# EDGAR Filing Document

**Accession Number:** 0000898745
**File Stem:** 0001752724-25-178197
**Filing Date:** 2025-7
**Character Count:** 535895
**Document Hash:** 32377f8a99e59eabc9866b01899729be
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-178197.hdr.sgml**: 20250725

**ACCESSION NUMBER**: 0001752724-25-178197

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250725

**DATE AS OF CHANGE**: 20250725

**PERIOD START**: 20250831

**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:** 251149925

**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

### Small-MidCap Dividend Income Fund (Series ID: S000032942)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000101659 | Class A             | PMDAX           |
| C000101661 | Institutional Class | PMDIX           |
| C000115416 | Class C             | PMDDX           |
| C000176330 | R-6                 | PMDHX           |

## Nport-Ex

Schedule

of

Investments

Blue

Chip

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.35

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.35

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.22%

(a),(b)

6,120,458

$

6,120

Principal

Government

Money

Market

Fund

-

Class

4.19%

(a),(b),(c)

32,224,745

32,225

$

38,345

TOTAL

INVESTMENT

COMPANIES

$

38,345

COMMON

STOCKS

-

.19

%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

.92

%

HEICO

Corp

-

Class

A

901,148

$

212,527

TransDigm

Group

Inc

377,177

553,858

$

766,385

Building

Materials

-

.13

%

Vulcan

Materials

Co

469,812

124,533

Chemicals

-

.46

%

Air

Products

and

Chemicals

Inc

118,242

32,979

Linde

PLC

352,050

164,611

Sherwin-Williams

Co/The

209,670

75,232

$

272,822

Commercial

Services

-

.48

%

Moody's

Corp

111,931

53,651

Computers

-

.59

%

Gartner

Inc

(d) 150,159

65,532

Distribution

&

Wholesale

-

.87

%

Copart

Inc

(d) 4,027,168

207,319

Diversified

Financial

Services

-

.28

%

Brookfield

Asset

Management

Ltd

(e) 678,489

38,063

Brookfield

Wealth

Solutions

Ltd

(d),(e)

58,969

3,414

Charles

Schwab

Corp/The

3,029,336

267,612

Mastercard

Inc

910,651

533,277

Visa

Inc

1,415,619

516,970

$

1,359,336

Electronics

-

.74

%

Amphenol

Corp

905,835

81,462

Healthcare

-

Products

-

.38

%

Danaher

Corp

1,502,822

285,386

IDEXX

Laboratories

Inc

(d) 177,168

90,951

Intuitive

Surgical

Inc

(d) 81,670

45,109

Thermo

Fisher

Scientific

Inc

431,996

174,017

$

595,463

Insurance

-

.35

%

Arthur

J

Gallagher

&

Co

188,966

65,654

Progressive

Corp/The

1,460,784

416,221

$

481,875

Internet

-

.83

%

Airbnb

Inc

(d) 1,815,729

234,229

Alphabet

Inc

-

A

Shares

820,094

140,843

Alphabet

Inc

-

C

Shares

623,273

107,733

Amazon.com

Inc

(d) 5,785,668

1,186,120

Meta

Platforms

Inc

277,219

179,496

Netflix

Inc

(d) 379,210

457,794

$

2,306,215

Lodging

-

.97

%

Hilton

Worldwide

Holdings

Inc

1,325,841

329,392

Pharmaceuticals

-

.88

%

Zoetis

Inc

1,232,187

207,784

Private

Equity

-

.07

%

Brookfield

Corp

(e) 9,473,792

546,827

KKR

&

Co

Inc

1,944,694

236,203

$

783,030

Real

Estate

-

.75

%

CoStar

Group

Inc

(d) 2,638,880

194,116

Retail

-

.54

%

Costco

Wholesale

Corp

118,379

123,135

O'Reilly

Automotive

Inc

(d) 196,886

269,242

$

392,377

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Semiconductors

-

.56

%

Broadcom

Inc

1,267,383

$

306,795

NVIDIA

Corp

1,468,258

198,406

$

505,201

Software

-

.39

%

Cadence

Design

Systems

Inc

(d) 1,224,207

351,433

Constellation

Software

Inc/Canada

19,995

72,456

Microsoft

Corp

3,230,232

1,487,070

MSCI

Inc

128,669

72,572

Roper

Technologies

Inc

437,553

249,523

Veeva

Systems

Inc

(d) 215,969

60,407

Workday

Inc

(d) 305,696

75,724

$

2,369,185

TOTAL

COMMON

STOCKS

$

11,095,678

Total

Investments

$

11,134,023

Other

Assets

and

Liabilities

- (0.54)%

(59,852)

TOTAL

NET

ASSETS

-

100.00%

$

11,074,171

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$38,340

or

0.35%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Non-income

producing

security

(e) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$40,935

or

0.37%

of

net

assets.

Schedule

of

Investments

Blue

Chip

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

Affiliated

Securities

August

31,

2024

Purchases

Sales

May

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

$

511,799

$

479,579

$

32,225

$

$

511,799

$

479,579

$

32,225

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Bond

Market

Index

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.59

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.79

%

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

165,000

$

17,782

Vanguard

Short-Term

Corporate

Bond

ETF

40,000

3,163

$

20,945

Money

Market

Funds

-

.80

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.22%

(a),(b)

486,249

Principal

Government

Money

Market

Fund

-

Class

4.19%

(a),(b),(c)

73,315,627

73,316

$

73,802

TOTAL

INVESTMENT

COMPANIES

$

94,747

BONDS

-

.01

%

Principal

Amount

(000's)

Value

(000's)

Advertising

-

.01

%

Interpublic

Group

of

Cos

Inc/The

2.40%,

03/01/2031

$

$

Omnicom

Group

Inc

2.45%,

04/30/2030

2.60%,

08/01/2031

$

Aerospace

&

Defense

-

.48

%

Boeing

Co/The

2.70%,

02/01/2027

2.95%,

02/01/2030

3.25%,

02/01/2028

685

661

3.50%,

03/01/2039

3.63%,

02/01/2031

3.95%,

08/01/2059

5.04%,

05/01/2027

5.15%,

05/01/2030

5.71%,

05/01/2040

5.81%,

05/01/2050

505

5.88%,

02/15/2040

5.93%,

05/01/2060

6.26%,

05/01/2027

6.30%,

05/01/2029

6.53%,

05/01/2034

6.86%,

05/01/2054

General

Dynamics

Corp

1.15%,

06/01/2026

2.25%,

06/01/2031

4.25%,

04/01/2040

4.95%,

08/15/2035

L3Harris

Technologies

Inc

4.40%,

06/15/2028

5.05%,

06/01/2029

5.40%,

01/15/2027

5.40%,

07/31/2033

5.50%,

08/15/2054

5.60%,

07/31/2053

Lockheed

Martin

Corp

3.90%,

06/15/2032

4.07%,

12/15/2042

4.09%,

09/15/2052

4.15%,

06/15/2053

4.50%,

02/15/2029

4.70%,

12/15/2031

4.70%,

05/15/2046

4.75%,

02/15/2034

5.10%,

11/15/2027

5.20%,

02/15/2055

5.20%,

02/15/2064

5.25%,

01/15/2033

5.70%,

11/15/2054

Northrop

Grumman

Corp

3.20%,

02/01/2027

4.65%,

07/15/2030

4.70%,

03/15/2033

4.90%,

06/01/2034

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Aerospace

&

Defense

(continued)

Northrop

Grumman

Corp

(continued)

4.95%,

03/15/2053

$

$

5.25%,

05/01/2050

600

552

RTX

Corp

1.90%,

09/01/2031

2.38%,

03/15/2032

2.82%,

09/01/2051

3.03%,

03/15/2052

3.50%,

03/15/2027

4.05%,

05/04/2047

610

4.13%,

11/16/2028

4.70%,

12/15/2041

5.15%,

02/27/2033

5.38%,

02/27/2053

5.75%,

11/08/2026

5.75%,

01/15/2029

6.10%,

03/15/2034

6.40%,

03/15/2054

$

12,786

Agriculture

-

.35

%

Altria

Group

Inc

2.45%,

02/04/2032

3.40%,

05/06/2030

530

3.70%,

02/04/2051

3.88%,

09/16/2046

4.00%,

02/04/2061

(d) 60

4.88%,

02/04/2028

545

550

5.38%,

01/31/2044

5.80%,

02/14/2039

Archer-Daniels-Midland

Co

2.70%,

09/15/2051

2.90%,

03/01/2032

4.50%,

08/15/2033

BAT

Capital

Corp

2.26%,

03/25/2028

2.73%,

03/25/2031

3.46%,

09/06/2029

3.98%,

09/25/2050

4.39%,

08/15/2037

540

4.54%,

08/15/2047

5.63%,

08/15/2035

5.83%,

02/20/2031

6.42%,

08/02/2033

7.08%,

08/02/2043

7.08%,

08/02/2053

BAT

International

Finance

PLC

5.93%,

02/02/2029

Bunge

Ltd

Finance

Corp

2.75%,

05/14/2031

Philip

Morris

International

Inc

1.75%,

11/01/2030

4.13%,

04/28/2028

4.13%,

03/04/2043

4.38%,

04/30/2030

4.63%,

11/01/2029

4.88%,

02/15/2028

4.88%,

02/13/2029

4.88%,

04/30/2035

4.90%,

11/01/2034

5.13%,

11/17/2027

580

590

5.25%,

02/13/2034

5.38%,

02/15/2033

5.50%,

09/07/2030

5.63%,

11/17/2029

580

605

5.75%,

11/17/2032

Schedule

of

Investments

Bond

Market

Index

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Agriculture

(continued)

Reynolds

American

Inc

5.70%,

08/15/2035

$

$

5.85%,

08/15/2045

$

9,242

Airlines

-

.02

%

American

Airlines

2019-1

Class

AA

Pass

Through

Trust

3.15%,

08/15/2033

Delta

Air

Lines

2020-1

Class

AA

Pass

Through

Trust

2.00%,

06/10/2028

Southwest

Airlines

Co

3.00%,

11/15/2026

United

Airlines

2019-2

Class

AA

Pass

Through

Trust

2.70%,

11/01/2033

$

Apparel

-

.01

%

NIKE

Inc

3.25%,

03/27/2040

3.38%,

11/01/2046

$

Automobile

Manufacturers

-

.58

%

American

Honda

Finance

Corp

1.30%,

09/09/2026

2.25%,

01/12/2029

(d) 65

4.55%,

03/03/2028

4.60%,

04/17/2030

4.70%,

01/12/2028

4.90%,

07/09/2027

4.90%,

01/10/2034

(d) 135

5.05%,

07/10/2031

5.65%,

11/15/2028

5.85%,

10/04/2030

Ford

Motor

Co

6.10%,

08/19/2032

Ford

Motor

Credit

Co

LLC

2.70%,

08/10/2026

5.13%,

11/05/2026

5.30%,

09/06/2029

5.80%,

03/05/2027

5.80%,

03/08/2029

5.85%,

05/17/2027

5.88%,

11/07/2029

5.92%,

03/20/2028

6.05%,

03/05/2031

6.05%,

11/05/2031

6.50%,

02/07/2035

6.80%,

11/07/2028

7.12%,

11/07/2033

7.35%,

11/04/2027

General

Motors

Co

5.00%,

04/01/2035

5.15%,

04/01/2038

5.20%,

04/01/2045

5.35%,

04/15/2028

5.40%,

04/01/2048

(d) 65

5.95%,

04/01/2049

6.25%,

04/15/2035

6.25%,

10/02/2043

General

Motors

Financial

Co

Inc

1.50%,

06/10/2026

2.35%,

02/26/2027

2.35%,

01/08/2031

2.40%,

04/10/2028

2.40%,

10/15/2028

2.70%,

06/10/2031

4.00%,

10/06/2026

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Automobile

Manufacturers

(continued)

General

Motors

Financial

Co

Inc

(continued)

4.35%,

01/17/2027

$

$

4.90%,

10/06/2029

5.35%,

07/15/2027

5.35%,

01/07/2030

5.40%,

05/08/2027

5.45%,

07/15/2030

5.45%,

09/06/2034

5.55%,

07/15/2029

5.60%,

06/18/2031

5.80%,

01/07/2029

5.90%,

01/07/2035

6.00%,

01/09/2028

6.15%,

07/15/2035

6.40%,

01/09/2033

Honda

Motor

Co

Ltd

2.53%,

03/10/2027

PACCAR

Financial

Corp

4.45%,

08/06/2027

4.60%,

01/31/2029

5.00%,

05/13/2027

Toyota

Motor

Corp

5.12%,

07/13/2028

Toyota

Motor

Credit

Corp

1.15%,

08/13/2027

1.65%,

01/10/2031

1.90%,

01/13/2027

4.35%,

10/08/2027

4.45%,

06/29/2029

4.50%,

05/14/2027

4.55%,

08/07/2026

600

601

4.55%,

05/17/2030

4.60%,

10/10/2031

4.63%,

01/12/2028

4.80%,

05/15/2030

4.80%,

01/05/2034

4.95%,

01/09/2030

5.00%,

03/19/2027

5.10%,

03/21/2031

5.40%,

11/20/2026

$

15,325

Automobile

Parts

&

Equipment

-

.02

%

Aptiv

Swiss

Holdings

Ltd

3.25%,

03/01/2032

4.40%,

10/01/2046

BorgWarner

Inc

4.38%,

03/15/2045

$

526

Banks

-

.67

%

Australia

&

New

Zealand

Banking

Group

Ltd/New

York

NY

4.90%,

07/16/2027

Banco

Santander

SA

2.75%,

12/03/2030

3.49%,

05/28/2030

4.18%,

03/24/2028

(e) 600

594

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.00%

5.29%,

08/18/2027

5.44%,

07/15/2031

5.57%,

01/17/2030

5.59%,

08/08/2028

6.94%,

11/07/2033

Bank

of

America

Corp

1.73%,

07/22/2027

(e) 415

Secured

Overnight

Financing

Rate

+

0.96%

1.90%,

07/23/2031

(e) 445

Secured

Overnight

Financing

Rate

+

1.53%

Schedule

of

Investments

Bond

Market

Index

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Bank

of

America

Corp

(continued)

1.92%,

10/24/2031

(e) $

$

Secured

Overnight

Financing

Rate

+

1.37%

2.09%,

06/14/2029

(e) 60

Secured

Overnight

Financing

Rate

+

1.06%

2.30%,

07/21/2032

(e) 115

Secured

Overnight

Financing

Rate

+

1.22%

2.48%,

09/21/2036

(e) 630

527

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.20%

2.50%,

02/13/2031

(e) 225

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.25%

2.55%,

02/04/2028

(e) 255

Secured

Overnight

Financing

Rate

+

1.05%

2.57%,

10/20/2032

(e) 260

Secured

Overnight

Financing

Rate

+

1.21%

2.65%,

03/11/2032

(e) 175

Secured

Overnight

Financing

Rate

+

1.22%

2.68%,

06/19/2041

(e) 465

Secured

Overnight

Financing

Rate

+

1.93%

2.83%,

10/24/2051

(e) 175

Secured

Overnight

Financing

Rate

+

1.88%

2.97%,

02/04/2033

(e) 530

Secured

Overnight

Financing

Rate

+

1.33%

2.97%,

07/21/2052

(e) 115

Secured

Overnight

Financing

Rate

+

1.56%

3.25%,

10/21/2027

550

537

3.31%,

04/22/2042

(e) 715

533

Secured

Overnight

Financing

Rate

+

1.58%

3.42%,

12/20/2028

(e) 700

679

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.30%

3.59%,

07/21/2028

(e) 600

587

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.63%

3.82%,

01/20/2028

(e) 500

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.84%

3.85%,

03/08/2037

(e) 550

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.00%

3.97%,

03/05/2029

(e) 75

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.33%

3.97%,

02/07/2030

(e) 600

585

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.47%

4.08%,

03/20/2051

(e) 515

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.41%

4.27%,

07/23/2029

(e) 250

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.57%

4.33%,

03/15/2050

(e) 255

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.78%

4.38%,

04/27/2028

(e) 175

Secured

Overnight

Financing

Rate

+

1.58%

4.57%,

04/27/2033

(e) 315

Secured

Overnight

Financing

Rate

+

1.83%

4.62%,

05/09/2029

(e) 405

Secured

Overnight

Financing

Rate

+

1.11%

4.98%,

01/24/2029

(e) 300

Secured

Overnight

Financing

Rate

+

0.83%

5.00%,

01/21/2044

5.02%,

07/22/2033

(e) 585

583

Secured

Overnight

Financing

Rate

+

2.16%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Bank

of

America

Corp

(continued)

5.16%,

01/24/2031

(e) $

$

Secured

Overnight

Financing

Rate

+

1.00%

5.20%,

04/25/2029

(e) 250

Secured

Overnight

Financing

Rate

+

1.63%

5.29%,

04/25/2034

(e) 515

516

Secured

Overnight

Financing

Rate

+

1.91%

5.43%,

08/15/2035

(e) 200

Secured

Overnight

Financing

Rate

+

1.91%

5.46%,

05/09/2036

(e) 305

Secured

Overnight

Financing

Rate

+

1.64%

5.47%,

01/23/2035

(e) 600

606

Secured

Overnight

Financing

Rate

+

1.65%

5.51%,

01/24/2036

(e) 285

Secured

Overnight

Financing

Rate

+

1.31%

5.52%,

10/25/2035

(e) 620

609

Secured

Overnight

Financing

Rate

+

1.74%

5.82%,

09/15/2029

(e) 315

Secured

Overnight

Financing

Rate

+

1.57%

5.87%,

09/15/2034

(e) 315

Secured

Overnight

Financing

Rate

+

1.84%

5.88%,

02/07/2042

5.93%,

09/15/2027

(e) 315

Secured

Overnight

Financing

Rate

+

1.34%

6.11%,

01/29/2037

7.75%,

05/14/2038

500

585

Bank

of

America

NA

5.53%,

08/18/2026

Bank

of

Montreal

3.09%,

01/10/2037

(e) 125

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.40%

4.64%,

09/10/2030

(e) 270

Secured

Overnight

Financing

Rate

+

1.25%

4.70%,

09/14/2027

5.30%,

06/05/2026

5.37%,

06/04/2027

5.72%,

09/25/2028

Bank

of

New

York

Mellon

Corp/The

2.05%,

01/26/2027

2.50%,

01/26/2032

3.99%,

06/13/2028

(e) 70

Secured

Overnight

Financing

Rate

+

1.15%

4.54%,

02/01/2029

(e) 370

Secured

Overnight

Financing

Rate

+

1.17%

4.89%,

07/21/2028

(e) 130

Secured

Overnight

Financing

Rate

+

0.84%

4.94%,

02/11/2031

(e) 335

Secured

Overnight

Financing

Rate

+

0.89%

4.97%,

04/26/2034

(e) 170

Secured

Overnight

Financing

Rate

+

1.61%

5.06%,

07/22/2032

(e) 130

Secured

Overnight

Financing

Rate

+

1.23%

5.19%,

03/14/2035

(e) 360

Secured

Overnight

Financing

Rate

+

1.42%

5.83%,

10/25/2033

(e) 155

Secured

Overnight

Financing

Rate

+

2.07%

6.32%,

10/25/2029

(e) 315

Secured

Overnight

Financing

Rate

+

1.60%

Bank

of

Nova

Scotia/The

1.30%,

09/15/2026

2.15%,

08/01/2031

2.70%,

08/03/2026

4.74%,

11/10/2032

(e) 325

Secured

Overnight

Financing

Rate

+

1.44%

4.85%,

02/01/2030

615

622

5.35%,

12/07/2026

5.40%,

06/04/2027

Schedule

of

Investments

Bond

Market

Index

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Barclays

PLC

2.65%,

06/24/2031

(e) $

$

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.90%

3.56%,

09/23/2035

(e) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.90%

3.81%,

03/10/2042

(e) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.70%

4.84%,

09/10/2028

(e) 200

Secured

Overnight

Financing

Rate

+

1.34%

4.94%,

09/10/2030

(e) 200

Secured

Overnight

Financing

Rate

+

1.56%

4.97%,

05/16/2029

(e) 750

753

Month

USD

LIBOR

+

1.90%

5.09%,

02/25/2029

(e) 225

Secured

Overnight

Financing

Rate

+

0.96%

5.50%,

08/09/2028

(e) 300

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.65%

5.67%,

03/12/2028

(e) 250

Secured

Overnight

Financing

Rate

+

1.49%

5.69%,

03/12/2030

(e) 250

Secured

Overnight

Financing

Rate

+

1.74%

5.79%,

02/25/2036

(e) 215

Secured

Overnight

Financing

Rate

+

1.59%

6.22%,

05/09/2034

(e) 320

Secured

Overnight

Financing

Rate

+

2.98%

6.50%,

09/13/2027

(e) 235

Secured

Overnight

Financing

Rate

+

1.88%

6.69%,

09/13/2034

(e) 315

Secured

Overnight

Financing

Rate

+

2.62%

7.44%,

11/02/2033

(e) 310

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.50%

Canadian

Imperial

Bank

of

Commerce

1.25%,

06/22/2026

4.63%,

09/11/2030

(e) 135

Secured

Overnight

Financing

Rate

+

1.34%

4.86%,

01/13/2028

(e) 215

Secured

Overnight

Financing

Rate

+

0.72%

5.00%,

04/28/2028

5.26%,

04/08/2029

5.93%,

10/02/2026

5.99%,

10/03/2028

Citibank

NA

4.91%,

05/29/2030

500

504

5.57%,

04/30/2034

5.80%,

09/29/2028

Citigroup

Inc

1.46%,

06/09/2027

(e) 455

Secured

Overnight

Financing

Rate

+

0.77%

2.52%,

11/03/2032

(e) 155

Secured

Overnight

Financing

Rate

+

1.18%

2.56%,

05/01/2032

(e) 200

Secured

Overnight

Financing

Rate

+

1.17%

2.57%,

06/03/2031

(e) 310

Secured

Overnight

Financing

Rate

+

2.11%

2.90%,

11/03/2042

(e) 60

Secured

Overnight

Financing

Rate

+

1.38%

2.98%,

11/05/2030

(e) 150

Secured

Overnight

Financing

Rate

+

1.42%

3.06%,

01/25/2033

(e) 500

Secured

Overnight

Financing

Rate

+

1.35%

3.52%,

10/27/2028

(e) 125

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.41%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Citigroup

Inc

(continued)

3.79%,

03/17/2033

(e) $

520

$

Secured

Overnight

Financing

Rate

+

1.94%

3.88%,

01/24/2039

(e) 220

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.43%

3.89%,

01/10/2028

(e) 500

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.82%

4.13%,

07/25/2028

620

611

4.28%,

04/24/2048

(e) 100

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.10%

4.30%,

11/20/2026

4.45%,

09/29/2027

875

871

4.54%,

09/19/2030

(e) 270

Secured

Overnight

Financing

Rate

+

1.34%

4.64%,

05/07/2028

(e) 155

Secured

Overnight

Financing

Rate

+

1.14%

4.65%,

07/30/2045

4.65%,

07/23/2048

4.66%,

05/24/2028

(e) 835

835

Secured

Overnight

Financing

Rate

+

1.89%

4.79%,

03/04/2029

(e) 300

Secured

Overnight

Financing

Rate

+

0.87%

4.91%,

05/24/2033

(e) 165

Secured

Overnight

Financing

Rate

+

2.09%

4.95%,

05/07/2031

(e) 305

Secured

Overnight

Financing

Rate

+

1.46%

5.17%,

02/13/2030

(e) 265

Secured

Overnight

Financing

Rate

+

1.36%

5.33%,

03/27/2036

(e) 380

Secured

Overnight

Financing

Rate

+

1.47%

5.41%,

09/19/2039

(e) 325

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.73%

5.61%,

03/04/2056

(e) 150

Secured

Overnight

Financing

Rate

+

1.75%

5.83%,

02/13/2035

(e) 500

Secured

Overnight

Financing

Rate

+

2.06%

6.02%,

01/24/2036

(e) 450

Secured

Overnight

Financing

Rate

+

1.83%

6.17%,

05/25/2034

(e) 320

Secured

Overnight

Financing

Rate

+

2.66%

6.27%,

11/17/2033

(e) 310

Secured

Overnight

Financing

Rate

+

2.34%

6.68%,

09/13/2043

Cooperatieve

Rabobank

UA

5.25%,

05/24/2041

Cooperatieve

Rabobank

UA/NY

4.80%,

01/09/2029

4.88%,

01/21/2028

600

610

Deutsche

Bank

AG/New

York

NY

5.00%,

09/11/2030

(e) 270

Secured

Overnight

Financing

Rate

+

1.70%

5.30%,

05/09/2031

(e) 340

Secured

Overnight

Financing

Rate

+

1.72%

5.37%,

09/09/2027

5.37%,

01/10/2029

(e) 215

Secured

Overnight

Financing

Rate

+

1.21%

6.72%,

01/18/2029

(e) 320

Secured

Overnight

Financing

Rate

+

3.18%

6.82%,

11/20/2029

(e) 300

Secured

Overnight

Financing

Rate

+

2.51%

7.08%,

02/10/2034

(e) 320

Secured

Overnight

Financing

Rate

+

3.65%

Schedule

of

Investments

Bond

Market

Index

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Fifth

Third

Bancorp

4.06%,

04/25/2028

(e) $

$

Secured

Overnight

Financing

Rate

+

1.36%

5.63%,

01/29/2032

(e) 135

Secured

Overnight

Financing

Rate

+

1.84%

6.34%,

07/27/2029

(e) 235

Secured

Overnight

Financing

Rate

+

2.34%

Fifth

Third

Bank

NA

4.97%,

01/28/2028

(e) 250

Secured

Overnight

Financing

Rate

+

0.81%

Goldman

Sachs

Group

Inc/The

1.54%,

09/10/2027

(e) 60

Secured

Overnight

Financing

Rate

+

0.82%

1.95%,

10/21/2027

(e) 235

Secured

Overnight

Financing

Rate

+

0.91%

1.99%,

01/27/2032

(e) 355

Secured

Overnight

Financing

Rate

+

1.09%

2.60%,

02/07/2030

(d) 590

539

2.62%,

04/22/2032

(e) 115

Secured

Overnight

Financing

Rate

+

1.28%

2.64%,

02/24/2028

(e) 185

Secured

Overnight

Financing

Rate

+

1.11%

2.65%,

10/21/2032

(e) 425

Secured

Overnight

Financing

Rate

+

1.26%

2.91%,

07/21/2042

(e) 115

Secured

Overnight

Financing

Rate

+

1.47%

3.10%,

02/24/2033

(e) 210

Secured

Overnight

Financing

Rate

+

1.41%

3.21%,

04/22/2042

(e) 60

Secured

Overnight

Financing

Rate

+

1.51%

3.44%,

02/24/2043

(e) 200

Secured

Overnight

Financing

Rate

+

1.63%

3.69%,

06/05/2028

(e) 290

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.77%

3.81%,

04/23/2029

(e) 375

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.42%

3.85%,

01/26/2027

510

506

4.22%,

05/01/2029

(e) 500

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.56%

4.41%,

04/23/2039

(e) 175

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.69%

4.48%,

08/23/2028

(e) 445

Secured

Overnight

Financing

Rate

+

1.73%

4.69%,

10/23/2030

(e) 275

Secured

Overnight

Financing

Rate

+

1.14%

4.80%,

07/08/2044

4.94%,

04/23/2028

(e) 305

Secured

Overnight

Financing

Rate

+

1.32%

5.02%,

10/23/2035

(e) 275

Secured

Overnight

Financing

Rate

+

1.42%

5.05%,

07/23/2030

(e) 595

600

Secured

Overnight

Financing

Rate

+

1.21%

5.15%,

05/22/2045

5.21%,

01/28/2031

(e) 385

Secured

Overnight

Financing

Rate

+

1.08%

5.33%,

07/23/2035

(e) 475

Secured

Overnight

Financing

Rate

+

1.55%

5.54%,

01/28/2036

(e) 310

Secured

Overnight

Financing

Rate

+

1.38%

5.56%,

11/19/2045

(e) 280

Secured

Overnight

Financing

Rate

+

1.58%

5.73%,

04/25/2030

(e) 220

Secured

Overnight

Financing

Rate

+

1.27%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Goldman

Sachs

Group

Inc/The

(continued)

5.73%,

01/28/2056

(e) $

$

Secured

Overnight

Financing

Rate

+

1.70%

5.85%,

04/25/2035

(e) 330

Secured

Overnight

Financing

Rate

+

1.55%

6.25%,

02/01/2041

6.48%,

10/24/2029

(e) 315

Secured

Overnight

Financing

Rate

+

1.77%

6.56%,

10/24/2034

(e) 160

Secured

Overnight

Financing

Rate

+

1.95%

6.75%,

10/01/2037

785

844

HSBC

Holdings

PLC

2.01%,

09/22/2028

(e) 300

Secured

Overnight

Financing

Rate

+

1.73%

2.36%,

08/18/2031

(e) 200

Secured

Overnight

Financing

Rate

+

1.95%

2.80%,

05/24/2032

(e) 600

525

Secured

Overnight

Financing

Rate

+

1.19%

2.85%,

06/04/2031

(e) 200

Secured

Overnight

Financing

Rate

+

2.39%

3.97%,

05/22/2030

(e) 300

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.87%

4.04%,

03/13/2028

(e) 500

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.81%

4.58%,

06/19/2029

(e) 300

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.80%

4.76%,

06/09/2028

(e) 250

Secured

Overnight

Financing

Rate

+

2.11%

4.90%,

03/03/2029

(e) 210

Secured

Overnight

Financing

Rate

+

1.03%

5.13%,

03/03/2031

(e) 300

Secured

Overnight

Financing

Rate

+

1.29%

5.24%,

05/13/2031

(e) 200

Secured

Overnight

Financing

Rate

+

1.57%

5.29%,

11/19/2030

(e) 480

Secured

Overnight

Financing

Rate

+

1.29%

5.40%,

08/11/2033

(e) 500

504

Secured

Overnight

Financing

Rate

+

2.87%

5.55%,

03/04/2030

(e) 250

Secured

Overnight

Financing

Rate

+

1.46%

5.72%,

03/04/2035

(e) 250

Secured

Overnight

Financing

Rate

+

1.78%

5.73%,

05/17/2032

(e) 255

Secured

Overnight

Financing

Rate

+

1.52%

5.79%,

05/13/2036

(e) 305

Secured

Overnight

Financing

Rate

+

1.88%

5.87%,

11/18/2035

(e) 280

Secured

Overnight

Financing

Rate

+

1.90%

5.89%,

08/14/2027

(e) 370

Secured

Overnight

Financing

Rate

+

1.57%

6.16%,

03/09/2029

(e) 200

Secured

Overnight

Financing

Rate

+

1.97%

6.25%,

03/09/2034

(e) 570

599

Secured

Overnight

Financing

Rate

+

2.39%

6.33%,

03/09/2044

(e) 595

624

Secured

Overnight

Financing

Rate

+

2.65%

6.50%,

09/15/2037

6.55%,

06/20/2034

(e) 320

Secured

Overnight

Financing

Rate

+

2.98%

7.39%,

11/03/2028

(e) 310

Secured

Overnight

Financing

Rate

+

3.35%

HSBC

USA

Inc

4.65%,

06/03/2028

(f) 225

Schedule

of

Investments

Bond

Market

Index

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Huntington

Bancshares

Inc/OH

5.27%,

01/15/2031

(e) $

$

Secured

Overnight

Financing

Rate

+

1.28%

Huntington

National

Bank/The

4.87%,

04/12/2028

(e) 250

Secured

Overnight

Financing

Rate

+

0.72%

5.65%,

01/10/2030

ING

Groep

NV

4.86%,

03/25/2029

(e) 300

Secured

Overnight

Financing

Rate

+

1.01%

5.34%,

03/19/2030

(e) 250

Secured

Overnight

Financing

Rate

+

1.44%

5.53%,

03/25/2036

(e) 200

Secured

Overnight

Financing

Rate

+

1.61%

6.11%,

09/11/2034

(e) 235

Secured

Overnight

Financing

Rate

+

2.09%

JPMorgan

Chase

&

Co

1.47%,

09/22/2027

(e) 245

Secured

Overnight

Financing

Rate

+

0.77%

1.76%,

11/19/2031

(e) 135

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.11%

1.95%,

02/04/2032

(e) 115

Secured

Overnight

Financing

Rate

+

1.07%

2.07%,

06/01/2029

(e) 190

Secured

Overnight

Financing

Rate

+

1.02%

2.18%,

06/01/2028

(e) 70

Secured

Overnight

Financing

Rate

+

1.89%

2.53%,

11/19/2041

(e) 65

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.51%

2.55%,

11/08/2032

(e) 420

Secured

Overnight

Financing

Rate

+

1.18%

2.58%,

04/22/2032

(e) 465

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.25%

2.74%,

10/15/2030

(e) 600

553

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.51%

2.95%,

10/01/2026

525

516

2.96%,

05/13/2031

(e) 575

524

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.52%

3.11%,

04/22/2041

(e) 235

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.46%

3.11%,

04/22/2051

(e) 335

Secured

Overnight

Financing

Rate

+

2.44%

3.33%,

04/22/2052

(e) 215

Secured

Overnight

Financing

Rate

+

1.58%

3.51%,

01/23/2029

(e) 590

574

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.21%

3.88%,

07/24/2038

(e) 100

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.62%

3.96%,

11/15/2048

(e) 825

641

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.64%

4.01%,

04/23/2029

(e) 200

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.38%

4.20%,

07/23/2029

(e) 230

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.52%

4.32%,

04/26/2028

(e) 550

548

Secured

Overnight

Financing

Rate

+

1.56%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

JPMorgan

Chase

&

Co

(continued)

4.51%,

10/22/2028

(e) $

$

Secured

Overnight

Financing

Rate

+

0.86%

4.57%,

06/14/2030

(e) 305

Secured

Overnight

Financing

Rate

+

1.75%

4.59%,

04/26/2033

(e) 135

Secured

Overnight

Financing

Rate

+

1.80%

4.60%,

10/22/2030

(e) 475

Secured

Overnight

Financing

Rate

+

1.04%

4.85%,

07/25/2028

(e) 65

Secured

Overnight

Financing

Rate

+

1.99%

4.91%,

07/25/2033

(e) 435

Secured

Overnight

Financing

Rate

+

2.08%

4.95%,

10/22/2035

(e) 460

Secured

Overnight

Financing

Rate

+

1.34%

4.95%,

06/01/2045

4.98%,

07/22/2028

(e) 260

Secured

Overnight

Financing

Rate

+

0.93%

5.00%,

07/22/2030

(e) 260

Secured

Overnight

Financing

Rate

+

1.13%

5.01%,

01/23/2030

(e) 320

Secured

Overnight

Financing

Rate

+

1.31%

5.04%,

01/23/2028

(e) 305

Secured

Overnight

Financing

Rate

+

1.19%

5.10%,

04/22/2031

(e) 320

Secured

Overnight

Financing

Rate

+

1.44%

5.14%,

01/24/2031

(e) 425

Secured

Overnight

Financing

Rate

+

1.01%

5.29%,

07/22/2035

(e) 475

Secured

Overnight

Financing

Rate

+

1.46%

5.30%,

07/24/2029

(e) 315

Secured

Overnight

Financing

Rate

+

1.45%

5.34%,

01/23/2035

(e) 185

Secured

Overnight

Financing

Rate

+

1.62%

5.35%,

06/01/2034

(e) 545

551

Secured

Overnight

Financing

Rate

+

1.85%

5.50%,

01/24/2036

(e) 455

Secured

Overnight

Financing

Rate

+

1.32%

5.53%,

11/29/2045

(e) 280

Secured

Overnight

Financing

Rate

+

1.55%

5.57%,

04/22/2028

(e) 250

Secured

Overnight

Financing

Rate

+

0.93%

5.57%,

04/22/2036

(e) 150

Secured

Overnight

Financing

Rate

+

1.68%

5.58%,

04/22/2030

(e) 250

Secured

Overnight

Financing

Rate

+

1.16%

5.60%,

07/15/2041

5.72%,

09/14/2033

(e) 255

Secured

Overnight

Financing

Rate

+

2.58%

5.77%,

04/22/2035

(e) 390

Secured

Overnight

Financing

Rate

+

1.49%

6.07%,

10/22/2027

(e) 320

Secured

Overnight

Financing

Rate

+

1.33%

6.09%,

10/23/2029

(e) 320

Secured

Overnight

Financing

Rate

+

1.57%

6.25%,

10/23/2034

(e) 320

Secured

Overnight

Financing

Rate

+

1.81%

JPMorgan

Chase

Bank

NA

5.11%,

12/08/2026

KeyBank

NA/Cleveland

OH

5.85%,

11/15/2027

775

795

KeyCorp

2.25%,

04/06/2027

5.12%,

04/04/2031

(e) 200

Secured

Overnight

Financing

Rate

+

1.23%

Schedule

of

Investments

Bond

Market

Index

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Korea

Development

Bank/The

4.38%,

02/15/2028

$

$

4.50%,

02/15/2029

5.38%,

10/23/2026

5.63%,

10/23/2033

Kreditanstalt

fuer

Wiederaufbau

0.00%,

06/29/2037

(g) 250

1.00%,

10/01/2026

(d) 90

2.88%,

04/03/2028

600

584

3.00%,

05/20/2027

520

510

3.50%,

08/27/2027

3.75%,

02/15/2028

3.75%,

07/15/2030

3.88%,

05/15/2028

(d) 290

3.88%,

06/15/2028

4.00%,

03/15/2029

(d) 480

4.13%,

07/15/2033

4.38%,

03/01/2027

500

503

4.38%,

02/28/2034

4.63%,

08/07/2026

4.63%,

03/18/2030

4.75%,

10/29/2030

Landwirtschaftliche

Rentenbank

1.75%,

07/27/2026

3.88%,

09/28/2027

3.88%,

06/14/2028

4.13%,

05/28/2030

4.63%,

04/17/2029

Lloyds

Banking

Group

PLC

3.57%,

11/07/2028

(e) 200

Month

USD

LIBOR

+

1.21%

4.34%,

01/09/2048

4.98%,

08/11/2033

(e) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.30%

5.09%,

11/26/2028

(e) 210

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.85%

5.68%,

01/05/2035

(e) 265

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.75%

5.87%,

03/06/2029

(e) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.70%

5.99%,

08/07/2027

(e) 310

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.48%

M&T

Bank

Corp

4.83%,

01/16/2029

(e) 300

Secured

Overnight

Financing

Rate

+

0.93%

Mitsubishi

UFJ

Financial

Group

Inc

1.54%,

07/20/2027

(e) 800

773

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.75%

1.64%,

10/13/2027

(e) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.67%

2.05%,

07/17/2030

2.56%,

02/25/2030

3.20%,

07/18/2029

4.08%,

04/19/2028

(e) 600

594

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.30%

4.32%,

04/19/2033

(e) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.55%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Mitsubishi

UFJ

Financial

Group

Inc

(continued)

5.13%,

07/20/2033

(e) $

$

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.13%

5.16%,

04/24/2031

(e) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.17%

5.35%,

09/13/2028

(e) 255

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.90%

5.41%,

04/19/2034

(d),(e)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.97%

5.43%,

04/17/2035

(e) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.00%

5.57%,

01/16/2036

(e) 225

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.95%

Mizuho

Financial

Group

Inc

2.20%,

07/10/2031

(e) 200

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.77%

2.26%,

07/09/2032

(e) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.90%

3.15%,

07/16/2030

(e) 700

657

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.39%

5.41%,

09/13/2028

(d),(e)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.05%

5.59%,

07/10/2035

(e) 260

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.30%

5.74%,

05/27/2031

(e) 320

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.65%

5.75%,

07/06/2034

(e) 315

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.90%

Morgan

Stanley

1.51%,

07/20/2027

(e) 115

Secured

Overnight

Financing

Rate

+

0.86%

1.79%,

02/13/2032

(e) 550

Secured

Overnight

Financing

Rate

+

1.03%

1.93%,

04/28/2032

(e) 95

Secured

Overnight

Financing

Rate

+

1.02%

2.24%,

07/21/2032

(e) 115

Secured

Overnight

Financing

Rate

+

1.18%

2.48%,

01/21/2028

(e) 40

Secured

Overnight

Financing

Rate

+

1.00%

2.48%,

09/16/2036

(e) 810

677

Secured

Overnight

Financing

Rate

+

1.36%

2.51%,

10/20/2032

(e) 130

Secured

Overnight

Financing

Rate

+

1.20%

2.70%,

01/22/2031

(e) 325

Secured

Overnight

Financing

Rate

+

1.14%

2.80%,

01/25/2052

(e) 210

Secured

Overnight

Financing

Rate

+

1.43%

2.94%,

01/21/2033

(e) 90

Secured

Overnight

Financing

Rate

+

1.29%

3.13%,

07/27/2026

3.22%,

04/22/2042

(e) 310

Secured

Overnight

Financing

Rate

+

1.49%

Schedule

of

Investments

Bond

Market

Index

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Morgan

Stanley

(continued)

3.59%,

07/22/2028

$

$

Month

USD

LIBOR

+

1.34%

3.77%,

01/24/2029

(e) 600

587

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.40%

3.95%,

04/23/2027

710

703

4.21%,

04/20/2028

(e) 135

Secured

Overnight

Financing

Rate

+

1.61%

4.30%,

01/27/2045

4.35%,

09/08/2026

4.65%,

10/18/2030

(e) 600

596

Secured

Overnight

Financing

Rate

+

1.10%

4.89%,

07/20/2033

(e) 275

Secured

Overnight

Financing

Rate

+

2.08%

5.04%,

07/19/2030

(e) 260

Secured

Overnight

Financing

Rate

+

1.22%

5.12%,

02/01/2029

(e) 320

Secured

Overnight

Financing

Rate

+

1.73%

5.16%,

04/20/2029

(e) 260

Secured

Overnight

Financing

Rate

+

1.59%

5.17%,

01/16/2030

(e) 200

Secured

Overnight

Financing

Rate

+

1.45%

5.19%,

04/17/2031

(e) 305

Secured

Overnight

Financing

Rate

+

1.51%

5.23%,

01/15/2031

(e) 225

Secured

Overnight

Financing

Rate

+

1.11%

5.25%,

04/21/2034

(e) 425

Secured

Overnight

Financing

Rate

+

1.87%

5.32%,

07/19/2035

(e) 260

Secured

Overnight

Financing

Rate

+

1.56%

5.42%,

07/21/2034

(e) 315

Secured

Overnight

Financing

Rate

+

1.88%

5.45%,

07/20/2029

(e) 315

Secured

Overnight

Financing

Rate

+

1.63%

5.47%,

01/18/2035

(e) 325

Secured

Overnight

Financing

Rate

+

1.73%

5.52%,

11/19/2055

(e) 275

Secured

Overnight

Financing

Rate

+

1.71%

5.59%,

01/18/2036

(e) 220

Secured

Overnight

Financing

Rate

+

1.42%

5.65%,

04/13/2028

(e) 105

Secured

Overnight

Financing

Rate

+

1.01%

5.66%,

04/18/2030

(e) 250

Secured

Overnight

Financing

Rate

+

1.26%

5.66%,

04/17/2036

(e) 245

Secured

Overnight

Financing

Rate

+

1.76%

5.83%,

04/19/2035

(e) 275

Secured

Overnight

Financing

Rate

+

1.58%

5.95%,

01/19/2038

(e) 160

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.43%

6.30%,

10/18/2028

(e) 310

Secured

Overnight

Financing

Rate

+

2.24%

6.34%,

10/18/2033

(e) 310

Secured

Overnight

Financing

Rate

+

2.56%

6.38%,

07/24/2042

6.41%,

11/01/2029

(e) 280

Secured

Overnight

Financing

Rate

+

1.83%

6.63%,

11/01/2034

(e) 180

Secured

Overnight

Financing

Rate

+

2.05%

Morgan

Stanley

Bank

NA

4.45%,

10/15/2027

(e) 275

Secured

Overnight

Financing

Rate

+

0.68%

4.97%,

07/14/2028

(e) 260

Secured

Overnight

Financing

Rate

+

0.93%

5.02%,

01/12/2029

(e) 320

Secured

Overnight

Financing

Rate

+

0.91%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

National

Australia

Bank

Ltd/New

York

4.79%,

01/10/2029

$

500

$

508

5.09%,

06/11/2027

500

508

NatWest

Group

PLC

1.64%,

06/14/2027

(e) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.90%

4.89%,

05/18/2029

(e) 700

702

Month

USD

LIBOR

+

1.75%

5.08%,

01/27/2030

(e) 400

Month

USD

LIBOR

+

1.91%

5.12%,

05/23/2031

(e) 400

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.05%

Oesterreichische

Kontrollbank

AG

3.63%,

09/09/2027

3.75%,

09/05/2029

4.00%,

05/28/2028

4.25%,

03/01/2028

4.50%,

01/24/2030

4.75%,

05/21/2027

PNC

Financial

Services

Group

Inc/The

2.31%,

04/23/2032

(e) 245

Secured

Overnight

Financing

Rate

+

0.98%

2.55%,

01/22/2030

3.45%,

04/23/2029

4.63%,

06/06/2033

(e) 160

Secured

Overnight

Financing

Rate

+

1.85%

4.90%,

05/13/2031

(e) 475

Secured

Overnight

Financing

Rate

+

1.33%

5.22%,

01/29/2031

(e) 295

Secured

Overnight

Financing

Rate

+

1.07%

5.30%,

01/21/2028

(e) 135

Secured

Overnight

Financing

Rate

+

1.34%

5.35%,

12/02/2028

(e) 410

Secured

Overnight

Financing

Rate

+

1.62%

5.40%,

07/23/2035

(e) 285

Secured

Overnight

Financing

Rate

+

1.60%

5.68%,

01/22/2035

(e) 65

Secured

Overnight

Financing

Rate

+

1.90%

5.94%,

08/18/2034

(e) 315

Secured

Overnight

Financing

Rate

+

1.95%

6.62%,

10/20/2027

(e) 240

Secured

Overnight

Financing

Rate

+

1.73%

Royal

Bank

of

Canada

1.15%,

07/14/2026

3.63%,

05/04/2027

3.88%,

05/04/2032

4.51%,

10/18/2027

(e) 205

Secured

Overnight

Financing

Rate

+

0.72%

4.65%,

10/18/2030

(e) 205

Secured

Overnight

Financing

Rate

+

1.08%

4.90%,

01/12/2028

4.95%,

02/01/2029

4.97%,

01/24/2029

(e) 215

Secured

Overnight

Financing

Rate

+

0.83%

4.97%,

05/02/2031

(e) 305

Secured

Overnight

Financing

Rate

+

1.13%

5.00%,

05/02/2033

5.15%,

02/04/2031

(e) 215

Secured

Overnight

Financing

Rate

+

1.03%

5.20%,

07/20/2026

6.00%,

11/01/2027

Santander

Holdings

USA

Inc

2.49%,

01/06/2028

(e) 290

Secured

Overnight

Financing

Rate

+

1.25%

5.35%,

09/06/2030

(e) 325

Secured

Overnight

Financing

Rate

+

1.94%

Schedule

of

Investments

Bond

Market

Index

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Santander

Holdings

USA

Inc

(continued)

5.47%,

03/20/2029

(e) $

$

Secured

Overnight

Financing

Rate

+

1.61%

Santander

UK

Group

Holdings

PLC

2.47%,

01/11/2028

(e) 200

Secured

Overnight

Financing

Rate

+

1.22%

2.90%,

03/15/2032

(e) 600

528

Secured

Overnight

Financing

Rate

+

1.48%

State

Street

Corp

2.20%,

02/07/2028

(e) 65

Secured

Overnight

Financing

Rate

+

0.73%

2.20%,

03/03/2031

4.33%,

10/22/2027

4.42%,

05/13/2033

(e) 135

Secured

Overnight

Financing

Rate

+

1.61%

4.53%,

02/20/2029

(e) 310

Secured

Overnight

Financing

Rate

+

1.02%

4.54%,

02/28/2028

(d) 150

4.68%,

10/22/2032

(e) 135

Secured

Overnight

Financing

Rate

+

1.05%

4.82%,

01/26/2034

(e) 245

Secured

Overnight

Financing

Rate

+

1.57%

4.83%,

04/24/2030

5.15%,

02/28/2036

(e) 150

Secured

Overnight

Financing

Rate

+

1.22%

5.27%,

08/03/2026

5.68%,

11/21/2029

(e) 140

Secured

Overnight

Financing

Rate

+

1.48%

Sumitomo

Mitsui

Financial

Group

Inc

2.13%,

07/08/2030

2.14%,

09/23/2030

2.93%,

09/17/2041

3.01%,

10/19/2026

3.04%,

07/16/2029

3.36%,

07/12/2027

3.45%,

01/11/2027

5.24%,

04/15/2030

5.32%,

07/09/2029

5.42%,

07/09/2031

5.52%,

01/13/2028

5.63%,

01/15/2035

5.77%,

01/13/2033

5.80%,

07/13/2028

5.81%,

09/14/2033

(d) 235

6.18%,

07/13/2043

Toronto-Dominion

Bank/The

1.20%,

06/03/2026

1.95%,

01/12/2027

2.00%,

09/10/2031

3.20%,

03/10/2032

4.11%,

06/08/2027

4.46%,

06/08/2032

4.57%,

12/17/2026

4.57%,

06/02/2028

(f) 305

4.69%,

09/15/2027

655

658

4.78%,

12/17/2029

4.99%,

04/05/2029

5.30%,

01/30/2032

5.52%,

07/17/2028

5.53%,

07/17/2026

Truist

Bank

2.25%,

03/11/2030

1,000

884

3.80%,

10/30/2026

Truist

Financial

Corp

1.89%,

06/07/2029

(e) 130

Secured

Overnight

Financing

Rate

+

0.86%

1.95%,

06/05/2030

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Truist

Financial

Corp

(continued)

4.12%,

06/06/2028

(e) $

$

Secured

Overnight

Financing

Rate

+

1.37%

4.87%,

01/26/2029

(e) 160

Secured

Overnight

Financing

Rate

+

1.44%

5.07%,

05/20/2031

(e) 155

Secured

Overnight

Financing

Rate

+

1.31%

5.12%,

01/26/2034

(e) 160

Secured

Overnight

Financing

Rate

+

1.85%

5.15%,

08/05/2032

(e) 290

Secured

Overnight

Financing

Rate

+

1.57%

5.44%,

01/24/2030

(e) 65

Secured

Overnight

Financing

Rate

+

1.62%

5.71%,

01/24/2035

(d),(e)

Secured

Overnight

Financing

Rate

+

1.92%

5.87%,

06/08/2034

(e) 160

Secured

Overnight

Financing

Rate

+

2.36%

UBS

AG/Stamford

CT

4.86%,

01/10/2028

(e) 500

502

Secured

Overnight

Financing

Rate

+

0.72%

5.00%,

07/09/2027

500

506

US

Bancorp

1.38%,

07/22/2030

2.22%,

01/27/2028

(e) 275

Secured

Overnight

Financing

Rate

+

0.73%

2.49%,

11/03/2036

(e) 400

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.95%

3.15%,

04/27/2027

4.55%,

07/22/2028

(e) 480

Secured

Overnight

Financing

Rate

+

1.66%

4.65%,

02/01/2029

(e) 285

Secured

Overnight

Financing

Rate

+

1.23%

4.84%,

02/01/2034

(e) 285

Secured

Overnight

Financing

Rate

+

1.60%

5.05%,

02/12/2031

(e) 285

Secured

Overnight

Financing

Rate

+

1.06%

5.08%,

05/15/2031

(e) 105

Secured

Overnight

Financing

Rate

+

1.30%

5.38%,

01/23/2030

(e) 55

Secured

Overnight

Financing

Rate

+

1.56%

5.68%,

01/23/2035

(e) 240

Secured

Overnight

Financing

Rate

+

1.86%

5.84%,

06/12/2034

(e) 320

Secured

Overnight

Financing

Rate

+

2.26%

5.85%,

10/21/2033

(e) 155

Secured

Overnight

Financing

Rate

+

2.09%

US

Bank

NA/Cincinnati

OH

4.73%,

05/15/2028

(e) 250

Secured

Overnight

Financing

Rate

+

0.91%

Wells

Fargo

&

Co

2.39%,

06/02/2028

(e) 220

Secured

Overnight

Financing

Rate

+

2.10%

2.57%,

02/11/2031

(e) 700

632

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.26%

3.00%,

10/23/2026

3.07%,

04/30/2041

(e) 485

Secured

Overnight

Financing

Rate

+

2.53%

3.35%,

03/02/2033

(e) 430

Secured

Overnight

Financing

Rate

+

1.50%

3.53%,

03/24/2028

(e) 160

Secured

Overnight

Financing

Rate

+

1.51%

3.58%,

05/22/2028

(e) 375

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.57%

4.10%,

06/03/2026

4.15%,

01/24/2029

Schedule

of

Investments

Bond

Market

Index

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Wells

Fargo

&

Co

(continued)

4.40%,

06/14/2046

$

$

4.61%,

04/25/2053

(e) 255

Secured

Overnight

Financing

Rate

+

2.13%

4.65%,

11/04/2044

600

4.75%,

12/07/2046

4.81%,

07/25/2028

(e) 65

Secured

Overnight

Financing

Rate

+

1.98%

4.90%,

01/24/2028

(e) 215

Secured

Overnight

Financing

Rate

+

0.78%

4.90%,

07/25/2033

(e) 735

722

Secured

Overnight

Financing

Rate

+

2.10%

4.90%,

11/17/2045

4.97%,

04/23/2029

(e) 155

Secured

Overnight

Financing

Rate

+

1.37%

5.01%,

04/04/2051

(e) 440

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

5.15%,

04/23/2031

(e) 305

Secured

Overnight

Financing

Rate

+

1.50%

5.20%,

01/23/2030

(e) 265

Secured

Overnight

Financing

Rate

+

1.50%

5.21%,

12/03/2035

(e) 280

Secured

Overnight

Financing

Rate

+

1.38%

5.24%,

01/24/2031

(e) 200

Secured

Overnight

Financing

Rate

+

1.11%

5.38%,

11/02/2043

5.39%,

04/24/2034

(e) 375

Secured

Overnight

Financing

Rate

+

2.02%

5.50%,

01/23/2035

(e) 265

Secured

Overnight

Financing

Rate

+

1.78%

5.56%,

07/25/2034

(e) 475

Secured

Overnight

Financing

Rate

+

1.99%

5.57%,

07/25/2029

(e) 475

Secured

Overnight

Financing

Rate

+

1.74%

5.61%,

04/23/2036

(e) 155

Secured

Overnight

Financing

Rate

+

1.74%

5.61%,

01/15/2044

5.71%,

04/22/2028

(e) 250

Secured

Overnight

Financing

Rate

+

1.07%

6.30%,

10/23/2029

(e) 320

Secured

Overnight

Financing

Rate

+

1.79%

6.49%,

10/23/2034

(e) 320

Secured

Overnight

Financing

Rate

+

2.06%

Wells

Fargo

Bank

NA

5.25%,

12/11/2026

5.45%,

08/07/2026

Westpac

Banking

Corp

1.15%,

06/03/2026

3.02%,

11/18/2036

(e) 405

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.53%

3.13%,

11/18/2041

4.11%,

07/24/2034

(e) 555

531

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.00%

5.05%,

04/16/2029

690

708

$

149,562

Beverages

-

.52

%

Anheuser-Busch

Cos

LLC

/

Anheuser-Busch

InBev

Worldwide

Inc

4.70%,

02/01/2036

575

553

4.90%,

02/01/2046

992

894

Anheuser-Busch

InBev

Worldwide

Inc

3.50%,

06/01/2030

4.75%,

01/23/2029

550

558

4.95%,

01/15/2042

5.00%,

06/15/2034

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Beverages

(continued)

Anheuser-Busch

InBev

Worldwide

Inc

(continued)

