753

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.44%

ORL

Trust

2024-GLKS

5.83%,

12/15/2039

(f) 1,000

1,001

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.49%

SMRT

2022-MINI

5.34%,

01/15/2039

(f) 500

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.00%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Mortgage

Backed

Securities

(continued)

SREIT

Trust

2021-MFP

5.19%,

11/15/2038

(f) $

839

$

839

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.85%

SREIT

Trust

2021-MFP2

5.28%,

11/15/2036

(f) 1,000

1,000

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.94%

$

27,226

Commercial

Services

-

.48

%

EquipmentShare.com

Inc

8.00%,

03/15/2033

(f) 185

8.63%,

05/15/2032

(f) 130

9.00%,

05/15/2028

(f) 100

Garda

World

Security

Corp

6.00%,

06/01/2029

(f) 405

8.38%,

11/15/2032

(f) 255

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc

6.25%,

01/15/2028

(f) 100

Veritiv

Operating

Co

10.50%,

11/30/2030

(f) 185

WASH

Multifamily

Acquisition

Inc

5.75%,

04/15/2026

(f) 710

710

Williams

Scotsman

Inc

4.63%,

08/15/2028

(f) 180

ZipRecruiter

Inc

5.00%,

01/15/2030

(f) 300

$

2,511

Computers

-

.90

%

Apple

Inc

3.95%,

08/08/2052

Hewlett

Packard

Enterprise

Co

4.55%,

10/15/2029

1,970

1,958

5.00%,

10/15/2034

900

873

5.60%,

10/15/2054

590

542

International

Business

Machines

Corp

5.70%,

02/10/2055

McAfee

Corp

7.38%,

02/15/2030

(f) 440

Seagate

Data

Storage

Technology

Pte

Ltd

8.50%,

07/15/2031

(f) 10

9.63%,

12/01/2032

(f) 139

$

4,691

Consumer

Products

-

.02

%

Kronos

Acquisition

Holdings

Inc

8.25%,

06/30/2031

(f) 120

Credit

Card

Asset

Backed

Securities

-

.20

%

American

Express

Credit

Account

Master

Trust

3.75%,

08/15/2027

1,960

1,959

4.87%,

05/15/2028

5.23%,

09/15/2028

1,000

1,010

5.24%,

04/15/2031

4,045

4,183

BA

Credit

Card

Trust

5.00%,

04/15/2028

1,400

1,402

Citibank

Credit

Card

Issuance

Trust

3.96%,

10/13/2030

1,300

1,288

5.23%,

12/08/2027

975

977

Discover

Card

Execution

Note

Trust

4.31%,

03/15/2028

3,055

3,052

5.03%,

10/15/2027

1,680

1,682

WF

Card

Issuance

Trust

4.34%,

05/15/2030

800

802

$

16,681

Schedule

of

Investments

Core

Plus

Bond

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Diversified

Financial

Services

-

.81

%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

2.45%,

10/29/2026

$

1,880

$

1,830

3.00%,

10/29/2028

1,345

1,280

6.95%,

03/10/2055

(h) 640

670

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.72%

Air

Lease

Corp

1.88%,

08/15/2026

1,325

1,288

Aircastle

Ltd

5.95%,

02/15/2029

(f) 950

983

Aircastle

Ltd

/

Aircastle

Ireland

DAC

5.00%,

09/15/2030

(f) 790

789

5.75%,

10/01/2031

(f) 910

934

Atlas

Warehouse

Lending

Co

LP

6.05%,

01/15/2028

(f) 250

Aviation

Capital

Group

LLC

1.95%,

09/20/2026

(f) 1,850

1,793

Charles

Schwab

Corp/The

5.85%,

05/19/2034

(h) 330

Secured

Overnight

Financing

Rate

+

2.50%

Citadel

Finance

LLC

5.90%,

02/10/2030

(f) 1,000

1,004

Citadel

Securities

Global

Holdings

LLC

5.50%,

06/18/2030

(f) 500

504

6.20%,

06/18/2035

(f) 650

663

Credit

Acceptance

Corp

6.63%,

03/15/2030

(f) 330

9.25%,

12/15/2028

(f) 355

Freedom

Mortgage

Holdings

LLC

9.13%,

05/15/2031

(f) 455

Global

Aircraft

Leasing

Co

Ltd

8.75%,

09/01/2027

(f) 580

599

ILFC

E-Capital

Trust

II

6.68%,

12/21/2065

(f) 245

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.00%

Jane

Street

Group

/

JSG

Finance

Inc

4.50%,

11/15/2029

(f) 495

6.13%,

11/01/2032

(f) 1,045

1,037

6.75%,

05/01/2033

(f) 1,130

1,156

Nuveen

LLC

5.55%,

01/15/2030

(f) 1,100

1,143

OneMain

Finance

Corp

3.50%,

01/15/2027

4.00%,

09/15/2030

6.63%,

01/15/2028

7.13%,

11/15/2031

7.50%,

05/15/2031

Rfna

LP

7.88%,

02/15/2030

(f) 180

Rocket

Cos

Inc

6.13%,

08/01/2030

(f) 175

SLM

Corp

3.13%,

11/02/2026

TrueNoord

Capital

DAC

8.75%,

03/01/2030

(f) 305

$

19,850

Electric

-

.68

%

Abu

Dhabi

National

Energy

Co

PJSC

4.70%,

04/24/2033

(f) 200

AEP

Transmission

Co

LLC

5.38%,

06/15/2035

Alabama

Power

Co

3.13%,

07/15/2051

Alliant

Energy

Finance

LLC

5.40%,

06/06/2027

(f) 625

630

5.95%,

03/30/2029

(f) 305

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

Atlantica

Sustainable

Infrastructure

Ltd

4.13%,

06/15/2028

(f) $

$

Berkshire

Hathaway

Energy

Co

4.60%,

05/01/2053

540

California

Buyer

Ltd

/

Atlantica

Sustainable

Infrastructure

PLC

6.38%,

02/15/2032

(f) 400

Clearway

Energy

Operating

LLC

3.75%,

02/15/2031

(f) 140

3.75%,

01/15/2032

(f) 170

4.75%,

03/15/2028

(f) 315

CMS

Energy

Corp

6.50%,

06/01/2055

(h) 1,070

1,079

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.96%

Commonwealth

Edison

Co

4.00%,

03/01/2049

Consolidated

Edison

Co

of

New

York

Inc

5.90%,

11/15/2053

DTE

Energy

Co

5.20%,

04/01/2030

Duke

Energy

Carolinas

LLC

3.75%,

06/01/2045

500

Duke

Energy

Florida

LLC

6.20%,

11/15/2053

Exelon

Corp

5.60%,

03/15/2053

FIEMEX

Energia

-

Banco

Actinver

SA

Institucion

de

Banca

Multiple

7.25%,

01/31/2041

(f) 594

608

FirstEnergy

Corp

2.25%,

09/01/2030

640

567

Indianapolis

Power

&

Light

Co

5.70%,

04/01/2054

(f) 345

Interstate

Power

and

Light

Co

5.60%,

06/29/2035

1,230

1,262

Lightning

Power

LLC

7.25%,

08/15/2032

(f) 380

Monongahela

Power

Co

3.55%,

05/15/2027

(f) 715

703

Narragansett

Electric

Co/The

3.92%,

08/01/2028

(f) 460

NextEra

Energy

Capital

Holdings

Inc

4.69%,

09/01/2027

(j) 565

568

5.45%,

03/15/2035

5.75%,

09/01/2025

6.38%,

08/15/2055

(h) 625

641

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.05%

6.70%,

09/01/2054

(h) 915

944

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.36%

NRG

Energy

Inc

3.88%,

02/15/2032

(f) 205

Pacific

Gas

and

Electric

Co

3.25%,

06/01/2031

5.55%,

05/15/2029

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

4.00%,

06/30/2050

(f) 600

Pinnacle

West

Capital

Corp

4.90%,

05/15/2028

Public

Service

Co

of

Colorado

5.25%,

04/01/2053

Saavi

Energia

Sarl

8.88%,

02/10/2035

(f) 455

Southern

Co/The

5.70%,

03/15/2034

1,210

1,260

Schedule

of

Investments

Core

Plus

Bond

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

Trans-Allegheny

Interstate

Line

Co

5.00%,

01/15/2031

(f) $

$

Vistra

Corp

7.00%,

12/15/2026

(f),(h),(i)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.74%

Vistra

Operations

Co

LLC

4.38%,

05/01/2029

(f) 185

WEC

Energy

Group

Inc

5.00%,

09/27/2025

Xcel

Energy

Inc

4.75%,

03/21/2028

550

553

5.45%,

08/15/2033

805

817

$

19,195

Engineering

&

Construction

-

.25

%

ATP

Tower

Holdings

/

Andean

Telecom

Partners

Chile

SpA

/

Andean

Tower

Partners

Colombia

SAS

7.88%,

02/03/2030

(f) 440

Global

Infrastructure

Solutions

Inc

5.63%,

06/01/2029

(f) 295

Sitios

Latinoamerica

SAB

de

CV

5.38%,

04/04/2032

(f) 575

566

$

1,306

Entertainment

-

.44

%

Caesars

Entertainment

Inc

4.63%,

10/15/2029

(f) 540

510

6.50%,

02/15/2032

(f) 345

CCM

Merger

Inc

6.38%,

05/01/2026

(f) 475

Cinemark

USA

Inc

5.25%,

07/15/2028

(f),(g)

7.00%,

08/01/2032

(f) 55

Warnermedia

Holdings

Inc

3.76%,

03/15/2027

5.05%,

03/15/2042

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp

7.13%,

02/15/2031

(f) 105

$

2,295

Environmental

Control

-

.10

%

Madison

IAQ

LLC

4.13%,

06/30/2028

(f) 270

Waste

Connections

Inc

5.25%,

09/01/2035

$

500

Food

-

.17

%

Albertsons

Cos

Inc

/

Safeway

Inc

/

New

Albertsons

LP

/

Albertsons

LLC

4.63%,

01/15/2027

(f) 285

B&G

Foods

Inc

5.25%,

09/15/2027

(g) 100

8.00%,

09/15/2028

(f) 125

Chobani

Holdco

II

LLC

8.75%,

PIK

9.50%;

10/01/2029

(f),(k),(m)

Chobani

LLC

/

Chobani

Finance

Corp

Inc

7.63%,

07/01/2029

(f) 345

Fiesta

Purchaser

Inc

7.88%,

03/01/2031

(f) 180

Grupo

Nutresa

SA

8.00%,

05/12/2030

(f) 300

JBS

USA

Holding

Lux

Sarl

/

JBS

USA

Foods

Group

Holdings

Inc

/

JBS

USA

Food

Co

6.38%,

04/15/2066

(f) 410

JBS

USA

Holding

Lux

Sarl/

JBS

USA

Food

Co/

JBS

Lux

Co

Sarl

4.38%,

02/02/2052

1,421

1,083

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Food

(continued)

JBS

USA

LUX

Sarl

/

JBS

USA

Food

Co

/

JBS

USA

Foods

Group

6.38%,

02/25/2055

(f) $

$

Mars

Inc

4.80%,

03/01/2030

(f) 260

5.20%,

03/01/2035

(f) 1,360

1,366

5.70%,

05/01/2055

(f) 1,009

996

Post

Holdings

Inc

5.50%,

12/15/2029

(f) 175

$

6,122

Forest

Products

&

Paper

-

.09

%

Celulosa

Arauco

y

Constitucion

SA

6.18%,

05/05/2032

(f) 250

Mercer

International

Inc

5.13%,

02/01/2029

12.88%,

10/01/2028

(f) 125

$

Gas

-

.61

%

Boston

Gas

Co

5.84%,

01/10/2035

(f) 250

NiSource

Inc

0.95%,

08/15/2025

1,000

999

5.25%,

03/30/2028

6.95%,

11/30/2054

(h) 835

865

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.45%

Southern

California

Gas

Co

5.05%,

09/01/2034

6.00%,

06/15/2055

655

667

$

3,197

Healthcare

-

Services

-

.57

%

Acadia

Healthcare

Co

Inc

5.00%,

04/15/2029

(f) 425

Centene

Corp

2.63%,

08/01/2031

3.38%,

02/15/2030

665

599

4.25%,

12/15/2027

CHS/Community

Health

Systems

Inc

5.63%,

03/15/2027

(f) 215

HCA

Inc

5.45%,

04/01/2031

LifePoint

Health

Inc

8.38%,

02/15/2032

(f) 205

UnitedHealth

Group

Inc

4.75%,

05/15/2052

625

525

5.75%,

07/15/2064

$

2,992

Home

Builders

-

.06

%

Adams

Homes

Inc

9.25%,

10/15/2028

(f) 285

Home

Equity

Asset

Backed

Securities

-

.13

%

Chase

Funding

Trust

Series

2003-5

5.07%,

07/25/2033

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.71%

First

NLC

Trust

2005-1

0.12%,

05/25/2035

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.61%

Saxon

Asset

Securities

Trust

2004-1

1.94%,

03/25/2035

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.81%

$

657

Schedule

of

Investments

Core

Plus

Bond

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Insurance

-

.64

%

American

International

Group

Inc

4.85%,

05/07/2030

$

$

5.45%,

05/07/2035

1,005

1,027

Aon

North

America

Inc

5.45%,

03/01/2034

505

517

5.75%,

03/01/2054

685

667

Arthur

J

Gallagher

&

Co

2.40%,

11/09/2031

665

580

5.15%,

02/15/2035

5.55%,

02/15/2055

Athene

Global

Funding

4.86%,

08/27/2026

(f) 655

657

Brown

&

Brown

Inc

4.70%,

06/23/2028

4.90%,

06/23/2030

5.55%,

06/23/2035

6.25%,

06/23/2055

Corebridge

Financial

Inc

5.75%,

01/15/2034

Equitable

America

Global

Funding

4.95%,

06/09/2030

(f) 630

635

F&G

Global

Funding

5.88%,

06/10/2027

(f) 670

684

GA

Global

Funding

Trust

4.40%,

09/23/2027

(f) 735

732

Markel

Group

Inc

6.00%,

05/16/2054

Marsh

&

McLennan

Cos

Inc

6.25%,

11/01/2052

MetLife

Inc

5.00%,

07/15/2052

5.30%,

12/15/2034

Northwestern

Mutual

Life

Insurance

Co/The

6.17%,

05/29/2055

(f) 300

Reinsurance

Group

of

America

Inc

5.75%,

09/15/2034

Teachers

Insurance

&

Annuity

Association

of

America

4.27%,

05/15/2047

(f) 200

$

8,542

Internet

-

.36

%

Alibaba

Group

Holding

Ltd

5.25%,

05/26/2035

(f) 600

609

Cogent

Communications

Group

LLC

/

Cogent

Finance

Inc

7.00%,

06/15/2027

(f) 45

Meta

Platforms

Inc

4.45%,

08/15/2052

925

778

5.40%,

08/15/2054

$

1,867

Investment

Companies

-

.12

%

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC

3.38%,

06/15/2026

(f) 22

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp

4.38%,

02/01/2029

5.25%,

05/15/2027

6.25%,

05/15/2026

$

632

Leisure

Products

&

Services

-

.13

%

NCL

Corp

Ltd

5.88%,

02/15/2027

(f) 80

NCL

Finance

Ltd

6.13%,

03/15/2028

(f) 340

Royal

Caribbean

Cruises

Ltd

5.38%,

07/15/2027

(f) 205

5.63%,

09/30/2031

(f) 35

$

666

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Lodging

-

.18

%

Sands

China

Ltd

3.80%,

01/08/2026

$

$

Wynn

Macau

Ltd

5.63%,

08/26/2028

(f) 605

598

$

947

Machinery

-

Diversified

-

.13

%

Maxim

Crane

Works

Holdings

Capital

LLC

11.50%,

09/01/2028

(f) 465

Westinghouse

Air

Brake

Technologies

Corp

4.90%,

05/29/2030

$

685

Media

-

.03

%

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

4.50%,

08/15/2030

(f) 409

5.38%,

06/01/2029

(f) 205

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

3.90%,

06/01/2052

1,365

905

6.10%,

06/01/2029

705

735

6.15%,

11/10/2026

6.55%,

06/01/2034

745

785

Comcast

Corp

2.94%,

11/01/2056

900

520

5.35%,

05/15/2053

CSC

Holdings

LLC

4.50%,

11/15/2031

(f) 200

Directv

Financing

LLC

8.88%,

02/01/2030

(f) 250

Directv

Financing

LLC

/

Directv

Financing

Co-

Obligor

Inc

5.88%,

08/15/2027

(f) 25

10.00%,

02/15/2031

(f) 20

Discovery

Communications

LLC

4.13%,

05/15/2029

DISH

Network

Corp

11.75%,

11/15/2027

(f) 255

iHeartCommunications

Inc

4.75%,

01/15/2028

(f) 45

Paramount

Global

4.20%,

05/19/2032

Sinclair

Television

Group

Inc

8.13%,

02/15/2033

(f) 290

$

5,388

Mining

-

.52

%

Glencore

Funding

LLC

5.19%,

04/01/2030

(f) 560

569

5.37%,

04/04/2029

(f) 485

6.13%,

10/06/2028

(f) 550

574

New

Gold

Inc

6.88%,

04/01/2032

(f) 120

Taseko

Mines

Ltd

8.25%,

05/01/2030

(f) 640

668

Vedanta

Resources

Finance

II

PLC

9.48%,

07/24/2030

(f) 270

$

2,697

Miscellaneous

Manufacturers

-

.05

%

Siemens

Funding

BV

5.80%,

05/28/2055

(f) 270

Mortgage

Backed

Securities

-

.84

%

Fannie

Mae

REMICS

1.59%,

08/25/2049

(l) 5,447

570

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

1.64%,

08/25/2043

(l) 1,071

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.99%

Schedule

of

Investments

Core

Plus

Bond

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Mortgage

Backed

Securities

(continued)

Fannie

Mae

REMICS

(continued)

1.69%,

12/25/2042

(l) $

4,011

$

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.04%

1.69%,

01/25/2048

(l) 1,577

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.04%

1.74%,

03/25/2048

(l) 1,972

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.09%

1.74%,

06/25/2048

(l) 2,075

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.09%

3.00%,

04/25/2027

(l) 160

3.00%,

09/25/2050

(l) 1,875

3.50%,

09/25/2027

(l) 275

3.50%,

11/25/2027

(l) 70

3.50%,

05/25/2028

(l) 78

4.00%,

04/25/2043

(l) 96

Freddie

Mac

REMICS

1.60%,

10/15/2046

(l) 2,581

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

1.69%,

06/25/2050

(l) 2,161

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.04%

2.00%,

02/15/2036

3.00%,

05/15/2027

(l) 128

3.00%,

10/15/2027

(l) 63

3.00%,

02/15/2029

(l) 292

3.50%,

02/15/2028

(l) 135

3.50%,

03/15/2041

(l) 429

4.90%,

05/15/2049

2,072

2,012

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.56%

Ginnie

Mae

1.15%,

04/20/2052

(l) 2,297

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.50%

1.58%,

11/20/2040

(l) 1,065

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.94%

1.58%,

05/20/2046

(l) 260

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.94%

1.60%,

12/16/2043

(l) 2,364

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.94%

1.63%,

11/20/2046

(l) 1,956

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.99%

1.68%,

08/20/2044

(l) 876

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.04%

1.68%,

03/20/2047

(l) 1,095

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.04%

1.73%,

10/20/2045

(l) 891

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.09%

1.73%,

08/20/2047

(l) 3,849

533

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.09%

1.73%,

08/20/2047

(l) 1,265

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.09%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Mortgage

Backed

Securities

(continued)

Ginnie

Mae

(continued)

1.73%,

08/20/2047

(l) $

$

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.09%

1.73%,

11/20/2047

(l) 651

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.09%

1.78%,

06/20/2045

(l) 1,178

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.14%

1.78%,

10/20/2047

(l) 1,668

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.14%

1.83%,

08/20/2050

(l) 2,330

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.19%

1.83%,

11/20/2050

(l) 1,649

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.19%

1.83%,

08/20/2051

(l) 1,533

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.19%

1.90%,

09/20/2050

(l) 1,751

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.25%

2.18%,

04/20/2041

(l) 446

(1.10)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.97%

2.50%,

12/20/2050

(l) 2,527

3.00%,

07/20/2050

(l) 511

3.00%,

11/20/2050

(l) 1,360

3.00%,

11/20/2050

(l) 1,885

3.00%,

11/20/2050

(l) 2,144

3.50%,

01/20/2043

(l) 1,682

3.50%,

10/20/2049

(l) 775

4.00%,

09/20/2040

(l) 297

4.50%,

05/16/2043

(l) 686

JP

Morgan

Mortgage

Trust

2024-1

6.00%,

06/25/2054

(f),(k)

1,774

1,774

JP

Morgan

Mortgage

Trust

2024-2

6.00%,

08/25/2054

(f),(k)

1,085

1,082

JP

Morgan

Mortgage

Trust

2025-1

6.00%,

06/25/2055

(f),(k)

1,702

1,707

JP

Morgan

Mortgage

Trust

Series

2024-4

6.00%,

10/25/2054

(f),(k)

1,324

1,323

Sequoia

Mortgage

Trust

2024-2

6.00%,

03/25/2054

(f),(k)

1,633

1,633

Sequoia

Mortgage

Trust

2024-3

6.00%,

04/25/2054

(f),(k)

2,320

2,320

$

20,014

Oil

&

Gas

-

.18

%

Aethon

United

BR

LP

/

Aethon

United

Finance

Corp

7.50%,

10/01/2029

(f) 545

571

ConocoPhillips

Co

5.50%,

01/15/2055

Crescent

Energy

Finance

LLC

8.38%,

01/15/2034

(f) 260

Diamondback

Energy

Inc

5.20%,

04/18/2027

5.75%,

04/18/2054

735

683

Ecopetrol

SA

8.88%,

01/13/2033

EQT

Corp

7.50%,

06/01/2027

(f) 270

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co

7.25%,

02/15/2035

(f) 370

Matador

Resources

Co

6.25%,

04/15/2033

(f) 405

Schedule

of

Investments

Core

Plus

Bond

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Oil

&

Gas

(continued)

Occidental

Petroleum

Corp

5.20%,

08/01/2029

$

$

Permian

Resources

Operating

LLC

8.00%,

04/15/2027

(f) 200

Pertamina

Persero

PT

3.10%,

08/27/2030

(f) 200

Petroleos

Mexicanos

7.69%,

01/23/2050

685

581

Saudi

Arabian

Oil

Co

4.75%,

06/02/2030

(f) 200

Tengizchevroil

Finance

Co

International

Ltd

2.63%,

08/15/2025

(f) 975

972

$

6,146

Oil

&

Gas

Services

-

.10

%

Archrock

Partners

LP

/

Archrock

Partners

Finance

Corp

6.25%,

04/01/2028

(f) 285

Enerflex

Ltd

9.00%,

10/15/2027

(f) 236

$

528

Other

Asset

Backed

Securities

-

.65

%

Hilton

Grand

Vacations

Trust

2024-3

4.98%,

08/27/2040

(f) 754

756

Hotwire

Funding

LLC

2.31%,

11/20/2051

(f) 1,250

1,203

Verizon

Master

Trust

4.35%,

08/20/2032

(f) 1,200

1,195

Verizon

Master

Trust

Series

2025-2

4.94%,

01/20/2033

(f) 235

$

3,393

Packaging

&

Containers

-

.53

%

Canpack

SA

/

Canpack

US

LLC

3.13%,

11/01/2025

(f) 200

Clydesdale

Acquisition

Holdings

Inc

6.63%,

04/15/2029

(f) 230

6.75%,

04/15/2032

(f) 225

6.88%,

01/15/2030

(f) 25

8.75%,

04/15/2030

(f) 165

LABL

Inc

5.88%,

11/01/2028

(f) 185

8.63%,

10/01/2031

(f) 100

9.50%,

11/01/2028

(f) 310

Mauser

Packaging

Solutions

Holding

Co

7.88%,

04/15/2027

(f) 230

Smurfit

Kappa

Treasury

ULC

5.20%,

01/15/2030

1,125

1,152

$

2,776

Pharmaceuticals

-

.55

%

1261229

BC

Ltd

10.00%,

04/15/2032

(f) 310

AbbVie

Inc

4.25%,

11/21/2049

615

502

5.50%,

03/15/2064

AdaptHealth

LLC

6.13%,

08/01/2028

(f) 290

Bayer

US

Finance

LLC

6.25%,

01/21/2029

(f),(g)

Eli

Lilly

&

Co

5.50%,

02/12/2055

Endo

Finance

Holdings

Inc

8.50%,

04/15/2031

(f),(g)

Jazz

Securities

DAC

4.38%,

01/15/2029

(f) 285

$

2,841

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pipelines

-

.42

%

Antero

Midstream

Partners

LP

/

Antero

Midstream

Finance

Corp

5.38%,

06/15/2029

(f) $

$

5.75%,

03/01/2027

(f) 155

6.63%,

02/01/2032

(f) 65

Cheniere

Energy

Inc

5.65%,

04/15/2034

Cheniere

Energy

Partners

LP

5.55%,

10/30/2035

(f) 375

Columbia

Pipelines

Holding

Co

LLC

6.04%,

08/15/2028

(f) 1,105

1,148

DT

Midstream

Inc

4.13%,

06/15/2029

(f) 1,665

1,603

Energy

Transfer

LP

3.75%,

05/15/2030

965

925

5.15%,

03/15/2045

750

657

5.25%,

07/01/2029

5.55%,

02/15/2028

1,065

1,091

Hess

Midstream

Operations

LP

4.25%,

02/15/2030

(f) 585

566

Kinder

Morgan

Inc

5.00%,

02/01/2029

520

527

5.15%,

06/01/2030

5.40%,

02/01/2034

650

657

NGL

Energy

Operating

LLC

/

NGL

Energy

Finance

Corp

8.13%,

02/15/2029

(f) 170

ONEOK

Inc

4.25%,

09/24/2027

550

548

4.40%,

10/15/2029

4.75%,

10/15/2031

815

807

5.70%,

11/01/2054

575

528

Venture

Global

LNG

Inc

7.00%,

01/15/2030

(f) 50

8.38%,

06/01/2031

(f) 70

9.50%,

02/01/2029

(f) 450

Williams

Cos

Inc/The

5.40%,

03/02/2026

$

12,599

REITs

-

.04

%

American

Homes

Rent

LP

3.38%,

07/15/2051

4.25%,

02/15/2028

570

565

4.95%,

06/15/2030

5.50%,

07/15/2034

Arbor

Realty

SR

Inc

7.88%,

07/15/2030

(f) 320

Blackstone

Mortgage

Trust

Inc

7.75%,

12/01/2029

(f) 110

Iron

Mountain

Inc

6.25%,

01/15/2033

(f) 45

Iron

Mountain

Information

Management

Services

Inc

5.00%,

07/15/2032

(f) 210

Ladder

Capital

Finance

Holdings

LLLP

/

Ladder

Capital

Finance

Corp

4.75%,

06/15/2029

(f) 588

571

7.00%,

07/15/2031

(f) 30

Mid-America

Apartments

LP

2.88%,

09/15/2051

646

Omega

Healthcare

Investors

Inc

5.20%,

07/01/2030

625

627

Park

Intermediate

Holdings

LLC

/

PK

Domestic

Property

LLC

/

PK

Finance

Co-Issuer

4.88%,

05/15/2029

(f) 270

7.00%,

02/01/2030

(f) 150

Schedule

of

Investments

Core

Plus

Bond

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

REITs

(continued)

Uniti

Group

LP

/

Uniti

Fiber

Holdings

Inc

/

CSL

Capital

LLC

6.00%,

01/15/2030

(f) $

$

Uniti

Group

LP

/

Uniti

Group

Finance

2019

Inc

/

CSL

Capital

LLC

8.63%,

06/15/2032

(f) 105

10.50%,

02/15/2028

(f) 142

VICI

Properties

LP

4.75%,

04/01/2028

XHR

LP

4.88%,

06/01/2029

(f),(g)

6.63%,

05/15/2030

(f) 15

$

5,433

Retail

-

.37

%

Bath

&

Body

Works

Inc

5.25%,

02/01/2028

530

530

6.63%,

10/01/2030

(f) 105

Carvana

Co

11.00%,

PIK

13.00%;

06/01/2030

(f),(k),(m)

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co

Inc

4.63%,

01/15/2029

(f) 245

Park

River

Holdings

Inc

6.75%,

08/01/2029

(f) 24

Patrick

Industries

Inc

4.75%,

05/01/2029

(f) 75

Victra

Holdings

LLC

/

Victra

Finance

Corp

8.75%,

09/15/2029

(f),(g)

505

529

$

1,901

Semiconductors

-

.19

%

ams-OSRAM

AG

12.25%,

03/30/2029

(f) 150

Broadcom

Inc

3.14%,

11/15/2035

(f) 75

3.42%,

04/15/2033

(f) 2,615

2,366

4.35%,

02/15/2030

4.55%,

02/15/2032

4.60%,

07/15/2030

555

555

5.05%,

07/12/2029

5.05%,

04/15/2030

895

915

5.15%,

11/15/2031

5.20%,

07/15/2035

675

678

Intel

Corp

4.75%,

03/25/2050

(g) 575

Kioxia

Holdings

Corp

6.25%,

07/24/2030

(f) 200

6.63%,

07/24/2033

(f) 200

Marvell

Technology

Inc

2.95%,

04/15/2031

4.75%,

07/15/2030

4.88%,

06/22/2028

575

580

5.45%,

07/15/2035

5.95%,

09/15/2033

510

538

Micron

Technology

Inc

5.30%,

01/15/2031

790

806

5.80%,

01/15/2035

945

969

6.75%,

11/01/2029

565

608

$

11,440

Shipbuilding

-

.13

%

Huntington

Ingalls

Industries

Inc

5.35%,

01/15/2030

5.75%,

01/15/2035

$

676

Software

-

.50

%

Cloud

Software

Group

Inc

9.00%,

09/30/2029

(f) 185

Open

Text

Corp

3.88%,

12/01/2029

(f) 170

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Software

(continued)

Oracle

Corp

3.95%,

03/25/2051

$

670

$

4.00%,

07/15/2046

Synopsys

Inc

5.70%,

04/01/2055

VMware

LLC

1.80%,

08/15/2028

1,360

1,257

$

2,610

Sovereign

-

.38

%

Colombia

Government

International

Bond

8.50%,

04/25/2035

Hungary

Government

International

Bond

6.13%,

05/22/2028

(f) 350

Israel

Government

International

Bond

4.13%,

01/17/2048

Istanbul

Metropolitan

Municipality

10.50%,

12/06/2028

(f) 300

Philippine

Government

International

Bond

5.90%,

02/04/2050

550

565

Romanian

Government

International

Bond

6.63%,

05/16/2036

(f) 250

$

1,970

Telecommunications

-

.13

%

AT&T

Inc

2.75%,

06/01/2031

3.50%,

09/15/2053

2,668

1,797

3.55%,

09/15/2055

855

573

Axian

Telecom

Holding

&

Management

PLC

7.25%,

07/11/2030

(f) 200

Connect

Finco

SARL

/

Connect

US

Finco

LLC

9.00%,

09/15/2029

(f) 375

Digicel

International

Finance

Ltd

/

Difl

US

LLC

8.63%,

08/01/2032

(f),(j)

EchoStar

Corp

10.75%,

11/30/2029

NTT

Finance

Corp

4.88%,

07/16/2030

(f) 555

558

Rogers

Communications

Inc

4.55%,

03/15/2052

T-Mobile

USA

Inc

2.40%,

03/15/2029

910

847

2.55%,

02/15/2031

820

733

2.88%,

02/15/2031

1,255

1,140

5.13%,

05/15/2032

500

507

5.88%,

11/15/2055

550

548

Verizon

Communications

Inc

2.36%,

03/15/2032

1,210

1,040

2.55%,

03/21/2031

1,131

1,013

2.88%,

11/20/2050

Viavi

Solutions

Inc

3.75%,

10/01/2029

(f) 190

Zayo

Group

Holdings

Inc

4.00%,

03/01/2027

(f) 205

$

11,116

Transportation

-

.25

%

Burlington

Northern

Santa

Fe

LLC

4.45%,

01/15/2053

Eletson

Holdings

Inc

/

Eletson

Finance

US

LLC

/

Agathonissos

Finance

LLC

0.00%,

01/15/2022

(d),(e)

1,749

Norfolk

Southern

Corp

5.10%,

05/01/2035

5.35%,

08/01/2054

800

762

RXO

Inc

7.50%,

11/15/2027

(f) 160

$

1,313

Schedule

of

Investments

Core

Plus

Bond

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Water

-

.11

%

Aegea

Finance

Sarl

9.00%,

01/20/2031

(f) $

550

$

591

TOTAL

BONDS

$

330,673

SENIOR

FLOATING

RATE

INTERESTS

-

.66

%

Principal

Amount

(000's)

Value

(000's)

Aerospace

&

Defense

-

.09

%

TransDigm

Inc

Term

Loan

J

6.80%,

02/28/2031

(n) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Airlines

-

.15

%

AAdvantage

Loyalty

IP

Ltd

Term

Loan

B

6.58%,

04/20/2028

(n) 86

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

United

Airlines

Inc

Term

Loan

B

6.35%,

02/22/2031

(n) 536

537

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

WestJet

Loyalty

LP

Term

Loan

B

7.55%,

02/14/2031

(n) 146

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

$

768

Automobile

Parts

&

Equipment

-

.01

%

Tenneco

Inc

Term

Loan

B

9.42%,

11/17/2028

(n) 30

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

Building

Materials

-

.16

%

MITER

Brands

Acquisition

Holdco

Inc

Term

Loan

B2

7.51%,

03/28/2031

(n) 750

750

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Quikrete

Holdings

Inc

Term

Loan

B3

6.61%,

01/31/2032

(n) 75

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

$

825

Chemicals

-

.20

%

Advancion

Holdings

LLC

Term

Loan

B

8.46%,

11/24/2027

(n) 157

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Advancion

Holdings

LLC

Term

Loan

12.21%,

11/24/2028

(n) 375

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.75%

Consolidated

Energy

Finance

SA

Term

Loan

B

8.83%,

11/15/2030

(n) 50

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Element

Solutions

Inc

Term

Loan

B3

6.11%,

12/18/2030

(n) 480

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

$

1,030

Commercial

Services

-

.22

%

Garda

World

Security

Corp

Term

Loan

B

7.34%,

02/01/2029

(n) 631

630

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Services

(continued)

Veritiv

Operating

Co

Term

Loan

B

8.30%,

11/30/2030

(n) $

507

$

509

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

$

1,139

Consumer

Products

-

.12

%

Kronos

Acquisition

Holdings

Inc

Term

Loan

B

8.30%,

06/27/2031

(n) 739

628

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Diversified

Financial

Services

-

.29

%

Avolon

TLB

Borrower

US

LLC

Term

Loan

B6

6.10%,

06/22/2030

(n) 479

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Jane

Street

Group

LLC

Term

Loan

B

6.33%,

12/15/2031

(n) 554

551

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Russell

Investments

US

Institutional

Holdco

Inc

PIK

Term

Loan

B

9.31%,

PIK

1.50%,

05/30/2027

(m),(n)

516

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

$

1,528

Food

-

.13

%

Fiesta

Purchaser

Inc

Term

Loan

B

7.20%,

02/12/2031

(n) 681

682

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Lodging

-

.15

%

Fertitta

Entertainment

LLC/NV

7.60%,

01/27/2029

(n) 766

766

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Machinery

-

Diversified

-

.00

%

TK

Elevator

US

Newco

Inc

Term

Loan

B

3.60%,

04/30/2030

(n) 25

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Media

-

.16

%

Directv

Financing

LLC

Tern

Loan

Extended

9.82%,

08/02/2029

(n) 213

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Directv

Financing

LLC

Term

Loan

B

9.81%,

02/15/2031

(n) 461

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

Gray

Media

Inc

Term

Loan

F

9.58%,

05/23/2029

(n) 10

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

iHeartCommunications

Inc

Term

Loan

10.65%,

05/01/2029

(n) 184

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.78%

$

816

Mining

-

.20

%

Arsenal

AIC

Parent

LLC

Term

Loan

B

7.11%,

08/18/2030

(n) 1,023

1,024

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Schedule

of

Investments

Core

Plus

Bond

Fund

July

31,

2025

(unaudited)

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Packaging

&

Containers

-

.23

%

Clydesdale

Acquisition

Holdings

Inc

Term

Loan

B

7.61%,

03/26/2032

(n) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

LABL

Inc

Term

Loan

B

9.86%,

10/22/2028

(n) 554

500

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

Mauser

Packaging

Solutions

Holding

Co

Term

Loan

B1

7.76%,

04/15/2027

(n) 324

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

$

1,202

Pharmaceuticals

-

.25

%

1261229

BC

Ltd

Term

Loan

B

10.61%,

09/25/2030

(n) 460

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.25%

Endo

Finance

Holdings

Inc

Term

Loan

B

8.36%,

04/23/2031

(n) 686

687

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Jazz

Financing

Lux

Sarl

Term

Loan

B2

7.01%,

05/05/2028

(n) 191

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

$

1,329

Retail

-

.13

%

IRB

Holding

Corp

Term

Loan

B

6.86%,

12/15/2027

(n) 696

695

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Software

-

.09

%

Cloud

Software

Group

Inc

Term

Loan

B1

7.80%,

03/30/2029

(n) 481

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Telecommunications

-

.08

%

CommScope

LLC

Term

Loan

0.00%,

12/17/2029

(n),(o)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Zayo

Group

Holdings

Inc

Term

Loan

B

7.47%,

03/09/2027

(n) 285

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

$

TOTAL

SENIOR

FLOATING

RATE

INTERESTS

$

13,877

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

.88

%

Principal

Amount

(000's)

Value

(000's)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

-

.09

%

3.00%,

01/01/2043

$

1,037

$

929

3.00%,

02/01/2043

4.00%,

02/01/2046

2,041

1,936

4.50%,

04/01/2031

4.50%,

04/01/2041

1,263

1,242

5.00%,

06/01/2031

5.50%,

05/01/2033

5.50%,

12/01/2033

5.50%,

11/01/2036

5.50%,

04/01/2038

5.50%,

08/01/2038

6.00%,

12/01/2031

6.00%,

12/01/2032

6.00%,

02/01/2033

6.00%,

12/01/2033

6.00%,

10/01/2036

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

(continued)

6.00%,

07/01/2038

$

$

6.50%,

03/01/2029

6.50%,

05/01/2029

6.50%,

04/01/2031

6.50%,

02/01/2032

6.50%,

05/01/2032

6.50%,

10/01/2035

7.00%,

12/01/2029

7.00%,

06/01/2030

7.50%,

01/01/2031

7.50%,

03/01/2031

7.50%,

02/01/2032

8.00%,

09/01/2030

$

5,708

Federal

National

Mortgage

Association

(FNMA)

-

.16

%

5.00%,

07/01/2044

681

682

6.56%,

07/01/2033

1.00 x

Refinitiv

USD

IBOR

Consumer

Cash

Fallback

12-Month

+

1.57%

$

856

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

-

.27

%

2.00%,

01/01/2051

3,740

3,021

2.00%,

02/01/2051

2,001

1,602

2.00%,

11/01/2051

4,177

3,323

2.00%,

11/01/2051

1,922

1,529

2.00%,

12/01/2051

3,854

3,057

2.00%,

05/01/2052

2,741

2,188

2.50%,

10/01/2050

1,409

1,161

2.50%,

02/01/2051

2,427

2,034

2.50%,

07/01/2051

2,723

2,269

2.50%,

09/01/2051

1,253

1,045

2.50%,

11/01/2051

1,697

1,419

2.50%,

04/01/2052

2,902

2,406

3.00%,

10/01/2029

3.00%,

09/01/2032

3.00%,

04/01/2043

3.00%,

05/01/2043

3.00%,

11/01/2046

2,231

1,968

3.00%,

12/01/2048

3.00%,

11/01/2050

664

582

3.00%,

03/01/2052

2,466

2,145

3.50%,

02/01/2033

3.50%,

01/01/2044

544

504

3.50%,

04/01/2047

3.50%,

10/01/2047

3.50%,

11/01/2047

790

722

3.50%,

03/01/2048

3.50%,

04/01/2052

2,397

2,154

4.00%,

02/01/2031

4.00%,

05/01/2047

1,809

1,685

4.00%,

06/01/2048

4.00%,

08/01/2052

2,004

1,861

4.50%,

06/01/2044

4.50%,

07/01/2052

1,071

1,023

4.50%,

10/01/2052

1,211

1,154

4.50%,

05/01/2053

1,606

1,534

4.50%,

07/01/2053

662

635

4.50%,

08/01/2053

1,009

959

4.50%,

01/01/2054

1,044

998

5.00%,

06/01/2048

5.00%,

07/01/2052

921

906

5.00%,

09/01/2052

1,286

1,264

5.00%,

04/01/2053

2,157

2,122

5.00%,

06/01/2053

2,145

2,097

5.00%,

06/01/2053

2,343

2,298

5.00%,

11/01/2054

1,690

1,657

5.00%,

11/01/2054

1,052

1,025

Schedule

of

Investments

Core

Plus

Bond

Fund

July

31,

2025

(unaudited)

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

5.00%,

02/01/2055

$

2,092

$

2,050

5.50%,

07/01/2033

5.50%,

09/01/2033

5.50%,

05/01/2040

5.50%,

05/01/2053

2,497

2,506

5.50%,

07/01/2053

1,375

1,380

5.50%,

11/01/2053

1,850

1,859

5.50%,

11/01/2053

1,767

1,772

5.50%,

03/01/2054

930

927

5.50%,

05/01/2054

1,279

1,281

5.50%,

02/01/2055

2,217

2,219

5.50%,

09/01/2055

(p) 2,345

2,331

6.00%,

05/01/2038

6.00%,

08/01/2038

6.00%,

08/01/2038

6.00%,

01/01/2053

1,289

1,330

6.00%,

04/01/2054

1,296

1,329

6.00%,

05/01/2054

1,062

1,086

6.00%,

06/01/2054

865

885

6.00%,

09/01/2054

906

926

6.00%,

09/01/2054

1,282

1,311

6.00%,

11/01/2054

2,204

2,253

6.50%,

12/01/2031

6.50%,

04/01/2032

6.50%,

07/01/2037

6.50%,

12/01/2037

6.50%,

02/01/2038

6.50%,

09/01/2038

6.50%,

10/01/2053

501

6.50%,

05/01/2054

828

860

6.50%,

04/01/2055

659

688

6.50%,

09/01/2055

(p) 675

696

7.00%,

03/01/2032

7.50%,

08/01/2032

$

84,805

Government

National

Mortgage

Association

(GNMA)

-

.46

%

2.00%,

07/20/2051

877

708

2.00%,

11/20/2051

1,115

900

2.50%,

06/20/2050

626

528

2.50%,

04/20/2051

1,208

1,017

2.50%,

05/20/2051

821

691

3.00%,

01/20/2045

3.00%,

11/20/2046

1,055

935

3.50%,

03/15/2042

3.50%,

04/15/2042

3.50%,

09/20/2047

518

3.50%,

06/20/2048

657

599

4.00%,

04/20/2052

4.50%,

09/15/2039

4.50%,

03/15/2040

571

556

4.50%,

09/20/2052

1,551

1,481

4.50%,

06/20/2053

2,006

1,910

5.00%,

12/20/2052

1,102

1,082

5.00%,

02/20/2053

1,604

1,572

5.00%,

05/20/2053

1,315

1,287

5.00%,

09/20/2053

1,098

1,073

5.00%,

10/20/2053

2,239

2,195

5.00%,

04/20/2054

2,570

2,509

5.50%,

05/20/2035

5.50%,

02/15/2038

5.50%,

08/20/2055

(p) 11,805

11,773

6.00%,

07/20/2028

6.00%,

11/20/2028

6.00%,

01/20/2029

6.00%,

07/20/2029

6.00%,

08/15/2031

6.00%,

01/15/2032

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Government

National

Mortgage

Association

(GNMA)

(continued)

6.00%,

02/15/2032

$

$

6.00%,

02/15/2033

6.00%,

12/15/2033

6.00%,

08/20/2055

(p) 5,780

5,857

6.50%,

03/20/2028

6.50%,

05/20/2029

6.50%,

10/15/2032

6.50%,

12/15/2032

7.00%,

06/15/2031

7.00%,

06/15/2032

8.00%,

01/20/2031

$

38,869

U.S.

Treasury

-

.25

%

2.88%,

08/15/2045

7,200

5,320

3.75%,

06/30/2027

1,550

1,544

3.75%,

05/15/2028

4,000

3,986

3.88%,

08/15/2040

(q) 4,720

4,299

4.00%,

05/31/2030

675

677

4.00%,

04/30/2032

1,100

1,092

$

16,918

U.S.

Treasury

Bill

-

.65

%

4.14%,

08/28/2025

(r) 8,350

8,323

4.22%,

10/16/2025

(r) 300

$

8,620

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

155,776

Total

Investments

$

544,459

Other

Assets

and

Liabilities

- (4.43)%

(23,087)

TOTAL

NET

ASSETS

-

100.00%

$

521,372

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$3,773

or

0.72%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Non-income

producing

security

(e) The

value

of

these

investments

was

determined

using

significant

unobservable

inputs,

in

good

faith

by

the

Manager,

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

(f) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$130,950

or

25.12%

of

net

assets.

(g) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$3,623

or

0.69%

of

net

assets.

(h) Rate

shown

is

as

of

period

end.

The

rate

may

be

a

variable

or

floating

rate

or

a

fixed

rate

which

may

convert

to

a

variable

or

floating

rate

in

the

future.

(i) Perpetual

security.

Perpetual

securities

pay

an

indefinite

stream

of

interest,

but

they

may

be

called

by

the

issuer

at

an

earlier

date.

Date

shown,

if

any,

reflects

the

next

call

date

or

final

legal

maturity

date.

Rate

shown

is

as

of

period

end.

(j) Security

purchased

on

a

when-issued

basis.

(k) Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions. These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(l) Security

is

an

Interest

Only

Strip.

(m) Payment

in

kind;

the

issuer

has

the

option

of

paying

additional

securities

in

lieu

of

cash.

(n) Rate

information

disclosed

is

based

on

an

average

weighted

rate

of

the

underlying

tranches

as

of

period

end.

(o) This

Senior

Floating

Rate

Note

will

settle

after

July

31,

2025,

at

which

time

the

interest

rate

will

be

determined.

(p) Security

was

purchased

in

a

"to-be-announced"

("TBA")

transaction.

Schedule

of

Investments

Core

Plus

Bond

Fund

July

31,

2025

(unaudited)

(q) Security

or

a

portion

of

the

security

was

pledged

to

cover

margin

requirements

for

futures

contracts.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$4,031

or

0.77%

of

net

assets.

(r) Rate

shown

is

the

discount

rate

of

the

original

purchase.

Affiliated

Securities

October

31,

2024

Purchases

Sales

July

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

11,755

$

322,196

$

319,658

$

14,293

$

11,755

$

322,196

$

319,658

$

14,293

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

640

$

—

$

—

$

—

$

640

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

US

Year

Note;

September

2025

Long

$

23,989

$

US

Year

Ultra

Note;

September

2025

Short

4,749

US

Year

Note;

September

2025

Long

26,287

(64)

US

Year

Note;

September

2025

Long

9,519

(2)

US

Long

Bond;

September

2025

Long

23,523

US

Ultra

Bond;

September

2025

Long

11,379

Total

$

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

7.02%

Shares

Held

Value

(000's)

Closed-End

Funds

-

0.26%

Variant

Alternative

Income

Fund

232,365

$

6,197

Exchange-Traded

Funds

-

0.72%

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

183,962

6,878

iShares

Core

U.S.

Aggregate

Bond

ETF

17,393

1,715

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

18,645

1,732

Vanguard

Intermediate-Term

Corporate

Bond

ETF

83,605

6,913

$

17,238

Money

Market

Funds

-

6.04%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.21%

(a),(b)

7,038,513

7,038

Principal

Government

Money

Market

Fund

-

Class

4.22%

(a),(b),(c)

137,900,605

137,901

$

144,939

TOTAL

INVESTMENT

COMPANIES

$

168,374

COMMON

STOCKS

-

1.79%

Shares

Held

Value

(000's)

Entertainment

-

0.06%

Crown

Finance

US

Inc

-

4A2

Shares

(d) 65,846

$

1,467

Healthcare

-

Services

-

0.04%

Sound

Inpatient

Physicians

Inc

-

Class

A

(d),(e)

4,565,306

789

Sound

Inpatient

Physicians

Inc

-

Class

A2

(d),(e)

204,373

$

993

Iron

&

Steel

-

0.49%

Specialty

Steel

Holdings,

Inc.

(d),(e),(f)

11,890

Mining

-

1.19%

Arctic

Canadian

Diamond

Co

Ltd

(d),(e),(g)

6,589

Real

Alloy

Holding

Inc

(e),(f)

28,011

$

28,507

Retail

-

0.00%

JOANN

Inc

(d),(e)

3,755

—

Semiconductors

-

0.00%

Bright

Bidco

-

1145

Shares

(d) 10,688

Bright

Bidco

-

4A2

Shares

(d) 14,600

$

Software

-

0.01%

Avaya

Holdings

Corp

(d) 7,245

Avaya

Holdings

Corp

(d) 14,104

Riverbed

Technology

Inc

(d),(e)

13,888

—

$

Telecommunications

-

0.00%

MLN

US

Holdco

LLC

(d) 1,028

—

TOTAL

COMMON

STOCKS

$

43,006

PREFERRED

STOCKS

-

1.18%

Shares

Held

Value

(000's)

Banks

-

0.28%

Citizens

Financial

Group

Inc

0.00%,

10/06/2030

(d),(h)

31,500

$

790

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.63%

KeyCorp

6.13%,

12/15/2026

(h) 45,339

1,132

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.15%

KeyCorp

6.20%,

12/15/2027

(h) 8,800

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.13%

Morgan

Stanley

4.25%,

01/15/2027

(h),(i)

11,085

Morgan

Stanley

5.85%,

04/15/2027

(h) 59,100

1,408

Month

USD

LIBOR

+

3.49%

Morgan

Stanley

6.50%,

10/15/2027

(h) 8,715

Northern

Trust

Corp

4.70%,

10/01/2025

(h) 4,858

Regions

Financial

Corp

4.45%,

06/15/2026

(h) 15,000

Regions

Financial

Corp

5.70%,

05/15/2029

(h) 39,877

992

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.41%

Regions

Financial

Corp

6.95%,

09/15/2029

(h) 5,900

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.77%

PREFERRED

STOCKS

(continued)

Shares

Held

Value

(000's)

Banks

(continued)

UMB

Financial

Corp

7.75%,

07/15/2030

(h) 23,100

$

605

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.74%

Wells

Fargo

&

Co

4.70%,

12/15/2025

(h) 7,070

Wintrust

Financial

Corp

7.88%,

07/15/2030

(h) 16,800

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.88%

$

6,657

Diversified

Financial

Services

-

0.12%

Affiliated

Managers

Group

Inc

4.75%,

09/30/2060

(i) 8,045

Affiliated

Managers

Group

Inc

5.88%,

03/30/2059

7,463

Capital

One

Financial

Corp

4.80%,

12/01/2025

(h) 29,254

548

Stifel

Financial

Corp

4.50%,

08/15/2026

(h) 2,239

Voya

Financial

Inc

5.35%,

09/15/2029

(h) 77,215

1,903

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.21%

$

2,791

Electric

-

0.32%

CMS

Energy

Corp

5.88%,

03/01/2079

159,839

3,719

DTE

Energy

Co

4.38%,

12/01/2081

6,005

DTE

Energy

Co

5.25%,

12/01/2077

35,000

791

Entergy

Louisiana

LLC

4.88%,

09/01/2066

9,359

NextEra

Energy

Capital

Holdings

Inc

5.65%,

03/01/2079

102,304

2,303

Southern

Co/The

5.25%,

12/01/2077

30,863

695

$

7,813

Food

-

0.04%

Dairy

Farmers

of

America

Inc

7.88%,

12/01/2025

(h),(j)

10,000

960

Insurance

-

0.07%

Allstate

Corp/The

4.75%,

10/15/2025

(h) 4,065

Allstate

Corp/The

5.10%,

10/15/2025

(h) 8,460

Corebridge

Financial

Inc

6.38%,

12/15/2064

24,629

598

Equitable

Holdings

Inc

4.30%,

03/15/2026

(h) 5,055

Equitable

Holdings

Inc

5.25%,

09/15/2025

(h) 21,903

Prudential

Financial

Inc

5.63%,

08/15/2058

5,000

Prudential

Financial

Inc

5.95%,

09/01/2062

7,597

$

1,717

REITs

-

0.35%

Kimco

Realty

Corp

5.25%,

09/03/2025

(h) 12,467

Prologis

Inc

8.54%,

11/13/2026

(h) 63,660

3,485

Public

Storage

3.95%,

08/17/2026

(h) 6,422

Public

Storage

4.00%,

06/16/2026

(h) 83,560

1,367

Public

Storage

4.13%,

09/03/2025

(h) 80,000

1,326

Public

Storage

4.63%,

09/02/2025

(h) 14,712

Public

Storage

4.70%,

09/03/2025

(h) 25,200

Public

Storage

5.60%,

09/03/2025

(h) 46,261

1,084

$

8,384

TOTAL

PREFERRED

STOCKS

$

28,322

BONDS

-

70.53%

Principal

Amount

(000's)

Value

(000's)

Advertising

-

0.25%

MMS

USA

Holdings

Inc

1.25%,

06/13/2028

EUR

$

Omnicom

Group

Inc

4.20%,

06/01/2030

$

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp

4.25%,

01/15/2029

(j) 350

4.63%,

03/15/2030

(i),(j)

1,850

1,756

5.00%,

08/15/2027

(j) 3,625

3,589

WPP

Finance

SA

4.13%,

05/30/2028

EUR

$

6,004

Aerospace

&

Defense

-

1.18%

Airbus

SE

1.63%,

06/09/2030

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Aerospace

&

Defense

(continued)

BAE

Systems

PLC

3.40%,

04/15/2030

(j) $

$

Boeing

Co/The

2.95%,

02/01/2030

3.10%,

05/01/2026

3.38%,

06/15/2046

529

3.60%,

05/01/2034

3.75%,

02/01/2050

1,006

711

5.15%,

05/01/2030

630

640

5.71%,

05/01/2040

5.81%,

05/01/2050

5.93%,

05/01/2060

645

617

6.26%,

05/01/2027

7.01%,

05/01/2064

Czechoslovak

Group

AS

6.50%,

01/10/2031

(j) 3,525

3,569

Embraer

Netherlands

Finance

BV

5.98%,

02/11/2035

GE

Capital

Funding

LLC

4.55%,

05/15/2032

General

Dynamics

Corp

4.25%,

04/01/2050

General

Electric

Co

4.90%,

01/29/2036

L3Harris

Technologies

Inc

5.05%,

04/27/2045

5.25%,

06/01/2031

592

609

5.40%,

01/15/2027

5.40%,

07/31/2033

575

590

Lockheed

Martin

Corp

4.70%,

12/15/2031

705

710

4.75%,

02/15/2034

5.90%,

11/15/2063

(i) 100

Northrop

Grumman

Corp

5.15%,

05/01/2040

5.25%,

05/01/2050

RTX

Corp

3.75%,

11/01/2046

4.15%,

05/15/2045

4.45%,

11/16/2038

5.38%,

02/27/2053

784

745

5.75%,

01/15/2029

TransDigm

Inc

4.63%,

01/15/2029

4.88%,

05/01/2029

6,160

6,045

6.38%,

05/31/2033

(j) 4,750

4,780

6.63%,

03/01/2032

(j) 1,240

1,275

6.88%,

12/15/2030

(j) 1,760

1,824

7.13%,

12/01/2031

(j) 2,175

2,265

$

28,336

Agriculture

-

0.13%

Altria

Group

Inc

3.40%,

05/06/2030

3.70%,

02/04/2051

5.95%,

02/14/2049

Archer-Daniels-Midland

Co

2.50%,

08/11/2026

4.50%,

08/15/2033

BAT

Capital

Corp

6.34%,

08/02/2030

7.08%,

08/02/2043

7.08%,

08/02/2053

BAT

International

Finance

PLC

5.93%,

02/02/2029

British

American

Tobacco

PLC

3.75%,

06/27/2029

(h),(k)

EUR

EUR

Swap

Annual

(VS

Month)

Year

+

3.95%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Agriculture

(continued)

Bunge

Ltd

Finance

Corp

3.75%,

09/25/2027

$

$

Cargill

Inc

4.76%,

11/23/2045

(j) 100

Darling

Ingredients

Inc

6.00%,

06/15/2030

(j) 1,000

1,006

Imperial

Brands

Finance

Netherlands

BV

1.75%,

03/18/2033

EUR

JBS

USA

LUX

Sarl

/

JBS

USA

Food

Co

/

JBS

USA

Foods

Group

5.95%,

04/20/2035

(j) $

Philip

Morris

International

Inc

2.75%,

06/06/2029

EUR

2.88%,

05/14/2029

5.25%,

09/07/2028

$

5.63%,

09/07/2033

$

3,010

Airlines

-

0.22%

American

Airlines

2017-2

Class

AA

Pass

Through

Trust

3.35%,

04/15/2031

American

Airlines

Inc/AAdvantage

Loyalty

IP

Ltd

5.75%,

04/20/2029

(j) 750

750

British

Airways

2019-1

Class

AA

Pass

Through

Trust

3.30%,

06/15/2034

(j) 75

British

Airways

2021-1

Class

A

Pass

Through

Trust

2.90%,

09/15/2036

(j) 785

709

Delta

Air

Lines

Inc

4.95%,

07/10/2028

Qantas

Airways

Ltd

2.95%,

11/27/2029

AUD

Southwest

Airlines

Co

5.13%,

06/15/2027

$

United

Airlines

2023-1

Class

A

Pass

Through

Trust

5.80%,

07/15/2037

VistaJet

Malta

Finance

PLC

/

Vista

Management

Holding

Inc

6.38%,

02/01/2030

(i),(j)

1,400

1,323

9.50%,

06/01/2028

(i),(j)

1,925

1,973

$

5,189

Apparel

-

0.15%

Beach

Acquisition

Bidco

LLC

10.00%,

PIK

10.75%;

07/15/2033

(j),(l),(m)

3,150

3,284

Kering

SA

3.63%,

09/05/2027

EUR

3.63%,

09/05/2031

LVMH

Moet

Hennessy

Louis

Vuitton

SE

0.13%,

02/11/2028

NIKE

Inc

3.25%,

03/27/2040

$

$

3,703

Automobile

Asset

Backed

Securities

-

0.92%

Ally

Auto

Receivables

Trust

2024-2

4.46%,

07/15/2027

562

562

AmeriCredit

Automobile

Receivables

Trust

2022-2

4.38%,

04/18/2028

AmeriCredit

Automobile

Receivables

Trust

2023-2

6.19%,

04/19/2027

AmeriCredit

Automobile

Receivables

Trust

2024-1

4.95%,

02/18/2028

815

816

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.60%

5.75%,

02/18/2028

BMW

Vehicle

Owner

Trust

2024-A

5.42%,

02/25/2027

667

668

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Automobile

Asset

Backed

Securities

(continued)

BofA

Auto

Trust

2025-1

4.90%,

11/22/2027

(j) $

625

$

626

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.55%

Carmax

Auto

Owner

Trust

2024-3

5.21%,

09/15/2027

831

833

Chase

Auto

Owner

Trust

2024-1

5.48%,

04/26/2027

(j) 173

Chase

Auto

Owner

Trust

2024-4

4.94%,

07/25/2029

(j) 653

657

5.25%,

09/27/2027

(j) 656

657

Drive

Auto

Receivables

Trust

4.87%,

08/15/2028

1,380

1,381

GM

Financial

Automobile

Leasing

Trust

2024-1

5.18%,

06/22/2026

GM

Financial

Automobile

Leasing

Trust

2024-3

4.82%,

01/20/2027

1,401

1,402

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.47%

GM

Financial

Consumer

Automobile

Receivables

Trust

2021-3

0.73%,

08/16/2027

2,058

2,049

GM

Financial

Consumer

Automobile

Receivables

Trust

2024-1

4.85%,

12/18/2028

1,800

1,807

Hyundai

Auto

Receivables

Trust

2024-A

4.99%,

02/15/2029

1,000

1,007

Santander

Drive

Auto

Receivables

Trust

2024-1

5.25%,

04/17/2028

904

905

Santander

Drive

Auto

Receivables

Trust

2024-3

5.91%,

06/15/2027

Santander

Drive

Auto

Receivables

Trust

2024-4

5.41%,

07/15/2027

505

505

Santander

Drive

Auto

Receivables

Trust

2025-1

4.76%,

08/16/2027

781

781

Santander

Drive

Auto

Receivables

Trust

2025-2

4.71%,

06/15/2028

1,584

1,584

Santander

Drive

Auto

Receivables

Trust

2025-3

4.63%,

10/16/2028

2,145

2,146

SBNA

Auto

Lease

Trust

2024-B

5.67%,

11/20/2026

(j) 341

Tesla

Electric

Vehicle

Trust

2023-1

5.54%,

12/21/2026

(j) 304

Toyota

Auto

Receivables

2022-B

Owner

Trust

2.93%,

09/15/2026

Wheels

Fleet

Lease

Funding

LLC

4.99%,

01/18/2040

(j) 2,110

2,111

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.67%

$

22,163

Automobile

Manufacturers

-

0.67%

American

Honda

Finance

Corp

3.50%,

06/27/2031

EUR

4.70%,

01/12/2028

$

BMW

Finance

NV

3.63%,

05/22/2035

EUR

BMW

International

Investment

BV

3.00%,

08/27/2027

BMW

US

Capital

LLC

2.80%,

04/11/2026

(j) $

3.75%,

04/12/2028

(j) 200

Cummins

Inc

5.15%,

02/20/2034

Daimler

Truck

Finance

North

America

LLC

2.50%,

12/14/2031

(j) 410

4.95%,

01/13/2028

(j) 370

5.13%,

09/25/2027

(j) 238

5.13%,

01/19/2028

(j) 306

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Automobile

Manufacturers

(continued)

Ford

Motor

Co

4.75%,

01/15/2043

$

$

5.29%,

12/08/2046

Ford

Motor

Credit

Co

LLC

2.90%,

02/10/2029

4.00%,

11/13/2030

1,250

1,147

4.27%,

01/09/2027

4.45%,

02/14/2030

EUR

6.05%,

11/05/2031

$

640

640

General

Motors

Co

5.35%,

04/15/2028

680

691

6.25%,

10/02/2043

6.60%,

04/01/2036

General

Motors

Financial

Co

Inc

2.70%,

06/10/2031

633

555

4.30%,

02/15/2029

EUR

5.60%,

06/18/2031

$

1,980

2,020

5.75%,

02/08/2031

5.80%,

06/23/2028

6.10%,

01/07/2034

6.40%,

01/09/2033

General

Motors

Financial

of

Canada

Ltd

5.20%,

02/09/2028

CAD

Honda

Canada

Finance

Inc

4.87%,

09/23/2027

Hyundai

Capital

America

1.65%,

09/17/2026

(j) $

4.85%,

03/25/2027

(j) 549

551

4.88%,

11/01/2027

(j) 1,087

1,090

5.10%,

06/24/2030

(j) 50

5.40%,

06/23/2032

(j) 666

676

5.68%,

06/26/2028

(j) 250

Mercedes-Benz

Finance

North

America

LLC

5.05%,

08/03/2033

(j) 150

Mercedes-Benz

Group

AG

1.38%,

05/11/2028

EUR

Mercedes-Benz

International

Finance

BV

3.70%,

05/30/2031

RCI

Banque

SA

1.13%,

01/15/2027

3.88%,

01/12/2029

Stellantis

Finance

US

Inc

5.75%,

03/18/2030

(j) $

685

686

6.45%,

03/18/2035

(j) 795

796

Stellantis

NV

1.25%,

06/20/2033

EUR

Toyota

Motor

Corp

5.28%,

07/13/2026

$

Toyota

Motor

Credit

Corp

1.90%,

04/06/2028

3.38%,

04/01/2030

3.85%,

07/24/2030

EUR

5.25%,

09/11/2028

$

Traton

Finance

Luxembourg

SA

1.25%,

03/24/2033

EUR

4.25%,

05/16/2028

Volkswagen

Financial

Services

AG

0.88%,

01/31/2028

Volkswagen

Group

of

America

Finance

LLC

4.60%,

06/08/2029

(j) $

Volkswagen

International

Finance

NV

1.25%,

09/23/2032

EUR

3.75%,

12/28/2027

(h),(k)

EUR

Swap

Annual

(VS

Month)

Year

+

2.92%

4.13%,

11/16/2038

$

16,165

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Automobile

Parts

&

Equipment

-

0.47%

Aptiv

Swiss

Holdings

Ltd

5.15%,

09/13/2034

$

$

Clarios

Global

LP

/

Clarios

US

Finance

Co

6.75%,

02/15/2030

(j) 1,525

1,572

Dornoch

Debt

Merger

Sub

Inc

6.63%,

10/15/2029

(j) 3,976

3,138

IHO

Verwaltungs

GmbH

8.00%,

PIK

8.75%;

11/15/2032

(j),(l),(m)

3,975

4,087

Real

Hero

Merger

Sub

Inc

6.25%,

02/01/2029

(j) 3,135

2,154

Robert

Bosch

GmbH

4.00%,

06/02/2035

EUR

$

11,263

Banks

-

12.30%

ABN

AMRO

Bank

NV

2.47%,

12/13/2029

(j),(k)

$

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.10%

3.88%,

12/21/2026

EUR

4.50%,

11/21/2034

AIB

Group

PLC

4.63%,

07/23/2029

(k) 100

EUR

Swap

Annual

(VS

Month)

Year

+

1.95%

ANZ

New

Zealand

Int'l

Ltd/London

5.36%,

08/14/2028

(j) $

Australia

&

New

Zealand

Banking

Group

Ltd

2.57%,

11/25/2035

(j),(k)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.70%

Australia

&

New

Zealand

Banking

Group

Ltd/

United

Kingdom

6.75%,

06/15/2026

(h),(j),(k),(n)

2,600

2,637

USD

Swap

Rate

NY

Year

+

5.17%

Banco

Bilbao

Vizcaya

Argentaria

SA

3.88%,

01/15/2034

EUR

4.38%,

08/29/2036

(k) 100

Euribor

Swap

Rate

Year

+

2.00%

4.63%,

01/13/2031

(k) 100

Month

Euro

Interbank

Offered

Rate

+

1.70%

9.38%,

03/19/2029

(h),(k),(n)

$

1,500

1,664

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.10%

Banco

Davivienda

SA

8.13%,

07/02/2035

(j),(k),(n)

925

941

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.59%

Banco

de

Sabadell

SA

4.25%,

09/13/2030

(k) EUR

Euribor

Swap

Rate

Year

+

1.60%

Banco

Santander

Chile

3.18%,

10/26/2031

(i) $

Banco

Santander

SA

0.20%,

02/11/2028

EUR

3.22%,

11/22/2032

(k) $

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.60%

3.50%,

02/17/2035

EUR

3.75%,

01/09/2034

4.75%,

08/30/2028

(k) GBP

Generic

Britain

Year

Government

Bond

+

2.50%

5.57%,

01/17/2030

$

6.35%,

03/14/2034

1,800

1,890

9.63%,

11/21/2028

(h),(k),(n)

2,400

2,679

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.31%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Bank

of

America

Corp

1.10%,

05/24/2032

(k) EUR

$

Month

Euro

Interbank

Offered

Rate

+

0.95%

1.38%,

05/09/2030

(k) 100

Month

Euro

Interbank

Offered

Rate

+

0.91%

2.59%,

04/29/2031

(k) $

Secured

Overnight

Financing

Rate

+

2.15%

2.68%,

06/19/2041

(k) 25

Secured

Overnight

Financing

Rate

+

1.93%

3.31%,

04/22/2042

832

635

Secured

Overnight

Financing

Rate

+

3.16%

3.42%,

12/20/2028

(k) 1,853

1,809

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.30%

3.62%,

03/16/2028

(k) CAD

Canadian

Dollar

Offered

Rate

Month

+

1.48%

3.85%,

03/08/2037

(k) $

3,078

2,821

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.00%

3.95%,

01/23/2049

(k) 100

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.45%

4.08%,

04/23/2040

(k) 1,094

948

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.58%

4.08%,

03/20/2051

(k) 100

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.41%

4.24%,

04/24/2038

(k) 100

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.08%

4.25%,

10/22/2026

4.38%,

01/27/2027

(h),(i),(k)

4,000

3,904

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.76%

4.57%,

04/27/2033

(k) 453

Secured

Overnight

Financing

Rate

+

1.83%

4.75%,

04/21/2045

4.98%,

01/24/2029

(k) 100

Secured

Overnight

Financing

Rate

+

0.83%

5.02%,

07/22/2033

(k) 200

Secured

Overnight

Financing

Rate

+

2.16%

5.16%,

01/24/2031

1,507

1,541

Secured

Overnight

Financing

Rate

+

2.00%

5.20%,

04/25/2029

(k) 100

Secured

Overnight

Financing

Rate

+

1.63%

5.43%,

08/15/2035

(k) 595

596

Secured

Overnight

Financing

Rate

+

1.91%

5.47%,

01/23/2035

(k) 100

Secured

Overnight

Financing

Rate

+

1.65%

5.51%,

01/24/2036

(k) 100

Secured

Overnight

Financing

Rate

+

1.31%

5.52%,

10/25/2035

(k) 2,065

2,067

Secured

Overnight

Financing

Rate

+

1.74%

5.74%,

02/12/2036

Secured

Overnight

Financing

Rate

+

3.39%

5.82%,

09/15/2029

(k) 100

Secured

Overnight

Financing

Rate

+

1.57%

5.87%,

09/15/2034

(k) 100

Secured

Overnight

Financing

Rate

+

1.84%

5.93%,

09/15/2027

(k) 200

Secured

Overnight

Financing

Rate

+

1.34%

6.11%,

01/29/2037

769

808

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Bank

of

America

Corp

(continued)

6.13%,

04/27/2027

(h),(k)

$

2,900

$

2,925

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.23%

6.63%,

05/01/2030

(h),(k)

2,300

2,355

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%

Bank

of

Georgia

JSC

9.50%,

07/16/2029

(h),(j),(k),(n)

2,225

2,220

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

5.62%

Bank

of

Ireland

Group

PLC

4.63%,

11/13/2029

(k) EUR

Euribor

Swap

Rate

Year

+

1.55%

Bank

of

Montreal

3.65%,

04/01/2027

CAD

3.73%,

06/03/2031

(k) 75

Canadian

Overnight

Repo

Rate

Average

Compounded

Index

+

1.15%

4.70%,

09/14/2027

$

5.04%,

05/29/2028

CAD

6.88%,

11/26/2085

(k) $

800

802

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.98%

7.70%,

05/26/2084

(k) 800

837

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.45%

Bank

of

New

York

Mellon

Corp/The

3.70%,

03/20/2026

(h),(k)

5,588

5,516

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.35%

4.60%,

07/26/2030

(k) 200

Secured

Overnight

Financing

Rate

+

1.76%

4.70%,

09/20/2025

(h),(k)

1,800

1,799

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.36%

4.94%,

02/11/2031

(k) 1,087

1,107

Secured

Overnight

Financing

Rate

+

0.89%

4.97%,

04/26/2034

(k) 100

Secured

Overnight

Financing

Rate

+

1.61%

Bank

of

Nova

Scotia/The

1.05%,

03/02/2026

1.85%,

11/02/2026

CAD

1.95%,

02/02/2027

$

3.63%,

10/27/2081

(k) 2,100

1,956

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.61%

4.44%,

11/15/2035

(k) CAD

Canadian

Overnight

Repo

Rate

Average

+

1.33%

4.59%,

05/04/2037

$

1,578

1,498

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.10%

5.65%,

02/01/2034

575

603

7.35%,

04/27/2085

(k) 400

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.90%

8.00%,

01/27/2084

(k) 3,000

3,198

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.02%

8.63%,

10/27/2082

(k) 2,000

2,124

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.39%

BankUnited

Inc

5.13%,

06/11/2030

1,780

1,763

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Banque

Federative

du

Credit

Mutuel

SA

0.10%,

10/08/2027

EUR

$

1.88%,

11/04/2026

3.75%,

02/03/2034

4.13%,

06/14/2033

4.38%,

05/02/2030

Barclays

PLC

3.33%,

11/24/2042

(k) $

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.30%

3.56%,

09/23/2035

(k) 1,581

1,457

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.90%

4.94%,

09/10/2030

(k) 1,330

1,339

Secured

Overnight

Financing

Rate

+

1.56%

5.26%,

01/29/2034

(k) EUR

EUR

Swap

Annual

(VS

Month)

Year

+

2.55%

6.50%,

09/13/2027

(k) $

Secured

Overnight

Financing

Rate

+

1.88%

6.69%,

09/13/2034

(k) 200

Secured

Overnight

Financing

Rate

+

2.62%

7.63%,

03/15/2035

(h),(k),(n)

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.69%

8.41%,

11/14/2032

(k) GBP

Generic

Britain

Year

Government

Bond

+

4.75%

9.63%,

12/15/2029

(h),(k),(n)

$

2,000

2,259

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

5.78%

BBVA

Mexico

SA

Institucion

De

Banca

Multiple

Grupo

Financiero

BBVA

Mexico/TX

7.63%,

02/11/2035

(j),(k),(n)

1,850

1,901

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.38%

BNP

Paribas

SA

0.13%,

09/04/2026

EUR

1.38%,

05/28/2029

2.50%,

03/31/2032

(k) 100

Euribor

Swap

Rate

Year

+

1.60%

2.88%,

02/24/2029

GBP

3.05%,

01/13/2031

(j),(k)

$

Secured

Overnight

Financing

Rate

+

1.51%

4.13%,

05/24/2033

EUR

4.16%,

08/28/2034

(k) 100

Euribor

Swap

Rate

Year

+

1.70%

4.63%,

02/25/2031

(h),(k),(n)

$

700

627

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.34%

5.09%,

05/09/2031

(j),(k)

1,162

1,173

Secured

Overnight

Financing

Rate

+

1.68%

5.20%,

01/10/2030

(j),(k)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.83%

5.28%,

11/19/2030

(j),(k)

2,252

2,294

Secured

Overnight

Financing

Rate

+

1.28%

5.75%,

06/13/2032

GBP

7.38%,

08/19/2025

(h),(j),(k),(n)

$

5,000

4,999

USD

Swap

Rate

NY

Year

+

5.15%

BOI

Finance

BV

7.50%,

02/16/2027

EUR

3,100

3,610

BOS

Funding

Ltd

5.25%,

09/12/2029

$

BPCE

SA

3.50%,

10/23/2027

(j) 250

3.58%,

10/19/2042

(j),(k)

950

685

Secured

Overnight

Financing

Rate

+

1.95%

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

BPCE

SA

(continued)

4.25%,

01/11/2035

(k) EUR

$

Month

Euro

Interbank

Offered

Rate

+

1.85%

4.25%,

07/16/2035

(k) 100

Euribor

Swap

Rate

Year

+

1.95%

4.63%,

03/02/2030

(k) 100

Month

Euro

Interbank

Offered

Rate

+

1.60%

4.88%,

02/26/2036

(k) 100

Euribor

Swap

Rate

Year

+

2.30%

5.88%,

01/14/2031

(j),(k)

$

Secured

Overnight

Financing

Rate

+

1.68%

6.92%,

01/14/2046

(j),(k)

Secured

Overnight

Financing

Rate

+

2.61%

CaixaBank

SA

0.63%,

01/21/2028

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

0.62%

4.38%,

08/08/2036

(k) 100

Euribor

Swap

Rate

Year

+

1.95%

Canadian

Imperial

Bank

of

Commerce

3.45%,

04/07/2027

$

3.90%,

06/20/2031

(k) CAD

Canadian

Overnight

Repo

Rate

Average

Compounded

Index

+

1.15%

5.35%,

04/20/2033

(k) 100

Canadian

Overnight

Repo

Rate

Average

Compounded

Index

+

2.23%

5.50%,

01/14/2028

7.00%,

10/28/2085

(i),(k)

$

1,200

1,211

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.00%

Ceska

sporitelna

AS

4.57%,

07/03/2031

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

1.80%

Citibank

NA

4.91%,

05/29/2030

$

933

948

5.57%,

04/30/2034

847

881

Citigroup

Inc

0.50%,

11/01/2028

CHF

2.52%,

11/03/2032

(k) $

Secured

Overnight

Financing

Rate

+

1.18%

2.57%,

06/03/2031

(k) 100

Secured

Overnight

Financing

Rate

+

2.11%

2.67%,

01/29/2031

(k) 300

Secured

Overnight

Financing

Rate

+

1.15%

2.90%,

11/03/2042

(k) 311

Secured

Overnight

Financing

Rate

+

1.38%

3.71%,

09/22/2028

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

1.25%

3.79%,

03/17/2033

(k) $

1,711

1,598

Secured

Overnight

Financing

Rate

+

1.94%

3.88%,

02/18/2026

(h),(k)

3,000

2,965

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.42%

4.45%,

09/29/2027

1,069

1,066

4.54%,

09/19/2030

(k) 1,816

1,809

Secured

Overnight

Financing

Rate

+

1.34%

4.66%,

05/24/2028

(k) 100

Secured

Overnight

Financing

Rate

+

1.89%

5.17%,

02/13/2030

(k) 200

Secured

Overnight

Financing

Rate

+

1.36%

5.30%,

05/06/2044

5.33%,

03/27/2036

(k) 200

Secured

Overnight

Financing

Rate

+

1.47%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Citigroup

Inc

(continued)

5.41%,

09/19/2039

(k) $

1,536

$

1,504

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.73%

5.45%,

06/11/2035

(k) 100

Secured

Overnight

Financing

Rate

+

1.45%

5.88%,

02/22/2033

1,420

1,477

6.17%,

05/25/2034

(k) 100

Secured

Overnight

Financing

Rate

+

2.66%

6.88%,

08/15/2030

(h),(k)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.89%

6.95%,

02/15/2030

(h),(k)

2,500

2,520

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.73%

Citizens

Financial

Group

Inc

4.00%,

10/06/2026

(h),(i),(k)

1,300

1,264

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.22%

5.65%,

10/06/2025

(h),(k)

2,100

2,095

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.31%

5.72%,

07/23/2032

(k) 2,277

2,349

Secured

Overnight

Financing

Rate

+

1.91%

5.84%,

01/23/2030

(k) 100

Secured

Overnight

Financing

Rate

+

2.01%

Comerica

Inc

5.98%,

01/30/2030

(k) 100

Secured

Overnight

Financing

Rate

+

2.16%

Commerzbank

AG

1.50%,

08/28/2028

EUR

4.88%,

10/16/2034

(k) 100

Euribor

Swap

Rate

Year

+

2.15%

Commonwealth

Bank

of

Australia

2.55%,

03/14/2027

(i),(j)

$

6.70%,

03/15/2038

(k) AUD

Month

Bank

Bill

Swap

Rate

+

2.45%

Cooperatieve

Rabobank

UA

0.88%,

05/05/2028

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

1.18%

1.00%,

09/24/2026

(i),(j),(k)

$

1,701

1,691

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.73%

4.63%,

05/23/2029

GBP

4.99%,

05/27/2031

(j),(k)

$

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.92%

Cooperatieve

Rabobank

UA/NY

4.88%,

01/21/2028

1,263

1,283

Credit

Agricole

SA

3.75%,

01/22/2034

EUR

3.75%,

05/27/2035

3.88%,

11/28/2034

4.00%,

01/10/2033

(j),(k)

$

USD

Swap

Semi-Annual

Year

+

1.64%

4.88%,

10/23/2029

GBP

5.22%,

05/27/2031

(j),(k)

$

2,209

2,245

Secured

Overnight

Financing

Rate

+

1.46%

5.30%,

07/12/2028

(j) 557

571

8.13%,

12/23/2025

(h),(j),(k),(n)

5,000

5,056

USD

Swap

Semi-Annual

Year

+

6.19%

Credit

Agricole

SA/London

1.75%,

03/05/2029

EUR

Credit

Mutuel

Arkea

SA

0.88%,

05/07/2027

4.81%,

05/15/2035

(k) 100

Euribor

Swap

Rate

Year

+

1.90%

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Crelan

SA

6.00%,

02/28/2030

(k) EUR

$

Euribor

Swap

Rate

Year

+

2.85%

Danske

Bank

A/S

4.13%,

01/10/2031

(k) 100

EUR

Swap

Annual

(VS

Month)

Year

+

1.25%

4.38%,

05/18/2026

(h),(k),(n)

$

3,000

2,960

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.39%

Deutsche

Bank

AG

1.63%,

01/20/2027

EUR

8.13%,

04/30/2030

(h),(k),(n)

$

1,400

1,468

USD

Secured

Overnight

Financing

Rate

Spread-Adj.

ICE

Swap

Rate

Year

+

4.36%

Deutsche

Bank

AG/New

York

NY

3.55%,

09/18/2031

(k) 1,155

1,085

Secured

Overnight

Financing

Rate

+

3.04%

3.73%,

01/14/2032

(k) 361

Secured

Overnight

Financing

Rate

+

2.76%

3.74%,

01/07/2033

(k) 1,150

1,038

Secured

Overnight

Financing

Rate

+

2.26%

6.72%,

01/18/2029

(k) 190

Secured

Overnight

Financing

Rate

+

3.18%

7.08%,

02/10/2034

(k) 225

Secured

Overnight

Financing

Rate

+

3.65%

DNB

Bank

ASA

0.25%,

02/23/2029

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

0.53%

Eurobank

SA

4.88%,

04/30/2031

(k) 100

Euribor

Swap

Rate

Year

+

2.17%

Federation

des

Caisses

Desjardins

du

Quebec

5.48%,

08/16/2028

CAD

Fifth

Third

Bancorp

6.36%,

10/27/2028

(k) $

Secured

Overnight

Financing

Rate

+

2.19%

Fifth

Third

Bank

NA

4.97%,

01/28/2028

(k) 647

651

Secured

Overnight

Financing

Rate

+

0.81%

First

Citizens

BancShares

Inc/NC

6.25%,

03/12/2040

(k) 439

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.97%

First

Horizon

Bank

5.75%,

05/01/2030

2,245

2,293

FNB

Corp/PA

5.72%,

12/11/2030

(k) 913

919

Secured

Overnight

Financing

Rate

+

1.93%

Goldman

Sachs

Group

Inc/The

0.88%,

01/21/2030

EUR

1.25%,

02/07/2029

1.54%,

09/10/2027

(k) $

Secured

Overnight

Financing

Rate

+

0.82%

2.38%,

07/21/2032

(k) 926

809

Secured

Overnight

Financing

Rate

+

1.25%

3.10%,

02/24/2033

(k) 150

Secured

Overnight

Financing

Rate

+

1.41%

3.21%,

04/22/2042

(k) 901

673

Secured

Overnight

Financing

Rate

+

1.51%

3.63%,

10/29/2029

(k) GBP

Generic

Britain

Year

Government

Bond

+

1.95%

4.02%,

10/31/2038

(k) $

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.63%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Goldman

Sachs

Group

Inc/The

(continued)

4.22%,

05/01/2029

$

1,726

$

1,715

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.13%

4.69%,

10/23/2030

(k) 410

Secured

Overnight

Financing

Rate

+

1.14%

5.15%,

05/22/2045

5.33%,

07/23/2035

(k) 100

Secured

Overnight

Financing

Rate

+

1.55%

5.56%,

11/19/2045

(k) 100

Secured

Overnight

Financing

Rate

+

1.58%

5.73%,

04/25/2030

(k) 100

Secured

Overnight

Financing

Rate

+

1.27%

5.73%,

01/28/2056

(k) 518

520

Secured

Overnight

Financing

Rate

+

1.70%

5.85%,

04/25/2035

(k) 100

Secured

Overnight

Financing

Rate

+

1.55%

6.45%,

05/01/2036

6.56%,

10/24/2034

(k) 100

Secured

Overnight

Financing

Rate

+

1.95%

6.75%,

10/01/2037

2,658

2,919

6.85%,

02/10/2030

(h),(k)

2,800

2,860

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.46%

7.50%,

05/10/2029

(h),(k)

1,700

1,776

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.81%

HSBC

Holdings

PLC

3.45%,

09/25/2030

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

1.19%

3.97%,

05/22/2030

(k) $

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.87%

5.60%,

05/17/2028

(k) 200

Secured

Overnight

Financing

Rate

+

1.06%

5.73%,

05/17/2032

(k) 1,110

1,153

Secured

Overnight

Financing

Rate

+

1.52%

5.87%,

11/18/2035

(k) 1,126

1,143

Secured

Overnight

Financing

Rate

+

1.90%

5.89%,

08/14/2027

(k) 200

Secured

Overnight

Financing

Rate

+

1.57%

6.33%,

03/09/2044

1,281

1,368

Secured

Overnight

Financing

Rate

+

5.30%

6.36%,

11/16/2032

(k) EUR

EUR

Swap

Annual

(VS

Month)

Year

+

3.30%

6.55%,

06/20/2034

(k) $

Secured

Overnight

Financing

Rate

+

2.98%

8.20%,

11/16/2034

(k) GBP

Generic

Britain

Year

Government

Bond

+

4.55%

HSBC

USA

Inc

4.65%,

06/03/2028

$

719

723

Huntington

Bancshares

Inc/OH

4.45%,

10/15/2027

(h),(k)

3,100

3,045

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.05%

5.63%,

07/15/2030

(h),(i),(k)

1,000

1,024

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.95%

Huntington

National

Bank/The

4.55%,

05/17/2028

(k) 250

Secured

Overnight

Financing

Rate

+

1.65%

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

ING

Groep

NV

0.88%,

06/09/2032

(k) EUR

$

Euribor

Swap

Rate

Year

+

1.15%

3.88%,

08/12/2029

(k) 100

Month

Euro

Interbank

Offered

Rate

+

1.72%

4.02%,

03/28/2028

(k) $

Secured

Overnight

Financing

Rate

+

1.83%

4.75%,

05/23/2034

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

1.90%

4.86%,

03/25/2029

(k) $

Secured

Overnight

Financing

Rate

+

1.01%

5.00%,

02/20/2035

(k) EUR

Euribor

Swap

Rate

Year

+

2.20%

5.75%,

11/16/2026

(h),(k),(n)

$

2,600

2,592

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.34%

Intesa

Sanpaolo

SpA

2.50%,

01/15/2030

GBP

2.93%,

10/14/2030

EUR

4.00%,

09/23/2029

(j) $

5.13%,

08/29/2031

EUR

JPMorgan

Chase

&

Co

0.60%,

02/17/2033

(k) 100

Month

Euro

Interbank

Offered

Rate

+

0.65%

1.47%,

09/22/2027

(k) $

Secured

Overnight

Financing

Rate

+

0.77%

2.07%,

06/01/2029

(k) 4,974

4,661

Secured

Overnight

Financing

Rate

+

1.02%

2.52%,

04/22/2031

(k) 300

Secured

Overnight

Financing

Rate

+

2.04%

2.53%,

11/19/2041

(k) 3,349

2,349

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.51%

2.55%,

11/08/2032

(k) 394

Secured

Overnight

Financing

Rate

+

1.18%

3.54%,

05/01/2028

645

635

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.28%

3.65%,

06/01/2026

(h),(k)

6,400

6,294

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.85%

3.78%,

02/01/2028

(k) 400

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.60%

3.88%,

07/24/2038

(k) 200

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.62%

3.96%,

11/15/2048

(k) 100

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.64%

4.51%,

10/22/2028

(k) 664

665

Secured

Overnight

Financing

Rate

+

0.86%

4.85%,

02/01/2044

4.91%,

07/25/2033

(k) 359

Secured

Overnight

Financing

Rate

+

2.08%

4.95%,

06/01/2045

5.01%,

01/23/2030

(k) 100

Secured

Overnight

Financing

Rate

+

1.31%

5.29%,

07/22/2035

(k) 100

Secured

Overnight

Financing

Rate

+

1.46%

5.30%,

07/24/2029

(k) 200

Secured

Overnight

Financing

Rate

+

1.45%

5.34%,

01/23/2035

(k) 100

Secured

Overnight

Financing

Rate

+

1.62%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

JPMorgan

Chase

&

Co

(continued)

5.53%,

11/29/2045

(k) $

$

Secured

Overnight

Financing

Rate

+

1.55%

5.58%,

07/23/2036

836

847

Secured

Overnight

Financing

Rate

+

3.27%

5.72%,

09/14/2033

(k) 50

Secured

Overnight

Financing

Rate

+

2.58%

5.77%,

04/22/2035

(k) 100

Secured

Overnight

Financing

Rate

+

1.49%

6.25%,

10/23/2034

1,384

1,502

Secured

Overnight

Financing

Rate

+

3.62%

6.88%,

06/01/2029

(h),(k)

800

836

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.74%

KBC

Group

NV

4.38%,

11/23/2027

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

1.70%

4.75%,

04/17/2035

(k) 100

EUR

Swap

Annual

(VS

Month)

Year

+

2.25%

KeyBank

NA/Cleveland

OH

3.40%,

05/20/2026

$

1,046

1,035

4.90%,

08/08/2032

1,115

1,085

KeyCorp

2.25%,

04/06/2027

5.12%,

04/04/2031

(i),(k)

609

616

Secured

Overnight

Financing

Rate

+

1.23%

KeyCorp

Capital

III

7.75%,

07/15/2029

795

842

Lloyds

Banking

Group

PLC

2.00%,

04/12/2028

(k) GBP

Generic

Britain

Year

Government

Bond

+

1.18%

3.88%,

05/14/2032

(k) EUR

Euribor

Swap

Rate

Year

+

1.18%

4.00%,

05/09/2035

(k) 100

Euribor

Swap

Rate

Year

+

1.90%

4.75%,

09/21/2031

(k) 100

EUR

Swap

Annual

(VS

Month)

Year

+

1.60%

5.68%,

01/05/2035

(k) $

626

643

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.75%

5.72%,

06/05/2030

(k) 593

615

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.07%

5.87%,

03/06/2029

(k) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.70%

6.07%,

06/13/2036

(k) 236

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.60%

6.75%,

09/27/2031

(h),(k),(n)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.15%

7.50%,

09/29/2025

(h),(k),(n)

USD

Swap

Rate

NY

Year

+

4.50%

8.00%,

09/27/2029

(h),(k),(n)

3,000

3,204

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.91%

M&T

Bank

Corp

3.50%,

09/01/2026

(h),(k)

3,000

2,883

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%

5.05%,

01/27/2034

(k) 100

Secured

Overnight

Financing

Rate

+

1.85%

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

M&T

Bank

Corp

(continued)

5.40%,

07/30/2035

(k) $

624

$

625

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.43%

Macquarie

Group

Ltd

3.76%,

11/28/2028

(j),(k)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.63%

5.49%,

11/09/2033

(i),(j),(k)

Secured

Overnight

Financing

Rate

+

2.87%

Mediobanca

Banca

di

Credito

Finanziario

SpA

1.00%,

07/17/2029

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

0.90%

Mitsubishi

UFJ

Financial

Group

Inc

0.85%,

07/19/2029

5.16%,

04/24/2031

(k) $

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.17%

5.43%,

04/17/2035

(k) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.00%

Mizuho

Financial

Group

Inc

2.56%,

09/13/2031

1,443

1,258

3.98%,

05/21/2034

EUR

4.16%,

05/20/2028

5.67%,

05/27/2029

(k) $

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.50%

5.78%,

07/06/2029

(k) 1,559

1,612

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.65%

Morgan

Stanley

0.50%,

02/07/2031

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

0.72%

2.48%,

09/16/2036

(k) $

886

755

Secured

Overnight

Financing

Rate

+

1.36%

2.51%,

10/20/2032

(k) 200

Secured

Overnight

Financing

Rate

+

1.20%

3.22%,

04/22/2042

(k) 1,111

843

Secured

Overnight

Financing

Rate

+

1.49%

3.59%,

07/22/2028

2,057

2,022

Month

USD

LIBOR

+

1.34%

3.62%,

04/01/2031

Secured

Overnight

Financing

Rate

+

6.24%

3.95%,

04/23/2027

4.65%,

10/18/2030

(k) 294

Secured

Overnight

Financing

Rate

+

1.10%

5.17%,

01/16/2030

(k) 1,969

2,009

Secured

Overnight

Financing

Rate

+

1.45%

5.23%,

01/15/2031

(k) 100

Secured

Overnight

Financing

Rate

+

1.11%

5.30%,

04/20/2037

(k) 1,050

1,050

Secured

Overnight

Financing

Rate

+

2.62%

5.32%,

07/19/2035

594

601

Secured

Overnight

Financing

Rate

+

3.11%

5.42%,

07/21/2034

(k) 100

Secured

Overnight

Financing

Rate

+

1.88%

5.52%,

11/19/2055

(k) 621

608

Secured

Overnight

Financing

Rate

+

1.71%

5.60%,

03/24/2051

(k) 200

Secured

Overnight

Financing

Rate

+

4.84%

5.79%,

11/18/2033

(k) GBP

SONIA

Interest

Rate

Benchmark

+

2.25%

5.83%,

04/19/2035

(k) $

Secured

Overnight

Financing

Rate

+

1.58%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Morgan

Stanley

(continued)

5.94%,

02/07/2039

$

1,351

$

1,395

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.60%

6.63%,

11/01/2034

(k) 100

Secured

Overnight

Financing

Rate

+

2.05%

Morgan

Stanley

Bank

NA

4.75%,

04/21/2026

5.50%,

05/26/2028

(k) 460

Secured

Overnight

Financing

Rate

+

0.87%

National

Australia

Bank

Ltd

2.13%,

05/24/2028

EUR

2.33%,

08/21/2030

(j) $

National

Bank

of

Canada

5.43%,

08/16/2032

(k) CAD

Canadian

Overnight

Repo

Rate

Average

+

2.32%

National

Bank

of

Uzbekistan

7.20%,

07/17/2030

$

725

733

8.50%,

07/05/2029

2,200

2,331

NatWest

Group

PLC

1.64%,

06/14/2027

(k) 709

691

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.90%

2.06%,

11/09/2028

(k) GBP

Generic

Britain

Year

Government

Bond

+

1.27%

3.03%,

11/28/2035

(k) $

2,320

2,093

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.35%

4.60%,

06/28/2031

(h),(k),(n)

800

711

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.10%

4.77%,

02/16/2029

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

1.83%

4.96%,

08/15/2030

(k) $

986

997

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.22%

6.02%,

03/02/2034

(k) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.10%

7.30%,

11/19/2034

(h),(k),(n)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.94%

8.13%,

11/10/2033

(h),(k),(n)

500

548

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.75%

NatWest

Markets

PLC

4.79%,

03/21/2028

(j) 341

Nordea

Bank

Abp

2.88%,

08/24/2032

EUR

5.38%,

09/22/2027

(j) $

970

988

Northern

Trust

Corp

3.15%,

05/03/2029

Nykredit

Realkredit

AS

4.00%,

07/17/2028

EUR

OP

Corporate

Bank

plc

0.38%,

06/16/2028

OTP

Bank

Nyrt

4.25%,

10/16/2030

(k) 100

Month

Euro

Interbank

Offered

Rate

+

1.95%

PNC

Financial

Services

Group

Inc/The

2.60%,

07/23/2026

$

4.63%,

06/06/2033

(k) 100

Secured

Overnight

Financing

Rate

+

1.85%

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

PNC

Financial

Services

Group

Inc/The

(continued)

5.07%,

01/24/2034

(k) $

$

Secured

Overnight

Financing

Rate

+

1.93%

5.49%,

05/14/2030

(k) 100

Secured

Overnight

Financing

Rate

+

1.20%

6.20%,

09/15/2027

(h),(k)

500

505

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.24%

6.25%,

03/15/2030

(h),(i),(k)

1,800

1,821

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.81%

Raiffeisen

Bank

International

AG

1.38%,

06/17/2033

(k) EUR

Euribor

Swap

Rate

Year

+

1.60%

Regions

Financial

Corp

5.50%,

09/06/2035

(k) $

536

540

Secured

Overnight

Financing

Rate

+

2.06%

5.72%,

06/06/2030

(k) 708

732

Secured

Overnight

Financing

Rate

+

1.49%

7.38%,

12/10/2037

(i) 1,240

1,393

Royal

Bank

of

Canada

1.40%,

11/02/2026

2.13%,

04/26/2029

EUR

2.14%,

11/03/2031

(k) CAD

Canadian

Dollar

Offered

Rate

Month

+

0.61%

2.94%,

05/03/2032

(k) 150

Canadian

Dollar

Offered

Rate

Month

+

0.76%

4.21%,

07/03/2035

(k) 100

Canadian

Overnight

Repo

Rate

Average

Compounded

Index

+

1.51%

4.72%,

03/27/2028

(k) $

1,204

1,209

Secured

Overnight

Financing

Rate

+

0.81%

5.15%,

02/01/2034

6.35%,

11/24/2084

(k) 2,600

2,477

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.26%

6.75%,

08/24/2085

(k) 400

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.82%

7.50%,

05/02/2084

(k) 500

520

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.89%

Santander

Holdings

USA

Inc

3.24%,

10/05/2026

6.57%,

06/12/2029

(k) 100

Secured

Overnight

Financing

Rate

+

2.70%

Santander

UK

Group

Holdings

PLC

6.53%,

01/10/2029

(k) 200

Secured

Overnight

Financing

Rate

+

2.60%

Skandinaviska

Enskilda

Banken

AB

3.75%,

02/07/2028

EUR

Societe

Generale

SA

0.50%,

06/12/2029

(k) 100

Month

Euro

Interbank

Offered

Rate

+

0.95%

2.63%,

05/30/2029

3.63%,

03/01/2041

(j) $

3.75%,

05/17/2035

(k) EUR

Euribor

Swap

Rate

Year

+

1.65%

5.25%,

09/06/2032

(k) 100

EUR

Swap

Annual

(VS

Month)

Year

+

3.10%

8.50%,

03/25/2034

(h),(j),(k),(n)

$

600

636

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.15%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Societe

Generale

SA

(continued)

10.00%,

11/14/2028

(h),(j),(k),(n)

$

$

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.45%

Sovcombank

Via

Sovcom

Capital

DAC

-

Escrow

0.00%,

12/31/2049

(d) 230

—

Standard

Chartered

PLC

3.27%,

02/18/2036

(j),(k)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.30%

4.75%,

01/14/2031

(h),(k),(n)

1,575

1,449

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.81%

4.87%,

05/10/2031

(k) EUR

EUR

Swap

Annual

(VS

Month)

Year

+

1.85%

7.63%,

01/16/2032

(h),(i),(j),(k),(n)

$

2,000

2,075

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.02%

State

Street

Corp

4.14%,

12/03/2029

(k) 200

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.29%

5.27%,

08/03/2026

6.70%,

03/15/2029

(h),(k)

500

516

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.61%

6.70%,

09/15/2029

(h),(i),(k)

2,800

2,904

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.63%

Sumitomo

Mitsui

Financial

Group

Inc

4.95%,

07/08/2033

(k) 1,323

1,324

Secured

Overnight

Financing

Rate

+

1.38%

5.81%,

09/14/2033

(i) 200

5.84%,

07/09/2044

5.88%,

07/13/2026

6.18%,

07/13/2043

Sumitomo

Mitsui

Trust

Bank

Ltd

2.80%,

03/10/2027

(j) 200

4.45%,

09/10/2027

(j) 763

763

Svenska

Handelsbanken

AB

0.13%,

11/03/2026

EUR

Swedbank

AB

0.20%,

01/12/2028

1.54%,

11/16/2026

(j) $

1,805

1,743

7.75%,

03/17/2030

(h),(k),(n)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.66%

Texas

Capital

Bancshares

Inc

4.00%,

05/06/2031

(k) 511

501

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.15%

Toronto-Dominion

Bank/The

1.20%,

06/03/2026

2.00%,

09/10/2031

(i) 100

2.55%,

08/03/2027

EUR

4.42%,

10/31/2035

(k) CAD

Canadian

Overnight

Repo

Rate

Average

Compounded

Index

+

1.32%

4.48%,

01/18/2028

4.68%,

01/08/2029

8.13%,

10/31/2082

(k) $

1,300

1,370

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.08%

Truist

Bank

4.42%,

07/24/2028

(k) 627

626

Secured

Overnight

Financing

Rate

+

0.77%

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Truist

Financial

Corp

3.88%,

03/19/2029

$

$

5.10%,

03/01/2030

(h),(k)

500

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.35%

5.71%,

01/24/2035

(k) 100

Secured

Overnight

Financing

Rate

+

1.92%

6.67%,

09/01/2025

(h),(k)

4,500

4,497

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.00%

UBS

AG/Stamford

CT

1.25%,

08/07/2026

7.50%,

02/15/2028

873

938

UBS

Group

AG

0.88%,

11/03/2031

EUR

1.49%,

08/10/2027

(j),(k)

$

985

954

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.85%

3.87%,

01/12/2029

(j),(k)

Month

USD

LIBOR

+

1.41%

4.38%,

02/10/2031

(h),(j),(k),(n)

1,200

1,076

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.31%

4.63%,

03/17/2028

(k) EUR

Euribor

Swap

Rate

Year

+

1.15%

4.88%,

05/15/2045

$

5.43%,

02/08/2030

(j),(k)

958

982

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.52%

5.58%,

05/09/2036

(j),(k)

Secured

Overnight

Financing

Rate

+

1.76%

6.60%,

08/05/2030

(h),(j),(k),(n),(o)

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.12%

6.88%,

08/07/2025

(h),(k),(n)

1,350

1,350

USD

Swap

Semi-Annual

(VS

Month)

Year

+

4.59%

9.02%,

11/15/2033

(j),(k)

Secured

Overnight

Financing

Rate

+

5.02%

UniCredit

SpA

0.85%,

01/19/2031

EUR

3.80%,

01/16/2033

(k) 150

Month

Euro

Interbank

Offered

Rate

+

1.40%

United

Overseas

Bank

Ltd/Sydney

4.64%,

03/16/2026

AUD

US

Bancorp

1.38%,

07/22/2030

$

2.49%,

11/03/2036

(k) 2,959

2,512

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.95%

3.00%,

07/30/2029

3.70%,

01/15/2027

(h),(k)

7,000

6,729

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.54%

5.84%,

06/12/2034

(k) 200

Secured

Overnight

Financing

Rate

+

2.26%

Wells

Fargo

&

Co

1.00%,

02/02/2027

EUR

2.50%,

05/02/2029

GBP

2.57%,

02/11/2031

(k) $

614

563

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.26%

2.88%,

10/30/2030

(k) 413

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.43%

3.07%,

04/30/2041

1,484

1,119

Secured

Overnight

Financing

Rate

+

5.06%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Wells

Fargo

&

Co

(continued)

3.53%,

03/24/2028

(k) $

$

Secured

Overnight

Financing

Rate

+

1.51%

3.90%,

05/01/2045

3.90%,

03/15/2026

(h),(k)

4,000

3,963

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.45%

4.15%,

01/24/2029

4.48%,

04/04/2031

(k) 200

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.03%

4.61%,

04/25/2053

(k) 100

Secured

Overnight

Financing

Rate

+

2.13%

4.75%,

12/07/2046

5.39%,

04/24/2034

(k) 685

701

Secured

Overnight

Financing

Rate

+

2.02%

5.50%,

01/23/2035

(k) 282

Secured

Overnight

Financing

Rate

+

1.78%

5.56%,

07/25/2034

(k) 100

Secured

Overnight

Financing

Rate

+

1.99%

5.57%,

07/25/2029

(k) 200

Secured

Overnight

Financing

Rate

+

1.74%

5.61%,

01/15/2044

649

631

5.71%,

04/22/2028

(k) 2,861

2,917

Secured

Overnight

Financing

Rate

+

1.07%

Wells

Fargo

Bank

NA

6.60%,

01/15/2038

Westpac

Banking

Corp

2.96%,

11/16/2040

3.02%,

11/18/2036

(k) 100

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.53%

5.46%,

11/18/2027

Westpac

Securities

NZ

Ltd/London

0.43%,

12/14/2026

EUR

Zions

Bancorp

NA

3.25%,

10/29/2029

(i) $

2,884

2,653

6.82%,

11/19/2035

(k) 1,042

1,088

Secured

Overnight

Financing

Rate

+

2.83%

$

295,233

Beverages

-

0.27%

Anheuser-Busch

Cos

LLC

/

Anheuser-Busch

InBev

Worldwide

Inc

4.70%,

02/01/2036

4.90%,

02/01/2046

1,373

1,255

Anheuser-Busch

InBev

SA/NV

2.75%,

03/17/2036

EUR

2.88%,

04/02/2032

Anheuser-Busch

InBev

Worldwide

Inc

4.35%,

06/01/2040

$

5.00%,

06/15/2034

(i) 100

5.45%,

01/23/2039

5.55%,

01/23/2049

5.80%,

01/23/2059

Bacardi

Ltd

5.15%,

05/15/2038

CCEP

Finance

Ireland

DAC

1.50%,

05/06/2041

EUR

Coca-Cola

Co/The

0.95%,

05/06/2036

1.50%,

03/05/2028

$

1.65%,

06/01/2030

2.50%,

03/15/2051

5.20%,

01/14/2055

Constellation

Brands

Inc

4.35%,

05/09/2027

4.90%,

05/01/2033

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Beverages

(continued)

Diageo

Finance

PLC

2.50%,

03/27/2032

EUR

$

2.75%,

06/08/2038

GBP

Heineken

NV

1.50%,

10/03/2029

EUR

1.75%,

03/17/2031

JDE

Peet's

NV

0.63%,

02/09/2028

Keurig

Dr

Pepper

Inc

3.80%,

05/01/2050

$

Molson

Coors

Beverage

Co

3.00%,

07/15/2026

PepsiCo

Inc

3.00%,

10/15/2027

3.38%,

07/29/2049

3.60%,

02/18/2028

4.00%,

03/05/2042

4.45%,

02/07/2028

(i) 718

724

4.65%,

07/23/2032

648

647

Pernod

Ricard

SA

1.75%,

04/08/2030

EUR

$

6,528

Biotechnology

-

0.34%

Amgen

Inc

3.15%,

02/21/2040

$

1,548

1,186

4.05%,

08/18/2029

4.40%,

05/01/2045

4.40%,

02/22/2062

4.66%,

06/15/2051

5.15%,

03/02/2028

647

659

5.25%,

03/02/2030

5.25%,

03/02/2033

5.60%,

03/02/2043

5.65%,

03/02/2053

939

908

5.75%,

03/02/2063

Biogen

Inc

3.15%,

05/01/2050

6.45%,

05/15/2055

590

604

CSL

Finance

PLC

4.63%,

04/27/2042

(j) 100

Gilead

Sciences

Inc

4.15%,

03/01/2047

4.80%,

11/15/2029

717

729

5.10%,

06/15/2035

5.25%,

10/15/2033

Royalty

Pharma

PLC

2.15%,

09/02/2031

1,182

1,013

3.35%,

09/02/2051

5.15%,

09/02/2029

$

8,092

Building

Materials

-

0.83%

AmeriTex

HoldCo

Intermediate

LLC

10.25%,

10/15/2028

(j) 1,880

1,995

Amrize

Finance

US

LLC

7.13%,

07/15/2036

(j) 50

Carrier

Global

Corp

3.38%,

04/05/2040

976

770

3.58%,

04/05/2050

4.13%,

05/29/2028

EUR

Cemex

SAB

de

CV

7.20%,

06/10/2030

(h),(j),(k)

$

1,450

1,480

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.52%

Cie

de

Saint-Gobain

SA

2.38%,

10/04/2027

EUR

3.50%,

01/18/2029

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Building

Materials

(continued)

CRH

SMW

Finance

DAC

4.25%,

07/11/2035

EUR

$

5.13%,

01/09/2030

$

5.20%,

05/21/2029

1,692

1,735

Holcim

Finance

Luxembourg

SA

0.50%,

11/29/2026

EUR

Johnson

Controls

International

plc

4.25%,

05/23/2035

Lennox

International

Inc

5.50%,

09/15/2028

$

946

971

Limak

Cimento

Sanayi

ve

Ticaret

AS

9.75%,

07/25/2029

1,750

1,776

Martin

Marietta

Materials

Inc

2.40%,

07/15/2031

630

554

Oscar

AcquisitionCo

LLC

/

Oscar

Finance

Inc

9.50%,

04/15/2030

(j) 5,850

4,441

Owens

Corning

3.95%,

08/15/2029

5.50%,

06/15/2027

Quikrete

Holdings

Inc

6.38%,

03/01/2032

(j) 890

913

6.75%,

03/01/2033

(j) 1,440

1,477

Smyrna

Ready

Mix

Concrete

LLC

6.00%,

11/01/2028

(j) 2,125

2,118

Trane

Technologies

Financing

Ltd

3.80%,

03/21/2029

Vulcan

Materials

Co

3.50%,

06/01/2030

$

19,994

Chemicals

-

0.66%

Air

Liquide

Finance

SA

0.38%,

05/27/2031

EUR

Air

Products

and

Chemicals

Inc

3.25%,

06/16/2032

Akzo

Nobel

NV

2.00%,

03/28/2032

Albemarle

Corp

5.05%,

06/01/2032

$

BASF

SE

4.50%,

03/08/2035

EUR

CF

Industries

Inc

5.38%,

03/15/2044

$

1,167

1,089

Dow

Chemical

Co/The

4.80%,

05/15/2049

DuPont

de

Nemours

Inc

5.32%,

11/15/2038

Eastman

Chemical

Co

5.75%,

03/08/2033

758

787

Ecolab

Inc

2.70%,

12/15/2051

1,038

632

3.95%,

12/01/2047

4.30%,

06/15/2028

5.25%,

01/15/2028

609

624

International

Flavors

&

Fragrances

Inc

4.38%,

06/01/2047

LANXESS

AG

0.63%,

12/01/2029

EUR

Linde

PLC

0.38%,

09/30/2033

1.00%,

03/31/2027

2.63%,

02/18/2029

LYB

International

Finance

BV

4.88%,

03/15/2044

$

LYB

International

Finance

III

LLC

6.15%,

05/15/2035

Nutrien

Ltd

2.95%,

05/13/2030

5.20%,

06/21/2027

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Chemicals

(continued)

Orbia

Advance

Corp

SAB

de

CV

2.88%,

05/11/2031

(i) $

$

RPM

International

Inc

2.95%,

01/15/2032

SCIH

Salt

Holdings

Inc

6.63%,

05/01/2029

(j) 7,910

7,820

Sherwin-Williams

Co/The

2.20%,

03/15/2032

4.80%,

09/01/2031

5.15%,

08/15/2035

1,033

1,030

Westlake

Corp

2.88%,

08/15/2041

3.38%,

08/15/2061

947

557

Yara

International

ASA

4.75%,

06/01/2028

(j) 100

$

15,881

Coal

-

0.20%

SunCoke

Energy

Inc

4.88%,

06/30/2029

(j) 5,275

4,824

Commercial

Mortgage

Backed

Securities

-

1.28%

Bayview

Commercial

Asset

Trust

2005-3

4.95%,

11/25/2035

(j) 480

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.59%

5.07%,

11/25/2035

(j) 369

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.71%

Bayview

Commercial

Asset

Trust

2006-2

4.81%,

07/25/2036

(j) 344

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.46%

Bayview

Commercial

Asset

Trust

2006-3

4.84%,

10/25/2036

(j) 115

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.49%

Bayview

Commercial

Asset

Trust

2006-4

4.81%,

12/25/2036

(j) 583

559

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.46%

Bayview

Commercial

Asset

Trust

2007-4

5.14%,

09/25/2037

(j) 579

542

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.79%

Bayview

Commercial

Asset

Trust

2008-2

8.22%,

04/25/2038

(j) 517

509

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.86%

BBCMS

2018-TALL

Mortgage

Trust

5.26%,

03/15/2037

(j) 1,470

1,397

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.92%

Benchmark

2019-B15

Mortgage

Trust

2.93%,

12/15/2072

Benchmark

2019-B9

Mortgage

Trust

4.02%,

03/15/2052

3,560

3,451

Benchmark

2020-B20

Mortgage

Trust

2.03%,

10/15/2053

1,450

1,253

Benchmark

2021-B27

Mortgage

Trust

2.39%,

07/15/2054

Benchmark

2022-B32

Mortgage

Trust

3.00%,

01/15/2055

(l) 426

Benchmark

2022-B33

Mortgage

Trust

3.46%,

03/15/2055

Benchmark

2022-B34

Mortgage

Trust

3.79%,

04/15/2055

(l) 2,641

2,415

BX

Commercial

Mortgage

Trust

2020-VIV2

3.54%,

03/09/2044

(j),(l)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Mortgage

Backed

Securities

(continued)

BX

Commercial

Mortgage

Trust

2020-VIV4

2.84%,

03/09/2044

(j) $

1,500

$

1,368

BX

Trust

2019-OC11

3.94%,

12/09/2041

(j),(l)

1,750

1,631

COMM

2018-COR3

Mortgage

Trust

4.23%,

05/10/2051

2,107

2,048

COMM

2024-277P

Mortgage

Trust

6.34%,

08/10/2044

(j) 1,484

1,554

FRESB

2019-SB63

Mortgage

Trust

1.27%,

04/25/2039

(l),(p)

9,521

FRESB

2020-SB76

Mortgage

Trust

0.00%,

05/25/2030

(d),(l),(p)

5,691

FRESB

2020-SB77

Mortgage

Trust

0.12%,

06/25/2040

(l),(p)

17,901

590

Grace

Trust

2020-GRCE

2.35%,

12/10/2040

(j) 1,072

937

Harvest

Commercial

Capital

Loan

Trust

2019-1

4.64%,

09/25/2046

(j),(l)

2,000

1,867

Harvest

Commercial

Capital

Loan

Trust

2020-1

5.96%,

04/25/2052

(j),(l)

Harvest

Commercial

Capital

Loan

Trust

2024-1

6.16%,

10/25/2056

1,913

1,930

Houston

Galleria

Mall

Trust

2025-HGLR

5.64%,

02/05/2045

(j),(l)

1,084

1,100

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2024-OMNI

5.99%,

10/05/2039

(j),(l)

1,007

1,022

MKT

2020-525M

Mortgage

Trust

2.69%,

02/12/2040

(j) 1,400

1,225

ROCK

Trust

2024-CNTR

5.39%,

11/13/2041

(j) 225

Wells

Fargo

Commercial

Mortgage

Trust

2019-C51

3.31%,

06/15/2052

540

504

WFRBS

Commercial

Mortgage

Trust

2014-C21

4.21%,

08/15/2047

(l) 215

4.23%,

08/15/2047

(l) 737

697

$

30,789

Commercial

Services

-

2.38%

Abertis

France

SAS

1.63%,

09/18/2029

EUR

Abertis

Infraestructuras

SA

4.13%,

01/31/2028

Adani

International

Container

Terminal

Pvt

Ltd

3.00%,

02/16/2031

$

2,680

2,395

AMN

Healthcare

Inc

4.63%,

10/01/2027

(j) 2,325

2,273

APRR

SA

1.25%,

01/18/2028

EUR

Ashtead

Capital

Inc

4.25%,

11/01/2029

(j) $

ASTM

SpA

1.00%,

11/25/2026

EUR

Autoroutes

du

Sud

de

la

France

SA

1.25%,

01/18/2027

2.75%,

09/02/2032

Autostrade

per

l'Italia

SpA

5.13%,

06/14/2033

Block

Financial

LLC

3.88%,

08/15/2030

$

Champions

Financing

Inc

8.75%,

02/15/2029

(i),(j)

2,550

2,361

Duke

University

2.76%,

10/01/2050

Edenred

SE

3.63%,

12/13/2026

EUR

EquipmentShare.com

Inc

8.00%,

03/15/2033

(j) $

1,700

1,775

8.63%,

05/15/2032

(j) 2,525

2,688

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Services

(continued)

ERAC

USA

Finance

LLC

4.90%,

05/01/2033

(j) $

$

Ford

Foundation/The

2.82%,

06/01/2070

1,090

599

Global

Payments

Inc

2.90%,

11/15/2031

GXO

Logistics

Inc

6.25%,

05/06/2029

569

592

Herc

Holdings

Inc

7.00%,

06/15/2030

(j) 425

7.25%,

06/15/2033

(j) 700

725

Massachusetts

Institute

of

Technology

3.07%,

04/01/2052

Moody's

Corp

2.75%,

08/19/2041

Motability

Operations

Group

PLC

2.38%,

03/14/2032

GBP

3.63%,

07/24/2029

EUR

PayPal

Holdings

Inc

5.05%,

06/01/2052

$

President

and

Fellows

of

Harvard

College

3.75%,

11/15/2052

PROG

Holdings

Inc

6.00%,

11/15/2029

(j) 4,150

4,005

Quanta

Services

Inc

2.35%,

01/15/2032

697

601

2.90%,

10/01/2030

702

645

3.05%,

10/01/2041

603

5.25%,

08/09/2034

823

832

RELX

Finance

BV

0.50%,

03/10/2028

EUR

Rentokil

Initial

Finance

BV

3.88%,

06/27/2027

S&P

Global

Inc

2.70%,

03/01/2029

$

737

697

3.70%,

03/01/2052

Shift4

Payments

LLC

/

Shift4

Payments

Finance

Sub

Inc

6.75%,

08/15/2032

(j) 1,250

1,291

Sotheby's

7.38%,

10/15/2027

(j) 7,150

7,006

Teranet

Holdings

LP

3.72%,

02/23/2029

CAD

Thomas

Jefferson

University

3.85%,

11/01/2057

$

Transurban

Finance

Co

Pty

Ltd

3.00%,

04/08/2030

EUR

4.56%,

11/14/2028

CAD

Transurban

Queensland

Finance

Pty

Ltd

3.25%,

08/05/2031

AUD

Triton

Container

International

Ltd

3.15%,

06/15/2031

(j) $

2,148

1,864

Triton

Container

International

Ltd

/

TAL

International

Container

Corp

3.25%,

03/15/2032

697

611

University

of

Miami

4.06%,

04/01/2052

(i) 50

University

of

Southern

California

4.98%,

10/01/2053

Upbound

Group

Inc

6.38%,

02/15/2029

(j) 4,575

4,461

VT

Topco

Inc

8.50%,

08/15/2030

(j) 5,495

5,851

Wand

NewCo

Inc

7.63%,

01/30/2032

(j) 6,145

6,452

WEX

Inc

6.50%,

03/15/2033

(j) 5,525

5,596

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Services

(continued)

Wolters

Kluwer

NV

0.75%,

07/03/2030

EUR

$

Worldline

SA/France

0.88%,

06/30/2027

$

57,120

Computers

-

0.73%

Accenture

Capital

Inc

4.50%,

10/04/2034

$

Apple

Inc

1.38%,

05/24/2029

EUR

1.40%,

08/05/2028

$

1,632

1,509

1.65%,

02/08/2031

2.65%,

05/11/2050

1,189

740

2.70%,

08/05/2051

2.85%,

08/05/2061

3.35%,

08/08/2032

(i) 200

3.95%,

08/08/2052

4.15%,

05/10/2030

4.38%,

05/13/2045

668

588

4.45%,

05/06/2044

ASGN

Inc

4.63%,

05/15/2028

(j) 2,075

2,020

Booz

Allen

Hamilton

Inc

5.95%,

08/04/2033

5.95%,

04/15/2035

515

526

Capgemini

SE

2.00%,

04/15/2029

EUR

Dell

International

LLC

/

EMC

Corp

3.38%,

12/15/2041

$

1,067

800

4.35%,

02/01/2030

1,199

1,186

4.75%,

04/01/2028

1,046

1,054

5.25%,

02/01/2028

5.75%,

02/01/2033

8.10%,

07/15/2036

892

1,073

Hewlett

Packard

Enterprise

Co

4.45%,

09/25/2026

5.25%,

07/01/2028

5.60%,

10/15/2054

HP

Inc

5.50%,

01/15/2033

IBM

International

Capital

Pte

Ltd

4.75%,

02/05/2031

2,317

2,334

International

Business

Machines

Corp

0.88%,

02/09/2030

EUR

2.20%,

02/09/2027

$

3.38%,

02/06/2027

EUR

4.00%,

02/06/2043

5.10%,

02/06/2053

$

5.20%,

02/10/2035

Kyndryl

Holdings

Inc

3.15%,

10/15/2031

626

561

4.10%,

10/15/2041

Leidos

Inc

4.38%,

05/15/2030

829

815

5.50%,

03/15/2035

738

746

Teleperformance

SE

4.25%,

01/21/2030

EUR

Western

Digital

Corp

2.85%,

02/01/2029

$

$

17,588

Consumer

Products

-

0.01%

Kimberly-Clark

Corp

2.00%,

11/02/2031

Reckitt

Benckiser

Treasury

Services

PLC

3.63%,

09/14/2028

EUR

$

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Cosmetics

&

Personal

Care

-

0.13%

Estee

Lauder

Cos

Inc/The

5.15%,

05/15/2053

(i) $

$

Haleon

Netherlands

Capital

BV

2.13%,

03/29/2034

EUR

Haleon

US

Capital

LLC

4.00%,

03/24/2052

$

1,550

1,184

High

Ridge

Brands

-

Escrow

0.00%,

03/15/2025

(d),(e),(g)

15,607

—

Kenvue

Inc

4.85%,

05/22/2032

648

653

5.10%,

03/22/2043

L'Oreal

SA

5.00%,

05/20/2035

(j) 473

Procter

&

Gamble

Co/The

3.25%,

08/02/2026

EUR

4.05%,

01/26/2033

$

Unilever

Capital

Corp

5.00%,

12/08/2033

Unilever

Finance

Netherlands

BV

1.38%,

09/04/2030

EUR

$

3,130

Credit

Card

Asset

Backed

Securities

-

0.44%

American

Express

Credit

Account

Master

Trust

3.75%,

08/15/2027

$

1,535

1,534

4.65%,

07/15/2029

1,305

1,315

BA

Credit

Card

Trust

5.00%,

04/15/2028

1,850

1,853

Citibank

Credit

Card

Issuance

Trust

5.23%,

12/08/2027

1,250

1,253

Discover

Card

Execution

Note

Trust

4.31%,

03/15/2028

2,405

2,403

5.03%,

10/15/2027

2,165

2,167

$

10,525

Distribution

&

Wholesale

-

0.10%

RB

Global

Holdings

Inc

7.75%,

03/15/2031

(j) 925

969

Telecommunications

co

Telekom

Srbija

AD

Belgrade

7.00%,

10/28/2029

(j) 825

824

7.00%,

10/28/2029

700

700

$

2,493

Diversified

Financial

Services

-

3.52%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

3.30%,

01/30/2032

3.85%,

10/29/2041

Air

Lease

Corp

5.30%,

02/01/2028

5.85%,

12/15/2027

Ally

Financial

Inc

6.18%,

07/26/2035

(k) 100

Secured

Overnight

Financing

Rate

+

2.29%

6.70%,

02/14/2033

2,200

2,285

American

Express

Co

3.13%,

05/20/2026

3.43%,

05/20/2032

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

1.10%

3.55%,

09/15/2026

(h),(k)

$

7,500

7,330

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.85%

4.92%,

07/20/2033

(k) 435

Secured

Overnight

Financing

Rate

+

1.22%

5.09%,

01/30/2031

705

720

Secured

Overnight

Financing

Rate

+

2.04%

5.10%,

02/16/2028

(k) 1,844

1,861

Secured

Overnight

Financing

Rate

+

1.00%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Diversified

Financial

Services

(continued)

American

Express

Co

(continued)

5.28%,

07/27/2029

(k) $

$

Secured

Overnight

Financing

Rate

+

1.28%

5.67%,

04/25/2036

613

636

Secured

Overnight

Financing

Rate

+

3.58%

Apollo

Global

Management

Inc

6.00%,

12/15/2054

(i),(k)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.17%

Aviation

Capital

Group

LLC

6.25%,

04/15/2028

(j) 100

Avolon

Holdings

Funding

Ltd

2.53%,

11/18/2027

(j) 200

Azorra

Finance

Ltd

7.75%,

04/15/2030

(j) 3,975

4,140

Blackstone

Holdings

Finance

Co

LLC

3.50%,

06/01/2034

EUR

Blue

Owl

Finance

LLC

3.13%,

06/10/2031

$

Bread

Financial

Holdings

Inc

8.38%,

06/15/2035

(j),(k)

1,850

1,911

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.30%

9.75%,

03/15/2029

(j) 3,000

3,218

Burford

Capital

Global

Finance

LLC

9.25%,

07/01/2031

(j) 5,675

6,001

Cantor

Fitzgerald

LP

4.50%,

04/14/2027

(j) 100

Capital

One

Financial

Corp

1.65%,

06/12/2029

EUR

3.80%,

01/31/2028

$

3.95%,

09/01/2026

(h),(i),(k)

500

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.16%

4.10%,

02/09/2027

4.93%,

05/10/2028

(k) 150

Secured

Overnight

Financing

Rate

+

2.06%

5.88%,

07/26/2035

(i),(k)

Secured

Overnight

Financing

Rate

+

1.99%

Charles

Schwab

Corp/The

1.15%,

05/13/2026

3.30%,

04/01/2027

(i) 100

4.00%,

06/01/2026

(h),(k)

5,000

4,929

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.17%

5.64%,

05/19/2029

(k) 100

Secured

Overnight

Financing

Rate

+

2.21%

6.14%,

08/24/2034

(k) 100

Secured

Overnight

Financing

Rate

+

2.01%

CI

Financial

Corp

3.20%,

12/17/2030

4.75%,

04/03/2028

CAD

CME

Group

Inc

5.30%,

09/15/2043

$

Credit

Acceptance

Corp

9.25%,

12/15/2028

(j) 4,475

4,733

Drawbridge

Special

Opportunities

Fund

LP

/

Drawbridge

Special

Opportunities

Finance

Corp

3.88%,

02/15/2026

(j) 800

788

EZCORP

Inc

7.38%,

04/01/2032

(j) 1,020

1,062

Focus

Financial

Partners

LLC

6.75%,

09/15/2031

(j) 2,890

2,953

goeasy

Ltd

6.88%,

05/15/2030

(j) 1,650

1,653

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Diversified

Financial

Services

(continued)

Intercontinental

Exchange

Inc

1.85%,

09/15/2032

$

$

3.00%,

09/15/2060

4.95%,

06/15/2052

816

732

Jefferies

Financial

Group

Inc

2.63%,

10/15/2031

Lazard

Group

LLC

4.38%,

03/11/2029

Lseg

Netherlands

BV

0.25%,

04/06/2028

EUR

Mastercard

Inc

1.90%,

03/15/2031

$

4.35%,

01/15/2032

877

869

Nasdaq

Inc

0.90%,

07/30/2033

EUR

5.35%,

06/28/2028

$

Nationstar

Mortgage

Holdings

Inc

5.50%,

08/15/2028

(j) 425

6.50%,

08/01/2029

(j) 2,600

2,659

7.13%,

02/01/2032

(j) 575

600

Nomura

Holdings

Inc

3.00%,

01/22/2032

7.00%,

07/15/2030

(h),(k),(n)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.08%

OneMain

Finance

Corp

4.00%,

09/15/2030

1,300

1,191

7.13%,

11/15/2031

1,425

1,471

7.50%,

05/15/2031

1,925

2,006

7.88%,

03/15/2030

2,500

2,632

ORIX

Corp

5.20%,

09/13/2032

(i) 50

Oxford

Finance

LLC

/

Oxford

Finance

Co-Issuer

II

Inc

6.38%,

02/01/2027

(j) 4,750

4,738

Raymond

James

Financial

Inc

4.65%,

04/01/2030

Rfna

LP

7.88%,

02/15/2030

(j) 3,475

3,530

Rocket

Cos

Inc

6.13%,

08/01/2030

(j) 500

507

6.38%,

08/01/2033

(j) 1,100

1,122

Rocket

Mortgage

LLC

/

Rocket

Mortgage

Co-Issuer

Inc

3.88%,

03/01/2031

(j) 3,475

3,205

Sagen

MI

Canada

Inc

3.26%,

03/05/2031

CAD

SOCAR

Turkey

Enerji

AS

via

Steas

Funding

DAC

7.23%,

03/17/2026

$

1,800

1,789

Stonex

Escrow

Issuer

LLC

6.88%,

07/15/2032

(j) 2,525

2,570

StoneX

Group

Inc

7.88%,

03/01/2031

(j) 1,850

1,944

Synchrony

Financial

2.88%,

10/28/2031

5.15%,

03/19/2029

1,174

1,179

5.45%,

03/06/2031

(k) 378

Secured

Overnight

Financing

Rate

+

1.68%

USAA

Capital

Corp

4.38%,

06/01/2028

(j) 775

777

Visa

Inc

2.05%,

04/15/2030

3.65%,

09/15/2047

Voya

Financial

Inc

5.00%,

09/20/2034

$

84,590

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

-

2.48%

AEP

Transmission

Co

LLC

4.50%,

06/15/2052

$

$

AES

Corp/The

2.45%,

01/15/2031

(i) 228

5.45%,

06/01/2028

629

639

Alabama

Power

Co

3.00%,

03/15/2052

Algonquin

Power

&

Utilities

Corp

5.37%,

06/15/2026

(l) 316

AltaLink

LP

4.87%,

11/15/2040

CAD

Ameren

Corp

5.70%,

12/01/2026

$

Ameren

Illinois

Co

3.85%,

09/01/2032

American

Electric

Power

Co

Inc

6.95%,

12/15/2054

(k) 600

633

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%

7.05%,

12/15/2054

(i),(k)

800

835

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.75%

Amprion

GmbH

4.13%,

09/07/2034

EUR

Appalachian

Power

Co

4.50%,

03/01/2049

$

7.00%,

04/01/2038

Arizona

Public

Service

Co

4.50%,

04/01/2042

Ausgrid

Finance

Pty

Ltd

1.81%,

02/05/2027

AUD

AusNet

Services

Holdings

Pty

Ltd

2.60%,

07/31/2029

Avangrid

Inc

3.80%,

06/01/2029

$

Baltimore

Gas

and

Electric

Co

5.40%,

06/01/2053

Brookfield

Infrastructure

Finance

ULC

5.98%,

02/14/2033

CAD

Brookfield

Renewable

Partners

ULC

5.88%,

11/09/2032

Bruce

Power

LP

4.70%,

12/21/2027

CenterPoint

Energy

Houston

Electric

LLC

5.05%,

03/01/2035

$

5.20%,

10/01/2028

CenterPoint

Energy

Inc

2.65%,

06/01/2031

6.85%,

02/15/2055

(k) 50

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.95%

CMS

Energy

Corp

3.75%,

12/01/2050

(k) 502

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.90%

4.75%,

06/01/2050

(k) 828

797

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.12%

Comision

Ejecutiva

Hidroelectrica

del

Rio

Lempa

8.65%,

01/24/2033

(j) 1,125

1,135

Comision

Federal

de

Electricidad

5.00%,

09/29/2036

1,394

1,233

Commonwealth

Edison

Co

3.80%,

10/01/2042

5.95%,

06/01/2055

Connecticut

Light

and

Power

Co/The

4.95%,

08/15/2034

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

Consolidated

Edison

Co

of

New

York

Inc

4.13%,

05/15/2049

$

703

$

553

4.45%,

03/15/2044

4.50%,

12/01/2045

528

4.50%,

05/15/2058

4.63%,

12/01/2054

Constellation

Energy

Generation

LLC

5.80%,

03/01/2033

Consumers

Energy

Co

3.60%,

08/15/2032

(i) 100

4.90%,

02/15/2029

Dominion

Energy

Inc

3.38%,

04/01/2030

4.85%,

08/15/2052

6.63%,

05/15/2055

1,050

1,076

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.41%

DTE

Electric

Co

3.95%,

03/01/2049

1,050

824

4.05%,

05/15/2048

DTE

Energy

Co

4.88%,

06/01/2028

665

672

Duke

Energy

Carolinas

LLC

3.55%,

03/15/2052

5.25%,

03/15/2035

5.40%,

01/15/2054

Duke

Energy

Corp

3.10%,

06/15/2028

EUR

3.75%,

09/01/2046

$

5.00%,

12/08/2027

5.80%,

06/15/2054

521

509

6.45%,

09/01/2054

(k) 50

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.59%

Duke

Energy

Florida

LLC

5.95%,

11/15/2052

Duke

Energy

Indiana

LLC

3.25%,

10/01/2049

5.40%,

04/01/2053

Duke

Energy

Ohio

Inc

5.55%,

03/15/2054

5.65%,

04/01/2053

Duke

Energy

Progress

LLC

2.50%,

08/15/2050

4.00%,

04/01/2052

545

Duquesne

Light

Holdings

Inc

2.53%,

10/01/2030

(j) 100

E.ON

International

Finance

BV

5.88%,

10/30/2037

GBP

E.ON

SE

3.50%,

10/26/2037

EUR

Eastern

European

Electric

Co

BV

6.50%,

05/15/2030

(j) 675

795

Eastern

Power

Networks

PLC

1.88%,

06/01/2035

GBP

Edison

International

5.25%,

11/15/2028

$

EDP

Finance

BV

3.88%,

03/11/2030

EUR

Emera

US

Finance

LP

2.64%,

06/15/2031

$

4.75%,

06/15/2046

784

647

Enel

Americas

SA

4.00%,

10/25/2026

Enel

Finance

International

NV

3.50%,

04/06/2028

(j) 347

4.50%,

02/20/2043

EUR

4.75%,

05/25/2047

(j) $

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

Enel

Finance

International

NV

(continued)

5.13%,

06/26/2029

(j) $

$

6.80%,

09/15/2037

(j) 100

Enel

SpA

4.25%,

01/14/2030

(h),(k)

EUR

Euribor

Swap

Rate

Year

+

2.01%

Energo-Pro

AS

8.00%,

05/27/2030

(j) 2,550

3,075

Engie

SA

2.13%,

03/30/2032

4.25%,

01/11/2043

5.25%,

04/10/2029

(j) $

508

Entergy

Arkansas

LLC

4.20%,

04/01/2049

Entergy

Louisiana

LLC

2.35%,

06/15/2032

Entergy

Mississippi

LLC

3.85%,

06/01/2049

Entergy

Texas

Inc

4.50%,

03/30/2039

1,550

1,406

5.25%,

04/15/2035

5.55%,

09/15/2054

Eurogrid

GmbH

0.74%,

04/21/2033

EUR

Evergy

Kansas

Central

Inc

4.70%,

03/13/2028

$

Evergy

Metro

Inc

4.20%,

06/15/2047

Eversource

Energy

3.45%,

01/15/2050

Exelon

Corp

3.40%,

04/15/2026

4.10%,

03/15/2052

6.50%,

03/15/2055

(k) 100

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.98%

FirstEnergy

Corp

2.65%,

03/01/2030

3.40%,

03/01/2050

4.85%,

07/15/2047

660

561

FirstEnergy

Pennsylvania

Electric

Co

5.20%,

04/01/2028

(j) 1,039

1,058

FirstEnergy

Transmission

LLC

4.55%,

04/01/2049

(j) 1,298

1,084

Florida

Power

&

Light

Co

3.99%,

03/01/2049

4.05%,

10/01/2044

5.15%,

06/15/2029

878

904

5.30%,

06/15/2034

5.70%,

03/15/2055

(i) 50

FortisAlberta

Inc

4.27%,

09/22/2045

CAD

GDZ

Elektrik

Dagitim

AS

9.00%,

10/15/2029

$

525

508

Georgia

Power

Co

3.25%,

03/15/2051

1,070

731

Hydro

One

Inc

3.63%,

06/25/2049

CAD

4.25%,

01/04/2035

Iberdrola

Finanzas

SA

1.62%,

11/29/2029

EUR

4.88%,

04/25/2028

(h),(k)

EUR

Swap

Annual

(VS

Month)