5.45%,

01/23/2039

$

$

5.55%,

01/23/2049

5.80%,

01/23/2059

8.20%,

01/15/2039

Coca-Cola

Co/The

1.50%,

03/05/2028

2.50%,

06/01/2040

2.50%,

03/15/2051

2.60%,

06/01/2050

2.88%,

05/05/2041

3.00%,

03/05/2051

4.65%,

08/14/2034

5.00%,

05/13/2034

5.20%,

01/14/2055

5.30%,

05/13/2054

Constellation

Brands

Inc

2.25%,

08/01/2031

1,040

891

3.15%,

08/01/2029

3.60%,

02/15/2028

700

684

4.35%,

05/09/2027

4.90%,

05/01/2033

Diageo

Capital

PLC

2.38%,

10/24/2029

5.30%,

10/24/2027

5.63%,

10/05/2033

Keurig

Dr

Pepper

Inc

2.25%,

03/15/2031

3.35%,

03/15/2051

3.95%,

04/15/2029

735

718

4.05%,

04/15/2032

4.35%,

05/15/2028

4.50%,

04/15/2052

5.10%,

03/15/2027

5.15%,

05/15/2035

Molson

Coors

Beverage

Co

3.00%,

07/15/2026

4.20%,

07/15/2046

PepsiCo

Inc

2.63%,

10/21/2041

725

2.75%,

10/21/2051

2.88%,

10/15/2049

3.00%,

10/15/2027

600

585

4.45%,

02/07/2028

545

550

4.50%,

07/17/2029

4.80%,

07/17/2034

5.00%,

02/07/2035

(d) 315

$

13,735

Biotechnology

-

.31

%

Amgen

Inc

1.65%,

08/15/2028

2.00%,

01/15/2032

2.45%,

02/21/2030

2.60%,

08/19/2026

700

686

2.77%,

09/01/2053

510

3.00%,

02/22/2029

3.00%,

01/15/2052

3.15%,

02/21/2040

3.38%,

02/21/2050

545

4.20%,

03/01/2033

4.20%,

02/22/2052

4.40%,

05/01/2045

4.66%,

06/15/2051

4.88%,

03/01/2053

5.15%,

03/02/2028

5.15%,

11/15/2041

5.25%,

03/02/2030

5.25%,

03/02/2033

Schedule

of

Investments

Bond

Market

Index

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Biotechnology

(continued)

Amgen

Inc

(continued)

5.60%,

03/02/2043

$

$

5.65%,

03/02/2053

5.75%,

03/02/2063

Biogen

Inc

5.20%,

09/15/2045

Gilead

Sciences

Inc

1.65%,

10/01/2030

2.80%,

10/01/2050

2.95%,

03/01/2027

4.15%,

03/01/2047

4.50%,

02/01/2045

500

4.75%,

03/01/2046

580

508

5.10%,

06/15/2035

5.25%,

10/15/2033

5.50%,

11/15/2054

5.55%,

10/15/2053

Regeneron

Pharmaceuticals

Inc

1.75%,

09/15/2030

Royalty

Pharma

PLC

1.75%,

09/02/2027

655

616

2.20%,

09/02/2030

3.30%,

09/02/2040

$

8,071

Building

Materials

-

.13

%

Carrier

Global

Corp

2.49%,

02/15/2027

2.72%,

02/15/2030

3.38%,

04/05/2040

3.58%,

04/05/2050

5.90%,

03/15/2034

6.20%,

03/15/2054

CRH

America

Finance

Inc

5.50%,

01/09/2035

Johnson

Controls

International

plc

/

Tyco

Fire

&

Security

Finance

SCA

2.00%,

09/16/2031

Martin

Marietta

Materials

Inc

2.50%,

03/15/2030

3.20%,

07/15/2051

5.15%,

12/01/2034

Masco

Corp

1.50%,

02/15/2028

Owens

Corning

4.30%,

07/15/2047

5.50%,

06/15/2027

5.70%,

06/15/2034

Trane

Technologies

Financing

Ltd

3.80%,

03/21/2029

5.10%,

06/13/2034

Vulcan

Materials

Co

3.50%,

06/01/2030

3.90%,

04/01/2027

5.35%,

12/01/2034

$

3,568

Chemicals

-

.24

%

Air

Products

and

Chemicals

Inc

2.80%,

05/15/2050

4.60%,

02/08/2029

4.80%,

03/03/2033

Albemarle

Corp

5.45%,

12/01/2044

Dow

Chemical

Co/The

2.10%,

11/15/2030

3.60%,

11/15/2050

4.38%,

11/15/2042

4.63%,

10/01/2044

4.80%,

11/30/2028

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Chemicals

(continued)

Dow

Chemical

Co/The

(continued)

4.80%,

05/15/2049

$

$

5.15%,

02/15/2034

(d) 130

DuPont

de

Nemours

Inc

4.73%,

11/15/2028

700

709

5.32%,

11/15/2038

5.42%,

11/15/2048

Eastman

Chemical

Co

4.65%,

10/15/2044

Ecolab

Inc

1.30%,

01/30/2031

1.65%,

02/01/2027

2.75%,

08/18/2055

(d) 700

4.30%,

06/15/2028

(f) 60

LYB

International

Finance

III

LLC

2.25%,

10/01/2030

3.63%,

04/01/2051

4.20%,

10/15/2049

5.63%,

05/15/2033

Mosaic

Co/The

5.63%,

11/15/2043

Nutrien

Ltd

4.20%,

04/01/2029

4.50%,

03/12/2027

5.00%,

04/01/2049

5.40%,

06/21/2034

5.80%,

03/27/2053

Sherwin-Williams

Co/The

2.20%,

03/15/2032

3.30%,

05/15/2050

4.50%,

06/01/2047

Westlake

Corp

3.13%,

08/15/2051

3.60%,

08/15/2026

$

6,224

Commercial

Mortgage

Backed

Securities

-

.02

%

Fannie

Mae-Aces

2.99%,

12/25/2027

(h) 636

618

Commercial

Services

-

.12

%

American

University/The

3.67%,

04/01/2049

Global

Payments

Inc

3.20%,

08/15/2029

4.15%,

08/15/2049

Massachusetts

Institute

of

Technology

3.96%,

07/01/2038

4.68%,

07/01/2114

Moody's

Corp

4.25%,

08/08/2032

5.00%,

08/05/2034

5.25%,

07/15/2044

PayPal

Holdings

Inc

2.85%,

10/01/2029

755

706

3.90%,

06/01/2027

4.40%,

06/01/2032

5.50%,

06/01/2054

S&P

Global

Inc

1.25%,

08/15/2030

2.45%,

03/01/2027

2.50%,

12/01/2029

3.25%,

12/01/2049

3.70%,

03/01/2052

5.25%,

09/15/2033

TR

Finance

LLC

5.85%,

04/15/2040

University

of

Southern

California

5.25%,

10/01/2111

(d) 20

$

3,070

Schedule

of

Investments

Bond

Market

Index

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Computers

-

.56

%

Apple

Inc

1.20%,

02/08/2028

$

$

1.65%,

05/11/2030

550

2.40%,

08/20/2050

2.65%,

05/11/2050

600

2.65%,

02/08/2051

2.70%,

08/05/2051

2.80%,

02/08/2061

850

2.90%,

09/12/2027

2.95%,

09/11/2049

3.00%,

06/20/2027

500

3.20%,

05/11/2027

3.35%,

02/09/2027

525

519

3.35%,

08/08/2032

500

3.75%,

11/13/2047

3.85%,

05/04/2043

3.95%,

08/08/2052

4.20%,

05/12/2030

4.38%,

05/13/2045

4.50%,

05/12/2032

4.65%,

02/23/2046

4.75%,

05/12/2035

4.85%,

05/10/2053

(d) 320

Dell

International

LLC

/

EMC

Corp

3.38%,

12/15/2041

3.45%,

12/15/2051

(d) 346

4.35%,

02/01/2030

535

526

4.75%,

04/01/2028

5.25%,

02/01/2028

5.30%,

10/01/2029

5.30%,

04/01/2032

5.40%,

04/15/2034

6.02%,

06/15/2026

8.35%,

07/15/2046

Hewlett

Packard

Enterprise

Co

4.45%,

09/25/2026

4.55%,

10/15/2029

535

530

4.85%,

10/15/2031

5.00%,

10/15/2034

6.20%,

10/15/2035

6.35%,

10/15/2045

HP

Inc

3.00%,

06/17/2027

4.75%,

01/15/2028

6.00%,

09/15/2041

6.10%,

04/25/2035

IBM

International

Capital

Pte

Ltd

4.75%,

02/05/2031

4.90%,

02/05/2034

International

Business

Machines

Corp

2.20%,

02/09/2027

575

555

3.50%,

05/15/2029

4.00%,

06/20/2042

4.15%,

05/15/2039

4.25%,

05/15/2049

600

4.40%,

07/27/2032

4.50%,

02/06/2028

4.65%,

02/10/2028

4.70%,

02/19/2046

5.10%,

02/06/2053

5.70%,

02/10/2055

NetApp

Inc

2.38%,

06/22/2027

$

14,782

Consumer

Products

-

.03

%

Church

&

Dwight

Co

Inc

3.95%,

08/01/2047

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Consumer

Products

(continued)

Clorox

Co/The

1.80%,

05/15/2030

$

$

Kimberly-Clark

Corp

5.30%,

03/01/2041

$

749

Cosmetics

&

Personal

Care

-

.19

%

Colgate-Palmolive

Co

4.20%,

05/01/2030

4.60%,

03/01/2028

Estee

Lauder

Cos

Inc/The

1.95%,

03/15/2031

2.38%,

12/01/2029

3.15%,

03/15/2027

Haleon

US

Capital

LLC

3.38%,

03/24/2027

3.63%,

03/24/2032

4.00%,

03/24/2052

Kenvue

Inc

4.85%,

05/22/2032

4.90%,

03/22/2033

5.05%,

03/22/2028

5.05%,

03/22/2053

5.10%,

03/22/2043

Procter

&

Gamble

Co/The

1.90%,

02/01/2027

540

522

3.55%,

03/25/2040

4.05%,

05/01/2030

4.60%,

05/01/2035

(d) 155

Unilever

Capital

Corp

1.38%,

09/14/2030

1.75%,

08/12/2031

680

583

2.90%,

05/05/2027

4.63%,

08/12/2034

$

5,022

Diversified

Financial

Services

-

.85

%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

2.45%,

10/29/2026

3.00%,

10/29/2028

600

566

3.30%,

01/30/2032

750

666

3.40%,

10/29/2033

3.88%,

01/23/2028

4.88%,

04/01/2028

4.95%,

09/10/2034

5.10%,

01/19/2029

5.38%,

12/15/2031

6.10%,

01/15/2027

Air

Lease

Corp

1.88%,

08/15/2026

2.10%,

09/01/2028

2.88%,

01/15/2032

5.10%,

03/01/2029

5.20%,

07/15/2031

Ally

Financial

Inc

2.20%,

11/02/2028

4.75%,

06/09/2027

5.74%,

05/15/2029

(e) 170

Secured

Overnight

Financing

Rate

+

1.96%

8.00%,

11/01/2031

American

Express

Co

1.65%,

11/04/2026

3.30%,

05/03/2027

500

4.05%,

05/03/2029

4.05%,

12/03/2042

4.73%,

04/25/2029

(e) 305

Secured

Overnight

Financing

Rate

+

1.26%

5.09%,

01/30/2031

(e) 215

Secured

Overnight

Financing

Rate

+

1.02%

Schedule

of

Investments

Bond

Market

Index

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Diversified

Financial

Services

(continued)

American

Express

Co

(continued)

5.10%,

02/16/2028

(e) $

$

Secured

Overnight

Financing

Rate

+

1.00%

5.28%,

07/27/2029

(e) 160

Secured

Overnight

Financing

Rate

+

1.28%

5.28%,

07/26/2035

(e) 345

Secured

Overnight

Financing

Rate

+

1.42%

5.39%,

07/28/2027

(e) 160

Secured

Overnight

Financing

Rate

+

0.97%

5.53%,

04/25/2030

(e) 250

Secured

Overnight

Financing

Rate

+

1.09%

5.67%,

04/25/2036

(e) 155

Secured

Overnight

Financing

Rate

+

1.79%

6.49%,

10/30/2031

(e) 70

Secured

Overnight

Financing

Rate

+

1.94%

BlackRock

Funding

Inc

4.90%,

01/08/2035

(d) 260

5.35%,

01/08/2055

Blackrock

Inc

2.10%,

02/25/2032

2.40%,

04/30/2030

Capital

One

Financial

Corp

1.88%,

11/02/2027

(e) 390

Secured

Overnight

Financing

Rate

+

0.86%

2.36%,

07/29/2032

(e) 510

Secured

Overnight

Financing

Rate

+

1.34%

3.75%,

07/28/2026

4.10%,

02/09/2027

4.93%,

05/10/2028

(e) 445

Secured

Overnight

Financing

Rate

+

2.06%

5.46%,

07/26/2030

(e) 140

Secured

Overnight

Financing

Rate

+

1.56%

5.70%,

02/01/2030

(e) 135

Secured

Overnight

Financing

Rate

+

1.91%

5.82%,

02/01/2034

(e) 160

Secured

Overnight

Financing

Rate

+

2.60%

5.88%,

07/26/2035

(e) 140

Secured

Overnight

Financing

Rate

+

1.99%

6.05%,

02/01/2035

(e) 245

Secured

Overnight

Financing

Rate

+

2.26%

6.18%,

01/30/2036

(e) 70

Secured

Overnight

Financing

Rate

+

2.04%

6.31%,

06/08/2029

(e) 360

Secured

Overnight

Financing

Rate

+

2.64%

7.62%,

10/30/2031

(e) 210

Secured

Overnight

Financing

Rate

+

3.07%

Charles

Schwab

Corp/The

1.65%,

03/11/2031

1.95%,

12/01/2031

540

2.00%,

03/20/2028

5.64%,

05/19/2029

(e) 160

Secured

Overnight

Financing

Rate

+

2.21%

5.88%,

08/24/2026

6.14%,

08/24/2034

(e) 155

Secured

Overnight

Financing

Rate

+

2.01%

6.20%,

11/17/2029

(e) 140

Secured

Overnight

Financing

Rate

+

1.88%

CME

Group

Inc

5.30%,

09/15/2043

Intercontinental

Exchange

Inc

1.85%,

09/15/2032

2.10%,

06/15/2030

2.65%,

09/15/2040

3.00%,

09/15/2060

3.75%,

09/21/2028

4.00%,

09/15/2027

4.25%,

09/21/2048

4.60%,

03/15/2033

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Diversified

Financial

Services

(continued)

Intercontinental

Exchange

Inc

(continued)

4.95%,

06/15/2052

$

$

Jefferies

Financial

Group

Inc

2.63%,

10/15/2031

2.75%,

10/15/2032

4.15%,

01/23/2030

Legg

Mason

Inc

5.63%,

01/15/2044

Mastercard

Inc

2.00%,

11/18/2031

2.95%,

03/15/2051

3.35%,

03/26/2030

875

837

3.85%,

03/26/2050

4.55%,

03/15/2028

4.55%,

01/15/2035

4.88%,

03/09/2028

Nasdaq

Inc

2.50%,

12/21/2040

5.35%,

06/28/2028

5.95%,

08/15/2053

Nomura

Holdings

Inc

2.33%,

01/22/2027

2.68%,

07/16/2030

5.84%,

01/18/2028

6.09%,

07/12/2033

(d) 315

Synchrony

Financial

3.95%,

12/01/2027

720

700

Visa

Inc

1.10%,

02/15/2031

1.90%,

04/15/2027

2.00%,

08/15/2050

2.70%,

04/15/2040

2.75%,

09/15/2027

4.15%,

12/14/2035

500

4.30%,

12/14/2045

Voya

Financial

Inc

3.65%,

06/15/2026

500

$

22,436

Electric

-

.00

%

AEP

Texas

Inc

2.10%,

07/01/2030

3.45%,

01/15/2050

3.45%,

05/15/2051

4.70%,

05/15/2032

5.25%,

05/15/2052

AEP

Transmission

Co

LLC

2.75%,

08/15/2051

4.00%,

12/01/2046

4.50%,

06/15/2052

5.40%,

03/15/2053

AES

Corp/The

2.45%,

01/15/2031

Alabama

Power

Co

1.45%,

09/15/2030

3.13%,

07/15/2051

Ameren

Corp

1.75%,

03/15/2028

5.00%,

01/15/2029

5.70%,

12/01/2026

Ameren

Illinois

Co

1.55%,

11/15/2030

3.25%,

03/15/2050

3.85%,

09/01/2032

4.15%,

03/15/2046

American

Electric

Power

Co

Inc

2.30%,

03/01/2030

5.63%,

03/01/2033

Schedule

of

Investments

Bond

Market

Index

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

Arizona

Public

Service

Co

2.60%,

08/15/2029

$

$

2.65%,

09/15/2050

Baltimore

Gas

and

Electric

Co

2.25%,

06/15/2031

4.55%,

06/01/2052

5.45%,

06/01/2035

5.65%,

06/01/2054

Berkshire

Hathaway

Energy

Co

1.65%,

05/15/2031

2.85%,

05/15/2051

3.80%,

07/15/2048

650

4.60%,

05/01/2053

5.15%,

11/15/2043

CenterPoint

Energy

Houston

Electric

LLC

3.35%,

04/01/2051

4.25%,

02/01/2049

4.95%,

04/01/2033

5.20%,

10/01/2028

CenterPoint

Energy

Inc

1.45%,

06/01/2026

2.95%,

03/01/2030

CMS

Energy

Corp

3.75%,

12/01/2050

(e) 60

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.90%

Commonwealth

Edison

Co

3.00%,

03/01/2050

715

3.13%,

03/15/2051

4.00%,

03/01/2048

5.30%,

06/01/2034

5.30%,

02/01/2053

5.65%,

06/01/2054

5.95%,

06/01/2055

Connecticut

Light

and

Power

Co/The

2.05%,

07/01/2031

3.20%,

03/15/2027

4.95%,

01/15/2030

Consolidated

Edison

Co

of

New

York

Inc

2.40%,

06/15/2031

3.00%,

12/01/2060

3.70%,

11/15/2059

3.88%,

06/15/2047

4.30%,

12/01/2056

500

5.20%,

03/01/2033

5.30%,

03/01/2035

6.15%,

11/15/2052

6.30%,

08/15/2037

6.75%,

04/01/2038

Consumers

Energy

Co

2.50%,

05/01/2060

4.35%,

04/15/2049

4.50%,

01/15/2031

4.60%,

05/30/2029

4.70%,

01/15/2030

4.90%,

02/15/2029

5.05%,

05/15/2035

Dominion

Energy

Inc

3.30%,

04/15/2041

3.38%,

04/01/2030

4.60%,

05/15/2028

535

536

4.90%,

08/01/2041

5.38%,

11/15/2032

5.45%,

03/15/2035

5.95%,

06/15/2035

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

DTE

Electric

Co

1.90%,

04/01/2028

$

$

3.70%,

03/15/2045

5.20%,

03/01/2034

5.25%,

05/15/2035

5.40%,

04/01/2053

DTE

Energy

Co

4.88%,

06/01/2028

4.95%,

07/01/2027

550

554

5.20%,

04/01/2030

Duke

Energy

Carolinas

LLC

4.00%,

09/30/2042

4.95%,

01/15/2033

5.25%,

03/15/2035

5.30%,

02/15/2040

5.35%,

01/15/2053

5.40%,

01/15/2054

6.05%,

04/15/2038

Duke

Energy

Corp

2.65%,

09/01/2026

3.15%,

08/15/2027

3.30%,

06/15/2041

3.50%,

06/15/2051

3.95%,

08/15/2047

4.20%,

06/15/2049

4.50%,

08/15/2032

4.80%,

12/15/2045

4.85%,

01/05/2029

5.00%,

08/15/2052

5.45%,

06/15/2034

5.80%,

06/15/2054

6.10%,

09/15/2053

Duke

Energy

Florida

LLC

1.75%,

06/15/2030

2.50%,

12/01/2029

3.20%,

01/15/2027

3.40%,

10/01/2046

5.88%,

11/15/2033

5.95%,

11/15/2052

6.40%,

06/15/2038

Duke

Energy

Indiana

LLC

2.75%,

04/01/2050

5.40%,

04/01/2053

5.90%,

05/15/2055

Duke

Energy

Progress

LLC

2.50%,

08/15/2050

5.55%,

03/15/2055

Emera

US

Finance

LP

4.75%,

06/15/2046

Entergy

Arkansas

LLC

2.65%,

06/15/2051

4.20%,

04/01/2049

600

5.15%,

01/15/2033

Entergy

Corp

1.90%,

06/15/2028

2.40%,

06/15/2031

Entergy

Louisiana

LLC

2.90%,

03/15/2051

3.10%,

06/15/2041

3.12%,

09/01/2027

4.75%,

09/15/2052

5.15%,

09/15/2034

5.80%,

03/15/2055

Entergy

Texas

Inc

1.75%,

03/15/2031

4.00%,

03/30/2029

Schedule

of

Investments

Bond

Market

Index

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

Evergy

Kansas

Central

Inc

5.25%,

03/15/2035

$

$

5.70%,

03/15/2053

Evergy

Metro

Inc

2.25%,

06/01/2030

Eversource

Energy

1.65%,

08/15/2030

5.00%,

01/01/2027

5.13%,

05/15/2033

Exelon

Corp

3.35%,

03/15/2032

5.13%,

03/15/2031

5.15%,

03/15/2029

6.50%,

03/15/2055

(e) 425

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.98%

Florida

Power

&

Light

Co

2.45%,

02/03/2032

2.88%,

12/04/2051

3.70%,

12/01/2047

4.05%,

10/01/2044

4.13%,

02/01/2042

4.40%,

05/15/2028

4.80%,

05/15/2033

5.10%,

04/01/2033

5.30%,

06/15/2034

5.60%,

06/15/2054

5.65%,

02/01/2037

5.70%,

03/15/2055

Georgia

Power

Co

3.25%,

03/30/2027

4.30%,

03/15/2042

4.55%,

03/15/2030

4.65%,

05/16/2028

4.70%,

05/15/2032

Interstate

Power

and

Light

Co

2.30%,

06/01/2030

5.60%,

06/29/2035

Kentucky

Utilities

Co

3.30%,

06/01/2050

MidAmerican

Energy

Co

3.15%,

04/15/2050

4.25%,

07/15/2049

5.30%,

02/01/2055

Mississippi

Power

Co

4.25%,

03/15/2042

National

Rural

Utilities

Cooperative

Finance

Corp

1.00%,

06/15/2026

4.12%,

09/16/2027

4.15%,

12/15/2032

765

723

4.80%,

03/15/2028

5.00%,

02/07/2031

5.15%,

06/15/2029

Nevada

Power

Co

2.40%,

05/01/2030

NextEra

Energy

Capital

Holdings

Inc

1.90%,

06/15/2028

2.25%,

06/01/2030

2.75%,

11/01/2029

545

504

3.55%,

05/01/2027

700

687

4.90%,

02/28/2028

4.90%,

03/15/2029

5.00%,

07/15/2032

5.05%,

03/15/2030

5.25%,

03/15/2034

5.25%,

02/28/2053

5.45%,

03/15/2035

5.90%,

03/15/2055

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

NextEra

Energy

Capital

Holdings

Inc

(continued)

6.50%,

08/15/2055

(e) $

$

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.98%

Northern

States

Power

Co/MN

2.25%,

04/01/2031

2.60%,

06/01/2051

2.90%,

03/01/2050

5.05%,

05/15/2035

5.10%,

05/15/2053

5.35%,

11/01/2039

5.65%,

05/15/2055

NSTAR

Electric

Co

4.55%,

06/01/2052

4.95%,

09/15/2052

565

5.20%,

03/01/2035

5.40%,

06/01/2034

Ohio

Power

Co

1.63%,

01/15/2031

Oncor

Electric

Delivery

Co

LLC

3.10%,

09/15/2049

4.15%,

06/01/2032

4.30%,

05/15/2028

570

570

4.50%,

03/20/2027

(i) 155

4.55%,

09/15/2032

4.60%,

06/01/2052

4.65%,

11/01/2029

5.55%,

06/15/2054

Pacific

Gas

and

Electric

Co

2.10%,

08/01/2027

605

571

2.50%,

02/01/2031

880

757

3.30%,

08/01/2040

3.50%,

08/01/2050

850

538

4.20%,

06/01/2041

5.70%,

03/01/2035

5.80%,

05/15/2034

5.90%,

06/15/2032

5.90%,

10/01/2054

6.10%,

01/15/2029

6.75%,

01/15/2053

PacifiCorp

2.90%,

06/15/2052

5.30%,

02/15/2031

5.35%,

12/01/2053

5.50%,

05/15/2054

6.00%,

01/15/2039

6.25%,

10/15/2037

PECO

Energy

Co

2.80%,

06/15/2050

2.85%,

09/15/2051

4.38%,

08/15/2052

4.60%,

05/15/2052

PPL

Capital

Funding

Inc

5.25%,

09/01/2034

PPL

Electric

Utilities

Corp

3.00%,

10/01/2049

3.95%,

06/01/2047

4.85%,

02/15/2034

5.00%,

05/15/2033

Public

Service

Co

of

Colorado

1.88%,

06/15/2031

2.70%,

01/15/2051

3.20%,

03/01/2050

5.25%,

04/01/2053

5.35%,

05/15/2034

5.85%,

05/15/2055

Schedule

of

Investments

Bond

Market

Index

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

Public

Service

Co

of

Oklahoma

5.20%,

01/15/2035

$

$

5.25%,

01/15/2033

Public

Service

Electric

and

Gas

Co

3.15%,

01/01/2050

3.65%,

09/01/2028

(d) 200

3.80%,

03/01/2046

570

4.85%,

08/01/2034

5.30%,

08/01/2054

5.45%,

08/01/2053

Public

Service

Enterprise

Group

Inc

4.90%,

03/15/2030

5.88%,

10/15/2028

6.13%,

10/15/2033

Puget

Sound

Energy

Inc

2.89%,

09/15/2051

San

Diego

Gas

&

Electric

Co

1.70%,

10/01/2030

3.32%,

04/15/2050

3.70%,

03/15/2052

4.50%,

08/15/2040

Sempra

4.00%,

02/01/2048

6.55%,

04/01/2055

(e) 380

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.14%

Southern

California

Edison

Co

2.25%,

06/01/2030

2.85%,

08/01/2029

3.45%,

02/01/2052

3.65%,

02/01/2050

640

4.00%,

04/01/2047

4.70%,

06/01/2027

4.88%,

02/01/2027

5.25%,

03/15/2030

5.30%,

03/01/2028

5.45%,

06/01/2031

5.45%,

03/01/2035

5.50%,

03/15/2040

5.65%,

10/01/2028

5.70%,

03/01/2053

5.85%,

11/01/2027

5.90%,

03/01/2055

5.95%,

02/01/2038

Southern

Co/The

1.75%,

03/15/2028

3.75%,

09/15/2051

(e) 40

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.92%

4.40%,

07/01/2046

5.20%,

06/15/2033

5.50%,

03/15/2029

5.70%,

10/15/2032

665

689

Southern

Power

Co

4.95%,

12/15/2046

Southwestern

Electric

Power

Co

4.10%,

09/15/2028

500

Southwestern

Public

Service

Co

4.50%,

08/15/2041

6.00%,

06/01/2054

Tampa

Electric

Co

3.45%,

03/15/2051

Tucson

Electric

Power

Co

1.50%,

08/01/2030

3.25%,

05/01/2051

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

Union

Electric

Co

2.15%,

03/15/2032

$

$

2.63%,

03/15/2051

5.45%,

03/15/2053

Virginia

Electric

and

Power

Co

2.30%,

11/15/2031

2.45%,

12/15/2050

2.95%,

11/15/2051

3.75%,

05/15/2027

5.05%,

08/15/2034

5.45%,

04/01/2053

5.55%,

08/15/2054

8.88%,

11/15/2038

WEC

Energy

Group

Inc

1.38%,

10/15/2027

2.20%,

12/15/2028

Wisconsin

Electric

Power

Co

4.75%,

09/30/2032

Wisconsin

Public

Service

Corp

4.55%,

12/01/2029

Xcel

Energy

Inc

1.75%,

03/15/2027

2.60%,

12/01/2029

4.60%,

06/01/2032

4.75%,

03/21/2028

$

52,662

Electrical

Components

&

Equipment

-

.03

%

Emerson

Electric

Co

0.88%,

10/15/2026

2.20%,

12/21/2031

820

712

$

927

Electronics

-

.11

%

Amphenol

Corp

5.00%,

01/15/2035

5.05%,

04/05/2027

Fortive

Corp

3.15%,

06/15/2026

Honeywell

International

Inc

1.10%,

03/01/2027

1.75%,

09/01/2031

1.95%,

06/01/2030

3.81%,

11/21/2047

4.25%,

01/15/2029

4.70%,

02/01/2030

5.00%,

02/15/2033

500

501

5.00%,

03/01/2035

5.25%,

03/01/2054

Tyco

Electronics

Group

SA

7.13%,

10/01/2037

$

2,905

Entertainment

-

.07

%

Warnermedia

Holdings

Inc

3.76%,

03/15/2027

4.05%,

03/15/2029

4.28%,

03/15/2032

5.05%,

03/15/2042

5.14%,

03/15/2052

740

5.39%,

03/15/2062

$

1,752

Environmental

Control

-

.20

%

Republic

Services

Inc

1.75%,

02/15/2032

635

527

2.30%,

03/01/2030

685

620

3.38%,

11/15/2027

5.00%,

11/15/2029

5.00%,

04/01/2034

5.15%,

03/15/2035

Schedule

of

Investments

Bond

Market

Index

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Environmental

Control

(continued)

Waste

Connections

Inc

2.20%,

01/15/2032

$

$

4.20%,

01/15/2033

735

702

Waste

Management

Inc

2.00%,

06/01/2029

2.50%,

11/15/2050

3.15%,

11/15/2027

790

769

4.15%,

04/15/2032

4.63%,

02/15/2033

4.65%,

03/15/2030

4.88%,

02/15/2029

4.95%,

07/03/2031

4.95%,

03/15/2035

5.35%,

10/15/2054

$

5,270

Federal

&

Federally

Sponsored

Credit

-

.04

%

Federal

Farm

Credit

Banks

Funding

Corp

4.38%,

06/23/2026

4.50%,

08/14/2026

630

633

$

1,109

Finance

-

Mortgage

Loan/Banker

-

.31

%

Fannie

Mae

0.75%,

10/08/2027

0.88%,

08/05/2030

710

607

5.63%,

07/15/2037

6.25%,

05/15/2029

750

812

6.63%,

11/15/2030

7.13%,

01/15/2030

7.25%,

05/15/2030

Federal

Home

Loan

Banks

1.25%,

12/21/2026

3.25%,

11/16/2028

950

931

3.63%,

09/04/2026

565

563

4.00%,

10/09/2026

4.00%,

03/10/2027

845

847

4.00%,

06/30/2028

4.13%,

01/15/2027

4.63%,

11/17/2026

4.75%,

04/09/2027

5.50%,

07/15/2036

Freddie

Mac

6.25%,

07/15/2032

6.75%,

03/15/2031

543

616

$

8,261

Food

-

.37

%

Conagra

Brands

Inc

1.38%,

11/01/2027

4.85%,

11/01/2028

5.30%,

11/01/2038

5.40%,

11/01/2048

General

Mills

Inc

2.25%,

10/14/2031

775

665

4.88%,

01/30/2030

4.95%,

03/29/2033

5.50%,

10/17/2028

Hershey

Co/The

2.65%,

06/01/2050

J

M

Smucker

Co/The

2.13%,

03/15/2032

5.90%,

11/15/2028

6.50%,

11/15/2043

JBS

USA

Holding

Lux

Sarl/

JBS

USA

Food

Co/

JBS

Lux

Co

Sarl

5.13%,

02/01/2028

5.75%,

04/01/2033

6.50%,

12/01/2052

6.75%,

03/15/2034

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Food

(continued)

JBS

USA

LUX

Sarl

/

JBS

USA

Food

Co

/

JBS

USA

Foods

Group

6.38%,

02/25/2055

(i) $

$

Kellanova

2.10%,

06/01/2030

Koninklijke

Ahold

Delhaize

NV

5.70%,

10/01/2040

Kraft

Heinz

Foods

Co

3.00%,

06/01/2026

4.38%,

06/01/2046

4.88%,

10/01/2049

5.00%,

06/04/2042

5.20%,

03/15/2032

5.20%,

07/15/2045

6.50%,

02/09/2040

Kroger

Co/The

1.70%,

01/15/2031

3.70%,

08/01/2027

700

690

4.45%,

02/01/2047

5.00%,

09/15/2034

5.15%,

08/01/2043

5.40%,

07/15/2040

5.50%,

09/15/2054

5.65%,

09/15/2064

McCormick

&

Co

Inc/MD

1.85%,

02/15/2031

Mondelez

International

Inc

1.50%,

02/04/2031

(d) 165

2.63%,

03/17/2027

2.63%,

09/04/2050

4.25%,

05/06/2028

4.50%,

05/06/2030

4.75%,

08/28/2034

Sysco

Corp

2.40%,

02/15/2030

2.45%,

12/14/2031

4.85%,

10/01/2045

5.40%,

03/23/2035

5.75%,

01/17/2029

The

Campbell's

Company

4.15%,

03/15/2028

Tyson

Foods

Inc

3.55%,

06/02/2027

4.55%,

06/02/2047

700

568

$

9,683

Forest

Products

&

Paper

-

.03

%

Georgia-Pacific

LLC

7.75%,

11/15/2029

International

Paper

Co

4.80%,

06/15/2044

Suzano

Austria

GmbH

2.50%,

09/15/2028

Suzano

International

Finance

BV

5.50%,

01/17/2027

$

728

Gas

-

.16

%

Atmos

Energy

Corp

1.50%,

01/15/2031

3.38%,

09/15/2049

4.13%,

10/15/2044

5.75%,

10/15/2052

5.90%,

11/15/2033

6.20%,

11/15/2053

CenterPoint

Energy

Resources

Corp

1.75%,

10/01/2030

4.40%,

07/01/2032

5.25%,

03/01/2028

Schedule

of

Investments

Bond

Market

Index

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Gas

(continued)

NiSource

Inc

3.60%,

05/01/2030

$

640

$

609

4.80%,

02/15/2044

5.00%,

06/15/2052

5.25%,

03/30/2028

5.40%,

06/30/2033

5.65%,

02/01/2045

Southern

California

Gas

Co

2.55%,

02/01/2030

5.05%,

09/01/2034

640

631

5.45%,

06/15/2035

5.75%,

06/01/2053

6.00%,

06/15/2055

Southern

Co

Gas

Capital

Corp

1.75%,

01/15/2031

3.15%,

09/30/2051

$

4,162

Hand

&

Machine

Tools

-

.02

%

Stanley

Black

&

Decker

Inc

2.30%,

03/15/2030

700

617

2.75%,

11/15/2050

$

664

Healthcare

-

Products

-

.34

%

Abbott

Laboratories

3.75%,

11/30/2026

4.75%,

11/30/2036

4.75%,

04/15/2043

4.90%,

11/30/2046

5.30%,

05/27/2040

Agilent

Technologies

Inc

2.10%,

06/04/2030

2.30%,

03/12/2031

Baxter

International

Inc

1.73%,

04/01/2031

1.92%,

02/01/2027

2.27%,

12/01/2028

665

614

2.54%,

02/01/2032

3.13%,

12/01/2051

Boston

Scientific

Corp

2.65%,

06/01/2030

Danaher

Corp

2.60%,

10/01/2050

DH

Europe

Finance

II

Sarl

2.60%,

11/15/2029

3.25%,

11/15/2039

GE

HealthCare

Technologies

Inc

4.80%,

08/14/2029

5.65%,

11/15/2027

5.86%,

03/15/2030

5.91%,

11/22/2032

6.38%,

11/22/2052

Koninklijke

Philips

NV

5.00%,

03/15/2042

Medtronic

Global

Holdings

SCA

4.25%,

03/30/2028

Medtronic

Inc

4.38%,

03/15/2035

500

4.63%,

03/15/2045

Revvity

Inc

1.90%,

09/15/2028

Stryker

Corp

1.95%,

06/15/2030

600

529

4.38%,

05/15/2044

4.63%,

03/15/2046

4.70%,

02/10/2028

545

550

4.85%,

12/08/2028

5.20%,

02/10/2035

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Healthcare

-

Products

(continued)

Thermo

Fisher

Scientific

Inc

2.00%,

10/15/2031

(d) $

$

2.60%,

10/01/2029

2.80%,

10/15/2041

650

4.80%,

11/21/2027

5.09%,

08/10/2033

5.40%,

08/10/2043

Zimmer

Biomet

Holdings

Inc

2.60%,

11/24/2031

610

532

$

8,862

Healthcare

-

Services

-

.74

%

Advocate

Health

&

Hospitals

Corp

3.83%,

08/15/2028

Aetna

Inc

6.75%,

12/15/2037

Baylor

Scott

&

White

Holdings

4.19%,

11/15/2045

Centene

Corp

3.38%,

02/15/2030

600

547

4.63%,

12/15/2029

600

578

Cigna

Group/The

2.40%,

03/15/2030

791

713

3.20%,

03/15/2040

3.40%,

03/01/2027

3.40%,

03/15/2051

3.88%,

10/15/2047

4.38%,

10/15/2028

4.80%,

08/15/2038

870

796

5.13%,

05/15/2031

5.60%,

02/15/2054

Elevance

Health

Inc

3.13%,

05/15/2050

3.60%,

03/15/2051

4.10%,

03/01/2028

4.38%,

12/01/2047

4.65%,

01/15/2043

660

565

4.75%,

02/15/2030

4.75%,

02/15/2033

5.20%,

02/15/2035

5.38%,

06/15/2034

5.65%,

06/15/2054

5.70%,

02/15/2055

6.10%,

10/15/2052

HCA

Inc

2.38%,

07/15/2031

3.38%,

03/15/2029

3.50%,

09/01/2030

680

634

3.50%,

07/15/2051

4.38%,

03/15/2042

4.50%,

02/15/2027

5.00%,

03/01/2028

5.20%,

06/01/2028

5.25%,

06/15/2026

545

546

5.45%,

04/01/2031

5.45%,

09/15/2034

5.50%,

03/01/2032

5.50%,

06/01/2033

5.50%,

06/15/2047

5.60%,

04/01/2034

5.75%,

03/01/2035

5.95%,

09/15/2054

6.00%,

04/01/2054

Humana

Inc

1.35%,

02/03/2027

2.15%,

02/03/2032

3.13%,

08/15/2029

4.95%,

10/01/2044

5.50%,

03/15/2053

Schedule

of

Investments

Bond

Market

Index

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Healthcare

-

Services

(continued)

Humana

Inc

(continued)

5.55%,

05/01/2035

$

$

Kaiser

Foundation

Hospitals

4.15%,

05/01/2047

500

Laboratory

Corp

of

America

Holdings

4.70%,

02/01/2045

500

Memorial

Sloan-Kettering

Cancer

Center

4.20%,

07/01/2055

Providence

St

Joseph

Health

Obligated

Group

3.74%,

10/01/2047

Quest

Diagnostics

Inc

2.95%,

06/30/2030

4.60%,

12/15/2027

5.00%,

12/15/2034

UnitedHealth

Group

Inc

2.30%,

05/15/2031

2.75%,

05/15/2040

2.88%,

08/15/2029

2.90%,

05/15/2050

3.05%,

05/15/2041

660

3.25%,

05/15/2051

3.45%,

01/15/2027

3.50%,

08/15/2039

3.70%,

05/15/2027

4.25%,

01/15/2029

4.25%,

04/15/2047

4.25%,

06/15/2048

4.45%,

12/15/2048

4.60%,

04/15/2027

4.70%,

04/15/2029

4.75%,

07/15/2026

4.75%,

07/15/2045

4.75%,

05/15/2052

4.80%,

01/15/2030

4.90%,

04/15/2031

4.95%,

01/15/2032

5.00%,

04/15/2034

5.15%,

07/15/2034

5.20%,

04/15/2063

5.35%,

02/15/2033

5.50%,

07/15/2044

5.50%,

04/15/2064

5.63%,

07/15/2054

5.88%,

02/15/2053

6.88%,

02/15/2038

$

19,468

Home

Builders

-

.01

%

DR

Horton

Inc

1.30%,

10/15/2026

1.40%,

10/15/2027

$

Home

Furnishings

-

.01

%

Leggett

&

Platt

Inc

4.40%,

03/15/2029

Insurance

-

.67

%

Allstate

Corp/The

1.45%,

12/15/2030

3.85%,

08/10/2049

5.25%,

03/30/2033

American

International

Group

Inc

4.38%,

06/30/2050

4.75%,

04/01/2048

500

5.13%,

03/27/2033

5.45%,

05/07/2035

Aon

Corp

2.80%,

05/15/2030

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Insurance

(continued)

Aon

Corp

/

Aon

Global

Holdings

PLC

2.60%,

12/02/2031

$

$

2.85%,

05/28/2027

2.90%,

08/23/2051

(d) 60

5.00%,

09/12/2032

520

522

5.35%,

02/28/2033

Aon

North

America

Inc

5.13%,

03/01/2027

5.15%,

03/01/2029

5.45%,

03/01/2034

5.75%,

03/01/2054

Arch

Capital

Finance

LLC

5.03%,

12/15/2046

Arthur

J

Gallagher

&

Co

4.60%,

12/15/2027

4.85%,

12/15/2029

5.15%,

02/15/2035

5.55%,

02/15/2055

Athene

Holding

Ltd

4.13%,

01/12/2028

575

565

6.25%,

04/01/2054

6.63%,

05/19/2055

Berkshire

Hathaway

Finance

Corp

2.50%,

01/15/2051

2.85%,

10/15/2050

2.88%,

03/15/2032

3.85%,

03/15/2052

4.20%,

08/15/2048

4.25%,

01/15/2049

4.30%,

05/15/2043

5.75%,

01/15/2040

Brighthouse

Financial

Inc

4.70%,

06/22/2047

Brown

&

Brown

Inc

4.50%,

03/15/2029

Chubb

Corp/The

6.00%,

05/11/2037

Chubb

INA

Holdings

LLC

2.85%,

12/15/2051

3.05%,

12/15/2061

4.35%,

11/03/2045

4.65%,

08/15/2029

5.00%,

03/15/2034

CNA

Financial

Corp

2.05%,

08/15/2030

Corebridge

Financial

Inc

3.85%,

04/05/2029

3.90%,

04/05/2032

6.05%,

09/15/2033

Equitable

Holdings

Inc

4.35%,

04/20/2028

5.00%,

04/20/2048

Hartford

Insurance

Group

Inc/The

2.90%,

09/15/2051

Lincoln

National

Corp

6.30%,

10/09/2037

Markel

Group

Inc

3.45%,

05/07/2052

Marsh

&

McLennan

Cos

Inc

2.38%,

12/15/2031

4.38%,

03/15/2029

4.55%,

11/08/2027

4.85%,

11/15/2031

4.90%,

03/15/2049

5.00%,

03/15/2035

5.40%,

09/15/2033

5.40%,

03/15/2055

5.70%,

09/15/2053

Schedule

of

Investments

Bond

Market

Index

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Insurance

(continued)

Marsh

&

McLennan

Cos

Inc

(continued)

6.25%,

11/01/2052

$

$

MetLife

Inc

4.13%,

08/13/2042

4.60%,

05/13/2046

4.88%,

11/13/2043

5.25%,

01/15/2054

5.30%,

12/15/2034

5.38%,

07/15/2033

5.70%,

06/15/2035

600

626

Progressive

Corp/The

2.45%,

01/15/2027

(d) 500

3.70%,

03/15/2052

4.35%,

04/25/2044

4.95%,

06/15/2033

(d) 160

Prudential

Financial

Inc

2.10%,

03/10/2030

3.70%,

10/01/2050

(e) 160

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.04%

3.70%,

03/13/2051

785

560

5.20%,

03/14/2035

5.70%,

09/15/2048

(e) 520

520

Month

USD

LIBOR

+

2.67%

Travelers

Cos

Inc/The

3.05%,

06/08/2051

4.00%,

05/30/2047

5.45%,

05/25/2053

6.25%,

06/15/2037

650

706

W

R

Berkley

Corp

4.00%,

05/12/2050

Willis

North

America

Inc

2.95%,

09/15/2029

3.88%,

09/15/2049

5.35%,

05/15/2033

$

17,665

Internet

-

.46

%

Alibaba

Group

Holding

Ltd

2.13%,

02/09/2031

(d) 500

3.15%,

02/09/2051

3.40%,

12/06/2027

860

839

4.20%,

12/06/2047

Alphabet

Inc

1.90%,

08/15/2040

4.00%,

05/15/2030

630

624

5.25%,

05/15/2055

505

5.30%,

05/15/2065

Amazon.com

Inc

1.65%,

05/12/2028

2.10%,

05/12/2031

2.50%,

06/03/2050

2.88%,

05/12/2041

3.10%,

05/12/2051

3.15%,

08/22/2027

600

588

3.25%,

05/12/2061

3.30%,

04/13/2027

3.88%,

08/22/2037

3.95%,

04/13/2052

540

4.05%,

08/22/2047

500

4.25%,

08/22/2057

4.70%,

12/01/2032

4.80%,

12/05/2034

(d) 250

4.95%,

12/05/2044

Booking

Holdings

Inc

3.60%,

06/01/2026

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Internet

(continued)

eBay

Inc

2.60%,

05/10/2031

$

$

3.65%,

05/10/2051

4.00%,

07/15/2042

5.95%,

11/22/2027

Expedia

Group

Inc

2.95%,

03/15/2031

Meta

Platforms

Inc

3.85%,

08/15/2032

4.30%,

08/15/2029

4.45%,

08/15/2052

750

620

4.75%,

08/15/2034

4.80%,

05/15/2030

4.95%,

05/15/2033

5.40%,

08/15/2054

5.55%,

08/15/2064

5.60%,

05/15/2053

Netflix

Inc

4.90%,

08/15/2034

5.88%,

11/15/2028

509

$

12,268

Investment

Companies

-

.01

%

Ares

Capital

Corp

5.50%,

09/01/2030

(f) 155

Iron

&

Steel

-

.05

%

ArcelorMittal

SA

6.00%,

06/17/2034

Nucor

Corp

3.13%,

04/01/2032

4.30%,

05/23/2027

Steel

Dynamics

Inc

1.65%,

10/15/2027

5.38%,

08/15/2034

5.75%,

05/15/2055

Vale

Overseas

Ltd

6.13%,

06/12/2033

6.40%,

06/28/2054

$

1,321

Lodging

-

.06

%

Hyatt

Hotels

Corp

5.25%,

06/30/2029

Marriott

International

Inc/MD

2.85%,

04/15/2031

510

5.00%,

10/15/2027

5.35%,

03/15/2035

5.55%,

10/15/2028

$

1,492

Machinery

-

Construction

&

Mining

-

.07

%

Caterpillar

Financial

Services

Corp

1.10%,

09/14/2027

1.15%,

09/14/2026

4.50%,

01/08/2027

4.70%,

11/15/2029

5.00%,

05/14/2027

Caterpillar

Inc

2.60%,

04/09/2030

3.25%,

09/19/2049

3.80%,

08/15/2042

550

5.50%,

05/15/2055

$

1,913

Machinery

-

Diversified

-

.16

%

Deere

&

Co

3.90%,

06/09/2042

5.45%,

01/16/2035

Dover

Corp

5.38%,

03/01/2041

Schedule

of

Investments

Bond

Market

Index

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Machinery

-

Diversified

(continued)

Ingersoll

Rand

Inc

5.20%,

06/15/2027

$

$

5.31%,

06/15/2031

John

Deere

Capital

Corp

1.05%,

06/17/2026

1.50%,

03/06/2028

(d) 260

2.00%,

06/17/2031

2.35%,

03/08/2027

2.80%,

07/18/2029

4.15%,

09/15/2027

4.35%,

09/15/2032

4.50%,

01/08/2027

4.65%,

01/07/2028

4.75%,

06/08/2026

4.85%,

06/11/2029

4.90%,

06/11/2027

4.90%,

03/07/2031

4.95%,

07/14/2028

5.10%,

04/11/2034

Otis

Worldwide

Corp

2.57%,

02/15/2030

3.36%,

02/15/2050

Rockwell

Automation

Inc

1.75%,

08/15/2031

2.80%,

08/15/2061

Westinghouse

Air

Brake

Technologies

Corp

4.70%,

09/15/2028

$

4,274

Media

-

.57

%

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

2.25%,

01/15/2029

2.30%,

02/01/2032

2.80%,

04/01/2031

3.50%,

06/01/2041

3.70%,

04/01/2051

3.85%,

04/01/2061

3.90%,

06/01/2052

4.40%,

12/01/2061

4.80%,

03/01/2050

600

5.38%,

04/01/2038

5.38%,

05/01/2047

5.75%,

04/01/2048

6.15%,

11/10/2026

6.38%,

10/23/2035

500

513

6.48%,

10/23/2045

6.55%,

06/01/2034

Comcast

Corp

1.50%,

02/15/2031

2.35%,

01/15/2027

2.45%,

08/15/2052

2.65%,

02/01/2030

2.65%,

08/15/2062

2.89%,

11/01/2051

2.94%,

11/01/2056

2.99%,

11/01/2063

3.25%,

11/01/2039

3.45%,

02/01/2050

3.55%,

05/01/2028

685

671

3.75%,

04/01/2040

3.90%,

03/01/2038

3.97%,

11/01/2047

4.00%,

03/01/2048

4.15%,

10/15/2028

4.40%,

08/15/2035

4.55%,

01/15/2029

520

523

4.70%,

10/15/2048

4.80%,

05/15/2033

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Media

(continued)

Comcast

Corp

(continued)

4.95%,

05/15/2032

$

$

5.10%,

06/01/2029

5.30%,

06/01/2034

5.35%,

05/15/2053

5.50%,

11/15/2032

5.65%,

06/01/2054

6.05%,

05/15/2055

Discovery

Communications

LLC

3.63%,

05/15/2030

3.95%,

03/20/2028

5.20%,

09/20/2047

Fox

Corp

5.48%,

01/25/2039

5.58%,

01/25/2049

6.50%,

10/13/2033

Paramount

Global

4.38%,

03/15/2043

4.85%,

07/01/2042

7.88%,

07/30/2030

Time

Warner

Cable

Enterprises

LLC

8.38%,

07/15/2033

Time

Warner

Cable

LLC

4.50%,

09/15/2042

5.50%,

09/01/2041

5.88%,

11/15/2040

6.55%,

05/01/2037

7.30%,

07/01/2038

Walt

Disney

Co/The

2.00%,

09/01/2029

2.20%,

01/13/2028

2.65%,

01/13/2031

2.75%,

09/01/2049

3.38%,

11/15/2026

3.50%,

05/13/2040

3.60%,

01/13/2051

4.70%,

03/23/2050

4.95%,

10/15/2045

6.40%,

12/15/2035

6.65%,

11/15/2037

$

15,152

Metal

Fabrication

&

Hardware

-

.01

%

Precision

Castparts

Corp

3.90%,

01/15/2043

Mining

-

.20

%

Barrick

PD

Australia

Finance

Pty

Ltd

5.95%,

10/15/2039

BHP

Billiton

Finance

USA

Ltd

4.13%,

02/24/2042

4.90%,

02/28/2033

5.00%,

02/21/2030

5.00%,

09/30/2043

500

5.25%,

09/08/2026

5.25%,

09/08/2030

5.50%,

09/08/2053

(d) 160

Freeport-McMoRan

Inc

4.38%,

08/01/2028

5.25%,

09/01/2029

700

707

Newmont

Corp

2.60%,

07/15/2032

4.88%,

03/15/2042

500

6.25%,

10/01/2039

Rio

Tinto

Alcan

Inc

6.13%,

12/15/2033

Rio

Tinto

Finance

USA

Ltd

2.75%,

11/02/2051

Schedule

of

Investments

Bond

Market

Index

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Mining

(continued)

Rio

Tinto

Finance

USA

PLC

4.75%,

03/22/2042

$

$

4.88%,

03/14/2030

5.00%,

03/09/2033

5.25%,

03/14/2035

5.75%,

03/14/2055

Southern

Copper

Corp

5.25%,

11/08/2042

5.88%,

04/23/2045

7.50%,

07/27/2035

$

5,327

Miscellaneous

Manufacturers

-

.09

%

3M

Co

2.38%,

08/26/2029

3.25%,

08/26/2049

5.15%,

03/15/2035

Eaton

Corp

4.15%,

03/15/2033

575

550

4.15%,

11/02/2042

Illinois

Tool

Works

Inc

2.65%,

11/15/2026

Parker-Hannifin

Corp

4.20%,

11/21/2034

4.25%,

09/15/2027

4.50%,

09/15/2029

Teledyne

Technologies

Inc

2.25%,

04/01/2028

$

2,445

Oil

&

Gas

-

.79

%

BP

Capital

Markets

America

Inc

1.75%,

08/10/2030

2.72%,

01/12/2032

2.94%,

06/04/2051

750

3.00%,

02/24/2050

3.00%,

03/17/2052

3.06%,

06/17/2041

3.54%,

04/06/2027

3.59%,

04/14/2027

4.70%,

04/10/2029

4.81%,

02/13/2033

4.89%,

09/11/2033

4.97%,

10/17/2029

4.99%,

04/10/2034

5.02%,

11/17/2027

5.23%,

11/17/2034

BP

Capital

Markets

PLC

3.28%,

09/19/2027

Canadian

Natural

Resources

Ltd

4.95%,

06/01/2047

5.00%,

12/15/2029

(i) 295

6.25%,

03/15/2038

Cenovus

Energy

Inc

6.75%,

11/15/2039

Chevron

Corp

2.00%,

05/11/2027

Chevron

USA

Inc

2.34%,

08/12/2050

4.41%,

02/26/2027

4.69%,

04/15/2030

4.82%,

04/15/2032

ConocoPhillips

Co

3.80%,

03/15/2052

4.03%,

03/15/2062

4.30%,

11/15/2044

4.70%,

01/15/2030

5.00%,

01/15/2035

5.05%,

09/15/2033

5.50%,

01/15/2055

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Oil

&

Gas

(continued)

ConocoPhillips

Co

(continued)

5.55%,

03/15/2054

$

$

Devon

Energy

Corp

5.00%,

06/15/2045

5.20%,

09/15/2034

5.60%,

07/15/2041

5.75%,

09/15/2054

Diamondback

Energy

Inc

3.25%,

12/01/2026

5.15%,

01/30/2030

5.20%,

04/18/2027

5.40%,

04/18/2034

500

5.75%,

04/18/2054

EOG

Resources

Inc

5.65%,

12/01/2054

Equinor

ASA

2.38%,

05/22/2030

3.00%,

04/06/2027

3.25%,

11/18/2049

3.63%,

04/06/2040

4.25%,

06/02/2028

(f) 300

4.25%,

11/23/2041

Exxon

Mobil

Corp

2.44%,

08/16/2029

2.61%,

10/15/2030

500

3.00%,

08/16/2039

3.45%,

04/15/2051

3.57%,

03/06/2045

4.23%,

03/19/2040

Hess

Corp

4.30%,

04/01/2027

7.13%,

03/15/2033

7.30%,

08/15/2031

Marathon

Petroleum

Corp

5.00%,

09/15/2054

Occidental

Petroleum

Corp

5.00%,

08/01/2027

5.20%,

08/01/2029

5.38%,

01/01/2032

6.05%,

10/01/2054

6.45%,

09/15/2036

520

511

6.63%,

09/01/2030

Phillips

2.15%,

12/15/2030

4.65%,

11/15/2034

560

525

4.88%,

11/15/2044

5.88%,

05/01/2042

Phillips

Co

4.90%,

10/01/2046

4.95%,

12/01/2027

5.25%,

06/15/2031

5.50%,

03/15/2055

Pioneer

Natural

Resources

Co

1.90%,

08/15/2030

2.15%,

01/15/2031

Shell

Finance

US

Inc

3.25%,

04/06/2050

4.00%,

05/10/2046

4.13%,

05/11/2035

4.38%,

05/11/2045

4.55%,

08/12/2043

Shell

International

Finance

BV

2.88%,

11/26/2041

3.88%,

11/13/2028

6.38%,

12/15/2038

Schedule

of

Investments

Bond

Market

Index

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Oil

&

Gas

(continued)

Suncor

Energy

Inc

3.75%,

03/04/2051

$

$

4.00%,

11/15/2047

6.80%,

05/15/2038

6.85%,

06/01/2039

TotalEnergies

Capital

International

SA

2.83%,

01/10/2030

2.99%,

06/29/2041

3.13%,

05/29/2050

3.39%,

06/29/2060

TotalEnergies

Capital

SA

5.15%,

04/05/2034

5.28%,

09/10/2054

5.43%,

09/10/2064

5.49%,

04/05/2054

Valero

Energy

Corp

2.80%,

12/01/2031

740

646

4.00%,

06/01/2052

525

6.63%,

06/15/2037

7.50%,

04/15/2032

Woodside

Finance

Ltd

5.40%,

05/19/2030

6.00%,

05/19/2035

$

20,906

Oil

&

Gas

Services

-

.05

%

Baker

Hughes

Holdings

LLC

/

Baker

Hughes

Co-

Obligor

Inc

2.06%,

12/15/2026

3.14%,

11/07/2029

3.34%,

12/15/2027

Halliburton

Co

4.50%,

11/15/2041

5.00%,

11/15/2045

7.45%,

09/15/2039

NOV

Inc

3.60%,

12/01/2029

$

1,441

Packaging

&

Containers

-

.03

%

Amcor

Flexibles

North

America

Inc

4.80%,

03/17/2028

(i) 175

5.10%,

03/17/2030

(i) 90

Packaging

Corp

of

America

3.05%,

10/01/2051

Smurfit

Westrock

Financing

DAC

5.42%,

01/15/2035

WRKCo

Inc

3.00%,

06/15/2033

$

735

Pharmaceuticals

-

.30

%

AbbVie

Inc

2.95%,

11/21/2026

3.20%,

11/21/2029

820

778

4.05%,

11/21/2039

4.25%,

11/14/2028

4.25%,

11/21/2049

4.40%,

11/06/2042

4.45%,

05/14/2046

4.50%,

05/14/2035

4.55%,

03/15/2035

4.80%,

03/15/2027

4.80%,

03/15/2029

4.85%,

06/15/2044

645

579

4.88%,

11/14/2048

4.95%,

03/15/2031

5.05%,

03/15/2034

5.20%,

03/15/2035

5.40%,

03/15/2054

5.60%,

03/15/2055

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pharmaceuticals

(continued)

Astrazeneca

Finance

LLC

1.75%,

05/28/2028

$

$

2.25%,

05/28/2031

4.80%,

02/26/2027

4.85%,

02/26/2029

4.88%,

03/03/2028

4.88%,

03/03/2033

4.90%,

02/26/2031

AstraZeneca

PLC

1.38%,

08/06/2030

3.00%,

05/28/2051

4.38%,

08/17/2048

6.45%,

09/15/2037

Becton

Dickinson

&

Co

1.96%,

02/11/2031

3.70%,

06/06/2027

600

591

3.79%,

05/20/2050

710

510

4.67%,

06/06/2047

4.69%,

12/15/2044

5.08%,

06/07/2029

Bristol-Myers

Squibb

Co

1.13%,

11/13/2027

1.45%,

11/13/2030

2.55%,

11/13/2050

2.95%,

03/15/2032

3.40%,

07/26/2029

3.55%,

03/15/2042

3.70%,

03/15/2052

3.90%,

02/20/2028

4.13%,

06/15/2039

4.25%,

10/26/2049

4.35%,

11/15/2047

4.55%,

02/20/2048

4.90%,

02/22/2027

4.90%,

02/22/2029

5.20%,

02/22/2034

5.50%,

02/22/2044

5.55%,

02/22/2054

5.75%,

02/01/2031

6.40%,

11/15/2063

Cardinal

Health

Inc

3.41%,

06/15/2027

CVS

Health

Corp

1.30%,

08/21/2027

1.75%,

08/21/2030

1.88%,

02/28/2031

3.00%,

08/15/2026

3.25%,

08/15/2029

740

695

4.30%,

03/25/2028

500

4.78%,

03/25/2038

800

711

4.88%,

07/20/2035

510

5.05%,

03/25/2048

725

605

5.13%,

07/20/2045

5.25%,

02/21/2033

5.30%,

06/01/2033

5.55%,

06/01/2031

5.70%,

06/01/2034

5.88%,

06/01/2053

Eli

Lilly

&

Co

2.50%,

09/15/2060

4.15%,

03/15/2059

4.50%,

02/09/2027

4.50%,

02/09/2029

4.55%,

02/12/2028

545

551

4.60%,

08/14/2034

4.70%,

02/09/2034

4.75%,

02/12/2030

4.88%,

02/27/2053

Schedule

of

Investments

Bond

Market

Index

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pharmaceuticals

(continued)

Eli

Lilly

&

Co

(continued)

5.00%,

02/09/2054

$

$

5.05%,

08/14/2054

5.60%,

02/12/2065

GlaxoSmithKline

Capital

Inc

3.88%,

05/15/2028

4.50%,

04/15/2030

4.88%,

04/15/2035

6.38%,

05/15/2038

760

828

Johnson

&

Johnson

2.10%,

09/01/2040

3.70%,

03/01/2046

4.50%,

03/01/2027

4.55%,

03/01/2028

4.80%,

06/01/2029

520

532

4.90%,

06/01/2031

520

534

4.95%,

06/01/2034

(d) 260

5.95%,

08/15/2037

McKesson

Corp

4.65%,

05/30/2030

Merck

&

Co

Inc

1.45%,

06/24/2030

1.70%,

06/10/2027

1.90%,

12/10/2028

2.35%,

06/24/2040

2.75%,

12/10/2051

2.90%,

12/10/2061

3.70%,

02/10/2045

600

4.15%,

05/18/2043

4.50%,

05/17/2033

5.00%,

05/17/2053

Novartis

Capital

Corp

2.75%,

08/14/2050

3.80%,

09/18/2029

4.20%,

09/18/2034

4.40%,

05/06/2044

4.70%,

09/18/2054

Pfizer

Inc

1.75%,

08/18/2031

2.55%,

05/28/2040

800

558

4.00%,

12/15/2036

4.20%,

09/15/2048

4.30%,

06/15/2043

4.40%,

05/15/2044

7.20%,

03/15/2039

Pfizer

Investment

Enterprises

Pte

Ltd

4.45%,

05/19/2028

780

784

4.65%,

05/19/2030

4.75%,

05/19/2033

5.11%,

05/19/2043

5.30%,

05/19/2053

500

5.34%,

05/19/2063

Takeda

Pharmaceutical

Co

Ltd

2.05%,

03/31/2030

700

620

3.18%,

07/09/2050

645

5.30%,

07/05/2034

Utah

Acquisition

Sub

Inc

5.25%,

06/15/2046

Viatris

Inc

2.30%,

06/22/2027

2.70%,

06/22/2030

3.85%,

06/22/2040

4.00%,

06/22/2050

Wyeth

LLC

5.95%,

04/01/2037

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pharmaceuticals

(continued)

Zoetis

Inc

2.00%,

05/15/2030

$

$

3.00%,

05/15/2050

4.70%,

02/01/2043

$

34,196

Pipelines

-

.82

%

Cheniere

Corpus

Christi

Holdings

LLC

3.70%,

11/15/2029

Cheniere

Energy

Partners

LP

5.75%,

08/15/2034

Eastern

Gas

Transmission

&

Storage

Inc

4.60%,

12/15/2044

640

528

Enbridge

Inc

1.60%,

10/04/2026

2.50%,

08/01/2033

3.13%,

11/15/2029

3.40%,

08/01/2051

4.25%,

12/01/2026

5.30%,

04/05/2029

5.70%,

03/08/2033

5.90%,

11/15/2026

5.95%,

04/05/2054

6.70%,

11/15/2053

Energy

Transfer

LP

3.75%,

05/15/2030

715

676

5.30%,

04/15/2047

500

5.35%,

05/15/2045

5.55%,

05/15/2034

5.70%,

04/01/2035

5.75%,

02/15/2033

6.05%,

09/01/2054

6.10%,

12/01/2028

6.25%,

04/15/2049

6.40%,

12/01/2030

6.50%,

02/01/2042

Enterprise

Products

Operating

LLC

3.13%,

07/31/2029

3.30%,

02/15/2053

4.25%,

02/15/2048

4.45%,

02/15/2043

4.85%,

01/31/2034

4.85%,

03/15/2044

750

658

4.95%,

02/15/2035

5.55%,

02/16/2055

6.45%,

09/01/2040

527

6.88%,

03/01/2033

Kinder

Morgan

Energy

Partners

LP

4.70%,

11/01/2042

5.00%,

03/01/2043

Kinder

Morgan

Inc

1.75%,

11/15/2026

2.00%,

02/15/2031

3.25%,

08/01/2050

3.60%,

02/15/2051

5.00%,

02/01/2029

5.05%,

02/15/2046

5.10%,

08/01/2029

5.20%,

06/01/2033

5.40%,

02/01/2034

5.55%,

06/01/2045

500

5.85%,

06/01/2035

5.95%,

08/01/2054

MPLX

LP

4.13%,

03/01/2027

4.25%,

12/01/2027

4.50%,

04/15/2038

5.00%,

03/01/2033

5.50%,

06/01/2034

Schedule

of

Investments

Bond

Market

Index

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pipelines

(continued)

MPLX

LP

(continued)

5.50%,

02/15/2049

$

830

$

729

5.95%,

04/01/2055

ONEOK

Inc

3.40%,

09/01/2029

4.25%,

09/24/2027

4.75%,

10/15/2031

5.55%,

11/01/2026

5.70%,

11/01/2054

5.85%,

11/01/2064

6.05%,

09/01/2033

6.63%,

09/01/2053

Plains

All

American

Pipeline

LP

5.95%,

06/15/2035

Plains

All

American

Pipeline

LP

/

PAA

Finance

Corp

3.55%,

12/15/2029

4.70%,

06/15/2044

Sabine

Pass

Liquefaction

LLC

4.20%,

03/15/2028

645

639

5.00%,

03/15/2027

Targa

Resources

Corp

5.20%,

07/01/2027

6.13%,

03/15/2033

6.13%,

05/15/2055

6.15%,

03/01/2029

6.50%,

03/30/2034

TransCanada

PipeLines

Ltd

4.25%,

05/15/2028

Western

Midstream

Operating

LP

5.45%,

11/15/2034

6.15%,

04/01/2033

Williams

Cos

Inc/The

2.60%,

03/15/2031

3.50%,

10/15/2051

3.75%,

06/15/2027

4.85%,

03/01/2048

4.90%,

03/15/2029

5.10%,

09/15/2045

5.30%,

08/15/2028

5.30%,

08/15/2052

5.65%,

03/15/2033

6.00%,

03/15/2055

6.30%,

04/15/2040

$

21,638

Private

Equity

-

.04

%

Brookfield

Finance

Inc

2.72%,

04/15/2031

3.50%,

03/30/2051

3.90%,

01/25/2028

700

687

5.68%,

01/15/2035

Brookfield

Finance

LLC

/

Brookfield

Finance

Inc

3.45%,

04/15/2050

$

1,134

Regional

Authority

-

.24

%

Province

of

Alberta

Canada

1.30%,

07/22/2030

525

3.30%,

03/15/2028

4.50%,

06/26/2029

Province

of

British

Columbia

Canada

0.90%,

07/20/2026

1.30%,

01/29/2031

4.20%,

07/06/2033

4.70%,

01/24/2028

4.75%,

06/12/2034

4.80%,

11/15/2028

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Regional

Authority

(continued)

Province

of

Manitoba

Canada

1.50%,

10/25/2028

$

$

4.30%,

07/27/2033

Province

of

Ontario

Canada

1.13%,

10/07/2030

2.13%,

01/21/2032

3.10%,

05/19/2027

3.70%,

09/17/2029

4.20%,

01/18/2029

4.70%,

01/15/2030

Province

of

Quebec

Canada

1.35%,

05/28/2030

3.63%,

04/13/2028

4.25%,

09/05/2034

4.50%,

04/03/2029

4.50%,

09/08/2033

7.50%,

09/15/2029

$

6,472

REITs

-

.85

%

Alexandria

Real

Estate

Equities

Inc

1.88%,

02/01/2033

2.00%,

05/18/2032

600

2.75%,

12/15/2029

2.95%,

03/15/2034

3.00%,

05/18/2051

3.55%,

03/15/2052

4.00%,

02/01/2050

4.90%,

12/15/2030

5.15%,

04/15/2053

American

Homes

Rent

LP

4.95%,

06/15/2030

American

Tower

Corp

1.88%,

10/15/2030

2.90%,

01/15/2030

2.95%,

01/15/2051

3.38%,

10/15/2026

500

3.65%,

03/15/2027

515

507

3.70%,

10/15/2049

3.95%,

03/15/2029

5.25%,

07/15/2028

5.65%,

03/15/2033

5.90%,

11/15/2033

AvalonBay

Communities

Inc

1.90%,

12/01/2028

2.05%,

01/15/2032

2.30%,

03/01/2030

755

683

5.00%,

02/15/2033

5.35%,

06/01/2034

Boston

Properties

LP

2.55%,

04/01/2032

2.75%,

10/01/2026

500

2.90%,

03/15/2030

600

543

COPT

Defense

Properties

LP

2.75%,

04/15/2031

Crown

Castle

Inc

1.05%,

07/15/2026

2.50%,

07/15/2031

2.90%,

04/01/2041

3.10%,

11/15/2029

3.25%,

01/15/2051

3.70%,

06/15/2026

600

594

3.80%,

02/15/2028

4.00%,

11/15/2049

4.90%,

09/01/2029

5.00%,

01/11/2028

5.10%,

05/01/2033

Schedule

of

Investments

Bond

Market

Index

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

REITs

(continued)

CubeSmart

LP

2.00%,

02/15/2031

$

$

2.25%,

12/15/2028

Digital

Realty

Trust

LP

5.55%,

01/15/2028

Equinix

Inc

1.80%,

07/15/2027

2.50%,

05/15/2031

3.20%,

11/18/2029

3.40%,

02/15/2052

ERP

Operating

LP

4.65%,

09/15/2034

Essex

Portfolio

LP

1.70%,

03/01/2028

3.00%,

01/15/2030

4.00%,

03/01/2029

784

765

5.50%,

04/01/2034

Extra

Space

Storage

LP

2.20%,

10/15/2030

2.40%,

10/15/2031

5.40%,

02/01/2034

5.40%,

06/15/2035

5.50%,

07/01/2030

GLP

Capital

LP

/

GLP

Financing

II

Inc

4.00%,

01/15/2030

Healthcare

Realty

Holdings

LP

2.00%,

03/15/2031

Healthpeak

OP

LLC

2.13%,

12/01/2028

3.00%,

01/15/2030

5.25%,

12/15/2032

Kilroy

Realty

LP

2.50%,

11/15/2032

Kimco

Realty

OP

LLC

2.25%,

12/01/2031

2.70%,

10/01/2030

3.70%,

10/01/2049

4.60%,

02/01/2033

6.40%,

03/01/2034

Mid-America

Apartments

LP

1.70%,

02/15/2031

5.30%,

02/15/2032

NNN

REIT

Inc

3.60%,

12/15/2026

Omega

Healthcare

Investors

Inc

4.75%,

01/15/2028

Prologis

LP

1.25%,

10/15/2030

1.75%,

07/01/2030

2.25%,

01/15/2032

2.88%,

11/15/2029

4.00%,

09/15/2028

4.63%,

01/15/2033

575

563

4.88%,

06/15/2028

5.25%,

05/15/2035

5.25%,

03/15/2054

Public

Storage

Operating

Co

1.85%,

05/01/2028

2.25%,

11/09/2031

5.10%,

08/01/2033

5.13%,

01/15/2029

(d) 160

Realty

Income

Corp

2.10%,

03/15/2028

2.20%,

06/15/2028

3.10%,

12/15/2029

3.25%,

01/15/2031

4.13%,

10/15/2026

4.75%,

02/15/2029

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

REITs

(continued)

Realty

Income

Corp

(continued)

4.85%,

03/15/2030

$

$

4.88%,

06/01/2026

700

702

4.90%,

07/15/2033

5.38%,

09/01/2054

Simon

Property

Group

LP

1.75%,

02/01/2028

555

519

2.65%,

02/01/2032

3.25%,

11/30/2026

4.75%,

09/26/2034

4.75%,

03/15/2042

UDR

Inc

2.10%,

08/01/2032

3.20%,

01/15/2030

Ventas

Realty

LP

3.00%,

01/15/2030

500

5.10%,

07/15/2032

(f) 155

5.63%,

07/01/2034

VICI

Properties

LP

4.75%,

04/01/2028

5.13%,

11/15/2031

Welltower

OP

LLC

2.75%,

01/15/2032

570

501

4.13%,

03/15/2029

WP

Carey

Inc

2.40%,

02/01/2031

$

22,543

Retail

-

.63

%

AutoZone

Inc

1.65%,

01/15/2031

3.75%,

06/01/2027

3.75%,

04/18/2029

5.10%,

07/15/2029

Costco

Wholesale

Corp

1.38%,

06/20/2027

Dollar

Tree

Inc

4.20%,

05/15/2028

Home

Depot

Inc/The

0.90%,

03/15/2028

(d) 55

1.88%,

09/15/2031

760

648

2.13%,

09/15/2026

2.38%,

03/15/2051

2.75%,

09/15/2051

2.88%,

04/15/2027

2.95%,

06/15/2029

500

3.13%,

12/15/2049

4.20%,

04/01/2043

4.25%,

04/01/2046

4.40%,

03/15/2045

4.85%,

06/25/2031

4.88%,

06/25/2027

4.90%,

04/15/2029

4.95%,

09/30/2026

4.95%,

06/25/2034

4.95%,

09/15/2052

5.30%,

06/25/2054

5.40%,

09/15/2040

5.88%,

12/16/2036

Lowe's

Cos

Inc

1.30%,

04/15/2028

1.70%,

10/15/2030

3.10%,

05/03/2027

500

3.65%,

04/05/2029

3.70%,

04/15/2046

3.75%,

04/01/2032

4.05%,

05/03/2047

Schedule

of

Investments

Bond

Market

Index

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Retail

(continued)

Lowe's

Cos

Inc

(continued)

4.25%,

04/01/2052

$

540

$

4.55%,

04/05/2049

5.00%,

04/15/2033

5.00%,

04/15/2040

5.63%,

04/15/2053

5.75%,

07/01/2053

McDonald's

Corp

2.63%,

09/01/2029

3.50%,

07/01/2027

3.70%,

02/15/2042

4.45%,

03/01/2047

500

4.60%,

05/15/2030

4.95%,

08/14/2033

(d) 175

5.15%,

09/09/2052

6.30%,

03/01/2038

600

645

O'Reilly

Automotive

Inc

1.75%,

03/15/2031

4.35%,

06/01/2028

Starbucks

Corp

2.00%,

03/12/2027

3.00%,

02/14/2032

3.75%,

12/01/2047

4.30%,

06/15/2045

4.45%,

08/15/2049

4.80%,

05/15/2030

4.80%,

02/15/2033

Target

Corp

1.95%,

01/15/2027

2.35%,

02/15/2030

2.95%,

01/15/2052

4.50%,

09/15/2032

690

680

4.50%,

09/15/2034

4.80%,

01/15/2053

(d) 160

TJX

Cos

Inc/The

1.15%,

05/15/2028

1.60%,

05/15/2031

Walmart

Inc

1.05%,

09/17/2026

1.50%,

09/22/2028

1.80%,

09/22/2031

2.50%,

09/22/2041

2.65%,

09/22/2051

3.90%,

04/15/2028

3.95%,

06/28/2038

4.00%,

04/15/2030

4.00%,

04/11/2043

4.05%,

06/29/2048

4.10%,

04/28/2027

4.10%,

04/15/2033

4.15%,

09/09/2032

4.50%,

09/09/2052

4.90%,

04/28/2035

$

16,755

Semiconductors

-

.60

%

Analog

Devices

Inc

2.10%,

10/01/2031

2.80%,

10/01/2041

3.50%,

12/05/2026

5.30%,

04/01/2054

Applied

Materials

Inc

4.35%,

04/01/2047

4.80%,

06/15/2029

5.10%,

10/01/2035

Broadcom

Corp

/

Broadcom

Cayman

Finance

Ltd

3.88%,

01/15/2027

650

645

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Semiconductors

(continued)

Broadcom

Inc

3.14%,

11/15/2035

(i) $

738

$

611

3.19%,

11/15/2036

(i) 30

3.42%,

04/15/2033

(i) 452

3.47%,

04/15/2034

(i) 415

3.50%,

02/15/2041

(i) 250

3.75%,

02/15/2051

(i) 570

4.15%,

02/15/2028

4.15%,

11/15/2030

4.30%,

11/15/2032

4.35%,

02/15/2030

4.55%,

02/15/2032

4.75%,

04/15/2029

5.15%,

11/15/2031

5.20%,

04/15/2032

Intel

Corp

2.00%,

08/12/2031

3.05%,

08/12/2051

3.15%,

05/11/2027

3.20%,

08/12/2061

3.25%,

11/15/2049

3.73%,

12/08/2047

3.75%,

03/25/2027

3.75%,

08/05/2027

4.00%,

08/05/2029

585

567

4.10%,

05/19/2046

4.15%,

08/05/2032

765

711

4.60%,

03/25/2040

5.20%,

02/10/2033

5.60%,

02/21/2054

5.63%,

02/10/2043

5.70%,

02/10/2053

KLA

Corp

4.70%,

02/01/2034

4.95%,

07/15/2052

Lam

Research

Corp

2.88%,

06/15/2050

500

Marvell

Technology

Inc

2.45%,

04/15/2028

Micron

Technology

Inc

2.70%,

04/15/2032

4.66%,

02/15/2030

5.30%,

01/15/2031

5.80%,

01/15/2035

6.05%,

11/01/2035

NVIDIA

Corp

1.55%,

06/15/2028

3.50%,

04/01/2040

600

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA

Inc

2.50%,

05/11/2031

3.13%,

02/15/2042

3.15%,

05/01/2027

3.25%,

05/11/2041

4.40%,

06/01/2027

QUALCOMM

Inc

3.25%,

05/20/2027

500

4.30%,

05/20/2047

4.50%,

05/20/2030

4.50%,

05/20/2052

4.80%,

05/20/2045

6.00%,

05/20/2053

Texas

Instruments

Inc

4.15%,

05/15/2048

4.50%,

05/23/2030

4.60%,

02/15/2028

4.60%,

02/08/2029

4.90%,

03/14/2033

5.00%,

03/14/2053

Schedule

of

Investments

Bond

Market

Index

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Semiconductors

(continued)

Texas

Instruments

Inc

(continued)

5.15%,

02/08/2054

$

$

TSMC

Arizona

Corp

3.88%,

04/22/2027

590

584

$

15,855

Software

-

.70

%

Adobe

Inc

4.95%,

01/17/2030

535

548

Fidelity

National

Information

Services

Inc

1.65%,

03/01/2028

540

501

3.10%,

03/01/2041

5.10%,

07/15/2032

550

551

Fiserv

Inc

3.50%,

07/01/2029

900

858

4.40%,

07/01/2049

590

4.75%,

03/15/2030

5.15%,

08/12/2034

5.35%,

03/15/2031

5.45%,

03/02/2028

5.63%,

08/21/2033

Intuit

Inc

1.35%,

07/15/2027

5.13%,

09/15/2028

5.25%,

09/15/2026

5.50%,

09/15/2053

Microsoft

Corp

1.35%,

09/15/2030

2.50%,

09/15/2050

2.53%,

06/01/2050

611

2.68%,

06/01/2060

549

2.92%,

03/17/2052

3.30%,

02/06/2027

3.45%,

08/08/2036

3.70%,

08/08/2046

500

Oracle

Corp

2.30%,

03/25/2028

2.65%,

07/15/2026

2.80%,

04/01/2027

2.88%,

03/25/2031

2.95%,

04/01/2030

655

607

3.25%,

11/15/2027

500

3.60%,

04/01/2040

3.60%,

04/01/2050

700

3.65%,

03/25/2041

3.80%,

11/15/2037

3.90%,

05/15/2035

3.95%,

03/25/2051

4.00%,

07/15/2046

500

4.00%,

11/15/2047

4.10%,

03/25/2061

4.20%,

09/27/2029

4.30%,

07/08/2034

4.38%,

05/15/2055

4.50%,

07/08/2044

4.65%,

05/06/2030

530

530

4.70%,

09/27/2034

5.25%,

02/03/2032

5.38%,

09/27/2054

5.50%,

09/27/2064

5.55%,

02/06/2053

6.00%,

08/03/2055

6.13%,

07/08/2039

6.13%,

08/03/2065

6.15%,

11/09/2029

6.25%,

11/09/2032

6.90%,

11/09/2052

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Software

(continued)

Roper

Technologies

Inc

1.40%,

09/15/2027

$

860

$

804

2.95%,

09/15/2029

4.75%,

02/15/2032

4.90%,

10/15/2034

Salesforce

Inc

1.95%,

07/15/2031

2.70%,

07/15/2041

2.90%,

07/15/2051

Synopsys

Inc

4.65%,

04/01/2028

4.85%,

04/01/2030

5.15%,

04/01/2035

5.70%,

04/01/2055

Take-Two

Interactive

Software

Inc

4.95%,

03/28/2028

VMware

LLC

1.40%,

08/15/2026

680

655

1.80%,

08/15/2028

685

627

2.20%,

08/15/2031

$

18,409

Sovereign

-

.36

%

Canada

Government

International

Bond

3.75%,

04/26/2028

505

503

4.00%,

03/18/2030

635

635

4.63%,

04/30/2029

Chile

Government

International

Bond

2.45%,

01/31/2031

500

2.55%,

01/27/2032

2.75%,

01/31/2027

500

3.10%,

05/07/2041

3.24%,

02/06/2028

3.50%,

04/15/2053

3.86%,

06/21/2047

4.00%,

01/31/2052

4.95%,

01/05/2036

515

Export

Development

Canada

3.75%,

09/07/2027

3.88%,

02/14/2028

4.13%,

02/13/2029

4.38%,

06/29/2026

4.75%,

06/05/2034

Export-Import

Bank

of

Korea

1.38%,

02/09/2031

4.00%,

09/11/2029

4.25%,

09/15/2027

4.50%,

09/15/2032

4.63%,

01/14/2028

5.13%,

09/18/2028

5.25%,

01/14/2035

Indonesia

Government

International

Bond

2.15%,

07/28/2031

2.85%,

02/14/2030

3.05%,

03/12/2051

3.50%,

01/11/2028

500

3.70%,

10/30/2049

4.20%,

10/15/2050

4.35%,

01/11/2048

4.55%,

01/11/2028

4.65%,

09/20/2032

4.75%,

02/11/2029

4.75%,

09/10/2034

5.15%,

09/10/2054

(d) 200

5.65%,

01/11/2053

Israel

Government

International

Bond

3.88%,

07/03/2050

4.13%,

01/17/2048

4.50%,

01/17/2033

Schedule

of

Investments

Bond

Market

Index

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Sovereign

(continued)

Israel

Government

International

Bond

(continued)

4.50%,

01/30/2043

$

$

5.38%,

02/19/2030

5.50%,

03/12/2034

5.75%,

03/12/2054

Japan

Bank

for

International

Cooperation

1.25%,

01/21/2031

1.88%,

07/21/2026

1.88%,

04/15/2031

2.13%,

02/16/2029

2.25%,

11/04/2026

2.88%,

07/21/2027

4.63%,

07/22/2027

4.63%,

07/19/2028

4.63%,

04/17/2034

4.88%,

10/18/2028

Japan

International

Cooperation

Agency

4.25%,

05/22/2030

4.75%,

05/21/2029

Korea

International

Bond

1.00%,

09/16/2030

3.88%,

09/20/2048

Mexico

Government

International

Bond

2.66%,

05/24/2031

500

3.25%,

04/16/2030

3.50%,

02/12/2034

3.75%,

01/11/2028

3.75%,

04/19/2071

4.50%,

04/22/2029

4.60%,

01/23/2046

4.60%,

02/10/2048

4.75%,

03/08/2044

500

5.55%,

01/21/2045

(d) 360

5.75%,

10/12/2110

6.00%,

05/07/2036

6.05%,

01/11/2040

700

648

6.34%,

05/04/2053

500

6.35%,

02/09/2035

6.40%,

05/07/2054

6.75%,

09/27/2034

6.88%,

05/13/2037

7.38%,

05/13/2055

Panama

Government

International

Bond

2.25%,

09/29/2032

3.16%,

01/23/2030

600

526

3.30%,

01/19/2033

500

3.88%,

03/17/2028

4.30%,

04/29/2053

4.50%,

04/16/2050

6.70%,

01/26/2036

600

578

6.85%,

03/28/2054

Peruvian

Government

International

Bond

1.86%,

12/01/2032

2.78%,

01/23/2031

545

2.78%,

12/01/2060

3.30%,

03/11/2041

3.55%,

03/10/2051

5.63%,

11/18/2050

5.88%,

08/08/2054

6.55%,

03/14/2037

8.75%,

11/21/2033

Philippine

Government

International

Bond

2.65%,

12/10/2045

3.00%,

02/01/2028

3.20%,

07/06/2046

3.70%,

03/01/2041

3.70%,

02/02/2042

4.75%,

03/05/2035

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Sovereign

(continued)

Philippine

Government

International

Bond

(continued)

5.00%,

07/17/2033

$

$

5.17%,

10/13/2027

500

509

5.50%,

02/04/2035

5.50%,

01/17/2048

5.60%,

05/14/2049

5.61%,

04/13/2033

7.75%,

01/14/2031

Republic

of

Italy

Government

International

Bond

2.88%,

10/17/2029

3.88%,

05/06/2051

5.38%,

06/15/2033

Republic

of

Poland

Government

International

Bond

4.88%,

02/12/2030

525

530

4.88%,

10/04/2033

5.13%,

09/18/2034

5.50%,

03/18/2054

State

of

Israel

2.50%,

01/15/2030

3.38%,

01/15/2050

Svensk

Exportkredit

AB

3.75%,

09/13/2027

3.75%,

05/08/2028

4.13%,

06/14/2028

4.88%,

09/14/2026

Tennessee

Valley

Authority

3.50%,

12/15/2042

3.88%,

03/15/2028

525

525

4.25%,

09/15/2065

4.63%,

09/15/2060

4.88%,

05/15/2035

5.25%,

09/15/2039

5.38%,

04/01/2056

5.88%,

04/01/2036

Uruguay

Government

International

Bond

4.13%,

11/20/2045

4.38%,

10/27/2027

4.98%,

04/20/2055

5.10%,

06/18/2050

5.44%,

02/14/2037

5.75%,

10/28/2034

7.63%,

03/21/2036

500

587

$

35,887

Supranational

Bank

-

.22

%

African

Development

Bank

0.88%,

07/22/2026

3.50%,

09/18/2029

4.00%,

03/18/2030

4.13%,

02/25/2027

4.38%,

03/14/2028

4.63%,

01/04/2027

Asian

Development

Bank

1.50%,

01/20/2027

1.50%,

03/04/2031

1.75%,

09/19/2029

1.88%,

03/15/2029

2.75%,

01/19/2028

3.13%,

08/20/2027

3.13%,

04/27/2032

3.63%,

08/28/2029

3.75%,

04/25/2028

3.88%,

09/28/2032

3.88%,

06/14/2033

4.00%,

01/12/2033

4.13%,

01/12/2027

4.13%,

05/30/2030

4.38%,

01/14/2028

Schedule

of

Investments

Bond

Market

Index

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Supranational

Bank

(continued)

Asian

Development

Bank

(continued)

4.38%,

03/06/2029

$

550

$

558

4.38%,

03/22/2035

4.50%,

08/25/2028

5.82%,

06/16/2028

Asian

Infrastructure

Investment

Bank/The

3.75%,

09/14/2027

4.13%,

01/18/2029

4.50%,

01/16/2030

4.50%,

05/21/2035

4.88%,

09/14/2026

Council

Of

Europe

Development

Bank

3.63%,

01/26/2028

3.63%,

05/08/2028

4.50%,

01/15/2030

4.63%,

06/11/2027

European

Bank

for

Reconstruction

&

Development

4.13%,

01/25/2029

4.38%,

03/09/2028

European

Investment

Bank

0.75%,

10/26/2026

660

631

1.25%,

02/14/2031

1.63%,

05/13/2031

(d) 60

3.63%,

07/15/2030

520

510

3.75%,

11/15/2029

510

505

3.75%,

02/14/2033

615

595

3.88%,

03/15/2028

500

500

3.88%,

06/15/2028

650

649

4.00%,

02/15/2029

1,100

1,102

4.13%,

02/13/2034

4.38%,

03/19/2027

4.38%,

10/10/2031

550

557

4.50%,

03/14/2030

570

583

4.63%,

02/12/2035

(d) 455

4.75%,

06/15/2029

Inter-American

Development

Bank

1.13%,

07/20/2028

515

1.13%,

01/13/2031

1.50%,

01/13/2027

3.13%,

09/18/2028

3.50%,

09/14/2029

3.50%,

04/12/2033

3.75%,

06/14/2030

4.00%,

01/12/2028

4.13%,

02/15/2029

4.38%,

02/01/2027

4.38%,

07/17/2034

4.38%,

01/24/2044

4.50%,

02/15/2030

4.50%,

09/13/2033

International

Bank

for

Reconstruction

&

Development

0.75%,

11/24/2027

500

0.75%,

08/26/2030

515

0.88%,

07/15/2026

1.25%,

02/10/2031

615

526

1.38%,

04/20/2028

1.63%,

11/03/2031

1.75%,

10/23/2029

950

865

2.50%,

03/29/2032

620

557

3.13%,

06/15/2027

500

3.50%,

07/12/2028

3.63%,

05/05/2028

3.88%,

10/16/2029

3.88%,

02/14/2030

3.88%,

08/28/2034

4.00%,

08/27/2026

4.00%,

07/25/2030

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Supranational

Bank

(continued)

International

Bank

for

Reconstruction

&

Development

(continued)

4.00%,

01/10/2031

$

$

4.00%,

05/06/2032

4.13%,

03/20/2030

605

608

4.50%,

04/10/2031

4.63%,

08/01/2028

4.63%,

01/15/2032

4.75%,

11/14/2033

International

Finance

Corp

4.25%,

07/02/2029

4.38%,

01/15/2027

4.50%,

01/21/2028

Nordic

Investment

Bank

3.75%,

05/09/2030

4.25%,

02/28/2029

$

32,072

Telecommunications

-

.98

%

America

Movil

SAB

de

CV

2.88%,

05/07/2030

600

549

3.63%,

04/22/2029

4.38%,

04/22/2049

6.13%,

03/30/2040

AT&T

Inc

1.65%,

02/01/2028

2.25%,

02/01/2032

2.30%,

06/01/2027

750

720

2.75%,

06/01/2031

3.10%,

02/01/2043

3.50%,

06/01/2041

640

3.50%,

09/15/2053

627

3.55%,

09/15/2055

815

539

3.65%,

06/01/2051

3.65%,

09/15/2059

999

656

4.30%,

12/15/2042

4.35%,

03/01/2029

700

697

4.35%,

06/15/2045

4.50%,

05/15/2035

700

658

4.50%,

03/09/2048

500

5.38%,

08/15/2035

(f) 155

5.40%,

02/15/2034

6.05%,

08/15/2056

(f) 155

Bell

Telephone

Co

of

Canada

or

Bell

Canada

5.20%,

02/15/2034

Cisco

Systems

Inc

4.75%,

02/24/2030

4.80%,

02/26/2027

4.85%,

02/26/2029

4.95%,

02/24/2032

5.05%,

02/26/2034

5.30%,

02/26/2054

5.50%,

01/15/2040

5.90%,

02/15/2039

Juniper

Networks

Inc

2.00%,

12/10/2030

Orange

SA

5.38%,

01/13/2042

Rogers

Communications

Inc

3.20%,

03/15/2027

3.70%,

11/15/2049

3.80%,

03/15/2032

5.00%,

02/15/2029

5.00%,

03/15/2044

7.50%,

08/15/2038

Sprint

Capital

Corp

6.88%,

11/15/2028

Schedule

of

Investments

Bond

Market

Index

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Telecommunications

(continued)

Telefonica

Emisiones

SA

4.10%,

03/08/2027

$

$

5.21%,

03/08/2047

550

7.05%,

06/20/2036

T-Mobile

USA

Inc

2.05%,

02/15/2028

2.25%,

11/15/2031

2.40%,

03/15/2029

2.55%,

02/15/2031

600

531

3.00%,

02/15/2041

3.30%,

02/15/2051

3.38%,

04/15/2029

3.40%,

10/15/2052

3.75%,

04/15/2027

3.88%,

04/15/2030

600

579

4.20%,

10/01/2029

4.38%,

04/15/2040

4.50%,

04/15/2050

4.80%,

07/15/2028

4.95%,

03/15/2028

5.05%,

07/15/2033

5.13%,

05/15/2032

5.15%,

04/15/2034

5.20%,

01/15/2033

5.25%,

06/15/2055

5.50%,

01/15/2055

5.65%,

01/15/2053

5.75%,

01/15/2034

5.75%,

01/15/2054

6.00%,

06/15/2054

Verizon

Communications

Inc

1.50%,

09/18/2030

1.75%,

01/20/2031

2.10%,

03/22/2028

2.36%,

03/15/2032

2.55%,

03/21/2031

2.65%,

11/20/2040

750

517

2.88%,

11/20/2050

505

2.99%,

10/30/2056

3.00%,

11/20/2060

3.40%,

03/22/2041

715

540

3.55%,

03/22/2051

815

570

3.70%,

03/22/2061

3.85%,

11/01/2042

4.02%,

12/03/2029

4.13%,

03/16/2027

600

598

4.33%,

09/21/2028

510

509

4.40%,

11/01/2034

4.50%,

08/10/2033

4.67%,

03/15/2055

4.81%,

03/15/2039

4.86%,

08/21/2046

5.25%,

04/02/2035

Vodafone

Group

PLC

4.25%,

09/17/2050

5.63%,

02/10/2053

5.75%,

06/28/2054

5.88%,

06/28/2064

6.15%,

02/27/2037

$

25,743

Transportation

-

.43

%

Burlington

Northern

Santa

Fe

LLC

3.05%,

02/15/2051

600

3.55%,

02/15/2050

4.15%,

04/01/2045

4.40%,

03/15/2042

4.45%,

01/15/2053

5.20%,

04/15/2054

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Transportation

(continued)

Burlington

Northern

Santa

Fe

LLC

(continued)

5.40%,

06/01/2041

$

$

5.50%,

03/15/2055

Canadian

National

Railway

Co

4.38%,

09/18/2034

Canadian

Pacific

Railway

Co

1.75%,

12/02/2026

3.10%,

12/02/2051

4.80%,

03/30/2030

6.13%,

09/15/2115

CSX

Corp

2.40%,

02/15/2030

3.35%,

09/15/2049

3.80%,

03/01/2028

3.80%,

04/15/2050

700

517

4.30%,

03/01/2048

4.50%,

11/15/2052

4.90%,

03/15/2055

5.20%,

11/15/2033

(d) 160

FedEx

Corp

3.10%,

08/05/2029

(i) 800

748

3.88%,

08/01/2042

(i) 30

4.55%,

04/01/2046

(i) 420

5.10%,

01/15/2044

(i) 295

Norfolk

Southern

Corp

2.30%,

05/15/2031

2.55%,

11/01/2029

2.90%,

08/25/2051

3.94%,

11/01/2047

4.05%,

08/15/2052

4.45%,

03/01/2033

4.55%,

06/01/2053

4.84%,

10/01/2041

5.35%,

08/01/2054

Ryder

System

Inc

2.90%,

12/01/2026

4.30%,

06/15/2027

4.95%,

09/01/2029

Union

Pacific

Corp

2.38%,

05/20/2031

710

630

2.80%,

02/14/2032

2.89%,

04/06/2036

2.97%,

09/16/2062

3.20%,

05/20/2041

3.38%,

02/14/2042

3.80%,

10/01/2051

3.80%,

04/06/2071

590

3.84%,

03/20/2060

4.00%,

04/15/2047

4.50%,

01/20/2033

4.95%,

09/09/2052

5.60%,

12/01/2054

United

Parcel

Service

Inc

2.50%,

09/01/2029

3.40%,

09/01/2049

4.65%,

10/15/2030

4.88%,

03/03/2033

4.88%,

11/15/2040

5.05%,

03/03/2053

5.15%,

05/22/2034

5.50%,

05/22/2054

5.95%,

05/14/2055

6.20%,

01/15/2038

$

11,459

Schedule

of

Investments

Bond

Market

Index

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Trucking

&

Leasing

-

.02

%

GATX

Corp

1.90%,

06/01/2031

$

$

5.50%,

06/15/2035

$

Water

-

.05

%

American

Water

Capital

Corp

2.30%,

06/01/2031

3.25%,

06/01/2051

3.75%,

09/01/2047

4.45%,

06/01/2032

6.59%,

10/15/2037

Essential

Utilities

Inc

2.40%,

05/01/2031

(d) 360

5.30%,

05/01/2052

5.38%,

01/15/2034

$

1,407

TOTAL

BONDS

$

712,762

MUNICIPAL

BONDS

-

.11

%

Principal

Amount

(000's)

Value

(000's)

California

-

.03

%

Bay

Area

Toll

Authority

6.26%,

04/01/2049

$

$

6.91%,

10/01/2050

California

State

University

2.98%,

11/01/2051

East

Bay

Municipal

Utility

District

Water

System

Revenue

5.87%,

06/01/2040

Regents

of

the

University

of

California

Medical

Center

Pooled

Revenue

6.55%,

05/15/2048

State

of

California

3.50%,

04/01/2028

7.30%,

10/01/2039

$

912

Georgia

-

.00

%

Municipal

Electric

Authority

of

Georgia

6.64%,

04/01/2057

Illinois

-

.04

%

Chicago

Transit

Authority

Sales

&

Transfer

Tax

Receipts

Revenue

6.90%,

12/01/2040

Chicago

Transit

Authority

Sales

Tax

Receipts

Fund

6.20%,

12/01/2040

State

of

Illinois

5.10%,

06/01/2033

659

655

$

989

New

Jersey

-

.02

%

New

Jersey

Economic

Development

Authority

(credit

support

from

National

Public

Finance

Guarantee

Corp)

7.43%,

02/15/2029

(j) 250

New

Jersey

Transportation

Trust

Fund

Authority

6.56%,

12/15/2040

$

New

York

-

.01

%

Port

Authority

of

New

York

&

New

Jersey

4.46%,

10/01/2062

Ohio

-

.00

%

Ohio

State

University/The

4.91%,

06/01/2040

Texas

-

.01

%

Dallas

Area

Rapid

Transit

5.02%,

12/01/2048

State

of

Texas

4.68%,

04/01/2040

$

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Wisconsin

-

.00

%

State

of

Wisconsin

(credit

support

from

Assured

Guaranty)

5.70%,

05/01/2026

(j) $

$

TOTAL

MUNICIPAL

BONDS

$

2,977

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

.20

%

Principal

Amount

(000's)

Value

(000's)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

-

.25

%

2.00%,

09/01/2031

$

$

2.00%,

12/01/2031

2.50%,

01/01/2031

2.50%,

02/01/2031

2.50%,

12/01/2031

2.50%,

01/01/2032

2.50%,

03/01/2032

2.50%,

11/01/2036

3.00%,

11/01/2028

3.00%,

04/01/2029

3.00%,

09/01/2029

3.00%,

10/01/2029

3.00%,

11/01/2029

3.00%,

01/01/2030

3.00%,

11/01/2030

3.00%,

03/01/2031

3.00%,

05/01/2032

3.00%,

03/01/2033

3.00%,

04/01/2033

3.00%,

09/01/2036

3.00%,

09/01/2036

3.00%,

02/01/2037

3.00%,

10/01/2042

3.00%,

11/01/2042

3.00%,

02/01/2043

3.00%,

08/01/2043

3.00%,

09/01/2043

3.00%,

10/01/2043

3.00%,

01/01/2045

3.00%,

06/01/2046

3.00%,

10/01/2046

3.00%,

02/01/2047

3.50%,

12/01/2031

3.50%,

05/01/2034

3.50%,

11/01/2034

3.50%,

01/01/2035

3.50%,

04/01/2037

3.50%,

06/01/2042

3.50%,

02/01/2045

3.50%,

03/01/2045

3.50%,

06/01/2045

3.50%,

06/01/2046

4.00%,

12/01/2030

4.00%,

11/01/2033

4.00%,

07/01/2034

4.00%,

04/01/2038

4.00%,

12/01/2040

4.00%,

02/01/2044

4.00%,

04/01/2044

4.00%,

07/01/2044

4.00%,

09/01/2044

4.00%,

11/01/2044

4.00%,

01/01/2045

4.00%,

08/01/2045

4.00%,

12/01/2045

4.00%,

02/01/2046

4.00%,

05/01/2046

4.50%,

10/01/2030

4.50%,

05/01/2031

4.50%,

05/01/2049

1,651

1,585

5.50%,

06/01/2034

Schedule

of

Investments

Bond

Market

Index

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

(continued)

5.50%,

07/01/2038

$

$

5.50%,

07/01/2038

5.50%,

12/01/2038

5.50%,

10/01/2039

5.50%,

06/01/2041

6.00%,

04/01/2038

6.00%,

11/01/2038

$

6,513

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

-

.02

%

1.50%,

12/01/2035

1,844

1,626

1.50%,

03/01/2036

1,069

939

1.50%,

05/01/2036

1,164

1,029

1.50%,

05/01/2036

3,729

3,278

1.50%,

11/01/2036

815

718

1.50%,

12/01/2036

2,051

1,800

1.50%,

05/01/2037

738

647

1.50%,

11/01/2050

742

551

1.50%,

01/01/2051

3,465

2,559

1.50%,

06/01/2051

1,620

1,199

2.00%,

09/01/2029

2.00%,

05/01/2030

2.00%,

12/01/2031

2.00%,

02/01/2032

2.00%,

02/01/2036

1,286

1,164

2.00%,

02/01/2036

2,858

2,596

2.00%,

03/01/2036

2,321

2,108

2.00%,

04/01/2036

4,143

3,791

2.00%,

05/01/2036

823

748

2.00%,

09/01/2036

2,884

2,610

2.00%,

02/01/2037

5,867

5,316

2.00%,

11/01/2041

5,835

4,915

2.00%,

05/01/2042

2,519

2,112

2.00%,

12/01/2050

13,638

10,698

2.00%,

02/01/2051

7,118

5,574

2.00%,

02/01/2051

9,603

7,516

2.00%,

02/01/2051

1,988

1,569

2.00%,

02/01/2051

1,680

1,315

2.00%,

03/01/2051

3,984

3,116

2.00%,

04/01/2051

2,102

1,664

2.00%,

04/01/2051

4,845

3,827

2.00%,

04/01/2051

10,803

8,532

2.00%,

04/01/2051

7,221

5,686

2.00%,

06/01/2051

1,844

1,442

2.00%,

07/01/2051

10,606

8,286

2.00%,

09/01/2051

2,707

2,110

2.00%,

10/01/2051

3,633

2,850

2.00%,

10/01/2051

2,301

1,818

2.00%,

11/01/2051

1,702

1,326

2.00%,

11/01/2051

1,555

1,228

2.00%,

12/01/2051

2,506

1,973

2.00%,

12/01/2051

5,205

4,098

2.00%,

12/01/2051

3,114

2,443

2.00%,

01/01/2052

1,960

1,540

2.00%,

01/01/2052

10,813

8,540

2.00%,

01/01/2052

4,368

3,404

2.00%,

02/01/2052

2,690

2,100

2.00%,

03/01/2052

4,406

3,466

2.00%,

04/01/2052

1,972

1,562

2.00%,

04/01/2052

9,882

7,783

2.00%,

04/01/2052

1,180

933

2.50%,

01/01/2028

2.50%,

11/01/2028

2.50%,

09/01/2029

2.50%,

05/01/2030

2.50%,

08/01/2030

2.50%,

03/01/2031

2.50%,

11/01/2031

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

2.50%,

12/01/2031

$

$

2.50%,

01/01/2032

2.50%,

03/01/2032

2.50%,

07/01/2033

2.50%,

02/01/2035

902

842

2.50%,

06/01/2035

1,938

1,794

2.50%,

10/01/2036

2.50%,

10/01/2036

2.50%,

12/01/2036

2.50%,

01/01/2037

3,449

3,203

2.50%,

04/01/2037

1,046

972

2.50%,

04/01/2042

3,910

3,381

2.50%,

01/01/2043

2.50%,

05/01/2043

2.50%,

10/01/2043

2.50%,

08/01/2046

2.50%,

12/01/2046

2.50%,

12/01/2046

2.50%,

08/01/2050

4,126

3,424

2.50%,

09/01/2050

1,311

1,082

2.50%,

10/01/2050

587

2.50%,

11/01/2050

566

2.50%,

02/01/2051

5,416

4,509

2.50%,

02/01/2051

1,985

1,639

2.50%,

07/01/2051

547

2.50%,

07/01/2051

802

659

2.50%,

07/01/2051

7,366

6,066

2.50%,

07/01/2051

1,119

925

2.50%,

08/01/2051

984

804

2.50%,

09/01/2051

1,649

1,356

2.50%,

10/01/2051

4,454

3,641

2.50%,

11/01/2051

5,334

4,426

2.50%,

11/01/2051

2,358

1,952

2.50%,

01/01/2052

1,577

1,300

2.50%,

02/01/2052

3,017

2,466

2.50%,

02/01/2052

2,564

2,102

2.50%,

02/01/2052

1,144

943

2.50%,

02/01/2052

1,946

1,608

2.50%,

02/01/2052

1,938

1,603

2.50%,

02/01/2052

10,231

8,456

2.50%,

03/01/2052

1,990

1,639

2.50%,

03/01/2052

9,917

8,180

2.50%,

04/01/2052

7,082

5,839

2.50%,

04/01/2052

9,518

7,840

2.50%,

05/01/2052

2,786

2,305

3.00%,

04/01/2027

3.00%,

01/01/2029

3.00%,

02/01/2029

3.00%,

12/01/2029

3.00%,

12/01/2029

3.00%,

01/01/2030

3.00%,

01/01/2030

3.00%,

06/01/2030

3.00%,

09/01/2030

3.00%,

10/01/2030

3.00%,

11/01/2030

3.00%,

12/01/2030

3.00%,

03/01/2031

3.00%,

04/01/2031

3.00%,

09/01/2031

3.00%,

12/01/2031

3.00%,

01/01/2033

3.00%,

04/01/2033

3.00%,

08/01/2034

3.00%,

05/01/2035

3.00%,

05/01/2037

2,693

2,563

3.00%,

06/01/2040

Schedule

of

Investments

Bond

Market

Index

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

3.00%,

04/01/2043

$

$

3.00%,

05/01/2043

3.00%,

05/01/2043

3.00%,

05/01/2043

3.00%,

07/01/2043

3.00%,

07/01/2043

3.00%,

08/01/2043

3.00%,

10/01/2043

3.00%,

11/01/2043

3.00%,

01/01/2045

3.00%,

05/01/2046

3.00%,

10/01/2046

3.00%,

10/01/2049

1,472

1,268

3.00%,

11/01/2049

1,227

1,063

3.00%,

11/01/2049

1,683

1,448

3.00%,

03/01/2050

2,677

2,313

3.00%,

02/01/2052

1,986

1,723

3.00%,

03/01/2052

1,705

1,453

3.00%,

03/01/2052

3.00%,

03/01/2052

6,284

5,391

3.00%,

04/01/2052

1,702

1,475

3.00%,

05/01/2052

2,739

2,370

3.00%,

05/01/2052

3,452

2,941

3.00%,

05/01/2052

6,496

5,542

3.00%,

05/01/2052

10,318

8,862

3.00%,

06/01/2052

6,980

6,003

3.50%,

12/01/2026

3.50%,

03/01/2029

3.50%,

09/01/2029

3.50%,

11/01/2030

3.50%,

04/01/2032

3.50%,

07/01/2032

3.50%,

09/01/2032

3.50%,

12/01/2032

779

764

3.50%,

10/01/2033

3.50%,

05/01/2034

3.50%,

06/01/2034

3.50%,

07/01/2034

3.50%,

10/01/2034

3.50%,

02/01/2036

3.50%,

02/01/2037

3.50%,

05/01/2037

3.50%,

05/01/2037

1,376

1,340

3.50%,

03/01/2041

3.50%,

03/01/2042

3.50%,

06/01/2042

3.50%,

07/01/2042

3.50%,

04/01/2043

3.50%,

05/01/2043

3.50%,

08/01/2043

3.50%,

01/01/2044

3.50%,

01/01/2044

640

592

3.50%,

10/01/2044

3.50%,

12/01/2044

3.50%,

11/01/2045

3.50%,

12/01/2045

3.50%,

12/01/2045

3.50%,

01/01/2046

3.50%,

03/01/2046

3.50%,

12/01/2046

3.50%,

01/01/2048

734

662

3.50%,

08/01/2049

818

734

3.50%,

11/01/2049

1,622

1,470

3.50%,

12/01/2049

1,180

1,075

3.50%,

01/01/2050

5,656

5,072

3.50%,

04/01/2052

4,449

3,970

3.50%,

05/01/2052

2,349

2,110

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

3.50%,

06/01/2052

$

1,304

$

1,160

3.50%,

07/01/2052

9,538

8,605

3.50%,

07/01/2052

845

750

3.50%,

08/01/2052

3,389

3,037

3.50%,

10/01/2052

2,533

2,250

4.00%,

04/01/2029

4.00%,

12/01/2030

4.00%,

03/01/2031

4.00%,

11/01/2031

4.00%,

11/01/2033

4.00%,

11/01/2033

4.00%,

10/01/2034

4.00%,

02/01/2036

4.00%,

01/01/2037

4.00%,

10/01/2037

551

534

4.00%,

10/01/2037

4.00%,

03/01/2038

4.00%,

07/01/2038

4.00%,

12/01/2038

4.00%,

01/01/2039

4.00%,

01/01/2041

4.00%,

02/01/2041

4.00%,

12/01/2041

4.00%,

06/01/2042

4.00%,

06/01/2042

4.00%,

07/01/2042

4.00%,

12/01/2042

4.00%,

09/01/2044

4.00%,

11/01/2044

4.00%,

10/01/2049

1,470

1,366

4.00%,

11/01/2049

588

547

4.00%,

04/01/2050

1,187

1,102

4.00%,

05/01/2052

4,250

3,956

4.00%,

08/01/2052

6,483

5,979

4.00%,

08/01/2052

2,767

2,541

4.00%,

09/01/2052

2,663

2,440

4.00%,

01/01/2053

5,126

4,760

4.00%,

05/01/2053

4,387

4,054

4.50%,

06/01/2029

4.50%,

07/01/2029

4.50%,

08/01/2030

4.50%,

01/01/2034

4.50%,

01/01/2040

745

734

4.50%,

08/01/2052

2,175

2,056

4.50%,

08/01/2052

984

934

4.50%,

10/01/2052

3,284

3,104

4.50%,

10/01/2052

4,844

4,606

4.50%,

01/01/2053

1,544

1,465

4.50%,

05/01/2053

4,732

4,490

4.50%,

07/01/2053

5,357

5,104

5.00%,

08/01/2039

692

693

5.00%,

12/01/2039

5.00%,

07/01/2052

2,433

2,378

5.00%,

08/01/2052

1,951

1,908

5.00%,

11/01/2052

4,138

4,046

5.00%,

04/01/2053

1,704

1,667

5.00%,

04/01/2053

6,237

6,053

5.00%,

05/01/2053

5,127

5,015

5.00%,

06/01/2053

2,595

2,536

5.00%,

10/01/2053

2,457

2,409

5.00%,

05/01/2054

1,013

985

5.00%,

11/01/2054

4,118

4,014

5.00%,

12/01/2054

3,402

3,308

5.50%,

03/01/2038

5.50%,

05/01/2038

5.50%,

06/01/2038

5.50%,

09/01/2038

Schedule

of

Investments

Bond

Market

Index

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

5.50%,

11/01/2038

$

$

5.50%,

04/01/2039

5.50%,

04/01/2040

5.50%,

03/01/2053

3,295

3,291

5.50%,

07/01/2053

1,318

1,316

5.50%,

07/01/2053

5,869

5,922

5.50%,

08/01/2053

2,105

2,097

5.50%,

08/01/2053

5,617

5,592

5.50%,

04/01/2054

3,214

3,208

5.50%,

06/01/2054

4,242

4,227

5.50%,

08/01/2054

1,473

1,471

5.50%,

08/01/2054

4,722

4,681

5.50%,

10/01/2054

3,825

3,817

5.50%,

02/01/2055

4,429

4,410

6.00%,

10/01/2036

6.00%,

01/01/2053

4,629

4,736

6.00%,

05/01/2053

1,450

1,473

6.00%,

10/01/2053

2,573

2,609

6.00%,

10/01/2053

2,980

3,043

6.00%,

11/01/2053

3,203

3,261

6.00%,

03/01/2054

1,933

1,963

6.00%,

07/01/2054

1,914

1,945

6.00%,

07/01/2054

2,765

2,814

6.00%,

08/01/2054

2,803

2,854

6.00%,

09/01/2054

5,717

5,806

6.00%,

09/01/2054

3,990

4,058

6.00%,

07/01/2055

(k) 2,500

2,521

6.50%,

01/01/2054

2,756

2,859

6.50%,

01/01/2054

4,505

4,658

6.50%,

02/01/2054

2,765

2,863

6.50%,

05/01/2054

2,334

2,412

6.50%,

07/01/2055

(k) 7,550

7,745

$

501,801

Government

National

Mortgage

Association

(GNMA)