Year

+

2.26%

Indianapolis

Power

&

Light

Co

5.70%,

04/01/2054

(j) $

Interstate

Power

and

Light

Co

3.50%,

09/30/2049

714

500

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

ITC

Holdings

Corp

3.35%,

11/15/2027

$

$

Kentucky

Power

Co

7.00%,

11/15/2033

(j) 1,243

1,331

Kentucky

Utilities

Co

5.13%,

11/01/2040

Liberty

Utilities

Finance

GP

2.05%,

09/15/2030

(j) 462

Lightning

Power

LLC

7.25%,

08/15/2032

(j) 1,675

1,751

MidAmerican

Energy

Co

5.30%,

02/01/2055

5.35%,

01/15/2034

5.85%,

09/15/2054

Narragansett

Electric

Co/The

5.35%,

05/01/2034

(j) 606

613

National

Grid

Electricity

Distribution

West

Midlands

PLC

5.75%,

04/16/2032

GBP

National

Grid

PLC

0.25%,

09/01/2028

EUR

0.55%,

09/18/2029

National

Rural

Utilities

Cooperative

Finance

Corp

4.12%,

09/16/2027

$

983

980

4.75%,

02/07/2028

673

679

Naturgy

Finance

Iberia

SA

1.50%,

01/29/2028

EUR

Network

Finance

Co

Pty

Ltd

2.58%,

10/03/2028

AUD

Nevada

Power

Co

3.13%,

08/01/2050

$

New

England

Power

Co

3.80%,

12/05/2047

(j) 100

New

York

State

Electric

&

Gas

Corp

5.85%,

08/15/2033

(j) 591

620

NextEra

Energy

Capital

Holdings

Inc

1.88%,

01/15/2027

4.69%,

09/01/2027

(o) 438

5.30%,

03/15/2032

941

966

5.65%,

05/01/2079

(k) 100

Month

USD

LIBOR

+

3.16%

5.90%,

03/15/2055

775

773

Niagara

Mohawk

Power

Corp

5.66%,

01/17/2054

(j) 50

Northern

Powergrid

Northeast

PLC

1.88%,

06/16/2062

GBP

Northern

States

Power

Co/MN

2.60%,

06/01/2051

$

NRG

Energy

Inc

7.00%,

03/15/2033

(j) 50

Oglethorpe

Power

Corp

3.75%,

08/01/2050

Oklahoma

Gas

and

Electric

Co

3.25%,

04/01/2030

(i) 100

Oncor

Electric

Delivery

Co

LLC

3.70%,

05/15/2050

4.15%,

06/01/2032

573

551

5.75%,

03/15/2029

Pacific

Gas

and

Electric

Co

3.30%,

03/15/2027

3.30%,

08/01/2040

3.95%,

12/01/2047

(i) 304

4.30%,

03/15/2045

1,200

923

5.00%,

06/04/2028

6.10%,

01/15/2029

6.75%,

01/15/2053

PacifiCorp

4.10%,

02/01/2042

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

PPL

Capital

Funding

Inc

5.25%,

09/01/2034

$

$

Public

Service

Co

of

Colorado

1.90%,

01/15/2031

2.70%,

01/15/2051

1,816

1,075

3.70%,

06/15/2028

681

671

4.10%,

06/15/2048

888

687

Public

Service

Co

of

Oklahoma

2.20%,

08/15/2031

804

696

5.45%,

01/15/2036

Public

Service

Electric

and

Gas

Co

4.85%,

08/01/2034

Public

Service

Enterprise

Group

Inc

2.45%,

11/15/2031

Puget

Energy

Inc

4.10%,

06/15/2030

Puget

Sound

Energy

Inc

5.69%,

06/15/2054

502

Red

Electrica

Financiaciones

SA

1.25%,

03/13/2027

EUR

RWE

AG

2.75%,

05/24/2030

RWE

Finance

US

LLC

6.25%,

04/16/2054

(j) $

1,126

1,130

Saavi

Energia

Sarl

8.88%,

02/10/2035

(j) 2,175

2,264

San

Diego

Gas

&

Electric

Co

4.95%,

08/15/2028

5.40%,

04/15/2035

Sempra

4.13%,

04/01/2052

(k) 75

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.87%

6.55%,

04/01/2055

(k) 50

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.14%

Southern

California

Edison

Co

3.60%,

02/01/2045

(i) 100

5.95%,

11/01/2032

Southern

Co/The

3.75%,

09/15/2051

(k) 2,000

1,968

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.92%

4.85%,

06/15/2028

Southern

Power

Co

5.25%,

07/15/2043

Southwestern

Public

Service

Co

6.00%,

06/01/2054

SSE

PLC

4.00%,

01/21/2028

(h),(k)

EUR

EUR

Swap

Annual

(VS

Month)

Year

+

2.70%

Trans-Allegheny

Interstate

Line

Co

5.00%,

01/15/2031

(j) $

Union

Electric

Co

3.25%,

10/01/2049

3.90%,

04/01/2052

Virginia

Electric

and

Power

Co

2.40%,

03/30/2032

4.60%,

12/01/2048

5.05%,

08/15/2034

5.55%,

08/15/2054

Vistra

Operations

Co

LLC

6.95%,

10/15/2033

(j) 100

WEC

Energy

Group

Inc

2.20%,

12/15/2028

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

Wisconsin

Power

and

Light

Co

3.95%,

09/01/2032

$

$

5.38%,

03/30/2034

Xcel

Energy

Inc

5.45%,

08/15/2033

$

59,589

Electrical

Components

&

Equipment

-

0.06%

Emerson

Electric

Co

0.88%,

10/15/2026

(i) 100

Schneider

Electric

SE

3.38%,

04/13/2034

EUR

WESCO

Distribution

Inc

6.63%,

03/15/2032

(j) $

1,125

1,161

$

1,372

Electronics

-

0.22%

Allegion

US

Holding

Co

Inc

5.41%,

07/01/2032

567

582

5.60%,

05/29/2034

591

604

Honeywell

International

Inc

1.10%,

03/01/2027

1.95%,

06/01/2030

2.50%,

11/01/2026

4.50%,

01/15/2034

4.95%,

09/01/2031

591

603

5.35%,

03/01/2064

Keysight

Technologies

Inc

4.60%,

04/06/2027

Trimble

Inc

6.10%,

03/15/2033

Tyco

Electronics

Group

SA

5.00%,

05/09/2035

1,186

1,187

Vontier

Corp

2.40%,

04/01/2028

2.95%,

04/01/2031

1,329

1,195

$

5,234

Energy

-

Alternate

Sources

-

0.07%

FS

Luxembourg

Sarl

8.63%,

06/25/2033

(i),(j)

900

897

8.88%,

02/12/2031

(j) 633

657

8.88%,

02/12/2031

$

1,741

Engineering

&

Construction

-

0.61%

Aeroports

de

Montreal

3.03%,

04/21/2050

CAD

Aeropuertos

Dominicanos

Siglo

XXI

SA

7.00%,

06/30/2034

(j) $

ATP

Tower

Holdings

/

Andean

Telecom

Partners

Chile

SpA

/

Andean

Tower

Partners

Colombia

SAS

7.88%,

02/03/2030

(j) 1,875

1,902

Bouygues

SA

2.25%,

06/29/2029

EUR

Brundage-Bone

Concrete

Pumping

Holdings

Inc

7.50%,

02/01/2032

(j) $

1,400

1,394

Cellnex

Finance

Co

SA

2.00%,

02/15/2033

EUR

Gatwick

Funding

Ltd

2.88%,

07/05/2051

GBP

Heathrow

Funding

Ltd

1.88%,

03/14/2036

EUR

HOCHTIEF

AG

0.63%,

04/26/2029

ICA

ICTAS

Altyapi

Yavuz

Sultan

Selim

Koprusu

Ve

Kuzey

Cevre

Otoyolu

Yatirim

Ve

I

7.54%,

10/31/2027

$

1,850

1,866

IHS

Holding

Ltd

7.88%,

05/29/2030

(j) 1,500

1,519

8.25%,

11/29/2031

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Engineering

&

Construction

(continued)

IHS

Netherlands

Holdco

BV

8.00%,

09/18/2027

$

1,684

$

1,691

Jacobs

Engineering

Group

Inc

6.35%,

08/18/2028

Kingston

Airport

Revenue

Finance

Ltd

6.75%,

12/15/2036

(j) 2,125

2,135

MasTec

Inc

5.90%,

06/15/2029

560

579

Sitios

Latinoamerica

SAB

de

CV

6.00%,

11/25/2029

(j) 2,025

2,073

Sydney

Airport

Finance

Co

Pty

Ltd

4.38%,

05/03/2033

EUR

Vancouver

Airport

Authority

1.76%,

09/20/2030

CAD

$

14,684

Entertainment

-

1.25%

Caesars

Entertainment

Inc

4.63%,

10/15/2029

(j) $

2,025

1,914

7.00%,

02/15/2030

(j) 4,925

5,080

Cinemark

USA

Inc

5.25%,

07/15/2028

(j) 3,825

3,798

7.00%,

08/01/2032

(j) 825

852

Light

&

Wonder

International

Inc

7.50%,

09/01/2031

(j) 1,200

1,251

Rivers

Enterprise

Borrower

LLC

/

Rivers

Enterprise

Finance

Corp

6.63%,

02/01/2033

(j) 3,675

3,710

Scientific

Games

Holdings

LP/Scientific

Games

US

FinCo

Inc

6.63%,

03/01/2030

(j) 2,960

2,852

Six

Flags

Entertainment

Corp

/Six

Flags

Theme

Parks

Inc/

Canada's

Wonderland

Co

6.63%,

05/01/2032

(j) 950

967

Speedway

Motorsports

LLC

/

Speedway

Funding

II

Inc

4.88%,

11/01/2027

(j) 2,925

2,893

Voyager

Parent

LLC

9.25%,

07/01/2032

(j) 3,525

3,729

Warnermedia

Holdings

Inc

4.28%,

03/15/2032

5.05%,

03/15/2042

1,076

719

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp

5.13%,

10/01/2029

(j) 600

595

7.13%,

02/15/2031

(j) 1,350

1,436

$

30,062

Environmental

Control

-

0.70%

Madison

IAQ

LLC

5.88%,

06/30/2029

(j) 8,118

7,904

Republic

Services

Inc

4.75%,

07/15/2030

940

954

5.00%,

04/01/2034

Reworld

Holding

Corp

4.88%,

12/01/2029

(j) 1,875

1,791

Waste

Connections

Inc

2.20%,

01/15/2032

1,334

1,152

2.60%,

02/01/2030

5.25%,

09/01/2035

Waste

Management

Inc

3.15%,

11/15/2027

4.63%,

02/15/2033

4.95%,

07/03/2027

(i) 870

882

Waste

Pro

USA

Inc

7.00%,

02/01/2033

(j) 3,275

3,398

$

16,739

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Food

-

1.90%

Aragvi

Finance

International

DAC

11.13%,

11/20/2029

(j) $

2,325

$

2,332

11.13%,

11/20/2029

575

577

Carrefour

SA

1.88%,

10/30/2026

EUR

Conagra

Brands

Inc

4.85%,

11/01/2028

$

5.00%,

08/01/2030

5.40%,

11/01/2048

7.00%,

10/01/2028

773

822

Danone

SA

0.52%,

11/09/2030

EUR

Fiesta

Purchaser

Inc

7.88%,

03/01/2031

(j) $

4,690

4,956

9.63%,

09/15/2032

(j) 1,880

1,987

Froneri

Lux

FinCo

SARL

4.75%,

08/01/2032

(j),(o)

EUR

2,700

3,104

General

Mills

Inc

4.20%,

04/17/2028

$

Grupo

Nutresa

SA

8.00%,

05/12/2030

(j) 1,850

1,952

Hershey

Co/The

4.55%,

02/24/2028

502

507

Hormel

Foods

Corp

1.70%,

06/03/2028

4.80%,

03/30/2027

793

798

J

M

Smucker

Co/The

6.20%,

11/15/2033

JBS

USA

Holding

Lux

Sarl

/

JBS

USA

Foods

Group

Holdings

Inc

/

JBS

USA

Food

Co

6.38%,

04/15/2066

(j) 375

JBS

USA

Holding

Lux

Sarl/

JBS

USA

Food

Co/

JBS

Lux

Co

Sarl

6.50%,

12/01/2052

Kellanova

7.45%,

04/01/2031

1,324

1,507

Kraft

Heinz

Foods

Co

3.75%,

04/01/2030

3.88%,

05/15/2027

4.38%,

06/01/2046

1,648

1,309

5.20%,

03/15/2032

5.50%,

06/01/2050

Kroger

Co/The

3.88%,

10/15/2046

4.65%,

01/15/2048

5.00%,

09/15/2034

5.50%,

09/15/2054

849

801

5.65%,

09/15/2064

1,302

1,228

Lamb

Weston

Holdings

Inc

4.38%,

01/31/2032

(j) 1,025

958

Loblaw

Cos

Ltd

5.01%,

09/13/2032

CAD

Mars

Inc

3.95%,

04/01/2044

(j) $

4.65%,

04/20/2031

(j) 1,071

1,076

4.80%,

03/01/2030

(j) 50

5.65%,

05/01/2045

(j) 751

746

5.70%,

05/01/2055

(j) 552

544

Mondelez

International

Holdings

Netherlands

BV

0.25%,

09/09/2029

EUR

Mondelez

International

Inc

0.25%,

03/17/2028

5.13%,

05/06/2035

$

Nestle

Finance

International

Ltd

1.25%,

03/29/2031

EUR

3.75%,

03/13/2033

Nestle

Holdings

Inc

2.63%,

09/14/2051

(j) $

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Food

(continued)

Performance

Food

Group

Inc

6.13%,

09/15/2032

(j) $

1,075

$

1,092

Pilgrim's

Pride

Corp

6.25%,

07/01/2033

Post

Holdings

Inc

4.50%,

09/15/2031

(j) 4,800

4,437

4.63%,

04/15/2030

(j) 200

6.25%,

10/15/2034

(j) 990

991

Simmons

Foods

Inc/Simmons

Prepared

Foods

Inc/

Simmons

Pet

Food

Inc/Simmons

Feed

4.63%,

03/01/2029

(j) 4,850

4,590

Smithfield

Foods

Inc

2.63%,

09/13/2031

(j) 100

Sysco

Corp

4.45%,

03/15/2048

1,006

835

4.50%,

04/01/2046

969

815

5.10%,

09/23/2030

896

915

6.60%,

04/01/2050

Tesco

Corporate

Treasury

Services

PLC

2.75%,

04/27/2030

GBP

Tyson

Foods

Inc

5.10%,

09/28/2048

$

US

Foods

Inc

4.63%,

06/01/2030

(j) 100

7.25%,

01/15/2032

(j) 2,101

2,189

Woolworths

Group

Ltd

5.91%,

11/29/2034

AUD

$

45,607

Forest

Products

&

Paper

-

0.20%

Georgia-Pacific

LLC

0.95%,

05/15/2026

(i),(j)

$

960

933

2.30%,

04/30/2030

(j) 100

4.40%,

06/30/2028

(j) 309

International

Paper

Co

4.40%,

08/15/2047

LD

Celulose

International

GmbH

7.95%,

01/26/2032

(j) 750

784

Magnera

Corp

4.75%,

11/15/2029

(j) 950

840

7.25%,

11/15/2031

(j) 1,875

1,765

Suzano

Austria

GmbH

3.13%,

01/15/2032

$

4,870

Gas

-

0.29%

APA

Infrastructure

Ltd

5.13%,

09/16/2034

(j) 100

Atmos

Energy

Corp

1.50%,

01/15/2031

Brooklyn

Union

Gas

Co/The

6.39%,

09/15/2033

(j) 150

6.42%,

07/18/2054

(j) 447

Cadent

Finance

PLC

5.75%,

03/14/2034

GBP

CU

Inc

5.09%,

09/20/2053

CAD

Enbridge

Gas

Inc

4.00%,

08/22/2044

ENN

Energy

Holdings

Ltd

2.63%,

09/17/2030

$

EP

Infrastructure

AS

2.05%,

10/09/2028

EUR

Italgas

SpA

1.00%,

12/11/2031

KeySpan

Gas

East

Corp

5.99%,

03/06/2033

(j) $

822

852

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Gas

(continued)

NiSource

Inc

5.65%,

02/01/2045

$

$

5.85%,

04/01/2055

6.38%,

03/31/2055

(k) 1,800

1,823

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.53%

Piedmont

Natural

Gas

Co

Inc

5.10%,

02/15/2035

Snam

SpA

1.25%,

06/20/2034

EUR

Southern

California

Gas

Co

3.95%,

02/15/2050

$

5.60%,

04/01/2054

Southern

Co

Gas

Capital

Corp

1.75%,

01/15/2031

Venture

Global

Plaquemines

LNG

LLC

7.75%,

05/01/2035

(j) 1,650

1,809

Vier

Gas

Transport

GmbH

4.63%,

09/26/2032

EUR

$

7,049

Hand

&

Machine

Tools

-

0.05%

Stanley

Black

&

Decker

Inc

6.71%,

03/15/2060

(k) $

1,193

1,161

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.66%

Healthcare

-

Products

-

0.62%

Abbott

Laboratories

3.75%,

11/30/2026

4.75%,

04/15/2043

Agilent

Technologies

Inc

2.30%,

03/12/2031

1,322

1,168

2.75%,

09/15/2029

1,114

1,041

American

Medical

Systems

Europe

BV

1.38%,

03/08/2028

EUR

Baxter

International

Inc

2.54%,

02/01/2032

(i) $

3.95%,

04/01/2030

Boston

Scientific

Corp

2.65%,

06/01/2030

DH

Europe

Finance

II

Sarl

3.40%,

11/15/2049

EssilorLuxottica

SA

0.50%,

06/05/2028

EUR

GE

HealthCare

Technologies

Inc

5.50%,

06/15/2035

$

5.65%,

11/15/2027

1,773

1,818

Koninklijke

Philips

NV

4.25%,

09/08/2031

EUR

Medline

Borrower

LP

5.25%,

10/01/2029

(j) $

1,675

1,642

Medtronic

Global

Holdings

SCA

1.13%,

03/07/2027

EUR

1.63%,

10/15/2050

Medtronic

Inc

4.38%,

03/15/2035

$

Molnlycke

Holding

AB

4.25%,

09/08/2028

EUR

Neogen

Food

Safety

Corp

8.63%,

07/20/2030

(i),(j)

$

885

894

Sartorius

Finance

BV

4.88%,

09/14/2035

EUR

Solventum

Corp

5.90%,

04/30/2054

$

Sotera

Health

Holdings

LLC

7.38%,

06/01/2031

(j) 4,150

4,293

STERIS

Irish

FinCo

UnLtd

Co

3.75%,

03/15/2051

1,394

980

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Healthcare

-

Products

(continued)

Stryker

Corp

0.75%,

03/01/2029

EUR

$

4.85%,

12/08/2028

$

Thermo

Fisher

Scientific

Inc

1.50%,

10/01/2039

EUR

2.04%,

03/07/2036

CHF

5.00%,

01/31/2029

$

548

561

5.40%,

08/10/2043

Zimmer

Biomet

Holdings

Inc

1.16%,

11/15/2027

EUR

$

14,882

Healthcare

-

Services

-

2.13%

Acadia

Healthcare

Co

Inc

5.00%,

04/15/2029

(j) $

1,725

1,667

5.50%,

07/01/2028

(j) 80

7.38%,

03/15/2033

(i),(j)

3,790

3,902

Aetna

Inc

4.75%,

03/15/2044

Banner

Health

2.34%,

01/01/2030

Centene

Corp

2.50%,

03/01/2031

4.25%,

12/15/2027

Cigna

Group/The

2.38%,

03/15/2031

558

3.40%,

03/01/2027

3.40%,

03/15/2050

1,496

1,005

3.88%,

10/15/2047

4.38%,

10/15/2028

4.80%,

08/15/2038

CommonSpirit

Health

4.19%,

10/01/2049

Concentra

Health

Services

Inc

6.88%,

07/15/2032

(j) 1,075

1,105

DaVita

Inc

3.75%,

02/15/2031

(j) 650

589

4.63%,

06/01/2030

(j) 2,525

2,408

6.75%,

07/15/2033

(j) 1,525

1,573

6.88%,

09/01/2032

(j) 525

540

Elevance

Health

Inc

3.60%,

03/15/2051

4.55%,

03/01/2048

6.10%,

10/15/2052

Eurofins

Scientific

SE

4.75%,

09/06/2030

EUR

Fresenius

Medical

Care

US

Finance

III

Inc

3.75%,

06/15/2029

(j) $

Fresenius

SE

&

Co

KGaA

2.88%,

05/24/2030

EUR

Hackensack

Meridian

Health

Inc

2.88%,

09/01/2050

$

HCA

Inc

3.38%,

03/15/2029

3.50%,

09/01/2030

798

752

3.50%,

07/15/2051

972

639

4.50%,

02/15/2027

4.63%,

03/15/2052

1,180

943

5.25%,

06/15/2049

526

5.45%,

04/01/2031

577

593

5.50%,

03/01/2032

666

684

5.75%,

03/01/2035

6.10%,

04/01/2064

Health

Care

Service

Corp

A

Mutual

Legal

Reserve

Co

5.45%,

06/15/2034

(j) 100

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Healthcare

-

Services

(continued)

Humana

Inc

3.13%,

08/15/2029

$

$

4.88%,

04/01/2030

974

979

5.55%,

05/01/2035

5.75%,

04/15/2054

5.88%,

03/01/2033

Kaiser

Foundation

Hospitals

4.15%,

05/01/2047

LifePoint

Health

Inc

9.88%,

08/15/2030

(j) 775

835

10.00%,

06/01/2032

(j) 3,125

3,244

11.00%,

10/15/2030

(j) 1,150

1,264

Lonza

Finance

International

NV

3.25%,

09/04/2030

EUR

Mass

General

Brigham

Inc

3.34%,

07/01/2060

$

Memorial

Sloan-Kettering

Cancer

Center

2.96%,

01/01/2050

Montefiore

Obligated

Group

5.25%,

11/01/2048

Providence

St

Joseph

Health

Obligated

Group

5.37%,

10/01/2032

Quest

Diagnostics

Inc

5.00%,

12/15/2034

703

698

Roche

Holdings

Inc

2.61%,

12/13/2051

(j) 200

4.91%,

03/08/2031

(j) 971

989

5.49%,

11/13/2030

(j) 3,341

3,509

Select

Medical

Corp

6.25%,

12/01/2032

(i),(j)

1,975

1,970

Surgery

Center

Holdings

Inc

7.25%,

04/15/2032

(j) 10,710

11,012

Team

Health

Holdings

Inc

9.00%,

PIK

4.50%;

06/30/2028

(j),(l),(m)

536

Tenet

Healthcare

Corp

6.13%,

10/01/2028

2,550

2,550

UnitedHealth

Group

Inc

2.88%,

08/15/2029

3.05%,

05/15/2041

4.75%,

05/15/2052

632

531

4.90%,

04/15/2031

624

631

4.95%,

05/15/2062

5.00%,

04/15/2034

5.05%,

04/15/2053

5.15%,

07/15/2034

5.20%,

04/15/2063

5.30%,

02/15/2030

5.63%,

07/15/2054

$

51,096

Home

Builders

-

0.02%

Lennar

Corp

5.20%,

07/30/2030

Home

Equity

Asset

Backed

Securities

-

0.06%

New

Century

Home

Equity

Loan

Trust

Series

2003-B

5.44%,

10/25/2033

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.09%

Structured

Asset

Securities

Corp

Mortgage

Loan

Trust

2007-BC2

4.77%,

03/25/2037

1,892

1,251

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.41%

$

1,364

Insurance

-

3.72%

Acrisure

LLC

/

Acrisure

Finance

Inc

7.50%,

11/06/2030

(j) 300

8.25%,

02/01/2029

(j) 3,850

3,984

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Insurance

(continued)

AIA

Group

Ltd

4.95%,

04/04/2033

(i),(j)

$

$

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

6.50%,

10/01/2031

(j) 4,950

5,022

Allianz

Finance

II

BV

0.50%,

01/14/2031

EUR

Allianz

SE

4.25%,

07/05/2052

(k) 100

Month

Euro

Interbank

Offered

Rate

+

3.55%

Allstate

Corp/The

5.25%,

03/30/2033

$

American

International

Group

Inc

5.13%,

03/27/2033

American

National

Global

Funding

5.55%,

01/28/2030

(j) 50

AmFam

Holdings

Inc

2.81%,

03/11/2031

(j) 50

AmWINS

Group

Inc

4.88%,

06/30/2029

(j) 4,475

4,347

Amynta

Agency

Borrower

Inc

and

Amynta

Warranty

Borrower

Inc

7.50%,

07/15/2033

(j) 1,700

1,705

Aon

Corp

/

Aon

Global

Holdings

PLC

3.90%,

02/28/2052

Aon

North

America

Inc

5.30%,

03/01/2031

1,137

1,171

5.75%,

03/01/2054

Ardonagh

Finco

Ltd

7.75%,

02/15/2031

(j) 200

Ardonagh

Group

Finance

Ltd

8.88%,

02/15/2032

(j) 7,075

7,440

Argentum

Netherlands

BV

for

Swiss

Re

Ltd

5.75%,

08/15/2050

(k) 1,500

1,500

Month

USD

LIBOR

+

3.59%

Arthur

J

Gallagher

&

Co

4.85%,

12/15/2029

517

522

5.15%,

02/15/2035

5.75%,

03/02/2053

819

793

ASR

Nederland

NV

3.38%,

05/02/2049

(k) EUR

EUR

Swap

Annual

(VS

Month)

Year

+

4.00%

AssuredPartners

Inc

5.63%,

01/15/2029

(j) $

700

699

Athene

Global

Funding

1.61%,

06/29/2026

(j) 100

1.73%,

10/02/2026

(j) 880

850

4.86%,

08/27/2026

(j) 830

833

5.32%,

11/13/2031

(j) 1,278

1,286

Athene

Holding

Ltd

3.45%,

05/15/2052

770

6.25%,

04/01/2054

Aviva

PLC

6.88%,

05/20/2058

(k) GBP

SONIA

Interest

Rate

Benchmark

+

3.38%

AXA

SA

3.25%,

05/28/2049

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

3.20%

3.38%,

07/06/2047

(k) 100

Month

Euro

Interbank

Offered

Rate

+

3.75%

Berkshire

Hathaway

Finance

Corp

2.38%,

06/19/2039

GBP

2.50%,

01/15/2051

$

2.88%,

03/15/2032

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Insurance

(continued)

Brighthouse

Financial

Inc

4.70%,

06/22/2047

$

$

Brown

&

Brown

Inc

5.65%,

06/11/2034

Chubb

Corp/The

6.50%,

05/15/2038

Chubb

INA

Holdings

LLC

1.38%,

09/15/2030

4.65%,

08/15/2029

1,233

1,249

Cloverie

PLC

for

Zurich

Insurance

Co

Ltd

1.50%,

12/15/2028

EUR

Corebridge

Financial

Inc

3.90%,

04/05/2032

$

Corebridge

Global

Funding

5.90%,

09/19/2028

(j) 100

Credit

Agricole

Assurances

SA

2.00%,

07/17/2030

EUR

Empower

Finance

2020

LP

1.36%,

09/17/2027

(j) $

Equitable

Financial

Life

Global

Funding

1.30%,

07/12/2026

(j) 1,458

1,416

5.00%,

03/27/2030

(j) 200

F&G

Annuities

&

Life

Inc

6.25%,

10/04/2034

(i) 252

F&G

Global

Funding

2.30%,

04/11/2027

(j) 1,080

1,038

Fairfax

Financial

Holdings

Ltd

4.23%,

06/14/2029

CAD

6.00%,

12/07/2033

$

Farmers

Insurance

Exchange

4.75%,

11/01/2057

(j),(k)

Month

USD

LIBOR

+

3.23%

Generali

2.12%,

10/01/2030

EUR

Global

Atlantic

Fin

Co

4.40%,

10/15/2029

(j) $

Great-West

Lifeco

Inc

2.38%,

05/14/2030

CAD

Guardian

Life

Insurance

Co

of

America/The

4.88%,

06/19/2064

(j) $

Hannover

Rueck

SE

5.88%,

08/26/2043

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

3.75%

Howden

UK

Refinance

PLC

/

Howden

UK

Refinance

PLC

/

Howden

US

Refinance

LLC

7.25%,

02/15/2031

(j) $

1,975

2,045

8.13%,

02/15/2032

(j) 2,225

2,317

HUB

International

Ltd

7.38%,

01/31/2032

(j) 7,010

7,299

Jackson

Financial

Inc

5.17%,

06/08/2027

Jones

Deslauriers

Insurance

Management

Inc

8.50%,

03/15/2030

(j) 1,830

1,931

La

Mondiale

SAM

4.80%,

01/18/2048

(k) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.24%

Legal

&

General

Group

PLC

4.50%,

11/01/2050

(k) GBP

Generic

Britain

Year

Government

Bond

+

5.25%

Liberty

Mutual

Group

Inc

3.95%,

05/15/2060

(j) $

4.30%,

02/01/2061

(j) 2,435

1,495

7.80%,

03/07/2087

(j) 2,000

2,336

Month

USD

LIBOR

+

3.58%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Insurance

(continued)

Lincoln

National

Corp

3.40%,

03/01/2032

$

$

M&G

PLC

5.63%,

10/20/2051

(k) GBP

Generic

Britain

Year

Government

Bond

+

5.00%

Manulife

Financial

Corp

2.48%,

05/19/2027

$

3.98%,

05/23/2035

(k) CAD

Canadian

Overnight

Repo

Rate

Average

Compounded

Index

+

1.32%

Mapfre

SA

4.38%,

03/31/2047

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

4.54%

Markel

Group

Inc

6.00%,

05/16/2054

$

Marsh

&

McLennan

Cos

Inc

4.55%,

11/08/2027

656

660

5.40%,

09/15/2033

Massachusetts

Mutual

Life

Insurance

Co

5.67%,

12/01/2052

(j) 50

Meiji

Yasuda

Life

Insurance

Co

5.80%,

09/11/2054

(j),(k)

500

500

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.03%

6.10%,

06/11/2055

(j),(k)

1,500

1,516

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.91%

MetLife

Inc

3.85%,

09/15/2025

(h),(k)

900

897

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.58%

5.25%,

01/15/2054

9.25%,

04/08/2068

(j) 3,575

4,230

Month

USD

LIBOR

+

5.54%

Metropolitan

Life

Global

Funding

I

0.55%,

06/16/2027

EUR

3.63%,

03/26/2034

4.90%,

01/09/2030

(j) $

5.40%,

09/12/2028

(j) 150

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

1.25%,

05/26/2041

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

2.55%

Nassau

Cos

of

New

York/The

7.88%,

07/15/2030

(j) $

3,600

3,634

Nationwide

Mutual

Insurance

Co

4.35%,

04/30/2050

(j) 100

New

York

Life

Global

Funding

0.13%,

07/23/2030

CHF

3.25%,

04/07/2027

(j) $

4.85%,

01/09/2028

(j) 449

New

York

Life

Insurance

Co

3.75%,

05/15/2050

(j) 100

Nippon

Life

Insurance

Co

4.11%,

01/23/2055

(k) EUR

Euribor

Swap

Rate

Year

+

2.60%

5.95%,

04/16/2054

(j),(k)

$

1,000

1,020

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.59%

NN

Group

NV

4.63%,

01/13/2048

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

4.95%

Northwestern

Mutual

Global

Funding

4.35%,

09/15/2027

(j) $

618

620

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Insurance

(continued)

Northwestern

Mutual

Life

Insurance

Co/The

3.63%,

09/30/2059

(j) $

$

6.17%,

05/29/2055

(j) 376

Pacific

Life

Global

Funding

II

5.50%,

08/28/2026

(j) 200

Pacific

Life

Insurance

Co

4.30%,

10/24/2067

(j),(k)

Month

USD

LIBOR

+

2.80%

Panther

Escrow

Issuer

LLC

7.13%,

06/01/2031

(j) 2,575

2,663

Pricoa

Global

Funding

I

4.65%,

08/27/2031

(j) 439

Progressive

Corp/The

3.20%,

03/26/2030

Prudential

Financial

Inc

3.70%,

10/01/2050

(k) 100

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.04%

3.94%,

12/07/2049

5.70%,

09/15/2048

(i),(k)

Month

USD

LIBOR

+

2.67%

6.50%,

03/15/2054

(k) 1,000

1,039

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.40%

Prudential

Funding

Asia

PLC

3.13%,

04/14/2030

Reinsurance

Group

of

America

Inc

3.15%,

06/15/2030

Sammons

Financial

Group

Inc

6.88%,

04/15/2034

(j) 100

SBL

Holdings

Inc

5.13%,

11/13/2026

(j) 100

Sun

Life

Financial

Inc

4.78%,

08/10/2034

(k) CAD

Canadian

Overnight

Repo

Rate

Average

+

1.96%

Swiss

Life

Finance

I

AG

3.25%,

08/31/2029

EUR

Swiss

Re

Finance

Luxembourg

SA

5.00%,

04/02/2049

(j),(k)

$

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.58%

Swiss

RE

Subordinated

Finance

PLC

5.70%,

04/05/2035

(j),(k)

1,800

1,824

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.81%

6.19%,

04/01/2046

(j),(k)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.13%

Teachers

Insurance

&

Annuity

Association

of

America

4.27%,

05/15/2047

(j) 100

Travelers

Cos

Inc/The

5.35%,

11/01/2040

Willis

North

America

Inc

4.50%,

09/15/2028

4.65%,

06/15/2027

1,185

1,191

5.90%,

03/05/2054

572

564

Zurich

Finance

Ireland

Designated

Activity

Co

3.00%,

04/19/2051

(k) 7,000

6,178

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.78%

$

89,218

Internet

-

0.40%

Alibaba

Group

Holding

Ltd

4.00%,

12/06/2037

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Internet

(continued)

Alphabet

Inc

2.05%,

08/15/2050

$

$

3.00%,

05/06/2033

EUR

5.25%,

05/15/2055

$

586

575

5.30%,

05/15/2065

537

521

Amazon.com

Inc

2.10%,

05/12/2031

3.15%,

08/22/2027

3.30%,

04/13/2027

733

723

3.60%,

04/13/2032

3.88%,

08/22/2037

3.95%,

04/13/2052

4.05%,

08/22/2047

4.10%,

04/13/2062

4.65%,

12/01/2029

(i) 461

Booking

Holdings

Inc

1.80%,

03/03/2027

EUR

4.13%,

05/09/2038

4.50%,

11/15/2031

Cablevision

Lightpath

LLC

3.88%,

09/15/2027

(j) $

5.63%,

09/15/2028

(j) 1,075

1,072

eBay

Inc

2.70%,

03/11/2030

Gen

Digital

Inc

7.13%,

09/30/2030

(j) 1,800

1,860

Meta

Platforms

Inc

4.60%,

05/15/2028

4.75%,

08/15/2034

5.55%,

08/15/2064

5.60%,

05/15/2053

Netflix

Inc

3.63%,

06/15/2030

EUR

Prosus

NV

3.68%,

01/21/2030

$

4.85%,

07/06/2027

Tencent

Holdings

Ltd

3.93%,

01/19/2038

(i) 200

Uber

Technologies

Inc

4.80%,

09/15/2034

$

9,532

Investment

Companies

-

0.38%

Ares

Capital

Corp

7.00%,

01/15/2027

Ares

Strategic

Income

Fund

5.45%,

09/09/2028

(j) 50

Blackstone

Private

Credit

Fund

3.25%,

03/15/2027

Blue

Owl

Capital

Corp

2.63%,

01/15/2027

Blue

Owl

Technology

Finance

Corp

2.50%,

01/15/2027

6.75%,

04/04/2029

Groupe

Bruxelles

Lambert

NV

0.13%,

01/28/2031

EUR

HA

Sustainable

Infrastructure

Capital

Inc

6.38%,

07/01/2034

$

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC

3.75%,

09/15/2030

(i),(j)

2,675

2,431

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp

4.38%,

02/01/2029

2,275

1,951

9.00%,

06/15/2030

2,410

2,341

9.75%,

01/15/2029

1,325

1,338

JAB

Holdings

BV

4.75%,

06/29/2032

EUR

$

9,075

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Iron

&

Steel

-

2.09%

ArcelorMittal

SA

6.80%,

11/29/2032

$

$

Baffinland

Iron

Mines

Corp

/

Baffinland

Iron

Mines

LP

8.75%,

07/15/2026

(j) 13,822

13,030

Nucor

Corp

3.13%,

04/01/2032

4.30%,

05/23/2027

682

681

5.10%,

06/01/2035

823

825

POSCO

5.75%,

01/17/2028

Samarco

Mineracao

SA

9.00%,

PIK

9.00%;

06/30/2031

(l),(m)

Samarco

Mineracao

SA

Escrow

Shares

0.00%,

10/24/2023

(d),(e)

550

—

Specialty

Steel

14.25%,

11/15/2026

(e),(g)

38,772

33,875

Steel

Dynamics

Inc

5.38%,

08/15/2034

5.75%,

05/15/2055

513

Vale

Overseas

Ltd

6.13%,

06/12/2033

$

50,166

Leisure

Products

&

Services

-

0.01%

Brunswick

Corp/DE

4.40%,

09/15/2032

Royal

Caribbean

Cruises

Ltd

6.00%,

02/01/2033

(j) 100

$

Lodging

-

0.44%

Boyd

Gaming

Corp

4.75%,

06/15/2031

(j) 2,700

2,572

Hyatt

Hotels

Corp

5.75%,

01/30/2027

InterContinental

Hotels

Group

PLC

3.38%,

10/08/2028

GBP

Marriott

International

Inc/MD

2.85%,

04/15/2031

$

1,072

972

3.50%,

10/15/2032

855

777

5.50%,

04/15/2037

Sands

China

Ltd

5.40%,

08/08/2028

Station

Casinos

LLC

4.63%,

12/01/2031

(j) 5,775

5,404

$

10,512

Machinery

-

Construction

&

Mining

-

0.12%

Caterpillar

Financial

Services

Corp

4.38%,

08/16/2029

(i) 361

4.40%,

03/03/2028

1,085

1,090

4.70%,

11/15/2029

931

944

5.00%,

05/14/2027

Caterpillar

Inc

3.80%,

08/15/2042

$

2,860

Machinery

-

Diversified

-

0.63%

AGCO

Corp

5.45%,

03/21/2027

1,069

1,077

Chart

Industries

Inc

9.50%,

01/01/2031

(j) 2,570

2,749

Deere

&

Co

3.75%,

04/15/2050

5.45%,

01/16/2035

556

577

Ingersoll

Rand

Inc

5.70%,

08/14/2033

John

Deere

Capital

Corp

1.70%,

01/11/2027

3.45%,

03/07/2029

4.40%,

09/08/2031

877

872

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Machinery

-

Diversified

(continued)

John

Deere

Capital

Corp

(continued)

4.55%,

06/05/2030

$

864

$

869

4.90%,

03/07/2031

563

573

4.95%,

07/14/2028

5.05%,

06/12/2034

5.15%,

09/08/2026

nVent

Finance

Sarl

2.75%,

11/15/2031

549

4.55%,

04/15/2028

Otis

Worldwide

Corp

3.36%,

02/15/2050

Regal

Rexnord

Corp

6.30%,

02/15/2030

SPX

FLOW

Inc

8.75%,

04/01/2030

(j) 5,571

5,754

Weir

Group

Inc

5.35%,

05/06/2030

(j) 640

648

Westinghouse

Air

Brake

Technologies

Corp

4.70%,

09/15/2028

Xylem

Inc/NY

2.25%,

01/30/2031

$

15,071

Manufactured

Housing

Asset

Backed

Securities

-

0.06%

BCMSC

Trust

2000-A

4.59%,

06/15/2030

7,432

1.00 x

Month

USD

LIBOR

+

0.16%

Greenpoint

Manufactured

Housing

9.23%,

12/15/2029

(l) 1,231

1,223

$

1,497

Media

-

1.70%

Bertelsmann

SE

&

Co

KGaA

2.00%,

04/01/2028

EUR

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

4.25%,

02/01/2031

(j) $

1,750

1,598

4.25%,

01/15/2034

(j) 5,200

4,480

4.50%,

05/01/2032

3,065

2,781

4.50%,

06/01/2033

(j) 2,550

2,264

4.75%,

03/01/2030

(j) 750

713

5.38%,

06/01/2029

(j) 1,400

1,375

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

3.50%,

06/01/2041

895

638

3.85%,

04/01/2061

1,192

733

4.80%,

03/01/2050

1,541

1,195

5.38%,

05/01/2047

6.10%,

06/01/2029

560

584

6.38%,

10/23/2035

6.48%,

10/23/2045

Comcast

Corp

1.50%,

02/20/2029

GBP

1.50%,

02/15/2031

$

2.65%,

02/01/2030

2.94%,

11/01/2056

2.99%,

11/01/2063

3.97%,

11/01/2047

4.00%,

11/01/2049

4.15%,

10/15/2028

797

792

4.60%,

10/15/2038

908

835

5.50%,

05/15/2064

6.05%,

05/15/2055

Cox

Communications

Inc

3.50%,

08/15/2027

(j) 100

3.60%,

06/15/2051

(j) 100

5.45%,

09/15/2028

(j) 592

605

5.45%,

09/01/2034

(j) 720

705

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Media

(continued)

CSC

Holdings

LLC

4.13%,

12/01/2030

(j) $

1,325

$

891

4.50%,

11/15/2031

(j) 900

600

6.50%,

02/01/2029

(j) 300

7.50%,

04/01/2028

(j) 1,000

808

Discovery

Communications

LLC

3.63%,

05/15/2030

DISH

Network

Corp

11.75%,

11/15/2027

(j) 3,450

3,593

Fox

Corp

5.58%,

01/25/2049

695

650

6.50%,

10/13/2033

Grupo

Televisa

SAB

6.63%,

01/15/2040

McGraw-Hill

Education

Inc

8.00%,

08/01/2029

(j) 3,880

3,944

Paramount

Global

4.20%,

05/19/2032

5.25%,

04/01/2044

5.85%,

09/01/2043

Sirius

XM

Radio

LLC

4.13%,

07/01/2030

(j) 1,475

1,346

Time

Warner

Cable

LLC

5.50%,

09/01/2041

6.55%,

05/01/2037

1,036

1,064

Videotron

Ltd

5.00%,

07/15/2034

CAD

Virgin

Media

Finance

PLC

5.00%,

07/15/2030

(j) $

4,425

3,989

Walt

Disney

Co/The

2.00%,

09/01/2029

887

812

2.65%,

01/13/2031

3.60%,

01/13/2051

4.75%,

09/15/2044

5.40%,

10/01/2043

$

40,714

Mining

-

1.28%

Anglo

American

Capital

PLC

4.50%,

09/15/2028

EUR

4.75%,

09/21/2032

Arsenal

AIC

Parent

LLC

8.00%,

10/01/2030

(j) $

1,700

1,802

11.50%,

10/01/2031

(j) 2,700

3,003

Barrick

PD

Australia

Finance

Pty

Ltd

5.95%,

10/15/2039

BHP

Billiton

Finance

Ltd

4.30%,

09/25/2042

GBP

Century

Aluminum

Co

7.50%,

04/01/2028

(j) $

9,530

9,706

Constellium

SE

3.75%,

04/15/2029

(j) 1,325

1,243

6.38%,

08/15/2032

(j) 1,200

1,216

Freeport-McMoRan

Inc

5.45%,

03/15/2043

Glencore

Funding

LLC

3.88%,

04/27/2051

(j) 100

4.00%,

03/27/2027

(j) 100

Ivanhoe

Mines

Ltd

7.88%,

01/23/2030

(j) 2,375

2,386

7.88%,

01/23/2030

Kinross

Gold

Corp

4.50%,

07/15/2027

Newmont

Corp

2.60%,

07/15/2032

(i) 100

Northwest

Acquisitions

ULC

/

Dominion

Finco

Inc

0.00%,

11/01/2022

(d),(j)

19,888

—

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Mining

(continued)

Novelis

Corp

3.88%,

08/15/2031

(j) $

$

4.75%,

01/30/2030

(j) 2,939

2,815

Rio

Tinto

Finance

USA

Ltd

2.75%,

11/02/2051

Rio

Tinto

Finance

USA

PLC

5.88%,

03/14/2065

South32

Treasury

Ltd

4.35%,

04/14/2032

(j) 1,185

1,112

Southern

Copper

Corp

6.75%,

04/16/2040

Vedanta

Resources

Finance

II

PLC

9.48%,

07/24/2030

(j) 2,325

2,292

10.88%,

09/17/2029

(i) 1,170

1,196

WE

Soda

Investments

Holding

PLC

9.50%,

10/06/2028

(j) 1,775

1,851

9.50%,

10/06/2028

$

30,729

Miscellaneous

Manufacturers

-

0.11%

3M

Co

3.63%,

09/14/2028

3.63%,

10/15/2047

Carlisle

Cos

Inc

2.20%,

03/01/2032

Eaton

Corp

4.15%,

11/02/2042

Illinois

Tool

Works

Inc

1.00%,

06/05/2031

EUR

Parker-Hannifin

Corp

4.10%,

03/01/2047

$

Siemens

Financieringsmaatschappij

NV

0.25%,

02/20/2029

EUR

0.63%,

02/25/2027

1.38%,

09/06/2030

3.00%,

09/08/2033

3.63%,

02/22/2044

Siemens

Funding

BV

4.90%,

05/28/2032

(j) $

1,069

1,087

5.80%,

05/28/2055

(j) 290

5.90%,

05/28/2065

(j) 274

Teledyne

Technologies

Inc

2.75%,

04/01/2031

$

2,661

Mortgage

Backed

Securities

-

0.99%

Alternative

Loan

Trust

2005-30CB

5.22%,

08/25/2035

965

630

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.86%

Angel

Oak

Mortgage

Trust

2022-6

4.30%,

07/25/2067

(j),(l)

1,248

1,229

Angel

Oak

Mortgage

Trust

2025-5

5.57%,

04/25/2070

(j),(l)

830

829

Banc

of

America

Funding

2007-1

Trust

6.44%,

01/25/2037

(l) 873

808

Bear

Stearns

Mortgage

Funding

Trust

2006-AR1

4.89%,

07/25/2036

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.53%

Bravo

Mortgage

Asset

Trust

5.07%,

07/25/2036

(j) 288

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.71%

COLT

2021-RPL1

Trust

1.67%,

09/25/2061

(j),(l)

CSMC

2021-RPL2Trust

1.11%,

01/25/2060

(j),(l)

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Mortgage

Backed

Securities

(continued)

Deutsche

Alt-A

Securities

Mortgage

Loan

Trust

Series

2006-AF1

5.07%,

04/25/2036

$

2,605

$

2,396

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.71%

Deutsche

Alt-A

Securities

Mortgage

Loan

Trust

Series

2007-AR2

4.77%,

03/25/2037

669

623

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.41%

Fannie

Mae

REMICS

1.54%,

05/25/2046

(p) 7,066

717

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.89%

1.54%,

09/25/2046

(p) 1,845

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.89%

1.54%,

01/25/2047

(p) 3,167

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.89%

1.54%,

12/25/2049

(p) 4,205

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.89%

1.54%,

05/25/2050

(p) 2,712

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.89%

1.59%,

08/25/2049

(p) 2,987

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

1.59%,

11/25/2049

(p) 4,247

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

1.61%,

06/25/2050

(p) 1,849

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.96%

1.74%,

03/25/2048

(p) 1,865

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.09%

1.74%,

06/25/2048

(p) 1,961

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.09%

2.24%,

12/25/2042

(p) 1,633

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.59%

First

Horizon

Alternative

Mortgage

Securities

Trust

2006-FA8

6.25%,

02/25/2037

3,031

1,133

Freddie

Mac

REMICS

1.59%,

10/25/2049

(p) 3,218

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

2.20%,

05/15/2042

(p) 3,334

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.54%

2.20%,

08/15/2043

(p) 3,623

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.54%

Ginnie

Mae

1.58%,

04/20/2046

(p) 7,594

852

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.94%

1.63%,

11/20/2046

(p) 4,663

557

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.99%

1.83%,

08/20/2051

(p) 2,919

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.19%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Mortgage

Backed

Securities

(continued)

Ginnie

Mae

(continued)

1.90%,

09/20/2050

(p) $

1,982

$

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.25%

2.00%,

04/20/2051

(p) 1,678

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.35%

2.50%,

11/20/2050

(p) 6,881

1,010

3.00%,

12/20/2050

(p) 2,322

OBX

2025-NQM7

Trust

5.56%,

05/25/2055

(j),(l)

815

817

OBX

2025-NQM8

Trust

5.47%,

03/25/2065

(j),(l)

745

746

RALI

Series

2005-QS17

Trust

6.00%,

12/25/2035

856

736

6.00%,

12/25/2035

588

506

RALI

Series

2006-QS12

Trust

5.12%,

09/25/2036

2,538

1,882

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.76%

Structured

Asset

Mortgage

Investments

II

Trust

2007-AR1

4.79%,

01/25/2037

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.43%

Verus

Securitization

Trust

2025-3

5.62%,

05/25/2070

(j),(l)

558

560

Washington

Mutual

Mortgage

Pass-Through

Certificates

WMALT

Series

2006-5

Trust

6.00%,

07/25/2036

1,547

1,100

$

23,870

Oil

&

Gas

-

2.64%

Aker

BP

ASA

3.75%,

01/15/2030

(j) 200

APA

Corp

5.35%,

07/01/2049

(j) 2,893

2,312

6.10%,

02/15/2035

(j) 50

Azule

Energy

Finance

Plc

8.13%,

01/23/2030

(j) 3,125

3,148

BP

Capital

Markets

America

Inc

3.00%,

02/24/2050

3.38%,

02/08/2061

3.54%,

04/06/2027

1,776

1,754

4.89%,

09/11/2033

BP

Capital

Markets

PLC

2.52%,

04/07/2028

EUR

3.63%,

03/22/2029

(h),(k)

EUR

Swap

Annual

(VS

Month)

Year

+

3.78%

4.88%,

03/22/2030

(h),(k)

$

1,000

984

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.40%

Canadian

Natural

Resources

Ltd

2.95%,

07/15/2030

Chevron

Corp

2.24%,

05/11/2030

1,291

1,175

2.95%,

05/16/2026

Chevron

USA

Inc

4.20%,

10/15/2049

540

Comstock

Resources

Inc

5.88%,

01/15/2030

(j) 2,850

2,690

6.75%,

03/01/2029

(j) 775

766

ConocoPhillips

Co

5.05%,

09/15/2033

5.70%,

09/15/2063

Continental

Resources

Inc/OK

2.88%,

04/01/2032

(j) 100

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Oil

&

Gas

(continued)

DCC

Group

Finance

Ireland

DAC

4.38%,

06/27/2031

EUR

$

Devon

Energy

Corp

7.95%,

04/15/2032

$

Diamondback

Energy

Inc

4.40%,

03/24/2051

611

5.75%,

04/18/2054

6.25%,

03/15/2053

988

980

Energean

Israel

Finance

Ltd

4.88%,

03/30/2026

(j) 200

5.88%,

03/30/2031

(j) 3,275

3,059

Eni

SpA

0.63%,

01/23/2030

EUR

4.25%,

05/09/2029

(j) $

4.25%,

05/19/2033

EUR

5.75%,

05/19/2035

(j) $

560

571

5.95%,

05/15/2054

(j) 533

514

EOG

Resources

Inc

5.95%,

07/15/2055

EQT

Corp

3.63%,

05/15/2031

(j) 100

Expand

Energy

Corp

4.75%,

02/01/2032

908

882

Exxon

Mobil

Corp

0.84%,

06/26/2032

EUR

3.29%,

03/19/2027

$

4.23%,

03/19/2040

Helmerich

&

Payne

Inc

4.85%,

12/01/2029

(i) 100

HF

Sinclair

Corp

5.00%,

02/01/2028

(i) 566

565

6.25%,

01/15/2035

501

510

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co

6.25%,

04/15/2032

(j) 1,900

1,824

8.38%,

11/01/2033

(j) 200

Leviathan

Bond

Ltd

6.50%,

06/30/2027

(j) 1,175

1,166

6.75%,

06/30/2030

(j) 1,700

1,678

Marathon

Petroleum

Corp

5.15%,

03/01/2030

5.70%,

03/01/2035

926

940

Matador

Resources

Co

6.25%,

04/15/2033

(j) 2,775

2,749

MEG

Energy

Corp

5.88%,

02/01/2029

(j) 150

North

West

Redwater

Partnership

/

NWR

Financing

Co

Ltd

4.35%,

01/10/2039

CAD

Occidental

Petroleum

Corp

4.40%,

04/15/2046

$

1,232

908

6.05%,

10/01/2054

6.13%,

01/01/2031

819

847

6.38%,

09/01/2028

6.45%,

09/15/2036

616

627

Ovintiv

Inc

7.10%,

07/15/2053

Petroleos

de

Venezuela

SA

0.00%,

05/16/2024

(d) 19,277

2,660

Petroleos

Mexicanos

6.49%,

01/23/2027

1,200

1,202

6.50%,

01/23/2029

2,525

2,517

6.84%,

01/23/2030

2,010

1,978

Phillips

Co

3.75%,

03/01/2028

5.50%,

03/15/2055

Pioneer

Natural

Resources

Co

5.10%,

03/29/2026

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Oil

&

Gas

(continued)

Puma

International

Financing

SA

7.75%,

04/25/2029

(j) $

2,175

$

2,246

Reliance

Industries

Ltd

2.88%,

01/12/2032

Repsol

International

Finance

BV

0.25%,

08/02/2027

EUR

Shell

Finance

US

Inc

4.38%,

05/11/2045

$

Shell

International

Finance

BV

1.25%,

11/11/2032

EUR

2.50%,

09/12/2026

$

3.00%,

11/26/2051

SM

Energy

Co

7.00%,

08/01/2032

(j) 1,225

1,213

Suncor

Energy

Inc

3.75%,

03/04/2051

Tengizchevroil

Finance

Co

International

Ltd

3.25%,

08/15/2030

975

884

TotalEnergies

Capital

International

SA

1.62%,

05/18/2040

EUR

2.99%,

06/29/2041

$

3.39%,

06/29/2060

TotalEnergies

Capital

SA

5.43%,

09/10/2064

810

753

TotalEnergies

SE

1.63%,

10/25/2027

(h),(k)

EUR

EUR

Swap

Annual

(VS

Month)

Year

+

1.99%

2.13%,

07/25/2032

(h),(k)

EUR

Swap

Annual

(VS

Month)

Year

+

2.51%

Transocean

Inc

6.80%,

03/15/2038

$

1,100

825

7.50%,

04/15/2031

3,150

2,743

8.50%,

05/15/2031

(j) 1,225

1,125

Uzbekneftegaz

JSC

8.75%,

05/07/2030

(j) 1,625

1,707

8.75%,

05/07/2030

Valero

Energy

Corp

3.65%,

12/01/2051

Var

Energi

ASA

6.50%,

05/22/2035

(j) 529

548

Wildfire

Intermediate

Holdings

LLC

7.50%,

10/15/2029

(j) 3,575

3,557

Wintershall

Dea

Finance

BV

1.33%,

09/25/2028

EUR

Woodside

Finance

Ltd

4.50%,

03/04/2029

(j) $

5.40%,

05/19/2030

1,863

1,889

$

63,352

Oil

&

Gas

Services

-

0.13%

Baker

Hughes

Holdings

LLC

/

Baker

Hughes

Co-

Obligor

Inc

3.14%,

11/07/2029

Halliburton

Co

4.75%,

08/01/2043

702

606

4.85%,

11/15/2035

Schlumberger

Holdings

Corp

3.90%,

05/17/2028

(j) 100

Yinson

Production

Financial

Services

Pte

Ltd

9.63%,

05/03/2029

(j) 2,125

2,214

$

3,206

Other

Asset

Backed

Securities

-

0.42%

Anchorage

Credit

Funding

Ltd

4.30%,

07/25/2036

(j) 547

543

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Other

Asset

Backed

Securities

(continued)

Apex

Credit

CLO

2021-II

LLC

5.82%,

10/20/2034

(j) $

1,275

$

1,276

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.49%

Invitation

Homes

2024-SFR1

Trust

4.00%,

09/17/2041

(j) 1,497

1,451

Man

GLG

US

CLO

5.73%,

04/22/2030

(j) 81

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.40%

MidOcean

Credit

CLO

VI

5.56%,

04/20/2033

(j) 196

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.23%

MidOcean

Credit

CLO

X

5.63%,

10/23/2034

(j) 3,675

3,682

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.31%

Mountain

View

CLO

IX

Ltd

5.70%,

07/15/2031

(j) 554

554

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.38%

Tricon

American

Homes

2020-SFR2

Trust

1.48%,

11/17/2039

(j) 363

Zais

Clo

Ltd

5.62%,

07/15/2032

(j) 1,096

1,097

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.30%

Zais

Clo

Ltd

5.46%,

10/20/2034

(j) 782

782

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.13%

$

10,002

Packaging

&

Containers

-

0.66%

Amcor

Flexibles

North

America

Inc

2.69%,

05/25/2031

1,088

974

5.10%,

03/17/2030

(j) 319

Ardagh

Metal

Packaging

Finance

USA

LLC

/

Ardagh

Metal

Packaging

Finance

PLC

4.00%,

09/01/2029

(j) 4,475

4,076

Packaging

Corp

of

America

3.40%,

12/15/2027

5.70%,

12/01/2033

912

949

Sealed

Air

Corp/Sealed

Air

Corp

US

7.25%,

02/15/2031

(j) 1,900

1,975

Smurfit

Westrock

Financing

DAC

5.42%,

01/15/2035

Sonoco

Products

Co

4.60%,

09/01/2029

1,213

1,207

5.00%,

09/01/2034

593

577

Toucan

FinCo

Ltd/Toucan

FinCo

Can

Inc/Toucan

FinCo

US

LLC

9.50%,

05/15/2030

(j) 4,980

5,099

WRKCo

Inc

3.00%,

06/15/2033

$

15,726

Pharmaceuticals

-

1.40%

AbbVie

Inc

0.75%,

11/18/2027

EUR

4.05%,

11/21/2039

$

1,739

1,517

4.25%,

11/14/2028

4.25%,

11/21/2049

959

783

4.88%,

11/14/2048

4.95%,

03/15/2031

682

696

5.05%,

03/15/2034

5.50%,

03/15/2064

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pharmaceuticals

(continued)

Astrazeneca

Finance

LLC

4.85%,

02/26/2029

$

1,071

$

1,090

4.88%,

03/03/2028

892

907

4.90%,

03/03/2030

975

996

AstraZeneca

PLC

0.70%,

04/08/2026

1.38%,

08/06/2030

3.00%,

05/28/2051

Bayer

AG

4.63%,

05/26/2033

EUR

Bayer

US

Finance

II

LLC

3.95%,

04/15/2045

(j) $

4.25%,

12/15/2025

(j) 200

Becton

Dickinson

&

Co

3.79%,

05/20/2050

4.30%,

08/22/2032

4.69%,

02/13/2028

923

930

Bristol-Myers

Squibb

Co

3.25%,

08/01/2042

3.70%,

03/15/2052

3.90%,

02/20/2028

3.90%,

03/15/2062

4.13%,

06/15/2039

5.75%,

02/01/2031

983

1,043

Cardinal

Health

Inc

4.60%,

03/15/2043

2,021

1,732

4.90%,

09/15/2045

5.13%,

02/15/2029

5.75%,

11/15/2054

Cencora

Inc

2.70%,

03/15/2031

4.30%,

12/15/2047

549

5.13%,

02/15/2034

760

763

CVS

Health

Corp

3.00%,

08/15/2026

4.78%,

03/25/2038

5.00%,

01/30/2029

5.05%,

03/25/2048

5.13%,

07/20/2045

2,430

2,133

5.55%,

06/01/2031

655

679

6.05%,

06/01/2054

7.00%,

03/10/2055

(k) 340

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.89%

Eli

Lilly

&

Co

0.63%,

11/01/2031

EUR

3.10%,

05/15/2027

$

3.38%,

03/15/2029

4.60%,

08/14/2034

596

587

4.70%,

02/27/2033

4.75%,

02/12/2030

600

611

4.88%,

02/27/2053

GlaxoSmithKline

Capital

Inc

3.88%,

05/15/2028

4.50%,

04/15/2030

626

627

GlaxoSmithKline

Capital

PLC

1.63%,

05/12/2035

GBP

Grifols

SA

3.88%,

10/15/2028

(j) EUR

1,125

1,260

4.75%,

10/15/2028

(j) $

875

843

Johnson

&

Johnson

0.95%,

09/01/2027

1.15%,

11/20/2028

EUR

1.65%,

05/20/2035

2.10%,

09/01/2040

$

McKesson

Corp

4.95%,

05/30/2032

1,136

1,145

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pharmaceuticals

(continued)

Merck

&

Co

Inc

3.40%,

03/07/2029

$

$

4.90%,

05/17/2044

Merck

Financial

Services

GmbH

0.88%,

07/05/2031

EUR

MSD

Netherlands

Capital

BV

3.70%,

05/30/2044

Novartis

Capital

Corp

2.20%,

08/14/2030

$

3.70%,

09/21/2042

4.00%,

09/18/2031

582

570

Novo

Nordisk

Finance

Netherlands

BV

1.38%,

03/31/2030

EUR

Organon

&

Co

/

Organon

Foreign

Debt

Co-Issuer

BV

5.13%,

04/30/2031

(j) $

3,230

2,794

Pfizer

Inc

3.45%,

03/15/2029

3.90%,

03/15/2039

Pfizer

Investment

Enterprises

Pte

Ltd

4.75%,

05/19/2033

816

811

5.11%,

05/19/2043

1,008

954

5.30%,

05/19/2053

833

777

5.34%,

05/19/2063

531

Sanofi

SA

1.25%,

04/06/2029

EUR

Takeda

Pharmaceutical

Co

Ltd

1.00%,

07/09/2029

3.03%,

07/09/2040

$

Upjohn

Finance

BV

1.36%,

06/23/2027

EUR

Viatris

Inc

3.85%,

06/22/2040

$

4.00%,

06/22/2050

902

593

Zoetis

Inc

5.60%,

11/16/2032

$

33,614

Pipelines

-

2.14%

Acu

Petroleo

Luxembourg

Sarl

7.50%,

07/13/2035

1,830

1,843

Blue

Racer

Midstream

LLC

/

Blue

Racer

Finance

Corp

7.25%,

07/15/2032

(j) 1,125

1,186

Boardwalk

Pipelines

LP

4.80%,

05/03/2029

Buckeye

Partners

LP

4.50%,

03/01/2028

(j) 425

5.60%,

10/15/2044

5.85%,

11/15/2043

1,300

1,156

Cheniere

Energy

Partners

LP

3.25%,

01/31/2032

4.00%,

03/01/2031

5.55%,

10/30/2035

(j) 508

511

CNX

Midstream

Partners

LP

4.75%,

04/15/2030

(j) 2,875

2,716

Coastal

Gaslink

Pipeline

LP

4.69%,

09/30/2029

CAD

5.19%,

09/30/2034

Columbia

Pipelines

Operating

Co

LLC

6.50%,

08/15/2043

(j) $

CQP

Holdco

LP

/

BIP-V

Chinook

Holdco

LLC

5.50%,

06/15/2031

(j) 2,005

1,959

DCP

Midstream

Operating

LP

3.25%,

02/15/2032

Eastern

Energy

Gas

Holdings

LLC

5.80%,

01/15/2035

Enbridge

Energy

Partners

LP

7.38%,

10/15/2045

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pipelines

(continued)

Enbridge

Inc

2.99%,

10/03/2029

CAD

$

4.60%,

06/20/2028

$

4.73%,

08/22/2034

CAD

5.36%,

05/26/2033

6.00%,

01/15/2077

(k) $

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.15%

6.25%,

03/01/2078

(k) 2,500

2,508

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.90%

7.38%,

03/15/2055

(k) 60

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.12%

8.50%,

01/15/2084

(k) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.43%

Enbridge

Pipelines

Inc

3.52%,

02/22/2029

CAD

Energy

Transfer

LP

4.95%,

05/15/2028

$

5.15%,

02/01/2043

5.25%,

07/01/2029

5.35%,

05/15/2045

929

835

5.40%,

10/01/2047

1,637

1,457

5.95%,

05/15/2054

6.10%,

02/15/2042

6.25%,

04/15/2049

Enterprise

Products

Operating

LLC

3.70%,

01/31/2051

4.60%,

01/15/2031

5.10%,

02/15/2045

Flex

Intermediate

Holdco

LLC

3.36%,

06/30/2031

(j) 100

Galaxy

Pipeline

Assets

Bidco

Ltd

2.16%,

03/31/2034

Genesis

Energy

LP

/

Genesis

Energy

Finance

Corp

8.00%,

05/15/2033

1,375

1,426

8.25%,

01/15/2029

8.88%,

04/15/2030

1,300

1,376

Gray

Oak

Pipeline

LLC

3.45%,

10/15/2027

(j) 1,119

1,091

Greensaif

Pipelines

Bidco

Sarl

6.10%,

08/23/2042

1,525

1,551

6.13%,

02/23/2038

Harvest

Midstream

I

LP

7.50%,

05/15/2032

(j) 1,175

1,221

Inter

Pipeline

Ltd/AB

3.98%,

11/25/2031

CAD

Kinder

Morgan

Energy

Partners

LP

5.00%,

08/15/2042

$

5.50%,

03/01/2044

578

542

Kinder

Morgan

Inc

5.85%,

06/01/2035

Midwest

Connector

Capital

Co

LLC

4.63%,

04/01/2029

(j) 150

MPLX

LP

4.70%,

04/15/2048

4.90%,

04/15/2058

5.00%,

03/01/2033

NuStar

Logistics

LP

6.38%,

10/01/2030

975

1,004

ONEOK

Inc

4.75%,

10/15/2031

854

846

5.80%,

11/01/2030

6.05%,

09/01/2033

6.63%,

09/01/2053

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pipelines

(continued)

ONEOK

Partners

LP

6.65%,

10/01/2036

$

1,248

$

1,346

Pembina

Pipeline

Corp

4.75%,

03/26/2048

CAD

Plains

All

American

Pipeline

LP

/

PAA

Finance

Corp

4.30%,

01/31/2043

$

4.90%,

02/15/2045

Prairie

Acquiror

LP

9.00%,

08/01/2029

(j) 3,000

3,107

Sabine

Pass

Liquefaction

LLC

4.20%,

03/15/2028

5.90%,

09/15/2037

534

559

South

Bow

USA

Infrastructure

Holdings

LLC

5.58%,

10/01/2034

(j) 50

Tallgrass

Energy

Partners

LP

/

Tallgrass

Energy

Finance

Corp

6.00%,

09/01/2031

(j) 675

661

7.38%,

02/15/2029

(j) 1,025

1,052

Targa

Resources

Corp

4.20%,

02/01/2033

4.95%,

04/15/2052

Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp

5.50%,

03/01/2030

529

537

Tennessee

Gas

Pipeline

Co

LLC

2.90%,

03/01/2030

(j) 200

TransCanada

PipeLines

Ltd

4.75%,

05/15/2038

5.00%,

10/16/2043

5.92%,

05/12/2052

CAD

Transcanada

Trust

5.60%,

03/07/2082

(k) $

3,800

3,695

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.99%

Venture

Global

LNG

Inc

7.00%,

01/15/2030

(j) 550

558

8.38%,

06/01/2031

(j) 3,850

3,982

9.88%,

02/01/2032

(j) 1,975

2,131

Venture

Global

Plaquemines

LNG

LLC

6.75%,

01/15/2036

(j) 1,000

1,029

Western

Midstream

Operating

LP

5.30%,

03/01/2048

Williams

Cos

Inc/The

2.60%,

03/15/2031

4.63%,

06/30/2030

715

712

5.30%,

08/15/2028

5.30%,

08/15/2052

5.75%,

06/24/2044

612

601

$

51,313

Private

Equity

-

0.02%

Brookfield

Finance

II

Inc

5.43%,

12/14/2032

CAD

Brookfield

Finance

Inc

5.97%,

03/04/2054

$

Brookfield

Finance

LLC

/

Brookfield

Finance

Inc

3.45%,

04/15/2050

Carlyle

Finance

Subsidiary

LLC

3.50%,

09/19/2029

(j) 100

EQT

AB

2.38%,

04/06/2028

EUR

ICG

PLC

1.63%,

02/17/2027

KKR

Group

Finance

Co

VIII

LLC

3.50%,

08/25/2050

(j) $

$

517

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Real

Estate

-

0.45%

Acef

Holding

SCA

1.25%,

04/26/2030

EUR

$

Akelius

Residential

Property

Financing

BV

1.00%,

01/17/2028

Alpha

Star

Holding

VII

Ltd

7.75%,

04/27/2026

$

2,200

2,227

Aroundtown

SA

3.00%,

10/16/2029

GBP

Aster

Treasury

Plc

1.41%,

01/27/2036

Blend

Funding

PLC

3.46%,

09/21/2049

Castellum

Helsinki

Finance

Holding

Abp

0.88%,

09/17/2029

EUR

Clarion

Funding

PLC

1.25%,

11/13/2032

GBP

CTP

NV

1.25%,

06/21/2029

EUR

Grand

City

Properties

SA

4.38%,

01/09/2030

Heimstaden

Bostad

Treasury

BV

1.38%,

07/24/2028

Hyde

Housing

Association

Ltd

1.75%,

08/18/2055

GBP

IWG

US

Finance

LLC

6.50%,

06/28/2030

EUR

LEG

Immobilien

SE

0.75%,

06/30/2031

London

&

Quadrant

Housing

Trust

2.00%,

03/31/2032

GBP

MAF

Global

Securities

Ltd

7.88%,

06/30/2027

(h),(k)

$

2,375

2,451

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.89%

Notting

Hill

Genesis

2.88%,

01/31/2029

GBP

NWD

Finance

BVI

Ltd

4.13%,

03/10/2028

(h),(k)

$

1,000

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.86%

NWD

MTN

Ltd

4.13%,

07/18/2029

1,900

964

4.50%,

05/19/2030

(i) 450

8.63%,

02/08/2028

(i) 275

Ontario

Teachers'

Cadillac

Fairview

Properties

Trust

2.50%,

10/15/2031

(j) 830

726

Platform

HG

Financing

PLC

1.93%,

09/15/2041

GBP

Prologis

International

Funding

II

SA

2.38%,

11/14/2030

EUR

Sobha

Sukuk

Ltd

8.75%,

07/17/2028

(i) $

1,700

1,771

Southern

Housing

3.50%,

10/19/2047

GBP

Vonovia

SE

0.38%,

06/16/2027

EUR

1.13%,

09/14/2034

$

10,853

Regional

Authority

-

0.12%

Province

of

British

Columbia

Canada

4.20%,

07/06/2033

$

1,625

1,590

Provincia

de

Buenos

Aires/Government

Bonds

6.63%,

09/01/2037

(l) 1,835

1,294

$

2,884

REITs

-

0.92%

Alexandria

Real

Estate

Equities

Inc

4.90%,

12/15/2030

5.25%,

05/15/2036

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

REITs

(continued)

American

Homes

Rent

LP

4.25%,

02/15/2028

$

$

American

Tower

Corp

0.45%,

01/15/2027

EUR

1.45%,

09/15/2026

$

1.50%,

01/31/2028

2.30%,

09/15/2031

815

707

3.13%,

01/15/2027

661

647

4.10%,

05/16/2034

EUR

5.20%,

02/15/2029

$

1,374

1,402

AvalonBay

Communities

Inc

2.45%,

01/15/2031

Boston

Properties

LP

2.55%,

04/01/2032

Brixmor

Operating

Partnership

LP

4.05%,

07/01/2030

Choice

Properties

Real

Estate

Investment

Trust

4.18%,

03/08/2028

CAD

Covivio

SA/France

1.63%,

06/23/2030

EUR

Crown

Castle

Inc

2.25%,

01/15/2031

$

2.90%,

04/01/2041

5.00%,

01/11/2028

604

609

5.60%,

06/01/2029

525

541

Digital

Dutch

Finco

BV

1.25%,

02/01/2031

EUR

Emirates

Reit

Sukuk

III

Ltd

7.50%,

12/12/2028

(l) $

675

677

Equinix

Europe

Financing

Corp

LLC

3.63%,

11/22/2034

EUR

Equinix

Inc

3.90%,

04/15/2032

$

ERP

Operating

LP

3.50%,

03/01/2028

4.95%,

06/15/2032

Essex

Portfolio

LP

1.65%,

01/15/2031

Extra

Space

Storage

LP

5.70%,

04/01/2028

Gecina

SA

1.63%,

05/29/2034

EUR

GLP

Capital

LP

/

GLP

Financing

II

Inc

5.63%,

09/15/2034

$

Goodman

US

Finance

Six

LLC

5.13%,

10/07/2034

(j) 357

Granite

REIT

Holdings

LP

3.06%,

06/04/2027

CAD

Healthpeak

OP

LLC

3.50%,

07/15/2029

$

Host

Hotels

&

Resorts

LP

3.50%,

09/15/2030

5.50%,

04/15/2035

Invitation

Homes

Operating

Partnership

LP

5.50%,

08/15/2033

Kilroy

Realty

LP

4.75%,

12/15/2028

Kimco

Realty

OP

LLC

2.25%,

12/01/2031

4.60%,

02/01/2033

Klepierre

SA

2.00%,

05/12/2029

EUR

LXP

Industrial

Trust

2.38%,

10/01/2031

$

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp

0.99%,

10/15/2026

EUR

2,050

2,199

3.50%,

03/15/2031

$

1,200

816

5.00%,

10/15/2027

2,075

1,904

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

REITs

(continued)

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp

(continued)

8.50%,

02/15/2032

(j) $

1,550

$

1,611

National

Health

Investors

Inc

3.00%,

02/01/2031

999

884

NNN

REIT

Inc

5.60%,

10/15/2033

Northwest

Healthcare

Properties

Real

Estate

Investment

Trust

5.51%,

02/18/2030

CAD

Omega

Healthcare

Investors

Inc

5.20%,

07/01/2030

$

Prologis

Euro

Finance

LLC

0.50%,

02/16/2032

EUR

Prologis

LP

2.25%,

04/15/2030

$

4.00%,

09/15/2028

Realty

Income

Corp

4.65%,

03/15/2047

Regency

Centers

LP

5.25%,

01/15/2034

RioCan

Real

Estate

Investment

Trust

5.61%,

10/06/2027

CAD

Scentre

Group

Trust

5.90%,

11/27/2034

AUD

Segro

PLC

5.13%,

12/06/2041

GBP

Service

Properties

Trust

8.63%,

11/15/2031

(j) $

2,225

2,369

Simon

Property

Group

LP

5.85%,

03/08/2053

SmartCentres

Real

Estate

Investment

Trust

5.16%,

08/01/2030

CAD

Store

Capital

LLC

4.50%,

03/15/2028

$

UDR

Inc

3.10%,

11/01/2034

Unibail-Rodamco-Westfield

SE

2.00%,

05/29/2037

EUR

Ventas

Realty

LP

5.70%,

09/30/2043

$

VICI

Properties

LP

5.75%,

04/01/2034

WEA

Finance

LLC

3.50%,

06/15/2029

(j) 100

Welltower

OP

LLC

4.13%,

03/15/2029

Weyerhaeuser

Co

4.00%,

03/09/2052

654

4.75%,

05/15/2026

917

918

WPC

Eurobond

BV

0.95%,

06/01/2030

EUR

$

21,961

Retail

-

0.87%

1011778

BC

ULC

/

New

Red

Finance

Inc

4.00%,

10/15/2030

(j) $

5,150

4,772

7-Eleven

Inc

2.50%,

02/10/2041

(j) 100

Alimentation

Couche-Tard

Inc

5.27%,

02/12/2034

(j) 150

Asbury

Automotive

Group

Inc

5.00%,

02/15/2032

(j) 600

568

AutoNation

Inc

5.89%,

03/15/2035

AutoZone

Inc

5.10%,

07/15/2029

CK

Hutchison

Europe

Finance

Ltd

1.00%,

11/02/2033

EUR

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Retail

(continued)

Costco

Wholesale

Corp

1.38%,

06/20/2027

$

$

Darden

Restaurants

Inc

4.35%,

10/15/2027

Dick's

Sporting

Goods

Inc

4.10%,

01/15/2052

Dollar

General

Corp

3.50%,

04/03/2030

Home

Depot

Inc/The

3.35%,

04/15/2050

4.50%,

12/06/2048

4.75%,

06/25/2029

4.90%,

04/15/2029

521

532

4.95%,

06/25/2034

LCM

Investments

Holdings

II

LLC

8.25%,

08/01/2031

(j) 1,725

1,824

Lithia

Motors

Inc

4.38%,

01/15/2031

(j) 1,350

1,270

Lowe's

Cos

Inc

2.63%,

04/01/2031

3.70%,

04/15/2046

4.05%,

05/03/2047

4.45%,

04/01/2062

4.50%,

04/15/2030

(i) 100

McDonald's

Corp

3.63%,

09/01/2049

725

526

3.88%,

02/20/2031

EUR

4.60%,

09/09/2032

$

4.80%,

08/14/2028

1,556

1,579

4.88%,

12/09/2045

5.20%,

05/17/2034

O'Reilly

Automotive

Inc

3.60%,

09/01/2027

1,149

1,130

5.75%,

11/20/2026

517

525

Raising

Cane's

Restaurants

LLC

9.38%,

05/01/2029

(j) 400

Starbucks

Corp

4.50%,

11/15/2048

4.80%,

02/15/2033

Suburban

Propane

Partners

LP/Suburban

Energy

Finance

Corp

5.00%,

06/01/2031

(j) 1,000

939

Target

Corp

2.95%,

01/15/2052

(i) 100

4.50%,

09/15/2032

Victra

Holdings

LLC

/

Victra

Finance

Corp

8.75%,

09/15/2029

(j) 2,925

3,065

Walmart

Inc

1.50%,

09/22/2028

1.80%,

09/22/2031

(i) 150

2.50%,

09/22/2041

4.50%,

04/15/2053

$

20,882

Savings

&

Loans

-

0.00%

Nationwide

Building

Society

3.77%,

01/27/2036

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

1.23%

Semiconductors

-

0.49%

Analog

Devices

Inc

5.30%,

04/01/2054

$

Applied

Materials

Inc

3.30%,

04/01/2027

4.80%,

06/15/2029

Broadcom

Inc

2.45%,

02/15/2031

(j) 1,647

1,470

3.19%,

11/15/2036

(j) 1,327

1,096

3.42%,

04/15/2033

(j) 150

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Semiconductors

(continued)

Broadcom

Inc

(continued)

3.46%,

09/15/2026

$

$

4.90%,

07/15/2032

620

622

Foundry

JV

Holdco

LLC

5.50%,

01/25/2031

(j) 200

5.90%,

01/25/2030

(j) 200

5.90%,

01/25/2033

(j) 488

501

6.15%,

01/25/2032

(j) 1,069

1,118

6.25%,

01/25/2035

(j) 627

653

6.40%,

01/25/2038

(j) 387

Intel

Corp

2.80%,

08/12/2041

3.73%,

12/08/2047

1,173

803

4.10%,

05/19/2046

4.15%,

08/05/2032

523

4.88%,

02/10/2028

5.05%,

08/05/2062

5.60%,

02/21/2054

502

5.70%,

02/10/2053

527

KLA

Corp

4.95%,

07/15/2052

Marvell

Technology

Inc

4.88%,

06/22/2028

Micron

Technology

Inc

5.88%,

02/09/2033

NVIDIA

Corp

2.00%,

06/15/2031

(i) 100

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA

Inc

5.00%,

01/15/2033

Qorvo

Inc

4.38%,

10/15/2029

QUALCOMM

Inc

4.75%,

05/20/2032

4.80%,

05/20/2045

Texas

Instruments

Inc

3.88%,

03/15/2039

4.60%,

02/15/2028

600

606

4.90%,

03/14/2033

$

11,848

Software

-

2.48%

Adobe

Inc

4.75%,

01/17/2028

1,001

1,015

4.85%,

04/04/2027

AthenaHealth

Group

Inc

6.50%,

02/15/2030

(j) 14,670

14,421

Capstone

Borrower

Inc

8.00%,

06/15/2030

(j) 5,475

5,690

Central

Parent

Inc

/

CDK

Global

Inc

7.25%,

06/15/2029

(j) 1,250

1,027

Central

Parent

LLC

/

CDK

Global

II

LLC

/

CDK

Financing

Co

Inc

8.00%,

06/15/2029

(j) 3,950

3,351

CoreWeave

Inc

9.00%,

02/01/2031

(j) 4,570

4,551

Dye

&

Durham

Ltd

8.63%,

04/15/2029

(j) 5,025

5,236

Ellucian

Holdings

Inc

6.50%,

12/01/2029

(j) 1,225

1,241

Fidelity

National

Information

Services

Inc

3.10%,

03/01/2041

Fiserv

Inc

3.00%,

07/01/2031

GBP

4.40%,

07/01/2049

$

1,134

906

5.15%,

08/12/2034

580

576

Intuit

Inc

5.13%,

09/15/2028

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Software

(continued)

Microsoft

Corp

2.40%,

08/08/2026

$

$

2.68%,

06/01/2060

3.70%,

08/08/2046

4.10%,

02/06/2037

Open

Text

Corp

3.88%,

12/01/2029

(j) 450

Oracle

Corp

2.30%,

03/25/2028

1,591

1,507

2.88%,

03/25/2031

3.60%,

04/01/2040

3.60%,

04/01/2050

3.80%,

11/15/2037

1,350

1,145

3.85%,

04/01/2060

4.00%,

11/15/2047

1,041

789

4.13%,

05/15/2045

4.65%,

05/06/2030

4.70%,

09/27/2034

5.55%,

02/06/2053

6.13%,

07/08/2039

Playtika

Holding

Corp

4.25%,

03/15/2029

(j) 5,875

5,372

Roper

Technologies

Inc

4.20%,

09/15/2028

Salesforce

Inc

1.95%,

07/15/2031

SAP

SE

1.25%,

03/10/2028

EUR

SS&C

Technologies

Inc

6.50%,

06/01/2032

(j) $

2,150

2,211

Synopsys

Inc

5.00%,

04/01/2032

UKG

Inc

6.88%,

02/01/2031

(j) 2,625

2,695

VMware

LLC

4.70%,

05/15/2030

ZoomInfo

Technologies

LLC/ZoomInfo

Finance

Corp

3.88%,

02/01/2029

(j) 4,350

4,089

$

59,529

Sovereign

-

4.13%

Angolan

Government

International

Bond

8.25%,

05/09/2028

3,000

2,906

Bahamas

Government

International

Bond

8.25%,

06/24/2036

(j) 1,350

1,371

Benin

Government

International

Bond

7.96%,

02/13/2038

1,200

1,162

Brazil

Notas

do

Tesouro

Nacional

Serie

F

9.76%,

01/01/2029

BRL

28,000

4,546

Colombia

Government

International

Bond

3.00%,

01/30/2030

$

1,400

1,229

7.38%,

04/25/2030

1,200

1,257

Colombian

TES

12.75%,

11/28/2040

COP

4,534,000

1,109

13.25%,

02/09/2033

17,148,000

4,366

Ecuador

Government

International

Bond

6.90%,

07/31/2030

(l) $

2,900

2,543

6.90%,

07/31/2035

(l) 1,805

1,348

Egypt

Government

Bond

24.46%,

10/01/2027

EGP

55,900

1,144

25.32%,

08/13/2027

53,500

1,112

Egypt

Government

International

Bond

7.05%,

01/15/2032

$

1,225

1,123

7.63%,

05/29/2032

1,775

1,668

8.70%,

03/01/2049

2,350

1,933

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Sovereign

(continued)

Egypt

Treasury

Bills

20.72%,

09/16/2025

(q) EGP

49,700

$

986

21.12%,

12/16/2025

(q) 22,500

23.72%,

11/18/2025

(q) 132,000

2,502

26.56%,

08/19/2025

(q) 126,000

2,556

El

Salvador

Government

International

Bond

0.25%,

04/17/2030

(j) $

33,000

693

Gabon

Government

International

Bond

6.63%,

02/06/2031

1,050

861

7.00%,

11/24/2031

Ghana

Government

International

Bond

0.00%,

01/03/2030

(d),(j)

1,819

1,515

0.00%,

01/03/2030

(d) 976

813

5.00%,

07/03/2029

(j),(l)

2,075

1,972

Hungary

Government

International

Bond

6.00%,

09/26/2035

(i),(j)

2,525

2,543

Indonesia

Treasury

Bond

6.50%,

07/15/2030

IDR

57,400,000

3,537

Ivory

Coast

Government

International

Bond

5.88%,

10/17/2031

EUR

2,625

2,914

8.08%,

04/01/2036

(j) $

2,325

2,290

8.08%,

04/01/2036

Japan

Government

Five

Year

Bond

0.40%,

09/20/2028

JPY

150,000

979

Japan

Government

Ten

Year

Bond

0.70%,

12/20/2033

5,000

Malaysia

Government

Bond

3.34%,

05/15/2030

MYR

9,700

2,291

Mexican

Bonos

8.50%,

11/18/2038

MXN

93,500

4,525

Mexico

Government

International

Bond

4.28%,

08/14/2041

$

2,281

1,745

6.34%,

05/04/2053

6.63%,

01/29/2038

802

806

Nigeria

Government

International

Bond

7.38%,

09/28/2033

3,000

2,763

Pakistan

Government

International

Bond

6.88%,

12/05/2027

1,900

1,862

7.38%,

04/08/2031

650

608

Peru

Government

Bond

5.40%,

08/12/2034

PEN

3,900

1,026

Peruvian

Government

International

Bond

6.85%,

08/12/2035

(j) 11,350

3,243

6.90%,

08/12/2037

4,825

1,359

Republic

of

Cameroon

International

Bond

9.50%,

07/31/2031

$

1,700

1,595

Republic

of

Italy

Government

International

Bond

3.88%,

05/06/2051

1,013

705

Republic

of

Poland

Government

Bond

2.00%,

08/25/2036

PLN

10,701

2,556

Republic

of

South

Africa

Government

Bond

8.75%,

01/31/2044

ZAR

93,450

4,300

8.88%,

02/28/2035

39,150

2,049

Republic

of

Uzbekistan

International

Bond

6.90%,

02/28/2032

(j) $

1,550

1,604

Romanian

Government

International

Bond

6.38%,

09/18/2033

EUR

1,825

2,206

6.75%,

07/11/2039

Senegal

Government

International

Bond

4.75%,

03/13/2028

3,450

3,395

Turkiye

Government

International

Bond

5.20%,

08/17/2031

2,550

2,900

Ukraine

Government

International

Bond

1.75%,

02/01/2034

(j),(l)

$

573

1.75%,

02/01/2034

(l) 1,292

660

Zambia

Government

International

Bond

0.50%,

12/31/2053

2,450

1,792

$

99,049

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Student

Loan

Asset

Backed

Securities

-

0.87%

CIT

Education

Loan

Trust

2007-1

4.69%,

03/25/2042

(j) $

1,255

$

1,229

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.35%

Commonbond

Student

Loan

Trust

2017-B-GS

2.68%,

09/25/2042

(j) 919

857

ELFI

Graduate

Loan

Program

2024-A

LLC

5.56%,

08/25/2049

(j) 1,564

1,577

KeyCorp

Student

Loan

Trust

2006-A

5.71%,

03/27/2042

1,147

949

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.41%

National

Collegiate

Student

Loan

Trust

2005-2

4.84%,

06/25/2033

592

586

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.48%

Navient

Private

Education

Refi

Loan

Trust

2022-A

2.23%,

07/15/2070

(j) 835

761

Navient

Student

Loan

Trust

6.48%,

03/15/2072

(j) 647

659

Nelnet

Student

Loan

Trust

2021-D

5.16%,

04/20/2062

(j) 277

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.80%

Nelnet

Student

Loan

Trust

2023-A

6.55%,

02/20/2041

(j) 426

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

2.20%

6.64%,

02/20/2041

(j) 533

549

SLM

Private

Credit

Student

Loan

Trust

2003-A

6.18%,

06/15/2032

1,939

938

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.86%

SLM

Private

Credit

Student

Loan

Trust

2005-B

4.91%,

06/15/2039

943

921

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.59%

SLM

Private

Credit

Student

Loan

Trust

2006-A

4.87%,

06/15/2039

1,292

1,240

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.55%

SLM

Private

Credit

Student

Loan

Trust

2006-B

4.78%,

12/15/2039

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.46%

SLM

Private

Credit

Student

Loan

Trust

2007-A

4.82%,

12/16/2041

1,495

1,462

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.50%

SLM

Student

Loan

Trust

2008-2

5.35%,

04/27/2026

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.01%

SLM

Student

Loan

Trust

2008-3

5.60%,

07/25/2028

1,706

1,696

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.26%

SLM

Student

Loan

Trust

2008-4

6.25%,

01/25/2028

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.91%

SLM

Student

Loan

Trust

2008-5

6.30%,

10/25/2027

1,391

1,397

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.96%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Student

Loan

Asset

Backed

Securities

(continued)

SLM

Student

Loan

Trust

2008-6

5.70%,

04/25/2029

$

1,965

$

1,941

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.36%

SMB

Private

Education

Loan

Trust

2015-B

3.50%,

12/17/2040

(j) 171

SMB

Private

Education

Loan

Trust

2021-A

2.31%,

01/15/2053

(j) 899

873

Towd

Point

Asset

Trust

2021-SL1

5.87%,

11/20/2061

(j) 1,200

1,141

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.51%

$

20,811

Supranational

Bank

-

0.49%

Africa

Finance

Corp

7.50%,

01/21/2030

(h),(j),(k)

1,525

1,492

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.02%

7.50%,

01/21/2030

(h),(k)

875

856

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.02%

European

Bank

for

Reconstruction

&

Development

6.75%,

01/13/2032

INR

116,700

1,339

Inter-American

Development

Bank

1.13%,

07/20/2028

$

2,279

2,101

7.00%,

01/25/2029

INR

131,000

1,511

7.00%,

04/17/2033

93,000

1,083

International

Bank

for

Reconstruction

&

Development

0.75%,

11/24/2027

$

1,857

1,725

6.50%,

04/17/2030

INR

136,000

1,545

$

11,652

Telecommunications

-

1.61%

Africell

Holding

Ltd

10.50%,

10/23/2029

(i),(j)

$

1,875

1,827

America

Movil

SAB

de

CV

6.13%,

03/30/2040

AT&T

Inc

3.15%,

06/01/2030

EUR

3.55%,

09/15/2055

$

3.65%,

06/01/2051

3.65%,

09/15/2059

3.85%,

06/01/2060

4.25%,

06/01/2043

GBP

4.30%,

02/15/2030

$

4.30%,

11/18/2034

EUR

4.50%,

05/15/2035

$

2,003

1,901

4.70%,

08/15/2030

4.75%,

05/15/2046

1,207

1,050

4.90%,

08/15/2037

1,523

1,453

5.38%,

08/15/2035

5.40%,

02/15/2034

5.55%,

08/15/2041

Axian

Telecom

Holding

&

Management

PLC

7.25%,

07/11/2030

(j) 975

976

Bell

Telephone

Co

of

Canada

or

Bell

Canada

5.20%,

02/15/2034

5.60%,

08/11/2053

CAD

British

Telecommunications

PLC

3.13%,

11/21/2031

GBP

5.13%,

12/04/2028

$

Cisco

Systems

Inc

2.50%,

09/20/2026

5.05%,

02/26/2034

5.10%,

02/24/2035

1,372

1,395

5.30%,

02/26/2054

CommScope

LLC

9.50%,

12/15/2031

(i),(j)

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Telecommunications

(continued)

Corning

Inc

3.90%,

11/15/2049

$

521

$

5.45%,

11/15/2079

Deutsche

Telekom

AG

1.75%,

12/09/2049

EUR

Deutsche

Telekom

International

Finance

BV

4.38%,

06/21/2028

(j) $

Digicel

Intermediate

Holdings

Ltd

/

Digicel

International

Finance

Ltd

/

DIFL

US

9.00%,

PIK

10.50%;

05/25/2027

(i),(l),(m)

4,270

4,289

Digicel

International

Finance

Ltd

/

Difl

US

LLC

8.63%,

08/01/2032

(j),(o)

2,350

2,374

Motorola

Solutions

Inc

5.55%,

08/15/2035

683

697

NTT

Finance

Corp

0.34%,

03/03/2030

EUR

4.62%,

07/16/2028

(j) $

5.17%,

07/16/2032

(j) 331

5.50%,

07/16/2035

(j) 422

Orange

SA

0.50%,

09/04/2032

EUR

1.38%,

02/11/2029

(h),(k)

EUR

Swap

Annual

(VS

Month)

Year

+

1.49%

1.88%,

09/12/2030

Rogers

Communications

Inc

3.20%,

03/15/2027

$

4.55%,

03/15/2052

5.30%,

02/15/2034

6.75%,

11/09/2039

CAD

SES

SA

4.13%,

06/24/2030

EUR

Sprint

Capital

Corp

6.88%,

11/15/2028

$

Telefonica

Emisiones

SA

1.45%,

01/22/2027

EUR

4.90%,

03/06/2048

$

657

553

5.52%,

03/01/2049

Telia

Co

AB

0.13%,

11/27/2030

EUR

Telstra

Group

Ltd

1.38%,

03/26/2029

TELUS

Corp

4.70%,

03/06/2048

CAD

T-Mobile

USA

Inc

3.00%,

02/15/2041

$

2,892

2,116

3.60%,

11/15/2060

633

3.88%,

04/15/2030

4.38%,

04/15/2040

4.80%,

07/15/2028

5.05%,

07/15/2033

5.65%,

01/15/2053

Veon

Midco

BV

3.38%,

11/25/2027

2,075

1,916

Verizon

Communications

Inc

0.19%,

03/24/2028

CHF

1.30%,

05/18/2033

EUR

1.75%,

01/20/2031

$

2.36%,

03/15/2032

2.65%,

05/06/2030

AUD

2.85%,

09/03/2041

$

1,396

987

2.99%,

10/30/2056

3.00%,

11/20/2060

986

579

3.40%,

03/22/2041

649

500

3.55%,

03/22/2051

3.88%,

03/01/2052

4.00%,

03/22/2050

4.02%,

12/03/2029

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Telecommunications

(continued)

Verizon

Communications

Inc

(continued)

4.25%,

10/31/2030

EUR

$

4.50%,

08/10/2033

$

1,034

1,000

4.78%,

02/15/2035

5.25%,

04/02/2035

1,086

1,090

Vmed

O2

UK

Financing

I

PLC

4.25%,

01/31/2031

(j) 3,450

3,143

Vodafone

Group

PLC

5.63%,

02/10/2053

5.75%,

02/10/2063

5.88%,

06/28/2064

1,585

1,526

$

38,714

Toys,

Games

&

Hobbies

-

0.01%

Hasbro

Inc

3.55%,

11/19/2026

Transportation

-

0.45%

Burlington

Northern

Santa

Fe

LLC

4.15%,

12/15/2048

886

718

4.45%,

03/15/2043

867

758

5.20%,

04/15/2054

5.80%,

03/15/2056

Canadian

National

Railway

Co

3.05%,

02/08/2050

CAD

3.85%,

08/05/2032

$

Canadian

Pacific

Railway

Co

2.88%,

11/15/2029

4.30%,

05/15/2043

4.70%,

05/01/2048

623

547

5.20%,

03/30/2035

CSX

Corp

3.35%,

09/15/2049

3.80%,

11/01/2046

DSV

Finance

BV

1.38%,

03/16/2030

EUR

East

Japan

Railway

Co

5.56%,

09/04/2054

GBP

Federal

Express

Corp

2020-1

Pass

Through

Trusts

1.88%,

08/20/2035

$

1,904

1,636

FedEx

Corp

4.95%,

10/17/2048

(j) 100

Norfolk

Southern

Corp

4.55%,

06/01/2053

5.55%,

03/15/2034

Ryder

System

Inc

5.25%,

06/01/2028

5.50%,

06/01/2029

652

674

Transnet

SOC

Ltd

8.25%,

02/06/2028

2,275

2,371

TTX

Co

5.50%,

09/25/2026

(j) 839

847

Union

Pacific

Corp

3.25%,

02/05/2050

3.60%,

09/15/2037

3.85%,

02/14/2072

United

Parcel

Service

Inc

5.30%,

04/01/2050

(i) 200

Yinson

Bergenia

Production

BV

8.50%,

01/31/2045

(j) 950

980

$

10,695

Trucking

&

Leasing

-

0.34%

FTAI

Aviation

Investors

LLC

7.00%,

05/01/2031

(j) 2,425

2,516

7.00%,

06/15/2032

(j) 1,100

1,139

GATX

Corp

3.25%,

09/15/2026

985

971

6.05%,

03/15/2034

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Trucking

&

Leasing

(continued)

Penske

Truck

Leasing

Co

Lp

/

PTL

Finance

Corp

5.25%,

02/01/2030

(j) $

920

$

938

5.35%,

03/30/2029

(j) 384

5.88%,

11/15/2027

(j) 100

6.05%,

08/01/2028

(j) 940

976

6.20%,

06/15/2030

(j) 1,036

1,099

$

8,240

Water

-

0.12%

Aegea

Finance

Sarl

9.00%,

01/20/2031

(j) 1,575

1,693

9.00%,

01/20/2031

(i) 250

American

Water

Capital

Corp

4.15%,

06/01/2049

Anglian

Water

Services

Financing

PLC

2.63%,

06/15/2027

GBP

Essential

Utilities

Inc

3.35%,

04/15/2050

(i) $

Northumbrian

Water

Finance

PLC

6.38%,

10/28/2034

GBP

Suez

SACA

5.00%,

11/03/2032

EUR

SW

Finance

I

PLC

6.19%,

03/31/2029

GBP

United

Utilities

Water

Finance

PLC

2.63%,

02/12/2031

Veolia

Environnement

SA

1.59%,

01/10/2028

EUR

$

2,903

TOTAL

BONDS

$

1,692,884

CONVERTIBLE

BONDS

-

0.07%

Principal

Amount

(000's)

Value

(000's)

Chemicals

-

0.07%

Sasol

Financing

USA

LLC

4.50%,

11/08/2027

$

1,800

$

1,670

TOTAL

CONVERTIBLE

BONDS

$

1,670

SENIOR

FLOATING

RATE

INTERESTS

-

11.20%

Principal

Amount

(000's)

Value

(000's)

Advertising

-

0.13%

Advantage

Sales

&

Marketing

Inc

Term

Loan

B2

8.80%,

10/28/2027

(r) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

Clear

Channel

Outdoor

Holdings

Inc

Term

Loan

B

8.44%,

08/23/2028

(r) 1,750

1,743

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

8.44%,

08/23/2028

(r) 894

890

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

CMG

Media

Corp

Term

Loan

B2

7.89%,

06/18/2029

(r) 137

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Planet

US

Buyer

LLC

Term

Loan

B

7.33%,

02/07/2031

(r) 395

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

$

3,218

Aerospace

&

Defense

-

0.12%

Azorra

Soar

Tlb

Finance

Ltd

Term

Loan

B

7.82%,

10/18/2029

(r) 248

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Bleriot

US

Bidco

Inc

Term

Loan

B

7.05%,

10/31/2030

(r) 291

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Aerospace

&

Defense

(continued)

Goat

Holdco

LLC

Term

Loan

B

7.33%,

12/10/2031

(r) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Kaman

Corp

Term

Loan

B

7.05%,

01/30/2032

(r) 800

800

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Kaman

Corp

7.05%,

02/26/2032

(r) 7

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Signia

Aerospace

LLC

7.06%,

12/11/2031

(r) 173

TransDigm

Inc

Term

Loan

J

6.80%,

02/28/2031

(r) 669

671

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

TransDigm

Inc

Term

Loan

L

6.80%,

01/19/2032

(r) 307

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

$

2,953

Airlines

-

0.03%

AAdvantage

Loyalty

IP

Ltd

Term

Loan

B

6.58%,

04/20/2028

(r) 146

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Air

Canada

Term

Loan

B

6.35%,

03/21/2031

(r) 306

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

SkyMiles

IP

Ltd

Term

Loan

B

8.07%,

10/20/2027

(r) 221

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

United

Airlines

Inc

Term

Loan

B

6.35%,

02/22/2031

(r) 160

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

$

834

Apparel

-

0.06%

ABG

Intermediate

Holdings

LLC

Term

Loan

B1

6.58%,

12/21/2028

(r) 283

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Beach

Acquisition

Bidco

LLC

0.00%,

06/25/2032

(r),(s)

Varsity

Brands

Inc

Term

Loan

B

7.58%,

08/26/2031

(r) 424

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

7.58%,

08/26/2031

(r) 397

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

WH

Borrower

LLC

Term

Loan

B

9.07%,

02/12/2032

(r) 155

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

$

1,466

Automobile

Parts

&

Equipment

-

0.30%

Clarios

Global

LP

Term

Loan

B

6.83%,

05/04/2030

(r) 1,596

1,595

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

6.83%,

05/04/2030

(r) 501

501

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Automobile

Parts

&

Equipment

(continued)

Clarios

Global

LP

Term

Loan

B

(continued)

7.08%,

01/14/2032

(r) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Dexko

Global

Inc

Term

Loan

B

8.19%,

10/04/2028

(r) 273

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

First

Brands

Group

LLC

Term

Loan

B

9.54%,

03/30/2027

(r) 2,638

2,575

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

9.54%,

03/30/2027

(r) 320

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

First

Brands

Group

LLC

Term

Loan

13.04%,

03/30/2028

(r) 1,475

1,379

CME

Term

Secured

Overnight

Financing

Rate

Month

+

8.50%

$

7,102

Banks

-

0.00%

Ascensus

Holdings

Inc

Term

Loan

B

7.33%,

08/02/2028

(r) 85

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Beverages

-

0.12%

Arterra

Wines

Canada

Inc

Term

Loan

B1

8.06%,

11/25/2027

(r) 1,348

1,329

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

BrewCo

Borrower

LLC

Term

Loan

0.00%,

04/05/2028

(d),(r)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.25%

0.00%,

04/05/2028

(d),(r)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

BrewCo

Borrower

LLC

PIK

Term

Loan

6.09%,

PIK

7.50%,

01/05/2026

(m),(r)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.50%

Naked

Juice

LLC

Term

Loan

9.80%,

01/24/2029

(r) 122

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

Pegasus

Bidco

BV

Term

Loan

B

7.58%,

07/12/2029

(r) 196

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Primo

Brands

Corp

Term

Loan

B

6.55%,

03/31/2028

(r) 829

830

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Sazerac

Company

Inc

6.84%,

06/25/2032

(r) 145

$

2,787

Building

Materials

-

0.12%

ACProducts

Holdings

Inc

Term

Loan

B

8.81%,

05/17/2028

(r) 104

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

Chariot

Buyer

LLC

Term

Loan

B

7.68%,

10/22/2028

(r) 422

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Chariot

Buyer

LLC

0.00%,

07/22/2032

(r),(s)

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Building

Materials

(continued)

Cornerstone

Building

Brands

Inc

Term

Loan

B

7.69%,

04/12/2028

(r) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

CP

Atlas

Buyer

Inc

Term

Loan

B

9.60%,

07/01/2030

(r) 42

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Eco

Material

Technologies

Inc

Term

Loan

7.47%,

01/30/2032

(r) 1,275

1,279

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Knife

River

Corp

Term

Loan

B

6.31%,

02/20/2032

(r) 35

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

MI

Windows

And

Doors

LLC

Term

Loan

B3

7.08%,

03/21/2031

(r) 127

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Quikrete

Holdings

Inc

Term

Loan

B3

6.58%,

01/31/2032

(r) 402

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Quikrete

Holdings

Inc

Term

Loan

B1

6.58%,

04/14/2031

(r) 138

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

$

2,928

Chemicals

-

0.42%

Advancion

Holdings

LLC

Term

Loan

12.18%,

10/27/2028

(r) 8,680

8,107

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.75%

Discovery

Purchaser

Corp

Term

Loan

B

8.08%,

08/04/2029

(r) 337

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Ecovyst

Catalyst

Technologies

LLC

Term

Loan

B

6.29%,

06/12/2031

(r) 215

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Fortis

Inc

Term

Loan

B

7.80%,

02/06/2032

(r) 165

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Herens

US

Holdco

Corp

Term

Loan

B

8.32%,

07/03/2028

(r) 113

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.93%

INEOS

US

Finance

LLC

Term

Loan

B

7.33%,

02/07/2031

(r) 17

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

7.58%,

02/18/2030

(r) 153

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

NIC

Acquisition

Corp

Term

Loan

B

8.31%,

12/29/2027

(r) 125

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Nouryon

Finance

BV

Term

Loan

B

7.51%,

04/03/2028

(r) 592

592

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Olympus

Water

US

Holding

Corp

0.00%,

07/23/2032

(r),(s)

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Chemicals

(continued)

USALCO

LLC

Term

Loan

B

8.33%,

09/30/2031

(r) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

$

10,060

Commercial

Services

-

0.42%

Allied

Universal

Holdco

LLC

Term

Loan

B

8.18%,

05/12/2028

(r) 604

605

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

American

Auto

Auction

Group

LLC

Term

Loan

B

8.84%,

05/22/2032

(r) 33

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Anticimex

Global

AB

Term

Loan

B1

7.66%,

11/16/2028

(r) 615

615

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.15%

Anticimex

Global

AB

Term

Loan

B6

7.66%,

11/16/2028

(r) 56

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Belron

Finance

2019

LLC

Term

Loan

B

7.05%,

10/16/2031

(r) 299

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Boost

Newco

Borrower

LLC

Term

Loan

B2

6.30%,

01/31/2031

(r) 804

806

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Camelot

US

Acquisition

LLC

Term

Loan

B

7.08%,

01/31/2031

(r) 170

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Catawba

Nation

Gaming

Authority

Term

Loan

B

9.05%,

03/29/2032

(r) 145

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Champions

Financing

Inc

Term

Loan

B

9.08%,

02/23/2029

(r) 2,487

2,303

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Corp

Service

Co

Term

Loan

B

6.40%,

11/02/2029

(r) 285

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Creative

Artists

Agency

LLC

Term

Loan

B

6.85%,

10/01/2031

(r) 498

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Element

Materials

Technology

Group

US

Holdings

Inc

8.05%,

07/06/2029

(r) 389

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

Ensemble

RCM

LLC

Term

Loan

B

7.28%,

08/01/2029

(r) 315

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

First

Advantage

Holdings

LLC

Term

Loan

B

7.58%,

09/19/2031

(r) 254

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Garda

World

Security

Corp

Term

Loan

B

7.48%,

02/01/2029

(r) 413

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Services

(continued)

Jupiter

Buyer

Inc

Term

Loan

B

9.05%,

10/10/2031

(r) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Mister

Car

Wash

Holdings

Inc

Term

Loan

B

6.86%,

03/27/2031

(r) 393

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

OMNIA

Partners

LLC

Term

Loan

B

6.81%,

07/25/2030

(r) 282

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

PG

Polaris

BidCo

Sarl

Term

Loan

B

7.05%,

03/26/2031

(r) 242

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Prime

Security

Services

Borrower

LLC

Term

Loan

B1

6.13%,

10/13/2030

(r) 221

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Priority

Holdings

LLC

Term

Loan

B

0.00%,

07/23/2032

(r),(s)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Shift4

Payments

LLC

7.05%,

05/07/2032

(r) 60

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Spin

Holdco

Inc

Term

Loan

B

10.26%,

03/03/2028

(r) 701

616

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Wand

NewCo

Inc

Term

Loan

B2

6.83%,

01/30/2031

(r) 515

514

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

XPLOR

T1

LLC

Term

Loan

B

7.79%,

06/24/2031

(r) 233

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

$

10,150

Computers

-

0.27%

Amentum

Holdings

Inc

Term

Loan

B

6.83%,

07/30/2031

(r) 122

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Clover

Holdings

LLC

Term

Loan

B

7.66%,

12/09/2031

(r) 828

826

Cubic

Corp

Term

Loan

B

0.00%,

05/25/2028

(r),(s)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

Cubic

Corp

Term

Loan

C

0.00%,

05/25/2028

(r),(s)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

Fortress

Intermediate

Inc

Term

Loan

B

7.32%,

06/27/2031

(r) 432

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Kaseya

Inc

Term

Loan

B

7.58%,

03/06/2032

(r) 648

650

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

7.58%,

03/06/2032

(r) 417

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Computers

(continued)

KnowBe4

Inc

8.06%,

07/22/2032

(r) $

900

$

899

McAfee

Corp

Term

Loan

B1

7.33%,

03/01/2029

(r) 525

507

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

NCR

Atleos

Corp

Term

Loan

B

8.03%,

03/27/2029

(r) 107

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Perforce

Software

Inc

Term

Loan

B

9.08%,

03/21/2031

(r) 295

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Synechron

Inc

Term

Loan

B

8.03%,

10/03/2031

(r) 249

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

VeriFone

Systems

Inc

Term

Loan

10.06%,

08/18/2028

(r) 484

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

Vision

Solutions

Inc

Term

Loan

B

8.54%,

04/23/2028

(r) 299

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

World

Wide

Technology

Holding

Co

LLC

6.35%,

03/01/2030

(r) 220

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

X

Corp

Term

Loan

B1

10.93%,

10/26/2029

(r) 647

630

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.50%

X

Corp

Term

Loan

B3

9.50%,

10/26/2029

(r) 345

$

6,506

Consumer

Products

-

0.01%

Kronos

Acquisition

Holdings

Inc

Term

Loan

B

8.30%,

06/27/2031

(r) 171

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

VC

GB

Holdings

I

Corp

Term

Loan

B

8.06%,

06/30/2028

(r) 101

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

$

Cosmetics

&

Personal

Care

-

0.02%

Conair

Holdings

LLC

Term

Loan

B

8.19%,

05/17/2028

(r) 72

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Opal

US

LLC

Term

Loan

B

7.43%,

03/31/2032

(r) 330

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

$

Distribution

&

Wholesale

-

0.29%

Gates

Corp/DE

Term

Loan

B5

6.08%,

06/04/2031

(r) 273

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Gloves

Buyer

Inc

Term

Loan

B

8.32%,

01/17/2032

(r) 2,590

2,534

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Distribution

&

Wholesale

(continued)

Infinite

Bidco

LLC

Term

Loan

11.54%,

02/24/2029

(r) $

4,850

$

4,223

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.00%

$

7,029

Diversified

Financial

Services

-

0.06%

Dechra

Finance

US

LLC

Term

Loan

B

7.45%,

12/04/2031

(r) 125

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Jump

Financial

LLC

Term

Loan

B

8.55%,

02/20/2032

(r) 923

923

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

Kestra

Advisor

Services

Holdings

A

Inc

Term

Loan

B

7.33%,

03/22/2031

(r) 259

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Orion

US

Finco

Term

Loan

B

0.00%,

05/20/2032

(r),(s)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

$

1,363

Electric

-

0.15%

Cornerstone

Generation

LLC

Term

Loan

B

0.00%,

10/28/2031

(r),(s)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Invenergy

Thermal

Operating

I

LLC

7.91%,

05/06/2032

(r) 108

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

7.91%,

05/06/2032

(r) 7

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Kestrel

Acquisition

LLC

Term

Loan

B

7.80%,

10/29/2031

(r) 196

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Long

Ridge

Energy

LLC

8.80%,

02/07/2032

(r) 50

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

NRG

Energy

Inc

Term

Loan

B

0.00%,

04/16/2031

(r),(s)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Talen

Energy

Supply

LLC

Term

Loan

B

6.81%,

05/17/2030

(r) 1,307

1,308

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

6.81%,

12/11/2031

(r) 1,258

1,260

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

$

3,541

Electronics

-

0.06%

Coherent

Corp

Term

Loan

B2

6.33%,

07/02/2029

(r) 170

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Ingram

Micro

Inc

Term

Loan

B2

6.56%,

09/22/2031

(r) 162

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electronics

(continued)

Lsf12

Crown

US

Commercial

Bidco

LLC

Term

Loan

B

7.84%,

12/02/2031

(r) $

980

$

985

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

MX

Holdings

US

Inc

Term

Loan

B

6.58%,

02/20/2032

(r) 48

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

$

1,367

Engineering

&

Construction

-

0.06%

Apple

Bidco

LLC

Term

Loan

B

6.83%,

09/22/2031

(r) 457

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Brown

Group

Holding

LLC

Term

Loan

B1

6.83%,

07/01/2031

(r) 222

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Brown

Group

Holding

LLC

Term

Loan

B2

6.81%,

07/01/2031

(r) 514

515

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Centuri

Group

Inc

6.59%,

07/01/2032

(r) 210

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

DG

Investment

Intermediate

Holdings

Inc

Term

Loan

B

8.09%,

07/02/2032

(r) 83

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

$

1,489

Entertainment

-

0.22%

AMC

Entertainment

Holdings

Inc

Term

Loan

11.35%,

01/04/2029

(r) 1,070

1,076

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.00%

Caesars

Entertainment

Inc

Term

Loan

B1

6.58%,

02/06/2031

(r) 366

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Churchill

Downs

Inc

Term

Loan

B1

6.08%,

03/17/2028

(r) 201

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Cinemark

USA

Inc

Term

Loan

B

6.57%,

05/24/2030

(r) 243

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Crown

Finance

US

Inc

Term

Loan

B

8.83%,

12/02/2031

(r) 609

606

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Entain

PLC

Term

Loan

B

7.02%,

10/31/2029

(r) 394

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Flutter

Financing

BV

Term

Loan

B

0.00%,

06/04/2032

(r),(s)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

6.05%,

11/30/2030

(r) 233

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Entertainment

(continued)

Herschend

Entertainment

Co

LLC

Term

Loan

7.60%,

05/14/2032

(r) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Light

&

Wonder

International

Inc

Term

Loan

B2

6.59%,

04/14/2029

(r) 166

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Merlin

Entertainment

7.80%,

11/12/2029

(r) 27

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

PCI

Gaming

Authority

Term

Loan

B

6.33%,

07/18/2031

(r) 213

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Penn

Entertainment

Inc

Term

Loan

B

6.83%,

05/03/2029

(r) 187

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Scientific

Games

Holdings

LP

Term

Loan

B

7.29%,

04/04/2029

(r) 436

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

SeaWorld

Parks

&

Entertainment

Inc

Term

Loan

B3

6.33%,

12/04/2031

(r) 310

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Six

Flags

Entertainment

Corp

Term

Loan

B

6.33%,

04/18/2031

(r) 178

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

UFC

Holdings

LLC

Term

Loan

B4

6.57%,

11/14/2031

(r) 422

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

$

5,227

Environmental

Control

-

0.08%

GFL

ES

US

LLC

Term

Loan

B

6.82%,

02/04/2032

(r) 294

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Madison

IAQ

LLC

Term

Loan

B

6.70%,

06/21/2028

(r) 212

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Reworld

Holding

Corp

Term

Loan

B1

6.59%,

11/30/2028

(r) 261

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Reworld

Holding

Corp

Term

Loan

C1

6.59%,

11/30/2028

(r) 20

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Win

Waste

Innovations

Holdings

Inc

Term

Loan

7.19%,

03/24/2028

(r) 1,108

1,107

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Win

Waste

Innovations

Holdings

Inc

Term

Loan

B1

8.19%,

03/24/2028

(r) 70

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

$

1,964

Food

-

0.04%

Aspire

Bakeries

Hldgs

LLC

7.85%,

12/23/2030

(r) 139

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Food

(continued)

CHG

PPC

Parent

LLC

Term

Loan

B

7.44%,

12/08/2028

(r) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Fiesta

Purchaser

Inc

Term

Loan

B

7.64%,

02/12/2031

(r) 234

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Froneri

US

Inc

Term

Loan

B4

6.24%,

09/17/2031

(r) 229

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Savor

Acquisition

Inc

Term

Loan

B

7.58%,

02/04/2032

(r) 91

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

$

923

Hand

&

Machine

Tools

-

0.01%

Madison

Safety

&

Flow

LLC

Term

Loan

B

7.14%,

09/26/2031

(r) 169

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Healthcare

-

Products

-

0.11%

Bausch

+

Lomb

Corp

Term

Loan

B

8.60%,

12/18/2030

(r) 256

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

Insulet

Corp

Term

Loan

B

6.33%,

08/04/2031

(r) 238

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Medline

Borrower

LP

Term

Loan

B

0.00%,

10/23/2028

(r),(s)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

6.58%,

10/23/2028

(r) 1,383

1,383

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Resonetics

LLC

7.06%,

06/18/2031

(r) 271

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Viant

Medical

Holdings

Inc

Term

Loan

8.33%,

10/17/2031

(r) 387

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

$

2,566

Healthcare

-

Services

-

0.80%

ADMI

Corp

Term

Loan

B1

10.08%,

12/23/2027

(r) 235

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.75%

AHP

Health

Partners

Inc

Term

Loan

B

7.08%,

08/24/2028

(r) 194

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Aveanna

Healthcare

LLC

Term

Loan

B

8.18%,

07/17/2028

(r) 5,592

5,510

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Aveanna

Healthcare

LLC

Term

Loan

11.48%,

12/10/2029

(r) 1,980

1,958

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.00%

Concentra

Health

Services

Inc

Term

Loan

B1

6.33%,

07/26/2031

(r) 249

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Healthcare

-

Services

(continued)

Eyecare

Partners

LLC

PIK

Term

Loan

B

5.23%,

PIK

3.61%,

11/30/2028

(m),(r)

$

3,596

$

2,829

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.00%

5.23%,

PIK

3.61%,

11/30/2028

(m),(r)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.00%

Global

Medical

Response

Inc

PIK

Term

Loan

B

9.08%,

PIK

0.75%,

10/31/2028

(m),(r)

616

616

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Heartland

Dental

LLC

Term

Loan

B

8.89%,

04/28/2028

(r) 955

956

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Medical

Solutions

Holdings

Inc

Term

Loan

B

7.88%,

10/06/2028

(r) 274

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

National

Mentor

Holdings

Inc

Term

Loan

B

8.17%,

03/02/2028

(r) 472

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

National

Mentor

Holdings

Inc

Term

Loan

C

8.14%,

03/02/2028

(r) 14

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Onex

TSG

Intermediate

Corp

0.00%,

07/23/2032

(r),(s)

Pacific

Dental

Services

LLC

Term

Loan

B

7.10%,

03/15/2031

(r) 388

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Phoenix

Guarantor

Inc

Term

Loan

B5

6.83%,

02/21/2031

(r) 484

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Phoenix

Newco

Inc

Term

Loan

B

6.83%,

11/15/2028

(r) 746

747

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Radiology

Partners

Inc

Term

Loan

B

8.80%,

06/25/2032

(r) 329

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Select

Medical

Corp

Term

Loan

B2

6.33%,

11/18/2031

(r) 226

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Sound

Inpatient

Physicians

Inc

PIK

Term

Loan

B

8.06%,

PIK

1.50%,

06/28/2028

(m),(r)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Sound

Inpatient

Physicians

Inc

PIK

Term

Loan

A

11.05%,

PIK

0.00%,

06/28/2028

(r) 28

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

Star

Parent

Inc

Term

Loan

B

8.30%,

09/27/2030

(r) 161

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Surgery

Center

Holdings

Inc

Term

Loan

7.08%,

12/19/2030

(r) 1,107

1,109

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Healthcare

-

Services

(continued)

Team

Health

Holdings

Inc

Term

Loan

B

0.00%,

06/23/2028

(r),(s)

$

1,000

$

1,000

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

9.53%,

03/02/2027

(r) 901

899

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

$

19,150

Home

Builders

-

0.05%

Tecta

America

Corp

7.33%,

02/12/2032

(r) 1,300

1,302

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Home

Furnishings

-

0.08%

AI

Aqua

Merger

Sub

Inc

Term

Loan

B

7.32%,

07/31/2028

(r) 695

695

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

MillerKnoll

Inc

Term

Loan

B

6.44%,

07/19/2028

(r) 382

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Somnigroup

International

Inc

Term

Loan

B

6.53%,

10/24/2031

(r) 233

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Weber-Stephen

Products

LLC

Term

Loan

B

7.69%,

10/30/2027

(r) 522

521

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Weber-Stephen

Products

LLC

Term

Loan

8.67%,

10/30/2027

(r) 93

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

$

1,924

Insurance

-

1.16%

Acrisure

LLC

Term

Loan

B6

7.33%,

11/06/2030

(r) 997

996

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

7.33%,

11/06/2030

(r) 457

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Alera

Group

Inc

Term

Loan

B

7.58%,

05/21/2032

(r) 350

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Alliant

Holdings

Intermediate

LLC

Term

Loan

B6

7.10%,

09/12/2031

(r) 832

832

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

AmWINS

Group

Inc

Term

Loan

B

6.58%,

01/23/2032

(r) 312

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

AssuredPartners

Inc

Term

Loan

B5

7.89%,

02/14/2031

(r) 566

567

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Asurion

LLC

Term

Loan

B9

7.69%,

07/31/2027

(r) 417

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Insurance

(continued)

Asurion

LLC

Term

Loan

B3

9.69%,

01/31/2028

(r) $

7,600

$

7,292

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

9.69%,

01/31/2028

(r) 271

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Asurion

LLC

Term

Loan

B4

9.69%,

01/20/2029

(r) 9,150

8,582

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

9.69%,

01/20/2029

(r) 950

891

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

9.69%,

01/20/2029

(r) 175

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Asurion

LLC

Term

Loan

B11

8.68%,

08/19/2028

(r) 206

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

Asurion

LLC

Term

Loan

B13

8.58%,

09/19/2030

(r) 375

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

BroadStreet

Partners

Inc

Term

Loan

B4

7.08%,

06/14/2031

(r) 1,328

1,328

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

CRC

Insurance

Group

LLC

Term

Loan

B

7.05%,

05/06/2031

(r) 417

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

CRC

Insurance

Group

LLC

Term

Loan

9.05%,

05/06/2032

(r) 1,447

1,476

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

HUB

International

Ltd

Term

Loan

B

6.83%,

06/20/2030

(r) 420

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Ryan

Specialty

LLC

Term

Loan

B

6.58%,

09/10/2031

(r) 437

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Sedgwick

Claims

Management

Services

Inc

Term

Loan

B

7.33%,

07/31/2031

(r) 788

789

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Trucordia

Insurance

Holdings

LLC

Term

Loan

7.56%,

06/14/2032

(r) 260

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

USI

Inc/NY

Term

Loan

D

6.55%,

11/22/2029

(r) 693

692

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

USI

Inc/NY

Term

Loan

C

6.55%,

09/27/2030

(r) 230

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

$

27,741

Internet

-

0.46%

CNT

Holdings

I

Corp

Term

Loan

B

6.79%,

11/08/2032

(r) 540

540

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Internet

(continued)

MH

Sub

I

LLC

Term

Loan

10.58%,

02/12/2029

(r) $

7,550

$

6,587

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.25%

Proofpoint

Inc

Term

Loan

B

0.00%,

08/31/2028

(r),(s)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

0.00%,

08/31/2028

(r),(s)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

7.33%,

08/31/2028

(r) 615

616

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Ten-X

LLC

Term

Loan

10.11%,

05/26/2028

(r) 2,968

2,686

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.00%

$

10,927

Investment

Companies

-

0.34%

Acuren

Delaware

Holdco

Inc

Term

Loan

0.00%,

07/30/2031

(r),(s)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Aragorn

Parent

Corp

Term

Loan

B

7.84%,

12/15/2028

(r) 183

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Nexus

Buyer

LLC

Term

Loan

10.68%,

11/05/2029

(r) 7,350

7,292

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.25%

Nexus

Buyer

LLC

Term

Loan

B

7.83%,

07/31/2031

(r) 697

698

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

$

8,239

Leisure

Products

&

Services

-

0.08%

Alterra

Mountain

Co

6.85%,

08/18/2028

(r) 380

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

GBT

US

III

LLC

Term

Loan

B1

6.81%,

07/28/2031

(r) 199

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Hayward

Industries

Inc

Term

Loan

B

6.94%,

05/28/2028

(r) 277

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

MajorDrive

Holdings

IV

LLC

Term

Loan

B

8.56%,

06/01/2028

(r) 1,035

1,015

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Topgolf

Callaway

Brands

Corp

Term

Loan

B

7.33%,

03/16/2030

(r) 141

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

$

2,011

Lodging

-

0.01%

Fertitta

Entertainment

LLC/NV

Term

Loan

B

7.60%,

01/13/2029

(r) 345

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Machinery

-

Diversified

-

0.56%

Chart

Industries

Inc

Term

Loan

B

6.79%,

03/15/2030

(r) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Engineered

Machinery

Holdings

Inc

Term

Loan

10.56%,

05/21/2029

(r) 10,613

10,622

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.00%

Husky

Injection

Molding

Systems

Ltd

Term

Loan

B

8.73%,

02/01/2029

(r) 280

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Oregon

Tool

Lux

LP

Term

Loan

8.58%,

10/15/2029

(r) 116

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

9.68%,

10/15/2029

(r) 66

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

TK

Elevator

US

Newco

Inc

Term

Loan

B

7.24%,

04/30/2030

(r) 1,264

1,270

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Victory

Buyer

LLC

Term

Loan

8.19%,

11/18/2028

(r) 904

902

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

$

13,409

Media

-

0.76%

Cengage

Learning

Inc

Term

Loan

B

7.84%,

03/22/2031

(r) 492

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Century

DE

Buyer

LLC

Term

Loan

7.78%,

10/30/2030

(r) 247

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

CSC

Holdings

LLC

Term

Loan

B5

8.88%,

04/15/2027

(r) 800

787

Prime

Rate

+

1.50%

CSC

Holdings

LLC

Term

Loan

B6

8.84%,

01/18/2028

(r) 761

759

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Directv

Financing

LLC

Term

Loan

Non-Extended

9.54%,

08/02/2027

(r) 86

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

EW

Scripps

Co/The

Term

Loan

B2

10.21%,

06/30/2028

(r) 49

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.75%

EW

Scripps

Co/The

Term

Loan

B3

7.81%,

11/30/2029

(r) 50

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.35%

LCPR

Loan

Financing

LLC

Term

Loan

0.00%,

10/13/2028

(r),(s)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

McGraw-Hill

Education

Inc

Term

Loan

B

7.58%,

08/06/2031

(r) 190

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Sinclair

Television

Group

Inc

Term

Loan

B6

7.74%,

12/31/2029

(r) 105

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.30%

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Media

(continued)

SportsNet

New

York

10.25%,

PIK

7.50%,

04/10/2026

(e),(m),(r)

$

21,443

$

14,102

Sunrise

Financing

Partnership

Term

Loan

AAA

6.69%,

01/31/2032

(r) 222

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Virgin

Media

Bristol

LLC

Term

Loan

Q

7.71%,

01/31/2029

(r) 150

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Virgin

Media

Bristol

LLC

Term

Loan

Y

7.37%,

03/31/2031

(r) 300

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Ziggo

Financing

Partnership

Term

Loan

I

6.96%,

04/28/2028

(r) 683

658

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

$

18,223

Mining

-

0.14%

Arctic

Canadian

Diamond

Co

Ltd

10.00%,

06/30/2026

(e),(f),(r)

4,510

3,180

Arsenal

AIC

Parent

LLC

Term

Loan

B

7.08%,

08/18/2030

(r) 103

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

$

3,283

Packaging

&

Containers

-

0.25%

Berlin

Packaging

LLC

Term

Loan

B7

7.82%,

06/07/2031

(r) 417

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Clydesdale

Acquisition

Holdings

Inc

Term

Loan

B

7.50%,

04/13/2029

(r) 478

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.18%

7.58%,

03/26/2032

(r) 614

614

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Klockner

Pentaplast

of

America

Inc

Term

Loan

B

9.23%,

02/12/2026

(r) 578

526

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.73%

LABL

Inc

Term

Loan

B

9.43%,

10/27/2028

(r) 3,226

2,913

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

Plaze

Inc

Term

Loan

B

8.19%,

08/03/2026

(r) 45

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Proampac

PG

Borrower

LLC

Term

Loan

B

8.32%,

09/15/2028

(r) 458

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

SupplyOne

Inc

Term

Loan

B

7.83%,

03/27/2031

(r) 211

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

TricorBraun

Holdings

Inc

Term

Loan

B

7.69%,

03/03/2028

(r) 420

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

$

6,080

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pharmaceuticals

-

0.50%

Amneal

Pharmaceuticals

LLC

Term

Loan

B

0.00%,

07/23/2032

(r),(s)

$

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

9.83%,

05/04/2028

(r) 221

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

Barentz

International

BV

7.65%,

03/03/2031

(r) 189

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Covetrus

Inc

Term

Loan

9.30%,

10/13/2029

(r) 8,910

8,114

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

Gainwell

Acquisition

Corp

Term

Loan

B

8.40%,

10/01/2027

(r) 457

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Jazz

Financing

Lux

Sarl

Term

Loan

B2

6.58%,

05/05/2028

(r) 110

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Organon

&

Co

Term

Loan

B

6.60%,

05/19/2031

(r) 570

548

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Perrigo

Investments

LLC

Term

Loan

B

6.33%,

04/20/2029

(r) 184

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Sharp

Services

LLC

Term

Loan

D

7.55%,

12/31/2028

(r) 1,917

1,925

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

$

11,996

Pipelines

-

0.11%

Colonial

Pipeline

Co

0.00%,

06/11/2032

(r),(s)

EPIC

Crude

Services

LP

Term

Loan

B

6.83%,

10/15/2031

(r) 233

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Freeport

LNG

Investments

LLLP

7.59%,

11/17/2026

(r) 823

820

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Freeport

LNG

Investments

LLLP

Term

Loan

B

7.58%,

12/21/2028

(r) 404

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

New

Fortress

Energy

Inc

Term

Loan

B

9.81%,

10/27/2028

(r) 106

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

Oryx

Midstream

Services

Permian

Basin

LLC

Term

Loan

B

6.60%,

10/05/2028

(r) 200

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

TransMontaigne

Operating

Co

LP

Term

Loan

B

7.58%,

11/17/2028

(r) 280

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pipelines

(continued)

Traverse

Midstream

Partners

LLC

Term

Loan

B

7.28%,

02/16/2028

(r) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

$

2,569

Real

Estate

-

0.06%

CoreLogic

Inc

Term

Loan

B

7.94%,

06/02/2028

(r) 399

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Cushman

&

Wakefield

US

Borrower

LLC

Term

Loan

B2

7.08%,

01/31/2030

(r) 255

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Cushman

&

Wakefield

US

Borrower

LLC

Term

Loan

B3

7.10%,

01/31/2030

(r) 237

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Forest

City

Enterprises

LLC

Term

Loan

B

7.94%,

12/07/2025

(r) 490

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

$

1,368

Retail

-

0.18%

Boots

Group

PLC

0.00%,

07/16/2032

(r),(s)

EG

America

LLC

Term

Loan

B2

8.58%,

02/07/2028

(r) 273

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

Gulfside

Supply

Inc

Term

Loan

B

7.30%,

05/29/2031

(r) 212

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

IRB

Holding

Corp

Term

Loan

B

6.83%,

12/15/2027

(r) 503

503

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Johnstone

Supply

LLC

Term

Loan

B

6.85%,

06/09/2031

(r) 288

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Kodiak

BP

LLC

Term

Loan

B

8.04%,

12/04/2031

(r) 60

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

LBM

Acquisition

LLC

Term

Loan

B

8.18%,

12/17/2027

(r) 60

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

8.19%,

06/06/2031

(r) 313

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

LS

Group

OpCo

Acquistion

LLC

Term

Loan

B1

6.83%,

04/23/2031

(r) 198

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Michaels

Cos

Inc/The

Term

Loan

9.09%,

04/15/2028

(r) 215

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

Petco

Health

&

Wellness

Co

Inc

Term

Loan

B

7.80%,

03/03/2028

(r) 113

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Retail

(continued)

PetSmart

LLC

Term

Loan

B

8.18%,

02/11/2028

(r) $

531

$

529

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

QXO

Building

Products

Inc

Term

Loan

B

7.29%,

04/23/2032

(r) 121

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Restoration

Hardware

Inc

Term

Loan

B

6.94%,

10/20/2028

(r) 204

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Victra

Holdings

LLC

Term

Loan

B

8.55%,

03/31/2029

(r) 987

988

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

White

Cap

Supply

Holdings

LLC

Term

Loan

B

7.58%,

10/19/2029

(r) 208

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

$

4,264

Semiconductors

-

0.14%

Altar

Bidco

Inc

Term

Loan

9.75%,

02/01/2030

(r) 3,570

3,400

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.60%

Software

-

1.87%

Applied

Systems

Inc

Term

Loan

B1

8.80%,

02/24/2032

(r) 2,700

2,767

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Ascend

Learning

LLC

Term

Loan

B

7.33%,

12/11/2028

(r) 3,940

3,940

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Ascend

Learning

LLC

Term

Loan

10.18%,

12/10/2029

(r) 550

549

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.75%

AthenaHealth

Group

Inc

Term

Loan

B

7.08%,

02/15/2029

(r) 1,571

1,569

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Avalara

Inc

Term

Loan

B

7.55%,

03/19/2032

(r) 369

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Avaya

Inc

PIK

Term

Loan

Exit

11.83%,

PIK

0.00%,

07/31/2028

(r) 1,019

791

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.50%

Azalea

Topco

Inc

Term

Loan

B

7.35%,

04/30/2031

(r) 356

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

BCPE

Pequod

Buyer

Inc

Term

Loan

B

7.33%,

09/19/2031

(r) 209

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Boxer

Parent

Co

Inc

Term

Loan

B

7.33%,

07/30/2031

(r) 1,125

1,124

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Cast

&

Crew

LLC

Term

Loan

B

8.08%,

12/29/2028

(r) 2,599

2,468

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Software

(continued)

CCC

Intelligent

Solutions

Inc

Term

Loan

B

6.33%,

01/23/2032

(r) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Cloud

Software

Group

Inc

Term

Loan

B2

8.04%,

03/21/2031

(r) 60

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Cotiviti

Inc

Term

Loan

B

7.08%,

05/01/2031

(r) 457

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Cotiviti

Inc

Term

Loan

7.08%,

02/13/2032

(r) 250

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Dayforce

Inc

Term

Loan

B

6.28%,

03/01/2031

(r) 195

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

DTI

Holdco

Inc

Term

Loan

B

8.33%,

04/26/2029

(r) 140

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Dun

&

Bradstreet

Corp/The

Term

Loan

B2

6.60%,

01/18/2029

(r) 236

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Ellucian

Holdings

Inc

Term

Loan

B

7.08%,

10/09/2029

(r) 436

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Ellucian

Holdings

Inc

Term

Loan

9.08%,

11/15/2032

(r) 620

637

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

9.08%,

11/15/2032

(r) 1,450

1,490

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Epicor

Software

Corp

Term

Loan

B

7.08%,

05/23/2031

(r) 1,506

1,508

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

EVERTEC

Group

LLC

Term

Loan

B

7.08%,

10/30/2030

(r) 189

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

FinThrive

Software

Intermediate

Holdings

Inc

Term

Loan

B

8.35%,

12/17/2028

(r) 303

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

FinThrive

Software

Intermediate

Holdings

Inc

Term

Loan

C

8.46%,

12/15/2028

(r) 57

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Genesys

Cloud

Services

Inc

Term

Loan

B

6.84%,

01/23/2032

(r) 912

911

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Icon

Parent

Inc

7.21%,

09/11/2031

(r) 727

729

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Software

(continued)

Informatica

LLC

Term

Loan

B

6.58%,

10/27/2028

(r) $

514

$

516

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Isolved

Inc

7.10%,

10/15/2030

(r) 191

Javelin

Buyer

Inc

Term

Loan

7.33%,

10/08/2031

(r) 443

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Kaseya

Inc

9.33%,

03/05/2033

(r) 3,770

3,782

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

9.33%,

03/05/2033

(r) 2,175

2,182

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

Leia

Finco

US

LLC

Term

Loan

B

7.57%,

10/09/2031

(r) 1,644

1,646

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

7.57%,

10/09/2031

(r) 574

574

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Leia

Finco

US

LLC

Term

Loan

9.57%,

10/11/2032

(r) 4,750

4,755

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Loyalty

Ventures

Inc

0.00%,

11/03/2027

(d),(r)

1,608

Marcel

Bidco

LLC

Term

Loan

B

7.31%,

11/12/2030

(r) 283

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Mitchell

International

Inc

Term

Loan

B

7.58%,

06/17/2031

(r) 631

631

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Modena

Buyer

LLC

Term

Loan

B

8.80%,

04/18/2031

(r) 2,581

2,528

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Open

Text

Corp

Term

Loan

B

6.08%,

01/31/2030

(r) 321

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Planview

Parent

Inc

Term

Loan

7.80%,

12/17/2027

(r) 499

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

PointClickCare

Technologies

Inc

7.08%,

11/03/2031

(r) 224

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Polaris

Newco

LLC

Term

Loan

B

8.29%,

06/02/2028

(r) 184

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Project

Alpha

Intermediate

Holding

Inc

Term

Loan

B

7.55%,

10/28/2030

(r) 335

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Software

(continued)

Rackspace

Finance

LLC

Term

Loan

B

7.21%,

05/15/2028

(r) $

606

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

10.71%,

05/15/2028

(r) 317

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.25%

Rocket

Software

Inc

Term

Loan

B

8.08%,

11/28/2028

(r) 567

568

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Sophos

Holdings

LLC

Term

Loan

B

7.94%,

03/05/2027

(r) 174

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

SS&C

Technologies

Inc

Term

Loan

B8

6.33%,

05/09/2031

(r) 268

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

UKG

Inc

Term

Loan

B

6.30%,

02/10/2031

(r) 1,149

1,148

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

VS

Buyer

LLC

6.56%,

04/12/2031

(r) 312

West

Technology

Group

LLC

Term

Loan

B3

8.53%,

04/09/2027

(r) 427

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Zelis

Payments

Buyer

Inc

Term

Loan

B

7.08%,

09/28/2029

(r) 466

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

7.58%,

10/25/2031

(r) 249

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

$

44,994

Telecommunications

-

0.53%

Altice

France

SA

TERM

B14-Exit

9.82%,

08/15/2028

(r) 220

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

Altice

France

SA

Term

Loan

B11

9.12%,

08/29/2025

(r) 168

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Altice

France

SA

Term

Loan

B12

10.05%,

01/31/2026

(r) 151

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.69%

Altice

France

SA

Term

Loan

B13

10.36%,

08/14/2026

(r) 586

532

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Cincinnati

Bell

Inc

Term

Loan

B4

7.08%,

11/22/2028

(r) 594

594

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

CommScope

LLC

9.58%,

12/18/2029

(r) 1,979

2,010

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Connect

Finco

SARL

Term

Loan

B

8.83%,

09/27/2029

(r) 175

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Telecommunications

(continued)

Cyborg

Oldco

DC

Holdings

Inc

Term

Loan

B

0.00%,

05/01/2024

(d),(e),(r)

$

$

—

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Delta

Topco

Inc

Term

Loan

B

7.07%,

11/30/2029

(r) 750

748

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Digicel

International

Finance

Ltd

PIK

Term

Loan

B

9.53%,

PIK

2.25%,

05/25/2027

(m),(r)

745

746

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.15%

Digicel

International

Finance

Ltd

0.00%,

07/30/2032

(r),(s)

EOS

US

Finco

LLC

Term

Loan

0.00%,

PIK

10.28%,

10/06/2029

(m),(r)

—

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.00%

Frontier

Communications

Holdings

LLC

Term

Loan

B

6.79%,

07/01/2031

(r) 1,065

1,065

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Level

Financing

Inc

Term

Loan

B3

8.58%,

03/22/2032

(r) 1,362

1,372

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

Lumen

Technologies

Inc

Term

Loan

A

10.33%,

06/01/2028

(r) 451

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.00%

Lumen

Technologies

Inc

Term

Loan

B2

6.79%,

04/15/2030

(r) 916

910

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.35%

Syniverse

Holdings

LLC/DE

Term

Loan

11.29%,

05/13/2027

(r) 172

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.00%

Telesat

LLC

Term

Loan

B5

0.00%,

12/07/2026

(r),(s)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Viasat

Inc

Term

Loan

B

8.94%,

03/04/2029

(r) 30

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

8.95%,

05/30/2030

(r) 438

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Zayo

Group

Holdings

Inc

Term

Loan

B

7.44%,

03/09/2027

(r) 2,724

2,626

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

$

12,765

Transportation

-

0.02%

PODS

LLC

Term

Loan

B

7.54%,

03/31/2028

(r) 179

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Stonepeak

Nile

Parent

LLC

Term

Loan

B

7.08%,

02/04/2032

(r) 235

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

$

TOTAL

SENIOR

FLOATING

RATE

INTERESTS

$

268,750

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

10.44%

Principal

Amount

(000's)

Value

(000's)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

-

5.58%

2.00%,

07/01/2041

$

1,382

$

1,179

2.00%,

03/01/2051

2,481

1,951

2.00%,

07/01/2051

5,361

4,207

2.00%,

09/01/2051

5,784

4,535

2.00%,

11/01/2051

4,557

3,625

2.00%,

12/01/2051

2,283

1,811

2.00%,

02/01/2052

822

645

2.00%,

02/01/2052

3,009

2,424

2.00%,

03/01/2052

1,745

1,379

2.50%,

07/01/2051

782

645

2.50%,

10/01/2051

840

689

2.50%,

12/01/2051

4,316

3,598

2.50%,

12/01/2051

3,119

2,595

2.50%,

12/01/2051

3,902

3,236

2.50%,

01/01/2052

1,937

1,611

2.50%,

01/01/2052

3,205

2,658

3.00%,

08/01/2042

955

863

3.00%,

07/01/2051

2,458

2,134

3.00%,

03/01/2052

3,838

3,320

3.00%,

03/01/2052

3,436

2,989

3.50%,

05/01/2052

2,133

1,924

3.50%,

05/01/2052

2,591

2,336

3.50%,

11/01/2052

1,368

1,224

4.00%,

07/01/2052

884

822

4.00%,

08/01/2052

3,025

2,810

4.00%,

10/01/2052

1,177

1,095

4.00%,

03/01/2053

3,565

3,303

4.50%,

06/01/2052

1,264

1,210

4.50%,

08/01/2052

1,233

1,177

4.50%,

09/01/2052

1,766

1,691

4.50%,

10/01/2052

1,949

1,880

4.50%,

10/01/2052

565

539

4.50%,

02/01/2053

2,310

2,204

4.50%,

01/01/2054

1,316

1,258

5.00%,

07/01/2052

2,330

2,293

5.00%,

04/01/2053

2,303

2,250

5.00%,

06/01/2053

4,092

4,016

5.00%,

06/01/2053

2,005

1,971

5.00%,

06/01/2053

2,574

2,516

5.00%,

08/01/2053

2,130

2,090

5.00%,

11/01/2054

1,552

1,521

5.00%,

11/01/2054

1,464

1,426

5.00%,

02/01/2055

1,162

1,139

5.50%,

08/01/2040

(t) 1,200

1,220

5.50%,

02/01/2053

2,857

2,873

5.50%,

07/01/2053

1,258

1,265

5.50%,

07/01/2053

1,569

1,574

5.50%,

11/01/2053

1,741

1,750

5.50%,

11/01/2053

1,546

1,550

5.50%,

03/01/2054

1,295

1,291

5.50%,

05/01/2054

1,442

1,445

5.50%,

06/01/2054

1,358

1,363

5.50%,

10/01/2054

2,580

2,588

5.50%,

02/01/2055

2,979

2,981

5.50%,

08/01/2055

(t) 3,684

3,665

5.50%,

09/01/2055

(t) 1,335

1,327

6.00%,

04/01/2054

1,476

1,513

6.00%,

05/01/2054

1,409

1,442

6.00%,

06/01/2054

911

932

6.00%,

09/01/2054

1,799

1,840

6.00%,

09/01/2054

1,045

1,069

6.00%,

09/01/2055

(t) 8,020

8,123

6.50%,

10/01/2053

1,441

1,498

6.50%,

05/01/2054

1,047

1,088

6.50%,

04/01/2055

917

957

6.50%,

09/01/2055

(t) 1,835

1,891

$

134,034

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Government

National

Mortgage

Association

(GNMA)

-

2.36%

2.00%,

01/20/2051

$

1,239

$

1,000

2.00%,

07/20/2051

1,733

1,399

2.50%,

04/20/2051

1,979

1,665

2.50%,

07/20/2051

2.50%,

09/20/2051

2,056

1,730

3.00%,

09/20/2051

880

769

3.50%,

03/20/2048

1,864

1,702

3.50%,

08/20/2048

1,197

1,092

4.00%,

03/20/2049

2,797

2,612

4.00%,

03/20/2050

576

537

4.50%,

05/20/2048

2,248

2,176

4.50%,

05/20/2052

1,061

1,012

4.50%,

09/20/2052

508

4.50%,

06/20/2053

1,887

1,797

5.00%,

12/20/2052

1,194

1,172

5.00%,

01/20/2053

2,471

2,423

5.00%,

02/20/2053

1,002

983

5.00%,

05/20/2053

1,781

1,744

5.00%,

08/20/2053

2,690

2,631

5.00%,

09/20/2053

1,471

1,438

5.00%,

10/20/2053

1,476

1,447

5.00%,

02/20/2054

673

659

5.00%,

04/20/2054

2,742

2,677

5.50%,

03/20/2053

930

932

5.50%,

04/20/2054

2,744

2,742

5.50%,

08/20/2055

(t) 11,780

11,748

6.00%,

08/20/2055

(t) 7,660

7,763

$

56,662

U.S.