-

.22

%

2.00%,

08/20/2050

1,967

1,580

2.00%,

01/20/2051

2,424

1,948

2.00%,

02/20/2051

7,270

5,841

2.00%,

05/20/2051

5,532

4,445

2.00%,

07/20/2051

8,909

7,158

2.00%,

08/20/2051

571

2.00%,

11/20/2051

2,248

1,807

2.50%,

06/20/2027

2.50%,

12/20/2030

2.50%,

03/20/2031

2.50%,

07/20/2043

2.50%,

12/20/2046

2.50%,

01/20/2047

2.50%,

06/20/2050

2,287

1,924

2.50%,

04/20/2051

2,457

2,059

2.50%,

05/20/2051

7,669

6,427

2.50%,

07/20/2051

9,477

7,944

2.50%,

09/20/2051

7,793

6,532

3.00%,

02/15/2027

3.00%,

08/20/2029

3.00%,

09/20/2029

3.00%,

07/20/2030

3.00%,

01/20/2031

3.00%,

07/20/2032

3.00%,

03/20/2043

3.00%,

03/20/2043

3.00%,

04/20/2043

3.00%,

06/20/2043

3.00%,

08/20/2043

3.00%,

12/15/2044

3.00%,

01/15/2045

3.00%,

01/15/2045

3.00%,

02/20/2045

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Government

National

Mortgage

Association

(GNMA)

(continued)

3.00%,

05/20/2045

$

$

3.00%,

06/20/2045

3.00%,

07/20/2045

3.00%,

12/20/2045

3.00%,

01/20/2046

3.00%,

03/20/2046

3.00%,

04/20/2046

3.00%,

05/20/2046

3.00%,

06/20/2046

3.00%,

07/20/2046

656

580

3.00%,

08/20/2046

3.00%,

09/20/2046

3.00%,

10/20/2046

3.00%,

12/15/2046

3.00%,

07/20/2051

1,080

942

3.00%,

09/20/2051

7,130

6,216

3.00%,

12/20/2051

9,461

8,248

3.50%,

05/20/2042

3.50%,

06/20/2042

3.50%,

07/20/2042

3.50%,

09/20/2042

3.50%,

10/20/2042

3.50%,

11/20/2042

3.50%,

12/20/2042

3.50%,

01/20/2043

3.50%,

02/20/2043

3.50%,

03/20/2043

3.50%,

04/15/2043

3.50%,

04/20/2043

3.50%,

05/20/2043

3.50%,

07/20/2043

3.50%,

08/20/2043

3.50%,

09/20/2043

3.50%,

10/20/2043

3.50%,

09/20/2044

3.50%,

10/20/2044

3.50%,

11/20/2044

3.50%,

12/20/2044

3.50%,

01/20/2045

3.50%,

02/20/2045

3.50%,

03/15/2045

3.50%,

03/20/2045

3.50%,

04/15/2045

3.50%,

04/20/2045

3.50%,

04/20/2045

3.50%,

05/20/2045

3.50%,

06/20/2045

3.50%,

07/20/2045

3.50%,

08/20/2045

3.50%,

09/20/2045

3.50%,

10/20/2045

3.50%,

11/20/2045

3.50%,

12/20/2045

3.50%,

02/20/2046

3.50%,

08/15/2046

3.50%,

09/15/2046

3.50%,

07/20/2047

2,994

2,702

3.50%,

01/15/2048

3.50%,

01/20/2048

1,714

1,545

3.50%,

02/20/2048

3,959

3,569

3.50%,

08/20/2048

1,360

1,226

3.50%,

09/15/2048

3.50%,

04/20/2052

1,347

1,202

4.00%,

11/20/2043

4.00%,

02/20/2044

4.00%,

05/15/2044

4.00%,

05/20/2044

4.00%,

07/20/2044

Schedule

of

Investments

Bond

Market

Index

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Government

National

Mortgage

Association

(GNMA)

(continued)

4.00%,

08/20/2044

$

$

4.00%,

09/20/2044

4.00%,

10/20/2044

4.00%,

11/15/2044

4.00%,

11/20/2044

4.00%,

12/20/2044

4.00%,

01/20/2045

4.00%,

03/20/2045

4.00%,

08/20/2045

4.00%,

09/15/2045

4.00%,

09/20/2045

4.00%,

10/20/2045

4.00%,

11/20/2045

4.00%,

12/15/2045

4.00%,

01/20/2046

4.00%,

02/20/2046

4.00%,

04/20/2046

4.00%,

10/20/2046

4.00%,

11/20/2046

4.00%,

01/20/2047

4.00%,

02/20/2047

4.00%,

03/20/2047

4.00%,

05/20/2047

4.00%,

11/20/2047

4.00%,

03/20/2049

513

4.00%,

05/20/2049

655

604

4.00%,

04/20/2052

7,171

6,595

4.50%,

03/15/2039

4.50%,

03/15/2040

4.50%,

07/15/2040

4.50%,

02/20/2041

4.50%,

03/20/2041

4.50%,

05/15/2045

4.50%,

12/20/2046

4.50%,

10/15/2047

4.50%,

02/20/2049

2,524

2,414

4.50%,

05/20/2052

985

935

4.50%,

08/20/2052

4.50%,

09/20/2052

8,367

7,944

4.50%,

06/20/2053

2,905

2,750

5.00%,

07/20/2038

5.00%,

04/20/2039

5.00%,

01/20/2045

5.00%,

02/20/2046

5.00%,

12/20/2046

5.00%,

08/20/2048

5.00%,

10/20/2048

5.00%,

12/20/2052

893

871

5.00%,

01/20/2053

5,862

5,703

5.00%,

02/20/2053

1,358

1,321

5.00%,

04/20/2053

2,747

2,677

5.00%,

10/20/2053

5,561

5,412

5.50%,

03/15/2038

5.50%,

02/15/2039

5.50%,

06/15/2040

5.50%,

07/20/2044

5.50%,

09/20/2044

5.50%,

12/20/2048

5.50%,

03/20/2053

840

837

5.50%,

08/20/2053

824

820

5.50%,

07/20/2055

(k) 21,100

20,928

6.00%,

07/20/2053

4,170

4,235

6.00%,

07/20/2055

(k) 7,100

7,157

6.50%,

12/20/2052

5,471

5,607

$

164,009

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

-

.71

%

0.38%,

07/31/2027

$

6,345

$

5,885

0.38%,

09/30/2027

5,215

4,812

0.50%,

04/30/2027

14,200

13,314

0.50%,

05/31/2027

4,955

4,633

0.50%,

06/30/2027

3,790

3,535

0.50%,

08/31/2027

7,780

7,218

0.50%,

10/31/2027

5,120

4,724

0.63%,

07/31/2026

6,055

5,818

0.63%,

03/31/2027

3,635

3,425

0.63%,

11/30/2027

7,625

7,041

0.63%,

12/31/2027

6,650

6,123

0.63%,

05/15/2030

21,605

18,378

0.63%,

08/15/2030

15,065

12,696

0.75%,

08/31/2026

13,290

12,758

0.75%,

01/31/2028

10,210

9,409

0.88%,

06/30/2026

4,470

4,318

0.88%,

09/30/2026

6,920

6,639

0.88%,

11/15/2030

13,310

11,275

1.00%,

07/31/2028

8,595

7,865

1.13%,

10/31/2026

5,395

5,181

1.13%,

02/28/2027

605

576

1.13%,

02/29/2028

5,245

4,873

1.13%,

08/31/2028

7,015

6,430

1.13%,

02/15/2031

12,680

10,832

1.13%,

05/15/2040

3,250

1,974

1.13%,

08/15/2040

3,885

2,335

1.25%,

11/30/2026

8,500

8,163

1.25%,

12/31/2026

9,625

9,225

1.25%,

03/31/2028

6,615

6,154

1.25%,

04/30/2028

10,140

9,415

1.25%,

05/31/2028

8,310

7,699

1.25%,

06/30/2028

9,680

8,950

1.25%,

09/30/2028

5,880

5,399

1.25%,

08/15/2031

10,095

8,526

1.25%,

05/15/2050

10,980

5,129

1.38%,

08/31/2026

4,375

4,233

1.38%,

10/31/2028

8,830

8,125

1.38%,

12/31/2028

7,435

6,815

1.38%,

11/15/2031

11,485

9,699

1.38%,

11/15/2040

4,490

2,800

1.38%,

08/15/2050

4,950

2,374

1.50%,

08/15/2026

23,765

23,050

1.50%,

01/31/2027

1,475

1,417

1.50%,

11/30/2028

6,840

6,309

1.50%,

02/15/2030

12,175

10,908

1.63%,

09/30/2026

1.63%,

10/31/2026

13,835

13,385

1.63%,

11/30/2026

2,925

2,825

1.63%,

08/15/2029

15,815

14,440

1.63%,

05/15/2031

11,030

9,610

1.63%,

11/15/2050

7,265

3,730

1.75%,

12/31/2026

2,055

1,985

1.75%,

01/31/2029

14,125

13,095

1.75%,

11/15/2029

2,360

2,153

1.75%,

08/15/2041

8,245

5,356

1.88%,

06/30/2026

3,625

3,539

1.88%,

07/31/2026

1,340

1,306

1.88%,

02/28/2027

7,160

6,911

1.88%,

02/28/2029

5,360

4,985

1.88%,

02/15/2032

10,485

9,093

1.88%,

02/15/2041

5,820

3,920

1.88%,

02/15/2051

6,040

3,305

1.88%,

11/15/2051

9,395

5,090

2.00%,

11/15/2026

3,845

3,736

2.00%,

11/15/2041

5,285

3,562

2.00%,

02/15/2050

3,950

2,262

2.00%,

08/15/2051

10,165

5,711

2.25%,

02/15/2027

5,635

5,477

Schedule

of

Investments

Bond

Market

Index

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

(continued)

2.25%,

08/15/2027

$

4,875

$

4,707

2.25%,

11/15/2027

6,555

6,306

2.25%,

05/15/2041

6,930

4,933

2.25%,

08/15/2046

4,160

2,662

2.25%,

08/15/2049

6,550

4,007

2.25%,

02/15/2052

6,160

3,668

2.38%,

05/15/2027

4,230

4,108

2.38%,

03/31/2029

6,075

5,745

2.38%,

05/15/2029

6,050

5,712

2.38%,

02/15/2042

6,020

4,289

2.38%,

11/15/2049

3,305

2,075

2.38%,

05/15/2051

6,765

4,186

2.50%,

03/31/2027

7,945

7,746

2.50%,

02/15/2045

2,425

1,669

2.50%,

02/15/2046

2,375

1,609

2.50%,

05/15/2046

1,125

760

2.63%,

05/31/2027

3,865

3,770

2.63%,

02/15/2029

7,695

7,358

2.63%,

07/31/2029

2,255

2,143

2.75%,

04/30/2027

4,420

4,325

2.75%,

07/31/2027

13,665

13,343

2.75%,

02/15/2028

8,515

8,270

2.75%,

05/31/2029

2,500

2,393

2.75%,

08/15/2032

11,730

10,686

2.75%,

08/15/2042

739

554

2.75%,

11/15/2042

1,090

813

2.75%,

11/15/2047

1,605

1,115

2.88%,

05/15/2028

3,870

3,763

2.88%,

08/15/2028

6,250

6,061

2.88%,

04/30/2029

4,605

4,433

2.88%,

05/15/2032

10,200

9,406

2.88%,

05/15/2043

2,880

2,175

2.88%,

08/15/2045

2,575

1,882

2.88%,

11/15/2046

600

2.88%,

05/15/2049

4,490

3,149

2.88%,

05/15/2052

1,405

965

3.00%,

05/15/2042

1,705

1,334

3.00%,

11/15/2044

4,710

3,548

3.00%,

05/15/2045

2,280

1,708

3.00%,

11/15/2045

1,095

816

3.00%,

02/15/2047

3,175

2,333

3.00%,

05/15/2047

4,345

3,184

3.00%,

02/15/2048

3,415

2,480

3.00%,

08/15/2048

1,210

875

3.00%,

02/15/2049

3,190

2,297

3.00%,

08/15/2052

4,610

3,251

3.13%,

11/15/2028

11,250

10,973

3.13%,

08/31/2029

3,010

2,915

3.13%,

11/15/2041

7,350

5,906

3.13%,

02/15/2042

1,140

912

3.13%,

02/15/2043

815

642

3.13%,

08/15/2044

2,320

1,790

3.13%,

05/15/2048

1,030

764

3.25%,

06/30/2027

5,950

5,875

3.25%,

06/30/2029

4,380

4,269

3.25%,

05/15/2042

5,235

4,246

3.38%,

05/15/2033

9,200

8,661

3.38%,

08/15/2042

3,025

2,490

3.38%,

11/15/2048

6,675

5,162

3.50%,

01/31/2028

3,970

3,933

3.50%,

04/30/2028

3,820

3,782

3.50%,

01/31/2030

7,810

7,658

3.50%,

04/30/2030

3,395

3,323

3.50%,

02/15/2033

8,390

7,990

3.50%,

02/15/2039

1,130

1,001

3.63%,

03/31/2028

3,180

3,160

3.63%,

08/31/2029

2,540

2,509

3.63%,

03/31/2030

6,730

6,628

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

(continued)

3.63%,

08/15/2043

$

2,410

$

2,033

3.63%,

02/15/2044

1,245

1,045

3.63%,

02/15/2053

2,325

1,857

3.63%,

05/15/2053

7,665

6,115

3.75%,

12/31/2028

6,315

6,284

3.75%,

05/31/2030

2,265

2,241

3.75%,

06/30/2030

800

791

3.75%,

08/31/2031

9,060

8,881

3.75%,

08/15/2041

2,175

1,912

3.75%,

11/15/2043

1,250

1,071

3.88%,

11/30/2027

4,725

4,725

3.88%,

12/31/2027

5,365

5,366

3.88%,

03/15/2028

5,120

5,123

3.88%,

09/30/2029

6,260

6,244

3.88%,

11/30/2029

2,300

2,293

3.88%,

08/15/2033

10,405

10,121

3.88%,

08/15/2034

11,485

11,065

3.88%,

08/15/2040

1,350

1,217

3.88%,

02/15/2043

2,125

1,867

3.88%,

05/15/2043

1,060

929

4.00%,

02/29/2028

1,715

1,721

4.00%,

01/31/2029

2,680

2,688

4.00%,

07/31/2029

5,130

5,144

4.00%,

02/28/2030

12,340

12,367

4.00%,

07/31/2030

5,145

5,146

4.00%,

01/31/2031

7,695

7,676

4.00%,

04/30/2032

8,705

8,619

4.00%,

02/15/2034

11,750

11,481

4.00%,

11/15/2042

3,490

3,125

4.00%,

11/15/2052

8,460

7,240

4.13%,

06/15/2026

10,165

10,163

4.13%,

09/30/2027

6,975

7,013

4.13%,

10/31/2027

4,750

4,776

4.13%,

11/15/2027

2,145

2,157

4.13%,

03/31/2029

5,800

5,843

4.13%,

10/31/2029

1,000

1,007

4.13%,

11/30/2029

10,715

10,796

4.13%,

10/31/2031

4,015

4,015

4.13%,

11/30/2031

6,155

6,152

4.13%,

02/29/2032

5,270

5,261

4.13%,

03/31/2032

4.13%,

11/15/2032

8,815

8,776

4.13%,

08/15/2044

2,735

2,458

4.13%,

08/15/2053

3,930

3,436

4.25%,

11/30/2026

2,525

2,534

4.25%,

03/15/2027

4,660

4,684

4.25%,

02/28/2029

6,355

6,430

4.25%,

06/30/2029

5,900

5,971

4.25%,

02/28/2031

2,640

2,666

4.25%,

06/30/2031

4,620

4,659

4.25%,

11/15/2034

9,360

9,268

4.25%,

05/15/2039

3,400

3,252

4.25%,

11/15/2040

1,088

1,023

4.25%,

02/15/2054

3,315

2,961

4.25%,

08/15/2054

5,895

5,271

4.38%,

07/31/2026

1,785

1,790

4.38%,

08/15/2026

1,610

1,615

4.38%,

08/31/2028

3,915

3,973

4.38%,

05/15/2034

10,690

10,720

4.38%,

02/15/2038

4.38%,

11/15/2039

700

674

4.38%,

05/15/2040

1,995

1,916

4.38%,

05/15/2041

5,250

4,995

4.38%,

08/15/2043

1,645

1,539

4.50%,

07/15/2026

16,330

16,398

4.50%,

05/15/2027

4,445

4,493

4.50%,

11/15/2033

9,935

10,083

4.50%,

02/15/2036

1,630

1,650

Schedule

of

Investments

Bond

Market

Index

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

(continued)

4.50%,

05/15/2038

$

1,200

$

1,195

4.50%,

08/15/2039

730

714

4.50%,

02/15/2044

3,835

3,637

4.50%,

11/15/2054

6,070

5,666

4.63%,

06/30/2026

5,225

5,251

4.63%,

11/15/2026

10,695

10,784

4.63%,

06/15/2027

16,890

17,126

4.63%,

09/30/2028

6,215

6,358

4.63%,

04/30/2029

6,920

7,095

4.63%,

09/30/2030

1,460

1,503

4.63%,

04/30/2031

2,775

2,855

4.63%,

05/31/2031

12,215

12,563

4.63%,

02/15/2035

9,265

9,439

4.63%,

02/15/2040

2,745

2,715

4.63%,

05/15/2044

4,030

3,880

4.63%,

11/15/2044

6,255

6,008

4.63%,

05/15/2054

6,335

6,026

4.63%,

02/15/2055

6,445

6,147

4.75%,

02/15/2037

1,250

1,283

4.75%,

02/15/2041

3,264

3,246

4.75%,

02/15/2045

2,710

2,645

4.75%,

11/15/2053

4,430

4,299

4.75%,

05/15/2055

2,385

2,324

5.00%,

05/15/2037

885

927

5.25%,

11/15/2028

5.25%,

02/15/2029

795

835

5.38%,

02/15/2031

1,100

1,173

5.50%,

08/15/2028

1,115

1,171

6.13%,

11/15/2027

700

737

6.25%,

05/15/2030

1,050

1,156

6.38%,

08/15/2027

1,540

1,621

6.50%,

11/15/2026

1,000

1,040

6.63%,

02/15/2027

$

1,179,778

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

1,852,101

Total

Investments

$

2,662,587

Other

Assets

and

Liabilities

- (0.91)%

(24,017)

TOTAL

NET

ASSETS

-

100.00%

$

2,638,570

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$4,706

or

0.18%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$5,030

or

0.19%

of

net

assets.

(e) Rate

shown

is

as

of

period

end.

The

rate

may

be

a

variable

or

floating

rate

or

a

fixed

rate

which

may

convert

to

a

variable

or

floating

rate

in

the

future.

(f) Security

purchased

on

a

when-issued

basis.

(g) Non-income

producing

security

(h) Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions. These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(i) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$4,293

or

0.16%

of

net

assets.

(j) Credit

support

indicates

investments

that

benefit

from

credit

enhancement

or

liquidity

support

provided

by

a

third

party

bank,

institution,

or

government

agency.

(k) Security

was

purchased

in

a

"to-be-announced"

("TBA")

transaction.

Affiliated

Securities

August

31,

2024

Purchases

Sales

May

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

71,025

$

778,821

$

776,530

$

73,316

$

71,025

$

778,821

$

776,530

$

73,316

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

1,945

$

—

$

—

$

—

$

1,945

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Capital

Securities

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.43

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.12

%

Invesco

Preferred

ETF

(a) 121,647

$

1,335

Money

Market

Funds

-

.31

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.22%

(b),(c)

1,428,270

1,428

Principal

Government

Money

Market

Fund

-

Class

4.19%

(b),(c),(d)

25,116,178

25,116

$

26,544

TOTAL

INVESTMENT

COMPANIES

$

27,879

PREFERRED

STOCKS

-

.00

%

Shares

Held

Value

(000's)

Banks

-

.56

%

Cullen/Frost

Bankers

Inc

4.45%,

12/15/2025

(e) 55,739

$

942

Regions

Financial

Corp

6.95%,

09/15/2029

(e) 107,520

2,741

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.77%

US

Bancorp

5.12%,

07/03/2025

(e) 11,995

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.86%

Wintrust

Financial

Corp

0.00%,

07/15/2030

(e),(f)

95,600

2,443

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.88%

$

6,372

Diversified

Financial

Services

-

.01

%

Affiliated

Managers

Group

Inc

4.20%,

09/30/2061

9,119

Affiliated

Managers

Group

Inc

5.88%,

03/30/2059

1,353

$

Insurance

-

.27

%

Assurant

Inc

5.25%,

01/15/2061

29,885

590

Corebridge

Financial

Inc

6.38%,

12/15/2064

109,872

2,502

$

3,092

REITs

-

.16

%

Public

Storage

4.10%,

01/13/2027

(e) 5,800

Public

Storage

5.60%,

07/03/2025

(e) 14,249

Rexford

Industrial

Realty

Inc

5.63%,

06/22/2025

(e) 68,660

1,466

$

1,883

TOTAL

PREFERRED

STOCKS

$

11,509

BONDS

-

.34

%

Principal

Amount

(000's)

Value

(000's)

Banks

-

.61

%

Australia

&

New

Zealand

Banking

Group

Ltd/

United

Kingdom

6.75%,

06/15/2026

(e),(g),(h),(i)

$

1,900

$

1,916

USD

Swap

Rate

NY

Year

+

5.17%

Banco

Bilbao

Vizcaya

Argentaria

SA

6.13%,

11/16/2027

(e),(g),(h)

600

577

USD

Swap

Semi-Annual

Year

+

3.87%

9.38%,

03/19/2029

(e),(g),(h)

8,500

9,329

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.10%

Banco

Santander

SA

4.75%,

11/12/2026

(e),(g),(h)

15,400

14,750

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.75%

8.00%,

02/01/2034

(e),(g),(h)

1,000

1,046

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.91%

9.63%,

11/21/2028

(e),(g),(h)

3,000

3,303

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.31%

9.63%,

05/21/2033

(e),(g),(h)

5,000

5,749

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.30%

Bank

of

America

Corp

6.13%,

04/27/2027

(e),(g)

10,304

10,375

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.23%

6.63%,

05/01/2030

(e),(g)

14,500

14,730

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Bank

of

Montreal

7.30%,

11/26/2084

(g) $

2,500

$

2,502

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.01%

7.70%,

05/26/2084

(g) 7,300

7,530

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.45%

Bank

of

New

York

Mellon

Corp/The

3.70%,

03/20/2026

(e),(g)

25,000

24,512

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.35%

3.75%,

12/20/2026

(e),(g)

19,600

18,863

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.63%

Bank

of

Nova

Scotia/The

3.63%,

10/27/2081

(g) 7,600

7,020

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.61%

7.35%,

04/27/2085

(g) 3,675

3,686

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.90%

8.00%,

01/27/2084

(g) 525

553

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.02%

8.63%,

10/27/2082

(g) 3,300

3,477

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.39%

Barclays

PLC

4.38%,

03/15/2028

(e),(g),(h)

18,000

16,430

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.41%

7.63%,

03/15/2035

(e),(g),(h)

1,000

988

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.69%

8.00%,

03/15/2029

(e),(g),(h)

1,200

1,252

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.43%

9.63%,

12/15/2029

(a),(e),(g),(h)

1,800

1,987

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

5.78%

BNP

Paribas

SA

4.50%,

02/25/2030

(e),(g),(h),(i)

3,500

3,071

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.94%

4.63%,

02/25/2031

(e),(g),(h),(i)

7,000

6,072

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.34%

7.38%,

08/19/2025

(e),(g),(h),(i)

6,803

6,825

USD

Swap

Rate

NY

Year

+

5.15%

8.50%,

08/14/2028

(e),(g),(h),(i)

2,000

2,118

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.35%

9.25%,

11/17/2027

(e),(g),(h),(i)

5,000

5,312

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.97%

9.25%,

11/17/2027

(e),(g),(h)

1,400

1,487

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.97%

Canadian

Imperial

Bank

of

Commerce

6.95%,

01/28/2085

(g) 5,500

5,459

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.83%

Schedule

of

Investments

Capital

Securities

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Citigroup

Inc

3.88%,

02/18/2026

(e),(g)

$

23,583

$

23,104

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.42%

4.00%,

12/10/2025

(e),(g)

12,000

11,877

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.60%

6.75%,

02/15/2030

(e),(g)

1,000

989

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.57%

7.00%,

08/15/2034

(e),(g)

4,000

4,105

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.76%

7.38%,

05/15/2028

(e),(g)

3,600

3,717

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.21%

Citizens

Financial

Group

Inc

4.00%,

10/06/2026

(e),(g)

4,900

4,747

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.22%

5.65%,

10/06/2025

(e),(g)

10,000

9,976

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.31%

7.70%,

07/06/2025

(e) 3,462

3,431

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.42%

Corestates

Capital

III

5.16%,

02/15/2027

(i) 10,571

10,568

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.83%

Credit

Agricole

SA

8.13%,

12/23/2025

(e),(g),(h),(i)

8,932

9,054

USD

Swap

Semi-Annual

Year

+

6.19%

Deutsche

Bank

AG

8.13%,

04/30/2030

(a),(e),(g),(h)

7,000

7,088

USD

Secured

Overnight

Financing

Rate

Spread-Adj.

ICE

Swap

Rate

Year

+

4.36%

Fifth

Third

Bancorp

4.50%,

09/30/2025

(e),(g)

2,200

2,186

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.22%

Goldman

Sachs

Group

Inc/The

3.65%,

08/10/2026

(e),(g)

7,100

6,868

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.92%

3.80%,

05/10/2026

(e),(g)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.97%

6.85%,

02/10/2030

(e),(g)

1,000

1,008

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.46%

7.38%,

08/10/2025

(e),(g)

1,500

1,508

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.62%

7.50%,

02/10/2029

(a),(e),(g)

1,000

1,046

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.16%

7.50%,

05/10/2029

(e),(g)

12,000

12,497

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.81%

HSBC

Holdings

PLC

6.00%,

05/22/2027

(e),(g),(h)

3,000

2,981

USD

Swap

Rate

NY

Year

+

3.75%

6.50%,

03/23/2028

(e),(g),(h)

500

502

USD

Swap

Rate

NY

Year

+

3.61%

7.05%,

06/05/2030

(e),(g),(h),(j)

1,000

1,000

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.99%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

HSBC

Holdings

PLC

(continued)

8.00%,

03/07/2028

(a),(e),(g),(h)

$

5,000

$

5,213

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.86%

Huntington

Bancshares

Inc/OH

4.45%,

10/15/2027

(e),(g)

19,200

18,630

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.05%

5.63%,

07/15/2030

(a),(e),(g)

8,700

8,674

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.95%

Huntington

Capital

II

5.19%,

06/15/2028

2,400

2,277

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.89%

Huntington

National

Bank/The

9.61%,

05/06/2030

2,000

2,004

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.35%

ING

Groep

NV

5.75%,

11/16/2026

(a),(e),(g),(h)

7,515

7,469

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.34%

Intesa

Sanpaolo

SpA

7.70%,

09/17/2025

(e),(g),(h),(i)

7,000

7,022

USD

Swap

Semi-Annual

Year

+

5.46%

JPMorgan

Chase

&

Co

3.65%,

06/01/2026

(e),(g)

15,593

15,206

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.85%

6.50%,

04/01/2030

(e),(g)

6,000

6,081

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.15%

6.88%,

06/01/2029

(e),(g)

7,600

7,924

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.74%

KeyCorp

5.00%,

09/15/2026

(e),(g)

3,775

3,704

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.87%

KeyCorp

Capital

I

5.30%,

07/01/2028

1,500

1,456

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.00%

KeyCorp

Capital

III

7.75%,

07/15/2029

2,700

2,833

Lloyds

Banking

Group

PLC

6.75%,

09/27/2031

(e),(g),(h)

900

875

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.15%

7.50%,

09/27/2025

(e),(g),(h)

20,150

20,193

USD

Swap

Rate

NY

Year

+

4.50%

8.00%,

09/27/2029

(a),(e),(g),(h)

2,000

2,102

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.91%

M&T

Bank

Corp

3.50%,

09/01/2026

(e),(g)

8,000

7,496

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%

5.13%,

11/01/2026

(e),(g)

4,000

3,943

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.78%

Schedule

of

Investments

Capital

Securities

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

NatWest

Group

PLC

4.60%,

06/28/2031

(e),(g),(h)

$

18,000

$

15,459

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.10%

6.00%,

12/29/2025

(e),(g),(h)

8,000

7,974

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.63%

Nordea

Bank

Abp

6.63%,

03/26/2026

(e),(g),(h),(i)

15,600

15,640

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.11%

PNC

Capital

Trust

C

5.15%,

06/01/2028

3,000

2,943

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.83%

PNC

Financial

Services

Group

Inc/The

6.00%,

05/15/2027

(e),(g)

13,600

13,625

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.00%

6.20%,

09/15/2027

(e),(g)

2,000

2,028

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.24%

6.25%,

03/15/2030

(e),(g)

13,500

13,553

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.81%

Regions

Financial

Corp

5.75%,

06/16/2025

(a),(e),(g)

3,500

3,497

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.43%

Royal

Bank

of

Canada

6.35%,

11/24/2084

(g) 8,550

8,034

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.26%

7.50%,

05/02/2084

(g) 10,500

10,916

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.89%

Societe

Generale

SA

8.50%,

03/25/2034

(e),(g),(h),(i)

3,600

3,695

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.15%

10.00%,

11/14/2028

(e),(g),(h),(i)

7,000

7,613

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.45%

10.00%,

11/14/2028

(e),(g),(h)

600

653

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.45%

Standard

Chartered

PLC

4.75%,

01/14/2031

(a),(e),(g),(h)

12,500

11,107

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.81%

7.01%,

07/30/2037

(e),(g),(i)

7,100

7,268

Month

USD

LIBOR

+

1.46%

7.01%,

07/30/2037

(e),(g)

2,000

2,047

Month

USD

LIBOR

+

1.46%

7.63%,

01/16/2032

(e),(g),(h),(i)

2,100

2,097

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.02%

7.88%,

03/08/2030

(a),(e),(g),(h),(i)

1,000

1,025

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.57%

State

Street

Corp

6.45%,

09/15/2030

(e),(g)

3,800

3,788

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.14%

6.70%,

09/15/2029

(e),(g)

10,800

11,010

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.63%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

State

Street

Corp

(continued)

6.70%,

03/15/2029

(e),(g)

$

6,900

$

7,043

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.61%

Swedbank

AB

7.75%,

03/17/2030

(e),(g),(h)

3,000

3,113

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.66%

Toronto-Dominion

Bank/The

7.25%,

07/31/2084

(a),(g)

1,000

1,022

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.98%

8.13%,

10/31/2082

(g) 13,201

13,826

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.08%

Truist

Financial

Corp

4.95%,

09/01/2025

(e),(g)

6,400

6,358

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.61%

5.10%,

03/01/2030

(e),(g)

2,000

1,945

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.35%

5.21%,

03/15/2028

2,000

1,921

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.91%

5.26%,

05/15/2027

4,500

4,425

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.93%

6.67%,

09/01/2025

(e),(g)

16,136

16,032

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.00%

UBS

Group

AG

3.88%,

06/02/2026

(a),(e),(g),(h),(i)

10,000

9,705

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.10%

4.38%,

02/10/2031

(e),(g),(h)

2,500

2,191

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.31%

4.88%,

02/12/2027

(e),(g),(h),(i)

12,000

11,559

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.40%

6.88%,

08/07/2025

(e),(g),(h)

19,500

19,508

USD

Swap

Semi-Annual

(VS

Month)

Year

+

4.59%

7.00%,

02/10/2030

(e),(g),(h),(i)

2,000

1,980

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.08%

US

Bancorp

3.70%,

01/15/2027

(e),(g)

32,500

30,974

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.54%

Wells

Fargo

&

Co

3.90%,

03/15/2026

(e),(g)

16,700

16,443

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.45%

6.85%,

09/15/2029

(e),(g)

9,000

9,250

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.77%

7.63%,

09/15/2028

(e),(g)

6,800

7,244

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.61%

$

731,220

Diversified

Financial

Services

-

.62

%

American

Express

Co

3.55%,

09/15/2026

(e),(g)

43,889

42,443

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.85%

Schedule

of

Investments

Capital

Securities

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Diversified

Financial

Services

(continued)

Capital

One

Financial

Corp

3.95%,

09/01/2026

(a),(e),(g)

$

10,200

$

9,902

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.16%

6.13%,

06/23/2025

(e),(g)

21,300

21,346

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.78%

Charles

Schwab

Corp/The

4.00%,

06/01/2026

(e),(g)

25,500

25,200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.17%

Voya

Financial

Inc

4.70%,

01/23/2048

(g) 10,800

10,222

Month

USD

LIBOR

+

2.08%

7.76%,

09/15/2028

(e),(g)

1,400

1,442

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.36%

$

110,555

Electric

-

.74

%

American

Electric

Power

Co

Inc

3.88%,

02/15/2062

(g) 7,100

6,778

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%

6.95%,

12/15/2054

(g) 2,000

2,045

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%

7.05%,

12/15/2054

(g) 2,600

2,674

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.75%

Dominion

Energy

Inc

4.35%,

01/15/2027

(e),(g)

9,900

9,675

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.20%

6.63%,

05/15/2055

(g) 3,500

3,504

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.21%

Duke

Energy

Corp

3.25%,

01/15/2082

(g) 5,000

4,760

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.32%

EUSHI

Finance

Inc

7.63%,

12/15/2054

(g) 500

511

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.14%

Evergy

Inc

6.65%,

06/01/2055

(g) 1,000

990

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.56%

NextEra

Energy

Capital

Holdings

Inc

3.80%,

03/15/2082

(g) 2,000

1,897

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.55%

6.63%,

10/01/2066

2,291

2,084

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.33%

6.70%,

09/01/2054

(g) 2,700

2,737

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.36%

Sempra

6.55%,

04/01/2055

(g) 2,000

1,871

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.14%

6.63%,

04/01/2055

(g) 1,500

1,412

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.35%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

Southern

Co/The

6.38%,

03/15/2055

(g) $

2,000

$

2,033

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.07%

$

42,971

Food

-

.57

%

Dairy

Farmers

of

America

Inc

7.13%,

12/01/2026

(e),(i)

7,000

6,598

Gas

-

.53

%

NiSource

Inc

6.95%,

11/30/2054

(g) 6,000

6,139

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.45%

Insurance

-

.83

%

ACE

Capital

Trust

II

9.70%,

04/01/2030

2,570

3,062

Allianz

SE

3.20%,

10/30/2027

(e),(g),(h),(i)

5,000

4,298

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.17%

Argentum

Netherlands

BV

for

Zurich

Insurance

Co

Ltd

5.13%,

06/01/2048

(g) 2,000

1,973

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.27%

Cloverie

PLC

for

Zurich

Insurance

Co

Ltd

5.63%,

06/24/2046

(g) 4,900

4,902

Month

USD

LIBOR

+

4.92%

Corebridge

Financial

Inc

6.38%,

09/15/2054

(g) 1,200

1,168

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.65%

6.88%,

12/15/2052

(g) 7,100

7,208

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.85%

Dai-ichi

Life

Insurance

Co

Ltd/The

6.20%,

01/16/2035

(e),(g),(i)

6,000

5,955

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.52%

Equitable

Holdings

Inc

6.70%,

03/28/2055

(g) 1,600

1,618

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.39%

Liberty

Mutual

Group

Inc

4.13%,

12/15/2051

(g),(i)

11,500

11,072

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.32%

7.80%,

03/07/2087

(i) 6,100

6,885

Month

USD

LIBOR

+

3.58%

Liberty

Mutual

Insurance

Co

7.70%,

10/15/2097

(i) 1,100

1,191

Meiji

Yasuda

Life

Insurance

Co

5.80%,

09/11/2054

(g),(i)

3,600

3,496

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.03%

6.10%,

06/11/2055

(g),(i)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.91%

MetLife

Capital

Trust

IV

7.88%,

12/15/2067

(i) 2,200

2,386

MetLife

Inc

3.85%,

09/15/2025

(e),(g)

4,500

4,460

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.58%

9.25%,

04/08/2068

(i) 10,372

12,159

Month

USD

LIBOR

+

5.54%

10.75%,

08/01/2069

4,300

5,628

Month

USD

LIBOR

+

7.55%

Schedule

of

Investments

Capital

Securities

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Insurance

(continued)

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

5.88%,

05/23/2042

(g),(i)

$

3,600

$

3,658

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.98%

Nippon

Life

Insurance

Co

2.75%,

01/21/2051

(g),(i)

4,600

3,972

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.65%

2.90%,

09/16/2051

(g),(i)

10,500

8,958

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.60%

Prudential

Financial

Inc

3.70%,

10/01/2050

(g) 8,000

7,244

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.04%

6.50%,

03/15/2054

(g) 2,000

2,030

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.40%

Sumitomo

Life

Insurance

Co

3.38%,

04/15/2081

(g),(i)

5,000

4,440

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.75%

Swiss

RE

Subordinated

Finance

PLC

5.70%,

04/05/2035

(g),(i)

1,600

1,592

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.81%

6.19%,

04/01/2046

(g),(i)

4,600

4,502

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.13%

Zurich

Finance

Ireland

Designated

Activity

Co

3.00%,

04/19/2051

(g) 31,200

26,994

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.78%

3.50%,

05/02/2052

(g) 7,200

6,245

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.79%

$

147,489

Oil

&

Gas

-

.25

%

BP

Capital

Markets

PLC

4.88%,

03/22/2030

(e),(g)

3,000

2,879

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.40%

Pipelines

-

.12

%

Enbridge

Inc

5.75%,

07/15/2080

(g) 5,000

4,830

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.31%

6.00%,

01/15/2077

(g) 4,200

4,147

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.15%

6.25%,

03/01/2078

(g) 11,000

10,820

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.90%

7.63%,

01/15/2083

(g) 2,000

2,071

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.42%

8.50%,

01/15/2084

(g) 4,650

5,046

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.43%

Enterprise

Products

Operating

LLC

5.25%,

08/16/2077

(g) 7,938

7,811

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.29%

5.38%,

02/15/2078

(g) 1,300

1,262

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.83%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pipelines

(continued)

Transcanada

Trust

5.50%,

09/15/2079

(g) $

12,500

$

12,059

Secured

Overnight

Financing

Rate

+

4.42%

5.60%,

03/07/2082

(g) 7,300

6,865

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.99%

5.88%,

08/15/2076

(g) 4,000

3,972

Month

USD

LIBOR

+

4.64%

$

58,883

REITs

-

.38

%

Scentre

Group

Trust

5.13%,

09/24/2080

(a),(g),(i)

4,500

4,415

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.69%

Sovereign

-

.69

%

CoBank

ACB

4.25%,

01/01/2027

(a),(e),(g)

2,000

1,915

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.05%

6.25%,

10/01/2026

(e),(g)

1,000

1,001

Month

USD

LIBOR

+

4.66%

6.45%,

10/01/2027

(e),(g)

5,000

4,973

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.49%

$

7,889

TOTAL

BONDS

$

1,119,038

Total

Investments

$

1,158,426

Other

Assets

and

Liabilities

- (0.77)%

(8,807)

TOTAL

NET

ASSETS

-

100.00%

$

1,149,619

(a) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$30,980

or

2.69%

of

net

assets.

(b) 1-day

yield

shown

is

as

of

period

end.

(c) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$20,748

or

1.80%

of

net

assets.

(d) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(e) Perpetual

security.

Perpetual

securities

pay

an

indefinite

stream

of

interest,

but

they

may

be

called

by

the

issuer

at

an

earlier

date.

Date

shown,

if

any,

reflects

the

next

call

date

or

final

legal

maturity

date.

Rate

shown

is

as

of

period

end.

(f) Non-income

producing

security

(g) Rate

shown

is

as

of

period

end.

The

rate

may

be

a

variable

or

floating

rate

or

a

fixed

rate

which

may

convert

to

a

variable

or

floating

rate

in

the

future.

(h) Security

is

a

contingent

convertible

security,

("CoCo").

CoCo's

are

hybrid

debt

securities

that

may

convert

to

equity

or

have

their

principal

written

down

upon

occurrence

of

certain

"triggers".

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$263,328

or

22.91%

of

net

assets.

(i) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$198,510

or

17.27%

of

net

assets.

(j) Security

purchased

on

a

when-issued

basis.

Schedule

of

Investments

Capital

Securities

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

Affiliated

Securities

August

31,

2024

Purchases

Sales

May

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

28,358

$

422,352

$

425,594

$

25,116

$

28,358

$

422,352

$

425,594

$

25,116

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

13.75%

Shares

Held

Value

(000's)

Closed-End

Funds

-

0.15%

Sprott

Physical

Uranium

Trust

(a) 221,300

$

3,569

Exchange-Traded

Funds

-

10.67%

Global

X

MLP

&

Energy

Infrastructure

ETF

402,400

24,381

Global

X

US

Infrastructure

Development

ETF

646,200

26,824

Invesco

Optimum

Yield

Diversified

Commodity

Strategy

No

ETF

398,220

4,994

iShares

Global

Infrastructure

ETF

1,490,416

87,935

Schwab

US

TIPS

ETF

202,154

5,359

SPDR

Gold

MiniShares

Trust

(a),(b)

1,545,400

100,822

SPDR

S&P

Global

Natural

Resources

ETF

97,447

5,174

Vanguard

Real

Estate

ETF

94,658

8,455

$

263,944

Money

Market

Funds

-

2.93%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.22%

(a),(c),(d)

5,004,311

5,005

BlackRock

Liquidity

Funds

Treasury

Trust

Fund

-

Institutional

Class

4.18%

(a),(c)

2,980,484

2,980

Principal

Government

Money

Market

Fund

-

Class

4.19%

(c),(d),(e)

64,515,743

64,515

$

72,500

TOTAL

INVESTMENT

COMPANIES

$

340,013

COMMON

STOCKS

-

63.63%

Shares

Held

Value

(000's)

Agriculture

-

0.39%

Archer-Daniels-Midland

Co

18,539

$

895

Bunge

Global

SA

5,173

Darling

Ingredients

Inc

(f) 237,772

7,409

Wilmar

International

Ltd

399,000

943

$

9,651

Biotechnology

-

0.27%

Corteva

Inc

94,914

6,720

Building

Materials

-

0.34%

Boise

Cascade

Co

2,090

Builders

FirstSource

Inc

(f) 1,433

Interfor

Corp

(f) 53,967

Louisiana-Pacific

Corp

7,091

639

Masterbrand

Inc

(f) 9,026

Stella-Jones

Inc

7,832

Svenska

Cellulosa

AB

SCA

249,244

3,370

UFP

Industries

Inc

5,272

514

West

Fraser

Timber

Co

Ltd

34,195

2,519

$

8,405

Chemicals

-

0.78%

CF

Industries

Holdings

Inc

42,250

3,832

FMC

Corp

4,834

ICL

Group

Ltd

111,636

737

Ingevity

Corp

(f) 10,257

Lenzing

AG

(f) 1,058

Methanex

Corp

165,076

5,388

Mosaic

Co/The

115,348

4,169

Nutrien

Ltd

62,666

3,702

Yara

International

ASA

24,766

889

$

19,369

Commercial

Services

-

0.91%

Atlas

Arteria

Ltd

2,848,385

9,751

Cengage

Learning

Holdings

II

Inc

(f) 2,772

Motiva

Infraestrutura

de

Mobilidade

SA

1,216,914

2,866

Transurban

Group

1,072,252

9,799

$

22,474

Consumer

Products

-

0.08%

Avery

Dennison

Corp

3,111

553

Kimberly-Clark

Corp

7,407

1,065

Ontex

Group

NV

(f) 27,029

$

1,859

Cosmetics

&

Personal

Care

-

0.12%

Essity

AB

43,187

1,263

Procter

&

Gamble

Co/The

3,672

624

Unicharm

Corp

128,200

1,020

$

2,907

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Electric

-

11.58%

American

Electric

Power

Co

Inc

106,395

$

11,011

Brookfield

Renewable

Corp

(g) 210,781

6,195

Clearway

Energy

Inc

-

Class

C

96,789

2,978

CLP

Holdings

Ltd

873,500

7,397

CMS

Energy

Corp

141,775

9,957

Constellation

Energy

Corp

24,000

7,348

CPFL

Energia

SA

356,649

2,525

Dominion

Energy

Inc

198,514

11,250

E.ON

SE

564,875

9,900

EDP

Renovaveis

SA

938,593

9,474

EDP

SA

1,517,993

6,059

Emera

Inc

229,282

10,511

Enel

SpA

2,065,371

18,984

Entergy

Corp

143,370

11,940

Eversource

Energy

116,018

7,519

Exelon

Corp

285,925

12,529

HK

Electric

Investments

&

HK

Electric

Investments

Ltd

2,692,000

1,943

National

Grid

PLC

(g) 1,506,947

21,339

NextEra

Energy

Inc

346,114

24,449

OGE

Energy

Corp

184,181

8,191

PG&E

Corp

649,912

10,971

Public

Service

Enterprise

Group

Inc

73,629

5,966

Redeia

Corp

SA

728,206

15,065

Sempra

171,433

13,473

SSE

PLC

586,126

13,953

Terna

-

Rete

Elettrica

Nazionale

785,466

8,009

WEC

Energy

Group

Inc

58,964

6,335

Xcel

Energy

Inc

158,644

11,121

$

286,392

Energy

-

Alternate

Sources

-

0.25%

ERG

SpA

290,011

6,133

Engineering

&

Construction

-

5.09%

Aena

SME

SA

(h) 67,262

18,096

Aeroports

de

Paris

SA

140,157

18,788

Athens

International

Airport

SA

364,275

4,152

Auckland

International

Airport

Ltd

2,977,233

13,432

Cellnex

Telecom

SA

-

Rights

(f),(h)

383,424

14,701

China

Tower

Corp

Ltd

(h) 2,709,043

4,012

Enav

SpA

(h) 3,047,052

14,586

Fraport

AG

Frankfurt

Airport

Services

Worldwide

(f),(g)

114,189

7,928

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

ADR

26,914

8,667

Sacyr

SA

2,434,702

9,854

Vinci

SA

81,306

11,617

$

125,833

Entertainment

-

0.05%

Crown

Finance

US

Inc

-

4A2

Shares

(f) 54,222

1,243

Food

-

0.02%

Ingredion

Inc

2,498

Forest

Products

&

Paper

-

1.01%

Acadian

Timber

Corp

(g) 42,330

554

Canfor

Corp

(f) 60,166

570

Empresas

CMPC

SA

310,642

Holmen

AB

29,989

1,238

International

Paper

Co

226,578

10,833

Mondi

PLC

147,902

2,406

Nine

Dragons

Paper

Holdings

Ltd

(f) 1,035,000

Oji

Holdings

Corp

292,400

1,387

Sappi

Ltd

176,359

Suzano

SA

ADR

(g) 105,622

917

Suzano

SA

179,400

1,555

Sylvamo

Corp

9,309

UPM-Kymmene

Oyj

134,193

3,714

Western

Forest

Products

Inc

(f) 275,639

$

24,993

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Gas

-

0.35%

China

Gas

Holdings

Ltd

3,679,200

$

3,350

Snam

SpA

893,735

5,347

$

8,697

Hand

&

Machine

Tools

-

0.01%

Makita

Corp

11,300

Healthcare

-

Products

-

0.00%

Carestream

Health

Inc

(f) 17,410

Healthcare

-

Services

-

0.00%

Millennium

Health

LLC

(f),(i),(j)

20,580

Millennium

Health

LLC

(f),(i),(j)

19,318

—

$

Home

Builders

-

0.14%

DR

Horton

Inc

4,459

526

KB

Home

4,709

Lennar

Corp

-

A

Shares

1,442

Meritage

Homes

Corp

4,075

NVR

Inc

(f) 58

PulteGroup

Inc

5,030

Sumitomo

Forestry

Co

Ltd

37,500

1,089

Toll

Brothers

Inc

2,965

$

3,485

Housewares

-

0.00%

Scotts

Miracle-Gro

Co/The

1,667

Internet

-

0.01%

Catalina

Marketing

Corp

(f) 4,112

Iron

&

Steel

-

0.59%

ArcelorMittal

SA

14,648

ArcelorMittal

SA

236,763

7,240

Fortescue

Ltd

54,877

546

Nippon

Steel

Corp

34,900

702

Novolipetsk

Steel

PJSC

(f) 1,124,750

—

Nucor

Corp

29,081

3,180

POSCO

Holdings

Inc

2,410

Reliance

Inc

1,753

513

Severstal

PAO

(f) 149,085

—

Steel

Dynamics

Inc

4,589

565

Vale

SA

ADR

116,200

1,061

$

14,688

Machinery

-

Construction

&

Mining

-

0.15%

GE

Vernova

Inc

7,625

3,606

Machinery

-

Diversified

-

0.23%

AGCO

Corp

25,740

2,522

ANDRITZ

AG

8,237

570

Deere

&

Co

3,645

1,845

Kadant

Inc

(g) 859

Valmet

Oyj

17,282

565

$

5,772

Mining

-

2.47%

Agnico

Eagle

Mines

Ltd

16,316

1,923

Anglo

American

PLC

290,165

8,606

Antofagasta

PLC

11,182

Barrick

Mining

Corp

56,050

1,075

BHP

Group

Ltd

149,924

3,683

Boliden

AB

(f) 8,864

Cameco

Corp

43,635

2,554

Capstone

Copper

Corp

(f) 1,282,791

6,954

China

Hongqiao

Group

Ltd

74,500

First

Quantum

Minerals

Ltd

(f) 21,660

Franco-Nevada

Corp

6,220

1,048

Freeport-McMoRan

Inc

277,441

10,676

Glencore

PLC

(f) 320,250

1,219

Gold

Fields

Ltd

ADR

29,005

667

Impala

Platinum

Holdings

Ltd

ADR

(f) 322,760

2,356

Ivanhoe

Mines

Ltd

(f) 117,194

907

Newmont

Corp

36,892

1,945

Norsk

Hydro

ASA

42,958

Pan

American

Silver

Corp

83,900

2,046

Polyus

PJSC

(f) 124,590

—

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Mining

(continued)

Rio

Tinto

Ltd

12,031

$

875

Rio

Tinto

PLC

98,037

5,802

South32

Ltd

146,389

Southern

Copper

Corp

2,867

Sumitomo

Metal

Mining

Co

Ltd

8,900

Teck

Resources

Ltd

14,542

539

Teck

Resources

Ltd

119,698

4,435

Wheaton

Precious

Metals

Corp

14,718

1,275

Zijin

Mining

Group

Co

Ltd

194,000

$

61,002

Oil

&

Gas

-

3.97%

Antero

Resources

Corp

(f) 40,629

1,522

BP

PLC

306,167

1,489

Canadian

Natural

Resources

Ltd

294,401

8,940

Cenovus

Energy

Inc

24,461

Chevron

Corp

13,781

1,884

ConocoPhillips

69,760

5,954

Coterra

Energy

Inc

6,037

Crescent

Energy

Co

564,896

4,739

Devon

Energy

Corp

5,384

Diamondback

Energy

Inc

57,078

7,680

Ecopetrol

SA

ADR

(g) 4,714

Empresas

Copec

SA

75,627

520

Eni

SpA

41,431

611

EOG

Resources

Inc

4,610

500

EQT

Corp

60,538

3,337

Equinor

ASA

14,945

Expand

Energy

Corp

59,497

6,909

Exxon

Mobil

Corp

107,015

10,948

Hess

Corp

2,265

Imperial

Oil

Ltd

(g) 2,967

Marathon

Petroleum

Corp

42,751

6,871

Neste

Oyj

8,232

Occidental

Petroleum

Corp

5,537

Permian

Resources

Corp

455,520

5,744

Petroleo

Brasileiro

SA

-

Petrobras

ADR

35,560

Phillips

78,496

8,908

Reliance

Industries

Ltd

(h) 32,981

2,170

Repsol

SA

22,133

Shell

PLC

112,374

3,708

Suncor

Energy

Inc

(g) 23,864

848

Suncor

Energy

Inc

205,816

7,317

TotalEnergies

SE

42,624

2,509

Transocean

Ltd

(f) 54,446

Valero

Energy

Corp

14,889

1,921

Woodside

Energy

Group

Ltd

36,290

521

$

98,241

Oil

&

Gas

Services

-

0.03%

Baker

Hughes

Co

8,116

Halliburton

Co

7,119

Schlumberger

NV

11,488

$

820

Packaging

&

Containers

-

1.07%

Amcor

PLC

378,997

3,453

Billerud

Aktiebolag

66,725

727

Crown

Holdings

Inc

37,392

3,683

Graphic

Packaging

Holding

Co

42,924

953

Klabin

SA

231,890

746

Packaging

Corp

of

America

21,574

4,167

Sealed

Air

Corp

5,642

SIG

Group

AG

(f) 73,985

1,513

Smurfit

WestRock

PLC

172,202

7,462

Sonoco

Products

Co

18,020

821

Stora

Enso

Oyj

266,917

2,699

$

26,406

Pipelines

-

4.53%

APA

Group

1,380,418

7,376

Cheniere

Energy

Inc

42,097

9,977

Enbridge

Inc

701,052

32,627

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Pipelines

(continued)

Gibson

Energy

Inc

428,454

$

7,075

Kinder

Morgan

Inc

291,557

8,175

Koninklijke

Vopak

NV

163,039

7,468

ONEOK

Inc

119,991

9,700

Pembina

Pipeline

Corp

173,651

6,508

South

Bow

Corp

294,070

7,622

TC

Energy

Corp

187,891

9,521

Venture

Global

Inc

(g) 103,958

1,203

Williams

Cos

Inc/The

79,738

4,825

$

112,077

Real

Estate

-

2.45%

CBRE

Group

Inc

(f) 30,480

3,811

CoStar

Group

Inc

(f) 50,512

3,716

Fastighets

AB

Balder

(f) 492,800

3,455

Mitsui

Fudosan

Co

Ltd

2,469,600

23,652

Qualitas

Ltd

(g) 1,515,269

2,775

Sun

Hung

Kai

Properties

Ltd

819,700

8,805

Vonovia

SE

440,322

14,427

$

60,641

REITs

-

23.74%

Agree

Realty

Corp

155,761

11,729

Alexandria

Real

Estate

Equities

Inc

39,376

2,764

American

Healthcare

REIT

Inc

536,385

18,741

American

Homes

Rent

451,080

17,073

American

Tower

Corp

47,026

10,093

Americold

Realty

Trust

Inc

242,300

4,015

AvalonBay

Communities

Inc

106,655

22,053

Boardwalk

Real

Estate

Investment

Trust

55,900

2,854

BXP

Inc

58,680

3,951

Camden

Property

Trust

32,792

3,853

CapitaLand

Integrated

Commercial

Trust

5,622,715

9,107

COPT

Defense

Properties

195,500

5,366

Cousins

Properties

Inc

245,012

6,877

Crown

Castle

Inc

203,458

20,417

Digital

Realty

Trust

Inc

101,769

17,456

Equinix

Inc

40,025

35,575

Equity

LifeStyle

Properties

Inc

81,800

5,200

Equity

Residential

203,794

14,294

Essex

Property

Trust

Inc

43,370

12,313

Extra

Space

Storage

Inc

142,837

21,590

Federal

Realty

Investment

Trust

39,932

3,813

Gaming

and

Leisure

Properties

Inc

140,900

6,580

Goodman

Group

914,568

19,398

Healthpeak

Properties

Inc

192,226

3,347

Host

Hotels

&

Resorts

Inc

256,688

3,976

InvenTrust

Properties

Corp

229,959

6,459

Invitation

Homes

Inc

117,296

3,953

Iron

Mountain

Inc

44,860

4,428

Japan

Hotel

REIT

Investment

Corp

7,138

3,699

Keppel

DC

REIT

3,274,600

5,555

Kimco

Realty

Corp

185,822

3,951

Klepierre

SA

436,624

17,093

Link

REIT

1,292,414

6,840

Mapletree

Industrial

Trust

561,400

840

Merlin

Properties

Socimi

SA

330,300

4,092

Mid-America

Apartment

Communities

Inc

24,001

3,760

Nippon

Accommodations

Fund

Inc

6,700

5,347

Nippon

Building

Fund

Inc

7,200

6,580

Nippon

Prologis

REIT

Inc

5,901

3,153

PotlatchDeltic

Corp

63,084

2,482

Prologis

Inc

233,386

25,346

Prologis

Property

Mexico

SA

de

CV

686,621

2,620

Public

Storage

12,795

3,946

Rayonier

Inc

105,337

2,496

Realty

Income

Corp

68,793

3,895

Regency

Centers

Corp

156,126

11,265

Ryman

Hospitality

Properties

Inc

79,000

7,672

Sabra

Health

Care

REIT

Inc

313,717

5,484

Safestore

Holdings

PLC

452,627

4,010

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

REITs

(continued)

SBA

Communications

Corp

17,933

$

4,158

Segro

PLC

526,371

4,950

Sekisui

House

Reit

Inc

6,600

3,535

Simon

Property

Group

Inc

63,574

10,367

Stockland

1,869,200

6,583

Sunstone

Hotel

Investors

Inc

312,700

2,802

UDR

Inc

90,357

3,743

Unibail-Rodamco-Westfield

(f) 85,700

8,128

UNITE

Group

PLC/The

1,004,015

11,670

Ventas

Inc

361,168

23,216

VICI

Properties

Inc

694,158

22,012

Vornado

Realty

Trust

179,182

6,750

Welltower

Inc

290,474

44,814

Weyerhaeuser

Co

265,342

6,874

$

587,003

Retail

-

0.05%

Gymboree

Corp/The

(f),(i)

17,842

—

Gymboree

Holding

Corp

(f),(i)

48,577

—

Home

Depot

Inc/The

1,658

610

JOANN

Inc

(f),(i)

3,309

—

Lowe's

Cos

Inc

2,582

583

$

1,193

Semiconductors

-

0.00%

Bright

Bidco

-

1145

Shares

(f) 11,047

Bright

Bidco

-

4A2

Shares

(f) 15,092

$

Software

-

0.01%

Avaya

Holdings

Corp

(f) 7,612

Avaya

Holdings

Corp

(f) 24,502

Bloom

Parent

Inc

(f),(i)

$

Telecommunications

-

0.20%

NEXTDC

Ltd

(f) 538,188

4,553

Windstream

(f),(k)

26,873

$

5,030

Transportation

-

0.61%

American

Commercial

Lines

Inc

(f) 573

American

Commercial

Lines

Inc

-

Warrants

(f) 603

Canadian

National

Railway

Co

76,936

8,088

Frontline

PLC

(g) 59,553

1,088

Union

Pacific

Corp

26,393

5,850

$

15,081

Water

-

2.13%

Essential

Utilities

Inc

306,274

11,801

Pennon

Group

PLC

1,668,969

11,495

Severn

Trent

PLC

404,765

14,782

United

Utilities

Group

PLC

912,573

14,449

$

52,527

TOTAL

COMMON

STOCKS

$

1,573,547

PREFERRED

STOCKS

-

0.30%

Shares

Held

Value

(000's)

Electric

-

0.29%

Centrais

Eletricas

Brasileiras

SA

0.11%

406,522

$

3,349

Cia

Paranaense

de

Energia

-

Copel

0.44%

1,741,023

3,890

$

7,239

Transportation

-

0.01%

American

Commercial

Lines

Inc

Preferred

A

-

Anti-

Dilution

Warrants

0.00%,

04/30/2045

(f) 6,729

American

Commercial

Lines

Inc

Preferred

B

2.50%

2,428

American

Commercial

Lines

Inc

Preferred

B

-

Anti-

Dilution

Warrants

0.00%,

04/30/2045

(f) 13,648

American

Commercial

Lines

Inc

Preferred

B

-

Warrants

0.00%,

04/30/2045

(f) 1,706

$

TOTAL

PREFERRED

STOCKS

$

7,497

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

BONDS

-

0.62%

Principal

Amount

(000's)

Value

(000's)

Commercial

Mortgage

Backed

Securities

-

0.10%

BAMLL

Trust

2024-BHP

6.68%,

08/15/2039

(h) $

$

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.35%

BFLD

2024-VICT

Mortgage

Trust

6.22%,

07/15/2041

(h) 120

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.89%

BX

Commercial

Mortgage

Trust

2024-AIRC

6.02%,

08/15/2039

(h) 189

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.69%

BX

Commercial

Mortgage

Trust

2024-KING

5.87%,

05/15/2034

(h) 395

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.54%

BX

Commercial

Mortgage

Trust

2024-MDHS

5.97%,

05/15/2041

(h) 263

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.64%

BX

Commercial

Mortgage

Trust

2024-XL4

7.47%,

02/15/2039

(h) 237

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.14%

COMM

2024-WCL1

MORTGAGE

TRUST

6.17%,

06/15/2041

(h) 180

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.84%

CONE

Trust

2024-DFW1

5.97%,

08/15/2041

(h) 70

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.64%

DBSG

2024-ALTA

Mortgage

Trust

5.95%,

06/10/2037

(h),(l)

GWT

2024-WLF2

6.02%,

05/15/2041

(h) 350

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.69%

HONO

2021-LULU

Mortgage

Trust

5.59%,

10/15/2036

(h) 100

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.26%

LBA

Trust

2024-BOLT

5.92%,

06/15/2039

(h) 270

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.59%

$

2,406

Electric

-

0.00%

Pacific

Gas

and

Electric

Co

3.15%,

01/01/2026

Healthcare

-

Services

-

0.02%

Team

Health

Holdings

Inc

9.00%,

PIK

4.50%;

06/30/2028

(h),(l),(m)

Mortgage

Backed

Securities

-

0.19%

Angel

Oak

Mortgage

Trust

2025-2

5.64%,

02/25/2070

(h),(l)

BRAVO

Residential

Funding

Trust

2023-NQM3

4.85%,

09/25/2062

(h),(l)

595

590

Ellington

Financial

Mortgage

Trust

2021-3

1.24%,

09/25/2066

(h),(l)

744

614

Freddie

Mac

REMICS

5.77%,

12/25/2054

1,434

1,436

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.45%

J.P.

Morgan

Mortgage

Trust

2023-DSC1

4.62%,

07/25/2063

(h),(l)

PRKCM

2022-AFC2

Trust

5.33%,

08/25/2057

(h),(l)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Mortgage

Backed

Securities

(continued)

PRPM

2025-NQM2

Trust

5.69%,

04/25/2070

(h),(l)

$

$

Santander

Mortgage

Asset

Receivable

Trust

2025-NQM2

5.73%,

02/25/2065

(h),(l)

SG

Residential

Mortgage

Trust

2022-2

5.35%,

08/25/2062

(h),(l)

Verus

Securitization

Trust

2022-7

5.15%,

07/25/2067

(h),(l)

Verus

Securitization

Trust

2022-INV2

6.79%,

10/25/2067

(h),(l)

$

4,642

Other

Asset

Backed

Securities

-

0.07%

AMSR

2022-SFR3

Trust

4.00%,

10/17/2039

(h) 551

530

New

Residential

Mortgage

Loan

Trust

2022-SFR2

4.00%,

09/04/2039

(h) 560

538

Progress

Residential

2022-SFR6

Trust

6.04%,

07/20/2039

(h) 635

642

$

1,710

Sovereign

-

0.22%

Brazil

Notas

do

Tesouro

Nacional

Serie

F

9.76%,

01/01/2029

BRL

1,700

9.76%,

01/01/2035

3,990

562

Bundesrepublik

Deutschland

Bundesanleihe

2.50%,

08/15/2054

EUR

European

Union

2.50%,

10/04/2052

3.00%,

03/04/2053

936

925

Israel

Government

International

Bond

5.75%,

03/12/2054

$

Japan

Government

Thirty

Year

Bond

2.30%,

12/20/2054

JPY

61,300

2.40%,

03/20/2055

46,350

Kingdom

of

Belgium

Government

Bond

3.30%,

06/22/2054

(h) EUR

Mexico

Government

International

Bond

3.50%,

02/12/2034

$

6.35%,

02/09/2035

6.88%,

05/13/2037

United

Kingdom

Gilt

4.38%,

07/31/2054

GBP

652

748

United

Kingdom

Inflation-Linked

Gilt

1.25%,

11/22/2054

$

5,491

Telecommunications

-

0.02%

CommScope

LLC

9.50%,

12/15/2031

(g),(h)

$

553

575

TOTAL

BONDS

$

15,299

SENIOR

FLOATING

RATE

INTERESTS

-

3.83%

Principal

Amount

(000's)

Value

(000's)

Advertising

-

0.05%

Advantage

Sales

&

Marketing

Inc

Term

Loan

B2

8.79%,

10/28/2027

(n) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

Clear

Channel

Outdoor

Holdings

Inc

Term

Loan

B

8.44%,

08/23/2028

(n) 708

693

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

CMG

Media

Corp

Term

Loan

B2

7.90%,

06/18/2029

(n) 108

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Planet

US

Buyer

LLC

Term

Loan

B

7.33%,

02/07/2031

(n) 413

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Advertising

(continued)

Red

Ventures

LLC

Term

Loan

B5

7.07%,

03/03/2030

(n) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

$

1,362

Aerospace

&

Defense

-

0.12%

Azorra

Soar

Tlb

Finance

Ltd

Term

Loan

B

7.80%,

10/18/2029

(n) 249

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Bleriot

US

Bidco

Inc

Term

Loan

B

7.05%,

10/31/2030

(n) 252

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Goat

Holdco

LLC

Term

Loan

B

7.33%,

12/10/2031

(n) 345

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Kaman

Corp

7.05%,

01/30/2032

(n) 685

680

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

TransDigm

Inc

Term

Loan

J

6.80%,

02/28/2031

(n) 1,022

1,022

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

TransDigm

Inc

Term

Loan

L

6.80%,

01/19/2032

(n) 307

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

$

2,853

Airlines

-

0.04%

AAdvantage

Loyalty

IP

Ltd

Term

Loan

B

6.52%,

04/20/2028

(n) 246

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Air

Canada

Term

Loan

B

6.32%,

03/21/2031

(n) 349

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

SkyMiles

IP

Ltd

Term

Loan

B

8.02%,

10/20/2027

(n) 150

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

United

Airlines

Inc

Term

Loan

B

6.28%,

02/22/2031

(n) 191

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

WestJet

Loyalty

LP

Term

Loan

B

7.58%,

02/14/2031

(n) 159

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

$

1,093

Apparel

-

0.01%

ABG

Intermediate

Holdings

LLC

Term

Loan

B1

6.57%,

12/21/2028

(n) 36

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Varsity

Brands

Inc

Term

Loan

B

7.83%,

08/26/2031

(n) 310

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

$

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Automobile

Parts

&

Equipment

-

0.04%

Clarios

Global

LP

Term

Loan

B

6.83%,

05/04/2030

(n) $

512

$

509

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

7.07%,

01/14/2032

(n) 279

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Dexko

Global

Inc

Term

Loan

B

8.19%,

10/04/2028

(n) 217

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

$

994

Banks

-

0.00%

Ascensus

Holdings

Inc

Term

Loan

B

7.32%,

08/02/2028

(n) 85

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Beverages

-

0.04%

BrewCo

Borrower

LLC

Term

Loan

0.00%,

04/05/2028

(f),(n)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.25%

0.00%,

04/05/2028

(f),(n)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

6.08%,

PIK

7.50%,

01/05/2026

(m),(n)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

9.00%

Naked

Juice

LLC

Term

Loan

9.71%,

01/24/2029

(n) 109

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

Pegasus

Bidco

BV

Term

Loan

B

7.58%,

07/12/2029

(n) 283

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Primo

Brands

Corp

Term

Loan

B

6.55%,

03/31/2028

(n) 525

525

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

$

974

Building

Materials

-

0.06%

ACProducts

Holdings

Inc

Term

Loan

B

8.81%,

05/17/2028

(n) 109

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

Chariot

Buyer

LLC

Term

Loan

B

7.68%,

10/22/2028

(n) 759

756

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Cornerstone

Building

Brands

Inc

Term

Loan

B

7.68%,

04/12/2028

(n) 339

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

MITER

Brands

Acquisition

Holdco

Inc

Term

Loan

B2

7.33%,

03/21/2031

(n) 64

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Quikrete

Holdings

Inc

Term

Loan

B3

6.57%,

01/31/2032

(n) 134

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Quikrete

Holdings

Inc

Term

Loan

B1

6.57%,

04/14/2031

(n) 119

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

$

1,452

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Chemicals

-

0.10%

Discovery

Purchaser

Corp

Term

Loan

B

8.02%,

08/04/2029

(n) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Ecovyst

Catalyst

Technologies

LLC

Term

Loan

B

6.28%,

06/12/2031

(n) 263

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Fortis

Inc

Term

Loan

B

7.80%,

02/06/2032

(n) 110

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Herens

US

Holdco

Corp

Term

Loan

B

8.32%,

07/03/2028

(n) 149

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.93%

INEOS

US

Finance

LLC

Term

Loan

B

7.32%,

02/07/2031

(n) 69

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

7.58%,

02/18/2030

(n) 235

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

INEOS

US

Petrochem

LLC

Term

Loan

B

8.57%,

10/01/2031

(n) 66

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

8.67%,

04/02/2029

(n) 88

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

NIC

Acquisition

Corp

Term

Loan

B

8.31%,

12/29/2027

(n) 113

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Nouryon

Finance

BV

Term

Loan

B

7.51%,

04/03/2028

(n) 860

862

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

USALCO

LLC

Term

Loan

B

8.30%,

09/30/2031

(n) 203

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

$

2,563

Commercial

Services

-

0.26%

Allied

Universal

Holdco

LLC

Term

Loan

B

8.18%,

05/12/2028

(n) 578

579

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

American

Auto

Auction

Group

LLC

Term

Loan

0.00%,

05/22/2032

(n),(o)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Anticimex

Global

AB

Term

Loan

B1

7.66%,

11/16/2028

(n) 594

593

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.15%

Belron

Finance

2019

LLC

Term

Loan

B

7.05%,

10/16/2031

(n) 175

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Boost

Newco

Borrower

LLC

Term

Loan

B2

6.30%,

01/31/2031

(n) 582

582

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Camelot

US

Acquisition

LLC

Term

Loan

B

7.07%,

01/31/2031

(n) 8

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Services

(continued)

Catawba

Nation

Gaming

Authority

Term

Loan

B

9.05%,

03/29/2032

(n) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

CHG

Healthcare

Services

Inc

Term

Loan

B1

7.31%,

09/29/2028

(n) 48

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Creative

Artists

Agency

LLC

Term

Loan

B

7.08%,

10/01/2031

(n) 201

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Driven

Holdings

LLC

Term

Loan

B

7.44%,

12/17/2028

(n) 50

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Ensemble

RCM

LLC

Term

Loan

B

7.28%,

08/01/2029

(n) 315

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

First

Advantage

Holdings

LLC

Term

Loan

B

7.58%,

09/19/2031

(n) 301

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Garda

World

Security

Corp

Term

Loan

B

7.33%,

02/01/2029

(n) 595

592

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Jupiter

Buyer

Inc

Term

Loan

B

9.03%,

10/10/2031

(n) 273

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Mister

Car

Wash

Holdings

Inc

Term

Loan

B

6.82%,

03/27/2031

(n) 245

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

OMNIA

Partners

LLC

Term

Loan

B

7.03%,

07/25/2030

(n) 257

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

PG

Polaris

BidCo

Sarl

Term

Loan

B

7.30%,

03/26/2031

(n) 354

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Prime

Security

Services

Borrower

LLC

Term

Loan

B1

6.33%,

10/13/2030

(n) 411

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Shift4

Payments

LLC

0.00%,

05/07/2032

(n),(o)

Spin

Holdco

Inc

Term

Loan

B

8.56%,

03/03/2028

(n) 428

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Wand

NewCo

Inc

Term

Loan

B2

6.82%,

01/30/2031

(n) 426

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

WEX

Inc

Term

Loan

B2

6.07%,

03/31/2028

(n) 206

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

XPLOR

T1

LLC

Term

Loan

B

7.80%,

06/24/2031

(n) 179

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

$

6,375

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Computers

-

0.14%

Amentum

Holdings

Inc

Term

Loan

B

6.58%,

07/30/2031

(n) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Fortress

Intermediate

Inc

Term

Loan

B

8.07%,

06/27/2031

(n) 262

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Javelin

Buyer

Inc

7.58%,

10/08/2031

(n) 433

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Kaseya

Inc

Term

Loan

B

7.57%,

03/06/2032

(n) 317

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

McAfee

Corp

Term

Loan

B1

7.33%,

03/01/2029

(n) 361

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

NCR

Atleos

Corp

Term

Loan

B

8.03%,

03/27/2029

(n) 96

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Perforce

Software

Inc

Term

Loan

B

9.08%,

03/21/2031

(n) 204

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Synechron

Inc

Term

Loan

B

8.04%,

10/03/2031

(n) 250

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Tempo

Acquisition

LLC

Term

Loan

B1

6.07%,

08/31/2028

(n) 135

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

VeriFone

Systems

Inc

Term

Loan

10.21%,

08/18/2028

(n) 453

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

Vision

Solutions

Inc

Term

Loan

B

8.54%,

04/23/2028

(n) 277

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

X

Corp

Term

Loan

B1

10.95%,

10/26/2029

(n) 381

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.50%

X

Corp

Term

Loan

B3

9.50%,

10/26/2029

(n) 248

$

3,457

Consumer

Products

-

0.01%

Kronos

Acquisition

Holdings

Inc

Term

Loan

B

0.00%,

06/27/2031

(n),(o)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

VC

GB

Holdings

I

Corp

Term

Loan

B

0.00%,

06/30/2028

(n),(o)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

$

Cosmetics

&

Personal

Care

-

0.01%

Conair

Holdings

LLC

Term

Loan

B

8.19%,

05/17/2028

(n) 56

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Cosmetics

&

Personal

Care

(continued)

Opal

US

LLC

Term

Loan

B

0.00%,

03/31/2032

(n),(o)

$

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

$

Distribution

&

Wholesale

-

0.01%

Gates

Corp/DE

Term

Loan

B5

6.08%,

06/04/2031

(n) 338

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Diversified

Financial

Services

-

0.02%

Dechra

Finance

US

LLC

Term

Loan

B

7.51%,

12/04/2031

(n) 125

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Ditech

Holding

Corp

0.00%,

06/30/2022

(f),(n)

792

Prime

Rate

+

6.00%

Kestra

Advisor

Services

Holdings

A

Inc

Term

Loan

B

7.32%,

03/22/2031

(n) 240

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Orion

US

Finco

Term

Loan

B

0.00%,

05/20/2032

(n),(o)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

$

Electric

-

0.13%

Cornerstone

Generation

LLC

Term

Loan

B

0.00%,

10/28/2031

(n),(o)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

EFS

Cogen

Holdings

I

LLC

Term

Loan

B

7.80%,

10/03/2031

(n) 129

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Invenergy

Thermal

Operating

I

LLC

0.00%,

05/06/2032

(n),(o)

0.00%,

05/06/2032

(n),(o)

Kestrel

Acquisition

LLC

Term

Loan

B

7.80%,

10/29/2031

(n) 199

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Long

Ridge

Energy

LLC

8.82%,

02/07/2032

(n) 87

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Talen

Energy

Supply

LLC

Term

Loan

B

6.81%,

05/17/2030

(n) 1,155

1,156

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

6.81%,

12/11/2031

(n) 918

918

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Thunder

Generation

Funding

LLC

Term

Loan

B

7.30%,

10/02/2031

(n) 205

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

$

3,167

Electronics

-

0.01%

Coherent

Corp

Term

Loan

B2

6.32%,

07/02/2029

(n) 73

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electronics

(continued)

Ingram

Micro

Inc

Term

Loan

B1

7.05%,

09/17/2031

(n) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

$

Engineering

&

Construction

-

0.05%

Apple

Bidco

LLC

Term

Loan

B

6.82%,

09/22/2031

(n) 512

508

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Brown

Group

Holding

LLC

Term

Loan

B1

6.83%,

07/01/2031

(n) 357

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Brown

Group

Holding

LLC

Term

Loan

B2

6.81%,

07/01/2031

(n) 148

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Centuri

Group

Inc

Term

Loan

B

6.94%,

08/18/2028

(n) 233

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

$

1,244

Entertainment

-

0.18%

Allwyn

International

A.S.

6.23%,

06/02/2031

(n) 214

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

AMC

Entertainment

Holdings

Inc

Term

Loan

11.32%,

01/04/2029

(n) 685

685

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.00%

Bally's

Corp

Term

Loan

B

0.00%,

08/06/2028

(n),(o)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Caesars

Entertainment

Inc

Term

Loan

B

6.58%,

02/06/2030

(n) 420

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Caesars

Entertainment

Inc

Term

Loan

B1

6.56%,

02/06/2031

(n) 222

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Cinemark

USA

Inc

Term

Loan

B

7.06%,

05/24/2030

(n) 244

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Crown

Finance

US

Inc

Term

Loan

B

9.58%,

10/31/2031

(n) 610

611

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Entain

PLC

Term

Loan

B

7.05%,

10/31/2029

(n) 550

551

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Flutter

Financing

BV

Term

Loan

B

0.00%,

05/24/2032

(n),(o)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

6.05%,

11/30/2030

(n) 366

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Herschend

Entertainment

Co

LLC

Term

Loan

7.57%,

05/14/2032

(n) 125

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Entertainment

(continued)

Light

&

Wonder

International

Inc

Term

Loan

B2

6.57%,

04/14/2029

(n) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Merlin

Entertainment

7.80%,

11/12/2029

(n) 146

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Scientific

Games

Holdings

LP

Term

Loan

B

7.28%,

04/04/2029

(n) 488

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

SeaWorld

Parks

&

Entertainment

Inc

Term

Loan

B3

6.32%,

12/04/2031

(n) 103

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Six

Flags

Entertainment

Corp

Term

Loan

B

6.33%,

04/18/2031

(n) 89

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

$

4,545

Environmental

Control

-

0.05%

GFL

ES

US

LLC

Term

Loan

B

6.82%,

02/04/2032

(n) 220

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Madison

IAQ

LLC

Term

Loan

B

6.76%,

06/21/2028

(n) 143

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Reworld

Holding

Corp

Term

Loan

B1

6.58%,

11/30/2028

(n) 192

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Reworld

Holding

Corp

Term

Loan

C1

6.58%,

11/30/2028

(n) 15

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Win

Waste

Innovations

Holdings

Inc

Term

Loan

7.19%,

03/24/2028

(n) 592

586

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Win

Waste

Innovations

Holdings

Inc

Term

Loan

B1

8.18%,

03/24/2028

(n) 70

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

$

1,225

Food

-

0.04%

8th

Avenue

Food

&

Provisions

Inc

Term

Loan

B

8.19%,

10/01/2025

(n) 1

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

9.19%,

10/01/2025

(n) 64

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Aspire

Bakeries

Hldgs

LLC

8.58%,

12/13/2030

(n) 139

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

CHG

PPC

Parent

LLC

Term

Loan

B

7.44%,

12/08/2028

(n) 350

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Fiesta

Purchaser

Inc

Term

Loan

B

7.57%,

02/12/2031

(n) 241

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Food

(continued)

Savor

Acquisition

Inc

Term

Loan

B

7.58%,

02/04/2032

(n) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

$

886

Hand

&

Machine

Tools

-

0.01%

Madison

Safety

&

Flow

LLC

Term

Loan

B

7.07%,

09/26/2031

(n) 169

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Healthcare

-

Products

-

0.09%

Bausch

+

Lomb

Corp

Term

Loan

B

7.68%,

05/10/2027

(n) 525

523

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Insulet

Corp

Term

Loan

B

6.82%,

08/01/2031

(n) 179

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Medline

Borrower

LP

Term

Loan

B

6.58%,

10/23/2028

(n) 1,225

1,224

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Viant

Medical

Holdings

Inc

8.32%,

10/17/2031

(n) 263

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Vyaire

Medical

Inc

0.00%,

04/16/2025

(f),(i),(n)

510

—

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

5.45%,

PIK

6.00%,

10/10/2024

(i),(m),(n)

—

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.00%

$

2,187

Healthcare

-

Services

-

0.23%

ADMI

Corp

Term

Loan

B1

10.07%,

12/23/2027

(n) 156

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.75%

Concentra

Health

Services

Inc

Term

Loan

B1

6.33%,

07/26/2031

(n) 175

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Eyecare

Partners

LLC

PIK

Term

Loan

B

5.39%,

PIK

3.61%,

11/30/2028

(m),(n)

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),(n)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

National

Mentor

Holdings

Inc

Term

Loan

C

8.17%,

03/02/2028

(n) 12

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

National

Mentor

Holdings

Inc

Term

Loan

B

8.17%,

03/02/2028

(n) 301

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Onex

TSG

Intermediate

Corp

Term

Loan

B

9.35%,

02/25/2028

(n) 59

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Pacific

Dental

Services

LLC

Term

Loan

B

7.08%,

03/15/2031

(n) 265

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Healthcare

-

Services

(continued)

Phoenix

Guarantor

Inc

Term

Loan

B5

6.82%,

02/21/2031

(n) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Phoenix

Newco

Inc

Term

Loan

B

6.82%,

11/15/2028

(n) 1,282

1,281

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Radiology

Partners

Inc

6.59%,

PIK

1.50%,

01/31/2029

(m),(n)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Select

Medical

Corp

Term

Loan

B2

6.32%,

11/18/2031

(n) 154

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Sound

Inpatient

Physicians

Inc

PIK

Term

Loan

A

11.06%,

06/28/2028

(n) 25

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

Sound

Inpatient

Physicians

Inc

PIK

Term

Loan

B

8.06%,

PIK

1.50%,

06/28/2028

(m),(n)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Star

Parent

Inc

Term

Loan

B

8.30%,

09/27/2030

(n) 127

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Surgery

Center

Holdings

Inc

Term

Loan

7.08%,

12/19/2030

(n) 954

955

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Team

Health

Holdings

Inc

Term

Loan

B

9.53%,

03/02/2027

(n) 614

611

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

US

Radiology

Specialists

Inc

Term

Loan

B

9.06%,

12/15/2027

(n) 35

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

$

5,651

Home

Furnishings

-

0.05%

AI

Aqua

Merger

Sub

Inc

Term

Loan

B

7.32%,

07/31/2028

(n) 705

700

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

MillerKnoll

Inc

Term

Loan

B

6.44%,

07/19/2028

(n) 102

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Somnigroup

International

Inc

Term

Loan

B

6.80%,

10/03/2031

(n) 249

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Weber-Stephen

Products

LLC

Term

Loan

B

7.69%,

10/30/2027

(n) 249

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Weber-Stephen

Products

LLC

Term

Loan

8.68%,

10/30/2027

(n) 25

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

$

1,323

Insurance

-

.28%

Acrisure

LLC

Term

Loan

B6

7.32%,

11/06/2030

(n) 520

516

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Insurance

(continued)

Alera

Group

Inc

0.00%,

05/21/2032

(n),(o)

$

$

Alliant

Holdings

Intermediate

LLC

Term

Loan

B6

7.07%,

09/12/2031

(n) 984

979

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

AmWINS

Group

Inc

Term

Loan

B

6.57%,

01/23/2032

(n) 312

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

AssuredPartners

Inc

Term

Loan

B5

7.83%,

02/14/2031

(n) 346

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Asurion

LLC

Term

Loan

B8

7.69%,

12/23/2026

(n) 544

543

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Asurion

LLC

Term

Loan

B9

7.69%,

07/31/2027

(n) 148

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Asurion

LLC

Term

Loan

B3

9.69%,

01/31/2028

(n) 122

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Asurion

LLC

Term

Loan

B4

9.69%,

01/20/2029

(n) 139

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Asurion

LLC

Term

Loan

B11

8.68%,

08/19/2028

(n) 30

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

BroadStreet

Partners

Inc

Term

Loan

B4

7.33%,

06/14/2031

(n) 1,039

1,040

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

CRC

Insurance

Group

LLC

Term

Loan

B

7.05%,

05/06/2031

(n) 268

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

HUB

International

Ltd

Term

Loan

B

6.77%,

06/20/2030

(n) 1,038

1,037

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Sedgwick

Claims

Management

Services

Inc

Term

Loan

B

7.33%,

07/31/2031

(n) 641

642

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

USI

Inc/NY

Term

Loan

C

6.55%,

09/27/2030

(n) 223

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

USI

Inc/NY

Term

Loan

D

6.55%,

11/22/2029

(n) 228

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

$

6,839

Internet

-

0.07%

Catalina

Marketing

Corp

0.00%,

PIK

13.81%,

04/23/2027

(m),(n)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

9.50%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Internet

(continued)

CNT

Holdings

I

Corp

Term

Loan

B

6.78%,

11/08/2032

(n) $

612

$

611

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Gen

Digital

Inc

Term

Loan

B1

6.08%,

09/12/2029

(n) 416

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

MH

Sub

I

LLC

Term

Loan

B3

0.00%,

04/24/2028

(n),(o)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

Proofpoint

Inc

Term

Loan

B

7.33%,

08/31/2028

(n) 393

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

$

1,662

Investment

Companies

-

0.01%

Aragorn

Parent

Corp

Term

Loan

B

8.58%,

12/15/2028

(n) 262

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

Leisure

Products

&

Services

-

0.10%

Alterra

Mountain

Co

Term

Loan

B6

7.07%,

08/17/2028

(n) 119

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Alterra

Mountain

Co

Term

Loan

B

7.32%,

05/31/2030

(n) 330

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Carnival

Corp

Term

Loan

B

6.33%,

08/08/2027

(n) 194

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

6.33%,

10/18/2028

(n) 184

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

ClubCorp

Holdings

Inc

Term

Loan

B

9.56%,

09/18/2026

(n) 555

555

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

GBT

US

III

LLC

Term

Loan

B1

6.78%,

07/28/2031

(n) 151

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Hayward

Industries

Inc

Term

Loan

B

6.94%,

05/28/2028

(n) 467

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

SRAM

LLC

Term

Loan

B

6.58%,

02/21/2032

(n) 224

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Topgolf

Callaway

Brands

Corp

Term

Loan

B

7.33%,

03/16/2030

(n) 137

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

$

2,358

Lodging

-

0.01%

Fertitta

Entertainment

LLC/NV

Term

Loan

B

7.83%,

01/13/2029

(n) 318

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Machinery

-

Diversified

-

0.10%

Chart

Industries

Inc

Term

Loan

B

6.79%,

03/15/2030

(n) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Husky

Injection

Molding

Systems

Ltd

Term

Loan

B

8.78%,

02/01/2029

(n) 373

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Oregon

Tool

Lux

LP

Term

Loan

0.00%,

10/15/2029

(n),(o)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

9.67%,

10/15/2029

(n) 53

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

TK

Elevator

US

Newco

Inc

Term

Loan

B

7.24%,

04/30/2030

(n) 1,087

1,089

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Victory

Buyer

LLC

Term

Loan

8.19%,

11/18/2028

(n) 395

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

$

2,370

Media

-

0.15%

Cengage

Learning

Inc

Term

Loan

B

7.83%,

03/22/2031

(n) 308

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Century

DE

Buyer

LLC

Term

Loan

7.78%,

10/30/2030

(n) 261

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

CSC

Holdings

LLC

Term

Loan

B5

8.88%,

04/15/2027

(n) 662

649

Prime

Rate

+

1.50%

CSC

Holdings

LLC

Term

Loan

B6

8.83%,

01/18/2028

(n) 713

703

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Directv

Financing

LLC

Term

Loan

Non-Extended

9.54%,

08/02/2027

(n) 100

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

McGraw-Hill

Education

Inc

Term

Loan

B

7.57%,

08/06/2031

(n) 258

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Nexstar

Media

Inc

Term

Loan

B4

6.94%,

09/18/2026

(n) 259

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Sunrise

Financing

Partnership

Term

Loan

AAA

6.79%,

01/31/2032

(n) 260

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Virgin

Media

Bristol

LLC

Term

Loan

Y

7.37%,

03/31/2031

(n) 219

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Ziggo

Financing

Partnership

Term

Loan

I

6.94%,

04/28/2028

(n) 611

594

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

$

3,610

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Mining

-

0.01%

Arsenal

AIC

Parent

LLC

Term

Loan

B

7.07%,

08/18/2030

(n) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Packaging

&

Containers

-

0.10%

Berlin

Packaging

LLC

Term

Loan

B7

7.82%,

06/07/2031

(n) 329

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Clydesdale

Acquisition

Holdings

Inc

Term

Loan

B

7.50%,

04/13/2029

(n) 335

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.18%

7.55%,

03/26/2032

(n) 553

549

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Klockner

Pentaplast

of

America

Inc

Term

Loan

B

9.23%,

02/12/2026

(n) 348

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.73%

Plaze

Inc

Term

Loan

B

8.19%,

08/03/2026

(n) 135

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Proampac

PG

Borrower

LLC

Term

Loan

B

8.28%,

09/15/2028

(n) 374

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

SupplyOne

Inc

Term

Loan

B

8.08%,

03/27/2031

(n) 233

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

TricorBraun

Holdings

Inc

Term

Loan

B

7.69%,

03/03/2028

(n) 97

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

$

2,360

Pharmaceuticals

-

0.06%

Amneal

Pharmaceuticals

LLC

Term

Loan

B

9.82%,

05/04/2028

(n) 162

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

Barentz

International

BV

7.65%,

03/03/2031

(n) 227

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Gainwell

Acquisition

Corp

Term

Loan

B

8.40%,

10/01/2027

(n) 283

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Jazz

Financing

Lux

Sarl

Term

Loan

B2

6.58%,

05/05/2028

(n) 472

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Organon

&

Co

Term

Loan

B

6.57%,

05/19/2031

(n) 421

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

$

1,543

Pipelines

-

0.08%

BCP

Renaissance

Parent

LLC

Term

Loan

B

7.30%,

10/31/2028

(n) 273

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

EPIC

Crude

Services

LP

Term

Loan

B

7.26%,

10/15/2031

(n) 249

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pipelines

(continued)

Freeport

LNG

Investments

LLLP

7.53%,

11/17/2026

(n) $

614

$

611

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Freeport

LNG

Investments

LLLP

Term

Loan

B

7.52%,

12/21/2028

(n) 125

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

8.66%,

12/21/2028

(n) 419

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Oryx

Midstream

Services

Permian

Basin

LLC

Term

Loan

B

6.57%,

10/05/2028

(n) 305

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Traverse

Midstream

Partners

LLC

Term

Loan

B

7.28%,

02/16/2028

(n) 38

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

$

2,019

Real

Estate

-

0.03%

Cushman

&

Wakefield

US

Borrower

LLC

Term

Loan

B2

7.07%,

01/31/2030

(n) 423

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Forest

City

Enterprises

LLC

Term

Loan

B

7.94%,

12/07/2025

(n) 397

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

$

808

Retail

-

0.13%

1011778

BC

ULC

Term

Loan

B6

6.08%,

09/20/2030

(n) 450

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Academy

Ltd

Term

Loan

8.19%,

11/05/2027

(n) 72

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

EG

America

LLC

Term

Loan

B2

8.56%,

02/07/2028

(n) 232

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

Gulfside

Supply

Inc

Term

Loan

B

7.30%,

05/29/2031

(n) 212

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

IRB

Holding

Corp

Term

Loan

B

6.82%,

12/15/2027

(n) 399

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Johnstone

Supply

LLC

Term

Loan

B

6.82%,

06/09/2031

(n) 318

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

LBM

Acquisition

LLC

Term

Loan

B

8.18%,

12/17/2027

(n) 51

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

8.18%,

06/06/2031

(n) 188

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

LS

Group

OpCo

Acquistion

LLC

Term

Loan

B1

6.82%,

04/23/2031

(n) 208

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Retail

(continued)

Michaels

Cos

Inc/The

Term

Loan

8.81%,

04/15/2028

(n) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

Petco

Health

&

Wellness

Co

Inc

Term

Loan

B

7.81%,

03/03/2028

(n) 142

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

PetSmart

LLC

Term

Loan

B

8.18%,

02/11/2028

(n) 419

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

QXO

Building

Products

Inc

Term

Loan

B

7.28%,

04/23/2032

(n) 85

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Restoration

Hardware

Inc

Term

Loan

B

6.94%,

10/20/2028

(n) 214

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Serta

Simmons

Bedding

LLC

Term

Loan

Exit

11.90%,

06/29/2028

(n) 20

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.50%

WH

Borrower

LLC

9.07%,

02/12/2032

(n) 105

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

White

Cap

Supply

Holdings

LLC

Term

Loan

B

7.58%,

10/19/2029

(n) 143

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

$

3,282

Software

-

0.54%

Avalara

Inc

Term

Loan

B

7.55%,

03/19/2032

(n) 275

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Avaya

Inc

PIK

Term

Loan

Exit

11.82%,

PIK

0.00%,

07/31/2028

(m),(n)

908

714

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.50%

Azalea

Topco

Inc

Term

Loan

B

7.57%,

04/30/2031

(n) 317

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Boxer

Parent

Co

Inc

Term

Loan

B

7.32%,

07/30/2031

(n) 1,187

1,178

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Cloud

Software

Group

Inc

Term

Loan

B2

4.03%,

03/21/2031

(n) 45

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Cotiviti

Inc

Term

Loan

B

7.07%,

05/01/2031

(n) 590

587

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Cotiviti

Inc

Term

Loan

7.07%,

02/13/2032

(n) 250

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Dayforce

Inc

Term

Loan

B

6.28%,

03/01/2031

(n) 230

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Software

(continued)

DTI

Holdco

Inc

Term

Loan

B

8.32%,

04/26/2029

(n) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Dun

&

Bradstreet

Corp/The

Term

Loan

B2

6.58%,

01/18/2029

(n) 5

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Ellucian

Holdings

Inc

Term

Loan

B

7.32%,

10/09/2029

(n) 403

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Envestnet

Inc/BCPE

Pequod

Buyer

Inc

7.58%,

09/19/2031

(n) 210

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Epicor

Software

Corp

Term

Loan

B

7.08%,

05/23/2031

(n) 993

995

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

EVERTEC

Group

LLC

Term

Loan

B

7.07%,

10/30/2030

(n) 220

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

FinThrive

Software

Intermediate

Holdings

Inc

Term

Loan

C

0.00%,

12/15/2028

(n),(o)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

FinThrive

Software

Intermediate

Holdings

Inc

Term

Loan

B

8.32%,

12/17/2028

(n) 238

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Genesys

Cloud

Services

Inc

Term

Loan

B

6.82%,

01/23/2032

(n) 640

638

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Icon

Parent

Inc

7.21%,

09/11/2031

(n) 713

712

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Informatica

LLC

Term

Loan

B

6.58%,

10/27/2028

(n) 452

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Leia

Finco

US

LLC

Term

Loan

B

7.46%,

10/09/2031

(n) 550

550

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Mitchell

International

Inc

Term

Loan

B

7.58%,

06/17/2031

(n) 493

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

PointClickCare

Technologies

Inc

Term

Loan

B

7.55%,

10/10/2031

(n) 224

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Polaris

Newco

LLC

Term

Loan

B

8.29%,

06/02/2028

(n) 147

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Project

Ruby

Ultimate

Parent

Corp

Term

Loan

B

7.44%,

03/10/2028

(n) 240

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Software

(continued)

Rackspace

Finance

LLC

Term

Loan

B

7.20%,

05/15/2028

(n) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

10.70%,

05/15/2028

(n) 230

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.25%

Rocket

Software

Inc

Term

Loan

B

8.58%,

11/28/2028

(n) 515

515

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

SS&C

Technologies

Inc

Term

Loan

B8

6.33%,

05/09/2031

(n) 190

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

UKG

Inc

Term

Loan

B

7.33%,

02/10/2031

(n) 1,563

1,566

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

VS

Buyer

LLC

Term

Loan

B

7.02%,

04/12/2031

(n) 229

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

West

Technology

Group

LLC

Term

Loan

B3

8.53%,

04/09/2027

(n) 253

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Zelis

Payments

Buyer

Inc

Term

Loan

B

7.07%,

09/28/2029

(n) 609

604

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

ZoomInfo

LLC

Term

Loan

B

6.08%,

02/28/2030

(n) 283

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

$

13,247

Telecommunications

-

0.40%

Altice

France

SA

TERM

B14-Exit

9.75%,

08/15/2028

(n) 56

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

Altice

France

SA

Term

Loan

B11

9.25%,

07/31/2025

(n) 149

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Altice

France

SA

Term

Loan

B12

10.05%,

01/31/2026

(n) 148

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.69%

Altice

France

SA

Term

Loan

B13

10.50%,

08/14/2026

(n) 370

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Cincinnati

Bell

Inc

Term

Loan

B4

7.07%,

11/22/2028

(n) 364

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

CommScope

LLC

9.57%,

12/18/2029

(n) 1,830

1,846

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Connect

Finco

SARL

Term

Loan

B

8.83%,

09/27/2029

(n) 137

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Telecommunications

(continued)

Cyborg

Oldco

DC

Holdings

Inc

Term

Loan

B

0.00%,

05/01/2024

(f),(n)

$

$

—

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Delta

Topco

Inc

Term

Loan

B

7.07%,

11/30/2029

(n) 797

792

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),(n)

618

615

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.15%

Frontier

Communications

Holdings

LLC

Term

Loan

B

6.79%,

07/01/2031

(n) 1,071

1,070

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Level

Financing

Inc

Term

Loan

B3

8.57%,

03/22/2032

(n) 983

988

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

Lumen

Technologies

Inc

Term

Loan

A

10.33%,

06/01/2028

(n) 404

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.00%

Lumen

Technologies

Inc

Term

Loan

B2

6.79%,

04/15/2030

(n) 610

603

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.35%

MLN

US

Holdco

LLC

0.00%,

10/18/2027

(f),(n)

615

—

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.80%

MLN

US

Holdco

LLC

Term

Loan

0.00%,

11/30/2025

(f),(n)

1,058

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Syniverse

Holdings

LLC/DE

Term

Loan

11.31%,

05/13/2027

(n) 83

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.00%

Viasat

Inc

Term

Loan

B

8.94%,

03/04/2029

(n) 23

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

8.94%,

05/30/2030

(n) 271

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Zayo

Group

Holdings

Inc

Term

Loan

B

7.44%,

03/09/2027

(n) 2,146

2,045

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

$

9,860

Transportation

-

0.01%

PODS

LLC

Term

Loan

B

7.54%,

03/31/2028

(n) 144

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Stonepeak

Nile

Parent

LLC

Term

Loan

B

6.98%,

02/04/2032

(n) 156

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

$

TOTAL

SENIOR

FLOATING

RATE

INTERESTS

$

94,637

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

19.66%

Principal

Amount

(000's)

Value

(000's)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

-

0.64%

5.00%,

06/01/2055

(p) $

1,423

$

1,377

5.50%,

06/01/2055

(p) 8,708

8,620

6.00%,

06/01/2055

(p) 5,831

5,888

$

15,885

U.S.

Treasury

-

0.02%

3.00%,

02/15/2049

655

U.S.

Treasury

Bill

-

9.81%

4.10%,

09/04/2025

(a),(q),(r),(s)

88,700

87,722

4.12%,

08/07/2025

(a),(q)

2,800

2,778

4.16%,

07/17/2025

(a),(q),(r)

6,540

6,506

4.16%,

07/31/2025

(a),(q),(s)

4,700

4,667

4.16%,

11/28/2025

(a),(q)

6,290

6,160

4.17%,

07/15/2025

(a),(q),(r)

23,635

23,516

4.18%,

07/08/2025

(a),(q)

23,075

22,978

4.19%,

06/10/2025

(a),(q)

4.19%,

06/26/2025

(a),(q)

5,595

5,579

4.19%,

07/01/2025

(a),(q)

2,455

2,447

4.19%,

07/03/2025

(a),(q)

7,165

7,139

4.19%,

08/26/2025

(a),(q)

4.20%,

09/02/2025

(a),(q)

4.21%,

07/10/2025

(a),(q)

1,190

1,185

4.21%,

07/24/2025

(a),(q)

1,745

1,734

4.22%,

06/12/2025

(a),(q)

1,585

1,583

4.23%,

06/05/2025

(a),(q)

13,800

13,795

4.23%,

07/22/2025

(a),(q)

54,280

53,962

$

242,488

U.S.

Treasury

Inflation-Indexed

Obligations

-

9.19%

0.13%,

07/15/2026

6,687

6,630

0.13%,

10/15/2026

6,969

6,887

0.13%,

01/15/2030

6,563

6,159

0.13%,

07/15/2030

7,484

6,986

0.13%,

01/15/2031

8,034

7,391

0.13%,

07/15/2031

8,120

7,414

0.13%,

01/15/2032

8,999

8,087

0.13%,

02/15/2051

2,788

1,490

0.13%,

02/15/2052

3,423

1,796

0.25%,

07/15/2029

6,170

5,896

0.25%,

02/15/2050

2,824

1,609

0.38%,

01/15/2027

543

535

0.38%,

07/15/2027

5,837

5,754

0.50%,

01/15/2028

6,827

6,686

0.63%,

07/15/2032

9,422

8,715

0.63%,

02/15/2043

2,942

2,157

0.75%,

07/15/2028

5,826

5,741

0.75%,

02/15/2042

3,667

2,810

0.75%,

02/15/2045

4,423

3,195

0.88%,

01/15/2029

5,194

5,096

0.88%,

02/15/2047

2,756

1,971

1.00%,

02/15/2046

2,248

1,685

1.00%,

02/15/2048

2,133

1,547

1.00%,

02/15/2049

1,462

1,045

1.13%,

01/15/2033

8,740

8,280

1.25%,

04/15/2028

7,543

7,516

1.38%,

07/15/2033

8,666

8,338

1.38%,

02/15/2044

4,171

3,463

1.50%,

02/15/2053

3,238

2,523

1.63%,

10/15/2027

7,940

8,032

1.63%,

10/15/2029

9,562

9,650

1.63%,

04/15/2030

4,811

4,825

1.75%,

01/15/2028

2,815

2,848

1.75%,

01/15/2034

9,155

8,997

1.88%,

07/15/2034

(s) 9,427

9,353

2.13%,

04/15/2029

8,194

8,396

2.13%,

01/15/2035

10,620

10,694

2.13%,

02/15/2040

1,615

1,578

2.13%,

02/15/2041

2,280

2,203

2.13%,

02/15/2054

3,189

2,870

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

Inflation-Indexed

Obligations

(continued)

2.38%,

10/15/2028

$

8,133

$

8,426

2.38%,

02/15/2055

1,637

1,556

2.50%,

01/15/2029

2,721

2,824

3.38%,

04/15/2032

1,254

1,388

3.63%,

04/15/2028

2,347

2,496

3.88%,

04/15/2029

3,356

3,660

$

227,198

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

486,043

TOTAL

PURCHASED

OPTIONS

-

0.00%

$

TOTAL

PURCHASED

INTEREST

RATE

SWAPTIONS

-

0.00%

$

Total

Investments

$

2,517,150

Other

Assets

and

Liabilities

- (1.79)%

(44,407)

TOTAL

NET

ASSETS

-

100.00%

$

2,472,743

(a) All

or

a

portion

of

this

security

is

owned

by

the

DRA

Cayman

Corporation,

which

is

a

wholly-owned

subsidiary

of

the

Fund.

(b) The

Trust

is

not

registered

as

an

investment

company

under

the

Investment

Company

Act

of

1940,

as

amended,

and

is

not

required

to

register

under

such

act.

Consequently,

shareholders

do

not

have

the

regulatory

protections

provided

to

investors

in

registered

investment

companies.

The

Trust

sells

shares

under

the

Securities

Act

of

1933

and

files

reports

pursuant

to

the

Securities

Act

of

1934. (c) 1-day

yield

shown

is

as

of

period

end.

(d) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$31,466

or

1.27%

of

net

assets.

(e) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(f) Non-income

producing

security

(g) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$36,233

or

1.47%

of

net

assets.

(h) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$62,270

or

2.52%

of

net

assets.

(i) The

value

of

these

investments

was

determined

using

significant

unobservable

inputs,

in

good

faith

by

the

Manager,

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

(j) Restricted

Security.

Please

see

Restricted

Securities

sub-schedule

for

additional

information.

(k) Security

is

subject

to

a

contractual

sale

restriction

but

this

feature

is

not

considered

in

measuring

the

fair

value.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$477.

The

sale

restriction

provision

specified

in

the

shareholder

agreements

have

no

specified

expiration

date

or

circumstances

that

could

cause

a

lapse.

(l) Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions. These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(m) Payment

in

kind;

the

issuer

has

the

option

of

paying

additional

securities

in

lieu

of

cash.

(n) Rate

information

disclosed

is

based

on

an

average

weighted

rate

of

the

underlying

tranches

as

of

period

end.

(o) This

Senior

Floating

Rate

Note

will

settle

after

May

31,

2025,

at

which

time

the

interest

rate

will

be

determined.

(p) Security

was

purchased

in

a

"to-be-announced"

("TBA")

transaction.

(q) Rate

shown

is

the

discount

rate

of

the

original

purchase.

(r) Security

or

a

portion

of

the

security

was

pledged

to

cover

margin

requirements

for

futures

contracts.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$15,431

or

0.62%

of

net

assets.

(s) Security

or

a

portion

of

the

security

was

pledged

to

cover

margin

requirements

for

swap

and/or

swaption

contracts.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$9,136

or

0.37%

of

net

assets.

Affiliated

Securities

August

31,

2024

Purchases

Sales

May

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

108,731

$

1,273,500

$

1,317,716

$

64,515

$

108,731

$

1,273,500

$

1,317,716

$

64,515

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

1,600

$

—

$

—

$

—

$

1,600

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Restricted

Securities

Security

Name

Acquisition

Date

Cost

Value

Percent

of

Net

Assets

Millennium

Health

LLC

03/15/2016

$

—

$

0.00%

Millennium

Health

LLC

03/15/2016

—

—

0.00%

Total

$

0.00%

Amounts

in

thousands.

Options

Purchased

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Upfront

Payments

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Call

-

AUD

versus

NZD

Citigroup

Inc

AUD

2,996

AUD

1.09 06/04/2025

$

$

—

$

(6) Put

-

USD

versus

JPY

Barclays

Bank

PLC

$

1,572

$

146.00 06/12/2025

Put

-

USD

versus

JPY

JPMorgan

Chase

1,572

$

141.00 06/12/2025

(2) Put

-

USD

versus

JPY

Barclays

Bank

PLC

1,955

$

150.00 11/20/2025

Put

-

USD

versus

MXN

Morgan

Stanley

&

Co

2,752

$

19.10 08/15/2025

(4) Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

Options

(continued)

Purchased

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Upfront

Payments

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Call

-

Payout

at

expiry

if

USD-SOFR

ICESWAP>=5.2

and

difference

of

US

10-Year

swap

and

US

2-Year

swap

>=.401

Citigroup

Inc

36,167,000

$

36,167

$

0.40 08/19/2025

$

$

$

Total

$

$

$

Written

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Upfront

Receipts

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Call

-

AUD

versus

NZD

Citigroup

Inc

AUD

2,996

AUD

1.10 06/04/2025

$

(2) $

—

$

Put

-

USD

versus

JPY

Barclays

Bank

PLC

$

1,572

$

141.00 06/12/2025

(2) (4) (2) Put

-

USD

versus

JPY

JPMorgan

Chase

1,572

$

146.00 06/12/2025

(28) (30) (2) Put

-

USD

versus

MXN

Morgan

Stanley

&

Co

2,752

$

18.50 08/15/2025

(7) (5) 2

Call

-

Payout

at

expiry

if

USD-SOFR

ICESWAP>=6.0

and

difference

of

US

10-Year

swap

and

US

2-Year

swap

>=.801

Citigroup

Inc

36,167,000

36,167

$

0.80 08/19/2025

(2) (3) (1) Total

$

(41) $

(42) $

(1) Amounts

in

thousands

except

contracts/shares.

Interest

Rate

Swaptions

Purchased

Swaptions

Outstanding

Counterparty

Paid

by

the

Fund

Rate/Reference&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

Deutsche

Bank

AG

4.35%

Annual

Secured

Overnight

Financing

Rate

Annual

$

2,643

4.35%

08/13/2025

$

$

$

(12) Total

$

$

$

(12) Written

Swaptions

Outstanding

Counterparty

Paid

by

the

Fund

Rate/Reference Frequency

Received

by

the

Fund

Rate/Reference Frequency

Notional

Amount

Exercise

Rate

Expiration

Date

Upfront

Receipts

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Put

-

Year

Interest

Rate

Swap

Deutsche

Bank

AG

Secured

Overnight

Financing

Rate

Annual

4.03%

Annual

$

10,181

4.03%

08/13/2025

$

(44) $

(20) $

Total

$

(44) $

(20) $

Amounts

in

thousands.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

Month

Secured

Overnight

Financing

Rate;

June

2026

Long

$

2,657

$

Day

Federal

Funds;

July

2025

Long

2,392

(4) Australia

Year

Bond;

June

2025

Long

—

Australia

Year

Bond;

June

2025

Short

970

—

Brent

Crude;

August

2025

(a) Long

10,924

Brent

Crude;

December

2025

(a) Short

3,071

Brent

Crude;

June

2026

(a) Short

2,547

Brent

Crude;

November

2025

(a) Long

2,947

(428) California

Carbon

Allowance

Vintage;

December

2025

(a) Long

2,340

(652) Cocoa;

July

2025

(a) Long

685

Coffee

'C';

December

2025

(a) Long

1,385

(152) Coffee

'C';

July

2025

(a) Long

1,541

(129) Copper;

December

2025

(a) Long

1,920

(6) Copper;

July

2025

(a) Long

4,678

Corn;

December

2025

(a) Long

658

(13) Corn;

December

2025

(a) Short

4,451

Corn;

July

2025

(a) Long

513

11,389

(551) Cotton

No.2;

December

2025

(a) Long

1,524

(29) Cotton

No.2;

July

2025

(a) Short

ECX

Emission;

December

2025

(a) Short

1,119

(39) Euribor;

June

2026

Short

1,116

—

Euro

Bond

Year

Bond;

June

2025

Long

1,490

Euro

Buxl

Year

Bond;

June

2025

Short

552

(2) Euro

Milling

Wheat;

September

2025

(a) Long

1,219

(167) Euro-BTP;

June

2025

Short

1,651

(19) Feeder

Cattle;

August

2025

(a) Long

1,345

Frozen

Concentrated

Orange

Juice-A;

July

2025

(a) Long

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

Futures

Contracts

(continued)

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

Frozen

Concentrated

Orange

Juice-A;

November

2025

(a) Long

$

$

Gasoline

RBOB;

July

2025

(a) Long

5,247

(235) Gasoline

RBOB;

November

2025

(a) Long

734

Gold

oz;

August

2025

(a) Long

30,170

(776) Gold

oz;

December

2025

(a) Long

6,739

ICE

Month

Sterling

Overnight

Index

Average;

June

2026

Long

973

—

ICE

Endex

Dutch

TTF

Natural

Gas;

July

2025

(a) Long

665

KC

HRW

Wheat;

December

2025

(a) Long

(1) KC

HRW

Wheat;

July

2025

(a) Long

1,253

Lean

Hogs;

October

2025

(a) Long

Live

Cattle;

August

2025

(a) Long

6,113

Live

Cattle;

October

2025

(a) Long

996

LME

Copper;

December

2026

(a) Short

5,414

LME

Copper;

July

2025

(a) Long

21,936

599

LME

Copper;

June

2025

(a) Short

—

—

(2,159)

LME

Lead;

July

2025

(a) Short

—

—

LME

Lead;

November

2025

(a) Long

LME

Lead;

September

2025

(a) Short

—

—

(21) LME

Nickel;

July

2025

(a) Short

—

—

LME

Nickel;

June

2025

(a) Short

—

—

LME

Nickel;

November

2025

(a) Long

740

(21) LME

Nickel;

September

2025

(a) Short

—

—

(76) LME

PRI

Alum;

December

2026

(a) Short

2,384

LME

PRI

Alum;

July

2025

(a) Short

—

—

LME

PRI

Alum;

July

2025

(a) Long

17,251

LME

PRI

Alum;

June

2025

(a) Short

—

—

(1,784)

LME

PRI

Alum;

November

2025

(a) Long

1,967

LME

PRI

Alum;

September

2025

(a) Short

—

—

(289) LME

Zinc;

July

2025

(a) Short

—

—

LME

Zinc;

June

2025

(a) Short

—

—

LME

Zinc;

November

2025

(a) Long

659

(1) LME

Zinc;

September

2025

(a) Short

—

—

(87) Low

Sulphur

Gasoline;

July

2025

(a) Long

6,144

Low

Sulphur

Gasoline;

November

2025

(a) Long

823

Natural

Gas;

April

2027

(a) Short

832

(10)

Natural

Gas;

April

2028

(a) Short

524

Natural

Gas;

January

2026

(a) Short

4,650

Natural

Gas;

July

2025

(a) Long

5,274

(366) Natural

Gas;

June

2027

(a) Short

858

(28) Natural

Gas;

June

2028

(a) Short

543

(11) Natural

Gas;

March

2026

(a) Long

6,719

(160) Natural

Gas;

May

2027

(a) Short

825

(9) Natural

Gas;

May

2028

(a) Short

518

Natural

Gas;

October

2025

(a) Long

3,283

(332)

NY

Harb

ULSD;

November

2025

(a) Long

677

Platinum;

July

2025

(a) Long

633

Silver;

December

2025

(a) Long

2,024

Silver;

July

2025

(a) Long

5,285

Soybean

Meal;

December

2025

(a) Long

741

(23) Soybean

Oil;

December

2025

(a) Long

829

Soybean

Oil;

July

2025

(a) Long

1,097

Soybean;

July

2025

(a) Long

2,449

(13) Soybean;

November

2025

(a) Long

6,879

(14) Sugar

#11;

July

2025

(a) Long

878

(89) Sugar

#11;

October

2025

(a) Long

1,042

(85) US

Year

Note;

September

2025

Short

2,547

(23) US

Year

Ultra

Note;

September

2025

Short

19,020

(168) US

Year

Note;

September

2025

Long

45,014

US

Year

Note;

September

2025

Long

5,734

US

Long

Bond;

September

2025

Short

1,015

(16) US

Ultra

Bond;

September

2025

Short

3,018

(58) Wheat;

December

2025

(a) Long

657

—

Wheat;

December

2025

(a) Short

2,512

(4) Wheat;

July

2025

(a) Long

587

(18) WTI

Crude;

July

2025

(a) Long

4,012

WTI

Crude;

November

2025

(a) Short

1,630

(33) WTI

Crude;

September

2025

(a) Long

4,307

(35) Total

$

(4,637)

Amounts

in

thousands

except

contracts.