Treasury

-

1.77%

1.88%,

11/15/2051

2,014

1,103

2.25%,

02/15/2052

1,268

763

2.75%,

11/15/2042

962

725

2.88%,

05/15/2052

2,042

1,416

3.25%,

05/15/2042

547

3.63%,

09/30/2031

690

673

3.75%,

04/15/2028

1,725

1,719

3.88%,

08/15/2034

1,311

1,268

4.13%,

08/15/2044

661

598

4.25%,

01/31/2030

4.25%,

11/15/2034

1,971

1,959

4.25%,

05/15/2035

626

620

4.25%,

08/15/2054

2,746

2,470

4.38%,

05/15/2034

1,045

1,051

4.44%,

04/30/2027

(u),(v)

10,846

10,852

US

Treasury

Month

Bill

Money

Market

Yield

+

0.16%

4.44%,

07/31/2027

1,279

1,281

US

Treasury

Month

Bill

Money

Market

Yield

+

0.16%

4.50%,

11/15/2054

3,555

3,335

4.63%,

02/15/2035

606

619

4.63%,

05/15/2044

530

514

4.63%,

11/15/2044

551

533

4.63%,

05/15/2054

1,698

1,625

4.63%,

02/15/2055

6,802

6,516

4.75%,

02/15/2045

964

948

5.00%,

05/15/2045

936

950

$

42,442

U.S.

Treasury

Bill

-

0.73%

4.22%,

10/16/2025

(q) 4,300

4,261

4.23%,

09/04/2025

(q) 11,000

10,956

4.23%,

09/18/2025

(q) 2,205

2,192

$

17,409

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

250,547

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

REPURCHASE

AGREEMENTS

-

0.79%

Maturity

Amount

(000's)

Value

(000's)

Banks

-

0.79%

Daiwa

Securities

Repurchase

Agreement;

4.35%

traded

07/31/2025

maturing

08/01/2025

(collateralized

by

US

Government

Security;

$19,402,611;

4.31%;

dated

6/30/2029

$

19,024

$

19,022

TOTAL

REPURCHASE

AGREEMENTS

$

19,022

TOTAL

PURCHASED

OPTIONS

-

0.00%

$

TOTAL

PURCHASED

CREDIT

DEFAULT

SWAPTIONS

-

0.00%

$

Total

Investments

$

2,472,580

Other

Assets

and

Liabilities

- (3.02)%

(72,455)

TOTAL

NET

ASSETS

-

100.00%

$

2,400,125

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$33,498

or

1.40%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Non-income

producing

security

(e) The

value

of

these

investments

was

determined

using

significant

unobservable

inputs,

in

good

faith

by

the

Manager,

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

(f) Security

is

subject

to

a

contractual

sale

restriction

but

this

feature

is

not

considered

in

measuring

the

fair

value.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$43,081.

The

sale

restriction

provision

specified

in

the

shareholder

agreements

have

no

specified

expiration

date

or

circumstances

that

could

cause

a

lapse.

(g) Restricted

Security.

Please

see

Restricted

Securities

sub-schedule

for

additional

information.

(h) Perpetual

security.

Perpetual

securities

pay

an

indefinite

stream

of

interest,

but

they

may

be

called

by

the

issuer

at

an

earlier

date.

Date

shown,

if

any,

reflects

the

next

call

date

or

final

legal

maturity

date.

Rate

shown

is

as

of

period

end.

(i) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$32,135

or

1.34%

of

net

assets.

(j) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$757,560

or

31.56%

of

net

assets.

(k) Rate

shown

is

as

of

period

end.

The

rate

may

be

a

variable

or

floating

rate

or

a

fixed

rate

which

may

convert

to

a

variable

or

floating

rate

in

the

future.

(l) Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions. These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(m) Payment

in

kind;

the

issuer

has

the

option

of

paying

additional

securities

in

lieu

of

cash.

(n) Security

is

a

contingent

convertible

security,

("CoCo").

CoCo's

are

hybrid

debt

securities

that

may

convert

to

equity

or

have

their

principal

written

down

upon

occurrence

of

certain

"triggers".

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$45,505

or

1.90%

of

net

assets.

(o) Security

purchased

on

a

when-issued

basis.

(p) Security

is

an

Interest

Only

Strip.

(q) Rate

shown

is

the

discount

rate

of

the

original

purchase.

(r) Rate

information

disclosed

is

based

on

an

average

weighted

rate

of

the

underlying

tranches

as

of

period

end.

(s) This

Senior

Floating

Rate

Note

will

settle

after

July

31,

2025,

at

which

time

the

interest

rate

will

be

determined.

(t) Security

was

purchased

in

a

"to-be-announced"

("TBA")

transaction.

(u) Security

or

a

portion

of

the

security

was

pledged

to

cover

margin

requirements

for

futures

contracts.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$646

or

0.03%

of

net

assets.

(v) Security

or

a

portion

of

the

security

was

pledged

to

cover

margin

requirements

for

swap

and/or

swaption

contracts.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$21

or

0.00%

of

net

assets.

Affiliated

Securities

October

31,

2024

Purchases

Sales

July

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

142,765

$

1,574,328

$

1,579,192

$

137,901

$

142,765

$

1,574,328

$

1,579,192

$

137,901

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

3,027

$

—

$

—

$

—

$

3,027

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Restricted

Securities

Security

Name

Acquisition

Date

Cost

Value

Percent

of

Net

Assets

Arctic

Canadian

Diamond

Co

Ltd

02/03/2021

$

—

$

0.02%

High

Ridge

Brands

-

Escrow

0.00%,

03/15/2025

12/29/2020

14,671

—

0.00%

Specialty

Steel

14.25%,

11/15/2026

02/15/2024

38,772

33,875

1.41%

Total

$

34,371

1.43%

Amounts

in

thousands.

Options

Purchased

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Upfront

Payments

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Put

-

Month

Secured

Overnight

Financing

Rate

Future;

December

2025

N/A

$

$

95.63 12/12/2025

$

$

$

(3) Total

$

$

$

(3) Amounts

in

thousands

except

contracts/shares.

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

Credit

Default

Swaptions

Purchased

Swaptions

Outstanding

Counterparty

Paid

by

the

Fund

Received

by

the

Fund

Notional

Amount

Exercise

Rate

Expiration

Date

Upfront

Payments

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Put

-

Year

Credit

Default

Swap

JPMorgan

Chase

5.00%

CDX.NA.HY.44

$

1,490

106.00%

08/20/2025

$

$

$

(15) Total

$

$

$

(15) Written

Swaptions

Outstanding

Counterparty

Paid

by

the

Fund

Received

by

the

Fund

Notional

Amount

Exercise

Rate

Expiration

Date

Upfront

Receipts

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Put

-

Year

Credit

Default

Swap

Goldman

Sachs

&

Co

ITRX.FIN.

SNR.43

5.00%

EUR

4,611

75.00%

08/20/2025

$

(10) $

(1) $

Put

-

Year

Credit

Default

Swap

JPMorgan

Chase

CDX.NA.HY.44

5.00%

$

1,490

101.00%

08/20/2025

(4) –

Put

-

Year

Credit

Default

Swap

JPMorgan

Chase

ITRX.FIN.

SNR.43

5.00%

EUR

4,611

85.00%

08/20/2025

(9) –

Total

$

(23) $

(1) $

Amounts

in

thousands.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

US

Year

Note;

September

2025

Short

$

2,110

$

—

US

Year

Note;

September

2025

Long

21,768

US

Year

Ultra

Note;

September

2025

Long

5,428

US

Year

Note;

September

2025

Short

12,833

US

Year

Note;

September

2025

Long

9,935

(11) US

Year

Note;

September

2025

Short

22,716

(10) US

Long

Bond;

September

2025

Short

US

Ultra

Bond;

September

2025

Long

35,898

994

Total

$

1,270

Amounts

in

thousands

except

contracts.

Foreign

Currency

Contracts

Unrealized

Appreciation/(Depreciation)

Counterparty

Settlement

Date

Currency

to

Accept

Currency

to

Deliver

Asset

Liability

Bank

of

New

York

Mellon

08/20/2025

$

6,459

EUR

5,668

$

$

(65) Citigroup

Inc

08/15/2025

EUR

2,122

$

2,492

—

(69) Citigroup

Inc

08/29/2025

BRL

13,612

$

2,417

—

(2) Citigroup

Inc

08/29/2025

CZK

101,850

$

4,861

—

(126) Citigroup

Inc

08/29/2025

HUF

815,470

$

2,384

—

(59) Citigroup

Inc

08/29/2025

$

1,512

ZAR

26,650

—

Goldman

Sachs

&

Co

08/29/2025

$

1,208

COP

4,988,400

—

Goldman

Sachs

&

Co

08/29/2025

$

2,434

BRL

13,612

—

HSBC

Securities

Inc

08/15/2025

EUR

$

—

(5) HSBC

Securities

Inc

08/15/2025

$

22,577

EUR

19,267

574

—

HSBC

Securities

Inc

08/29/2025

$

1,260

BRL

7,100

—

—

HSBC

Securities

Inc

08/29/2025

$

5,667

PEN

20,197

—

JPMorgan

Chase

08/29/2025

$

2,265

COP

9,486,200

(2) JPMorgan

Chase

08/29/2025

$

4,890

ZAR

88,725

—

JPMorgan

Chase

09/26/2025

TRY

390,835

$

9,121

—

Morgan

Stanley

&

Co

10/30/2025

EUR

$

—

(5) Morgan

Stanley

&

Co

10/30/2025

$

857

EUR

731

—

Total

$

925

$

(333) Amounts

in

thousands.

Credit

Default

Swaps

Buy

Protection

Counterparty

Reference

Entity

Implied

Credit

Spread

as

of

July

31,

2025

(a) (Pay)/

Receive

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

Upfront

Payments/

(Receipts)

Unrealized

Appreciation/

(Depreciation)

Fair

Value

Asset

----

Liability

Goldman

Sachs

&

Co

CDX.NA.HY.43

N/A

(5.00)%

Quarterly

12/20/2029

$

1,130

$

(84) $

$

—

$

(76) Goldman

Sachs

&

Co

CMBX.11.BBB-

N/A

(3.00)%

Monthly

11/18/2054

650

(2) 80

—

Goldman

Sachs

&

Co

CMBX.18.BBB

N/A

(3.00)%

Monthly

12/17/2057

670

(6) 46

—

Goldman

Sachs

&

Co

CMBX.6.BBB-

N/A

(3.00)%

Monthly

05/11/2063

(7) 10

—

Goldman

Sachs

&

Co

CMBX.NA.11.AA

N/A

(1.50)%

Monthly

11/18/2054

1,000

(11) 5

—

Goldman

Sachs

&

Co

CMBX.NA.13.AA

N/A

(1.50)%

Monthly

12/16/2072

2,000

(49) 27

—

Goldman

Sachs

&

Co

CMBX.NA.15.A

N/A

(2.00)%

Monthly

11/18/2064

1,000

(36) 46

—

Goldman

Sachs

&

Co

CMBX.NA.18

N/A

(3.00)%

Monthly

12/17/2057

—

Goldman

Sachs

&

Co

CMBX.NA.BBB-

N/A

(3.00)%

Monthly

11/18/2064

1,000

(6) 148

—

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

Credit

Default

Swaps

(continued)

Buy

Protection

(continued)

Counterparty

Reference

Entity

Implied

Credit

Spread

as

of

July

31,

2025

(a) (Pay)/

Receive

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

Upfront

Payments/

(Receipts)

Unrealized

Appreciation/

(Depreciation)

Fair

Value

Asset

----

Liability

Morgan

Stanley

&

Co

CMBX.NA.15.A

N/A

(2.00)%

Monthly

11/18/2064

$

1,000

$

$

(17) $

$

—

Morgan

Stanley

&

Co

CMBX.NA.15.A

N/A

(2.00)%

Monthly

11/18/2064

(6) 20

—

Morgan

Stanley

&

Co

CMBX.NA.8.A

N/A

(2.00)%

Monthly

10/17/2057

—

Morgan

Stanley

&

Co

CMBX.NA.BBB-

N/A

(3.00)%

Monthly

11/18/2064

500

—

Total

$

593

$

(113) $

556

$

(76) Sell

Protection

Counterparty

Reference

Entity

Implied

Credit

Spread

as

of

July

31,

2025

(a) (Pay)/

Receive

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

(b) Upfront

Payments/

(Receipts)

Unrealized

Appreciation/

(Depreciation)

Fair

Value

Asset

----

Liability

(c) Bank

of

America

NA

ITRX.XOVER.42 12-

100%

Index

Tranche

(d) N/A

1.00%

Quarterly

12/20/2029

EUR

7,340

$

$

$

$

—

Citigroup

Inc

ITRX.XOVER.42 35-

100%

Index

Tranche

(d) N/A

5.00%

Quarterly

12/20/2029

1,378

—

Goldman

Sachs

&

Co

CDX.NA.HY.43

N/A

5.00%

Quarterly

12/20/2029

$

1,730

(3) 256

—

Goldman

Sachs

&

Co

CDX.NA.HY.43 15-25%

Index

Tranche

(d) N/A

5.00%

Quarterly

12/20/2029

—

Goldman

Sachs

&

Co

CDX.NA.HY.43 25-35%

Index

Tranche

(d) N/A

5.00%

Quarterly

12/20/2029

(12) 29

—

Goldman

Sachs

&

Co

CMBX.NA.15.AAA

N/A

0.50%

Monthly

11/18/2064

2,000

(33) 26

—

(7) Goldman

Sachs

&

Co

CMBX.NA.17

N/A

3.00%

Monthly

12/15/2056

(48) (2) —

(50) JPMorgan

Chase

ITRX.XOVER.42 35-

100%

Index

Tranche

(d) N/A

5.00%

Quarterly

12/20/2029

EUR

2,756

563

—

Morgan

Stanley

&

Co

CMBX.NA.15.AAA

N/A

0.50%

Monthly

11/18/2064

$

880

(12) 9

—

(3) Total

$

1,152

$

$

1,426

$

(60) Amounts

in

thousands.

Exchange

Cleared

Credit

Default

Swaps

Buy

Protection

Reference

Entity

Implied

Credit

Spread

as

of

July

31,

2025

(a) (Pay)/

Receive

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

Upfront

Payments/

(Receipts)

Unrealized

Appreciation/

(Depreciation)

Fair

Value

CDX.NA.IG.44

N/A

(1.00)%

Quarterly

06/20/2030

$

11,817

$

(205) $

(51) $

(256) ITRX.EUROPE.42

N/A

(1.00)%

Quarterly

12/20/2029

EUR

4,400

(78) (28) (106) ITRX.FIN.SNR.43

N/A

(1.00)%

Quarterly

06/20/2030

9,221

(149) (64) (213) ITRX.XOVER.42

N/A

(5.00)%

Quarterly

12/20/2029

1,890

(150) (52) (202) Total

$

(582) $

(195) $

(777) Amounts

in

thousands.

(a) Implied

credit

spreads,

represented

in

absolute

terms,

used

in

determining

the

fair

value

of

credit

default

swap

agreements

on

corporate

issues

or

sovereign

issues

as

of

period

end

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

for

the

credit

derivative.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

buying/selling

protection

and

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

Wider

credit

spreads

represent

a

deterioration

of

the

referenced

entity's

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

(b) The

maximum

potential

payment

amount

that

the

seller

of

credit

protection

could

be

required

to

make

if

a

credit

event

occurs

is

$5,486

and

11,474EUR.

(c) The

price

and

resulting

fair

value

for

credit

default

swap

agreements

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

of

an

expected

liability

(or

profit)

for

the

credit

default

swap

as

of

the

period

end.

Increasing

fair

values

of

the

swap,

in

absolute

terms

when

compared

to

the

notional

amount

of

the

swap,

represent

a

deterioration

of

the

referenced

entity's

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

(d) A

credit

default

tranche

is

a

type

of

credit

default

swap

that

allows

an

investor

to

gain

exposure

to

a

particular

portion

of

the

loss

distribution

on

a

specified

credit

index.

Tranches

are

defined

by

attachment

and

detachment

points

that

specify

the

range

of

exposure

to

which

an

investor

is

receiving

or

providing

protection

with

respect

to

the

specified

credit

index.

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

Total

Return

Swaps

Counterparty

Fund

Pays

Fund

Receives

Payment

Frequency

Maturity

Date

Notional

Amount

Upfront

Payments/

(Receipts)

Value

and

Unrealized

Appreciation/

(Depreciation)

Asset

Liability

BNP

Paribas

iBoxx

USD

Liquid

Leveraged

Loan

Index

Secured

Overnight

Financing

Rate

+

0.00%

Maturity

09/22/2025

$

$

—

$

$

—

HSBC

Securities

Inc

US

Federal

Funds

Effective

Rate

+

0.00%

Zambia

Government

Bond,

13.00%,

12/18/2027

Maturity

12/20/2027

ZMW

14,290

$

—

$

$

—

JPMorgan

Chase

Secured

Overnight

Financing

Rate

+

0.60%

Egypt

Treasury

Bill,

0.00%,

12/16/2025

Maturity

12/16/2025

EGP

47,200

—

—

JPMorgan

Chase

Secured

Overnight

Financing

Rate

+

0.075%

Nigeria

OMO

Bill,

0.00%,

01/08/2026

Maturity

01/06/2026

NGN

791,000

—

—

JPMorgan

Chase

Secured

Overnight

Financing

Rate

+

0.75%

Nigeria

OMO

Bill,

0.00%,

11/18/2025

Maturity

11/18/2025

1,921,410

—

—

JPMorgan

Chase

Secured

Overnight

Financing

Rate

+

0.75%

Nigeria

OMO

Bill,

0.00%,

11/25/2025

Maturity

11/25/2025

680,000

—

—

Total

$

—

$

$

—

Amounts

in

thousands.

Schedule

of

Investments

Diversified

Income

Fund

July

31,

2025

(unaudited)

Short

Sales

Outstanding

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

(0.10)%

Principal

Amount

(000's)

Value

(000's)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

-

(0.10)%

2.50%,

08/01/2040

$

1,800

$

1,671

6.00%,

08/01/2055

655

664

$

2,335

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(proceeds

$2,335)

$

2,335

TOTAL

SHORT

SALES

(proceeds

$2,335)

$

2,335

Schedule

of

Investments

Diversified

International

Fund

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.42

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.42

%

Principal

Government

Money

Market

Fund

-

Class

4.22%

(a),(b)

15,962,967

$

15,963

TOTAL

INVESTMENT

COMPANIES

$

15,963

COMMON

STOCKS

-

.54

%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

.12

%

Airbus

SE

103,291

$

20,767

BAE

Systems

PLC

855,478

20,412

Thales

SA

19,656

5,288

$

46,467

Apparel

-

.35

%

Hermes

International

SCA

1,395

3,412

PRADA

SpA

713,400

3,883

Samsonite

Group

SA

(c) 3,891,800

7,938

$

15,233

Automobile

Manufacturers

-

.72

%

Daimler

Truck

Holding

AG

342,098

16,642

Toyota

Motor

Corp

791,800

14,084

$

30,726

Banks

-

.82

%

AIB

Group

PLC

1,997,751

15,760

Bank

Negara

Indonesia

Persero

Tbk

PT

4,819,500

1,169

Credicorp

Ltd

25,845

6,125

DBS

Group

Holdings

Ltd

355,660

13,054

Erste

Group

Bank

AG

192,450

17,598

FinecoBank

Banca

Fineco

SpA

222,725

4,743

Grupo

Financiero

Banorte

SAB

de

CV

439,330

3,913

ICICI

Bank

Ltd

ADR

340,417

11,472

Kotak

Mahindra

Bank

Ltd

483,241

10,888

National

Bank

of

Greece

SA

1,156,348

16,129

NatWest

Group

PLC

1,596,376

11,081

Nordea

Bank

Abp

372,198

5,434

Piraeus

Financial

Holdings

SA

(d) 738,250

5,677

PT

Bank

Central

Asia

Tbk

6,489,570

3,253

Societe

Generale

SA

153,416

9,792

Swedbank

AB

169,967

4,526

UniCredit

SpA

206,612

15,201

$

155,815

Beverages

-

.76

%

Arca

Continental

SAB

de

CV

395,700

4,125

Kweichow

Moutai

Co

Ltd

22,520

4,432

$

8,557

Biotechnology

-

.00

%

Argenx

SE

(d) 15,665

10,521

Zai

Lab

Ltd

ADR

(d) 20,005

756

$

11,277

Building

Materials

-

.73

%

CRH

PLC

205,653

19,490

Commercial

Services

-

.38

%

Ashtead

Group

PLC

74,030

4,946

Localiza

Rent

a

Car

SA

774,287

4,771

TOPPAN

Holdings

Inc

218,100

5,877

$

15,594

Computers

-

.63

%

Fujitsu

Ltd

843,700

18,379

Cosmetics

&

Personal

Care

-

.68

%

Haleon

PLC

2,616,811

12,274

L'Oreal

SA

19,607

8,676

Unilever

PLC

355,165

20,607

$

41,557

Distribution

&

Wholesale

-

.31

%

Rexel

SA

116,230

3,513

Diversified

Financial

Services

-

.36

%

Brookfield

Asset

Management

Ltd

65,438

4,035

Electric

-

.04

%

Iberdrola

SA

666,044

11,707

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Electronics

-

.52

%

Halma

PLC

87,766

$

3,755

Hoya

Corp

105,860

13,356

$

17,111

Engineering

&

Construction

-

.81

%

Kajima

Corp

274,000

6,864

Obayashi

Corp

372,000

5,478

Technip

Energies

NV

185,913

8,028

$

20,370

Entertainment

-

.25

%

Entain

PLC

1,160,777

15,588

Universal

Music

Group

NV

338,410

9,735

$

25,323

Food

-

.54

%

Danone

SA

74,838

6,124

Food

Service

-

.51

%

Compass

Group

PLC

165,131

5,803

Forest

Products

&

Paper

-

.09

%

Suzano

SA

107,407

998

Healthcare

-

Products

-

.99

%

Alcon

AG

88,040

7,718

Smith

&

Nephew

PLC

962,516

14,710

$

22,428

Healthcare

-

Services

-

.72

%

ICON

PLC

(d) 48,269

8,167

Home

Furnishings

-

.31

%

Howden

Joinery

Group

PLC

298,666

3,457

Insurance

-

.21

%

AIA

Group

Ltd

3,508,000

32,709

ASR

Nederland

NV

81,633

5,423

AXA

SA

337,244

16,380

Fairfax

Financial

Holdings

Ltd

5,227

9,245

Hannover

Rueck

SE

44,715

13,564

Sompo

Holdings

Inc

452,000

13,328

Tryg

A/S

82,745

1,996

$

92,645

Internet

-

.85

%

JD.com

Inc

1,025,250

16,160

MercadoLibre

Inc

(d) 2,653

6,298

Spotify

Technology

SA

(d) 13,302

8,334

Tencent

Holdings

Ltd

492,200

34,460

Trip.com

Group

Ltd

11,250

699

$

65,951

Machinery

-

Construction

&

Mining

-

.20

%

Komatsu

Ltd

140,400

4,524

Mitsubishi

Electric

Corp

538,200

12,105

Weir

Group

PLC/The

233,614

8,207

$

24,836

Machinery

-

Diversified

-

.60

%

Atlas

Copco

AB

-

A

Shares

615,659

9,375

Keyence

Corp

23,832

8,621

$

17,996

Media

-

.13

%

Liberty

Media

Corp-Liberty

Formula

One

-

C

Shares

(d) 126,435

12,688

Metal

Fabrication

&

Hardware

-

.24

%

APL

Apollo

Tubes

Ltd

151,275

2,753

Mining

-

.86

%

Impala

Platinum

Holdings

Ltd

(d) 422,733

3,995

Sandfire

Resources

Ltd

(d) 883,021

5,941

Teck

Resources

Ltd

341,041

11,059

$

20,995

Oil

&

Gas

-

.75

%

Canadian

Natural

Resources

Ltd

163,531

5,176

Shell

PLC

337,117

12,114

Suncor

Energy

Inc

516,845

20,385

Tourmaline

Oil

Corp

109,160

4,646

$

42,321

Schedule

of

Investments

Diversified

International

Fund

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Packaging

&

Containers

-

.19

%

Toyo

Seikan

Group

Holdings

Ltd

105,100

$

2,177

Pharmaceuticals

-

.96

%

Ascendis

Pharma

A/S

ADR

(d) 19,625

3,405

AstraZeneca

PLC

200,820

29,298

Novo

Nordisk

A/S

178,574

8,305

Roche

Holding

AG

14,907

4,652

Sanofi

SA

239,841

21,531

$

67,191

Private

Equity

-

.49

%

3i

Group

PLC

281,638

15,389

Brookfield

Corp

149,168

9,992

ICG

PLC

94,761

2,713

$

28,094

Retail

-

.18

%

Cie

Financiere

Richemont

SA

30,109

4,916

CP

ALL

PCL

2,508,100

3,624

Dollarama

Inc

64,059

8,755

Industria

de

Diseno

Textil

SA

104,316

4,983

Jumbo

SA

100,643

3,395

MatsukiyoCocokara

&

Co

108,400

2,226

Yum

China

Holdings

Inc

269,850

12,596

Yum

China

Holdings

Inc

142,581

6,620

$

47,115

Semiconductors

-

.74

%

ASML

Holding

NV

34,980

24,244

Samsung

Electronics

Co

Ltd

533,752

27,202

Taiwan

Semiconductor

Manufacturing

Co

Ltd

1,223,544

47,105

$

98,551

Software

-

.90

%

Dassault

Systemes

SE

153,260

5,035

Nemetschek

SE

77,784

11,589

Sage

Group

PLC/The

299,022

4,801

$

21,425

Telecommunications

-

.20

%

Deutsche

Telekom

AG

1,004,998

36,045

Toys,

Games

&

Hobbies

-

.85

%

Nintendo

Co

Ltd

250,100

20,903

Transportation

-

.55

%

Canadian

Pacific

Kansas

City

Ltd

84,873

6,242

TOTAL

COMMON

STOCKS

$

1,100,059

Total

Investments

$

1,116,022

Other

Assets

and

Liabilities

- 1.04%

11,784

TOTAL

NET

ASSETS

-

100.00%

$

1,127,806

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b) 1-day

yield

shown

is

as

of

period

end.

(c) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$7,938

or

0.70%

of

net

assets.

(d) Non-income

producing

security

Affiliated

Securities

October

31,

2024

Purchases

Sales

July

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

174,467

$

912,335

$

1,070,839

$

15,963

$

174,467

$

912,335

$

1,070,839

$

15,963

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

1,350

$

—

$

—

$

—

$

1,350

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Equity

Income

Fund

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.99

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.99

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.21%

(a),(b)

15,514,574

$

15,515

Principal

Government

Money

Market

Fund

-

Class

4.22%

(a),(b),(c)

157,306,815

157,307

$

172,822

TOTAL

INVESTMENT

COMPANIES

$

172,822

COMMON

STOCKS

-

.62

%

Shares

Held

Value

(000's)

Advertising

-

.22

%

Omnicom

Group

Inc

1,467,977

$

105,768

Automobile

Manufacturers

-

.37

%

Cummins

Inc

543,893

199,946

PACCAR

Inc

1,823,314

180,070

$

380,016

Banks

-

.49

%

Bank

of

America

Corp

4,508,664

213,125

Citigroup

Inc

1,120,757

105,015

JPMorgan

Chase

&

Co

963,639

285,468

Morgan

Stanley

1,892,683

269,632

PNC

Financial

Services

Group

Inc/The

1,121,061

213,304

$

1,086,544

Beverages

-

.04

%

Coca-Cola

Co/The

2,612,455

177,359

Biotechnology

-

.98

%

Corteva

Inc

2,395,142

172,762

Building

Materials

-

.56

%

Carrier

Global

Corp

1,231,003

84,471

Trane

Technologies

PLC

515,141

225,673

$

310,144

Chemicals

-

.89

%

Air

Products

and

Chemicals

Inc

268,168

77,200

Computers

-

.75

%

Apple

Inc

735,283

152,623

Cosmetics

&

Personal

Care

-

.85

%

Procter

&

Gamble

Co/The

1,068,315

160,749

Diversified

Financial

Services

-

.22

%

Blackrock

Inc

176,579

195,298

Nasdaq

Inc

879,866

84,661

$

279,959

Electric

-

.79

%

NextEra

Energy

Inc

2,063,056

146,601

Sempra

856,414

69,952

WEC

Energy

Group

Inc

844,823

92,153

Xcel

Energy

Inc

1,467,017

107,738

$

416,444

Food

-

.95

%

Hershey

Co/The

444,208

82,680

Healthcare

-

Products

-

.10

%

Abbott

Laboratories

1,261,084

159,136

STERIS

PLC

489,383

110,840

$

269,976

Healthcare

-

Services

-

.54

%

HCA

Healthcare

Inc

383,752

135,845

UnitedHealth

Group

Inc

339,851

84,813

$

220,658

Home

Builders

-

.39

%

DR

Horton

Inc

1,458,863

208,384

Insurance

-

.43

%

Chubb

Ltd

716,006

190,486

Fidelity

National

Financial

Inc

1,917,255

108,191

$

298,677

Internet

-

.04

%

Alphabet

Inc

-

A

Shares

923,182

177,159

Iron

&

Steel

-

.33

%

Reliance

Inc

400,335

116,149

Lodging

-

.44

%

Hilton

Worldwide

Holdings

Inc

791,796

212,265

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Machinery

-

Diversified

-

.21

%

Deere

&

Co

366,773

$

192,325

Media

-

.43

%

Comcast

Corp

-

Class

A

3,756,203

124,819

Miscellaneous

Manufacturers

-

.47

%

Parker-Hannifin

Corp

293,945

215,138

Oil

&

Gas

-

.43

%

Chevron

Corp

578,003

87,648

EOG

Resources

Inc

1,085,028

130,225

Marathon

Petroleum

Corp

982,742

167,253

$

385,126

Pharmaceuticals

-

.64

%

AstraZeneca

PLC

ADR

1,049,999

76,745

Eli

Lilly

&

Co

92,195

68,231

Merck

&

Co

Inc

1,782,608

139,257

Novartis

AG

ADR

1,412,143

160,617

Roche

Holding

AG

ADR

(d) 1,184,404

46,085

$

490,935

Pipelines

-

.56

%

Enterprise

Products

Partners

LP

4,369,529

135,412

Private

Equity

-

.33

%

KKR

&

Co

Inc

1,980,015

290,231

REITs

-

.68

%

Alexandria

Real

Estate

Equities

Inc

1,360,605

103,991

Equity

LifeStyle

Properties

Inc

1,581,533

94,765

Prologis

Inc

648,760

69,275

Realty

Income

Corp

936,649

52,574

$

320,605

Retail

-

.11

%

Costco

Wholesale

Corp

246,732

231,839

Starbucks

Corp

1,581,182

140,978

Williams-Sonoma

Inc

384,693

71,957

$

444,774

Semiconductors

-

.41

%

Broadcom

Inc

418,472

122,905

Monolithic

Power

Systems

Inc

97,239

69,160

Taiwan

Semiconductor

Manufacturing

Co

Ltd

ADR

792,425

191,466

$

383,531

Software

-

.44

%

Fidelity

National

Information

Services

Inc

555,905

44,144

Microsoft

Corp

290,501

154,982

Salesforce

Inc

352,719

91,118

SAP

SE

ADR

(d) 336,667

96,523

$

386,767

Telecommunications

-

.33

%

T-Mobile

US

Inc

851,969

203,118

Transportation

-

.20

%

Expeditors

International

of

Washington

Inc

900,914

104,722

TOTAL

COMMON

STOCKS

$

8,583,019

Total

Investments

$

8,755,841

Other

Assets

and

Liabilities

- (0.61)%

(53,206)

TOTAL

NET

ASSETS

-

100.00%

$

8,702,635

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$73,345

or

0.84%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$70,333

or

0.81%

of

net

assets.

Schedule

of

Investments

Equity

Income

Fund

July

31,

2025

(unaudited)

Affiliated

Securities

October

31,

2024

Purchases

Sales

July

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

144,824

$

1,952,785

$

1,940,302

$

157,307

$

144,824

$

1,952,785

$

1,940,302

$

157,307

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

3,878

$

—

$

—

$

—

$

3,878

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.28

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.28

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.21%

(a),(b)

2,392,719

$

2,393

Principal

Government

Money

Market

Fund

-

Class

4.22%

(a),(b),(c)

38,941,812

38,942

$

41,335

TOTAL

INVESTMENT

COMPANIES

$

41,335

BONDS

-

.98

%

Principal

Amount

(000's)

Value

(000's)

Aerospace

&

Defense

-

.96

%

Czechoslovak

Group

AS

6.50%,

01/10/2031

(d) $

6,250

$

6,329

Banks

-

.50

%

Banco

Davivienda

SA

8.13%,

07/02/2035

(d),(e),(f)

2,550

2,595

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.59%

BBVA

Mexico

SA

Institucion

De

Banca

Multiple

Grupo

Financiero

BBVA

Mexico/TX

5.13%,

01/18/2033

(e),(f)

2,525

2,436

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.65%

7.63%,

02/11/2035

(d),(e),(f)

5,925

6,087

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.38%

BOI

Finance

BV

7.50%,

02/16/2027

EUR

5,105

5,945

Israel

Discount

Bank

Ltd

5.38%,

01/26/2028

(d),(g)

$

1,550

1,558

National

Bank

of

Uzbekistan

7.20%,

07/17/2030

2,000

2,022

8.50%,

07/05/2029

(g) 2,850

3,019

Standard

Chartered

PLC

7.63%,

01/16/2032

(d),(e),(f),(g),(h)

5,775

5,993

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.02%

$

29,655

Building

Materials

-

.39

%

Cemex

SAB

de

CV

7.20%,

06/10/2030

(d),(e),(h)

4,025

4,109

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.52%

Limak

Cimento

Sanayi

ve

Ticaret

AS

9.75%,

07/25/2029

4,975

5,050

$

9,159

Commercial

Services

-

.42

%

DP

World

Salaam

6.00%,

10/01/2025

(e),(h)

2,775

2,765

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.75%

Distribution

&

Wholesale

-

.41

%

Telecommunications

co

Telekom

Srbija

AD

Belgrade

7.00%,

10/28/2029

(d) 2,250

2,248

7.00%,

10/28/2029

$

2,698

Diversified

Financial

Services

-

.34

%

Eagle

Funding

Luxco

Sarl

5.50%,

08/17/2030

(d),(i)

6,425

6,454

SOCAR

Turkey

Enerji

AS

via

Steas

Funding

DAC

7.23%,

03/17/2026

2,400

2,385

$

8,839

Electric

-

.36

%

Comision

Ejecutiva

Hidroelectrica

del

Rio

Lempa

8.65%,

01/24/2033

(d) 3,050

3,078

Comision

Federal

de

Electricidad

5.00%,

09/29/2036

2,457

2,172

Eastern

European

Electric

Co

BV

6.50%,

05/15/2030

(d) EUR

1,900

2,239

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

Energo-Pro

AS

8.00%,

05/27/2030

(d) EUR

7,150

$

8,622

FIEMEX

Energia

-

Banco

Actinver

SA

Institucion

de

Banca

Multiple

7.25%,

01/31/2041

(d) $

4,581

4,686

GDZ

Elektrik

Dagitim

AS

9.00%,

10/15/2029

1,425

1,378

Saavi

Energia

Sarl

8.88%,

02/10/2035

(d) 6,300

6,557

$

28,732

Energy

-

Alternate

Sources

-

.75

%

FS

Luxembourg

Sarl

8.63%,

06/25/2033

(d),(g)

1,900

1,893

8.88%,

02/12/2031

(d) 2,399

2,490

8.88%,

02/12/2031

(g) 519

539

$

4,922

Engineering

&

Construction

-

.65

%

Aeropuertos

Dominicanos

Siglo

XXI

SA

7.00%,

06/30/2034

(d) 450

ATP

Tower

Holdings

/

Andean

Telecom

Partners

Chile

SpA

/

Andean

Tower

Partners

Colombia

SAS

7.88%,

02/03/2030

(d) 5,925

6,010

HTA

Group

Ltd/Mauritius

7.50%,

06/04/2029

(d) 3,525

3,638

7.50%,

06/04/2029

825

852

IHS

Holding

Ltd

7.88%,

05/29/2030

(d) 4,225

4,279

7.88%,

05/29/2030

1,300

1,317

8.25%,

11/29/2031

650

662

IHS

Netherlands

Holdco

BV

8.00%,

09/18/2027

4,245

4,263

Kingston

Airport

Revenue

Finance

Ltd

6.75%,

12/15/2036

(d) 3,375

3,390

Sitios

Latinoamerica

SAB

de

CV

6.00%,

11/25/2029

(d) 5,650

5,785

$

30,660

Food

-

.85

%

Grupo

Nutresa

SA

8.00%,

05/12/2030

(d) 5,300

5,592

Forest

Products

&

Paper

-

.38

%

LD

Celulose

International

GmbH

7.95%,

01/26/2032

(d) 2,400

2,509

Iron

&

Steel

-

.15

%

Samarco

Mineracao

SA

9.00%,

PIK

9.00%;

06/30/2031

(j),(k)

972

962

Samarco

Mineracao

SA

Escrow

Shares

0.00%,

10/24/2023

(l),(m)

—

$

962

Mining

-

.22

%

Ivanhoe

Mines

Ltd

7.88%,

01/23/2030

(d) 6,600

6,632

7.88%,

01/23/2030

550

553

Vedanta

Resources

Finance

II

PLC

9.48%,

07/24/2030

(d) 4,700

4,632

10.88%,

09/17/2029

(g) 3,375

3,449

WE

Soda

Investments

Holding

PLC

9.50%,

10/06/2028

(d) 3,675

3,832

9.50%,

10/06/2028

2,000

2,085

$

21,183

Oil

&

Gas

-

.07

%

Azule

Energy

Finance

Plc

8.13%,

01/23/2030

(d) 7,375

7,430

Energean

Israel

Finance

Ltd

4.88%,

03/30/2026

(d) 650

643

5.38%,

03/30/2028

(d) 4,000

3,849

8.50%,

09/30/2033

(d),(g)

4,265

4,416

Schedule

of

Investments

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Oil

&

Gas

(continued)

Leviathan

Bond

Ltd

6.50%,

06/30/2027

(d) $

5,425

$

5,384

ORLEN

SA

6.00%,

01/30/2035

(d) 1,275

1,310

Petroleos

de

Venezuela

SA

0.00%,

05/16/2024

(l) 35,600

4,913

0.00%,

11/15/2026

(l) 8,500

1,182

Petroleos

Mexicanos

5.95%,

01/28/2031

2,225

2,065

6.49%,

01/23/2027

3,275

3,281

6.50%,

03/13/2027

4,025

4,027

6.84%,

01/23/2030

5,305

5,220

Puma

International

Financing

SA

7.75%,

04/25/2029

(d) 6,400

6,608

Raizen

Fuels

Finance

SA

6.25%,

07/08/2032

(d) 3,325

3,270

6.70%,

02/25/2037

(d) 2,275

2,209

Tengizchevroil

Finance

Co

International

Ltd

3.25%,

08/15/2030

(g) 2,675

2,424

4.00%,

08/15/2026

2,440

2,411

Uzbekneftegaz

JSC

8.75%,

05/07/2030

(d) 4,675

4,910

8.75%,

05/07/2030

750

788

$

66,340

Oil

&

Gas

Services

-

.61

%

Yinson

Boronia

Production

BV

8.95%,

07/31/2042

3,704

3,993

Pipelines

-

.33

%

Acu

Petroleo

Luxembourg

Sarl

7.50%,

07/13/2035

4,487

4,519

Galaxy

Pipeline

Assets

Bidco

Ltd

2.16%,

03/31/2034

(d) 2,488

2,218

2.16%,

03/31/2034

1,603

1,429

Southern

Gas

Corridor

CJSC

6.88%,

03/24/2026

600

606

$

8,772

Real

Estate

-

.77

%

MAF

Global

Securities

Ltd

7.88%,

06/30/2027

(e),(h)

1,075

1,109

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.89%

NWD

Finance

BVI

Ltd

4.13%,

03/10/2028

(e),(h)

3,400

816

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.86%

NWD

MTN

Ltd

4.13%,

07/18/2029

3,875

1,965

4.50%,

05/19/2030

(g) 1,400

693

8.63%,

02/08/2028

(g) 750

$

5,080

Regional

Authority

-

.55

%

Provincia

de

Buenos

Aires/Government

Bonds

6.63%,

09/01/2037

(j) 5,151

3,633

REITs

-

.29

%

Emirates

Reit

Sukuk

III

Ltd

7.50%,

12/12/2028

(j) 1,875

1,882

Sovereign

-

.12

%

Angolan

Government

International

Bond

8.00%,

11/26/2029

5,150

4,801

8.25%,

05/09/2028

675

654

Bahamas

Government

International

Bond

8.25%,

06/24/2036

(d) 3,775

3,834

Benin

Government

International

Bond

7.96%,

02/13/2038

3,125

3,026

Brazil

Notas

do

Tesouro

Nacional

Serie

F

9.76%,

01/01/2027

BRL

115,854

19,658

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Sovereign

(continued)

Brazilian

Government

International

Bond

5.50%,

11/06/2030

$

6,250

$

6,256

Colombia

Government

International

Bond

3.00%,

01/30/2030

4,050

3,556

7.38%,

04/25/2030

3,425

3,588

Colombian

TES

12.75%,

11/28/2040

COP

12,477,000

3,051

13.25%,

02/09/2033

47,132,000

11,999

Dominican

Republic

International

Bond

4.50%,

01/30/2030

$

6,500

6,196

Ecuador

Government

International

Bond

6.90%,

07/31/2030

(j) 7,900

6,928

6.90%,

07/31/2035

(j) 4,988

3,724

Egypt

Government

Bond

24.46%,

10/01/2027

EGP

155,400

3,179

25.32%,

08/13/2027

122,200

2,539

Egypt

Government

International

Bond

7.05%,

01/15/2032

$

3,475

3,187

7.63%,

05/29/2032

2,850

2,677

8.50%,

01/31/2047

1,400

1,137

8.70%,

03/01/2049

1,950

1,604

Egypt

Treasury

Bills

20.72%,

09/16/2025

(n) EGP

143,600

2,849

21.12%,

12/16/2025

(n) 68,100

1,266

21.80%,

10/07/2025

(n) 102,900

2,009

23.72%,

11/18/2025

(n) 335,000

6,349

26.56%,

08/19/2025

(n) 356,000

7,221

Gabon

Government

International

Bond

6.63%,

02/06/2031

$

2,925

2,399

7.00%,

11/24/2031

Ghana

Government

International

Bond

0.00%,

01/03/2030

(d),(l)

3,394

2,827

0.00%,

01/03/2030

(l) 4,225

3,519

5.00%,

07/03/2029

(d),(j)

5,525

5,250

Guatemala

Government

Bond

7.05%,

10/04/2032

2,300

2,461

Hungary

Government

Bond

4.50%,

03/23/2028

HUF

3,460,000

9,407

7.00%,

10/24/2035

1,740,000

4,905

Hungary

Government

International

Bond

5.38%,

09/26/2030

(d) $

4,525

4,582

6.00%,

09/26/2035

(d),(g)

6,975

7,023

Ivory

Coast

Government

International

Bond

4.88%,

01/30/2032

EUR

5,875

6,190

5.88%,

10/17/2031

1,425

1,582

8.08%,

04/01/2036

(d) $

6,650

6,550

8.08%,

04/01/2036

575

566

Lebanon

Government

International

Bond

0.00%,

03/09/2020

(l) 2,750

507

0.00%,

06/19/2020

(l) 8,075

1,490

0.00%,

04/12/2021

(l) 1,925

0.00%,

05/27/2022

(l) 1,900

0.00%,

10/04/2022

(l) 900

0.00%,

11/29/2027

(l) 1,675

0.00%,

03/20/2028

(l) 2,925

543

0.00%,

05/17/2033

(l) 5,850

1,088

Malaysia

Government

Bond

3.34%,

05/15/2030

MYR

37,125

8,768

3.83%,

07/05/2034

17,300

4,180

Mexican

Bonos

7.75%,

11/13/2042

MXN

168,500

7,338

8.50%,

11/18/2038

190,800

9,235

Morocco

Government

International

Bond

4.75%,

04/02/2035

EUR

6,825

7,839

Nigeria

Government

International

Bond

6.13%,

09/28/2028

$

4,375

4,255

7.14%,

02/23/2030

3,375

3,287

Schedule

of

Investments

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Sovereign

(continued)

Pakistan

Government

International

Bond

6.88%,

12/05/2027

$

5,175

$

5,072

7.38%,

04/08/2031

1,775

1,659

Peru

Government

Bond

5.40%,

08/12/2034

PEN

31,975

8,408

Peruvian

Government

International

Bond

6.85%,

08/12/2035

(d) 31,925

9,123

6.90%,

08/12/2037

13,725

3,867

Republic

of

Poland

Government

Bond

2.00%,

08/25/2036

PLN

41,973

10,025

Republic

of

South

Africa

Government

Bond

8.75%,

01/31/2044

ZAR

291,900

13,432

8.75%,

02/28/2048

38,775

1,765

8.88%,

02/28/2035

127,400

6,669

Republic

of

Uzbekistan

International

Bond

6.90%,

02/28/2032

(d) $

3,850

3,985

Romanian

Government

International

Bond

5.13%,

09/24/2031

(d) EUR

1,550

1,779

6.38%,

09/18/2033

5,050

6,104

6.75%,

07/11/2039

1,175

1,379

Senegal

Government

International

Bond

4.75%,

03/13/2028

7,325

7,208

6.75%,

03/13/2048

$

2,550

1,656

7.75%,

06/10/2031

1,350

1,103

Turkiye

Government

International

Bond

5.20%,

08/17/2031

EUR

7,000

7,962

Ukraine

Government

International

Bond

1.75%,

02/01/2034

(d),(j)

$

1,021

516

1.75%,

02/01/2034

(j) 3,740

1,909

Zambia

Government

International

Bond

0.50%,

12/31/2053

(d) 4,775

3,489

0.50%,

12/31/2053

1,913

1,400

$

316,995

Supranational

Bank

-

.87

%

Africa

Finance

Corp

7.50%,

01/21/2030

(d),(e),(h)

4,425

4,330

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.02%

Asian

Development

Bank

6.72%,

02/08/2028

INR

96,500

1,108

Banque

Ouest

Africaine

de

Developpement

5.00%,

07/27/2027

$

3,375

3,324

European

Bank

for

Reconstruction

&

Development

6.75%,

01/13/2032

INR

327,500

3,756

Inter-American

Development

Bank

7.00%,

01/25/2029

158,000

1,822

7.00%,

04/17/2033

274,000

3,191

International

Bank

for

Reconstruction

&

Development

6.50%,

04/17/2030

292,500

3,322

6.75%,

09/08/2027

101,500

1,162

6.85%,

04/24/2028

70,000

805

7.05%,

07/22/2029

229,000

2,649

$

25,469

Telecommunications

-

.06

%

Axian

Telecom

Holding

&

Management

PLC

7.25%,

07/11/2030

(d) $

2,700

2,703

Digicel

International

Finance

Ltd

/

Difl

US

LLC

8.63%,

08/01/2032

(d),(i)

6,250

6,313

Veon

Midco

BV

3.38%,

11/25/2027

4,956

4,576

$

13,592

Transportation

-

.42

%

Transnet

SOC

Ltd

8.25%,

02/06/2028

6,400

6,669

Yinson

Bergenia

Production

BV

8.50%,

01/31/2045

(d) 2,625

2,709

$

9,378

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Water

-

.51

%

Aegea

Finance

Sarl

9.00%,

01/20/2031

(d) $

2,900

$

3,117

9.00%,

01/20/2031

(g) 250

$

3,386

TOTAL

BONDS

$

612,525

CONVERTIBLE

BONDS

-

.76

%

Principal

Amount

(000's)

Value

(000's)

Chemicals

-

.76

%

Sasol

Financing

USA

LLC

4.50%,

11/08/2027

$

5,400

$

5,008

TOTAL

CONVERTIBLE

BONDS

$

5,008

Total

Investments

$

658,868

Other

Assets

and

Liabilities

- (0.02)%

(100)

TOTAL

NET

ASSETS

-

100.00%

$

658,768

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$11,323

or

1.72%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$222,078

or

33.71%

of

net

assets.

(e) Rate

shown

is

as

of

period

end.

The

rate

may

be

a

variable

or

floating

rate

or

a

fixed

rate

which

may

convert

to

a

variable

or

floating

rate

in

the

future.

(f) Security

is

a

contingent

convertible

security,

("CoCo").

CoCo's

are

hybrid

debt

securities

that

may

convert

to

equity

or

have

their

principal

written

down

upon

occurrence

of

certain

"triggers".

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$17,111

or

2.60%

of

net

assets.

(g) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$10,944

or

1.66%

of

net

assets.

(h) Perpetual

security.

Perpetual

securities

pay

an

indefinite

stream

of

interest,

but

they

may

be

called

by

the

issuer

at

an

earlier

date.

Date

shown,

if

any,

reflects

the

next

call

date

or

final

legal

maturity

date.

Rate

shown

is

as

of

period

end.

(i) Security

purchased

on

a

when-issued

basis.

(j) Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions. These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(k) Payment

in

kind;

the

issuer

has

the

option

of

paying

additional

securities

in

lieu

of

cash.

(l) Non-income

producing

security

(m) The

value

of

these

investments

was

determined

using

significant

unobservable

inputs,

in

good

faith

by

the

Manager,

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

(n) Rate

shown

is

the

discount

rate

of

the

original

purchase.

Schedule

of

Investments

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

July

31,

2025

(unaudited)

Affiliated

Securities

October

31,

2024

Purchases

Sales

July

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

90,147

$

558,458

$

609,663

$

38,942

$

90,147

$

558,458

$

609,663

$

38,942

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

1,669

$

—

$

—

$

—

$

1,669

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

US

Year

Note;

September

2025

Long

1,155

$

124,938

$

US

Long

Bond;

September

2025

Short

23,180

(467)

Total

$

(183)

Amounts

in

thousands

except

contracts.

Foreign

Currency

Contracts

Unrealized

Appreciation/(Depreciation)

Counterparty

Settlement

Date

Currency

to

Accept

Currency

to

Deliver

Asset

Liability

Bank

of

America

NA

08/29/2025

RON

88,976

EUR

17,508

$

—

$

(29)

Citigroup

Inc

08/15/2025

EUR

1,046

$

1,229

—

(34)

Citigroup

Inc

08/29/2025

CZK

552,400

$

26,362

—

(684)

Citigroup

Inc

08/29/2025

EUR

17,461

RON

89,624

—

(172)

Citigroup

Inc

08/29/2025

EUR

5,525

$

6,329

—

(14)

Citigroup

Inc

08/29/2025

MXN

49,932

$

2,674

—

(34)

Citigroup

Inc

08/29/2025

TWD

292,200

$

9,953

—

(161)

Citigroup

Inc

08/29/2025

$

13,113

KRW

18,158,800

—

Citigroup

Inc

08/29/2025

$

17,519

ZAR

308,837

589

—

Goldman

Sachs

&

Co

08/29/2025

RON

649

EUR

—

—

Goldman

Sachs

&

Co

08/29/2025

$

3,611

BRL

20,199

—

Goldman

Sachs

&

Co

08/29/2025

$

3,327

COP

13,734,300

—

HSBC

Securities

Inc

08/01/2025

$

544

EUR

—

HSBC

Securities

Inc

08/15/2025

EUR

1,701

$

1,975

—

(32)

HSBC

Securities

Inc

08/15/2025

$

61,168

EUR

52,199

1,555

—

HSBC

Securities

Inc

08/29/2025

KRW

18,158,800

$

13,166

—

(118)

HSBC

Securities

Inc

08/29/2025

$

6,760

BRL

38,100

—

HSBC

Securities

Inc

08/29/2025

$

21,475

PEN

76,539

—

HSBC

Securities

Inc

08/29/2025

$

10,436

PLN

37,957

—

JPMorgan

Chase

08/29/2025

EUR

$

—

(4)

JPMorgan

Chase

08/29/2025

HUF

4,023,785

$

11,752

—

(278)

JPMorgan

Chase

08/29/2025

PLN

24,200

$

6,481

—

(24)

JPMorgan

Chase

08/29/2025

$

6,231

COP

26,098,400

(5)

JPMorgan

Chase

08/29/2025

$

4,934

ZAR

89,525

—

JPMorgan

Chase

09/26/2025

TRY

1,102,813

$

25,739

—

Total

$

3,151

$

(1,589)

Amounts

in

thousands.

Credit

Default

Swaps

Buy

Protection

Counterparty

Reference

Entity

Implied

Credit

Spread

as

of

July

31,

2025

(a) (Pay)/

Receive

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

Upfront

Payments/

(Receipts)

Unrealized

Appreciation/

(Depreciation)

Fair

Value

Asset

----

Liability

Goldman

Sachs

&

Co

Bank

of

China

Ltd/Hong

Kong,

1.25%,

06/24/2025

0.23%

(1.00)%

Quarterly

12/20/2026

$

20,400

$

(171)

$

(42)

$

—

$

(213)

Goldman

Sachs

&

Co

Bank

of

China

Ltd/Hong

Kong,

1.25%,

06/24/2025

0.23%

(1.00)%

Quarterly

12/20/2026

3,300

(27)

(7)

—

(34)

Goldman

Sachs

&

Co

China

Construction

Bank

/London,

3.125%,

05/17/2025

0.15%

(1.00)%

Quarterly

12/20/2026

20,400

(171)

(66)

—

(237)

Goldman

Sachs

&

Co

China

Construction

Bank

/London,

3.125%,

05/17/2025

0.15%

(1.00)%

Quarterly

12/20/2026

3,300

(27)

(11)

—

(38)

Schedule

of

Investments

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

July

31,

2025

(unaudited)

Credit

Default

Swaps

(continued)

Buy

Protection

(continued)

Counterparty

Reference

Entity

Implied

Credit

Spread

as

of

July

31,

2025

(a) (Pay)/

Receive

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

Upfront

Payments/

(Receipts)

Unrealized

Appreciation/

(Depreciation)

Fair

Value

Asset

----

Liability

Goldman

Sachs

&

Co

China

Development

Bank,

3.00%,

06/01/2026

0.22%

(1.00)%

Quarterly

12/20/2026

$

16,400

$

(138)

$

(37)

$

—

$

(175)

Goldman

Sachs

&

Co

China

Development

Bank,

3.00%,

06/01/2026

0.22%

(1.00)%

Quarterly

12/20/2026

2,600

(22)

(6)

—

(28)

Goldman

Sachs

&

Co

Industrial

&

Commercial

Bank

of

China

Ltd/

Hong

Kong,

1.625%,

10/28/2026

0.18%

(1.00)%

Quarterly

12/20/2026

20,400

(171)

(56)

—

(227)

Goldman

Sachs

&

Co

Industrial

&

Commercial

Bank

of

China

Ltd/

Hong

Kong,

1.625%,

10/28/2026

0.18%

(1.00)%

Quarterly

12/20/2026

3,300

(27)

(10)

—

(37)

Total

$

(754)

$

(235)

$

—

$

(989)

Amounts

in

thousands.

Exchange

Cleared

Credit

Default

Swaps

Buy

Protection

Reference

Entity

Implied

Credit

Spread

as

of

July

31,

2025

(a) (Pay)/

Receive

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

Upfront

Payments/

(Receipts)

Unrealized

Appreciation/

(Depreciation)

Fair

Value

CDX.EM.43

N/A

(1.00)%

Quarterly

06/20/2030

$

14,600

$

$

(144)

$

CDX.NA.HY.44

N/A

(5.00)%

Quarterly

06/20/2030

54,100

(2,350)

(1,579)

(3,929)

ITRX.XOVER.43

N/A

(5.00)%

Quarterly

06/20/2030

EUR

21,026

(1,921)

(429)

(2,350)

Total

$

(3,791)

$

(2,152)

$

(5,943)

Amounts

in

thousands.

(a) Implied

credit

spreads,

represented

in

absolute

terms,

used

in

determining

the

fair

value

of

credit

default

swap

agreements

on

corporate

issues

or

sovereign

issues

as

of

period

end

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

for

the

credit

derivative.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

buying/selling

protection

and

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

Wider

credit

spreads

represent

a

deterioration

of

the

referenced

entity's

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

Exchange

Cleared

Interest

Rate

Swaps

Floating

Rate

Index

(Pay)/

Receive

Floating

Rate

Fixed

Rate

Payment

Frequency

Paid

by

Fund

Payment

Frequency

Received

by

Fund

Effective

Date

(a) Maturity

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Upfront

Payments/(Receipts)

Fair

Value

Day

MXN

TIIE

Banxico

Receive

0.00%

Monthly

Monthly

N/A

12/24/2025

MXN

1,725,000

$

2,331

$

$

2,776

Day

MXN

TIIE

Banxico

Pay

0.00%

Monthly

Monthly

N/A

12/24/2025

1,725,000

(2,349)

(448)

(2,797)

Month

KRW

Certificate

of

Deposit

Pay

2.31%

Annual

Annual

N/A

09/17/2027

KRW

131,400,000

$

(136)

—

(136)

Month

KRW

Certificate

of

Deposit

Receive

2.65%

Annual

Annual

N/A

09/17/2035

14,800,000

(6)

—

(6)

Month

Tel

AVIV

Inter-Bank

Offered

Rate

Pay

0.00%

Annual

Annual

N/A

09/18/2025

ILS

99,400

$

(318)

(12)

(330)

Month

Tel

AVIV

Inter-Bank

Offered

Rate

Pay

0.00%

Annual

Annual

N/A

09/18/2025

13,300

(42)

(2)

(44)

Month

Prague

Interbank

Offered

Rate

Pay

3.32%

Semiannual

Annual

N/A

09/17/2030

CZK

945,000

$

(1,128)

(1,126)

Month

Prague

Interbank

Offered

Rate

Pay

3.32%

Semiannual

Annual

N/A

09/17/2030

306,000

(216)

(149)

(365)

Shekel

Overnight

Interest

Rate

Receive

0.00%

Annual

Annual

N/A

09/18/2025

ILS

99,400

$

Shekel

Overnight

Interest

Rate

Receive

0.00%

Annual

Annual

N/A

09/18/2025

13,300

Shekel

Overnight

Interest

Rate

Pay

4.12%

Annual

Annual

N/A

09/17/2030

105,400

(1)

Total

$

(1,355)

$

(152)

$

(1,507)

Amounts

in

thousands.

(a)&nbsp;&nbsp;&nbsp;&nbsp;

Forward

swap.

Schedule

of

Investments

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

July

31,

2025

(unaudited)

Total

Return

Swaps

Counterparty

Fund

Pays

Fund

Receives

Payment

Frequency

Maturity

Date

Notional

Amount

Upfront

Payments/

(Receipts)

Value

and

Unrealized

Appreciation/

(Depreciation)

Asset

Liability

HSBC

Securities

Inc

US

Federal

Funds

Effective

Rate

+

0.00%

Zambia

Government

Bond,

13.00%,

12/18/2027

Maturity

12/20/2027

ZMW

41,050

$

—

$

$

—

JPMorgan

Chase

Secured

Overnight

Financing

Rate

+

0.60%

Egypt

Treasury

Bill,

0.00%,

12/16/2025

Maturity

12/16/2025

EGP

143,150

—

—

JPMorgan

Chase

Secured

Overnight

Financing

Rate

+

0.075%

Nigeria

OMO

Bill,

0.00%,

01/08/2026

Maturity

01/06/2026

NGN

2,206,000

—

—

JPMorgan

Chase

Secured

Overnight

Financing

Rate

+

0.75%

Nigeria

OMO

Bill,

0.00%,

11/18/2025

Maturity

11/18/2025

5,362,340

—

—

JPMorgan

Chase

Secured

Overnight

Financing

Rate

+

0.75%

Nigeria

OMO

Bill,

0.00%,

11/25/2025

Maturity

11/25/2025

1,800,000

—

—

Total

$

—

$

779

$

—

Amounts

in

thousands.

Schedule

of

Investments

Global

Emerging

Markets

Fund

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.54

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.54

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.21%

(a),(b)

1,107,000

$

1,107

Principal

Government

Money

Market

Fund

-

Class

4.22%

(a),(b),(c)

76,464,354

76,464

$

77,571

TOTAL

INVESTMENT

COMPANIES

$

77,571

COMMON

STOCKS

-

.28

%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

.52

%

Korea

Aerospace

Industries

Ltd

413,650

$

28,012

LIG

Nex1

Co

Ltd

40,770

18,359

$

46,371

Automobile

Manufacturers

-

.75

%

BYD

Co

Ltd

2,298,000

33,553

Mahindra

&

Mahindra

Ltd

547,857

19,957

$

53,510

Automobile

Parts

&

Equipment

-

.94

%

Hyundai

Mobis

Co

Ltd

112,495

23,739

Weichai

Power

Co

Ltd

2,354,000

4,990

$

28,729

Banks

-

.96

%

Bank

Rakyat

Indonesia

Persero

Tbk

PT

98,965,982

22,162

Credicorp

Ltd

66,433

15,745

Grupo

Financiero

Banorte

SAB

de

CV

2,214,300

19,720

HDFC

Bank

Ltd

2,272,514

52,150

ICICI

Bank

Ltd

3,551,021

59,797

IDFC

First

Bank

Ltd

18,919,678

14,782

Kotak

Mahindra

Bank

Ltd

2,259,098

50,898

National

Bank

of

Greece

SA

4,649,628

64,856

Piraeus

Financial

Holdings

SA

(d) 5,994,055

46,091

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

2,036,892

44,601

PT

Bank

Central

Asia

Tbk

75,229,100

37,704

Saudi

National

Bank/The

3,989,415

39,811

Vietnam

Technological

&

Commercial

Joint

Stock

Bank

(d) 15,642,400

20,246

$

488,563

Beverages

-

.01

%

Arca

Continental

SAB

de

CV

914,600

9,535

Varun

Beverages

Ltd

3,603,637

21,418

$

30,953

Biotechnology

-

.33

%

BeOne

Medicines

Ltd

(d) 858,400

19,515

Zai

Lab

Ltd

(d) 5,630,550

21,273

$

40,788

Building

Materials

-

.75

%

Cemex

SAB

de

CV

26,807,714

23,390

UltraTech

Cement

Ltd

86,671

12,068

Voltas

Ltd

1,203,122

18,159

$

53,617

Chemicals

-

.23

%

Orbia

Advance

Corp

SAB

de

CV

10,202,800

6,939

Commercial

Services

-

.64

%

GPS

Participacoes

e

Empreendimentos

SA

(e) 2,610,807

6,584

Humansoft

Holding

Co

KSC

491,897

3,854

JSW

Infrastructure

Ltd

11,499,723

39,700

$

50,138

Computers

-

.95

%

Elm

Co

22,376

5,421

Globant

SA

(d) 125,043

10,536

WNS

Holdings

Ltd

(d) 175,862

13,153

$

29,110

Diversified

Financial

Services

-

.13

%

Bajaj

Finance

Ltd

1,945,640

19,471

Banco

BTG

Pactual

SA

1,657,550

11,589

Intercorp

Financial

Services

Inc

376,944

13,593

KB

Financial

Group

Inc

256,900

20,410

$

65,063

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Electric

-

.09

%

Adani

Energy

Solutions

Ltd

(d) 3,321,012

$

30,353

Emirates

Central

Cooling

Systems

Corp

6,262,800

2,949

$

33,302

Electrical

Components

&

Equipment

-

.28

%

Delta

Electronics

Inc

3,700,000

69,701

Electronics

-

.18

%

Avalon

Technologies

Ltd

(d),(e)

727,742

6,979

E

Ink

Holdings

Inc

2,816,000

19,175

Voltronic

Power

Technology

Corp

251,000

9,859

$

36,013

Engineering

&

Construction

-

.19

%

Cury

Construtora

e

Incorporadora

SA

3,243,200

17,022

L&T

Technology

Services

Ltd

(e) 180,040

8,794

Samsung

E&A

Co

Ltd

562,100

10,659

$

36,475

Food

-

.58

%

Bid

Corp

Ltd

590,478

14,843

Gruma

SAB

de

CV

214,830

3,701

Indofood

Sukses

Makmur

Tbk

PT

20,421,600

10,545

LT

Foods

Ltd

2,311,299

12,751

SM

Investments

Corp

213,765

2,988

WH

Group

Ltd

(e) 34,232,000

34,271

$

79,099

Forest

Products

&

Paper

-

.10

%

Suzano

SA

3,635,600

33,788

Healthcare

-

Products

-

.21

%

Pegavision

Corp

309,000

3,161

Universal

Vision

Biotechnology

Co

Ltd

482,000

3,222

$

6,383

Healthcare

-

Services

-

.48

%

Bangkok

Dusit

Medical

Services

PCL

11,102,800

7,208

Hygeia

Healthcare

Holdings

Co

Ltd

(d),(e),(f)

3,458,200

7,515

$

14,723

Home

Furnishings

-

.51

%

Anker

Innovations

Technology

Co

Ltd

913,979

15,653

Vestel

Beyaz

Esya

Sanayi

ve

Ticaret

AS

—

$

15,653

Insurance

-

.38

%

AIA

Group

Ltd

6,286,000

58,612

China

Pacific

Insurance

Group

Co

Ltd

11,677,200

47,029

Max

Financial

Services

Ltd

(d) 999,648

17,067

PICC

Property

&

Casualty

Co

Ltd

5,514,000

11,445

$

134,153

Internet

-

.03

%

Alibaba

Group

Holding

Ltd

7,386,824

111,059

Grab

Holdings

Ltd

(d) 5,629,917

27,531

JD.com

Inc

1,546,900

24,382

Meituan

(d),(e)

1,856,500

28,641

MercadoLibre

Inc

(d) 20,119

47,760

Tencent

Holdings

Ltd

2,855,900

199,948

Tencent

Music

Entertainment

Group

529,602

5,571

Trip.com

Group

Ltd

244,598

15,185

$

460,077

Iron

&

Steel

-

.12

%

Severstal

PAO

(d) 31,471

—

Ternium

SA

ADR

112,662

3,671

$

3,671

Leisure

Products

&

Services

-

.00

%

Bajaj

Auto

Ltd

254,576

23,178

Yadea

Group

Holdings

Ltd

(e) 4,766,000

7,500

$

30,678

Lodging

-

.05

%

Atour

Lifestyle

Holdings

Ltd

ADR

949,610

32,116

Machinery

-

Diversified

-

.41

%

WEG

SA

1,907,700

12,605

Metal

Fabrication

&

Hardware

-

.50

%

APL

Apollo

Tubes

Ltd

836,941

15,231

Schedule

of

Investments

Global

Emerging

Markets

Fund

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Mining

-

.59

%

Anglogold

Ashanti

Plc

300,132

$

13,647

Capstone

Copper

Corp

(d) 2,299,700

12,896

Impala

Platinum

Holdings

Ltd

(d) 3,873,256

36,608

Ivanhoe

Mines

Ltd

(d) 1,236,200

9,644

Polyus

PJSC

(d) 3,430

—

Shandong

Gold

Mining

Co

Ltd

(e) 2,084,750

6,447

$

79,242

Miscellaneous

Manufacturers

-

.62

%

Escorts

Kubota

Ltd

374,956

14,318

Zhuzhou

CRRC

Times

Electric

Co

Ltd

1,160,400

4,707

$

19,025

Oil

&

Gas

-

.64

%

ADNOC

Drilling

Co

PJSC

4,742,994

7,540

HD

Hyundai

Co

Ltd

142,027

14,533

PRIO

SA/Brazil

(d) 481,500

3,618

Reliance

Industries

Ltd

1,249,369

19,731

Saudi

Arabian

Oil

Co

(e) 712,963

4,613

$

50,035

Pharmaceuticals

-

.43

%

Caplin

Point

Laboratories

Ltd

570,528

13,360

Hansoh

Pharmaceutical

Group

Co

Ltd

(e) 4,568,000

20,522

Richter

Gedeon

Nyrt

146,795

4,402

Simcere

Pharmaceutical

Group

Ltd

(e) 3,348,000

5,614

$

43,898

Pipelines

-

.32

%

Gaztransport

Et

Technigaz

SA

52,315

9,840

Real

Estate

-

.57

%

China

Resources

Land

Ltd

3,100,000

11,368

Sun

Hung

Kai

Properties

Ltd

509,500

6,051

$

17,419

Retail

-

.22

%

CP

ALL

PCL

10,822,300

15,637

El

Puerto

de

Liverpool

SAB

de

CV

759,758

3,708

Jumbo

SA

213,467

7,200

Yum

China

Holdings

Inc

230,800

10,716

$

37,261

Semiconductors

-

.93

%

Alchip

Technologies

Ltd

141,000

18,025

ASE

Technology

Holding

Co

Ltd

1,758,000

8,525

ASML

Holding

NV

-

NY

Reg

Shares

8,985

6,242

ASPEED

Technology

Inc

90,000

13,630

MediaTek

Inc

909,000

41,164

Samsung

Electronics

Co

Ltd

2,105,249

107,292

SK

Hynix

Inc

273,167

52,944

Taiwan

Semiconductor

Manufacturing

Co

Ltd

10,201,685

392,757

$

640,579

Software

-

.35

%

NetEase

Inc

1,579,125

41,282

Telecommunications

-

.53

%

Accton

Technology

Corp

1,036,000

30,597

Xiaomi

Corp

(d),(e)

6,943,800

46,718

$

77,315

Textiles

-

.15

%

SLC

Agricola

SA

1,400,406

4,587

Transportation

-

.32

%

Blue

Dart

Express

Ltd

29,260

1,995

JD

Logistics

Inc

(d),(e)

4,463,700

7,736

$

9,731

Water

-

.29

%

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

451,700

8,715

TOTAL

COMMON

STOCKS

$

2,946,378

CONVERTIBLE

PREFERRED

STOCKS

-

.38

%

Shares

Held

Value

(000's)

Metal

Fabrication

&

Hardware

-

.38

%

JSW

One

Platforms

Ltd

0.00%

(d),(g),(h)

1,820

$

11,738

TOTAL

CONVERTIBLE

PREFERRED

STOCKS

$

11,738

PREFERRED

STOCKS

-

.81

%

Shares

Held

Value

(000's)

Automobile

Manufacturers

-

.28

%

Hyundai

Motor

Co

13,100.00%

72,938

$

8,632

Oil

&

Gas

-

.53

%

Petroleo

Brasileiro

SA

-

Petrobras

1.23%

2,794,000

16,242

TOTAL

PREFERRED

STOCKS

$

24,874

Total

Investments

$

3,060,561

Other

Assets

and

Liabilities

- (0.01)%

(177)

TOTAL

NET

ASSETS

-

100.00%

$

3,060,384

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$5,267

or

0.17%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Non-income

producing

security

(e) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$191,934

or

6.27%

of

net

assets.

(f) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$4,998

or

0.16%

of

net

assets.

(g) The

value

of

these

investments

was

determined

using

significant

unobservable

inputs,

in

good

faith

by

the

Manager,

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

(h) Restricted

Security.

Please

see

Restricted

Securities

sub-schedule

for

additional

information.

Schedule

of

Investments

Global

Emerging

Markets

Fund

July

31,

2025

(unaudited)

Affiliated

Securities

October

31,

2024

Purchases

Sales

July

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

105,493

$

633,056

$

662,085

$

76,464

$

105,493

$

633,056

$

662,085

$

76,464

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

2,247

$

—

$

—

$

—

$

2,247

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Restricted

Securities

Security

Name

Acquisition

Date

Cost

Value

Percent

of

Net

Assets

JSW

One

Platforms

Ltd

0.00%

05/08/2025-06/16/2025

$

11,987

$

11,738

0.38%

Total

$

11,738

0.38%

Amounts

in

thousands.

Schedule

of

Investments

Global

Real

Estate

Securities

Fund

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.81

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.81

%

Principal

Government

Money

Market

Fund

-

Class

4.22%

(a),(b)

29,186,740

$

29,187

TOTAL

INVESTMENT

COMPANIES

$

29,187

COMMON

STOCKS

-

.20

%

Shares

Held

Value

(000's)

Engineering

&

Construction

-

.20

%

Cellnex

Telecom

SA

-

Rights

(c),(d)

352,022

$

12,423

Keppel

Ltd

1,073,300

6,973

$

19,396

Lodging

-

.46

%

Hyatt

Hotels

Corp

53,112

7,487

Real

Estate

-

.16

%

CTP

NV

(d) 111,979

2,375

Fastighets

AB

Balder

(c) 2,619,878

17,690

LEG

Immobilien

SE

18,123

1,438

Mitsubishi

Estate

Co

Ltd

1,293,100

24,210

Mitsui

Fudosan

Co

Ltd

3,742,879

33,455

Sun

Hung

Kai

Properties

Ltd

1,804,000

21,427

Swire

Properties

Ltd

4,841,400

12,976

TAG

Immobilien

AG

68,211

1,097

Vonovia

SE

895,387

27,789

Wharf

Real

Estate

Investment

Co

Ltd

2,354,000

7,473

Wihlborgs

Fastigheter

AB

1,382,585

13,587

$

163,517

REITs

-

.43

%

Advance

Residence

Investment

Corp

6,419

6,620

American

Healthcare

REIT

Inc

453,973

17,541

American

Homes

Rent

1,078,610

37,417

American

Tower

Corp

108,530

22,617

Americold

Realty

Trust

Inc

501,883

8,070

AvalonBay

Communities

Inc

277,344

51,664

Canadian

Apartment

Properties

REIT

407,571

13,016

CapitaLand

Integrated

Commercial

Trust

5,103,000

8,616

COPT

Defense

Properties

260,408

7,104

Cousins

Properties

Inc

566,883

15,362

Daiwa

House

REIT

Investment

Corp

6,076

10,161

Digital

Realty

Trust

Inc

205,977

36,343

EastGroup

Properties

Inc

116,180

18,965

Empire

State

Realty

Trust

Inc

758,241

5,490

Equinix

Inc

125,774

98,754

Equity

LifeStyle

Properties

Inc

358,544

21,484

Equity

Residential

433,487

27,396

Essex

Property

Trust

Inc

88,570

23,044

Extra

Space

Storage

Inc

435,390

58,499

Gaming

and

Leisure

Properties

Inc

434,018

19,783

Gecina

SA

113,082

11,113

GLP

J-Reit

11,111

9,737

Goodman

Group

2,768,544

61,900

Healthpeak

Properties

Inc

1,811,406

30,685

InterRent

Real

Estate

Investment

Trust

756,775

7,237

Invincible

Investment

Corp

16,349

7,272

Invitation

Homes

Inc

1,283,232

39,331

Iron

Mountain

Inc

148,296

14,438

Japan

Real

Estate

Investment

Corp

7,733

6,272

Keppel

DC

REIT

7,532,492

13,708

Kilroy

Realty

Corp

298,432

11,000

Klepierre

SA

807,548

30,826

Mapletree

Logistics

Trust

9,828,211

8,740

Mirvac

Group

13,344,649

19,147

National

Storage

REIT

5,984,713

9,177

Nippon

Accommodations

Fund

Inc

5,397

4,228

Nippon

Building

Fund

Inc

17,343

15,909

Nippon

Prologis

REIT

Inc

20,041

10,815

Prologis

Inc

635,707

67,881

Prologis

Property

Mexico

SA

de

CV

1,033,193

3,916

Regency

Centers

Corp

496,131

35,424

Rexford

Industrial

Realty

Inc

661,329

24,158

Ryman

Hospitality

Properties

Inc

176,690

16,796

Sabra

Health

Care

REIT

Inc

1,248,647

22,513

Safestore

Holdings

PLC

1,196,909

10,613

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

REITs

(continued)

Saul

Centers

Inc

58,129

$

1,873

Segro

PLC

1,587,668

13,531

Sekisui

House

Reit

Inc

18,975

9,857

Simon

Property

Group

Inc

152,681

25,008

Stockland

8,753,054

31,032

Unibail-Rodamco-Westfield

(c) 339,383

32,900

UNITE

Group

PLC/The

1,518,397

14,971

Ventas

Inc

982,878

66,030

VICI

Properties

Inc

1,426,004

46,488

Vornado

Realty

Trust

365,846

14,056

Warehouses

De

Pauw

CVA

274,049

6,395

Welltower

Inc

679,860

112,224

$

1,375,147

Telecommunications

-

.95

%

NEXTDC

Ltd

(c) 1,654,415

15,234

TOTAL

COMMON

STOCKS

$

1,580,781

Total

Investments

$

1,609,968

Other

Assets

and

Liabilities

- (0.01)%

(206)

TOTAL

NET

ASSETS

-

100.00%

$

1,609,762

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b) 1-day

yield

shown

is

as

of

period

end.

(c) Non-income

producing

security

(d) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$14,798

or

0.92%

of

net

assets.

Schedule

of

Investments

Global

Real

Estate

Securities

Fund

July

31,

2025

(unaudited)

Affiliated

Securities

October

31,

2024

Purchases

Sales

July

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

26,078

$

302,310

$

299,201

$

29,187

$

26,078

$

302,310

$

299,201

$

29,187

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

881

$

—

$

—

$

—

$

881

$

—

$

—

$

—

Amounts

in

thousands.

Schedule

of

Investments

Government

&

High

Quality

Bond

Fund

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.01

%

Principal

Government

Money

Market

Fund

-

Class

4.22%

(a),(b)

12,430,966

$

12,431

TOTAL

INVESTMENT

COMPANIES

$

12,431

BONDS

-

.55

%

Principal

Amount

(000's)

Value

(000's)

Automobile

Asset

Backed

Securities

-

.35

%

Ally

Auto

Receivables

Trust

2024-2

4.46%,

07/15/2027

$

1,962

$

1,961

AmeriCredit

Automobile

Receivables

Trust

2023-2

6.19%,

04/19/2027

AmeriCredit

Automobile

Receivables

Trust

2024-1

4.95%,

02/18/2028

2,719

2,720

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.60%

5.75%,

02/18/2028

891

892

BMW

Vehicle

Owner

Trust

2024-A

5.42%,

02/25/2027

2,282

2,285

BofA

Auto

Trust

2024-1

5.57%,

12/15/2026

(c) 945

946

BofA

Auto

Trust

2025-1

4.90%,

11/22/2027

(c) 2,025

2,027

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.55%

Carmax

Auto

Owner

Trust

2024-3

5.21%,

09/15/2027

2,882

2,887

Chase

Auto

Owner

Trust

2024-1

5.48%,

04/26/2027

(c) 603

603

Chase

Auto

Owner

Trust

2024-4

5.25%,

09/27/2027

(c) 2,348

2,352

Drive

Auto

Receivables

Trust

4.87%,

08/15/2028

4,510

4,514

GM

Financial

Automobile

Leasing

Trust

2024-1

5.18%,

06/22/2026

GM

Financial

Automobile

Leasing

Trust

2024-3

4.82%,

01/20/2027

4,890

4,892

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.47%

Mercedes-Benz

Auto

Lease

Trust

2024-A

5.44%,

02/16/2027

2,232

2,236

Santander

Drive

Auto

Receivables

Trust

2024-1

5.25%,

04/17/2028

3,015

3,019

Santander

Drive

Auto

Receivables

Trust

2024-2

5.80%,

09/15/2027

Santander

Drive

Auto

Receivables

Trust

2024-3

5.91%,

06/15/2027

Santander

Drive

Auto

Receivables

Trust

2024-4

5.41%,

07/15/2027

1,778

1,779

Santander

Drive

Auto

Receivables

Trust

2025-1

4.76%,

08/16/2027

2,653

2,653

Santander

Drive

Auto

Receivables

Trust

2025-2

4.71%,

06/15/2028

5,321

5,321

Santander

Drive

Auto

Receivables

Trust

2025-3

4.63%,

10/16/2028

6,830

6,834

SBNA

Auto

Lease

Trust

2024-B

5.67%,

11/20/2026

(c) 1,189

1,189

Tesla

Electric

Vehicle

Trust

2023-1

5.54%,

12/21/2026

(c) 1,012

1,013

Wheels

Fleet

Lease

Funding

LLC

4.99%,

01/18/2040

(c) 7,080

7,083

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.67%

$

57,768

Credit

Card

Asset

Backed

Securities

-

.17

%

BA

Credit

Card

Trust

5.00%,

04/15/2028

6,175

6,184

Citibank

Credit

Card

Issuance

Trust

5.23%,

12/08/2027

4,250

4,260

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Credit

Card

Asset

Backed

Securities

(continued)

Discover

Card

Execution

Note

Trust

4.31%,

03/15/2028

$

8,087

$

8,078

5.03%,

10/15/2027

7,265

7,273

$

25,795

Mortgage

Backed

Securities

-

.03

%

Citigroup

Mortgage

Loan

Trust

2015-PS1

5.12%,

09/25/2042

(c),(d)

2,275

2,256

CSMC

Trust

2015-1

3.89%,

01/25/2045

(c),(d)

2,198

2,113

Fannie

Mae

Interest

Strip

3.50%,

12/25/2043

(d),(e)

1,230

Fannie

Mae

REMICS

1.54%,

09/25/2046

(e) 9,831

1,022

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.89%

1.54%,

10/25/2049

(e) 10,472

1,279

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.89%

1.54%,

05/25/2050

(e) 11,299

1,258

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.89%

1.59%,

08/25/2049

(e) 16,455

1,720

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

1.59%,

09/25/2049

(e) 4,637

564

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

1.59%,

11/25/2049

(e) 7,768

848

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

1.61%,

06/25/2050

(e) 6,784

814

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.96%

1.69%,

09/25/2047

(e) 14,892

1,689

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.04%

1.95%,

06/25/2045

(e) 3,363

1.00 x

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.00%

2.24%,

12/25/2042

(e) 5,843

774

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.59%

2.50%,

02/25/2028

(e) 1,131

3.00%,

07/25/2032

(e) 2,415

3.00%,

10/25/2040

(e) 647

3.00%,

04/25/2042

3.00%,

05/25/2048

684

597

3.00%,

01/25/2051

(e) 10,605

1,837

3.50%,

02/25/2036

(e) 1,740

3.50%,

02/25/2043

(e) 413

3.50%,

02/25/2043

3.50%,

07/25/2043

(e) 2,483

3.50%,

08/25/2045

5.06%,

04/25/2027

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.71%

7.00%,

04/25/2032

Freddie

Mac

REMICS

1.59%,

09/25/2049

(e) 14,865

1,697

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

1.59%,

10/25/2049

(e) 11,791

1,248

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

1.59%,

11/25/2049

(e) 5,197

567

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

Schedule

of

Investments

Government

&

High

Quality

Bond

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Mortgage

Backed

Securities

(continued)

Freddie

Mac

REMICS

(continued)

1.59%,

03/25/2050

(e) $

8,673

$

1,050

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

1.64%,

08/25/2050

(e) 7,198

917

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.99%

3.00%,

04/15/2046

736

683

4.00%,

11/15/2042

(e) 1,075

6.50%,

08/15/2027

Ginnie

Mae

1.63%,

03/20/2044

(e) 3,804

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.99%

1.63%,

06/20/2046

(e) 1,763

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.99%

1.63%,

08/20/2047

(e) 9,341

1,129

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.99%

1.73%,

10/20/2045

(e) 3,969

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.09%

1.73%,

11/20/2047

(e) 2,873

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.09%

1.83%,

08/20/2050

(e) 10,354

1,475

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.19%

1.83%,

07/20/2051

(e) 7,367

993

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.19%

1.83%,

08/20/2051

(e) 8,757

1,197

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.19%

1.90%,

09/20/2050

(e) 6,609

909

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.25%

3.00%,

07/20/2050

(e) 6,007

973

3.00%,

11/20/2050

(e) 10,832

1,849

3.00%,

11/20/2050

(e) 16,341

2,716

3.00%,

12/20/2050

(e) 6,810

1,129

3.50%,

10/20/2049

(e) 9,916

1,880

4.00%,

04/20/2044

(e) 1,038

4.00%,

01/20/2046

(e) 853

JP

Morgan

Mortgage

Trust

2016-4

3.50%,

10/25/2046

(c),(d)

564

507

New

Residential

Mortgage

Loan

Trust

2015-2

5.28%,

08/25/2055

(c),(d)

2,365

2,344

NRP

Mortgage

Trust

2013-1

3.28%,

07/25/2043

(c),(d)

1,516

1,100

Sequoia

Mortgage

Trust

2013-2

3.64%,

02/25/2043

(d) 615

601

Sequoia

Mortgage

Trust

2017-3

3.76%,

04/25/2047

(c),(d)

1,672

1,565

Sequoia

Mortgage

Trust

2017-5

3.50%,

08/25/2047

(c),(d)

Sequoia

Mortgage

Trust

2024-5

6.00%,

06/25/2054

(c),(d)

2,787

2,785

$

49,644

TOTAL

BONDS

$

133,207

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

.94

%

Principal

Amount

(000's)

Value

(000's)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

-

.33

%

3.00%,

05/01/2043

$

886

$

793

3.00%,

07/01/2045

2,285

2,028

3.00%,

10/01/2046

3,426

3,050

3.50%,

08/01/2043

1,687

1,565

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

(continued)

3.50%,

02/01/2044

$

1,846

$

1,707

3.50%,

11/01/2046

1,525

1,403

4.00%,

12/01/2041

1,512

1,451

4.00%,

09/15/2042

4.00%,

10/01/2045

2,707

2,569

4.50%,

04/01/2041

1,522

1,504

5.00%,

12/01/2032

5.00%,

02/01/2033

5.00%,

01/01/2034

941

948

5.00%,

05/01/2034

5.00%,

07/01/2035

5.00%,

10/01/2035

5.00%,

11/01/2035

5.00%,

07/01/2044

748

753

5.00%,

03/01/2048

1,516

1,515

5.50%,

05/01/2033

5.50%,

10/01/2033

5.50%,

12/01/2033

5.50%,

07/01/2037

5.50%,

04/01/2038

5.50%,

05/01/2038

6.00%,

06/01/2028

6.00%,

05/01/2031

6.00%,

10/01/2031

6.00%,

02/01/2032

6.00%,

11/01/2033

6.00%,

09/01/2034

6.00%,

02/01/2035

6.00%,

10/01/2036

6.00%,

03/01/2037

6.00%,

05/01/2037

6.00%,

03/01/2038

6.00%,

04/01/2038

6.00%,

07/01/2038

6.00%,

10/01/2038

6.50%,

03/01/2029

6.50%,

04/01/2031

6.50%,

10/01/2031

6.50%,

02/01/2032

6.50%,

04/01/2032

7.00%,

01/01/2028

7.00%,

06/01/2029

7.00%,

04/01/2031

7.00%,

10/01/2031

7.00%,

04/01/2032

7.50%,

12/01/2030

7.50%,

02/01/2031

8.50%,

07/01/2029

$

20,567

Federal

National

Mortgage

Association

(FNMA)

-

.07

%

5.50%,

05/01/2033

6.00%,

01/01/2032

6.00%,

04/01/2033

6.00%,

09/01/2034

6.30%,

12/01/2033

1.00 x

Refinitiv

USD

IBOR

Consumer

Cash

Fallback

12-Month

+

1.70%

6.50%,

06/01/2031

6.50%,

11/01/2032

6.50%,

11/01/2032

7.00%,

08/01/2028

7.00%,

12/01/2028

7.00%,

07/01/2029

7.00%,

07/01/2032

$

Schedule

of

Investments

Government

&

High

Quality

Bond

Fund

July

31,

2025

(unaudited)

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

-

.98

%

2.00%,

11/01/2051

$

9,224

$

7,337

2.00%,

12/01/2051

15,675

12,480

2.00%,

12/01/2051

11,745

9,318

2.00%,

01/01/2052

13,180

10,452

2.00%,

01/01/2052

10,472

8,354

2.00%,

02/01/2052

9,868

7,950

2.00%,

03/01/2052

11,272

8,864

2.50%,

10/01/2050

10,161

8,372

2.50%,

02/01/2051

6,931

5,809

2.50%,

07/01/2051

10,213

8,510

2.50%,

10/01/2051

10,847

8,898

2.50%,

11/01/2051

5,155

4,313

2.50%,

12/01/2051

11,580

9,774

3.00%,

01/01/2046

2,151

1,908

3.00%,

07/01/2046

2,335

2,059

3.00%,

10/01/2046

2,792

2,470

3.00%,

12/01/2046

3,009

2,653

3.00%,

07/01/2050

4,895

4,235

3.00%,

08/01/2050

3,795

3,283

3.00%,

09/01/2050

6,149

5,328

3.50%,

06/01/2042

864

803

3.50%,

11/01/2042

1,577

1,465

3.50%,

02/01/2043

761

708

3.50%,

05/01/2043

1,125

1,042

3.50%,

03/01/2045

1,673

1,545

3.50%,

11/01/2048

5,581

5,136

3.50%,

12/01/2049

904

831

4.00%,

03/01/2043

991

948

4.00%,

08/01/2044

1,327

1,266

4.00%,

11/01/2044

1,103

1,048

4.00%,

08/01/2045

1,949

1,850

4.00%,

08/01/2046

3,134

2,947

4.00%,

07/01/2047

2,830

2,678

4.00%,

02/01/2048

2,524

2,385

4.00%,

07/01/2052

2,457

2,270

4.50%,

08/01/2039

875

865

4.50%,

10/01/2044

1,253

1,209

4.50%,

12/01/2044

2,609

2,543

4.50%,

05/01/2045

1,184

1,154

4.50%,

09/01/2045

1,563

1,522

4.50%,

10/01/2045

2,258

2,202

4.50%,

11/01/2045

3,236

3,150

4.50%,

06/01/2052

4,487

4,298

4.50%,

08/01/2052

4,601

4,390

4.50%,

10/01/2052

7,800

7,432

4.50%,

11/01/2053

2,964

2,814

4.50%,

01/01/2054

4,493

4,295

5.00%,

04/01/2035

5.00%,

05/01/2035

5.00%,

07/01/2035

5.00%,

02/01/2038

679

685

5.00%,

03/01/2038

5.00%,

02/01/2040

1,988

2,019

5.00%,

05/01/2040

767

772

5.00%,

07/01/2040

5.00%,

07/01/2041

2,084

2,095

5.00%,

02/01/2044

1,048

1,047

5.00%,

06/01/2044

904

909

5.00%,

05/01/2048

1,658

1,655

5.00%,

09/01/2052

4,155

4,086

5.00%,

04/01/2053

14,234

13,906

5.00%,

06/01/2053

11,799

11,531

5.00%,

11/01/2054

5,395

5,289

5.00%,

11/01/2054

4,782

4,656

5.00%,

02/01/2055

2,979

2,919

5.50%,

06/01/2026

5.50%,

07/01/2033

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

5.50%,

12/01/2037

$

$

5.50%,

03/01/2038

5.50%,

07/01/2053

5,313

5,394

5.50%,

07/01/2053

5,136

5,152

5.50%,

11/01/2053

5,855

5,885

5.50%,

11/01/2053

5,742

5,759

5.50%,

03/01/2054

4,090

4,078

5.50%,

05/01/2054

4,652

4,660

5.50%,

10/01/2054

7,485

7,508

5.50%,

02/01/2055

9,840

9,847

5.50%,

09/01/2055

(f) 18,160

18,049

6.00%,

03/01/2029

6.00%,

11/01/2032

6.00%,

11/01/2037

6.00%,

02/01/2038

6.00%,

03/01/2038

6.00%,

04/01/2039

6.00%,

04/01/2054

4,906

5,030

6.00%,

05/01/2054

4,711

4,821

6.00%,

06/01/2054

3,415

3,495

6.00%,

09/01/2054

3,414

3,492

6.00%,

09/01/2054

5,672

5,800

6.00%,

09/01/2055

(f) 20,365

20,627

6.50%,

08/01/2028

6.50%,

03/01/2029

6.50%,

06/01/2031

6.50%,

12/01/2031

6.50%,

04/01/2032

6.50%,

08/01/2032

6.50%,

02/01/2033

6.50%,

04/01/2036

6.50%,

08/01/2036

6.50%,

08/01/2036

6.50%,

10/01/2036

6.50%,

11/01/2036

6.50%,

07/01/2037

6.50%,

08/01/2037

6.50%,

08/01/2037

6.50%,

02/01/2038

6.50%,

10/01/2053

4,457

4,633

6.50%,

05/01/2054

3,496

3,634

6.50%,

04/01/2055

2,874

2,999

6.50%,

09/01/2055

(f) 1,235

1,273

7.00%,

11/01/2031

7.50%,

08/01/2032

$

370,825

Government

National

Mortgage

Association

(GNMA)

-

.01

%

2.00%,

08/20/2050

3,491

2,820

2.00%,

02/20/2051

6,619

5,348

2.50%,

06/20/2050

11,608

9,796

3.00%,

02/15/2043

1,973

1,767

3.00%,

02/20/2047

2,365

2,096

3.00%,

12/20/2051

2,469

2,159

3.50%,

05/15/2043

2,391

2,207

3.50%,

06/20/2043

1,723

1,560

3.50%,

02/20/2047

968

882

3.50%,

10/20/2047

1,525

1,390

4.00%,

09/15/2041

2,060

1,945

4.00%,

03/15/2044

1,343

1,268

4.50%,

08/20/2048

1,248

1,206

4.50%,

05/20/2052

4,589

4,381

4.50%,

09/20/2052

5,464

5,216

4.50%,

03/20/2053

3,065

2,928

4.50%,

06/20/2053

10,248

9,759

5.00%,

12/20/2052

7,559

7,422

5.00%,

04/20/2053

12,424

12,195

5.00%,

05/20/2053

5,831

5,709

Schedule

of

Investments

Government

&

High

Quality

Bond

Fund

July

31,

2025

(unaudited)

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Government

National

Mortgage

Association

(GNMA)

(continued)

5.00%,

09/20/2053

$

4,831

$

4,721

5.00%,

10/20/2053

4,881

4,785

5.00%,

02/20/2054

2,195

2,148

5.00%,

04/20/2054

6,877

6,715

5.50%,

07/20/2033

5.50%,

03/20/2034

5.50%,

05/20/2035

5.50%,

03/20/2053

5,950

5,964

5.50%,

08/20/2053

12,111

12,131

5.50%,

08/20/2055

(f) 27,650

27,575

6.00%,

04/20/2026

6.00%,

10/20/2028

6.00%,

02/20/2029

6.00%,

02/15/2033

6.00%,

07/20/2033

6.00%,

08/15/2038

6.00%,

08/20/2055

(f) 25,620

25,963

6.50%,

10/20/2028

6.50%,

03/20/2031

6.50%,

04/20/2031

6.50%,

10/15/2031

6.50%,

07/15/2032

6.50%,

05/20/2034

7.00%,

10/15/2027

7.00%,

04/15/2028

7.00%,

06/15/2028

7.00%,

12/15/2028

7.00%,

01/15/2029

7.00%,

03/15/2029

7.00%,

04/15/2029

7.00%,

05/15/2031

7.50%,

08/15/2029

7.50%,

10/15/2029

8.00%,

12/15/2030

$

173,184

U.S.

Treasury

Bill

-

.55

%

4.22%,

10/16/2025

(g) 2,730

2,705

4.23%,

09/18/2025

(g) 700

696

$

3,401

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

568,409

Total

Investments

$

714,047

Other

Assets

and

Liabilities

- (15.50)%

(95,844)

TOTAL

NET

ASSETS

-

100.00%

$

618,203

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b) 1-day

yield

shown

is

as

of

period

end.

(c) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$28,041

or

4.54%

of

net

assets.

(d) Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions. These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(e) Security

is

an

Interest

Only

Strip.

(f) Security

was

purchased

in

a

"to-be-announced"

("TBA")

transaction.

(g) Rate

shown

is

the

discount

rate

of

the

original

purchase.

Affiliated

Securities

October

31,

2024

Purchases

Sales

July

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

3,266

$

239,237

$

230,072

$

12,431

$

3,266

$

239,237

$

230,072

$

12,431

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

Amounts

in

thousands.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

US

Year

Note;

September

2025

Short

$

9,551

$

(70)

US

Year

Note;

September

2025

Short

38,499

US

Year

Note;

September

2025

Short

37,319

(8)

US

Long

Bond;

September

2025

Long

9,363

Total

$

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

High

Yield

Fund

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

3.84%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

0.78%

SPDR

Portfolio

High

Yield

Bond

ETF

2,145,000

$

50,836

Money

Market

Funds

-

3.06%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.21%

(a),(b)

16,987,409

16,988

Principal

Government

Money

Market

Fund

-

Class

4.22%

(a),(b),(c)

183,104,491

183,104

$

200,092

TOTAL

INVESTMENT

COMPANIES

$

250,928

COMMON

STOCKS

-

0.04%

Shares

Held

Value

(000's)

Diversified

Financial

Services

-

0.00%

Avation

PLC

-

Warrants

(d) 103,250

$

Electric

-

0.00%

Vistra

Energy

Corp

-

Rights

(d),(e)

164,087

—

Healthcare

-

Services

-

0.01%

Sound

Inpatient

Physicians

Inc

-

Class

A

(d),(e)

3,870,585

669

Sound

Inpatient

Physicians

Inc

-

Class

A2

(d),(e)

173,273

$

842

Mining

-

0.01%

Arctic

Canadian

Diamond

Co

Ltd

(d),(e),(f)

5,247

Burgundy

Diamond

Mines

Ltd

(d),(g)

6,531,458

$

529

Oil

&

Gas

-

0.02%

Mesquite

Energy

Inc

(d),(e)

15,341

1,087

Sabine

Oil

&

Gas

Holdings

Inc

(d),(e)

—

$

1,087

Retail

-

0.00%

Claire's

Holdings

LLC

(d) 4,036

—

Telecommunications

-

0.00%

Goodman

Networks

Inc

(d),(e)

15,207

—

TOTAL

COMMON

STOCKS

$

2,513

PREFERRED

STOCKS

-

0.00%

Shares

Held

Value

(000's)

Telecommunications

-

0.00%

Goodman

Networks

Inc

0.00%

(d),(e)

18,092

$

—

TOTAL

PREFERRED

STOCKS

$

—

BONDS

-

89.70%

Principal

Amount

(000's)

Value

(000's)

Advertising

-

0.33%

Dotdash

Meredith

Inc

7.63%,

06/15/2032

(h) $

22,390

$

21,825

Aerospace

&

Defense

-

1.71%

Bombardier

Inc

6.75%,

06/15/2033

(h) 2,910

2,991

7.00%,

06/01/2032

(h) 11,804

12,211

7.25%,

07/01/2031

(h) 13,761

14,369

7.50%,

02/01/2029

(h) 2,660

2,762

8.75%,

11/15/2030

(h) 20,773

22,354

TransDigm

Inc

4.88%,

05/01/2029

3,280

3,219

6.00%,

01/15/2033

(h) 30,745

30,897

6.38%,

03/01/2029

(h) 14,100

14,431

6.63%,

03/01/2032

(h) 6,872

7,066

7.13%,

12/01/2031

(h) 1,400

1,458

$

111,758

Airlines

-

0.84%

American

Airlines

2021-1

Class

B

Pass

Through

Trust

3.95%,

01/11/2032

2,522

2,391

American

Airlines

Inc

7.25%,

02/15/2028

(h),(i)

8.50%,

05/15/2029

(h) 1,535

1,604

American

Airlines

Inc/AAdvantage

Loyalty

IP

Ltd

5.75%,

04/20/2029

(h) 8,871

8,868

Grupo

Aeromexico

SAB

de

CV

8.63%,

11/15/2031

(h),(i)

10,300

10,043

OneSky

Flight

LLC

8.88%,

12/15/2029

(h) 7,648

8,058

United

Airlines

2016-1

Class

B

Pass

Through

Trust

3.65%,

07/07/2027

2,425

2,401

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Airlines

(continued)

United

Airlines

2016-2

Class

A

Pass

Through

Trust

3.10%,

04/07/2030

$

$

United

Airlines

Inc

4.38%,

04/15/2026

(h) 160

4.63%,

04/15/2029

(h) 21,835

21,322

$

54,991

Apparel

-

0.40%

S&S

Holdings

LLC

8.38%,

10/01/2031

(h) 27,427

26,278

Automobile

Manufacturers

-

0.05%

Ford

Motor

Co

3.25%,

02/12/2032

4,134

3,502

Automobile

Parts

&

Equipment

-

1.30%

American

Axle

&

Manufacturing

Inc

6.50%,

04/01/2027

6.88%,

07/01/2028

20,870

20,790

Dana

Inc

4.25%,

09/01/2030

13,495

13,280

4.50%,

02/15/2032

(i) 3,500

3,415

5.38%,

11/15/2027

7,280

7,293

5.63%,

06/15/2028

6,745

6,749

IHO

Verwaltungs

GmbH

7.75%,

PIK

8.50%;

11/15/2030

(h),(j),(k)

7,075

7,262

Phinia

Inc

6.63%,

10/15/2032

(h) 11,460

11,674

6.75%,

04/15/2029

(h) 1,274

1,311

Tenneco

Inc

8.00%,

11/17/2028

(h) 13,280

13,181

$

85,042

Banks

-

2.66%

Barclays

PLC

5.09%,

06/20/2030

(l) 26,300

26,395

Month

USD

LIBOR

+

3.05%

7.63%,

03/15/2035

(l),(m),(n)

11,725

11,944

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.69%

8.00%,

03/15/2029

(l),(m),(n)

21,085

22,347

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.43%

JPMorgan

Chase

&

Co

6.50%,

04/01/2030

(l),(m)

35,370

36,257

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.15%

UBS

Group

AG

7.00%,

02/10/2030

(h),(l),(m),(n)

35,758

36,475

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.08%

9.25%,

11/13/2028

(h),(l),(m),(n)

36,900

40,499

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.75%

$

173,917

Building

Materials

-

2.61%

AmeriTex

HoldCo

Intermediate

LLC

7.63%,

08/15/2033

(h),(o)

19,698

20,032

10.25%,

10/15/2028

(h) 27,570

29,258

JH

North

America

Holdings

Inc

5.88%,

01/31/2031

(h) 6,715

6,738

6.13%,

07/31/2032

(h) 8,635

8,725

Miter

Brands

Acquisition

Holdco

Inc

/

MIWD

Borrower

LLC

6.75%,

04/01/2032

(h) 14,060

14,355

MIWD

Holdco

II

LLC

/

MIWD

Finance

Corp

5.50%,

02/01/2030

(h) 15,495

14,749

Quikrete

Holdings

Inc

6.38%,

03/01/2032

(h) 15,485

15,881

6.75%,

03/01/2033

(h) 7,865

8,067

Schedule

of

Investments

High

Yield

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Building

Materials

(continued)

Smyrna

Ready

Mix

Concrete

LLC

6.00%,

11/01/2028

(h) $

49,622

$

49,458

8.88%,

11/15/2031

(h) 3,100

3,262

$

170,525

Chemicals

-

3.19%

Consolidated

Energy

Finance

SA

5.63%,

10/15/2028

(h) 19,485

16,317

6.50%,

05/15/2026

(h) 16,185

15,827

12.00%,

02/15/2031

(h),(i)

10,556

9,919

Element

Solutions

Inc

3.88%,

09/01/2028

(h) 25,703

24,761

Inversion

Escrow

Issuer

LLC

6.75%,

08/01/2032

(h),(o)

17,600

17,392

Kobe

US

Midco

Inc

9.25%,

PIK

10.00%;

11/01/2026

(h),(j),(k)

10,075

9,017

Olin

Corp

6.63%,

04/01/2033

(h) 8,575

8,344

Olympus

Water

US

Holding

Corp

4.25%,

10/01/2028

(h) 1,155

1,100

6.25%,

10/01/2029

(h),(i)

40,530

38,824

7.13%,

10/01/2027

(h) 3,439

3,492

7.25%,

06/15/2031

(h) 12,185

12,444

9.75%,

11/15/2028

(h) 3,584

3,757

Tronox

Inc

4.63%,

03/15/2029

(h),(i)

32,703

25,443

Vibrantz

Technologies

Inc

9.00%,

02/15/2030

(h) 33,845

21,661

$

208,298

Commercial

Services

-

4.49%

ADT

Security

Corp/The

4.13%,

08/01/2029

(h) 14,460

13,833

Albion

Financing

SARL

/

Aggreko

Holdings

Inc

7.00%,

05/21/2030

(h) 15,990

16,458

Block

Inc

6.50%,

05/15/2032

27,789

28,517

EquipmentShare.com

Inc

8.00%,

03/15/2033

(h) 15,345

16,020

8.63%,

05/15/2032

(h) 12,030

12,804

9.00%,

05/15/2028

(h) 1,000

1,054

Garda

World

Security

Corp

4.63%,

02/15/2027

(h) 107

6.00%,

06/01/2029

(h) 18,173

17,825

7.75%,

02/15/2028

(h) 27

8.25%,

08/01/2032

(h) 150

8.38%,

11/15/2032

(h) 20,170

20,777

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc

3.38%,

08/31/2027

(h) 284

5.75%,

04/15/2026

(h) 58

6.25%,

01/15/2028

(h) 30,650

30,648

Shift4

Payments

LLC

/

Shift4

Payments

Finance

Sub

Inc

6.75%,

08/15/2032

(h) 29,425

30,396

United

Rentals

North

America

Inc

3.88%,

02/15/2031

11,480

10,712

4.88%,

01/15/2028

4,136

4,110

5.25%,

01/15/2030

8,650

8,627

Veritiv

Operating

Co

10.50%,

11/30/2030

(h),(i)

34,653

37,560

WASH

Multifamily

Acquisition

Inc

5.75%,

04/15/2026

(h) 31,000

30,997

ZipRecruiter

Inc

5.00%,

01/15/2030

(h) 16,256

12,303

$

293,262

Computers

-

1.78%

McAfee

Corp

7.38%,

02/15/2030

(h) 40,110

37,190

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Computers

(continued)

NCR

Atleos

Corp

9.50%,

04/01/2029

(h) $

26,470

$

28,676

Seagate

Data

Storage

Technology

Pte

Ltd

5.75%,

12/01/2034

(h),(i)

9,660

9,083

8.50%,

07/15/2031

(h) 3,920

4,140

9.63%,

12/01/2032

(h) 15,075

16,978

Vericast

Corp

12.50%,

12/15/2027

(h) 800

851

Virtusa

Corp

7.13%,

12/15/2028

(h) 20,062

19,167

$

116,085

Consumer

Products

-

0.28%

Kronos

Acquisition

Holdings

Inc

8.25%,

06/30/2031

(h) 9,075

7,872

10.75%,

06/30/2032

(h) 15,075

10,119

$

17,991

Cosmetics

&

Personal

Care

-

0.45%

High

Ridge

Brands

-

Escrow

0.00%,

03/15/2025

(d),(e),(f)

4,938

—

Perrigo

Finance

Unlimited

Co

6.13%,

09/30/2032

29,270

29,576

$

29,576

Diversified

Financial

Services

-

5.54%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

6.95%,

03/10/2055

(l) 27,625

28,901

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.72%

Credit

Acceptance

Corp

6.63%,

03/15/2030

(h) 8,650

8,760

9.25%,

12/15/2028

(h) 28,443

30,081

Freedom

Mortgage

Holdings

LLC

9.13%,

05/15/2031

(h) 44,315

46,066

Global

Aircraft

Leasing

Co

Ltd

8.75%,

09/01/2027

(h) 42,755

44,150

Jane

Street

Group

/

JSG

Finance

Inc

6.13%,

11/01/2032

(h) 31,170

30,926

6.75%,

05/01/2033

(h) 16,550

16,937

Macquarie

Airfinance

Holdings

Ltd

5.15%,

03/17/2030

(h) 5,250

5,245

8.13%,

03/30/2029

(h) 6,885

7,187

OneMain

Finance

Corp

3.50%,

01/15/2027

4,210

4,108

4.00%,

09/15/2030

7,638

6,999

6.63%,

01/15/2028

2,675

2,739

6.63%,

05/15/2029

11,314

11,555

7.13%,

11/15/2031

27,370

28,255

7.13%,

09/15/2032

17,185

17,712

7.50%,

05/15/2031

7,760

8,087

Rfna

LP

7.88%,

02/15/2030

(h) 14,805

15,038

Rocket

Cos

Inc

6.13%,

08/01/2030

(h) 11,530

11,691

6.38%,

08/01/2033

(h) 15,090

15,391

TrueNoord

Capital

DAC

8.75%,

03/01/2030

(h) 21,507

22,306

$

362,134

Electric

-

3.21%

California

Buyer

Ltd

/

Atlantica

Sustainable

Infrastructure

PLC

6.38%,

02/15/2032

(h) 29,495

29,793

Clearway

Energy

Operating

LLC

3.75%,

02/15/2031

(h) 43,120

39,358

Lightning

Power

LLC

7.25%,

08/15/2032

(h) 44,485

46,508

Schedule

of

Investments

High

Yield

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

NextEra

Energy

Capital

Holdings

Inc

6.70%,

09/01/2054

(l) $

29,835

$

30,772

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.36%

NRG

Energy

Inc

3.63%,

02/15/2031

(h) 8,060

7,378

3.88%,

02/15/2032

(h) 5,296

4,839

10.25%,

03/15/2028

(h),(l),(m)

12,125

13,346

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.92%

Vistra

Corp

7.00%,

12/15/2026

(h),(l),(m)

16,889

17,054

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.74%

Vistra

Operations

Co

LLC

4.38%,

05/01/2029

(h) 21,107

20,453

$

209,501

Engineering

&

Construction

-

0.38%

Global

Infrastructure

Solutions

Inc

5.63%,

06/01/2029

(h) 25,003

24,873

Entertainment

-

3.44%

Allwyn

Entertainment

Financing

UK

PLC

7.88%,

04/30/2029

(h) 19,815

20,583

Caesars

Entertainment

Inc

6.00%,

10/15/2032

(h),(i)

15,010

14,487

6.50%,

02/15/2032

(h) 30,505

31,110

CCM

Merger

Inc

6.38%,

05/01/2026

(h) 11,939

11,935

Churchill

Downs

Inc

4.75%,

01/15/2028

(h) 240

5.75%,

04/01/2030

(h) 28,560

28,489

6.75%,

05/01/2031

(h) 210

Cinemark

USA

Inc

5.25%,

07/15/2028

(h),(i)

18,440

18,310

7.00%,

08/01/2032

(h) 40,555

41,876

Starz

Capital

Holdings

LLC

5.50%,

04/15/2029

(h),(i)

13,195

10,927

Warnermedia

Holdings

Inc

5.05%,

03/15/2042

18,520

12,380

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp

5.13%,

10/01/2029

(h) 104

6.25%,

03/15/2033

(h) 17,075

17,125

7.13%,

02/15/2031

(h) 15,966

16,982

$

224,758

Environmental

Control

-

0.47%

Madison

IAQ

LLC

4.13%,

06/30/2028

(h) 18,265

17,675

Waste

Pro

USA

Inc

7.00%,

02/01/2033

(h) 12,610

13,083

$

30,758

Food

-

3.53%

Albertsons

Cos

Inc

/

Safeway

Inc

/

New

Albertsons

LP

/

Albertsons

LLC

3.50%,

03/15/2029

(h) 11,785

11,114

4.63%,

01/15/2027

(h) 8,270

8,203

6.25%,

03/15/2033

(h) 4,740

4,831

B&G

Foods

Inc

5.25%,

09/15/2027

(i) 11,625

10,323

8.00%,

09/15/2028

(h) 17,105

15,993

Chobani

Holdco

II

LLC

8.75%,

PIK

9.50%;

10/01/2029

(h),(j),(k)

5,481

5,879

Chobani

LLC

/

Chobani

Finance

Corp

Inc

4.63%,

11/15/2028

(h) 13,095

12,841

7.63%,

07/01/2029

(h) 12,484

13,007

Fiesta

Purchaser

Inc

7.88%,

03/01/2031

(h) 3,744

3,956

9.63%,

09/15/2032

(h) 24,490

25,880

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Food

(continued)

Ingles

Markets

Inc

4.00%,

06/15/2031

(h) $

20,752

$

19,272

JBS

USA

Holding

Lux

Sarl/

JBS

USA

Food

Co/

JBS

Lux

Co

Sarl

3.63%,

01/15/2032

27,275

24,944

Pilgrim's

Pride

Corp

3.50%,

03/01/2032

14,595

13,107

4.25%,

04/15/2031

15,060

14,395

Post

Holdings

Inc

4.63%,

04/15/2030

(h) 28,739

27,452

6.25%,

10/15/2034

(h) 2,870

2,874

Viking

Baked

Goods

Acquisition

Corp

8.63%,

11/01/2031

(h) 16,755

16,429

$

230,500

Forest

Products

&

Paper

-

0.44%

Mercer

International

Inc

5.13%,

02/01/2029

21,090

16,989

12.88%,

10/01/2028

(h) 5,860

5,910

Sappi

Papier

Holding

GmbH

7.50%,

06/15/2032

(h) 5,381

5,610

$

28,509

Gas

-

0.14%

Venture

Global

Plaquemines

LNG

LLC

7.75%,

05/01/2035

(h) 8,655

9,490

Healthcare

-

Products

-

0.43%

Medline

Borrower

LP

3.88%,

04/01/2029

(h) 26,645

25,410

5.25%,

10/01/2029

(h) 3,085

3,025

$

28,435

Healthcare

-

Services

-

3.94%

Acadia

Healthcare

Co

Inc

5.00%,

04/15/2029

(h) 41,537

40,137

7.38%,

03/15/2033

(h),(i)

3,775

3,887

Centene

Corp

2.50%,

03/01/2031

16,540

13,885

3.00%,

10/15/2030

1,820

1,585

3.38%,

02/15/2030

16,070

14,469

CHS/Community

Health

Systems

Inc

6.00%,

01/15/2029

(h) 29,751

28,279

Concentra

Health

Services

Inc

6.88%,

07/15/2032

(h) 22,130

22,738

IQVIA

Inc

6.25%,

06/01/2032

(h) 16,860

17,289

LifePoint

Health

Inc

8.38%,

02/15/2032

(h) 18,520

19,703

Molina

Healthcare

Inc

3.88%,

05/15/2032

(h) 10,385

9,066

4.38%,

06/15/2028

(h) 14,923

14,282

6.25%,

01/15/2033

(h) 6,742

6,652

Star

Parent

Inc

9.00%,

10/01/2030

(h) 15,225

16,011

Tenet

Healthcare

Corp

6.13%,

06/15/2030

30,511

30,787

6.75%,

05/15/2031

18,165

18,691

$

257,461

Holding

Companies

-

Diversified

-

0.19%

Clue

Opco

LLC

9.50%,

10/15/2031

(h),(i)

11,510

12,205

Home

Builders

-

1.33%

Adams

Homes

Inc

9.25%,

10/15/2028

(h) 23,814

24,674

Century

Communities

Inc

3.88%,

08/15/2029

(h) 18,585

17,133

6.75%,

06/01/2027

Dream

Finders

Homes

Inc

8.25%,

08/15/2028

(h) 16,133

16,697

Schedule

of

Investments

High

Yield

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Home

Builders

(continued)

Forestar

Group

Inc

6.50%,

03/15/2033

(h) $

11,530

$

11,575

LGI

Homes

Inc

4.00%,

07/15/2029

(h) 248

7.00%,

11/15/2032

(h) 17,201

16,556

$

86,971

Housewares

-

0.21%

Newell

Brands

Inc

8.50%,

06/01/2028

(h) 13,380

14,021

Insurance

-

0.27%

Acrisure

LLC

/

Acrisure

Finance

Inc

4.25%,

02/15/2029

(h) 11,190

10,683

6.00%,

08/01/2029

(h) 7,080

6,906

$

17,589

Investment

Companies

-

0.56%

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC

3.38%,

06/15/2026

(h) 1,970

1,932

3.75%,

09/15/2030

(h),(i)

5,288

4,806

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp

4.38%,

02/01/2029

35,170

30,159

$

36,897

Iron

&

Steel

-

0.95%

Cleveland-Cliffs

Inc

4.63%,

03/01/2029

(h) 10,100

9,519

4.88%,

03/01/2031

(h) 60

6.75%,

04/15/2030

(h) 80

6.88%,

11/01/2029

(h) 60

7.00%,

03/15/2032

(h),(i)

5,880

5,737

7.38%,

05/01/2033

(h) 15,755

15,339

Specialty

Steel

14.25%,

11/15/2026

(e),(f)

8,096

7,073

TMS

International

Corp/DE

6.25%,

04/15/2029

(h) 25,550

24,325

$

62,186

Leisure

Products

&

Services

-

1.84%

Carnival

Corp

4.00%,

08/01/2028

(h) 2,220

2,156

5.75%,

03/01/2027

(h) 1,131

1,142

6.00%,

05/01/2029

(h) 9,040

9,120

6.13%,

02/15/2033

(h) 10,160

10,340

Life

Time

Inc

6.00%,

11/15/2031

(h) 23,361

23,533

NCL

Corp

Ltd

5.88%,

03/15/2026

(h) 47

5.88%,

02/15/2027

(h) 7,520

7,542

6.25%,

03/01/2030

(h) 19,980

20,220

6.75%,

02/01/2032

(h) 5,000

5,136

7.75%,

02/15/2029

(h) 83

8.13%,

01/15/2029

(h) 123

NCL

Finance

Ltd

6.13%,

03/15/2028

(h) 13,170

13,329

Royal

Caribbean

Cruises

Ltd

5.38%,

07/15/2027

(h) 15,890

15,965

5.50%,

08/31/2026

(h) 170

5.50%,

04/01/2028

(h) 240

5.63%,

09/30/2031

(h) 10,480

10,555

6.00%,

02/01/2033

(h) 291

6.25%,

03/15/2032

(h) 220

7.50%,

10/15/2027

$

120,327

Lodging

-

1.56%

Hilton

Grand

Vacations

Borrower

LLC

/

Hilton

Grand

Vacations

Borrower

Inc

6.63%,

01/15/2032

(h) 31,150

31,500

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Lodging

(continued)

Station

Casinos

LLC

4.50%,

02/15/2028

(h) $

$

4.63%,

12/01/2031

(h) 1,425

1,334

6.63%,

03/15/2032

(h) 35,673

36,376

Wynn

Macau

Ltd

5.13%,

12/15/2029

(h) 73

5.50%,

10/01/2027

(h) 40

5.63%,

08/26/2028

(h) 32,585

32,228

$

101,646

Machinery

-

Diversified

-

0.50%

Maxim

Crane

Works

Holdings

Capital

LLC

11.50%,

09/01/2028

(h) 30,973

32,817

Media

-

6.29%

AMC

Networks

Inc

10.25%,

01/15/2029

(h) 28,990

29,750

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

4.25%,

01/15/2034

(h) 5,300

4,567

4.50%,

08/15/2030

(h) 16,800

15,718

4.75%,

03/01/2030

(h) 10,475

9,953

4.75%,

02/01/2032

(h) 29,462

27,234

5.00%,

02/01/2028

(h) 1,325

1,300

5.13%,

05/01/2027

(h) 6,625

6,571

CSC

Holdings

LLC

4.50%,

11/15/2031

(h) 30,900

20,585

5.50%,

04/15/2027

(h) 2,450

2,371

6.50%,

02/01/2029

(h) 22,355

17,662

11.25%,

05/15/2028

(h) 12,641

12,707

Directv

Financing

LLC

8.88%,

02/01/2030

(h) 28,976

28,214

Directv

Financing

LLC

/

Directv

Financing

Co-

Obligor

Inc

5.88%,

08/15/2027

(h) 9,927

9,872

10.00%,

02/15/2031

(h) 9,645

9,301

Discovery

Communications

LLC

4.13%,

05/15/2029

21,311

19,851

DISH

DBS

Corp

5.25%,

12/01/2026

(h) 17,388

16,366

DISH

Network

Corp

11.75%,

11/15/2027

(h) 26,135

27,218

EW

Scripps

Co/The

9.88%,

08/15/2030

(h),(o)

4,112

4,086

iHeartCommunications

Inc

4.75%,

01/15/2028

(h) 5,599

4,627

LCPR

Senior

Secured

Financing

DAC

5.13%,

07/15/2029

(h),(i)

32,832

22,317

6.75%,

10/15/2027

(h) 5,507

4,227

McGraw-Hill

Education

Inc

7.38%,

09/01/2031

(h) 19,415

20,181

Scripps

Escrow

II

Inc

3.88%,

01/15/2029

(h) 20,410

18,119

Sinclair

Television

Group

Inc

8.13%,

02/15/2033

(h) 19,925

20,324

Virgin

Media

Finance

PLC

5.00%,

07/15/2030

(h) 18,741

16,894

Virgin

Media

Vendor

Financing

Notes

IV

DAC

5.00%,

07/15/2028

(h) 12,925

12,535

VZ

Secured

Financing

BV

5.00%,

01/15/2032

(h) 5,000

4,397

Ziggo

BV

4.88%,

01/15/2030

(h) 26,155

24,161

$

411,108

Metal

Fabrication

&

Hardware

-

0.22%

Park-Ohio

Industries

Inc

8.50%,

08/01/2030

(h) 14,735

14,146

Mining

-

2.03%

ACN

874

712

Pty

Ltd

0.00%,

02/15/2018

(d),(h)

10,457

Schedule

of

Investments

High

Yield

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Mining

(continued)

Arsenal

AIC

Parent

LLC

8.00%,

10/01/2030

(h) $

$

11.50%,

10/01/2031

(h) 725

806

Century

Aluminum

Co

6.88%,

08/01/2032

(h) 7,990

8,073

First

Quantum

Minerals

Ltd

6.88%,

10/15/2027

(h),(i)

6,345

6,356

8.00%,

03/01/2033

(h) 9,110

9,387

8.63%,

06/01/2031

(h) 17,095

17,800

Hudbay

Minerals

Inc

6.13%,

04/01/2029

(h) 8,405

8,452

IAMGOLD

Corp

5.75%,

10/15/2028

(h) 19,263

19,051

New

Gold

Inc

6.88%,

04/01/2032

(h) 16,140

16,563

Northwest

Acquisitions

ULC

/

Dominion

Finco

Inc

0.00%,

11/01/2022

(d),(h)

15,820

—

Taseko

Mines

Ltd

8.25%,

05/01/2030

(h) 43,832

45,766

$

132,689

Oil

&

Gas

-

4.52%

Aethon

United

BR

LP

/

Aethon

United

Finance

Corp

7.50%,

10/01/2029

(h) 28,032

29,370

APA

Corp

5.25%,

02/01/2042

(h) 4,094

3,181

Ascent

Resources

Utica

Holdings

LLC

/

ARU

Finance

Corp

6.63%,

10/15/2032

(h) 34,165

34,753

6.63%,

07/15/2033

(h) 1,930

1,957

9.00%,

11/01/2027

(h) 9,300

11,293

Chord

Energy

Corp

6.75%,

03/15/2033

(h) 34,125

34,808

Crescent

Energy

Finance

LLC

8.38%,

01/15/2034

(h) 21,410

21,191

EQT

Corp

7.50%,

06/01/2027

(h) 160

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co

5.75%,

02/01/2029

(h) 7,158

7,031

6.00%,

02/01/2031

(h) 4,645

4,474

6.25%,

04/15/2032

(h) 1,550

1,488

6.88%,

05/15/2034

(h) 13,400

12,903

7.25%,

02/15/2035

(h) 6,650

6,481

Matador

Resources

Co

6.25%,

04/15/2033

(h) 31,120

30,830

Permian

Resources

Operating

LLC

6.25%,

02/01/2033

(h) 28,655

28,826

Puma

International

Financing

SA

5.00%,

01/24/2026

(h) 95

Sunoco

LP

6.25%,

07/01/2033

(h) 11,150

11,293

Sunoco

LP

/

Sunoco

Finance

Corp

4.50%,

04/30/2030

31,585

30,284

Transocean

Inc

8.50%,

05/15/2031

(h) 27,260

25,046

$

295,466

Oil

&

Gas

Services

-

1.15%

Archrock

Partners

LP

/

Archrock

Partners

Finance

Corp

6.25%,

04/01/2028

(h) 44,261

44,258

Enerflex

Ltd

9.00%,

10/15/2027

(h) 29,926

30,817

$

75,075

Packaging

&

Containers

-

2.93%

Canpack

SA

/

Canpack

US

LLC

3.13%,

11/01/2025

(h) 9,640

9,547

Cascades

Inc/Cascades

USA

Inc

5.38%,

01/15/2028

(h) 16,537

16,170

6.75%,

07/15/2030

(h) 16,000

15,963

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Packaging

&

Containers

(continued)

Clydesdale

Acquisition

Holdings

Inc

6.63%,

04/15/2029

(h) $

2,205

$

2,231

6.75%,

04/15/2032

(h) 13,515

13,844

6.88%,

01/15/2030

(h) 14,990

15,329

8.75%,

04/15/2030

(h) 20,469

20,890

Crown

Americas

LLC

5.88%,

06/01/2033

(h) 9,135

9,152

Crown

Cork

&

Seal

Co

Inc

7.38%,

12/15/2026

14,495

14,952

LABL

Inc

5.88%,

11/01/2028

(h) 10,046

8,912

8.63%,

10/01/2031

(h) 23,035

19,133

9.50%,

11/01/2028

(h) 8,927

8,330

Mauser

Packaging

Solutions

Holding

Co

7.88%,

04/15/2027

(h) 12,255

12,362

9.25%,

04/15/2027

(h) 24,885

24,630

$

191,445

Pharmaceuticals

-

3.15%

1261229

BC

Ltd

10.00%,

04/15/2032

(h) 21,845

22,240

Medical

Inc

3.88%,

10/15/2029

(h) 26,920

25,487

AdaptHealth

LLC

5.13%,

03/01/2030

(h) 31,501

29,611

BellRing

Brands

Inc

7.00%,

03/15/2030

(h) 28,390

29,452

Endo

Finance

Holdings

Inc

8.50%,

04/15/2031

(h),(i)

34,096

36,272

Jazz

Securities

DAC

4.38%,

01/15/2029

(h) 47,640

46,086

Owens

&

Minor

Inc

4.50%,

03/31/2029

(h),(i)

19,277

16,671

$

205,819

Pipelines

-

3.41%

Antero

Midstream

Partners

LP

/

Antero

Midstream

Finance

Corp

5.38%,

06/15/2029

(h) 17,110

16,966

5.75%,

03/01/2027

(h) 13,570

13,576

6.63%,

02/01/2032

(h) 92

DT

Midstream

Inc

4.13%,

06/15/2029

(h) 16,060

15,467

Harvest

Midstream

I

LP

7.50%,

05/15/2032

(h) 28,683

29,814

Hess

Midstream

Operations

LP

4.25%,

02/15/2030

(h) 46,590

45,080

Venture

Global

LNG

Inc

7.00%,

01/15/2030

(h) 1,450

1,470

8.38%,

06/01/2031

(h) 26,805

27,726

9.00%,

09/30/2029

(h),(l),(m)

16,460

16,464

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.44%

9.50%,

02/01/2029

(h) 29,790

32,488

Venture

Global

Plaquemines

LNG

LLC

6.75%,

01/15/2036

(h) 22,830

23,485

$

222,631

REITs

-

4.16%

Arbor

Realty

SR

Inc

7.88%,

07/15/2030

(h) 17,790

18,167

Blackstone

Mortgage

Trust

Inc

7.75%,

12/01/2029

(h) 5,685

6,010

Iron

Mountain

Inc

4.50%,

02/15/2031

(h) 32,606

30,836

4.88%,

09/15/2027

(h) 160

4.88%,

09/15/2029

(h) 230

5.00%,

07/15/2028

(h) 100

5.25%,

03/15/2028

(h) 190

5.25%,

07/15/2030

(h) 6,345

6,235

5.63%,

07/15/2032

(h) 144

Schedule

of

Investments

High

Yield

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

REITs

(continued)

Iron

Mountain

Inc

(continued)

6.25%,

01/15/2033

(h) $

6,781

$

6,897

7.00%,

02/15/2029

(h) 200

Iron

Mountain

Information

Management

Services

Inc

5.00%,

07/15/2032

(h) 150

Ladder

Capital

Finance

Holdings

LLLP

/

Ladder

Capital

Finance

Corp

4.75%,

06/15/2029

(h) 39,082

37,941

7.00%,

07/15/2031

(h) 18,850

19,742

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp

3.50%,

03/15/2031

22,150

15,072

8.50%,

02/15/2032

(h) 6,340

6,590

Park

Intermediate

Holdings

LLC

/

PK

Domestic

Property

LLC

/

PK

Finance

Co-Issuer

4.88%,

05/15/2029

(h) 17,003

16,356

5.88%,

10/01/2028

(h) 60

7.00%,

02/01/2030

(h),(i)

14,275

14,619

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp

6.50%,

06/15/2033

(h) 12,665

12,970

Uniti

Group

LP

/

Uniti

Fiber

Holdings

Inc

/

CSL

Capital

LLC

6.00%,

01/15/2030

(h) 36,090

34,152

Uniti

Group

LP

/

Uniti

Group

Finance

2019

Inc

/

CSL

Capital

LLC

8.63%,

06/15/2032

(h) 12,475

12,653

XHR

LP

4.88%,

06/01/2029

(h),(i)

30,553

29,489

6.63%,

05/15/2030

(h) 2,634

2,677

$

271,628

Retail

-

4.91%

Academy

Ltd

6.00%,

11/15/2027

(h) 12,535

12,509

Bath

&

Body

Works

Inc

6.63%,

10/01/2030

(h) 17,275

17,683

6.75%,

07/01/2036

11,370

11,507

6.88%,

11/01/2035

6.95%,

03/01/2033

2,750

2,827

Carvana

Co

0.00%,

PIK

14.00%;

06/01/2031

(h),(j),(k)

9.00%,

PIK

12.00%;

12/01/2028

(h),(j),(k)

11.00%,

PIK

13.00%;

06/01/2030

(h),(j),(k)

29,415

30,767

Doman

Building

Materials

Group

Ltd

5.25%,

05/15/2026

(h) CAD

6,370

4,586

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co

Inc

4.63%,

01/15/2029

(h) $

45,420

43,181

6.75%,

01/15/2030

(h) 7,248

6,819

Gap

Inc/The

3.63%,

10/01/2029

(h) 24,530

22,636

3.88%,

10/01/2031

(h) 11,476

10,198

Macy's

Retail

Holdings

LLC

4.50%,

12/15/2034

6,445

5,217

5.88%,

03/15/2030

(h) 4,863

4,801

6.13%,

03/15/2032

(h) 21,953

21,019

6.38%,

03/15/2037

6.70%,

07/15/2034

(h) 130

7.38%,

08/01/2033

(h) 9,160

9,195

Park

River

Holdings

Inc

5.63%,

02/01/2029

(h) 18,563

16,018

6.75%,

08/01/2029

(h) 1,831

1,598

Patrick

Industries

Inc

4.75%,

05/01/2029

(h) 10,718

10,378

6.38%,

11/01/2032

(h) 12,870

12,879

PetSmart

Inc

/

PetSmart

Finance

Corp

4.75%,

02/15/2028

(h) 13,490

13,238

7.75%,

02/15/2029

(h) 2,980

2,916

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Retail

(continued)

Specialty

Building

Products

Holdings

LLC

/

SBP

Finance

Corp

7.75%,

10/15/2029

(h) $

15,622

$

15,309

Victra

Holdings

LLC

/

Victra

Finance

Corp

8.75%,

09/15/2029

(h),(i)

42,900

44,961

$

321,049

Savings

&

Loans

-

0.00%

Washington

Mutual

Bank

/

Henderson

NV

0.00%,

06/15/2011

(d),(e)

3,500

—

0.00%,

01/15/2013

(d) 3,000

—

0.00%,

01/15/2015

(d),(e)

2,000

—

$

—

Semiconductors

-

0.95%

ams-OSRAM

AG

12.25%,

03/30/2029

(h) 31,639

33,980

Kioxia

Holdings

Corp

6.25%,

07/24/2030

(h) 6,800

6,775

6.63%,

07/24/2033

(h) 21,445

21,220

$

61,975

Software

-

1.24%

Central

Parent

Inc

/

CDK

Global

Inc

7.25%,

06/15/2029

(h) 1,000

822

Central

Parent

LLC

/

CDK

Global

II

LLC

/

CDK

Financing

Co

Inc

8.00%,

06/15/2029

(h) 1,050

891

Cloud

Software

Group

Inc

6.50%,

03/31/2029

(h) 440

9.00%,

09/30/2029

(h) 32,680

33,819

Open

Text

Corp

3.88%,

02/15/2028

(h) 156

3.88%,

12/01/2029

(h) 33,465

31,325

Open

Text

Holdings

Inc

4.13%,

02/15/2030

(h) 150

4.13%,

12/01/2031

(h) 14,960

13,614

$

81,206

Telecommunications

-

3.82%

Altice

Financing

SA

5.00%,

01/15/2028

(h) 24,088

19,306

Altice

France

SA

8.13%,

02/01/2027

(h) 28,862

26,747

CommScope

LLC

9.50%,

12/15/2031

(h) 3,910

4,118

Connect

Finco

SARL

/

Connect

US

Finco

LLC

9.00%,

09/15/2029

(h) 22,820

23,044

Digicel

International

Finance

Ltd

/

Difl

US

LLC

8.63%,

08/01/2032

(h),(o)

24,910

25,161

EchoStar

Corp

10.75%,

11/30/2029

29,850

31,454

Frontier

Communications

Holdings

LLC

5.88%,

11/01/2029

10,710

10,799

Level

Financing

Inc

4.00%,

04/15/2031

(h) 3,000

2,580

10.00%,

10/15/2032

(h) 15,830

15,901

10.75%,

12/15/2030

(h) 14,645

16,494

Sunrise

HoldCo

IV

BV

5.50%,

01/15/2028

(h) 25,285

25,129

Viasat

Inc

7.50%,

05/30/2031

(h) 10,785

9,391

Viavi

Solutions

Inc

3.75%,

10/01/2029

(h) 27,375

25,316

Vmed

O2

UK

Financing

I

PLC

4.75%,

07/15/2031

(h) 625

578

Windstream

Services

LLC

/

Windstream

Escrow

Finance

Corp

8.25%,

10/01/2031

(h) 6,950

7,276

Zayo

Group

Holdings

Inc

4.00%,

03/01/2027

(h) 6,530

6,203

$

249,497

Schedule

of

Investments

High

Yield

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Textiles

-

0.22%

Eagle

Intermediate

Global

Holding

BV/Eagle

US

Finance

LLC

7.50%,

PIK

7.50%;

12/30/2025

(h),(j),(k)

$

7,781

$

5,836

Linx

Capital

Ltd

15.20%,

PIK

15.20%;

12/30/2025

(h),(j),(k)

EUR

8,337

8,801

$

14,637

Transportation

-

1.68%

Brightline

East

LLC

11.00%,

01/31/2030

(h),(i)

$

19,771

12,851

Eletson

Holdings

Inc

/

Eletson

Finance

US

LLC

/

Agathonissos

Finance

LLC

0.00%,

01/15/2022

(d),(e)

18,905

Navios

South

American

Logistics

Inc

8.88%,

07/14/2030

(h) 15,000

15,407

SFL

Corp

Ltd

7.25%,

05/12/2026

(h) 8,200

8,197

7.75%,

01/29/2030

(h) 23,600

23,569

8.25%,

04/19/2028

10,200

10,457

8.88%,

02/01/2027

8,700

8,827

Watco

Cos

LLC

/

Watco

Finance

Corp

7.13%,

08/01/2032

(h) 29,290

30,387

$

109,790

TOTAL

BONDS

$

5,862,289

CONVERTIBLE

BONDS

-

0.00%

Principal

Amount

(000's)

Value

(000's)

Food

-

0.00%

Fresh

Express

Delivery

Holding

Group

Co

Ltd

-

Escrow

0.00%,

11/09/2009

(d),(e)

HKD

46,500

$

—

0.00%,

10/18/2010

(d),(e)

CNH

245,000

—

$

—

TOTAL

CONVERTIBLE

BONDS

$

—

SENIOR

FLOATING

RATE

INTERESTS

-

4.94%

Principal

Amount

(000's)

Value

(000's)

Aerospace

&

Defense

-

0.02%

TransDigm

Inc

Term

Loan

J

6.80%,

02/28/2031

(p) $

1,201

$

1,204

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Airlines

-

0.49%

AAdvantage

Loyalty

IP

Ltd

Term

Loan

B

6.58%,

04/20/2028

(p) 12,470

12,408

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

7.58%,

05/07/2032

(p) 4,988

5,019

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

SkyMiles

IP

Ltd

Term

Loan

B

8.08%,

09/16/2027

(p) 1,125

1,129

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

United

Airlines

Inc

Term

Loan

B

6.35%,

02/22/2031

(p) 3,011

3,018

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

WestJet

Loyalty

LP

Term

Loan

B

7.55%,

02/14/2031

(p) 10,835

10,829

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

$

32,403

Automobile

Parts

&

Equipment

-

0.03%

Tenneco

Inc

Term

Loan

B

9.42%,

11/17/2028

(p) 1,800

1,776

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Building

Materials

-

0.12%

MITER

Brands

Acquisition

Holdco

Inc

Term

Loan

B2

7.51%,

03/28/2031

(p) $

2,401

$

2,402

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Quikrete

Holdings

Inc

Term

Loan

B3

6.61%,

01/31/2032

(p) 5,809

5,802

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

$

8,204

Chemicals

-

0.46%

Advancion

Holdings

LLC

Term

Loan

12.21%,

11/24/2028

(p) 25,457

23,777

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.75%

Consolidated

Energy

Finance

SA

Term

Loan

B

8.83%,

11/15/2030

(p) 6,467

6,103

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

$

29,880

Commercial

Services

-

0.30%

Aggreko

Holdings

Inc

Term

Loan

B

7.28%,

05/21/2031

(p) 5,124

5,142

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Garda

World

Security

Corp

Term

Loan

B

7.34%,

02/01/2029

(p) 1,995

1,992

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Shift4

Payments

LLC

Term

Loan

B

7.05%,

05/07/2032

(p) 2,000

2,013

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Veritiv

Operating

Co

Term

Loan

B

8.30%,

11/30/2030

(p) 10,541

10,574

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

$

19,721

Consumer

Products

-

0.05%

Kronos

Acquisition

Holdings

Inc

Term

Loan

B

8.30%,

06/27/2031

(p) 3,915

3,328

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Diversified

Financial

Services

-

0.09%

Russell

Investments

US

Institutional

Holdco

Inc

PIK

Term

Loan

B

9.31%,

PIK

1.50%,

05/30/2027

(k),(p)

5,911

5,700

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

Food

-

0.18%

Fiesta

Purchaser

Inc

Term

Loan

B

7.20%,

02/12/2031

(p) 11,642

11,656

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Forest

Products

&

Paper

-

0.04%

Spectrum

Group

Buyer

Inc

Term

Loan

B

10.81%,

PIK

0.00%,

05/19/2028

(k),(p)

3,095

2,623

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.50%

Healthcare

-

Services

-

0.24%

LifePoint

Health

Inc

Term

Loan

B

8.07%,

05/16/2031

(p) 15,552

15,512

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Schedule

of

Investments

High

Yield

Fund

July

31,

2025

(unaudited)

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Insurance

-

0.04%

Asurion

LLC

Term

Loan

B4

9.72%,

01/20/2029

(p) $

2,500

$

2,345

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Investment

Companies

-

0.10%

Teide

Ltd

PIK

Term

Loan

0.00%,

PIK

10.00%,

08/01/2026

(k),(p)

EUR

15,123

6,831

Iron

&

Steel

-

0.15%

TMS

International

Corp/DE

Term

Loan

B7

7.83%,

03/02/2030

(p) $

9,871

9,864

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Lodging

-

0.06%

Fertitta

Entertainment

LLC/NV

7.60%,

01/27/2029

(p) 4,179

4,179

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Machinery

-

Diversified

-

0.17%

TK

Elevator

US

Newco

Inc

Term

Loan

B

3.60%,

04/30/2030

(p) 10,813

10,867

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Media

-

0.40%

Directv

Financing

LLC

Term

Loan

B

9.81%,

02/15/2031

(p) 9,892

9,525

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

Gray

Media

Inc

Term

Loan

F

9.58%,

05/23/2029

(p) 123

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

iHeartCommunications

Inc

Term

Loan

10.65%,

05/01/2029

(p) 16,262

13,408

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.78%

SportsNet

New

York

10.25%,

PIK

7.50%,

04/10/2026

(e),(k),(p)

4,408

2,899

$

25,955

Mining

-

0.38%

Arctic

Canadian

Diamond

Co

Ltd

10.00%,

06/30/2026

(e),(g),(p)

3,592

2,532

Arsenal

AIC

Parent

LLC

Term

Loan

B

7.11%,

08/18/2030

(p) 22,602

22,630

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

$

25,162

Packaging

&

Containers

-

0.15%

Clydesdale

Acquisition

Holdings

Inc

Term

Loan

B

7.61%,

03/26/2032

(p) 6,609

6,603

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Clydesdale

Acquisition

Holdings

Inc

Delayed

Draw

Term

Loan

B-DD

7.61%,

04/01/2032

(p) 3

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Mauser

Packaging

Solutions

Holding

Co

Term

Loan

B1

7.76%,

04/15/2027

(p) 3,299

3,298

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

$

9,904

Pharmaceuticals

-

0.45%

1261229

BC

Ltd

Term

Loan

B

10.61%,

09/25/2030

(p) 23,775

23,263

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.25%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pharmaceuticals

(continued)

Endo

Finance

Holdings

Inc

Term

Loan

B

8.36%,

04/23/2031

(p) $

6,023

$

6,033

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

$

29,296

Retail

-

0.28%

IRB

Holding

Corp

Term

Loan

B

6.86%,

12/15/2027

(p) 15,711

15,703

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Victra

Holdings

LLC

Term

Loan

B

8.55%,

03/31/2029

(p) 2,438

2,441

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

$

18,144

Software

-

0.14%

Central

Parent

LLC

Term

Loan

B

7.55%,

07/06/2029

(p) 11,666

9,479

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Telecommunications

-

0.60%

Altice

France

SA

Term

Loan

B11

9.25%,

08/29/2025

(p) 7,959

7,162

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

CommScope

LLC

Term

Loan

0.00%,

12/17/2029

(p),(q)

14,690

14,920

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Zayo

Group

Holdings

Inc

Term

Loan

B

7.47%,

03/09/2027

(p) 17,495

16,863

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

$

38,945

TOTAL

SENIOR

FLOATING

RATE

INTERESTS

$

322,978

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

2.45%

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

-

2.45%

3.88%,

04/30/2030

$

160,635

$

160,146

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

160,146

Total

Investments

$

6,598,854

Other

Assets

and

Liabilities

- (0.97)%

(63,402)

TOTAL

NET

ASSETS

-

100.00%

$

6,535,452

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$88,778

or

1.36%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Non-income

producing

security

(e) The

value

of

these

investments

was

determined

using

significant

unobservable

inputs,

in

good

faith

by

the

Manager,

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

(f) Restricted

Security.

Please

see

Restricted

Securities

sub-schedule

for

additional

information.

(g) Security

is

subject

to

a

contractual

sale

restriction

but

this

feature

is

not

considered

in

measuring

the

fair

value.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$2,667.

The

sale

restriction

provision

specified

in

the

shareholder

agreements

have

no

specified

expiration

date

or

circumstances

that

could

cause

a

lapse.

Schedule

of

Investments

High

Yield

Fund

July

31,

2025

(unaudited)

(h) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$5,111,020

or

78.20%

of

net

assets.

(i) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$84,442

or

1.29%

of

net

assets.

(j) Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions. These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(k) Payment

in

kind;

the

issuer

has

the

option

of

paying

additional

securities

in

lieu

of

cash.

(l) Rate

shown

is

as

of

period

end.

The

rate

may

be

a

variable

or

floating

rate

or

a

fixed

rate

which

may

convert

to

a

variable

or

floating

rate

in

the

future.

(m) Perpetual

security.

Perpetual

securities

pay

an

indefinite

stream

of

interest,

but

they

may

be

called

by

the

issuer

at

an

earlier

date.

Date

shown,

if

any,

reflects

the

next

call

date

or

final

legal

maturity

date.

Rate

shown

is

as

of

period

end.

(n) Security

is

a

contingent

convertible

security,

("CoCo").

CoCo's

are

hybrid

debt

securities

that

may

convert

to

equity

or

have

their

principal

written

down

upon

occurrence

of

certain

"triggers".

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$111,265

or

1.70%

of

net

assets.

(o) Security

purchased

on

a

when-issued

basis.

(p) Rate

information

disclosed

is

based

on

an

average

weighted

rate

of

the

underlying

tranches

as

of

period

end.

(q) This

Senior

Floating

Rate

Note

will

settle

after

July

31,

2025,

at

which

time

the

interest

rate

will

be

determined.

Affiliated

Securities

October

31,

2024

Purchases

Sales

July

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

329,982

$

2,731,524

$

2,878,402

$

183,104

$

329,982

$

2,731,524

$

2,878,402

$

183,104

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

6,937

$

—

$

—

$

—

$

6,937

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Restricted

Securities

Security

Name

Acquisition

Date

Cost

Value

Percent

of

Net

Assets

Arctic

Canadian

Diamond

Co

Ltd

03/03/2025

$

—

$

0.01%

High

Ridge

Brands

-

Escrow

0.00%,

03/15/2025

03/03/2025

4,576

—

0.00%

Specialty

Steel

14.25%,

11/15/2026

03/03/2025

8,096

7,073

0.11%

Total

$

7,467

0.12%

Amounts

in

thousands.

Foreign

Currency

Contracts

Unrealized

Appreciation/(Depreciation)

Counterparty

Settlement

Date

Currency

to

Accept

Currency

to

Deliver

Asset

Liability

JPMorgan

Chase

08/13/2025

AUD

$

$

—

$

—

JPMorgan

Chase

08/13/2025

$

GBP

—

JPMorgan

Chase

08/13/2025

$

17,042

EUR

14,588

—

JPMorgan

Chase

08/13/2025

$

4,607

CAD

6,307

—

JPMorgan

Chase

08/13/2025

$

AUD

—

Total

$

$

—

Amounts

in

thousands.

Schedule

of

Investments

Inflation

Protection

Fund

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.32

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.32

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.21%

(a),(b)

576,333

$

576

Principal

Government

Money

Market

Fund

-

Class

4.22%

(a),(c)

29,788,862

29,789

$

30,365

TOTAL

INVESTMENT

COMPANIES

$

30,365

BONDS

-

.39

%

Principal

Amount

(000's)

Value

(000's)

Aerospace

&

Defense

-

.03

%

Embraer

Netherlands

Finance

BV

5.98%,

02/11/2035

$

737

$

756

Chemicals

-

.04

%

Orbia

Advance

Corp

SAB

de

CV

6.80%,

05/13/2030

(d) 821

837

Commercial

Mortgage

Backed

Securities

-

.35

%

ARES

Commercial

Mortgage

Trust

2024-IND

6.03%,

07/15/2041

(d) 2,145

2,152

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.69%

BAHA

Trust

2024-MAR

5.97%,

12/10/2041

(d),(e)

2,130

2,187

BAMLL

Trust

2024-BHP

6.69%,

08/15/2039

(d) 1,310

1,313

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.35%

BFLD

2024-VICT

Mortgage

Trust

6.23%,

07/15/2041

(d) 570

573

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.89%

BFLD

Trust

2025-EWEST

5.89%,

06/15/2042

(d) 1,900

1,901

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.55%

BHMS

2018-ATLS

5.89%,

07/15/2035

(d) 900

900

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.55%

BX

Commercial

Mortgage

Trust

2024-AIRC

6.03%,

08/15/2039

(d) 702

705

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.69%

BX

Commercial

Mortgage

Trust

2024-GPA3

5.63%,

12/15/2039

(d) 619

621

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.29%

BX

Commercial

Mortgage

Trust

2024-KING

5.88%,

05/15/2034

(d) 1,895

1,896

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.54%

BX

Commercial

Mortgage

Trust

2024-MDHS

5.98%,

05/15/2041

(d) 1,201

1,204

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.64%

BX

Commercial

Mortgage

Trust

2024-XL4

7.48%,

02/15/2039

(d) 691

694

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.14%

BX

Trust

2024-VLT4

5.83%,

07/15/2029

(d) 1,702

1,703

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.49%

COMM

2024-WCL1

MORTGAGE

TRUST

6.18%,

06/15/2041

(d) 840

837

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.84%

CONE

Trust

2024-DFW1

5.98%,

08/15/2041

(d) 320

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.64%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Mortgage

Backed

Securities

(continued)

DBGS

2024-SBL

6.22%,

08/15/2034

(d) $

1,545

$

1,546

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.88%

DBSG

2024-ALTA

Mortgage

Trust

5.95%,

06/10/2037

(d),(e)

ELM

Trust

2024-ELM

5.80%,

06/10/2039

(d),(e)

680

685

5.80%,

06/10/2039

(d),(e)

680

685

Ginnie

Mae

1.60%,

03/16/2047

(e),(f)

—

GS

Mortgage

Securities

Corp

Trust

2021-DM

5.34%,

11/15/2036

(d) 1,250

1,241

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.00%

GWT

2024-WLF2

6.03%,

05/15/2041

(d) 1,480

1,487

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.69%

HIH

Trust

2024-61P

6.18%,

10/15/2041

(d) 2,439

2,440

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.84%

HILT

COMMERCIAL

MORTGAGE

TRUST

2024-ORL

5.88%,

05/15/2037

(d) 745

746

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.54%

HONO

2021-LULU

Mortgage

Trust

5.61%,

10/15/2036

(d) 220

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.26%

LBA

Trust

2024-BOLT

5.93%,

06/15/2039

(d) 1,270

1,271

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.59%

NCMF

Trust

2025-MFS

4.88%,

06/10/2033

(d),(e)

1,948

1,935

PENN

Commercial

Mortgage

Trust

2025-P11

5.52%,

08/10/2042

(d),(e)

1,350

1,354

$

30,949

Commercial

Services

-

.07

%

DP

World

Ltd/United

Arab

Emirates

6.85%,

07/02/2037

750

832

Kaspi.KZ

JSC

6.25%,

03/26/2030

828

844

$

1,676

Diversified

Financial

Services

-

.04

%

SURA

Asset

Management

SA

6.35%,

05/13/2032

(d) 395

6.35%,

05/13/2032

503

$

918

Electric

-

.10

%

AES

Andes

SA

6.30%,

03/15/2029

600

620

Minejesa

Capital

BV

5.63%,

08/10/2037

869

850

MVM

Energetika

Zrt

6.50%,

03/13/2031

805

833

$

2,303

Forest

Products

&

Paper

-

.04

%

Suzano

Austria

GmbH

3.13%,

01/15/2032

960

844

Home

Equity

Asset

Backed

Securities

-

.00

%

Argent

Securities

Trust

2006-W3

4.71%,

04/25/2036

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.35%

Schedule

of

Investments

Inflation

Protection

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Home

Equity

Asset

Backed

Securities

(continued)

Countrywide

Asset-Backed

Certificates

5.59%,

12/25/2032

$

$

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.24%

Long

Beach

Mortgage

Loan

Trust

2004-2

5.26%,

06/25/2034

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.91%

Option

One

Mortgage

Loan

Trust

2005-1

5.97%,

02/25/2035

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.61%

$

Internet

-

.04

%

Prosus

NV

4.19%,

01/19/2032

891

839

Iron

&

Steel

-

.04

%

Vale

Overseas

Ltd

6.40%,

06/28/2054

844

829

Mining

-

.04

%

Corp

Nacional

del

Cobre

de

Chile

6.44%,

01/26/2036

789

827

Mortgage

Backed

Securities

-

.37

%

A&D

Mortgage

Trust

2024-NQM5

5.70%,

11/25/2069

(d) 1,964

1,966

ACRA

Trust

2024-NQM1

5.61%,

10/25/2064

(d),(e)

970

968

Angel

Oak

Mortgage

Trust

2025-2

5.64%,

02/25/2070

(d),(e)

2,195

2,193

Barclays

Mortgage

Loan

Trust

2025-NQM3

5.64%,

05/25/2065

(d),(e)

2,717

2,720

BRAVO

Residential

Funding

Trust

2023-NQM3

4.85%,

09/25/2062

(d),(e)

1,426

1,406

Chase

Mortgage

Finance

Trust

Series

2007-A2

6.91%,

06/25/2035

(e) 3

COLT

2024-6

Mortgage

Loan

Trust

5.39%,

11/25/2069

(d),(e)

1,330

1,329

Cross

2024-H7

Mortgage

Trust

5.59%,

11/25/2069

(d),(e)

1,813

1,813

Cross

2025-H1

Mortgage

Trust

5.74%,

02/25/2070

(d),(e)

2,473

2,479

CSMC

2022-NQM4

Trust

4.82%,

06/25/2067

(d),(e)

1,137

1,135

CSMC

2022-NQM5

Trust

5.17%,

05/25/2067

(d),(e)

2,143

2,132

Deephaven

Residential

Mortgage

Trust

2024-1

5.74%,

07/25/2069

(d),(e)

1,011

1,014

Ellington

Financial

Mortgage

Trust

2021-3

1.24%,

09/25/2066

(d),(e)

1,749

1,444

Fannie

Mae

REMIC

Trust

2004-W5

4.91%,

02/25/2047

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.56%

Freddie

Mac

REMICS

5.80%,

12/25/2054

14,695

14,706

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.45%

GCAT

2021-NQM4

Trust

1.09%,

08/25/2066

(d),(e)

2,139

1,767

HOMES

2025-AFC1

Trust

5.73%,

01/25/2060

(d),(e)

1,268

1,270

HOMES

2025-AFC2

Trust

5.47%,

06/25/2060

(d),(e)

2,717

2,712

Impac

CMB

Trust

Series

2004-5

6.79%,

10/25/2034

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.44%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Mortgage

Backed

Securities

(continued)

Impac

CMB

Trust

Series

2004-6

5.45%,

10/25/2034

$

$

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.09%

Impac

CMB

Trust

Series

2005-1

5.09%,

04/25/2035

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.73%

Impac

CMB

Trust

Series

2005-5

5.23%,

08/25/2035

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.62%

JP

Morgan

Mortgage

Trust

2023-DSC1

4.62%,

07/25/2063

(d),(e)

780

753

Merrill

Lynch

Alternative

Note

Asset

Trust

Series

2007-A3

4.89%,

04/25/2037

1,214

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.53%

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2025-NQM1

5.74%,

11/25/2069

(d),(e)

1,278

1,281

NYMT

Loan

Trust

2024-INV1

5.38%,

06/25/2069

(d),(e)

2,135

2,128

PRKCM

2022-AFC2

Trust

5.33%,

08/25/2057

(d),(e)

PRPM

2025-NQM1

Trust

5.80%,

11/25/2069

(d),(e)

2,064

2,068

PRPM

2025-NQM3

Trust

5.61%,

05/25/2070

(d),(e)

2,110

2,111

SG

Residential

Mortgage

Trust

2021-1

1.16%,

07/25/2061

(d),(e)

2,142

1,760

SG

Residential

Mortgage

Trust

2022-2

5.35%,

08/25/2062

(d),(e)

551

549

Verus

Securitization

Trust

2022-7

5.15%,

07/25/2067

(d),(e)

1,498

1,493

Verus

Securitization

Trust

2022-INV2

6.79%,

10/25/2067

(d),(e)

505

504

WaMu

Mortgage

Pass-Through

Certificates

Series

2005-AR2

Trust

5.21%,

01/25/2045

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.85%

$

54,552

Oil

&

Gas

-

.11

%

KazMunayGas

National

Co

JSC

6.38%,

10/24/2048

954

894

ORLEN

SA

6.00%,

01/30/2035

809

831

Raizen

Fuels

Finance

SA

6.25%,

07/08/2032

(d) 558

549

6.45%,

03/05/2034

(g) 284

$

2,556

Other

Asset

Backed

Securities

-

.51

%

AMSR

2022-SFR3

Trust

4.00%,

10/17/2039

(d) 2,091

2,015

AMSR

2023-SFR2

Trust

3.95%,

06/17/2040

(d) 750

712

New

Residential

Mortgage

Loan

Trust

2022-SFR2

4.00%,

09/04/2039

(d) 2,035

1,960

Progress

Residential

2022-SFR6

Trust

6.04%,

07/20/2039

(d) 1,990

2,007

Progress

Residential

2022-SFR7

Trust

5.50%,

10/27/2039

(d) 3,320

3,291

Tricon

Residential

2024-SFR2

Trust

6.00%,

06/17/2040

(d) 1,805

1,806

$

11,791

Schedule

of

Investments

Inflation

Protection

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pipelines

-

.04

%

Greensaif

Pipelines

Bidco

Sarl

5.85%,

02/23/2036

$

819

$

838

Retail

-

.02

%

Arcos

Dorados

BV

6.38%,

01/29/2032

(g) 572

589

Sovereign

-

.55

%

Brazil

Notas

do

Tesouro

Nacional

Serie

F

9.76%,

01/01/2029

BRL

8,500

1,380

9.76%,

01/01/2035

66,832

9,576

Bundesrepublik

Deutschland

Bundesanleihe

2.50%,

08/15/2054

EUR

3,392

3,396

Colombia

Government

International

Bond

8.00%,

11/14/2035

$

1,245

1,276

European

Union

2.50%,

10/04/2052

EUR

1,175

1,041

3.00%,

03/04/2053

12,744

12,481

Israel

Government

International

Bond

5.75%,

03/12/2054

$

Italy

Buoni

Poliennali

Del

Tesoro

3.60%,

10/01/2035

EUR

2,012

2,317

Japan

Government

Thirty

Year

Bond

2.30%,

12/20/2054

JPY

673,750

3,825

2.40%,

03/20/2055

479,000

2,781

Kingdom

of

Belgium

Government

Bond

3.30%,

06/22/2054

(d) EUR

3,432

3,433

Mexico

Government

International

Bond

3.50%,

02/12/2034

$

1,527

1,279

4.88%,

05/19/2033

6.35%,

02/09/2035

4,367

4,433

6.88%,

05/13/2037

2,582

2,665

United

Kingdom

Gilt

4.38%,

03/07/2030

GBP

4,190

5,619

4.38%,

07/31/2054

2,051

2,313

$

58,556

TOTAL

BONDS

$

169,697

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

.42

%

Principal

Amount

(000's)

Value

(000's)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

-

.19

%

5.00%,

08/01/2055

(h) $

12,703

$

12,362

5.50%,

08/01/2055

(h) 105,778

105,218

6.00%,

08/01/2055

(h) 69,523

70,484

$

188,064

U.S.

Treasury

Inflation-Indexed

Obligations

-

.23

%

0.13%,

10/15/2026

68,638

67,888

0.13%,

04/15/2027

14,545

14,241

0.13%,

01/15/2030

60,018

56,708

0.13%,

07/15/2030

77,943

73,299

0.13%,

01/15/2031

72,952

67,641

0.13%,

07/15/2031

74,297

68,425

0.13%,

01/15/2032

83,514

75,694

0.13%,

02/15/2051

25,973

13,887

0.13%,

02/15/2052

31,635

16,525

0.25%,

07/15/2029

57,100

54,885

0.25%,

02/15/2050

27,414

15,629

0.38%,

01/15/2027

3,360

3,315

0.38%,

07/15/2027

45,739

45,129

0.50%,

01/15/2028

46,413

45,534

0.63%,

07/15/2032

83,882

78,177

0.63%,

02/15/2043

27,293

20,121

0.75%,

07/15/2028

54,720

54,067

0.75%,

02/15/2042

34,601

26,677

0.75%,

02/15/2045

51,232

37,037

0.88%,

01/15/2029

47,828

47,103

0.88%,

02/15/2047

25,489

18,248

1.00%,

02/15/2046

21,830

16,355

1.00%,

02/15/2048

19,619

14,245

1.00%,

02/15/2049

17,821

12,746

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

Inflation-Indexed

Obligations

(continued)

1.13%,

01/15/2033

$

85,148

$

81,235

1.25%,

04/15/2028

59,674

59,543

1.38%,

07/15/2033

81,841

79,290

1.38%,

02/15/2044

28,921

24,092

1.50%,

02/15/2053

30,026

23,346

1.63%,

10/15/2027

67,184

67,924

1.63%,

10/15/2029

76,705

77,686

1.63%,

04/15/2030

73,260

73,779

1.75%,

01/15/2028

27,766

28,076

1.75%,

01/15/2034

85,729

84,763

1.88%,

07/15/2034

88,510

88,375

1.88%,

07/15/2035

34,664

34,348

2.13%,

04/15/2029

75,167

77,163

2.13%,

01/15/2035

(i) 99,673

100,935

2.13%,

02/15/2040

14,711

14,452

2.13%,

02/15/2041

21,849

21,253

2.13%,

02/15/2054

28,637

25,701

2.38%,

10/15/2028

70,182

72,739

2.38%,

02/15/2055

15,872

15,054

2.50%,

01/15/2029

24,568

25,539

3.38%,

04/15/2032

12,307

13,665

3.63%,

04/15/2028

27,398

29,064

3.88%,

04/15/2029

31,557

34,394

$

2,095,992

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

2,284,056

TOTAL

PURCHASED

OPTIONS

-

0.02%

$

518

TOTAL

PURCHASED

INTEREST

RATE

SWAPTIONS

-

0.01%

$

Total

Investments

$

2,484,829

Other

Assets

and

Liabilities

- (8.16)%

(187,384)

TOTAL

NET

ASSETS

-

100.00%

$

2,297,445

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$576

or

0.03%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$87,356

or

3.80%

of

net

assets.

(e) Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions. These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(f) Security

is

an

Interest

Only

Strip.

(g) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$555

or

0.02%

of

net

assets.

(h) Security

was

purchased

in

a

"to-be-announced"

("TBA")

transaction.

(i) Security

or

a

portion

of

the

security

was

pledged

to

cover

margin

requirements

for

swap

and/or

swaption

contracts.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$70

or

0.00%

of

net

assets.

Schedule

of

Investments

Inflation

Protection

Fund

July

31,

2025

(unaudited)

Affiliated

Securities

October

31,

2024

Purchases

Sales

July

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

20,980

$

443,853

$

435,044

$

29,789

$

20,980

$

443,853

$

435,044

$

29,789

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Options

Purchased

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Upfront

Payments

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Put

-

USD

versus

BRL

Morgan

Stanley

&

Co

$

36,671

$

.48

08/12/2025

$

$

$

(224)

Put

-

USD

versus

CNH

Barclays

Bank

PLC

39,090

$

.00

01/16/2026

(90)

Put

-

USD

versus

JPY

Barclays

Bank

PLC

18,263

$

.00

11/20/2025

Call

-

Month

Secured

Overnight

Financing

Rate

Future;

December

2025

N/A

1,627

4,068

$

.19

10/10/2025

(135)

Total

$

928

$

518

$

(410)

Written

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Upfront

Receipts

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Put

-

USD

versus

BRL

Morgan

Stanley

&

Co

$

36,671

$

.35

08/12/2025

$

(87)

$

(3)

$

Put

-

USD

versus

CNH

Barclays

Bank

PLC

39,090

$

.85

01/16/2026

(106)

(67)

Call

-

Month

Secured

Overnight

Financing

Rate

Future;

December

2025

N/A

1,627

4,068

$

.44

10/10/2025

(160)

(92)

Total

$

(353)

$

(162)

$

Amounts

in

thousands

except

contracts/shares.

Interest

Rate

Swaptions

Purchased

Swaptions

Outstanding

Counterparty

Paid

by

the

Fund

Rate/Reference&nbsp;&nbsp;&nbsp;&nbsp;Frequency

Received

by

the

Fund

Rate/Reference Frequency

Notional

Amount

Exercise

Rate

Expiration

Date

Upfront

Payments

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Put

-

Year

Interest

Rate

Swap

Citigroup

Inc

4.33%

Annual

Secured

Overnight

Financing

Rate

Annual

$

24,576

4.33%

10/14/2025

$

$

$

(160)

Put

-

Year

Interest

Rate

Swap

Deutsche

Bank

AG

4.35%

Annual

Secured

Overnight

Financing

Rate

Annual

24,751

4.35%

08/13/2025

(354)

Total

$

707

$

$

(514)

Written

Swaptions

Outstanding

Counterparty

Paid

by

the

Fund

Rate/Reference Frequency

Received

by

the

Fund

Rate/Reference Frequency

Notional

Amount

Exercise

Rate

Expiration

Date

Upfront

Receipts

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Put

-

Year

Interest

Rate

Swap

Citigroup

Inc

Secured

Overnight

Financing

Rate

Annual

3.81%

Annual

$

95,098

3.81%

10/14/2025

$

(367)

$

(258)

$

Put

-

Year

Interest

Rate

Swap

Deutsche

Bank

AG

Secured

Overnight

Financing

Rate

Annual

4.03%

Annual

95,337

4.03%

08/13/2025

(411)

—

Total

$

(778)

$

(258)

$

520

Amounts

in

thousands.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

Month

Secured

Overnight

Financing

Rate;

December

2025

Long

$

85,413

$

(24)

Month

Secured

Overnight

Financing

Rate;

June

2026

Long

36,643

(52)

Day

Federal

Funds;

August

2025

Long

31,496

(16)

Day

Federal

Funds;

July

2025

Long

23,521

(43)

Australia

Year

Bond;

September

2025

Long

2,998

(31)

Australia

Year

Bond;

September

2025

Short

8,207

Euro

Buxl

Year

Bond;

September

2025

Short

5,358

Euro-Bobl

Year;

September

2025

Long

18,201

(89)

Schedule

of

Investments

Inflation

Protection

Fund

July

31,

2025

(unaudited)

Futures

Contracts

(continued)

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

Euro-BTP;

September

2025

Long

$

2,205

$

—

US

Year

Note;

September

2025

Short

39,649

(3)

US

Year

Ultra

Note;

September

2025

Short

1,711

193,477

(555)

US

Year

Note;

September

2025

Long

2,720

562,997

(1,100)

US

Year

Note;

September

2025

Short

47,920

US

Long

Bond;

September

2025

Short

22,723

(348)

US

Ultra

Bond;

September

2025

Short

2,464

(5)

Total

$

(1,892)

Amounts

in

thousands

except

contracts.

Foreign

Currency

Contracts

Unrealized

Appreciation/(Depreciation)

Counterparty

Settlement

Date

Currency

to

Accept

Currency

to

Deliver

Asset

Liability

Bank

of

America

NA

09/17/2025

MXN

32,720

$

1,711

$

$

—

Bank

of

New

York

Mellon

08/04/2025

EUR

6,959

$

8,093

—

(151)

Bank

of

New

York

Mellon

09/17/2025

$

BRL

1,916

—

Barclays

Bank

PLC

08/04/2025

$

5,687

JPY

819,821

—

Barclays

Bank

PLC

09/17/2025

BRL

6,739

$

1,200

—

(10)

Barclays

Bank

PLC

09/17/2025

CNH

60,532

$

8,466

—

(40)

BNP

Paribas

08/04/2025

GBP

5,984

$

7,996

—

(94)

BNP

Paribas

08/04/2025

EUR

21,526

$

24,723

—

(158)

BNP

Paribas

08/04/2025

$

1,225

JPY

180,164

—

BNP

Paribas

09/02/2025

$

7,999

GBP

5,984

—

BNP

Paribas

09/02/2025

$

24,771

EUR

21,526

—

CIBC

World

Markets

Corp

08/04/2025

$

9,818

GBP

7,151

—

Citigroup

Inc

09/17/2025

BRL

10,472

$

1,871

(22)

Citigroup

Inc

09/17/2025

$

3,322

BRL

18,831

—

(3)

Deutsche

Bank

AG

08/04/2025

$

17,681

EUR

15,027

532

—

Deutsche

Bank

AG

09/17/2025

$

787

BRL

4,442

—

Goldman

Sachs

&

Co

09/17/2025

MXN

32,202

$

1,691

—

HSBC

Securities

Inc

08/04/2025

EUR

13,338

$

15,616

—

(395)

HSBC

Securities

Inc

08/04/2025

JPY

981,707

$

6,608

—

(97)

HSBC

Securities

Inc

08/04/2025

$

EUR

—

HSBC

Securities

Inc

09/02/2025

$

6,629

JPY

981,707

—

JPMorgan

Chase

09/02/2025

$

685

EUR

597

—

JPMorgan

Chase

09/17/2025

$

3,075

BRL

17,334

—

Morgan

Stanley

&

Co

08/04/2025

GBP

4,273

$

5,869

—

(226)

Morgan

Stanley

&

Co

08/04/2025

$

859

EUR

732

—

Morgan

Stanley

&

Co

08/04/2025

$

GBP

—

Royal

Bank

of

Scotland

08/04/2025

$

35,233

EUR

29,971

1,030

—

Westpac

Banking

Corporation

08/04/2025

$

4,234

GBP

3,119

—

Total

$

2,772

$

(1,196)

Amounts

in

thousands.

Exchange

Cleared

Credit

Default

Swaps

Sell

Protection

Reference

Entity

Implied

Credit

Spread

as

of

July

31,

2025

(a) (Pay)/

Receive

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

(b) Upfront

Payments/

(Receipts)

Unrealized

Appreciation/

(Depreciation)

Fair

Value

(c) CDX.NA.HY.44

N/A

5.00%

Quarterly

06/20/2030

$

33,432

$

1,790

$

629

$

2,419

Total

$

1,790

$

629

$

2,419

Amounts

in

thousands.

(a) Implied

credit

spreads,

represented

in

absolute

terms,

used

in

determining

the

fair

value

of

credit

default

swap

agreements

on

corporate

issues

or

sovereign

issues

as

of

period

end

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

for

the

credit

derivative.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

buying/selling

protection

and

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

Wider

credit

spreads

represent

a

deterioration

of

the

referenced

entity's

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

(b) The

maximum

potential

payment

amount

that

the

seller

of

credit

protection

could

be

required

to

make

if

a

credit

event

occurs

is

$33,432.

(c) The

price

and

resulting

fair

value

for

credit

default

swap

agreements

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

of

an

expected

liability

(or

profit)

for

the

credit

default

swap

as

of

the

period

end.

Increasing

fair

values

of

the

swap,

in

absolute

terms

when

compared

to

the

notional

amount

of

the

swap,

represent

a

deterioration

of

the

referenced

entity's

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

Schedule

of

Investments

Inflation

Protection

Fund

July

31,

2025

(unaudited)

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

Month

Euro

Interbank

Offered

Rate

Receive

2.14%

Annual

Semiannual

N/A

01/06/2055

EUR

1,000

$

$

$

Month

Euro

Interbank

Offered

Rate

Pay

2.18%

Semiannual

Annual

N/A

11/07/2054

(40)

(2)

(42)

Month

Euro

Interbank

Offered

Rate

Receive

2.27%

Annual

Semiannual

N/A

10/17/2054

1,800

Month

Euro

Interbank

Offered

Rate

Receive

2.25%

Annual

Semiannual

N/A

10/02/2054

3,100

Month

Euro

Interbank

Offered

Rate

Receive

2.24%

Annual

Semiannual

N/A

09/19/2054

1,550

Month

Euro

Interbank

Offered

Rate

Receive

2.43%

Annual

Semiannual

N/A

06/19/2054

Month

Euro

Interbank

Offered

Rate

Receive

2.54%

Annual

Semiannual

N/A

04/22/2054

1,325

—

Month

Euro

Interbank

Offered

Rate

Receive

2.43%

Annual

Semiannual

N/A

06/20/2054

Month

Euro

Interbank

Offered

Rate

Receive

2.46%

Annual

Semiannual

N/A

03/22/2054

Month

Euro

Interbank

Offered

Rate

Receive

2.51%

Annual

Semiannual

N/A

03/01/2054

815

Month

Euro

Interbank

Offered

Rate

Receive

2.51%

Annual

Semiannual

N/A

02/20/2054

3,392

Month

Euro

Interbank

Offered

Rate

Receive

2.51%

Annual

Semiannual

N/A

02/20/2054

1,605

Month

Euro

Interbank

Offered

Rate

Receive

2.49%

Annual

Semiannual

N/A

02/19/2054

1,605

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.83%

Maturity

Maturity

N/A

04/15/2028

$

3,782

$

(2)

—

(2)

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.84%

Maturity

Maturity

N/A

04/15/2028

2,737

(2)

—

(2)

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.69%

Maturity

Maturity

N/A

04/15/2029

2,190

—

—

—

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.68%

Maturity

Maturity

N/A

04/15/2029

2,190

—

—

—

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.72%

Maturity

Maturity

N/A

04/15/2029

4,380

(8)

—

(8)

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.87%

Maturity

Maturity

N/A

04/15/2028

5,475

(13)

—

(13)

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.67%

Maturity

Maturity

N/A

04/15/2029

2,867

—

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.84%

Maturity

Maturity

N/A

04/15/2028

2,737

(2)

—

(2)

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.65%

Maturity

Maturity

N/A

04/15/2029

2,921

—

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.61%

Maturity

Maturity

N/A

12/12/2027

16,230

—

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.40%

Maturity

Maturity

N/A

04/09/2029

6,620

(1)

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Pay

2.39%

Maturity

Maturity

N/A

04/15/2030

3,243

(27)

(4)

(31)

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.43%

Maturity

Maturity

N/A

04/15/2030

3,795

—

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.43%

Maturity

Maturity

N/A

04/15/2030

1,870

—

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.92%

Maturity

Maturity

N/A

05/12/2027

27,895

(44)

—

(44)

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.83%

Maturity

Maturity

N/A

04/15/2028

5,475

(3)

—

(3)

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.79%

Maturity

Maturity

N/A

04/15/2028

5,475

—

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.64%

Maturity

Maturity

N/A

04/15/2029

4,380

—

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.73%

Maturity

Maturity

N/A

04/15/2028

5,760

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.78%

Maturity

Maturity

N/A

04/08/2027

9,500

—

Schedule

of

Investments

Inflation

Protection

Fund

July

31,

2025

(unaudited)

Exchange

Cleared

Interest

Rate

Swaps

(continued)

Floating

Rate

Index

(Pay)/

Receive

Floating

Rate

Fixed

Rate

Payment

Frequency

Paid

by

Fund

Payment

Frequency

Received

by

Fund

Effective

Date

(a) Maturity

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Upfront

Payments/(Receipts)

Fair

Value

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.69%

Maturity

Maturity

N/A

04/15/2029

4,380

$

—

$

—

$

—

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.65%

Maturity

Maturity

N/A

07/15/2027

18,670

—

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.69%

Maturity

Maturity

N/A

04/15/2028

2,735

—

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.42%

Maturity

Maturity

N/A

05/22/2028

13,840

—

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.69%

Maturity

Maturity

N/A

07/17/2030

10,811

(18)

—

(18)

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.70%

Maturity

Maturity

N/A

07/22/2030

3,543

(8)

—

(8)

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.51%

Maturity

Maturity

N/A

03/25/2029

3,135

—

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.56%

Maturity

Maturity

N/A

04/15/2029

4,450

—

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.69%

Maturity

Maturity

N/A

04/15/2028

2,735

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.53%

Maturity

Maturity

N/A

04/15/2029

2,188

—

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.18%

Maturity

Maturity

N/A

08/07/2028

3,805

—

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.54%

Maturity

Maturity

N/A

04/15/2029

2,188

—

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.72%

Maturity

Maturity

N/A

03/07/2027

13,800

—

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.72%

Maturity

Maturity

N/A

02/28/2027

17,830

—

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.76%

Maturity

Maturity

N/A

02/26/2027

19,000

—

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.59%

Maturity

Maturity

N/A

01/29/2027

46,595

—

EUR

-

France

Consumer

Price

Index

Ex

Tobacco

Pay

2.02%

Maturity

Maturity

N/A

03/15/2035

EUR

2,750

$

(11)

Eurostat

Eurozone

HICP

ex

Tobacco

Receive

2.06%

Maturity

Maturity

N/A

03/15/2035

2,750

(22)

(14)

Secured

Overnight

Financing

Rate

Receive

3.81%

Annual

Annual

N/A

05/16/2026

$

23,570

$

Secured

Overnight

Financing

Rate

Pay

3.80%

Annual

Annual

N/A

05/16/2026

30,713

(129)

—

(129)

Secured

Overnight

Financing

Rate

Pay

3.90%

Annual

Annual

N/A

05/16/2026

23,570

(76)

—

(76)

Secured

Overnight

Financing

Rate

Receive

3.79%

Annual

Annual

N/A

05/16/2026

30,713

—

Tokyo

Overnight

Average

Rate

Receive

0.85%

Annual

Annual

N/A

07/07/2027

JPY

6,211,380

$

(1)

Tokyo

Overnight

Average

Rate

Receive

0.68%

Annual

Annual

N/A

04/21/2027

2,141,418

(1)

Tokyo

Overnight

Average

Rate

Receive

0.69%

Annual

Annual

N/A

04/21/2027

2,166,453

(1)

Tokyo

Overnight

Average

Rate

Receive

1.02%

Annual

Annual

N/A

03/12/2027

5,060,093

(54)

(53)

Tokyo

Overnight

Average

Rate

Receive

1.00%

Annual

Annual

N/A

03/12/2027

2,231,967

(21)

(20)

Tokyo

Overnight

Average

Rate

Receive

0.70%

Annual

Annual

N/A

05/11/2027

1,710,053

(1)

Tokyo

Overnight

Average

Rate

Receive

1.03%

Annual

Annual

N/A

03/12/2027

5,462,039

(61)

(60)

United

Kingdom

Retail

Prices

Index

Pay

3.28%

Maturity

Maturity

N/A

07/15/2027

GBP

4,853

$

(23)

—

(23)

United

Kingdom

Retail

Prices

Index

Receive

3.41%

Maturity

Maturity

N/A

07/15/2029

4,853

—

United

Kingdom

Retail

Prices

Index

Receive

3.39%

Maturity

Maturity

N/A

07/15/2030

2,118

—

United

Kingdom

Retail

Prices

Index

Pay

3.24%

Maturity

Maturity

N/A

07/15/2035

2,118

(7)

—

(7)

United

Kingdom

Retail

Prices

Index

Pay

3.24%

Maturity

Maturity

N/A

07/15/2035

2,160

(8)

—

(8)

United

Kingdom

Retail

Prices

Index

Receive

3.42%

Maturity

Maturity

N/A

07/15/2029

4,950

—

United

Kingdom

Retail

Prices

Index

Receive

3.40%

Maturity

Maturity

N/A

07/15/2030

2,160

—

Schedule

of

Investments

Inflation

Protection

Fund

July

31,

2025

(unaudited)

Exchange

Cleared

Interest

Rate

Swaps

(continued)

Floating

Rate

Index

(Pay)/

Receive

Floating

Rate

Fixed

Rate

Payment

Frequency

Paid

by

Fund

Payment

Frequency

Received

by

Fund

Effective

Date

(a) Maturity

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Upfront

Payments/(Receipts)

Fair

Value

United

Kingdom

Retail

Prices

Index

Pay

3.24%

Maturity

Maturity

N/A

07/15/2035

4,231

$

(16)

$

$

(15)

United

Kingdom

Retail

Prices

Index

Pay

3.32%

Maturity

Maturity

N/A

07/15/2027

9,696

(39)

(38)

United

Kingdom

Retail

Prices

Index

Receive

3.43%

Maturity

Maturity

N/A

07/15/2029

9,696

—

United

Kingdom

Retail

Prices

Index

Receive

3.41%

Maturity

Maturity

N/A

07/15/2030

4,231

—

United

Kingdom

Retail

Prices

Index

Pay

3.27%

Maturity

Maturity

N/A

07/15/2035

2,075

(1)

—

United

Kingdom

Retail

Prices

Index

Pay

3.43%

Maturity

Maturity

N/A

07/15/2027

4,756

(5)

—

(5)

United

Kingdom

Retail

Prices

Index

Pay

3.30%

Maturity

Maturity

N/A

07/15/2027

4,950

(21)

—

(21)

United

Kingdom

Retail

Prices

Index

Receive

3.37%

Maturity

Maturity

N/A

07/15/2030

4,204

—

United

Kingdom

Retail

Prices

Index

Receive

3.35%

Maturity

Maturity

N/A

07/15/2030

5,080

(1)

United

Kingdom

Retail

Prices

Index

Pay

3.21%

Maturity

Maturity

N/A

07/15/2035

5,080

(35)

(1)

(36)

United

Kingdom

Retail

Prices

Index

Receive

3.49%

Maturity

Maturity

N/A

07/15/2029

4,756

(2)

United

Kingdom

Retail

Prices

Index

Receive

3.35%

Maturity

Maturity

N/A

07/15/2030

4,247

—

United

Kingdom

Retail

Prices

Index

Pay

3.20%

Maturity

Maturity

N/A

07/15/2027

11,070

(75)

—

(75)

United

Kingdom

Retail

Prices

Index

Receive

3.34%

Maturity

Maturity

N/A

07/15/2029

11,070

(1)

United

Kingdom

Retail

Prices

Index

Receive

3.34%

Maturity

Maturity

N/A

07/15/2030

3,345

(1)

United

Kingdom

Retail

Prices

Index

Pay

3.20%

Maturity

Maturity

N/A

07/15/2035

5,080

(43)

—

(43)

United

Kingdom

Retail

Prices

Index

Pay

3.23%

Maturity

Maturity

N/A

07/15/2027

11,075

(69)

(68)

United

Kingdom

Retail

Prices

Index

Receive

3.36%

Maturity

Maturity

N/A

07/15/2029

11,075

United

Kingdom

Retail

Prices

Index

Receive

3.32%

Maturity

Maturity

N/A

07/15/2030

5,080

United

Kingdom

Retail

Prices

Index

Receive

3.46%

Maturity

Maturity

N/A

07/15/2030

2,075

(1)

US

Federal

Funds

Effective

Rate

(continuous

series)

Pay

4.32%

Annual

Annual

N/A

09/17/2025

$

324,455

$

(2)

—

(2)

US

Federal

Funds

Effective

Rate

(continuous

series)

Pay

4.28%

Annual

Annual

N/A

09/17/2025

394,646

(26)

—

(26)

US

Federal

Funds

Effective

Rate

(continuous

series)

Pay

4.31%

Annual

Annual

N/A

09/17/2025

650,179

(19)

—

(19)

US

Federal

Funds

Effective

Rate

(continuous

series)

Pay

4.31%

Annual

Annual

N/A

09/17/2025

647,247

(18)

—

(18)

US

Federal

Funds

Effective

Rate

(continuous

series)

Pay

4.27%

Annual

Annual

N/A

09/17/2025

1,321,599

(100)

(99)

US

Federal

Funds

Effective

Rate

(continuous

series)

Pay

4.29%

Annual

Annual

N/A

09/17/2025

660,701

(37)

(36)

Total

$

2,995

$

$

3,067

Amounts

in

thousands.

(a)&nbsp;&nbsp;&nbsp;&nbsp;

Forward

swap.

Schedule

of

Investments

International

Equity

Fund

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.22

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.22

%

Principal

Government

Money

Market

Fund

-

Class

4.22%

(a),(b)

14,811,664

$

14,812

TOTAL

INVESTMENT

COMPANIES

$

14,812

COMMON

STOCKS

-

.26

%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

.96

%

Airbus

SE

1,022,871

$

205,654

BAE

Systems

PLC

7,925,683

189,112

$

394,766

Apparel

-

.75

%

PRADA

SpA

13,212,100

71,912

Samsonite

Group

SA

(c) 21,715,800

44,294

$

116,206

Automobile

Manufacturers

-

.28

%

Daimler

Truck

Holding

AG

3,432,986

166,999

Toyota

Motor

Corp

6,551,100

116,528

$

283,527

Banks

-

.11

%

AIB

Group

PLC

28,816,353

227,322

Erste

Group

Bank

AG

2,716,080

248,369

National

Bank

of

Greece

SA

9,954,897

138,857

NatWest

Group

PLC

16,916,292

117,426

Sberbank

of

Russia

PJSC

ADR

(d) 194,243

—

UniCredit

SpA

1,849,740

136,093

$

868,067

Biotechnology

-

.09

%

Argenx

SE

(d) 107,660

72,308

Building

Materials

-

.63

%

CRH

PLC

1,296,719

122,892

CRH

PLC

534,776

51,045

$

173,937

Computers

-

.09

%

Fujitsu

Ltd

6,341,500

138,143

Cosmetics

&

Personal

Care

-

.31

%

Haleon

PLC

27,394,059

128,497

Unilever

PLC

3,842,155

222,924

$

351,421

Engineering

&

Construction

-

.26

%

Technip

Energies

NV

1,927,448

83,230

Entertainment

-

.91

%

Entain

PLC

9,408,002

126,338

Food

-

.00

%

Magnit

PJSC

(d) 24,200

—

Healthcare

-

Products

-

.37

%

Smith

&

Nephew

PLC

10,270,750

156,968

Healthcare

-

Services

-

.10

%

ICON

PLC

(d) 430,809

72,889

Insurance

-

.19

%

AIA

Group

Ltd

27,277,600

254,341

AXA

SA

1,419,091

68,924

Hannover

Rueck

SE

599,937

181,987

Sompo

Holdings

Inc

5,747,300

169,471

$

674,723

Internet

-

.37

%

JD.com

Inc

10,598,100

167,047

Spotify

Technology

SA

(d) 97,235

60,921

Tencent

Holdings

Ltd

2,671,300

187,024

Trip.com

Group

Ltd

114,300

7,096

$

422,088

Iron

&

Steel

-

.00

%

Evraz

PLC

(d) 204,000

—

Machinery

-

Construction

&

Mining

-

.72

%

Weir

Group

PLC/The

3,240,137

113,829

Media

-

.54

%

Liberty

Media

Corp-Liberty

Formula

One

-

C

Shares

(d) 1,674,346

168,021

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Mining

-

.18

%

Sandfire

Resources

Ltd

(d) 941,430

$

6,333

Teck

Resources

Ltd

4,268,006

138,396

$

144,729

Oil

&

Gas

-

.82

%

Gazprom

PJSC

(d) 288,000

—

LUKOIL

PJSC

(d) 20,000

—

Novatek

PJSC

67,000

—

Suncor

Energy

Inc

4,736,716

186,823

$

186,823

Pharmaceuticals

-

.04

%

AstraZeneca

PLC

1,331,294

194,225

Novo

Nordisk

A/S

713,357

33,177

Sanofi

SA

1,924,329

172,749

$

400,151

Retail

-

.01

%

Dollarama

Inc

1,325,222

181,128

Yum

China

Holdings

Inc

2,512,507

117,284

Yum

China

Holdings

Inc

2,151,573

99,897

$

398,309

Semiconductors

-

.13

%

ASML

Holding

NV

287,363

199,164

Samsung

Electronics

Co

Ltd

4,539,980

231,375

Taiwan

Semiconductor

Manufacturing

Co

Ltd

744,000

28,644

Taiwan

Semiconductor

Manufacturing

Co

Ltd

ADR

875,275

211,484

$

670,667

Software

-

.94

%

Constellation

Software

Inc/Canada

-

Warrants

(d),(e)

500

—

Nemetschek

SE

418,575

62,365

$

62,365

Telecommunications

-

.72

%

Deutsche

Telekom

AG

8,713,450

312,516

Toys,

Games

&

Hobbies

-

.74

%

Nintendo

Co

Ltd

2,167,500

181,157

TOTAL

COMMON

STOCKS

$

6,573,178

Total

Investments

$

6,587,990

Other

Assets

and

Liabilities

- 0.52%

34,187

TOTAL

NET

ASSETS

-

100.00%

$

6,622,177

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b) 1-day

yield

shown

is

as

of

period

end.

(c) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$44,294

or

0.67%

of

net

assets.

(d) Non-income

producing

security

(e) The

value

of

these

investments

was

determined

using

significant

unobservable

inputs,

in

good

faith

by

the

Manager,

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

Schedule

of

Investments

International

Equity

Fund

July

31,

2025

(unaudited)

Affiliated

Securities

October

31,

2024

Purchases

Sales

July

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

907

$

1,638,091

$

1,624,186

$

14,812

$

907

$

1,638,091

$

1,624,186

$

14,812

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

2,872

$

—

$

—

$

—

$

2,872

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

LargeCap

Growth

Fund

I

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.27

%

iShares

Russell

1000

Growth

ETF

56,400

$

24,839

Money

Market

Funds

-

.74

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.21%

(a),(b)

409,322

Principal

Government

Money

Market

Fund

-

Class

4.22%

(a),(c)

160,264,092

160,264

$

160,674

TOTAL

INVESTMENT

COMPANIES

$

185,513

CONVERTIBLE

PREFERRED

STOCKS

-

.14

%

Shares

Held

Value

(000's)

Automobile

Manufacturers

-

.06

%

Waymo

LLC

Series

0.00%

(d),(e),(f)

48,770

$

5,167

Chemicals

-

.02

%

Sila

Nano

Series

F

0.00%

(d),(e),(f)

103,620

1,888

Software

-

.06

%

Nuro

-

Series

C

0.00%

(d),(e),(f)

353,308

4,522

Rappi

Inc

-

Series

E

0.00%

(d),(e),(f)

103,387

1,507

$

6,029

TOTAL

CONVERTIBLE

PREFERRED

STOCKS

$

13,084

COMMON

STOCKS

-

.85

%

Shares

Held

Value

(000's)

Advertising

-

.09

%

Trade

Desk

Inc/The

(d) 1,156,480

$

100,567

Aerospace

&

Defense

-

.58

%

Boeing

Co/The

(d) 185,051

41,052

FTAI

Aviation

Ltd

3,593

General

Electric

Co

37,298

10,111

HEICO

Corp

1,494

HEICO

Corp

-

Class

A

2,643

682

Howmet

Aerospace

Inc

327,973

58,959

Karman

Holdings

Inc

(d) 1,057

Leonardo

DRS

Inc

1,186

Loar

Holdings

Inc

(d) 1,430

Lockheed

Martin

Corp

2,043

860

Rocket

Lab

Corp

(d) 13,865

637

Spirit

AeroSystems

Holdings

Inc

(d) 570

StandardAero

Inc

(d) 500

TransDigm

Group

Inc

77,208

124,186

$

237,716

Agriculture

-

.00

%

Darling

Ingredients

Inc

(d) 698

Airlines

-

.00

%

Alaska

Air

Group

Inc

(d) 844

American

Airlines

Group

Inc

(d) 1,852

Southwest

Airlines

Co

2,146

$

Apparel

-

.02

%

Birkenstock

Holding

Plc

(d) 635

Deckers

Outdoor

Corp

(d) 5,342

567

On

Holding

AG

(d) 7,798

Ralph

Lauren

Corp

Tapestry

Inc

6,710

725

$

1,737

Automobile

Manufacturers

-

.33

%

Tesla

Inc

(d) 99,850

30,781

Automobile

Parts

&

Equipment

-

.00

%

Allison

Transmission

Holdings

Inc

569

Banks

-

.04

%

Bank

of

America

Corp

19,319

913

Bank

of

New

York

Mellon

Corp/The

1,948

Citigroup

Inc

11,716

1,098

Goldman

Sachs

Group

Inc/The

581

NU

Holdings

Ltd/Cayman

Islands

(d) 113,223

1,384

Pinnacle

Financial

Partners

Inc

Popular

Inc

Western

Alliance

Bancorp

900

$

4,133

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Beverages

-

.08

%

Celsius

Holdings

Inc

(d) 5,810

$

Coca-Cola

Co/The

67,414

4,577

Coca-Cola

Consolidated

Inc

Monster

Beverage

Corp

(d) 24,734

1,453

PepsiCo

Inc

6,642

916

$

7,241

Biotechnology

-

.48

%

Alnylam

Pharmaceuticals

Inc

(d) 4,409

1,729

Amgen

Inc

14,061

4,149

Apellis

Pharmaceuticals

Inc

(d) 4,206

Argenx

SE

ADR

(d) 45,559

30,540

Exelixis

Inc

(d) 7,948

Gilead

Sciences

Inc

11,879

1,334

Halozyme

Therapeutics

Inc

(d) 4,352

Incyte

Corp

(d) 1,454

Insmed

Inc

(d) 5,917

635

Ionis

Pharmaceuticals

Inc

(d) 5,128

Sarepta

Therapeutics

Inc

(d) 2,740

Summit

Therapeutics

Inc

(d),(g)

4,149

Ultragenyx

Pharmaceutical

Inc

(d) 3,489

Vertex

Pharmaceuticals

Inc

(d) 9,130

4,171

Viking

Therapeutics

Inc

(d),(g)

$

43,791

Building

Materials

-

.03

%

AAON

Inc

2,441

Armstrong

World

Industries

Inc

Eagle

Materials

Inc

James

Hardie

Industries

PLC

(d) 3,310

Lennox

International

Inc

1,138

693

Simpson

Manufacturing

Co

Inc

Trane

Technologies

PLC

213,281

93,434

$

94,552

Chemicals

-

.03

%

Ecolab

Inc

2,150

563

Sherwin-Williams

Co/The

7,483

2,476

$

3,039

Commercial

Services

-

.79

%

Affirm

Holdings

Inc

(d) 79,848

5,475

Automatic

Data

Processing

Inc

13,386

4,143

Avis

Budget

Group

Inc

(d),(g)

Block

Inc

(d) 1,696,232

131,051

Booz

Allen

Hamilton

Holding

Corp

4,381

Bright

Horizons

Family

Solutions

Inc

(d) 294

Cintas

Corp

518,848

115,470

Corpay

Inc

(d) 2,390

772

Equifax

Inc

137,515

33,035

Grand

Canyon

Education

Inc

(d) 278

H&R

Block

Inc

796

Moody's

Corp

5,518

2,846

Morningstar

Inc

567

Paylocity

Holding

Corp

(d) 1,446

Quanta

Services

Inc

4,028

1,636

RB

Global

Inc

Rollins

Inc

9,939

569

S&P

Global

Inc

92,708

51,091

Shift4

Payments

Inc

(d) 2,357

Toast

Inc

(d) 16,038

783

U-Haul

Holding

Co

(d),(g)

U-Haul

Holding

Co

1,369

Valvoline

Inc

(d) 3,998

Verisk

Analytics

Inc

2,961

825

WEX

Inc

(d) 145

WillScot

Holdings

Corp

1,609

$

349,332

Computers

-

.11

%

Apple

Inc

2,220,134

460,833

Crowdstrike

Holdings

Inc

(d) 8,671

3,942

Dell

Technologies

Inc

1,604

ExlService

Holdings

Inc

(d) 5,619

Schedule

of

Investments

LargeCap

Growth

Fund

I

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Computers

(continued)

Fortinet

Inc

(d) 22,559

$

2,254

Gartner

Inc

(d) 2,638

893

Globant

SA

(d) 168

KBR

Inc

Kyndryl

Holdings

Inc

(d) 597

Lumentum

Holdings

Inc

(d) 206

NetApp

Inc

2,826

Okta

Inc

(d) 2,389

Pure

Storage

Inc

(d) 9,295

553

Rubrik

Inc

(d) 2,173

Super

Micro

Computer

Inc

(d) 8,333

Zscaler

Inc

(d) 3,444

983

$

471,221

Consumer

Products

-

.01

%

Kimberly-Clark

Corp

4,229

527

Cosmetics

&

Personal

Care

-

.01

%

Colgate-Palmolive

Co

13,503

1,132

Distribution

&

Wholesale

-

.05

%

Copart

Inc

(d) 29,207

1,324

Core

&

Main

Inc

(d) 3,913

Fastenal

Co

33,473

1,544

Pool

Corp

SiteOne

Landscape

Supply

Inc

(d) 505

WW

Grainger

Inc

1,342

1,395

$

4,664

Diversified

Financial

Services

-

.32

%

Ally

Financial

Inc

1,155

American

Express

Co

6,372

1,907

Ameriprise

Financial

Inc

3,078

1,595

Apollo

Global

Management

Inc

10,170

1,478

Ares

Management

Corp

127,681

23,689

Blue

Owl

Capital

Inc

21,593

Brookfield

Asset

Management

Ltd

4,661

Charles

Schwab

Corp/The

5,274

515

Coinbase

Global

Inc

(d) 708

Credit

Acceptance

Corp

(d) 29

Freedom

Holding

Corp/NV

(d) 533

Hamilton

Lane

Inc

926

Houlihan

Lokey

Inc

732

Interactive

Brokers

Group

Inc

-

A

Shares

902

Jefferies

Financial

Group

Inc

1,494

Lazard

Inc

851

LPL

Financial

Holdings

Inc

2,806

1,110

Mastercard

Inc

533,479

302,200

SLM

Corp

1,150

SoFi

Technologies

Inc

(d) 5,176

TPG

Inc

4,316

Tradeweb

Markets

Inc

172,985

23,967

UWM

Holdings

Corp

633

Visa

Inc

380,791

131,552

XP

Inc

1,619

$

490,042

Electric

-

.04

%

NRG

Energy

Inc

7,012

1,172

Vistra

Corp

11,986

2,500

$

3,672

Electrical

Components

&

Equipment

-

.77

%

Generac

Holdings

Inc

(d) 363,499

70,770

Electronics

-

.12

%

Amphenol

Corp

967,406

103,038

Jabil

Inc

2,422

541

$

103,579

Energy

-

Alternate

Sources

-

.30

%

Enphase

Energy

Inc

(d) 4,520

First

Solar

Inc

(d) 156,912

27,417

$

27,563

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Engineering

&

Construction

-

.01

%

Comfort

Systems

USA

Inc

1,234

$

868

EMCOR

Group

Inc

542

MasTec

Inc

(d) 465

TopBuild

Corp

(d) 73

$

1,323

Entertainment

-

.90

%

Churchill

Downs

Inc

1,947

DraftKings

Inc

(d) 1,767,632

79,614

Flutter

Entertainment

PLC

(d) 5,123

1,549

Light

&

Wonder

Inc

(d) 2,916

Live

Nation

Entertainment

Inc

(d) 5,595

826

TKO

Group

Holdings

Inc

1,095

Vail

Resorts

Inc

1,034

$

82,818

Environmental

Control

-

.75

%

Tetra

Tech

Inc

1,762

Veralto

Corp

628,532

65,889

Waste

Management

Inc

13,110

3,004

$

68,958

Food

-

.02

%

Hershey

Co/The

625

Performance

Food

Group

Co

(d) 670

Sprouts

Farmers

Market

Inc

(d) 3,453

523

Sysco

Corp

9,201

733

$

1,439

Healthcare

-

Products

-

.45

%

Boston

Scientific

Corp

(d) 9,010

945

Danaher

Corp

112,319

22,145

Exact

Sciences

Corp

(d) 411

IDEXX

Laboratories

Inc

(d) 2,864

1,530

Inspire

Medical

Systems

Inc

(d) 1,016

Insulet

Corp

(d) 2,466

711

Intuitive

Surgical

Inc

(d) 411,043

197,748

Masimo

Corp

(d) 1,578

Natera

Inc

(d) 215,481

28,801

Penumbra

Inc

(d) 1,307

Repligen

Corp

(d) 313

ResMed

Inc

1,206

Sonova

Holding

AG

ADR

379,358

20,633

Stryker

Corp

155,824

61,197

Tempus

AI

Inc

(d),(g)

2,923

Waters

Corp

(d) 1,085

West

Pharmaceutical

Services

Inc

312,157

74,687

$

409,960

Healthcare

-

Services

-

.94

%

Chemed

Corp

Cigna

Group/The

132,267

35,366

DaVita

Inc

(d) 1,358

HCA

Healthcare

Inc

1,293

Medpace

Holdings

Inc

(d) 804

Molina

Healthcare

Inc

(d) 1,023

Sotera

Health

Co

(d) 597

UnitedHealth

Group

Inc

202,085

50,432

$

86,977

Home

Furnishings

-

.01

%

SharkNinja

Inc

(d) 427

Somnigroup

International

Inc

7,152

518

$

567

Insurance

-

.17

%

Aon

PLC

6,862

2,441

Arthur

J

Gallagher

&

Co

575

Brown

&

Brown

Inc

1,036

Equitable

Holdings

Inc

10,771

553

Everest

Group

Ltd

Kinsale

Capital

Group

Inc

784

Markel

Group

Inc

(d) 90

Marsh

&

McLennan

Cos

Inc

2,057

Progressive

Corp/The

425,545

102,999

Schedule

of

Investments

LargeCap

Growth

Fund

I

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Insurance

(continued)

RLI

Corp

$

Ryan

Specialty

Holdings

Inc

3,728

$

107,505

Internet

-

.31

%

Airbnb

Inc

(d) 15,071

1,996

Alphabet

Inc

-

A

Shares

1,213,187

232,811

Alphabet

Inc

-

C

Shares

649,982

125,355

Amazon.com

Inc

(d) 2,088,627

488,968

Booking

Holdings

Inc

13,799

75,951

CDW

Corp/DE

Chewy

Inc

(d) 7,398

Coupang

Inc

(d) 1,415,745

41,666

DoorDash

Inc

-

Class

A

(d) 12,713

3,181

Etsy

Inc

(d) 2,104

Expedia

Group

Inc

4,274

770

Gen

Digital

Inc

2,381

GoDaddy

Inc

(d) 4,880

789

Lyft

Inc

(d) 2,547

MercadoLibre

Inc

(d) 15,711

37,296

Meta

Platforms

Inc

552,706

427,484

Netflix

Inc

(d) 210,292

243,813

Palo

Alto

Networks

Inc

(d) 23,291

4,043

Pinterest

Inc

(d) 10,387

Reddit

Inc

(d) 4,117

661

Robinhood

Markets

Inc

(d) 3,495

Roku

Inc

(d) 594

Shopify

Inc

(d) 295,801

36,150

Spotify

Technology

SA

(d) 5,461

3,422

Trump

Media

&

Technology

Group

Corp

(d),(g)

1,986

Uber

Technologies

Inc

(d) 1,655,973

145,312

Wayfair

Inc

(d) 670

$

1,871,130

Iron

&

Steel

-

.00

%

Carpenter

Technology

Corp

Steel

Dynamics

Inc

538

$

Leisure

Products

&

Services

-

.05

%

Carnival

Corp

(d) 11,798

Norwegian

Cruise

Line

Holdings

Ltd

(d) 13,839

Planet

Fitness

Inc

(d) 2,957

Royal

Caribbean

Cruises

Ltd

8,970

2,851

Viking

Holdings

Ltd

(d) 7,192

$

4,301

Lodging

-

.59

%

Choice

Hotels

International

Inc

(g) 330

Hilton

Worldwide

Holdings

Inc

538,395

144,333

Las

Vegas

Sands

Corp

11,345

594

Marriott

International

Inc/MD

6,178

1,630

Travel

+

Leisure

Co

821

Wyndham

Hotels

&

Resorts

Inc

2,415

$

146,856

Machinery

-

Construction

&

Mining

-

.10

%

BWX

Technologies

Inc

570

Caterpillar

Inc

2,002

877

GE

Vernova

Inc

9,706

6,409

Vertiv

Holdings

Co

13,480

1,963

$

9,335

Machinery

-

Diversified

-

.25

%

Ingersoll

Rand

Inc

276,094

23,366

Rockwell

Automation

Inc

$

23,479

Media

-

.00

%

FactSet

Research

Systems

Inc

Liberty

Broadband

Corp

-

A

Shares

(d) 148

Liberty

Broadband

Corp

-

C

Shares

(d) 892

Liberty

Media

Corp-Liberty

Formula

One

-

A

Shares

(d) 325

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Media

(continued)

Liberty

Media

Corp-Liberty

Formula

One

-

C

Shares

(d) 2,311

$

Nexstar

Media

Group

Inc

$

Metal

Fabrication

&

Hardware

-

.00

%

RBC

Bearings

Inc

(d) 224

Mining

-

.00

%

Anglogold

Ashanti

Plc

2,170

Miscellaneous

Manufacturers

-

.04

%

3M

Co

3,057

Axon

Enterprise

Inc

(d) 2,647

2,000

Carlisle

Cos

Inc

Illinois

Tool

Works

Inc

3,385

866

$

3,394

Oil

&

Gas

-

.01

%

HF

Sinclair

Corp

632

Phillips

1,035

Texas

Pacific

Land

Corp

682

660

$

816

Oil

&

Gas

Services

-

.19

%

Schlumberger

NV

524,760

17,737

Pharmaceuticals

-

.31

%

AbbVie

Inc

62,849

11,880

Bristol-Myers

Squibb

Co

13,893

602

Cardinal

Health

Inc

4,289

666

Cencora

Inc

6,477

1,853

Corcept

Therapeutics

Inc

(d) 3,337

Dexcom

Inc

(d) 13,854

1,119

Eli

Lilly

&

Co

139,836

103,488

McKesson

Corp

4,112

2,852

Neurocrine

Biosciences

Inc

(d) 2,921

Zoetis

Inc

616,391

89,864

$

212,922

Pipelines

-

.02

%

Cheniere

Energy

Inc

3,505

827

Targa

Resources

Corp

7,602

1,265

Williams

Cos

Inc/The

2,294

$

2,229

Private

Equity

-

.06

%

Blackstone

Inc

25,954

4,489

KKR

&

Co

Inc

5,981

877

$

5,366

Real

Estate

-

.12

%

CBRE

Group

Inc

(d) 1,221

CoStar

Group

Inc

(d) 1,078,060

102,621

Jones

Lang

LaSalle

Inc

(d) 451

$

102,933

REITs

-

.05

%

American

Tower

Corp

16,579

3,455

Lamar

Advertising

Co

3,088

Public

Storage

732

Simon

Property

Group

Inc

2,533

Sun

Communities

Inc

859

UDR

Inc

720

$

4,581

Retail

-

.33

%

AutoZone

Inc

(d) 92

BJ's

Wholesale

Club

Holdings

Inc

(d) 772

Burlington

Stores

Inc

(d) 2,230

609

Carvana

Co

(d) 4,536

1,770

Casey's

General

Stores

Inc

Cava

Group

Inc

(d) 3,521

Chipotle

Mexican

Grill

Inc

(d) 740,532

31,754

Costco

Wholesale

Corp

166,253

156,218

Darden

Restaurants

Inc

3,917

790

Domino's

Pizza

Inc

Dutch

Bros

Inc

(d) 4,083

Ferguson

Enterprises

Inc

Schedule

of

Investments

LargeCap

Growth

Fund

I

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Retail

(continued)

Floor

&

Decor

Holdings

Inc

(d) 1,275

$

Freshpet

Inc

(d) 584

Home

Depot

Inc/The

26,941

9,901

Lithia

Motors

Inc

Lululemon

Athletica

Inc

(d) 2,132

McDonald's

Corp

1,413

Murphy

USA

Inc

617

O'Reilly

Automotive

Inc

(d) 27,775

2,731

Restaurant

Brands

International

Inc

7,297

RH

(d) 92

Ross

Stores

Inc

2,267

Starbucks

Corp

5,321

Texas

Roadhouse

Inc

2,329

TJX

Cos

Inc/The

19,828

2,469

Tractor

Supply

Co

18,843

1,073

Ulta

Beauty

Inc

(d) 418

Walmart

Inc

15,408

1,510

Wendy's

Co/The

2,848

Williams-Sonoma

Inc

628

Wingstop

Inc

979

Yum!

Brands

Inc

3,305

$

214,344

Semiconductors

-

.07

%

Advanced

Micro

Devices

Inc

(d) 201,711

35,564

Applied

Materials

Inc

8,156

1,469

Astera

Labs

Inc

(d) 5,062

692

Broadcom

Inc

722,245

212,123

Entegris

Inc

519,770

40,782

KLA

Corp

4,724

4,153

Lam

Research

Corp

45,355

4,301

Lattice

Semiconductor

Corp

(d) 386,108

19,240

MACOM

Technology

Solutions

Holdings

Inc

(d) 626

Marvell

Technology

Inc

1,162,877

93,461

Monolithic

Power

Systems

Inc

1,635

1,163

NVIDIA

Corp

5,073,893

902,493

NXP

Semiconductors

NV

324,523

69,373

Onto

Innovation

Inc

(d) 385

QUALCOMM

Inc

8,901

1,306

Texas

Instruments

Inc

13,175

2,385

$

1,388,627

Software

-

.19

%

Adobe

Inc

(d) 15,110

5,405

Appfolio

Inc

(d) 781

AppLovin

Corp

(d) 94,061

36,749

Atlassian

Corp

(d) 5,723

1,098

Autodesk

Inc

(d) 351,382

106,507

Bentley

Systems

Inc

5,564

Broadridge

Financial

Solutions

Inc

3,736

925

Cadence

Design

Systems

Inc

(d) 314,820

114,773

Cloudflare

Inc

(d) 10,930

2,270

Confluent

Inc

(d) 9,829

Datadog

Inc

(d) 595,927

83,417

Dayforce

Inc

(d) 455,265

26,255

Docusign

Inc

(d) 5,367

DoubleVerify

Holdings

Inc

(d) 2,611

Doximity

Inc

(d) 4,613

Dropbox

Inc

-

A

Shares

(d) 2,140

Duolingo

Inc

(d) 1,326

Dynatrace

Inc

(d) 402,550

21,178

Elastic

NV

(d) 3,196

Fair

Isaac

Corp

(d) 62,431

89,696

Fiserv

Inc

(d) 237,517

33,001

Gitlab

Inc

(d) 4,760

Guidewire

Software

Inc

(d) 2,951

668

HubSpot

Inc

(d) 57,105

29,674

Intuit

Inc

360,968

283,406

Magic

Leap

Inc

(d),(e),(f)

10,706

—

Manhattan

Associates

Inc

(d) 2,107

Microsoft

Corp

1,757,457

937,604

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Software

(continued)

MicroStrategy

Inc

(d) 484

$

MongoDB

Inc

(d) 301

MSCI

Inc

1,313

737

nCino

Inc

(d) 598

Nutanix

Inc

(d) 2,354

Oracle

Corp

58,792

14,920

Palantir

Technologies

Inc

(d) 77,496

12,271

Paychex

Inc

3,565

515

Paycom

Software

Inc

996

Pegasystems

Inc

1,152

Procore

Technologies

Inc

(d) 4,045

PTC

Inc

(d) 489

RingCentral

Inc

(d) 3,136

ROBLOX

Corp

(d) 19,975

2,752

Salesforce

Inc

3,692

954

Samsara

Inc

(d) 1,636,514

62,236

SentinelOne

Inc

(d) 7,467

ServiceNow

Inc

(d) 210,189

198,233

Snowflake

Inc

-

Class

A

(d) 11,071

2,474

Stripe

Inc

-

Class

B

(d),(e),(f)

114,126

4,051

Synopsys

Inc

(d) 4,809

3,046

Take-Two

Interactive

Software

Inc

(d) 2,133

Teradata

Corp

(d) 866

Twilio

Inc

(d) 858

Tyler

Technologies

Inc

(d) 1,260

737

Unity

Software

Inc

(d) 738

Veeva

Systems

Inc

(d) 191,329

54,376

Workday

Inc

(d) 7,617

1,747

$

2,136,556

Telecommunications

-

.70

%

Arista

Networks

Inc

(d) 509,689

62,804

AST

SpaceMobile

Inc

(d) 5,655

GCI

Liberty

Inc

(d) 29

GCI

Liberty

Inc

(d) 178

Iridium

Communications

Inc

Motorola

Solutions

Inc

2,470

1,084

Ubiquiti

Inc

$

64,280

Transportation

-

.01

%

Old

Dominion

Freight

Line

Inc

Union

Pacific

Corp

1,655

XPO

Inc

(d) 838

$

531

TOTAL

COMMON

STOCKS

$

9,015,938

Total

Investments

$

9,214,535

Other

Assets

and

Liabilities

- 0.00%

TOTAL

NET

ASSETS

-

100.00%

$

9,214,562

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$410

or

0.00%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Non-income

producing

security

(e) The

value

of

these

investments

was

determined

using

significant

unobservable

inputs,

in

good

faith

by

the

Manager,

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

(f) Restricted

Security.

Please

see

Restricted

Securities

sub-schedule

for

additional

information.

(g) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$394

or

0.00%

of

net

assets.

Schedule

of

Investments

LargeCap

Growth

Fund

I

July

31,

2025

(unaudited)

Affiliated

Securities

October

31,

2024

Purchases

Sales

July

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

229,346

$

2,322,918

$

2,392,000

$

160,264

$

229,346

$

2,322,918

$

2,392,000

$

160,264

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

5,980

$

—

$

—

$

—

$

5,980

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Restricted

Securities

Security

Name

Acquisition

Date

Cost

Value

Percent

of

Net

Assets

Magic

Leap

Inc

01/20/2016-10/12/2017

$

5,204

$

—

0.00%

Nuro

-

Series

C

0.00%

10/30/2020

4,612

4,522

0.05%

Rappi

Inc

-

Series

E

0.00%

09/08/2020

6,177

1,507

0.01%

Sila

Nano

Series

F

0.00%

01/07/2021

4,277

1,888

0.02%

Stripe

Inc

-

Class

B

12/17/2019

1,791

4,051

0.04%

Waymo

LLC

Series

0.00%

05/08/2020

4,188

5,167

0.06%

Total

$

17,135

0.18%

Amounts

in

thousands.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

S&P

500

Emini;

September

2025

Long

$

22,947

$

Total

$

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

LargeCap

S&P

500

Index

Fund

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.69

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.32

%

iShares

Core

S&P

500

ETF

47,300

$

30,030

Money

Market

Funds

-

.37

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.21%

(a),(b)

517,990

518

Principal

Government

Money

Market

Fund

-

Class

4.22%

(a),(b),(c)

129,390,974

129,391

$

129,909

TOTAL

INVESTMENT

COMPANIES

$

159,939

COMMON

STOCKS

-

.22

%

Shares

Held

Value

(000's)

Advertising

-

.11

%

Interpublic

Group

of

Cos

Inc/The

63,929

$

1,572

Omnicom

Group

Inc

33,736

2,431

Trade

Desk

Inc/The

(d) 77,484

6,738

$

10,741

Aerospace

&

Defense

-

.06

%

Boeing

Co/The

(d) 130,370

28,921

General

Dynamics

Corp

43,557

13,573

General

Electric

Co

184,383

49,983

Howmet

Aerospace

Inc

69,797

12,547

L3Harris

Technologies

Inc

32,324

8,883

Lockheed

Martin

Corp

36,055

15,178

Northrop

Grumman

Corp

23,393

13,489

RTX

Corp

230,991

36,397

TransDigm

Group

Inc

9,711

15,620

$

194,591

Agriculture

-

.73

%

Altria

Group

Inc

291,249

18,040

Archer-Daniels-Midland

Co

83,071

4,501

Bunge

Global

SA

23,239

1,854

Philip

Morris

International

Inc

269,127

44,150

$

68,545

Airlines

-

.15

%

Delta

Air

Lines

Inc

112,898

6,007

Southwest

Airlines

Co

(e) 98,533

3,048

United

Airlines

Holdings

Inc

(d) 56,471

4,987

$

14,042

Apparel

-

.25

%

Deckers

Outdoor

Corp

(d) 26,242

2,786

NIKE

Inc

203,698

15,214

Ralph

Lauren

Corp

6,895

2,060

Tapestry

Inc

35,910

3,880

$

23,940

Automobile

Manufacturers

-

.94

%

Cummins

Inc

23,818

8,756

Ford

Motor

Co

675,310

7,476

General

Motors

Co

166,236

8,867

PACCAR

Inc

90,767

8,964

Tesla

Inc

(d) 484,516

149,362

$

183,425

Automobile

Parts

&

Equipment

-

.03

%

Aptiv

PLC

(d) 37,647

2,584

Banks

-

.47

%

Bank

of

America

Corp

1,132,993

53,557

Bank

of

New

York

Mellon

Corp/The

123,702

12,550

Citigroup

Inc

322,939

30,259

Citizens

Financial

Group

Inc

74,980

3,578

Fifth

Third

Bancorp

115,412

4,798

Goldman

Sachs

Group

Inc/The

53,054

38,389

Huntington

Bancshares

Inc/OH

251,888

4,139

JPMorgan

Chase

&

Co

480,517

142,348

KeyCorp

170,544

3,056

M&T

Bank

Corp

27,754

5,237

Morgan

Stanley

213,592

30,428

Northern

Trust

Corp

33,637

4,373

PNC

Financial

Services

Group

Inc/The

68,395

13,014

Regions

Financial

Corp

155,429

3,937

State

Street

Corp

49,310

5,510

Truist

Financial

Corp

226,425

9,897

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Banks

(continued)

US

Bancorp

269,389

$

12,112

Wells

Fargo

&

Co

562,661

45,367

$

422,549

Beverages

-

.06

%

Brown-Forman

Corp

-

B

Shares

31,489

909

Coca-Cola

Co/The

669,760

45,470

Constellation

Brands

Inc

26,468

4,421

Keurig

Dr

Pepper

Inc

234,837

7,667

Molson

Coors

Beverage

Co

29,624

1,443

Monster

Beverage

Corp

(d) 121,409

7,133

PepsiCo

Inc

237,065

32,696

$

99,739

Biotechnology

-

.03

%

Amgen

Inc

92,971

27,436

Biogen

Inc

(d) 25,335

3,243

Corteva

Inc

117,950

8,508

Gilead

Sciences

Inc

215,080

24,151

Incyte

Corp

(d) 27,779

2,080

Moderna

Inc

(d) 58,844

1,739

Regeneron

Pharmaceuticals

Inc

17,956

9,794

Vertex

Pharmaceuticals

Inc

(d) 44,401

20,286

$

97,237

Building

Materials

-

.63

%

Builders

FirstSource

Inc

(d) 19,109

2,429

Carrier

Global

Corp

137,856

9,460

Johnson

Controls

International

plc

113,779

11,947

Lennox

International

Inc

5,521

3,362

Martin

Marietta

Materials

Inc

10,424

5,993

Masco

Corp

36,473

2,485

Mohawk

Industries

Inc

(d) 8,973

1,027

Trane

Technologies

PLC

38,561

16,893

Vulcan

Materials

Co

22,841

6,274

$

59,870

Chemicals

-

.04

%

Air

Products

and

Chemicals

Inc

38,478

11,077

Albemarle

Corp

20,344

1,380

CF

Industries

Holdings

Inc

28,013

2,600

Dow

Inc

122,219

2,847

DuPont

de

Nemours

Inc

72,360

5,203

Eastman

Chemical

Co

19,963

1,450

Ecolab

Inc

43,628

11,420

International

Flavors

&

Fragrances

Inc

44,227

3,141

Linde

PLC

81,391

37,461

LyondellBasell

Industries

NV

44,458

2,576

Mosaic

Co/The

54,850

1,975

PPG

Industries

Inc

39,250

4,141

Sherwin-Williams

Co/The

39,864

13,190

$

98,461

Commercial

Services

-

.49

%

Automatic

Data

Processing

Inc

70,185

21,722

Block

Inc

(d) 95,978

7,415

Cintas

Corp

59,343

13,207

Corpay

Inc

(d) 12,188

3,937

Equifax

Inc

21,474

5,159

Global

Payments

Inc

42,168

3,371

MarketAxess

Holdings

Inc

6,485

1,333

Moody's

Corp

26,750

13,796

PayPal

Holdings

Inc

(d) 168,155

11,562

Quanta

Services

Inc

25,624

10,407

Rollins

Inc

48,602

2,784

S&P

Global

Inc

54,275

29,911

United

Rentals

Inc

11,239

9,923

Verisk

Analytics

Inc

24,187

6,741

$

141,268

Computers

-

.26

%

Accenture

PLC

-

Class

A

108,242

28,912

Apple

Inc

2,582,463

536,042

Cognizant

Technology

Solutions

Corp

85,232

6,116

Schedule

of

Investments

LargeCap

S&P

500

Index

Fund

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Computers

(continued)

Crowdstrike

Holdings

Inc

(d) 43,065

$

19,576

Dell

Technologies

Inc

51,799

6,873

EPAM

Systems

Inc

(d) 9,795

1,545

Fortinet

Inc

(d) 109,845

10,974

Gartner

Inc

(d) 13,307

4,507

Hewlett

Packard

Enterprise

Co

227,122

4,699

HP

Inc

162,997

4,042

International

Business

Machines

Corp

160,696

40,680

Leidos

Holdings

Inc

22,257

3,553

NetApp

Inc

35,170

3,662

Seagate

Technology

Holdings

PLC

36,693

5,761

Super

Micro

Computer

Inc

(d) 88,745

5,233

Western

Digital

Corp

60,322

4,747

$

686,922

Consumer

Products

-

.17

%

Avery

Dennison

Corp

13,517

2,268

Church

&

Dwight

Co

Inc

42,582

3,993

Clorox

Co/The

21,310

2,675

Kimberly-Clark

Corp

57,372

7,150

$

16,086

Cosmetics

&

Personal

Care

-

.88

%

Colgate-Palmolive

Co

140,124

11,749

Estee

Lauder

Cos

Inc/The

40,495

3,780

Kenvue

Inc

331,959

7,117

Procter

&

Gamble

Co/The

405,380

60,998

$

83,644

Distribution

&

Wholesale

-

.29

%

Copart

Inc

(d) 152,007

6,891

Fastenal

Co

198,362

9,150

LKQ

Corp

44,635

1,315

Pool

Corp

6,501

2,003

WW

Grainger

Inc

7,559

7,858

$

27,217

Diversified

Financial

Services

-

.10

%

American

Express

Co

95,696

28,643

Ameriprise

Financial

Inc

16,465

8,532

Apollo

Global

Management

Inc

78,062

11,344

Blackrock

Inc

25,180

27,849

Capital

One

Financial

Corp

110,593

23,777

Cboe

Global

Markets

Inc

18,105

4,364

Charles

Schwab

Corp/The

295,311

28,861

CME

Group

Inc

62,306

17,338

Coinbase

Global

Inc

(d) 36,553

13,808

Franklin

Resources

Inc

53,610

1,287

Intercontinental

Exchange

Inc

99,182

18,332

Invesco

Ltd

77,384

1,626

Mastercard

Inc

140,249

79,447

Nasdaq

Inc

71,472

6,877

Raymond

James

Financial

Inc

31,396

5,247

Synchrony

Financial

65,818

4,586

T

Rowe

Price

Group

Inc

38,094

3,865

Visa

Inc

295,836

102,202

$

387,985

Electric

-

.28

%

AES

Corp/The

123,091

1,619

Alliant

Energy

Corp

44,414

2,887

Ameren

Corp

46,732

4,726

American

Electric

Power

Co

Inc

92,364

10,450

CenterPoint

Energy

Inc

112,859

4,381

CMS

Energy

Corp

51,719

3,817

Consolidated

Edison

Inc

62,296

6,448

Constellation

Energy

Corp

54,191

18,850

Dominion

Energy

Inc

147,450

8,619

DTE

Energy

Co

35,880

4,966

Duke

Energy

Corp

134,390

16,347

Edison

International

66,528

3,467

Entergy

Corp

77,173

6,979

Evergy

Inc

39,783

2,817

Eversource

Energy

63,522

4,199

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Electric

(continued)

Exelon

Corp

174,552

$

7,844

FirstEnergy

Corp

88,815

3,793

NextEra

Energy

Inc

355,945

25,294

NRG

Energy

Inc

33,805

5,652

PG&E

Corp

379,988

5,327

Pinnacle

West

Capital

Corp

20,644

1,871

PPL

Corp

127,821

4,562

Public

Service

Enterprise

Group

Inc

86,278

7,747

Sempra

112,762

9,210

Southern

Co/The

190,030

17,954

Vistra

Corp

58,671

12,235

WEC

Energy

Group

Inc

55,179

6,019

Xcel

Energy

Inc

99,724

7,324

$

215,404

Electrical

Components

&

Equipment

-

.52

%

AMETEK

Inc

39,919

7,379

Eaton

Corp

PLC

67,658

26,029

Emerson

Electric

Co

97,258

14,152

Generac

Holdings

Inc

(d) 10,216

1,989

$

49,549

Electronics

-

.95

%

Allegion

plc

14,879

2,469

Amphenol

Corp

209,144

22,276

Fortive

Corp

58,767

2,817

Garmin

Ltd

26,632

5,826

Honeywell

International

Inc

111,123

24,708

Hubbell

Inc

9,229

4,037

Jabil

Inc

18,561

4,142

Keysight

Technologies

Inc

(d) 29,879

4,897

Mettler-Toledo

International

Inc

(d) 3,594

4,434

TE

Connectivity

PLC

51,275

10,550

Trimble

Inc

(d) 41,253

3,461

$

89,617

Energy

-

Alternate

Sources

-

.04

%

Enphase

Energy

Inc

(d) 22,687

734

First

Solar

Inc

(d) 18,542

3,240

$

3,974

Engineering

&

Construction

-

.03

%

Jacobs

Solutions

Inc

20,776

2,948

Entertainment

-

.07

%

Caesars

Entertainment

Inc

(d) 35,959

959

Live

Nation

Entertainment

Inc

(d) 27,250

4,025

TKO

Group

Holdings

Inc

11,590

1,947

$

6,931

Environmental

Control

-

.32

%

Pentair

PLC

28,448

2,907

Republic

Services

Inc

35,120

8,101

Veralto

Corp

42,856

4,493

Waste

Management

Inc

63,315

14,509

$

30,010

Food

-

.62

%

Conagra

Brands

Inc

82,537

1,507

General

Mills

Inc

94,683

4,638

Hershey

Co/The

25,588

4,763

Hormel

Foods

Corp

50,393

1,415

J

M

Smucker

Co/The

18,399

1,975

Kellanova

46,487

3,711

Kraft

Heinz

Co/The

149,387

4,102

Kroger

Co/The

105,919

7,425

Lamb

Weston

Holdings

Inc

24,400

1,392

McCormick

&

Co

Inc/MD

43,689

3,086

Mondelez

International

Inc

223,878

14,483

Sysco

Corp

83,816

6,672

The

Campbell's

Company

34,027

1,086

Tyson

Foods

Inc

49,489

2,588

$

58,843

Forest

Products

&

Paper

-

.05

%

International

Paper

Co

91,276

4,266

Schedule

of

Investments

LargeCap

S&P

500

Index

Fund

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Gas

-

.08

%

Atmos

Energy

Corp

27,463

$

4,282

NiSource

Inc

81,386

3,455

$

7,737

Hand

&

Machine

Tools

-

.05

%

Snap-on

Inc

9,041

2,904

Stanley

Black

&

Decker

Inc

26,750

1,810

$

4,714

Healthcare

-

Products

-

.68

%

Abbott

Laboratories

300,824

37,961

Agilent

Technologies

Inc

49,295

5,660

Align

Technology

Inc

(d) 11,781

1,520

Baxter

International

Inc

88,729

1,931

Bio-Techne

Corp

27,106

1,484

Boston

Scientific

Corp

(d) 255,801

26,839

Cooper

Cos

Inc/The

(d) 34,577

2,444

Danaher

Corp

110,131

21,713

Edwards

Lifesciences

Corp

(d) 101,426

8,044

GE

HealthCare

Technologies

Inc

79,170

5,646

Hologic

Inc

(d) 38,531

2,575

IDEXX

Laboratories

Inc

(d) 13,906

7,430

Insulet

Corp

(d) 12,168

3,509

Intuitive

Surgical

Inc

(d) 61,971

29,814

Medtronic

PLC

221,756

20,011

ResMed

Inc

25,352

6,894

Revvity

Inc

20,381

1,791

Solventum

Corp

(d) 23,931

1,708

STERIS

PLC

16,987

3,847

Stryker

Corp

59,470

23,356

Thermo

Fisher

Scientific

Inc

65,271

30,526

Waters

Corp

(d) 10,289

2,971

West

Pharmaceutical

Services

Inc

12,423

2,972

Zimmer

Biomet

Holdings

Inc

34,209

3,135

$

253,781

Healthcare

-

Services

-

.04

%

Centene

Corp

(d) 86,037

2,243

Charles

River

Laboratories

International

Inc

(d) 8,493

1,441

Cigna

Group/The

46,191

12,350

DaVita

Inc

(d) 7,180

1,008

Elevance

Health

Inc

39,066

11,059

HCA

Healthcare

Inc

29,950

10,602

Humana

Inc

20,868

5,214

IQVIA

Holdings

Inc

(d) 28,417

5,282

Labcorp

Holdings

Inc

14,472

3,764

Molina

Healthcare

Inc

(d) 9,372

1,480

Quest

Diagnostics

Inc

19,302

3,231

UnitedHealth

Group

Inc

156,849

39,143

Universal

Health

Services

Inc

9,889

1,646

$

98,463

Home

Builders

-

.20

%

DR

Horton

Inc

47,802

6,828

Lennar

Corp

-

A

Shares

40,146

4,504

NVR

Inc

(d) 506

3,820

PulteGroup

Inc

34,655

3,913

$

19,065

Insurance

-

.45

%

Aflac

Inc

84,132

8,359

Allstate

Corp/The

45,788

9,306

American

International

Group

Inc

99,650

7,736

Aon

PLC

37,336

13,281

Arch

Capital

Group

Ltd

64,533

5,554

Arthur

J

Gallagher

&

Co

44,280

12,719

Assurant

Inc

8,767

1,642

Berkshire

Hathaway

Inc

-

Class

B

(d) 317,059

149,614

Brown

&

Brown

Inc

48,455

4,427

Chubb

Ltd

64,436

17,143

Cincinnati

Financial

Corp

27,025

3,986

Erie

Indemnity

Co

4,312

1,536

Everest

Group

Ltd

7,355

2,470

Globe

Life

Inc

14,273

2,005

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Insurance

(continued)

Hartford

Insurance

Group

Inc/The

49,123

$

6,110

Loews

Corp

30,094

2,725

Marsh

&

McLennan

Cos

Inc

85,194

16,971

MetLife

Inc

97,499

7,405

Principal

Financial

Group

Inc

35,663

2,776

Progressive

Corp/The

101,360

24,533

Prudential

Financial

Inc

61,207

6,340

Travelers

Cos

Inc/The

39,174

10,195

W

R

Berkley

Corp

51,817

3,565

Willis

Towers

Watson

PLC

17,144

5,414

$

325,812

Internet

-

.16

%

Airbnb

Inc

(d) 74,625

9,881

Alphabet

Inc

-

A

Shares

1,006,300

193,109

Alphabet

Inc

-

C

Shares

811,739

156,552

Amazon.com

Inc

(d) 1,633,691

382,463

Booking

Holdings

Inc

5,627

30,971

CDW

Corp/DE

22,769

3,971

DoorDash

Inc

-

Class

A

(d) 59,282

14,835

eBay

Inc

79,709

7,313

Expedia

Group

Inc

21,025

3,789

F5

Inc

(d) 9,931

3,113

Gen

Digital

Inc

94,371

2,783

GoDaddy

Inc

(d) 24,636

3,981

Match

Group

Inc

42,401

1,453

Meta

Platforms

Inc

375,400

290,349

Netflix

Inc

(d) 73,583

85,312

Palo

Alto

Networks

Inc

(d) 114,479

19,874

Uber

Technologies

Inc

(d) 361,571

31,728

VeriSign

Inc

13,963

3,754

$

1,245,231

Iron

&

Steel

-

.09

%

Nucor

Corp

39,898

5,708

Steel

Dynamics

Inc

23,872

3,045

$

8,753

Leisure

Products

&

Services

-

.22

%

Carnival

Corp

(d) 181,539

5,404

Norwegian

Cruise

Line

Holdings

Ltd

(d) 77,254

1,975

Royal

Caribbean

Cruises

Ltd

43,197

13,731

$

21,110

Lodging

-

.29

%

Hilton

Worldwide

Holdings

Inc

41,100

11,018

Las

Vegas

Sands

Corp

58,644

3,073

Marriott

International

Inc/MD

39,307

10,370

MGM

Resorts

International

(d) 35,763

1,304

Wynn

Resorts

Ltd

15,217

1,659

$

27,424

Machinery

-

Construction

&

Mining

-

.71

%

Caterpillar

Inc

81,320

35,620

GE

Vernova

Inc

47,192

31,160

$

66,780

Machinery

-

Diversified

-

.65

%

Deere

&

Co

43,644

22,886

Dover

Corp

23,705

4,294

IDEX

Corp

13,062

2,136

Ingersoll

Rand

Inc

69,760

5,904

Nordson

Corp

9,350

2,003

Otis

Worldwide

Corp

68,242

5,848

Rockwell

Automation

Inc

19,492

6,855

Westinghouse

Air

Brake

Technologies

Corp

29,588

5,682

Xylem

Inc/NY

42,076

6,085

$

61,693

Media

-

.82

%

Charter

Communications

Inc

(d) 16,504

4,446

Comcast

Corp

-

Class

A

643,939

21,398

FactSet

Research

Systems

Inc

6,561

2,643

Fox

Corp

-

A

Shares

37,008

2,064

Fox

Corp

-

B

Shares

22,810

1,166

Schedule

of

Investments

LargeCap

S&P

500

Index

Fund

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Media

(continued)

News

Corp

-

A

Shares

65,219

$

1,912

News

Corp

-

B

Shares

(e) 19,258

644

Paramount

Global

-

Class

B

(e) 104,050

1,308

Walt

Disney

Co/The

310,838

37,024

Warner

Bros

Discovery

Inc

(d) 389,277

5,127

$

77,732

Mining

-

.23

%

Freeport-McMoRan

Inc

248,324

9,992

Newmont

Corp

192,442

11,951

$

21,943

Miscellaneous

Manufacturers

-

.63

%

3M

Co

93,054

13,886

A

O

Smith

Corp

20,099

1,423

Axon

Enterprise

Inc

(d) 12,787

9,660

Illinois

Tool

Works

Inc

46,101

11,800

Parker-Hannifin

Corp

22,094

16,171

Teledyne

Technologies

Inc

(d) 8,102

4,464

Textron

Inc

31,216

2,428

$

59,832

Office

&

Business

Equipment

-

.03

%

Zebra

Technologies

Corp

(d) 8,793

2,981

Oil

&

Gas

-

.34

%

APA

Corp

62,392

1,204

Chevron

Corp

329,955

50,034

ConocoPhillips

218,276

20,811

Coterra

Energy

Inc

131,970

3,219

Devon

Energy

Corp

111,022

3,688

Diamondback

Energy

Inc

32,330

4,806

EOG

Resources

Inc

94,369

11,326

EQT

Corp

103,504

5,563

Expand

Energy

Corp

37,444

3,924

Exxon

Mobil

Corp

745,216

83,196

Marathon

Petroleum

Corp

53,119

9,040

Occidental

Petroleum

Corp

122,515

5,383

Phillips

70,448

8,706

Texas

Pacific

Land

Corp

3,259

3,155

Valero

Energy

Corp

54,155

7,436

$

221,491

Oil

&

Gas

Services

-

.21

%

Baker

Hughes

Co

171,304

7,717

Halliburton

Co

148,649

3,330

Schlumberger

NV

259,505

8,771

$

19,818

Packaging

&

Containers

-

.14

%

Amcor

PLC

396,195

3,704

Ball

Corp

47,967

2,747

Packaging

Corp

of

America

15,447

2,993

Smurfit

WestRock

PLC

85,745

3,805

$

13,249

Pharmaceuticals

-

.93

%

AbbVie

Inc

305,417

57,730

Becton

Dickinson

&

Co

49,555

8,833

Bristol-Myers

Squibb

Co

351,873

15,239

Cardinal

Health

Inc

41,269

6,406

Cencora

Inc

29,826

8,533

CVS

Health

Corp

218,726

13,583

Dexcom

Inc

(d) 67,796

5,476

Eli

Lilly

&

Co

136,009

100,656

Henry

Schein

Inc

(d) 21,046

1,424

Johnson

&

Johnson

416,019

68,535

McKesson

Corp

21,632

15,003

Merck

&

Co

Inc

434,167

33,917

Pfizer

Inc

983,021

22,894

Viatris

Inc

202,935

1,774

Zoetis

Inc

76,979

11,223

$

371,226

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Pipelines

-

.39

%

Kinder

Morgan

Inc

334,254

$

9,379

ONEOK

Inc

108,001

8,868

Targa

Resources

Corp

37,509

6,242

Williams

Cos

Inc/The

211,116

12,656

$

37,145

Private

Equity

-

.41

%

Blackstone

Inc

126,159

21,821

KKR

&

Co

Inc

117,036

17,155

$

38,976

Real

Estate

-

.16

%

CBRE

Group

Inc

(d) 50,773

7,907

CoStar

Group

Inc

(d) 72,945

6,944

$

14,851

REITs

-

.80

%

Alexandria

Real

Estate

Equities

Inc

26,620

2,035

American

Tower

Corp

80,942

16,867

AvalonBay

Communities

Inc

24,585

4,580

BXP

Inc

25,185

1,648

Camden

Property

Trust

18,472

2,017

Crown

Castle

Inc

75,292

7,912

Digital

Realty

Trust

Inc

54,738

9,658

Equinix

Inc

16,913

13,280

Equity

Residential

59,124

3,737

Essex

Property

Trust

Inc

11,132

2,896

Extra

Space

Storage

Inc

36,692

4,930

Federal

Realty

Investment

Trust

13,423

1,237

Healthpeak

Properties

Inc

120,122

2,035

Host

Hotels

&

Resorts

Inc

119,946

1,886

Invitation

Homes

Inc

98,562

3,021

Iron

Mountain

Inc

51,014

4,967

Kimco

Realty

Corp

116,969

2,483

Mid-America

Apartment

Communities

Inc

20,239

2,883

Prologis

Inc

160,442

17,132

Public

Storage

27,299

7,424

Realty

Income

Corp

156,146

8,764

Regency

Centers

Corp

28,248

2,017

SBA

Communications

Corp

18,578

4,175

Simon

Property

Group

Inc

53,052

8,689

UDR

Inc

52,126

2,048

Ventas

Inc

78,031

5,242

VICI

Properties

Inc

182,708

5,956

Welltower

Inc

107,417

17,731

Weyerhaeuser

Co

125,402

3,141

$

170,391

Retail

-

.30

%

AutoZone

Inc

(d) 2,893

10,902

Best

Buy

Co

Inc

33,308

2,167

CarMax

Inc

(d) 26,340

1,491

Chipotle

Mexican

Grill

Inc

(d) 232,965

9,989

Costco

Wholesale

Corp

76,714

72,084

Darden

Restaurants

Inc

20,234

4,081

Dollar

General

Corp

38,029

3,989

Dollar

Tree

Inc

(d) 34,156

3,878

Domino's

Pizza

Inc

5,921

2,743

Genuine

Parts

Co

23,997

3,093

Home

Depot

Inc/The

171,854

63,158

Lowe's

Cos

Inc

96,776

21,636

Lululemon

Athletica

Inc

(d) 19,113

3,833

McDonald's

Corp

123,631

37,098

O'Reilly

Automotive

Inc

(d) 147,805

14,532

Ross

Stores

Inc

56,857

7,763

Starbucks

Corp

196,487

17,519

Target

Corp

78,561

7,895

TJX

Cos

Inc/The

193,046

24,040

Tractor

Supply

Co

91,675

5,221

Ulta

Beauty

Inc

(d) 7,807

4,021

Walgreens

Boots

Alliance

Inc

124,098

1,444

Walmart

Inc

747,028

73,194

Williams-Sonoma

Inc

21,256

3,976

Schedule

of

Investments

LargeCap

S&P

500

Index

Fund

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Retail

(continued)

Yum!

Brands

Inc

48,062

$

6,928

$

406,675

Semiconductors

-

.18

%

Advanced

Micro

Devices

Inc

(d) 280,347

49,428

Analog

Devices

Inc

85,756

19,263

Applied

Materials

Inc

140,474

25,294

Broadcom

Inc

812,985

238,774

Intel

Corp

(d) 754,206

14,933

KLA

Corp

22,865

20,099

Lam

Research

Corp

221,165

20,975

Microchip

Technology

Inc

92,990

6,285

Micron

Technology

Inc

193,232

21,089

Monolithic

Power

Systems

Inc

8,278

5,888

NVIDIA

Corp

4,216,704

750,025

NXP

Semiconductors

NV

43,681

9,338

ON

Semiconductor

Corp

(d) 72,254

4,072

QUALCOMM

Inc

189,709

27,842

Skyworks

Solutions

Inc

25,958

1,779

Teradyne

Inc

27,738

2,980

Texas

Instruments

Inc

157,078

28,441

$

1,246,505

Shipbuilding

-

.02

%

Huntington

Ingalls

Industries

Inc

6,784

1,892

Software

-

.71

%

Adobe

Inc

(d) 73,692

26,359

Akamai

Technologies

Inc

(d) 25,280

1,929

Autodesk

Inc

(d) 36,992

11,213

Broadridge

Financial

Solutions

Inc

20,309

5,027

Cadence

Design

Systems

Inc

(d) 47,211

17,212

Datadog

Inc

(d) 55,193

7,726

Dayforce

Inc

(d) 27,644

1,594

Electronic

Arts

Inc

39,457

6,017

Fair

Isaac

Corp

(d) 4,208

6,046

Fidelity

National

Information

Services

Inc

90,843

7,214

Fiserv

Inc

(d) 95,864

13,319

Intuit

Inc

48,337

37,951

Jack

Henry

&

Associates

Inc

12,590

2,138

Microsoft

Corp

1,285,115

685,609

MSCI

Inc

13,378

7,510

Oracle

Corp

281,220

71,365

Palantir

Technologies

Inc

(d) 367,789

58,239

Paychex

Inc

55,427

8,000

Paycom

Software

Inc

8,426

1,951

PTC

Inc

(d) 20,741

4,455

Roper

Technologies

Inc

18,589

10,231

Salesforce

Inc

165,896

42,856

ServiceNow

Inc

(d) 35,791

33,755

Synopsys

Inc

(d) 31,900

20,208

Take-Two

Interactive

Software

Inc

(d) 29,293

6,524

Tyler

Technologies

Inc

(d) 7,456

4,358

Workday

Inc

(d) 37,457

8,592

$

1,107,398

Telecommunications

-

.85

%

Arista

Networks

Inc

(d) 178,066

21,941

AT&T

Inc

1,244,147

34,102

Cisco

Systems

Inc

687,862

46,830

Corning

Inc

133,278

8,429

Motorola

Solutions

Inc

28,860

12,669

T-Mobile

US

Inc

82,456

19,658

Verizon

Communications

Inc

728,962

31,170

$

174,799

Toys,

Games

&

Hobbies

-

.02

%

Hasbro

Inc

22,775

1,712

Transportation

-

.81

%

CH

Robinson

Worldwide

Inc

20,529

2,367

CSX

Corp

324,808

11,544

Expeditors

International

of

Washington

Inc

23,679

2,752

FedEx

Corp

38,114

8,518

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Transportation

(continued)

JB

Hunt

Transport

Services

Inc

13,550

$

1,952

Norfolk

Southern

Corp

38,981

10,837

Old

Dominion

Freight

Line

Inc

32,155

4,799

Union

Pacific

Corp

103,306

22,931

United

Parcel

Service

Inc

126,864

10,931

$

76,631

Water

-

.05

%

American

Water

Works

Co

Inc

33,718

4,729

TOTAL

COMMON

STOCKS

$

9,290,927

Total

Investments

$

9,450,866

Other

Assets

and

Liabilities

- 0.09%

8,601

TOTAL

NET

ASSETS

-

100.00%

$

9,459,467

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$2,448

or

0.03%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Non-income

producing

security

(e) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$2,309

or

0.02%

of

net

assets.

Schedule

of

Investments

LargeCap

S&P

500

Index

Fund

July

31,

2025

(unaudited)

Affiliated

Securities

October

31,

2024

Purchases

Sales

July

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

280,734

$

663,611

$

814,954

$

129,391

$

280,734

$

663,611

$

814,954

$

129,391

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

7,753

$

—

$

—

$

—

$

7,753

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

S&P

500

Emini;

September

2025

Long

$

136,090

$

4,361

Total

$

4,361

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

LargeCap

Value

Fund

III

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.43

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.04

%

Invesco

Exchange-Traded

Fund

Trust

-

Invesco

S&P

500

Pure

Value

ETF

1,146,183

$

105,518

Money

Market

Funds

-

.39

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.21%

(a),(b)

564,182

564

Principal

Government

Money

Market

Fund

-

Class

4.22%

(a),(c)

116,881,881

116,882

$

117,446

TOTAL

INVESTMENT

COMPANIES

$

222,964

COMMON

STOCKS

-

.55

%

Shares

Held

Value

(000's)

Advertising

-

.01

%

Interpublic

Group

of

Cos

Inc/The

6,693

$

Omnicom

Group

Inc

3,496

$

Aerospace

&

Defense

-

.05

%

Boeing

Co/The

(d) 11,316

2,510

Curtiss-Wright

Corp

657

General

Dynamics

Corp

79,250

24,695

Hexcel

Corp

1,629

L3Harris

Technologies

Inc

3,379

929

Leonardo

DRS

Inc

933

Loar

Holdings

Inc

(d) 84

Lockheed

Martin

Corp

2,720

1,145

Northrop

Grumman

Corp

2,480

1,430

RTX

Corp

24,365

3,839

Spirit

AeroSystems

Holdings

Inc

(d) 2,119

StandardAero

Inc

(d) 2,626

TransDigm

Group

Inc

831

1,337

$

36,508

Agriculture

-

.43

%

Altria

Group

Inc

30,727

1,903

Archer-Daniels-Midland

Co

8,685

Bunge

Global

SA

2,391

Darling

Ingredients

Inc

(d) 2,826

Philip

Morris

International

Inc

287,298

47,131

$

49,787

Airlines

-

.05

%

Alaska

Air

Group

Inc

(d) 2,061

American

Airlines

Group

Inc

(d) 12,434

Delta

Air

Lines

Inc

11,861

631

Southwest

Airlines

Co

(e) 8,308

United

Airlines

Holdings

Inc

(d) 5,906

522

$

1,662

Apparel

-

.07

%

Birkenstock

Holding

Plc

(d) 760

Columbia

Sportswear

Co

531

Crocs

Inc

(d) 1,105

NIKE

Inc

21,063

1,573

PVH

Corp

1,063

Ralph

Lauren

Corp

632

Skechers

USA

Inc

(d) 2,493

Tapestry

Inc

Under

Armour

Inc

-

Class

A

(d) 3,843

Under

Armour

Inc

-

Class

C

(d) 3,820

VF

Corp

7,146

$

2,347

Automobile

Manufacturers

-

.11

%

Cummins

Inc

2,481

912

Ford

Motor

Co

71,071

787

General

Motors

Co

17,590

938

Lucid

Group

Inc

(d) 26,707

PACCAR

Inc

9,368

925

Rivian

Automotive

Inc

(d) 14,079

$

3,809

Automobile

Parts

&

Equipment

-

.18

%

Allison

Transmission

Holdings

Inc

1,439

Aptiv

PLC

(d) 583,897

40,079

Aurora

Innovation

Inc

(d) 20,041

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Automobile

Parts

&

Equipment

(continued)

BorgWarner

Inc

4,186

$

Gentex

Corp

4,605

Lear

Corp

1,086

QuantumScape

Corp

(d) 8,387

$

40,775

Banks

-

.12

%

Bank

of

America

Corp

1,773,161

83,817

Bank

of

New

York

Mellon

Corp/The

12,074

1,225

Bank

of

Nova

Scotia/The

479,278

26,653

Bank

OZK

2,174

BOK

Financial

Corp

Citigroup

Inc

27,718

2,597

Citizens

Financial

Group

Inc

7,901

Columbia

Banking

System

Inc

4,252

Comerica

Inc

2,503

Commerce

Bancshares

Inc/MO

2,363

Cullen/Frost

Bankers

Inc

1,134

East

West

Bancorp

Inc

2,463

Fifth

Third

Bancorp

12,110

503

First

Citizens

BancShares

Inc/NC

First

Hawaiian

Inc

2,549

First

Horizon

Corp

9,134

FNB

Corp/PA

7,223

Goldman

Sachs

Group

Inc/The

37,322

27,006

Huntington

Bancshares

Inc/OH

26,331

JPMorgan

Chase

&

Co

185,080

54,828

KeyCorp

17,207

M&T

Bank

Corp

2,937

554

Morgan

Stanley

20,969

2,987

Northern

Trust

Corp

3,498

Pinnacle

Financial

Partners

Inc

1,447

PNC

Financial

Services

Group

Inc/The

7,178

1,366

Popular

Inc

1,254

Prosperity

Bancshares

Inc

1,862

Regions

Financial

Corp

16,346

SouthState

Corp

246,990

23,259

State

Street

Corp

5,223

584

Synovus

Financial

Corp

2,823

Truist

Financial

Corp

23,857

1,043

US

Bancorp

28,447

1,279

Webster

Financial

Corp

3,021

Wells

Fargo

&

Co

674,529

54,387

Western

Alliance

Bancorp

380,088

29,480

Wintrust

Financial

Corp

1,260

Zions

Bancorp

NA

2,782

$

316,261

Beverages

-

.03

%

Boston

Beer

Co

Inc/The

(d) 196

Brown-Forman

Corp

-

A

Shares

889

Brown-Forman

Corp

-

B

Shares

3,006

Coca-Cola

Co/The

36,227

2,459

Coca-Cola

Consolidated

Inc

910

Constellation

Brands

Inc

2,356

Keurig

Dr

Pepper

Inc

1,603,386

52,351

Molson

Coors

Beverage

Co

3,220

PepsiCo

Inc

106,634

14,707

Primo

Brands

Corp

5,223

$

70,466

Biotechnology

-

.86

%

Amgen

Inc

2,544

751

Biogen

Inc

(d) 2,635

BioMarin

Pharmaceutical

Inc

(d) 3,437

Bio-Rad

Laboratories

Inc

(d) 395

Certara

Inc

(d) 2,468

Corteva

Inc

12,444

898

Exelixis

Inc

(d) 1,051

Gilead

Sciences

Inc

16,565

1,860

Illumina

Inc

(d) 2,858

Incyte

Corp

(d) 2,248

Schedule

of

Investments

LargeCap

Value

Fund

III

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Biotechnology

(continued)

Insmed

Inc

(d) 227

$

Ionis

Pharmaceuticals

Inc

(d) 355

Moderna

Inc

(d) 6,338

Regeneron

Pharmaceuticals

Inc

1,889

1,030

Revolution

Medicines

Inc

(d) 3,525

Roivant

Sciences

Ltd

(d) 7,710

Royalty

Pharma

PLC

7,081

Sarepta

Therapeutics

Inc

(d) 317

United

Therapeutics

Corp

(d) 781

Vertex

Pharmaceuticals

Inc

(d) 51,024

23,311

Viking

Therapeutics

Inc

(d) 2,041

$

29,999

Building

Materials

-

.82

%

Armstrong

World

Industries

Inc

634

Builders

FirstSource

Inc

(d) 2,006

Carrier

Global

Corp

14,656

1,006

CRH

PLC

258,673

24,691

Eagle

Materials

Inc

100,946

22,641

Fortune

Brands

Innovations

Inc

2,463

Hayward

Holdings

Inc

(d) 3,840

James

Hardie

Industries

PLC

(d) 1,075

Johnson

Controls

International

plc

443,715

46,590

Louisiana-Pacific

Corp

1,280

Martin

Marietta

Materials

Inc

1,065

612

Masco

Corp

3,818

Mohawk

Industries

Inc

(d) 1,044

Owens

Corning

1,520

Simpson

Manufacturing

Co

Inc

783

Trex

Co

Inc

(d) 2,170

Vulcan

Materials

Co

2,383

655

$

97,777

Chemicals

-

.22

%

Air

Products

and

Chemicals

Inc

157,194

45,253

Albemarle

Corp

2,253

Ashland

Inc

953

Axalta

Coating

Systems

Ltd

(d) 826,539

23,408

Celanese

Corp

2,270

CF

Industries

Holdings

Inc

2,991

Dow

Inc

12,869

DuPont

de

Nemours

Inc

7,602

546

Eastman

Chemical

Co

2,063

Ecolab

Inc

3,406

891

Element

Solutions

Inc

4,583

FMC

Corp

2,526

Huntsman

Corp

3,345

International

Flavors

&

Fragrances

Inc

4,643

Linde

PLC

8,566

3,943

LyondellBasell

Industries

NV

4,640

Mosaic

Co/The

5,722

NewMarket

Corp

Olin

Corp

2,540

PPG

Industries

Inc

4,116

RPM

International

Inc

2,289

Sherwin-Williams

Co/The

Westlake

Corp

682

$

77,146

Commercial

Services

-

.29

%

ADT

Inc

7,193

Affirm

Holdings

Inc

(d) 2,214

API

Group

Corp

(d) 6,806

Aramark

4,782

Automatic

Data

Processing

Inc

512

Avis

Budget

Group

Inc

(d),(e)

Block

Inc

(d) 6,190

Bright

Horizons

Family

Solutions

Inc

(d) 1,008

Clarivate

PLC

(d) 7,204

Dun

&

Bradstreet

Holdings

Inc

6,650

Equifax

Inc

1,838

Euronet

Worldwide

Inc

(d) 826

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Commercial

Services

(continued)

FTI

Consulting

Inc

(d) 681

$

Global

Payments

Inc

4,424

Grand

Canyon

Education

Inc

(d) 407

GXO

Logistics

Inc

(d) 2,339

H&R

Block

Inc

2,245

ManpowerGroup

Inc

938

MarketAxess

Holdings

Inc

741

Morningstar

Inc

Paylocity

Holding

Corp

(d) 75

PayPal

Holdings

Inc

(d) 17,726

1,219

Quanta

Services

Inc

575

RB

Global

Inc

3,146

Robert

Half

Inc

2,013

S&P

Global

Inc

5,589

3,080

Service

Corp

International/US

2,512

TransUnion

3,542

U-Haul

Holding

Co

(d),(e)

U-Haul

Holding

Co

1,318

United

Rentals

Inc

1,169

1,032

Valvoline

Inc

(d) 294

Verisk

Analytics

Inc

989

WEX

Inc

(d) 635

WillScot

Holdings

Corp

2,700

$

10,144

Computers

-

.64

%

Accenture

PLC

-

Class

A

112,105

29,943

Amdocs

Ltd

1,985

Amentum

Holdings

Inc

(d) 3,417

CACI

International

Inc

(d) 367

Cognizant

Technology

Solutions

Corp

245,691

17,631

Crane

NXT

Co

1,079

Dell

Technologies

Inc

4,973

660

DXC

Technology

Co

(d) 3,934

EPAM

Systems

Inc

(d) 980

Genpact

Ltd

3,276

Globant

SA

(d) 792

Hewlett

Packard

Enterprise

Co

23,875

HP

Inc

17,161

International

Business

Machines

Corp

16,937

4,288

KBR

Inc

2,418

Kyndryl

Holdings

Inc

(d) 3,914

Leidos

Holdings

Inc

2,299

Lumentum

Holdings

Inc

(d) 1,294

NetApp

Inc

2,212

Okta

Inc

(d) 1,832

Parsons

Corp

(d) 1,061

Pure

Storage

Inc

(d) 904

Rubrik

Inc

(d) 795

SailPoint

Inc

(d) 1,222

Sandisk

Corp/DE

(d) 2,745

Science

Applications

International

Corp

958

Super

Micro

Computer

Inc

(d) 5,038

Western

Digital

Corp

6,281

$

56,779

Consumer

Products

-

.61

%

Avery

Dennison

Corp

1,389

Church

&

Dwight

Co

Inc

213,379

20,009

Clorox

Co/The

2,218

Kimberly-Clark

Corp

3,846

Reynolds

Consumer

Products

Inc

1,110

$

21,024

Cosmetics

&

Personal

Care

-

.24

%

Colgate-Palmolive

Co

7,680

644

Coty

Inc

(d) 7,026

elf

Beauty

Inc

(d) 1,113

Estee

Lauder

Cos

Inc/The

4,231

Kenvue

Inc

34,614

742

Perrigo

Co

PLC

2,773

Schedule

of

Investments

LargeCap

Value

Fund

III

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Cosmetics

&

Personal

Care

(continued)

Procter

&

Gamble

Co/The

42,796

$

6,439

$

8,463

Distribution

&

Wholesale

-

.04

%

Copart

Inc

(d) 1,235

Core

&

Main

Inc

(d) 1,619

Fastenal

Co

3,937

LKQ

Corp

4,699

Pool

Corp

549

SiteOne

Landscape

Supply

Inc

(d) 653

Watsco

Inc

606

WESCO

International

Inc

843

WW

Grainger

Inc

$

1,306

Diversified

Financial

Services

-

.27

%

Affiliated

Managers

Group

Inc

569

Air

Lease

Corp

2,119

Ally

Financial

Inc

4,409

American

Express

Co

113,313

33,916

Ameriprise

Financial

Inc

Apollo

Global

Management

Inc

2,258

Blackrock

Inc

2,774

3,068

Brookfield

Asset

Management

Ltd

4,536

Capital

One

Financial

Corp

93,554

20,114

Cboe

Global

Markets

Inc

1,882

Charles

Schwab

Corp/The

28,369

2,772

CME

Group

Inc

6,532

1,818

Coinbase

Global

Inc

(d) 3,365

1,271

Credit

Acceptance

Corp

(d) 124

Evercore

Inc

-

Class

A

642

Franklin

Resources

Inc

6,255

Freedom

Holding

Corp/NV

(d) 53

Hamilton

Lane

Inc

Houlihan

Lokey

Inc

681

Interactive

Brokers

Group

Inc

-

A

Shares

7,281

Intercontinental

Exchange

Inc

174,635

32,278

Invesco

Ltd

6,996

Janus

Henderson

Group

PLC

2,555

Jefferies

Financial

Group

Inc

2,356

Lazard

Inc

1,801

Mr

Cooper

Group

Inc

(d) 1,115

Nasdaq

Inc

7,490

721

OneMain

Holdings

Inc

2,425

Raymond

James

Financial

Inc

3,307

553

Rocket

Cos

Inc

(e) 4,701

SEI

Investments

Co

1,867

SLM

Corp

534,654

17,002

SoFi

Technologies

Inc

(d) 16,695

Stifel

Financial

Corp

1,792

Synchrony

Financial

6,908

T

Rowe

Price

Group

Inc

3,961

TPG

Inc

Tradeweb

Markets

Inc

1,918

UWM

Holdings

Corp

2,195

Virtu

Financial

Inc

1,643

Visa

Inc

83,433

28,824

Voya

Financial

Inc

1,957

Western

Union

Co/The

6,128

XP

Inc

7,519

$

148,122

Electric

-

.53

%

AES

Corp/The

13,658

Alliant

Energy

Corp

4,652

Ameren

Corp

4,891

American

Electric

Power

Co

Inc

9,726

1,100

Brookfield

Renewable

Corp

2,749

CenterPoint

Energy

Inc

11,851

Clearway

Energy

Inc

-

Class

A

706

Clearway

Energy

Inc

-

Class

C

1,804

CMS

Energy

Corp

5,394

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Electric

(continued)

Consolidated

Edison

Inc

6,545

$

677

Constellation

Energy

Corp

5,682

1,976

Dominion

Energy

Inc

15,532

908

DTE

Energy

Co

3,749

519

Duke

Energy

Corp

14,157

1,722

Edison

International

6,919

Entergy

Corp

700,027

63,303

Evergy

Inc

4,168

Eversource

Energy

6,670

Exelon

Corp

18,398

827

FirstEnergy

Corp

9,975

IDACORP

Inc

1,098

NextEra

Energy

Inc

326,619

23,210

OGE

Energy

Corp

3,858

PG&E

Corp

39,918

560

Pinnacle

West

Capital

Corp

379,816

34,419

PPL

Corp

13,462

Public

Service

Enterprise

Group

Inc

9,076

815

Sempra

11,874

970

Southern

Co/The

262,834

24,833

Talen

Energy

Corp

(d) 796

WEC

Energy

Group

Inc

222,118

24,228

Xcel

Energy

Inc

567,526

41,679

$

226,379

Electrical

Components

&

Equipment

-

.16

%

Acuity

Inc

533

AMETEK

Inc

4,174

772

Eaton

Corp

PLC

7,118

2,739

Emerson

Electric

Co

10,248

1,491

Generac

Holdings

Inc

(d) 1,111

Littelfuse

Inc

Universal

Display

Corp

892

$

5,641

Electronics

-

.74

%

Allegion

plc

1,542

Arrow

Electronics

Inc

(d) 1,052

Avnet

Inc

1,749

Coherent

Corp

(d) 2,767

Flex

Ltd

(d) 6,918

Fortive

Corp

495,210

23,735

Garmin

Ltd

2,945

644

Honeywell

International

Inc

11,709

2,604

Hubbell

Inc

60,189

26,331

Ingram

Micro

Holding

Corp

(e) 446

Jabil

Inc

695

Keysight

Technologies

Inc

(d) 3,110

510

Mettler-Toledo

International

Inc

(d) 370

nVent

Electric

PLC

2,942

Ralliant

Corp

74,782

3,419

Sensata

Technologies

Holding

PLC

2,953

TD

SYNNEX

Corp

1,413

Trimble

Inc

(d) 4,316

Vontier

Corp

3,010

Woodward

Inc

1,052

$

60,260

Energy

-

Alternate

Sources

-

.01

%

First

Solar

Inc

(d) 1,824

Engineering

&

Construction

-

.75

%

AECOM

2,385

EMCOR

Group

Inc

524

Everus

Construction

Group

Inc

(d) 1,037

Jacobs

Solutions

Inc

2,187

MasTec

Inc

(d) 934

TopBuild

Corp

(d) 66,955

24,802

$

25,964

Entertainment

-

.02

%

Caesars

Entertainment

Inc

(d) 4,200

Churchill

Downs

Inc

Flutter

Entertainment

PLC

(d) 569

Schedule

of

Investments

LargeCap

Value

Fund

III

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Entertainment

(continued)

Liberty

Media

Corp-Liberty

Live

-

A

Shares

(d) 402

$

Liberty

Media

Corp-Liberty

Live

-

C

Shares

(d) 933

Madison

Square

Garden

Sports

Corp

(d) 328

Penn

Entertainment

Inc

(d) 3,313

TKO

Group

Holdings

Inc

802

Vail

Resorts

Inc

$

698

Environmental

Control

-

.41

%

Clean

Harbors

Inc

(d) 895

Pentair

PLC

2,953

Republic

Services

Inc

3,666

846

Tetra

Tech

Inc

4,177

Veralto

Corp

234,134

24,544

Waste

Management

Inc

100,450

23,019

$

49,075

Food

-

.94

%

Albertsons

Cos

Inc

7,518

Conagra

Brands

Inc

8,644

Flowers

Foods

Inc

3,800

General

Mills

Inc

9,956

Hershey

Co/The

140,663

26,181

Hormel

Foods

Corp

5,242

Ingredion

Inc

1,219

J

M

Smucker

Co/The

1,862

Kellanova

5,037

Kraft

Heinz

Co/The

15,535

Kroger

Co/The

11,027

773

Lamb

Weston

Holdings

Inc

2,610

McCormick

&

Co

Inc/MD

4,589

Mondelez

International

Inc

23,594

1,526

Performance

Food

Group

Co

(d) 2,409

Pilgrim's

Pride

Corp

843

Post

Holdings

Inc

(d) 1,028

Seaboard

Corp

Smithfield

Foods

Inc

695

Sysco

Corp

4,078

The

Campbell's

Company

3,946

Tyson

Foods

Inc

5,071

US

Foods

Holding

Corp

(d) 4,177

$

32,627

Forest

Products

&

Paper

-

.01

%

International

Paper

Co

9,525

Gas

-

.03

%

Atmos

Energy

Corp

2,859

MDU

Resources

Group

Inc

4,127

National

Fuel

Gas

Co

1,715

NiSource

Inc

8,548

UGI

Corp

4,131

$

1,178

Hand

&

Machine

Tools

-

.02

%

Lincoln

Electric

Holdings

Inc

958

MSA

Safety

Inc

753

Snap-on

Inc

906

Stanley

Black

&

Decker

Inc

2,789

$

847

Healthcare

-

Products

-

.23

%

Abbott

Laboratories

294,842

37,206

Agilent

Technologies

Inc

5,167

593

Align

Technology

Inc

(d) 1,221

Avantor

Inc

(d) 1,826,081

24,542

Baxter

International

Inc

9,307

Bio-Techne

Corp

3,010

Boston

Scientific

Corp

(d) 22,245

2,334

Bruker

Corp

2,100

Cooper

Cos

Inc/The

(d) 3,602

Danaher

Corp

11,605

2,288

DENTSPLY

SIRONA

Inc

4,359

Edwards

Lifesciences

Corp

(d) 10,463

830

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Healthcare

-

Products

(continued)

Envista

Holdings

Corp

(d) 3,417

$

Exact

Sciences

Corp

(d) 3,176

GE

HealthCare

Technologies

Inc

8,315

593

Globus

Medical

Inc

(d) 2,284

Hologic

Inc

(d) 4,038

Medtronic

PLC

384,522

34,699

QIAGEN

NV

3,856

Repligen

Corp

(d) 940

ResMed

Inc

2,006

546

Revvity

Inc

2,163

Solventum

Corp

(d) 2,502

STERIS

PLC

1,763

Stryker

Corp

4,635

1,820

Teleflex

Inc

910

Thermo

Fisher

Scientific

Inc

6,868

3,212

Waters

Corp

(d) 488

West

Pharmaceutical

Services

Inc

1,276

Zimmer

Biomet

Holdings

Inc

3,583

$

112,142

Healthcare

-

Services

-

.30

%

Acadia

Healthcare

Co

Inc

(d) 1,852

Amedisys

Inc

(d) 658

Centene

Corp

(d) 9,021

Charles

River

Laboratories

International

Inc

(d) 929

Chemed

Corp

Cigna

Group/The

4,464

1,194

Elevance

Health

Inc

50,884

14,404

Encompass

Health

Corp

1,788

HCA

Healthcare

Inc

2,486

880

Humana

Inc

2,174

543

IQVIA

Holdings

Inc

(d) 3,165

588

Labcorp

Holdings

Inc

1,497

Molina

Healthcare

Inc

(d) 492

Quest

Diagnostics

Inc

2,007

Sotera

Health

Co

(d) 3,312

Tenet

Healthcare

Corp

(d) 1,643

UnitedHealth

Group

Inc

101,693

25,379

Universal

Health

Services

Inc

976

$

45,061

Home

Builders

-

.00

%

DR

Horton

Inc

4,975

711

Lennar

Corp

-

A

Shares

291,718

32,725

Lennar

Corp

-

B

Shares

NVR

Inc

(d) 50

PulteGroup

Inc

3,613

Thor

Industries

Inc

1,037

Toll

Brothers

Inc

1,776

$

34,546

Home

Furnishings

-

.01

%

Dolby

Laboratories

Inc

1,231

SharkNinja

Inc

(d) 1,169

Whirlpool

Corp

1,093

$

Housewares

-

.00

%

Newell

Brands

Inc

9,121

Scotts

Miracle-Gro

Co/The

890

$

Insurance

-

.97

%

Aflac

Inc

8,853

880

Allstate

Corp/The

4,783

972

American

Financial

Group

Inc/OH

1,261

American

International

Group

Inc

420,284

32,627

Aon

PLC

Arch

Capital

Group

Ltd

6,623

570

Arthur

J

Gallagher

&

Co

76,211

21,892

Assurant

Inc

897

Assured

Guaranty

Ltd

949

Axis

Capital

Holdings

Ltd

1,544

Berkshire

Hathaway

Inc

-

Class

B

(d) 71,389

33,687

Schedule

of

Investments

LargeCap

Value

Fund

III

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Insurance

(continued)

Brighthouse

Financial

Inc

(d) 1,164

$

Brown

&

Brown

Inc

4,462

Chubb

Ltd

6,759

1,798

Cincinnati

Financial

Corp

2,782

CNA

Financial

Corp

Corebridge

Financial

Inc

4,613

Everest

Group

Ltd

46,419

15,587

Fidelity

National

Financial

Inc

4,710

First

American

Financial

Corp

2,001

Globe

Life

Inc

1,482

Hanover

Insurance

Group

Inc/The

729

Hartford

Insurance

Group

Inc/The

5,147

640

Kemper

Corp

1,245

Lincoln

National

Corp

3,467

Loews

Corp

3,087

Markel

Group

Inc

(d) 180

Marsh

&

McLennan

Cos

Inc

7,905

1,575

MetLife

Inc

10,229

777

MGIC

Investment

Corp

4,748

Old

Republic

International

Corp

4,390

Primerica

Inc

622

Progressive

Corp/The

124,177

30,056

Prudential

Financial

Inc

6,438

667

Reinsurance

Group

of

America

Inc

1,176

RenaissanceRe

Holdings

Ltd

842

RLI

Corp

1,577

Travelers

Cos

Inc/The

4,096

1,066

Unum

Group

3,126

W

R

Berkley

Corp

5,506

White

Mountains

Insurance

Group

Ltd

Willis

Towers

Watson

PLC

78,050

24,649

$

172,403

Internet

-

.49

%

Alphabet

Inc

-

A

Shares

376,232

72,198

Alphabet

Inc

-

C

Shares

30,601

5,902

Amazon.com

Inc

(d) 235,875

55,221

Booking

Holdings

Inc

CDW

Corp/DE

2,197

eBay

Inc

8,369

768

Etsy

Inc

(d) 896

F5

Inc

(d) 1,021

Gen

Digital

Inc

8,896

IAC

Inc

(d) 1,368

Lyft

Inc

(d) 6,799

Maplebear

Inc

(d) 3,307

Match

Group

Inc

4,696

Meta

Platforms

Inc

22,904

17,715

Pinterest

Inc

(d) 5,388

Robinhood

Markets

Inc

(d) 11,660

1,201

Roku

Inc

(d) 2,018

Trump

Media

&

Technology

Group

Corp

(d),(e)

749

VeriSign

Inc

1,540

Wayfair

Inc

(d) 1,565

Zillow

Group

Inc

-

A

Shares

(d) 1,072

Zillow

Group

Inc

-

C

Shares

(d) 2,953

$

155,941

Iron

&

Steel

-

.05

%

ATI

Inc

(d) 2,518

Carpenter

Technology

Corp

692

Cleveland-Cliffs

Inc

(d) 9,899

Nucor

Corp

4,160

595

Reliance

Inc

934

Steel

Dynamics

Inc

2,289

$

1,629

Leisure

Products

&

Services

-

.19

%

Amer

Sports

Inc

(d) 3,034

Brunswick

Corp/DE

1,333

Carnival

Corp

(d) 2,545,679

75,785

Harley-Davidson

Inc

2,270

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Leisure

Products

&

Services

(continued)

Norwegian

Cruise

Line

Holdings

Ltd

(d) 876

$

YETI

Holdings

Inc

(d) 1,677

$

76,116

Lodging

-

.75

%

Boyd

Gaming

Corp

1,184

Choice

Hotels

International

Inc

(e) 382

Hyatt

Hotels

Corp

818

Las

Vegas

Sands

Corp

574,901

30,125

Marriott

International

Inc/MD

937

MGM

Resorts

International

(d) 3,934

Travel

+

Leisure

Co

861

Wyndham

Hotels

&

Resorts

Inc

Wynn

Resorts

Ltd

274,008

29,875

$

60,720

Machinery

-

Construction

&

Mining

-

.67

%

BWX

Technologies

Inc

83,605

12,702

Caterpillar

Inc

7,375

3,231

Oshkosh

Corp

1,220

Vertiv

Holdings

Co

287,944

41,925

$

58,012

Machinery

-

Diversified

-

.57

%

AGCO

Corp

1,264

Applied

Industrial

Technologies

Inc

664

CNH

Industrial

NV

15,945

Cognex

Corp

3,231

Crane

Co

870

Deere

&

Co

26,407

13,847

Dover

Corp

2,445

Esab

Corp

1,160

Flowserve

Corp

2,653

Gates

Industrial

Corp

PLC

(d) 5,204

Graco

Inc

2,998

IDEX

Corp

1,352

Ingersoll

Rand

Inc

7,329

620

Middleby

Corp/The

(d) 1,027

Nordson

Corp

955

Otis

Worldwide

Corp

7,178

615

Regal

Rexnord

Corp

1,177

Rockwell

Automation

Inc

1,871

658

Toro

Co/The

2,029

Westinghouse

Air

Brake

Technologies

Corp

3,065

588

Xylem

Inc/NY

4,410

638

$

19,838

Media

-

.40

%

Charter

Communications

Inc

(d) 1,625

Comcast

Corp

-

Class

A

583,666

19,395

FactSet

Research

Systems

Inc

617

Fox

Corp

-

A

Shares

3,904

Fox

Corp

-

B

Shares

2,693

Liberty

Broadband

Corp

-

A

Shares

(d) 266

Liberty

Broadband

Corp

-

C

Shares

(d) 1,797

Liberty

Global

Ltd

-

A

Shares

(d) 3,406

Liberty

Global

Ltd

-

C

Shares

(d) 2,853

Liberty

Media

Corp-Liberty

Formula

One

-

A

Shares

(d) 319

Liberty

Media

Corp-Liberty

Formula

One

-

C

Shares

(d) 2,608

New

York

Times

Co/The

2,896

News

Corp

-

A

Shares

6,872

News

Corp

-

B

Shares

(e) 2,279

Nexstar

Media

Group

Inc

539

Paramount

Global

-

Class

B

(e) 11,452

Sirius

XM

Holdings

Inc

3,863

Walt

Disney

Co/The

220,063

26,212

Warner

Bros

Discovery

Inc

(d) 40,584

534

$

48,418

Schedule

of

Investments

LargeCap

Value

Fund

III

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Metal

Fabrication

&

Hardware

-

.02

%

Advanced

Drainage

Systems

Inc

1,347

$

Mueller

Industries

Inc

1,947

RBC

Bearings

Inc

(d) 422

Timken

Co/The

1,274

Valmont

Industries

Inc

$

728

Mining

-

.10

%

Alcoa

Corp

4,976

Anglogold

Ashanti

Plc

8,038

Freeport-McMoRan

Inc

26,048

1,048

MP

Materials

Corp

(d) 2,455

Newmont

Corp

20,268

1,259

Royal

Gold

Inc

1,170

Southern

Copper

Corp

1,561

$

3,303

Miscellaneous

Manufacturers

-

.15

%

3M

Co

8,217

1,226

A

O

Smith

Corp

2,216

Carlisle

Cos

Inc

661

Donaldson

Co

Inc

2,283

Illinois

Tool

Works

Inc

3,556

910

ITT

Inc

1,443

Parker-Hannifin

Corp

2,334

1,708

Teledyne

Technologies

Inc

(d) 818

Textron

Inc

3,252

$

5,349

Office

&

Business

Equipment

-

.01

%

Zebra

Technologies

Corp

(d) 897

Oil

&

Gas

-

.98

%

Antero

Resources

Corp

(d) 5,252

APA

Corp

7,217

Chevron

Corp

326,392

49,494

Chord

Energy

Corp

1,203

Civitas

Resources

Inc

1,876

ConocoPhillips

23,052

2,198

Coterra

Energy

Inc

13,722

Devon

Energy

Corp

11,305

Diamondback

Energy

Inc

3,448

513

EOG

Resources

Inc

93,387

11,209

EQT

Corp

10,810

581

Expand

Energy

Corp

3,979

Exxon

Mobil

Corp

725,472

80,991

HF

Sinclair

Corp

2,929

Marathon

Petroleum

Corp

5,654

962

Matador

Resources

Co

2,389

Occidental

Petroleum

Corp

12,249

538

Ovintiv

Inc

4,703

Permian

Resources

Corp

1,469,000

20,801

Phillips

298,980

36,947

Range

Resources

Corp

4,274

Valero

Energy

Corp

5,664

778

Viper

Energy

Inc

2,669

Weatherford

International

PLC

1,446

$

207,433

Oil

&

Gas

Services

-

.93

%

Baker

Hughes

Co

18,052

813

Halliburton

Co

1,347,594

30,186

NOV

Inc

7,604

Schlumberger

NV

24,768

837

TechnipFMC

PLC

7,541

$

32,206

Packaging

&

Containers

-

.06

%

Amcor

PLC

41,370

AptarGroup

Inc

1,165

Ardagh

Group

SA

(d),(f)

—

Ball

Corp

5,120

Crown

Holdings

Inc

2,082

Graphic

Packaging

Holding

Co

6,060

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Packaging

&

Containers

(continued)

Packaging

Corp

of

America

1,582

$

Sealed

Air

Corp

3,028

Silgan

Holdings

Inc

1,824

Smurfit

WestRock

PLC

9,467

Sonoco

Products

Co

2,004

$

2,196

Pharmaceuticals

-

.34

%

Becton

Dickinson

&

Co

5,189

925

BellRing

Brands

Inc

(d) 2,584

Bristol-Myers

Squibb

Co

29,979

1,298

Cardinal

Health

Inc

2,163

CVS

Health

Corp

22,807

1,416

Elanco

Animal

Health

Inc

(d) 10,014

Henry

Schein

Inc

(d) 2,099

Jazz

Pharmaceuticals

PLC

(d) 1,208

Johnson

&

Johnson

185,248

30,518

McKesson

Corp

17,925

12,431

Merck

&

Co

Inc

446,719

34,898

Neurocrine

Biosciences

Inc

(d) 284

Organon

&

Co

5,285

Pfizer

Inc

103,547

2,412

Sanofi

SA

ADR

667,320

30,457

Viatris

Inc

21,496

Zoetis

Inc

1,616

$

115,760

Pipelines

-

.12

%

Antero

Midstream

Corp

6,804

Cheniere

Energy

Inc

2,184

515

DT

Midstream

Inc

1,822

Kinder

Morgan

Inc

35,423

994

ONEOK

Inc

11,364

933

Williams

Cos

Inc/The

20,999

1,259

$

4,013

Private

Equity

-

.05

%

Carlyle

Group

Inc/The

4,736

KKR

&

Co

Inc

9,255

1,357

$

1,644

Real

Estate

-

.05

%

CBRE

Group

Inc

(d) 4,798

747

CoStar

Group

Inc

(d) 6,642

632

Howard

Hughes

Holdings

Inc

(d) 682

Jones

Lang

LaSalle

Inc

(d) 599

$

1,588

REITs

-

.63

%

AGNC

Investment

Corp

17,175

Agree

Realty

Corp

330,787

23,717

Alexandria

Real

Estate

Equities

Inc

3,098

American

Homes

Rent

6,199

American

Tower

Corp

51,155

10,660

Americold

Realty

Trust

Inc

5,801

Annaly

Capital

Management

Inc

10,988

AvalonBay

Communities

Inc

2,566

Brixmor

Property

Group

Inc

5,850

BXP

Inc

2,860

Camden

Property

Trust

1,949

Cousins

Properties

Inc

3,397

Crown

Castle

Inc

7,883

828

CubeSmart

4,097

Digital

Realty

Trust

Inc

6,122

1,080

EastGroup

Properties

Inc

945

EPR

Properties

1,518

Equinix

Inc

1,770

1,390

Equity

LifeStyle

Properties

Inc

3,426

Equity

Residential

6,877

Essex

Property

Trust

Inc

1,134

Extra

Space

Storage

Inc

3,812

512

Federal

Realty

Investment

Trust

1,626

First

Industrial

Realty

Trust

Inc

2,606

Gaming

and

Leisure

Properties

Inc

4,781

Schedule

of

Investments

LargeCap

Value

Fund

III

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

REITs

(continued)

Healthcare

Realty

Trust

Inc

6,678

$

Healthpeak

Properties

Inc

12,606

Highwoods

Properties

Inc

2,157

Host

Hotels

&

Resorts

Inc

12,465

Invitation

Homes

Inc

11,122

Iron

Mountain

Inc

5,319

518

Kilroy

Realty

Corp

2,388

Kimco

Realty

Corp

12,151

Lineage

Inc

1,413

Medical

Properties

Trust

Inc

10,151

Mid-America

Apartment

Communities

Inc

2,096

Millrose

Properties

Inc

2,439

National

Storage

Affiliates

Trust

1,537

NNN

REIT

Inc

3,589

Omega

Healthcare

Investors

Inc

5,212

Park

Hotels

&

Resorts

Inc

4,478

Prologis

Inc

397,688

42,465

Public

Storage

107,976

29,363

Rayonier

Inc

3,151

Realty

Income

Corp

16,254

912

Regency

Centers

Corp

3,265

Rexford

Industrial

Realty

Inc

4,307

Rithm

Capital

Corp

10,765

SBA

Communications

Corp

1,931

Simon

Property

Group

Inc

4,570

749

STAG

Industrial

Inc

3,799

Starwood

Property

Trust

Inc

6,472

Sun

Communities

Inc

1,833

UDR

Inc

5,663

Ventas

Inc

7,926

532

VICI

Properties

Inc

1,148,152

37,430

Vornado

Realty

Trust

3,590

Welltower

Inc

11,920

1,968

Weyerhaeuser

Co

13,182

WP

Carey

Inc

3,922

$

160,638

Retail

-

.04

%

AutoNation

Inc

(d) 559

AutoZone

Inc

(d) 256

965

Bath

&

Body

Works

Inc

4,334

Best

Buy

Co

Inc

3,495

BJ's

Wholesale

Club

Holdings

Inc

(d) 2,003

CarMax

Inc

(d) 2,751

Casey's

General

Stores

Inc

544

Darden

Restaurants

Inc

53,403

10,770

Dick's

Sporting

Goods

Inc

960

Dillard's

Inc

Dollar

General

Corp

3,977

Dollar

Tree

Inc

(d) 3,676

Domino's

Pizza

Inc

Ferguson

Enterprises

Inc

3,296

736

Five

Below

Inc

(d) 1,094

Floor

&

Decor

Holdings

Inc

(d) 1,466

Freshpet

Inc

(d) 697

GameStop

Corp

(d),(e)

7,438

Gap

Inc/The

4,463

Genuine

Parts

Co

2,500

Home

Depot

Inc/The

4,290

1,577

Lithia

Motors

Inc

Lowe's

Cos

Inc

10,193

2,279

Lululemon

Athletica

Inc

(d) 783

Macy's

Inc

5,639

McDonald's

Corp

88,801

26,647

MSC

Industrial

Direct

Co

Inc

896

Ollie's

Bargain

Outlet

Holdings

Inc

(d) 1,169

O'Reilly

Automotive

Inc

(d) 246,268

24,213

Penske

Automotive

Group

Inc

QXO

Inc

(d),(e)

10,817

Restaurant

Brands

International

Inc

2,247

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Retail

(continued)

RH

(d),(e)

$

Ross

Stores

Inc

4,672

638

Starbucks

Corp

17,964

1,602

Target

Corp

8,260

830

TJX

Cos

Inc/The

10,167

1,266

Ulta

Beauty

Inc

(d) 588

Walgreens

Boots

Alliance

Inc

13,735

Walmart

Inc

290,032

28,417

Wendy's

Co/The

1,877

Williams-Sonoma

Inc

1,807

Yum!