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

(a) All

or

a

portion

of

this

security

is

owned

by

the

DRA

Cayman

Corporation,

which

is

a

wholly-owned

subsidiary

of

the

Fund.

Foreign

Currency

Contracts

Unrealized

Appreciation/(Depreciation)

Counterparty

Settlement

Date

Currency

to

Accept

Currency

to

Deliver

Asset

Liability

Bank

of

America

NA

06/03/2025

EUR

$

$

—

$

—

Bank

of

America

NA

07/02/2025

$

EUR

—

—

Barclays

Bank

PLC

06/03/2025

JPY

78,601

$

544

—

Barclays

Bank

PLC

07/02/2025

$

546

JPY

78,601

—

(2) Barclays

Bank

PLC

07/02/2025

$

CAD

—

—

BNP

Paribas

06/03/2025

EUR

1,939

$

2,189

—

BNP

Paribas

07/02/2025

$

2,193

EUR

1,939

—

(13) Citigroup

Inc

06/18/2025

BRL

1,126

$

—

(1) Citigroup

Inc

06/18/2025

$

BRL

2,080

—

(9) Deutsche

Bank

AG

06/03/2025

GBP

601

$

809

—

—

Deutsche

Bank

AG

06/03/2025

$

2,218

EUR

1,942

—

Deutsche

Bank

AG

06/03/2025

$

JPY

57,250

—

Deutsche

Bank

AG

06/18/2025

$

BRL

835

—

Deutsche

Bank

AG

07/02/2025

$

810

GBP

601

—

—

HSBC

Securities

Inc

06/03/2025

$

JPY

24,265

—

—

JPMorgan

Chase

06/03/2025

$

EUR

—

—

JPMorgan

Chase

06/03/2025

$

931

GBP

695

—

(6) JPMorgan

Chase

06/18/2025

$

BRL

1,191

—

Standard

Chartered

Bank,

Hong

Kong

06/03/2025

GBP

$

—

(1) Toronto

Dominion

Bank

06/18/2025

MXN

$

—

UBS

AG

07/22/2025

$

JPY

18,000

—

Total

$

$

(32) Amounts

in

thousands.

Exchange

Cleared

Credit

Default

Swaps

Sell

Protection

Reference

Entity

Implied

Credit

Spread

as

of

May

31,

2025

(a) (Pay)/

Receive

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

(b) Upfront

Payments/

(Receipts)

Unrealized

Appreciation/

(Depreciation)

Fair

Value

(c) CDX.NA.HY.44

N/A

5.00%

Quarterly

06/20/2030

$

3,609

$

$

$

Total

$

$

$

Amounts

in

thousands.

(a) Implied

credit

spreads,

represented

in

absolute

terms,

used

in

determining

the

fair

value

of

credit

default

swap

agreements

on

corporate

issues

or

sovereign

issues

as

of

period

end

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

for

the

credit

derivative.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

buying/selling

protection

and

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

Wider

credit

spreads

represent

a

deterioration

of

the

referenced

entity's

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

(b) The

maximum

potential

payment

amount

that

the

seller

of

credit

protection

could

be

required

to

make

if

a

credit

event

occurs

is

$3,609.

(c) The

price

and

resulting

fair

value

for

credit

default

swap

agreements

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

of

an

expected

liability

(or

profit)

for

the

credit

default

swap

as

of

the

period

end.

Increasing

fair

values

of

the

swap,

in

absolute

terms

when

compared

to

the

notional

amount

of

the

swap,

represent

a

deterioration

of

the

referenced

entity's

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

Exchange

Cleared

Interest

Rate

Swaps

Floating

Rate

Index

(Pay)/

Receive

Floating

Rate

Fixed

Rate

Payment

Frequency

Paid

by

Fund

Payment

Frequency

Received

by

Fund

Effective

Date

(a) Maturity

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Upfront

Payments/

(Receipts)

Fair

Value

Month

Euro

Interbank

Offered

Rate

Receive

2.49%

Annual

Semiannual

N/A

02/19/2054

EUR

$

$

$

Month

Euro

Interbank

Offered

Rate

Receive

2.51%

Annual

Semiannual

N/A

02/20/2054

Month

Euro

Interbank

Offered

Rate

Receive

2.51%

Annual

Semiannual

N/A

02/20/2054

Month

Euro

Interbank

Offered

Rate

Pay

2.46%

Semiannual

Annual

N/A

03/22/2054

—

—

—

Month

Euro

Interbank

Offered

Rate

Receive

2.54%

Annual

Semiannual

N/A

04/22/2054

—

Month

Euro

Interbank

Offered

Rate

Pay

2.44%

Semiannual

Annual

N/A

06/24/2054

(2) —

(2) 6

Month

Euro

Interbank

Offered

Rate

Receive

2.25%

Annual

Semiannual

N/A

10/02/2054

Month

Euro

Interbank

Offered

Rate

Pay

2.18%

Semiannual

Annual

N/A

11/07/2054

(7) —

(7) Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.69%

Maturity

Maturity

N/A

04/15/2029

$

(1) —

(1) Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.84%

Maturity

Maturity

N/A

04/15/2028

(1) —

(1) Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

Exchange

Cleared

Interest

Rate

Swaps

(continued)

Floating

Rate

Index

(Pay)/

Receive

Floating

Rate

Fixed

Rate

Payment

Frequency

Paid

by

Fund

Payment

Frequency

Received

by

Fund

Effective

Date

(a) Maturity

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Upfront

Payments/

(Receipts)

Fair

Value

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.84%

Maturity

Maturity

N/A

04/15/2028

$

$

(1) $

—

$

(1) Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.68%

Maturity

Maturity

N/A

04/15/2029

(1) —

(1) Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.72%

Maturity

Maturity

N/A

04/15/2029

(2) —

(2) Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.87%

Maturity

Maturity

N/A

04/15/2028

(2) —

(2) Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.67%

Maturity

Maturity

N/A

04/15/2029

—

—

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.83%

Maturity

Maturity

N/A

04/15/2028

(1) —

(1) Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.76%

Maturity

Maturity

N/A

04/09/2027

1,200

—

—

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.73%

Maturity

Maturity

N/A

04/15/2028

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.53%

Maturity

Maturity

N/A

04/15/2029

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.83%

Maturity

Maturity

N/A

04/15/2028

(2) —

(2) Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.40%

Maturity

Maturity

N/A

04/09/2029

710

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.92%

Maturity

Maturity

N/A

05/12/2027

3,305

(9) —

(9) Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.90%

Maturity

Maturity

N/A

04/15/2027

3,125

(9) —

(9) Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.80%

Maturity

Maturity

N/A

07/15/2027

825

(3) —

(3) Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.65%

Maturity

Maturity

N/A

04/15/2029

—

—

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.79%

Maturity

Maturity

N/A

04/15/2028

—

—

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.69%

Maturity

Maturity

N/A

04/15/2029

(1) —

(1) Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.61%

Maturity

Maturity

N/A

01/21/2028

740

(1) 3

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.55%

Maturity

Maturity

N/A

05/07/2049

(1) —

(1) Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.47%

Maturity

Maturity

N/A

07/15/2049

—

—

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.31%

Maturity

Maturity

N/A

08/23/2049

—

—

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.51%

Maturity

Maturity

N/A

11/08/2054

(2) —

(2) Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.59%

Maturity

Maturity

N/A

01/29/2027

8,390

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.48%

Maturity

Maturity

N/A

02/10/2050

(2) 1

(1) Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.54%

Maturity

Maturity

N/A

04/15/2029

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.69%

Maturity

Maturity

N/A

04/15/2028

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.64%

Maturity

Maturity

N/A

04/15/2029

—

—

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.69%

Maturity

Maturity

N/A

04/15/2028

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.53%

Maturity

Maturity

N/A

04/15/2029

—

EUR

-

France

Consumer

Price

Index

Ex

Tobacco

Pay

2.02%

Maturity

Maturity

N/A

03/15/2035

EUR

(1) 3

Eurostat

Eurozone

HICP

ex

Tobacco

Receive

2.06%

Maturity

Maturity

N/A

03/15/2035

(4) —

(4) Eurostat

Eurozone

HICP

ex

Tobacco

Receive

1.50%

Maturity

Maturity

N/A

05/15/2027

—

—

—

Eurostat

Eurozone

HICP

ex

Tobacco

Receive

1.51%

Maturity

Maturity

N/A

05/15/2027

—

—

—

Eurostat

Eurozone

HICP

ex

Tobacco

Receive

1.53%

Maturity

Maturity

N/A

05/15/2027

1,553

(1) —

(1)

Secured

Overnight

Financing

Rate

Pay

3.90%

Annual

Annual

N/A

05/16/2026

$

2,599

(4) —

(4) Secured

Overnight

Financing

Rate

Pay

3.80%

Annual

Annual

N/A

05/16/2026

3,387

(9) —

(9) Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

Exchange

Cleared

Interest

Rate

Swaps

(continued)

Floating

Rate

Index

(Pay)/

Receive

Floating

Rate

Fixed

Rate

Payment

Frequency

Paid

by

Fund

Payment

Frequency

Received

by

Fund

Effective

Date

(a) Maturity

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Upfront

Payments/

(Receipts)

Fair

Value

Secured

Overnight

Financing

Rate

Receive

3.81%

Annual

Annual

N/A

05/16/2026

$

2,599

$

$

$

Secured

Overnight

Financing

Rate

Receive

3.79%

Annual

Annual

N/A

05/16/2026

3,387

—

Tokyo

Overnight

Average

Rate

Receive

0.68%

Annual

Annual

N/A

04/21/2027

JPY

194,705

—

Tokyo

Overnight

Average

Rate

Receive

1.00%

Annual

Annual

N/A

03/12/2027

202,964

(3) —

(3) Tokyo

Overnight

Average

Rate

Receive

1.03%

Annual

Annual

N/A

03/12/2027

496,691

(7) —

(7) Tokyo

Overnight

Average

Rate

Receive

1.02%

Annual

Annual

N/A

03/12/2027

460,140

(6) (1) (7) Tokyo

Overnight

Average

Rate

Receive

0.69%

Annual

Annual

N/A

04/21/2027

196,981

—

Tokyo

Overnight

Average

Rate

Receive

0.70%

Annual

Annual

N/A

05/11/2027

155,484

—

US

Federal

Funds

Effective

Rate

(continuous

series)

Pay

4.28%

Annual

Annual

N/A

07/30/2025

$

81,335

(5) —

(5) US

Federal

Funds

Effective

Rate

(continuous

series)

Pay

4.29%

Annual

Annual

N/A

07/30/2025

81,335

(4) —

(4) US

Federal

Funds

Effective

Rate

(continuous

series)

Pay

4.29%

Annual

Annual

N/A

07/30/2025

81,334

(4) —

(4) Total

$

$

$

Amounts

in

thousands.

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

Forward

swap.

Total

Return

Swaps

Counterparty

Fund

Pays

Fund

Receives

Payment

Frequency

Maturity

Date

Notional

Amount

Upfront

Payments/

(Receipts)

Value

and

Unrealized

Appreciation/

(Depreciation)

Asset

Liability

Bank

of

America

NA

(a) United

States

Treasury

Week

Bill

High

Discount

Rate

+

0.12%

Bloomberg

Commodity

Index

Month

Forward

Total

Return

Monthly

11/03/2025

$

$

—

$

—

$

(32) Bank

of

America

NA

(a) 3

Month

US

Treasury

Bill

High

Rate

+

0.25%

CRB

Total

Return

Index

Monthly

05/01/2026

—

—

Citigroup

Inc

(a) United

States

Treasury

Week

Bill

High

Discount

Rate

+

0.11%

Bloomberg

Commodity

Index

Month

Forward

Total

Return

Monthly

11/03/2025

—

—

(96) Citigroup

Inc

(a) 3

Month

US

Treasury

Bill

High

Rate

+

0.24%

CRB

Total

Return

Index

Monthly

05/01/2026

—

—

Goldman

Sachs

&

Co

(a) United

States

Treasury

Week

Bill

High

Discount

Rate

+

0.11%

Bloomberg

Commodity

Index

Month

Forward

Total

Return

Monthly

11/03/2025

—

—

(76) Goldman

Sachs

&

Co

(a) Bloomberg

Commodity

Index

Month

Forward

Total

Return

+

0.00%

Bloomberg

Commodity

Index

Month

Forward

Total

Return

Monthly

11/04/2025

—

—

(12) Goldman

Sachs

&

Co

(a) Bloomberg

Cotton

Subindex

+

0.00%

Bloomberg

Cotton

Subindex

Monthly

11/04/2025

—

—

(30) JPMorgan

Chase

(a) Bloomberg

Cotton

Subindex

+

0.00%

Bloomberg

Cotton

Subindex

Monthly

11/04/2025

—

—

(16) Total

$

—

$

$

(262) Amounts

in

thousands.

(a) All

or

a

portion

of

this

security

is

owned

by

the

DRA

Cayman

Corporation,

which

is

a

wholly-owned

subsidiary

of

the

Fund.

Schedule

of

Investments

Edge

MidCap

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.31

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.31

%

Principal

Government

Money

Market

Fund

-

Class

4.19%

(a),(b)

747,916

$

748

TOTAL

INVESTMENT

COMPANIES

$

748

COMMON

STOCKS

-

.79

%

Shares

Held

Value

(000's)

Advertising

-

.21

%

Interpublic

Group

of

Cos

Inc/The

5,078

$

Automobile

Parts

&

Equipment

-

.94

%

Autoliv

Inc

10,758

1,106

Banks

-

.91

%

Cullen/Frost

Bankers

Inc

13,090

1,662

Building

Materials

-

.58

%

Lennox

International

Inc

2,614

1,475

Chemicals

-

.50

%

RPM

International

Inc

12,538

1,427

Commercial

Services

-

.71

%

Morningstar

Inc

5,020

1,548

Computers

-

.46

%

Amdocs

Ltd

2,884

Consumer

Products

-

.91

%

Avery

Dennison

Corp

7,954

1,414

Co

3,346

815

$

2,229

Diversified

Financial

Services

-

.63

%

Hamilton

Lane

Inc

10,131

1,510

LPL

Financial

Holdings

Inc

4,394

1,700

$

3,210

Electric

-

.10

%

Alliant

Energy

Corp

26,656

1,659

Talen

Energy

Corp

(c) 2,788

680

$

2,339

Electronics

-

.91

%

nVent

Electric

PLC

25,218

1,659

Entertainment

-

.75

%

Live

Nation

Entertainment

Inc

(c) 11,453

1,571

Hand

&

Machine

Tools

-

.86

%

Lincoln

Electric

Holdings

Inc

8,111

1,570

MSA

Safety

Inc

9,645

1,573

Snap-on

Inc

4,203

1,348

$

4,491

Healthcare

-

Products

-

.00

%

Bio-Techne

Corp

23,436

1,134

STERIS

PLC

7,033

1,725

$

2,859

Healthcare

-

Services

-

.45

%

Universal

Health

Services

Inc

7,357

1,400

Insurance

-

.54

%

Fidelity

National

Financial

Inc

22,731

1,245

Kinsale

Capital

Group

Inc

1,909

901

Markel

Group

Inc

(c) 521

1,012

$

3,158

Leisure

Products

&

Services

-

.56

%

YETI

Holdings

Inc

(c) 29,201

892

Lodging

-

.19

%

Hyatt

Hotels

Corp

9,491

1,253

Machinery

-

Diversified

-

.03

%

Nordson

Corp

5,467

1,159

Oil

&

Gas

-

.78

%

Coterra

Energy

Inc

29,302

712

HF

Sinclair

Corp

15,383

556

Permian

Resources

Corp

70,676

892

$

2,160

Pharmaceuticals

-

.90

%

Cardinal

Health

Inc

7,023

1,085

Pipelines

-

.35

%

DT

Midstream

Inc

7,365

771

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

REITs

-

.42

%

Alexandria

Real

Estate

Equities

Inc

7,137

$

501

Equity

LifeStyle

Properties

Inc

20,951

1,332

Essential

Properties

Realty

Trust

Inc

34,871

1,133

Terreno

Realty

Corp

22,561

1,273

$

4,239

Retail

-

.30

%

Casey's

General

Stores

Inc

3,849

1,686

Tractor

Supply

Co

31,372

1,518

Williams-Sonoma

Inc

5,940

961

$

4,165

Semiconductors

-

.52

%

Monolithic

Power

Systems

Inc

2,362

1,563

Teradyne

Inc

5,646

$

2,007

Software

-

.41

%

Cloudflare

Inc

(c) 10,775

1,787

Fair

Isaac

Corp

(c) 805

1,390

HubSpot

Inc

(c) 2,144

1,265

Tyler

Technologies

Inc

(c) 2,606

1,503

$

5,945

Transportation

-

.65

%

Expeditors

International

of

Washington

Inc

8,340

940

Water

-

.22

%

Essential

Utilities

Inc

32,929

1,269

TOTAL

COMMON

STOCKS

$

56,406

Total

Investments

$

57,154

Other

Assets

and

Liabilities

- (0.10)%

(57)

TOTAL

NET

ASSETS

-

100.00%

$

57,097

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b) 1-day

yield

shown

is

as

of

period

end.

(c) Non-income

producing

security

Schedule

of

Investments

Edge

MidCap

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

Affiliated

Securities

August

31,

2024

Purchases

Sales

May

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

975

$

17,443

$

17,670

$

748

$

975

$

17,443

$

17,670

$

748

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

Amounts

in

thousands.

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

21.43%

Shares

Held

Value

(000's)

Closed-End

Funds

-

0.63%

BlackRock

Municipal

Income

Quality

Trust

25,921

$

BlackRock

MuniYield

Quality

Fund

III

Inc

6,330

BlackRock

MuniYield

Quality

Fund

Inc

34,708

Franklin

Universal

Trust

13,711

Invesco

Municipal

Opportunity

Trust

18,794

Invesco

Value

Municipal

Income

Trust

39,478

Nuveen

AMT-Free

Municipal

Credit

Income

Fund

32,880

Nuveen

AMT-Free

Quality

Municipal

Income

Fund

29,283

Nuveen

Municipal

Credit

Income

Fund

22,907

Nuveen

Municipal

Value

Fund

Inc

14,992

Saba

Capital

Income

&

Opportunities

Fund

10,973

$

2,652

Exchange-Traded

Funds

-

1.13%

iShares

Floating

Rate

Bond

ETF

22,383

1,141

iShares

MSCI

EAFE

Value

ETF

9,750

621

iShares

Russell

2000

ETF

706

iShares

Russell

2000

Growth

ETF

iShares

Russell

2000

Value

ETF

PGIM

AAA

CLO

ETF

35,525

1,826

Vanguard

Value

ETF

5,650

968

$

4,738

Money

Market

Funds

-

19.67%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.22%

(a) 3,883,000

3,883

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

4.23%

(a),(b)

3,725,072

3,725

Principal

Government

Money

Market

Fund

-

Class

4.19%

(a),(c)

74,817,183

74,817

$

82,425

TOTAL

INVESTMENT

COMPANIES

$

89,815

COMMON

STOCKS

-

35.54%

Shares

Held

Value

(000's)

Advertising

-

0.36%

Dentsu

Group

Inc

(d) 3,500

$

Interpublic

Group

of

Cos

Inc/The

49,416

1,184

National

CineMedia

Inc

8,508

Omnicom

Group

Inc

2,019

Publicis

Groupe

SA

$

1,505

Aerospace

&

Defense

-

0.66%

Airbus

SE

CAE

Inc

(d),(e)

600

FTAI

Aviation

Ltd

General

Dynamics

Corp

(d) 1,016

General

Electric

Co

(d) 894

HEICO

Corp

-

Class

A

(d) 211

Hexcel

Corp

888

Howmet

Aerospace

Inc

(d) 2,085

L3Harris

Technologies

Inc

(d) 804

Lockheed

Martin

Corp

(d) 1,091

527

MTU

Aero

Engines

AG

Northrop

Grumman

Corp

Rolls-Royce

Holdings

PLC

(d) 3,610

RTX

Corp

(d) 773

Safran

SA

Singapore

Technologies

Engineering

Ltd

24,600

Spirit

AeroSystems

Holdings

Inc

(e) 8,601

$

2,770

Agriculture

-

0.22%

Altria

Group

Inc

(d) 5,709

Archer-Daniels-Midland

Co

3,259

Philip

Morris

International

Inc

(d) 2,350

$

928

Airlines

-

0.22%

ANA

Holdings

Inc

(d) 11,100

Delta

Air

Lines

Inc

(d) 4,513

Japan

Airlines

Co

Ltd

(d) 12,300

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Airlines

(continued)

Qantas

Airways

Ltd

32,493

$

$

909

Apparel

-

0.47%

Carter's

Inc

1,243

Deckers

Outdoor

Corp

(d),(e)

3,094

Gildan

Activewear

Inc

(d) 3,000

NIKE

Inc

1,330

On

Holding

AG

(e) 905

Ralph

Lauren

Corp

975

Skechers

USA

Inc

(e) 12,884

799

Steven

Madden

Ltd

2,107

Tapestry

Inc

2,593

$

1,964

Automobile

Manufacturers

-

0.34%

Blue

Bird

Corp

(e) 1,611

Cummins

Inc

636

Daimler

Truck

Holding

AG

2,413

Ferrari

NV

General

Motors

Co

1,998

Mercedes-Benz

Group

AG

2,903

Subaru

Corp

(d) 4,900

Suzuki

Motor

Corp

(d) 6,200

Tesla

Inc

(d),(e)

1,002

Volvo

AB

-

B

Shares

4,433

Zapp

Electric

Vehicles

Group

Ltd

-

Warrants

(e) 1,167

—

$

1,418

Automobile

Parts

&

Equipment

-

0.16%

Aptiv

PLC

(d),(e)

3,402

Denso

Corp

(d) 7,700

Gentex

Corp

2,538

Goodyear

Tire

&

Rubber

Co/The

(e) 5,534

Magna

International

Inc

(d) 4,500

Phinia

Inc

1,108

Visteon

Corp

(e) 217

$

679

Banks

-

1.06%

AIB

Group

PLC

1,088

Atlantic

Union

Bankshares

Corp

1,794

Banco

Bilbao

Vizcaya

Argentaria

SA

10,194

Banco

BPM

SpA

1,313

Banco

Santander

SA

1,038

Bank

of

America

Corp

(d) 4,264

Bank

of

New

York

Mellon

Corp/The

Bank

OZK

1,191

Banner

Corp

795

BOC

Hong

Kong

Holdings

Ltd

33,000

Cadence

Bank

3,432

CaixaBank

SA

2,554

Citigroup

Inc

(d) 2,672

Citizens

Financial

Group

Inc

Columbia

Banking

System

Inc

2,100

Computershare

Ltd

5,538

CVB

Financial

Corp

3,280

DBS

Group

Holdings

Ltd

4,540

DNB

Bank

ASA

12,741

Erste

Group

Bank

AG

Fifth

Third

Bancorp

(d) 942

FinecoBank

Banca

Fineco

SpA

10,054

First

Hawaiian

Inc

2,266

First

Interstate

BancSystem

Inc

3,192

FNB

Corp/PA

3,567

Goldman

Sachs

Group

Inc/The

Home

BancShares

Inc/AR

2,467

HSBC

Holdings

PLC

(d) 9,999

Huntington

Bancshares

Inc/OH

533

JPMorgan

Chase

&

Co

(d) 1,167

Lloyds

Banking

Group

PLC

(d) 51,041

M&T

Bank

Corp

(d) 752

Morgan

Stanley

924

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Banks

(continued)

Northern

Trust

Corp

$

Old

National

Bancorp/IN

2,945

PNC

Financial

Services

Group

Inc/The

Prosperity

Bancshares

Inc

630

Regions

Financial

Corp

—

Royal

Bank

of

Canada

(d) 800

Standard

Chartered

PLC

(d) 2,717

Stellar

Bancorp

Inc

1,570

Sumitomo

Mitsui

Financial

Group

Inc

(d) 1,500

Sumitomo

Mitsui

Trust

Group

Inc

(d) 3,800

Svenska

Handelsbanken

AB

7,740

Truist

Financial

Corp

502

UniCredit

SpA

2,205

United

Community

Banks

Inc/GA

1,396

US

Bancorp

(d) 4,810

Veritex

Holdings

Inc

1,708

Wells

Fargo

&

Co

3,226

$

4,440

Beverages

-

0.34%

Coca-Cola

Co/The

3,860

Coca-Cola

HBC

AG

(d),(e)

1,721

Constellation

Brands

Inc

1,371

Keurig

Dr

Pepper

Inc

7,582

Kirin

Holdings

Co

Ltd

9,000

Molson

Coors

Beverage

Co

(d) 2,104

Monster

Beverage

Corp

(e) 2,169

PepsiCo

Inc

1,504

$

1,446

Biotechnology

-

0.64%

89bio

Inc

(e) 207

ACADIA

Pharmaceuticals

Inc

(e) 212

ADMA

Biologics

Inc

(e) 403

Akero

Therapeutics

Inc

(e) 136

Akouos

Inc

-

Contingent

Value

Rights

(e),(f)

4,410

Alnylam

Pharmaceuticals

Inc

(d),(e)

Amicus

Therapeutics

Inc

(e) 2,238

ANI

Pharmaceuticals

Inc

(e) 33

Apogee

Therapeutics

Inc

(e) 332

Arcellx

Inc

(e) 80

Arcutis

Biotherapeutics

Inc

(e) 192

Ardelyx

Inc

(e) 439

Arrowhead

Pharmaceuticals

Inc

(e) 214

Aurinia

Pharmaceuticals

Inc

(e) 238

Avidity

Biosciences

Inc

(e) 697

Axsome

Therapeutics

Inc

(e) 156

Beam

Therapeutics

Inc

(e) 169

BioCryst

Pharmaceuticals

Inc

(e) 325

Biogen

Inc

(d),(e)

3,276

Biohaven

Ltd

(e) 154

BioMarin

Pharmaceutical

Inc

(d),(e)

5,037

Blueprint

Medicines

Corp

(e) 404

Bridgebio

Pharma

Inc

(e) 253

Celldex

Therapeutics

Inc

(e) 820

CG

oncology

Inc

(e) 99

Corteva

Inc

1,468

Crinetics

Pharmaceuticals

Inc

(e) 741

CSL

Ltd

Cytokinetics

Inc

(e) 530

Denali

Therapeutics

Inc

(e) 227

Disc

Medicine

Inc

(e) 311

Dynavax

Technologies

Corp

(e) 237

Dyne

Therapeutics

Inc

(e) 155

Edgewise

Therapeutics

Inc

(e) 132

Genmab

A/S

(e) 757

Geron

Corp

(e) 1,031

Gilead

Sciences

Inc

(d) 5,859

645

Halozyme

Therapeutics

Inc

(e) 224

Ideaya

Biosciences

Inc

(e) 156

Illumina

Inc

(d),(e)

886

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Biotechnology

(continued)

Immunovant

Inc

(e) 106

$

Incyte

Corp

(d),(e)

3,969

Inhibrx

Inc

-

Contingent

Value

Rights

(e),(f)

4,407

Innoviva

Inc

(e) 99

Insmed

Inc

(e) 786

Intellia

Therapeutics

Inc

(e) 186

Iovance

Biotherapeutics

Inc

(e) 480

Janux

Therapeutics

Inc

(e) 60

Kiniksa

Pharmaceuticals

International

Plc

(e) 68

Krystal

Biotech

Inc

(e) 45

Kymera

Therapeutics

Inc

(e) 338

Ligand

Pharmaceuticals

Inc

(e) 32

Liquidia

Corp

(e) 111

Novavax

Inc

(e) 279

Nurix

Therapeutics

Inc

(e) 136

Nuvalent

Inc

(e) 312

PTC

Therapeutics

Inc

(e) 633

Recursion

Pharmaceuticals

Inc

(e) 481

Revolution

Medicines

Inc

(e) 1,062

Royalty

Pharma

PLC

2,343

Scholar

Rock

Holding

Corp

(e) 474

Soleno

Therapeutics

Inc

(e) 153

SpringWorks

Therapeutics

Inc

(e) 122

Structure

Therapeutics

Inc

ADR

(e) 257

Summit

Therapeutics

Inc

(e) 168

Swedish

Orphan

Biovitrum

AB

(e) 2,001

Syndax

Pharmaceuticals

Inc

(e) 147

Tarsus

Pharmaceuticals

Inc

(e) 66

Tevogen

Bio

Holdings

Inc

-

Warrants

(e) 597

—

TG

Therapeutics

Inc

(e) 296

Travere

Therapeutics

Inc

(e) 150

Vera

Therapeutics

Inc

(e) 82

Veracyte

Inc

(e) 137

Vericel

Corp

(e) 89

Vertex

Pharmaceuticals

Inc

(e) 105

Viridian

Therapeutics

Inc

(e) 138

$

2,690

Building

Materials

-

0.66%

AZEK

Co

Inc/The

(e) 35,295

1,748

Builders

FirstSource

Inc

(e) 461

Cemex

SAB

de

CV

ADR

20,339

CRH

PLC

600

Gibraltar

Industries

Inc

(e) 901

Holcim

AG

(e) 102

Johnson

Controls

International

plc

1,179

Masco

Corp

(d) 2,849

Mohawk

Industries

Inc

(e) 358

Trane

Technologies

PLC

(d) 734

Vulcan

Materials

Co

(d) 167

$

2,748

Chemicals

-

0.75%

Asahi

Kasei

Corp

(d) 13,700

Cabot

Corp

661

CF

Industries

Holdings

Inc

2,168

DuPont

de

Nemours

Inc

(d) 11,400

761

Eastman

Chemical

Co

(d) 2,725

Ecolab

Inc

(d) 717

Evonik

Industries

AG

1,510

FMC

Corp

771

Givaudan

SA

Linde

PLC

960

LyondellBasell

Industries

NV

5,188

Mativ

Holdings

Inc

2,855

Nitto

Denko

Corp

(d) 6,000

Novonesis

Novozymes

B

1,486

Nutrien

Ltd

(d) 3,300

PPG

Industries

Inc

(d) 2,933

Quaker

Chemical

Corp

$

3,135

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Coal

-

0.01%

Ramaco

Resources

Inc

-

A

Shares

4,050

$

Ramaco

Resources

Inc

-

B

Shares

$

Commercial

Services

-

0.89%

Adtalem

Global

Education

Inc

(e) 522

Altaba

Inc

-

Escrow

(e) 837,142

1,088

Automatic

Data

Processing

Inc

(d) 789

Booz

Allen

Hamilton

Holding

Corp

(d) 995

Cintas

Corp

(d) 919

CoreCivic

Inc

(e) 2,533

Corpay

Inc

(e) 756

Dun

&

Bradstreet

Holdings

Inc

15,938

Edenred

SE

GEO

Group

Inc/The

(e) 530

H&R

Block

Inc

810

Laureate

Education

Inc

(e) 4,099

Loomis

AB

1,232

PayPal

Holdings

Inc

(d),(e)

3,450

PROG

Holdings

Inc

1,872

Progyny

Inc

(e) 2,571

Remitly

Global

Inc

(e) 3,327

Repay

Holdings

Corp

(e) 5,384

S&P

Global

Inc

Shift4

Payments

Inc

(e) 632

Stride

Inc

(e) 249

TransUnion

775

TriNet

Group

Inc

995

United

Rentals

Inc

(d) 350

Upbound

Group

Inc

2,111

Verra

Mobility

Corp

(e) 5,312

$

3,748

Computers

-

1.26%

Accenture

PLC

-

Class

A

1,476

Apple

Inc

(d) 11,130

2,236

CACI

International

Inc

(e) 133

Cognizant

Technology

Solutions

Corp

CyberArk

Software

Ltd

(e) 232

Dell

Technologies

Inc

1,415

EPAM

Systems

Inc

(e) 1,017

ExlService

Holdings

Inc

(e) 1,802

Fortinet

Inc

(d),(e)

2,514

Grid

Dynamics

Holdings

Inc

(e) 3,904

Hewlett

Packard

Enterprise

Co

(d) 14,060

HP

Inc

5,792

International

Business

Machines

Corp

Leidos

Holdings

Inc

(d) 919

Maximus

Inc

656

NCR

Voyix

Corp

(e) 4,053

NetApp

Inc

1,088

Okta

Inc

(d),(e)

Otsuka

Corp

(d) 8,200

PAR

Technology

Corp

(e) 286

SCSK

Corp

(d) 3,000

Seagate

Technology

Holdings

PLC

(d) 1,977

Western

Digital

Corp

(d) 5,736

WNS

Holdings

Ltd

(e) 1,353

$

5,299

Consumer

Products

-

0.12%

Avery

Dennison

Corp

984

Clorox

Co/The

(d) 883

Helen

of

Troy

Ltd

(e) 834

Kimberly-Clark

Corp

1,330

$

505

Cosmetics

&

Personal

Care

-

0.23%

Colgate-Palmolive

Co

1,709

Estee

Lauder

Cos

Inc/The

3,361

Kao

Corp

(d) 1,100

Prestige

Consumer

Healthcare

Inc

(e) 88

Procter

&

Gamble

Co/The

2,421

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Cosmetics

&

Personal

Care

(continued)

Unilever

PLC

1,601

$

$

955

Distribution

&

Wholesale

-

0.54%

Fastenal

Co

(d) 6,238

H&E

Equipment

Services

Inc

14,687

1,390

LKQ

Corp

(d) 3,072

MRC

Global

Inc

(e) 6,539

Pool

Corp

(d) 74

Rush

Enterprises

Inc

-

Class

A

788

Sumitomo

Corp

1,000

Toyota

Tsusho

Corp

(d) 2,500

WW

Grainger

Inc

(d) 259

$

2,275

Diversified

Financial

Services

-

1.84%

4L

Technologies

(e),(f)

24,306

—

Air

Lease

Corp

879

Ally

Financial

Inc

(d) 2,805

American

Express

Co

(d) 858

Ameriprise

Financial

Inc

Apollo

Global

Management

Inc

ASX

Ltd

Blackrock

Inc

Bread

Financial

Holdings

Inc

1,183

Capital

One

Financial

Corp

(d) 1,733

Cboe

Global

Markets

Inc

Charles

Schwab

Corp/The

(d) 3,046

CI

Financial

Corp

56,318

1,290

CME

Group

Inc

1,151

Coinbase

Global

Inc

(e) 818

Element

Comm

Aviation

(e),(f),(g)

—

Enova

International

Inc

(e) 942

EZCORP

Inc

(e) 2,838

Federal

Agricultural

Mortgage

Corp

Franklin

Resources

Inc

4,070

Hamilton

Lane

Inc

IGM

Financial

Inc

(d) 700

Interactive

Brokers

Group

Inc

-

A

Shares

Intercontinental

Exchange

Inc

984

Invesco

Ltd

Mastercard

Inc

715

Mr

Cooper

Group

Inc

(e) 9,921

1,285

Nasdaq

Inc

2,839

Navient

Corp

4,324

PJT

Partners

Inc

Radian

Group

Inc

1,993

Raymond

James

Financial

Inc

(d) 1,474

Singapore

Exchange

Ltd

14,800

Synchrony

Financial

(d) 1,872

T

Rowe

Price

Group

Inc

1,037

TMX

Group

Ltd

(d) 600

TPG

Inc

1,611

Tradeweb

Markets

Inc

(d) 882

Visa

Inc

(d) 2,560

935

Voya

Financial

Inc

$

7,696

Electric

-

0.62%

Ameresco

Inc

(e) 1,680

CLP

Holdings

Ltd

1,500

Constellation

Energy

Corp

(d) 2,500

765

Dominion

Energy

Inc

944

Duke

Energy

Corp

Edison

International

(d) 2,350

Emera

Inc

(d) 1,100

Evergy

Inc

Eversource

Energy

(d) 1,857

Exelon

Corp

1,669

Iberdrola

SA

5,483

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Electric

(continued)

Kansai

Electric

Power

Co

Inc/The

4,400

$

NRG

Energy

Inc

(d) 3,913

611

PG&E

Corp

767

PPL

Corp

Sempra

997

Vistra

Corp

(d) 2,855

$

2,586

Electrical

Components

&

Equipment

-

0.22%

Acuity

Inc

AMETEK

Inc

1,235

Eaton

Corp

PLC

(d) 306

Emerson

Electric

Co

1,016

Energizer

Holdings

Inc

1,593

Generac

Holdings

Inc

(d),(e)

2,971

Novanta

Inc

(e) 327

Zeo

Energy

Corp

-

Warrants

(e) 524

—

$

918

Electronics

-

0.68%

ABB

Ltd

Allegion

plc

1,709

Amphenol

Corp

(d) 2,529

Brady

Corp

813

Celestica

Inc

(d),(e)

Flex

Ltd

(e) 1,410

Fortive

Corp

1,820

Garmin

Ltd

Halma

PLC

(d) 2,285

Honeywell

International

Inc

5,162

1,170

Jabil

Inc

1,612

Keysight

Technologies

Inc

(d),(e)

1,059

NEXTracker

Inc

(e) 735

NIDEC

CORP

(d) 6,000

SCREEN

Holdings

Co

Ltd

(d) 400

TTM

Technologies

Inc

(e) 3,427

Vishay

Intertechnology

Inc

3,733

Yokogawa

Electric

Corp

(d) 700

$

2,870

Energy

-

Alternate

Sources

-

0.05%

First

Solar

Inc

(e) 317

Vestas

Wind

Systems

A/S

9,179

$

Engineering

&

Construction

-

0.38%

ACS

Actividades

de

Construccion

y

Servicios

SA

2,235

AECOM

(d) 1,855

Aena

SME

SA

(h) 341

Bouygues

SA

2,171

Eiffage

SA

Fluor

Corp

(e) 1,216

Jacobs

Solutions

Inc

(d) 1,530

Obayashi

Corp

(d) 9,700

Skanska

AB

8,446

Stantec

Inc

800

Vinci

SA

934

WSP

Global

Inc

(d) 1,000

$

1,606

Entertainment

-

0.64%

Caesars

Entertainment

Inc

(e) 8,502

DraftKings

Inc

(e) 2,093

Everi

Holdings

Inc

(e) 57,676

814

Flutter

Entertainment

PLC

(e) 290

Genius

Sports

Ltd

(e) 5,039

International

Game

Technology

PLC

84,000

1,236

Live

Nation

Entertainment

Inc

(e) 973

Monarch

Casino

&

Resort

Inc

704

$

2,667

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Environmental

Control

-

0.11%

Casella

Waste

Systems

Inc

(e) 575

$

Republic

Services

Inc

(d) 461

Veralto

Corp

2,274

Waste

Management

Inc

(d) 187

$

Food

-

1.05%

Chocoladefabriken

Lindt

&

Spruengli

AG

-

REG

Conagra

Brands

Inc

7,059

General

Mills

Inc

2,847

George

Weston

Ltd

(d) 200

Grocery

Outlet

Holding

Corp

(e) 3,711

Kellanova

(i) 33,037

2,730

Kraft

Heinz

Co/The

6,640

Kroger

Co/The

2,216

Loblaw

Cos

Ltd

(d) 100

Marks

&

Spencer

Group

PLC

(d) 4,286

Mondelez

International

Inc

1,472

Orkla

ASA

972

Sprouts

Farmers

Market

Inc

(e) 190

Sysco

Corp

771

The

Campbell's

Company

7,211

Tyson

Foods

Inc

4,788

WK

Kellogg

Co

2,846

$

4,423

Gas

-

0.10%

Centrica

PLC

(d) 108,727

New

Jersey

Resources

Corp

1,261

Spire

Inc

814

UGI

Corp

1,489

$

Hand

&

Machine

Tools

-

0.23%

Fuji

Electric

Co

Ltd

(d) 300

Kennametal

Inc

2,215

Makita

Corp

(d) 3,200

Schindler

Holding

AG

-

PC

Snap-on

Inc

(d) 829

Stanley

Black

&

Decker

Inc

(d) 4,501

Techtronic

Industries

Co

Ltd

13,053

$

975

Healthcare

-

Products

-

0.87%

Abbott

Laboratories

ABIOMED

Inc

-

Contingent

Value

Rights

(e),(f)

692

Agilent

Technologies

Inc

616

Allurion

Technologies

Inc

-

Warrants

(e) 931

—

Artivion

Inc

(e) 2,707

Baxter

International

Inc

(d) 11,706

Boston

Scientific

Corp

(e) 817

Danaher

Corp

1,308

Exact

Sciences

Corp

(e) 1,096

GE

HealthCare

Technologies

Inc

(d) 4,744

Glaukos

Corp

(e) 381

Hologic

Inc

(d),(e)

4,840

IDEXX

Laboratories

Inc

(d),(e)

Insulet

Corp

(e) 209

Integra

LifeSciences

Holdings

Corp

(e) 4,030

Intuitive

Surgical

Inc

(e) 72

Lantheus

Holdings

Inc

(e) 915

Medtronic

PLC

3,347

Natera

Inc

(e) 454

Omnicell

Inc

(e) 1,575

PROCEPT

BioRobotics

Corp

(e) 605

Psyence

Biomedical

Ltd

-

Warrants

(e) 974

—

ResMed

Inc

(d) 1,446

SI-BONE

Inc

(e) 2,083

Solventum

Corp

(d),(e)

3,104

Stryker

Corp

Thermo

Fisher

Scientific

Inc

(d) 911

TransMedics

Group

Inc

(e) 225

Twist

Bioscience

Corp

(e) 115

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Healthcare

-

Products

(continued)

Zimmer

Biomet

Holdings

Inc

877

$

$

3,652

Healthcare

-

Services

-

0.59%

Amedisys

Inc

(e) 3,518

Centene

Corp

(e) 1,349

Charles

River

Laboratories

International

Inc

(e) 405

Cigna

Group/The

DaVita

Inc

(e) 280

Elevance

Health

Inc

(d) 486

Ensign

Group

Inc/The

Eurofins

Scientific

SE

1,359

GeneDx

Holdings

Corp

(e) 465

HCA

Healthcare

Inc

(d) 389

Humana

Inc

ICON

PLC

(e) 365

IQVIA

Holdings

Inc

(d),(e)

2,888

Molina

Healthcare

Inc

(d),(e)

PACS

Group

Inc

(e) 163

Quest

Diagnostics

Inc

725

UnitedHealth

Group

Inc

1,325

Universal

Health

Services

Inc

1,026

$

2,480

Holding

Companies

-

Diversified

-

0.68%

Acropolis

Infrastructure

Acquisition

Corp

-

Escrow

(e),(f)

5,690

—

Alchemy

Investments

Acquisition

Corp

-

Warrants

(e) 3,107

—

Aldel

Financial

II

Inc

-

Warrants

(e) 4,558

AltEnergy

Acquisition

Corp

-

Warrants

(e) 449

—

Andretti

Acquisition

Corp

II

(e) 9,732

Andretti

Acquisition

Corp

II

-

Warrants

(e) 4,866

Archimedes

Tech

SPAC

Partners

II

Co

(e) 6,462

Ares

Acquisition

Corp

II

(e) 26,926

Armada

Acquisition

Corp

II

(e) 12,540

Arogo

Capital

Acquisition

Corp

-

Warrants

(e) 4,211

—

Berto

Acquisition

Corp

(e) 2,089

Cal

Redwood

Acquisition

Corp

(e) 3,133

Cantor

Equity

Partners

II

Inc

(e) 1,531

Cartesian

Growth

Corp

II

-

Warrants

(e) 781

—

Cartesian

Growth

Corp

III

(e) 2,069

Cayson

Acquisition

Corp

(e) 3,476

Cayson

Acquisition

Corp

-

Rights

(e) 3,476

—

CERo

Therapeutics

Holdings

Inc

-

Warrants

(e) 449

—

ChampionsGate

Acquisition

Corp

(e) 1,253

Churchill

Capital

Corp

X

(e) 3,135

Columbus

Circle

Capital

Corp

I

(e) 1,567

Copley

Acquisition

Corp

(e) 2,611

Dune

Acquisition

Corp

II

(e) 7,672

EGH

Acquisition

Corp

(e) 1,557

ESH

Acquisition

Corp

-

Rights

(e) 5,825

EVe

Mobility

Acquisition

Corp

-

Warrants

(e) 1,847

—

Evergreen

Corp

-

Warrants

(e) 4,211

—

Gesher

Acquisition

Corp

II

(e) 5,220

Global

Lights

Acquisition

Corp

(e) 2,875

Gores

Holdings

X

Inc

(e) 10,695

Graf

Global

Corp

(e) 4,458

Graf

Global

Corp

-

Warrants

(e) 2,229

—

International

Media

Acquisition

Corp

-

Warrants

(e) 2,300

—

Iron

Horse

Acquisitions

Corp

(e) 4,699

Iron

Horse

Acquisitions

Corp

-

Rights

(e) 4,699

Iron

Horse

Acquisitions

Corp

-

Warrants

(e) 4,699

—

Jaws

Mustang

Acquisition

Corp

-

Warrants

(e) 4,137

—

Jena

Acquisition

Corp

II

(e) 8,369

K&F

Growth

Acquisition

Corp

II

(e) 5,396

Keen

Vision

Acquisition

Corp

-

Warrants

(e) 10,678

Lakeshore

Acquisition

III

Corp

(e) 10,326

Live

Oak

Acquisition

Corp

V

(e) 4,701

Mountain

Lake

Acquisition

Corp

(e) 7,860

Mountain

Lake

Acquisition

Corp

(e) 7,860

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Holding

Companies

-

Diversified

(continued)

New

Providence

Acquisition

Corp

III

(e) 29,923

$

Newbury

Street

II

Acquisition

Corp

(e) 9,880

Newbury

Street

II

Acquisition

Corp

-

Warrants

(e) 4,940

NewHold

Investment

Corp

III

(e) 4,537

Oak

Woods

Acquisition

Corp

-

Warrants

(e) 10,768

—

Oyster

Enterprises

II

Acquisition

Corp

(e) 5,227

Papaya

Growth

Opportunity

Corp

I

-

Warrants

(e) 1,648

—

Perimeter

Acquisition

Corp

I

(e) 3,123

Pershing

Square

Tontine

Holdings

Ltd

(e),(f)

977

—

Pershing

Square

Tontine

Holdings

Ltd

-

Escrow

(e),(f)

3,910

—

ProCap

Acquisition

Corp

(e) 1,567

Pyrophyte

Acquisition

Corp

-

Warrants

(e) 600

—

Renatus

Tactical

Acquisition

Corp

I

(e) 1,044

Republic

Digital

Acquisition

Co

(e) 1,567

Roman

DBDR

Acquisition

Corp

II

(e) 6,268

Roman

DBDR

Acquisition

Corp

II

-

Warrants

(e) 3,134

Silverbox

Corp

IV

(e) 9,012

Silverbox

Corp

IV

-

Warrants

(e) 3,004

Sizzle

Acquisition

Corp

II

(e) 5,432

Slam

Corp

-

Warrants

(e) 6,312

Soulpower

Acquisition

Corp

(e) 10,864

Spark

I

Acquisition

Corp

(e) 8,467

Spark

I

Acquisition

Corp

-

Warrants

(e) 4,233

Spring

Valley

Acquisition

Corp

II

-

Rights

(e) 1,102

—

Spring

Valley

Acquisition

Corp

II

-

Warrants

(e) 551

—

Stellar

V

Capital

Corp

(e) 4,313

Target

Global

Acquisition

I

Corp

-

Warrants

(e) 1,309

—

Thayer

Ventures

Acquisition

Corp

II

(e) 522

UY

Scuti

Acquisition

Corp

(e) 2,169

Veea

Inc

-

Warrants

(e) 1,370

—

Volato

Group

Inc

-

Warrants

(e) 1,728

—

Voyager

Acquisition

Corp

(e) 9,148

Voyager

Acquisition

Corp

-

Warrants

(e) 3,935

Wen

Acquisition

Corp

(e) 3,146

Willow

Lane

Acquisition

Corp

(e) 6,595

Willow

Lane

Acquisition

Corp

-

Warrants

(e) 3,297

$

2,845

Home

Builders

-

0.10%

Champion

Homes

Inc

(e) 1,716

Lennar

Corp

-

A

Shares

NVR

Inc

(d),(e)

Sekisui

Chemical

Co

Ltd

(d) 2,500

$

Home

Furnishings

-

0.06%

Leggett

&

Platt

Inc

6,249

MillerKnoll

Inc

2,738

Rational

AG

Somnigroup

International

Inc

Xperi

Inc

(e) 6,255

$

Insurance

-

1.35%

Admiral

Group

PLC

(d) 1,141

Aflac

Inc

1,413

Ageas

SA/NV

1,126

AIA

Group

Ltd

1,600

Aon

PLC

542

Assurant

Inc

510

Baloise

Holding

AG

Beazley

PLC

1,312

Berkshire

Hathaway

Inc

-

Class

B

(d),(e)

1,113

561

Brown

&

Brown

Inc

1,237

Chubb

Ltd

1,563

Cincinnati

Financial

Corp

(d) 1,285

Dai-ichi

Life

Holdings

Inc

(d) 14,000

Equitable

Holdings

Inc

(d) 2,693

Everest

Group

Ltd

Globe

Life

Inc

1,187

Hannover

Rueck

SE

Hartford

Insurance

Group

Inc/The

882

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Insurance

(continued)

iA

Financial

Corp

Inc

(d) 600

$

Insurance

Australia

Group

Ltd

13,506

Kemper

Corp

783

Lancashire

Holdings

Ltd

5,981

Loews

Corp

1,608

Marsh

&

McLennan

Cos

Inc

752

MetLife

Inc

739

MS&AD

Insurance

Group

Holdings

Inc

(d) 8,500

NN

Group

NV

1,731

ProAssurance

Corp

(e) 33,331

773

Progressive

Corp/The

668

Prudential

PLC

(d) 11,177

QBE

Insurance

Group

Ltd

811

SiriusPoint

Ltd

(e) 3,202

T&D

Holdings

Inc

(d) 5,600

Talanx

AG

2,441

Tokio

Marine

Holdings

Inc

1,000

Travelers

Cos

Inc/The

Tryg

A/S

W

R

Berkley

Corp

1,726

Willis

Towers

Watson

PLC

$

5,649

Internet

-

2.55%

Airbnb

Inc

(e) 659

Alphabet

Inc

-

A

Shares

(d) 10,060

1,727

Alphabet

Inc

-

C

Shares

Amazon.com

Inc

(d),(e)

7,202

1,477

Angi

Inc

(e),(i)

26,698

Booking

Holdings

Inc

(d) 78

CAR

Group

Ltd

1,163

CDW

Corp/DE

Chewy

Inc

(e) 392

Criteo

SA

ADR

(e) 1,085

eBay

Inc

2,545

Expedia

Group

Inc

(d) 1,131

F5

Inc

(d),(e)

1,307

Gen

Digital

Inc

(d) 14,040

GIBO

Holdings

Ltd

-

Warrants

(e) 1,119

—

GoDaddy

Inc

(e) 1,093

Hims

&

Hers

Health

Inc

(e) 903

IAC

Inc

(e),(i)

50,846

1,828

LY

Corp

(d) 38,600

Magnite

Inc

(e) 5,884

Match

Group

Inc

5,982

MercadoLibre

Inc

(d),(e)

Meta

Platforms

Inc

(d) 1,622

1,050

Netflix

Inc

(d),(e)

788

951

Pinterest

Inc

(e) 926

Roku

Inc

(d),(e)

Shopify

Inc

(e) 300

Spotify

Technology

SA

(e) 166

Trend

Micro

Inc/Japan

(d) 700

Uber

Technologies

Inc

(e) 873

VeriSign

Inc

(d) 1,069

Zillow

Group

Inc

-

C

Shares

(e) 692

$

10,704

Investment

Companies

-

0.01%

EXOR

NV

HA

Sustainable

Infrastructure

Capital

Inc

1,072

$

Iron

&

Steel

-

0.53%

ArcelorMittal

SA

1,943

Fortescue

Ltd

13,646

Reliance

Inc

United

States

Steel

Corp

(i) 35,892

1,931

$

2,203

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Leisure

Products

&

Services

-

0.11%

Carnival

Corp

(d),(e)

16,184

$

Life

Time

Group

Holdings

Inc

(e) 777

Malibu

Boats

Inc

(e) 1,395

Royal

Caribbean

Cruises

Ltd

$

Lodging

-

0.05%

Galaxy

Entertainment

Group

Ltd

5,000

Las

Vegas

Sands

Corp

634

Marriott

International

Inc/MD

Sands

China

Ltd

(e) 1,600

Wyndham

Hotels

&

Resorts

Inc

614

Wynn

Resorts

Ltd

530

$

Machinery

-

Construction

&

Mining

-

0.15%

Caterpillar

Inc

(d) 800

GE

Vernova

Inc

Komatsu

Ltd

(d) 4,200

Sandvik

AB

3,774

Vertiv

Holdings

Co

567

$

625

Machinery

-

Diversified

-

0.26%

Applied

Industrial

Technologies

Inc

Cactus

Inc

Daifuku

Co

Ltd

(d) 2,900

Deere

&

Co

Dover

Corp

1,243

Hexagon

AB

12,238

Ichor

Holdings

Ltd

(e) 4,720

Otis

Worldwide

Corp

(d) 2,244

Rockwell

Automation

Inc

Wartsila

OYJ

Abp

4,021

Westinghouse

Air

Brake

Technologies

Corp

Xylem

Inc/NY

Zurn

Elkay

Water

Solutions

Corp

1,377

$

1,098

Media

-

1.55%

Altice

USA

Inc

(e) 22,876

Charter

Communications

Inc

(d),(e)

Comcast

Corp

-

Class

A

(d) 7,329

Endeavor

Group

Holdings

Inc

(f) 137,899

3,792

Fox

Corp

-

A

Shares

(d) 7,283

iHeartMedia

Inc

(e) 4,361

Liberty

Broadband

Corp

-

A

Shares

(e) 11,654

1,083

Liberty

Media

Corp-Liberty

Formula

One

-

C

Shares

(e) 984

Paramount

Global

-

Class

B

11,913

Walt

Disney

Co/The

(d) 4,573

516

$

6,493

Metal

Fabrication

&

Hardware

-

0.05%

Proto

Labs

Inc

(e) 1,524

Prysmian

SpA

VAT

Group

AG

(h) 142

Xometry

Inc

(e) 1,616

$

Mining

-

0.38%

Barrick

Mining

Corp

(d) 13,355

Barrick

Mining

Corp

2,984

First

Quantum

Minerals

Ltd

(d),(e)