Brands

Inc

3,349

$

105,566

Savings

&

Loans

-

.00

%

TFS

Financial

Corp

1,067

Semiconductors

-

.65

%

Advanced

Micro

Devices

Inc

(d) 12,158

2,144

Allegro

MicroSystems

Inc

(d) 2,576

Amkor

Technology

Inc

2,480

Analog

Devices

Inc

9,019

2,026

Applied

Materials

Inc

10,578

1,905

Cirrus

Logic

Inc

(d) 1,079

Entegris

Inc

474,488

37,228

GLOBALFOUNDRIES

Inc

(d) 2,091

Intel

Corp

(d) 79,644

1,577

IPG

Photonics

Corp

(d) 508

Lattice

Semiconductor

Corp

(d) 498

MACOM

Technology

Solutions

Holdings

Inc

(d) 970

Marvell

Technology

Inc

231,768

18,627

Microchip

Technology

Inc

442,559

29,912

Micron

Technology

Inc

20,345

2,220

MKS

Inc

1,384

ON

Semiconductor

Corp

(d) 7,656

Onto

Innovation

Inc

(d) 771

Qorvo

Inc

(d) 1,782

QUALCOMM

Inc

279,715

41,051

Skyworks

Solutions

Inc

2,765

Teradyne

Inc

2,902

Texas

Instruments

Inc

125,580

22,738

$

161,234

Shipbuilding

-

.01

%

Huntington

Ingalls

Industries

Inc

682

Software

-

.29

%

Akamai

Technologies

Inc

(d) 2,588

BILL

Holdings

Inc

(d) 1,757

Broadridge

Financial

Solutions

Inc

CCC

Intelligent

Solutions

Holdings

Inc

(d) 10,597

Concentrix

Corp

1,019

Dayforce

Inc

(d) 2,658

Docusign

Inc

(d) 998

DoubleVerify

Holdings

Inc

(d) 1,684

Dropbox

Inc

-

A

Shares

(d) 3,029

Electronic

Arts

Inc

147,659

22,516

Fair

Isaac

Corp

(d) 65

Fidelity

National

Information

Services

Inc

620,919

49,307

Fiserv

Inc

(d) 7,252

1,008

Informatica

Inc

(d) 2,184

Jack

Henry

&

Associates

Inc

1,297

Microsoft

Corp

67,450

35,985

MicroStrategy

Inc

(d) 4,273

1,717

MongoDB

Inc

(d) 1,271

MSCI

Inc

682

nCino

Inc

(d) 1,863

Nutanix

Inc

(d) 3,425

Oracle

Corp

160,432

40,713

Paychex

Inc

3,988

576

Paycom

Software

Inc

Pegasystems

Inc

1,181

PTC

Inc

(d) 1,894

Roper

Technologies

Inc

1,931

1,063

Schedule

of

Investments

LargeCap

Value

Fund

III

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Software

(continued)

Salesforce

Inc

96,894

$

25,031

SentinelOne

Inc

(d) 1,650

SS&C

Technologies

Holdings

Inc

3,826

Synopsys

Inc

(d) 914

579

Take-Two

Interactive

Software

Inc

(d) 2,132

Teradata

Corp

(d) 1,494

Twilio

Inc

(d) 2,111

Tyler

Technologies

Inc

(d) 148

UiPath

Inc

(d) 8,862

Unity

Software

Inc

(d) 5,730

Veeva

Systems

Inc

(d) 566

Zoom

Communications

Inc

(d) 4,761

ZoomInfo

Technologies

Inc

(d) 6,583

$

183,365

Telecommunications

-

.10

%

AST

SpaceMobile

Inc

(d) 266

AT&T

Inc

127,862

3,505

Ciena

Corp

(d) 2,544

Cisco

Systems

Inc

72,539

4,938

Corning

Inc

14,207

898

Frontier

Communications

Parent

Inc

(d) 4,504

GCI

Liberty

Inc

(d) 53

GCI

Liberty

Inc

(d) 359

Iridium

Communications

Inc

1,778

Millicom

International

Cellular

SA

2,089

Motorola

Solutions

Inc

1,729

759

T-Mobile

US

Inc

102,094

24,340

Verizon

Communications

Inc

76,973

3,291

$

38,289

Toys,

Games

&

Hobbies

-

.01

%

Hasbro

Inc

2,378

Mattel

Inc

(d) 6,535

$

Transportation

-

.70

%

CH

Robinson

Worldwide

Inc

2,114

CSX

Corp

845,287

30,041

Expeditors

International

of

Washington

Inc

2,469

FedEx

Corp

3,941

881

JB

Hunt

Transport

Services

Inc

151,054

21,759

Kirby

Corp

(d) 1,153

Knight-Swift

Transportation

Holdings

Inc

3,204

Landstar

System

Inc

707

Norfolk

Southern

Corp

4,092

1,138

Old

Dominion

Freight

Line

Inc

3,177

Ryder

System

Inc

820

Saia

Inc

(d) 499

Schneider

National

Inc

1,020

Union

Pacific

Corp

10,001

2,220

United

Parcel

Service

Inc

13,353

1,150

XPO

Inc

(d) 1,629

$

59,052

Water

-

.02

%

American

Water

Works

Co

Inc

3,523

Essential

Utilities

Inc

4,993

$

678

TOTAL

COMMON

STOCKS

$

3,245,317

Total

Investments

$

3,468,281

Other

Assets

and

Liabilities

- 0.02%

765

TOTAL

NET

ASSETS

-

100.00%

$

3,469,046

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$564

or

0.02%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Non-income

producing

security

(e) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$551

or

0.02%

of

net

assets.

(f) The

value

of

these

investments

was

determined

using

significant

unobservable

inputs,

in

good

faith

by

the

Manager,

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

Schedule

of

Investments

LargeCap

Value

Fund

III

July

31,

2025

(unaudited)

Affiliated

Securities

October

31,

2024

Purchases

Sales

July

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

90,344

$

1,202,772

$

1,176,234

$

116,882

$

90,344

$

1,202,772

$

1,176,234

$

116,882

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

3,040

$

—

$

—

$

—

$

3,040

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

S&P

500

Emini;

September

2025

Long

$

42,707

$

Total

$

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

MidCap

Fund

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.11

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.11

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.21%

(a),(b)

7,542,753

$

7,542

Principal

Government

Money

Market

Fund

-

Class

4.22%

(a),(b),(c)

28,292,729

28,293

$

35,835

TOTAL

INVESTMENT

COMPANIES

$

35,835

COMMON

STOCKS

-

.93

%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

.62

%

HEICO

Corp

-

Class

A

6,795,024

$

1,753,728

TransDigm

Group

Inc

1,063,834

1,711,134

$

3,464,862

Building

Materials

-

.06

%

Eagle

Materials

Inc

219,770

49,292

Martin

Marietta

Materials

Inc

1,513,782

870,243

Vulcan

Materials

Co

5,036,687

1,383,427

$

2,302,962

Chemicals

-

.54

%

Air

Products

and

Chemicals

Inc

933,112

268,624

Perimeter

Solutions

Inc

(c),(d)

8,056,257

129,948

Sherwin-Williams

Co/The

311,999

103,234

$

501,806

Commercial

Services

-

.96

%

Ashtead

Group

PLC

ADR

379,564

102,957

Moody's

Corp

195,617

100,885

Toast

Inc

(d) 4,386,051

214,215

Verisk

Analytics

Inc

787,954

219,611

$

637,668

Computers

-

.93

%

Gartner

Inc

(d) 895,012

303,096

Distribution

&

Wholesale

-

.71

%

Copart

Inc

(d) 25,274,952

1,145,713

Fastenal

Co

8,436,501

389,176

$

1,534,889

Diversified

Financial

Services

-

.21

%

Ares

Management

Corp

2,631,551

488,231

Brookfield

Asset

Management

Ltd

4,894,466

301,842

Brookfield

Wealth

Solutions

Ltd

(d),(e)

156,328

10,463

LPL

Financial

Holdings

Inc

1,450,577

574,037

$

1,374,573

Electric

-

.46

%

Brookfield

Infrastructure

Partners

LP

26,224,270

818,197

Brookfield

Renewable

Corp

(e) 2,542,298

93,125

Brookfield

Renewable

Partners

LP

7,902,005

217,700

$

1,129,022

Electrical

Components

&

Equipment

-

.74

%

AMETEK

Inc

1,306,857

241,573

Electronics

-

.88

%

Mettler-Toledo

International

Inc

(d) 231,639

285,768

Entertainment

-

.30

%

Liberty

Media

Corp-Liberty

Live

-

A

Shares

(d) 72,099

5,898

Liberty

Media

Corp-Liberty

Live

-

C

Shares

(d) 750,796

63,239

Live

Nation

Entertainment

Inc

(d) 6,821,420

1,007,524

$

1,076,661

Environmental

Control

-

.04

%

Veralto

Corp

605,003

63,422

Waste

Connections

Inc

1,472,028

274,784

$

338,206

Healthcare

-

Products

-

.68

%

IDEXX

Laboratories

Inc

(d) 705,779

377,105

Waters

Corp

(d) 587,980

169,785

$

546,890

Home

Builders

-

.88

%

Lennar

Corp

-

A

Shares

2,208,343

247,732

Lennar

Corp

-

B

Shares

38,636

4,141

NVR

Inc

(d) 47,804

360,896

$

612,769

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Insurance

-

.51

%

Arch

Capital

Group

Ltd

3,550,786

$

305,581

Arthur

J

Gallagher

&

Co

1,388,075

398,724

Brown

&

Brown

Inc

11,010,674

1,006,045

Markel

Group

Inc

(d) 406,130

815,627

Progressive

Corp/The

623,839

150,994

Ryan

Specialty

Holdings

Inc

2,892,048

176,964

W

R

Berkley

Corp

3,611,506

248,508

$

3,102,443

Internet

-

.29

%

Wix.com

Ltd

(d) 706,664

96,127

Lodging

-

.78

%

Hilton

Worldwide

Holdings

Inc

5,747,490

1,540,787

Hyatt

Hotels

Corp

2,448,213

345,125

$

1,885,912

Machinery

-

Diversified

-

.39

%

Graco

Inc

1,524,343

128,014

Media

-

.81

%

Liberty

Media

Corp-Liberty

Formula

One

-

A

Shares

(d) 505,651

45,569

Liberty

Media

Corp-Liberty

Formula

One

-

C

Shares

(d) 5,429,067

544,807

$

590,376

Private

Equity

-

.98

%

Brookfield

Corp

27,078,263

1,815,597

KKR

&

Co

Inc

9,833,222

1,441,354

$

3,256,951

Real

Estate

-

.31

%

CBRE

Group

Inc

(d) 6,594,280

1,026,993

CoStar

Group

Inc

(d) 10,841,780

1,032,029

Seaport

Entertainment

Group

Inc

(d) 16,812

$

2,059,410

REITs

-

.09

%

Millrose

Properties

Inc

1,020,102

30,593

Retail

-

.89

%

CarMax

Inc

(d) 1,277,523

72,321

Domino's

Pizza

Inc

1,199,821

555,769

Floor

&

Decor

Holdings

Inc

(d) 4,450,220

341,065

O'Reilly

Automotive

Inc

(d) 14,496,718

1,425,317

Ross

Stores

Inc

1,323,669

180,734

$

2,575,206

Semiconductors

-

.91

%

Entegris

Inc

3,763,087

295,252

Software

-

.96

%

Appfolio

Inc

(d) 651,233

174,127

CCC

Intelligent

Solutions

Holdings

Inc

(d) 27,438,814

265,333

Constellation

Software

Inc/Canada

166,038

572,964

Constellation

Software

Inc/Canada

-

Warrants

(d),(f)

143,533

—

Fair

Isaac

Corp

(d) 237,019

340,530

Jack

Henry

&

Associates

Inc

191,711

32,556

Lumine

Group

Inc

(d) 365,748

14,241

MSCI

Inc

1,102,899

619,123

Procore

Technologies

Inc

(d) 2,433,272

174,295

Roper

Technologies

Inc

1,280,414

704,740

Synopsys

Inc

(d) 117,346

74,335

Topicus.com

Inc

(d) 426,887

58,637

Tyler

Technologies

Inc

(d) 889,098

519,731

Veeva

Systems

Inc

(d) 2,383,227

677,313

$

4,227,925

TOTAL

COMMON

STOCKS

$

32,598,954

Total

Investments

$

32,634,789

Other

Assets

and

Liabilities

- (0.04)%

(13,116)

TOTAL

NET

ASSETS

-

100.00%

$

32,621,673

Schedule

of

Investments

MidCap

Fund

July

31,

2025

(unaudited)

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$35,832

or

0.11%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Non-income

producing

security

(e) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$34,988

or

0.11%

of

net

assets.

(f) The

value

of

these

investments

was

determined

using

significant

unobservable

inputs,

in

good

faith

by

the

Manager,

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

Affiliated

Securities

October

31,

2024

Purchases

(\*)

Sales

(\*)

July

31,

2025

Value

Cost

Proceeds

Value

Perimeter

Solutions

Inc

$

—

$

85,202

$

—

$

129,948

Perimeter

Solutions

SA

105,909

8,651

93,853

—

Principal

Government

Money

Market

Fund

-

Class

4.22%

28,530

3,161,211

3,161,448

28,293

$

134,439

$

3,255,064

$

3,255,301

$

158,241

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Perimeter

Solutions

Inc

$

—

$

—

$

—

$

44,746

Perimeter

Solutions

SA

—

—

—

(20,707)

Principal

Government

Money

Market

Fund

-

Class

4.22%

906

—

—

—

$

906

$

—

$

—

$

24,039

Amounts

in

thousands.

(\*)

Perimeter

Solutions

Inc

was

involved

in

a

cusip

and

name

change

effective

11/21/24.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

MidCap

Growth

Fund

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.73

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.73

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.21%

(a),(b)

612,110

$

612

Principal

Government

Money

Market

Fund

-

Class

4.22%

(a),(b),(c)

6,791,678

6,792

$

7,404

TOTAL

INVESTMENT

COMPANIES

$

7,404

COMMON

STOCKS

-

.65

%

Shares

Held

Value

(000's)

Advertising

-

.20

%

Trade

Desk

Inc/The

(d) 27,345

$

2,378

Aerospace

&

Defense

-

.95

%

AeroVironment

Inc

(d) 7,061

1,890

Apparel

-

.53

%

Ralph

Lauren

Corp

6,749

2,016

Tapestry

Inc

27,804

3,004

$

5,020

Biotechnology

-

.67

%

Alnylam

Pharmaceuticals

Inc

(d) 13,534

5,309

Building

Materials

-

.01

%

Johnson

Controls

International

plc

19,079

2,003

Commercial

Services

-

.55

%

Toast

Inc

(d) 41,853

2,044

United

Rentals

Inc

3,418

3,018

$

5,062

Distribution

&

Wholesale

-

.56

%

Fastenal

Co

109,998

5,074

Diversified

Financial

Services

-

.63

%

Ameriprise

Financial

Inc

5,643

2,924

Ares

Management

Corp

12,441

2,308

Coinbase

Global

Inc

(d) 7,540

2,848

Evercore

Inc

-

Class

A

18,816

5,666

Interactive

Brokers

Group

Inc

-

A

Shares

77,494

5,081

Invesco

Ltd

192,036

4,035

Rocket

Cos

Inc

(e) 197,449

2,916

Synchrony

Financial

46,942

3,271

$

29,049

Electric

-

.87

%

Vistra

Corp

17,821

3,717

Electrical

Components

&

Equipment

-

.04

%

Generac

Holdings

Inc

(d) 10,566

2,057

Electronics

-

.10

%

Keysight

Technologies

Inc

(d) 10,963

1,797

Trimble

Inc

(d) 51,917

4,355

$

6,152

Energy

-

Alternate

Sources

-

.42

%

First

Solar

Inc

(d) 16,154

2,823

Engineering

&

Construction

-

.63

%

EMCOR

Group

Inc

6,336

3,976

MasTec

Inc

(d) 17,089

3,233

$

7,209

Entertainment

-

.83

%

Live

Nation

Entertainment

Inc

(d) 25,123

3,711

TKO

Group

Holdings

Inc

23,181

3,894

$

7,605

Healthcare

-

Products

-

.89

%

Natera

Inc

(d) 13,114

1,753

Penumbra

Inc

(d) 7,913

1,996

$

3,749

Healthcare

-

Services

-

.16

%

Charles

River

Laboratories

International

Inc

(d) 13,594

2,306

Home

Furnishings

-

.26

%

SharkNinja

Inc

(d) 18,817

2,185

Somnigroup

International

Inc

31,921

2,310

$

4,495

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Internet

-

.23

%

Chewy

Inc

(d) 80,210

$

2,944

DoorDash

Inc

-

Class

A

(d) 19,354

4,843

Sea

Ltd

ADR

(d) 16,628

2,605

$

10,392

Leisure

Products

&

Services

-

.95

%

Planet

Fitness

Inc

(d) 23,753

2,594

Royal

Caribbean

Cruises

Ltd

16,539

5,257

$

7,851

Machinery

-

Construction

&

Mining

-

.98

%

GE

Vernova

Inc

6,931

4,577

Vertiv

Holdings

Co

22,894

3,333

$

7,910

Machinery

-

Diversified

-

.02

%

Rockwell

Automation

Inc

11,381

4,003

Miscellaneous

Manufacturers

-

.17

%

Axon

Enterprise

Inc

(d) 4,310

3,256

Parker-Hannifin

Corp

4,137

3,028

$

6,284

Oil

&

Gas

-

.06

%

Expand

Energy

Corp

39,114

4,098

Pharmaceuticals

-

.55

%

Dexcom

Inc

(d) 38,074

3,075

Real

Estate

-

.13

%

Jones

Lang

LaSalle

Inc

(d) 8,287

2,241

Retail

-

.65

%

Carvana

Co

(d) 8,884

3,466

Dollar

Tree

Inc

(d) 19,911

2,261

Ulta

Beauty

Inc

(d) 5,972

3,076

Wingstop

Inc

6,383

2,408

$

11,211

Semiconductors

-

.57

%

STMicroelectronics

NV

122,429

3,113

Software

-

.22

%

Cloudflare

Inc

(d) 18,511

3,844

Datadog

Inc

(d) 27,793

3,891

HubSpot

Inc

(d) 4,234

2,200

MicroStrategy

Inc

(d) 10,601

4,260

Paycom

Software

Inc

13,789

3,193

ROBLOX

Corp

(d) 21,590

2,975

Snowflake

Inc

-

Class

A

(d) 15,899

3,553

Twilio

Inc

(d) 27,498

3,547

Veeva

Systems

Inc

(d) 16,649

4,732

$

32,195

Toys,

Games

&

Hobbies

-

.31

%

Hasbro

Inc

34,610

2,601

Transportation

-

.51

%

XPO

Inc

(d) 24,922

2,998

TOTAL

COMMON

STOCKS

$

193,870

Total

Investments

$

201,274

Other

Assets

and

Liabilities

- (1.38)%

(2,743)

TOTAL

NET

ASSETS

-

100.00%

$

198,531

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$2,932

or

1.48%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Non-income

producing

security

(e) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$2,887

or

1.45%

of

net

assets.

Schedule

of

Investments

MidCap

Growth

Fund

July

31,

2025

(unaudited)

Affiliated

Securities

October

31,

2024

Purchases

Sales

July

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

4,872

$

153,279

$

151,359

$

6,792

$

4,872

$

153,279

$

151,359

$

6,792

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

MidCap

Growth

Fund

III

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

2.14%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

0.14%

iShares

Russell

Mid-Cap

Growth

ETF

2,300

$

Money

Market

Funds

-

2.00%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.21%

(a),(b)

343,132

Principal

Government

Money

Market

Fund

-

Class

4.22%

(a),(c)

4,515,768

4,516

$

4,859

TOTAL

INVESTMENT

COMPANIES

$

5,184

COMMON

STOCKS

-

97.72%

Shares

Held

Value

(000's)

Advertising

-

0.69%

Trade

Desk

Inc/The

(d) 19,158

$

1,666

Aerospace

&

Defense

-

1.73%

FTAI

Aviation

Ltd

706

HEICO

Corp

7,249

2,369

HEICO

Corp

-

Class

A

522

Howmet

Aerospace

Inc

2,790

502

Karman

Holdings

Inc

(d) 330

Leonardo

DRS

Inc

Loar

Holdings

Inc

(d) 266

Rocket

Lab

Corp

(d) 2,725

Spirit

AeroSystems

Holdings

Inc

(d) 89

StandardAero

Inc

(d) 32,586

930

$

4,207

Agriculture

-

0.00%

Darling

Ingredients

Inc

(d) 122

Airlines

-

0.01%

Alaska

Air

Group

Inc

(d) 157

American

Airlines

Group

Inc

(d) 286

Southwest

Airlines

Co

$

Apparel

-

0.55%

Birkenstock

Holding

Plc

(d) 117

Deckers

Outdoor

Corp

(d) 10,486

1,113

On

Holding

AG

(d) 1,531

Ralph

Lauren

Corp

Tapestry

Inc

1,320

$

1,342

Automobile

Manufacturers

-

0.36%

Cummins

Inc

2,374

873

Automobile

Parts

&

Equipment

-

0.00%

Allison

Transmission

Holdings

Inc

Banks

-

0.02%

Bank

of

New

York

Mellon

Corp/The

Pinnacle

Financial

Partners

Inc

Popular

Inc

Western

Alliance

Bancorp

$

Beverages

-

0.50%

Celsius

Holdings

Inc

(d) 26,833

1,217

Coca-Cola

Consolidated

Inc

$

1,222

Biotechnology

-

2.39%

Alnylam

Pharmaceuticals

Inc

(d) 4,242

1,664

Apellis

Pharmaceuticals

Inc

(d) 720

Corteva

Inc

15,557

1,122

Exelixis

Inc

(d) 1,519

Halozyme

Therapeutics

Inc

(d) 851

Illumina

Inc

(d) 16,388

1,683

Incyte

Corp

(d) 282

Insmed

Inc

(d) 10,131

1,087

Ionis

Pharmaceuticals

Inc

(d) 1,003

Sarepta

Therapeutics

Inc

(d) 538

Summit

Therapeutics

Inc

(d),(e)

800

Ultragenyx

Pharmaceutical

Inc

(d) 614

Viking

Therapeutics

Inc

(d),(e)

$

5,792

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Building

Materials

-

2.49%

AAON

Inc

$

Armstrong

World

Industries

Inc

Eagle

Materials

Inc

James

Hardie

Industries

PLC

(d) 639

Lennox

International

Inc

3,725

2,269

Martin

Marietta

Materials

Inc

2,903

1,669

Simpson

Manufacturing

Co

Inc

Trex

Co

Inc

(d) 31,486

2,023

$

6,039

Commercial

Services

-

8.06%

Affirm

Holdings

Inc

(d) 1,109

Avis

Budget

Group

Inc

(d),(e)

Block

Inc

(d) 1,403

Booz

Allen

Hamilton

Holding

Corp

8,608

924

Bright

Horizons

Family

Solutions

Inc

(d) 55

Corpay

Inc

(d) 5,935

1,917

Equifax

Inc

9,101

2,187

Grand

Canyon

Education

Inc

(d) 58

H&R

Block

Inc

MarketAxess

Holdings

Inc

9,094

1,869

Moody's

Corp

2,317

1,195

Morningstar

Inc

Paylocity

Holding

Corp

(d) 285

Quanta

Services

Inc

5,119

2,079

RB

Global

Inc

27,079

2,932

Rollins

Inc

40,666

2,329

Shift4

Payments

Inc

(d),(e)

33,548

3,455

Toast

Inc

(d) 3,143

U-Haul

Holding

Co

(d),(e)

U-Haul

Holding

Co

Valvoline

Inc

(d) 781

Verisk

Analytics

Inc

584

WEX

Inc

(d) 19

WillScot

Holdings

Corp

$

19,559

Computers

-

2.39%

EPAM

Systems

Inc

(d) 9,309

1,468

ExlService

Holdings

Inc

(d) 1,100

Gartner

Inc

(d) 2,183

739

Globant

SA

(d) 12,551

1,057

KBR

Inc

Kyndryl

Holdings

Inc

(d) 105

Lumentum

Holdings

Inc

(d) 36

NetApp

Inc

558

Okta

Inc

(d) 8,342

816

Pure

Storage

Inc

(d) 1,851

Rubrik

Inc

(d) 400

Super

Micro

Computer

Inc

(d) 1,639

Zscaler

Inc

(d) 4,714

1,346

$

5,789

Cosmetics

&

Personal

Care

-

0.87%

elf

Beauty

Inc

(d) 17,446

2,114

Distribution

&

Wholesale

-

1.47%

Core

&

Main

Inc

(d) 19,734

1,256

Fastenal

Co

43,637

2,013

Pool

Corp

SiteOne

Landscape

Supply

Inc

(d) 98

WW

Grainger

Inc

$

3,570

Diversified

Financial

Services

-

5.06%

Ally

Financial

Inc

Ameriprise

Financial

Inc

603

Ares

Management

Corp

19,673

3,650

Blue

Owl

Capital

Inc

4,229

Coinbase

Global

Inc

(d) 3,244

1,226

Credit

Acceptance

Corp

(d) 5

Freedom

Holding

Corp/NV

(d) 103

Hamilton

Lane

Inc

Houlihan

Lokey

Inc

9,102

1,735

Schedule

of

Investments

MidCap

Growth

Fund

III

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Diversified

Financial

Services

(continued)

Jefferies

Financial

Group

Inc

$

Lazard

Inc

LPL

Financial

Holdings

Inc

7,061

2,794

Raymond

James

Financial

Inc

13,736

2,296

SLM

Corp

SoFi

Technologies

Inc

(d) 994

TPG

Inc

844

Tradeweb

Markets

Inc

UWM

Holdings

Corp

XP

Inc

$

12,269

Electric

-

1.31%

NRG

Energy

Inc

1,378

Vistra

Corp

14,187

2,959

$

3,189

Electronics

-

0.57%

Jabil

Inc

Trimble

Inc

(d) 15,258

1,280

$

1,386

Energy

-

Alternate

Sources

-

0.01%

Enphase

Energy

Inc

(d) 881

Engineering

&

Construction

-

0.11 %

Comfort

Systems

USA

Inc

EMCOR

Group

Inc

MasTec

Inc

(d) 89

TopBuild

Corp

(d) 14

$

Entertainment

-

4.20%

Churchill

Downs

Inc

22,531

2,412

DraftKings

Inc

(d) 101,581

4,575

Flutter

Entertainment

PLC

(d) 1,008

Light

&

Wonder

Inc

(d) 576

Live

Nation

Entertainment

Inc

(d) 18,772

2,773

TKO

Group

Holdings

Inc

Vail

Resorts

Inc

$

10,184

Environmental

Control

-

0.75%

Tetra

Tech

Inc

Veralto

Corp

659

Waste

Connections

Inc

9,345

1,744

$

1,826

Food

-

0.12%

Hershey

Co/The

Performance

Food

Group

Co

(d) 131

Sprouts

Farmers

Market

Inc

(d) 679

Sysco

Corp

1,810

$

Healthcare

-

Products

-

6.46%

Align

Technology

Inc

(d) 1,088

Bio-Techne

Corp

18,529

1,014

Exact

Sciences

Corp

(d) 72

IDEXX

Laboratories

Inc

(d) 2,530

1,352

Inspire

Medical

Systems

Inc

(d) 3,445

Insulet

Corp

(d) 10,549

3,042

Masimo

Corp

(d) 312

Natera

Inc

(d) 11,275

1,507

Penumbra

Inc

(d) 9,299

2,346

Repligen

Corp

(d) 14,109

1,652

ResMed

Inc

8,747

2,379

Tempus

AI

Inc

(d),(e)

570

Waters

Corp

(d) 217

West

Pharmaceutical

Services

Inc

6,976

1,669

$

15,676

Healthcare

-

Services

-

0.62%

Chemed

Corp

DaVita

Inc

(d) 266

Encompass

Health

Corp

9,861

1,086

IQVIA

Holdings

Inc

(d) 1,530

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Healthcare

-

Services

(continued)

Medpace

Holdings

Inc

(d) 158

$

Molina

Healthcare

Inc

(d) 204

Sotera

Health

Co

(d) 125

$

1,512

Home

Furnishings

-

0.05%

SharkNinja

Inc

(d) 89

Somnigroup

International

Inc

1,404

$

Insurance

-

1.41%

Brown

&

Brown

Inc

Equitable

Holdings

Inc

40,612

2,085

Everest

Group

Ltd

Kinsale

Capital

Group

Inc

Markel

Group

Inc

(d) 18

RLI

Corp

Ryan

Specialty

Holdings

Inc

19,636

1,202

$

3,425

Internet

-

2.55%

CDW

Corp/DE

5,879

1,025

Chewy

Inc

(d) 42,116

1,545

Coupang

Inc

(d) 8,642

DoorDash

Inc

-

Class

A

(d) 6,277

1,571

Etsy

Inc

(d) 412

Expedia

Group

Inc

841

Gen

Digital

Inc

GoDaddy

Inc

(d) 956

Lyft

Inc

(d) 470

Pinterest

Inc

(d) 31,386

1,212

Reddit

Inc

(d) 811

Robinhood

Markets

Inc

(d) 688

Roku

Inc

(d) 123

Trump

Media

&

Technology

Group

Corp

(d),(e)

Wayfair

Inc

(d) 124

$

6,184

Iron

&

Steel

-

0.44%

Carpenter

Technology

Corp

4,187

1,044

Steel

Dynamics

Inc

$

1,057

Leisure

Products

&

Services

-

1.88%

Carnival

Corp

(d) 2,315

Norwegian

Cruise

Line

Holdings

Ltd

(d) 2,762

Planet

Fitness

Inc

(d) 582

Royal

Caribbean

Cruises

Ltd

13,458

4,278

Viking

Holdings

Ltd

(d) 1,412

$

4,564

Lodging

-

2.77%

Choice

Hotels

International

Inc

(e) 61

Hilton

Worldwide

Holdings

Inc

19,164

5,137

Las

Vegas

Sands

Corp

2,230

Travel

+

Leisure

Co

Wyndham

Hotels

&

Resorts

Inc

Wynn

Resorts

Ltd

12,847

1,401

$

6,712

Machinery

-

Construction

&

Mining

-

3.25%

BWX

Technologies

Inc

17,593

2,673

GE

Vernova

Inc

1,416

935

Vertiv

Holdings

Co

29,430

4,285

$

7,893

Machinery

-

Diversified

-

1.82%

Graco

Inc

22,589

1,897

Rockwell

Automation

Inc

Westinghouse

Air

Brake

Technologies

Corp

13,004

2,498

$

4,417

Media

-

0.03%

FactSet

Research

Systems

Inc

Liberty

Broadband

Corp

-

A

Shares

(d) 31

Liberty

Broadband

Corp

-

C

Shares

(d) 174

Schedule

of

Investments

MidCap

Growth

Fund

III

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Media

(continued)

Liberty

Media

Corp-Liberty

Formula

One

-

A

Shares

(d) 50

$

Liberty

Media

Corp-Liberty

Formula

One

-

C

Shares

(d) 453

Nexstar

Media

Group

Inc

$

Metal

Fabrication

&

Hardware

-

0.01%

RBC

Bearings

Inc

(d) 45

Mining

-

0.01%

Anglogold

Ashanti

Plc

Miscellaneous

Manufacturers

-

1.83%

Axon

Enterprise

Inc

(d) 4,199

3,172

Carlisle

Cos

Inc

ITT

Inc

7,327

1,245

$

4,430

Office

&

Business

Equipment

-

0.79%

Zebra

Technologies

Corp

(d) 5,658

1,918

Oil

&

Gas

-

1.72%

Antero

Resources

Corp

(d) 27,226

951

Diamondback

Energy

Inc

12,517

1,861

HF

Sinclair

Corp

Permian

Resources

Corp

85,579

1,212

Phillips

Texas

Pacific

Land

Corp

$

4,183

Oil

&

Gas

Services

-

0.36%

Baker

Hughes

Co

19,507

879

Pharmaceuticals

-

4.08%

BellRing

Brands

Inc

(d) 29,609

1,616

Cardinal

Health

Inc

846

Cencora

Inc

11,079

3,169

Corcept

Therapeutics

Inc

(d) 651

Dexcom

Inc

(d) 47,814

3,863

Neurocrine

Biosciences

Inc

(d) 8,355

1,071

$

9,894

Pipelines

-

0.17%

Cheniere

Energy

Inc

690

Targa

Resources

Corp

1,494

$

Real

Estate

-

1.02%

CBRE

Group

Inc

(d) 224

CoStar

Group

Inc

(d) 22,433

2,135

Jones

Lang

LaSalle

Inc

(d) 1,122

$

2,474

REITs

-

0.34%

EastGroup

Properties

Inc

3,916

639

Lamar

Advertising

Co

608

Simon

Property

Group

Inc

501

Sun

Communities

Inc

UDR

Inc

$

821

Retail

-

11.93%

BJ's

Wholesale

Club

Holdings

Inc

(d) 17,835

1,889

Burlington

Stores

Inc

(d) 7,153

1,953

Carvana

Co

(d) 7,382

2,880

Casey's

General

Stores

Inc

8,736

4,544

Cava

Group

Inc

(d) 24,766

2,180

Darden

Restaurants

Inc

770

Domino's

Pizza

Inc

Dutch

Bros

Inc

(d) 56,651

3,358

Ferguson

Enterprises

Inc

15,504

3,462

Floor

&

Decor

Holdings

Inc

(d) 14,630

1,121

Freshpet

Inc

(d) 6,096

Lithia

Motors

Inc

Lululemon

Athletica

Inc

(d) 420

Murphy

USA

Inc

Restaurant

Brands

International

Inc

1,432

RH

(d),(e)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Retail

(continued)

Ross

Stores

Inc

12,011

$

1,640

Texas

Roadhouse

Inc

8,957

1,658

Tractor

Supply

Co

3,700

Ulta

Beauty

Inc

(d) 78

Wendy's

Co/The

524

Williams-Sonoma

Inc

Wingstop

Inc

8,045

3,036

Yum!

Brands

Inc

652

$

28,932

Semiconductors

-

2.99%

Astera

Labs

Inc

(d) 996

Entegris

Inc

13,002

1,020

Lattice

Semiconductor

Corp

(d) 802

MACOM

Technology

Solutions

Holdings

Inc

(d) 108

Marvell

Technology

Inc

17,364

1,395

Monolithic

Power

Systems

Inc

5,677

4,038

Onto

Innovation

Inc

(d) 80

Teradyne

Inc

5,513

592

$

7,244

Software

-

.04%

Appfolio

Inc

(d) 151

Bentley

Systems

Inc

1,094

Broadridge

Financial

Solutions

Inc

12,227

3,026

Cloudflare

Inc

(d) 13,410

2,785

Confluent

Inc

(d) 1,911

Datadog

Inc

(d) 30,239

4,233

Dayforce

Inc

(d) 103

Descartes

Systems

Group

Inc/The

(d) 13,479

1,426

Docusign

Inc

(d) 1,056

DoubleVerify

Holdings

Inc

(d) 482

Doximity

Inc

(d) 10,571

621

Dropbox

Inc

-

A

Shares

(d) 390

Duolingo

Inc

(d) 260

Dynatrace

Inc

(d) 22,274

1,171

Elastic

NV

(d) 629

Fair

Isaac

Corp

(d) 1,077

1,547

Gitlab

Inc

(d) 913

Guidewire

Software

Inc

(d) 581

HubSpot

Inc

(d) 5,790

3,009

Manhattan

Associates

Inc

(d) 416

MongoDB

Inc

(d) 3,688

877

MSCI

Inc

4,461

2,504

nCino

Inc

(d) 128

Nutanix

Inc

(d) 16,903

1,271

Paychex

Inc

703

Paycom

Software

Inc

Pegasystems

Inc

Procore

Technologies

Inc

(d) 795

PTC

Inc

(d) 16,087

3,456

RingCentral

Inc

(d) 549

ROBLOX

Corp

(d) 22,179

3,057

Samsara

Inc

(d) 1,865

SentinelOne

Inc

(d) 1,464

Take-Two

Interactive

Software

Inc

(d) 4,033

899

Teradata

Corp

(d) 151

Twilio

Inc

(d) 12,269

1,583

Tyler

Technologies

Inc

(d) 7,326

4,282

Unity

Software

Inc

(d) 129

Veeva

Systems

Inc

(d) 12,715

3,614

Zoom

Communications

Inc

(d) 13,433

995

$

41,340

Telecommunications

-

0.03%

AST

SpaceMobile

Inc

(d) 1,106

GCI

Liberty

Inc

–

Class

A

(d) 6

—

GCI

Liberty

Inc

–

Class

C

(d) 40

Iridium

Communications

Inc

Ubiquiti

Inc

$

Schedule

of

Investments

MidCap

Growth

Fund

III

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Transportation

-

0.46%

Old

Dominion

Freight

Line

Inc

$

XPO

Inc

(d) 9,085

1,093

$

1,104

TOTAL

COMMON

STOCKS

$

237,059

Total

Investments

$

242,243

Other

Assets

and

Liabilities

- 0.14%

TOTAL

NET

ASSETS

-

100.00%

$

242,594

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$343

or

0.14%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Non-income

producing

security

(e) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$332

or

0.14%

of

net

assets.

Affiliated

Securities

October

31,

2024

Purchases

Sales

July

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

5,823

$

133,203

$

134,510

$

4,516

$

5,823

$

133,203

$

134,510

$

4,516

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

S&P

Mid

Emini;

September

2025

Long

$

633

$

(7) Total

$

(7) Amounts

in

thousands

except

contracts.

Schedule

of

Investments

MidCap

S&P

Index

Fund

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.54

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.30

%

iShares

Core

S&P

Mid-Cap

ETF

57,500

$

3,624

Money

Market

Funds

-

.24

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.21%

(a),(b)

1,135,568

1,136

Principal

Government

Money

Market

Fund

-

Class

4.22%

(a),(c)

25,954,018

25,954

$

27,090

TOTAL

INVESTMENT

COMPANIES

$

30,714

COMMON

STOCKS

-

.49

%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

.05

%

AeroVironment

Inc

(d) 12,716

$

3,403

Curtiss-Wright

Corp

15,056

7,381

Hexcel

Corp

32,123

1,925

$

12,709

Agriculture

-

.17

%

Darling

Ingredients

Inc

(d) 63,182

2,046

Airlines

-

.46

%

Alaska

Air

Group

Inc

(d) 48,496

2,569

American

Airlines

Group

Inc

(d) 263,468

3,027

$

5,596

Apparel

-

.90

%

Capri

Holdings

Ltd

(d) 47,103

857

Columbia

Sportswear

Co

12,247

693

Crocs

Inc

(d) 22,400

2,234

PVH

Corp

19,172

1,408

Skechers

USA

Inc

(d) 52,048

3,292

Under

Armour

Inc

-

Class

A

(d) 75,432

501

Under

Armour

Inc

-

Class

C

(d) 51,167

VF

Corp

132,285

1,550

$

10,857

Automobile

Parts

&

Equipment

-

.82

%

Autoliv

Inc

28,412

3,169

Gentex

Corp

89,805

2,373

Goodyear

Tire

&

Rubber

Co/The

(d) 114,134

1,173

Lear

Corp

21,357

2,014

Visteon

Corp

10,889

1,210

$

9,939

Banks

-

.29

%

Associated

Banc-Corp

65,252

1,614

Bank

OZK

42,205

2,081

Cadence

Bank

74,455

2,595

Columbia

Banking

System

Inc

83,972

1,999

Comerica

Inc

52,497

3,547

Commerce

Bancshares

Inc/MO

48,505

2,968

Cullen/Frost

Bankers

Inc

25,681

3,272

East

West

Bancorp

Inc

55,060

5,520

First

Financial

Bankshares

Inc

51,432

1,781

First

Horizon

Corp

202,634

4,419

FNB

Corp/PA

143,738

2,202

Glacier

Bancorp

Inc

47,291

2,073

Hancock

Whitney

Corp

34,213

2,043

Home

BancShares

Inc/AR

73,363

2,066

International

Bancshares

Corp

21,349

1,456

Old

National

Bancorp/IN

130,049

2,745

Pinnacle

Financial

Partners

Inc

30,710

2,699

Prosperity

Bancshares

Inc

38,064

2,536

SouthState

Corp

39,328

3,703

Synovus

Financial

Corp

55,533

2,623

Texas

Capital

Bancshares

Inc

(d) 18,338

1,540

UMB

Financial

Corp

28,508

3,136

United

Bankshares

Inc/WV

56,615

2,011

Valley

National

Bancorp

190,272

1,764

Webster

Financial

Corp

67,205

3,874

Western

Alliance

Bancorp

43,546

3,377

Wintrust

Financial

Corp

26,736

3,422

Zions

Bancorp

NA

58,953

3,161

$

76,227

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Beverages

-

.51

%

Boston

Beer

Co

Inc/The

(d) 3,291

$

681

Celsius

Holdings

Inc

(d) 62,809

2,848

Coca-Cola

Consolidated

Inc

23,417

2,617

$

6,146

Biotechnology

-

.39

%

BioMarin

Pharmaceutical

Inc

(d) 76,612

4,432

Bio-Rad

Laboratories

Inc

(d) 7,431

1,798

Cytokinetics

Inc

(d) 47,710

1,796

Exelixis

Inc

(d) 108,944

3,946

Halozyme

Therapeutics

Inc

(d) 49,225

2,952

Illumina

Inc

(d) 63,239

6,495

Roivant

Sciences

Ltd

(d) 168,183

1,910

Sarepta

Therapeutics

Inc

(d) 39,261

645

United

Therapeutics

Corp

(d) 18,020

4,950

$

28,924

Building

Materials

-

.05

%

AAON

Inc

26,979

2,253

Eagle

Materials

Inc

13,299

2,983

Fortune

Brands

Innovations

Inc

48,043

2,620

Knife

River

Corp

(d) 22,631

1,867

Louisiana-Pacific

Corp

24,741

2,237

Owens

Corning

33,977

4,737

Simpson

Manufacturing

Co

Inc

16,711

2,998

Trex

Co

Inc

(d) 42,835

2,752

UFP

Industries

Inc

24,127

2,364

$

24,811

Chemicals

-

.33

%

Ashland

Inc

18,254

941

Avient

Corp

36,566

1,154

Axalta

Coating

Systems

Ltd

(d) 87,311

2,473

Cabot

Corp

21,462

1,549

NewMarket

Corp

3,017

2,073

Olin

Corp

45,995

871

RPM

International

Inc

51,303

6,024

Westlake

Corp

13,319

1,056

$

16,141

Commercial

Services

-

.25

%

API

Group

Corp

(d) 145,983

5,265

Aramark

104,694

4,456

Avis

Budget

Group

Inc

(d) 6,748

1,149

Brink's

Co/The

16,778

1,465

Euronet

Worldwide

Inc

(d) 16,239

1,578

FTI

Consulting

Inc

(d) 13,454

2,238

Graham

Holdings

Co

1,358

1,296

Grand

Canyon

Education

Inc

(d) 11,176

1,885

GXO

Logistics

Inc

(d) 45,708

2,272

H&R

Block

Inc

53,482

2,906

Insperity

Inc

14,278

851

ManpowerGroup

Inc

18,488

763

Morningstar

Inc

10,635

2,940

Paylocity

Holding

Corp

(d) 17,211

3,182

RB

Global

Inc

73,982

8,009

Service

Corp

International/US

56,870

4,340

Shift4

Payments

Inc

(d) 26,953

2,776

Valvoline

Inc

(d) 50,779

1,790

WEX

Inc

(d) 13,681

2,321

$

51,482

Computers

-

.45

%

ASGN

Inc

(d) 17,497

877

CACI

International

Inc

(d) 8,787

4,047

Crane

NXT

Co

19,707

1,169

ExlService

Holdings

Inc

(d) 64,993

2,823

Genpact

Ltd

64,271

2,831

KBR

Inc

51,828

2,422

Kyndryl

Holdings

Inc

(d) 92,959

3,511

Lumentum

Holdings

Inc

(d) 27,723

3,052

Maximus

Inc

22,510

1,663

Okta

Inc

(d) 66,778

6,531

Parsons

Corp

(d) 18,785

1,394

Schedule

of

Investments

MidCap

S&P

Index

Fund

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Computers

(continued)

Pure

Storage

Inc

(d) 124,155

$

7,390

Qualys

Inc

(d) 14,512

1,931

Science

Applications

International

Corp

18,841

2,100

$

41,741

Cosmetics

&

Personal

Care

-

.40

%

Coty

Inc

(d) 146,356

710

elf

Beauty

Inc

(d) 22,531

2,730

Perrigo

Co

PLC

54,920

1,465

$

4,905

Distribution

&

Wholesale

-

.22

%

Core

&

Main

Inc

(d) 75,665

4,815

Watsco

Inc

13,937

6,284

WESCO

International

Inc

17,743

3,672

$

14,771

Diversified

Financial

Services

-

.20

%

Affiliated

Managers

Group

Inc

11,358

2,384

Ally

Financial

Inc

110,442

4,180

Evercore

Inc

-

Class

A

14,363

4,325

Federated

Hermes

Inc

30,144

1,494

Hamilton

Lane

Inc

17,313

2,637

Houlihan

Lokey

Inc

21,490

4,097

Interactive

Brokers

Group

Inc

-

A

Shares

174,112

11,415

Janus

Henderson

Group

PLC

50,354

2,180

Jefferies

Financial

Group

Inc

65,093

3,753

SEI

Investments

Co

37,796

3,331

SLM

Corp

83,835

2,666

Stifel

Financial

Corp

41,037

4,683

Voya

Financial

Inc

38,467

2,693

Western

Union

Co/The

132,040

1,063

$

50,901

Electric

-

.39

%

ALLETE

Inc

23,130

1,525

Black

Hills

Corp

28,965

1,673

IDACORP

Inc

21,580

2,705

Northwestern

Energy

Group

Inc

24,519

1,317

OGE

Energy

Corp

80,428

3,653

Ormat

Technologies

Inc

23,022

2,058

Portland

General

Electric

Co

43,749

1,799

TXNM

Energy

Inc

37,015

2,102

$

16,832

Electrical

Components

&

Equipment

-

.16

%

Acuity

Inc

12,228

3,807

Belden

Inc

15,778

1,951

EnerSys

15,751

1,455

Littelfuse

Inc

9,874

2,541

Novanta

Inc

(d) 14,368

1,768

Universal

Display

Corp

17,656

2,549

$

14,071

Electronics

-

.44

%

Arrow

Electronics

Inc

(d) 20,723

2,404

Avnet

Inc

33,500

1,773

Coherent

Corp

(d) 62,096

6,682

Flex

Ltd

(d) 153,045

7,632

NEXTracker

Inc

(d) 57,411

3,345

nVent

Electric

PLC

65,770

5,158

Sensata

Technologies

Holding

PLC

58,441

1,798

TD

SYNNEX

Corp

29,838

4,308

Vontier

Corp

59,084

2,450

Woodward

Inc

23,771

6,111

$

41,661

Engineering

&

Construction

-

.39

%

AECOM

52,852

5,959

Comfort

Systems

USA

Inc

14,062

9,890

EMCOR

Group

Inc

17,882

11,221

Exponent

Inc

20,275

1,398

Fluor

Corp

(d) 65,781

3,734

MasTec

Inc

(d) 24,493

4,634

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Engineering

&

Construction

(continued)

TopBuild

Corp

(d) 11,353

$

4,205

$

41,041

Entertainment

-

.93

%

Churchill

Downs

Inc

28,855

3,089

Light

&

Wonder

Inc

(d) 33,708

3,247

Marriott

Vacations

Worldwide

Corp

12,692

945

Vail

Resorts

Inc

14,917

2,241

Warner

Music

Group

Corp

58,281

1,705

$

11,227

Environmental

Control

-

.71

%

Clean

Harbors

Inc

(d) 20,121

4,745

Tetra

Tech

Inc

105,266

3,867

$

8,612

Food

-

.61

%

Albertsons

Cos

Inc

161,003

3,094

Flowers

Foods

Inc

78,442

1,243

Ingredion

Inc

25,691

3,379

Marzetti

Company/The

7,711

1,371

Performance

Food

Group

Co

(d) 62,357

6,261

Pilgrim's

Pride

Corp

16,103

763

Post

Holdings

Inc

(d) 18,029

1,908

Sprouts

Farmers

Market

Inc

(d) 39,095

5,924

US

Foods

Holding

Corp

(d) 92,422

7,702

$

31,645

Gas

-

.11

%

National

Fuel

Gas

Co

36,094

3,133

New

Jersey

Resources

Corp

40,096

1,841

ONE

Gas

Inc

23,940

1,740

Southwest

Gas

Holdings

Inc

24,131

1,886

Spire

Inc

23,575

1,756

UGI

Corp

85,667

3,099

$

13,455

Hand

&

Machine

Tools

-

.68

%

Lincoln

Electric

Holdings

Inc

22,303

5,431

MSA

Safety

Inc

15,703

2,793

$

8,224

Healthcare

-

Products

-

.95

%

Avantor

Inc

(d) 272,223

3,659

Bruker

Corp

44,191

1,698

DENTSPLY

SIRONA

Inc

79,615

1,139

Envista

Holdings

Corp

(d) 67,707

1,279

Globus

Medical

Inc

(d) 45,122

2,375

Haemonetics

Corp

(d) 20,069

1,486

Lantheus

Holdings

Inc

(d) 27,639

1,968

LivaNova

PLC

(d) 21,782

919

Masimo

Corp

(d) 17,979

2,765

Penumbra

Inc

(d) 15,471

3,903

Repligen

Corp

(d) 20,872

2,443

$

23,634

Healthcare

-

Services

-

.18

%

Acadia

Healthcare

Co

Inc

(d) 36,802

801

Amedisys

Inc

(d) 13,083

1,290

Chemed

Corp

5,845

2,410

Encompass

Health

Corp

40,266

4,434

Ensign

Group

Inc/The

22,798

3,420

HealthEquity

Inc

(d) 34,607

3,357

Medpace

Holdings

Inc

(d) 9,418

4,023

Sotera

Health

Co

(d) 61,234

703

Tenet

Healthcare

Corp

(d) 37,107

5,985

$

26,423

Home

Builders

-

.87

%

KB

Home

28,656

1,583

Taylor

Morrison

Home

Corp

(d) 40,096

2,377

Thor

Industries

Inc

21,253

1,934

Toll

Brothers

Inc

39,723

4,702

$

10,596

Schedule

of

Investments

MidCap

S&P

Index

Fund

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Home

Furnishings

-

.80

%

Dolby

Laboratories

Inc

24,530

$

1,848

Somnigroup

International

Inc

82,494

5,971

Whirlpool

Corp

22,214

1,845

$

9,664

Housewares

-

.09

%

Scotts

Miracle-Gro

Co/The

17,291

1,083

Insurance

-

.05

%

American

Financial

Group

Inc/OH

28,693

3,584

Brighthouse

Financial

Inc

(d) 22,934

1,097

CNO

Financial

Group

Inc

39,606

1,459

Equitable

Holdings

Inc

121,403

6,234

Essent

Group

Ltd

40,509

2,268

Fidelity

National

Financial

Inc

104,230

5,882

First

American

Financial

Corp

41,107

2,468

Hanover

Insurance

Group

Inc/The

14,350

2,463

Kemper

Corp

24,030

1,480

Kinsale

Capital

Group

Inc

8,847

3,899

MGIC

Investment

Corp

94,854

2,457

Old

Republic

International

Corp

90,840

3,286

Primerica

Inc

13,128

3,487

Reinsurance

Group

of

America

Inc

26,402

5,081

RenaissanceRe

Holdings

Ltd

19,436

4,737

RLI

Corp

33,362

2,202

Ryan

Specialty

Holdings

Inc

43,003

2,631

Selective

Insurance

Group

Inc

24,277

1,893

Unum

Group

64,083

4,602

$

61,210

Internet

-

.95

%

Chewy

Inc

(d) 87,621

3,216

Hims

&

Hers

Health

Inc

(d) 78,324

5,183

Maplebear

Inc

(d) 65,620

3,148

$

11,547

Iron

&

Steel

-

.63

%

ATI

Inc

(d) 56,354

4,336

Carpenter

Technology

Corp

19,887

4,960

Cleveland-Cliffs

Inc

(d) 193,657

2,037

Commercial

Metals

Co

45,143

2,341

Reliance

Inc

21,011

6,096

$

19,770

Leisure

Products

&

Services

-

.71

%

Brunswick

Corp/DE

26,240

1,530

Harley-Davidson

Inc

43,680

1,063

Planet

Fitness

Inc

(d) 33,497

3,658

Polaris

Inc

21,102

1,116

YETI

Holdings

Inc

(d) 33,083

1,215

$

8,582

Lodging

-

.89

%

Boyd

Gaming

Corp

24,390

2,071

Choice

Hotels

International

Inc

(e) 8,831

1,128

Hilton

Grand

Vacations

Inc

(d) 23,070

1,034

Hyatt

Hotels

Corp

16,755

2,362

Travel

+

Leisure

Co

26,532

1,572

Wyndham

Hotels

&

Resorts

Inc

30,759

2,645

$

10,812

Machinery

-

Construction

&

Mining

-

.84

%

BWX

Technologies

Inc

36,498

5,545

Oshkosh

Corp

25,716

3,254

Terex

Corp

26,206

1,333

$

10,132

Machinery

-

Diversified

-

.82

%

AGCO

Corp

24,728

2,917

Applied

Industrial

Technologies

Inc

15,217

4,132

Chart

Industries

Inc

(d) 17,951

3,569

CNH

Industrial

NV

349,394

4,528

Cognex

Corp

67,060

2,734

Crane

Co

19,525

3,822

Esab

Corp

22,764

3,054

Flowserve

Corp

52,224

2,927

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Machinery

-

Diversified

(continued)

Graco

Inc

66,767

$

5,607

Middleby

Corp/The

(d) 21,365

3,102

Regal

Rexnord

Corp

26,498

4,051

Toro

Co/The

39,877

2,961

Watts

Water

Technologies

Inc

10,956

2,874

$

46,278

Media

-

.45

%

New

York

Times

Co/The

64,825

3,364

Nexstar

Media

Group

Inc

11,322

2,118

$

5,482

Metal

Fabrication

&

Hardware

-

.38

%

Advanced

Drainage

Systems

Inc

28,205

3,237

Mueller

Industries

Inc

44,203

3,774

RBC

Bearings

Inc

(d) 12,523

4,851

Timken

Co/The

25,434

1,935

Valmont

Industries

Inc

8,019

2,918

$

16,715

Mining

-

.58

%

Alcoa

Corp

103,421

3,100

Royal

Gold

Inc

26,292

3,981

$

7,081

Miscellaneous

Manufacturers

-

.61

%

Carlisle

Cos

Inc

17,241

6,116

Donaldson

Co

Inc

47,745

3,436

Fabrinet

(d) 14,315

4,634

ITT

Inc

31,440

5,344

$

19,530

Oil

&

Gas

-

.73

%

Antero

Resources

Corp

(d) 116,610

4,073

Chord

Energy

Corp

23,072

2,546

Civitas

Resources

Inc

34,025

1,033

CNX

Resources

Corp

(d) 57,815

1,752

HF

Sinclair

Corp

63,977

2,811

Matador

Resources

Co

46,515

2,320

Murphy

Oil

Corp

53,593

1,330

Ovintiv

Inc

103,793

4,274

PBF

Energy

Inc

39,269

887

Permian

Resources

Corp

254,773

3,608

Range

Resources

Corp

95,467

3,506

Valaris

Ltd

(d) 26,119

1,270

Viper

Energy

Inc

52,366

1,972

Weatherford

International

PLC

28,985

1,639

$

33,021

Oil

&

Gas

Services

-

.16

%

NOV

Inc

150,103

1,888

Packaging

&

Containers

-

.27

%

AptarGroup

Inc

26,383

4,146

Crown

Holdings

Inc

45,965

4,567

Graphic

Packaging

Holding

Co

120,548

2,696

Greif

Inc

-

Class

A

10,427

661

Silgan

Holdings

Inc

32,483

1,511

Sonoco

Products

Co

39,399

1,776

$

15,357

Pharmaceuticals

-

.04

%

BellRing

Brands

Inc

(d) 50,733

2,769

Jazz

Pharmaceuticals

PLC

(d) 24,621

2,822

Neurocrine

Biosciences

Inc

(d) 39,535

5,070

Option

Care

Health

Inc

(d) 65,415

1,920

$

12,581

Pipelines

-

.55

%

Antero

Midstream

Corp

134,010

2,459

DT

Midstream

Inc

40,584

4,169

$

6,628

Private

Equity

-

.43

%

Carlyle

Group

Inc/The

85,119

5,163

Real

Estate

-

.42

%

Jones

Lang

LaSalle

Inc

(d) 18,966

5,128

Schedule

of

Investments

MidCap

S&P

Index

Fund

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

REITs

-

.71

%

Agree

Realty

Corp

43,866

$

3,145

American

Homes

Rent

126,954

4,404

Annaly

Capital

Management

Inc

241,727

4,914

Brixmor

Property

Group

Inc

122,268

3,195

COPT

Defense

Properties

45,000

1,228

Cousins

Properties

Inc

67,079

1,818

CubeSmart

91,066

3,543

EastGroup

Properties

Inc

20,950

3,420

EPR

Properties

30,387

1,672

Equity

LifeStyle

Properties

Inc

76,378

4,577

First

Industrial

Realty

Trust

Inc

52,892

2,577

Gaming

and

Leisure

Properties

Inc

109,792

5,004

Healthcare

Realty

Trust

Inc

140,389

2,156

Independence

Realty

Trust

Inc

93,236

1,564

Kilroy

Realty

Corp

42,526

1,568

Kite

Realty

Group

Trust

87,812

1,930

Lamar

Advertising

Co

35,141

4,296

National

Storage

Affiliates

Trust

28,104

828

NNN

REIT

Inc

75,083

3,098

Omega

Healthcare

Investors

Inc

115,610

4,497

Park

Hotels

&

Resorts

Inc

79,853

851

PotlatchDeltic

Corp

28,573

1,168

Rayonier

Inc

56,008

1,306

Rexford

Industrial

Realty

Inc

94,329

3,446

Sabra

Health

Care

REIT

Inc

95,053

1,714

STAG

Industrial

Inc

74,551

2,559

Starwood

Property

Trust

Inc

138,505

2,695

Vornado

Realty

Trust

66,713

2,563

WP

Carey

Inc

87,479

5,613

$

81,349

Retail

-

.93

%

Abercrombie

&

Fitch

Co

(d) 19,031

1,827

AutoNation

Inc

(d) 9,942

1,915

Bath

&

Body

Works

Inc

85,093

2,464

BJ's

Wholesale

Club

Holdings

Inc

(d) 52,753

5,587

Burlington

Stores

Inc

(d) 25,165

6,869

Casey's

General

Stores

Inc

14,830

7,714

Cava

Group

Inc

(d) 32,804

2,887

Dick's

Sporting

Goods

Inc

22,566

4,773

FirstCash

Holdings

Inc

15,419

2,055

Five

Below

Inc

(d) 21,993

3,002

Floor

&

Decor

Holdings

Inc

(d) 42,986

3,294

GameStop

Corp

(d) 162,609

3,651

Gap

Inc/The

88,765

1,727

Lithia

Motors

Inc

10,401

2,995

Macy's

Inc

111,286

1,406

MSC

Industrial

Direct

Co

Inc

17,808

1,543

Murphy

USA

Inc

7,186

2,605

Ollie's

Bargain

Outlet

Holdings

Inc

(d) 24,528

3,351

Penske

Automotive

Group

Inc

7,403

1,239

RH

(d) 6,061

1,246

Texas

Roadhouse

Inc

26,504

4,907

Wendy's

Co/The

64,438

635

Wingstop

Inc

11,148

4,207

$

71,899

Savings

&

Loans

-

.11

%

Flagstar

Financial

Inc

121,049

1,367

Semiconductors

-

.28

%

Allegro

MicroSystems

Inc

(d) 52,224

1,640

Amkor

Technology

Inc

45,400

1,024

Cirrus

Logic

Inc

(d) 21,230

2,138

Entegris

Inc

60,482

4,746

IPG

Photonics

Corp

(d) 10,534

789

Lattice

Semiconductor

Corp

(d) 54,932

2,737

MACOM

Technology

Solutions

Holdings

Inc

(d) 23,774

3,261

MKS

Inc

26,794

2,550

Onto

Innovation

Inc

(d) 19,524

1,850

Power

Integrations

Inc

22,487

1,091

Rambus

Inc

(d) 42,908

3,172

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Semiconductors

(continued)

Silicon

Laboratories

Inc

(d) 13,010

$

1,714

Synaptics

Inc

(d) 15,397

966

$

27,678

Software

-

.01

%

Appfolio

Inc

(d) 9,209

2,462

BILL

Holdings

Inc

(d) 37,865

1,623

Blackbaud

Inc

(d) 15,054

1,015

Commvault

Systems

Inc

(d) 17,628

3,349

Concentrix

Corp

18,375

955

Docusign

Inc

(d) 80,897

6,119

Doximity

Inc

(d) 53,332

3,133

Dropbox

Inc

-

A

Shares

(d) 78,386

2,130

Duolingo

Inc

(d) 15,685

5,436

Dynatrace

Inc

(d) 119,772

6,301

Guidewire

Software

Inc

(d) 33,511

7,581

Manhattan

Associates

Inc

(d) 24,257

5,328

Pegasystems

Inc

35,555

2,087

ZoomInfo

Technologies

Inc

(d) 103,802

1,124

$

48,643

Telecommunications

-

.94

%

Ciena

Corp

(d) 56,786

5,272

EchoStar

Corp

(d) 53,605

1,747

Frontier

Communications

Parent

Inc

(d) 88,974

3,269

Iridium

Communications

Inc

43,208

1,057

$

11,345

Toys,

Games

&

Hobbies

-

.18

%

Mattel

Inc

(d) 128,995

2,194

Transportation

-

.53

%

Kirby

Corp

(d) 22,412

2,136

Knight-Swift

Transportation

Holdings

Inc

64,737

2,751

Landstar

System

Inc

13,960

1,862

Ryder

System

Inc

16,516

2,935

Saia

Inc

(d) 10,641

3,216

XPO

Inc

(d) 47,061

5,661

$

18,561

Trucking

&

Leasing

-

.18

%

GATX

Corp

14,261

2,178

Water

-

.31

%

Essential

Utilities

Inc

103,032

3,792

TOTAL

COMMON

STOCKS

$

1,181,275

Total

Investments

$

1,211,989

Other

Assets

and

Liabilities

- (0.03)%

(358)

TOTAL

NET

ASSETS

-

100.00%

$

1,211,631

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$1,136

or

0.09%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Non-income

producing

security

(e) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$1,086

or

0.09%

of

net

assets.

Schedule

of

Investments

MidCap

S&P

Index

Fund

July

31,

2025

(unaudited)

Affiliated

Securities

October

31,

2024

Purchases

Sales

July

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

17,344

$

333,819

$

325,209

$

25,954

$

17,344

$

333,819

$

325,209

$

25,954

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

891

$

—

$

—

$

—

$

891

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

S&P

Mid

Emini;

September

2025

Long

$

27,536

$

(541)

Total

$

(541)

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

MidCap

Value

Fund

I

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

1.65%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

0.22%

iShares

Russell

Mid-Cap

Value

ETF

(a) 37,400

$

5,033

Money

Market

Funds

-

1.43%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.21%

(b),(c)

1,277,504

1,278

Principal

Government

Money

Market

Fund

-

Class

4.22%

(b),(c),(d)

31,639,798

31,640

$

32,918

TOTAL

INVESTMENT

COMPANIES

$

37,951

COMMON

STOCKS

-

98.19%

Shares

Held

Value

(000's)

Advertising

-

0.02%

Interpublic

Group

of

Cos

Inc/The

8,987

$

Omnicom

Group

Inc

4,708

$

560

Aerospace

&

Defense

-

1.22%

Curtiss-Wright

Corp

909

Hexcel

Corp

1,944

Howmet

Aerospace

Inc

18,930

3,403

L3Harris

Technologies

Inc

59,748

16,420

Leonardo

DRS

Inc

111,666

4,645

Loar

Holdings

Inc

(e) 105

Spirit

AeroSystems

Holdings

Inc

(e) 2,682

StandardAero

Inc

(e) 102,683

2,932

$

28,075

Agriculture

-

0.04%

Archer-Daniels-Midland

Co

11,649

631

Bunge

Global

SA

3,232

Darling

Ingredients

Inc

(e) 3,381

$

998

Airlines

-

0.09%

Alaska

Air

Group

Inc

(e) 2,464

American

Airlines

Group

Inc

(e) 14,889

Delta

Air

Lines

Inc

15,894

846

Southwest

Airlines

Co

(a) 11,148

United

Airlines

Holdings

Inc

(e) 7,929

700

$

2,192

Apparel

-

0.70%

Birkenstock

Holding

Plc

(e) 56,182

2,814

Columbia

Sportswear

Co

672

Crocs

Inc

(e) 1,315

PVH

Corp

1,346

Ralph

Lauren

Corp

42,078

12,571

Skechers

USA

Inc

(e) 3,172

Tapestry

Inc

Under

Armour

Inc

-

Class

A

(e) 4,862

Under

Armour

Inc

-

Class

C

(e) 4,833

VF

Corp

9,041

$

16,070

Automobile

Manufacturers

-

0.11%

Cummins

Inc

3,349

1,231

Ford

Motor

Co

94,992

1,052

Lucid

Group

Inc

(e) 31,924

Rivian

Automotive

Inc

(e) 18,889

$

2,604

Automobile

Parts

&

Equipment

-

1.38%

Allison

Transmission

Holdings

Inc

23,016

2,073

Aptiv

PLC

(e) 5,575

Aurora

Innovation

Inc

(e) 23,932

BorgWarner

Inc

534,907

19,684

Gentex

Corp

351,448

9,286

Lear

Corp

1,296

QuantumScape

Corp

(e) 10,001

$

31,773

Banks

-

2.92%

Bank

of

New

York

Mellon

Corp/The

16,179

1,641

Bank

OZK

2,596

BOK

Financial

Corp

575

Citizens

Financial

Group

Inc

10,600

506

Columbia

Banking

System

Inc

5,089

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Banks

(continued)

Comerica

Inc

3,176

$

Commerce

Bancshares

Inc/MO

3,000

Cullen/Frost

Bankers

Inc

1,439

East

West

Bancorp

Inc

3,328

Fifth

Third

Bancorp

16,228

675

First

Citizens

BancShares

Inc/NC

First

Hawaiian

Inc

3,225

First

Horizon

Corp

12,251

FNB

Corp/PA

8,647

Huntington

Bancshares

Inc/OH

1,623,851

26,680

KeyCorp

23,048

M&T

Bank

Corp

13,765

2,598

Northern

Trust

Corp

4,710

612

Pinnacle

Financial

Partners

Inc

1,728

Popular

Inc

1,496

Prosperity

Bancshares

Inc

47,821

3,186

Regions

Financial

Corp

21,896

555

SouthState

Corp

2,434

State

Street

Corp

7,017

784

Synovus

Financial

Corp

3,376

Truist

Financial

Corp

594,500

25,986

Webster

Financial

Corp

4,073

Western

Alliance

Bancorp

2,074

Wintrust

Financial

Corp

1,590

Zions

Bancorp

NA

3,531

$

67,314

Beverages

-

0.65%

Boston

Beer

Co

Inc/The

(e) 220

Brown-Forman

Corp

-

A

Shares

1,123

Brown-Forman

Corp

-

B

Shares

3,802

Coca-Cola

Consolidated

Inc

1,083

Constellation

Brands

Inc

3,172

530

Molson

Coors

Beverage

Co

4,083

Primo

Brands

Corp

505,341

13,952

$

14,990

Biotechnology

-

1.32%

Alnylam

Pharmaceuticals

Inc

(e) 11,989

4,703

Biogen

Inc

(e) 3,556

BioMarin

Pharmaceutical

Inc

(e) 95,844

5,545

Bio-Rad

Laboratories

Inc

(e) 465

Certara

Inc

(e) 3,122

Corteva

Inc

16,672

1,202

Exelixis

Inc

(e) 207,148

7,503

Illumina

Inc

(e) 3,851

Incyte

Corp

(e) 2,855

Insmed

Inc

(e) 39,558

4,244

Ionis

Pharmaceuticals

Inc

(e) 265

Moderna

Inc

(e) 8,625

Revolution

Medicines

Inc

(e) 4,209

Roivant

Sciences

Ltd

(e) 9,754

Royalty

Pharma

PLC

9,503

Sarepta

Therapeutics

Inc

(e) 399

United

Therapeutics

Corp

(e) 18,403

5,055

Viking

Therapeutics

Inc

(e) 2,578

$

30,434

Building

Materials

-

1.88%

Armstrong

World

Industries

Inc

70,313

13,231

Builders

FirstSource

Inc

(e) 94,709

12,040

Carrier

Global

Corp

213,700

14,664

Eagle

Materials

Inc

746

Fortune

Brands

Innovations

Inc

2,944

Hayward

Holdings

Inc

(e) 5,099

James

Hardie

Industries

PLC

(e) 1,360

Louisiana-Pacific

Corp

1,526

Martin

Marietta

Materials

Inc

1,452

835

Masco

Corp

5,140

Mohawk

Industries

Inc

(e) 1,246

Owens

Corning

2,064

Simpson

Manufacturing

Co

Inc

925

Schedule

of

Investments

MidCap

Value

Fund

I

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Building

Materials

(continued)

Trex

Co

Inc

(e) 2,590

$

Vulcan

Materials

Co

3,211

882

$

43,345

Chemicals

-

3.78%

Albemarle

Corp

2,860

Ashland

Inc

1,206

Axalta

Coating

Systems

Ltd

(e) 569,415

16,126

Celanese

Corp

2,708

CF

Industries

Holdings

Inc

270,532

25,113

Dow

Inc

17,245

DuPont

de

Nemours

Inc

10,199

733

Eastman

Chemical

Co

2,793

Element

Solutions

Inc

5,485

FMC

Corp

3,020

Huntsman

Corp

4,232

International

Flavors

&

Fragrances

Inc

6,240

LyondellBasell

Industries

NV

6,240

Mosaic

Co/The

7,688

NewMarket

Corp

Olin

Corp

2,958

PPG

Industries

Inc

5,536

584

RPM

International

Inc

207,287

24,338

Westlake

Corp

222,262

17,625

$

87,052

Commercial

Services

-

2.92%

ADT

Inc

9,101

Affirm

Holdings

Inc

(e) 2,646

API

Group

Corp

(e) 8,958

Aramark

6,430

Avis

Budget

Group

Inc

(a),(e)

Block

Inc

(e) 8,340

644

Bright

Horizons

Family

Solutions

Inc

(e) 1,197

Cintas

Corp

20,330

4,524

Clarivate

PLC

(e) 9,115

Dun

&

Bradstreet

Holdings

Inc

7,922

Equifax

Inc

2,483

597

Euronet

Worldwide

Inc

(e) 92,114

8,952

FTI

Consulting

Inc

(e) 78,908

13,126

Global

Payments

Inc

5,947

Grand

Canyon

Education

Inc

(e) 63,690

10,740

GXO

Logistics

Inc

(e) 2,794

H&R

Block

Inc

2,715

ManpowerGroup

Inc

1,185

MarketAxess

Holdings

Inc

26,101

5,363

Morningstar

Inc

Paylocity

Holding

Corp

(e) 95

Quanta

Services

Inc

802

RB

Global

Inc

4,238

Robert

Half

Inc

2,548

Service

Corp

International/US

3,392

TransUnion

190,637

18,147

U-Haul

Holding

Co

(a),(e)

U-Haul

Holding

Co

1,587

United

Rentals

Inc

1,584

1,399

Valvoline

Inc

(e) 372

Verisk

Analytics

Inc

1,355

WEX

Inc

(e) 754

WillScot

Holdings

Corp

3,415

$

67,361

Computers

-

2.36%

Amdocs

Ltd

2,685

Amentum

Holdings

Inc

(e) 4,136

CACI

International

Inc

(e) 522

Check

Point

Software

Technologies

Ltd

(e) 109,700

20,426

Cognizant

Technology

Solutions

Corp

12,030

863

Crane

NXT

Co

1,262

DXC

Technology

Co

(e) 4,620

EPAM

Systems

Inc

(e) 1,324

Genpact

Ltd

627,419

27,638

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Computers

(continued)

Globant

SA

(e) 1,001

$

Hewlett

Packard

Enterprise

Co

31,962

661

HP

Inc

22,947

569

KBR

Inc

2,892

Kyndryl

Holdings

Inc

(e) 5,268

Leidos

Holdings

Inc

3,104

Lumentum

Holdings

Inc

(e) 1,544

NetApp

Inc

2,985

Okta

Inc

(e) 2,423

Parsons

Corp

(e) 1,355

Pure

Storage

Inc

(e) 1,097

Rubrik

Inc

(e) 1,004

SailPoint

Inc

(e) 1,544

Sandisk

Corp/DE

(e) 3,328

Science

Applications

International

Corp

1,141

Super

Micro

Computer

Inc

(e) 6,761

Western

Digital

Corp

8,433

664

$

54,337

Consumer

Products

-

0.43%

Avery

Dennison

Corp

53,285

8,939

Church

&

Dwight

Co

Inc

5,999

562

Clorox

Co/The

2,991

Reynolds

Consumer

Products

Inc

1,405

$

9,909

Cosmetics

&

Personal

Care

-

0.40%

Coty

Inc

(e) 8,889

elf

Beauty

Inc

(e) 1,324

Estee

Lauder

Cos

Inc/The

83,880

7,829

Kenvue

Inc

46,321

993

Perrigo

Co

PLC

3,509

$

9,120

Distribution

&

Wholesale

-

0.07%

Core

&

Main

Inc

(e) 1,930

Fastenal

Co

4,985

LKQ

Corp

6,321

Pool

Corp

704

SiteOne

Landscape

Supply

Inc

(e) 786

Watsco

Inc

841

WESCO

International

Inc

1,159

WW

Grainger

Inc

$

1,641

Diversified

Financial

Services

-

4.42%

Affiliated

Managers

Group

Inc

23,409

4,913

Air

Lease

Corp

2,534

Ally

Financial

Inc

5,917

Ameriprise

Financial

Inc

Cboe

Global

Markets

Inc

60,057

14,476

Coinbase

Global

Inc

(e) 4,532

1,712

Credit

Acceptance

Corp

(e) 157

Evercore

Inc

-

Class

A

33,195

9,997

Franklin

Resources

Inc

7,489

Freedom

Holding

Corp/NV

(e) 67

Hamilton

Lane

Inc

Houlihan

Lokey

Inc

809

Invesco

Ltd

8,867

Janus

Henderson

Group

PLC

3,055

Jefferies

Financial

Group

Inc

2,817

Lazard

Inc

2,150

Mr

Cooper

Group

Inc

(e) 1,520

Nasdaq

Inc

10,049

967

OneMain

Holdings

Inc

2,892

Raymond

James

Financial

Inc

184,256

30,795

Rocket

Cos

Inc

(a) 5,933

SEI

Investments

Co

36,980

3,258

SLM

Corp

4,392

SoFi

Technologies

Inc

(e) 22,363

505

Stifel

Financial

Corp

28,513

3,254

Synchrony

Financial

9,269

646

T

Rowe

Price

Group

Inc

5,328

541

Schedule

of

Investments

MidCap

Value

Fund

I

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Diversified

Financial

Services

(continued)

TPG

Inc

$

Tradeweb

Markets

Inc

74,494

10,321

UWM

Holdings

Corp

3,582

Virtu

Financial

Inc

202,489

8,938

Voya

Financial

Inc

2,340

Western

Union

Co/The

8,483

XP

Inc

557,822

9,003

$

101,765

Electric

-

4.34%

AES

Corp/The

17,301

Alliant

Energy

Corp

647,356

42,085

Ameren

Corp

6,575

665

Brookfield

Renewable

Corp

3,288

CenterPoint

Energy

Inc

15,880

616

Clearway

Energy

Inc

-

Class

A

892

Clearway

Energy

Inc

-

Class

C

2,095

CMS

Energy

Corp

366,648

27,059

Consolidated

Edison

Inc

32,850

3,400

DTE

Energy

Co

5,047

699

Edison

International

166,702

8,689

Entergy

Corp

10,502

950

Evergy

Inc

5,594

Eversource

Energy

8,952

592

Exelon

Corp

24,636

1,107

FirstEnergy

Corp

13,372

571

IDACORP

Inc

1,300

NRG

Energy

Inc

17,154

2,868

OGE

Energy

Corp

4,892

PG&E

Corp

53,443

749

Pinnacle

West

Capital

Corp

2,893

PPL

Corp

18,038

644

Public

Service

Enterprise

Group

Inc

12,169

1,093

Talen

Energy

Corp

(e) 1,097

WEC

Energy

Group

Inc

47,813

5,216

Xcel

Energy

Inc

14,066

1,033

$

99,935

Electrical

Components

&

Equipment

-

0.08%

Acuity

Inc

745

AMETEK

Inc

5,612

1,038

Generac

Holdings

Inc

(e) 1,412

Littelfuse

Inc

592

Universal

Display

Corp

1,062

$

1,850

Electronics

-

4.46%

Allegion

plc

2,091

Arrow

Electronics

Inc

(e) 1,252

Avnet

Inc

2,088

Coherent

Corp

(e) 3,725

Flex

Ltd

(e) 234,044

11,672

Fortive

Corp

8,292

Garmin

Ltd

32,678

7,149

Hubbell

Inc

49,197

21,522

Ingram

Micro

Holding

Corp

(a) 526

Jabil

Inc

10,330

2,305

Keysight

Technologies

Inc

(e) 154,889

25,388

Mettler-Toledo

International

Inc

(e) 505

623

nVent

Electric

PLC

3,966

Ralliant

Corp

2,787

Sensata

Technologies

Holding

PLC

3,531

TD

SYNNEX

Corp

1,908

Trimble

Inc

(e) 372,703

31,266

Vontier

Corp

3,600

Woodward

Inc

1,440

$

102,679

Energy

-

Alternate

Sources

-

0.02%

First

Solar

Inc

(e) 2,469

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Engineering

&

Construction

-

1.22%

AECOM

110,017

$

12,403

EMCOR

Group

Inc

16,960

10,642

Everus

Construction

Group

Inc

(e) 1,311

Jacobs

Solutions

Inc

2,955

MasTec

Inc

(e) 23,160

4,383

TopBuild

Corp

(e) 655

$

28,187

Entertainment

-

0.04%

Caesars

Entertainment

Inc

(e) 5,027

Churchill

Downs

Inc

Flutter

Entertainment

PLC

(e) 728

Liberty

Media

Corp-Liberty

Live

-

A

Shares

(e) 507

Liberty

Media

Corp-Liberty

Live

-

C

Shares

(e) 1,180

Madison

Square

Garden

Sports

Corp

(e) 414

Penn

Entertainment

Inc

(e) 3,841

TKO

Group

Holdings

Inc

956

Vail

Resorts

Inc

$

861

Environmental

Control

-

0.66%

Clean

Harbors

Inc

(e) 1,237

Pentair

PLC

3,982

Republic

Services

Inc

60,300

13,908

Tetra

Tech

Inc

5,284

Veralto

Corp

3,493

$

15,167

Food

-

3.04%

Albertsons

Cos

Inc

10,090

Conagra

Brands

Inc

11,597

Flowers

Foods

Inc

4,808

General

Mills

Inc

13,345

654

Hershey

Co/The

3,113

579

Hormel

Foods

Corp

7,047

Ingredion

Inc

1,551

J

M

Smucker

Co/The

2,523

Kellanova

6,755

539

Kraft

Heinz

Co/The

20,771

570

Kroger

Co/The

14,778

1,036

Lamb

Weston

Holdings

Inc

3,309

McCormick

&

Co

Inc/MD

6,168

Performance

Food

Group

Co

(e) 345,256

34,664

Pilgrim's

Pride

Corp

1,062

Post

Holdings

Inc

(e) 1,225

Seaboard

Corp

Smithfield

Foods

Inc

717

Sysco

Corp

5,478

The

Campbell's

Company

4,783

Tyson

Foods

Inc

6,817

US

Foods

Holding

Corp

(e) 348,581

29,047

$

70,033

Forest

Products

&

Paper

-

0.03%

International

Paper

Co

12,772

597

Gas

-

0.54%

Atmos

Energy

Corp

3,854

601

MDU

Resources

Group

Inc

5,222

National

Fuel

Gas

Co

128,943

11,191

NiSource

Inc

11,467

UGI

Corp

5,237

$

12,558

Hand

&

Machine

Tools

-

1.40%

Lincoln

Electric

Holdings

Inc

129,312

31,487

MSA

Safety

Inc

890

Snap-on

Inc

1,244

Stanley

Black

&

Decker

Inc

3,763

$

32,300

Healthcare

-

Products

-

2.90%

Agilent

Technologies

Inc

6,942

797

Align

Technology

Inc

(e) 30,460

3,929

Avantor

Inc

(e) 16,099

Schedule

of

Investments

MidCap

Value

Fund

I

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Healthcare

-

Products

(continued)

Baxter

International

Inc

12,482

$

Bio-Techne

Corp

3,817

Bruker

Corp

2,654

Cooper

Cos

Inc/The

(e) 123,262

8,714

DENTSPLY

SIRONA

Inc

5,238

Envista

Holdings

Corp

(e) 4,323

Exact

Sciences

Corp

(e) 202,264

9,496

GE

HealthCare

Technologies

Inc

11,132

794

Globus

Medical

Inc

(e) 2,728

Hologic

Inc

(e) 385,733

25,775

QIAGEN

NV

5,191

Repligen

Corp

(e) 1,121

ResMed

Inc

49,691

13,513

Revvity

Inc

2,925

Solventum

Corp

(e) 3,380

STERIS

PLC

2,389

541

Teleflex

Inc

1,083

Waters

Corp

(e) 684

West

Pharmaceutical

Services

Inc

1,734

Zimmer

Biomet

Holdings

Inc

4,823

$

66,728

Healthcare

-

Services

-

2.99%

Acadia

Healthcare

Co

Inc

(e) 2,345

Amedisys

Inc

(e) 832

Centene

Corp

(e) 12,099

Charles

River

Laboratories

International

Inc

(e) 1,184

Chemed

Corp

Encompass

Health

Corp

35,788

3,941

Humana

Inc

2,936

734

IQVIA

Holdings

Inc

(e) 4,256

791

Labcorp

Holdings

Inc

106,132

27,602

Molina

Healthcare

Inc

(e) 56,182

8,870

Quest

Diagnostics

Inc

152,413

25,515

Sotera

Health

Co

(e) 3,588

Tenet

Healthcare

Corp

(e) 2,229

Universal

Health

Services

Inc

1,338

$

68,854

Home

Builders

-

0.13%

DR

Horton

Inc

6,685

955

Lennar

Corp

-

A

Shares

5,563

624

Lennar

Corp

-

B

Shares

NVR

Inc

(e) 68

513

PulteGroup

Inc

4,864

549

Thor

Industries

Inc

1,236

Toll

Brothers

Inc

2,408

$

3,065

Home

Furnishings

-

0.02%

Dolby

Laboratories

Inc

1,480

SharkNinja

Inc

(e) 1,412

Whirlpool

Corp

1,318

$

Housewares

-

0.01%

Newell

Brands

Inc

10,731

Scotts

Miracle-Gro

Co/The

1,125

$

Insurance

-

6.46%

Allstate

Corp/The

6,415

1,304

American

Financial

Group

Inc/OH

170,706

21,322

Arch

Capital

Group

Ltd

8,890

765

Assurant

Inc

1,230

Assured

Guaranty

Ltd

1,201

Axis

Capital

Holdings

Ltd

1,843

Brighthouse

Financial

Inc

(e) 1,472

Brown

&

Brown

Inc

31,991

2,923

Cincinnati

Financial

Corp

3,749

553

CNA

Financial

Corp

540

Corebridge

Financial

Inc

5,849

Everest

Group

Ltd

873

Fidelity

National

Financial

Inc

549,332

30,998

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Insurance

(continued)

First

American

Financial

Corp

2,392

$

Globe

Life

Inc

2,015

Hanover

Insurance

Group

Inc/The

18,013

3,092

Hartford

Insurance

Group

Inc/The

215,316

26,783

Kemper

Corp

1,575

Lincoln

National

Corp

4,146

Loews

Corp

4,160

Markel

Group

Inc

(e) 242

MGIC

Investment

Corp

5,682

Old

Republic

International

Corp

632,171

22,865

Primerica

Inc

798

Prudential

Financial

Inc

8,640

895

Reinsurance

Group

of

America

Inc

1,609

RenaissanceRe

Holdings

Ltd

1,159

RLI

Corp

43,090

2,843

Unum

Group

4,213

W

R

Berkley

Corp

7,383

508

White

Mountains

Insurance

Group

Ltd

Willis

Towers

Watson

PLC

94,911

29,973

$

148,828

Internet

-

3.89%

CDW

Corp/DE

2,963

517

eBay

Inc

11,224

1,030

Etsy

Inc

(e) 1,129

Expedia

Group

Inc

175,200

31,574

F5

Inc

(e) 1,397

Gen

Digital

Inc

11,933

IAC

Inc

(e) 1,730

Lyft

Inc

(e) 666,557

9,372

Maplebear

Inc

(e) 860,200

41,264

Match

Group

Inc

5,953

Pinterest

Inc

(e) 45,748

1,766

Robinhood

Markets

Inc

(e) 15,623

1,610

Roku

Inc

(e) 2,722

Trump

Media

&

Technology

Group

Corp

(e) 1,218

VeriSign

Inc

2,051

551

Wayfair

Inc

(e) 1,981

Zillow

Group

Inc

-

A

Shares

(e) 1,290

Zillow

Group

Inc

-

C

Shares

(e) 3,949

$

89,632

Iron

&

Steel

-

0.83%

ATI

Inc

(e) 3,396

Carpenter

Technology

Corp

956

Cleveland-Cliffs

Inc

(e) 11,821

Nucor

Corp

5,595

801

Reliance

Inc

1,281

Steel

Dynamics

Inc

135,392

17,270

$

19,067

Leisure

Products

&

Services

-

0.49%

Amer

Sports

Inc

(e) 3,623

Brunswick

Corp/DE

1,687

Carnival

Corp

(e) 363,593

10,824

Harley-Davidson

Inc

2,872

Norwegian

Cruise

Line

Holdings

Ltd

(e) 1,106

YETI

Holdings

Inc

(e) 2,119

$

11,235

Lodging

-

0.63%

Boyd

Gaming

Corp

1,410

Choice

Hotels

International

Inc

(a) 482

Hilton

Worldwide

Holdings

Inc

51,200

13,726

Hyatt

Hotels

Corp

971

MGM

Resorts

International

(e) 4,990

Travel

+

Leisure

Co

1,088

Wyndham

Hotels

&

Resorts

Inc

Wynn

Resorts

Ltd

2,031

$

14,529

Schedule

of

Investments

MidCap

Value

Fund

I

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Machinery

-

Construction

&

Mining

-

0.02%

BWX

Technologies

Inc

1,822

$

Oshkosh

Corp

1,554

$

Machinery

-

Diversified

-

4.08%

AGCO

Corp

157,506

18,581

Applied

Industrial

Technologies

Inc

919

CNH

Industrial

NV

21,390

Cognex

Corp

4,084

Crane

Co

1,194

Dover

Corp

3,301

598

Esab

Corp

1,381

Flowserve

Corp

3,170

Gates

Industrial

Corp

PLC

(e) 6,163

Graco

Inc

4,042

IDEX

Corp

1,837

Ingersoll

Rand

Inc

9,834

832

Middleby

Corp/The

(e) 115,725

16,803

Nordson

Corp

1,308

Otis

Worldwide

Corp

9,629

825

Regal

Rexnord

Corp

116,305

17,780

Rockwell

Automation

Inc

14,645

5,151

Toro

Co/The

2,427

Westinghouse

Air

Brake

Technologies

Corp

4,128

793

Xylem

Inc/NY

208,827

30,200

$

94,107

Media

-

0.60%

Charter

Communications

Inc

(e) 2,204

594

FactSet

Research

Systems

Inc

855

Fox

Corp

-

A

Shares

5,255

Fox

Corp

-

B

Shares

54,579

2,792

Liberty

Broadband

Corp

-

A

Shares

(e) 329

Liberty

Broadband

Corp

-

C

Shares

(e) 2,142

Liberty

Global

Ltd

-

A

Shares

(e) 4,384

Liberty

Global

Ltd

-

C

Shares

(e) 3,609

Liberty

Media

Corp-Liberty

Formula

One

-

A

Shares

(e) 395

Liberty

Media

Corp-Liberty

Formula

One

-

C

Shares

(e) 3,514

New

York

Times

Co/The

148,933

7,728

News

Corp

-

A

Shares

9,225

News

Corp

-

B

Shares

(a) 2,882

Nexstar

Media

Group

Inc

638

Paramount

Global

-

Class

B

(a) 14,508

Sirius

XM

Holdings

Inc

4,622

Warner

Bros

Discovery

Inc

(e) 54,373

716

$

13,853

Metal

Fabrication

&

Hardware

-

0.54%

Advanced

Drainage

Systems

Inc

1,711

Mueller

Industries

Inc

137,314

11,723

RBC

Bearings

Inc

(e) 596

Timken

Co/The

1,519

Valmont

Industries

Inc

$

12,436

Mining

-

1.31%

Alcoa

Corp

6,281

Anglogold

Ashanti

Plc

56,521

2,614

Franco-Nevada

Corp

131,600

20,968

MP

Materials

Corp

(e) 3,146

Royal

Gold

Inc

41,667

6,310

$

30,273

Miscellaneous

Manufacturers

-

0.87%

A

O

Smith

Corp

2,813

Carlisle

Cos

Inc

916

Donaldson

Co

Inc

2,898

ITT

Inc

1,960

Teledyne

Technologies

Inc

(e) 1,128

621

Textron

Inc

235,382

18,306

$

19,993

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Office

&

Business

Equipment

-

0.90%

Zebra

Technologies

Corp

(e) 61,230

$

20,758

Oil

&

Gas

-

3.41%

Antero

Resources

Corp

(e) 7,059

APA

Corp

8,639

Chord

Energy

Corp

221,234

24,409

Civitas

Resources

Inc

2,371

Coterra

Energy

Inc

1,011,504

24,670

Devon

Energy

Corp

505,556

16,795

Diamondback

Energy

Inc

4,644

690

EQT

Corp

14,501

779

Expand

Energy

Corp

5,352

561

HF

Sinclair

Corp

3,502

Marathon

Petroleum

Corp

35,558

6,052

Matador

Resources

Co

2,835

Occidental

Petroleum

Corp

16,383

720

Ovintiv

Inc

6,324

Permian

Resources

Corp

15,501

Phillips

9,205

1,138

Range

Resources

Corp

5,750

Valero

Energy

Corp

7,590

1,042

Viper

Energy

Inc

3,187

Weatherford

International

PLC

1,828

$

78,551

Oil

&

Gas

Services

-

1.65%

Baker

Hughes

Co

550,473

24,799

Halliburton

Co

20,895

NOV

Inc

9,102

TechnipFMC

PLC

345,393

12,562

$

37,943

Packaging

&

Containers

-

3.72%

Amcor

PLC

55,459

518

AptarGroup

Inc

139,089

21,857

Ardagh

Group

SA

(e),(f)

901

—

Ball

Corp

6,880

Crown

Holdings

Inc

242,916

24,136

Graphic

Packaging

Holding

Co

780,056

17,442

Packaging

Corp

of

America

106,147

20,566

Sealed

Air

Corp

3,542

Silgan

Holdings

Inc

2,144

Smurfit

WestRock

PLC

12,696

563

Sonoco

Products

Co

2,446

$

85,790

Pharmaceuticals

-

0.20%

BellRing

Brands

Inc

(e) 3,089

Cardinal

Health

Inc

2,916

Elanco

Animal

Health

Inc

(e) 11,990

Henry

Schein

Inc

(e) 2,665

Jazz

Pharmaceuticals

PLC

(e) 1,444

Neurocrine

Biosciences

Inc

(e) 24,963

3,201

Organon

&

Co

6,686

Viatris

Inc

28,889

$

4,649

Pipelines

-

0.47%

Antero

Midstream

Corp

8,130

Cheniere

Energy

Inc

33,438

7,887

DT

Midstream

Inc

2,468

Kinder

Morgan

Inc

47,403

1,330

ONEOK

Inc

15,230

1,251

$

10,871

Private

Equity

-

0.02%

Carlyle

Group

Inc/The

6,358

Real

Estate

-

0.09%

CBRE

Group

Inc

(e) 6,449

1,004

CoStar

Group

Inc

(e) 8,914

849

Howard

Hughes

Holdings

Inc

(e) 798

Jones

Lang

LaSalle

Inc

(e) 832

$

2,133

Schedule

of

Investments

MidCap

Value

Fund

I

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

REITs

-

7.28%

AGNC

Investment

Corp

23,035

$

Agree

Realty

Corp

2,627

Alexandria

Real

Estate

Equities

Inc

4,175

American

Homes

Rent

8,324

Americold

Realty

Trust

Inc

6,944

Annaly

Capital

Management

Inc

14,543

AvalonBay

Communities

Inc

3,462

645

Brixmor

Property

Group

Inc

7,490

BXP

Inc

3,856

Camden

Property

Trust

196,508

21,459

Cousins

Properties

Inc

4,063

Crown

Castle

Inc

10,573

1,111

CubeSmart

5,514

Digital

Realty

Trust

Inc

8,217

1,450

EastGroup

Properties

Inc

1,261

EPR

Properties

1,813

Equity

LifeStyle

Properties

Inc

420,117

25,174

Equity

Residential

97,360

6,153

Essex

Property

Trust

Inc

1,547

Extra

Space

Storage

Inc

5,131

689

Federal

Realty

Investment

Trust

2,085

First

Industrial

Realty

Trust

Inc

3,114

Gaming

and

Leisure

Properties

Inc

6,430

Healthcare

Realty

Trust

Inc

7,992

Healthpeak

Properties

Inc

16,891

Highwoods

Properties

Inc

2,731

Host

Hotels

&

Resorts

Inc

16,710

Invitation

Homes

Inc

14,912

Iron

Mountain

Inc

7,133

694

Kilroy

Realty

Corp

2,866

Kimco

Realty

Corp

16,284

Lamar

Advertising

Co

225,700

27,592

Lineage

Inc

1,814

Medical

Properties

Trust

Inc

12,844

Mid-America

Apartment

Communities

Inc

2,832

Millrose

Properties

Inc

3,086

National

Storage

Affiliates

Trust

1,814

NNN

REIT

Inc

598,454

24,692

Omega

Healthcare

Investors

Inc

6,982

Park

Hotels

&

Resorts

Inc

5,057

Rayonier

Inc

4,075

Realty

Income

Corp

21,768

1,222

Regency

Centers

Corp

4,400

Rexford

Industrial

Realty

Inc

5,760

Rithm

Capital

Corp

12,889

SBA

Communications

Corp

114,712

25,778

Simon

Property

Group

Inc

87,206

14,284

STAG

Industrial

Inc

4,578

Starwood

Property

Trust

Inc

8,323

Sun

Communities

Inc

2,487

UDR

Inc

7,609

Ventas

Inc

10,610

713

VICI

Properties

Inc

222,782

7,262

Vornado

Realty

Trust

4,295

Weyerhaeuser

Co

17,664

WP

Carey

Inc

5,279

$

167,769

Retail

-

4.93%

AutoNation

Inc

(e) 660

Bath

&

Body

Works

Inc

839,085

24,300

Best

Buy

Co

Inc

4,707

BJ's

Wholesale

Club

Holdings

Inc

(e) 2,709

CarMax

Inc

(e) 3,703

Casey's

General

Stores

Inc

41,759

21,720

Darden

Restaurants

Inc

Dick's

Sporting

Goods

Inc

1,309

Dillard's

Inc

Dollar

General

Corp

99,754

10,464

Dollar

Tree

Inc

(e) 4,948

562

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Retail

(continued)

Domino's

Pizza

Inc

532

$

Ferguson

Enterprises

Inc

4,440

992

Five

Below

Inc

(e) 34,300

4,683

Floor

&

Decor

Holdings

Inc

(e) 1,753

Freshpet

Inc

(e) 887

GameStop

Corp

(e) 9,964

Gap

Inc/The

5,591

Genuine

Parts

Co

3,376

Lithia

Motors

Inc

548

Lululemon

Athletica

Inc

(e) 1,078

Macy's

Inc

7,135

MSC

Industrial

Direct

Co

Inc

1,132

Ollie's

Bargain

Outlet

Holdings

Inc

(e) 1,501

Penske

Automotive

Group

Inc

79,976

13,389

QXO

Inc

(e) 14,477

Restaurant

Brands

International

Inc

2,848

RH

(a),(e)

Ross

Stores

Inc

6,250

853

Texas

Roadhouse

Inc

56,100

10,386

Tractor

Supply

Co

213,600

12,165

Ulta

Beauty

Inc

(e) 818

Walgreens

Boots

Alliance

Inc

272,574

3,173

Wendy's

Co/The

2,376

Williams-Sonoma

Inc

31,845

5,956

Yum!

Brands

Inc

4,497

648

$

113,537

Savings

&

Loans

-

0.00%

TFS

Financial

Corp

1,349

Semiconductors

-

2.19%

Allegro

MicroSystems

Inc

(e) 2,995

Amkor

Technology

Inc

2,942

Cirrus

Logic

Inc

(e) 1,284

Entegris

Inc

3,046

GLOBALFOUNDRIES

Inc

(e) 2,646

IPG

Photonics

Corp

(e) 644

Lattice

Semiconductor

Corp

(e) 76,255

3,800

MACOM

Technology

Solutions

Holdings

Inc

(e) 1,156

Microchip

Technology

Inc

301,062

20,348

MKS

Inc

251,827

23,969

ON

Semiconductor

Corp

(e) 10,272

579

Onto

Innovation

Inc

(e) 962

Qorvo

Inc

(e) 2,267

Skyworks

Solutions

Inc

3,732

Teradyne

Inc

3,907

$

50,487

Shipbuilding

-

0.01%

Huntington

Ingalls

Industries

Inc

946

Software

-

2.24%

Akamai

Technologies

Inc

(e) 244,792

18,681

BILL

Holdings

Inc

(e) 2,368

Broadridge

Financial

Solutions

Inc

CCC

Intelligent

Solutions

Holdings

Inc

(e) 12,581

Concentrix

Corp

1,169

Dayforce

Inc

(e) 3,347

Docusign

Inc

(e) 1,260

DoubleVerify

Holdings

Inc

(e) 1,644

Dropbox

Inc

-

A

Shares

(e) 3,832

Electronic

Arts

Inc

77,178

11,769

Fair

Isaac

Corp

(e) 98

Fidelity

National

Information

Services

Inc

12,833

1,019

Informatica

Inc

(e) 2,693

Jack

Henry

&

Associates

Inc

1,765

MongoDB

Inc

(e) 1,729

MSCI

Inc

924

519

nCino

Inc

(e) 2,355

Nutanix

Inc

(e) 52,408

3,939

Paychex

Inc

5,389

778

Paycom

Software

Inc

559

Pegasystems

Inc

1,492

Schedule

of

Investments

MidCap

Value

Fund

I

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Software

(continued)

PTC

Inc

(e) 2,560

$

550

SentinelOne

Inc

(e) 2,087

SS&C

Technologies

Holdings

Inc

5,151

Take-Two

Interactive

Software

Inc

(e) 2,879

641

Teradata

Corp

(e) 1,888

Twilio

Inc

(e) 2,854

Tyler

Technologies

Inc

(e) 188

UiPath

Inc

(e) 10,588

Unity

Software

Inc

(e) 7,252

Veeva

Systems

Inc

(e) 34,226

9,727

Zoom

Communications

Inc

(e) 6,401

ZoomInfo

Technologies

Inc

(e) 7,500

$

51,513

Telecommunications

-

0.75%

AST

SpaceMobile

Inc

(e) 336

Ciena

Corp

(e) 3,434

Corning

Inc

262,754

16,616

Frontier

Communications

Parent

Inc

(e) 5,712

GCI

Liberty

Inc

-

Class

A

(e) 65

GCI

Liberty

Inc

-

Class

C

(e) 453

Iridium

Communications

Inc

2,250

Millicom

International

Cellular

SA

2,639

$

17,341

Toys,

Games

&

Hobbies

-

0.02%

Hasbro

Inc

3,209

Mattel

Inc

(e) 7,823

$

Transportation

-

2.79%

CH

Robinson

Worldwide

Inc

2,880

CSX

Corp

497,800

17,692

Expeditors

International

of

Washington

Inc

3,329

JB

Hunt

Transport

Services

Inc

42,241

6,085

Kirby

Corp

(e) 1,375

Knight-Swift

Transportation

Holdings

Inc

546,632

23,232

Landstar

System

Inc

112,939

15,063

Old

Dominion

Freight

Line

Inc

4,273

638

Ryder

System

Inc

976

Saia

Inc

(e) 641

Schneider

National

Inc

1,331

XPO

Inc

(e) 2,209

$

64,225

Water

-

1.21%

American

Water

Works

Co

Inc

196,560

27,565

Essential

Utilities

Inc

6,701

$

27,812

TOTAL

COMMON

STOCKS

$

2,262,149

Total

Investments

$

2,300,100

Other

Assets

and

Liabilities

- 0.16%

3,612

TOTAL

NET

ASSETS

-

100.00%

$

2,303,712

(a) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$5,833

or

0.25%

of

net

assets.

(b) 1-day

yield

shown

is

as

of

period

end.

(c) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$6,007

or

0.26%

of

net

assets.

(d) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(e) Non-income

producing

security

(f) The

value

of

these

investments

was

determined

using

significant

unobservable

inputs,

in

good

faith

by

the

Manager,

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

Affiliated

Securities

October

31,

2024

Purchases

Sales

July

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

51,595

$

939,314

$

959,269

$

31,640

$

51,595

$

939,314

$

959,269

$

31,640

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

2,173

$

—

$

—

$

—

$

2,173

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

MidCap

Value

Fund

I

July

31,

2025

(unaudited)

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

S&P

Mid

Emini;

September

2025

Long

$

8,229

$

(92) Total

$

(92) Amounts

in

thousands

except

contracts.

Schedule

of

Investments

Overseas

Fund

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.59

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.12

%

iShares

MSCI

EAFE

Value

ETF

(a) 21,800

$

1,381

Money

Market

Funds

-

.47

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.21%

(b),(c)

1,555,410

1,555

Principal

Government

Money

Market

Fund

-

Class

4.22%

(b),(d)

15,151,886

15,152

$

16,707

TOTAL

INVESTMENT

COMPANIES

$

18,088

COMMON

STOCKS

-

.59

%

Shares

Held

Value

(000's)

Advertising

-

.36

%

Dentsu

Group

Inc

1,400

$

Publicis

Groupe

SA

1,627

WPP

PLC

728,593

3,944

$

4,121

Aerospace

&

Defense

-

.98

%

IHI

Corp

500

QinetiQ

Group

PLC

731,944

4,799

Rheinmetall

AG

7,374

14,597

Rolls-Royce

Holdings

PLC

1,270,324

18,030

Thales

SA

29,391

7,906

$

45,387

Agriculture

-

.65

%

British

American

Tobacco

PLC

128,236

6,871

Imperial

Brands

PLC

5,564

Japan

Tobacco

Inc

8,500

Wilmar

International

Ltd

14,800

$

7,364

Airlines

-

.01

%

ANA

Holdings

Inc

1,200

Deutsche

Lufthansa

AG

4,260

Japan

Airlines

Co

Ltd

1,000

Singapore

Airlines

Ltd

10,600

$

Apparel

-

.17

%

Kering

SA

100,948

24,787

Automobile

Manufacturers

-

.25

%

Bayerische

Motoren

Werke

AG

2,062

Daimler

Truck

Holding

AG

2,197

Honda

Motor

Co

Ltd

30,000

Isuzu

Motors

Ltd

3,800

Mercedes-Benz

Group

AG

5,137

Nissan

Motor

Co

Ltd

(a) 16,000

Renault

SA

1,361

Stellantis

NV

14,338

Subaru

Corp

4,100

Suzuki

Motor

Corp

7,300

Toyota

Motor

Corp

67,550

1,202

Volvo

AB

-

B

Shares

11,298

$

2,846

Automobile

Parts

&

Equipment

-

.94

%

Aisin

Corp

3,700

Bridgestone

Corp

4,100

Cie

Generale

des

Etablissements

Michelin

SCA

4,770

Continental

AG

116,094

9,916

Denso

Corp

8,600

Sumitomo

Electric

Industries

Ltd

5,000

Toyota

Industries

Corp

1,200

$

10,671

Banks

-

.13

%

ABN

AMRO

Bank

NV

(e) 405,943

11,735

AIB

Group

PLC

14,900

ANZ

Group

Holdings

Ltd

21,173

Banca

Mediolanum

SpA

1,709

Banco

Bilbao

Vizcaya

Argentaria

SA

40,933

683

Banco

BPM

SpA

8,080

Banco

de

Sabadell

SA

38,306

Banco

Santander

SA

70,000

601

Bank

Hapoalim

BM

8,925

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Banks

(continued)

Bank

Leumi

Le-Israel

BM

10,665

$

Bank

of

Ireland

Group

PLC

6,971

Bank

of

Nova

Scotia/The

180,600

10,048

Bankinter

SA

4,794

Banque

Cantonale

Vaudoise

Barclays

PLC

3,888,579

19,008

BNP

Paribas

SA

293,677

26,777

BOC

Hong

Kong

Holdings

Ltd

26,300

BPER

Banca

SPA

10,415

CaixaBank

SA

28,064

Chiba

Bank

Ltd/The

4,000

Commerzbank

AG

6,320

Concordia

Financial

Group

Ltd

7,000

Credit

Agricole

SA

7,532

Danske

Bank

A/S

4,906

Deutsche

Bank

AG

238,225

7,847

DNB

Bank

ASA

6,339

Erste

Group

Bank

AG

2,189

Eurobank

Ergasias

Services

and

Holdings

SA

390,740

1,434

FinecoBank

Banca

Fineco

SpA

2,827

Grupo

Financiero

Banorte

SAB

de

CV

870,900

7,756

Hang

Seng

Bank

Ltd

5,300

HSBC

Holdings

PLC

125,935

1,534

ING

Groep

NV

371,662

8,661

Intesa

Sanpaolo

SpA

107,835

650

Israel

Discount

Bank

Ltd

8,699

Japan

Post

Bank

Co

Ltd

12,800

KBC

Group

NV

1,633

Lloyds

Banking

Group

PLC

427,735

Macquarie

Group

Ltd

2,575

Mediobanca

Banca

di

Credito

Finanziario

SpA

3,555

Mitsubishi

UFJ

Financial

Group

Inc

81,700

1,126

Mizrahi

Tefahot

Bank

Ltd

1,101

Mizuho

Financial

Group

Inc

17,100

502

National

Australia

Bank

Ltd

21,782

541

NatWest

Group

PLC

327,528

2,274

Nordea

Bank

Abp

760,604

11,099

Oversea-Chinese

Banking

Corp

Ltd

24,000

Resona

Holdings

Inc

5,200

Shinhan

Financial

Group

Co

Ltd

96,264

4,687

Skandinaviska

Enskilda

Banken

AB

11,286

Societe

Generale

SA

105,443

6,730

Standard

Chartered

PLC

1,229,788

22,046

Sumitomo

Mitsui

Financial

Group

Inc

135,600

3,421

Sumitomo

Mitsui

Trust

Group

Inc

4,614

Svenska

Handelsbanken

AB

10,320

Swedbank

AB

6,039

UniCredit

SpA

153,634

11,304

United

Overseas

Bank

Ltd

223,400

6,207

Westpac

Banking

Corp

24,346

526

$

172,487

Beverages

-

.99

%

Anheuser-Busch

InBev

SA/NV

130,903

7,526

Carlsberg

AS

55,359

6,902

Davide

Campari-Milano

NV

3,058

Diageo

PLC

416,359

10,091

Heineken

Holding

NV

923

Heineken

NV

118,376

9,292

JDE

Peet's

NV

1,300

Kirin

Holdings

Co

Ltd

2,100

Pernod

Ricard

SA

1,435

$

34,108

Building

Materials

-

.81

%

AGC

Inc

1,400

Amrize

Ltd

(f) 3,709

Cie

de

Saint-Gobain

SA

98,839

11,338

Heidelberg

Materials

AG

952

Holcim

AG

(f) 3,708

Svenska

Cellulosa

AB

SCA

4,297

Schedule

of

Investments

Overseas

Fund

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Building

Materials

(continued)

TOTO

Ltd

332,400

$

8,462

$

20,599

Chemicals

-

.25

%

Akzo

Nobel

NV

342,994

21,541

Arkema

SA

82,604

5,617

Asahi

Kasei

Corp

8,600

BASF

SE

199,023

9,754

Covestro

AG

(f) 1,277

Croda

International

PLC

5,123

DSM-Firmenich

AG

1,322

EMS-Chemie

Holding

AG

Evonik

Industries

AG

1,815

ICL

Group

Ltd

5,475

Mitsubishi

Chemical

Group

Corp

9,600

Nitto

Denko

Corp

5,000

Syensqo

SA

57,375

4,547

Toray

Industries

Inc

9,800

Tosoh

Corp

407,800

6,139

Yara

International

ASA

1,178

$

48,404

Commercial

Services

-

.85

%

Dai

Nippon

Printing

Co

Ltd

2,900

Nexi

SpA

(e) 3,760

Persol

Holdings

Co

Ltd

3,588,900

6,860

Randstad

NV

153,748

7,308

RELX

PLC

125,950

6,541

Rentokil

Initial

PLC

17,948

Secom

Co

Ltd

2,000

Securitas

AB

3,481

SGS

SA

573

TOPPAN

Holdings

Inc

1,700

$

21,092

Computers

-

.28

%

Capgemini

SE

87,914

13,088

Fujitsu

Ltd

67,900

1,479

Otsuka

Corp

700

SCSK

Corp

Teleperformance

SE

$

14,627

Consumer

Products

-

.78

%

Henkel

AG

&

Co

KGaA

736

Reckitt

Benckiser

Group

PLC

270,712

20,289

$

20,341

Cosmetics

&

Personal

Care

-

.04

%

Kao

Corp

2,200

Unilever

PLC

6,228

$

Distribution

&

Wholesale

-

.13

%

Bunzl

PLC

2,330

Marubeni

Corp

10,000

Mitsubishi

Corp

24,300

Mitsui

&

Co

Ltd

17,600

Rexel

SA

1,584

Sumitomo

Corp

7,800

Toyota

Tsusho

Corp

4,500

$

1,462

Diversified

Financial

Services

-

.37

%

AerCap

Holdings

NV

1,309

Amundi

SA

(e) 436

ASX

Ltd

742

Azimut

Holding

SpA

365,444

12,422

Daiwa

Securities

Group

Inc

9,400

Euronext

NV

(e) 209

Japan

Exchange

Group

Inc

3,800

Julius

Baer

Group

Ltd

199,282

13,485

Mitsubishi

HC

Capital

Inc

6,200

Nomura

Holdings

Inc

21,300

ORIX

Corp

8,200

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Diversified

Financial

Services

(continued)

SBI

Holdings

Inc

1,300

$

Schroders

PLC

5,538

St

James's

Place

PLC

678,531

11,678

$

38,374

Electric

-

.59

%

Chubu

Electric

Power

Co

Inc

4,500

Contact

Energy

Ltd

6,135

E.ON

SE

185,769

3,389

EDP

SA

22,308

Elia

Group

SA/NV

Enel

SpA

1,642,822

14,487

Engie

SA

12,990

Fortum

Oyj

557,813

10,233

Iberdrola

SA

45,212

795

Kansai

Electric

Power

Co

Inc/The

6,800

Korea

Electric

Power

Corp

67,742

1,871

Meridian

Energy

Ltd

9,994

National

Grid

PLC

637,238

8,954

Origin

Energy

Ltd

12,249

Orsted

AS

(e),(f)

1,196

Power

Assets

Holdings

Ltd

9,500

Redeia

Corp

SA

2,872

RWE

AG

4,498

Sembcorp

Industries

Ltd

6,400

Terna

-

Rete

Elettrica

Nazionale

10,004

$

40,947

Electronics

-

.70

%

Kyocera

Corp

9,100

MINEBEA

MITSUMI

Inc

443,300

6,977

Murata

Manufacturing

Co

Ltd

1,033,586

15,384

Sensata

Technologies

Holding

PLC

269,031

8,275

Shimadzu

Corp

700

$

30,759

Energy

-

Alternate

Sources

-

.57

%

Vestas

Wind

Systems

A/S

355,795

6,496

Engineering

&

Construction

-

.71

%

Acciona

SA

Auckland

International

Airport

Ltd

11,938

Bouygues

SA

1,341

Eiffage

SA

Fraport

AG

Frankfurt

Airport

Services

Worldwide

(f) 102,109

7,598

Kajima

Corp

3,100

Keppel

Ltd

10,400

Obayashi

Corp

4,600

Skanska

AB

2,422

Taisei

Corp

1,100

$

8,125

Entertainment

-

.01

%

Genting

Singapore

Ltd

46,300

Lottery

Corp

Ltd/The

5,953

Toho

Co

Ltd/Tokyo

$

Food

-

.20

%

Barry

Callebaut

AG

(a) 17

Carrefour

SA

3,838

Danone

SA

4,592

J

Sainsbury

PLC

12,428

Kerry

Group

PLC

Kesko

Oyj

1,934

Koninklijke

Ahold

Delhaize

NV

6,494

MEIJI

Holdings

Co

Ltd

1,700

Nestle

SA

12,135

1,060

Orkla

ASA

1,875

Salmar

ASA

Tesco

PLC

47,612

WH

Group

Ltd

(e) 57,000

Yakult

Honsha

Co

Ltd

1,300

$

2,311

Schedule

of

Investments

Overseas

Fund

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Food

Service

-

.00

%

Sodexo

SA

$

Forest

Products

&

Paper

-

.62

%

Holmen

AB

580

Mondi

PLC

510,665

6,903

UPM-Kymmene

Oyj

3,797

$

7,023

Gas

-

.85

%

Centrica

PLC

4,529,494

9,846

Osaka

Gas

Co

Ltd

2,500

Snam

SpA

1,935,226

11,215

$

21,124

Hand

&

Machine

Tools

-

.73

%

Fuji

Electric

Co

Ltd

900

Makita

Corp

263,246

8,149

Schindler

Holding

AG

-

PC

Schindler

Holding

AG

-

REG

$

8,278

Healthcare

-

Products

-

.89

%

Elekta

AB

1,013,248

4,996

FUJIFILM

Holdings

Corp

7,900

Getinge

AB

367,304

7,250

Koninklijke

Philips

NV

413,018

10,786

Olympus

Corp

516,627

6,172

QIAGEN

NV

769

Smith

&

Nephew

PLC

978,682

14,958

$

44,364

Healthcare

-

Services

-

.03

%

Eurofins

Scientific

SE

Fresenius

Medical

Care

AG

1,566

Fresenius

SE

&

Co

KGaA

3,005

Sonic

Healthcare

Ltd

3,245

$

Holding

Companies

-

Diversified

-

.80

%

Jardine

Matheson

Holdings

Ltd

166,874

9,062

Swire

Pacific

Ltd

2,500

$

9,084

Home

Builders

-

.04

%

Barratt

Redrow

PLC

9,762

Berkeley

Group

Holdings

PLC

82,240

3,955

Daiwa

House

Industry

Co

Ltd

4,000

Persimmon

PLC

506,442

7,637

Sekisui

Chemical

Co

Ltd

2,700

$

11,819

Home

Furnishings

-

.01

%

Panasonic

Holdings

Corp

16,600

Insurance

-

.69

%

Aegon

Ltd

9,400

Ageas

SA/NV

1,057

AIA

Group

Ltd

1,037,600

9,674

Allianz

SE

2,746

1,085

ASR

Nederland

NV

1,053

Aviva

PLC

21,709

AXA

SA

70,001

3,400

Dai-ichi

Life

Holdings

Inc

12,400

Generali

6,139

Helvetia

Holding

AG

Insurance

Australia

Group

Ltd

16,817

Japan

Post

Holdings

Co

Ltd

12,700

Japan

Post

Insurance

Co

Ltd

1,300

Legal

&

General

Group

PLC

2,647,342

8,957

M&G

PLC

2,951,807

10,160

Medibank

Pvt

Ltd

12,719

MS&AD

Insurance

Group

Holdings

Inc

9,200

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

951

623

NN

Group

NV

1,914

Phoenix

Group

Holdings

PLC

4,968

Prudential

PLC

681,209

8,642

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Insurance

(continued)

QBE

Insurance

Group

Ltd

6,947

$

Sampo

Oyj

17,217

Samsung

Fire

&

Marine

Insurance

Co

Ltd

9,227

2,913

SCOR

SE

327,326

10,663

Sompo

Holdings

Inc

181,800

5,361

Suncorp

Group

Ltd

7,702

Swiss

Life

Holding

AG

Swiss

Re

AG

2,145

T&D

Holdings

Inc

3,500

Tryg

A/S

2,401

Unipol

Assicurazioni

SpA

2,539

Zurich

Insurance

Group

AG

1,042

711

$

64,810

Internet

-

.67

%

LY

Corp

13,200

Prosus

NV

(f) 6,049

Rakuten

Group

Inc

(f) 4,100

Tencent

Holdings

Ltd

103,700

7,260

$

7,675

Investment

Companies

-

.02

%

Eurazeo

SE

EXOR

NV

626

Groupe

Bruxelles

Lambert

NV

588

Industrivarden

AB

-

A

Shares

591

Industrivarden

AB

-

C

Shares

768

L

E

Lundbergforetagen

AB

578

Sofina

SA

Washington

H

Soul

Pattinson

&

Co

Ltd

(a) 1,693

$

Iron

&

Steel

-

.45

%

ArcelorMittal

SA

153,225

4,777

BlueScope

Steel

Ltd

2,179

Fortescue

Ltd

12,042

JFE

Holdings

Inc

4,100

Nippon

Steel

Corp

6,800

$

5,125

Leisure

Products

&

Services

-

.02

%

Carnival

Corp

(f) 386,638

11,510

Shimano

Inc

Yamaha

Motor

Co

Ltd

6,600

$

11,602

Lodging

-

.00

%

Whitbread

PLC

1,250

Machinery

-

Construction

&

Mining

-

.69

%

Komatsu

Ltd

236,847

7,631

Mitsubishi

Electric

Corp

8,800

$

7,829

Machinery

-

Diversified

-

.71

%

FANUC

Corp

433,900

12,078

Hexagon

AB

348,833

3,833

Kone

Oyj

846

Kubota

Corp

6,900

Nabtesco

Corp

375,158

6,902

Omron

Corp

285,279

7,353

SMC

Corp

34,300

11,936

Spirax

Group

PLC

$

42,247

Media

-

.00

%

Bollore

SE

5,409

Pearson

PLC

2,282

$

Metal

Fabrication

&

Hardware

-

.55

%

MISUMI

Group

Inc

425,869

6,133

SKF

AB

2,415

Tenaris

SA

2,880

$

6,239

Schedule

of

Investments

Overseas

Fund

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Mining

-

.36

%

Anglo

American

PLC

7,961

$

Barrick

Mining

Corp

203,600

4,298

BHP

Group

Ltd

36,097

912

Boliden

AB

(f) 223,029

6,827

Glencore

PLC

(f) 618,719

2,483

Norsk

Hydro

ASA

5,374

Rio

Tinto

Ltd

2,642

Rio

Tinto

PLC

8,028

South32

Ltd

32,075

Sumitomo

Metal

Mining

Co

Ltd

1,100

$

15,526

Miscellaneous

Manufacturers

-

.44

%

Alstom

SA

(f) 891,278

20,906

Chemring

Group

PLC

615,155

4,455

Siemens

AG

2,702

688

Smiths

Group

PLC

57,191

1,772

$

27,821

Office

&

Business

Equipment

-

.01

%

Canon

Inc

2,300

Ricoh

Co

Ltd

2,000

$

Oil

&

Gas

-

.33

%

Aker

BP

ASA

364,249

8,763

BP

PLC

2,183,238

11,703

DCC

PLC

702

ENEOS

Holdings

Inc

12,410

Eni

SpA

15,666

Equinor

ASA

264,406

6,792

Idemitsu

Kosan

Co

Ltd

5,800

Inpex

Corp

6,300

Neste

Oyj

1,127

OMV

AG

1,044

Repsol

SA

8,231

Santos

Ltd

23,092

Shell

PLC

42,655

1,533

Suncor

Energy

Inc

183,432

7,235

TotalEnergies

SE

14,530

864

Woodside

Energy

Group

Ltd

13,437

$

37,932

Oil

&

Gas

Services

-

.59

%

Saipem

SpA

2,513,919

6,720

Packaging

&

Containers

-

.98

%

SIG

Group

AG

1,519

Smurfit

WestRock

PLC

100,135

4,444

Stora

Enso

Oyj

646,495

6,652

$

11,121

Pharmaceuticals

-

.20

%

Astellas

Pharma

Inc

12,700

AstraZeneca

PLC

112,693

16,441

Bayer

AG

6,954

Eisai

Co

Ltd

1,900

Grifols

SA

(f) 798

GSK

PLC

540,124

9,935

Hikma

Pharmaceuticals

PLC

1,266

Ipsen

SA

Kyowa

Kirin

Co

Ltd

1,700

Merck

KGaA

920

Novartis

AG

6,760

770

Novo

Nordisk

A/S

145,893

6,785

Ono

Pharmaceutical

Co

Ltd

2,900

Roche

Holding

AG

45,769

14,283

Sandoz

Group

AG

2,973

Sanofi

SA

111,389

10,000

Shionogi

&

Co

Ltd

5,300

Takeda

Pharmaceutical

Co

Ltd

4,000

Teva

Pharmaceutical

Industries

Ltd

ADR

(f) 5,277

$

59,320

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Pipelines

-

.45

%

APA

Group

9,227

$

Enbridge

Inc

111,103

5,031

$

5,081

Private

Equity

-

.01

%

3i

Group

PLC

2,423

CapitaLand

Investment

Ltd/Singapore

18,000

$

Real

Estate

-

.10

%

Azrieli

Group

Ltd

CK

Asset

Holdings

Ltd

14,000

Daito

Trust

Construction

Co

Ltd

Fastighets

AB

Balder

(f) 5,102

Henderson

Land

Development

Co

Ltd

10,438

Hongkong

Land

Holdings

Ltd

7,801

Hulic

Co

Ltd

3,300

LEG

Immobilien

SE

528

Mitsubishi

Estate

Co

Ltd

4,900

Mitsui

Fudosan

Co

Ltd

18,700

Sekisui

House

Ltd

4,200

Sino

Land

Co

Ltd

28,000

Sumitomo

Realty

&

Development

Co

Ltd

2,200

Sun

Hung

Kai

Properties

Ltd

10,383

Swiss

Prime

Site

AG

571

Vonovia

SE

2,635

Wharf

Real

Estate

Investment

Co

Ltd

12,000

$

1,110

REITs

-

.18

%

CapitaLand

Ascendas

REIT

26,000

CapitaLand

Integrated

Commercial

Trust

41,100

Covivio

SA/France

Gecina

SA

Goodman

Group

5,056

Klepierre

SA

1,523

Land

Securities

Group

PLC

5,030

Link

REIT

18,480

LondonMetric

Property

PLC

2,975,844

7,489

Nippon

Building

Fund

Inc

Scentre

Group

37,028

Segro

PLC

606,920

5,173

Stockland

17,056

Unibail-Rodamco-Westfield

(f) 865

Vicinity

Ltd

27,422

$

13,489

Retail

-

.21

%

Associated

British

Foods

PLC

2,308

CK

Hutchison

Holdings

Ltd

19,000

JD

Sports

Fashion

PLC

19,799

Kingfisher

PLC

600,476

2,135

MatsukiyoCocokara

&

Co

900

Nitori

Holdings

Co

Ltd

Swatch

Group

AG/The

-

BR

$

2,409

Semiconductors

-

.31

%

ASMPT

Ltd

651,554

5,512

Infineon

Technologies

AG

526,185

20,670

Renesas

Electronics

Corp

1,393,900

16,954

Samsung

Electronics

Co

Ltd

432,493

22,042

SK

Hynix

Inc

34,105

6,610

STMicroelectronics

NV

4,817

$

71,910

Shipbuilding

-

.00

%

Yangzijiang

Shipbuilding

Holdings

Ltd

7,100

Software

-

.21

%

Nice

Ltd

ADR

(f) 35,641

5,562

Nice

Ltd

(f) 169

SAP

SE

28,677

8,200

Temenos

AG

$

13,802

Schedule

of

Investments

Overseas

Fund

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Telecommunications

-

.07

%

BT

Group

PLC

42,473

$

Deutsche

Telekom

AG

261,337

9,373

Elisa

Oyj

1,007

HKT

Trust

&

HKT

Ltd

27,000

KDDI

Corp

21,800

Koninklijke

KPN

NV

27,651

Nokia

OYJ

37,870

NTT

Inc

211,700

Orange

SA

13,243

Singapore

Telecommunications

Ltd

34,100

SoftBank

Corp

203,100

SoftBank

Group

Corp

3,400

Swisscom

AG

(f) 185

Tele2

AB

3,875

Telecom

Italia

SpA/Milano

(f) 76,249

Telefonaktiebolaget

LM

Ericsson

19,755

Telefonica

SA

26,078

Telenor

ASA

4,358

Telia

Co

AB

16,683

Telstra

Group

Ltd

28,618

Vodafone

Group

PLC

141,119

$

12,160

Toys,

Games

&

Hobbies

-

.25

%

Bandai

Namco

Holdings

Inc

1,400

Nintendo

Co

Ltd

33,700

2,817

$

2,862

Transportation

-

.32

%

AP

Moller

-

Maersk

A/S

-

A

AP

Moller

-

Maersk

A/S

-

B

Canadian

Pacific

Kansas

City

Ltd

167,686

12,332

Central

Japan

Railway

Co

5,400

Deutsche

Post

AG

163,092

7,308

East

Japan

Railway

Co

4,200

Getlink

SE

1,156

Hankyu

Hanshin

Holdings

Inc

1,600

Kawasaki

Kisen

Kaisha

Ltd

(a) 2,700

Kuehne

+

Nagel

International

AG

Mitsui

OSK

Lines

Ltd

(a) 2,500

MTR

Corp

Ltd

6,000

Nippon

Express

Holdings

Inc

269,500

5,920

Nippon

Yusen

KK

3,100

Poste

Italiane

SpA

(e) 3,234

SG

Holdings

Co

Ltd

2,500

SITC

International

Holdings

Co

Ltd

10,000

Tokyo

Metro

Co

Ltd

(a) 800

Tokyu

Corp

2,000

West

Japan

Railway

Co

3,200

$

26,491

Water

-

.03

%

Severn

Trent

PLC

1,923

United

Utilities

Group

PLC

4,849

Veolia

Environnement

SA

4,478

$

TOTAL

COMMON

STOCKS

$

1,112,398

PREFERRED

STOCKS

-

.79

%

Shares

Held

Value

(000's)

Automobile

Manufacturers

-

.78

%

Bayerische

Motoren

Werke

AG

4.32%

$

Dr

Ing

hc

F

Porsche

AG

1.49%

(e) 172,336

8,739

Porsche

Automobil

Holding

SE

1.91%

1,084

Volkswagen

AG

6.36%

1,467

$

8,973

Consumer

Products

-

.01

%

Henkel

AG

&

Co

KGaA

2.04%

1,204

TOTAL

PREFERRED

STOCKS

$

9,065

Total

Investments

$

1,139,551

Other

Assets

and

Liabilities

- 0.03%

TOTAL

NET

ASSETS

-

100.00%

$

1,139,880

(a) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$1,508

or

0.13%

of

net

assets.