3,400

Franco-Nevada

Corp

(d) 1,200

Freeport-McMoRan

Inc

(d) 9,370

Kaiser

Aluminum

Corp

1,468

Kinross

Gold

Corp

(d) 7,000

Lundin

Mining

Corp

(d) 8,000

Newmont

Corp

(d) 2,302

Norsk

Hydro

ASA

6,878

Northern

Star

Resources

Ltd

8,256

Pan

American

Silver

Corp

(d) 3,300

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Mining

(continued)

Rio

Tinto

PLC

ADR

741

$

$

1,608

Miscellaneous

Manufacturers

-

0.39%

3M

Co

(d) 1,805

A

O

Smith

Corp

(d) 7,021

Alfa

Laval

AB

919

Illinois

Tool

Works

Inc

(d) 979

Parker-Hannifin

Corp

(d) 25

Sturm

Ruger

&

Co

Inc

1,354

Teledyne

Technologies

Inc

(d),(e)

Textron

Inc

(d) 4,294

$

1,628

Office

&

Business

Equipment

-

0.07%

Zebra

Technologies

Corp

(d),(e)

1,010

Oil

&

Gas

-

1.08%

ARC

Resources

Ltd

(d) 1,800

Canadian

Natural

Resources

Ltd

2,057

Chevron

Corp

(d) 2,049

ConocoPhillips

1,035

Coterra

Energy

Inc

1,727

Devon

Energy

Corp

9,006

EOG

Resources

Inc

(d) 4,027

EQT

Corp

(d) 5,424

Equinor

ASA

1,901

Exxon

Mobil

Corp

1,081

Hess

Corp

(i) 15,935

2,106

MEG

Energy

Corp

858

Occidental

Petroleum

Corp

2,404

Ovintiv

Inc

(d) 480

Parkland

Corp

10,582

Phillips

903

Suncor

Energy

Inc

(d) 500

Texas

Pacific

Land

Corp

Valero

Energy

Corp

1,008

Viper

Energy

Inc

879

Woodside

Energy

Group

Ltd

1,979

$

4,533

Oil

&

Gas

Services

-

0.67%

Baker

Hughes

Co

(d) 3,751

ChampionX

Corp

(i) 96,365

2,319

Halliburton

Co

8,226

Helix

Energy

Solutions

Group

Inc

(e) 6,083

Schlumberger

NV

2,563

Select

Water

Solutions

Inc

4,186

Tidewater

Inc

(e) 605

$

2,800

Packaging

&

Containers

-

0.18%

Amcor

PLC

19,861

Ball

Corp

3,872

CCL

Industries

Inc

1,300

Greif

Inc

-

Class

A

832

Packaging

Corp

of

America

1,024

Smurfit

WestRock

PLC

Sonoco

Products

Co

1,108

$

768

Pharmaceuticals

-

1.63%

AbbVie

Inc

(d) 1,340

Agios

Pharmaceuticals

Inc

(e) 101

Alkermes

PLC

(e) 293

Amneal

Pharmaceuticals

Inc

(e) 296

Amphastar

Pharmaceuticals

Inc

(e) 66

Amplifon

SpA

6,059

Astellas

Pharma

Inc

(d) 22,100

AstraZeneca

PLC

(d) 1,283

AstraZeneca

PLC

ADR

1,168

Avadel

Pharmaceuticals

PLC

(e) 157

Becton

Dickinson

&

Co

7,999

1,381

BellRing

Brands

Inc

(e) 1,155

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Pharmaceuticals

(continued)

Bristol-Myers

Squibb

Co

(d) 5,911

$

Cardinal

Health

Inc

593

Catalyst

Pharmaceuticals

Inc

(e) 205

Cencora

Inc

691

Collegium

Pharmaceutical

Inc

(e) 56

Corcept

Therapeutics

Inc

(e) 145

CVS

Health

Corp

(d) 4,178

Daiichi

Sankyo

Co

Ltd

(d) 9,900

Dexcom

Inc

(d),(e)

1,346

Eli

Lilly

&

Co

Grifols

SA

(e) 6,546

GSK

PLC

(d) 5,318

Guardian

Pharmacy

Services

Inc

(e) 971

Harmony

Biosciences

Holdings

Inc

(e) 68

Hikma

Pharmaceuticals

PLC

5,245

Ipsen

SA

600

Johnson

&

Johnson

2,017

Madrigal

Pharmaceuticals

Inc

(e) 33

MannKind

Corp

(e) 477

McKesson

Corp

(d) 332

Merck

&

Co

Inc

(d) 4,582

Merus

NV

(e) 220

Mirum

Pharmaceuticals

Inc

(e) 71

Neurocrine

Biosciences

Inc

(e) 1,095

Novartis

AG

1,444

Novo

Nordisk

A/S

668

Ocular

Therapeutix

Inc

(e) 317

Ono

Pharmaceutical

Co

Ltd

(d) 15,300

Orion

Oyj

1,956

Otsuka

Holdings

Co

Ltd

600

Pacira

BioSciences

Inc

(e) 1,429

Pfizer

Inc

9,615

Protagonist

Therapeutics

Inc

(e) 448

Recordati

Industria

Chimica

e

Farmaceutica

SpA

2,613

Rhythm

Pharmaceuticals

Inc

(e) 99

Sanofi

SA

ADR

1,608

Supernus

Pharmaceuticals

Inc

(e) 90

Takeda

Pharmaceutical

Co

Ltd

(d) 400

Vaxcyte

Inc

(e) 594

Verona

Pharma

PLC

ADR

(e) 404

Viatris

Inc

17,169

Zoetis

Inc

(d) 774

$

6,826

Pipelines

-

0.16%

Cheniere

Energy

Inc

(d) 745

Excelerate

Energy

Inc

1,918

Keyera

Corp

(d) 3,700

Kinder

Morgan

Inc

(d) 8,883

Southcross

Holdings

(e),(f)

615,976

—

Targa

Resources

Corp

(d) 496

Williams

Cos

Inc/The

$

693

Private

Equity

-

0.08%

Blackstone

Inc

(d) 1,273

KKR

&

Co

Inc

1,329

$

Real

Estate

-

0.21%

CBRE

Group

Inc

(d),(e)

2,083

CFLD

Cayman

Investment

Ltd

Unit

Trust

(e) 32,218

Daito

Trust

Construction

Co

Ltd

(d) 2,600

LEG

Immobilien

SE

1,798

Marcus

&

Millichap

Inc

1,354

Sekisui

House

Ltd

(d) 1,000

Sunac

China

Holdings

Ltd

(e) 8,540

Vonovia

SE

3,612

$

889

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

REITs

-

0.71%

American

Healthcare

REIT

Inc

1,672

$

American

Tower

Corp

(d) 1,298

AvalonBay

Communities

Inc

1,081

Camden

Property

Trust

(d) 1,307

CareTrust

REIT

Inc

2,015

Crown

Castle

Inc

Digital

Realty

Trust

Inc

891

EPR

Properties

1,047

Equinix

Inc

(d) 226

Extra

Space

Storage

Inc

Independence

Realty

Trust

Inc

2,919

Kimco

Realty

Corp

3,679

Land

Securities

Group

PLC

4,254

Macerich

Co/The

3,816

Mid-America

Apartment

Communities

Inc

503

Nippon

Building

Fund

Inc

(d) 52

Pebblebrook

Hotel

Trust

4,810

Phillips

Edison

&

Co

Inc

1,352

Piedmont

Office

Realty

Trust

Inc

8,385

Prologis

Inc

1,192

Realty

Income

Corp

2,793

Regency

Centers

Corp

1,040

Rithm

Capital

Corp

4,084

Simon

Property

Group

Inc

(d) 692

UDR

Inc

1,557

Ventas

Inc

2,905

VICI

Properties

Inc

5,782

Welltower

Inc

(d) 1,798

$

2,982

Retail

-

1.16%

American

Eagle

Outfitters

Inc

4,491

Associated

British

Foods

PLC

3,254

AutoZone

Inc

(d),(e)

Bath

&

Body

Works

Inc

(d) 9,012

Best

Buy

Co

Inc

1,207

Boot

Barn

Holdings

Inc

(e) 324

CarMax

Inc

(e) 350

Carvana

Co

(e) 180

Casey's

General

Stores

Inc

Chipotle

Mexican

Grill

Inc

(d),(e)

Costco

Wholesale

Corp

(d) 26

Cracker

Barrel

Old

Country

Store

Inc

1,064

Dick's

Sporting

Goods

Inc

775

Dollar

General

Corp

(d) 1,195

Dollar

Tree

Inc

(d),(e)

3,335

Fast

Retailing

Co

Ltd

(d) 100

Freshpet

Inc

(e) 436

Home

Depot

Inc/The

(d) 985

Lowe's

Cos

Inc

(d) 819

MatsukiyoCocokara

&

Co

(d) 6,200

McDonald's

Corp

(d) 1,645

516

MSC

Industrial

Direct

Co

Inc

667

Ollie's

Bargain

Outlet

Holdings

Inc

(e) 433

O'Reilly

Automotive

Inc

(e) 82

Ross

Stores

Inc

(d) 1,147

Starbucks

Corp

732

Target

Corp

(d) 2,854

TJX

Cos

Inc/The

3,017

Ulta

Beauty

Inc

(e) 355

Walmart

Inc

(d) 3,319

Wesfarmers

Ltd

1,723

Williams-Sonoma

Inc

Wingstop

Inc

Yum!

Brands

Inc

(d) 2,465

$

4,857

Savings

&

Loans

-

0.01%

WSFS

Financial

Corp

774

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Semiconductors

-

1.73%

Advantest

Corp

(d) 300

$

Analog

Devices

Inc

(d) 433

Applied

Materials

Inc

(d) 1,596

ARM

Holdings

PLC

ADR

(e) 341

ASM

International

NV

ASML

Holding

NV

-

NY

Reg

Shares

Broadcom

Inc

(d) 5,911

1,432

Disco

Corp

KLA

Corp

(d) 105

Lam

Research

Corp

(d) 3,475

Lasertec

Corp

(d) 1,600

Marvell

Technology

Inc

Microchip

Technology

Inc

1,412

Micron

Technology

Inc

948

MKS

Inc

Monolithic

Power

Systems

Inc

(d) 27

NVIDIA

Corp

(d) 20,143

2,722

NXP

Semiconductors

NV

ON

Semiconductor

Corp

(d),(e)

9,033

QUALCOMM

Inc

(d) 3,055

Silicon

Motion

Technology

Corp

ADR

848

SiTime

Corp

(e) 287

Skyworks

Solutions

Inc

(d) 6,974

Texas

Instruments

Inc

970

Tokyo

Electron

Ltd

(d) 400

Tower

Semiconductor

Ltd

(e) 1,330

$

7,261

Shipbuilding

-

0.00%

Yangzijiang

Shipbuilding

Holdings

Ltd

3,100

Software

-

1.47%

Adeia

Inc

3,666

Adobe

Inc

(e) 160

Agilysys

Inc

(e) 291

Airship

AI

Holdings

Inc

-

Warrants

(e) 8,689

ANSYS

Inc

(e) 44

AppLovin

Corp

(e) 197

Atlassian

Corp

(d),(e)

Autodesk

Inc

(d),(e)

AvePoint

Inc

(e) 4,532

Broadridge

Financial

Solutions

Inc

Clearwater

Analytics

Holdings

Inc

(e) 1,964

Cloudflare

Inc

(d),(e)

Constellation

Software

Inc/Canada

-

Warrants

(e),(f)

—

Docusign

Inc

(e) 510

Dynatrace

Inc

(d),(e)

1,036

Electronic

Arts

Inc

(d) 1,263

Fair

Isaac

Corp

(e) 16

Fiserv

Inc

(d),(e)

1,571

Freshworks

Inc

(e) 2,283

Gamehaus

Holdings

Inc

(e) 422

iLearningEngines

Holdings

Inc

-

Warrants

(e) 1,824

—

Intapp

Inc

(e) 605

Intuit

Inc

Konami

Group

Corp

(d) 900

LeddarTech

Holdings

Inc

-

Warrants

(e) 2,297

—

Microsoft

Corp

(d) 5,805

2,672

MINDBODY

Inc

(e),(f)

9,229

MKD

Tech

Inc

-

Warrants

(e) 8,878

—

MSCI

Inc

(d) 200

Nutanix

Inc

(e) 581

Oracle

Corp

(d) 483

Oracle

Corp

Japan

(d) 600

Palantir

Technologies

Inc

(d),(e)

2,422

Paychex

Inc

581

Paycom

Software

Inc

(d) 338

RingCentral

Inc

(e) 1,729

Roper

Technologies

Inc

Salesforce

Inc

(d) 1,007

SEMrush

Holdings

Inc

(e) 3,641

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Software

(continued)

ServiceNow

Inc

(e) 86

$

Snowflake

Inc

-

Class

A

(d),(e)

Synopsys

Inc

(d),(e)

TIS

Inc

(d) 3,200

Veeva

Systems

Inc

(e) 588

Veradigm

Inc

(e) 7,366

Verint

Systems

Inc

(e) 1,896

Workday

Inc

(d),(e)

$

6,177

Telecommunications

-

1.32%

A10

Networks

Inc

3,393

Arista

Networks

Inc

(e) 2,525

AT&T

Inc

(d) 12,223

Calix

Inc

(e) 727

Cisco

Systems

Inc

(d) 4,754

Corning

Inc

(d) 3,339

Credo

Technology

Group

Holding

Ltd

(e) 404

Deutsche

Telekom

AG

4,801

Frontier

Communications

Parent

Inc

(e) 61,012

2,210

Juniper

Networks

Inc

25,167

905

KDDI

Corp

(d) 4,000

Motorola

Solutions

Inc

(d) 207

Tele2

AB

3,577

Telefonaktiebolaget

LM

Ericsson

6,046

Telenor

ASA

3,839

Telstra

Group

Ltd

2,304

T-Mobile

US

Inc

1,261

Verizon

Communications

Inc

(d) 7,946

Vodafone

Group

PLC

(d) 95,023

$

5,517

Toys,

Games

&

Hobbies

-

0.03%

Bandai

Namco

Holdings

Inc

(d) 2,000

Hasbro

Inc

1,010

$

Transportation

-

0.43%

AP

Moller

-

Maersk

A/S

-

B

CSX

Corp

3,683

Expeditors

International

of

Washington

Inc

(d) 2,639

FedEx

Corp

912

Freightos

Ltd

-

Warrants

(e) 388

—

InPost

SA

(e) 2,022

JB

Hunt

Transport

Services

Inc

Kawasaki

Kisen

Kaisha

Ltd

(d) 10,300

Kirby

Corp

(e) 517

Knight-Swift

Transportation

Holdings

Inc

1,123

Nippon

Yusen

KK

(d) 2,800

Ryder

System

Inc

SITC

International

Holdings

Co

Ltd

49,000

Union

Pacific

Corp

1,198

United

Parcel

Service

Inc

2,356

$

1,811

Trucking

&

Leasing

-

0.01%

Greenbrier

Cos

Inc/The

1,119

Water

-

0.06%

United

Utilities

Group

PLC

(d) 15,281

TOTAL

COMMON

STOCKS

$

149,009

CONVERTIBLE

PREFERRED

STOCKS

-

0.04%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

0.03%

Boeing

Co/The

6.00%,

10/15/2027

1,876

$

Diversified

Financial

Services

-

0.00%

Apollo

Global

Management

Inc

6.75%,

07/31/2026

Electric

-

0.00%

PG&E

Corp

6.00%,

12/01/2027

Pipelines

-

0.01%

Southcross

Energy

Series

A

0.00%

(e),(f)

2,399,339

TOTAL

CONVERTIBLE

PREFERRED

STOCKS

$

PREFERRED

STOCKS

-

0.02%

Shares

Held

Value

(000's)

Electronics

-

0.02%

Sartorius

AG

0.74%

$

TOTAL

PREFERRED

STOCKS

$

BONDS

-

35.53%

Principal

Amount

(000's)

Value

(000's)

Advertising

-

0.08%

Clear

Channel

Outdoor

Holdings

Inc

7.50%,

06/01/2029

(h) $

$

Aerospace

&

Defense

-

0.65%

BAE

Systems

PLC

5.30%,

03/26/2034

(h) 230

Boeing

Co/The

3.63%,

02/01/2031

5.71%,

05/01/2040

5.81%,

05/01/2050

5.93%,

05/01/2060

6.53%,

05/01/2034

6.86%,

05/01/2054

7.01%,

05/01/2064

F-Brasile

SpA

/

F-Brasile

US

LLC

7.38%,

08/15/2026

(h) 1,191

1,187

RTX

Corp

5.00%,

02/27/2026

Triumph

Group

Inc

9.00%,

03/15/2028

(h) 290

$

2,745

Agriculture

-

0.09%

Cargill

Inc

4.95%,

02/11/2028

(h) 320

Secured

Overnight

Financing

Rate

+

0.61%

JBS

USA

LUX

Sarl

/

JBS

USA

Food

Co

/

JBS

USA

Foods

Group

5.95%,

04/20/2035

(h) 55

$

Airlines

-

0.44%

Gol

Finance

SA

14.82%,

PIK

14.82%;

06/08/2025

(h),(j)

975

994

CME

Term

Secured

Overnight

Financing

Rate

Month

+

10.50%

Latam

Airlines

Group

SA

13.38%,

10/15/2029

(h) 547

614

United

Airlines

2016-2

Class

B

Pass

Through

Trust

3.65%,

04/07/2027

United

Airlines

2019-2

Class

B

Pass

Through

Trust

3.50%,

11/01/2029

$

1,845

Automobile

Asset

Backed

Securities

-

0.68%

American

Credit

Acceptance

Receivables

Trust

2023-4

7.65%,

09/12/2030

(h) 100

American

Credit

Acceptance

Receivables

Trust

2025-1

5.54%,

08/12/2031

(h) 30

Avis

Budget

Rental

Car

Funding

AESOP

LLC

2.13%,

08/20/2027

(h) 350

5.58%,

12/20/2030

(h) 120

7.24%,

06/20/2029

(h) 100

Bridgecrest

Lending

Auto

Securitization

Trust

2024-2

6.30%,

02/15/2030

Carvana

Auto

Receivables

Trust

2021-N4

2.30%,

09/11/2028

Carvana

Auto

Receivables

Trust

2021-P1

1.53%,

03/10/2027

Carvana

Auto

Receivables

Trust

2024-N1

5.80%,

05/10/2030

(h) 15

Drive

Auto

Receivables

Trust

2024-1

5.43%,

11/17/2031

DT

Auto

Owner

Trust

2022-2

5.46%,

03/15/2028

(h) 150

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Automobile

Asset

Backed

Securities

(continued)

DT

Auto

Owner

Trust

2023-2

6.62%,

02/15/2029

(h) $

$

DT

Auto

Owner

Trust

2023-3

7.12%,

05/15/2029

(h) 100

Exeter

Automobile

Receivables

Trust

2023-2

6.32%,

08/15/2029

Exeter

Automobile

Receivables

Trust

2023-5

7.13%,

02/15/2030

Exeter

Automobile

Receivables

Trust

2024-5

5.06%,

02/18/2031

Ford

Credit

Auto

Lease

Trust

2023-B

6.97%,

06/15/2028

GLS

Auto

Receivables

Issuer

Trust

2023-4

7.18%,

08/15/2029

(h) 110

GLS

Auto

Receivables

Issuer

Trust

2024-1

5.95%,

12/17/2029

(h) 25

GLS

Auto

Select

Receivables

Trust

2024-2

5.93%,

06/17/2030

(h) 15

Hertz

Vehicle

Financing

III

LLC

4.85%,

06/25/2026

(h) 42

LAD

Auto

Receivables

Trust

2023-4

6.76%,

03/15/2029

(h) 50

Prestige

Auto

Receivables

Trust

2021-1

2.08%,

02/15/2028

(h) 170

Santander

Drive

Auto

Receivables

Trust

2024-3

5.97%,

10/15/2031

Westlake

Automobile

Receivables

Trust

2022-2

5.48%,

09/15/2027

(h) 125

Westlake

Automobile

Receivables

Trust

2023-3

6.47%,

03/15/2029

(h) 100

Westlake

Automobile

Receivables

Trust

2023-4

7.19%,

07/16/2029

(h) 110

Westlake

Automobile

Receivables

Trust

2024-1

5.65%,

02/15/2029

(h) 35

6.02%,

10/15/2029

(h) 90

Westlake

Automobile

Receivables

Trust

2024-2

5.91%,

04/15/2030

(h) 25

Westlake

Automobile

Receivables

Trust

2025-1

5.54%,

11/15/2030

(h) 100

$

2,850

Automobile

Manufacturers

-

0.49%

Allison

Transmission

Inc

3.75%,

01/30/2031

(h) 75

American

Honda

Finance

Corp

4.45%,

10/22/2027

Mclaren

Finance

PLC

7.50%,

08/01/2026

(h) 1,211

1,212

Toyota

Motor

Credit

Corp

4.35%,

10/08/2027

$

2,064

Automobile

Parts

&

Equipment

-

0.03%

ZF

North

America

Capital

Inc

6.88%,

04/23/2032

(h) 150

Banks

-

1.88%

Australia

&

New

Zealand

Banking

Group

Ltd/New

York

NY

5.67%,

10/03/2025

Bank

of

America

Corp

2.48%,

09/21/2036

(k) 95

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.20%

3.85%,

03/08/2037

(k) 125

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.00%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

BBVA

Mexico

SA

Institucion

de

Banca

Multiple

Grupo

Financiero

BBVA

Mexico

7.63%,

02/11/2035

(h),(k),(l)

$

700

$

709

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.38%

BBVA

Mexico

SA

Institucion

De

Banca

Multiple

Grupo

Financiero

BBVA

Mexico/TX

5.13%,

01/18/2033

(k),(l)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.65%

BOI

Finance

BV

7.50%,

02/16/2027

EUR

525

599

Commonwealth

Bank

of

Australia/New

York

NY

4.58%,

11/27/2026

$

5.32%,

03/13/2026

Goldman

Sachs

Group

Inc/The

5.80%,

08/10/2026

(k) 410

Secured

Overnight

Financing

Rate

+

1.08%

Israel

Discount

Bank

Ltd

5.38%,

01/26/2028

(h) 275

JPMorgan

Chase

&

Co

6.50%,

04/01/2030

(k),(m)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.15%

Morgan

Stanley

2.48%,

09/16/2036

(k) 290

Secured

Overnight

Financing

Rate

+

1.36%

National

Bank

of

Uzbekistan

8.50%,

07/05/2029

PNC

Bank

NA

4.78%,

01/15/2027

(k) 320

Secured

Overnight

Financing

Rate

+

0.50%

Standard

Chartered

PLC

5.91%,

05/14/2035

(h),(k)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.45%

6.10%,

01/11/2035

(h),(k)

600

620

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.10%

7.63%,

01/16/2032

(h),(k),(l),(m)

550

549

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.02%

State

Street

Bank

&

Trust

Co

4.59%,

11/25/2026

State

Street

Corp

4.33%,

10/22/2027

UBS

Group

AG

5.58%,

05/09/2036

(h),(k)

Secured

Overnight

Financing

Rate

+

1.76%

5.62%,

09/13/2030

(h),(k)

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

1.34%

5.70%,

02/08/2035

(h),(k)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.77%

US

Bank

NA/Cincinnati

OH

4.51%,

10/22/2027

(k) 395

Secured

Overnight

Financing

Rate

+

0.69%

$

7,885

Building

Materials

-

0.36%

Cemex

SAB

de

CV

5.13%,

06/08/2026

(h),(k),(m)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.53%

5.20%,

09/17/2030

(h) 375

Holcim

Finance

US

LLC

5.40%,

04/07/2035

(h) 75

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Building

Materials

(continued)

Limak

Cimento

Sanayi

ve

Ticaret

AS

9.75%,

07/25/2029

$

650

$

643

Quikrete

Holdings

Inc

6.38%,

03/01/2032

(h) 205

$

1,495

Chemicals

-

0.14%

Illuminate

Buyer

LLC

/

Illuminate

Holdings

IV

Inc

9.00%,

07/01/2028

(h) 589

591

Commercial

Mortgage

Backed

Securities

-

0.67%

BPR

Trust

2021-NRD

9.95%,

12/15/2038

(h) 20

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.62%

11.20%,

12/15/2038

(h) 140

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.87%

BPR

Trust

2022-SSP

7.33%,

05/15/2039

(h) 245

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

BX

Trust

2025-VLT6

5.77%,

03/15/2042

(h) 295

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.44%

Citigroup

Commercial

Mortgage

Trust

2014-GC21

4.76%,

05/10/2047

(h),(n)

COMM

2012-CCRE3

Mortgage

Trust

3.92%,

10/15/2045

(h) 105

COMM

2012-LC4

Mortgage

Trust

5.51%,

12/10/2044

(n) 2

CSMC

2014-USA

OA

LLC

4.37%,

09/15/2037

(h) 1,055

670

DC

Commercial

Mortgage

Trust

2023-DC

7.14%,

09/12/2040

(h),(n)

Extended

Stay

America

Trust

2021-ESH

8.14%,

07/15/2038

(h) 103

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.81%

Greystone

CRE

Notes

2021-HC2

LTD

6.24%,

12/15/2039

(h) 72

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.91%

LEX

2024-BBG

Mortgage

Trust

4.87%,

10/13/2033

(h),(n)

Morgan

Stanley

Capital

I

Trust

2011-C2

5.21%,

06/15/2044

(h),(n)

Starwood

Retail

Property

Trust

2014-STAR

0.00%,

11/15/2027

(e),(h)

—

1.00 x

Prime

Rate

+

0.00%

0.00%,

11/15/2027

(e),(h)

645

—

1.00 x

Prime

Rate

+

0.00%

Wells

Fargo

Commercial

Mortgage

Trust

2013-LC12

3.83%,

07/15/2046

(n) 11

Wells

Fargo

Commercial

Mortgage

Trust

2016-C36

4.11%,

11/15/2059

(n) 100

WFRBS

Commercial

Mortgage

Trust

2011-C3

5.85%,

03/15/2044

(h),(n)

WFRBS

Commercial

Mortgage

Trust

2011-C4

4.98%,

06/15/2044

(h),(n)

600

575

WFRBS

Commercial

Mortgage

Trust

2014-C20

4.38%,

05/15/2047

$

2,825

Commercial

Services

-

0.14%

La

Financiere

Atalian

3.50%,

PIK

5.00%;

06/30/2028

(j),(n)

EUR

Mersin

Uluslararasi

Liman

Isletmeciligi

AS

8.25%,

11/15/2028

$

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Services

(continued)

Mobius

Merger

Sub

Inc

9.00%,

06/01/2030

(h) $

$

TriNet

Group

Inc

3.50%,

03/01/2029

(h) 70

United

Rentals

North

America

Inc

6.13%,

03/15/2034

(h) 130

$

587

Computers

-

0.10%

Hewlett

Packard

Enterprise

Co

4.85%,

10/15/2031

5.00%,

10/15/2034

NetApp

Inc

5.50%,

03/17/2032

5.70%,

03/17/2035

$

Consumer

Products

-

0.01%

Kronos

Acquisition

Holdings

Inc

8.25%,

06/30/2031

(h) 67

Credit

Card

Asset

Backed

Securities

-

0.02%

Mission

Lane

Credit

Card

Master

Trust

7.69%,

11/15/2028

(h) 100

Distribution

&

Wholesale

-

0.11%

H&E

Equipment

Services

Inc

3.88%,

12/15/2028

(h) 212

Telecommunications

co

Telekom

Srbija

AD

Belgrade

7.00%,

10/28/2029

(h) 250

$

Diversified

Financial

Services

-

0.48%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

5.38%,

12/15/2031

Aircastle

Ltd

5.95%,

02/15/2029

(h) 55

6.50%,

07/18/2028

(h) 145

Aviation

Capital

Group

LLC

6.75%,

10/25/2028

(h) 210

Avolon

Holdings

Funding

Ltd

5.38%,

05/30/2030

(h) 45

BGC

Group

Inc

6.15%,

04/02/2030

(h) 45

Blue

Owl

Finance

LLC

6.25%,

04/18/2034

Brookfield

Asset

Management

Ltd

5.80%,

04/24/2035

Citadel

LP

6.00%,

01/23/2030

(h) 35

6.38%,

01/23/2032

(h) 25

Freedom

Mortgage

Holdings

LLC

8.38%,

04/01/2032

(h) 10

9.13%,

05/15/2031

(h) 20

Jefferies

Financial

Group

Inc

6.20%,

04/14/2034

Macquarie

Airfinance

Holdings

Ltd

5.15%,

03/17/2030

(h) 35

5.20%,

03/27/2028

(h) 85

Rocket

Mortgage

LLC

/

Rocket

Mortgage

Co-Issuer

Inc

3.88%,

03/01/2031

(h) 45

4.00%,

10/15/2033

(h) 245

SOCAR

Turkey

Enerji

AS

via

Steas

Funding

DAC

7.23%,

03/17/2026

Synchrony

Financial

5.45%,

03/06/2031

(k) 55

Secured

Overnight

Financing

Rate

+

1.68%

$

1,993

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

-

0.69%

Comision

Federal

de

Electricidad

5.00%,

09/29/2036

$

$

Eastern

European

Electric

Co

BV

6.50%,

05/15/2030

(h) EUR

Energo-Pro

AS

8.00%,

05/27/2030

(h) 775

895

FIEMEX

Energia

-

Banco

Actinver

SA

Institucion

de

Banca

Multiple

7.25%,

01/31/2041

(h) $

547

540

Pacific

Gas

and

Electric

Co

6.40%,

06/15/2033

Saavi

Energia

Sarl

8.88%,

02/10/2035

(h) 800

818

$

2,891

Electrical

Components

&

Equipment

-

0.03%

Molex

Electronic

Technologies

LLC

4.75%,

04/30/2028

(h) 140

Electronics

-

0.07%

Sensata

Technologies

Inc

3.75%,

02/15/2031

(h) 190

TD

SYNNEX

Corp

6.10%,

04/12/2034

$

Energy

-

Alternate

Sources

-

0.14%

FS

Luxembourg

Sarl

8.88%,

02/12/2031

(h) 575

583

Engineering

&

Construction

-

0.84%

Aeropuertos

Dominicanos

Siglo

XXI

SA

7.00%,

06/30/2034

(h) 225

ATP

Tower

Holdings

/

Andean

Telecom

Partners

Chile

SpA

/

Andean

Tower

Partners

Colombia

SAS

7.88%,

02/03/2030

(h) 600

600

HTA

Group

Ltd/Mauritius

7.50%,

06/04/2029

(h) 375

IHS

Holding

Ltd

7.88%,

05/29/2030

(h) 475

7.88%,

05/29/2030

8.25%,

11/29/2031

IHS

Netherlands

Holdco

BV

8.00%,

09/18/2027

Kingston

Airport

Revenue

Finance

Ltd

6.75%,

12/15/2036

(h) 400

Sitios

Latinoamerica

SAB

de

CV

6.00%,

11/25/2029

(h) 600

609

$

3,513

Entertainment

-

0.21%

Everi

Holdings

Inc

5.00%,

07/15/2029

(h) 330

Light

&

Wonder

International

Inc

7.00%,

05/15/2028

(h) 461

Warnermedia

Holdings

Inc

4.28%,

03/15/2032

$

875

Environmental

Control

-

0.01%

GFL

Environmental

Inc

4.38%,

08/15/2029

(h) 45

Food

-

0.17%

Grupo

Nutresa

SA

8.00%,

05/12/2030

(h) 575

591

JBS

USA

Holding

Lux

Sarl/

JBS

USA

Food

Co/

JBS

Lux

Co

Sarl

3.00%,

02/02/2029

Mars

Inc

5.20%,

03/01/2035

(h) 70

$

694

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Forest

Products

&

Paper

-

0.10%

LD

Celulose

International

GmbH

7.95%,

01/26/2032

(h) $

$

Gas

-

0.06%

Venture

Global

Plaquemines

LNG

LLC

7.50%,

05/01/2033

(h) 110

7.75%,

05/01/2035

(h) 110

$

Hand

&

Machine

Tools

-

0.09%

Werner

FinCo

LP

/

Werner

FinCo

Inc

11.50%,

06/15/2028

(h) 342

Healthcare

-

Products

-

0.03%

Avantor

Funding

Inc

4.63%,

07/15/2028

(h) 40

Hologic

Inc

3.25%,

02/15/2029

(h) 105

$

Healthcare

-

Services

-

0.17%

Centene

Corp

3.38%,

02/15/2030

4.63%,

12/15/2029

HCA

Inc

5.60%,

04/01/2034

Molina

Healthcare

Inc

3.88%,

05/15/2032

(h) 70

4.38%,

06/15/2028

(h) 65

$

734

Home

Builders

-

0.05%

Meritage

Homes

Corp

5.65%,

03/15/2035

Home

Equity

Asset

Backed

Securities

-

0.05%

GITSIT

Mortgage

Loan

Trust

2025-NPL1

6.28%,

02/25/2055

(h),(n)

Insurance

-

0.50%

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

6.50%,

10/01/2031

(h) 60

AssuredPartners

Inc

5.63%,

01/15/2029

(h) 627

627

7.50%,

02/15/2032

(h) 814

871

Global

Atlantic

Fin

Co

3.13%,

06/15/2031

(h) 85

4.40%,

10/15/2029

(h) 50

Marsh

&

McLennan

Cos

Inc

4.55%,

11/08/2027

$

2,077

Internet

-

0.56%

Getty

Images

Inc

9.75%,

03/01/2027

(h) 1,284

1,260

Go

Daddy

Operating

Co

LLC

/

GD

Finance

Co

Inc

3.50%,

03/01/2029

(h) 85

5.25%,

12/01/2027

(h) 60

Netflix

Inc

4.88%,

06/15/2030

(h) 230

5.38%,

11/15/2029

(h) 35

Uber

Technologies

Inc

4.50%,

08/15/2029

(h) 350

4.80%,

09/15/2034

7.50%,

09/15/2027

(h) 246

$

2,333

Investment

Companies

-

0.11%

Antares

Holdings

LP

2.75%,

01/15/2027

(h) 505

Iron

&

Steel

-

0.05%

Mineral

Resources

Ltd

8.00%,

11/01/2027

(h) 5

8.50%,

05/01/2030

(h) 20

9.25%,

10/01/2028

(h) 10

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Iron

&

Steel

(continued)

Samarco

Mineracao

SA

9.00%,

PIK

9.00%;

06/30/2031

(j),(n)

$

$

Steel

Dynamics

Inc

5.25%,

05/15/2035

$

Leisure

Products

&

Services

-

0.14%

Carnival

Corp

5.75%,

03/01/2027

(h) 251

6.13%,

02/15/2033

(h) 150

NCL

Corp

Ltd

6.75%,

02/01/2032

(h) 65

NCL

Finance

Ltd

6.13%,

03/15/2028

(h) 40

Royal

Caribbean

Cruises

Ltd

5.63%,

09/30/2031

(h) 65

$

571

Lodging

-

0.06%

Hilton

Grand

Vacations

Borrower

LLC

/

Hilton

Grand

Vacations

Borrower

Inc

6.63%,

01/15/2032

(h) 55

Marriott

International

Inc/MD

5.50%,

04/15/2037

$

Media

-

0.62%

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

5.13%,

05/01/2027

(h) 320

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

3.70%,

04/01/2051

3.90%,

06/01/2052

4.40%,

12/01/2061

4.80%,

03/01/2050

5.25%,

04/01/2053

6.83%,

10/23/2055

CSC

Holdings

LLC

3.38%,

02/15/2031

(h) 675

4.63%,

12/01/2030

(h) 235

Directv

Financing

LLC

8.88%,

02/01/2030

(h) 25

Directv

Financing

LLC

/

Directv

Financing

Co-

Obligor

Inc

10.00%,

02/15/2031

(h) 95

DISH

DBS

Corp

5.25%,

12/01/2026

(h) 675

623

iHeartCommunications

Inc

7.00%,

01/15/2031

(h) 48

Paramount

Global

4.38%,

03/15/2043

5.85%,

09/01/2043

6.88%,

04/30/2036

Time

Warner

Cable

LLC

6.55%,

05/01/2037

$

2,610

Mining

-

0.73%

First

Quantum

Minerals

Ltd

9.38%,

03/01/2029

(h) 250

Glencore

Funding

LLC

6.50%,

10/06/2033

(h) 435

Ivanhoe

Mines

Ltd

7.88%,

01/23/2030

(h) 775

755

Vedanta

Resources

Finance

II

PLC

9.48%,

07/24/2030

(h) 475

10.88%,

09/17/2029

WE

Soda

Investments

Holding

PLC

9.50%,

10/06/2028

(h) 525

543

9.50%,

10/06/2028

$

3,078

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Miscellaneous

Manufacturers

-

0.05%

Axon

Enterprise

Inc

6.13%,

03/15/2030

(h) $

$

6.25%,

03/15/2033

(h) 15

Textron

Financial

Corp

6.32%,

02/15/2067

(h) 170

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

$

Mortgage

Backed

Securities

-

0.62%

Alternative

Loan

Trust

2003-22CB

5.75%,

12/25/2033

Alternative

Loan

Trust

2004-16CB

5.50%,

07/25/2034

5.50%,

08/25/2034

Alternative

Loan

Trust

2004-J10

6.00%,

09/25/2034

Banc

of

America

Alternative

Loan

Trust

2003-8

5.50%,

10/25/2033

Banc

of

America

Funding

2005-7

Trust

5.75%,

11/25/2035

Banc

of

America

Funding

2007-4

Trust

5.50%,

11/25/2034

Banc

of

America

Mortgage

2005-A

Trust

5.12%,

02/25/2035

(n) 6

BINOM

Securitization

Trust

2022-RPL1

3.00%,

02/25/2061

(h),(n)

CAFL

2023-RTL1

Issuer

LLC

7.55%,

12/28/2030

(h),(n)

CHL

Mortgage

Pass-Through

Trust

2004-HYB4

5.85%,

09/20/2034

(n) 10

Connecticut

Avenue

Securities

Trust

2022-R06

7.07%,

05/25/2042

(h) 49

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

2.75%

CSFB

Mortgage-Backed

Pass-Through

Certificates

Series

2003-27

5.75%,

11/25/2033

DSLA

Mortgage

Loan

Trust

2005-AR5

5.10%,

09/19/2045

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.77%

GITSIT

Mortgage

Loan

Trust

2024-NPL1

7.47%,

06/25/2054

(h),(n)

GSR

Mortgage

Loan

Trust

2005-4F

6.50%,

02/25/2035

IndyMac

INDX

Mortgage

Loan

Trust

2004-AR7

5.66%,

09/25/2034

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.33%

IndyMac

INDX

Mortgage

Loan

Trust

2005-AR11

3.74%,

08/25/2035

(n) 266

Lehman

XS

Trust

Series

2006-2N

4.96%,

02/25/2046

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.63%

MASTR

Alternative

Loan

Trust

2003-9

5.25%,

11/25/2033

MASTR

Alternative

Loan

Trust

2004-5

5.50%,

06/25/2034

6.00%,

06/25/2034

MASTR

Alternative

Loan

Trust

2004-8

6.00%,

09/25/2034

Merrill

Lynch

Mortgage

Investors

Trust

Series

MLCC

2006-2

5.98%,

05/25/2036

(n) 1

MFA

2024-NPL1

Trust

6.33%,

10/25/2062

(n) 94

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Mortgage

Backed

Securities

(continued)

New

Residential

Mortgage

Loan

Trust

2024-RTL1

6.66%,

03/25/2039

(h),(n)

$

$

NLT

2023-1

Trust

3.20%,

10/25/2062

(h),(n)

PRPM

2024-2

LLC

7.03%,

03/25/2029

(h),(n)

PRPM

2025-2

LLC

9.56%,

05/25/2030

(h),(n)

RCO

IX

Mortgage

LLC

2025-2

6.51%,

04/25/2030

(h),(n)

RCO

X

Mortgage

LLC

2025-1

5.88%,

01/25/2030

(h),(n)

Redwood

Funding

Trust

2025-1

7.58%,

05/27/2055

(h),(n)

Roc

Mortgage

Trust

2024-RTL1

5.59%,

10/25/2039

(h),(n)

Structured

Adjustable

Rate

Mortgage

Loan

Trust

4.75%,

07/25/2035

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.42%

Toorak

Mortgage

Trust

2024-RRTL1

6.60%,

02/25/2039

(h),(n)

VCAT

2025-NPL3

LLC

5.89%,

02/25/2055

(h),(n)

VOLT

XCIII

LLC

5.89%,

02/27/2051

(h),(n)

VOLT

XCIV

LLC

6.24%,

02/27/2051

(h),(n)

VOLT

XCVI

LLC

6.12%,

03/27/2051

(h),(n)

$

2,582

Oil

&

Gas

-

2.30%

Azule

Energy

Finance

Plc

8.13%,

01/23/2030

(h) 775

755

California

Resources

Corp

7.13%,

02/01/2026

(h) 127

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp

11.00%,

04/15/2026

(h) 810

811

Civitas

Resources

Inc

8.38%,

07/01/2028

(h) 60

Continental

Resources

Inc/OK

2.88%,

04/01/2032

(h) 135

5.75%,

01/15/2031

(h) 410

Ecopetrol

SA

8.38%,

01/19/2036

Energean

Israel

Finance

Ltd

4.88%,

03/30/2026

(h) 75

5.38%,

03/30/2028

(h) 605

574

8.50%,

09/30/2033

(h) 490

EQT

Corp

3.63%,

05/15/2031

(h) 105

Helmerich

&

Payne

Inc

5.50%,

12/01/2034

(h) 295

Leviathan

Bond

Ltd

6.50%,

06/30/2027

(h) 600

593

Matador

Resources

Co

6.50%,

04/15/2032

(h) 10

Northern

Oil

&

Gas

Inc

8.13%,

03/01/2028

(h) 15

OGX

Austria

GmbH

0.00%,

06/01/2018

(e),(h)

600

—

0.00%,

04/01/2022

(e),(f)

1,100

—

ORLEN

SA

6.00%,

01/30/2035

(h) 650

657

Permian

Resources

Operating

LLC

6.25%,

02/01/2033

(h) 30

8.00%,

04/15/2027

(h) 84

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Oil

&

Gas

(continued)

Petroleos

de

Venezuela

SA

0.00%,

05/16/2024

(e) $

3,645

$

0.00%,

11/15/2026

(e) 850

Petroleos

Mexicanos

5.35%,

02/12/2028

5.95%,

01/28/2031

6.50%,

03/13/2027

6.84%,

01/23/2030

540

505

Puma

International

Financing

SA

7.75%,

04/25/2029

(h) 725

737

Raizen

Fuels

Finance

SA

6.70%,

02/25/2037

(h) 475

SM

Energy

Co

6.75%,

08/01/2029

(h) 65

Tengizchevroil

Finance

Co

International

Ltd

3.25%,

08/15/2030

4.00%,

08/15/2026

Uzbekneftegaz

JSC

8.75%,

05/07/2030

(h) 475

Viper

Energy

Inc

7.38%,

11/01/2031

(h) 50

$

9,657

Oil

&

Gas

Services

-

0.10%

Yinson

Boronia

Production

BV

8.95%,

07/31/2042

Other

Asset

Backed

Securities

-

2.26%

Capital

Clo

Ltd

6.06%,

04/15/2035

(h) 255

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.80%

AASET

2024-2

Ltd

5.93%,

09/16/2049

(h) 238

Accelerated

Assets

2018-1

LLC

4.51%,

12/02/2033

(h) 27

Affirm

Asset

Securitization

Trust

2023-B

6.82%,

09/15/2028

(h) 100

AIM

Aviation

Finance

Ltd

5.07%,

02/15/2040

(h),(n)

675

Applebee's

Funding

LLC

/

IHOP

Funding

LLC

7.82%,

03/05/2053

(h) 150

Bain

Capital

Credit

CLO

2020-1

Ltd

6.62%,

04/18/2033

(h) 145

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.35%

BHG

Securitization

Trust

2023-B

7.45%,

12/17/2036

(h) 100

Blackbird

Capital

Aircraft

Lease

Securitization

Ltd

2016-1

4.21%,

12/16/2041

(h),(n)

Carval

Clo

X-C

Ltd

6.07%,

07/20/2037

(h) 260

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.80%

Clsec

Holdings

22t

LLC

6.17%,

05/11/2037

(h) 90

Compass

Datacenters

Issuer

III

LLC

5.66%,

02/25/2050

(h) 65

5.85%,

02/25/2050

(h) 25

CyrusOne

Data

Centers

Issuer

I

LLC

5.91%,

02/20/2050

(h) 75

Domino's

Pizza

Master

Issuer

LLC

4.12%,

07/25/2047

(h) 498

EWC

Master

Issuer

LLC

5.50%,

03/15/2052

(h) 97

Foundation

Finance

Trust

2025-1

5.26%,

04/15/2050

(h) 100

6.09%,

04/15/2050

(h) 100

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Other

Asset

Backed

Securities

(continued)

Frontier

Issuer

LLC

6.60%,

08/20/2053

(h) $

$

Golub

Capital

Partners

CLO

B

Ltd

6.13%,

07/25/2037

(h) 250

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.85%

Golub

Capital

Partners

CLO

75B

Ltd

6.23%,

07/25/2037

(h) 260

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.95%

GoodLeap

Home

Improvement

Solutions

Trust

2024-1

6.38%,

10/20/2046

(h) 96

Kapitus

Asset

Securitization

IV

LLC

5.49%,

09/10/2031

(h) 100

Kestrel

Aircraft

Funding

Ltd

4.25%,

12/15/2038

(h) 131

KKR

CLO

Ltd

6.13%,

07/20/2031

(h) 250

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.86%

Labrador

Aviation

Finance

Ltd

2016-1A

4.30%,

01/15/2042

(h) 138

Madison

Park

Funding

LIII

Ltd

6.02%,

04/21/2035

(h) 250

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Madison

Park

Funding

LIX

Ltd

6.52%,

04/18/2037

(h) 260

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Marlette

Funding

Trust

2023-4

8.15%,

12/15/2033

(h) 100

OCP

Clo

2019-17

Ltd

6.27%,

07/20/2037

(h) 250

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Octagon

Investment

Partners

XXII

Ltd

6.43%,

01/22/2030

(h) 250

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.16%

OHA

Credit

Partners

XI

Ltd

6.47%,

04/20/2037

(h) 250

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.20%

OHA

Loan

Funding

2013-1

Ltd

6.63%,

04/23/2037

(h) 250

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.35%

OnDeck

Asset

Securitization

Trust

IV

LLC

8.99%,

06/17/2031

(h) 100

OWN

Equipment

Fund

I

LLC

5.70%,

12/20/2032

(h) 92

Palmer

Square

BDC

CLO

Ltd

6.41%,

07/15/2037

(h) 250

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.15%

Palmer

Square

CLO

2024-2

LTD

5.92%,

07/20/2037

(h) 250

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.65%

Planet

Fitness

Master

Issuer

LLC

3.86%,

12/05/2049

(h) 261

5.77%,

06/05/2054

(h) 184

Post

CLO

2023-1

Ltd

6.22%,

04/20/2036

(h) 250

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.95%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Other

Asset

Backed

Securities

(continued)

Rockford

Tower

2024-2

Ltd

6.12%,

10/20/2037

(h) $

$

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.85%

Rockford

Tower

CLO

2018-1

Ltd

5.68%,

05/20/2031

(h) 96

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.36%

SEB

Funding

LLC

7.39%,

04/30/2054

(h) 70

Sierra

Timeshare

2020-2

Receivables

Funding

LLC

3.51%,

07/20/2037

(h) 10

Sixth

Street

CLO

XV

Ltd

6.28%,

10/24/2037

(h) 250

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Sixth

Street

CLO

XXV

Ltd

6.08%,

07/24/2037

(h) 250

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.80%

Subway

Funding

LLC

6.03%,

07/30/2054

(h) 214

Sunnova

Helios

X

Issuer

LLC

6.00%,

11/22/2049

(h) 105

Sunnova

Helios

XIII

Issuer

LLC

5.30%,

02/20/2051

(h) 88

Trinitas

CLO

XII

Ltd

6.28%,

04/25/2033

(h) 255

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

WAVE

2017-1

Trust

3.84%,

11/15/2042

(h) 85

Wellfleet

CLO

2024-1

Ltd

6.32%,

07/18/2037

(h) 250

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.05%

Wingstop

Funding

LLC

5.86%,

12/05/2054

(h) 100

Ziply

Fiber

Issuer

LLC

6.64%,

04/20/2054

(h) 95

7.81%,

04/20/2054

(h) 30

$

9,475

Packaging

&

Containers

-

0.20%

Mauser

Packaging

Solutions

Holding

Co

9.25%,

04/15/2027

(h) 858

845

Pharmaceuticals

-

0.39%

Bausch

Health

Cos

Inc

4.88%,

06/01/2028

(h) 155

Eli

Lilly

&

Co

4.55%,

02/12/2028

Teva

Pharmaceutical

Finance

Netherlands

II

BV

4.38%,

05/09/2030

EUR

7.38%,

09/15/2029

7.88%,

09/15/2031

Teva

Pharmaceutical

Finance

Netherlands

III

BV

4.10%,

10/01/2046

$

795

556

7.88%,

09/15/2029

$

1,641

Pipelines

-

0.54%

Acu

Petroleo

Luxembourg

Sarl

7.50%,

07/13/2035

Galaxy

Pipeline

Assets

Bidco

Ltd

2.16%,

03/31/2034

(h) 276

2.16%,

03/31/2034

Greensaif

Pipelines

Bidco

Sarl

6.13%,

02/23/2038

Southern

Gas

Corridor

CJSC

6.88%,

03/24/2026

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pipelines

(continued)

Targa

Resources

Corp

5.55%,

08/15/2035

$

$

6.13%,

03/15/2033

6.50%,

03/30/2034

Venture

Global

Calcasieu

Pass

LLC

3.88%,

11/01/2033

(h) 105

4.13%,

08/15/2031

(h) 90

Venture

Global

LNG

Inc

8.38%,

06/01/2031

(h) 25

Western

Midstream

Operating

LP

6.15%,

04/01/2033

$

2,267

Real

Estate

-

0.23%

Agile

Group

Holdings

Ltd

0.00%,

10/13/2025

(e) 210

CFLD

Cayman

Investment

Ltd

0.00%,

01/31/2031

(e),(h)

0.00%,

01/31/2031

(e),(h)

0.00%,

01/31/2031

(e),(h)

—

China

Evergrande

Group

0.00%,

06/28/2025

(e) 200

Kaisa

Group

Holdings

Ltd

0.00%,

06/30/2024

(e) 400

0.00%,

04/16/2025

(e) 200

0.00%,

11/11/2025

(e) 200

0.00%,

06/01/2026

(e) 200

KWG

Group

Holdings

Ltd

0.00%,

02/13/2026

(e) 210

MAF

Global

Securities

Ltd

7.88%,

06/30/2027

(k),(m)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.89%

NWD

Finance

BVI

Ltd

4.13%,

03/10/2028

(k),(m)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.86%

NWD

MTN

Ltd

4.13%,

07/18/2029

4.50%,

05/19/2030

8.63%,

02/08/2028

Sunac

China

Holdings

Ltd

0.00%,

PIK

0.00%;

09/30/2025

(e),(h),(j)

0.00%,

PIK

0.00%;

09/30/2026

(e),(h),(j)

0.00%,

PIK

0.00%;

09/30/2027

(e),(h),(j)

0.00%,

PIK

0.00%;

09/30/2028

(e),(h),(j)

0.00%,

PIK

0.00%;

09/30/2029

(e),(h),(j)

0.00%,

PIK

0.00%;

09/30/2030

(e),(h),(j)

Times

China

Holdings

Ltd

0.00%,

03/22/2026

(e) 210

Yuzhou

Group

Holdings

Co

Ltd

0.00%,

08/12/2026

(e) 200

0.00%,

01/13/2027

(e) 400

Zhenro

Properties

Group

Ltd

0.00%,

01/07/2026

(e) 200

$

949

Regional

Authority

-

0.11%

Provincia

de

Buenos

Aires/Government

Bonds

6.63%,

09/01/2037

(n) 659

REITs

-

0.02%

Iron

Mountain

Inc

4.50%,

02/15/2031

(h) 55

5.25%,

07/15/2030

(h) 30

$

Retail

-

0.20%

1011778

BC

ULC

/

New

Red

Finance

Inc

3.50%,

02/15/2029

(h) 20

3.88%,

01/15/2028

(h) 5

4.00%,

10/15/2030

(h) 185

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Retail

(continued)

Lowe's

Cos

Inc

4.80%,

04/01/2026

$

$

Starbucks

Corp

4.85%,

02/08/2027

$

821

Semiconductors

-

0.16%

Broadcom

Inc

3.14%,

11/15/2035

(h) 310

3.47%,

04/15/2034

(h) 75

Entegris

Inc

4.75%,

04/15/2029

(h) 105

Micron

Technology

Inc

5.88%,

09/15/2033

6.05%,

11/01/2035

$

676

Software

-

0.45%

AppLovin

Corp

5.13%,

12/01/2029

5.50%,

12/01/2034

Dun

&

Bradstreet

Corp/The

5.00%,

12/15/2029

(h) 1,254

1,264

Fair

Isaac

Corp

6.00%,

05/15/2033

(h) 100

Paychex

Inc

5.60%,

04/15/2035

Synopsys

Inc

5.15%,

04/01/2035

5.70%,

04/01/2055

$

1,875

Sovereign

-

14.42%

Argentine

Republic

Government

International

Bond

4.12%,

07/09/2035

(n) 725

Benin

Government

International

Bond

7.96%,

02/13/2038

Brazil

Notas

do

Tesouro

Nacional

Serie

F

9.76%,

01/01/2027

BRL

12,083

2,001

10.00%,

01/01/2031

1,173

Bundesschatzanweisungen

2.20%,

03/11/2027

EUR

Canadian

Treasury

Bill

2.58%,

07/16/2025

(o) CAD

7,500

5,447

2.62%,

08/27/2025

(o) 14,500

10,498

2.78%,

06/18/2025

(o) 14,400

10,479

Chile

Government

International

Bond

2.75%,

01/31/2027

$

775

753

3.25%,

09/21/2071

Colombia

Government

International

Bond

3.00%,

01/30/2030

7.38%,

04/25/2030

7.75%,

11/07/2036

Colombian

TES

12.75%,

11/28/2040

COP

2,821,000

671

13.25%,

02/09/2033

2,738,000

696

Dominican

Republic

International

Bond

4.50%,

01/30/2030

$

700

657

Ecuador

Government

International

Bond

5.00%,

07/31/2040

(n) 375

5.50%,

07/31/2035

(n) 721

6.90%,

07/31/2030

(n) 875

678

Egypt

Government

Bond

24.46%,

10/01/2027

EGP

17,300

25.32%,

08/13/2027

16,000

Egypt

Government

International

Bond

7.05%,

01/15/2032

$

7.63%,

05/29/2032

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Sovereign

(continued)

Egypt

Treasury

Bills

20.72%,

09/16/2025

(o) EGP

15,300

$

21.12%,

12/16/2025

(o) 6,800

21.80%,

10/07/2025

(o) 3,675

23.72%,

11/18/2025

(o) 38,000

679

26.56%,

08/19/2025

(o) 38,500

731

Gabon

Government

International

Bond

6.63%,

02/06/2031

$

Ghana

Government

International

Bond

0.00%,

01/03/2030

(e),(h)

0.00%,

01/03/2030

(e) 359

5.00%,

07/03/2029

(h),(n)