(b) 1-day

yield

shown

is

as

of

period

end.

(c) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$1,555

or

0.14%

of

net

assets.

(d) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(e) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$20,744

or

1.82%

of

net

assets.

(f) Non-income

producing

security

Schedule

of

Investments

Overseas

Fund

July

31,

2025

(unaudited)

Affiliated

Securities

October

31,

2024

Purchases

Sales

July

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

11,503

$

659,472

$

655,823

$

15,152

$

11,503

$

659,472

$

655,823

$

15,152

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

619

$

—

$

—

$

—

$

619

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

eMini

MSCI

EAFE;

September

2025

Long

$

2,483

$

(46)

Total

$

(46)

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

Principal

Capital

Appreciation

Fund

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.63

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.63

%

Principal

Government

Money

Market

Fund

-

Class

4.22%

(a),(b)

32,181,558

$

32,182

TOTAL

INVESTMENT

COMPANIES

$

32,182

COMMON

STOCKS

-

.39

%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

.04

%

Boeing

Co/The

(c) 117,008

$

25,957

RTX

Corp

171,236

26,982

$

52,939

Apparel

-

.95

%

Birkenstock

Holding

Plc

(c) 615,960

30,854

Deckers

Outdoor

Corp

(c) 165,276

17,547

$

48,401

Automobile

Manufacturers

-

.49

%

Cummins

Inc

69,042

25,381

PACCAR

Inc

180,258

17,803

Tesla

Inc

(c) 107,173

33,038

$

76,222

Banks

-

.23

%

East

West

Bancorp

Inc

284,769

28,548

JPMorgan

Chase

&

Co

570,785

169,089

Morgan

Stanley

222,557

31,705

PNC

Financial

Services

Group

Inc/The

104,412

19,867

Wintrust

Financial

Corp

140,503

17,982

$

267,191

Biotechnology

-

.69

%

Corteva

Inc

687,352

49,579

Vertex

Pharmaceuticals

Inc

(c) 80,507

36,781

$

86,360

Building

Materials

-

.38

%

CRH

PLC

433,822

41,408

Trane

Technologies

PLC

66,358

29,070

$

70,478

Chemicals

-

.94

%

Linde

PLC

104,489

48,092

Commercial

Services

-

.48

%

Service

Corp

International/US

319,415

24,375

Computers

-

.38

%

Apple

Inc

1,076,789

223,509

Consumer

Products

-

.38

%

Church

&

Dwight

Co

Inc

204,569

19,182

Cosmetics

&

Personal

Care

-

.04

%

Procter

&

Gamble

Co/The

352,648

53,063

Diversified

Financial

Services

-

.08

%

Ameriprise

Financial

Inc

105,058

54,440

Nasdaq

Inc

691,705

66,556

Visa

Inc

400,382

138,320

$

259,316

Electric

-

.36

%

Constellation

Energy

Corp

199,645

69,444

Electrical

Components

&

Equipment

-

.59

%

Eaton

Corp

PLC

78,615

30,245

Electronics

-

.18

%

NEXTracker

Inc

(c) 160,605

9,357

Environmental

Control

-

.33

%

Republic

Services

Inc

295,409

68,136

Gas

-

.49

%

Atmos

Energy

Corp

159,264

24,832

Healthcare

-

Products

-

.50

%

Abbott

Laboratories

269,253

33,977

Thermo

Fisher

Scientific

Inc

91,097

42,604

$

76,581

Healthcare

-

Services

-

.06

%

Chemed

Corp

10,721

4,420

HCA

Healthcare

Inc

111,243

39,379

UnitedHealth

Group

Inc

41,304

10,308

$

54,107

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Home

Builders

-

.76

%

DR

Horton

Inc

270,120

$

38,584

Insurance

-

.66

%

Berkshire

Hathaway

Inc

-

Class

B

(c) 132,214

62,389

Marsh

&

McLennan

Cos

Inc

170,961

34,055

Progressive

Corp/The

163,451

39,562

$

136,006

Internet

-

.36

%

Alphabet

Inc

-

A

Shares

1,012,681

194,334

Amazon.com

Inc

(c) 927,489

217,135

Meta

Platforms

Inc

221,309

171,169

Netflix

Inc

(c) 21,113

24,478

Palo

Alto

Networks

Inc

(c) 242,685

42,130

Reddit

Inc

(c) 129,324

20,768

Shopify

Inc

(c) 286,662

35,033

Uber

Technologies

Inc

(c) 321,903

28,247

$

733,294

Machinery

-

Construction

&

Mining

-

.60

%

Caterpillar

Inc

40,121

17,574

GE

Vernova

Inc

96,957

64,020

$

81,594

Machinery

-

Diversified

-

.70

%

Deere

&

Co

68,465

35,901

Media

-

.52

%

Nexstar

Media

Group

Inc

141,152

26,411

Mining

-

.52

%

Cameco

Corp

354,281

26,546

Miscellaneous

Manufacturers

-

.91

%

Parker-Hannifin

Corp

63,548

46,511

Oil

&

Gas

-

.53

%

Expand

Energy

Corp

112,642

11,802

Exxon

Mobil

Corp

504,359

56,307

Marathon

Petroleum

Corp

279,817

47,622

Permian

Resources

Corp

934,439

13,232

$

128,963

Pharmaceuticals

-

.98

%

AbbVie

Inc

210,459

39,781

BellRing

Brands

Inc

(c) 287,141

15,672

Eli

Lilly

&

Co

68,398

50,619

McKesson

Corp

104,160

72,239

Merck

&

Co

Inc

241,863

18,895

Novartis

AG

ADR

502,296

57,131

$

254,337

Pipelines

-

.90

%

Kinder

Morgan

Inc

1,641,874

46,071

Private

Equity

-

.19

%

KKR

&

Co

Inc

414,116

60,701

REITs

-

.04

%

Equinix

Inc

44,758

35,142

Extra

Space

Storage

Inc

201,970

27,137

Regency

Centers

Corp

586,932

41,907

$

104,186

Retail

-

.06

%

Casey's

General

Stores

Inc

140,752

73,209

Chipotle

Mexican

Grill

Inc

(c) 96,589

4,142

Costco

Wholesale

Corp

70,560

66,301

Domino's

Pizza

Inc

63,737

29,524

O'Reilly

Automotive

Inc

(c) 512,190

50,358

TJX

Cos

Inc/The

563,006

70,111

Tractor

Supply

Co

279,824

15,936

$

309,581

Semiconductors

-

.22

%

Broadcom

Inc

497,209

146,030

KLA

Corp

50,140

44,074

Lam

Research

Corp

587,589

55,727

NVIDIA

Corp

2,105,959

374,587

Taiwan

Semiconductor

Manufacturing

Co

Ltd

ADR

226,838

54,809

$

675,227

Schedule

of

Investments

Principal

Capital

Appreciation

Fund

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Software

-

.06

%

Adobe

Inc

(c) 26,959

$

9,643

Broadridge

Financial

Solutions

Inc

197,296

48,833

Cloudflare

Inc

(c) 162,118

33,669

Datadog

Inc

(c) 111,470

15,603

Fair

Isaac

Corp

(c) 11,786

16,933

Microsoft

Corp

697,151

371,930

Salesforce

Inc

176,067

45,483

ServiceNow

Inc

(c) 31,562

29,767

Twilio

Inc

(c) 203,789

26,289

Workday

Inc

(c) 77,333

17,739

$

615,889

Telecommunications

-

.81

%

Arista

Networks

Inc

(c) 343,691

42,350

Motorola

Solutions

Inc

87,803

38,544

T-Mobile

US

Inc

262,457

62,572

$

143,466

Transportation

-

.32

%

Old

Dominion

Freight

Line

Inc

109,086

16,281

Water

-

.66

%

American

Water

Works

Co

Inc

240,238

33,691

TOTAL

COMMON

STOCKS

$

5,075,070

Total

Investments

$

5,107,252

Other

Assets

and

Liabilities

- (0.02)%

(1,005)

TOTAL

NET

ASSETS

-

100.00%

$

5,106,247

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b) 1-day

yield

shown

is

as

of

period

end.

(c) Non-income

producing

security

Affiliated

Securities

October

31,

2024

Purchases

Sales

July

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

24,066

$

1,076,503

$

1,068,387

$

32,182

$

24,066

$

1,076,503

$

1,068,387

$

32,182

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

1,430

$

—

$

—

$

—

$

1,430

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Principal

LifeTime

2015

Fund

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.56

%

Blue

Chip

Fund

(a) 164,137

$

8,507

Core

Fixed

Income

Fund

(a) 8,339,129

71,550

Diversified

Real

Asset

Fund

(a) 67,773

796

Global

Emerging

Markets

Fund

(a) 68,592

2,125

High

Yield

Fund

(a) 1,980,023

13,326

International

Equity

Fund

(a) 1,301,494

19,392

International

Small

Company

Fund

(a) 72,782

860

LargeCap

Growth

Fund

I

(a) 479,662

8,720

MidCap

Fund

(a) 37,432

1,784

Real

Estate

Securities

Fund

(a) 122,378

3,434

SmallCap

Fund

(a) 90,048

2,637

SmallCap

S&P

600

Index

Fund

(a) 30,980

767

Small-MidCap

Dividend

Income

Fund

(a) 95,914

1,825

$

135,723

Principal

Funds,

Inc.

Institutional

Class

-

.45

%

Equity

Income

Fund

(a) 191,138

7,888

Inflation

Protection

Fund

(a) 1,498,306

11,807

LargeCap

S&P

500

Index

Fund

(a) 296,502

9,109

LargeCap

Value

Fund

III

(a) 390,874

7,747

Short-Term

Income

Fund

(a) 2,879,311

34,782

$

71,333

TOTAL

INVESTMENT

COMPANIES

$

207,056

Total

Investments

$

207,056

Other

Assets

and

Liabilities

- (0.01)%

(24)

TOTAL

NET

ASSETS

-

100.00%

$

207,032

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Schedule

of

Investments

Principal

LifeTime

2015

Fund

July

31,

2025

(unaudited)

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) July

31,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

9,912

$

771

$

3,183

$

8,507

Core

Fixed

Income

Fund

79,079

10,293

17,994

71,550

Diversified

International

Fund

18,969

1,270

20,156

—

Diversified

Real

Asset

Fund

976

796

Equity

Income

Fund

9,245

1,433

2,407

7,888

Global

Emerging

Markets

Fund

2,009

2,125

High

Income

Fund

1,855

2,224

—

High

Yield

Fund

15,974

3,816

6,042

13,326

High

Yield

Fund

-

Institutional

Class

—

2,150

2,150

—

Inflation

Protection

Fund

13,640

1,533

3,345

11,807

International

Equity

Fund

—

20,208

2,366

19,392

International

Small

Company

Fund

1,842

1,384

860

LargeCap

Growth

Fund

I

9,895

2,731

2,768

8,720

LargeCap

S&P

500

Index

Fund

10,329

607

2,638

9,109

LargeCap

Value

Fund

III

9,272

1,262

2,397

7,747

MidCap

Fund

2,415

886

1,784

Real

Estate

Securities

Fund

4,387

1,014

3,434

Short-Term

Income

Fund

41,120

3,998

10,634

34,782

SmallCap

Fund

3,277

993

2,637

SmallCap

S&P

600

Index

Fund

—

909

767

Small-MidCap

Dividend

Income

Fund

2,137

687

1,825

$

236,333

$

52,913

$

84,055

$

207,056

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

$

1,590

$

$

(583)

Core

Fixed

Income

Fund

2,078

(1,242)

—

1,414

Diversified

International

Fund

6,634

509

(6,717)

Diversified

Real

Asset

Fund

(5)

—

Equity

Income

Fund

526

760

(909)

Global

Emerging

Markets

Fund

—

High

Income

Fund

(8)

—

High

Yield

Fund

735

(41)

—

(381)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

Inflation

Protection

Fund

—

(22)

International

Equity

Fund

—

—

1,519

International

Small

Company

Fund

—

LargeCap

Growth

Fund

I

2,346

(1,446)

LargeCap

S&P

500

Index

Fund

1,535

(724)

LargeCap

Value

Fund

III

563

(800)

MidCap

Fund

Real

Estate

Securities

Fund

(35)

(219)

Short-Term

Income

Fund

1,064

(34)

—

SmallCap

Fund

SmallCap

S&P

600

Index

Fund

(3)

(86)

Small-MidCap

Dividend

Income

Fund

(3)

(19)

$

5,465

$

9,769

$

4,985

$

(7,904)

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

2020

Fund

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.11

%

Blue

Chip

Fund

(a) 1,942,905

$

100,701

Core

Fixed

Income

Fund

(a) 78,198,212

670,941

Diversified

Real

Asset

Fund

(a) 651,520

7,655

Global

Emerging

Markets

Fund

(a) 812,432

25,169

High

Yield

Fund

(a) 17,771,305

119,601

International

Equity

Fund

(a) 15,410,630

229,618

International

Small

Company

Fund

(a) 872,994

10,319

LargeCap

Growth

Fund

I

(a) 5,676,746

103,203

MidCap

Fund

(a) 444,333

21,177

Real

Estate

Securities

Fund

(a) 1,212,149

34,013

SmallCap

Fund

(a) 1,050,169

30,749

SmallCap

S&P

600

Index

Fund

(a) 376,899

9,332

Small-MidCap

Dividend

Income

Fund

(a) 1,138,568

21,667

$

1,384,145

Principal

Funds,

Inc.

Institutional

Class

-

.90

%

Equity

Income

Fund

(a) 2,262,392

93,369

Inflation

Protection

Fund

(a) 13,470,860

106,150

LargeCap

S&P

500

Index

Fund

(a) 3,528,892

108,408

LargeCap

Value

Fund

III

(a) 4,626,885

91,705

Short-Term

Income

Fund

(a) 23,080,553

278,813

$

678,445

TOTAL

INVESTMENT

COMPANIES

$

2,062,590

Total

Investments

$

2,062,590

Other

Assets

and

Liabilities

- (0.01)%

(198)

TOTAL

NET

ASSETS

-

100.00%

$

2,062,392

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Schedule

of

Investments

Principal

LifeTime

2020

Fund

July

31,

2025

(unaudited)

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) July

31,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

118,173

$

5,427

$

34,522

$

100,701

Core

Fixed

Income

Fund

730,173

71,378

132,328

670,941

Diversified

International

Fund

225,830

11,553

236,379

—

Diversified

Real

Asset

Fund

9,355

1,978

7,655

Equity

Income

Fund

110,253

11,799

23,710

93,369

Global

Emerging

Markets

Fund

24,718

1,594

4,718

25,169

High

Income

Fund

16,009

19,075

—

High

Yield

Fund

139,663

30,020

46,534

119,601

High

Yield

Fund

-

Institutional

Class

—

18,437

18,437

—

Inflation

Protection

Fund

119,610

10,142

23,431

106,150

International

Equity

Fund

—

236,041

24,493

229,618

International

Small

Company

Fund

21,833

3,114

15,413

10,319

LargeCap

Growth

Fund

I

117,961

29,140

29,544

103,203

LargeCap

S&P

500

Index

Fund

123,994

3,455

28,411

108,408

LargeCap

Value

Fund

III

110,572

9,739

23,627

91,705

MidCap

Fund

28,767

948

9,410

21,177

Real

Estate

Securities

Fund

43,093

1,364

7,908

34,013

Short-Term

Income

Fund

318,699

25,238

67,448

278,813

SmallCap

Fund

41,006

836

11,264

30,749

SmallCap

S&P

600

Index

Fund

—

11,023

604

9,332

Small-MidCap

Dividend

Income

Fund

25,451

3,333

6,771

21,667

$

2,325,160

$

485,163

$

766,005

$

2,062,590

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

$

18,622

$

5,180

$

(6,999)

Core

Fixed

Income

Fund

19,346

(9,399)

—

11,117

Diversified

International

Fund

5,380

1,536

6,157

(2,540)

Diversified

Real

Asset

Fund

(333)

—

Equity

Income

Fund

1,399

5,683

9,233

(10,656)

Global

Emerging

Markets

Fund

—

3,530

High

Income

Fund

(68)

—

2,704

High

Yield

Fund

6,516

(351)

—

(3,197)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

Inflation

Protection

Fund

3,794

(1,841)

—

1,670

International

Equity

Fund

—

—

17,983

International

Small

Company

Fund

592

—

727

LargeCap

Growth

Fund

I

665

1,230

28,379

(15,584)

LargeCap

S&P

500

Index

Fund

1,751

17,456

1,610

(8,086)

LargeCap

Value

Fund

III

1,545

4,456

6,827

(9,435)

MidCap

Fund

862

614

Real

Estate

Securities

Fund

681

(357)

640

(2,179)

Short-Term

Income

Fund

8,346

(308)

—

2,632

SmallCap

Fund

(71)

SmallCap

S&P

600

Index

Fund

(38)

(1,049)

Small-MidCap

Dividend

Income

Fund

(70)

707

(276)

$

51,661

$

36,595

$

60,280

$

(18,323)

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

2025

Fund

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.67

%

Blue

Chip

Fund

(a) 1,538,317

$

79,731

Core

Fixed

Income

Fund

(a) 50,910,918

436,816

Diversified

Real

Asset

Fund

(a) 455,690

5,354

Global

Emerging

Markets

Fund

(a) 638,623

19,784

High

Yield

Fund

(a) 10,542,428

70,950

International

Equity

Fund

(a) 12,140,935

180,900

International

Small

Company

Fund

(a) 667,749

7,893

LargeCap

Growth

Fund

I

(a) 4,497,386

81,762

MidCap

Fund

(a) 346,867

16,532

Real

Estate

Securities

Fund

(a) 806,584

22,633

SmallCap

Fund

(a) 828,962

24,272

SmallCap

S&P

600

Index

Fund

(a) 291,475

7,217

Small-MidCap

Dividend

Income

Fund

(a) 889,362

16,925

$

970,769

Principal

Funds,

Inc.

Institutional

Class

-

.34

%

Equity

Income

Fund

(a) 1,790,491

73,894

Inflation

Protection

Fund

(a) 7,975,545

62,847

LargeCap

S&P

500

Index

Fund

(a) 2,719,707

83,549

LargeCap

Value

Fund

III

(a) 3,660,590

72,553

Short-Term

Income

Fund

(a) 10,760,103

129,982

$

422,825

TOTAL

INVESTMENT

COMPANIES

$

1,393,594

Total

Investments

$

1,393,594

Other

Assets

and

Liabilities

- (0.01)%

(79)

TOTAL

NET

ASSETS

-

100.00%

$

1,393,515

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Schedule

of

Investments

Principal

LifeTime

2025

Fund

July

31,

2025

(unaudited)

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) July

31,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

92,702

$

5,527

$

27,761

$

79,731

Core

Fixed

Income

Fund

476,339

52,848

93,445

436,816

Diversified

International

Fund

176,852

9,758

185,791

—

Diversified

Real

Asset

Fund

6,469

1,436

5,354

Equity

Income

Fund

86,711

10,677

19,612

73,894

Global

Emerging

Markets

Fund

19,452

1,564

4,060

19,784

High

Income

Fund

9,415

11,320

—

High

Yield

Fund

81,871

19,510

28,235

70,950

High

Yield

Fund

-

Institutional

Class

—

10,944

10,944

—

Inflation

Protection

Fund

70,562

7,418

15,030

62,847

International

Equity

Fund

—

188,157

21,636

180,900

International

Small

Company

Fund

16,814

2,653

12,211

7,893

LargeCap

Growth

Fund

I

92,591

24,251

23,855

81,762

LargeCap

S&P

500

Index

Fund

94,480

3,871

22,068

83,549

LargeCap

Value

Fund

III

86,937

9,104

19,550

72,553

MidCap

Fund

22,690

1,136

7,970

16,532

Real

Estate

Securities

Fund

28,672

1,404

5,743

22,633

Short-Term

Income

Fund

146,617

17,172

34,875

129,982

SmallCap

Fund

31,006

1,668

8,638

24,272

SmallCap

S&P

600

Index

Fund

—

8,490

7,217

Small-MidCap

Dividend

Income

Fund

19,960

2,897

5,648

16,925

$

1,560,140

$

379,530

$

560,264

$

1,393,594

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

$

13,320

$

4,059

$

(4,057)

Core

Fixed

Income

Fund

12,693

(1,527)

—

2,601

Diversified

International

Fund

4,243

30,316

4,850

(31,135)

Diversified

Real

Asset

Fund

(57)

—

Equity

Income

Fund

1,111

2,100

7,254

(5,982)

Global

Emerging

Markets

Fund

—

2,777

High

Income

Fund

(42)

—

1,694

High

Yield

Fund

3,876

(209)

—

(1,987)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

Inflation

Protection

Fund

2,251

(803)

—

700

International

Equity

Fund

—

—

14,144

International

Small

Company

Fund

(3)

—

640

LargeCap

Growth

Fund

I

525

22,380

(11,321)

LargeCap

S&P

500

Index

Fund

1,339

5,835

1,232

1,431

LargeCap

Value

Fund

III

1,220

1,614

5,397

(5,552)

MidCap

Fund

680

Real

Estate

Securities

Fund

(257)

(1,443)

Short-Term

Income

Fund

3,865

(40)

—

1,108

SmallCap

Fund

(21)

SmallCap

S&P

600

Index

Fund

(28)

(809)

Small-MidCap

Dividend

Income

Fund

(57)

553

(227)

$

33,230

$

50,756

$

47,358

$

(36,568)

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

2030

Fund

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.91

%

Blue

Chip

Fund

(a) 6,792,098

$

352,035

Core

Fixed

Income

Fund

(a) 169,384,025

1,453,315

Diversified

Real

Asset

Fund

(a) 2,058,648

24,189

Global

Emerging

Markets

Fund

(a) 2,809,847

87,049

High

Yield

Fund

(a) 34,890,649

234,814

International

Equity

Fund

(a) 53,321,603

794,492

International

Small

Company

Fund

(a) 3,084,965

36,464

LargeCap

Growth

Fund

I

(a) 19,839,681

360,685

MidCap

Fund

(a) 1,546,634

73,713

Real

Estate

Securities

Fund

(a) 3,070,163

86,149

SmallCap

Fund

(a) 3,733,945

109,330

SmallCap

S&P

600

Index

Fund

(a) 1,202,639

29,777

Small-MidCap

Dividend

Income

Fund

(a) 3,965,092

75,456

$

3,717,468

Principal

Funds,

Inc.

Institutional

Class

-

.10

%

Equity

Income

Fund

(a) 7,916,010

326,694

Inflation

Protection

Fund

(a) 24,603,402

193,875

LargeCap

S&P

500

Index

Fund

(a) 11,782,713

361,965

LargeCap

Value

Fund

III

(a) 16,192,298

320,931

Short-Term

Income

Fund

(a) 20,655,013

249,512

$

1,452,977

TOTAL

INVESTMENT

COMPANIES

$

5,170,445

Total

Investments

$

5,170,445

Other

Assets

and

Liabilities

- (0.01)%

(462)

TOTAL

NET

ASSETS

-

100.00%

$

5,169,983

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Schedule

of

Investments

Principal

LifeTime

2030

Fund

July

31,

2025

(unaudited)

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) July

31,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

389,421

$

18,568

$

96,209

$

352,035

Core

Fixed

Income

Fund

1,483,949

171,738

206,236

1,453,315

Diversified

International

Fund

746,648

39,369

782,697

—

Diversified

Real

Asset

Fund

26,793

3,514

24,189

Equity

Income

Fund

365,327

39,917

62,445

326,694

Global

Emerging

Markets

Fund

79,804

6,503

11,430

87,049

High

Income

Fund

29,338

788

35,377

—

High

Yield

Fund

252,490

58,158

68,954

234,814

High

Yield

Fund

-

Institutional

Class

—

34,208

34,208

—

Inflation

Protection

Fund

211,704

18,792

36,469

193,875

International

Equity

Fund

—

788,756

55,883

794,492

International

Small

Company

Fund

68,575

10,421

45,349

36,464

LargeCap

Growth

Fund

I

389,076

97,263

79,738

360,685

LargeCap

S&P

500

Index

Fund

393,887

11,618

74,621

361,965

LargeCap

Value

Fund

III

366,230

33,114

62,194

320,931

MidCap

Fund

96,172

3,374

28,780

73,713

Real

Estate

Securities

Fund

102,880

3,504

14,052

86,149

Short-Term

Income

Fund

267,128

42,830

62,307

249,512

SmallCap

Fund

130,201

5,500

27,768

109,330

SmallCap

S&P

600

Index

Fund

—

34,853

1,642

29,777

Small-MidCap

Dividend

Income

Fund

84,376

9,852

17,590

75,456

$

5,483,999

$

1,429,624

$

1,807,463

$

5,170,445

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

506

$

15,644

$

17,153

$

24,611

Core

Fixed

Income

Fund

40,500

(9,345)

—

13,209

Diversified

International

Fund

17,917

41,380

20,582

(44,700)

Diversified

Real

Asset

Fund

(44)

—

Equity

Income

Fund

4,733

30,761

(16,507)

Global

Emerging

Markets

Fund

—

12,104

High

Income

Fund

788

(135)

—

5,386

High

Yield

Fund

12,284

(531)

—

(6,349)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

Inflation

Protection

Fund

6,488

(109)

—

(43)

International

Equity

Fund

—

—

61,549

International

Small

Company

Fund

1,876

1,149

—

1,668

LargeCap

Growth

Fund

I

2,207

(98)

94,147

(45,818)

LargeCap

S&P

500

Index

Fund

5,591

23,788

5,139

7,293

LargeCap

Value

Fund

III

5,150

3,656

22,760

(19,875)

MidCap

Fund

722

2,901

2,225

Real

Estate

Securities

Fund

1,673

(1,879)

1,541

(4,304)

Short-Term

Income

Fund

6,930

(33)

—

1,894

SmallCap

Fund

1,251

1,273

1,390

SmallCap

S&P

600

Index

Fund

(106)

908

(3,328)

Small-MidCap

Dividend

Income

Fund

1,116

(158)

2,360

(1,024)

$

110,090

$

74,448

$

199,525

$

(10,163)

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

2035

Fund

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.47

%

Blue

Chip

Fund

(a) 2,965,677

$

153,711

Core

Fixed

Income

Fund

(a) 65,508,472

562,063

Global

Emerging

Markets

Fund

(a) 1,233,576

38,216

High

Yield

Fund

(a) 12,526,156

84,301

International

Equity

Fund

(a) 23,398,079

348,631

International

Small

Company

Fund

(a) 1,351,254

15,972

LargeCap

Growth

Fund

I

(a) 8,663,831

157,508

MidCap

Fund

(a) 678,651

32,345

Real

Estate

Securities

Fund

(a) 1,474,605

41,377

SmallCap

Fund

(a) 1,632,059

47,787

SmallCap

S&P

600

Index

Fund

(a) 538,105

13,324

Small-MidCap

Dividend

Income

Fund

(a) 1,739,053

33,094

$

1,528,329

Principal

Funds,

Inc.

Institutional

Class

-

.54

%

Equity

Income

Fund

(a) 3,457,520

142,692

LargeCap

S&P

500

Index

Fund

(a) 5,263,017

161,680

LargeCap

Value

Fund

III

(a) 7,072,257

140,172

$

444,544

TOTAL

INVESTMENT

COMPANIES

$

1,972,873

Total

Investments

$

1,972,873

Other

Assets

and

Liabilities

- (0.01)%

(100)

TOTAL

NET

ASSETS

-

100.00%

$

1,972,773

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) July

31,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

161,293

$

11,627

$

36,675

$

153,711

Core

Fixed

Income

Fund

552,431

76,134

68,000

562,063

Diversified

International

Fund

309,490

19,817

328,020

—

Equity

Income

Fund

151,781

20,768

23,255

142,692

Global

Emerging

Markets

Fund

32,871

3,981

3,952

38,216

High

Income

Fund

9,586

12,213

—

High

Yield

Fund

85,397

22,235

20,424

84,301

High

Yield

Fund

-

Institutional

Class

—

11,832

11,832

—

International

Equity

Fund

—

343,567

21,859

348,631

International

Small

Company

Fund

30,327

3,606

19,305

15,972

LargeCap

Growth

Fund

I

161,264

44,737

29,734

157,508

LargeCap

S&P

500

Index

Fund

164,862

8,711

25,782

161,680

LargeCap

Value

Fund

III

152,101

17,993

23,155

140,172

MidCap

Fund

40,003

2,585

11,506

32,345

Real

Estate

Securities

Fund

46,930

2,975

5,624

41,377

SmallCap

Fund

54,844

3,132

10,633

47,787

SmallCap

S&P

600

Index

Fund

—

15,482

634

13,324

Small-MidCap

Dividend

Income

Fund

35,005

5,159

6,559

33,094

$

1,988,185

$

614,598

$

659,162

$

1,972,873

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

$

3,856

$

7,157

$

13,610

Core

Fixed

Income

Fund

15,341

—

1,494

Diversified

International

Fund

7,570

28,629

8,718

(29,916)

Equity

Income

Fund

2,026

12,882

(6,658)

Global

Emerging

Markets

Fund

—

5,305

High

Income

Fund

(46)

—

2,416

High

Yield

Fund

4,303

(140)

—

(2,767)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

International

Equity

Fund

—

(45)

—

26,968

International

Small

Company

Fund

857

—

1,210

LargeCap

Growth

Fund

I

927

39,552

(18,820)

LargeCap

S&P

500

Index

Fund

2,374

1,773

2,180

12,116

LargeCap

Value

Fund

III

2,173

9,594

(6,930)

MidCap

Fund

525

1,218

738

Real

Estate

Securities

Fund

793

718

(2,933)

SmallCap

Fund

538

(59)

547

503

SmallCap

S&P

600

Index

Fund

(42)

(1,482)

Small-MidCap

Dividend

Income

Fund

(72)

989

(439)

$

38,133

$

34,837

$

83,958

$

(5,585)

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

2040

Fund

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.46

%

Blue

Chip

Fund

(a) 8,349,810

$

432,771

Core

Fixed

Income

Fund

(a) 97,961,197

840,507

Global

Emerging

Markets

Fund

(a) 3,462,443

107,267

High

Yield

Fund

(a) 21,866,895

147,164

International

Equity

Fund

(a) 65,686,588

978,730

International

Small

Company

Fund

(a) 3,833,903

45,317

LargeCap

Growth

Fund

I

(a) 24,386,179

443,341

MidCap

Fund

(a) 1,909,934

91,027

Real

Estate

Securities

Fund

(a) 3,431,261

96,281

SmallCap

Fund

(a) 4,599,187

134,664

SmallCap

S&P

600

Index

Fund

(a) 1,505,839

37,285

Small-MidCap

Dividend

Income

Fund

(a) 4,895,758

93,166

$

3,447,520

Principal

Funds,

Inc.

Institutional

Class

-

.55

%

Equity

Income

Fund

(a) 9,734,840

401,757

LargeCap

S&P

500

Index

Fund

(a) 14,633,609

449,544

LargeCap

Value

Fund

III

(a) 19,914,748

394,710

$

1,246,011

TOTAL

INVESTMENT

COMPANIES

$

4,693,531

Total

Investments

$

4,693,531

Other

Assets

and

Liabilities

- (0.01)%

(356)

TOTAL

NET

ASSETS

-

100.00%

$

4,693,175

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) July

31,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

459,086

$

23,674

$

99,046

$

432,771

Core

Fixed

Income

Fund

808,049

124,581

94,243

840,507

Diversified

International

Fund

882,611

47,877

926,882

—

Equity

Income

Fund

431,826

49,202

60,642

401,757

Global

Emerging

Markets

Fund

92,626

9,989

10,187

107,267

High

Income

Fund

16,487

21,014

—

High

Yield

Fund

143,355

40,190

31,499

147,164

High

Yield

Fund

-

Institutional

Class

—

20,356

20,356

—

International

Equity

Fund

—

951,682

47,954

978,730

International

Small

Company

Fund

84,687

9,841

52,837

45,317

LargeCap

Growth

Fund

I

458,919

116,962

79,413

443,341

LargeCap

S&P

500

Index

Fund

470,015

15,628

74,397

449,544

LargeCap

Value

Fund

III

432,810

41,215

60,388

394,710

MidCap

Fund

114,244

4,539

31,333

91,027

Real

Estate

Securities

Fund

111,163

4,324

12,469

96,281

SmallCap

Fund

156,294

4,385

27,401

134,664

SmallCap

S&P

600

Index

Fund

—

43,092

1,570

37,285

Small-MidCap

Dividend

Income

Fund

99,757

11,918

17,155

93,166

$

4,761,929

$

1,519,898

$

1,668,786

$

4,693,531

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

599

$

11,065

$

20,272

$

37,992

Core

Fixed

Income

Fund

22,366

(18)

—

2,138

Diversified

International

Fund

21,318

43,737

24,565

(47,343)

Equity

Income

Fund

5,673

36,459

(18,919)

Global

Emerging

Markets

Fund

—

14,817

High

Income

Fund

(94)

—

4,178

High

Yield

Fund

7,270

(181)

—

(4,701)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

International

Equity

Fund

—

—

74,955

International

Small

Company

Fund

2,345

1,428

—

2,198

LargeCap

Growth

Fund

I

2,615

(236)

111,545

(52,891)

LargeCap

S&P

500

Index

Fund

6,702

5,570

6,160

32,728

LargeCap

Value

Fund

III

6,118

676

27,033

(19,603)

MidCap

Fund

1,417

3,458

2,160

Real

Estate

Securities

Fund

1,841

1,678

(6,923)

SmallCap

Fund

1,514

(62)

1,540

1,448

SmallCap

S&P

600

Index

Fund

(106)

1,123

(4,131)

Small-MidCap

Dividend

Income

Fund

1,340

(141)

2,799

(1,213)

$

80,930

$

63,600

$

236,632

$

16,890

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

2045

Fund

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.35

%

Blue

Chip

Fund

(a) 3,437,728

$

178,178

Core

Fixed

Income

Fund

(a) 20,182,982

173,170

Global

Emerging

Markets

Fund

(a) 1,428,972

44,270

High

Yield

Fund

(a) 5,746,063

38,671

International

Equity

Fund

(a) 27,107,274

403,898

International

Small

Company

Fund

(a) 1,590,180

18,796

LargeCap

Growth

Fund

I

(a) 10,038,741

182,504

MidCap

Fund

(a) 789,694

37,637

Real

Estate

Securities

Fund

(a) 1,264,796

35,490

SmallCap

Fund

(a) 1,921,191

56,253

SmallCap

S&P

600

Index

Fund

(a) 597,581

14,796

Small-MidCap

Dividend

Income

Fund

(a) 2,023,980

38,516

$

1,222,179

Principal

Funds,

Inc.

Institutional

Class

-

.66

%

Equity

Income

Fund

(a) 4,010,711

165,522

LargeCap

S&P

500

Index

Fund

(a) 6,094,136

187,212

LargeCap

Value

Fund

III

(a) 8,205,822

162,639

$

515,373

TOTAL

INVESTMENT

COMPANIES

$

1,737,552

Total

Investments

$

1,737,552

Other

Assets

and

Liabilities

- (0.01)%

(89)

TOTAL

NET

ASSETS

-

100.00%

$

1,737,463

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) July

31,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

179,416

$

14,351

$

35,571

$

178,178

Core

Fixed

Income

Fund

157,787

32,588

17,638

173,170

Diversified

International

Fund

346,192

21,269

366,005

—

Equity

Income

Fund

169,141

25,628

22,047

165,522

Global

Emerging

Markets

Fund

36,901

5,088

3,758

44,270

High

Income

Fund

4,051

5,216

—

High

Yield

Fund

35,737

11,376

7,189

38,671

High

Yield

Fund

-

Institutional

Class

—

5,055

5,055

—

International

Equity

Fund

—

393,770

20,393

403,898

International

Small

Company

Fund

33,206

4,606

20,547

18,796

LargeCap

Growth

Fund

I

179,435

51,287

27,776

182,504

LargeCap

S&P

500

Index

Fund

186,411

11,296

26,255

187,212

LargeCap

Value

Fund

III

169,474

22,546

21,954

162,639

MidCap

Fund

44,877

3,347

12,024

37,637

Real

Estate

Securities

Fund

39,194

2,851

4,106

35,490

SmallCap

Fund

62,593

4,205

11,016

56,253

SmallCap

S&P

600

Index

Fund

—

17,004

538

14,796

Small-MidCap

Dividend

Income

Fund

39,405

5,957

6,258

38,516

$

1,683,820

$

632,333

$

613,346

$

1,737,552

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

$

637

$

7,968

$

19,345

Core

Fixed

Income

Fund

4,508

—

—

Diversified

International

Fund

8,493

20,890

9,784

(22,346)

Equity

Income

Fund

2,280

14,370

(7,270)

Global

Emerging

Markets

Fund

(12)

—

6,051

High

Income

Fund

(23)

—

1,079

High

Yield

Fund

1,867

(34)

—

(1,219)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

International

Equity

Fund

—

(162)

—

30,683

International

Small

Company

Fund

942

—

1,313

LargeCap

Growth

Fund

I

1,034

(276)

44,108

(20,166)

LargeCap

S&P

500

Index

Fund

2,689

670

2,470

15,090

LargeCap

Value

Fund

III

2,427

10,718

(7,441)

MidCap

Fund

1,368

1,275

Real

Estate

Securities

Fund

669

601

(2,450)

SmallCap

Fund

616

(131)

627

602

SmallCap

S&P

600

Index

Fund

(37)

(1,633)

Small-MidCap

Dividend

Income

Fund

543

(68)

1,115

(520)

$

26,728

$

21,919

$

93,572

$

12,826

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

2050

Fund

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.89

%

Blue

Chip

Fund

(a) 7,226,731

$

374,561

Core

Fixed

Income

Fund

(a) 14,336,429

123,007

Global

Emerging

Markets

Fund

(a) 2,988,304

92,578

High

Yield

Fund

(a) 5,438,580

36,602

International

Equity

Fund

(a) 56,679,024

844,517

International

Small

Company

Fund

(a) 3,324,106

39,291

LargeCap

Growth

Fund

I

(a) 21,102,426

383,642

MidCap

Fund

(a) 1,651,480

78,710

Real

Estate

Securities

Fund

(a) 2,393,210

67,153

SmallCap

Fund

(a) 3,970,471

116,255

SmallCap

S&P

600

Index

Fund

(a) 1,298,142

32,142

Small-MidCap

Dividend

Income

Fund

(a) 4,233,574

80,565

$

2,269,023

Principal

Funds,

Inc.

Institutional

Class

-

.12

%

Equity

Income

Fund

(a) 8,429,278

347,876

LargeCap

S&P

500

Index

Fund

(a) 12,493,391

383,797

LargeCap

Value

Fund

III

(a) 17,246,272

341,821

$

1,073,494

TOTAL

INVESTMENT

COMPANIES

$

3,342,517

Total

Investments

$

3,342,517

Other

Assets

and

Liabilities

- (0.01)%

(246)

TOTAL

NET

ASSETS

-

100.00%

$

3,342,271

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) July

31,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

387,324

$

23,306

$

78,266

$

374,561

Core

Fixed

Income

Fund

111,382

26,838

15,454

123,007

Diversified

International

Fund

744,415

41,835

782,889

—

Equity

Income

Fund

365,071

47,776

49,481

347,876

Global

Emerging

Markets

Fund

78,119

10,872

9,005

92,578

High

Income

Fund

3,683

4,856

—

High

Yield

Fund

33,723

11,117

7,021

36,602

High

Yield

Fund

-

Institutional

Class

—

4,708

4,708

—

International

Equity

Fund

—

819,781

38,840

844,517

International

Small

Company

Fund

72,023

9,771

45,508

39,291

LargeCap

Growth

Fund

I

387,302

102,065

61,740

383,642

LargeCap

S&P

500

Index

Fund

393,123

16,429

58,310

383,797

LargeCap

Value

Fund

III

365,834

41,068

49,301

341,821

MidCap

Fund

97,065

4,882

26,292

78,710

Real

Estate

Securities

Fund

77,113

3,790

9,033

67,153

SmallCap

Fund

132,352

5,377

22,777

116,255

SmallCap

S&P

600

Index

Fund

—

36,779

1,025

32,142

Small-MidCap

Dividend

Income

Fund

84,786

11,085

14,167

80,565

$

3,333,315

$

1,217,578

$

1,278,673

$

3,342,517

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

506

$

3,791

$

17,101

$

38,406

Core

Fixed

Income

Fund

3,165

—

Diversified

International

Fund

18,001

38,367

20,661

(41,728)

Equity

Income

Fund

4,808

30,820

(15,770)

Global

Emerging

Markets

Fund

(4)

—

12,596

High

Income

Fund

(26)

—

1,100

High

Yield

Fund

1,757

(33)

—

(1,184)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

International

Equity

Fund

—

(296)

—

63,872

International

Small

Company

Fund

1,996

996

—

2,009

LargeCap

Growth

Fund

I

2,207

(271)

94,159

(43,714)

LargeCap

S&P

500

Index

Fund

5,607

1,969

5,152

30,586

LargeCap

Value

Fund

III

5,174

22,856

(15,854)

MidCap

Fund

523

2,937

2,532

Real

Estate

Securities

Fund

1,277

1,165

(4,806)

SmallCap

Fund

1,281

(11)

1,304

1,314

SmallCap

S&P

600

Index

Fund

(74)

958

(3,538)

Small-MidCap

Dividend

Income

Fund

1,139

(119)

2,379

(1,020)

$

47,684

$

45,260

$

199,492

$

25,037

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

2055

Fund

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.38

%

Blue

Chip

Fund

(a) 2,550,055

$

132,169

Core

Fixed

Income

Fund

(a) 3,478,202

29,843

Global

Emerging

Markets

Fund

(a) 1,055,950

32,713

High

Yield

Fund

(a) 1,458,645

9,817

International

Equity

Fund

(a) 20,036,174

298,539

International

Small

Company

Fund

(a) 1,180,587

13,954

LargeCap

Growth

Fund

I

(a) 7,445,472

135,359

MidCap

Fund

(a) 585,027

27,882

Real

Estate

Securities

Fund

(a) 841,298

23,607

SmallCap

Fund

(a) 1,416,215

41,467

SmallCap

S&P

600

Index

Fund

(a) 445,361

11,027

Small-MidCap

Dividend

Income

Fund

(a) 1,498,508

28,517

$

784,894

Principal

Funds,

Inc.

Institutional

Class

-

.63

%

Equity

Income

Fund

(a) 2,976,680

122,848

LargeCap

S&P

500

Index

Fund

(a) 4,442,984

136,488

LargeCap

Value

Fund

III

(a) 6,090,851

120,721

$

380,057

TOTAL

INVESTMENT

COMPANIES

$

1,164,951

Total

Investments

$

1,164,951

Other

Assets

and

Liabilities

- (0.01)%

(70)

TOTAL

NET

ASSETS

-

100.00%

$

1,164,881

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) July

31,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

131,527

$

12,008

$

26,147

$

132,169

Core

Fixed

Income

Fund

30,671

3,488

4,392

29,843

Diversified

International

Fund

253,931

17,436

270,009

—

Equity

Income

Fund

124,436

21,507

17,794

122,848

Global

Emerging

Markets

Fund

26,939

4,655

3,295

32,713

High

Income

Fund

1,134

1,474

—

High

Yield

Fund

9,775

2,585

2,172

9,817

High

Yield

Fund

-

Institutional

Class

—

1,429

1,429

—

International

Equity

Fund

—

290,596

14,428

298,539

International

Small

Company

Fund

24,595

4,058

15,765

13,954

LargeCap

Growth

Fund

I

131,592

39,130

20,532

135,359

LargeCap

S&P

500

Index

Fund

134,266

9,612

18,925

136,488

LargeCap

Value

Fund

III

124,649

19,239

17,731

120,721

MidCap

Fund

33,436

2,906

9,493

27,882

Real

Estate

Securities

Fund

26,248

2,244

3,229

23,607

SmallCap

Fund

45,965

3,874

8,748

41,467

SmallCap

S&P

600

Index

Fund

—

12,617

11,027

Small-MidCap

Dividend

Income

Fund

29,200

4,884

5,124

28,517

$

1,128,364

$

452,298

$

441,038

$

1,164,951

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

$

$

5,859

$

14,484

Core

Fixed

Income

Fund

839

—

Diversified

International

Fund

6,240

10,075

7,135

(11,433)

Equity

Income

Fund

1,673

10,608

(5,321)

Global

Emerging

Markets

Fund

(8)

—

4,422

High

Income

Fund

(7)

—

High

Yield

Fund

(14)

—

(357)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

International

Equity

Fund

—

(127)

—

22,498

International

Small

Company

Fund

700

—

991

LargeCap

Growth

Fund

I

759

(29)

32,396

(14,802)

LargeCap

S&P

500

Index

Fund

1,940

1,782

11,106

LargeCap

Value

Fund

III

1,788

7,895

(5,448)

MidCap

Fund

1,023

935

Real

Estate

Securities

Fund

(2)

(1,654)

SmallCap

Fund

(86)

SmallCap

S&P

600

Index

Fund

(25)

(1,214)

Small-MidCap

Dividend

Income

Fund

(45)

830

(398)

$

16,172

$

10,665

$

68,722

$

14,662

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

2060

Fund

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.00

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.41

%

Blue

Chip

Fund

(a) 2,501,003

$

129,627

Core

Fixed

Income

Fund

(a) 3,447,926

29,583

Global

Emerging

Markets

Fund

(a) 1,035,783

32,089

High

Yield

Fund

(a) 1,445,689

9,730

International

Equity

Fund

(a) 19,626,936

292,441

International

Small

Company

Fund

(a) 1,185,564

14,013

LargeCap

Growth

Fund

I

(a) 7,299,033

132,696

MidCap

Fund

(a) 577,368

27,517

Real

Estate

Securities

Fund

(a) 831,402

23,329

SmallCap

Fund

(a) 1,401,438

41,034

SmallCap

S&P

600

Index

Fund

(a) 429,865

10,644

Small-MidCap

Dividend

Income

Fund

(a) 1,478,394

28,134

$

770,837

Principal

Funds,

Inc.

Institutional

Class

-

.59

%

Equity

Income

Fund

(a) 2,921,136

120,555

LargeCap

S&P

500

Index

Fund

(a) 4,347,388

133,552

LargeCap

Value

Fund

III

(a) 5,978,818

118,500

$

372,607

TOTAL

INVESTMENT

COMPANIES

$

1,143,444

Total

Investments

$

1,143,444

Other

Assets

and

Liabilities

- 0.00%

(56)

TOTAL

NET

ASSETS

-

100.00%

$

1,143,388

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) July

31,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

126,062

$

12,661

$

23,542

$

129,627

Core

Fixed

Income

Fund

29,550

3,666

3,720

29,583

Diversified

International

Fund

243,614

17,677

260,153

—

Equity

Income

Fund

119,389

21,680

15,579

120,555

Global

Emerging

Markets

Fund

25,733

4,845

2,788

32,089

High

Income

Fund

1,110

1,406

—

High

Yield

Fund

9,322

2,596

1,866

9,730

High

Yield

Fund

-

Institutional

Class

—

1,362

1,362

—

International

Equity

Fund

—

281,723

10,965

292,441

International

Small

Company

Fund

23,689

4,057

14,799

14,013

LargeCap

Growth

Fund

I

126,137

38,547

18,140

132,696

LargeCap

S&P

500

Index

Fund

128,642

10,340

16,702

133,552

LargeCap

Value

Fund

III

119,603

19,469

15,518

118,500

MidCap

Fund

32,109

3,138

8,767

27,517

Real

Estate

Securities

Fund

25,223

2,425

2,734

23,329

SmallCap

Fund

44,030

4,281

7,724

41,034

SmallCap

S&P

600

Index

Fund

—

12,180

10,644

Small-MidCap

Dividend

Income

Fund

28,010

4,969

4,460

28,134

$

1,082,223

$

445,646

$

410,565

$

1,143,444

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

$

$

5,609

$

14,345

Core

Fixed

Income

Fund

815

—

Diversified

International

Fund

5,958

7,221

6,850

(8,359)

Equity

Income

Fund

1,614

10,165

(4,958)

Global

Emerging

Markets

Fund

(5)

—

4,304

High

Income

Fund

(6)

—

High

Yield

Fund

(9)

—

(313)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

International

Equity

Fund

—

(91)

—

21,774

International

Small

Company

Fund

668

—

791

LargeCap

Growth

Fund

I

725

30,937

(13,916)

LargeCap

S&P

500

Index

Fund

1,852

1,701

11,014

LargeCap

Value

Fund

III

1,709

7,545

(5,074)

MidCap

Fund

981

974

Real

Estate

Securities

Fund

(1)

(1,584)

SmallCap

Fund

(59)

506

SmallCap

S&P

600

Index

Fund

(24)

(1,172)

Small-MidCap

Dividend

Income

Fund

(20)

795

(365)

$

15,490

$

7,815

$

65,725

$

18,325

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

2065

Fund

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

100.01%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

67.48%

Blue

Chip

Fund

(a) 573,758

$

29,738

Core

Fixed

Income

Fund

(a) 807,277

6,926

Global

Emerging

Markets

Fund

(a) 237,505

7,358

High

Yield

Fund

(a) 338,405

2,277

International

Equity

Fund

(a) 4,491,744

66,927

International

Small

Company

Fund

(a) 285,036

3,369

LargeCap

Growth

Fund

I

(a) 1,673,353

30,422

MidCap

Fund

(a) 134,151

6,394

Real

Estate

Securities

Fund

(a) 193,034

5,417

SmallCap

Fund

(a) 330,529

9,678

SmallCap

S&P

600

Index

Fund

(a) 91,679

2,270

Small-MidCap

Dividend

Income

Fund

(a) 343,327

6,533

$

177,309

Principal

Funds,

Inc.

Institutional

Class

-

32.53%

Equity

Income

Fund

(a) 671,230

27,702

LargeCap

S&P

500

Index

Fund

(a) 993,478

30,519

LargeCap

Value

Fund

III

(a) 1,374,485

27,242

$

85,463

TOTAL

INVESTMENT

COMPANIES

$

262,772

Total

Investments

$

262,772

Other

Assets

and

Liabilities

- (0.01)%

(19) TOTAL

NET

ASSETS

-

100.00%

$

262,753

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Schedule

of

Investments

Principal

LifeTime

2065

Fund

July

31,

2025

(unaudited)

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) July

31,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

25,865

$

5,932

$

5,290

$

29,738

Core

Fixed

Income

Fund

6,160

1,736

992

6,926

Diversified

International

Fund

50,198

5,726

55,718

—

Equity

Income

Fund

24,645

7,649

3,625

27,702

Global

Emerging

Markets

Fund

5,334

1,757

701

7,358

High

Income

Fund

—

High

Yield

Fund

1,943

837

2,277

High

Yield

Fund

-

Institutional

Class

—

—

International

Equity

Fund

—

65,267

3,207

66,927

International

Small

Company

Fund

4,937

1,519

3,341

3,369

LargeCap

Growth

Fund

I

25,901

11,368

4,118

30,422

LargeCap

S&P

500

Index

Fund

26,374

5,451

3,820

30,519

LargeCap

Value

Fund

III

24,680

7,196

3,612

27,242

MidCap

Fund

6,701

1,579

2,119

6,394

Real

Estate

Securities

Fund

5,257

1,221

712

5,417

SmallCap

Fund

9,244

2,400

2,106

9,678

SmallCap

S&P

600

Index

Fund

—

2,597

2,270

Small-MidCap

Dividend

Income

Fund

5,867

1,916

1,179

6,533

$

223,336

$

124,419

$

91,603

$

262,772

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

$

$

1,169

$

3,228

Core

Fixed

Income

Fund

—

—

Diversified

International

Fund

1,266

989

1,463

(1,195)

Equity

Income

Fund

—

2,134

(967) Global

Emerging

Markets

Fund

(2) —

970

High

Income

Fund

(1) —

High

Yield

Fund

(2) —

(44) High

Yield

Fund

-

Institutional

Class

—

—

—

—

International

Equity

Fund

—

(26) —

4,893

International

Small

Company

Fund

—

LargeCap

Growth

Fund

I

6,509

(2,731)

LargeCap

S&P

500

Index

Fund

2,512

LargeCap

Value

Fund

III

1,598

(1,024)

MidCap

Fund

Real

Estate

Securities

Fund

—

(349) SmallCap

Fund

(5) 96

SmallCap

S&P

600

Index

Fund

(5) 67

(249) Small-MidCap

Dividend

Income

Fund

(6) 170

(65) $

3,318

$

1,005

$

13,855

$

5,615

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

2070

Fund

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

100.01%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

67.60%

Blue

Chip

Fund

(a) 168,065

$

8,711

Core

Fixed

Income

Fund

(a) 244,477

2,098

Global

Emerging

Markets

Fund

(a) 69,633

2,157

High

Yield

Fund

(a) 102,310

689

International

Equity

Fund

(a) 1,307,669

19,484

International

Small

Company

Fund

(a) 95,211

1,125

LargeCap

Growth

Fund

I

(a) 488,914

8,889

MidCap

Fund

(a) 40,829

1,946

Real

Estate

Securities

Fund

(a) 57,769

1,621

SmallCap

Fund

(a) 102,233

2,993

SmallCap

S&P

600

Index

Fund

(a) 23,884

591

Small-MidCap

Dividend

Income

Fund

(a) 104,364

1,986

$

52,290

Principal

Funds,

Inc.

Institutional

Class

-

32.41%

Equity

Income

Fund

(a) 197,474

8,150

LargeCap

S&P

500

Index

Fund

(a) 289,522

8,894

LargeCap

Value

Fund

III

(a) 405,001

8,027

$

25,071

TOTAL

INVESTMENT

COMPANIES

$

77,361

Total

Investments

$

77,361

Other

Assets

and

Liabilities

- (0.01)%

(6) TOTAL

NET

ASSETS

-

100.00%

$

77,355

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Schedule

of

Investments

Principal

LifeTime

2070

Fund

July

31,

2025

(unaudited)

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) July

31,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

5,108

$

3,942

$

1,245

$

8,711

Core

Fixed

Income

Fund

1,248

1,205

2,098

Diversified

International

Fund

9,958

2,998

12,958

—

Equity

Income

Fund

4,874

4,295

913

8,150

Global

Emerging

Markets

Fund

1,078

1,008

2,157

High

Income

Fund

—

High

Yield

Fund

689

High

Yield

Fund

-

Institutional

Class

—

—

International

Equity

Fund

—

18,955

805

19,484

International

Small

Company

Fund

999

1,013

982

1,125

LargeCap

Growth

Fund

I

5,124

5,035

959

8,889

LargeCap

S&P

500

Index

Fund

5,200

3,908

922

8,894

LargeCap

Value

Fund

III

4,886

4,183

910

8,027

MidCap

Fund

1,338

1,127

591

1,946

Real

Estate

Securities

Fund

1,043

873

1,621

SmallCap

Fund

1,891

1,804

770

2,993

SmallCap

S&P

600

Index

Fund

—

655

591

Small-MidCap

Dividend

Income

Fund

1,180

1,138

1,986

$

44,366

$

52,621

$

22,413

$

77,361

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

$

(32) $

$

938

Core

Fixed

Income

Fund

(3) —

Diversified

International

Fund

(197) Equity

Income

Fund

(49) 430

(57)

Global

Emerging

Markets

Fund

(1) —

High

Income

Fund

—

—

(2) High

Yield

Fund

(1) —

High

Yield

Fund

-

Institutional

Class

—

—

—

—

International

Equity

Fund

—

(5) —

1,339

International

Small

Company

Fund

—

LargeCap

Growth

Fund

I

(138) 1,314

(173) LargeCap

S&P

500

Index

Fund

(14) 72

722

LargeCap

Value

Fund

III

(48) 324

(84) MidCap

Fund

(20) 42

Real

Estate

Securities

Fund

(7) 17

(73) SmallCap

Fund

(45) 20

SmallCap

S&P

600

Index

Fund

(5) 14

(39) Small-MidCap

Dividend

Income

Fund

(12) 35

$

711

$

(178) $

2,822

$

2,965

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2015

Fund

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.02

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.69

%

Diversified

Real

Asset

Fund

(a) 152,821

$

1,796

Global

Emerging

Markets

Fund

(a) 139,096

4,309

High

Yield

Fund

(a) 4,080,034

27,459

International

Equity

Fund

(a) 2,622,665

39,078

International

Small

Company

Fund

(a) 179,849

2,126

MidCap

S&P

Index

Fund

(a) 348,178

7,768

Real

Estate

Securities

Fund

(a) 259,417

7,279

SmallCap

S&P

600

Index

Fund

(a) 272,466

6,746

$

96,561

Principal

Funds,

Inc.

Institutional

Class

-

.33

%

Bond

Market

Index

Fund

(a) 17,079,361

146,882

Inflation

Protection

Fund

(a) 3,162,120

24,918

LargeCap

S&P

500

Index

Fund

(a) 2,792,917

85,798

Short-Term

Income

Fund

(a) 5,917,623

71,485

$

329,083

TOTAL

INVESTMENT

COMPANIES

$

425,644

Total

Investments

$

425,644

Other

Assets

and

Liabilities

- (0.02)%

(91)

TOTAL

NET

ASSETS

-

100.00%

$

425,553

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) July

31,

2025

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

109,735

$

43,387

$

6,139

$

146,882

Diversified

International

Fund

25,739

3,726

29,431

—

Diversified

Real

Asset

Fund

1,629

511

1,796

Global

Emerging

Markets

Fund

2,780

1,143

4,309

High

Income

Fund

2,436

2,881

—

High

Yield

Fund

21,370

11,193

4,614

27,459

High

Yield

Fund

-

Institutional

Class

—

2,784

2,784

—

Inflation

Protection

Fund

19,179

7,270

1,633

24,918

International

Equity

Fund

—

37,336

1,039

39,078

International

Small

Company

Fund

2,610

1,142

1,789

2,126

LargeCap

S&P

500

Index

Fund

65,490

21,982

8,835

85,798

MidCap

S&P

Index

Fund

6,540

3,185

1,304

7,768

Real

Estate

Securities

Fund

5,904

2,140

7,279

Short-Term

Income

Fund

56,585

19,946

5,559

71,485

SmallCap

S&P

600

Index

Fund

4,544

3,561

761

6,746

$

324,541

$

159,371

$

67,672

$

425,644

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

3,990

$

—

$

—

$

(101)

Diversified

International

Fund

662

3,556

779

(3,590)

Diversified

Real

Asset

Fund

—

Global

Emerging

Markets

Fund

—

—

560

High

Income

Fund

(9)

—

High

Yield

Fund

1,232

(31)

—

(459)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

Inflation

Protection

Fund

652

—

—

International

Equity

Fund

—

(5)

—

2,786

International

Small

Company

Fund

—

LargeCap

S&P

500

Index

Fund

980

899

7,151

MidCap

S&P

Index

Fund

(1)

631

(652)

Real

Estate

Securities

Fund

(1)

(407)

Short-Term

Income

Fund

1,794

—

—

513

SmallCap

S&P

600

Index

Fund

(599)

$

9,920

$

3,559

$

2,773

$

5,845

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2020

Fund

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.69

%

Diversified

Real

Asset

Fund

(a) 205,624

$

2,416

Global

Emerging

Markets

Fund

(a) 228,754

7,087

High

Yield

Fund

(a) 5,048,421

33,976

International

Equity

Fund

(a) 4,325,491

64,450

International

Small

Company

Fund

(a) 271,204

3,206

MidCap

S&P

Index

Fund

(a) 559,744

12,488

Real

Estate

Securities

Fund

(a) 346,386

9,719

SmallCap

S&P

600

Index

Fund

(a) 446,046

11,044

$

144,386

Principal

Funds,

Inc.

Institutional

Class

-

.32

%

Bond

Market

Index

Fund

(a) 22,087,292

189,951

Inflation

Protection

Fund

(a) 3,876,992

30,551

LargeCap

S&P

500

Index

Fund

(a) 4,586,741

140,904

Short-Term

Income

Fund

(a) 6,543,913

79,050

$

440,456

TOTAL

INVESTMENT

COMPANIES

$

584,842

Total

Investments

$

584,842

Other

Assets

and

Liabilities

- (0.01)%

(60)

TOTAL

NET

ASSETS

-

100.00%

$

584,782

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) July

31,

2025

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

170,802

$

34,653

$

14,711

$

189,951

Diversified

International

Fund

52,473

3,947

56,227

—

Diversified

Real

Asset

Fund

2,339

2,416

Global

Emerging

Markets

Fund

5,624

1,077

564

7,087

High

Income

Fund

3,647

4,352

—

High

Yield

Fund

31,977

10,392

7,595

33,976

High

Yield

Fund

-

Institutional

Class

—

4,206

4,206

—

Inflation

Protection

Fund

28,149

5,111

2,745

30,551

International

Equity

Fund

—

62,682

2,997

64,450

International

Small

Company

Fund

5,044

1,185

3,259

3,206

LargeCap

S&P

500

Index

Fund

133,703

17,203

21,825

140,904

MidCap

S&P

Index

Fund

12,725

3,286

2,243

12,488

Real

Estate

Securities

Fund

9,932

1,407

980

9,719

Short-Term

Income

Fund

74,272

13,223

9,040

79,050

SmallCap

S&P

600

Index

Fund

9,524

4,616

1,833

11,044

$

540,211

$

163,396

$

132,848

$

584,842

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

6,022

$

(4)

$

—

$

(789)

Diversified

International

Fund

1,300

9,042

1,505

(9,235)

Diversified

Real

Asset

Fund

—

Global

Emerging

Markets

Fund

(1)

—

951

High

Income

Fund

(14)

—

621

High

Yield

Fund

1,665

(64)

—

(734)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

Inflation

Protection

Fund

925

—

International

Equity

Fund

—

(39)

—

4,804

International

Small

Company

Fund

—

LargeCap

S&P

500

Index

Fund

1,947

1,789

11,465

MidCap

S&P

Index

Fund

1,192

(1,283)

Real

Estate

Securities

Fund

(12)

(628)

Short-Term

Income

Fund

2,139

(4)

—

599

SmallCap

S&P

600

Index

Fund

745

(1,264)

$

15,071

$

9,433

$

5,385

$

4,650

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2025

Fund

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.76

%

Diversified

Real

Asset

Fund

(a) 369,649

$

4,343

Global

Emerging

Markets

Fund

(a) 474,323

14,695

High

Yield

Fund

(a) 7,898,740

53,158

International

Equity

Fund

(a) 8,959,858

133,502

International

Small

Company

Fund

(a) 575,546

6,803

MidCap

S&P

Index

Fund

(a) 1,167,688

26,051

Real

Estate

Securities

Fund

(a) 616,787

17,307

SmallCap

S&P

600

Index

Fund

(a) 926,358

22,937

$

278,796

Principal

Funds,

Inc.

Institutional

Class

-

.25

%

Bond

Market

Index

Fund

(a) 37,931,897

326,214

Inflation

Protection

Fund

(a) 6,081,584

47,923

LargeCap

S&P

500

Index

Fund

(a) 9,504,539

291,980

Short-Term

Income

Fund

(a) 8,038,915

97,110

$

763,227

TOTAL

INVESTMENT

COMPANIES

$

1,042,023

Total

Investments

$

1,042,023

Other

Assets

and

Liabilities

- (0.01)%

(97)

TOTAL

NET

ASSETS

-

100.00%

$

1,041,926

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) July

31,

2025

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

273,319

$

67,054

$

13,346

$

326,214

Diversified

International

Fund

100,230

10,977

110,953

—

Diversified

Real

Asset

Fund

4,073

724

524

4,343

Global

Emerging

Markets

Fund

10,796

2,583

648

14,695

High

Income

Fund

5,325

6,346

—

High

Yield

Fund

45,543

18,237

9,483

53,158

High

Yield

Fund

-

Institutional

Class

—

6,134

6,134

—

Inflation

Protection

Fund

40,866

9,721

2,792

47,923

International

Equity

Fund

—

126,625

2,931

133,502

International

Small

Company

Fund

9,846

2,722

6,295

6,803

LargeCap

S&P

500

Index

Fund

254,566

45,890

32,882

291,980

MidCap

S&P

Index

Fund

25,032

7,387

3,771

26,051

Real

Estate

Securities

Fund

16,208

3,166

994

17,307

Short-Term

Income

Fund

83,522

20,888

8,004

97,110

SmallCap

S&P

600

Index

Fund

17,916

10,228

2,787

22,937

$

887,242

$

332,479

$

207,890

$

1,042,023

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

9,759

$

—

$

—

$

(813)

Diversified

International

Fund

2,528

10,904

2,962

(11,158)

Diversified

Real

Asset

Fund

—

Global

Emerging

Markets

Fund

—

1,963

High

Income

Fund

(21)

—

899

High

Yield

Fund

2,509

(76)

—

(1,063)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

Inflation

Protection

Fund

1,362

—

—

International

Equity

Fund

—

—

9,807

International

Small

Company

Fund

—

LargeCap

S&P

500

Index

Fund

3,755

3,449

24,363

MidCap

S&P

Index

Fund

852

(5)

2,381

(2,592)

Real

Estate

Securities

Fund

(2)

(1,071)

Short-Term

Income

Fund

2,513

(4)

—

708

SmallCap

S&P

600

Index

Fund

1,427

(2,421)

$

24,448

$

10,920

$

10,476

$

19,272

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2030

Fund

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.01

%

Diversified

Real

Asset

Fund

(a) 489,569

$

5,752

Global

Emerging

Markets

Fund

(a) 662,451

20,523

High

Yield

Fund

(a) 8,297,444

55,842

International

Equity

Fund

(a) 12,503,757

186,306

International

Small

Company

Fund

(a) 819,024

9,681

MidCap

S&P

Index

Fund

(a) 1,641,044

36,612

Real

Estate

Securities

Fund

(a) 749,043

21,018

SmallCap

S&P

600

Index

Fund

(a) 1,301,053

32,214

$

367,948

Principal

Funds,

Inc.

Institutional

Class

-

.00

%

Bond

Market

Index

Fund

(a) 40,056,974

344,490

Inflation

Protection

Fund

(a) 5,941,882

46,822

LargeCap

S&P

500

Index

Fund

(a) 13,281,118

407,996

Short-Term

Income

Fund

(a) 4,887,033

59,035

$

858,343

TOTAL

INVESTMENT

COMPANIES

$

1,226,291

Total

Investments

$

1,226,291

Other

Assets

and

Liabilities

- (0.01)%

(162)

TOTAL

NET

ASSETS

-

100.00%

$

1,226,129

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) July

31,

2025

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

269,539

$

87,368

$

11,879

$

344,490

Diversified

International

Fund

132,651

17,808

150,244

—

Diversified

Real

Asset

Fund

4,748

1,101

5,752

Global

Emerging

Markets

Fund

14,205

4,286

682

20,523

High

Income

Fund

5,186

6,227

—

High

Yield

Fund

44,506

21,007

8,530

55,842

High

Yield

Fund

-

Institutional

Class

—

6,020

6,020

—

Inflation

Protection

Fund

37,893

11,994

3,230

46,822

International

Equity

Fund

—

175,781

3,007

186,306

International

Small

Company

Fund

13,077

4,189

8,372

9,681

LargeCap

S&P

500

Index

Fund

337,016

78,165

40,962

407,996

MidCap

S&P

Index

Fund

33,305

12,050

5,299

36,612

Real

Estate

Securities

Fund

18,855

4,702

1,290

21,018

Short-Term

Income

Fund

47,156

17,691

6,205

59,035

SmallCap

S&P

600

Index

Fund

23,981

15,163

3,653

32,214

$

982,118

$

457,464

$

255,803

$

1,226,291

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

9,744

$

$

—

$

(539)

Diversified

International

Fund

3,381

13,722

3,978

(13,937)

Diversified

Real

Asset

Fund

—

—

Global

Emerging

Markets

Fund

(1)

—

2,715

High

Income

Fund

(20)

—

922

High

Yield

Fund

2,549

(61)

—

(1,080)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

Inflation

Protection

Fund

1,252

—

—

International

Equity

Fund

—

(20)

—

13,552

International

Small

Company

Fund

—

721

LargeCap

S&P

500

Index

Fund

5,006

(78)

4,570

33,855

MidCap

S&P

Index

Fund

1,140

(2)

3,170

(3,442)

Real

Estate

Securities

Fund

(1,250)

Short-Term

Income

Fund

1,442

(3)

—

SmallCap

S&P

600

Index

Fund

(2)

1,911

(3,275)

$

25,983

$

13,603

$

13,930

$

28,909

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2035

Fund

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.19

%

Global

Emerging

Markets

Fund

(a) 537,654

$

16,657

High

Yield

Fund

(a) 5,509,424

37,079

International

Equity

Fund

(a) 10,158,880

151,367

International

Small

Company

Fund

(a) 662,891

7,835

MidCap

S&P

Index

Fund

(a) 1,330,395

29,681

Real

Estate

Securities

Fund

(a) 657,472

18,449

SmallCap

S&P

600

Index

Fund

(a) 1,055,415

26,132

$

287,200

Principal

Funds,

Inc.

Institutional

Class

-

.82

%

Bond

Market

Index

Fund

(a) 28,685,944

246,699

LargeCap

S&P

500

Index

Fund

(a) 10,787,313

331,386

$

578,085

TOTAL

INVESTMENT

COMPANIES

$

865,285

Total

Investments

$

865,285

Other

Assets

and

Liabilities

- (0.01)%

(106)

TOTAL

NET

ASSETS

-

100.00%

$

865,179

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) July

31,

2025

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

199,855

$

57,076

$

9,665

$

246,699

Diversified

International

Fund

111,116

12,609

123,419

—

Global

Emerging

Markets

Fund

11,784

3,209

538

16,657

High

Income

Fund

3,437

4,188

—

High

Yield

Fund

30,465

12,373

4,937

37,079

High

Yield

Fund

-

Institutional

Class

—

4,051

4,051

—

International

Equity

Fund

—

142,458

2,080

151,367

International

Small

Company

Fund

10,932

3,086

6,799

7,835

LargeCap

S&P

500

Index

Fund

282,174

53,559

31,771

331,386

MidCap

S&P

Index

Fund

27,507

8,827

3,833

29,681

Real

Estate

Securities

Fund

16,959

3,588

968

18,449

SmallCap

S&P

600

Index

Fund

20,051

11,635

2,834

26,132

$

714,280

$

312,563

$

195,083

$

865,285

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

7,070

$

—

$

—

$

(567)

Diversified

International

Fund

2,813

9,130

3,288

(9,436)

Global

Emerging

Markets

Fund

—

—

2,202

High

Income

Fund

(14)

—

673

High

Yield

Fund

1,701

(33)

—

(789)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

International

Equity

Fund

—

—

—

10,989

International

Small

Company

Fund

—

LargeCap

S&P

500

Index

Fund

4,174

(12)

3,831

27,436

MidCap

S&P

Index

Fund

940

(1)

2,623

(2,819)

Real

Estate

Securities

Fund

—

(1,130)

SmallCap

S&P

600

Index

Fund

1,598

(2,722)

$

17,840

$

9,204

$

11,609

$

24,321

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2040

Fund

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.91

%

Global

Emerging

Markets

Fund

(a) 775,482

$

24,024

High

Yield

Fund

(a) 4,949,858

33,312

International

Equity

Fund

(a) 14,617,652

217,803

International

Small

Company

Fund

(a) 997,344

11,789

MidCap

S&P

Index

Fund

(a) 1,942,464

43,336

Real

Estate

Securities

Fund

(a) 795,138

22,312

SmallCap

S&P

600

Index

Fund

(a) 1,530,761

37,902

$

390,478

Principal

Funds,

Inc.

Institutional

Class

-

.10

%

Bond

Market

Index

Fund

(a) 22,079,976

189,888

LargeCap

S&P

500

Index

Fund

(a) 15,551,523

477,743

$

667,631

TOTAL

INVESTMENT

COMPANIES

$

1,058,109

Total

Investments

$

1,058,109

Other

Assets

and

Liabilities

- (0.01)%

(133)

TOTAL

NET

ASSETS

-

100.00%

$

1,057,976

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) July

31,

2025

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

133,659

$

60,472

$

4,117

$

189,888

Diversified

International

Fund

144,186

21,033

164,946

—

Global

Emerging

Markets

Fund

15,446

6,060

574

24,024

High

Income

Fund

2,703

3,291

—

High

Yield

Fund

23,419

13,729

3,222

33,312

High

Yield

Fund

-

Institutional

Class

—

3,184

3,184

—

International

Equity

Fund

—

203,936

1,457

217,803

International

Small

Company

Fund

14,205

6,034

9,370

11,789

LargeCap

S&P

500

Index

Fund

366,634

108,617

36,216

477,743

MidCap

S&P

Index

Fund

35,818

16,183

4,975

43,336

Real

Estate

Securities

Fund

18,377

6,089

867

22,312

SmallCap

S&P

600

Index

Fund

26,311

18,765

3,532

37,902

$

780,758

$

464,175

$

235,751

$

1,058,109

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

4,813

$

—

$

—

$

(126)

Diversified

International

Fund

3,715

11,838

4,384

(12,111)

Global

Emerging

Markets

Fund

—

—

3,092

High

Income

Fund

(11)

—

526

High

Yield

Fund

1,408

(22)

—

(592)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

International

Equity

Fund

—

(7)

—

15,331

International

Small

Company

Fund

—

812

LargeCap

S&P

500

Index

Fund

5,504

5,054

38,705

MidCap

S&P

Index

Fund

1,246

(1)

3,479

(3,689)

Real

Estate

Securities

Fund

—

(1,287)

SmallCap

S&P

600

Index

Fund

2,134

(3,656)

$

18,099

$

11,922

$

15,348

$

37,005

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2045

Fund

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.58

%

Global

Emerging

Markets

Fund

(a) 483,946

$

14,993

High

Yield

Fund

(a) 1,955,580

13,161

International

Equity

Fund

(a) 9,142,484

136,223

International

Small

Company

Fund

(a) 588,057

6,951

MidCap

S&P

Index

Fund

(a) 1,192,449

26,604

Real

Estate

Securities

Fund

(a) 435,687

12,225

SmallCap

S&P

600

Index

Fund

(a) 946,943

23,446

$

233,603

Principal

Funds,

Inc.

Institutional

Class

-

.43

%

Bond

Market

Index

Fund

(a) 6,835,135

58,782

LargeCap

S&P

500

Index

Fund

(a) 9,695,950

297,860

$

356,642

TOTAL

INVESTMENT

COMPANIES

$

590,245

Total

Investments

$

590,245

Other

Assets

and

Liabilities

- (0.01)%

(78)

TOTAL

NET

ASSETS

-

100.00%

$

590,167

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) July

31,

2025

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

45,656

$

15,820

$

2,598

$

58,782

Diversified

International

Fund

99,185

11,982

110,929

—

Global

Emerging

Markets

Fund

10,636

2,967

599

14,993

High

Income

Fund

1,162

1,402

—

High

Yield

Fund

10,220

4,637

1,442

13,161

High

Yield

Fund

-

Institutional

Class

—

1,355

1,355

—

International

Equity

Fund

—

129,223

2,886

136,223

International

Small

Company

Fund

9,718

2,778

6,100

6,951

LargeCap

S&P

500

Index

Fund

252,094

47,728

26,771

297,860

MidCap

S&P

Index

Fund

24,617

7,938

3,439

26,604

Real

Estate

Securities

Fund

11,242

2,393

665

12,225

SmallCap

S&P

600

Index

Fund

18,266

10,447

2,779

23,446

$

482,796

$

237,299

$

160,965

$

590,245

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

1,615

$

—

$

—

$

(96)

Diversified

International

Fund

2,507

7,513

2,948

(7,751)

Global

Emerging

Markets

Fund

—

1,988

High

Income

Fund

(5)

—

High

Yield

Fund

588

(7)

—

(247)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

International

Equity

Fund

—

(16)

—

9,902

International

Small

Company

Fund

—

LargeCap

S&P

500

Index

Fund

3,726

3,420

24,803

MidCap

S&P

Index

Fund

840

—

2,345

(2,512)

Real

Estate

Securities

Fund

—

(745)

SmallCap

S&P

600

Index

Fund

1,452

(2,499)

$

10,176

$

7,575

$

10,343

$

23,540

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2050

Fund

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.51

%

Global

Emerging

Markets

Fund

(a) 496,311

$

15,375

High

Yield

Fund

(a) 949,831

6,392

International

Equity

Fund

(a) 9,361,933

139,493

International

Small

Company

Fund

(a) 622,661

7,360

MidCap

S&P

Index

Fund

(a) 1,231,926

27,484

Real

Estate

Securities

Fund

(a) 410,079

11,507

SmallCap

S&P

600

Index

Fund

(a) 975,717

24,159

$

231,770

Principal

Funds,

Inc.

Institutional

Class

-

.50

%

Bond

Market

Index

Fund

(a) 2,487,149

21,390

LargeCap

S&P

500

Index

Fund

(a) 9,936,079

305,236

$

326,626

TOTAL

INVESTMENT

COMPANIES

$

558,396

Total

Investments

$

558,396

Other

Assets

and

Liabilities

- (0.01)%

(69)

TOTAL

NET

ASSETS

-

100.00%

$

558,327

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) July

31,

2025

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

14,620

$

7,428

$

652

$

21,390

Diversified

International

Fund

96,214

11,591

107,590

—

Global

Emerging

Markets

Fund

10,261

3,510

15,375

High

Income

Fund

578

—

High

Yield

Fund

4,387

2,606

517

6,392

High

Yield

Fund

-

Institutional

Class

—

558

558

—

International

Equity

Fund

—

131,188

1,704

139,493

International

Small

Company

Fund

9,497

3,316

6,040

7,360

LargeCap

S&P

500

Index

Fund

244,559

56,631

21,542

305,236

MidCap

S&P

Index

Fund

23,950

8,961

3,084

27,484

Real

Estate

Securities

Fund

10,015

2,632

11,507

SmallCap

S&P

600

Index

Fund

17,553

11,201

2,287

24,159

$

431,545

$

239,635

$

145,426

$

558,396

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

516

$

—

$

—

$

(6)

Diversified

International

Fund

2,419

7,576

2,857

(7,791)

Global

Emerging

Markets

Fund

—

—

2,012

High

Income

Fund

(1)

—

High

Yield

Fund

(3)

—

(81)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

International

Equity

Fund

—

(16)

—

10,025

International

Small

Company

Fund

—

515

LargeCap

S&P

500

Index

Fund

3,601

3,306

25,582

MidCap

S&P

Index

Fund

814

(1)

2,271

(2,342)

Real

Estate

Securities

Fund

—

(674)

SmallCap

S&P

600

Index

Fund

1,392

(2,313)

$

8,456

$

7,638

$

9,984

$

25,004

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2055

Fund

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.02

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.83

%

Global

Emerging

Markets

Fund

(a) 317,958

$

9,851

High

Yield

Fund

(a) 463,478

3,119

International

Equity

Fund

(a) 5,994,441

89,317

International

Small

Company

Fund

(a) 396,633

4,688

MidCap

S&P

Index

Fund

(a) 788,311

17,587

Real

Estate

Securities

Fund

(a) 259,106

7,271

SmallCap

S&P

600

Index

Fund

(a) 625,240

15,481

$

147,314

Principal

Funds,

Inc.

Institutional

Class

-

.19

%

Bond

Market

Index

Fund

(a) 1,100,500

9,464

LargeCap

S&P

500

Index

Fund

(a) 6,362,531

195,457

$

204,921

TOTAL

INVESTMENT

COMPANIES

$

352,235

Total

Investments

$

352,235

Other

Assets

and

Liabilities

- (0.02)%

(55)

TOTAL

NET

ASSETS

-

100.00%

$

352,180

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) July

31,

2025

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

7,495

$

2,408

$

$

9,464

Diversified

International

Fund

60,686

8,406

68,980

—

Global

Emerging

Markets

Fund

6,491

2,402

9,851

High

Income

Fund

—

High

Yield

Fund

2,344

1,160

3,119

High

Yield

Fund

-

Institutional

Class

—

—

International

Equity

Fund

—

84,231

1,293

89,317

International

Small

Company

Fund

6,010

2,246

3,942

4,688

LargeCap

S&P

500

Index

Fund

153,858

38,875

13,468

195,457

MidCap

S&P

Index

Fund

15,325

6,084

2,258

17,587

Real

Estate

Securities

Fund

6,297

1,795

7,271

SmallCap

S&P

600

Index

Fund

11,289

7,485

1,746

15,481

$

270,071

$

155,416

$

93,811

$

352,235

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

$

—

$

—

$

(7)

Diversified

International

Fund

1,540

4,416

1,822

(4,528)

Global

Emerging

Markets

Fund

—

1,285

High

Income

Fund

(1)

—

High

Yield

Fund

(2)

—

(55)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

International

Equity

Fund

—

(5)

—

6,384

International

Small

Company

Fund

—

LargeCap

S&P

500

Index

Fund

2,283

2,097

16,182

MidCap

S&P

Index

Fund

525

1,467

(1,565)

Real

Estate

Securities

Fund

—

(430)

SmallCap

S&P

600

Index

Fund

903

(1,550)

$

5,292

$

4,443

$

6,389

$

16,116

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2060

Fund

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.02

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.89

%

Global

Emerging

Markets

Fund

(a) 175,213

$

5,428

High

Yield

Fund

(a) 259,247

1,745

International

Equity

Fund

(a) 3,297,570

49,134

International

Small

Company

Fund

(a) 225,812

2,669

MidCap

S&P

Index

Fund

(a) 437,717

9,766

Real

Estate

Securities

Fund

(a) 144,556

4,056

SmallCap

S&P

600

Index

Fund

(a) 346,260

8,573

$

81,371

Principal

Funds,

Inc.

Institutional

Class

-

.13

%

Bond

Market

Index

Fund

(a) 615,565

5,294

LargeCap

S&P

500

Index

Fund

(a) 3,502,832

107,607

$

112,901

TOTAL

INVESTMENT

COMPANIES

$

194,272

Total

Investments

$

194,272

Other

Assets

and

Liabilities

- (0.02)%

(46)

TOTAL

NET

ASSETS

-

100.00%

$

194,226

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) July

31,

2025

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

3,992

$

1,596

$

$

5,294

Diversified

International

Fund

32,148

4,928

36,998

—

Global

Emerging

Markets

Fund

3,456

1,499

5,428

High

Income

Fund

—

High

Yield

Fund

1,252

710

1,745

High

Yield

Fund

-

Institutional

Class

—

—

International

Equity

Fund

—

46,422

792

49,134

International

Small

Company

Fund

3,202

1,444

2,188

2,669

LargeCap

S&P

500

Index

Fund

81,426

25,373

8,233

107,607

MidCap

S&P

Index

Fund

8,163

3,805

1,392

9,766

Real

Estate

Securities

Fund

3,358

1,172

4,056

SmallCap

S&P

600

Index

Fund

6,023

4,452

1,096

8,573

$

143,166

$

91,571

$

51,991

$

194,272

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

$

—

$

—

$

(2)

Diversified

International

Fund

826

2,295

969

(2,373)

Global

Emerging

Markets

Fund

—

702

High

Income

Fund

—

—

High

Yield

Fund

(1)

—

(26)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

International

Equity

Fund

—

—

3,499

International

Small

Company

Fund

—

LargeCap

S&P

500

Index

Fund

1,217

1,117

9,033

MidCap

S&P

Index

Fund

788

(811)

Real

Estate

Securities

Fund

—

(232)

SmallCap

S&P

600

Index

Fund

(808)

$

2,834

$

2,314

$

3,414

$

9,212

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2065

Fund

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.02

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.84

%

Global

Emerging

Markets

Fund

(a) 63,287

$

1,961

High

Yield

Fund

(a) 94,185

634

International

Equity

Fund

(a) 1,193,098

17,777

International

Small

Company

Fund

(a) 79,895

944

MidCap

S&P

Index

Fund

(a) 157,709

3,519

Real

Estate

Securities

Fund

(a) 52,437

1,471

SmallCap

S&P

600

Index

Fund

(a) 124,919

3,093

$

29,399

Principal

Funds,

Inc.

Institutional

Class

-

.18

%

Bond

Market

Index

Fund

(a) 223,499

1,922

LargeCap

S&P

500

Index

Fund

(a) 1,267,946

38,951

$

40,873

TOTAL

INVESTMENT

COMPANIES

$

70,272

Total

Investments

$

70,272

Other

Assets

and

Liabilities

- (0.02)%

(12)

TOTAL

NET

ASSETS

-

100.00%

$

70,260

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) July

31,

2025

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

1,329

$

746

$

$

1,922

Diversified

International

Fund

10,531

2,488

13,019

—

Global

Emerging

Markets

Fund

1,134

672

1,961

High

Income

Fund

—

High

Yield

Fund

634

High

Yield

Fund

-

Institutional

Class

—

—

International

Equity

Fund

—

17,132

622

17,777

International

Small

Company

Fund

1,067

663

866

944

LargeCap

S&P

500

Index

Fund

26,583

12,296

3,113

38,951

MidCap

S&P

Index

Fund

2,759

1,701

658

3,519

Real

Estate

Securities

Fund

1,115

554

1,471

SmallCap

S&P

600

Index

Fund

2,018

1,837

3,093

$

46,999

$

38,460

$

19,324

$

70,272

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

$

—

$

—

$

Diversified

International

Fund

545

(545)

Global

Emerging

Markets

Fund

—

—

High

Income

Fund

—

—

High

Yield

Fund

—

—

(9)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

International

Equity

Fund

—

—

1,264

International

Small

Company

Fund

—

—

LargeCap

S&P

500

Index

Fund

3,184

MidCap

S&P

Index

Fund

—

(283)

Real

Estate

Securities

Fund

—

(79)

SmallCap

S&P

600

Index

Fund

—

(288)

$

954

$

549

$

1,163

$

3,588

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2070

Fund

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.97

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.91

%

Global

Emerging

Markets

Fund

(a) 8,590

$

High

Yield

Fund

(a) 13,092

International

Equity

Fund

(a) 161,654

2,409

International

Small

Company

Fund

(a) 11,773

MidCap

S&P

Index

Fund

(a) 21,958

Real

Estate

Securities

Fund

(a) 7,265

SmallCap

S&P

600

Index

Fund

(a) 17,262

$

4,023

Principal

Funds,

Inc.

Institutional

Class

-

.06

%

Bond

Market

Index

Fund

(a) 31,154

LargeCap

S&P

500

Index

Fund

(a) 172,726

5,306

$

5,574

TOTAL

INVESTMENT

COMPANIES

$

9,597

Total

Investments

$

9,597

Other

Assets

and

Liabilities

- 0.03%

TOTAL

NET

ASSETS

-

100.00%

$

9,600

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) July

31,

2025

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

$

$

$

Diversified

International

Fund

920

573

1,497

—

Global

Emerging

Markets

Fund

High

Income

Fund

—

—

High

Yield

Fund

High

Yield

Fund

-

Institutional

Class

—

—

International

Equity

Fund

—

2,416

2,409

International

Small

Company

Fund

LargeCap

S&P

500

Index

Fund

2,331

3,573

993

5,306

MidCap

S&P

Index

Fund

Real

Estate

Securities

Fund

SmallCap

S&P

600

Index

Fund

$

4,107

$

8,275

$

3,327

$

9,597

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

$

—

$

—

$

Diversified

International

Fund

(48)

Global

Emerging

Markets

Fund

—

—

High

Income

Fund

—

—

—

—

High

Yield

Fund

—

—

—

High

Yield

Fund

-

Institutional

Class

—

—

—

—

International

Equity

Fund

—

(1)

—

International

Small

Company

Fund

—

LargeCap

S&P

500

Index

Fund

MidCap

S&P

Index

Fund

(1)

(26)

Real

Estate

Securities

Fund

—

(9)

SmallCap

S&P

600

Index

Fund

—

(31)

$

$

$

$

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

Hybrid

Income

Fund

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.02

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.70

%

Diversified

Real

Asset

Fund

(a) 66,342

$

779

Global

Emerging

Markets

Fund

(a) 58,405

1,809

High

Yield

Fund

(a) 1,698,191

11,429

International

Equity

Fund

(a) 1,104,419

16,456

International

Small

Company

Fund

(a) 68,186

806

MidCap

S&P

Index

Fund

(a) 142,145

3,171

Real

Estate

Securities

Fund

(a) 106,404

2,986

SmallCap

S&P

600

Index

Fund

(a) 113,430

2,809

$

40,245

Principal

Funds,

Inc.

Institutional

Class

-

.32

%

Bond

Market

Index

Fund

(a) 7,111,250

61,157

Inflation

Protection

Fund

(a) 1,301,060

10,252

LargeCap

S&P

500

Index

Fund

(a) 1,169,027

35,913

Short-Term

Income

Fund

(a) 2,465,575

29,784

$

137,106

TOTAL

INVESTMENT

COMPANIES

$

177,351

Total

Investments

$

177,351

Other

Assets

and

Liabilities

- (0.02)%

(31)

TOTAL

NET

ASSETS

-

100.00%

$

177,320

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) July

31,

2025

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

54,113

$

14,038

$

6,759

$

61,157

Diversified

International

Fund

12,646

1,165

13,768

—

Diversified

Real

Asset

Fund

914

779

Global

Emerging

Markets

Fund

1,374

1,809

High

Income

Fund

1,148

1,366

—

High

Yield

Fund

10,580

4,064

2,961

11,429

High

Yield

Fund

-

Institutional

Class

—

1,320

1,320

—

Inflation

Protection

Fund

9,471

2,205

1,440

10,252

International

Equity

Fund

—

16,191

973

16,456

International

Small

Company

Fund

1,266

904

806

LargeCap

S&P

500

Index

Fund

31,985

6,617

5,785

35,913

MidCap

S&P

Index

Fund

3,228

1,043

768

3,171

Real

Estate

Securities

Fund

2,811

743

2,986

Short-Term

Income

Fund

27,876

6,190

4,514

29,784

SmallCap

S&P

600

Index

Fund

2,341

1,295

514

2,809

$

159,753

$

55,791

$

41,921

$

177,351

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

1,930

$

—

$

—

$

(235)

Diversified

International

Fund

810

(853)

Diversified

Real

Asset

Fund

—

(8)

Global

Emerging

Markets

Fund

—

—

High

Income

Fund

(4)

—

High

Yield

Fund

567

(20)

—

(234)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

Inflation

Protection

Fund

—

International

Equity

Fund

—

—

1,237

International

Small

Company

Fund

—

LargeCap

S&P

500

Index

Fund

3,060

MidCap

S&P

Index

Fund

(334)

Real

Estate

Securities

Fund

—

(188)

Short-Term

Income

Fund

821

(1)

—

SmallCap

S&P

600

Index

Fund

—

(313)

$

4,711

$

868

$

1,335

$

2,860

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

Strategic

Income

Fund

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.61

%

Blue

Chip

Fund

(a) 575,183

$

29,812

Core

Fixed

Income

Fund

(a) 29,142,480

250,042

Diversified

Real

Asset

Fund

(a) 245,755

2,888

Global

Emerging

Markets

Fund

(a) 238,628

7,393

High

Yield

Fund

(a) 6,918,637

46,562

International

Equity

Fund

(a) 4,525,827

67,435

International

Small

Company

Fund

(a) 261,530

3,091

LargeCap

Growth

Fund

I

(a) 1,679,740

30,538

MidCap

Fund

(a) 131,562

6,270

Real

Estate

Securities

Fund

(a) 431,763

12,115

SmallCap

Fund

(a) 317,191

9,287

SmallCap

S&P

600

Index

Fund

(a) 105,359

2,609

Small-MidCap

Dividend

Income

Fund

(a) 336,881

6,411

$

474,453

Principal

Funds,

Inc.

Institutional

Class

-

.40

%

Equity

Income

Fund

(a) 670,709

27,680

Inflation

Protection

Fund

(a) 5,252,833

41,392

LargeCap

S&P

500

Index

Fund

(a) 1,007,716

30,957

LargeCap

Value

Fund

III

(a) 1,372,085

27,195

Short-Term

Income

Fund

(a) 10,061,403

121,542

$

248,766

TOTAL

INVESTMENT

COMPANIES

$

723,219

Total

Investments

$

723,219

Other

Assets

and

Liabilities

- (0.01)%

(70)

TOTAL

NET

ASSETS

-

100.00%

$

723,149

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Schedule

of

Investments

Principal

LifeTime

Strategic

Income

Fund

July

31,

2025

(unaudited)

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) July

31,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

33,023

$

2,073

$

8,713

$

29,812

Core

Fixed

Income

Fund

265,468

28,520

44,592

250,042

Diversified

International

Fund

63,552

3,621

66,881

—

Diversified

Real

Asset

Fund

3,337

628

2,888

Equity

Income

Fund

31,023

4,364

6,373

27,680

Global

Emerging

Markets

Fund

6,637

929

1,206

7,393

High

Income

Fund

6,174

7,401

—

High

Yield

Fund

52,801

11,738

16,560

46,562

High

Yield

Fund

-

Institutional

Class

—

7,155

7,155

—

Inflation

Protection

Fund

45,872

3,870

8,291

41,392

International

Equity

Fund

—

68,210

6,020

67,435

International

Small

Company

Fund

6,070

1,022

4,234

3,091

LargeCap

Growth

Fund

I

32,993

8,733

7,337

30,538

LargeCap

S&P

500

Index

Fund

33,694

1,498

6,924

30,957

LargeCap

Value

Fund

III

31,095

3,800

6,349

27,195

MidCap

Fund

8,168

2,592

6,270

Real

Estate

Securities

Fund

14,733

775

2,512

12,115

Short-Term

Income

Fund

137,787

10,772

28,040

121,542

SmallCap

Fund

11,462

2,730

9,287

SmallCap

S&P

600

Index

Fund

—

3,078

2,609

Small-MidCap

Dividend

Income

Fund

7,192

1,109

1,797

6,411

$

791,081

$

162,479

$

236,501

$

723,219

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

$

3,427

$

1,448

$

Core

Fixed

Income

Fund

7,104

(2,846)

—

3,492

Diversified

International

Fund

1,524

(4,086)

1,740

3,794

Diversified

Real

Asset

Fund

—

Equity

Income

Fund

(58)

2,599

(1,276)

Global

Emerging

Markets

Fund

—

1,029

High

Income

Fund

(27)

—

1,088

High

Yield

Fund

2,510

(138)

—

(1,279)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

Inflation

Protection

Fund

1,461

(39)

—

(20)

International

Equity

Fund

—

—

5,236

International

Small

Company

Fund

—

LargeCap

Growth

Fund

I

(8)

7,965

(3,843)

LargeCap

S&P

500

Index

Fund

2,273

LargeCap

Value

Fund

III

1,928

(1,374)

MidCap

Fund

Real

Estate

Securities

Fund

(97)

(784)

Short-Term

Income

Fund

3,638

—

1,008

SmallCap

Fund

(12)

SmallCap

S&P

600

Index

Fund

(10)

(293)

Small-MidCap

Dividend

Income

Fund

(15)

(78)

$

18,661

$

(3,108)

$

16,976

$

9,268

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Real

Estate

Securities

Fund

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.02

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.02

%

Principal

Government

Money

Market

Fund

-

Class

4.22%

(a),(b)

62,230,646

$

62,231

TOTAL

INVESTMENT

COMPANIES

$

62,231

COMMON

STOCKS

-

.23

%

Shares

Held

Value

(000's)

Lodging

-

.67

%

Hyatt

Hotels

Corp

291,809

$

41,136

REITs

-

.56

%

American

Healthcare

REIT

Inc

2,589,583

100,061

American

Homes

Rent

4,653,804

161,440

American

Tower

Corp

3,024,617

630,300

Americold

Realty

Trust

Inc

3,171,782

51,002

AvalonBay

Communities

Inc

1,445,751

269,315

Cousins

Properties

Inc

3,691,612

100,043

Digital

Realty

Trust

Inc

1,269,145

223,928

EastGroup

Properties

Inc

575,478

93,941

Equinix

Inc

616,210

483,830

Equity

LifeStyle

Properties

Inc

1,675,434

100,392

Equity

Residential

2,204,777

139,342

Essex

Property

Trust

Inc

428,103

111,384

Extra

Space

Storage

Inc

2,206,247

296,431

Gaming

and

Leisure

Properties

Inc

2,326,958

106,063

Healthpeak

Properties

Inc

10,072,005

170,620

Hudson

Pacific

Properties

Inc

(c) 5,981,175

14,654

InvenTrust

Properties

Corp

2,125,729

58,606

Invitation

Homes

Inc

5,993,086

183,688

Iron

Mountain

Inc

737,206

71,774

Kilroy

Realty

Corp

1,608,462

59,288

National

Health

Investors

Inc

841,545

58,790

NETSTREIT

Corp

4,451,754

81,155

Prologis

Inc

3,140,310

335,322

Regency

Centers

Corp

2,996,958

213,983

Rexford

Industrial

Realty

Inc

3,225,254

117,819

Ryman

Hospitality

Properties

Inc

965,166

91,749

Sabra

Health

Care

REIT

Inc

7,101,541

128,041

Saul

Centers

Inc

279,987

9,021

SBA

Communications

Corp

880,531

197,873

Simon

Property

Group

Inc

908,335

148,776

Ventas

Inc

5,353,550

359,652

VICI

Properties

Inc

7,077,330

230,721

Vornado

Realty

Trust

1,941,563

74,595

Welltower

Inc

3,183,952

525,575

Weyerhaeuser

Co

1,706,517

42,748

$

6,041,922

TOTAL

COMMON

STOCKS

$

6,083,058

Total

Investments

$

6,145,289

Other

Assets

and

Liabilities

- (0.25)%

(15,361)

TOTAL

NET

ASSETS

-

100.00%

$

6,129,928

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b) 1-day

yield

shown

is

as

of

period

end.

(c) Non-income

producing

security

Affiliated

Securities

October

31,

2024

Purchases

Sales

July

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

142,428

$

495,306

$

575,503

$

62,231

$

142,428

$

495,306

$

575,503

$

62,231

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

2,857

$

—

$

—

$

—

$

2,857

$

—

$

—

$

—

Amounts

in

thousands.

Schedule

of

Investments

SAM

Balanced

Portfolio

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.04

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.64

%

Principal

Government

Money

Market

Fund

-

Class

4.22%

(a),(b)

29,785,172

$

29,785

Principal

Exchange-Traded

Funds

-

.80

%

Principal

International

Equity

ETF

(a) 5,752,387

167,049

Principal

U.S.

Mega-Cap

ETF

(a) 10,862,257

684,224

Principal

U.S.

Small-Cap

ETF

(a) 1,345,700

71,205

$

922,478

Principal

Funds,

Inc.

Class

-

.68

%

Blue

Chip

Fund

(a) 3,405,260

176,495

Core

Fixed

Income

Fund

(a) 68,297,067

585,989

Diversified

Real

Asset

Fund

(a) 9,420,039

110,685

Global

Emerging

Markets

Fund

(a) 3,436,509

106,463

High

Yield

Fund

(a) 30,765,831

207,054

International

Equity

Index

Fund

(a) 1,804,386

23,259

International

Small

Company

Fund

(a) 3,478,302

41,114

LargeCap

Growth

Fund

I

(a) 13,113,068

238,396

MidCap

Fund

(a) 479,504

22,853

Real

Estate

Securities

Fund

(a) 1,073,635

30,126

Small-MidCap

Dividend

Income

Fund

(a) 2,614,720

49,758

Spectrum

Preferred

and

Capital

Securities

Income

Fund

(a) 12,498,760

116,363

$

1,708,555

Principal

Funds,

Inc.

Institutional

Class

-

.92

%

Bond

Market

Index

Fund

(a) 32,474,440

279,280

Equity

Income

Fund

(a) 10,174,189

419,889

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

(a) 7,946,923

73,588

Global

Listed

Infrastructure

Fund

(a) 1,975,887

22,683

Government

&

High

Quality

Bond

Fund

(a) 5,879,508

52,622

Inflation

Protection

Fund

(a) 14,854,565

117,054

LargeCap

S&P

500

Index

Fund

(a) 3,265,079

100,303

LargeCap

Value

Fund

III

(a) 10,706,005

212,193

Overseas

Fund

(a) 4,174,382

46,920

Principal

Capital

Appreciation

Fund

(a) 6,212,274

543,388

Short-Term

Income

Fund

(a) 10,903,567

131,715

$

1,999,635

TOTAL

INVESTMENT

COMPANIES

$

4,660,453

Total

Investments

$

4,660,453

Other

Assets

and

Liabilities

- (0.04)%

(1,983)

TOTAL

NET

ASSETS

-

100.00%

$

4,658,470

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b) 1-day

yield

shown

is

as

of

period

end.

Schedule

of

Investments

SAM

Balanced

Portfolio

July

31,

2025

(unaudited)

Affiliated

Securities

October

31,

2024

Purchases

Sales

July

31,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

231,165

$

12,039

$

88,009

$

176,495

Bond

Market

Index

Fund

203,829

93,432

17,835

279,280

Core

Fixed

Income

Fund

756,946

25,221

197,491

585,989

Diversified

International

Fund

162,466

8,774

171,474

—

Diversified

Real

Asset

Fund

140,588

3,010

35,139

110,685

Equity

Income

Fund

337,857

159,890

71,991

419,889

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

86,486

4,489

20,219

73,588

Global

Emerging

Markets

Fund

90,341

9,796

8,890

106,463

Global

Listed

Infrastructure

Fund

—

22,782

—

22,683

Government

&

High

Quality

Bond

Fund

58,511

1,976

8,101

52,622

High

Yield

Fund

121,904

97,209

12,204

207,054

Inflation

Protection

Fund

92,013

35,198

11,132

117,054

International

Equity

Index

Fund

21,577

1,254

1,559

23,259

International

Small

Company

Fund

43,821

1,735

9,786

41,114

LargeCap

Growth

Fund

I

156,758

115,882

21,946

238,396

LargeCap

S&P

500

Index

Fund

98,263

3,721

10,226

100,303

LargeCap

Value

Fund

III

258,926

20,525

54,324

212,193

MidCap

Fund

177,675

6,987

164,908

22,853

Overseas

Fund

156,968

23,808

136,093

46,920

Principal

Capital

Appreciation

Fund

431,060

137,486

49,812

543,388

Principal

Government

Money

Market

Fund

-

Class

4.22%

23,647

69,097

62,959

29,785

Principal

International

Equity

ETF

—

167,298

12,575

167,049

Principal

U.S.

Mega-Cap

ETF

536,245

151,930

67,197

684,224

Principal

U.S.

Small-Cap

ETF

127,799

—

61,022

71,205

Principal

Value

ETF

—

59,791

58,539

—

Real

Estate

Securities

Fund

33,006

1,379

2,245

30,126

Short-Term

Income

Fund

82,766

56,235

7,949

131,715

Small-MidCap

Dividend

Income

Fund

69,881

3,473

21,934

49,758

Spectrum

Preferred

and

Capital

Securities

Income

Fund

119,283

5,591

9,222

116,363

$

4,619,781

$

1,300,008

$

1,394,781

$

4,660,453

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

$

55,203

$

10,252

$

(33,903)

Bond

Market

Index

Fund

8,037

(573)

—

Core

Fixed

Income

Fund

19,407

(15,341)

—

16,654

Diversified

International

Fund

3,945

59,188

4,592

(58,954)

Diversified

Real

Asset

Fund

2,278

(2,543)

—

4,769

Equity

Income

Fund

4,632

20,563

28,348

(26,430)

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

4,063

(3,205)

—

6,037

Global

Emerging

Markets

Fund

—

15,199

Global

Listed

Infrastructure

Fund

—

—

—

(99)

Government

&

High

Quality

Bond

Fund

1,535

(447)

—

683

High

Yield

Fund

7,632

(407)

—

552

Inflation

Protection

Fund

2,945

(1,375)

—

2,350

International

Equity

Index

Fund

723

1,844

International

Small

Company

Fund

1,668

1,003

—

4,341

LargeCap

Growth

Fund

I

896

(3,186)

38,211

(9,112)

LargeCap

S&P

500

Index

Fund

1,403

1,810

1,290

6,735

LargeCap

Value

Fund

III

3,675

(385)

16,253

(12,549)

MidCap

Fund

11,503

5,420

(8,404)

Overseas

Fund

11,505

2,814

11,376

(577)

Principal

Capital

Appreciation

Fund

3,008

3,969

18,940

20,685

Principal

Government

Money

Market

Fund

-

Class

4.22%

883

—

—

—

Principal

International

Equity

ETF

—

—

11,987

Principal

U.S.

Mega-Cap

ETF

3,782

20,380

—

42,866

Principal

U.S.

Small-Cap

ETF

589

10,840

—

(6,412)

Principal

Value

ETF

(1,252)

—

—

Real

Estate

Securities

Fund

558

502

(2,117)

Short-Term

Income

Fund

2,319

(7)

—

670

Small-MidCap

Dividend

Income

Fund

879

1,927

1,975

(3,589)

Spectrum

Preferred

and

Capital

Securities

Income

Fund

4,770

(941)

—

1,652

$

92,497

$

160,140

$

137,386

$

(24,695)

Amounts

in

thousands.

Schedule

of

Investments

SAM

Conservative

Balanced

Portfolio

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.04

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.85

%

Principal

Government

Money

Market

Fund

-

Class

4.22%

(a),(b)

15,458,515

$

15,459

Principal

Exchange-Traded

Funds

-

.06

%

Principal

International

Equity

ETF

(a) 1,563,178

45,395

Principal

U.S.

Mega-Cap

ETF

(a) 2,842,648

179,061

Principal

U.S.

Small-Cap

ETF

(a) 266,700

14,112

$

238,568

Principal

Funds,

Inc.

Class

-

.49

%

Blue

Chip

Fund

(a) 981,839

50,889

Core

Fixed

Income

Fund

(a) 48,644,912

417,373

Diversified

Real

Asset

Fund

(a) 2,890,355

33,962

Global

Emerging

Markets

Fund

(a) 888,152

27,515

High

Yield

Fund

(a) 14,746,362

99,243

International

Equity

Index

Fund

(a) 675,947

8,713

International

Small

Company

Fund

(a) 933,879

11,038

LargeCap

Growth

Fund

I

(a) 1,252,371

22,768

MidCap

Fund

(a) 206,342

9,834

Real

Estate

Securities

Fund

(a) 410,212

11,510

Small-MidCap

Dividend

Income

Fund

(a) 1,043,657

19,861

Spectrum

Preferred

and

Capital

Securities

Income

Fund

(a) 6,767,323

63,004

$

775,710

Principal

Funds,

Inc.

Institutional

Class

-

.64

%

Bond

Market

Index

Fund

(a) 21,669,441

186,357

Equity

Income

Fund

(a) 2,959,845

122,153

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

(a) 9,074,393

84,029

Global

Listed

Infrastructure

Fund

(a) 778,505

8,937

Government

&

High

Quality

Bond

Fund

(a) 4,596,973

41,143

Inflation

Protection

Fund

(a) 9,231,819

72,747

LargeCap

S&P

500

Index

Fund

(a) 909,886

27,952

LargeCap

Value

Fund

III

(a) 1,197,567

23,736

Overseas

Fund

(a) 2,591,152

29,124

Principal

Capital

Appreciation

Fund

(a) 1,515,057

132,522

Short-Term

Income

Fund

(a) 5,631,961

68,034

$

796,734

TOTAL

INVESTMENT

COMPANIES

$

1,826,471

Total

Investments

$

1,826,471

Other

Assets

and

Liabilities

- (0.04)%

(737)

TOTAL

NET

ASSETS

-

100.00%

$

1,825,734

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b) 1-day

yield

shown

is

as

of

period

end.

Schedule

of

Investments

SAM

Conservative

Balanced

Portfolio

July

31,

2025

(unaudited)

Affiliated

Securities

October

31,

2024

Purchases

Sales

July

31,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

74,185

$

3,846

$

33,297

$

50,889

Bond

Market

Index

Fund

160,210

41,888

15,330

186,357

Core

Fixed

Income

Fund

524,588

17,424

125,488

417,373

Diversified

International

Fund

45,382

2,567

48,007

—

Diversified

Real

Asset

Fund

46,769

1,133

14,628

33,962

Equity

Income

Fund

116,226

36,609

28,631

122,153

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

80,298

5,831

5,091

84,029

Global

Emerging

Markets

Fund

22,894

5,058

4,483

27,515

Global

Listed

Infrastructure

Fund

—

9,018

8,937

Government

&

High

Quality

Bond

Fund

42,728

1,883

3,652

41,143

High

Yield

Fund

54,125

52,100

7,226

99,243

Inflation

Protection

Fund

69,272

11,237

8,015

72,747

International

Equity

Index

Fund

8,614

612

1,277

8,713

International

Small

Company

Fund

10,746

601

1,703

11,038

LargeCap

Growth

Fund

I

22,649

5,866

3,245

22,768

LargeCap

S&P

500

Index

Fund

29,539

1,082

5,077

27,952

LargeCap

Value

Fund

III

33,586

2,866

10,874

23,736

MidCap

Fund

32,407

1,386

24,541

9,834

Overseas

Fund

29,157

4,562

5,165

29,124

Principal

Capital

Appreciation

Fund

113,188

36,217

22,551

132,522

Principal

Government

Money

Market

Fund

-

Class

4.22%

10,742

27,798

23,081

15,459

Principal

International

Equity

ETF

—

46,619

4,608

45,395

Principal

U.S.

Mega-Cap

ETF

143,917

38,225

19,895

179,061

Principal

U.S.

Small-Cap

ETF

29,629

—

16,438

14,112

Principal

Value

ETF

—

18,298

17,983

—

Real

Estate

Securities

Fund

13,309

653

1,637

11,510

Short-Term

Income

Fund

50,827

22,555

5,749

68,034

Small-MidCap

Dividend

Income

Fund

32,507

1,774

13,882

19,861

Spectrum

Preferred

and

Capital

Securities

Income

Fund

61,991

8,136

7,545

63,004

$

1,859,485

$

405,844

$

479,141

$

1,826,471

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

$

21,369

$

3,290

$

(15,214)

Bond

Market

Index

Fund

5,781

(657)

—

Core

Fixed

Income

Fund

13,503

(15,403)

—

16,252

Diversified

International

Fund

1,103

14,942

1,281

(14,884)

Diversified

Real

Asset

Fund

734

(110)

—

798

Equity

Income

Fund

1,493

4,368

9,747

(6,419)

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

3,990

(826)

—

3,817

Global

Emerging

Markets

Fund

—

3,982

Global

Listed

Infrastructure

Fund

—

—

—

(39)

Government

&

High

Quality

Bond

Fund

1,164

(199)

—

High

Yield

Fund

3,386

(79)

—

Inflation

Protection

Fund

2,219

(985)

—

1,238

International

Equity

Index

Fund

639

International

Small

Company

Fund

—

1,225

LargeCap

Growth

Fund

I

5,491

(2,634)

LargeCap

S&P

500

Index

Fund

1,093

1,315

LargeCap

Value

Fund

III

2,087

(2,112)

MidCap

Fund

(423)

986

1,005

Overseas

Fund

2,147

(220)

2,120

790

Principal

Capital

Appreciation

Fund

783

2,988

4,914

2,680

Principal

Government

Money

Market

Fund

-

Class

4.22%

—

—

—

Principal

International

Equity

ETF

—

—

3,260

Principal

U.S.

Mega-Cap

ETF

998

6,117

—

10,697

Principal

U.S.

Small-Cap

ETF

4,255

—

(3,334)

Principal

Value

ETF

(315)

—

—

Real

Estate

Securities

Fund

(881)

Short-Term

Income

Fund

1,406

(10)

—

Small-MidCap

Dividend

Income

Fund

906

(1,032)

Spectrum

Preferred

and

Capital

Securities

Income

Fund

2,502

(760)

—

1,182

$

44,474

$

36,589

$

31,491

$

3,694

Amounts

in

thousands.

Schedule

of

Investments

SAM

Conservative

Growth

Portfolio

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.04

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.60

%

Principal

Government

Money

Market

Fund

-

Class

4.22%

(a),(b)

19,569,116

$

19,569

Principal

Exchange-Traded

Funds

-

.67

%

Principal

International

Equity

ETF

(a) 4,776,025

138,696

Principal

U.S.

Mega-Cap

ETF

(a) 8,441,445

531,734

Principal

U.S.

Small-Cap

ETF

(a) 1,375,800

72,798

$

743,228

Principal

Funds,

Inc.

Class

-

.66

%

Blue

Chip

Fund

(a) 3,788,625

196,364

Core

Fixed

Income

Fund

(a) 23,583,694

202,348

Diversified

Real

Asset

Fund

(a) 6,245,252

73,382

Global

Emerging

Markets

Fund

(a) 3,342,012

103,536

High

Yield

Fund

(a) 9,365,706

63,031

International

Equity

Index

Fund

(a) 2,183,223

28,142

International

Small

Company

Fund

(a) 3,765,810

44,512

LargeCap

Growth

Fund

I

(a) 9,189,076

167,057

MidCap

Fund

(a) 441,781

21,055

Real

Estate

Securities

Fund

(a) 1,273,574

35,737

Small-MidCap

Dividend

Income

Fund

(a) 1,736,431

33,044

Spectrum

Preferred

and

Capital

Securities

Income

Fund

(a) 3,967,646

36,939

$

1,005,147

Principal

Funds,

Inc.

Institutional

Class

-

.11

%

Bond

Market

Index

Fund

(a) 13,663,614

117,507

Equity

Income

Fund

(a) 8,325,761

343,604

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

(a) 3,484,241

32,264

Global

Listed

Infrastructure

Fund

(a) 2,779,614

31,910

Government

&

High

Quality

Bond

Fund

(a) 1,608,845

14,399

Inflation

Protection

Fund

(a) 5,852,503

46,118

LargeCap

S&P

500

Index

Fund

(a) 2,568,365

78,900

LargeCap

Value

Fund

III

(a) 11,830,292

234,476

Overseas

Fund

(a) 11,768,194

132,275

Principal

Capital

Appreciation

Fund

(a) 5,492,525

480,431

$

1,511,884

TOTAL

INVESTMENT

COMPANIES

$

3,279,828

Total

Investments

$

3,279,828

Other

Assets

and

Liabilities

- (0.04)%

(1,363)

TOTAL

NET

ASSETS

-

100.00%

$

3,278,465

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b) 1-day

yield

shown

is

as

of

period

end.

Schedule

of

Investments

SAM

Conservative

Growth

Portfolio

July

31,

2025

(unaudited)

Affiliated

Securities

October

31,

2024

Purchases

Sales

July

31,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

233,808

$

11,089

$

71,963

$

196,364

Bond

Market

Index

Fund

84,104

40,131

6,435

117,507

Core

Fixed

Income

Fund

252,687

7,593

58,446

202,348

Diversified

International

Fund

131,053

7,724

139,021

—

Diversified

Real

Asset

Fund

108,895

1,933

39,209

73,382

Equity

Income

Fund

349,172

64,814

56,256

343,604

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

32,633

1,964

3,509

32,264

Global

Emerging

Markets

Fund

85,979

17,200

14,744

103,536

Global

Listed

Infrastructure

Fund

—

32,049

—

31,910

Government

&

High

Quality

Bond

Fund

15,494

612

1,773

14,399

High

Yield

Fund

32,683

33,425

3,154

63,031

Inflation

Protection

Fund

18,288

30,360

3,446

46,118

International

Equity

Index

Fund

28,686

1,592

4,690

28,142

International

Small

Company

Fund

45,484

2,000

8,727

44,512

LargeCap

Growth

Fund

I

140,913

55,755

15,606

167,057

LargeCap

S&P

500

Index

Fund

78,165

2,517

8,459

78,900

LargeCap

Value

Fund

III

237,492

19,738

12,548

234,476

MidCap

Fund

144,886

7,987

134,230

21,055

Overseas

Fund

124,655

26,543

21,982

132,275

Principal

Capital

Appreciation

Fund

399,651

91,739

31,913

480,431

Principal

Government

Money

Market

Fund

-

Class

4.22%

19,881

51,140

51,452

19,569

Principal

International

Equity

ETF

—

136,661

8,133

138,696

Principal

U.S.

Mega-Cap

ETF

410,885

107,791

35,625

531,734

Principal

U.S.

Small-Cap

ETF

118,718

—

50,037

72,798

Principal

Value

ETF

—

50,335

49,117

—

Real

Estate

Securities

Fund

39,260

1,584

2,709

35,737

Small-MidCap

Dividend

Income

Fund

45,348

2,357

13,535

33,044

Spectrum

Preferred

and

Capital

Securities

Income

Fund

38,224

1,748

3,260

36,939

$

3,217,044

$

808,381

$

849,979

$

3,279,828

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

$

44,286

$

10,289

$

(20,856)

Bond

Market

Index

Fund

2,877

(191)

—

(102)

Core

Fixed

Income

Fund

6,582

(6,475)

—

6,989

Diversified

International

Fund

3,205

46,977

3,739

(46,733)

Diversified

Real

Asset

Fund

1,791

(615)

—

2,378

Equity

Income

Fund

4,509

11,001

29,177

(25,127)

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

1,602

(558)

—

1,734

Global

Emerging

Markets

Fund

—

14,643

Global

Listed

Infrastructure

Fund

—

—

—

(139)

Government

&

High

Quality

Bond

Fund

(96)

—

High

Yield

Fund

2,219

(42)

—

Inflation

Protection

Fund

600

(293)

—

1,209

International

Equity

Index

Fund

963

541

2,013

International

Small

Company

Fund

1,721

868

—

4,887

LargeCap

Growth

Fund

I

799

(2,396)

34,071

(11,609)

LargeCap

S&P

500

Index

Fund

1,109

1,606

1,020

5,071

LargeCap

Value

Fund

III

3,373

14,912

(10,269)

MidCap

Fund

6,700

4,422

(4,288)

Overseas

Fund

9,708

(1,285)

9,584

4,344

Principal

Capital

Appreciation

Fund

2,841

1,768

17,802

19,186

Principal

Government

Money

Market

Fund

-

Class

4.22%

690

—

—

—

Principal

International

Equity

ETF

—

—

9,949

Principal

U.S.

Mega-Cap

ETF

2,987

12,026

—

36,657

Principal

U.S.

Small-Cap

ETF

569

8,549

—

(4,432)

Principal

Value

ETF

(1,218)

—

—

Real

Estate

Securities

Fund

660

600

(2,527)

Small-MidCap

Dividend

Income

Fund

577

(59)

1,283

(1,067)

Spectrum

Preferred

and

Capital

Securities

Income

Fund

1,525

(327)

—

554

$

52,549

$

121,636

$

127,202

$

(17,254)

Amounts

in

thousands.

Schedule

of

Investments

SAM

Flexible

Income

Portfolio

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.03

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.83

%

Principal

Government

Money

Market

Fund

-

Class

4.22%

(a),(b)

18,454,272

$

18,454

Principal

Exchange-Traded

Funds

-

.31

%

Principal

Active

High

Yield

ETF

(a) 2,073,084

39,969

Principal

International

Equity

ETF

(a) 1,899,147

55,151

Principal

U.S.

Mega-Cap

ETF

(a) 2,670,095

168,192

Principal

U.S.

Small-Cap

ETF

(a) 215,000

11,376

$

274,688

Principal

Funds,

Inc.

Class

-

.61

%

Core

Fixed

Income

Fund

(a) 78,370,438

672,418

Diversified

Real

Asset

Fund

(a) 1,946,738

22,874

Global

Emerging

Markets

Fund

(a) 367,166

11,375

High

Yield

Fund

(a) 13,730,126

92,404

LargeCap

Growth

Fund

I

(a) 617,369

11,224

MidCap

Fund

(a) 466,133

22,216

Real

Estate

Securities

Fund

(a) 377,761

10,600

Small-MidCap

Dividend

Income

Fund

(a) 1,183,037

22,513

Spectrum

Preferred

and

Capital

Securities

Income

Fund

(a) 9,169,777

85,371

$

950,995

Principal

Funds,

Inc.

Institutional

Class

-

.28

%

Bond

Market

Index

Fund

(a) 32,010,032

275,286

Equity

Income

Fund

(a) 2,087,698

86,159

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

(a) 13,989,384

129,542

Government

&

High

Quality

Bond

Fund

(a) 10,792,282

96,591

Inflation

Protection

Fund

(a) 16,627,185

131,022

LargeCap

S&P

500

Index

Fund

(a) 432,757

13,294

LargeCap

Value

Fund

III

(a) 2,086,551

41,356

Overseas

Fund

(a) 1,786,266

20,078

Principal

Capital

Appreciation

Fund

(a) 1,035,625

90,586

Short-Term

Income

Fund

(a) 8,641,577

104,390

$

988,304

TOTAL

INVESTMENT

COMPANIES

$

2,232,441

Total

Investments

$

2,232,441

Other

Assets

and

Liabilities

- (0.03)%

(737)

TOTAL

NET

ASSETS

-

100.00%

$

2,231,704

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b) 1-day

yield

shown

is

as

of

period

end.

Schedule

of

Investments

SAM

Flexible

Income

Portfolio

July

31,

2025

(unaudited)

Affiliated

Securities

October

31,

2024

Purchases

Sales

July

31,

2025

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

283,421

$

26,040

$

32,512

$

275,286

Core

Fixed

Income

Fund

820,586

25,724

175,210

672,418

Diversified

International

Fund

58,735

3,151

61,941

—

Diversified

Real

Asset

Fund

27,507

517

5,517

22,874

Equity

Income

Fund

77,317

34,933

25,724

86,159

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

131,306

7,606

14,071

129,542

Global

Emerging

Markets

Fund

—

11,542

1,477

11,375

Government

&

High

Quality

Bond

Fund

100,457

3,860

8,162

96,591

High

Yield

Fund

27,590

71,902

7,547

92,404

Inflation

Protection

Fund

141,231

5,522

15,698

131,022

LargeCap

Growth

Fund

I

22,620

5,725

14,021

11,224

LargeCap

S&P

500

Index

Fund

25,294

914

15,059

13,294

LargeCap

Value

Fund

III

52,816

4,351

13,310

41,356

MidCap

Fund

23,408

909

3,070

22,216

Overseas

Fund

16,335

8,588

5,291

20,078

Principal

Active

High

Yield

ETF

40,363

—

—

39,969

Principal

Capital

Appreciation

Fund

98,927

11,483

23,823

90,586

Principal

Government

Money

Market

Fund

-

Class

4.22%

17,105

18,343

16,994

18,454

Principal

International

Equity

ETF

—

59,532

8,578

55,151

Principal

U.S.

Mega-Cap

ETF

158,989

17,432

26,079

168,192

Principal

U.S.

Small-Cap

ETF

14,467

—

3,776

11,376

Principal

Value

ETF

—

11,632

11,370

—

Real

Estate

Securities

Fund

11,876

619

1,188

10,600

Short-Term

Income

Fund

84,492

28,912

9,687

104,390

Small-MidCap

Dividend

Income

Fund

41,084

2,008

19,486

22,513

Spectrum

Preferred

and

Capital

Securities

Income

Fund

77,189

17,277

9,709

85,371

$

2,353,115

$

378,522

$

529,300

$

2,232,441

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

9,924

$

(1,158)

$

—

$

(505)

Core

Fixed

Income

Fund

21,222

(23,506)

—

24,824

Diversified

International

Fund

1,419

6,435

1,641

(6,380)

Diversified

Real

Asset

Fund

504

—

(137)

Equity

Income

Fund

1,013

7,435

6,463

(7,802)

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

6,337

(2,253)

—

6,954

Global

Emerging

Markets

Fund

—

—

1,271

Government

&

High

Quality

Bond

Fund

2,717

(1,010)

—

1,446

High

Yield

Fund

2,491

—

Inflation

Protection

Fund

4,513

(1,911)

—

1,878

LargeCap

Growth

Fund

I

1,365

5,489

(4,465)

LargeCap

S&P

500

Index

Fund

4,605

(2,460)

LargeCap

Value

Fund

III

737

(3)

3,259

(2,498)

MidCap

Fund

(82)

712

1,051

Overseas

Fund

1,588

(275)

1,568

721

Principal

Active

High

Yield

ETF

2,201

—

—

(394)

Principal

Capital

Appreciation

Fund

679

3,626

4,265

Principal

Government

Money

Market

Fund

-

Class

4.22%

520

—

—

—

Principal

International

Equity

ETF

—

—

3,966

Principal

U.S.

Mega-Cap

ETF

1,046

8,268

—

9,582

Principal

U.S.

Small-Cap

ETF

—

Principal

Value

ETF

(262)

—

—

Real

Estate

Securities

Fund

(767)

Short-Term

Income

Fund

2,350

—

656

Small-MidCap

Dividend

Income

Fund

2,381

1,142

(3,474)

Spectrum

Preferred

and

Capital

Securities

Income

Fund

3,202

(964)

—

1,578

$

63,759

$

3,994

$

25,047

$

26,110

Amounts

in

thousands.

Schedule

of

Investments

SAM

Strategic

Growth

Portfolio

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.05

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.55

%

Principal

Government

Money

Market

Fund

-

Class

4.22%

(a),(b)

12,931,469

$

12,931

Principal

Exchange-Traded

Funds

-

.52

%

Principal

International

Equity

ETF

(a) 4,992,130

144,971

Principal

U.S.

Mega-Cap

ETF

(a) 5,687,800

358,280

Principal

U.S.

Small-Cap

ETF

(a) 1,102,500

58,337

Principal

Value

ETF

(a) 768,000

38,415

$

600,003

Principal

Funds,

Inc.

Class

-

.90

%

Blue

Chip

Fund

(a) 2,566,779

133,036

Diversified

Real

Asset

Fund

(a) 4,733,121

55,614

Global

Emerging

Markets

Fund

(a) 3,189,090

98,798

International

Equity

Index

Fund

(a) 1,947,550

25,104

International

Small

Company

Fund

(a) 4,433,469

52,404

LargeCap

Growth

Fund

I

(a) 9,063,633

164,777

MidCap

Fund

(a) 2,169,384

103,393

Real

Estate

Securities

Fund

(a) 673,692

18,904

Small-MidCap

Dividend

Income

Fund

(a) 1,448,155

27,558

$

679,588

Principal

Funds,

Inc.

Institutional

Class

-

.08

%

Equity

Income

Fund

(a) 6,200,477

255,894

Global

Listed

Infrastructure

Fund

(a) 1,975,493

22,679

Inflation

Protection

Fund

(a) 4,221,546

33,266

LargeCap

S&P

500

Index

Fund

(a) 2,247,191

69,034

LargeCap

Value

Fund

III

(a) 10,479,279

207,699

Overseas

Fund

(a) 10,281,155

115,560

Principal

Capital

Appreciation

Fund

(a) 4,066,804

355,723

$

1,059,855

TOTAL

INVESTMENT

COMPANIES

$

2,352,377

Total

Investments

$

2,352,377

Other

Assets

and

Liabilities

- (0.05)%

(1,067)

TOTAL

NET

ASSETS

-

100.00%

$

2,351,310

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b) 1-day

yield

shown

is

as

of

period

end.

Schedule

of

Investments

SAM

Strategic

Growth

Portfolio

July

31,

2025

(unaudited)

Affiliated

Securities

October

31,

2024

Purchases

Sales

July

31,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

190,250

$

9,329

$

82,581

$

133,036

Bond

Market

Index

Fund

—

16,915

17,165

—

Diversified

International

Fund

128,926

8,055

137,220

—

Diversified

Real

Asset

Fund

80,693

1,608

27,954

55,614

Equity

Income

Fund

284,475

35,481

51,701

255,894

Global

Emerging

Markets

Fund

78,749

16,865

10,662

98,798

Global

Listed

Infrastructure

Fund

—

22,803

22,679

Inflation

Protection

Fund

—

34,285

1,339

33,266

International

Equity

Index

Fund

26,301

1,898

5,377

25,104

International

Small

Company

Fund

52,595

3,143

10,112

52,404

LargeCap

Growth

Fund

I

115,081

68,596

8,872

164,777

LargeCap

S&P

500

Index

Fund

65,802

2,483

5,056

69,034

LargeCap

Value

Fund

III

209,760

19,776

12,720

207,699

MidCap

Fund

117,146

4,628

22,953

103,393

Overseas

Fund

111,750

28,606

27,255

115,560

Principal

Capital

Appreciation

Fund

333,675

34,810

27,928

355,723

Principal

Government

Money

Market

Fund

-

Class

4.22%

16,448

45,802

49,319

12,931

Principal

International

Equity

ETF

—

134,589

144,971

Principal

U.S.

Mega-Cap

ETF

312,846

31,450

21,339

358,280

Principal

U.S.

Small-Cap

ETF

96,419

—

41,404

58,337

Principal

Value

ETF

—

60,607

21,634

38,415

Real

Estate

Securities

Fund

18,503

1,671

18,904

Small-MidCap

Dividend

Income

Fund

28,754

1,951

2,572

27,558

$

2,268,173

$

585,351

$

585,262

$

2,352,377

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

$

39,690

$

8,395

$

(23,652)

Bond

Market

Index

Fund

—

—

—

Diversified

International

Fund

3,163

42,114

3,684

(41,875)

Diversified

Real

Asset

Fund

1,308

(2,245)

—

3,512

Equity

Income

Fund

3,540

2,516

23,840

(14,877)

Global

Emerging

Markets

Fund

(20)

—

13,866

Global

Listed

Infrastructure

Fund

—

—

—

(99)

Inflation

Protection

Fund

—

—

International

Equity

Index

Fund

897

546

1,736

International

Small

Company

Fund

2,020

(451)

—

7,229

LargeCap

Growth

Fund

I

659

28,138

(10,284)

LargeCap

S&P

500

Index

Fund

937

693

862

5,112

LargeCap

Value

Fund

III

2,969

(16)

13,139

(9,101)

MidCap

Fund

(525)

3,577

5,097

Overseas

Fund

9,002

(1,586)

8,887

4,045

Principal

Capital

Appreciation

Fund

2,354

1,696

14,768

13,470

Principal

Government

Money

Market

Fund

-

Class

4.22%

509

—

—

—

Principal

International

Equity

ETF

—

—

—

10,383

Principal

U.S.

Mega-Cap

ETF

2,207

4,553

—

30,770

Principal

U.S.

Small-Cap

ETF

7,056

—

(3,734)

Principal

Value

ETF

625

(499)

—

(59)

Real

Estate

Securities

Fund

(1,198)

Small-MidCap

Dividend

Income

Fund

(176)

809

(399)

$

32,130

$

93,874

$

106,670

$

(9,759)

Amounts

in

thousands.

Schedule

of

Investments

Short-Term

Income

Fund

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.57

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.57

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.21%

(a),(b)

2,077,345

$

2,077

Principal

Government

Money

Market

Fund

-

Class

4.22%

(a),(b),(c)

156,716,756

156,717

$

158,794

TOTAL

INVESTMENT

COMPANIES

$

158,794

BONDS

-

.05

%

Principal

Amount

(000's)

Value

(000's)

Aerospace

&

Defense

-

.34

%

BAE

Systems

PLC

5.13%,

03/26/2029

(d) $

8,600

$

8,798

General

Electric

Co

4.30%,

07/29/2030

6,000

5,972

Lockheed

Martin

Corp

4.50%,

02/15/2029

13,350

13,435

Northrop

Grumman

Corp

4.60%,

02/01/2029

10,000

10,087

RTX

Corp

5.75%,

11/08/2026

8,075

8,194

$

46,486

Agriculture

-

.59

%

Bunge

Ltd

Finance

Corp

1.63%,

08/17/2025

4,200

4,193

4.10%,

01/07/2028

5,500

5,456

4.20%,

09/17/2029

11,000

10,846

$

20,495

Airlines

-

.57

%

Alaska

Airlines

2020-1

Class

A

Pass

Through

Trust

4.80%,

02/15/2029

(d) 8,414

8,413

AS

Mileage

Plan

IP

Ltd

5.02%,

10/20/2029

(d) 10,600

10,510

Delta

Air

Lines

Inc

/

SkyMiles

IP

Ltd

4.50%,

10/20/2025

(d) 723

721

$

19,644

Automobile

Asset

Backed

Securities

-

.01

%

AmeriCredit

Automobile

Receivables

Trust

2024-1

5.75%,

02/18/2028

1,485

1,487

BMW

Vehicle

Owner

Trust

2024-A

5.42%,

02/25/2027

1,685

1,688

BofA

Auto

Trust

2025-1

4.52%,

11/22/2027

(d) 3,500

3,499

Chase

Auto

Owner

Trust

2024-5

4.40%,

11/26/2027

(d) 5,595

5,591

Chase

Auto

Owner

Trust

2025-1

4.40%,

07/25/2028

(d) 9,300

9,301

Consumer

Portfolio

Services

Auto

Trust

2025-A

4.77%,

10/16/2028

(d) 6,308

6,308

Consumer

Portfolio

Services

Auto

Trust

2025-B

4.74%,

02/15/2029

(d) 5,670

5,670

CPS

Auto

Receivables

Trust

2024-A

5.71%,

09/15/2027

(d) 336

CPS

Auto

Receivables

Trust

2024-B

5.78%,

01/18/2028

(d) 2,915

2,919

CPS

Auto

Receivables

Trust

2024-C

5.88%,

02/15/2028

(d) 3,316

3,325

CPS

Auto

Receivables

Trust

2024-D

4.91%,

06/15/2028

(d) 5,516

5,518

CPS

Auto

Receivables

Trust

2025-C

4.71%,

03/15/2029

(d) 6,500

6,499

Ford

Credit

Auto

Owner

Trust

2020-REV2

1.06%,

04/15/2033

(d) 11,000

10,921

GM

Financial

Consumer

Automobile

Receivables

Trust

2024-3

5.35%,

06/16/2027

5,548

5,557

GM

Financial

Consumer

Automobile

Receivables

Trust

2024-4

4.53%,

10/18/2027

6,203

6,202

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Automobile

Asset

Backed

Securities

(continued)

GM

Financial

Consumer

Automobile

Receivables

Trust

2025-1

4.44%,

01/18/2028

$

12,082

$

12,077

Gm

Financial

Consumer

Automobile

Receivables

Trust

2025-3

4.32%,

06/16/2028

8,800

8,798

Nissan

Auto

Receivables

2024-B

Owner

Trust

4.51%,

06/15/2027

9,673

9,670

OneMain

Direct

Auto

Receivables

Trust

2019-1

3.63%,

09/14/2027

(d) 2,198

2,193

Onemain

Direct

Auto

Receivables

Trust

2022-1

4.65%,

03/14/2029

(d) 3,053

3,050

Santander

Drive

Auto

Receivables

Trust

2024-5

4.88%,

09/15/2027

2,513

2,514

Toyota

Auto

Loan

Extended

Note

Trust

2023-1

4.93%,

06/25/2036

(d) 7,600

7,726

Toyota

Auto

Receivables

2024-D

Owner

Trust

4.55%,

08/16/2027

3,889

3,889

Westlake

Automobile

Receivables

Trust

2024-1

5.62%,

03/15/2027

(d) 541

541

Westlake

Automobile

Receivables

Trust

2024-2

5.75%,

08/16/2027

(d) 3,328

3,334

Westlake

Automobile

Receivables

Trust

2024-3

4.82%,

09/15/2027

(d) 5,028

5,031

Westlake

Automobile

Receivables

Trust

2025-1

4.66%,

01/18/2028

(d) 9,400

9,401

Westlake

Automobile

Receivables

Trust

2025-2

4.66%,

09/15/2028

(d) 5,900

5,900

Westlake

Automobile

Receivables

Trust

2025-P1

4.65%,

02/15/2028

(d) 7,500

7,506

World

Omni

Auto

Receivables

Trust

2025-A

4.49%,

04/17/2028

12,397

12,392

World

Omni

Select

Auto

Trust

2024-A

5.37%,

02/15/2028

4,933

4,942

$

173,786

Banks

-

.14

%

AIB

Group

PLC

5.32%,

05/15/2031

(d),(e)

2,500

2,543

Secured

Overnight

Financing

Rate

+

1.65%

Bank

of

America

Corp

1.20%,

10/24/2026

(e) 9,600

9,523

Secured

Overnight

Financing

Rate

+

1.01%

4.98%,

01/24/2029

(e) 9,400

9,517

Secured

Overnight

Financing

Rate

+

0.83%

5.16%,

01/24/2031

(e) 9,400

9,617

Secured

Overnight

Financing

Rate

+

1.00%

Bank

of

Ireland

Group

PLC

5.60%,

03/20/2030

(d),(e)

14,100

14,521

Secured

Overnight

Financing

Rate

+

1.62%

Bank

of

Montreal

0.95%,

01/22/2027

(e) 14,700

14,438

Secured

Overnight

Financing

Rate

+

0.60%

5.00%,

01/27/2029

(e) 2,000

2,027

Secured

Overnight

Financing

Rate

+

0.67%

Bank

of

New

York

Mellon

Corp/The

4.44%,

06/09/2028

(e) 9,200

9,218

Secured

Overnight

Financing

Rate

+

0.68%

Bank

of

New

York

Mellon/The

4.73%,

04/20/2029

(e) 5,750

5,811

Secured

Overnight

Financing

Rate

+

1.14%

Bank

of

Nova

Scotia/The

1.30%,

09/15/2026

5,300

5,121

4.40%,

09/08/2028

(e) 9,400

9,389

Secured

Overnight

Financing

Rate

+

1.00%

Schedule

of

Investments

Short-Term

Income

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Barclays

PLC

2.28%,

11/24/2027

(e) $

7,308

$

7,090

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.05%

5.30%,

08/09/2026

(e) 7,250

7,250

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.30%

BNP

Paribas

SA

4.79%,

05/09/2029

(d),(e)

8,000

8,030

Secured

Overnight

Financing

Rate

+

1.45%

5.09%,

05/09/2031

(d),(e)

10,600

10,702

Secured

Overnight

Financing

Rate

+

1.68%

Canadian

Imperial

Bank

of

Commerce

5.93%,

10/02/2026

6,900

7,014

5.99%,

10/03/2028

3,440

3,595

Citibank

NA

4.88%,

11/19/2027

(e) 8,000

8,033

Secured

Overnight

Financing

Rate

+

0.71%

Citigroup

Inc

1.12%,

01/28/2027

(e) 19,600

19,252

Secured

Overnight

Financing

Rate

+

0.77%

4.54%,

09/19/2030

(e) 9,500

9,461

Secured

Overnight

Financing

Rate

+

1.34%

5.17%,

02/13/2030

(e) 8,000

8,146

Secured

Overnight

Financing

Rate

+

1.36%

Deutsche

Bank

AG/New

York

NY

4.95%,

08/04/2031

(e),(f)

11,300

11,319

Secured

Overnight

Financing

Rate

+

1.30%

5.41%,

05/10/2029

6,100

6,291

6.82%,

11/20/2029

(e) 7,100

7,557

Secured

Overnight

Financing

Rate

+

2.51%

Fifth

Third

Bancorp

4.89%,

09/06/2030

(e) 3,400

3,430

Secured

Overnight

Financing

Rate

+

1.49%

Fifth

Third

Bank

NA

4.97%,

01/28/2028

(e) 2,800

2,817

Secured

Overnight

Financing

Rate

+

0.81%

Goldman

Sachs

Group

Inc/The

2.64%,

02/24/2028

(e) 8,600

8,347

Secured

Overnight

Financing

Rate

+

1.11%

4.48%,

08/23/2028

(e) 10,500

10,499

Secured

Overnight

Financing

Rate

+

1.73%

5.18%,

12/09/2026

14,700

14,719

Secured

Overnight

Financing

Rate

+

0.79%

5.21%,

01/28/2031

(e) 12,500

12,765

Secured

Overnight

Financing

Rate

+

1.08%

5.22%,

04/23/2031

(e) 12,500

12,782

Secured

Overnight

Financing

Rate

+

1.58%

5.73%,

04/25/2030

(e) 8,235

8,550

Secured

Overnight

Financing

Rate

+

1.27%

JPMorgan

Chase

&

Co

1.04%,

02/04/2027

(e) 15,800

15,521

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.70%

1.05%,

11/19/2026

(e) 19,600

19,385

Secured

Overnight

Financing

Rate

+

0.80%

4.45%,

12/05/2029

(e) 6,650

6,644

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.59%

4.51%,

10/22/2028

(e) 8,400

8,410

Secured

Overnight

Financing

Rate

+

0.86%

4.92%,

01/24/2029

(e) 6,000

6,065

Secured

Overnight

Financing

Rate

+

0.80%

5.57%,

04/22/2028

(e) 6,200

6,310

Secured

Overnight

Financing

Rate

+

0.93%

5.58%,

04/22/2030

(e) 6,200

6,427

Secured

Overnight

Financing

Rate

+

1.16%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

KeyBank

NA/Cleveland

OH

5.85%,

11/15/2027

$

15,900

$

16,342

Mizuho

Financial

Group

Inc

4.71%,

07/08/2031

(e) 9,300

9,280

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.92%

Morgan

Stanley

1.59%,

05/04/2027

(e) 10,750

10,507

Secured

Overnight

Financing

Rate

+

0.88%

2.48%,

01/21/2028

(e) 6,000

5,823

Secured

Overnight

Financing

Rate

+

1.00%

4.65%,

10/18/2030

(e) 10,000

10,020

Secured

Overnight

Financing

Rate

+

1.10%

5.05%,

01/28/2027

(e) 10,000

10,018

Secured

Overnight

Financing

Rate

+

1.30%

5.17%,

01/16/2030

(e) 9,350

9,538

Secured

Overnight

Financing

Rate

+

1.45%

5.23%,

01/15/2031

(e) 7,500

7,683

Secured

Overnight

Financing

Rate

+

1.11%

5.65%,

04/13/2028

(e) 2,575

2,623

Secured

Overnight

Financing

Rate

+

1.01%

5.66%,

04/18/2030

(e) 6,200

6,425

Secured

Overnight

Financing

Rate

+

1.26%

Morgan

Stanley

Bank

NA

5.02%,

01/12/2029

(e) 10,500

10,630

Secured

Overnight

Financing

Rate

+

0.91%

NatWest

Group

PLC

4.96%,

08/15/2030

(e) 9,500

9,602

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.22%

5.62%,

11/15/2028

9,500

9,581

Secured

Overnight

Financing

Rate

+

1.30%

PNC

Bank

NA

4.54%,

05/13/2027

(e) 8,750

8,739

Secured

Overnight

Financing

Rate

+

0.63%

PNC

Financial

Services

Group

Inc/The

4.90%,

05/13/2031

(e) 8,750

8,846

Secured

Overnight

Financing

Rate

+

1.33%

5.22%,

01/29/2031

(e) 6,400

6,566

Secured

Overnight

Financing

Rate

+

1.07%

Royal

Bank

of

Canada

0.88%,

01/20/2026

14,700

14,448

4.70%,

08/06/2031

(e),(f)

11,300

11,310

Secured

Overnight

Financing

Rate

+

1.06%

Societe

Generale

SA

5.50%,

04/13/2029

(d),(e)

12,500

12,697

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.20%

5.51%,

05/22/2031

(d),(e)

9,300

9,485

Secured

Overnight

Financing

Rate

+

1.65%

Swedbank

AB

5.00%,

11/20/2029

(d) 8,500

8,675

Toronto-Dominion

Bank/The

0.75%,

01/06/2026

(g) 14,700

14,456

Truist

Financial

Corp

1.27%,

03/02/2027

(e) 5,230

5,121

Secured

Overnight

Financing

Rate

+

0.61%

7.16%,

10/30/2029

(e) 10,000

10,794

Secured

Overnight

Financing

Rate

+

2.45%

UBS

Group

AG

3.87%,

01/12/2029

(d),(e)

15,000

14,759

Month

USD

LIBOR

+

1.41%

US

Bancorp

5.10%,

07/23/2030

(e) 4,800

4,898

Secured

Overnight

Financing

Rate

+

1.25%

5.38%,

01/23/2030

(e) 3,675

3,775

Secured

Overnight

Financing

Rate

+

1.56%

Schedule

of

Investments

Short-Term

Income

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

US

Bank

NA/Cincinnati

OH

4.73%,

05/15/2028

(e) $

8,750

$

8,787

Secured

Overnight

Financing

Rate

+

0.91%

Wells

Fargo

&

Co

5.15%,

04/23/2031

(e) 9,500

9,694

Secured

Overnight

Financing

Rate

+

1.50%

5.24%,

01/24/2031

(e) 4,250

4,351

Secured

Overnight

Financing

Rate

+

1.11%

5.71%,

04/22/2028

(e) 6,200

6,321

Secured

Overnight

Financing

Rate

+

1.07%

$

629,930

Biotechnology

-

.43

%

Amgen

Inc

5.15%,

03/02/2028

9,100

9,267

Gilead

Sciences

Inc

4.80%,

11/15/2029

(g) 5,500

5,588

$

14,855

Building

Materials

-

.26

%

Vulcan

Materials

Co

4.95%,

12/01/2029

9,000

9,145

Chemicals

-

.76

%

Sherwin-Williams

Co/The

4.30%,

08/15/2028

12,000

11,977

4.50%,

08/15/2030

(g) 6,500

6,477

Westlake

Corp

3.60%,

08/15/2026

7,900

7,808

$

26,262

Commercial

Mortgage

Backed

Securities

-

.62

%

1301

Trust

2025-AOA

5.23%,

08/11/2030

(f),(h)

8,400

8,400

ALA

Trust

2025-OANA

6.08%,

06/15/2040

(d) 9,300

9,352

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.74%

Arbor

Multifamily

Mortgage

Securities

Trust

2022-MF4

3.27%,

02/15/2055

(d),(h)

5,741

5,635

ARES

Trust

2025-IND3

5.84%,

04/15/2042

(d) 9,200

9,211

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.50%

BFLD

Commercial

Mortgage

Trust

2024-UNIV

5.83%,

11/15/2041

(d) 8,900

8,928

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.49%

BX

2024-PALM

5.88%,

06/15/2037

(d) 10,125

10,125

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.54%

BX

Commercial

Mortgage

Trust

2021-ACNT

5.31%,

11/15/2038

(d) 9,430

9,430

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.96%

BX

Commercial

Mortgage

Trust

2021-VOLT

5.16%,

09/15/2036

(d) 14,532

14,505

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.81%

BX

Commercial

Mortgage

Trust

2024-AIRC

6.03%,

08/15/2039

(d) 15,915

15,969

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.69%

BX

Commercial

Mortgage

Trust

2024-GPA3

5.63%,

12/15/2039

(d) 1,782

1,787

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.29%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Mortgage

Backed

Securities

(continued)

BX

Trust

2021-BXMF

5.09%,

10/15/2026

(d) $

9,696

$

9,687

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.75%

BX

Trust

2021-LGCY

4.96%,

10/15/2036

(d) 10,700

10,673

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.62%

BX

Trust

2025-DIME

5.49%,

02/15/2035

(d) 9,400

9,384

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.15%

BX

Trust

2025-TAIL

5.74%,

06/15/2035

(d) 12,200

12,223

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.40%

ELP

Commercial

Mortgage

Trust

2021-ELP

5.16%,

11/15/2038

(d) 14,876

14,867

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.82%

GS

Mortgage

Securities

Corp

Trust

2023-SHIP

4.32%,

09/10/2038

(d),(h)

2,350

2,335

GSAT

Trust

2025-BMF

5.84%,

07/15/2040

(d) 8,800

8,803

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.50%

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2021-MHC

5.51%,

04/15/2038

(d) 11,431

11,430

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.16%

KRE

Commercial

Mortgage

Trust

2025-AIP4

5.64%,

03/15/2042

(d) 12,600

12,588

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.30%

LBA

Trust

2024-7IND

5.78%,

10/15/2041

(d) 9,200

9,233

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.44%

LBA

Trust

2024-BOLT

5.93%,

06/15/2039

(d) 12,750

12,762

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.59%

Life

2022-BMR

Mortgage

Trust

5.64%,

05/15/2039

(d) 18,400

17,905

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.30%

MED

Commercial

Mortgage

Trust

2024-MOB

5.93%,

05/15/2041

(d) 15,000

14,938

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.59%

MHC

Commercial

Mortgage

Trust

2021-MHC

5.26%,

04/15/2038

(d) 2,468

2,468

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.92%

MHP

2021-STOR

5.16%,

07/15/2038

(d) 8,800

8,800

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.81%

MHP

2022-MHIL

5.16%,

01/15/2039

(d) 7,484

7,484

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.81%

PENN

Commercial

Mortgage

Trust

2025-P11

5.52%,

08/10/2042

(d),(h)

7,000

7,020

PRM5

Trust

2025-PRM5

4.47%,

03/10/2033

(d),(h)

5,000

4,953

Schedule

of

Investments

Short-Term

Income

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Mortgage

Backed

Securities

(continued)

SREIT

Trust

2021-MFP

5.19%,

11/15/2038

(d) $

10,989

$

10,989

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.85%

TEXAS

Commercial

Mortgage

Trust

2025-TWR

5.64%,

04/15/2042

(d) 7,500

7,500

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.29%

WB

Commercial

Mortgage

Trust

2024-HQ

5.94%,

03/15/2040

(d),(h)

10,000

10,020

$

299,404

Computers

-

.41

%

Apple

Inc

4.00%,

05/12/2028

11,500

11,500

Dell

International

LLC

/

EMC

Corp

4.75%,

04/01/2028

4,000

4,032

5.00%,

04/01/2030

9,250

9,385

Hewlett

Packard

Enterprise

Co

4.40%,

09/25/2027

14,500

14,495

4.55%,

10/15/2029

9,500

9,444

$

48,856

Diversified

Financial

Services

-

.27

%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

6.45%,

04/15/2027

9,127

9,388

Electric

-

.85

%

AES

Corp/The

1.38%,

01/15/2026

14,600

14,369

Alliant

Energy

Finance

LLC

1.40%,

03/15/2026

(d) 4,600

4,506

5.95%,

03/30/2029

(d) 8,800

9,196

Consumers

Energy

Co

4.90%,

02/15/2029

8,200

8,345

Dominion

Energy

Inc

4.60%,

05/15/2028

11,000

11,043

DTE

Energy

Co

3.40%,

06/15/2029

2,000

1,913

5.10%,

03/01/2029

5,000

5,087

Duke

Energy

Corp

0.90%,

09/15/2025

9,750

9,703

Evergy

Kansas

Central

Inc

4.70%,

03/13/2028

4,100

4,127

Exelon

Corp

5.15%,

03/15/2029

6,330

6,474

Fortis

Inc/Canada

3.06%,

10/04/2026

14,594

14,311

NextEra

Energy

Capital

Holdings

Inc

4.69%,

09/01/2027

(f) 5,000

5,025

4.90%,

02/28/2028

3,458

3,494

4.90%,

03/15/2029

10,000

10,140

5.75%,

09/01/2025

17,200

17,211

OGE

Energy

Corp

5.45%,

05/15/2029

10,000

10,304

PacifiCorp

5.10%,

02/15/2029

9,050

9,202

Public

Service

Enterprise

Group

Inc

0.80%,

08/15/2025

14,600

14,578

4.90%,

03/15/2030

4,100

4,154

5.20%,

04/01/2029

10,000

10,251

5.88%,

10/15/2028

8,000

8,325

Southern

Co/The

5.50%,

03/15/2029

10,300

10,672

Southwestern

Electric

Power

Co

1.65%,

03/15/2026

11,600

11,394

Tampa

Electric

Co

4.90%,

03/01/2029

2,340

2,375

Vistra

Operations

Co

LLC

3.70%,

01/30/2027

(d) 19,500

19,228

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

Wisconsin

Public

Service

Corp

4.55%,

12/01/2029

$

5,500

$

5,546

Xcel

Energy

Inc

1.75%,

03/15/2027

7,000

6,697

$

237,670

Environmental

Control

-

.26

%

Republic

Services

Inc

4.75%,

07/15/2030

9,000

9,139

Food

-

.46

%

Mars

Inc

4.60%,

03/01/2028

(d) 6,300

6,335

4.80%,

03/01/2030

(d) 9,400

9,493

$

15,828

Forest

Products

&

Paper

-

.29

%

Georgia-Pacific

LLC

1.75%,

09/30/2025

(d) 10,000

9,954

Gas

-

.50

%

NiSource

Inc

0.95%,

08/15/2025

14,600

14,581

5.25%,

03/30/2028

2,700

2,754

$

17,335

Healthcare

-

Products

-

.30

%

Solventum

Corp

5.40%,

03/01/2029

10,000

10,288

Healthcare

-

Services

-

.23

%

Centene

Corp

4.25%,

12/15/2027

16,500

16,000

Cigna

Group/The

1.25%,

03/15/2026

3,534

3,461

HCA

Inc

5.25%,

06/15/2026

20,000

20,027

5.88%,

02/01/2029

3,000

3,103

$

42,591

Home

Equity

Asset

Backed

Securities

-

.37

%

JP

Morgan

Mortgage

Trust

2023-HE1

6.10%,

11/25/2053

(d) 1,337

1,343

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.75%

JP

Morgan

Mortgage

Trust

2023-HE2

6.05%,

03/20/2054

(d) 6,010

6,043

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.70%

JP

Morgan

Mortgage

Trust

2023-HE3

5.95%,

05/20/2054

(d) 4,532

4,559

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.60%

JP

Morgan

Mortgage

Trust

Series

2024-HE3

5.55%,

02/25/2055

(d) 11,223

11,234

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.20%

JP

Morgan

Mortgage

Trust

Series

2025-CES2

5.59%,

06/25/2055

(d),(h)

14,041

14,064

JP

Morgan

Mortgage

Trust

Series

2025-HE1

5.50%,

07/20/2055

(d) 10,374

10,385

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.15%

$

47,628

Insurance

-

.47

%

Aon

North

America

Inc

5.15%,

03/01/2029

14,000

14,294

Arthur

J

Gallagher

&

Co

4.85%,

12/15/2029

4,200

4,237

Brown

&

Brown

Inc

4.90%,

06/23/2030

3,700

3,715

Guardian

Life

Global

Funding

0.88%,

12/10/2025

(d),(g)

8,647

8,534

Schedule

of

Investments

Short-Term

Income

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Insurance

(continued)

Markel

Group

Inc

3.50%,

11/01/2027

$

4,719

$

4,607

New

York

Life

Global

Funding

4.60%,

12/05/2029

(d) 4,800

4,833

4.60%,

06/03/2030

(d) 9,350

9,415

Northwestern

Mutual

Global

Funding

0.80%,

01/14/2026

(d) 14,500

14,258

4.96%,

01/13/2030

(d) 12,200

12,419

5.07%,

03/25/2027

(d) 9,500

9,607

$

85,919

Internet

-

.38

%

eBay

Inc

1.40%,

05/10/2026

13,530

13,214

Machinery

-

Diversified

-

.29

%

Ingersoll

Rand

Inc

5.20%,

06/15/2027

6,000

6,075

Westinghouse

Air

Brake

Technologies

Corp

4.90%,

05/29/2030

3,850

3,897

$

9,972

Media

-

.45

%

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

6.10%,

06/01/2029

15,000

15,647

Mining

-

.31

%

Glencore

Funding

LLC

1.63%,

09/01/2025

(d) 4,750

4,737

5.19%,

04/01/2030

(d) 6,000

6,096

$

10,833

Mortgage

Backed

Securities

-

.08

%

Chase

Home

Lending

Mortgage

Trust

2025-3

5.50%,

02/25/2056

(d),(h)

8,778

8,765

Chase

Home

Lending

Mortgage

Trust

Series

2024-2

6.50%,

02/25/2055

(d),(h)

5,941

5,980

CHL

Mortgage

Pass-Through

Trust

2003-46

6.53%,

01/19/2034

(h) 95

Credit

Suisse

First

Boston

Mortgage

Securities

Corp

5.00%,

01/25/2038

GS

Mortgage-Backed

Securities

Corp

Trust

2021-PJ3

2.50%,

08/25/2051

(d),(h)

3,013

2,679

JP

Morgan

Mortgage

Trust

2004-A3

6.51%,

07/25/2034

(h) 77

JP

Morgan

Mortgage

Trust

2004-S1

5.00%,

09/25/2034

JP

Morgan

Mortgage

Trust

2021-1

2.50%,

06/25/2051

(d),(h)

9,689

8,864

JP

Morgan

Mortgage

Trust

2023-10

6.00%,

05/25/2054

(d),(h)

677

677

JP

Morgan

Mortgage

Trust

2023-8

6.00%,

02/25/2054

(d),(h)

6,239

6,271

JP

Morgan

Mortgage

Trust

2025-1

6.00%,

06/25/2055

(d),(h)

2,128

2,134

JP

Morgan

Mortgage

Trust

Series

2024-CES1

5.92%,

06/25/2054

(d),(h)

8,577

8,605

JP

Morgan

Mortgage

Trust

Series

2025-CES1

5.67%,

05/25/2055

(d),(h)

8,166

8,186

Metlife

Securitization

Trust

2019-1

3.75%,

04/25/2058

(d),(h)

860

845

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2020-1

2.50%,

12/25/2050

(d),(h)

3,914

3,552

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2025-1

5.50%,

03/25/2055

(d),(h)

7,962

7,940

Oceanview

Mortgage

Trust

2021-3

2.50%,

06/25/2051

(d),(h)

9,910

8,783

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Mortgage

Backed

Securities

(continued)

PHH

Mortgage

Trust

Series

2008-CIM1

6.69%,

06/25/2038

$

$

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.36%

PSMC

2021-3

Trust

2.50%,

08/25/2051

(d),(h)

8,891

7,948

Sequoia

Mortgage

Trust

2020-4

2.50%,

11/25/2050

(d),(h)

5,958

5,513

Sequoia

Mortgage

Trust

2021-3

2.50%,

05/25/2051

(d),(h)

16,316

14,473

Sequoia

Mortgage

Trust

2021-4

2.50%,

06/25/2051

(d),(h)

16,239

14,407

Sequoia

Mortgage

Trust

2024-1

5.91%,

01/25/2054

(d),(h)

2,287

2,282

Sequoia

Mortgage

Trust

2024-2

6.00%,

03/25/2054

(d),(h)

2,643

2,643

Sequoia

Mortgage

Trust

2024-4

6.00%,

05/25/2054

(d),(h)

8,484

8,523

Sequoia

Mortgage

Trust

2025-1

6.00%,

01/25/2055

(d),(h)

2,947

2,959

Wells

Fargo

Mortgage

Backed

Securities

2020-3

Trust

3.00%,

06/25/2050

(d),(h)

Wells

Fargo

Mortgage

Backed

Securities

2020-4

Trust

3.00%,

07/25/2050

(d),(h)

4,280

3,598

Wells

Fargo

Mortgage

Backed

Securities

2020-5

Trust

2.50%,

09/25/2050

(d),(h)

3,966

3,654

Wells

Fargo

Mortgage

Backed

Securities

2021-1

Trust

2.50%,

12/25/2050

(d),(h)

1,609

1,454

$

141,503

Office

&

Business

Equipment

-

.31

%

CDW

LLC

/

CDW

Finance

Corp

2.67%,

12/01/2026

11,000

10,711

Oil

&

Gas

-

.13

%

Canadian

Natural

Resources

Ltd

5.00%,

12/15/2029

(d) 4,800

4,832

Chevron

USA

Inc

0.69%,

08/12/2025

4,600

4,594

Diamondback

Energy

Inc

5.15%,

01/30/2030

7,500

7,636

5.20%,

04/18/2027

8,150

8,229

EOG

Resources

Inc

4.40%,

07/15/2028

4,600

4,613

Occidental

Petroleum

Corp

5.20%,

08/01/2029

9,500

9,523

$

39,427

Oil

&

Gas

Services

-

.37

%

Schlumberger

Holdings

Corp

5.00%,

05/29/2027

(d) 6,400

6,466

5.00%,

11/15/2029

(d) 6,400

6,522

$

12,988

Other

Asset

Backed

Securities

-

.79

%

1988

CLO

Ltd

5.52%,

04/15/2038

(d) 9,750

9,733

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.20%

Capital

CLO

II

5.61%,

07/15/2034

(d) 10,000

10,011

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.29%

720

East

CLO

V

Ltd

5.86%,

07/20/2037

(d) 5,500

5,514

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.53%

Schedule

of

Investments

Short-Term

Income

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Other

Asset

Backed

Securities

(continued)

AB

BSL

CLO

Ltd

5.63%,

04/20/2038

(d) $

9,500

$

9,512

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.30%

Ares

LIV

CLO

Ltd

5.62%,

07/15/2038

(d) 4,500

4,500

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.31%

Bardot

CLO

Ltd

5.31%,

10/22/2032

(d) 11,130

11,107

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.98%

CCG

Receivables

Trust

2024-1

4.99%,

03/15/2032

(d) 3,835

3,853

Cerberus

Loan

Funding

XXIV

LP

5.67%,

07/15/2030

(d) 9,187

9,183

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.35%

CF

Hippolyta

Issuer

LLC

1.53%,

03/15/2061

(d) 24,268

20,080

1.69%,

07/15/2060

(d) 13,339

11,442

CNH

Equipment

Trust

2024-B

5.42%,

10/15/2027

2,104

2,109

Dell

Equipment

Finance

Trust

2024-1

5.58%,

03/22/2030

(d) 2,626

2,629

Dewolf

Park

CLO

Ltd

5.50%,

10/15/2030

(d) 5,190

5,194

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.18%

DLLAA

2023-1

LLC

5.93%,

07/20/2026

(d) 284

DLLAA

2025-1

LLC

4.70%,

10/20/2027

(d) 8,600

8,607

Dllad

2024-1

LLC

5.50%,

08/20/2027

(d) 3,869

3,884

DLLAD

2025-1

LLC

4.46%,

11/20/2028

(d) 12,300

12,290

DLLST

2024-1

LLC

5.33%,

01/20/2026

(d) 691

691

Empower

CLO

2025-1

Ltd

5.64%,

07/20/2038

(d) 12,600

12,615

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.31%

GreatAmerica

Leasing

Receivables

Funding

LLC

Series

2024-1

5.32%,

08/17/2026

(d) 4,047

4,055

KKR

CLO

Ltd

5.53%,

07/18/2030

(d) 2,279

2,278

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.20%

Kubota

Credit

Owner

Trust

2023-2

5.61%,

07/15/2026

(d) 923

923

Lake

Shore

MM

CLO

II

Ltd

5.72%,

10/17/2031

(d) 7,966

7,964

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.40%

Madison

Park

Funding

XVIII

Ltd

5.53%,

10/21/2030

(d) 8,497

8,503

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.20%

Magnetite

XLVII

Ltd

5.65%,

01/25/2038

(d) 6,250

6,280

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.33%

Maranon

Loan

Funding

2021-3

Ltd

6.07%,

10/15/2036

(d) 6,300

6,309

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Other

Asset

Backed

Securities

(continued)

Marathon

CLO

XIII

Ltd

5.52%,

04/15/2032

(d) $

13,732

$

13,737

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.20%

MVW

2021-1W

LLC

1.14%,

01/22/2041

(d) 1,418

1,358

MVW

2023-2

LLC

6.18%,

11/20/2040

(d) 5,507

5,612

MVW

2024-2

LLC

4.43%,

03/20/2042

(d) 13,685

13,577

New

Mountain

CLO

Ltd

5.72%,

10/15/2037

(d) 6,300

6,316

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.40%

New

Mountain

CLO

Ltd

5.48%,

03/31/2038

(d) 9,500

9,506

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.20%

Oaktree

CLO

2019-4

Ltd

5.84%,

07/20/2037

(d) 19,000

19,049

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.51%

Oaktree

CLO

2024-25

Ltd

5.88%,

04/20/2037

(d) 6,300

6,315

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.55%

Palmer

Square

Loan

Funding

2022-1

Ltd

5.37%,

04/15/2030

(d) 936

935

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.05%

PFS

Financing

Corp

4.85%,

02/15/2030

(d) 12,550

12,662

4.95%,

02/15/2029

(d) 13,350

13,441

5.52%,

10/15/2028

(d) 4,500

4,552

Signal

Peak

CLO

Ltd

5.78%,

07/18/2037

(d) 6,250

6,269

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.45%

T-Mobile

US

Trust

2022-1

4.91%,

05/22/2028

(d) 1,382

1,382

T-Mobile

US

Trust

2025-2

4.34%,

04/22/2030

(d),(f)

13,000

12,992

Trafigura

Securitisation

Finance

PLC

5.98%,

11/15/2027

(d) 15,000

15,115

Verizon

Master

Trust

4.17%,

08/20/2030

5,500

5,489

4.35%,

08/20/2032

(d) 5,500

5,475

4.49%,

01/22/2029

16,000

15,999

4.62%,

11/20/2030

9,700

9,777

5.16%,

06/20/2029

13,800

13,892

Voya

2012-4

Ltd

5.58%,

10/15/2030

(d) 1,633

1,633

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.26%

$

374,633

Packaging

&

Containers

-

.57

%

Graphic

Packaging

International

LLC

1.51%,

04/15/2026

(d) 9,800

9,548

Smurfit

Kappa

Treasury

ULC

5.20%,

01/15/2030

10,000

10,239

$

19,787

Pharmaceuticals

-

.46

%

AbbVie

Inc

4.80%,

03/15/2029

10,000

10,158

Astrazeneca

Finance

LLC

4.85%,

02/26/2029

9,400

9,569

Bristol-Myers

Squibb

Co

4.90%,

02/22/2029

10,000

10,193

Schedule

of

Investments

Short-Term

Income

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pharmaceuticals

(continued)

Eli

Lilly

&

Co

4.50%,

02/09/2029

$

10,000

$

10,097

4.55%,

02/12/2028

6,250

6,315

4.75%,

02/12/2030

4,300

4,381

$

50,713

Pipelines

-

.99

%

Columbia

Pipelines

Holding

Co

LLC

6.04%,

08/15/2028

(d) 11,350

11,797

6.06%,

08/15/2026

(d) 3,450

3,487

Enbridge

Inc

5.30%,

04/05/2029

3,850

3,937

5.90%,

11/15/2026

11,275

11,448

Energy

Transfer

LP

4.40%,

03/15/2027

5,250

5,233

5.55%,

02/15/2028

10,000

10,247

Kinder

Morgan

Inc

5.00%,

02/01/2029

10,000

10,129

5.10%,

08/01/2029

6,000

6,108

ONEOK

Inc

4.25%,

09/24/2027

11,700

11,649

4.40%,

10/15/2029

7,900

7,833

5.55%,

11/01/2026

6,000

6,063

Williams

Cos

Inc/The

4.63%,

06/30/2030

8,750

8,715

5.40%,

03/02/2026

7,000

7,032

$

103,678

REITs

-

.77

%

American

Homes

Rent

LP

4.95%,

06/15/2030

5,998

6,037

American

Tower

Corp

5.00%,

01/31/2030

3,800

3,859

American

Tower

Trust

#1

3.65%,

03/15/2048

(d) 6,300

6,122

5.49%,

03/15/2053

(d) 10,500

10,644

CubeSmart

LP

4.00%,

11/15/2025

3,275

3,266

Omega

Healthcare

Investors

Inc

5.20%,

07/01/2030

6,000

6,019

Public

Storage

Operating

Co

4.38%,

07/01/2030

9,250

9,193

5.03%,

04/16/2027

9,550

9,568

Secured

Overnight

Financing

Rate

+

0.70%

SBA

Tower

Trust

1.63%,

05/15/2051

(d) 19,400

18,675

1.88%,

07/15/2050

(d) 6,463

6,376

2.33%,

07/15/2052

(d) 2,800

2,638

Welltower

OP

LLC

4.50%,

07/01/2030

(g) 14,000

13,964

$

96,361

Semiconductors

-

.51

%

Advanced

Micro

Devices

Inc

4.21%,

09/24/2026

6,300

6,300

4.32%,

03/24/2028

6,300

6,319

Broadcom

Inc

4.60%,

07/15/2030

6,500

6,502

5.05%,

07/12/2029

7,400

7,553

Marvell

Technology

Inc

4.75%,

07/15/2030

6,000

6,003

Micron

Technology

Inc

6.75%,

11/01/2029

9,100

9,791

Texas

Instruments

Inc

4.60%,

02/08/2029

(g) 10,000

10,125

$

52,593

Software

-

.58

%

Oracle

Corp

4.20%,

09/27/2029

9,300

9,190

4.80%,

08/03/2028

9,400

9,502

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Software

(continued)

Roper

Technologies

Inc

1.00%,

09/15/2025

$

10,450

$

10,399

4.50%,

10/15/2029

7,400

7,378

Take-Two

Interactive

Software

Inc

4.95%,

03/28/2028

10,700

10,842

5.40%,

06/12/2029

7,400

7,609

$

54,920

Student

Loan

Asset

Backed

Securities

-

.13

%

Commonbond

Student

Loan

Trust

2018-BGS

3.56%,

09/25/2045

(d) 1,632

1,563

Commonbond

Student

Loan

Trust

2018-C-GS

3.87%,

02/25/2046

(d) 2,144

2,067

Commonbond

Student

Loan

Trust

2019-A-GS

2.54%,

01/25/2047

(d) 4,099

3,734

Commonbond

Student

Loan

Trust

2020-A-GS

1.98%,

08/25/2050

(d) 1,697

1,508

Commonbond

Student

Loan

Trust

2021-A-GS

1.20%,

03/25/2052

(d) 7,852

6,746

Commonbond

Student

Loan

Trust

2021-B-GS

1.17%,

09/25/2051

(d) 2,500

2,176

EDvestinU

Private

Education

Loan

Issue

No

LLC

1.80%,

11/25/2045

(d) 5,381

4,925

ELFI

Graduate

Loan

Program

2024-A

LLC

5.56%,

08/25/2049

(d) 3,909

3,942

Laurel

Road

Prime

Student

Loan

Trust

2019-A

2.34%,

10/25/2048

(d) 23

Navient

Education

Loan

Trust

2025-A

5.02%,

07/15/2055

(d) 5,100

5,121

Navient

Private

Education

Refi

Loan

Trust

2019-A

3.42%,

01/15/2043

(d) 306

Navient

Private

Education

Refi

Loan

Trust

2019-G

2.40%,

10/15/2068

(d) 2,017

1,952

Navient

Private

Education

Refi

Loan

Trust

2020-D

1.69%,

05/15/2069

(d) 2,870

2,696

Navient

Private

Education

Refi

Loan

Trust

2020-F

1.22%,

07/15/2069

(d) 1,891

1,763

Navient

Private

Education

Refi

Loan

Trust

2020-G

1.17%,

09/16/2069

(d) 2,064

1,915

Navient

Private

Education

Refi

Loan

Trust

2020-H

1.31%,

01/15/2069

(d) 2,662

2,507

Navient

Private

Education

Refi

Loan

Trust

2021-A

0.84%,

05/15/2069

(d) 2,823

2,569

Navient

Private

Education

Refi

Loan

Trust

2021-B

0.94%,

07/15/2069

(d) 6,250

5,671

Navient

Private

Education

Refi

Loan

Trust

2021-C

1.06%,

10/15/2069

(d) 5,986

5,421

Navient

Private

Education

Refi

Loan

Trust

2021-E

0.97%,

12/16/2069

(d) 8,818

7,872

Navient

Private

Education

Refi

Loan

Trust

2021-F

1.11%,

02/18/2070

(d) 3,810

3,360

Navient

Private

Education

Refi

Loan

Trust

2022-A

2.23%,

07/15/2070

(d) 3,538

3,224

Navient

Private

Education

Refi

Loan

Trust

2023-A

5.51%,

10/15/2071

(d) 2,095

2,133

Navient

Private

Education

Refi

Loan

Trust

2024-A

5.66%,

10/15/2072

(d) 8,435

8,600

Nelnet

Student

Loan

Trust

2021-A

1.36%,

04/20/2062

(d) 12,967

12,183

Nelnet

Student

Loan

Trust

2021-C

1.32%,

04/20/2062

(d) 4,504

4,204

Nelnet

Student

Loan

Trust

2021-D

1.63%,

04/20/2062

(d) 6,191

5,836

SLM

Private

Credit

Student

Loan

Trust

2004-A

4.98%,

06/15/2033

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.66%

Schedule

of

Investments

Short-Term

Income

Fund

July

31,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Student

Loan

Asset

Backed

Securities

(continued)

SLM

Private

Credit

Student

Loan

Trust

2006-A

4.87%,

06/15/2039

$

8,590

$

8,242

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.55%

SLM

Private

Credit

Student

Loan

Trust

2006-B

4.78%,

12/15/2039

4,942

4,805

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.46%

SMB

Private

Education

Loan

Trust

2021-A

1.07%,

01/15/2053

(d) 5,164

4,662

SMB

Private

Education

Loan

Trust

2021-B

1.31%,

07/17/2051

(d) 7,916

7,395

SMB

Private

Education

Loan

Trust

2021-E

1.68%,

02/15/2051

(d) 7,749

7,237

SMB

Private

Education

Loan

Trust

2022-C

4.48%,

05/16/2050

(d) 6,881

6,803

$

143,314

Telecommunications

-

.49

%

AT&T

Inc

1.70%,

03/25/2026

9,400

9,229

4.70%,

08/15/2030

6,400

6,449

Cisco

Systems

Inc

4.75%,

02/24/2030

9,400

9,559

4.85%,

02/26/2029

10,000

10,197

Crown

Castle

Towers

LLC

4.24%,

07/15/2048

(d) 1,650

1,619

NTT

Finance

Corp

4.62%,

07/16/2028

(d) 9,300

9,320

Sprint

Spectrum

Co

LLC

/

Sprint

Spectrum

Co

II

LLC

/

Sprint

Spectrum

Co

III

LLC

5.15%,

09/20/2029

(d) 5,225

5,244

$

51,617

Transportation

-

.31

%

Ryder

System

Inc

1.75%,

09/01/2026

11,000

10,676

TOTAL

BONDS

$

2,987,190

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

.61

%

Principal

Amount

(000's)

Value

(000's)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

-

.00

%

6.83%,

09/01/2035

$

$

1.00 x

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.25%

Federal

National

Mortgage

Association

(FNMA)

-

.00

%

6.30%,

02/01/2037

1.00 x

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.01%

6.41%,

11/01/2032

1.00 x

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.29%

6.46%,

07/01/2034

1.00 x

Refinitiv

USD

IBOR

Consumer

Cash

Fallback

12-Month

+

1.58%

6.51%,

02/01/2035

1.00 x

Refinitiv

USD

IBOR

Consumer

Cash

Fallback

6-Month

+

2.01%

6.52%,

12/01/2032

1.00 x

Refinitiv

USD

IBOR

Consumer

Cash

Fallback

12-Month

+

1.64%

6.69%,

07/01/2034

1.00 x

Refinitiv

USD

IBOR

Consumer

Cash

Fallback

12-Month

+

1.64%

6.75%,

01/01/2035

1.00 x

Refinitiv

USD

IBOR

Consumer

Cash

Fallback

12-Month

+

1.75%

7.18%,

08/01/2034

1.00 x

Refinitiv

USD

IBOR

Consumer

Cash

Fallback

12-Month

+

1.63%

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Federal

National

Mortgage

Association

(FNMA)

(continued)

7.18%,

10/01/2035

$

$

1.00 x

Refinitiv

USD

IBOR

Consumer

Cash

Fallback

12-Month

+

1.68%

$

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

-

.00

%

7.50%,

10/01/2029

U.S.

Treasury

-

.61

%

3.25%,

06/30/2029

100,450

98,041

3.88%,

12/31/2029

40,000

39,907

4.00%,

01/15/2027

26,600

26,579

4.50%,

07/15/2026

69,400

69,599

5.00%,

09/30/2025

133,850

133,968

$

368,094

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

368,188

Total

Investments

$

3,514,172

Other

Assets

and

Liabilities

- (1.23)%

(42,663)

TOTAL

NET

ASSETS

-

100.00%

$

3,471,509

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$9,857

or

0.28%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$1,383,330

or

39.85%

of

net

assets.

(e) Rate

shown

is

as

of

period

end.

The

rate

may

be

a

variable

or

floating

rate

or

a

fixed

rate

which

may

convert

to

a

variable

or

floating

rate

in

the

future.

(f) Security

purchased

on

a

when-issued

basis.

(g) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$9,513

or

0.27%

of

net

assets.

(h) Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions. These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

Schedule

of

Investments

Short-Term

Income

Fund

July

31,

2025

(unaudited)

Affiliated

Securities

October

31,

2024

Purchases

Sales

July

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

171,923

$

1,076,950

$

1,092,156

$

156,717

$

171,923

$

1,076,950

$

1,092,156

$

156,717

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

3,461

$

—

$

—

$

—

$

3,461

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

US

Year

Note;

September

2025

Long

972

$

105,143

$

Total

$

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

SmallCap

Fund

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.26

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.26

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.21%

(a),(b)

1,247,802

$

1,247

Principal

Government

Money

Market

Fund

-

Class

4.22%

(a),(b),(c)

24,893,867

24,894

$

26,141

TOTAL

INVESTMENT

COMPANIES

$

26,141

COMMON

STOCKS

-

.77

%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

.82

%

AAR

Corp

(d) 224,900

$

16,802

Curtiss-Wright

Corp

42,400

20,786

$

37,588

Agriculture

-

.73

%

Darling

Ingredients

Inc

(d) 403,300

13,059

Vital

Farms

Inc

(d) 608,200

22,625

$

35,684

Apparel

-

.69

%

PVH

Corp

195,300

14,339

Automobile

Parts

&

Equipment

-

.70

%

Visteon

Corp

130,800

14,538

Banks

-

.31

%

Ameris

Bancorp

327,800

22,405

First

Horizon

Corp

919,600

20,057

First

Merchants

Corp

325,600

12,412

FNB

Corp/PA

1,558,296

23,873

Independent

Bank

Corp/MI

145,100

4,433

National

Bank

Holdings

Corp

206,700

7,660

Pinnacle

Financial

Partners

Inc

203,300

17,868

Popular

Inc

315,000

36,093

UMB

Financial

Corp

303,200

33,349

Webster

Financial

Corp

185,122

10,672

Wintrust

Financial

Corp

189,000

24,188

$

213,010

Biotechnology

-

.95

%

Akero

Therapeutics

Inc

(d) 180,469

8,816

Axsome

Therapeutics

Inc

(d) 164,800

16,707

Bicycle

Therapeutics

PLC

ADR

(d) 568,300

4,842

Bridgebio

Pharma

Inc

(d) 448,000

21,177

Cytokinetics

Inc

(d) 426,200

16,042

Denali

Therapeutics

Inc

(d) 494,000

6,832

Immunocore

Holdings

PLC

ADR

(d) 211,000

6,915

Immunome

Inc

(d) 336,675

3,542

Insmed

Inc

(d) 564,400

60,549

Iovance

Biotherapeutics

Inc

(d),(e)

1,493,900

3,839

Structure

Therapeutics

Inc

ADR

(d) 394,000

7,013

Viking

Therapeutics

Inc

(d) 243,900

7,944

$

164,218

Building

Materials

-

.69

%

Eagle

Materials

Inc

46,718

10,478

Louisiana-Pacific

Corp

116,200

10,506

Modine

Manufacturing

Co

(d) 296,500

39,897

SPX

Technologies

Inc

(d) 99,800

18,203

Trex

Co

Inc

(d) 277,600

17,833

$

96,917

Commercial

Services

-

.43

%

ABM

Industries

Inc

458,900

21,169

Huron

Consulting

Group

Inc

(d) 135,600

17,910

Remitly

Global

Inc

(d) 255,300

4,213

Stride

Inc

(d) 215,800

27,672

$

70,964

Computers

-

.98

%

Parsons

Corp

(d) 275,800

20,464

SailPoint

Inc

(d) 233,100

5,208

Varonis

Systems

Inc

(d) 644,400

35,977

$

61,649

Distribution

&

Wholesale

-

.36

%

WESCO

International

Inc

135,600

28,064

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Diversified

Financial

Services

-

.37

%

Janus

Henderson

Group

PLC

567,400

$

24,568

Jefferson

Capital

Inc

(d) 354,620

5,982

Lazard

Inc

582,600

30,284

Marex

Group

PLC

254,207

9,807

OneMain

Holdings

Inc

246,500

14,245

Stifel

Financial

Corp

229,500

26,191

$

111,077

Electrical

Components

&

Equipment

-

.77

%

EnerSys

172,407

15,925

Electronics

-

.49

%

Advanced

Energy

Industries

Inc

191,800

26,645

TD

SYNNEX

Corp

171,677

24,788

$

51,433

Engineering

&

Construction

-

.58

%

Dycom

Industries

Inc

(d) 144,500

38,843

MYR

Group

Inc

(d) 131,600

25,465

Sterling

Infrastructure

Inc

(d) 113,700

30,425

$

94,733

Entertainment

-

.70

%

Caesars

Entertainment

Inc

(d) 320,200

8,543

TKO

Group

Holdings

Inc

158,600

26,646

$

35,189

Food

-

.33

%

Performance

Food

Group

Co

(d) 273,818

27,491

Gas

-

.73

%

Southwest

Gas

Holdings

Inc

457,700

35,765

Healthcare

-

Products

-

.63

%

Castle

Biosciences

Inc

(d) 829,938

12,574

Exact

Sciences

Corp

(d) 322,400

15,137

Natera

Inc

(d) 199,600

26,678

$

54,389

Healthcare

-

Services

-

.00

%

Addus

HomeCare

Corp

(d) 155,600

16,615

LifeStance

Health

Group

Inc

(d) 1,357,300

5,402

Privia

Health

Group

Inc

(d) 969,639

18,928

RadNet

Inc

(d) 384,400

21,038

$

61,983

Home

Builders

-

.43

%

Taylor

Morrison

Home

Corp

(d) 496,800

29,450

Insurance

-

.49

%

Abacus

Global

Management

Inc

(d) 319,473

1,728

Axis

Capital

Holdings

Ltd

98,800

9,271

CNO

Financial

Group

Inc

509,866

18,784

Essent

Group

Ltd

273,500

15,313

Lincoln

National

Corp

709,300

27,032

$

72,128

Internet

-

.00

%

Lulu's

Fashion

Lounge

Holdings

Inc

(d) 26,043

Iron

&

Steel

-

.19

%

Commercial

Metals

Co

474,800

24,623

Leisure

Products

&

Services

-

.69

%

Life

Time

Group

Holdings

Inc

(d) 958,900

27,540

Lindblad

Expeditions

Holdings

Inc

(d) 613,500

7,331

$

34,871

Machinery

-

Diversified

-

.09

%

Chart

Industries

Inc

(d) 230,900

45,910

Mueller

Water

Products

Inc

-

Class

A

1,085,300

26,872

Regal

Rexnord

Corp

166,300

25,424

Zurn

Elkay

Water

Solutions

Corp

622,600

27,550

$

125,756

Miscellaneous

Manufacturers

-

.66

%

Fabrinet

(d) 41,851

13,548

Oil

&

Gas

-

.32

%

Chord

Energy

Corp

138,400

15,270

Civitas

Resources

Inc

342,800

10,407

Gulfport

Energy

Corp

(d) 83,300

14,505

Schedule

of

Investments

SmallCap

Fund

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Oil

&

Gas

(continued)

Patterson-UTI

Energy

Inc

1,303,100

$

7,701

$

47,883

Oil

&

Gas

Services

-

.84

%

Helix

Energy

Solutions

Group

Inc

(d) 1,685,400

9,994

Schlumberger

NV

216,525

7,319

$

17,313

Packaging

&

Containers

-

.00

%

Graphic

Packaging

Holding

Co

922,100

20,618

Pharmaceuticals

-

.82

%

AdaptHealth

Corp

(d) 750,700

6,734

BellRing

Brands

Inc

(d) 168,000

9,169

Collegium

Pharmaceutical

Inc

(d) 551,900

16,480

Dexcom

Inc

(d) 64,300

5,193

$

37,576

Real

Estate

-

.82

%

Newmark

Group

Inc

1,117,000

16,945

REITs

-

.79

%

Agree

Realty

Corp

430,600

30,874

American

Healthcare

REIT

Inc

337,200

13,029

Cousins

Properties

Inc

596,400

16,163

First

Industrial

Realty

Trust

Inc

424,100

20,662

Ladder

Capital

Corp

692,100

7,558

Rexford

Industrial

Realty

Inc

291,900

10,663

$

98,949

Retail

-

.75

%

American

Eagle

Outfitters

Inc

(e) 492,100

5,315

BJ's

Wholesale

Club

Holdings

Inc

(d) 222,951

23,610

Caleres

Inc

531,300

7,295

$

36,220

Semiconductors

-

.61

%

Allegro

MicroSystems

Inc

(d) 598,000

18,783

Entegris

Inc

151,040

11,851

SiTime

Corp

(d) 115,000

23,328

$

53,962

Software

-

.31

%

Agilysys

Inc

(d) 164,800

18,800

Clearwater

Analytics

Holdings

Inc

(d) 575,800

11,666

JFrog

Ltd

(d) 589,600

25,595

Progress

Software

Corp

271,800

13,068

ServiceTitan

Inc

(d) 189,000

22,058

Sophia

Genetics

SA

(d) 649,300

2,032

Sprout

Social

Inc

(d) 394,580

6,767

Vertex

Inc

(d) 291,300

9,663

$

109,649

Telecommunications

-

.56

%

Credo

Technology

Group

Holding

Ltd

(d) 289,395

32,282

Transportation

-

.21

%

Teekay

Tankers

Ltd

325,700

13,793

World

Kinect

Corp

409,900

11,178

$

24,971

Water

-

.93

%

American

States

Water

Co

262,400

19,310

TOTAL

COMMON

STOCKS

$

2,041,114

Total

Investments

$

2,067,255

Other

Assets

and

Liabilities

- (0.03)%

(636)

TOTAL

NET

ASSETS

-

100.00%

$

2,066,619

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$5,917

or

0.29%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Non-income

producing

security

(e) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$5,556

or

0.27%

of

net

assets.

Schedule

of

Investments

SmallCap

Fund

July

31,

2025

(unaudited)

Affiliated

Securities

October

31,

2024

Purchases

Sales

July

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

18,986

$

627,884

$

621,976

$

24,894

$

18,986

$

627,884

$

621,976

$

24,894

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

532

$

—

$

—

$

—

$

532

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

SmallCap

Growth

Fund

I

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.34

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.08

%

iShares

Russell

2000

Growth

ETF

(a) 5,500

$

1,596

Money

Market

Funds

-

.26

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.21%

(b),(c)

4,694,504

4,695

Principal

Government

Money

Market

Fund

-

Class

4.22%

(b),(c),(d)

62,625,338

62,625

$

67,320

TOTAL

INVESTMENT

COMPANIES

$

68,916

COMMON

STOCKS

-

.78

%

Shares

Held

Value

(000's)

Advertising

-

.00

%

Boston

Omaha

Corp

(e) 83

$

Stagwell

Inc

(e) 6,152

TechTarget

Inc

(e) 186

$

Aerospace

&

Defense

-

.00

%

AAR

Corp

(e) 74,076

5,535

AeroVironment

Inc

(e) 102,192

27,351

Amprius

Technologies

Inc

(e) 4,965

Archer

Aviation

Inc

(e) 29,140

Astronics

Corp

(e) 1,465

Curtiss-Wright

Corp

35,934

17,616

Eve

Holding

Inc

(a),(e)

2,716

Intuitive

Machines

Inc

(e) 336

Joby

Aviation

Inc

(e) 24,667

Karman

Holdings

Inc

(e) 149,162

7,712

Kratos

Defense

&

Security

Solutions

Inc

(e) 317,754

18,652

Leonardo

DRS

Inc

207,366

8,626

Loar

Holdings

Inc

(e) 99,855

7,380

Mercury

Systems

Inc

(e) 116,927

6,149

Moog

Inc

1,505

Red

Cat

Holdings

Inc

(a),(e)

3,986

Redwire

Corp

(a),(e)

1,779

StandardAero

Inc

(e) 711,795

20,321

Voyager

Technologies

Inc

(e) 77,925

3,119

$

123,622

Agriculture

-

.42

%

Ispire

Technology

Inc

(a),(e)

1,342

Turning

Point

Brands

Inc

811

Vital

Farms

Inc

(e) 229,110

8,523

$

8,594

Airlines

-

.25

%

Allegiant

Travel

Co

(e) 99,280

5,127

Frontier

Group

Holdings

Inc

(e) 3,059

Spirit

Aviation

Holdings

Inc

(e) 62

—

Sun

Country

Airlines

Holdings

Inc

(e) 1,538

$

5,158

Apparel

-

.02

%

Ermenegildo

Zegna

NV

3,287

Hanesbrands

Inc

(e) 18,776

Kontoor

Brands

Inc

2,384

Steven

Madden

Ltd

Wolverine

World

Wide

Inc

4,293

$

Automobile

Manufacturers

-

.01

%

Blue

Bird

Corp

(e) 1,706

REV

Group

Inc

2,732

$

Automobile

Parts

&

Equipment

-

.07

%

Aeva

Technologies

Inc

(e) 1,621

Dorman

Products

Inc

(e) 1,476

Douglas

Dynamics

Inc

1,032

Fox

Factory

Holding

Corp

(e) 588

indie

Semiconductor

Inc

(a),(e)

3,961

Luminar

Technologies

Inc

(e) 1,138

Microvast

Holdings

Inc

(a),(e)

6,755

Solid

Power

Inc

(e) 915

Visteon

Corp

10,184

1,132

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Automobile

Parts

&

Equipment

(continued)

XPEL

Inc

(e) 1,279

$

$

1,473

Banks

-

.98

%

Amerant

Bancorp

Inc

844

Arrow

Financial

Corp

BancFirst

Corp

1,024

Bancorp

Inc/The

(e) 139,155

8,789

Bank

First

Corp

Bank

of

Hawaii

Corp

1,623

Bank7

Corp

Bankwell

Financial

Group

Inc

Bridgewater

Bancshares

Inc

(e) 528

Cadence

Bank

69,025

2,405

California

BanCorp

(e) 240

Capital

Bancorp

Inc

Carter

Bankshares

Inc

(e) 216

Citizens

Financial

Services

Inc

(a) 23

City

Holding

Co

Coastal

Financial

Corp/WA

(e) 14,811

1,424

Community

Financial

System

Inc

620

Community

West

Bancshares

ConnectOne

Bancorp

Inc

653

Customers

Bancorp

Inc

(e) 140

Dime

Community

Bancshares

Inc

Eagle

Bancorp

Inc

Eagle

Financial

Services

Inc

Esquire

Financial

Holdings

Inc

Finwise

Bancorp

(e) 291

First

BanCorp/Puerto

Rico

4,676

First

Business

Financial

Services

Inc

First

Community

Corp/SC

First

Financial

Bankshares

Inc

40,025

1,385

First

Financial

Corp

First

Internet

Bancorp

First

Merchants

Corp

First

National

Corp/VA

Five

Star

Bancorp

560

Glacier

Bancorp

Inc

1,229

Guaranty

Bancshares

Inc/TX

Hanover

Bancorp

Inc

—

Hope

Bancorp

Inc

International

Bancshares

Corp

Lakeland

Financial

Corp

758

LINKBANCORP

Inc

Live

Oak

Bancshares

Inc

804

MainStreet

Bancshares

Inc

—

Meridian

Corp

Metrocity

Bankshares

Inc

609

Metropolitan

Bank

Holding

Corp

NBT

Bancorp

Inc

Nicolet

Bankshares

Inc

Northeast

Bank

Northrim

BanCorp

Inc

Old

National

Bancorp/IN

1,982

Old

Point

Financial

Corp

(a) 89

OP

Bancorp

Orange

County

Bancorp

Inc

Origin

Bancorp

Inc

Pathward

Financial

Inc

1,257

Patriot

National

Bancorp

Inc

(e) 2,351

PCB

Bancorp

Peapack-Gladstone

Financial

Corp

Peoples

Financial

Services

Corp

Princeton

Bancorp

Inc

Prosperity

Bancshares

Inc

252,504

16,822

Richmond

Mutual

BanCorp

Inc

(a) 54

ServisFirst

Bancshares

Inc

2,761

Shore

Bancshares

Inc

SmartFinancial

Inc

Schedule

of

Investments

SmallCap

Growth

Fund

I

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Banks

(continued)

Stock

Yards

Bancorp

Inc

1,325

$

Texas

Capital

Bancshares

Inc

(e) 342

Triumph

Financial

Inc

(e) 526

UMB

Financial

Corp

52,919

5,821

Union

Bankshares

Inc/Morrisville

VT

Unity

Bancorp

Inc

USCB

Financial

Holdings

Inc

Valley

National

Bancorp

6,350

WesBanco

Inc

91,172

2,747

West

BanCorp

Inc

$

40,878

Beverages

-

.53

%

BRC

Inc

(e) 3,318

Celsius

Holdings

Inc

(e) 237,214

10,755

National

Beverage

Corp

(e) 1,265

Vita

Coco

Co

Inc/The

(e) 2,132

Westrock

Coffee

Co

(a),(e)

1,929

Zevia

PBC

(e) 1,689

$

10,912

Biotechnology

-

.82

%

89bio

Inc

(e) 405,378

3,851

Aardvark

Therapeutics

Inc

(a),(e)

Abeona

Therapeutics

Inc

(e) 2,214

Absci

Corp

(a),(e)

4,901

ACADIA

Pharmaceuticals

Inc

(e) 124,527

2,967

ADC

Therapeutics

SA

(a),(e)

3,876

ADMA

Biologics

Inc

(e) 12,378

Akero

Therapeutics

Inc

(e) 173,410

8,471

Aldeyra

Therapeutics

Inc

(e) 2,364

Alpha

Teknova

Inc

(a),(e)

724

Altimmune

Inc

(e) 4,116

Amicus

Therapeutics

Inc

(e) 14,871

AnaptysBio

Inc

(e) 1,025

Anavex

Life

Sciences

Corp

(a),(e)

4,452

ANI

Pharmaceuticals

Inc

(e) 972

Apogee

Therapeutics

Inc

(e) 95,516

3,655

Arbutus

Biopharma

Corp

(e) 7,615

Arcellx

Inc

(e) 1,957

Arcturus

Therapeutics

Holdings

Inc

(e) 583

Arcus

Biosciences

Inc

(e) 2,697

Arcutis

Biotherapeutics

Inc

(e) 5,708

Ardelyx

Inc

(e) 12,593

ArriVent

Biopharma

Inc

(a),(e)

1,214

Arrowhead

Pharmaceuticals

Inc

(e) 6,432

ARS

Pharmaceuticals

Inc

(a),(e)

259,238

4,583

Atlantic

International

Corp

(e) 429

Aura

Biosciences

Inc

(a),(e)

649

Aurinia

Pharmaceuticals

Inc

(e) 6,278

Avidity

Biosciences

Inc

(e) 5,605

Axsome

Therapeutics

Inc

(e) 28,369

2,876

Beam

Therapeutics

Inc

(e) 5,095

Benitec

Biopharma

Inc

(a),(e)

775

Bicara

Therapeutics

Inc

(a),(e)

BioCryst

Pharmaceuticals

Inc

(e) 11,182

Biohaven

Ltd

(e) 200,145

3,023

Blueprint

Medicines

Corp

-

Contingent

Value

Rights

(e),(f)

65,056

—

Bridgebio

Pharma

Inc

(e) 314,268

14,856

Bright

Minds

Biosciences

Inc

(e) 246

Candel

Therapeutics

Inc

(a),(e)

1,914

Capricor

Therapeutics

Inc

(a),(e)

2,059

Cardiff

Oncology

Inc

(a),(e)

1,561

Cartesian

Therapeutics

Inc

(a),(e)

Cartesian

Therapeutics

Inc

-

Contingent

Value

Rights

(e),(f)

3,555

Celcuity

Inc

(a),(e)

51,823

2,029

CG

oncology

Inc

(e) 154,708

4,129

Chinook

Therapeutics

Inc

-

Contingent

Value

Rights

(e),(f)

1,785

—

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Biotechnology

(continued)

Cogent

Biosciences

Inc

(e) 412,787

$

4,714

Compass

Therapeutics

Inc

(e) 2,924

Crinetics

Pharmaceuticals

Inc

(e) 4,818

Cytokinetics

Inc

(e) 195,398

7,354

Day

One

Biopharmaceuticals

Inc

(e) 259

Denali

Therapeutics

Inc

(e) 209,947

2,903

DiaMedica

Therapeutics

Inc

(e) 1,583

Dianthus

Therapeutics

Inc

(a),(e)

150,256

3,106

Disc

Medicine

Inc

(e) 1,318

Dynavax

Technologies

Corp

(e) 5,611

Dyne

Therapeutics

Inc

(e) 1,699

Edgewise

Therapeutics

Inc

(e) 3,884

Eledon

Pharmaceuticals

Inc

(e) 260

Esperion

Therapeutics

Inc

(a),(e)

4,048

Evolus

Inc

(e) 2,847

Forafric

Global

PLC

(a),(e)

Geron

Corp

(e) 32,350

Gossamer

Bio

Inc

(e) 10,075

Greenwich

Lifesciences

Inc

(a),(e)

Halozyme

Therapeutics

Inc

(e) 73,451

4,405

Humacyte

Inc

(a),(e)

1,568

ImmunityBio

Inc

(a),(e)

10,106

Immunome

Inc

(a),(e)

3,923

Immunovant

Inc

(e) 3,635

Inmune

Bio

Inc

(a),(e)

1,207

Innoviva

Inc

(e) 2,938

Insmed

Inc

(e) 72,350

7,762

Janux

Therapeutics

Inc

(e) 662

Krystal

Biotech

Inc

(e) 1,325

Kymera

Therapeutics

Inc

(e) 2,484

Legend

Biotech

Corp

ADR

(e) 106,078

4,144

LENZ

Therapeutics

Inc

(e) 934

Ligand

Pharmaceuticals

Inc

(e) 125

Liquidia

Corp

(e) 3,416

MeiraGTx

Holdings

plc

(e) 1,657

Metsera

Inc

(a),(e)

90,718

2,993

Mind

Medicine

MindMed

Inc

(e) 1,259

Mineralys

Therapeutics

Inc

(e) 2,074

Monopar

Therapeutics

Inc

(e) 218

MoonLake

Immunotherapeutics

(e) 74,819

3,774

Nektar

Therapeutics

(e) 57,194

1,240

NeoGenomics

Inc

(e) 736

Newamsterdam

Pharma

Co

NV

(e) 167,574

3,655

Niagen

Bioscience

Inc

(e) 2,776

Novavax

Inc

(a),(e)

6,572

Nuvalent

Inc

(e) 2,297

Nuvation

Bio

Inc

(a),(e)

1,408

Omeros

Corp

(a),(e)

2,678

Oncternal

Therapeutics

Inc

-

Contingent

Value

Rights

(e),(f)

—

Organogenesis

Holdings

Inc

(e) 3,630

Palvella

Therapeutics

Inc

(e) 343

Phathom

Pharmaceuticals

Inc

(e) 607

Praxis

Precision

Medicines

Inc

(e) 77

Precigen

Inc

(a),(e)

7,502

Protalix

BioTherapeutics

Inc

(a),(e)

4,176

Prothena

Corp

PLC

(e) 257

PTC

Therapeutics

Inc

(e) 3,376

Rapport

Therapeutics

Inc

(a),(e)

122,415

1,758

Recursion

Pharmaceuticals

Inc

(a),(e)

18,137

Rezolute

Inc

(e) 3,072

Rigel

Pharmaceuticals

Inc

(e) 925

Rocket

Pharmaceuticals

Inc

(e) 910

Sana

Biotechnology

Inc

(e) 804

Savara

Inc

(e) 925,483

2,397

Scholar

Rock

Holding

Corp

(e) 3,972

Soleno

Therapeutics

Inc

(e) 149,325

12,912

Stoke

Therapeutics

Inc

(a),(e)

2,175

Syndax

Pharmaceuticals

Inc

(e) 4,272

Schedule

of

Investments

SmallCap

Growth

Fund

I

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Biotechnology

(continued)

Tarsus

Pharmaceuticals

Inc

(e) 2,055

$

Taysha

Gene

Therapies

Inc

(e) 8,833

Tectonic

Therapeutic

Inc

(a),(e)

Tevogen

Bio

Holdings

Inc

(e) 1,666

TG

Therapeutics

Inc

(e) 7,747

Theravance

Biopharma

Inc

(e) 1,611

Tobira

Therapeutics

Inc

-

Contingent

Value

Rights

(e),(f)

1,559

—

Travere

Therapeutics

Inc

(e) 465,296

7,189

TriSalus

Life

Sciences

Inc

(e) 265

Tvardi

Therapeutics

Inc

(a),(e)

Ultragenyx

Pharmaceutical

Inc

(e) 93,762

2,562

UroGen

Pharma

Ltd

(e) 1,651

Vera

Therapeutics

Inc

(e) 2,737

Veracyte

Inc

(e) 4,174

Verastem

Inc

(e) 1,524

Vericel

Corp

(e) 2,677

Viridian

Therapeutics

Inc

(a),(e)

215,438

3,774

WaVe

Life

Sciences

Ltd

(e) 701,868

5,685

Xenon

Pharmaceuticals

Inc

(e) 115,044

3,513

XOMA

Royalty

Corp

(e) 355

Zevra

Therapeutics

Inc

(e) 2,884

Zymeworks

Inc

(e) 2,606

$

140,568

Building

Materials

-

.74

%

AAON

Inc

85,166

7,111

Armstrong

World

Industries

Inc

56,310

10,596

Eagle

Materials

Inc

19,839

4,450

Griffon

Corp

2,097

James

Hardie

Industries

PLC

(e) 315,036

8,172

Knife

River

Corp

(e) 107,531

8,869

LSI

Industries

Inc

1,068

Modine

Manufacturing

Co

(e) 199,553

26,851

Simpson

Manufacturing

Co

Inc

24,458

4,389

Smith-Midland

Corp

(e) 164

SPX

Technologies

Inc

(e) 147,879

26,972

Tecnoglass

Inc

1,301

Titan

America

SA

(a) 1,282

UFP

Industries

Inc

$

97,742

Chemicals

-

.81

%

Balchem

Corp

1,756

Cabot

Corp

2,711

Calumet

Inc

(e) 477

Chemours

Co/The

8,039

Codexis

Inc

(e) 3,577

Element

Solutions

Inc

370,874

8,753

Hawkins

Inc

1,044

HB

Fuller

Co

119,994

6,744

Ingevity

Corp

(e) 1,933

Innospec

Inc

Oil-Dri

Corp

of

America

Sensient

Technologies

Corp

2,261

$

16,607

Coal

-

.01

%

Alpha

Metallurgical

Resources

Inc

(e) 189

Core

Natural

Resources

Inc

979

Hallador

Energy

Co

(e) 1,529

Ramaco

Resources

Inc

-

A

Shares

1,885

$

Commercial

Services

-

.93

%

Acuren

Corp

(a),(e)

2,115

Adtalem

Global

Education

Inc

(e) 1,969

AirSculpt

Technologies

Inc

(a),(e)

505

Alarm.com

Holdings

Inc

(e) 2,531

Alta

Equipment

Group

Inc

(a) 250

American

Public

Education

Inc

(e) 861

Arlo

Technologies

Inc

(e) 386,687

6,264

Barrett

Business

Services

Inc

1,314

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Commercial

Services

(continued)

Bright

Horizons

Family

Solutions

Inc

(e) 173,925

$

19,671

Brink's

Co/The

2,316

Cadiz

Inc

(e) 2,941

Carriage

Services

Inc

743

Cass

Information

Systems

Inc

555

CBIZ

Inc

(e) 2,803

Cimpress

PLC

(e) 172

CompoSecure

Inc

(a),(e)

2,087

CoreCivic

Inc

(e) 875

Coursera

Inc

(e) 7,379

CPI

Card

Group

Inc

(e) 354

CRA

International

Inc

Distribution

Solutions

Group

Inc

(e) 475

Driven

Brands

Holdings

Inc

(e) 3,176

Emerald

Holding

Inc

746

European

Wax

Center

Inc

(a),(e)

1,467

EVERTEC

Inc

3,424

First

Advantage

Corp

(e) 321,034

5,551

Flywire

Corp

(e) 5,657

Franklin

Covey

Co

(e) 511

FTI

Consulting

Inc

(e) 46,101

7,669

GEO

Group

Inc/The

(e) 7,300

Hackett

Group

Inc/The

1,220

Healthcare

Services

Group

Inc

(e) 1,746

Herc

Holdings

Inc

1,748

Hertz

Global

Holdings

Inc

(e) 6,301

HireQuest

Inc

(a) 96

Huron

Consulting

Group

Inc

(e) 911

Information

Services

Group

Inc

898

Insperity

Inc

1,929

John

Wiley

&

Sons

Inc

2,057

Kforce

Inc

793

KinderCare

Learning

Cos

Inc

(e) 364,225

3,500

Korn

Ferry

1,264

Laureate

Education

Inc

(e) 2,373

Legalzoom.com

Inc

(e) 5,909

Lifecore

Biomedical

Inc

(e) 1,065

Lincoln

Educational

Services

Corp

(e) 1,566

Marqeta

Inc

(e) 9,388

Mercurity

Fintech

Holding

Inc

(a),(e)

Mister

Car

Wash

Inc

(e) 1,606,123

9,275

National

Research

Corp

677

NIQ

Global

Intelligence

Plc

(e) 271,521

5,007

Payoneer

Global

Inc

(e) 14,885

Performant

Healthcare

Inc

(e) 2,833

Priority

Technology

Holdings

Inc

(e) 1,336

Progyny

Inc

(e) 3,657

Quad/Graphics

Inc

1,217

RCM

Technologies

Inc

(e) 295

Remitly

Global

Inc

(e) 8,276

Rentokil

Initial

PLC

ADR

258,227

6,396

Sezzle

Inc

(e) 719

Shift4

Payments

Inc

(e) 133,469

13,748

SoundThinking

Inc

(e) 511

Spire

Global

Inc

(a),(e)

1,543

StoneCo

Ltd

(e) 12,953

Stride

Inc

(e) 2,285

Transcat

Inc

(e) 252

TriNet

Group

Inc

1,601

Udemy

Inc

(e) 5,177

Universal

Technical

Institute

Inc

(e) 2,392

Upbound

Group

Inc

956

Verra

Mobility

Corp

(e) 8,527

Willdan

Group

Inc

(e) 506

ZipRecruiter

Inc

(e) 3,701

$

81,107

Schedule

of

Investments

SmallCap

Growth

Fund

I

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Computers

-

.13

%

Cantaloupe

Inc

(e) 2,859

$

CSP

Inc

Diebold

Nixdorf

Inc

(e) 1,260

D-Wave

Quantum

Inc

(e) 151,342

2,602

Grid

Dynamics

Holdings

Inc

(e) 2,843

Insight

Enterprises

Inc

(e) 505

Integral

Ad

Science

Holding

Corp

(e) 577

Lumentum

Holdings

Inc

(e) 157,610

17,350

Maximus

Inc

3,028

Mitek

Systems

Inc

(e) 482

NCR

Atleos

Corp

(e) 3,901

NextNav

Inc

(e) 4,693

OneSpan

Inc

PAR

Technology

Corp

(e) 1,249

Qualys

Inc

(e) 1,954

Rapid7

Inc

(e) 3,400

Rigetti

Computing

Inc

(a),(e)

15,118

Rimini

Street

Inc

(e) 607

Rubrik

Inc

(e) 64,962

6,168

Tenable

Holdings

Inc

(e) 137,197

4,295

Unisys

Corp

(e) 2,844

V2X

Inc

(e) 73

Varonis

Systems

Inc

(e) 217,142

12,123

Vuzix

Corp

(a),(e)

3,235

WNS

Holdings

Ltd

(e) 2,164

$

43,969

Consumer

Products

-

.01

%

Co

727

Cosmetics

&

Personal

Care

-

.01

%

Beauty

Health

Co/The

(e) 5,190

Honest

Co

Inc/The

(e) 2,501

Interparfums

Inc

972

Prestige

Consumer

Healthcare

Inc

(e) 482

Solesence

Inc

(e) 1,007

$

Distribution

&

Wholesale

-

.09

%

Global

Industrial

Co

749

OPENLANE

Inc

(e) 316,745

7,805

Rush

Enterprises

Inc

-

Class

A

1,792

Rush

Enterprises

Inc

-

Class

B

SiteOne

Landscape

Supply

Inc

(e) 47,820

6,591

ThredUp

Inc

(e) 4,848

VSE

Corp

51,059

7,993

$

22,565

Diversified

Financial

Services

-

.23

%

Acadian

Asset

Management

Inc

1,467

Artisan

Partners

Asset

Management

Inc

1,823

Atlanticus

Holdings

Corp

(e) 34

Bakkt

Holdings

Inc

(e) 77

BGC

Group

Inc

19,150

Brookfield

Business

Corp

Burford

Capital

Ltd

6,503

Cohen

&

Steers

Inc

1,351

Columbia

Financial

Inc

(e) 125

Dave

Inc

(e) 495

Diamond

Hill

Investment

Group

Inc

Enova

International

Inc

(e) 1,308

Federal

Agricultural

Mortgage

Corp

First

Western

Financial

Inc

(e) 198

GBank

Financial

Holdings

Inc

(e) 43,342

1,627

GCM

Grosvenor

Inc

2,100

Houlihan

Lokey

Inc

67,666

12,901

International

Money

Express

Inc

(e) 1,503

LendingTree

Inc

(e) 81,903

3,823

Marex

Group

PLC

163,201

6,296

Moelis

&

Co

117,772

8,261

NerdWallet

Inc

(e) 2,196

OppFi

Inc

(a) 1,298

Pagseguro

Digital

Ltd

5,863

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Diversified

Financial

Services

(continued)

Paysign

Inc

(e) 1,945

$

Perella

Weinberg

Partners

171,033

3,411

Piper

Sandler

Cos

36,838

11,616

PJT

Partners

Inc

1,229

Regional

Management

Corp

Resolute

Holdings

Management

Inc

(a),(e)

Siebert

Financial

Corp

(e) 104

—

StepStone

Group

Inc

141,548

8,402

Stifel

Financial

Corp

72,355

8,257

StoneX

Group

Inc

(e) 2,417

Upstart

Holdings

Inc

(e) 4,506

Victory

Capital

Holdings

Inc

2,367

Vroom

Inc

(e) 9

—

WisdomTree

Inc

6,420

$

66,669

Electric

-

.01

%

Genie

Energy

Ltd

MGE

Energy

Inc

1,029

Oklo

Inc

(e) 1,285

Otter

Tail

Corp

$

Electrical

Components

&

Equipment

-

.46

%

American

Superconductor

Corp

(e) 114,119

6,488

Belden

Inc

2,118

Energizer

Holdings

Inc

2,764

EnerSys

Generac

Holdings

Inc

(e) 19,136

3,726

Graham

Corp

(e) 539

Insteel

Industries

Inc

530

Littelfuse

Inc

26,553

6,833

nLight

Inc

(e) 168

Novanta

Inc

(e) 35,413

4,356

Powell

Industries

Inc

510

Universal

Display

Corp

56,712

8,189

$

30,101

Electronics

-

.39

%

Advanced

Energy

Industries

Inc

2,016

Allient

Inc

Applied

Optoelectronics

Inc

(a),(e)

148,078

3,387

Atmus

Filtration

Technologies

Inc

4,022

Badger

Meter

Inc

1,587

CTS

Corp

Enovix

Corp

(a),(e)

8,795

ESCO

Technologies

Inc

26,097

5,055

Evolv

Technologies

Holdings

Inc

(e) 205,589

1,347

Itron

Inc

(e) 1,178

Knowles

Corp

(e) 354

Kopin

Corp

(e) 8,439

KULR

Technology

Group

Inc

(a),(e)

1,766

Mesa

Laboratories

Inc

MicroVision

Inc

(a),(e)

8,302

Mirion

Technologies

Inc

(e) 789,845

17,654

M-Tron

Industries

Inc

(e) 147

Napco

Security

Technologies

Inc

103,482

3,159

Neonode

Inc

(a),(e)

NEXTracker

Inc

(e) 6,074

NVE

Corp

OSI

Systems

Inc

(e) 857

Plexus

Corp

(e) 1,336

Sanmina

Corp

(e) 1,252

SKYX

Platforms

Corp

(e) 3,275

TTM

Technologies

Inc

(e) 237,820

11,237

Turtle

Beach

Corp

(e) 608

Vicor

Corp

(e) 1,232

Woodward

Inc

20,913

5,376

$

49,248

Schedule

of

Investments

SmallCap

Growth

Fund

I

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Energy

-

Alternate

Sources

-

.01

%

Array

Technologies

Inc

(e) 1,760

$

ASP

Isotopes

Inc

(e) 3,021

Complete

Solaria

Inc

(a),(e)

1,002

Eos

Energy

Enterprises

Inc

(e) 11,880

Fluence

Energy

Inc

(a),(e)

3,274

Montauk

Renewables

Inc

(e) 1,021

OPAL

Fuels

Inc

(e) 1,312

REX

American

Resources

Corp

(e) 213

Shoals

Technologies

Group

Inc

(e) 1,446

Verde

Clean

Fuels

Inc

(e) 442

$

Engineering

&

Construction

-

.82

%

908

Devices

Inc

(a),(e)

1,256

Arcosa

Inc

728

Bowman

Consulting

Group

Ltd

(e) 13,909

Centuri

Holdings

Inc

(e) 892

Concrete

Pumping

Holdings

Inc

Construction

Partners

Inc

(e) 114,474

11,545

Dycom

Industries

Inc

(e) 1,499

Energy

Services

of

America

Corp

708

Everus

Construction

Group

Inc

(e) 136,555

10,141

Exponent

Inc

2,719

Fluor

Corp

(e) 219,070

12,437

Frontdoor

Inc

(e) 3,981

Granite

Construction

Inc

2,016

IES

Holdings

Inc

(e) 483

Latham

Group

Inc

(e) 293,015

1,986

Limbach

Holdings

Inc

(e) 567

MYR

Group

Inc

(e) 824

Orion

Group

Holdings

Inc

(e) 421

Primoris

Services

Corp

131,937

12,424

Sterling

Infrastructure

Inc

(e) 20,405

5,460

TopBuild

Corp

(e) 5,884

2,180

TSS

Inc/MD

(a),(e)

957

$

58,204

Entertainment

-

.05

%

Accel

Entertainment

Inc

(e) 2,875

Atlanta

Braves

Holdings

Inc

-

A

shares

(a),(e)

Atlanta

Braves

Holdings

Inc

-

C

shares

(e) 2,453

Bally's

Corp

(a),(e)

Cinemark

Holdings

Inc

5,682

IMAX

Corp

(e) 28,437

733

Madison

Square

Garden

Entertainment

Corp

(e) 2,103

Monarch

Casino

&

Resort

Inc

689

Pursuit

Attractions

and

Hospitality

Inc

(e) 94

RCI

Hospitality

Holdings

Inc

Red

Rock

Resorts

Inc

1,423

Reservoir

Media

Inc

(e) 178

Rush

Street

Interactive

Inc

(e) 990,349

19,966

Six

Flags

Entertainment

Corp

(e) 4,082

Super

Group

SGHC

Ltd

8,502

United

Parks

&

Resorts

Inc

(e) 1,363

$

21,548

Environmental

Control

-

.19

%

Casella

Waste

Systems

Inc

(e) 199,163

21,655

CECO

Environmental

Corp

(e) 1,544

Energy

Recovery

Inc

(e) 2,834

Perma-Fix

Environmental

Services

Inc

(a),(e)

PureCycle

Technologies

Inc

(a),(e)

6,928

Waste

Connections

Inc

124,941

23,323

$

45,180

Food

-

.56

%

Beyond

Meat

Inc

(a),(e)

Calavo

Growers

Inc

804

Cal-Maine

Foods

Inc

2,456

Chefs'

Warehouse

Inc/The

(e) 140,575

9,638

J

&

J

Snack

Foods

Corp

830

John

B

Sanfilippo

&

Son

Inc

Lifeway

Foods

Inc

(e) 308

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Food

(continued)

Mama's

Creations

Inc

(e) 1,920

$

Marzetti

Company/The

1,074

Nathan's

Famous

Inc

Natural

Grocers

by

Vitamin

Cottage

Inc

663

Simply

Good

Foods

Co/The

(e) 3,207

SunOpta

Inc

(e) 5,103

Tootsie

Roll

Industries

Inc

(a) 923

Utz

Brands

Inc

72,163

940

WK

Kellogg

Co

(a) 3,057

$

11,468

Forest

Products

&

Paper

-

.00

%

Sylvamo

Corp

Gas

-

.00

%

Chesapeake

Utilities

Corp

RGC

Resources

Inc

$

Hand

&

Machine

Tools

-

.40

%

Cadre

Holdings

Inc

(a) 1,506

Enerpac

Tool

Group

Corp

2,883

Franklin

Electric

Co

Inc

2,136

MSA

Safety

Inc

44,653

7,942

$

8,304

Healthcare

-

Products

-

.40

%

10X

Genomics

Inc

(e) 1,457

Accuray

Inc

(e) 5,763

Adaptive

Biotechnologies

Corp

(e) 7,972

Alphatec

Holdings

Inc

(e) 378,990

4,009

AngioDynamics

Inc

(e) 460

Anteris

Technologies

Global

Corp

(e) 1,151

Artivion

Inc

(e) 1,640

AtriCure

Inc

(e) 248,513

8,723

Avita

Medical

Inc

(a),(e)

1,591

Axogen

Inc

(e) 2,328

Beta

Bionics

Inc

(e) 613

BioLife

Solutions

Inc

(e) 2,011

Bio-Techne

Corp

210,284

11,509

Bioventus

Inc

(e) 2,602

Bruker

Corp

310,553

11,935

Butterfly

Network

Inc

(e) 10,214

CareDx

Inc

(e) 2,897

Caris

Life

Sciences

Inc

(e) 142,999

4,015

Ceribell

Inc

(e) 29,337

Cerus

Corp

(e) 9,879

ClearPoint

Neuro

Inc

(a),(e)

1,465

CVRx

Inc

(e) 963

Delcath

Systems

Inc

(e) 1,594

Electromed

Inc

(e) 414

Embecta

Corp

Establishment

Labs

Holdings

Inc

(a),(e)

266,010

11,160

Glaukos

Corp

(e) 91,613

7,887

Guardant

Health

Inc

(e) 155,868

6,387

Haemonetics

Corp

(e) 2,695

ICU

Medical

Inc

(e) 970

Integer

Holdings

Corp

(e) 38,472

4,175

iRadimed

Corp

iRhythm

Technologies

Inc

(e) 1,705

Kestra

Medical

Technologies

Ltd

(a),(e)

284,775

4,698

KORU

Medical

Systems

Inc

(e) 2,272

Lantheus

Holdings

Inc

(e) 3,610

LeMaitre

Vascular

Inc

1,115

LENSAR

Inc

(e) 564

LivaNova

PLC

(e) 112,311

4,738

Lucid

Diagnostics

Inc

(e) 2,113

Masimo

Corp

(e) 44,585

6,857

Merit

Medical

Systems

Inc

(e) 72,526

6,155

MiMedx

Group

Inc

(e) 6,309

Myomo

Inc

(e) 1,742

NeuroPace

Inc

(e) 1,288

Novocure

Ltd

(e) 5,416

Schedule

of

Investments

SmallCap

Growth

Fund

I

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Healthcare

-

Products

(continued)

OmniAb

Inc

(e) 998

$

OmniAb

Inc

(e) 95

—

OmniAb

Inc

(e) 95

—

OrthoPediatrics

Corp

(e) 201,637

4,178

PROCEPT

BioRobotics

Corp

(e) 152,566

7,401

Pulmonx

Corp

(e) 2,288

Pulse

Biosciences

Inc

(a),(e)

1,003

Quanterix

Corp

(e) 252

QuidelOrtho

Corp

(e) 1,550

Repligen

Corp

(e) 60,365

7,067

RxSight

Inc

(e) 2,108

Sanara

Medtech

Inc

(e) 163

SANUWAVE

Health

Inc

(e) 375

Semler

Scientific

Inc

(a),(e)

SI-BONE

Inc

(e) 363,352

6,188

STAAR

Surgical

Co

(a),(e)

2,280

Stereotaxis

Inc

(e) 3,215

Surmodics

Inc

(e) 727

Tandem

Diabetes

Care

Inc

(e) 129,305

2,014

TransMedics

Group

Inc

(e) 89,644

10,665

Treace

Medical

Concepts

Inc

(e) 2,553

Twist

Bioscience

Corp

(e) 3,144

UFP

Technologies

Inc

(e) 402

$

132,035

Healthcare

-

Services

-

.78

%

Addus

HomeCare

Corp

(e) 470

agilon

health

Inc

(e) 16,449

Ardent

Health

Inc

(e) 116

Astrana

Health

Inc

(e) 2,166

Aveanna

Healthcare

Holdings

Inc

(e) 2,097

BrightSpring

Health

Services

Inc

(e) 373,714

7,717

Brookdale

Senior

Living

Inc

(e) 10,856

Clover

Health

Investments

Corp

(e) 21,550

Community

Health

Systems

Inc

(e) 4,676

Concentra

Group

Holdings

Parent

Inc

5,861

CorVel

Corp

(e) 1,556

Encompass

Health

Corp

123,632

13,613

Ensign

Group

Inc/The

3,004

GeneDx

Holdings

Corp

(e) 48,291

4,923

Ginkgo

Bioworks

Holdings

Inc

(a),(e)

HealthEquity

Inc

(e) 194,635

18,880

Innovage

Holding

Corp

(e) 481

Joint

Corp/The

(e) 808

LifeStance

Health

Group

Inc

(e) 614,859

2,448

Nano-X

Imaging

Ltd

(a),(e)

819

Neuronetics

Inc

(a),(e)

1,935

Oncology

Institute

Inc/The

(e) 3,157

Oscar

Health

Inc

(a),(e)

9,780

PACS

Group

Inc

(e) 2,176

Pennant

Group

Inc/The

(e) 1,793

Privia

Health

Group

Inc

(e) 6,135

RadNet

Inc

(e) 153,048

8,376

SBC

Medical

Group

Holdings

Inc

(e) 25

—

Sonida

Senior

Living

Inc

(e) 186

Teladoc

Health

Inc

(e) 1,809

US

Physical

Therapy

Inc

Viemed

Healthcare

Inc

(e) 1,865

$

57,384

Home

Builders

-

.39

%

Cavco

Industries

Inc

(e) 408

Champion

Homes

Inc

(e) 123,611

7,528

Dream

Finders

Homes

Inc

(e) 387

Green

Brick

Partners

Inc

(e) 578

Installed

Building

Products

Inc

1,253

LCI

Industries

$

8,005

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Home

Furnishings

-

.65

%

Arhaus

Inc

(e) 405,709

$

3,554

Daktronics

Inc

(e) 432

Lovesac

Co/The

(e) 454

SharkNinja

Inc

(e) 84,854

9,852

Sonos

Inc

(e) 5,754

$

13,483

Insurance

-

.94

%

American

Coastal

Insurance

Corp

774

AMERISAFE

Inc

514

Ategrity

Specialty

Holdings

LLC

(e) 89,299

1,784

Baldwin

Insurance

Group

Inc/The

(e) 174,306

6,422

Bowhead

Specialty

Holdings

Inc

(e) 53,378

1,735

Crawford

&

Co

874

F&G

Annuities

&

Life

Inc

Goosehead

Insurance

Inc

1,009

HCI

Group

Inc

Heritage

Insurance

Holdings

Inc

(e) 909

Hippo

Holdings

Inc

(e) 516

Investors

Title

Co

Kestrel

Group

Ltd

(e) 95

Kingstone

Cos

Inc

557

Kingsway

Financial

Services

Inc

(e) 971

Lemonade

Inc

(e) 2,957

Palomar

Holdings

Inc

(e) 128,671

17,048

Root

Inc/OH

(e) 569

Selective

Insurance

Group

Inc

2,868

Selectquote

Inc

(e) 5,270

SiriusPoint

Ltd

(e) 571

Skyward

Specialty

Insurance

Group

Inc

(e) 150,626

7,619

Tiptree

Inc

Trupanion

Inc

(e) 1,969

TWFG

Inc

(e) 146,722

4,529

Universal

Insurance

Holdings

Inc

$

39,928

Internet

-

.23

%

Arena

Group

Holdings

Inc/The

(e) 690

AudioEye

Inc

(e) 479

Backblaze

Inc

(e) 3,023

BARK

Inc

(e) 3,951

Bumble

Inc

(e) 439

Cargurus

Inc

(e) 4,386

Cogent

Communications

Holdings

Inc

235,015

10,714

Couchbase

Inc

(e) 2,283

Crexendo

Inc

(e) 775

Entravision

Communications

Corp

835

EverQuote

Inc

(e) 138,812

3,414

Figs

Inc

(e) 4,714

fuboTV

Inc

(e) 17,829

Gambling.com

Group

Ltd

(e) 882

Grindr

Inc

(e) 1,767

Groupon

Inc

(e) 1,320

HealthStream

Inc

554

Hims

&

Hers

Health

Inc

(e) 10,197

675

LifeMD

Inc

(e) 1,384

Liquidity

Services

Inc

(e) 1,227

Magnite

Inc

(e) 7,470

MediaAlpha

Inc

(e) 1,763

Nerdy

Inc

(e) 3,093

OptimizeRx

Corp

(e) 926

Q2

Holdings

Inc

(e) 117,195

9,516

QuinStreet

Inc

(e) 2,892

RealReal

Inc/The

(e) 1,460

Revolve

Group

Inc

(e) 2,150

Rumble

Inc

(a),(e)

987

Serve

Robotics

Inc

(a),(e)

2,212

Sprinklr

Inc

(e) 5,873

Stitch

Fix

Inc

(e) 536

Travelzoo

(e) 340

TripAdvisor

Inc

(e) 2,975

Schedule

of

Investments

SmallCap

Growth

Fund

I

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Internet

(continued)

Tucows

Inc

(e) 73

$

Upwork

Inc

(e) 6,636

Vivid

Seats

Inc

(e) 2,283

Yelp

Inc

(e) 3,293

$

25,442

Investment

Companies

-

.25

%

Bitdeer

Technologies

Group

(a),(e)

4,784

Core

Scientific

Inc

(e) 12,263

FTAI

Infrastructure

Inc

5,207

MARA

Holdings

Inc

(a),(e)

130,120

2,092

Terawulf

Inc

(e) 13,442

Trinity

Capital

Inc

179,519

2,691

$

5,113

Iron

&

Steel

-

.53

%

ATI

Inc

(e) 69,716

5,364

Carpenter

Technology

Corp

22,239

5,546

$

10,910

Leisure

Products

&

Services

-

.47

%

Acushnet

Holdings

Corp

1,507

Global

Business

Travel

Group

I

(e) 4,471

Life

Time

Group

Holdings

Inc

(e) 162,411

4,664

Lindblad

Expeditions

Holdings

Inc

(e) 1,995

Livewire

Group

Inc

(a),(e)

1,966

Marine

Products

Corp

OneSpaWorld

Holdings

Ltd

217,410

4,809

Peloton

Interactive

Inc

(e) 6,927

Sabre

Corp

(e) 5,375

Xponential

Fitness

Inc

(e) 1,523

$

9,738

Lodging

-

.01

%

Hilton

Grand

Vacations

Inc

(e) 3,259

Machinery

-

Construction

&

Mining

-

.53

%

Argan

Inc

4,279

1,049

Bloom

Energy

Corp

(a),(e)

91,632

3,426

BWX

Technologies

Inc

39,463

5,996

Lightbridge

Corp

(a),(e)

1,004

NANO

Nuclear

Energy

Inc

(a),(e)

1,327

NuScale

Power

Corp

(a),(e)

6,763

$

10,870

Machinery

-

Diversified

-

.66

%

Aebi

Schmidt

Holding

AG

(e) 159

Alamo

Group

Inc

Albany

International

Corp

Applied

Industrial

Technologies

Inc

40,680

11,045

Cactus

Inc

72,799

3,080

Chart

Industries

Inc

(e) 26,621

5,293

CSW

Industrials

Inc

871

DXP

Enterprises

Inc/TX

(e) 695

Esab

Corp

67,009

8,990

Gorman-Rupp

Co/The

1,104

IDEX

Corp

26,508

4,334

Kadant

Inc

17,771

5,914

Lindsay

Corp

582

Mueller

Water

Products

Inc

-

Class

A

226,212

5,601

Power

Solutions

International

Inc

(e) 330

Pro-Dex

Inc

(a),(e)

Richtech

Robotics

Inc

(a),(e)

4,143

Thermon

Group

Holdings

Inc

(e) 247

Watts

Water

Technologies

Inc

1,469

Zurn

Elkay

Water

Solutions

Corp

218,774

9,680

$

54,870

Media

-

.00

%

Altice

USA

Inc

(e) 2,359

CuriosityStream

Inc

1,760

Gannett

Co

Inc

(e) 6,759

GCI

Liberty

Inc

-

Escrow

(e),(f)

157,046

—

Thryv

Holdings

Inc

(e) 1,953

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Media

(continued)

Value

Line

Inc

$

$

Metal

Fabrication

&

Hardware

-

.79

%

AZZ

Inc

1,588

Janus

International

Group

Inc

(e) 2,673

Mayville

Engineering

Co

Inc

(e) 74

Omega

Flex

Inc

(a) 214

Standex

International

Corp

516

Valmont

Industries

Inc

43,826

15,950

Worthington

Enterprises

Inc

524

Xometry

Inc

(e) 2,307

$

16,347

Mining

-

.05

%

American

Battery

Technology

Co

(e) 2,564

Centrus

Energy

Corp

(e) 613

Century

Aluminum

Co

(e) 2,777

Coeur

Mining

Inc

(e) 17,112

Compass

Minerals

International

Inc

(e) 1,394

Constellium

SE

(e) 2,791

Contango

ORE

Inc

(a),(e)

Critical

Metals

Corp

(e) 643

Dakota

Gold

Corp

(e) 4,579

Energy

Fuels

Inc/Canada

(a),(e)

2,955

Hecla

Mining

Co

7,583

Idaho

Strategic

Resources

Inc

(a),(e)

672

Ivanhoe

Electric

Inc

/

US

(e) 3,906

Kaiser

Aluminum

Corp

Lifezone

Metals

Ltd

(e) 1,663

NioCorp

Developments

Ltd

(e) 3,103

Novagold

Resources

Inc

(e) 12,385

Perpetua

Resources

Corp

(e) 2,444

Piedmont

Lithium

Inc

(a),(e)

1,154

United

States

Antimony

Corp

(e) 5,173

United

States

Lime

&

Minerals

Inc

579

Uranium

Energy

Corp

(e) 22,751

US

Gold

Corp

(a),(e)

660

US

Goldmining

Inc

(e) 115

Vox

Royalty

Corp

2,403

$

1,004

Miscellaneous

Manufacturers

-

.32

%

Byrna

Technologies

Inc

(e) 950

Enpro

Inc

98,770

20,980

Fabrinet

(e) 49,403

15,994

Federal

Signal

Corp

3,214

ITT

Inc

59,762

10,157

JBT

Marel

Corp

1,347

Materion

Corp

Myers

Industries

Inc

Park

Aerospace

Corp

513

Sight

Sciences

Inc

(e) 2,210

Sturm

Ruger

&

Co

Inc

Trinity

Industries

Inc

2,034

$

47,845

Office

&

Business

Equipment

-

.00

%

Pitney

Bowes

Inc

3,588

Office

Furnishings

-

.00

%

CompX

International

Inc

HNI

Corp

1,414

Interface

Inc

$

Oil

&

Gas

-

.41

%

Comstock

Resources

Inc

(e) 2,739

CVR

Energy

Inc

1,637

Delek

US

Holdings

Inc

3,237

Empire

Petroleum

Corp

(e) 743

Epsilon

Energy

Ltd

Evolution

Petroleum

Corp

1,646

Gulfport

Energy

Corp

(e) 13,394

2,333

Schedule

of

Investments

SmallCap

Growth

Fund

I

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Oil

&

Gas

(continued)

Infinity

Natural

Resources

Inc

(e) 81,439

$

1,215

Kolibri

Global

Energy

Inc

(e) 529

Magnolia

Oil

&

Gas

Corp

1,978

NextNRG

Inc

(e) 307

—

Par

Pacific

Holdings

Inc

(e) 801

Permian

Resources

Corp

31,074

PrimeEnergy

Resources

Corp

(e) 6

Riley

Exploration

Permian

Inc

Sable

Offshore

Corp

(a),(e)

135,643

4,161

Seadrill

Ltd

(e) 1,210

VAALCO

Energy

Inc

653

$

8,442

Oil

&

Gas

Services

-

.61

%

Archrock

Inc

8,828

Aris

Water

Solutions

Inc

1,634

Atlas

Energy

Solutions

Inc

2,962

DMC

Global

Inc

(e) 336

Flotek

Industries

Inc

(e) 277

Flowco

Holdings

Inc

51,612

965

Helix

Energy

Solutions

Group

Inc

(e) 1,814

Kodiak

Gas

Services

Inc

2,870

Matrix

Service

Co

(e) 328

National

Energy

Services

Reunited

Corp

(a),(e)

Natural

Gas

Services

Group

Inc

Oceaneering

International

Inc

(e) 637,285

13,829

Schlumberger

NV

323,117

10,921

Select

Water

Solutions

Inc

Solaris

Energy

Infrastructure

Inc

(a) 157,702

5,152

TechnipFMC

PLC

50,648

1,842

Tidewater

Inc

(e) 2,561

$

33,242

Packaging

&

Containers

-

.00

%

Ardagh

Metal

Packaging

SA

1,907

Karat

Packaging

Inc

O-I

Glass

Inc

(e) 1,998

$

Pharmaceuticals

-

.12

%

Actuate

Therapeutics

Inc

(a),(e)

Akebia

Therapeutics

Inc

(e) 1,728

Alector

Inc

(e) 635

Alkermes

PLC

(e) 6,489

Amneal

Pharmaceuticals

Inc

(e) 6,967

Amphastar

Pharmaceuticals

Inc

(e) 139

Amylyx

Pharmaceuticals

Inc

(e) 2,854

Aquestive

Therapeutics

Inc

(e) 1,742

Arvinas

Inc

(e) 475

Ascendis

Pharma

A/S

ADR

(e) 22,481

3,900

aTyr

Pharma

Inc

(e) 4,319

Avadel

Pharmaceuticals

PLC

(e) 4,809

BellRing

Brands

Inc

(e) 141,543

7,725

Biote

Corp

(e) 620

Catalyst

Pharmaceuticals

Inc

(e) 6,175

Coherus

Oncology

Inc

(e) 2,523

Collegium

Pharmaceutical

Inc

(e) 213,469

6,375

Corcept

Therapeutics

Inc

(e) 53,708

3,608

CorMedix

Inc

(e) 3,422

Corvus

Pharmaceuticals

Inc

(a),(e)

2,802

Enliven

Therapeutics

Inc

(e) 1,709

Eton

Pharmaceuticals

Inc

(e) 1,353

Fennec

Pharmaceuticals

Inc

(e) 449

FitLife

Brands

Inc

(e) 277

Foghorn

Therapeutics

Inc

(e) 1,354

Fulcrum

Therapeutics

Inc

(e) 300

Guardian

Pharmacy

Services

Inc

(e) 682

Gyre

Therapeutics

Inc

(a),(e)

814

Harmony

Biosciences

Holdings

Inc

(e) 2,320

Harrow

Inc

(a),(e)

1,669

Herbalife

Ltd

(e) 3,986

Heron

Therapeutics

Inc

(e) 901

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Pharmaceuticals

(continued)

Indivior

PLC

(e) 5,502

$

Inhibikase

Therapeutics

Inc

(e) 370

Ironwood

Pharmaceuticals

Inc

(e) 8,816

Journey

Medical

Corp

(e) 650

KalVista

Pharmaceuticals

Inc

(e) 288,667

3,934

Lifevantage

Corp

634

Madrigal

Pharmaceuticals

Inc

(e) 12,608

3,814

MannKind

Corp

(e) 16,174

Maze

Therapeutics

Inc

(a),(e)

MediWound

Ltd

(e) 430

Merus

NV

(e) 71,576

4,741

Mirum

Pharmaceuticals

Inc

(e) 90,521

4,678

Nature's

Sunshine

Products

Inc

(e) 217

Neurocrine

Biosciences

Inc

(e) 73,802

9,464

Nuvectis

Pharma

Inc

(a),(e)

771

Ocular

Therapeutix

Inc

(e) 7,504

Option

Care

Health

Inc

(e) 8,799

ORIC

Pharmaceuticals

Inc

(e) 763

Pacira

BioSciences

Inc

(e) 240

Phibro

Animal

Health

Corp

1,074

Protagonist

Therapeutics

Inc

(e) 3,098

Rhythm

Pharmaceuticals

Inc

(e) 68,327

5,823

scPharmaceuticals

Inc

(a),(e)

1,832

SELLAS

Life

Sciences

Group

Inc

(a),(e)

5,108

SIGA

Technologies

Inc

1,745

Sionna

Therapeutics

Inc

(a),(e)

660

Spyre

Therapeutics

Inc

(e) 135,204

2,294

Supernus

Pharmaceuticals

Inc

(e) 243

Trevi

Therapeutics

Inc

(a),(e)

514,181

3,808

TuHURA

Biosciences

Inc

(e) 1,374

Vaxcyte

Inc

(e) 71,612

2,431

Xeris

Biopharma

Holdings

Inc

(e) 7,997

Y-mAbs

Therapeutics

Inc

(e) 1,971

$

64,253

Pipelines

-

.09

%

Excelerate

Energy

Inc

67,902

1,743

Kinetik

Holdings

Inc

1,690

NextDecade

Corp

(e) 7,137

$

1,897

Private

Equity

-

.00

%

P10

Inc

2,893

Patria

Investments

Ltd

3,199

$

Real

Estate

-

.28

%

Compass

Inc

(e) 24,363

eXp

World

Holdings

Inc

(a) 4,174

FirstService

Corp

26,807

5,287

Maui

Land

&

Pineapple

Co

Inc

(e) 386

McGrath

RentCorp

996

Real

Brokerage

Inc/The

(a),(e)

5,648

Sky

Harbour

Group

Corp

(a),(e)

1,140

St

Joe

Co/The

2,019

$

5,792

REITs

-

.60

%

ACRES

Commercial

Realty

Corp

(e) 56

Alexander's

Inc

American

Healthcare

REIT

Inc

2,999

Angel

Oak

Mortgage

REIT

Inc

Apartment

Investment

and

Management

Co

4,069

Apollo

Commercial

Real

Estate

Finance

Inc

3,676

CareTrust

REIT

Inc

978

CBL

&

Associates

Properties

Inc

722

Clipper

Realty

Inc

DiamondRock

Hospitality

Co

6,435

EastGroup

Properties

Inc

45,183

7,376

Gladstone

Commercial

Corp

National

Health

Investors

Inc

559

NETSTREIT

Corp

1,064

NexPoint

Residential

Trust

Inc

Schedule

of

Investments

SmallCap

Growth

Fund

I

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

REITs

(continued)

Outfront

Media

Inc

7,436

$

Phillips

Edison

&

Co

Inc

1,199

PotlatchDeltic

Corp

Ryman

Hospitality

Properties

Inc

43,561

4,141

Saul

Centers

Inc

587

Strawberry

Fields

REIT

Inc

Sunstone

Hotel

Investors

Inc

826

Tanger

Inc

5,391

Two

Harbors

Investment

Corp

2,854

UMH

Properties

Inc

4,158

Universal

Health

Realty

Income

Trust

580

Xenia

Hotels

&

Resorts

Inc

814

$

12,414

Retail

-

.36

%

Abercrombie

&

Fitch

Co

(e) 2,521

Arko

Corp

500

BJ's

Restaurants

Inc

(e) 124,752

4,420

Bloomin'

Brands

Inc

2,792

Boot

Barn

Holdings

Inc

(e) 88,402

15,197

Brinker

International

Inc

(e) 2,368

Buckle

Inc/The

1,562

Build-A-Bear

Workshop

Inc

651

Camping

World

Holdings

Inc

3,206

Casey's

General

Stores

Inc

29,219

15,198

Cava

Group

Inc

(e) 95,090

8,369

Cheesecake

Factory

Inc/The

(a) 2,458

Cracker

Barrel

Old

Country

Store

Inc

Dave

&

Buster's

Entertainment

Inc

(e) 1,438

Denny's

Corp

(e) 292

Dine

Brands

Global

Inc

Dutch

Bros

Inc

(e) 149,106

8,838

Envela

Corp

(a),(e)

EVgo

Inc

(a),(e)

1,147

First

Watch

Restaurant

Group

Inc

(e) 284,533

4,919

FirstCash

Holdings

Inc

2,119

Five

Below

Inc

(e) 19,695

2,689

Freshpet

Inc

(e) 87,442

5,974

Genesco

Inc

(e) 47

GMS

Inc

(e) 913

Group

Automotive

Inc

Jack

in

the

Box

Inc

(a) 828

Krispy

Kreme

Inc

(a) 684

Kura

Sushi

USA

Inc

(e) 324

MarineMax

Inc

(e) 71

National

Vision

Holdings

Inc

(e) 360,066

8,735

Ollie's

Bargain

Outlet

Holdings

Inc

(e) 147,374

20,136

Papa

John's

International

Inc

Patrick

Industries

Inc

(a) 1,738

Petco

Health

&

Wellness

Co

Inc

(e) 434

Portillo's

Inc

(a),(e)

931,991

9,283

Potbelly

Corp

(e) 1,283

PriceSmart

Inc

1,364

RH

(a),(e)

28,820

5,926

Savers

Value

Village

Inc

(e) 1,164

Shake

Shack

Inc

(e) 2,079

Sonic

Automotive

Inc

Sweetgreen

Inc

(e) 5,519

Texas

Roadhouse

Inc

43,760

8,101

Tile

Shop

Holdings

Inc

(e) 738

Urban

Outfitters

Inc

(e) 1,182

Victoria's

Secret

&

Co

(e) 1,048

Warby

Parker

Inc

(e) 5,237

Wingstop

Inc

29,031

10,955

$

131,252

Savings

&

Loans

-

.52

%

Axos

Financial

Inc

(e) 122,625

10,589

Banc

of

California

Inc

537

Greene

County

Bancorp

Inc

Hingham

Institution

For

Savings

The

(a) 4

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Savings

&

Loans

(continued)

Northfield

Bancorp

Inc

$

Provident

Financial

Services

Inc

1,119

Southern

Missouri

Bancorp

Inc

$

10,630

Semiconductors

-

.97

%

Aehr

Test

Systems

(a),(e)

1,207

Aeluma

Inc

(e) 85

Allegro

MicroSystems

Inc

(e) 263,200

8,267

Ambarella

Inc

(e) 2,178

Ambiq

Micro

Inc

(e) 56,385

2,472

Arteris

Inc

(e) 187

Atomera

Inc

(a),(e)

1,753

Axcelis

Technologies

Inc

(e) 130

CEVA

Inc

(e) 1,126

Entegris

Inc

120,904

9,486

FormFactor

Inc

(e) 107,803

3,063

Impinj

Inc

(e) 36,449

5,635

Kulicke

&

Soffa

Industries

Inc

99,331

3,254

Lattice

Semiconductor

Corp

(e) 184,080

9,172

MACOM

Technology

Solutions

Holdings

Inc

(e) 111,718

15,321

MaxLinear

Inc

(e) 565

Navitas

Semiconductor

Corp

(a),(e)

1,201

Onto

Innovation

Inc

(e) 28,928

2,741

Ouster

Inc

(e) 2,700

Power

Integrations

Inc

102,608

4,978

Rambus

Inc

(e) 172,973

12,788

Semtech

Corp

(e) 293,817

15,014

Silicon

Laboratories

Inc

(e) 1,725

SiTime

Corp

(e) 136,777

27,745

SkyWater

Technology

Inc

(a),(e)

294,015

2,632

Synaptics

Inc

(e) 184

Ultra

Clean

Holdings

Inc

(e) 166

$

123,102

Software

-

.63

%

Accelerant

Holdings

(e) 181,635

5,002

ACI

Worldwide

Inc

(e) 5,625

ACV

Auctions

Inc

(e) 590,016

8,384

Adeia

Inc

5,076

Agilysys

Inc

(e) 79,094

9,023

Airship

AI

Holdings

Inc

(a),(e)

845

Alignment

Healthcare

Inc

(e) 6,806

Alkami

Technology

Inc

(e) 399,809

8,912

Amplitude

Inc

(e) 549,861

6,725

Appfolio

Inc

(e) 25,683

6,867

Appian

Corp

(e) 2,108

Asana

Inc

(e) 4,973

AvePoint

Inc

(e) 7,095

AvidXchange

Holdings

Inc

(e) 9,084

Bandwidth

Inc

(e) 380

BigBear.ai

Holdings

Inc

(a),(e)

3,603

Blackbaud

Inc

(e) 1,632

BlackLine

Inc

(e) 2,804

Blend

Labs

Inc

(e) 11,202

Box

Inc

(e) 5,828

Braze

Inc

(e) 264,427

7,369

C3.ai

Inc

(e) 6,458

CCC

Intelligent

Solutions

Holdings

Inc

(e) 2,377,059

22,986

Cerence

Inc

(e) 817

Claritev

Corp

(a),(e)

Clear

Secure

Inc

(a) 4,460

Clearwater

Analytics

Holdings

Inc

(e) 873,949

17,706

Climb

Global

Solutions

Inc

Commerce.com

Inc

(e) 3,496

Commvault

Systems

Inc

(e) 38,848

7,380

CoreCard

Corp

(e) 300

CS

Disco

Inc

(e) 1,012

CSG

Systems

International

Inc

1,312

Daily

Journal

Corp

(e) 52

Digimarc

Corp

(a),(e)

837

Schedule

of

Investments

SmallCap

Growth

Fund

I

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Software

(continued)

Digital

Turbine

Inc

(e) 3,525

$

DigitalOcean

Holdings

Inc

(e) 3,445

Domo

Inc

(e) 1,584

Donnelley

Financial

Solutions

Inc

(e) 1,026

Dynatrace

Inc

(e) 356,194

18,739

eGain

Corp

(e) 674

EverCommerce

Inc

(a),(e)

787

Evolent

Health

Inc

(e) 2,026

Expensify

Inc

(e) 1,718

Five9

Inc

(e) 4,070

Freshworks

Inc

(e) 10,893

Genius

Sports

Ltd

(e) 11,827

Gitlab

Inc

(e) 98,730

4,325

Golden

Matrix

Group

Inc

(e) 1,027

Guidewire

Software

Inc

(e) 31,691

7,169

I3

Verticals

Inc

(e) 120

IBEX

Holdings

Ltd

(e) 553

Ibotta

Inc

(e) 681

Innodata

Inc

(a),(e)

1,602

Inspired

Entertainment

Inc

(e) 1,337

Intapp

Inc

(e) 199,979

8,009

IonQ

Inc

(a),(e)

118,073

4,707

Jamf

Holding

Corp

(e) 3,589

JFrog

Ltd

(e) 240,500

10,440

Kaltura

Inc

(e) 4,358

Klaviyo

Inc

(e) 300,189

9,336

Life360

Inc

(e) 41,648

3,190

LiveRamp

Holdings

Inc

(e) 3,443

Meridianlink

Inc

(e) 1,688

Monday.com

Ltd

(e) 30,146

7,907

Nutex

Health

Inc

(e) 182

Olo

Inc

(e) 3,603

Omada

Health

Inc

(e) 61,925

1,085

Onestream

Inc

(e) 596,762

14,233

Outset

Medical

Inc

(a),(e)

Pagaya

Technologies

Ltd

(e) 2,230

PagerDuty

Inc

(e) 4,512

PDF

Solutions

Inc

(e) 245,378

5,455

Phreesia

Inc

(e) 265,357

7,154

Planet

Labs

PBC

(e) 11,436

Playtika

Holding

Corp

703

Porch

Group

Inc

(e) 3,457

Progress

Software

Corp

2,275

PROS

Holdings

Inc

(e) 227,501

3,570

Quantum

Computing

Inc

(a),(e)

6,147

Rackspace

Technology

Inc

(e) 1,508

Red

Violet

Inc

617

ReposiTrak

Inc

(a) 602

Rezolve

AI

PLC

(a),(e)

4,864

Sapiens

International

Corp

NV

1,646

Schrodinger

Inc/United

States

(e) 2,993

SEMrush

Holdings

Inc

(e) 2,442

ServiceTitan

Inc

(e) 60,871

7,104

Simulations

Plus

Inc

(e) 894

SoundHound

AI

Inc

(a),(e)

19,573

Sprout

Social

Inc

(e) 43,138

740

SPS

Commerce

Inc

(e) 2,037

Synchronoss

Technologies

Inc

(e) 577

Take-Two

Interactive

Software

Inc

(e) 41,853

9,322

Talkspace

Inc

(e) 6,594

TruBridge

Inc

(e) 535

Vertex

Inc

(e) 119,413

3,961

Viant

Technology

Inc

(e) 839

Vimeo

Inc

(e) 3,525

VTEX

(e) 3,071

Waystar

Holding

Corp

(e) 237,627

8,787

Weave

Communications

Inc

(e) 3,102

WM

Technology

Inc

(e) 4,674

Workiva

Inc

(e) 2,681

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Software

(continued)

Yext

Inc

(e) 5,543

$

Zeta

Global

Holdings

Corp

(e) 10,049

Zspace

Inc

(e) 154

$

239,880

Telecommunications

-

.68

%

A10

Networks

Inc

3,335

ADTRAN

Holdings

Inc

(e) 3,959

Anterix

Inc

(e) 721

Applied

Digital

Corp

(a),(e)

7,167

BK

Technologies

Corp

(e) 163

BlackSky

Technology

Inc

(e) 1,479

Calix

Inc

(e) 3,155

Clearfield

Inc

(e) 274

CommScope

Holding

Co

Inc

(e) 7,014

Credo

Technology

Group

Holding

Ltd

(e) 354,705

39,568

DigitalBridge

Group

Inc

390,534

4,194

Extreme

Networks

Inc

(e) 7,042

Frequency

Electronics

Inc

Globalstar

Inc

(e) 2,665

Gogo

Inc

(e) 3,647

Harmonic

Inc

(e) 1,511

IDT

Corp

-

Class

B

656

Inseego

Corp

(e) 165

InterDigital

Inc

39,680

10,246

Lumen

Technologies

Inc

(e) 45,083

Ooma

Inc

(e) 1,426

Preformed

Line

Products

Co

Satellogic

Inc

(a),(e)

2,905

Viavi

Solutions

Inc

(e) 11,832

$

55,153

Transportation

-

.55

%

Costamare

Bulkers

Holdings

Ltd

(e) 51

Covenant

Logistics

Group

Inc

CryoPort

Inc

(e) 580

FLEX

LNG

Ltd

Forward

Air

Corp

(e) 451

Kirby

Corp

(e) 85,060

8,107

Proficient

Auto

Logistics

Inc

(a),(e)

63,427

RXO

Inc

(e) 162,350

2,508

Saia

Inc

(e) 900

Werner

Enterprises

Inc

501

World

Kinect

Corp

$

11,380

Trucking

&

Leasing

-

.00

%

GATX

Corp

Willis

Lease

Finance

Corp

$

Water

-

.01

%

American

States

Water

Co

1,351

Consolidated

Water

Co

Ltd

Global

Water

Resources

Inc

701

Middlesex

Water

Co

York

Water

Co/The

$

TOTAL

COMMON

STOCKS

$

2,016,455

Total

Investments

$

2,085,371

Other

Assets

and

Liabilities

- (1.12)%

(23,020)

TOTAL

NET

ASSETS

-

100.00%

$

2,062,351

(a) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$22,324

or

1.08%

of

net

assets.

(b) 1-day

yield

shown

is

as

of

period

end.

(c) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$23,185

or

1.12%

of

net

assets.

Schedule

of

Investments

SmallCap

Growth

Fund

I

July

31,

2025

(unaudited)

(d) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(e) Non-income

producing

security

(f) The

value

of

these

investments

was

determined

using

significant

unobservable

inputs,

in

good

faith

by

the

Manager,

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

Affiliated

Securities

October

31,

2024

Purchases

Sales

July

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

82,817

$

1,048,907

$

1,069,099

$

62,625

$

82,817

$

1,048,907

$

1,069,099

$

62,625

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

1,576

$

—

$

—

$

—

$

1,576

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

Russell

2000

Emini;

September

2025

Long

$

1,221

$

(27)

Total

$

(27)

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

SmallCap

S&P

600

Index

Fund

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.93

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.13

%

iShares

Core

S&P

Small-Cap

ETF

14,744

$

1,626

Money

Market

Funds

-

.80

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.21%

(a),(b)

2,040,170

2,040

Principal

Government

Money

Market

Fund

-

Class

4.22%

(a),(b),(c)

20,902,509

20,903

$

22,943

TOTAL

INVESTMENT

COMPANIES

$

24,569

COMMON

STOCKS

-

.89

%

Shares

Held

Value

(000's)

Advertising

-

.01

%

TechTarget

Inc

(d) 25,619

$

Aerospace

&

Defense

-

.56

%

AAR

Corp

(d) 33,466

2,500

Kratos

Defense

&

Security

Solutions

Inc

(d) 156,928

9,212

Mercury

Systems

Inc

(d) 47,925

2,520

Moog

Inc

26,696

5,168

National

Presto

Industries

Inc

4,856

$

19,868

Agriculture

-

.28

%

Andersons

Inc/The

30,428

1,093

Fresh

Del

Monte

Produce

Inc

31,655

1,190

Universal

Corp/VA

23,320

1,270

$

3,553

Airlines

-

.54

%

Allegiant

Travel

Co

(d) 13,654

705

JetBlue

Airways

Corp

(d) 287,539

1,277

SkyWest

Inc

(d) 38,184

4,428

Sun

Country

Airlines

Holdings

Inc

(d) 37,151

$

6,840

Apparel

-

.68

%

Carter's

Inc

34,384

833

Hanesbrands

Inc

(d) 333,687

1,365

Kontoor

Brands

Inc

47,183

2,626

Oxford

Industries

Inc

13,194

504

Steven

Madden

Ltd

68,529

1,645

Wolverine

World

Wide

Inc

76,471

1,727

$

8,700

Automobile

Parts

&

Equipment

-

.61

%

Adient

PLC

(d) 79,276

1,700

American

Axle

&

Manufacturing

Holdings

Inc

(d) 111,658

BorgWarner

Inc

207,323

7,630

Dana

Inc

122,389

1,948

Dorman

Products

Inc

(d) 25,623

3,091

Fox

Factory

Holding

Corp

(d) 39,358

1,195

Gentherm

Inc

(d) 29,119

933

Phinia

Inc

37,560

1,904

Standard

Motor

Products

Inc

19,702

598

Titan

International

Inc

(d) 45,682

XPEL

Inc

(d) 21,405

700

$

20,582

Banks

-

.64

%

Ameris

Bancorp

60,883

4,161

Atlantic

Union

Bankshares

Corp

134,429

4,261

BancFirst

Corp

18,820

2,343

Bancorp

Inc/The

(d) 44,074

2,784

Bank

of

Hawaii

Corp

37,492

2,320

BankUnited

Inc

70,967

2,588

Banner

Corp

32,628

2,025

Cathay

General

Bancorp

66,155

2,992

Central

Pacific

Financial

Corp

25,454

679

City

Holding

Co

13,667

1,669

Community

Financial

System

Inc

49,868

2,628

Customers

Bancorp

Inc

(d) 27,718

1,767

CVB

Financial

Corp

122,228

2,284

Dime

Community

Bancshares

Inc

37,211

1,031

Eagle

Bancorp

Inc

28,663

FB

Financial

Corp

38,159

1,861

First

BanCorp/Puerto

Rico

151,402

3,154

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Banks

(continued)

First

Bancorp/Southern

Pines

NC

39,082

$

1,958

First

Commonwealth

Financial

Corp

98,698

1,630

First

Financial

Bancorp

90,333

2,190

First

Hawaiian

Inc

118,626

2,877

Fulton

Financial

Corp

171,538

3,079

Hanmi

Financial

Corp

28,263

645

Heritage

Financial

Corp/WA

32,180

725

Hilltop

Holdings

Inc

42,981

1,272

Hope

Bancorp

Inc

119,622

1,195

Independent

Bank

Corp

45,789

2,910

Lakeland

Financial

Corp

24,114

1,528

National

Bank

Holdings

Corp

35,944

1,332

NBT

Bancorp

Inc

49,369

2,043

OFG

Bancorp

42,379

1,806

Park

National

Corp

13,750

2,226

Pathward

Financial

Inc

22,229

1,681

Preferred

Bank/Los

Angeles

CA

10,905

990

Renasant

Corp

86,959

3,186

S&T

Bancorp

Inc

36,166

1,325

Seacoast

Banking

Corp

of

Florida

80,230

2,262

ServisFirst

Bancshares

Inc

47,409

3,729

Simmons

First

National

Corp

134,119

2,571

Southside

Bancshares

Inc

26,798

789

Stellar

Bancorp

Inc

43,226

1,276

Tompkins

Financial

Corp

11,848

766

Triumph

Financial

Inc

(d) 20,957

1,189

TrustCo

Bank

Corp

NY

17,946

602

Trustmark

Corp

57,066

2,126

United

Community

Banks

Inc/GA

114,643

3,497

Veritex

Holdings

Inc

51,210

1,624

Walker

&

Dunlop

Inc

30,461

2,285

Westamerica

BanCorp

24,704

1,183

$

97,505

Beverages

-

.11

%

MGP

Ingredients

Inc

12,846

National

Beverage

Corp

(d) 22,084

1,012

$

1,375

Biotechnology

-

.34

%

ACADIA

Pharmaceuticals

Inc

(d) 116,860

2,785

ADMA

Biologics

Inc

(d) 225,264

4,212

ANI

Pharmaceuticals

Inc

(d) 16,054

1,017

Arcus

Biosciences

Inc

(d) 63,942

584

Arrowhead

Pharmaceuticals

Inc

(d) 118,581

1,874

Certara

Inc

(d) 104,094

1,024

Cytek

Biosciences

Inc

(d) 96,805

Dynavax

Technologies

Corp

(d) 105,374

1,157

Innoviva

Inc

(d) 52,124

947

Krystal

Biotech

Inc

(d) 23,997

3,692

Ligand

Pharmaceuticals

Inc

(d) 18,205

2,395

Myriad

Genetics

Inc

(d) 86,976

NeoGenomics

Inc

(d) 121,433

588

TG

Therapeutics

Inc

(d) 127,957

4,542

Veracyte

Inc

(d) 73,789

1,735

Vericel

Corp

(d) 47,502

1,660

Vir

Biotechnology

Inc

(d) 87,393

Xencor

Inc

(d) 67,154

559

$

29,897

Building

Materials

-

.24

%

American

Woodmark

Corp

(d) 13,998

736

Apogee

Enterprises

Inc

20,356

855

Armstrong

World

Industries

Inc

40,978

7,711

Boise

Cascade

Co

35,508

2,976

Gibraltar

Industries

Inc

(d) 27,826

1,837

Griffon

Corp

36,830

2,993

Hayward

Holdings

Inc

(d) 134,695

2,072

Masterbrand

Inc

(d) 119,587

1,319

SPX

Technologies

Inc

(d) 44,071

8,038

$

28,537

Schedule

of

Investments

SmallCap

S&P

600

Index

Fund

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Chemicals

-

.24

%

AdvanSix

Inc

25,299

$

509

Balchem

Corp

30,777

4,693

Celanese

Corp

103,234

5,392

Chemours

Co/The

141,228

1,692

Element

Solutions

Inc

210,515

4,968

FMC

Corp

117,861

4,601

Hawkins

Inc

17,862

2,916

HB

Fuller

Co

51,135

2,874

Ingevity

Corp

(d) 34,407

1,438

Innospec

Inc

23,552

1,882

Koppers

Holdings

Inc

18,881

620

Minerals

Technologies

Inc

29,942

1,741

Quaker

Chemical

Corp

12,847

1,470

Rogers

Corp

(d) 15,907

1,043

Sensient

Technologies

Corp

40,063

4,499

Stepan

Co

20,025

1,017

$

41,355

Coal

-

.76

%

Alpha

Metallurgical

Resources

Inc

(d) 10,345

1,222

Core

Natural

Resources

Inc

47,205

3,484

Peabody

Energy

Corp

114,738

1,853

SunCoke

Energy

Inc

79,874

590

Warrior

Met

Coal

Inc

49,593

2,548

$

9,697

Commercial

Services

-

.37

%

ABM

Industries

Inc

58,719

2,709

Adtalem

Global

Education

Inc

(d) 33,902

3,874

Alarm.com

Holdings

Inc

(d) 46,935

2,564

AMN

Healthcare

Services

Inc

(d) 36,124

663

Arlo

Technologies

Inc

(d) 97,566

1,581

CoreCivic

Inc

(d) 103,000

2,064

Deluxe

Corp

42,215

680

EVERTEC

Inc

60,024

2,170

GEO

Group

Inc/The

(d) 130,751

3,389

Healthcare

Services

Group

Inc

(d) 68,805

895

Heidrick

&

Struggles

International

Inc

19,457

867

Hertz

Global

Holdings

Inc

(d) 116,743

748

John

Wiley

&

Sons

Inc

38,548

1,488

Korn

Ferry

48,731

3,454

Matthews

International

Corp

29,258

687

Mister

Car

Wash

Inc

(d) 88,885

513

Monro

Inc

28,258

Payoneer

Global

Inc

(d) 245,710

1,614

Perdoceo

Education

Corp

58,126

1,673

PROG

Holdings

Inc

38,077

1,212

Progyny

Inc

(d) 70,366

1,654

Robert

Half

Inc

94,741

3,497

Strategic

Education

Inc

22,569

1,673

Stride

Inc

(d) 40,500

5,193

Upbound

Group

Inc

48,561

1,002

Verra

Mobility

Corp

(d) 150,434

3,800

Vestis

Corp

108,182

656

WillScot

Holdings

Corp

172,100

5,051

$

55,769

Computers

-

.62

%

Amentum

Holdings

Inc

(d) 142,347

3,554

Corsair

Gaming

Inc

(d) 42,935

DXC

Technology

Co

(d) 171,039

2,328

Grid

Dynamics

Holdings

Inc

(d) 59,035

560

Insight

Enterprises

Inc

(d) 25,908

3,072

NCR

Atleos

Corp

(d) 69,309

2,121

NCR

Voyix

Corp

(d) 129,980

1,770

NetScout

Systems

Inc

(d) 67,305

1,442

Sandisk

Corp/DE

(d) 127,503

5,473

$

20,709

Consumer

Products

-

.47

%

Central

Garden

&

Pet

Co

(d) 7,968

Central

Garden

&

Pet

Co

-

A

Shares

(d) 46,603

1,655

Helen

of

Troy

Ltd

(d) 21,647

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Consumer

Products

(continued)

Quanex

Building

Products

Corp

44,326

$

864

Co

12,781

2,740

$

6,046

Cosmetics

&

Personal

Care

-

.52

%

Edgewell

Personal

Care

Co

44,377

1,120

Interparfums

Inc

16,975

2,047

Prestige

Consumer

Healthcare

Inc

(d) 46,628

3,448

$

6,615

Distribution

&

Wholesale

-

.87

%

G-III

Apparel

Group

Ltd

(d) 35,949

848

OPENLANE

Inc

(d) 101,325

2,497

Resideo

Technologies

Inc

(d) 140,125

3,825

Rush

Enterprises

Inc

-

Class

A

57,743

3,126

ScanSource

Inc

(d) 19,615

762

$

11,058

Diversified

Financial

Services

-

.36

%

Acadian

Asset

Management

Inc

25,332

1,059

Air

Lease

Corp

98,071

5,433

Artisan

Partners

Asset

Management

Inc

66,454

3,007

BGC

Group

Inc

357,352

3,313

Bread

Financial

Holdings

Inc

43,924

2,693

Cohen

&

Steers

Inc

25,494

1,875

Enact

Holdings

Inc

26,904

935

Encore

Capital

Group

Inc

(d) 22,032

813

Enova

International

Inc

(d) 23,937

2,503

EZCORP

Inc

(d) 49,107

703

Moelis

&

Co

69,997

4,910

Mr

Cooper

Group

Inc

(d) 60,375

9,402

Navient

Corp

68,719

889

Piper

Sandler

Cos

15,505

4,889

PJT

Partners

Inc

23,052

4,118

PRA

Group

Inc

(d) 37,421

569

Radian

Group

Inc

126,755

4,133

StepStone

Group

Inc

62,265

3,696

StoneX

Group

Inc

(d) 41,079

3,994

Victory

Capital

Holdings

Inc

44,409

3,060

Virtu

Financial

Inc

76,200

3,363

Virtus

Investment

Partners

Inc

6,131

1,185

WisdomTree

Inc

109,343

1,451

World

Acceptance

Corp

(d) 2,945

$

68,456

Electric

-

.03

%

Avista

Corp

76,017

2,835

Clearway

Energy

Inc

-

Class

A

32,660

1,005

Clearway

Energy

Inc

-

Class

C

78,559

2,563

MGE

Energy

Inc

34,478

2,929

Otter

Tail

Corp

39,540

3,052

Unitil

Corp

15,334

791

$

13,175

Electrical

Components

&

Equipment

-

.33

%

Energizer

Holdings

Inc

61,989

1,396

Insteel

Industries

Inc

18,315

661

Powell

Industries

Inc

8,882

2,106

$

4,163

Electronics

-

.08

%

Advanced

Energy

Industries

Inc

35,530

4,936

Badger

Meter

Inc

27,791

5,246

Benchmark

Electronics

Inc

34,058

1,311

Brady

Corp

41,307

2,915

CTS

Corp

28,160

1,104

ESCO

Technologies

Inc

24,367

4,720

Itron

Inc

(d) 43,016

5,357

Knowles

Corp

(d) 82,068

1,667

Mesa

Laboratories

Inc

5,127

OSI

Systems

Inc

(d) 14,733

3,256

Plexus

Corp

(d) 25,562

3,259

Ralliant

Corp

106,890

4,887

Sanmina

Corp

(d) 50,449

5,854

Schedule

of

Investments

SmallCap

S&P

600

Index

Fund

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Electronics

(continued)

TTM

Technologies

Inc

(d) 95,896

$

4,531

Vicor

Corp

(d) 21,791

968

Vishay

Intertechnology

Inc

106,006

1,738

$

52,141

Energy

-

Alternate

Sources

-

.34

%

REX

American

Resources

Corp

(d) 13,797

721

SolarEdge

Technologies

Inc

(d) 55,712

1,430

Sunrun

Inc

(d) 215,595

2,212

$

4,363

Engineering

&

Construction

-

.70

%

Arcosa

Inc

46,062

3,956

Dycom

Industries

Inc

(d) 27,156

7,300

Everus

Construction

Group

Inc

(d) 48,122

3,574

Frontdoor

Inc

(d) 69,434

4,062

Granite

Construction

Inc

41,271

3,899

MYR

Group

Inc

(d) 14,648

2,834

NV5

Global

Inc

(d) 49,553

1,112

Sterling

Infrastructure

Inc

(d) 28,698

7,679

$

34,416

Entertainment

-

.04

%

Cinemark

Holdings

Inc

95,251

2,559

Golden

Entertainment

Inc

18,708

526

Madison

Square

Garden

Sports

Corp

(d) 15,814

3,196

Monarch

Casino

&

Resort

Inc

12,022

1,238

Penn

Entertainment

Inc

(d) 137,288

2,479

Pursuit

Attractions

and

Hospitality

Inc

(d) 20,262

613

Six

Flags

Entertainment

Corp

(d) 88,719

2,658

$

13,269

Environmental

Control

-

.05

%

Enviri

Corp

(d) 75,954

684

Food

-

.45

%

B&G

Foods

Inc

75,295

Cal-Maine

Foods

Inc

40,724

4,526

Chefs'

Warehouse

Inc/The

(d) 33,397

2,290

Grocery

Outlet

Holding

Corp

(d) 92,503

1,218

J

&

J

Snack

Foods

Corp

14,687

1,658

John

B

Sanfilippo

&

Son

Inc

8,643

547

Simply

Good

Foods

Co/The

(d) 86,739

2,642

SpartanNash

Co

31,936

848

Tootsie

Roll

Industries

Inc

15,775

598

TreeHouse

Foods

Inc

(d) 42,884

824

United

Natural

Foods

Inc

(d) 57,108

1,578

WK

Kellogg

Co

(e) 62,674

1,445

$

18,483

Forest

Products

&

Paper

-

.12

%

Sylvamo

Corp

32,277

1,487

Gas

-

.59

%

Chesapeake

Utilities

Corp

22,011

2,639

MDU

Resources

Group

Inc

192,802

3,326

Northwest

Natural

Holding

Co

38,035

1,518

$

7,483

Hand

&

Machine

Tools

-

.57

%

Enerpac

Tool

Group

Corp

51,033

1,965

Franklin

Electric

Co

Inc

37,002

3,477

Kennametal

Inc

71,933

1,781

$

7,223

Healthcare

-

Products

-

.52

%

Artivion

Inc

(d) 36,263

1,121

Avanos

Medical

Inc

(d) 43,634

Azenta

Inc

(d) 43,196

1,412

BioLife

Solutions

Inc

(d) 35,003

744

CONMED

Corp

29,193

1,493

Embecta

Corp

55,145

560

Enovis

Corp

(d) 53,899

1,444

Glaukos

Corp

(d) 53,917

4,642

ICU

Medical

Inc

(d) 23,223

2,982

Inspire

Medical

Systems

Inc

(d) 27,831

3,466

Integer

Holdings

Corp

(d) 32,924

3,573

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Healthcare

-

Products

(continued)

Integra

LifeSciences

Holdings

Corp

(d) 63,061

$

829

LeMaitre

Vascular

Inc

19,401

1,576

Merit

Medical

Systems

Inc

(d) 55,765

4,732

Neogen

Corp

(d) 186,361

867

OmniAb

Inc

(d) 7,689

—

OmniAb

Inc

(d) 7,689

—

Omnicell

Inc

(d) 44,200

1,371

QuidelOrtho

Corp

(d) 62,533

1,440

STAAR

Surgical

Co

(d) 46,716

837

Tandem

Diabetes

Care

Inc

(d) 62,848

979

Teleflex

Inc

41,697

4,983

TransMedics

Group

Inc

(d) 31,925

3,798

UFP

Technologies

Inc

(d) 6,908

1,564

$

44,900

Healthcare

-

Services

-

.38

%

Addus

HomeCare

Corp

(d) 17,131

1,829

Astrana

Health

Inc

(d) 39,167

934

Concentra

Group

Holdings

Parent

Inc

102,799

2,053

CorVel

Corp

(d) 25,684

2,276

Fortrea

Holdings

Inc

(d) 85,393

National

HealthCare

Corp

11,679

1,122

Pediatrix

Medical

Group

Inc

(d) 79,458

973

Privia

Health

Group

Inc

(d) 98,934

1,931

RadNet

Inc

(d) 63,844

3,494

Select

Medical

Holdings

Corp

98,243

1,453

US

Physical

Therapy

Inc

14,335

1,049

$

17,604

Home

Builders

-

.24

%

Cavco

Industries

Inc

(d) 7,561

3,052

Century

Communities

Inc

25,365

1,428

Champion

Homes

Inc

(d) 49,720

3,028

Dream

Finders

Homes

Inc

(d) 27,044

685

Green

Brick

Partners

Inc

(d) 28,599

1,771

Installed

Building

Products

Inc

21,501

4,350

LCI

Industries

23,815

2,262

LGI

Homes

Inc

(d) 19,435

1,035

M/I

Homes

Inc

(d) 25,274

3,038

Meritage

Homes

Corp

67,777

4,564

Tri

Pointe

Homes

Inc

(d) 85,555

2,635

Winnebago

Industries

Inc

26,444

786

$

28,634

Home

Furnishings

-

.34

%

Ethan

Allen

Interiors

Inc

21,355

636

Leggett

&

Platt

Inc

127,519

1,218

MillerKnoll

Inc

63,925

1,213

Sonos

Inc

(d) 113,311

1,225

$

4,292

Housewares

-

.17

%

Newell

Brands

Inc

394,133

2,211

Insurance

-

.21

%

AMERISAFE

Inc

17,962

804

Assured

Guaranty

Ltd

43,524

3,681

Employers

Holdings

Inc

22,685

936

Genworth

Financial

Inc

(d) 391,073

3,074

Goosehead

Insurance

Inc

23,644

2,150

HCI

Group

Inc

8,782

1,230

Horace

Mann

Educators

Corp

38,478

1,637

Jackson

Financial

Inc

67,410

5,902

Lincoln

National

Corp

161,100

6,140

Mercury

General

Corp

25,086

1,737

NMI

Holdings

Inc

(d) 73,716

2,751

Palomar

Holdings

Inc

(d) 25,233

3,343

ProAssurance

Corp

(d) 48,398

1,150

Safety

Insurance

Group

Inc

14,054

989

SiriusPoint

Ltd

(d) 86,909

1,704

Stewart

Information

Services

Corp

26,343

1,710

Trupanion

Inc

(d) 31,891

1,512

United

Fire

Group

Inc

20,172

536

$

40,986

Schedule

of

Investments

SmallCap

S&P

600

Index

Fund

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Internet

-

.90

%

Angi

Inc

(d) 39,846

$

646

Cargurus

Inc

(d) 79,856

2,621

Cars.com

Inc

(d) 54,592

703

Cogent

Communications

Holdings

Inc

40,037

1,825

ePlus

Inc

24,854

1,610

Etsy

Inc

(d) 98,399

5,734

HealthStream

Inc

22,754

595

IAC

Inc

(d) 61,489

2,416

Liquidity

Services

Inc

(d) 21,505

513

QuinStreet

Inc

(d) 53,738

882

Shutterstock

Inc

22,952

Sprinklr

Inc

(d) 108,314

976

TripAdvisor

Inc

(d) 111,428

1,949

Yelp

Inc

(d) 60,240

2,074

Ziff

Davis

Inc

(d) 39,713

1,236

$

24,220

Investment

Companies

-

.88

%

Cleanspark

Inc

(d) 262,442

2,984

HA

Sustainable

Infrastructure

Capital

Inc

114,108

2,963

MARA

Holdings

Inc

(d) 332,071

5,340

$

11,287

Leisure

Products

&

Services

-

.34

%

Acushnet

Holdings

Corp

24,953

1,987

Sabre

Corp

(d) 365,926

1,108

Topgolf

Callaway

Brands

Corp

(d) 133,506

1,235

$

4,330

Machinery

-

Construction

&

Mining

-

.07

%

Astec

Industries

Inc

21,575

856

Machinery

-

Diversified

-

.67

%

Alamo

Group

Inc

9,811

2,184

Albany

International

Corp

28,497

1,544

Cactus

Inc

64,597

2,733

CSW

Industrials

Inc

15,836

4,109

DXP

Enterprises

Inc/TX

(d) 11,995

1,359

Gates

Industrial

Corp

PLC

(d) 216,472

5,368

Ichor

Holdings

Ltd

(d) 32,194

637

Kadant

Inc

11,112

3,698

Lindsay

Corp

10,253

1,400

Mueller

Water

Products

Inc

-

Class

A

147,837

3,660

Tennant

Co

17,602

1,453

Zurn

Elkay

Water

Solutions

Corp

133,358

5,901

$

34,046

Media

-

.32

%

Cable

One

Inc

4,355

557

Scholastic

Corp

22,203

548

TEGNA

Inc

151,656

2,533

Thryv

Holdings

Inc

(d) 38,793

510

$

4,148

Metal

Fabrication

&

Hardware

-

.73

%

AZZ

Inc

28,225

3,091

Metallus

Inc

(d) 34,894

551

Proto

Labs

Inc

(d) 22,429

967

Standex

International

Corp

11,391

1,877

Worthington

Enterprises

Inc

29,202

1,810

Worthington

Steel

Inc

33,035

1,008

$

9,304

Mining

-

.78

%

Century

Aluminum

Co

(d) 49,301

1,044

Kaiser

Aluminum

Corp

15,100

1,168

MP

Materials

Corp

(d) 125,692

7,730

$

9,942

Miscellaneous

Manufacturers

-

.82

%

Enpro

Inc

19,855

4,217

Federal

Signal

Corp

57,530

7,282

Hillenbrand

Inc

66,478

1,377

JBT

Marel

Corp

43,643

6,014

Materion

Corp

19,639

2,068

Sturm

Ruger

&

Co

Inc

15,621

534

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Miscellaneous

Manufacturers

(continued)

Trinity

Industries

Inc

77,008

$

1,794

$

23,286

Office

&

Business

Equipment

-

.17

%

Pitney

Bowes

Inc

148,793

1,690

Xerox

Holdings

Corp

110,384

$

2,137

Office

Furnishings

-

.27

%

HNI

Corp

43,927

2,260

Interface

Inc

55,303

1,140

$

3,400

Oil

&

Gas

-

.84

%

California

Resources

Corp

65,633

3,162

Comstock

Resources

Inc

(d) 85,680

1,531

Crescent

Energy

Co

173,407

1,602

CVR

Energy

Inc

32,251

864

Helmerich

&

Payne

Inc

93,807

1,521

Magnolia

Oil

&

Gas

Corp

176,401

4,202

Northern

Oil

&

Gas

Inc

92,693

2,610

Par

Pacific

Holdings

Inc

(d) 48,669

1,527

Patterson-UTI

Energy

Inc

331,419

1,959

SM

Energy

Co

108,003

2,980

Talos

Energy

Inc

(d) 116,187

993

Vital

Energy

Inc

(d) 25,649

$

23,430

Oil

&

Gas

Services

-

.24

%

Archrock

Inc

166,833

3,897

Atlas

Energy

Solutions

Inc

(e) 68,821

895

Bristow

Group

Inc

(d) 23,349

807

Core

Laboratories

Inc

44,237

DNOW

Inc

(d) 99,611

1,550

Helix

Energy

Solutions

Group

Inc

(d) 134,402

797

Innovex

International

Inc

(d) 36,448

598

Liberty

Energy

Inc

152,816

1,886

Oceaneering

International

Inc

(d) 94,920

2,060

ProPetro

Holding

Corp

(d) 75,495

RPC

Inc

79,809

Tidewater

Inc

(d) 42,949

2,148

$

15,898

Packaging

&

Containers

-

.47

%

O-I

Glass

Inc

(d) 145,955

1,899

Sealed

Air

Corp

138,756

4,061

$

5,960

Pharmaceuticals

-

.15

%

AdaptHealth

Corp

(d) 99,583

893

Alkermes

PLC

(d) 155,597

4,122

Amphastar

Pharmaceuticals

Inc

(d) 34,694

727

Catalyst

Pharmaceuticals

Inc

(d) 108,187

2,308

Collegium

Pharmaceutical

Inc

(d) 30,329

906

Corcept

Therapeutics

Inc

(d) 89,055

5,982

Harmony

Biosciences

Holdings

Inc

(d) 36,303

1,277

Organon

&

Co

245,288

2,379

Owens

&

Minor

Inc

(d) 69,293

Pacira

BioSciences

Inc

(d) 43,692

921

Phibro

Animal

Health

Corp

19,218

509

Premier

Inc

77,696

1,669

Protagonist

Therapeutics

Inc

(d) 58,484

3,150

Supernus

Pharmaceuticals

Inc

(d) 52,831

1,854

USANA

Health

Sciences

Inc

(d) 10,192

$

27,477

Real

Estate

-

.54

%

Cushman

&

Wakefield

PLC

(d) 218,237

2,660

eXp

World

Holdings

Inc

81,046

874

Kennedy-Wilson

Holdings

Inc

112,221

822

Marcus

&

Millichap

Inc

22,793

710

St

Joe

Co/The

35,709

1,803

$

6,869

Schedule

of

Investments

SmallCap

S&P

600

Index

Fund

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

REITs

-

.03

%

Acadia

Realty

Trust

123,571

$

2,313

Alexander

&

Baldwin

Inc

68,609

1,234

American

Assets

Trust

Inc

44,552

848

Apollo

Commercial

Real

Estate

Finance

Inc

120,615

1,160

Apple

Hospitality

REIT

Inc

208,777

2,453

Arbor

Realty

Trust

Inc

181,318

2,024

Armada

Hoffler

Properties

Inc

75,632

517

ARMOUR

Residential

REIT

Inc

77,136

1,258

Blackstone

Mortgage

Trust

Inc

159,639

2,950

Brandywine

Realty

Trust

163,193

653

CareTrust

REIT

Inc

180,873

5,752

Centerspace

15,790

859

Curbline

Properties

Corp

89,350

1,975

DiamondRock

Hospitality

Co

194,671

1,503

Douglas

Emmett

Inc

157,998

2,395

Easterly

Government

Properties

Inc

39,800

876

Ellington

Financial

Inc

89,180

1,132

Elme

Communities

83,184

1,254

Essential

Properties

Realty

Trust

Inc

186,368

5,682

Four

Corners

Property

Trust

Inc

94,802

2,393

Franklin

BSP

Realty

Trust

Inc

77,577

784

Getty

Realty

Corp

48,128

1,337

Global

Net

Lease

Inc

180,865

1,264

Highwoods

Properties

Inc

101,727

2,951

Innovative

Industrial

Properties

Inc

26,431

1,366

JBG

SMITH

Properties

68,931

1,460

KKR

Real

Estate

Finance

Trust

Inc

53,744

LTC

Properties

Inc

43,339

1,475

LXP

Industrial

Trust

279,069

2,166

Macerich

Co/The

238,394

3,984

Medical

Properties

Trust

Inc

566,903

2,336

Millrose

Properties

Inc

113,478

3,403

New

York

Mortgage

Trust

Inc

85,204

539

NexPoint

Residential

Trust

Inc

21,082

657

Outfront

Media

Inc

130,847

2,294

Pebblebrook

Hotel

Trust

111,989

1,123

PennyMac

Mortgage

Investment

Trust

82,101

968

Phillips

Edison

&

Co

Inc

118,324

3,998

Ready

Capital

Corp

160,887

677

Redwood

Trust

Inc

125,607

686

Ryman

Hospitality

Properties

Inc

56,616

5,382

Safehold

Inc

43,312

606

Saul

Centers

Inc

11,424

SITE

Centers

Corp

44,536

SL

Green

Realty

Corp

67,010

3,836

Summit

Hotel

Properties

Inc

103,114

538

Sunstone

Hotel

Investors

Inc

187,640

1,642

Tanger

Inc

106,788

3,206

Terreno

Realty

Corp

97,493

5,410

Two

Harbors

Investment

Corp

98,155

957

Uniti

Group

Inc

(d) 231,604

1,232

Universal

Health

Realty

Income

Trust

12,024

Urban

Edge

Properties

118,654

2,340

Veris

Residential

Inc

76,549

1,078

Whitestone

REIT

42,260

515

Xenia

Hotels

&

Resorts

Inc

93,134

1,184

$

102,425

Retail

-

.80

%

Academy

Sports

&

Outdoors

Inc

62,774

3,188

Advance

Auto

Parts

Inc

(e) 56,456

2,996

American

Eagle

Outfitters

Inc

(e) 148,776

1,607

Asbury

Automotive

Group

Inc

(d) 18,550

4,120

BJ's

Restaurants

Inc

(d) 20,868

739

Bloomin'

Brands

Inc

71,432

651

Boot

Barn

Holdings

Inc

(d) 28,868

4,963

Brinker

International

Inc

(d) 41,943

6,610

Buckle

Inc/The

28,596

1,412

Caleres

Inc

32,169

Cheesecake

Factory

Inc/The

(e) 42,995

2,748

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Retail

(continued)

Cracker

Barrel

Old

Country

Store

Inc

(e) 21,006

$

1,302

Dave

&

Buster's

Entertainment

Inc

(d) 26,087

763

Foot

Locker

Inc

(d) 78,446

1,964

Freshpet

Inc

(d) 46,024

3,144

GMS

Inc

(d) 36,224

3,972

Group

Automotive

Inc

11,960

4,929

Guess?

Inc

26,009

Jack

in

the

Box

Inc

(e) 17,813

Kohl's

Corp

(e) 105,042

1,139

La-Z-Boy

Inc

38,960

1,401

MarineMax

Inc

(d) 17,830

National

Vision

Holdings

Inc

(d) 74,593

1,810

Papa

John's

International

Inc

30,890

1,310

Patrick

Industries

Inc

31,542

3,067

PC

Connection

Inc

11,263

694

PriceSmart

Inc

23,484

2,525

Sally

Beauty

Holdings

Inc

(d) 95,202

927

Shake

Shack

Inc

(d) 37,953

4,567

Shoe

Carnival

Inc

16,763

Signet

Jewelers

Ltd

40,477

3,202

Sonic

Automotive

Inc

13,660

988

Urban

Outfitters

Inc

(d) 53,333

4,015

Victoria's

Secret

&

Co

(d) 75,333

1,416

$

74,047

Savings

&

Loans

-

.54

%

Axos

Financial

Inc

(d) 50,533

4,364

Banc

of

California

Inc

120,790

1,754

Berkshire

Hills

Bancorp

Inc

43,056

1,061

Brookline

Bancorp

Inc

84,077

868

Capitol

Federal

Financial

Inc

115,283

694

Northwest

Bancshares

Inc

136,281

1,594

Pacific

Premier

Bancorp

Inc

91,582

1,985

Provident

Financial

Services

Inc

123,288

2,246

WaFd

Inc

75,636

2,201

WSFS

Financial

Corp

53,574

2,938

$

19,705

Semiconductors

-

.70

%

Alpha

&

Omega

Semiconductor

Ltd

(d) 23,025

587

Axcelis

Technologies

Inc

(d) 30,317

2,052

CEVA

Inc

(d) 22,565

Cohu

Inc

(d) 43,879

784

Diodes

Inc

(d) 43,782

2,162

FormFactor

Inc

(d) 72,729

2,066

Impinj

Inc

(d) 22,152

3,424

Kulicke

&

Soffa

Industries

Inc

49,792

1,631

MaxLinear

Inc

(d) 74,165

1,173

Penguin

Solutions

Inc

(d) 49,780

1,173

Photronics

Inc

(d) 59,975

1,221

Qorvo

Inc

(d) 88,128

7,368

Semtech

Corp

(d) 81,735

4,177

SiTime

Corp

(d) 19,694

3,995

Ultra

Clean

Holdings

Inc

(d) 42,601

959

Veeco

Instruments

Inc

(d) 56,552

1,175

$

34,429

Software

-

.93

%

ACI

Worldwide

Inc

(d) 98,981

4,213

Adeia

Inc

102,379

1,326

Agilysys

Inc

(d) 21,182

2,416

BlackLine

Inc

(d) 48,807

2,625

Box

Inc

(d) 136,641

4,386

Clear

Secure

Inc

87,060

2,560

CSG

Systems

International

Inc

26,062

1,628

Digi

International

Inc

(d) 34,974

1,140

DigitalOcean

Holdings

Inc

(d) 59,269

1,651

Donnelley

Financial

Solutions

Inc

(d) 23,993

1,271

DoubleVerify

Holdings

Inc

(d) 127,268

1,950

LiveRamp

Holdings

Inc

(d) 62,050

2,036

N-able

Inc/US

(d) 67,789

548

PDF

Solutions

Inc

(d) 29,545

657

Schedule

of

Investments

SmallCap

S&P

600

Index

Fund

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Software

(continued)

Progress

Software

Corp

40,598

$

1,952

Schrodinger

Inc/United

States

(d) 52,712

1,072

Simulations

Plus

Inc

(d) 15,369

SPS

Commerce

Inc

(d) 35,834

3,901

Teradata

Corp

(d) 90,201

1,888

$

37,420

Telecommunications

-

.09

%

A10

Networks

Inc

68,014

1,253

Calix

Inc

(d) 54,435

3,086

Extreme

Networks

Inc

(d) 125,654

2,219

Gogo

Inc

(d) 56,439

895

Harmonic

Inc

(d) 106,716

908

InterDigital

Inc

24,474

6,319

Lumen

Technologies

Inc

(d) 968,027

4,308

Shenandoah

Telecommunications

Co

43,479

638

Telephone

and

Data

Systems

Inc

93,066

3,634

Viasat

Inc

(d) 80,411

1,321

Viavi

Solutions

Inc

(d) 210,641

2,117

$

26,698

Textiles

-

.19

%

UniFirst

Corp/MA

14,160

2,422

Transportation

-

.35

%

ArcBest

Corp

21,618

1,581

Dorian

LPG

Ltd

34,330

988

Forward

Air

Corp

(d) 19,806

602

Heartland

Express

Inc

40,766

Hub

Group

Inc

57,247

2,005

International

Seaways

Inc

38,174

1,523

Marten

Transport

Ltd

54,595

664

Matson

Inc

30,804

3,289

RXO

Inc

(d) 134,560

2,079

Schneider

National

Inc

44,353

1,085

Werner

Enterprises

Inc

58,268

1,615

World

Kinect

Corp

53,432

1,457

$

17,207

Trucking

&

Leasing

-

.10

%

Greenbrier

Cos

Inc/The

29,617

1,348

Water

-

.59

%

American

States

Water

Co

36,336

2,674

California

Water

Service

Group

56,208

2,556

H2O

America

29,351

1,417

Middlesex

Water

Co

16,908

873

$

7,520

TOTAL

COMMON

STOCKS

$

1,262,072

Total

Investments

$

1,286,641

Other

Assets

and

Liabilities

- (0.82)%

(10,435)

TOTAL

NET

ASSETS

-

100.00%

$

1,276,206

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$9,730

or

0.76%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Non-income

producing

security

(e) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$9,201

or

0.72%

of

net

assets.

Affiliated

Securities

October

31,

2024

Purchases

Sales

July

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

22,194

$

425,471

$

426,762

$

20,903

$

22,194

$

425,471

$

426,762

$

20,903

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

795

$

—

$

—

$

—

$

795

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

SmallCap

S&P

600

Index

Fund

July

31,

2025

(unaudited)

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

Russell

2000

Emini;

September

2025

Long

$

14,320

$

Total

$

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

SmallCap

Value

Fund

II

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.09

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.54

%

iShares

Russell

2000

Value

ETF

(a) 174,280

$

27,953

Money

Market

Funds

-

.55

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.21%

(b),(c)

6,839,209

6,839

Principal

Government

Money

Market

Fund

-

Class

4.22%

(b),(c),(d)

54,202,761

54,203

$

61,042

TOTAL

INVESTMENT

COMPANIES

$

88,995

COMMON

STOCKS

-

.71

%

Shares

Held

Value

(000's)

Advertising

-

.30

%

Advantage

Solutions

Inc

(e) 5,866

$

Boston

Omaha

Corp

(e) 1,126

National

CineMedia

Inc

297,757

1,432

Nexxen

International

Ltd

(e) 2,072

Stagwell

Inc

(e) 326,600

1,872

TechTarget

Inc

(e) 1,414

$

3,358

Aerospace

&

Defense

-

.05

%

AAR

Corp

(e) 1,482

AerSale

Corp

(e) 126,099

761

Astronics

Corp

(e) 144

Ducommun

Inc

(e) 759

Hexcel

Corp

161,740

9,690

Intuitive

Machines

Inc

(e) 5,707

Mercury

Systems

Inc

(e) 2,221

National

Presto

Industries

Inc

7,535

727

$

11,544

Agriculture

-

.03

%

Alico

Inc

(a) 315

Andersons

Inc/The

1,821

Dole

PLC

3,661

Fresh

Del

Monte

Produce

Inc

1,848

Limoneira

Co

927

Tejon

Ranch

Co

(e) 1,195

Turning

Point

Brands

Inc

Universal

Corp/VA

1,338

$

Airlines

-

.09

%

Allegiant

Travel

Co

(e) 652

Frontier

Group

Holdings

Inc

(e) 1,529

JetBlue

Airways

Corp

(e) 17,874

SkyWest

Inc

(e) 2,244

Spirit

Aviation

Holdings

Inc

(e) 1,041

Sun

Country

Airlines

Holdings

Inc

(e) 53,303

618

$

1,002

Apparel

-

.27

%

Capri

Holdings

Ltd

(e) 6,443

Carter's

Inc

27,649

670

Columbia

Sportswear

Co

16,200

916

Gildan

Activewear

Inc

161,995

8,182

Kontoor

Brands

Inc

577

Lakeland

Industries

Inc

(a) 540

Oxford

Industries

Inc

38,610

1,474

PVH

Corp

13,400

984

Rocky

Brands

Inc

Steven

Madden

Ltd

64,689

1,553

Superior

Group

of

Cos

Inc

707

Torrid

Holdings

Inc

(a),(e)

1,621

Weyco

Group

Inc

$

13,968

Automobile

Manufacturers

-

.30

%

Blue

Bird

Corp

(e) 34,000

1,523

Hyliion

Holdings

Corp

(e) 7,640

REV

Group

Inc

15,200

753

Wabash

National

Corp

104,267

1,039

$

3,326

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Automobile

Parts

&

Equipment

-

.38

%

Adient

PLC

(e) 97,456

$

2,089

American

Axle

&

Manufacturing

Holdings

Inc

(e) 6,408

Cooper-Standard

Holdings

Inc

(e) 942

Dana

Inc

7,337

Douglas

Dynamics

Inc

47,978

1,372

Fox

Factory

Holding

Corp

(e) 1,725

Garrett

Motion

Inc

7,036

Gentex

Corp

84,400

2,230

Gentherm

Inc

(e) 1,666

Goodyear

Tire

&

Rubber

Co/The

(e) 102,105

1,050

Holley

Inc

(a),(e)

3,513

indie

Semiconductor

Inc

(a),(e)

6,759

Lear

Corp

22,300

2,103

Luminar

Technologies

Inc

(e) 1,659

Methode

Electronics

Inc

198,497

1,302

Microvast

Holdings

Inc

(a),(e)

4,256

Miller

Industries

Inc/TN

22,228

906

Motorcar

Parts

of

America

Inc

(e) 1,077

Phinia

Inc

23,186

1,176

Solid

Power

Inc

(e) 7,320

Standard

Motor

Products

Inc

1,169

Strattec

Security

Corp

(e) 229

Titan

International

Inc

(e) 2,633

Visteon

Corp

21,621

2,403

$

15,155

Banks

-

.26

%

1st

Source

Corp

24,588

1,471

ACNB

Corp

583

Alerus

Financial

Corp

1,222

Amalgamated

Financial

Corp

1,273

Amerant

Bancorp

Inc

69,598

1,343

Ameris

Bancorp

3,679

Ames

National

Corp

525

Arrow

Financial

Corp

20,045

538

Associated

Banc-Corp

49,132

1,215

Atlantic

Union

Bankshares

Corp

7,937

BancFirst

Corp

Bank

First

Corp

Bank

of

Hawaii

Corp

Bank

of

Marin

Bancorp

40,521

918

Bank

of

NT

Butterfield

&

Son

Ltd/The

2,416

Bank7

Corp

11,935

528

BankUnited

Inc

62,096

2,265

Bankwell

Financial

Group

Inc

Banner

Corp

1,888

Bar

Harbor

Bankshares

808

BayCom

Corp

17,076

BCB

Bancorp

Inc

967

Blue

Foundry

Bancorp

(e) 1,129

Blue

Ridge

Bankshares

Inc

(e) 3,789

Bridgewater

Bancshares

Inc

(e) 51,350

799

Burke

&

Herbert

Financial

Services

Corp

16,943

982

Business

First

Bancshares

Inc

1,554

Byline

Bancorp

Inc

1,489

C&F

Financial

Corp

Cadence

Bank

391,311

13,637

California

BanCorp

(e) 1,105

Camden

National

Corp

29,020

1,094

Capital

Bancorp

Inc

17,009

535

Capital

City

Bank

Group

Inc

784

Carter

Bankshares

Inc

(e) 30,624

532

Cathay

General

Bancorp

36,652

1,657

CB

Financial

Services

Inc

Central

Pacific

Financial

Corp

55,858

1,489

Chain

Bridge

Bancorp

Inc

(e) 160

Chemung

Financial

Corp

ChoiceOne

Financial

Services

Inc

766

Citizens

&

Northern

Corp

833

Citizens

Financial

Services

Inc

(a) 247

Schedule

of

Investments

SmallCap

Value

Fund

II

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Banks

(continued)

City

Holding

Co

$

Civista

Bancshares

Inc

22,258

CNB

Financial

Corp/PA

22,759

523

Colony

Bankcorp

Inc

30,543

500

Columbia

Banking

System

Inc

40,700

969

Comerica

Inc

225,645

15,247

Community

Financial

System

Inc

2,276

Community

Trust

Bancorp

Inc

21,508

1,160

Community

West

Bancshares

764

ConnectOne

Bancorp

Inc

85,010

1,957

Cullen/Frost

Bankers

Inc

105,955

13,500

Customers

Bancorp

Inc

(e) 1,509

CVB

Financial

Corp

7,360

Dime

Community

Bancshares

Inc

73,989

2,051

Eagle

Bancorp

Inc

107,695

1,733

Eagle

Financial

Services

Inc

(a) 258

Eastern

Bankshares

Inc

10,915

ECB

Bancorp

Inc/MD

(a),(e)

Enterprise

Financial

Services

Corp

27,633

1,525

Equity

Bancshares

Inc

877

Farmers

&

Merchants

Bancorp

Inc/Archbold

OH

674

Farmers

National

Banc

Corp

26,345

FB

Bancorp

Inc

(a),(e)

1,054

FB

Financial

Corp

2,330

Fidelity

D&D

Bancorp

Inc

Financial

Institutions

Inc

57,095

1,455

Finwise

Bancorp

(e) 248

First

Bancorp

Inc/The

636

First

BanCorp/Puerto

Rico

4,087

First

Bancorp/Southern

Pines

NC

2,238

First

Bank/Hamilton

NJ

1,216

First

Busey

Corp

90,688

2,024

First

Business

Financial

Services

Inc

First

Commonwealth

Financial

Corp

5,632

First

Community

Bankshares

Inc

869

First

Community

Corp/SC

(a) 333

First

Financial

Bancorp

5,276

First

Financial

Corp

20,754

1,111

First

Foundation

Inc

(e) 273,503

1,332

First

Hawaiian

Inc

75,007

1,819

First

Internet

Bancorp

25,464

559

First

Interstate

BancSystem

Inc

55,972

1,611

First

Merchants

Corp

53,771

2,049

First

Mid

Bancshares

Inc

27,052

1,027

First

National

Corp/VA

First

United

Corp

Firstsun

Capital

Bancorp

(e) 28,320

1,007

Five

Star

Bancorp

14,025

FNB

Corp/PA

32,900

504

Franklin

Financial

Services

Corp

Fulton

Financial

Corp

10,130

FVCBankcorp

Inc

931

German

American

Bancorp

Inc

2,017

Glacier

Bancorp

Inc

5,063

Great

Southern

Bancorp

Inc

17,883

1,018

Guaranty

Bancshares

Inc/TX

Hancock

Whitney

Corp

4,789

Hanmi

Financial

Corp

60,378

1,378

Hanover

Bancorp

Inc

(a) 249

HarborOne

Bancorp

Inc

2,148

Hawthorn

Bancshares

Inc

(a) 343

HBT

Financial

Inc

678

Heritage

Commerce

Corp

160,163

1,481

Heritage

Financial

Corp/WA

40,997

924

Hilltop

Holdings

Inc

64,551

1,910

Home

BancShares

Inc/AR

10,461

HomeStreet

Inc

(e) 34,787

Hope

Bancorp

Inc

192,361

1,921

Horizon

Bancorp

Inc/IN

65,776

1,019

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Banks

(continued)

Independent

Bank

Corp

28,312

$

1,799

Independent

Bank

Corp/MI

1,117

International

Bancshares

Corp

2,708

Investar

Holding

Corp

540

John

Marshall

Bancorp

Inc

704

Kearny

Financial

Corp/MD

174,777

1,037

Lakeland

Financial

Corp

628

Landmark

Bancorp

Inc/Manhattan

KS

LCNB

Corp

795

LINKBANCORP

Inc

1,115

Live

Oak

Bancshares

Inc

65,784

2,079

MainStreet

Bancshares

Inc

Mercantile

Bank

Corp

32,175

1,470

Merchants

Bancorp/IN

54,443

1,595

Meridian

Corp

Metrocity

Bankshares

Inc

Metropolitan

Bank

Holding

Corp

Mid

Penn

Bancorp

Inc

18,479

508

Middlefield

Banc

Corp

Midland

States

Bancorp

Inc

52,356

888

MidWestOne

Financial

Group

Inc

1,110

MVB

Financial

Corp

680

National

Bank

Holdings

Corp

2,109

National

Bankshares

Inc

NB

Bancorp

Inc

109,817

1,892

NBT

Bancorp

Inc

2,668

Nicolet

Bankshares

Inc

535

Northeast

Bank

21,818

2,163

Northeast

Community

Bancorp

Inc

688

Northpointe

Bancshares

Inc

623

Northrim

BanCorp

Inc

Norwood

Financial

Corp

Oak

Valley

Bancorp

OFG

Bancorp

2,515

Ohio

Valley

Banc

Corp

Old

National

Bancorp/IN

15,733

Old

Point

Financial

Corp

(a) 132

Old

Second

Bancorp

Inc

2,403

OP

Bancorp

634

Orange

County

Bancorp

Inc

Origin

Bancorp

Inc

41,255

1,508

Orrstown

Financial

Services

Inc

1,031

Park

National

Corp

825

Parke

Bancorp

Inc

586

PCB

Bancorp

558

Peapack-Gladstone

Financial

Corp

34,623

882

Peoples

Bancorp

Inc/OH

1,932

Peoples

Bancorp

of

North

Carolina

Inc

Peoples

Financial

Services

Corp

Pioneer

Bancorp

Inc/NY

(e) 665

Plumas

Bancorp

(a) 312

Ponce

Financial

Group

Inc

(e) 1,162

Preferred

Bank/Los

Angeles

CA

23,384

2,124

Primis

Financial

Corp

1,244

Princeton

Bancorp

Inc

Prosperity

Bancshares

Inc

176,115

11,733

Provident

Bancorp

Inc

(e) 890

QCR

Holdings

Inc

22,112

1,570

RBB

Bancorp

29,190

529

Red

River

Bancshares

Inc

Renasant

Corp

5,245

Republic

Bancorp

Inc/KY

Rhinebeck

Bancorp

Inc

(e) 309

Richmond

Mutual

BanCorp

Inc

(a) 465

S&T

Bancorp

Inc

2,121

SB

Financial

Group

Inc

Seacoast

Banking

Corp

of

Florida

4,706

Shore

Bancshares

Inc

63,086

978

Sierra

Bancorp

17,313

508

Schedule

of

Investments

SmallCap

Value

Fund

II

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Banks

(continued)

Simmons

First

National

Corp

102,278

$

1,961

SmartFinancial

Inc

641

South

Plains

Financial

Inc

735

Southern

First

Bancshares

Inc

(e) 430

Southside

Bancshares

Inc

1,608

SR

Bancorp

Inc

Stellar

Bancorp

Inc

2,591

Stock

Yards

Bancorp

Inc

Synovus

Financial

Corp

9,300

Texas

Capital

Bancshares

Inc

(e) 2,177

Third

Coast

Bancshares

Inc

(e) 735

Tompkins

Financial

Corp

17,641

1,141

Towne

Bank/Portsmouth

VA

32,634

1,143

TriCo

Bancshares

49,803

2,048

Triumph

Financial

Inc

(e) 675

TrustCo

Bank

Corp

NY

48,944

1,643

Trustmark

Corp

3,160

UMB

Financial

Corp

3,690

Union

Bankshares

Inc/Morrisville

VT

(a) 16

—

United

Bankshares

Inc/WV

7,877

United

Community

Banks

Inc/GA

39,378

1,201

United

Security

Bancshares/Fresno

CA

818

Unity

Bancorp

Inc

Univest

Financial

Corp

51,678

1,490

USCB

Financial

Holdings

Inc

(a) 411

Valley

National

Bancorp

172,546

1,600

Veritex

Holdings

Inc

83,418

2,646

Virginia

National

Bankshares

Corp

Walker

&

Dunlop

Inc

1,827

Washington

Trust

Bancorp

Inc

63,338

1,706

WesBanco

Inc

4,955

West

BanCorp

Inc

759

Westamerica

BanCorp

1,414

Western

Alliance

Bancorp

174,870

13,563

Western

New

England

Bancorp

Inc

1,085

Zions

Bancorp

NA

244,920

13,133

$

178,844

Beverages

-

.72

%

Coca-Cola

Consolidated

Inc

70,475

7,876

MGP

Ingredients

Inc

753

$

7,897

Biotechnology

-

.87

%

4D

Molecular

Therapeutics

Inc

(e) 2,369

89bio

Inc

(e) 4,537

Aardvark

Therapeutics

Inc

(a),(e)

Abeona

Therapeutics

Inc

(e) 157

Absci

Corp

(a),(e)

1,422

ADMA

Biologics

Inc

(e) 236,810

4,428

Aldeyra

Therapeutics

Inc

(e) 692

Allogene

Therapeutics

Inc

(a),(e)

8,942

Alpha

Teknova

Inc

(a),(e)

—

Alumis

Inc

(a),(e)

2,848

ANI

Pharmaceuticals

Inc

(e) 13,100

830

Annexon

Inc

(e) 5,651

Arbutus

Biopharma

Corp

(e) 627

Arcturus

Therapeutics

Holdings

Inc

(e) 920

Arcus

Biosciences

Inc

(e) 1,074

Astria

Therapeutics

Inc

(e) 2,521

Atea

Pharmaceuticals

Inc

(e) 4,492

Atlantic

International

Corp

(e) 324

—

Aura

Biosciences

Inc

(a),(e)

1,498

Avidity

Biosciences

Inc

(e) 510

Bicara

Therapeutics

Inc

(a),(e)

1,759

BioAge

Labs

Inc

(e) 1,320

Candel

Therapeutics

Inc

(e) 244

Cardiff

Oncology

Inc

(a),(e)

1,937

Cargo

Therapeutics

Inc

(e) 2,093

Cartesian

Therapeutics

Inc

(a),(e)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Biotechnology

(continued)

Cartesian

Therapeutics

Inc

-

Contingent

Value

Rights

(e),(f)

12,004

$

Celcuity

Inc

(a),(e)

Celldex

Therapeutics

Inc

(e) 3,612

Chinook

Therapeutics

Inc

-

Contingent

Value

Rights

(e),(f)

4,587

Cogent

Biosciences

Inc

(e) 344

Compass

Therapeutics

Inc

(e) 2,529

CRISPR

Therapeutics

AG

(e) 4,599

Cullinan

Therapeutics

Inc

(e) 2,809

Cytek

Biosciences

Inc

(e) 6,547

Cytokinetics

Inc

(e) 5,775

Day

One

Biopharmaceuticals

Inc

(e) 3,771

Denali

Therapeutics

Inc

(e) 6,907

Design

Therapeutics

Inc

(e) 1,968

Dianthus

Therapeutics

Inc

(e) 964

Dyne

Therapeutics

Inc

(e) 3,521

Editas

Medicine

Inc

(e) 4,696

Eledon

Pharmaceuticals

Inc

(e) 3,244

Emergent

BioSolutions

Inc

(e) 2,973

Entrada

Therapeutics

Inc

(e) 1,565

Erasca

Inc

(e) 9,659

Esperion

Therapeutics

Inc

(a),(e)

7,791

EyePoint

Pharmaceuticals

Inc

(e) 3,418

Fate

Therapeutics

Inc

(e) 6,416

Forafric

Global

PLC

(e) 18

—

Halozyme

Therapeutics

Inc

(e) 28,200

1,691

Humacyte

Inc

(a),(e)

5,666

Ideaya

Biosciences

Inc

(e) 4,631

ImmunityBio

Inc

(a),(e)

2,245

Inhibrx

Biosciences

Inc

(e) 535

Innoviva

Inc

(e) 453

Intellia

Therapeutics

Inc

(e) 5,733

Iovance

Biotherapeutics

Inc

(e) 14,224

iTeos

Therapeutics

Inc

(e) 1,737

Jade

Biosciences

Inc

1,805

Janux

Therapeutics

Inc

(e) 1,455

Keros

Therapeutics

Inc

(e) 1,847

Kodiak

Sciences

Inc

(e) 1,931

Korro

Bio

Inc

(a),(e)

Kura

Oncology

Inc

(e) 4,370

Larimar

Therapeutics

Inc

(a),(e)

2,499

Lexeo

Therapeutics

Inc

(a),(e)

1,329

Ligand

Pharmaceuticals

Inc

(e) 931

Maravai

LifeSciences

Holdings

Inc

(e) 7,167

MBX

Biosciences

Inc

(a),(e)

1,007

MeiraGTx

Holdings

plc

(e) 596

Metsera

Inc

(a),(e)

Mind

Medicine

MindMed

Inc

(a),(e)

2,850

Monte

Rosa

Therapeutics

Inc

(e) 2,751

Myriad

Genetics

Inc

(e) 4,953

NeoGenomics

Inc

(e) 6,527

Nkarta

Inc

(e) 2,976

Novavax

Inc

(a),(e)

1,563

Nurix

Therapeutics

Inc

(e) 4,162

Nuvation

Bio

Inc

(a),(e)

12,737

Olema

Pharmaceuticals

Inc

(e) 3,512

Omeros

Corp

(a),(e)

Oruka

Therapeutics

Inc

(a) 1,482

Palvella

Therapeutics

Inc

(e) 31

Perspective

Therapeutics

Inc

(e) 3,517

Phathom

Pharmaceuticals

Inc

(a),(e)

1,823

Praxis

Precision

Medicines

Inc

(e) 903

Precigen

Inc

(a),(e)

737

Prime

Medicine

Inc

(a),(e)

3,442

Protara

Therapeutics

Inc

(a),(e)

1,798

Prothena

Corp

PLC

(e) 2,077

PTC

Therapeutics

Inc

(e) 811

Puma

Biotechnology

Inc

(e) 2,504

Schedule

of

Investments

SmallCap

Value

Fund

II

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Biotechnology

(continued)

Rapport

Therapeutics

Inc

(a),(e)

1,037

$

REGENXBIO

Inc

(e) 2,543

Relay

Therapeutics

Inc

(e) 7,335

Replimune

Group

Inc

(a),(e)

3,855

Rezolute

Inc

(e) 628

Rocket

Pharmaceuticals

Inc

(e) 4,193

Sana

Biotechnology

Inc

(e) 6,557

Scholar

Rock

Holding

Corp

(e) 389

Septerna

Inc

(a),(e)

1,263

Solid

Biosciences

Inc

(e) 3,643

Syndax

Pharmaceuticals

Inc

(e) 390

Tango

Therapeutics

Inc

(a),(e)

4,240

Tectonic

Therapeutic

Inc

(a),(e)

537

Terns

Pharmaceuticals

Inc

(e) 3,908

Tevogen

Bio

Holdings

Inc

(e) 609

Theravance

Biopharma

Inc

(e) 413

Third

Harmonic

Bio

Inc

(e) 1,482

Tourmaline

Bio

Inc

(e) 1,030

Travere

Therapeutics

Inc

(e) 311

TriSalus

Life

Sciences

Inc

(a),(e)

837

Tvardi

Therapeutics

Inc

(a),(e)

Tyra

Biosciences

Inc

(a),(e)

1,421

Upstream

Bio

Inc

(a),(e)

1,908

UroGen

Pharma

Ltd

(e) 364

Verastem

Inc

(e) 1,109

Vir

Biotechnology

Inc

(e) 4,961

Viridian

Therapeutics

Inc

(e) 850

WaVe

Life

Sciences

Ltd

(e) 759

Xencor

Inc

(e) 3,887

XOMA

Royalty

Corp

(e) 193

Zenas

Biopharma

Inc

(a),(e)

959

$

9,524

Building

Materials

-

.64

%

AirJoule

Technologies

Corp

(a),(e)

1,196

American

Woodmark

Corp

(e) 24,909

1,311

Apogee

Enterprises

Inc

37,477

1,574

Armstrong

World

Industries

Inc

6,100

1,148

Aspen

Aerogels

Inc

(e) 3,657

Boise

Cascade

Co

2,115

Eagle

Materials

Inc

43,315

9,715

Fortune

Brands

Innovations

Inc

39,000

2,127

Gibraltar

Industries

Inc

(e) 1,653

JELD-WEN

Holding

Inc

(e) 4,703

LSI

Industries

Inc

Masterbrand

Inc

(e) 7,066

NWPX

Infrastructure

Inc

(e) 549

UFP

Industries

Inc

18,079

1,772

$

18,094

Chemicals

-

.19

%

AdvanSix

Inc

22,684

American

Vanguard

Corp

(e) 85,623

Avient

Corp

5,117

Axalta

Coating

Systems

Ltd

(e) 67,600

1,914

Cabot

Corp

11,009

795

Calumet

Inc

(a),(e)

3,365

Codexis

Inc

(e) 1,028

Ecovyst

Inc

(e) 241,582

2,079

Element

Solutions

Inc

528,845

12,481

Hawkins

Inc

54,060

8,827

HB

Fuller

Co

36,636

2,059

Huntsman

Corp

130,500

1,266

Ingevity

Corp

(e) 24,200

1,011

Innospec

Inc

19,018

1,519

Intrepid

Potash

Inc

(e) 595

Koppers

Holdings

Inc

1,071

Kronos

Worldwide

Inc

1,289

Mativ

Holdings

Inc

2,960

Minerals

Technologies

Inc

1,769

Oil-Dri

Corp

of

America

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Chemicals

(continued)

Olin

Corp

81,100

$

1,536

Orion

SA

3,057

Perimeter

Solutions

Inc

(e) 7,714

Quaker

Chemical

Corp

769

Rayonier

Advanced

Materials

Inc

(e) 3,804

Rogers

Corp

(e) 1,026

Stepan

Co

1,191

Trinseo

PLC

(a) 1,895

Tronox

Holdings

PLC

6,593

Valhi

Inc

(a) 127

$

35,097

Coal

-

.04

%

Alpha

Metallurgical

Resources

Inc

(e) 456

Core

Natural

Resources

Inc

1,917

Hallador

Energy

Co

(e) 147

NACCO

Industries

Inc

Peabody

Energy

Corp

6,808

SunCoke

Energy

Inc

4,611

Warrior

Met

Coal

Inc

2,894

$

500

Commercial

Services

-

.49

%

ABM

Industries

Inc

32,139

1,483

Acacia

Research

Corp

(e) 2,019

Acuren

Corp

(a),(e)

3,510

AirSculpt

Technologies

Inc

(a),(e)

Alight

Inc

23,969

Alta

Equipment

Group

Inc

(a) 993

American

Public

Education

Inc

(e) 66

AMN

Healthcare

Services

Inc

(e) 2,101

BrightView

Holdings

Inc

(e) 3,342

Brink's

Co/The

21,800

1,904

Cass

Information

Systems

Inc

11,297

Cimpress

PLC

(e) 673

CompoSecure

Inc

(a),(e)

CoreCivic

Inc

(e) 5,050

Cross

Country

Healthcare

Inc

(e) 1,711

Custom

Truck

One

Source

Inc

(e) 3,322

Deluxe

Corp

2,439

Distribution

Solutions

Group

Inc

(e) 52

Emerald

Holding

Inc

(a) 134,100

666

Ennis

Inc

26,978

Euronet

Worldwide

Inc

(e) 18,600

1,808

European

Wax

Center

Inc

(a),(e)

First

Advantage

Corp

(e) 1,372

Flywire

Corp

(e) 664

Forrester

Research

Inc

(e) 39,237

Franklin

Covey

Co

(e) 21,904

Graham

Holdings

Co

Green

Dot

Corp

(e) 2,941

GXO

Logistics

Inc

(e) 183,160

9,105

Hackett

Group

Inc/The

Healthcare

Services

Group

Inc

(e) 169,394

2,204

Heidrick

&

Struggles

International

Inc

43,532

1,938

Herc

Holdings

Inc

64,115

7,489

HireQuest

Inc

(a) 342

ICF

International

Inc

1,014

Information

Services

Group

Inc

1,258

Insperity

Inc

16,900

1,007

John

Wiley

&

Sons

Inc

Kelly

Services

Inc

1,627

Kforce

Inc

48,565

1,693

Korn

Ferry

15,418

1,093

Laureate

Education

Inc

(e) 47,148

1,065

Lifecore

Biomedical

Inc

(e) 529

ManpowerGroup

Inc

42,800

1,765

MarketWise

Inc

(a) 115

Marqeta

Inc

(e) 11,591

Matthews

International

Corp

1,627

Medifast

Inc

(e) 637

Schedule

of

Investments

SmallCap

Value

Fund

II

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Commercial

Services

(continued)

Mercurity

Fintech

Holding

Inc

(a),(e)

1,768

$

Mister

Car

Wash

Inc

(e) 629

Monro

Inc

1,662

National

Research

Corp

41,300

516

NPK

International

Inc

(e) 4,444

Paysafe

Ltd

(e) 1,776

Perdoceo

Education

Corp

3,395

Performant

Healthcare

Inc

(e) 1,165

PROG

Holdings

Inc

2,202

Quad/Graphics

Inc

509

Repay

Holdings

Corp

(e) 4,304

Resources

Connection

Inc

132,238

669

Robert

Half

Inc

49,600

1,831

Sezzle

Inc

(e) 68

Strategic

Education

Inc

1,332

Target

Hospitality

Corp

(e) 1,896

Transcat

Inc

(e) 246

TriNet

Group

Inc

85,365

5,789

TrueBlue

Inc

(e) 182,891

1,320

Upbound

Group

Inc

1,880

Valvoline

Inc

(e) 322,800

11,379

Vestis

Corp

6,388

WEX

Inc

(e) 14,300

2,426

Willdan

Group

Inc

(e) 241

$

60,407

Computers

-

.86

%

3D

Systems

Corp

(a),(e)

7,335

Amentum

Holdings

Inc

(e) 42,200

1,054

ASGN

Inc

(e) 43,174

2,165

Conduent

Inc

(e) 8,525

Corsair

Gaming

Inc

(e) 2,564

Crane

NXT

Co

38,100

2,261

Cricut

Inc

2,563

CSP

Inc

Diebold

Nixdorf

Inc

(e) 85

Grid

Dynamics

Holdings

Inc

(e) 738

Insight

Enterprises

Inc

(e) 1,018

Integral

Ad

Science

Holding

Corp

(e) 3,610

Maximus

Inc

26,000

1,920

Mitek

Systems

Inc

(e) 1,945

NCR

Voyix

Corp

(e) 7,709

NetScout

Systems

Inc

(e) 3,861

OneSpan

Inc

1,726

PAR

Technology

Corp

(e) 922

Rimini

Street

Inc

(e) 2,386

Science

Applications

International

Corp

13,000

1,449

Telos

Corp

(e) 3,237

TTEC

Holdings

Inc

(e) 1,158

Unisys

Corp

(e) 930

V2X

Inc

(e) 881

Vuzix

Corp

(a),(e)

—

$

9,441

Consumer

Products

-

.41

%

ACCO

Brands

Corp

4,833

Acme

United

Corp

Central

Garden

&

Pet

Co

(a),(e)

25,525

997

Central

Garden

&

Pet

Co

-

A

Shares

(e) 2,876

Helen

of

Troy

Ltd

(e) 51,445

1,130

Quanex

Building

Products

Corp

2,589

Reynolds

Consumer

Products

Inc

94,500

2,125

Spectrum

Brands

Holdings

Inc

1,414

$

4,506

Cosmetics

&

Personal

Care

-

.12

%

Beauty

Health

Co/The

(e) 1,189

Edgewell

Personal

Care

Co

44,196

1,114

Honest

Co

Inc/The

(e) 2,751

Olaplex

Holdings

Inc

(e) 7,818

Prestige

Consumer

Healthcare

Inc

(e) 2,243

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Cosmetics

&

Personal

Care

(continued)

Waldencast

plc

(e) 2,356

$

$

1,310

Distribution

&

Wholesale

-

.81

%

A-Mark

Precious

Metals

Inc

1,025

EVI

Industries

Inc

G-III

Apparel

Group

Ltd

(e) 37,749

891

Global

Industrial

Co

52,461

1,787

Hudson

Technologies

Inc

(e) 2,231

MRC

Global

Inc

(e) 4,742

OPENLANE

Inc

(e) 5,890

Resideo

Technologies

Inc

(e) 73,338

2,002

Rush

Enterprises

Inc

-

Class

A

190,795

10,330

Rush

Enterprises

Inc

-

Class

B

ScanSource

Inc

(e) 37,192

1,444

Titan

Machinery

Inc

(e) 90,329

1,745

VSE

Corp

WESCO

International

Inc

59,730

12,362

$

30,864

Diversified

Financial

Services

-

.19

%

AlTi

Global

Inc

(a),(e)

2,513

Artisan

Partners

Asset

Management

Inc

324,656

14,691

Atlanticus

Holdings

Corp

(e) 279

Bakkt

Holdings

Inc

(e) 276

Better

Home

&

Finance

Holding

Co

(a),(e)

Bread

Financial

Holdings

Inc

42,390

2,599

Brookfield

Business

Corp

834

Burford

Capital

Ltd

3,863

Cohen

&

Steers

Inc

Columbia

Financial

Inc

(e) 1,348

Consumer

Portfolio

Services

Inc

(e) 535

Diamond

Hill

Investment

Group

Inc

10,026

1,359

Enact

Holdings

Inc

51,110

1,777

Encore

Capital

Group

Inc

(e) 1,279

Federal

Agricultural

Mortgage

Corp

Federated

Hermes

Inc

45,300

2,245

Finance

Of

America

Cos

Inc

(e) 247

First

Western

Financial

Inc

(e) 17,135

Forge

Global

Holdings

Inc

(a),(e)

602

GBank

Financial

Holdings

Inc

(e) 479

GCM

Grosvenor

Inc

International

Money

Express

Inc

(e) 105,900

952

Invesco

Ltd

61,000

1,282

Janus

Henderson

Group

PLC

25,500

1,104

LendingClub

Corp

(e) 6,270

LendingTree

Inc

(e) 49

loanDepot

Inc

(e) 4,816

Marex

Group

PLC

565

Medallion

Financial

Corp

961

Navient

Corp

154,445

1,998

Nelnet

Inc

773

Onity

Group

Inc

(e) 392

Oportun

Financial

Corp

(e) 1,975

Pagseguro

Digital

Ltd

3,723

PennyMac

Financial

Services

Inc

1,619

PRA

Group

Inc

(e) 2,142

Radian

Group

Inc

69,347

2,261

Regional

Management

Corp

Resolute

Holdings

Management

Inc

(a),(e)

Security

National

Financial

Corp

(e) 913

Siebert

Financial

Corp

(e) 867

Silvercrest

Asset

Management

Group

Inc

SWK

Holdings

Corp

Velocity

Financial

Inc

(e) 661

Virtus

Investment

Partners

Inc

11,165

2,158

Voya

Financial

Inc

21,100

1,477

Vroom

Inc

(e) 64

Westwood

Holdings

Group

Inc

World

Acceptance

Corp

(e) 187

$

35,079

Schedule

of

Investments

SmallCap

Value

Fund

II

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Electric

-

.26

%

ALLETE

Inc

3,251

$

Ameresco

Inc

(e) 1,757

Avista

Corp

57,928

2,161

Black

Hills

Corp

40,242

2,326

Genie

Energy

Ltd

1,034

Hawaiian

Electric

Industries

Inc

(e) 9,711

MGE

Energy

Inc

975

Northwestern

Energy

Group

Inc

42,730

2,294

Oklo

Inc

(e) 4,372

Ormat

Technologies

Inc

3,393

Otter

Tail

Corp

18,590

1,435

Portland

General

Electric

Co

56,034

2,304

TXNM

Energy

Inc

23,294

1,323

Unitil

Corp

18,788

969

$

13,902

Electrical

Components

&

Equipment

-

.11

%

Energizer

Holdings

Inc

41,224

928

EnerSys

2,055

Insteel

Industries

Inc

nLight

Inc

(e) 2,472

$

1,187

Electronics

-

.72

%

Allient

Inc

731

Applied

Optoelectronics

Inc

(e) 628

Arrow

Electronics

Inc

(e) 12,500

1,450

Atkore

Inc

24,207

1,865

Atmus

Filtration

Technologies

Inc

54,653

2,127

Avnet

Inc

37,000

1,959

Bel

Fuse

Inc

-

A

Shares

Bel

Fuse

Inc

-

B

Shares

578

Benchmark

Electronics

Inc

1,982

Celestica

Inc

(e) 29,140

5,824

Coherent

Corp

(e) 129,775

13,964

CTS

Corp

1,409

Ingram

Micro

Holding

Corp

(a) 50,500

996

Itron

Inc

(e) 1,302

Kimball

Electronics

Inc

(e) 67,786

1,272

Knowles

Corp

(e) 4,457

MicroVision

Inc

(a),(e)

5,320

Neonode

Inc

(a),(e)

NEXTracker

Inc

(e) 41,412

2,413

Plexus

Corp

(e) 7,512

957

Sanmina

Corp

(e) 16,710

1,939

Sensata

Technologies

Holding

PLC

67,900

2,089

Standard

BioTools

Inc

(e) 16,557

TTM

Technologies

Inc

(e) 5,601

Turtle

Beach

Corp

(e) 285

Vishay

Intertechnology

Inc

98,688

1,617

Vontier

Corp

40,400

1,675

$

40,959

Energy

-

Alternate

Sources

-

.25

%

Array

Technologies

Inc

(e) 6,590

Complete

Solaria

Inc

(a),(e)

2,571

Fluence

Energy

Inc

(a),(e)

850

FutureFuel

Corp

1,486

Gevo

Inc

(a),(e)

12,802

Green

Plains

Inc

(e) 3,485

Montauk

Renewables

Inc

(e) 3,121

OPAL

Fuels

Inc

(e) 184

—

Plug

Power

Inc

(e) 50,794

REX

American

Resources

Corp

(e) 45,658

2,387

Shoals

Technologies

Group

Inc

(e) 7,822

Sunrun

Inc

(e) 11,635

T1

Energy

Inc

(e) 6,578

$

2,745

Engineering

&

Construction

-

.39

%

908

Devices

Inc

(a),(e)

Arcosa

Inc

1,937

Bowman

Consulting

Group

Ltd

(e) 48

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Engineering

&

Construction

(continued)

Concrete

Pumping

Holdings

Inc

1,332

$

Fluor

Corp

(e) 48,418

2,749

Granite

Construction

Inc

Great

Lakes

Dredge

&

Dock

Corp

(e) 3,664

Latham

Group

Inc

(e) 370

Mistras

Group

Inc

(e) 972

NV5

Global

Inc

(e) 3,201

Orion

Group

Holdings

Inc

(e) 1,813

Primoris

Services

Corp

Southland

Holdings

Inc

(e) 703

Tutor

Perini

Corp

(e) 23,680

1,140

$

4,257

Entertainment

-

.68

%

Accel

Entertainment

Inc

(e) 116,400

1,497

AMC

Entertainment

Holdings

Inc

(e) 24,199

Brightstar

Lottery

PLC

112,594

1,671

Golden

Entertainment

Inc

1,110

Light

&

Wonder

Inc

(e) 71,505

6,887

Lionsgate

Studios

Corp

(e) 10,652

Marriott

Vacations

Worldwide

Corp

27,572

2,053

Monarch

Casino

&

Resort

Inc

5,700

587

Pursuit

Attractions

and

Hospitality

Inc

(e) 1,078

RCI

Hospitality

Holdings

Inc

Red

Rock

Resorts

Inc

238,177

14,612

Reservoir

Media

Inc

(e) 1,166

Six

Flags

Entertainment

Corp

(e) 1,045

Starz

Entertainment

Corp

(e) 754

United

Parks

&

Resorts

Inc

(e) 39,695

1,879

Webtoon

Entertainment

Inc

(a),(e)

1,060

$

29,452

Environmental

Control

-

.73

%

Arq

Inc

(e) 1,867

Clean

Harbors

Inc

(e) 33,625

7,929

Enviri

Corp

(e) 4,197

Montrose

Environmental

Group

Inc

(e) 1,776

Perma-Fix

Environmental

Services

Inc

(a),(e)

865

Pure

Cycle

Corp

(e) 1,169

$

8,039

Food

-

.36

%

B&G

Foods

Inc

4,292

Beyond

Meat

Inc

(a),(e)

3,982

Calavo

Growers

Inc

Grocery

Outlet

Holding

Corp

(e) 5,243

Hain

Celestial

Group

Inc/The

(e) 5,342

HF

Foods

Group

Inc

(e) 2,500

Ingles

Markets

Inc

806

John

B

Sanfilippo

&

Son

Inc

20,588

1,303

Mission

Produce

Inc

(e) 2,653

Nathan's

Famous

Inc

Seneca

Foods

Corp

-

Class

A

(e) 257

Simply

Good

Foods

Co/The

(e) 1,838

SpartanNash

Co

1,839

TreeHouse

Foods

Inc

(e) 2,766

United

Natural

Foods

Inc

(e) 3,305

Utz

Brands

Inc

3,996

Village

Super

Market

Inc

510

Weis

Markets

Inc

910

WK

Kellogg

Co

(a) 89,666

2,067

$

3,983

Forest

Products

&

Paper

-

.09

%

Magnera

Corp

(e) 1,821

Sylvamo

Corp

21,192

976

$

999

Gas

-

.56

%

Brookfield

Infrastructure

Corp

6,706

Chesapeake

Utilities

Corp

835

MDU

Resources

Group

Inc

108,300

1,868

New

Jersey

Resources

Corp

50,721

2,329

Northwest

Natural

Holding

Co

250,132

9,985

Schedule

of

Investments

SmallCap

Value

Fund

II

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Gas

(continued)

ONE

Gas

Inc

17,328

$

1,260

RGC

Resources

Inc

Southwest

Gas

Holdings

Inc

3,598

Spire

Inc

161,482

12,026

$

28,120

Hand

&

Machine

Tools

-

.95

%

Kennametal

Inc

25,901

641

Lincoln

Electric

Holdings

Inc

40,085

9,761

Luxfer

Holdings

PLC

1,458

$

10,420

Healthcare

-

Products

-

.50

%

10X

Genomics

Inc

(e) 4,311

Accuray

Inc

(e) 513

AngioDynamics

Inc

(e) 1,683

Artivion

Inc

(e) 420

Avanos

Medical

Inc

(e) 2,500

Azenta

Inc

(e) 2,242

Beta

Bionics

Inc

(e) 110

Bruker

Corp

201,725

7,752

Castle

Biosciences

Inc

(e) 1,550

CONMED

Corp

1,727

Embecta

Corp

2,893

Enovis

Corp

(e) 3,150

Envista

Holdings

Corp

(e) 57,500

1,086

GRAIL

Inc

(e) 1,696

ICU

Medical

Inc

(e) 335

Inmode

Ltd

(e) 135,100

1,845

Inogen

Inc

(e) 1,404

Integra

LifeSciences

Holdings

Corp

(e) 3,720

Kestra

Medical

Technologies

Ltd

(a),(e)

Lantheus

Holdings

Inc

(e) 25,800

1,837

LivaNova

PLC

(e) 50,733

2,140

Lucid

Diagnostics

Inc

(e) 2,704

MaxCyte

Inc

(e) 5,627

Merit

Medical

Systems

Inc

(e) 223

Neogen

Corp

(e) 12,126

OmniAb

Inc

(e) 476

—

OmniAb

Inc

(e) 5,074

OmniAb

Inc

(e) 476

—

Omnicell

Inc

(e) 2,563

OraSure

Technologies

Inc

(e) 4,185

Orthofix

Medical

Inc

(e) 2,126

OrthoPediatrics

Corp

(e) 716

Pacific

Biosciences

of

California

Inc

(a),(e)

15,043

Quanterix

Corp

(e) 2,171

Quantum-Si

Inc

(a),(e)

8,318

QuidelOrtho

Corp

(e) 2,111

Semler

Scientific

Inc

(a),(e)

STAAR

Surgical

Co

(a),(e)

Stereotaxis

Inc

(e) 228

Tactile

Systems

Technology

Inc

(e) 1,384

Utah

Medical

Products

Inc

16,483

916

Varex

Imaging

Corp

(e) 2,307

Zimvie

Inc

(e) 1,518

$

16,560

Healthcare

-

Services

-

.69

%

Acadia

Healthcare

Co

Inc

(e) 79,500

1,731

Addus

HomeCare

Corp

(e) 512

Ardent

Health

Inc

(e) 74,201

787

Astrana

Health

Inc

(e) 84,500

2,016

Aveanna

Healthcare

Holdings

Inc

(e) 769

Blade

Air

Mobility

Inc

(e) 3,782

Brookdale

Senior

Living

Inc

(e) 1,549

Community

Health

Systems

Inc

(e) 2,782

Concentra

Group

Holdings

Parent

Inc

65,081

1,299

DocGo

Inc

(e) 5,069

Enhabit

Inc

(e) 2,725

Fortrea

Holdings

Inc

(e) 5,054

Fulgent

Genetics

Inc

(e) 1,185

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Healthcare

-

Services

(continued)

Ginkgo

Bioworks

Holdings

Inc

(a),(e)

1,993

$

Innovage

Holding

Corp

(e) 687

LifeStance

Health

Group

Inc

(e) 3,279

Nano-X

Imaging

Ltd

(a),(e)

2,888

National

HealthCare

Corp

698

OPKO

Health

Inc

(e) 20,038

PACS

Group

Inc

(e) 208

Pediatrix

Medical

Group

Inc

(e) 4,741

Personalis

Inc

(e) 2,932

RadNet

Inc

(e) 727

SBC

Medical

Group

Holdings

Inc

(e) 362

Select

Medical

Holdings

Corp

74,993

1,109

Sonida

Senior

Living

Inc

(e) 108

Surgery

Partners

Inc

(e) 4,275

Teladoc

Health

Inc

(e) 7,878

US

Physical

Therapy

Inc

$

7,552

Home

Builders

-

.03

%

Beazer

Homes

USA

Inc

(e) 1,600

Century

Communities

Inc

15,729

886

Dream

Finders

Homes

Inc

(e) 1,247

Forestar

Group

Inc

(e) 1,043

Green

Brick

Partners

Inc

(e) 9,153

567

Hovnanian

Enterprises

Inc

(e) 266

Installed

Building

Products

Inc

65,795

13,310

KB

Home

13,591

751

LCI

Industries

1,218

LGI

Homes

Inc

(e) 1,149

M/I

Homes

Inc

(e) 6,058

728

Meritage

Homes

Corp

3,952

Taylor

Morrison

Home

Corp

(e) 5,487

Thor

Industries

Inc

22,400

2,038

Tri

Pointe

Homes

Inc

(e) 52,383

1,613

Winnebago

Industries

Inc

51,615

1,534

$

22,322

Home

Furnishings

-

.22

%

Daktronics

Inc

(e) 1,906

Ethan

Allen

Interiors

Inc

1,284

Flexsteel

Industries

Inc

Hamilton

Beach

Brands

Holding

Co

Leggett

&

Platt

Inc

131,190

1,253

Lovesac

Co/The

(e) 283

MillerKnoll

Inc

53,044

1,007

Sleep

Number

Corp

(a),(e)

1,234

Sonos

Inc

(e) 541

Traeger

Inc

(e) 2,024

Xperi

Inc

(e) 2,571

$

2,382

Insurance

-

.33

%

Ambac

Financial

Group

Inc

(e) 2,632

American

Coastal

Insurance

Corp

682

AMERISAFE

Inc

511

Aspen

Insurance

Holdings

Ltd

(e) 50,400

1,592

Assured

Guaranty

Ltd

11,200

947

Citizens

Inc/TX

(a),(e)

2,669

CNO

Financial

Group

Inc

59,985

2,209

Donegal

Group

Inc

963

eHealth

Inc

(e) 1,602

Employers

Holdings

Inc

22,889

945

Essent

Group

Ltd

37,030

2,074

F&G

Annuities

&

Life

Inc

51,580

1,645

Fidelis

Insurance

Holdings

Ltd

3,287

Genworth

Financial

Inc

(e) 22,907

GoHealth

Inc

(a),(e)

Goosehead

Insurance

Inc

Greenlight

Capital

Re

Ltd

(e) 1,446

Hamilton

Insurance

Group

Ltd

(e) 2,472

Hanover

Insurance

Group

Inc/The

72,015

12,360

Heritage

Insurance

Holdings

Inc

(e) 281

Schedule

of

Investments

SmallCap

Value

Fund

II

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Insurance

(continued)

Hippo

Holdings

Inc

(e) 487

$

Horace

Mann

Educators

Corp

26,643

1,133

Investors

Title

Co

Jackson

Financial

Inc

3,985

James

River

Group

Holdings

Ltd

2,052

Kemper

Corp

30,400

1,872

Kestrel

Group

Ltd

(e) 26

Kingstone

Cos

Inc

Lincoln

National

Corp

44,600

1,700

MBIA

Inc

(e) 2,545

Mercury

General

Corp

1,490

MGIC

Investment

Corp

37,200

963

NI

Holdings

Inc

(e) 427

NMI

Holdings

Inc

(e) 56,049

2,091

ProAssurance

Corp

(e) 2,834

Safety

Insurance

Group

Inc

813

Selective

Insurance

Group

Inc

164,894

12,858

Selectquote

Inc

(e) 2,665

SiriusPoint

Ltd

(e) 5,083

Stewart

Information

Services

Corp

24,939

1,619

Tiptree

Inc

904

United

Fire

Group

Inc

21,143

561

Universal

Insurance

Holdings

Inc

1,060

White

Mountains

Insurance

Group

Ltd

1,040

1,859

$

47,632

Internet

-

.19

%

1-800-Flowers.com

Inc

(a),(e)

1,292

Angi

Inc

(e) 2,378

BARK

Inc

(e) 2,250

Beyond

Inc

(a),(e)

3,029

Bumble

Inc

(e) 3,564

Cars.com

Inc

(e) 3,206

Entravision

Communications

Corp

2,980

ePlus

Inc

23,989

1,553

Eventbrite

Inc

(e) 4,394

Gaia

Inc

(e) 1,166

Getty

Images

Holdings

Inc

(a),(e)

6,494

HealthStream

Inc

759

Lands'

End

Inc

(e) 704

LifeMD

Inc

(e) 647

Newsmax

Inc

(a),(e)

Nextdoor

Holdings

Inc

(e) 11,708

Open

Lending

Corp

(e) 6,046

RealReal

Inc/The

(e) 3,913

Rumble

Inc

(e) 3,326

Serve

Robotics

Inc

(a),(e)

Shutterstock

Inc

1,303

Stitch

Fix

Inc

(e) 5,539

Triller

Group

Inc

(e) 7,055

TripAdvisor

Inc

(e) 3,329

TrueCar

Inc

(e) 4,644

Tucows

Inc

(e) 337

Vivid

Seats

Inc

(e) 1,554

Ziff

Davis

Inc

(e) 2,337

$

2,061

Investment

Companies

-

.12

%

Bit

Digital

Inc

(e) 10,064

Cannae

Holdings

Inc

3,177

Cipher

Mining

Inc

(e) 14,724

Cleanspark

Inc

(e) 15,415

Compass

Diversified

Holdings

3,666

Core

Scientific

Inc

(e) 2,555

HA

Sustainable

Infrastructure

Capital

Inc

6,780

Hut

Corp

(e) 5,216

MARA

Holdings

Inc

(a),(e)

19,282

NewtekOne

Inc

1,463

Riot

Platforms

Inc

(e) 18,365

Terawulf

Inc

(e) 871

$

1,275

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Iron

&

Steel

-

.03

%

Commercial

Metals

Co

6,310

$

Friedman

Industries

Inc

$

Leisure

Products

&

Services

-

.68

%

American

Outdoor

Brands

Inc

(e) 725

Brunswick

Corp/DE

37,300

2,174

Clarus

Corp

1,644

Escalade

Inc

597

Global

Business

Travel

Group

I

(e) 728

Harley-Davidson

Inc

79,100

1,924

Johnson

Outdoors

Inc

Malibu

Boats

Inc

(e) 1,023

Marine

Products

Corp

MasterCraft

Boat

Holdings

Inc

(e) 878

Peloton

Interactive

Inc

(e) 13,270

Polaris

Inc

36,261

1,919

Sabre

Corp

(e) 14,858

Topgolf

Callaway

Brands

Corp

(e) 7,320

YETI

Holdings

Inc

(e) 31,700

1,164

$

7,478

Lodging

-

.53

%

Boyd

Gaming

Corp

12,600

1,070

Hilton

Grand

Vacations

Inc

(e) 51,800

2,321

Marcus

Corp/The

1,290

Travel

+

Leisure

Co

41,700

2,471

$

5,883

Machinery

-

Construction

&

Mining

-

.03

%

Astec

Industries

Inc

1,265

Hyster-Yale

Inc

669

Manitowoc

Co

Inc/The

(e) 1,866

NANO

Nuclear

Energy

Inc

(a),(e)

Net

Power

Inc

(a),(e)

1,889

Terex

Corp

3,620

$

Machinery

-

Diversified

-

.51

%

Aebi

Schmidt

Holding

AG

(e) 1,739

Alamo

Group

Inc

Albany

International

Corp

15,562

843

Cactus

Inc

23,200

982

Columbus

McKinnon

Corp/NY

132,593

1,942

Eastman

Kodak

Co

(e) 3,505

Flowserve

Corp

39,100

2,191

Gates

Industrial

Corp

PLC

(e) 43,100

1,069

Gencor

Industries

Inc

(e) 576

Ichor

Holdings

Ltd

(e) 1,862

Palladyne

AI

Corp

(a),(e)

1,507

Power

Solutions

International

Inc

(e) 36

Tennant

Co

19,538

1,613

Thermon

Group

Holdings

Inc

(e) 76,884

2,174

Watts

Water

Technologies

Inc

21,325

5,594

$

16,599

Media

-

.16

%

Altice

USA

Inc

(e) 12,315

AMC

Networks

Inc

(e) 1,906

Cable

One

Inc

CuriosityStream

Inc

EW

Scripps

Co/The

(e) 3,708

Gannett

Co

Inc

(e) 975

Gray

Media

Inc

4,948

iHeartMedia

Inc

(e) 7,032

Liberty

Latin

America

Ltd

-

Class

A

(e) 1,724

Liberty

Latin

America

Ltd

-

Class

C

(e) 6,949

Scholastic

Corp

1,178

Sinclair

Inc

2,117

Sphere

Entertainment

Co

(e) 1,546

TEGNA

Inc

87,331

1,459

Value

Line

Inc

—

WideOpenWest

Inc

(e) 2,984

$

1,788

Schedule

of

Investments

SmallCap

Value

Fund

II

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Metal

Fabrication

&

Hardware

-

.89

%

Ascent

Industries

Co

(e) 443

$

AZZ

Inc

5,500

602

Eastern

Co/The

Helios

Technologies

Inc

1,845

Hillman

Solutions

Corp

(e) 10,993

Janus

International

Group

Inc

(e) 261,015

2,236

L

B

Foster

Co

(e) 27,602

649

Mayville

Engineering

Co

Inc

(e) 716

Metallus

Inc

(e) 2,012

Mueller

Industries

Inc

53,615

4,577

Olympic

Steel

Inc

558

Park-Ohio

Holdings

Corp

567

Proto

Labs

Inc

(e) 1,307

Ryerson

Holding

Corp

1,472

Standex

International

Corp

Timken

Co/The

28,000

2,131

Tredegar

Corp

(e) 1,576

Valmont

Industries

Inc

27,705

10,083

Worthington

Enterprises

Inc

1,181

Worthington

Steel

Inc

1,799

$

20,765

Mining

-

.29

%

American

Battery

Technology

Co

(e) 2,133

Caledonia

Mining

Corp

PLC

878

Centrus

Energy

Corp

(e) 184

Coeur

Mining

Inc

(e) 17,802

Compass

Minerals

International

Inc

(e) 486

Constellium

SE

(e) 77,167

1,058

Critical

Metals

Corp

(e) 1,384

Encore

Energy

Corp

(e) 10,215

Energy

Fuels

Inc/Canada

(a),(e)

8,469

Ferroglobe

PLC

(a) 6,620

Hecla

Mining

Co

25,471

Ivanhoe

Electric

Inc

/

US

(e) 740

Kaiser

Aluminum

Corp

18,818

1,454

MAC

Copper

Ltd

(e) 3,939

Novagold

Resources

Inc

(e) 959

Piedmont

Lithium

Inc

(e) 99

SSR

Mining

Inc

(e) 11,312

$

3,217

Miscellaneous

Manufacturers

-

.36

%

Core

Molding

Technologies

Inc

(e) 472

Enpro

Inc

1,025

Hillenbrand

Inc

87,799

1,819

JBT

Marel

Corp

80,201

11,052

LSB

Industries

Inc

(e) 2,913

Materion

Corp

921

Myers

Industries

Inc

113,342

1,661

NL

Industries

Inc

554

Outdoor

Holding

Co

(e) 5,473

Park

Aerospace

Corp

513

Smith

&

Wesson

Brands

Inc

2,413

Sturm

Ruger

&

Co

Inc

595

Trinity

Industries

Inc

2,394

$

14,990

Office

&

Business

Equipment

-

.01

%

Pitney

Bowes

Inc

6,437

Xerox

Holdings

Corp

6,453

$

Office

Furnishings

-

.14

%

CompX

International

Inc

HNI

Corp

1,085

Interface

Inc

2,853

Steelcase

Inc

140,738

1,454

Virco

Mfg.

Corp

613

$

1,575

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Oil

&

Gas

-

.11

%

Antero

Resources

Corp

(e) 204,150

$

7,131

Baytex

Energy

Corp

1,017,371

2,167

Berry

Corp

4,545

BKV

Corp

(e) 901

Borr

Drilling

Ltd

(e) 12,333

California

Resources

Corp

28,534

1,375

CNX

Resources

Corp

(e) 7,899

Comstock

Resources

Inc

(e) 1,226

Crescent

Energy

Co

220,913

2,041

CVR

Energy

Inc

67,500

1,808

Delek

US

Holdings

Inc

86,000

1,924

Diversified

Energy

Co

PLC

3,028

Empire

Petroleum

Corp

(e) 67

—

Epsilon

Energy

Ltd

1,041

Evolution

Petroleum

Corp

Granite

Ridge

Resources

Inc

3,009

Helmerich

&

Payne

Inc

5,351

HighPeak

Energy

Inc

(a) 1,080

Infinity

Natural

Resources

Inc

(e) 711

Kolibri

Global

Energy

Inc

(e) 1,642

Kosmos

Energy

Ltd

(e) 1,015,172

2,183

Magnolia

Oil

&

Gas

Corp

8,269

Matador

Resources

Co

112,365

5,605

Murphy

Oil

Corp

312,324

7,749

Nabors

Industries

Ltd

(e) 757

NextNRG

Inc

(e) 904

Noble

Corp

PLC

42,702

1,145

Northern

Oil

&

Gas

Inc

79,112

2,228

Par

Pacific

Holdings

Inc

(e) 67,391

2,115

Patterson-UTI

Energy

Inc

19,639

PBF

Energy

Inc

88,337

1,997

Permian

Resources

Corp

341,830

4,840

Prairie

Operating

Co

(e) 1,479

PrimeEnergy

Resources

Corp

(e) 16

Riley

Exploration

Permian

Inc

610

SandRidge

Energy

Inc

1,993

Seadrill

Ltd

(e) 2,190

Sitio

Royalties

Corp

4,315

SM

Energy

Co

80,323

2,216

Talos

Energy

Inc

(e) 245,673

2,100

Transocean

Ltd

(e) 41,439

VAALCO

Energy

Inc

(a) 513,886

1,911

Valaris

Ltd

(e) 25,343

1,232

Vital

Energy

Inc

(e) 118,058

2,206

Vitesse

Energy

Inc

(a) 1,611

W&T

Offshore

Inc

5,858

Weatherford

International

PLC

19,300

1,091

$

56,267

Oil

&

Gas

Services

-

.46

%

Atlas

Energy

Solutions

Inc

(a) 1,270

Bristow

Group

Inc

(e) 1,582

Core

Laboratories

Inc

65,883

720

DMC

Global

Inc

(e) 775

DNOW

Inc

(e) 5,968

Expro

Group

Holdings

NV

(e) 209,804

2,262

Flotek

Industries

Inc

(e) 611

Flowco

Holdings

Inc

Forum

Energy

Technologies

Inc

(e) 656

Helix

Energy

Solutions

Group

Inc

(e) 150,865

895

Innovex

International

Inc

(e) 99,825

1,639

Liberty

Energy

Inc

119,861

1,479

Mammoth

Energy

Services

Inc

(e) 1,437

Matrix

Service

Co

(e) 1,189

National

Energy

Services

Reunited

Corp

(a),(e)

145,205

968

Natural

Gas

Services

Group

Inc

NOV

Inc

138,700

1,745

Oceaneering

International

Inc

(e) 644

Oil

States

International

Inc

(e) 253,331

1,264

ProFrac

Holding

Corp

(a),(e)

184,485

1,295

Schedule

of

Investments

SmallCap

Value

Fund

II

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Oil

&

Gas

Services

(continued)

ProPetro

Holding

Corp

(e) 169,730

$

910

Ranger

Energy

Services

Inc

1,012

RPC

Inc

203,845

948

SEACOR

Marine

Holdings

Inc

(e) 1,143

Select

Water

Solutions

Inc

117,405

1,130

TETRA

Technologies

Inc

(e) 7,038

Tidewater

Inc

(e) 10,759

538

$

16,088

Packaging

&

Containers

-

.95

%

Ardagh

Metal

Packaging

SA

5,749

Clearwater

Paper

Corp

(e) 894

Greif

Inc

-

Class

A

1,402

Greif

Inc

-

Class

B

O-I

Glass

Inc

(e) 6,428

Ranpak

Holdings

Corp

(e) 2,614

Silgan

Holdings

Inc

157,085

7,309

Sonoco

Products

Co

22,000

991

TriMas

Corp

53,321

1,905

$

10,448

Pharmaceuticals

-

.52

%

Aclaris

Therapeutics

Inc

(e) 5,354

AdaptHealth

Corp

(e) 5,115

Agios

Pharmaceuticals

Inc

(e) 3,135

Akebia

Therapeutics

Inc

(e) 12,337

Alector

Inc

(e) 4,322

Alkermes

PLC

(e) 2,228

Amneal

Pharmaceuticals

Inc

(e) 1,131

Amphastar

Pharmaceuticals

Inc

(e) 68,790

1,442

Amylyx

Pharmaceuticals

Inc

(e) 924

Anika

Therapeutics

Inc

(e) 694

Aquestive

Therapeutics

Inc

(e) 3,359

Arvinas

Inc

(e) 3,248

AstraZeneca

PLC

-

Contingent

Value

Rights

(e),(f)

3,047

aTyr

Pharma

Inc

(e) 403

Biote

Corp

(e) 1,139

Cidara

Therapeutics

Inc

(e) 927

Coherus

Oncology

Inc

(e) 3,985

Enanta

Pharmaceuticals

Inc

(e) 1,122

Fennec

Pharmaceuticals

Inc

(e) 1,014

Foghorn

Therapeutics

Inc

(e) 520

Fulcrum

Therapeutics

Inc

(e) 2,707

Herbalife

Ltd

(e) 1,552

Heron

Therapeutics

Inc

(a),(e)

7,559

Indivior

PLC

(e) 1,043

Inhibikase

Therapeutics

Inc

(e) 3,076

Ironwood

Pharmaceuticals

Inc

(e) 1,001

Jazz

Pharmaceuticals

PLC

(e) 19,000

2,178

Maze

Therapeutics

Inc

(a),(e)

MediWound

Ltd

(e) 38

Nature's

Sunshine

Products

Inc

(e) 640

Neurogene

Inc

(a),(e)

581

ORIC

Pharmaceuticals

Inc

(e) 1,757

Owens

&

Minor

Inc

(e) 4,164

Pacira

BioSciences

Inc

(e) 2,338

Premier

Inc

5,058

SIGA

Technologies

Inc

143,682

950

Spyre

Therapeutics

Inc

(e) 970

Supernus

Pharmaceuticals

Inc

(e) 2,721

Tonix

Pharmaceuticals

Holding

Corp

(a),(e)

USANA

Health

Sciences

Inc

(e) 591

Vanda

Pharmaceuticals

Inc

(e) 3,284

Vaxcyte

Inc

(e) 6,997

Voyager

Therapeutics

Inc

(e) 2,747

$

5,710

Pipelines

-

.40

%

Excelerate

Energy

Inc

55,450

1,423

Golar

LNG

Ltd

5,559

Kinetik

Holdings

Inc

710

New

Fortress

Energy

Inc

(a) 9,382

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Pipelines

(continued)

NextDecade

Corp

(e) 233,800

$

2,656

Summit

Midstream

Corp

(e) 584

$

4,379

Private

Equity

-

.00

%

Chicago

Atlantic

Real

Estate

Finance

Inc

1,025

Real

Estate

-

.03

%

American

Realty

Investors

Inc

(e) 142

Anywhere

Real

Estate

Inc

(e) 5,840

Cushman

&

Wakefield

PLC

(e) 1,403,980

17,115

Douglas

Elliman

Inc

(e) 345,726

951

FRP

Holdings

Inc

(e) 619

Kennedy-Wilson

Holdings

Inc

6,701

Legacy

Housing

Corp

(e) 30,909

691

Logistic

Properties

Of

The

Americas

(e) 215

Marcus

&

Millichap

Inc

29,204

910

Maui

Land

&

Pineapple

Co

Inc

(e) 42

McGrath

RentCorp

6,528

815

Mobile

Infrastructure

Corp

(e) 986

Newmark

Group

Inc

7,554

RE/MAX

Holdings

Inc

(e) 1,019

RMR

Group

Inc/The

54,916

882

Seaport

Entertainment

Group

Inc

(a),(e)

Seritage

Growth

Properties

(e) 243,649

777

Stratus

Properties

Inc

(e) 407

Transcontinental

Realty

Investors

Inc

(e) 129

$

22,385

REITs

-

.53

%

Acadia

Realty

Trust

7,317

ACRES

Commercial

Realty

Corp

(e) 299

Advanced

Flower

Capital

Inc

1,081

AG

Mortgage

Investment

Trust

Inc

1,552

Alexander

&

Baldwin

Inc

4,023

Alpine

Income

Property

Trust

Inc

747

American

Assets

Trust

Inc

75,762

1,441

American

Healthcare

REIT

Inc

5,725

Angel

Oak

Mortgage

REIT

Inc

503

Apartment

Investment

and

Management

Co

3,066

Apollo

Commercial

Real

Estate

Finance

Inc

100,502

967

Apple

Hospitality

REIT

Inc

12,438

Arbor

Realty

Trust

Inc

10,589

Ares

Commercial

Real

Estate

Corp

188,619

843

Armada

Hoffler

Properties

Inc

4,421

ARMOUR

Residential

REIT

Inc

4,559

Blackstone

Mortgage

Trust

Inc

9,027

Braemar

Hotels

&

Resorts

Inc

3,477

Brandywine

Realty

Trust

260,784

1,043

BrightSpire

Capital

Inc

196,392

1,017

Broadstone

Net

Lease

Inc

10,529

BRT

Apartments

Corp

640

CareTrust

REIT

Inc

9,471

CBL

&

Associates

Properties

Inc

Centerspace

929

Chatham

Lodging

Trust

2,605

Chimera

Investment

Corp

4,458

City

Office

REIT

Inc

2,177

Claros

Mortgage

Trust

Inc

292,418

833

Clipper

Realty

Inc

882

Community

Healthcare

Trust

Inc

1,491

COPT

Defense

Properties

6,315

CTO

Realty

Growth

Inc

1,703

Curbline

Properties

Corp

5,387

DiamondRock

Hospitality

Co

134,976

1,042

Diversified

Healthcare

Trust

11,998

Douglas

Emmett

Inc

142,185

2,155

Dynex

Capital

Inc

5,835

Easterly

Government

Properties

Inc

2,213

Ellington

Financial

Inc

5,106

Elme

Communities

4,875

Empire

State

Realty

Trust

Inc

134,567

974

Schedule

of

Investments

SmallCap

Value

Fund

II

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

REITs

(continued)

Essential

Properties

Realty

Trust

Inc

11,070

$

Farmland

Partners

Inc

2,344

Four

Corners

Property

Trust

Inc

5,526

Franklin

BSP

Realty

Trust

Inc

4,530

Franklin

Street

Properties

Corp

4,479

FrontView

REIT

Inc

1,046

Getty

Realty

Corp

2,859

Gladstone

Commercial

Corp

2,027

Gladstone

Land

Corp

1,932

Global

Medical

REIT

Inc

218,505

1,460

Global

Net

Lease

Inc

11,082

Granite

Point

Mortgage

Trust

Inc

156,715

Hudson

Pacific

Properties

Inc

(e) 17,538

Independence

Realty

Trust

Inc

12,915

Industrial

Logistics

Properties

Trust

3,157

Innovative

Industrial

Properties

Inc

1,538

InvenTrust

Properties

Corp

4,314

Invesco

Mortgage

Capital

Inc

3,638

JBG

SMITH

Properties

4,083

Kite

Realty

Group

Trust

12,265

KKR

Real

Estate

Finance

Trust

Inc

3,146

Ladder

Capital

Corp

6,297

LTC

Properties

Inc

2,532

Lument

Finance

Trust

Inc

2,539

LXP

Industrial

Trust

16,198

Macerich

Co/The

14,107

MFA

Financial

Inc

5,674

Modiv

Industrial

Inc

552

National

Health

Investors

Inc

1,982

NET

Lease

Office

Properties

848

NETSTREIT

Corp

3,420

New

York

Mortgage

Trust

Inc

4,705

NexPoint

Diversified

Real

Estate

Trust

2,012

Nexpoint

Real

Estate

Finance

Inc

NexPoint

Residential

Trust

Inc

850

NNN

REIT

Inc

158,190

6,527

One

Liberty

Properties

Inc

989

Orchid

Island

Capital

Inc

5,971

Paramount

Group

Inc

(e) 10,298

Park

Hotels

&

Resorts

Inc

183,700

1,958

Peakstone

Realty

Trust

2,016

Pebblebrook

Hotel

Trust

197,313

1,979

PennyMac

Mortgage

Investment

Trust

4,824

Phillips

Edison

&

Co

Inc

5,746

Piedmont

Realty

Trust

Inc

6,857

Plymouth

Industrial

REIT

Inc

2,283

Postal

Realty

Trust

Inc

1,218

PotlatchDeltic

Corp

4,125

Ready

Capital

Corp

9,246

Redwood

Trust

Inc

7,315

Rithm

Property

Trust

Inc

2,344

RLJ

Lodging

Trust

8,277

Sabra

Health

Care

REIT

Inc

13,210

Safehold

Inc

3,096

Saul

Centers

Inc

Service

Properties

Trust

8,575

Seven

Hills

Realty

Trust

811

Sila

Realty

Trust

Inc

3,066

SITE

Centers

Corp

2,764

SL

Green

Realty

Corp

3,994

Smartstop

Self

Storage

REIT

Inc

(a) 1,574

STAG

Industrial

Inc

261,400

8,974

Strawberry

Fields

REIT

Inc

—

Summit

Hotel

Properties

Inc

6,078

Sunrise

Realty

Trust

Inc

566

Sunstone

Hotel

Investors

Inc

9,928

Tanger

Inc

566

Terreno

Realty

Corp

5,689

TPG

RE

Finance

Trust

Inc

3,784

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

REITs

(continued)

Two

Harbors

Investment

Corp

2,793

$

Uniti

Group

Inc

(e) 13,178

Universal

Health

Realty

Income

Trust

Urban

Edge

Properties

7,048

Veris

Residential

Inc

4,349

Whitestone

REIT

2,481

Xenia

Hotels

&

Resorts

Inc

4,786

$

38,870

Retail

-

.33

%

Academy

Sports

&

Outdoors

Inc

14,389

730

Advance

Auto

Parts

Inc

3,335

American

Eagle

Outfitters

Inc

(a) 9,014

America's

Car-Mart

Inc/TX

(e) 419

Arko

Corp

3,959

Asbury

Automotive

Group

Inc

(e) 7,066

1,570

Barnes

&

Noble

Education

Inc

(a),(e)

884

Bassett

Furniture

Industries

Inc

Bath

&

Body

Works

Inc

31,100

901

Biglari

Holdings

Inc

(e) 36

BJ's

Restaurants

Inc

(e) 431

Bloomin'

Brands

Inc

108,832

992

BlueLinx

Holdings

Inc

(e) 432

Buckle

Inc/The

Caleres

Inc

1,806

Citi

Trends

Inc

(e) 282

Clean

Energy

Fuels

Corp

(e) 9,898

Cracker

Barrel

Old

Country

Store

Inc

889

Dave

&

Buster's

Entertainment

Inc

(e) 19,500

570

Denny's

Corp

(e) 234,035

870

Designer

Brands

Inc

1,792

Dine

Brands

Global

Inc

735

El

Pollo

Loco

Holdings

Inc

(e) 88,462

911

EVgo

Inc

(a),(e)

5,931

FirstCash

Holdings

Inc

80,940

10,788

Foot

Locker

Inc

(e) 4,735

Genesco

Inc

(e) 570

GMS

Inc

(e) 1,189

Group

Automotive

Inc

3,726

1,535

Haverty

Furniture

Cos

Inc

74,574

1,539

J

Jill

Inc

Jack

in

the

Box

Inc

Kohl's

Corp

(a) 6,038

Krispy

Kreme

Inc

(a) 3,982

La-Z-Boy

Inc

2,283

MarineMax

Inc

(e) 44,269

1,004

Movado

Group

Inc

847

MSC

Industrial

Direct

Co

Inc

22,500

1,949

National

Vision

Holdings

Inc

(e) 4,309

Nu

Skin

Enterprises

Inc

2,693

ODP

Corp/The

(e) 1,528

OneWater

Marine

Inc

(a),(e)

94,859

1,455

Papa

John's

International

Inc

1,656

PC

Connection

Inc

11,416

703

Petco

Health

&

Wellness

Co

Inc

(e) 4,272

PetMed

Express

Inc

(e) 119,863

Portillo's

Inc

(a),(e)

3,108

Potbelly

Corp

(e) 185

Sally

Beauty

Holdings

Inc

(e) 5,618

Savers

Value

Village

Inc

(e) 108

Shoe

Carnival

Inc

1,000

Signet

Jewelers

Ltd

14,817

1,172

Sonic

Automotive

Inc

18,119

1,311

Tile

Shop

Holdings

Inc

(e) 916

Urban

Outfitters

Inc

(e) 2,284

Victoria's

Secret

&

Co

(e) 2,671

Warby

Parker

Inc

(e) 275,765

6,605

Winmark

Corp

Zumiez

Inc

(e) 932

$

36,617

Schedule

of

Investments

SmallCap

Value

Fund

II

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Savings

&

Loans

-

.13

%

Axos

Financial

Inc

(e) 2,518

$

Banc

of

California

Inc

144,971

2,105

BankFinancial

Corp

(a) 659

Berkshire

Hills

Bancorp

Inc

80,155

1,975

Brookline

Bancorp

Inc

174,661

1,803

BV

Financial

Inc

(a),(e)

511

Capitol

Federal

Financial

Inc

349,111

2,102

CF

Bankshares

Inc

Citizens

Community

Bancorp

Inc/WI

566

Eagle

Bancorp

Montana

Inc

(a) 437

Finward

Bancorp

(a) 191

First

Capital

Inc

First

Savings

Financial

Group

Inc

Flagstar

Financial

Inc

182,781

2,064

Flushing

Financial

Corp

82,767

992

FS

Bancorp

Inc

Greene

County

Bancorp

Inc

Hingham

Institution

For

Savings

The

(a) 6,079

1,488

Home

Bancorp

Inc

18,783

982

HomeTrust

Bancshares

Inc

890

Northfield

Bancorp

Inc

103,477

1,102

Northwest

Bancshares

Inc

8,069

OceanFirst

Financial

Corp

119,275

2,001

Pacific

Premier

Bancorp

Inc

95,744

2,075

Provident

Financial

Services

Inc

113,900

2,076

Riverview

Bancorp

Inc

1,137

Sound

Financial

Bancorp

Inc

Southern

Missouri

Bancorp

Inc

9,402

508

Timberland

Bancorp

Inc/WA

WaFd

Inc

54,253

1,579

Waterstone

Financial

Inc

880

WSFS

Financial

Corp

3,223

$

23,487

Semiconductors

-

.40

%

ACM

Research

Inc

(e) 2,783

Aehr

Test

Systems

(e) 314

Aeluma

Inc

(e) 497

Alpha

&

Omega

Semiconductor

Ltd

(e) 1,396

Arteris

Inc

(e) 1,510

Axcelis

Technologies

Inc

(e) 1,650

CEVA

Inc

(e) 166

Cohu

Inc

(e) 2,538

Diodes

Inc

(e) 26,943

1,330

FormFactor

Inc

(e) 1,094

Kulicke

&

Soffa

Industries

Inc

1,213

MaxLinear

Inc

(e) 3,922

Navitas

Semiconductor

Corp

(a),(e)

6,205

Penguin

Solutions

Inc

(e) 2,938

Photronics

Inc

(e) 109,191

2,223

Richardson

Electronics

Ltd/United

States

674

Synaptics

Inc

(e) 1,973

Ultra

Clean

Holdings

Inc

(e) 2,281

Veeco

Instruments

Inc

(e) 3,154

Vishay

Precision

Group

Inc

(e) 664

$

4,378

Shipbuilding

-

.33

%

Huntington

Ingalls

Industries

Inc

52,400

14,612

Software

-

.96

%

8x8

Inc

(e) 7,257

ACI

Worldwide

Inc

(e) 33,700

1,434

Adeia

Inc

142,795

1,849

Airship

AI

Holdings

Inc

(a),(e)

Asure

Software

Inc

(e) 1,457

Bandwidth

Inc

(e) 1,186

BigBear.ai

Holdings

Inc

(a),(e)

12,311

Blackbaud

Inc

(e) 419

Box

Inc

(e) 1,713

CCC

Intelligent

Solutions

Holdings

Inc

(e) 659,330

6,376

Cerence

Inc

(e) 1,676

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Software

(continued)

Consensus

Cloud

Solutions

Inc

(e) 1,050

$

CS

Disco

Inc

(e) 565

CSG

Systems

International

Inc

Daily

Journal

Corp

(e) 15

Definitive

Healthcare

Corp

(e) 2,092

Digi

International

Inc

(e) 2,027

Digital

Turbine

Inc

(e) 2,098

Domo

Inc

(e) 315

Donnelley

Financial

Solutions

Inc

(e) 417

E2open

Parent

Holdings

Inc

(e) 10,153

eGain

Corp

(e) 393

Evolent

Health

Inc

(e) 4,375

Expensify

Inc

(e) 1,896

Faraday

Future

Intelligent

Electric

Inc

(e) 5,250

Fastly

Inc

(e) 7,592

GigaCloud

Technology

Inc

(a),(e)

1,442

Health

Catalyst

Inc

(e) 3,989

I3

Verticals

Inc

(e) 1,220

Immersion

Corp

1,748

N-able

Inc/US

(e) 3,982

Olo

Inc

(e) 2,629

ON24

Inc

(e) 2,209

Outset

Medical

Inc

(a),(e)

639

Playstudios

Inc

(e) 5,211

Playtika

Holding

Corp

2,545

Porch

Group

Inc

(e) 922

PubMatic

Inc

(e) 2,290

Rackspace

Technology

Inc

(e) 3,682

Silvaco

Group

Inc

(a),(e)

526

Skillsoft

Corp

(e) 305

Teads

Holding

Co

(e) 2,129

Verint

Systems

Inc

(e) 3,455

Vimeo

Inc

(e) 5,059

Waystar

Holding

Corp

(e) 801

$

10,550

Supranational

Bank

-

.01

%

Banco

Latinoamericano

de

Comercio

Exterior

SA

1,619

Telecommunications

-

.79

%

A10

Networks

Inc

656

Applied

Digital

Corp

(a),(e)

2,338

ATN

International

Inc

586

Aviat

Networks

Inc

(e) 42,545

919

Ciena

Corp

(e) 72,695

6,749

Clearfield

Inc

(a),(e)

CommScope

Holding

Co

Inc

(e) 4,528

DigitalBridge

Group

Inc

9,507

EchoStar

Corp

(e) 7,517

Harmonic

Inc

(e) 4,656

IDT

Corp

-

Class

B

Inseego

Corp

(e) 690

Lumen

Technologies

Inc

(e) 6,139

NETGEAR

Inc

(e) 1,521

Powerfleet

Inc

NJ

(e) 6,887

Preformed

Line

Products

Co

Ribbon

Communications

Inc

(e) 4,995

Satellogic

Inc

(a),(e)

1,002

Shenandoah

Telecommunications

Co

2,794

Spok

Holdings

Inc

1,102

Telephone

and

Data

Systems

Inc

5,459

Viasat

Inc

(e) 6,278

$

8,688

Textiles

-

.11

%

UniFirst

Corp/MA

6,839

1,170

Toys,

Games

&

Hobbies

-

.16

%

Funko

Inc

(e) 2,149

JAKKS

Pacific

Inc

50,726

898

Mattel

Inc

(e) 51,000

868

$

1,774

Schedule

of

Investments

SmallCap

Value

Fund

II

July

31,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Transportation

-

.41

%

ArcBest

Corp

1,275

$

Ardmore

Shipping

Corp

1,889

Costamare

Bulkers

Holdings

Ltd

(e) 473

Costamare

Inc

2,432

Covenant

Logistics

Group

Inc

684

CryoPort

Inc

(e) 2,117

DHT

Holdings

Inc

7,063

Dorian

LPG

Ltd

2,038

FLEX

LNG

Ltd

1,448

Forward

Air

Corp

(e) 754

Genco

Shipping

&

Trading

Ltd

2,159

Golden

Ocean

Group

Ltd

(a) 5,661

Heartland

Express

Inc

173,212

1,354

Himalaya

Shipping

Ltd

(a),(e)

1,760

Hub

Group

Inc

3,319

International

Seaways

Inc

14,831

592

Kirby

Corp

(e) 82,005

7,816

Marten

Transport

Ltd

37,716

Matson

Inc

11,001

1,174

Navigator

Holdings

Ltd

(a) 1,787

Nordic

American

Tankers

Ltd

11,406

PAMT

CORP

(e) 340

Pangaea

Logistics

Solutions

Ltd

1,760

Proficient

Auto

Logistics

Inc

(a),(e)

1,394

Radiant

Logistics

Inc

(e) 1,956

RXO

Inc

(e) 8,481

Safe

Bulkers

Inc

3,401

Schneider

National

Inc

38,800

949

Scorpio

Tankers

Inc

2,408

SFL

Corp

Ltd

6,718

Teekay

Corp

Ltd

2,914

Teekay

Tankers

Ltd

1,336

Universal

Logistics

Holdings

Inc

(a) 399

Werner

Enterprises

Inc

2,789

World

Kinect

Corp

73,145

1,995

$

15,491

Trucking

&

Leasing

-

.00

%

GATX

Corp

63,048

9,626

Greenbrier

Cos

Inc/The

29,031

1,322

Willis

Lease

Finance

Corp

$

10,973

Water

-

.25

%

American

States

Water

Co

738

Artesian

Resources

Corp

15,200

California

Water

Service

Group

3,322

Consolidated

Water

Co

Ltd

600

Global

Water

Resources

Inc

H2O

America

40,764

1,968

Middlesex

Water

Co

839

York

Water

Co/The

683

$

2,752

TOTAL

COMMON

STOCKS

$

1,041,818

Total

Investments

$

1,130,813

Other

Assets

and

Liabilities

- (2.80)%

(30,750)

TOTAL

NET

ASSETS

-

100.00%

$

1,100,063

(a) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$31,296

or

2.84%

of

net

assets.

(b) 1-day

yield

shown

is

as

of

period

end.

(c) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$32,379

or

2.94%

of

net

assets.

(d) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(e) Non-income

producing

security

(f) The

value

of

these

investments

was

determined

using

significant

unobservable

inputs,

in

good

faith

by

the

Manager,

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

Affiliated

Securities

October

31,

2024

Purchases

Sales

July

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

26,059

$

535,941

$

507,797

$

54,203

$

26,059

$

535,941

$

507,797

$

54,203

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.22%

$

1,117

$

—

$

—

$

—

$

1,117

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

SmallCap

Value

Fund

II

July

31,

2025

(unaudited)

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

Russell

2000

Emini;

September

2025

Long

$

3,774

$

(57)

Total

$

(57)

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

Tax-Exempt

Bond

Fund

July

31,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.09

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.09

%

iShares

National

Muni

Bond

ETF

528

$

iShares

Short-Term

National

Muni

Bond

ETF

JPMorgan

Ultra-Short

Municipal

Income

ETF

SPDR

Nuveen

ICE

High

Yield

Municipal

Bond

ETF

9,994

VanEck

High

Yield

Muni

ETF

2,363

$

TOTAL

INVESTMENT

COMPANIES

$

MUNICIPAL

BONDS

-

.62

%

Principal

Amount

(000's)

Value

(000's)

Alabama

-

.48

%

Energy

Southeast

A

Cooperative

District

5.25%,

07/01/2054

(a) $

3,220

$

3,449

Lower

Alabama

Gas

District/The

5.00%,

09/01/2034

5,000

5,210

5.00%,

09/01/2046

3,445

3,430

Phenix

City

Industrial

Development

Board

4.13%,

05/15/2035

3,000

2,845

Southeast

Energy

Authority

A

Cooperative

District

5.00%,

01/01/2056

(a) 5,000

5,045

Tuscaloosa

County

Industrial

Development

Authority

5.25%,

05/01/2044

(b) 1,997

1,923

$

21,902

Arizona

-

.67

%

Arizona

Industrial

Development

Authority

5.13%,

01/01/2059

575

521

Maricopa

County

Industrial

Development

Authority

4.00%,

01/01/2041

6,300

5,661

Navajo

Nation

5.50%,

12/01/2030

(b) 1,990

1,999

$

8,181

Arkansas

-

.20

%

Arkansas

Development

Finance

Authority

5.45%,

09/01/2052

1,000

976

California

-

.40

%

California

Community

Choice

Financing

Authority

5.00%,

07/01/2053

(a) 5,000

5,230

California

Educational

Facilities

Authority

5.00%,

04/01/2051

3,000

3,144

California

Housing

Finance

Agency

(credit

support

from

Federal

Home

Loan

Mortgage

Corporation

Collateral)

3.75%,

03/25/2035

(c) 6,841

6,787

California

Infrastructure

&

Economic

Development

Bank

9.50%,

01/01/2065

(a),(b)

9,500

8,471

California

Municipal

Finance

Authority

4.00%,

07/15/2029

4,050

3,980

California

Municipal

Finance

Authority

(credit

support

from

Build

America

Mutual

Assurance

Corp

-

Transfer

Custodial

Receipt)

5.00%,

05/15/2031

(c) 2,240

2,376

California

Pollution

Control

Financing

Authority

4.30%,

07/01/2040

2,000

2,000

California

Public

Finance

Authority

6.50%,

06/01/2054

(b) 8,000

7,330

California

State

Public

Works

Board

5.00%,

02/01/2032

2,500

2,822

California

Statewide

Communities

Development

Authority

(credit

support

from

Build

America

Mutual

Assurance

Corp)

5.00%,

05/15/2031

(c) 2,000

2,179

Chino

Valley

Unified

School

District

5.00%,

08/01/2055

(d) 2,430

2,437

City

of

Long

Beach

CA

Airport

System

Revenue

(credit

support

from

Assured

Guaranty)

5.25%,

06/01/2047

(c) 1,650

1,646

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

California

(continued)

City

of

Los

Angeles

Department

of

Airports

5.00%,

05/15/2029

$

1,250

$

1,339

5.00%,

05/15/2037

(d) 3,824

3,966

5.00%,

05/15/2044

(d) 5,150

5,059

Sacramento

Area

Flood

Control

Agency

(credit

support

from

Build

America

Mutual

Assurance

Corp)

5.00%,

10/01/2039

(c) 1,340

1,342

San

Diego

Unified

School

District/CA

0.00%,

07/01/2032

(e) 5,000

3,971

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

5.00%,

05/01/2040

1,500

1,505

$

65,584

Colorado

-

.46

%

Denver

Convention

Center

Hotel

Authority

5.00%,

12/01/2040

1,000

982

Rib

Floater

Trust

Various

States

3.00%,

12/15/2042

(a),(b)

3,000

3,000

Southern

Ute

Indian

Tribe

of

the

Southern

Ute

Reservation

of

Colorado

5.00%,

04/01/2035

(b) 3,000

3,165

$

7,147

Connecticut

-

.26

%

Connecticut

State

Health

&

Educational

Facilities

Authority

5.00%,

07/01/2064

(a) 2,000

2,254

Mohegan

Tribal

Finance

Authority

7.00%,

02/01/2045

(b) 3,900

3,930

$

6,184

District

of

Columbia

-

.44

%

District

of

Columbia

5.00%,

04/01/2060

(a) 2,000

2,156

Florida

-

.22

%

City

of

Lakeland

FL

Department

of

Electric

Utilities

5.25%,

10/01/2036

5,010

5,552

Collier

County

Health

Facilities

Authority

5.00%,

05/01/2043

3,050

2,954

Collier

County

Industrial

Development

Authority

(credit

support

from

Assured

Guaranty)

5.00%,

10/01/2049

(c) 1,500

1,497

County

of

Miami-Dade

FL

Aviation

Revenue

5.00%,

10/01/2049

(d) 7,000

6,705

Florida

Development

Finance

Corp

3.00%,

06/01/2032

4,000

3,619

5.50%,

07/01/2053

2,500

2,035

6.13%,

07/01/2032

(a),(b)

4,000

4,045

Florida

Development

Finance

Corp

(credit

support

from

Assured

Guaranty)

5.25%,

07/01/2047

(c) 4,985

4,761

Greater

Orlando

Aviation

Authority

5.25%,

10/01/2049

(d) 3,000

3,045

Palm

Beach

County

Health

Facilities

Authority

7.50%,

05/15/2053

1,000

1,093

$

35,306

Georgia

-

.51

%

Atlanta

Development

Authority/The

5.00%,

04/01/2034

(b) 5,650

5,622

5.50%,

04/01/2039

(b) 2,500

2,494

City

of

Atlanta

GA

Airport

Passenger

Facility

Charge

5.00%,

07/01/2032

9,235

10,044

City

of

Atlanta

GA

Department

of

Aviation

5.00%,

07/01/2032

2,180

2,281

George

L

Smith

II

Congress

Center

Authority

5.00%,

01/01/2036

(b) 1,752

1,754

Schedule

of

Investments

Tax-Exempt

Bond

Fund

July

31,

2025

(unaudited)

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Georgia

(continued)

Georgia

Ports

Authority

5.00%,

07/01/2047

$

1,000

$

1,019

5.25%,

07/01/2043

3,585

3,762

$

26,976

Illinois

-

.57

%

Chicago

O'Hare

International

Airport

5.25%,

01/01/2036

2,000

2,037

City

of

Chicago

IL

6.00%,

01/01/2050

4,500

4,598

6.00%,

01/01/2050

1,000

1,024

6.00%,

01/01/2055

1,500

1,528

7.46%,

02/15/2026

County

of

Cook

IL

Sales

Tax

Revenue

5.25%,

11/15/2035

1,500

1,545

Illinois

State

Toll

Highway

Authority

4.00%,

01/01/2046

5.00%,

12/01/2031

5,200

5,235

5.00%,

01/01/2040

(d) 2,000

2,001

5.25%,

01/01/2043

(d) 2,340

2,444

Metropolitan

Pier

&

Exposition

Authority

(credit

support

from

Build

America

Mutual

Assurance

Corp

-

Transfer

Custodial

Receipt)

4.00%,

12/15/2042

(c) 5,000

4,449

Metropolitan

Pier

&

Exposition

Authority

(credit

support

from

National

Public

Finance

Guarantee

Corp)

5.50%,

06/15/2029

(c) 1,785

1,884

Sales

Tax

Securitization

Corp

5.00%,

01/01/2036

2,700

2,815

5.00%,

01/01/2040

3,000

3,031

State

of

Illinois

5.00%,

11/01/2028

4,590

4,784

5.00%,

12/01/2032

1,380

1,418

5.50%,

10/01/2044

6,855

7,022

United

City

of

Yorkville

IL

5.75%,

03/01/2028

Village

of

Gilberts

IL

Special

Service

Area

No

5.38%,

03/01/2034

$

46,830

Indiana

-

.13

%

City

of

Whiting

IN

3.00%,

11/01/2051

1,000

658

Iowa

-

.11

%

Iowa

Finance

Authority

7.50%,

05/15/2053

500

547

Kentucky

-

.33

%

County

of

Trimble

KY

1.30%,

09/01/2044

(a) 1,000

930

Kentucky

Public

Energy

Authority

5.00%,

01/01/2055

(a) 3,000

3,173

Kentucky

Turnpike

Authority

5.00%,

07/01/2031

6,550

7,282

$

11,385

Louisiana

-

.68

%

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

3.50%,

11/01/2032

7,155

6,837

4.40%,

11/01/2044

(b) 1,600

1,444

5.50%,

11/01/2039

(b) 1,715

1,744

Louisiana

Public

Facilities

Authority

0.00%,

07/01/2039

(e) 417

—

0.00%,

07/01/2039

(e) 659

—

Parish

of

St

James

LA

6.10%,

12/01/2040

(a),(b)

1,000

1,065

Parish

of

St

John

the

Baptist

LA

3.30%,

06/01/2037

(a) 2,000

2,011

$

13,101

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Maryland

-

.62

%

Maryland

Economic

Development

Corp

5.00%,

07/01/2048

(a),(b)

$

3,000

$

3,013

Massachusetts

-

.79

%

Massachusetts

Development

Finance

Agency

5.00%,

07/15/2040

10,770

11,868

5.00%,

07/01/2050

1,000

1,030

5.00%,

05/15/2055

(a) 5,000

5,622

$

18,520

Michigan

-

.52

%

City

of

Detroit

MI

5.00%,

04/01/2050

1,000

952

5.50%,

04/01/2050

1,000

1,005

Detroit

City

School

District

(credit

support

from

Qualified

School

Bond

Loan

Fund)

5.00%,

05/01/2036

(c) 1,000

1,048

5.00%,

05/01/2037

(c) 1,000

1,039

5.00%,

05/01/2038

(c) 2,000

2,055

Kentwood

Economic

Development

Corp

5.00%,

11/15/2041

1,000

929

Michigan

Finance

Authority

4.00%,

02/15/2044

3,500

3,018

Michigan

Strategic

Fund

5.00%,

06/30/2048

2,390

2,263

$

12,309

Minnesota

-

.99

%

State

of

Minnesota

4.00%,

08/01/2041

5,000

4,833

Missouri

-

.23

%

City

of

St

Louis

MO

Airport

Revenue

5.00%,

07/01/2044

1,100

1,103

Montana

-

.54

%

Montana

Board

of

Housing

(credit

support

from

Federal

Housing

Administration,

Guaranteed

by

the

Department

of

Veterans

Affairs

and

HUD)

4.00%,

06/01/2045

(c) 805

709

Montana

Facility

Finance

Authority

4.13%,

07/01/2038

2,000

1,937

$

2,646

Nevada

-

.82

%

Las

Vegas

Convention

&

Visitors

Authority

5.00%,

07/01/2043

(d) 9,000

8,919

New

Hampshire

-

.42

%

New

Hampshire

Business

Finance

Authority

3.75%,

07/01/2045

(a),(b)

1,000

786

4.13%,

01/20/2034

4.88%,

11/01/2042

(b) 1,000

900

$

2,067

New

Jersey

-

.72

%

Casino

Reinvestment

Development

Authority

Inc

(credit

support

from

Assured

Guaranty)

5.00%,

11/01/2042

(c) 1,000

1,022

New

Jersey

Economic

Development

Authority

5.75%,

04/01/2031

1,005

1,002

New

Jersey

Turnpike

Authority

5.25%,

01/01/2049

1,000

1,031

South

Jersey

Port

Corp

5.00%,

01/01/2042

5,000

4,967

State

of

New

Jersey

4.00%,

06/01/2031

5,000

5,300

Tobacco

Settlement

Financing

Corp

4.00%,

06/01/2037

5,195

4,814

5.25%,

06/01/2046

5,000

4,962

$

23,098

New

Mexico

-

.10

%

City

of

Farmington

NM

2.15%,

04/01/2033

600

505

Schedule

of

Investments

Tax-Exempt

Bond

Fund

July

31,

2025

(unaudited)

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

New

York

-

.06

%

Metropolitan

Transportation

Authority

4.00%,

11/15/2044

$

735

$

637

5.00%,

11/15/2032

1,000

1,087

5.00%,

11/15/2045

3,025

2,999

New

York

City

Municipal

Water

Finance

Authority

5.25%,

06/15/2046

2,000

2,059

New

York

City

Transitional

Finance

Authority

5.50%,

05/01/2042

3,050

3,262

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

5.25%,

11/01/2038

2,835

3,041

New

York

Energy

Finance

Development

Corp

5.00%,

07/01/2056

(a) 2,050

2,137

New

York

State

Dormitory

Authority

4.00%,

09/01/2045

1,500

1,246

5.00%,

10/01/2038

1,000

1,021

5.00%,

10/01/2048

(d) 2,000

2,091

5.00%,

10/01/2050

(d) 5,500

5,722

5.25%,

03/15/2049

1,000

1,027

New

York

State

Dormitory

Authority

(credit

support

from

Assured

Guaranty)

5.25%,

10/01/2043

(c) 1,000

1,030

5.50%,

10/01/2054

(c) 3,000

3,072

New

York

Transportation

Development

Corp

4.00%,

10/31/2041

1,000

873

4.00%,

12/01/2042

1,000

845

5.00%,

01/01/2032

7,200

7,324

5.00%,

01/01/2034

3,200

3,240

5.00%,

10/01/2040

2,000

1,966

5.00%,

07/01/2046

3,500

3,328

5.63%,

04/01/2040

1,000

1,026

6.00%,

06/30/2059

1,500

1,537

New

York

Transportation

Development

Corp

(credit

support

from

Assured

Guaranty)

6.00%,

06/30/2050

(c) 4,000

4,210

Oneida

Indian

Nation

of

New

York

6.00%,

09/01/2043

(b) 1,900

1,986

Tompkins

County

Development

Corp

0.00%,

07/01/2027

(e) 115

Westchester

County

Local

Development

Corp

(credit

support

from

Assured

Guaranty)

5.75%,

11/01/2048

(c) 2,075

2,199

$

58,988

North

Carolina

-

.32

%

Raleigh

Durham

Airport

Authority

5.00%,

05/01/2033

1,500

1,578

Ohio

-

.20

%

Buckeye

Tobacco

Settlement

Financing

Authority

4.00%,

06/01/2037

1,125

1,057

4.00%,

06/01/2039

1,850

1,682

5.00%,

06/01/2055

5,000

4,062

County

of

Cuyahoga

OH

5.00%,

12/01/2049

2,655

2,667

County

of

Hamilton

OH

5.00%,

01/01/2036

1,435

1,438

5.00%,

01/01/2046

2,500

2,338

Ohio

Air

Quality

Development

Authority

4.25%,

01/15/2038

(b) 1,000

950

4.50%,

01/15/2048

(b) 850

742

Ohio

State

University/The

5.00%,

12/01/2033

5,000

5,635

$

20,571

Oklahoma

-

.56

%

Tulsa

Municipal

Airport

Trust

Trustees/OK

6.25%,

12/01/2035

2,500

2,760

Oregon

-

.10

%

State

of

Oregon

Department

of

Transportation

5.00%,

11/15/2034

4,750

5,386

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Other

Territory

-

.03

%

Nuveen

AMT-Free

Municipal

Credit

Income

Fund

2.74%,

03/01/2029

(a) $

$

Pennsylvania

-

.56

%

Allegheny

County

Industrial

Development

Authority

5.13%,

05/01/2030

1,630

1,718

City

of

Philadelphia

PA

5.00%,

02/01/2037

2,000

2,087

General

Authority

of

Southcentral

Pennsylvania

(credit

support

from

Assured

Guaranty)

4.00%,

06/01/2049

(c) 3,400

2,863

Lancaster

Industrial

Development

Authority

4.00%,

07/01/2051

1,000

755

Pennsylvania

Economic

Development

Financing

Authority

5.50%,

06/30/2043

4,100

4,139

Pennsylvania

Turnpike

Commission

5.00%,

12/01/2029

2,000

2,188

5.00%,

12/01/2036

1,725

1,763

Philadelphia

Authority

for

Industrial

Development

4.00%,

07/01/2049

1,050

889

Philadelphia

Gas

Works

Co

(credit

support

from

Assured

Guaranty)

5.25%,

08/01/2054

(c) 1,000

1,011

$

17,413

Puerto

Rico

-

.79

%

Commonwealth

of

Puerto

Rico

0.00%,

07/01/2033

(e) 428

0.00%,

11/01/2043

(a),(e)

1,372

853

4.00%,

07/01/2033

4.00%,

07/01/2037

4.00%,

07/01/2041

4.00%,

07/01/2046

5.75%,

07/01/2031

Puerto

Rico

Sales

Tax

Financing

Corp

Sales

Tax

Revenue

5.00%,

07/01/2058

1,850

1,691

$

3,869

South

Carolina

-

.35

%

South

Carolina

Jobs-Economic

Development

Authority

0.00%,

06/01/2031

(b),(e)

1,000

0.00%,

06/01/2051

(b),(e)

4,500

5.25%,

11/15/2047

1,830

1,697

5.25%,

11/15/2052

1,500

1,359

South

Carolina

Public

Service

Authority

5.25%,

12/01/2050

2,930

2,960

$

6,621

South

Dakota

-

.31

%

Oglala

Sioux

Tribe

5.75%,

10/01/2025

(b) 1,500

1,496

Texas

-

.67

%

Central

Texas

Regional

Mobility

Authority

5.00%,

01/01/2048

2,740

2,730

City

of

Galveston

TX

Wharves

&

Terminal

Revenue

5.50%,

08/01/2041

1,800

1,852

City

of

Houston

TX

Airport

System

Revenue

6.63%,

07/15/2038

5,770

5,783

Lower

Colorado

River

Authority

(credit

support

from

Assured

Guaranty)

5.00%,

05/15/2044

(c) 4,055

4,145

Mission

Economic

Development

Corp

5.00%,

12/01/2064

(a) 2,500

2,539

Permanent

University

Fund

-

University

of

Texas

System

5.00%,

07/01/2036

6,305

7,079

Port

of

Beaumont

Navigation

District

3.63%,

01/01/2035

(b) 4,535

4,005

Schedule

of

Investments

Tax-Exempt

Bond

Fund

July

31,

2025

(unaudited)

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Texas

(continued)

Tarrant

County

Cultural

Education

Facilities

Finance

Corp

4.13%,

12/01/2054

$

1,000

$

850

5.00%,

11/15/2037

2,060

2,061

5.00%,

12/01/2044

2,000

2,023

Texas

Municipal

Gas

Acquisition

&

Supply

Corp

V

5.00%,

01/01/2055

(a) 4,225

4,446

$

37,513

Utah

-

.52

%

City

of

Salt

Lake

City

UT

Airport

Revenue

5.00%,

07/01/2040

(d),(f)

2,040

2,075

5.25%,

07/01/2042

(d),(f)

2,040

2,092

5.50%,

07/01/2050

(d),(f)

1,360

1,403

5.50%,

07/01/2055

(d),(f)

1,360

1,396

Mida

Mountain

Village

Public

Infrastructure

District

6.00%,

06/15/2054

(b) 2,000

1,991

Utah

Infrastructure

Agency

5.00%,

10/15/2028

1,000

1,033

5.00%,

10/15/2032

4,385

4,485

5.00%,

10/15/2037

1,500

1,514

5.38%,

10/15/2040

1,200

1,213

$

17,202

Virginia

-

.17

%

County

of

Fairfax

VA

(credit

support

from

State

Aid

Withholding)

4.00%,

10/01/2039

(c) 5,000

4,912

Fairfax

County

Redevelopment

&

Housing

Authority

5.00%,

10/01/2039

3,000

3,036

Virginia

Small

Business

Financing

Authority

3.00%,

01/01/2041

3,480

2,644

$

10,592

Washington

-

.15

%

Port

of

Seattle

WA

5.00%,

08/01/2030

5,250

5,637

Wisconsin

-

.62

%

Public

Finance

Authority

5.00%,

10/01/2043

(b) 1,500

1,408

5.75%,

06/30/2060

(f) 600

578

6.50%,

06/30/2060

(f) 1,000

1,051

$

3,037

TOTAL

MUNICIPAL

BONDS

$

516,759

Total

Investments

$

517,218

Liability

for

Floating

Rate

Notes

Issued

in

Conjunction

with

Securities

Held

-

(6.52)%

Notes

with

interest

rates

of

2.30%

-

2.39%

at

July

31,

2025

and

contractual

maturities

of

collateral

from

2026-2045.

(g) $

(31,915)

(31,915)

Total

Net

Investments

$

485,303

Other

Assets

and

Liabilities

- 0.81%

3,951

TOTAL

NET

ASSETS

-

100.00%

$

489,254

(a) Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions. These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(b) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$65,868

or

13.46%

of

net

assets.

(c) Credit

support

indicates

investments

that

benefit

from

credit

enhancement

or

liquidity

support

provided

by

a

third

party

bank,

institution,

or

government

agency.

(d) Security

or

portion

of

underlying

security

related

to

Inverse

Floaters

entered

into

by

the

fund.

(e) Non-income

producing

security

(f) Security

purchased

on

a

when-issued

basis.

(g) Floating

rate

securities.

The

interest

rate(s)

shown

reflect

the

rates

in

effect

at

July

31,

2025. Glossary

to

the

Schedule

of

Investments

July

31,

2025

(unaudited)

Currency

Abbreviations

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CHF

Swiss

Franc

CNH

Chinese

Renminbi

COP

Colombian

Peso

CZK

Czech

Koruna

EGP

Egyptian

Pound

EUR

Euro

GBP

British

Pound

Sterling

HKD

Hong

Kong

Dollar

HUF

Hungarian

Forint

IDR

Indonesian

Rupiah

ILS

Israeli

New

Shekel

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

MYR

Malaysian

Ringgit

PEN

Peruvian

Nuevo

Sol

PLN

Polish

Zloty

RON

Romanian

New

Leu

TRY

Turkish

Lira

TWD

New

Taiwan

Dollar

USD/$

United

States

Dollar

ZAR

South

African

Rand

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Principal Funds, Inc

- **b. Investment Company Act file number:** 811-07572

- **c. CIK number of Registrant:** 0000898745

- **d. LEI of Registrant:** 549300HZGBXSW6DSXF23

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 801 Grand Ave

  - **City:** Des Moines

  - **State:** IA

  - **Foreign country:** US

  - **Zip / Postal Code:** 50309

  - **Telephone number:** 515-235-1719

**Item A.2. Information about the Series.**

- **a. Name of Series:** MidCap Fund

- **b. EDGAR series identifier (if any):** S000007075

- **c. LEI of Series:** 549300D8KHZ8MDOZYC94

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $32693964617.82

**Total Liabilities:** $81880621.24

**Net Assets:** $32612083996.58

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000019313 | 3.81%                | 2.80%                | 0.94%                |
| Class ID C000019312 | 3.79%                | 2.79%                | 0.90%                |
| Class ID C000019315 | 3.83%                | 2.84%                | 0.93%                |
| Class ID C000019317 | 3.79%                | 2.81%                | 0.93%                |
| Class ID C000019316 | 3.81%                | 2.81%                | 0.95%                |
| Class ID C000038781 | 3.75%                | 2.73%                | 0.84%                |
| Class ID C000175482 | 3.82%                | 2.83%                | 0.95%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $62756348.33             | $1059393120.06                             |
| Month 2  | $250755072.24            | $617649816.95                              |
| Month 3  | $28817096.30             | $283852021.54                              |

### Schedule of Portfolio Investments

| Name                                               | Title                                              | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)    | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Martin Marietta Materials Inc                      | Martin Marietta Materials Inc                      | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               | CORP              | US        |   1513782 | NS      | $870242996.16  | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc                                | Eagle Materials Inc                                | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |    219770 | NS      | $49292213.30   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeva Systems Inc                                  | Veeva Systems Inc                                  | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |   2383227 | NS      | $677313113.40  | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Corp                                    | Brookfield Corp                                    | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |  27114611 | NS      | $1818034667.55 | 5.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Mettler-Toledo International Inc                   | Mettler-Toledo International Inc                   | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               | CORP              | US        |    231639 | NS      | $285768401.52  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Veralto Corp                                       | Veralto Corp                                       | CUSIP: 92338C103<br>LEI: 635400FJE6GSOJUSNY27 | Long             | EC               | CORP              | US        |    605003 | NS      | $63422464.49   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CarMax Inc                                         | CarMax Inc                                         | CUSIP: 143130102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1716507 | NS      | $97171461.27   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Asset Management Ltd                    | Brookfield Asset Management Ltd                    | CUSIP: 113004105<br>LEI: 549300CZ84WPNJZKY093 | Long             | EC               | CORP              | US        |   4894466 | NS      | $301841718.22  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisk Analytics Inc                               | Verisk Analytics Inc                               | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |    787954 | NS      | $219610659.34  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Perimeter Solutions Inc                            | Perimeter Solutions Inc                            | CUSIP: 71385M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   8056257 | NS      | $129947425.41  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp/The                               | Progressive Corp/The                               | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |    623839 | NS      | $150993991.56  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Ashtead Group PLC                                  | Ashtead Group PLC                                  | CUSIP: 045055100<br>LEI: 2138007UTBN8X9K1A235 | Long             | EC               | CORP              | GB        |    373563 | NS      | $101328963.75  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corp - A Shares                             | Lennar Corp - A Shares                             | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |   2208343 | NS      | $247731917.74  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc                            | O'Reilly Automotive Inc                            | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |  14513224 | NS      | $1426940183.68 | 4.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Wealth Solutions Ltd                    | Brookfield Wealth Solutions Ltd                    | CUSIP: G17434104<br>LEI: 9845004583U3B8E06924 | Long             | EC               | CORP              | CA        |    156328 | NS      | $10463033.04   | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| Toast Inc                                          | Toast Inc                                          | CUSIP: 888787108<br>LEI: 549300TN1PZNLCD4I551 | Long             | EC               | CORP              | US        |   4386051 | NS      | $214214730.84  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Principal Government Money Market Fund - Class R-6 | Principal Government Money Market Fund - Class R-6 | CUSIP: 74257B639<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  28292729 | NS      | $28292729.02   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Arthur J Gallagher & Co                            | Arthur J Gallagher & Co                            | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |   1388075 | NS      | $398724543.75  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Appfolio Inc                                       | Appfolio Inc                                       | CUSIP: 03783C100<br>LEI: 529900OOUUGT6JFC0S15 | Long             | EC               | CORP              | US        |    651233 | NS      | $174126679.54  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Jack Henry & Associates Inc                        | Jack Henry & Associates Inc                        | CUSIP: 426281101<br>LEI: 529900X1QS8C54W0JB21 | Long             | EC               | CORP              | US        |    191711 | NS      | $32555403.47   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Co                                | Vulcan Materials Co                                | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |   5036687 | NS      | $1383426818.29 | 4.24%             |  |  |  | No            |                  1 | On Loan: No      |
| LPL Financial Holdings Inc                         | LPL Financial Holdings Inc                         | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |   1442287 | NS      | $570756234.51  | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Renewable Partners LP                   | Brookfield Renewable Partners LP                   | CUSIP: G16258108<br>LEI: VA8DFMRI2GY8Y7V79H93 | Long             | EC               | CORP              | CA        |   7902005 | NS      | $217700237.75  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies Inc                             | Roper Technologies Inc                             | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |   1280414 | NS      | $704739865.60  | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Gartner Inc                                        | Gartner Inc                                        | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |    964566 | NS      | $326650275.90  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Media Corp-Liberty Formula One - C Shares  | Liberty Media Corp-Liberty Formula One - C Shares  | CUSIP: 531229755<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   5429067 | NS      | $544806873.45  | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Ares Management Corp                               | Ares Management Corp                               | CUSIP: 03990B101<br>LEI: 529900JUV61FH7B8VW38 | Long             | EC               | CORP              | US        |   2631551 | NS      | $488231657.03  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Brown & Brown Inc                                  | Brown & Brown Inc                                  | CUSIP: 115236101<br>LEI: 549300PC8KTJ71XKFY89 | Long             | EC               | CORP              | US        |  11010674 | NS      | $1006045283.38 | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX Laboratories Inc                             | IDEXX Laboratories Inc                             | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |    705779 | NS      | $377104777.49  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Nation Entertainment Inc                      | Live Nation Entertainment Inc                      | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |   6745208 | NS      | $996267221.60  | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd                             | Arch Capital Group Ltd                             | CUSIP: G0450A105<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |   3550786 | NS      | $305580643.16  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyler Technologies Inc                             | Tyler Technologies Inc                             | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |    889098 | NS      | $519731126.88  | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Products and Chemicals Inc                     | Air Products and Chemicals Inc                     | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |    933112 | NS      | $268624282.56  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity FedFund - Institutional Class  | BlackRock Liquidity FedFund - Institutional Class  | CUSIP: 09248U700<br>LEI: 549300T8K043VZEOVK74 | Long             | STIV             | RF                | US        |   7542753 | NS      | $7542752.63    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Synopsys Inc                                       | Synopsys Inc                                       | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |    117346 | NS      | $74335170.62   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Moody's Corp                                       | Moody's Corp                                       | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |    195617 | NS      | $100885555.41  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc                                           | MSCI Inc                                           | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |   1102899 | NS      | $619123382.64  | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| TransDigm Group Inc                                | TransDigm Group Inc                                | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1064849 | NS      | $1712767022.54 | 5.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Media Corp-Liberty Live - C Shares         | Liberty Media Corp-Liberty Live - C Shares         | CUSIP: 531229722<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    712409 | NS      | $60006210.07   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Topicus.com Inc                                    | Topicus.com Inc                                    | CUSIP: 89072T102<br>LEI: N/A                  | Long             | EC               | CORP              | NL        |    421087 | NS      | $57840468.21   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc                                   | CoStar Group Inc                                   | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Long             | EC               | CORP              | US        |  10841780 | NS      | $1032029038.20 | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corp - B Shares                             | Lennar Corp - B Shares                             | CUSIP: 526057302<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |     38636 | NS      | $4141006.48    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Entegris Inc                                       | Entegris Inc                                       | CUSIP: 29362U104<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | EC               | CORP              | US        |   3763087 | NS      | $295251806.02  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| CCC Intelligent Solutions Holdings Inc             | CCC Intelligent Solutions Holdings Inc             | CUSIP: 12510Q100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |  27438814 | NS      | $265333331.38  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings Inc                      | Hilton Worldwide Holdings Inc                      | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |   5753608 | NS      | $1542427232.64 | 4.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Wix.com Ltd                                        | Wix.com Ltd                                        | CUSIP: M98068105<br>LEI: 5493008P6N29Q1AG9464 | Long             | EC               | CORP              | IL        |    706664 | NS      | $96127503.92   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Millrose Properties Inc                            | Millrose Properties Inc                            | CUSIP: 601137102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1020102 | NS      | $30592858.98   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| NVR Inc                                            | NVR Inc                                            | CUSIP: 62944T105<br>LEI: 529900RWXR4JI3JYTV70 | Long             | EC               | CORP              | US        |     47804 | NS      | $360895819.96  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Seaport Entertainment Group Inc                    | Seaport Entertainment Group Inc                    | CUSIP: 812215200<br>LEI: 2549006G3SN205YAST27 | Long             | EC               | CORP              | US        |     16812 | NS      | $387852.84     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc                                     | CBRE Group Inc                                     | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |   6594280 | NS      | $1026993167.20 | 3.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Graco Inc                                          | Graco Inc                                          | CUSIP: 384109104<br>LEI: 4T5VJ4S81BRT6Q7GGT78 | Long             | EC               | CORP              | US        |   1524343 | NS      | $128014325.14  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Media Corp-Liberty Formula One - A Shares  | Liberty Media Corp-Liberty Formula One - A Shares  | CUSIP: 531229771<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    505651 | NS      | $45569268.12   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Lumine Group Inc                                   | Lumine Group Inc                                   | CUSIP: 55027C106<br>LEI: 984500E3C44B9D44M738 | Long             | EC               | CORP              | CA        |    365748 | NS      | $14240398.38   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Floor & Decor Holdings Inc                         | Floor & Decor Holdings Inc                         | CUSIP: 339750101<br>LEI: 549300M5FR3N688XGQ36 | Long             | EC               | CORP              | US        |   4450220 | NS      | $341064860.80  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Domino's Pizza Inc                                 | Domino's Pizza Inc                                 | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |   1199821 | NS      | $555769085.41  | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & Co Inc                                       | KKR & Co Inc                                       | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |   9833222 | NS      | $1441353680.76 | 4.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Infrastructure Partners LP              | Brookfield Infrastructure Partners LP              | CUSIP: G16252101<br>LEI: 549300WEH5R2OODI7Y90 | Long             | EC               | CORP              | BM        |  26224270 | NS      | $818197224.00  | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| HEICO Corp - Class A                               | HEICO Corp - Class A                               | CUSIP: 422806208<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |   6801384 | NS      | $1755369196.56 | 5.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Media Corp-Liberty Live - A Shares         | Liberty Media Corp-Liberty Live - A Shares         | CUSIP: 531229748<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     72099 | NS      | $5897698.20    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Markel Group Inc                                   | Markel Group Inc                                   | CUSIP: 570535104<br>LEI: 549300SCNO12JLWIK605 | Long             | EC               | CORP              | US        |    406619 | NS      | $816608871.51  | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| AMETEK Inc                                         | AMETEK Inc                                         | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |   1306857 | NS      | $241572516.45  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Ross Stores Inc                                    | Ross Stores Inc                                    | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |   1323669 | NS      | $180733765.26  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co                                        | Fastenal Co                                        | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |   8436501 | NS      | $389175791.13  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| W R Berkley Corp                                   | W R Berkley Corp                                   | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |   3611506 | NS      | $248507727.86  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Fair Isaac Corp                                    | Fair Isaac Corp                                    | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |    237019 | NS      | $340529937.68  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Sherwin-Williams Co/The                            | Sherwin-Williams Co/The                            | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |    311999 | NS      | $103234229.12  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Software Inc/Canada - Warrants       | Constellation Software Inc/Canada - Warrants       | CUSIP: N/A<br>LEI: 549300B6PYHMCTDWQV29       | Long             | EC               | CORP              | CA        |    143533 | NS      | $0.00          | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Constellation Software Inc/Canada                  | Constellation Software Inc/Canada                  | CUSIP: 21037X100<br>LEI: 549300B6PYHMCTDWQV29 | Long             | EC               | CORP              | CA        |    166038 | NS      | $572963930.40  | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Copart Inc                                         | Copart Inc                                         | CUSIP: 217204106<br>LEI: 549300KVYX3JWMYEHU61 | Long             | EC               | CORP              | US        |  25274952 | NS      | $1145713574.16 | 3.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryan Specialty Holdings Inc                        | Ryan Specialty Holdings Inc                        | CUSIP: 78351F107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2892048 | NS      | $176964417.12  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyatt Hotels Corp                                  | Hyatt Hotels Corp                                  | CUSIP: 448579102<br>LEI: T27JQIMTYSH41TCD5186 | Long             | EC               | CORP              | US        |   2448213 | NS      | $345124586.61  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Renewable Corp                          | Brookfield Renewable Corp                          | CUSIP: 11285B108<br>LEI: 894500N9AWD5I1YNP231 | Long             | EC               | CORP              | US        |   2542298 | NS      | $93124375.74   | 0.29%             |  |  |  | No            |                  1 | On Loan: —       |
| Procore Technologies Inc                           | Procore Technologies Inc                           | CUSIP: 74275K108<br>LEI: 5493005PTWY0RHYRAH22 | Long             | EC               | CORP              | US        |   2309120 | NS      | $165402265.60  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Connections Inc                              | Waste Connections Inc                              | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | CA        |   1472028 | NS      | $274783466.76  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Waters Corp                                        | Waters Corp                                        | CUSIP: 941848103<br>LEI: 5T547R1474YC9HOD8Q74 | Long             | EC               | CORP              | US        |    587980 | NS      | $169785104.80  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-29

**Name of Applicant:** Principal Funds, Inc

**Signature:** Megan Hoffmann

**Name of Signer:** /s/ Megan Hoffmann

**Title:** Vice President and Controller