575

525

Guatemala

Government

Bond

7.05%,

10/04/2032

Israel

Government

International

Bond

5.50%,

03/12/2034

5.63%,

02/19/2035

875

864

Ivory

Coast

Government

International

Bond

4.88%,

01/30/2032

EUR

4.88%,

01/30/2032

(h) 475

5.88%,

10/17/2031

8.08%,

04/01/2036

(h) $

800

756

Japan

Treasury

Discount

Bill

0.41%,

10/10/2025

(o) JPY

217,000

1,506

Lebanon

Government

International

Bond

0.00%,

03/09/2020

(e) $

0.00%,

06/19/2020

(e) 800

0.00%,

05/27/2022

(e) 100

0.00%,

10/04/2022

(e) 100

0.00%,

11/29/2027

(e) 150

0.00%,

03/20/2028

(e) 300

0.00%,

05/17/2033

(e) 625

Malaysia

Government

Bond

3.34%,

05/15/2030

MYR

4,075

962

3.83%,

07/05/2034

1,850

Mexican

Bonos

7.75%,

11/23/2034

MXN

4,600

7.75%,

11/13/2042

13,500

568

8.50%,

11/18/2038

17,500

820

Mexico

Government

International

Bond

5.13%,

05/04/2037

EUR

Morocco

Government

International

Bond

4.75%,

04/02/2035

(h) 100

Nigeria

Government

International

Bond

6.13%,

09/28/2028

$

650

604

7.14%,

02/23/2030

Pakistan

Government

International

Bond

6.88%,

12/05/2027

900

834

Peru

Government

Bond

5.40%,

08/12/2034

PEN

3,350

855

Peruvian

Government

International

Bond

6.90%,

08/12/2037

1,550

Republic

of

Poland

Government

Bond

2.00%,

08/25/2036

PLN

4,485

1,070

Republic

of

South

Africa

Government

Bond

8.75%,

01/31/2044

ZAR

37,150

1,637

8.75%,

02/28/2048

16,200

705

8.88%,

02/28/2035

15,315

786

9.00%,

01/31/2040

6,590

Republic

of

Uzbekistan

International

Bond

3.70%,

11/25/2030

$

3.90%,

10/19/2031

5.10%,

02/25/2029

(h) EUR

6.90%,

02/28/2032

(h) $

500

Romanian

Government

International

Bond

5.13%,

09/24/2031

(h) EUR

5.88%,

07/11/2032

(h) 160

6.25%,

09/10/2034

(h) 95

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Sovereign

(continued)

Romanian

Government

International

Bond

(continued)

6.38%,

09/18/2033

EUR

700

$

806

Senegal

Government

International

Bond

4.75%,

03/13/2028

850

829

5.38%,

06/08/2037

6.75%,

03/13/2048

$

Turkiye

Government

Bond

37.00%,

02/18/2026

TRY

10,000

Turkiye

Government

International

Bond

7.25%,

05/29/2032

$

Ukraine

Government

International

Bond

1.75%,

02/01/2034

(h),(n)

1.75%,

02/01/2034

(n) 366

United

Kingdom

Gilt

4.13%,

01/29/2027

GBP

4.50%,

03/07/2035

Uruguay

Government

International

Bond

8.50%,

03/15/2028

UYU

3,500

9.75%,

07/20/2033

3,375

Zambia

Government

International

Bond

0.50%,

12/31/2053

(h) $

525

0.50%,

12/31/2053

709

$

60,452

Student

Loan

Asset

Backed

Securities

-

0.25%

College

Ave

Student

Loans

2021-A

LLC

4.12%,

07/25/2051

(h) 48

Navient

Private

Education

Refi

Loan

Trust

2018-A

3.68%,

02/18/2042

(h) 74

Navient

Private

Education

Refi

Loan

Trust

2018-C

4.22%,

06/16/2042

(h) 278

Navient

Private

Education

Refi

Loan

Trust

2020-F

2.69%,

07/15/2069

(h) 100

Nelnet

Student

Loan

Trust

2021-D

2.90%,

04/20/2062

(h) 100

SLM

Private

Credit

Student

Loan

Trust

2003-A

7.31%,

06/15/2032

1.00 x

US

Day

Auction

Rate

+

0.00%

SLM

Private

Credit

Student

Loan

Trust

2003-B

7.28%,

03/15/2033

1.00 x

US

Day

Auction

Rate

+

0.00%

SMB

Private

Education

Loan

Trust

2015-C

3.50%,

09/15/2043

(h) 23

SMB

Private

Education

Loan

Trust

2018-C

4.00%,

11/17/2042

(h) 100

SoFi

Professional

Loan

Program

2020-ATrust

3.12%,

05/15/2046

(h) 160

$

1,066

Supranational

Bank

-

0.63%

Africa

Finance

Corp

7.50%,

01/21/2030

(h),(k),(m)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.02%

Asian

Development

Bank

6.72%,

02/08/2028

INR

10,700

Banque

Ouest

Africaine

de

Developpement

5.00%,

07/27/2027

$

European

Bank

for

Reconstruction

&

Development

6.75%,

01/13/2032

INR

36,000

Inter-American

Development

Bank

7.00%,

01/25/2029

20,000

7.00%,

04/17/2033

28,000

International

Bank

for

Reconstruction

&

Development

6.50%,

04/17/2030

14,000

6.75%,

09/08/2027

9,000

6.85%,

04/24/2028

7,500

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Supranational

Bank

(continued)

International

Bank

for

Reconstruction

&

Development

(continued)

7.05%,

07/22/2029

INR

27,500

$

$

2,639

Telecommunications

-

0.48%

EchoStar

Corp

10.75%,

11/30/2029

$

989

994

Frontier

Communications

Holdings

LLC

5.88%,

11/01/2029

6.00%,

01/15/2030

(h) 374

VEON

Holdings

BV

3.38%,

11/25/2027

$

2,024

Transportation

-

0.17%

Transnet

SOC

Ltd

8.25%,

02/06/2028

700

714

Trucking

&

Leasing

-

0.05%

SMBC

Aviation

Capital

Finance

DAC

5.10%,

04/01/2030

(h) 200

Water

-

0.05%

Aegea

Finance

Sarl

9.00%,

01/20/2031

(h) 200

TOTAL

BONDS

$

148,965

CONVERTIBLE

BONDS

-

0.59%

Principal

Amount

(000's)

Value

(000's)

Chemicals

-

0.09%

Sasol

Financing

USA

LLC

4.50%,

11/08/2027

$

$

Commercial

Services

-

0.00%

Global

Payments

Inc

1.50%,

03/01/2031

Computers

-

0.01%

Parsons

Corp

2.63%,

03/01/2029

Seagate

HDD

Cayman

3.50%,

06/01/2028

$

Diversified

Financial

Services

-

0.00%

Coinbase

Global

Inc

0.25%,

04/01/2030

Electric

-

0.01%

Evergy

Inc

4.50%,

12/15/2027

Pinnacle

West

Capital

Corp

4.75%,

06/15/2027

(h) 5

$

Electronics

-

0.00%

Advanced

Energy

Industries

Inc

2.50%,

09/15/2028

Itron

Inc

1.38%,

07/15/2030

(h) 10

$

Engineering

&

Construction

-

0.01%

Fluor

Corp

1.13%,

08/15/2029

Granite

Construction

Inc

3.75%,

05/15/2028

$

Food

-

0.00%

Post

Holdings

Inc

2.50%,

08/15/2027

Internet

-

0.01%

DoorDash

Inc

0.00%,

05/15/2030

(e),(h)

Sea

Ltd

2.38%,

12/01/2025

CONVERTIBLE

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Internet

(continued)

Spotify

USA

Inc

0.00%,

03/15/2026

(e) $

$

Uber

Technologies

Inc

0.88%,

12/01/2028

$

Leisure

Products

&

Services

-

0.01%

Carnival

Corp

5.75%,

12/01/2027

NCL

Corp

Ltd

0.88%,

04/15/2030

(h) 5

1.13%,

02/15/2027

$

Oil

&

Gas

-

0.01%

Northern

Oil

&

Gas

Inc

3.63%,

04/15/2029

Permian

Resources

Operating

LLC

3.25%,

04/01/2028

$

Retail

-

0.00%

Freshpet

Inc

3.00%,

04/01/2028

Semiconductors

-

0.30%

ams-OSRAM

AG

2.13%,

11/03/2027

EUR

1,200

1,257

Software

-

0.10%

Datadog

Inc

0.00%,

12/01/2029

(e),(h)

$

Dye

&

Durham

Ltd

3.75%,

03/01/2026

(h) CAD

Guidewire

Software

Inc

1.25%,

11/01/2029

(h) $

Nutanix

Inc

0.25%,

10/01/2027

Snowflake

Inc

0.00%,

10/01/2029

(e),(h)

Tyler

Technologies

Inc

0.25%,

03/15/2026

Vertex

Inc

0.75%,

05/01/2029

$

Telecommunications

-

0.04%

EchoStar

Corp

3.88%,

PIK

0.00%;

11/30/2030

(j),(n)

InterDigital

Inc

3.50%,

06/01/2027

$

TOTAL

CONVERTIBLE

BONDS

$

2,485

SENIOR

FLOATING

RATE

INTERESTS

-

0.33%

Principal

Amount

(000's)

Value

(000's)

Entertainment

-

0.06%

DraftKings

Crown

Holdings

Inc

6.08%,

02/25/2032

(p) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Flutter

Financing

BV

Term

Loan

B

0.00%,

05/24/2032

(p),(q)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

6.05%,

11/30/2030

(p) 146

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Light

&

Wonder

International

Inc

Term

Loan

B2

6.57%,

04/14/2029

(p) 16

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

$

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Food

Service

-

0.04%

Aramark

Services

Inc

Term

Loan

B7

6.34%,

04/06/2028

(p) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Aramark

Services

Inc

Term

Loan

B8

6.40%,

06/22/2030

(p) 137

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

$

Healthcare

-

Products

-

0.02%

Bausch

+

Lomb

Corp

Term

Loan

8.32%,

09/14/2028

(p) 100

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Healthcare

-

Services

-

0.02%

IQVIA

Inc

Term

Loan

B5

6.05%,

01/02/2031

(p) 75

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Insurance

-

0.03%

CRC

Insurance

Group

LLC

Term

Loan

B

7.05%,

05/06/2031

(p) 46

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

HUB

International

Ltd

Term

Loan

B

6.77%,

06/20/2030

(p) 50

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Ryan

Specialty

LLC

Term

Loan

B

6.58%,

09/10/2031

(p) 28

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

$

Internet

-

0.01%

MH

Sub

I

LLC

Term

Loan

B3

8.56%,

04/24/2028

(p) 34

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

Leisure

Products

&

Services

-

0.07%

Carnival

Corp

Term

Loan

B

6.33%,

08/08/2027

(p) 61

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

6.33%,

10/18/2028

(p) 248

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

$

Lodging

-

0.02%

Hilton

Grand

Vacations

Borrower

LLC

Term

Loan

B

6.32%,

01/17/2031

(p) 81

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Mining

-

0.03%

Novelis

Holdings

Inc

6.29%,

02/25/2032

(p) 120

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Software

-

0.03%

Open

Text

Corp

Term

Loan

B

6.08%,

01/31/2030

(p) 132

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

TOTAL

SENIOR

FLOATING

RATE

INTERESTS

$

1,393

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

2.30%

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

-

1.43%

0.63%,

05/15/2030

$

3,895

$

3,313

4.50%,

03/31/2026

(r) 2,685

2,691

$

6,004

U.S.

Treasury

Bill

-

0.87%

4.19%,

07/03/2025

(o) 1,390

1,385

4.20%,

06/05/2025

(o) 335

4.21%,

07/17/2025

(o) 1,030

1,025

4.23%,

08/28/2025

(o) 925

915

$

3,660

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

9,664

TOTAL

PURCHASED

OPTIONS

-

0.08%

$

Total

Investments

$

401,901

Other

Assets

and

Liabilities

- 4.14%

17,321

TOTAL

NET

ASSETS

-

100.00%

$

419,222

(a) 1-day

yield

shown

is

as

of

period

end.

(b) All

or

a

portion

of

this

security

is

owned

by

the

GMS

Cayman

Corporation,

which

is

a

wholly-owned

subsidiary

of

the

Fund.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Security

or

a

portion

of

the

security

was

pledged

to

cover

margin

requirements

for

swap

and/or

swaption

contracts.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$37,750

or

9.00%

of

net

assets.

(e) Non-income

producing

security

(f) The

value

of

these

investments

was

determined

using

significant

unobservable

inputs,

in

good

faith

by

the

Manager,

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

(g) Restricted

Security.

Please

see

Restricted

Securities

sub-schedule

for

additional

information.

(h) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$62,858

or

14.99%

of

net

assets.

(i) Security

or

a

portion

of

the

security

was

pledged

as

collateral

for

short

sales.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$7,710

or

1.84%

of

net

assets.

(j) Payment

in

kind;

the

issuer

has

the

option

of

paying

additional

securities

in

lieu

of

cash.

(k) Rate

shown

is

as

of

period

end.

The

rate

may

be

a

variable

or

floating

rate

or

a

fixed

rate

which

may

convert

to

a

variable

or

floating

rate

in

the

future.

(l) Security

is

a

contingent

convertible

security,

("CoCo").

CoCo's

are

hybrid

debt

securities

that

may

convert

to

equity

or

have

their

principal

written

down

upon

occurrence

of

certain

"triggers".

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$1,448

or

0.35%

of

net

assets.

(m) Perpetual

security.

Perpetual

securities

pay

an

indefinite

stream

of

interest,

but

they

may

be

called

by

the

issuer

at

an

earlier

date.

Date

shown,

if

any,

reflects

the

next

call

date

or

final

legal

maturity

date.

Rate

shown

is

as

of

period

end.

(n) Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions. These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(o) Rate

shown

is

the

discount

rate

of

the

original

purchase.

(p) Rate

information

disclosed

is

based

on

an

average

weighted

rate

of

the

underlying

tranches

as

of

period

end.

(q) This

Senior

Floating

Rate

Note

will

settle

after

May

31,

2025,

at

which

time

the

interest

rate

will

be

determined.

(r) Security

or

a

portion

of

the

security

was

pledged

to

cover

margin

requirements

for

futures

contracts.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$2,371

or

0.57%

of

net

assets.

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

Affiliated

Securities

August

31,

2024

Purchases

Sales

May

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

68,413

$

341,646

$

335,242

$

74,817

$

68,413

$

341,646

$

335,242

$

74,817

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

2,665

$

—

$

—

$

—

$

2,665

$

—

$

—

$

—

Amounts

in

thousands.

Restricted

Securities

Security

Name

Acquisition

Date

Cost

Value

Percent

of

Net

Assets

Element

Comm

Aviation

06/15/2015

$

2,800

$

—

0.00%

Total

$

—

0.00%

Amounts

in

thousands.

Options

Purchased

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Upfront

Payments

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Put

-

Ball

Corp

N/A

$

$

45.00 06/20/2025

$

$

—

$

(3) Put

-

Becton,

Dickinson

&

Co

N/A

$

180.00 06/20/2025

Put

-

Becton,

Dickinson

&

Co

N/A

$

200.00 06/20/2025

Put

-

Boeing

Co

N/A

$

150.00 07/18/2025

—

(1) Put

-

DuPont

De

Nemours

Inc

N/A

$

60.00 06/20/2025

(51) Put

-

Honeywell

International

Inc

N/A

$

190.00 06/20/2025

—

(45) Put

-

IAC

-

Interactive

Corp

N/A

508

$

40.00 06/20/2025

—

(53) Put

-

International

Game

Techno

N/A

656

$

15.00 06/20/2025

(37) Put

-

International

Game

Techno

N/A

$

14.00 07/18/2025

(1) Put

-

Phillips

N/A

$

100.00 07/18/2025

Put

-

Phillips

N/A

$

90.00 06/20/2025

—

(24) Put

-

S&P

500

Index

N/A

$

5,100.00

06/20/2025

(163) Put

-

S&P

500

Index

N/A

$

5,500.00

08/15/2025

(2) Put

-

S&P

500

Index

N/A

—

$

5,625.00

07/18/2025

—

Put

-

S&P

500

Index

N/A

$

5,350.00

07/18/2025

(43) Put

-

SPDR

S&P

500

ETF

Trust

N/A

$

580.00 06/20/2025

(2) Put

-

US

Year

Note

Future;

September

2025

N/A

$

100.00 06/20/2025

—

(1) Put

-

US

Year

Note

Future;

September

2025

N/A

$

110.00 06/20/2025

(42) Put

-

US

Long

Bond

Future;

September

2025

N/A

$

110.00 06/20/2025

(18) Total

$

714

$

$

(393) Written

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Upfront

Receipts

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Call

-

Ball

Corp

N/A

$

$

50.00 06/20/2025

$

(49) $

(51) $

(2) Call

-

Becton,

Dickinson

&

Co

N/A

$

225.00 06/20/2025

(2) —

Call

-

Becton,

Dickinson

&

Co

N/A

$

230.00 06/20/2025

(76) —

Call

-

Boeing

Co

N/A

$

205.00 07/18/2025

(14) (16) (2) Call

-

DuPont

De

Nemours

Inc

N/A

$

70.00 06/20/2025

(38) (13) 25

Call

-

Honeywell

International

Inc

N/A

$

200.00 06/20/2025

(70) (194) (124) Call

-

IAC

-

Interactive

Corp

N/A

508

$

45.00 06/20/2025

(244) —

Call

-

International

Game

Techno

N/A

$

16.00 07/18/2025

(38) (7) 31

Call

-

International

Game

Techno

N/A

656

$

16.00 06/20/2025

(90) (9) 81

Call

-

Merck

&

Co

Inc

N/A

—

$

90.00 06/20/2025

—

—

—

Call

-

Phillips

N/A

$

105.00 06/20/2025

(2) (5) (3) Call

-

Phillips

N/A

$

115.00 07/18/2025

(31) (12) 19

Call

-

Skechers

USA,

Inc

- Class

A

N/A

$

65.00 06/20/2025

(1) —

Call

-

SPDR

S&P

500

ETF

Trust

N/A

$

605.00 06/20/2025

(17) (7) 10

Call

-

United

Parcel

Service

Inc

N/A

—

$

110.00 06/20/2025

—

—

—

Call

-

United

States

Steel

Corp

N/A

$

36.00 06/20/2025

(55) (127) (72) Call

-

United

States

Steel

Corp

N/A

$

35.00 06/20/2025

(29) (68) (39) Call

-

Williams

Cos

Inc/The

N/A

—

$

65.00 06/20/2025

—

—

—

Put

-

Paramount

Global

N/A

$

10.00 08/15/2025

(16) (4) 12

Put

-

S&P

500

Index

N/A

$

4,925.00

08/15/2025

(13) (12) 1

Put

-

S&P

500

Index

N/A

—

$

4,600.00

06/20/2025

(18) —

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

Options

(continued)

Written

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Upfront

Receipts

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Put

-

S&P

500

Index

N/A

$

$

4,800.00

07/18/2025

$

(19) $

(4) $

Put

-

SPDR

S&P

500

ETF

Trust

N/A

$

550.00 06/20/2025

(3) (2) 1

Call

-

US

Year

Note

Future;

September

2025

N/A

$

109.00 06/20/2025

(20) (23) (3) Put

-

US

Year

Note

Future;

September

2025

N/A

$

108.50 06/20/2025

(54) (12) 42

Put

-

US

Long

Bond

Future;

September

2025

N/A

$

108.00 06/20/2025

(15) (4) 11

Total

$

(914) $

(570) $

Amounts

in

thousands

except

contracts/shares.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

Month

Secured

Overnight

Financing

Rate;

October

2025

Short

$

3,196

$

—

Month

Secured

Overnight

Financing

Rate;

June

2026

Long

16,663

(25) 3

Month

Secured

Overnight

Financing

Rate;

March

2026

Short

11,812

(4) ASX

Day

Bank

Bill;

June

2026

Long

8,956

—

AUD/USD;

June

2025

Short

—

Australia

Year

Bond;

June

2025

Short

1,986

(30) Australia

Year

Bond;

June

2025

Long

2,428

(1) Australia

Year

Bond;

June

2025

Long

7,140

Brent

Crude;

August

2025

(a) Short

1,004

Brent

Crude;

December

2025

Short

(2) Brent

Crude;

October

2025

Short

Brent

Crude;

September

2025

Short

Brent

Financial

Last

Day;

August

2025

Short

CAC40

Index;

June

2025

Long

1,495

(16) Canada

Year

Bond;

September

2025

Long

1,872

Canada

Year

Bond;

September

2025

Short

535

(3) Canada

Year

Bond;

September

2025

Long

—

Canadian

Dollar;

June

2025

Long

Canola;

July

2025

Long

—

Canola;

November

2025

Long

CME

Bitcoin;

June

2025

Long

526

(28) CME

Micro

Bitcoin;

June

2025

Long

(2) CME

Micro

Ether;

June

2025

Long

—

Cocoa;

December

2025

Long

(12) Cocoa;

July

2025

(a) Long

(16) Cocoa;

September

2025

Long

Cocoa;

September

2025

(a) Long

Coffee

'C';

July

2025

(a) Long

514

(61) Coffee

'C';

September

2025

Long

(15) Copper;

July

2025

Long

Copper;

September

2025

Long

Corn;

December

2025

Short

724

—

Corn;

July

2025

(a) Short

888

Corn;

September

2025

Long

(1) Cotton

No.2;

December

2025

Short

Cotton

No.2;

July

2025

(a) Short

Crude

Oil;

October

2025

Long

—

Crude

Palm

Oil;

August

2025

Short

(3) Crude

Palm

Oil;

July

2025

Short

—

Crude

Palm

Oil;

October

2025

Short

—

Crude

Palm

Oil;

September

2025

Short

(1) DAX

Index;

June

2025

Long

2,730

DJ

Euro

Stoxx

50;

June

2025

Short

(1) DJ

Euro

Stoxx

50;

June

2025

Long

2,378

Dollar

Index;

June

2025

Short

1,390

Dollar

Index;

June

2025

Long

—

ECX

Emission;

December

2025

Short

ECX

Emission;

December

2026

Long

(4) E-Mini

Crude

Oil;

July

2025

Short

E-Mini

DJIA

Index;

June

2025

Long

(1) eMini

MSCI

EAFE;

June

2025

Long

912

eMini

MSCI

Emerging

Markets;

June

2025

Long

977

(17) E-Mini

Natural

Gas;

July

2025

Long

(1) EUR/GBP;

June

2025

Short

—

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

Futures

Contracts

(continued)

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

Euribor;

June

2026

Long

$

45,191

$

Euribor;

June

2027

Long

10,292

(1) Euribor;

June

2028

Long

4,161

—

Euribor;

March

2026

Long

8,649

(3) Euribor;

September

2025

Long

2,508

(1) Euro

Bond

Year

Bond;

June

2025

Short

3,129

(19) Euro

Bond

Year

Bond;

June

2025

Long

5,661

Euro

Buxl

Year

Bond;

June

2025

Short

966

Euro

Milling

Wheat;

December

2025

Short

Euro

Milling

Wheat;

March

2026

Short

—

Euro

Milling

Wheat;

September

2025

Short

Euro

Schatz;

June

2025

Long

28,521

(13) Euro

Stoxx

Bank;

June

2025

Long

—

Euro-Bobl

Year;

June

2025

Short

2,029

(7) Euro-Bobl

Year;

June

2025

Long

4,058

Euro-BTP;

June

2025

Long

6,053

Euro-Oat;

June

2025

Short

2,142

(16) Feeder

Cattle;

August

2025

Long

1,046

(6) Frozen

Concentrated

Orange

Juice-A;

July

2025

Long

FTSE

China

A50

Index;

June

2025

Long

(1) FTSE

KLCI

Index;

June

2025

Long

—

FTSE/JSE

Top

40;

June

2025

Long

676

FTSE100

Index;

June

2025

Short

591

(6) FTSE100

Index;

June

2025

Long

710

Gasoline

RBOB;

August

2025

Short

Gasoline

RBOB;

July

2025

(a) Long

—

Gasoline

RBOB;

July

2025

Short

Gasoline

RBOB;

October

2025

Short

Gasoline

RBOB;

September

2025

Short

(3) GBP/USD;

June

2025

Long

—

Gold

oz;

August

2025

(a) Long

2,652

(6) Gold

oz;

December

2025

Long

1,011

(20) Gold;

April

2026

Long

960

(5) Gold;

February

2026

Long

638

Hang

Seng

Index;

June

2025

Long

1,922

HSCEI

China

Index;

June

2025

Long

(1) HSTECH;

June

2025

Long

—

IBEX

Mini

Index;

June

2025

Long

ICE

Month

Sterling

Overnight

Index

Average;

June

2026

Long

4,542

(6) ICE

Endex

Dutch

TTF

Natural

Gas;

July

2025

Short

IFSC

Nifty

50;

June

2025

Long

1,043

(4) INR/USD

Standard;

June

2025

Long

—

Japan

Year

Bond

TSE;

June

2025

Short

4,833

Japan

Topix

Index;

June

2025

Long

972

KC

HRW

Wheat;

July

2025

(a) Short

693

KC

HRW

Wheat;

September

2025

Short

—

Korea

Year

Bond;

June

2025

Long

7,083

(108) Korea

Year

Bond;

June

2025

Long

21,896

(78) KOSDAQ150;

June

2025

Short

(1) KOSPI

Index;

June

2025

Long

Kospi200

Mini;

June

2025

Long

Lean

Hogs;

August

2025

Long

Lean

Hogs;

July

2025

Long

Lean

Hogs;

October

2025

Long

Live

Cattle;

August

2025

Long

1,172

Live

Cattle;

December

2025

Long

666

Live

Cattle;

February

2026

Long

Live

Cattle;

October

2025

Long

664

LME

Copper;

August

2025

Long

(1) LME

Copper;

June

2025

(a) Short

—

—

(187) LME

Copper;

September

2025

(a) Long

949

(4) LME

Lead;

August

2025

Short

—

—

(5) LME

Lead;

August

2025

Short

—

—

—

LME

Lead;

August

2025

Short

—

—

—

LME

Lead;

August

2025

Long

(1) LME

Lead;

August

2025

Short

LME

Lead;

August

2025

Long

(1) LME

Lead;

August

2025

Long

—

LME

Nickel;

August

2025

Short

LME

Nickel;

August

2025

Long

(2) Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

Futures

Contracts

(continued)

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

LME

Nickel;

August

2025

Short

$

$

LME

PRI

Alum;

August

2025

Short

—

—

—

LME

PRI

Alum;

August

2025

Long

(2) LME

PRI

Alum;

August

2025

Short

—

—

(6) LME

PRI

Alum;

August

2025

Short

LME

PRI

Alum;

June

2025

(a) Short

—

—

(88) LME

PRI

Alum;

September

2025

(a) Short

LME

Tin;

August

2025

Long

(24) LME

Tin;

August

2025

Short

—

—

LME

Zinc;

August

2025

Short

(13) LME

Zinc;

August

2025

Short

—

—

—

LME

Zinc;

August

2025

Short

LME

Zinc;

August

2025

Long

(2) LME

Zinc;

August

2025

Long

(3) LME

Zinc;

August

2025

Short

—

—

—

LME

Zinc;

June

2025

(a) Short

—

—

LME

Zinc;

September

2025

(a) Short

Low

Sulphur

Gasoline;

August

2025

Short

Low

Sulphur

Gasoline;

July

2025

(a) Short

1,004

Low

Sulphur

Gasoline;

October

2025

Short

Low

Sulphur

Gasoline;

September

2025

Short

Maize;

August

2025

Short

—

Mexican

Peso;

June

2025

Short

—

Micro

E-Mini

Russell

2000;

June

2025

Long

—

Micro

EUR/USD;

June

2025

Long

—

Micro

Gold;

August

2025

Long

(1) Milk;

July

2025

Long

(1) Mini

FTSE/MIB;

June

2025

Long

Mini

HIS

Index;

June

2025

Long

—

Mini

H-Shares

Index;

June

2025

Long

—

Mini

Japan

Year

Bond;

June

2025

Short

1,451

—

Mini

Topix

Index;

June

2025

Long

MSCI

Singapore

Index;

June

2025

Long

Nasdaq

E-Mini;

June

2025

Long

1,283

Nasdaq

Micro

E-mini;

June

2025

Long

—

Natural

Gas;

August

2025

Short

Natural

Gas;

July

2025

(a) Long

(14) Natural

Gas;

July

2025

Short

Natural

Gas;

October

2025

Long

(3) New

Zealand

Dollar;

June

2025

Short

—

Nikkei

Mini;

June

2025

Long

—

Nikkei

OSE;

June

2025

Long

791

Nikkei

OSE;

June

2025

Short

528

(29) Nikkei

SGX;

June

2025

Long

528

Nikkei

Yen;

June

2025

Long

(3) Nikkei

225;

June

2025

Long

566

NY

Harb

ULSD;

December

2025

Long

(3) NY

Harb

ULSD;

July

2025

(a) Long

842

(40) NY

Harb

ULSD;

October

2025

Short

NY

Harb

ULSD;

September

2025

Short

Oat;

July

2025

Long

—

Palladium;

September

2025

Long

(2) Platinum;

April

2026

Long

—

Platinum;

February

2026

Long

Platinum;

July

2025

Long

(4) Rapeseed

Euro;

August

2025

Long

(4) Rapeseed

Euro;

November

2025

Long

(1) Robusta

Coffee

10tn;

July

2025

Short

Rough

Rice;

July

2025

Short

(2) RSS3

Rubber;

October

2025

Short

—

Russell

2000

Emini;

June

2025

Short

10,031

(358) S&P

500

Emini;

June

2025

Short

3,550

(347) S&P

500

Emini;

June

2025

Long

592

S&P

Mid

Emini;

June

2025

Short

601

S&P/TSX

Index;

June

2025

Long

914

SET50

Index;

June

2025

Long

(1) SGX

Iron

Ore

62%;

July

2025

Long

—

Short

Term

Euro-BTP;

June

2025

Long

19,771

Silver;

July

2025

(a) Long

661

(7) Silver;

July

2025

Short

(2) Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

Futures

Contracts

(continued)

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

Silver;

September

2025

Long

$

$

—

Soybean

Meal;

December

2025

Long

—

Soybean

Meal;

July

2025

(a) Short

1,007

Soybean

Oil;

December

2025

Long

543

(12) Soybean

Oil;

January

2026

Long

(2) Soybean

Oil;

July

2025

(a) Long

562

(15) Soybean;

January

2026

Short

(1) Soybean;

July

2025

(a) Short

2,240

Soybean;

November

2025

Short

667

SPI

Index;

June

2025

Long

1,227

Stoxx

50;

June

2025

Long

—

Stoxx

600

Bank;

June

2025

Long

Stoxx

600

Insurance;

June

2025

Long

—

Stoxx

600

Utilities;

June

2025

Long

Stoxx

Europe

600;

June

2025

Long

592

Sugar

#11;

July

2025

(a) Short

631

Sugar

#11;

March

2026

Short

Sugar

#11;

May

2026

Short

—

Sugar

#11;

October

2025

Short

SX5E

Dividend;

December

2026

Long

TSR20

FOB;

July

2025

Short

—

UK

Year

Gilt;

September

2025

Short

5,670

(25) UK

Natural

Gas;

August

2025

Short

UK

Natural

Gas;

July

2025

Short

US

Year

Note;

September

2025

Short

3,101

(11) US

Year

Ultra

Note;

September

2025

Short

5,515

(11) US

Year

Note;

September

2025

Short

30,078

(28) US

Year

Note;

September

2025

Long

2,489

US

Year

Note;

September

2025

Long

US

Year

Note;

September

2025

Long

36,459

US

Year

Note;

September

2025

Short

4,544

(12) US

Dollar;

June

2025

Long

—

US

Long

Bond;

September

2025

Short

8,233

(59) US

Ultra

Bond;

September

2025

Short

2,206

(14) USD/CNH;

June

2025

Long

—

Wheat;

December

2025

Short

(1) Wheat;

July

2025

Short

(2) Wheat;

July

2025

(a) Short

827

Wheat;

September

2025

Short

(2) White

Maize-SAF;

July

2025

Long

White

Sugar;

October

2025

Short

WIG20

Index;

June

2025

Long

WTI

Crude;

August

2025

Short

WTI

Crude;

December

2025

Short

(1) WTI

Crude;

July

2025

(a) Short

548

WTI

Crude;

July

2025

Long

—

WTI

Crude;

October

2025

Short

WTI

Crude;

September

2025

Short

(1) XAE

Energy;

June

2025

Long

(3) XAF

Financial;

June

2025

Long

(2) XAY

Consumer

Discretionary;

June

2025

Long

(4) Yellow

Maize-SAF;

July

2025

Short

(1) Total

$

(910) Amounts

in

thousands

except

contracts.

(a) All

or

a

portion

of

this

security

is

owned

by

the

GMS

Cayman

Corporation,

which

is

a

wholly-owned

subsidiary

of

the

Fund.

Foreign

Currency

Contracts

Unrealized

Appreciation/(Depreciation)

Counterparty

Settlement

Date

Currency

to

Accept

Currency

to

Deliver

Asset

Liability

Bank

of

America

NA

06/18/2025

AUD

10,668

$

6,674

$

$

(5) Bank

of

America

NA

06/18/2025

GBP

6,628

$

8,753

(1) Bank

of

America

NA

06/18/2025

CAD

17,153

$

12,213

—

Bank

of

America

NA

06/18/2025

EUR

7,110

$

7,908

(1) Bank

of

America

NA

06/18/2025

JPY

603,051

$

4,172

(14) Bank

of

America

NA

06/18/2025

MXN

85,234

$

4,256

—

Bank

of

America

NA

06/18/2025

NZD

7,893

$

4,582

(4) Bank

of

America

NA

06/18/2025

CHF

11,095

$

13,203

(23) Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

Foreign

Currency

Contracts

(continued)

Unrealized

Appreciation/(Depreciation)

Counterparty

Settlement

Date

Currency

to

Accept

Currency

to

Deliver

Asset

Liability

Bank

of

America

NA

06/18/2025

$

4,574

GBP

3,470

$

—

$

(101) Bank

of

America

NA

06/18/2025

$

8,634

AUD

13,689

—

(191) Bank

of

America

NA

06/18/2025

$

5,800

NZD

10,081

—

(227) Bank

of

America

NA

06/18/2025

$

10,205

CHF

8,830

—

(549) Bank

of

America

NA

06/18/2025

$

2,542

MXN

50,959

—

(80) Bank

of

America

NA

06/18/2025

$

6,524

EUR

5,964

(260) Bank

of

America

NA

06/18/2025

$

4,588

JPY

670,269

(85) Bank

of

America

NA

06/18/2025

$

14,335

CAD

20,398

—

(543) BMO

Capital

Markets

06/18/2025

GBP

$

—

BNP

Paribas

06/18/2025

$

5,057

CAD

7,200

—

(196) BNP

Paribas

06/25/2025

INR

81,191

$

948

—

—

BNP

Paribas

06/25/2025

NOK

31,939

$

3,128

—

BNP

Paribas

06/25/2025

RON

15,405

$

3,426

—

BNP

Paribas

06/25/2025

$

1,643

SEK

15,798

—

(8) BNP

Paribas

06/25/2025

$

2,745

NOK

27,874

—

BNP

Paribas

06/25/2025

$

MXN

5,985

—

(1) BNP

Paribas

06/25/2025

$

732

CZK

16,127

—

(3) BNP

Paribas

06/25/2025

$

721

GBP

535

—

—

BNP

Paribas

06/25/2025

$

1,840

COP

7,713,338

—

(13) BNP

Paribas

06/25/2025

$

681

PHP

37,951

—

BNP

Paribas

06/25/2025

$

2,049

IDR

33,681,124

—

(11) BNP

Paribas

06/25/2025

$

878

ZAR

15,748

—

BNP

Paribas

07/16/2025

$

2,851

CAD

4,000

—

(71) BNP

Paribas

08/27/2025

$

10,445

CAD

14,500

—

(171) Citigroup

Inc

06/02/2025

TWD

33,500

$

1,038

—

Citigroup

Inc

06/02/2025

$

1,120

TWD

33,500

—

Citigroup

Inc

06/13/2025

EUR

$

—

—

Citigroup

Inc

06/13/2025

$

3,551

EUR

3,145

—

(22) Citigroup

Inc

06/26/2025

EUR

600

$

681

—

Citigroup

Inc

06/26/2025

$

1,447

COP

6,050,388

—

(6) Citigroup

Inc

06/26/2025

$

BRL

1,499

—

—

Citigroup

Inc

07/24/2025

TRY

28,400

$

671

—

Citigroup

Inc

07/25/2025

TRY

14,050

$

—

Citigroup

Inc

08/29/2025

EUR

1,889

RON

9,694

—

(6) Credit

Agricole

CIB

06/18/2025

$

5,188

CAD

7,200

—

(62) Credit

Agricole

CIB

06/25/2025

AUD

5,579

$

3,581

—

Credit

Agricole

CIB

06/25/2025

BRL

27,939

$

4,893

—

(32) Credit

Agricole

CIB

06/25/2025

CAD

2,089

$

1,519

—

Credit

Agricole

CIB

06/25/2025

EUR

1,840

$

2,086

—

Credit

Agricole

CIB

06/25/2025

INR

110,885

$

1,296

—

(1) Credit

Agricole

CIB

06/25/2025

IDR

10,441,148

$

641

—

(2) Credit

Agricole

CIB

06/25/2025

JPY

1,013,229

$

7,077

—

(18) Credit

Agricole

CIB

06/25/2025

NZD

4,364

$

2,576

—

Credit

Agricole

CIB

06/25/2025

PHP

117,920

$

2,115

—

(2) Credit

Agricole

CIB

06/25/2025

CHF

1,242

$

1,505

—

Credit

Agricole

CIB

06/25/2025

$

4,570

SEK

43,884

—

(16) Credit

Agricole

CIB

06/25/2025

$

7,541

CHF

6,212

—

(30) Credit

Agricole

CIB

06/25/2025

$

3,952

ZAR

71,285

—

(7) Credit

Agricole

CIB

06/25/2025

$

4,069

GBP

3,025

(11) Credit

Agricole

CIB

06/25/2025

$

2,599

CLP

2,434,326

—

Credit

Agricole

CIB

06/25/2025

$

3,629

CAD

5,028

—

(39) Credit

Agricole

CIB

06/25/2025

$

878

KRW

1,203,123

—

Credit

Agricole

CIB

06/25/2025

$

851

PHP

47,274

—

Credit

Agricole

CIB

06/25/2025

$

2,486

THB

81,283

—

Credit

Agricole

CIB

06/25/2025

$

1,636

EUR

1,441

—

(2) Credit

Agricole

CIB

07/16/2025

$

2,525

CAD

3,500

—

(31) Deutsche

Bank

AG

06/13/2025

TWD

5,932

$

—

(1) Deutsche

Bank

AG

06/13/2025

$

700

KRW

980,730

—

(12) Deutsche

Bank

AG

06/16/2025

INR

8,530

$

—

—

Deutsche

Bank

AG

06/16/2025

$

KRW

561,481

—

(6) Deutsche

Bank

AG

06/16/2025

$

2,800

INR

240,941

—

(14) Deutsche

Bank

AG

06/18/2025

$

EUR

—

(9) Deutsche

Bank

AG

06/20/2025

INR

17,152

$

—

—

Deutsche

Bank

AG

06/23/2025

INR

8,576

$

—

—

Deutsche

Bank

AG

06/27/2025

INR

17,182

$

—

Deutsche

Bank

AG

06/27/2025

TWD

2,970

$

—

—

Deutsche

Bank

AG

06/30/2025

INR

17,076

$

—

—

Goldman

Sachs

&

Co

06/06/2025

EUR

$

—

—

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

Foreign

Currency

Contracts

(continued)

Unrealized

Appreciation/(Depreciation)

Counterparty

Settlement

Date

Currency

to

Accept

Currency

to

Deliver

Asset

Liability

Goldman

Sachs

&

Co

06/06/2025

$

EUR

$

—

$

(35) Goldman

Sachs

&

Co

06/20/2025

$

531

EUR

—

(7) Goldman

Sachs

&

Co

06/26/2025

GBP

$

—

Goldman

Sachs

&

Co

06/26/2025

MYR

3,025

$

713

—

(1) Goldman

Sachs

&

Co

06/26/2025

$

GBP

—

(5) Goldman

Sachs

&

Co

07/02/2025

$

SEK

3,119

—

—

Goldman

Sachs

&

Co

07/15/2025

$

GBP

—

(7) Goldman

Sachs

&

Co

07/16/2025

$

JPY

12,355

—

(6) Goldman

Sachs

&

Co

10/15/2025

$

JPY

30,281

—

(6) Goldman

Sachs

&

Co

11/05/2025

$

553

EUR

—

(5) HSBC

Securities

Inc

06/03/2025

EUR

738

$

833

—

HSBC

Securities

Inc

06/13/2025

EUR

$

—

—

HSBC

Securities

Inc

06/13/2025

$

1,055

EUR

938

—

(10) HSBC

Securities

Inc

06/26/2025

MXN

13,325

$

687

—

(2) HSBC

Securities

Inc

06/26/2025

KRW

4,458,250

$

3,266

—

(32) HSBC

Securities

Inc

06/26/2025

$

1,271

PEN

4,650

—

(14) HSBC

Securities

Inc

06/26/2025

$

1,088

PLN

4,075

—

—

HSBC

Securities

Inc

07/25/2025

TWD

31,550

$

1,085

—

(15) JPMorgan

Chase

06/02/2025

TWD

33,500

$

1,120

—

(2) JPMorgan

Chase

06/02/2025

$

1,090

TWD

33,500

—

(28) JPMorgan

Chase

06/06/2025

EUR

$

—

—

JPMorgan

Chase

06/06/2025

$

EUR

—

(9) JPMorgan

Chase

06/12/2025

$

EUR

—

(6) JPMorgan

Chase

06/13/2025

KRW

975,243

$

700

—

JPMorgan

Chase

06/13/2025

$

TWD

6,005

—

(1) JPMorgan

Chase

06/16/2025

TWD

5,999

$

—

JPMorgan

Chase

06/16/2025

KRW

1,511,111

$

1,100

—

(4) JPMorgan

Chase

06/16/2025

$

700

KRW

975,072

—

(7) JPMorgan

Chase

06/18/2025

$

CAD

—

(12) JPMorgan

Chase

06/26/2025

CZK

62,850

$

2,866

—

JPMorgan

Chase

06/26/2025

$

1,640

ZAR

29,375

—

JPMorgan

Chase

06/26/2025

$

1,933

INR

165,000

—

JPMorgan

Chase

07/02/2025

$

1,100

KRW

1,509,470

—

JPMorgan

Chase

07/11/2025

GBP

1,500

AUD

3,135

—

(1) JPMorgan

Chase

07/11/2025

GBP

1,595

EUR

1,900

—

(14) JPMorgan

Chase

07/11/2025

GBP

2,000

$

2,694

—

JPMorgan

Chase

07/11/2025

GBP

875

JPY

170,329

—

(10) JPMorgan

Chase

07/11/2025

CAD

JPY

20,795

—

JPMorgan

Chase

07/11/2025

CAD

3,377

AUD

3,800

—

JPMorgan

Chase

07/11/2025

CNH

1,435

$

—

—

JPMorgan

Chase

07/11/2025

CZK

6,635

$

—

JPMorgan

Chase

07/11/2025

EUR

JPY

32,691

—

(1) JPMorgan

Chase

07/11/2025

EUR

2,375

CAD

3,703

—

(1) JPMorgan

Chase

07/11/2025

EUR

1,125

AUD

1,974

—

JPMorgan

Chase

07/11/2025

EUR

1,500

$

1,694

—

JPMorgan

Chase

07/11/2025

EUR

HUF

121,850

—

(1) JPMorgan

Chase

07/11/2025

EUR

500

NOK

5,767

—

JPMorgan

Chase

07/11/2025

HUF

467,305

$

1,300

—

JPMorgan

Chase

07/11/2025

ILS

2,460

$

700

—

JPMorgan

Chase

07/11/2025

JPY

138,120

NZD

1,600

—

JPMorgan

Chase

07/11/2025

JPY

230,530

CAD

2,200

—

JPMorgan

Chase

07/11/2025

JPY

149,057

AUD

1,600

—

JPMorgan

Chase

07/11/2025

JPY

125,000

$

864

—

JPMorgan

Chase

07/11/2025

NZD

7,339

AUD

6,800

—

JPMorgan

Chase

07/11/2025

NOK

7,228

EUR

625

—

(3) JPMorgan

Chase

07/11/2025

NOK

16,236

$

1,600

—

(9) JPMorgan

Chase

07/11/2025

PLN

8,282

$

2,200

—

JPMorgan

Chase

07/11/2025

SGD

2,582

$

2,000

—

JPMorgan

Chase

07/11/2025

ZAR

21,604

$

1,200

—

(1) JPMorgan

Chase

07/11/2025

SEK

9,582

$

1,000

—

JPMorgan

Chase

07/11/2025

SEK

10,898

EUR

1,000

—

JPMorgan

Chase

07/11/2025

SEK

20,313

NOK

21,500

—

JPMorgan

Chase

07/11/2025

CHF

750

$

911

—

JPMorgan

Chase

07/11/2025

CHF

GBP

—

JPMorgan

Chase

07/11/2025

CHF

1,988

EUR

2,125

—

JPMorgan

Chase

07/11/2025

CHF

1,000

JPY

174,424

—

JPMorgan

Chase

07/11/2025

$

900

MXN

17,500

—

JPMorgan

Chase

07/11/2025

$

1,031

AUD

1,600

—

(1) Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

Foreign

Currency

Contracts

(continued)

Unrealized

Appreciation/(Depreciation)

Counterparty

Settlement

Date

Currency

to

Accept

Currency

to

Deliver

Asset

Liability

JPMorgan

Chase

07/11/2025

$

1,200

TRY

49,000

$

—

$

(2) JPMorgan

Chase

07/11/2025

$

1,596

CAD

2,200

—

(11) JPMorgan

Chase

07/11/2025

$

JPY

12,500

—

—

JPMorgan

Chase

07/11/2025

$

1,194

NZD

2,000

—

(2) JPMorgan

Chase

07/25/2025

TRY

100,750

$

2,413

—

JPMorgan

Chase

07/25/2025

$

TRY

21,450

—

(20) JPMorgan

Chase

08/14/2025

$

1,311

CAD

1,802

—

(8) JPMorgan

Chase

11/14/2025

$

CAD

—

(4) JPMorgan

Chase

12/17/2025

$

1,301

EUR

1,140

—

(10) Merrill

Lynch

06/05/2025

$

EUR

—

(8) Merrill

Lynch

07/31/2025

$

EUR

—

RBC

Dominon

Securities

Corp

06/25/2025

COP

13,578,943

$

3,243

(3) RBC

Dominon

Securities

Corp

06/25/2025

HUF

1,337,955

$

3,741

—

RBC

Dominon

Securities

Corp

06/25/2025

INR

28,348

$

—

RBC

Dominon

Securities

Corp

06/25/2025

IDR

74,174,255

$

4,506

—

RBC

Dominon

Securities

Corp

06/25/2025

TWD

58,832

$

1,966

—

RBC

Dominon

Securities

Corp

06/25/2025

PEN

5,218

$

1,432

—

RBC

Dominon

Securities

Corp

06/25/2025

PLN

7,343

$

1,957

—

RBC

Dominon

Securities

Corp

06/25/2025

KRW

476,974

$

—

RBC

Dominon

Securities

Corp

06/25/2025

$

2,861

KRW

3,967,699

—

(17) RBC

Dominon

Securities

Corp

06/25/2025

$

3,928

PEN

14,473

—

(71) RBC

Dominon

Securities

Corp

06/25/2025

$

3,520

CNH

25,282

—

RBC

Dominon

Securities

Corp

06/25/2025

$

855

MXN

16,568

—

RBC

Dominon

Securities

Corp

06/25/2025

$

865

CLP

812,151

—

RBC

Dominon

Securities

Corp

10/10/2025

$

1,524

JPY

217,000

—

(6) State

Street

Financial

Global

Markets

06/26/2025

ZAR

10,775

$

600

—

(2) UBS

AG

06/18/2025

$

597

GBP

—

(25) Total

$

2,119

$

(3,332)

Amounts

in

thousands.

Credit

Default

Swaps

Buy

Protection

Counterparty

Reference

Entity

Implied

Credit

Spread

as

of

May

31,

2025

(a) (Pay)/

Receive

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

Upfront

Payments/

(Receipts)

Unrealized

Appreciation/

(Depreciation)

Fair

Value

Asset

----

Liability

Goldman

Sachs

&

Co

Bank

of

China

Ltd/Hong

Kong,

1.25%,

06/24/2025

0.30%

(1.00)%

Quarterly

12/20/2026

$

2,650

$

(25) $

(3) $

—

$

(28) Goldman

Sachs

&

Co

China

Construction

Bank

/London,

3.125%,

05/17/2025

0.23%

(1.00)%

Quarterly

12/20/2026

2,650

(25) (7) —

(31) Goldman

Sachs

&

Co

China

Development

Bank,

3.00%,

06/01/2026

0.28%

(1.00)%

Quarterly

12/20/2026

2,150

(20) (3) —

(24) Goldman

Sachs

&

Co

Industrial

&

Commercial

Bank

of

China

Ltd/

Hong

Kong,

1.625%,

10/28/2026

0.23%

(1.00)%

Quarterly

12/20/2026

2,650

(25) (6) —

(31) Total

$

(95) $

(19) $

—

$

(114) Amounts

in

thousands.

Exchange

Cleared

Credit

Default

Swaps

Buy

Protection

Reference

Entity

Implied

Credit

Spread

as

of

May

31,

2025

(a) (Pay)/

Receive

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

Upfront

Payments/

(Receipts)

Unrealized

Appreciation/

(Depreciation)

Fair

Value

CDX.EM.43

N/A

(1.00)%

Quarterly

06/20/2030

$

1,600

$

$

(3) $

CDX.NA.HY.44

N/A

(5.00)%

Quarterly

06/20/2030

5,850

(263) (94) (357) ITRX.XOVER.43

N/A

(5.00)%

Quarterly

06/20/2030

EUR

4,800

(374) (97) (471) Total

$

(583) $

(194) $

(777) Amounts

in

thousands.

(a) Implied

credit

spreads,

represented

in

absolute

terms,

used

in

determining

the

fair

value

of

credit

default

swap

agreements

on

corporate

issues

or

sovereign

issues

as

of

period

end

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

for

the

credit

derivative.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

buying/selling

protection

and

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

Wider

credit

spreads

represent

a

deterioration

of

the

referenced

entity's

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

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

195,000

$

$

$

501

Day

MXN

TIIE

Banxico

Pay

0.00%

Monthly

Monthly

N/A

12/24/2025

195,000

(470) (37) (507) 3

Month

KRW

Certificate

of

Deposit

Pay

2.27%

Quarterly

Quarterly

N/A

06/18/2027

KRW

4,700,000

(2) —

(2) 3

Month

KRW

Certificate

of

Deposit

Receive

2.45%

Quarterly

Quarterly

N/A

06/18/2035

1,000,000

—

Month

KRW

Certificate

of

Deposit

Receive

2.45%

Quarterly

Quarterly

N/A

06/18/2035

2,200,000

—

Month

KRW

Certificate

of

Deposit

Pay

2.27%

Quarterly

Quarterly

N/A

06/18/2027

10,000,000

(5) —

(5) 3

Month

Tel

AVIV

Inter-Bank

Offered

Rate

Pay

0.00%

Quarterly

Annual

N/A

09/18/2025

ILS

1,300

(4) —

(4) 3

Month

Tel

AVIV

Inter-Bank

Offered

Rate

Pay

0.00%

Quarterly

Annual

N/A

09/18/2025

10,200

(32) (1) (33) 6

Month

Prague

Interbank

Offered

Rate

Pay

3.65%

Semiannual

Annual

N/A

03/11/2030

CZK

8,000

(1) 6

Month

Prague

Interbank

Offered

Rate

Pay

3.65%

Semiannual

Annual

N/A

03/11/2030

35,963

Month

Prague

Interbank

Offered

Rate

Pay

3.65%

Semiannual

Annual

N/A

03/11/2030

16,000

—

Month

Prague

Interbank

Offered

Rate

Pay

3.65%

Semiannual

Annual

N/A

03/11/2030

36,100

Month

Prague

Interbank

Offered

Rate

Pay

3.65%

Semiannual

Annual

N/A

03/11/2030

16,000

Brazil

Cetip

DI

Interbank

Deposit

Rate

Pay

14.90%

Maturity

Maturity

N/A

01/04/2027

BRL

83,211

—

Shekel

Overnight

Interest

Rate

Pay

3.86%

Quarterly

Annual

N/A

06/18/2030

ILS

1,300

(3) (1) (4) Shekel

Overnight

Interest

Rate

Pay

3.86%

Quarterly

Annual

N/A

06/18/2030

10,200

(30) —

(30) Shekel

Overnight

Interest

Rate

Receive

0.00%

Annual

Quarterly

N/A

09/18/2025

10,200

—

Shekel

Overnight

Interest

Rate

Receive

0.00%

Annual

Quarterly

N/A

09/18/2025

1,300

—

Total

$

$

$

Amounts

in

thousands.

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

Forward

swap.

Total

Return

Swaps

Counterparty

Fund

Pays

Fund

Receives

Payment

Frequency

Maturity

Date

Notional

Amount

Upfront

Payments/

(Receipts)

Value

and

Unrealized

Appreciation/

(Depreciation)

Asset

Liability

Goldman

Sachs

&

Co

(a) Overnight

Bank

Funding

Rate

plus/less

spread

Total

return

on

a

custom

basket

of

long

securities

traded

in

foreign

currencies

but

settle

in

USD

Monthly

06/02/2025-

05/18/2026

$

13,761

$

—

$

$

—

HSBC

Securities

Inc

US

Federal

Funds

Effective

Rate

+

0.00%

Zambia

Government

Bond,

13.00%,

12/18/2027

Maturity

12/20/2027

ZMW

5,030

$

—

$

$

—

JPMorgan

Chase

Secured

Overnight

Financing

Rate

+

0.60%

Egypt

Treasury

Bill,

0.00%,

12/16/2025

Maturity

12/16/2025

EGP

19,200

—

—

JPMorgan

Chase

(b) Overnight

Bank

Funding

Rate

plus/less

spread

Total

return

on

a

custom

basket

of

long

and

short

securities

traded

in

foreign

currencies

but

settle

in

USD

Monthly

12/29/2025-

03/10/2026

$

8,180

—

551

—

Morgan

Stanley

&

Co

(c) 1

Day

Federal

Funds

Rate

plus/less

spread

Total

return

on

a

custom

basket

of

long

and

short

securities

traded

in

USD

Monthly

07/29/2026

91,411

—

5,091

—

Morgan

Stanley

&

Co

(d) 1

Day

Federal

Funds

Rate

plus/less

spread

Total

return

on

a

custom

basket

of

long

and

short

securities

traded

in

USD

Monthly

09/06/2028

20,334

—

—

(1,135)

Total

$

—

$

5,924

$

(1,135)

The

maturity

dates

are

measured

from

the

commencement

of

investment

in

each

underlying

position

of

a

custom

basket.

The

spread

for

a

custom

basket

is

negotiated

at

the

security

level

and

is

usually

similar

within

a

region

but

may

vary.

Notional

Amount

represents

the

total

absolute

value

of

the

underlying

securities

in

a

custom

basket.

Top

Underlying

Securities

includes

the

largest

components

and

any

other

components

where

the

notional

exceeds

1%

of

the

notional

amount

of

the

custom

basket.

Amounts

in

thousands.

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

Description

Shares

Notional

Amount

%

of

Total

Absolute

Notional

Amount

Hess

Corp

25,000

$

3,305

24.02%

Schlumberger

NV

(69,343)

(2,292)

(16.65)%

DuPont

de

Nemours

Inc

19,000

1,269

9.22%

Omnicom

Group

Inc

(14,631)

(1,075)

(7.81)%

Kellanova

11,305

934

6.79%

Honeywell

International

Inc

2,700

612

4.45%

Ball

Corp

10,100

541

3.93%

Just

Eat

Takeaway.com

NV

24,014

531

3.86%

Covestro

AG

7,632

524

3.81%

Charter

Communications

Inc

(1,195)

(474)

(3.44)%

Phillips

3,000

2.47%

Chevron

Corp

(2,388)

(326)

(2.37)%

Fortnox

AB

34,747

2.28%

Vivendi

SE

82,094

2.01%

Topcon

Corp

9,176

1.51%

Herc

Holdings

Inc

(1,672)

(207)

(1.51)%

BBGI

Global

Infrastructure

SA

84,839

1.19%

James

Hardie

Industries

PLC

(6,614)

(151)

(1.10)%

Canal+

SA

38,718

0.79%

Fujitsu

General

Ltd

4,400

0.62%

James

Hardie

Industries

PLC

(705) (16)

(0.12)%

Juniper

Networks

Inc

0.05%

Description

Shares

Notional

Amount

%

of

Total

Absolute

Notional

Amount

Chevron

Corp

(46,736)

$

(6,389)

(78.11)%

Hess

Corp

7,312

967

11.82%

James

Hardie

Industries

PLC

(27,740)

(634)

(7.75)%

Nuveen

New

York

AMT-Free

Quality

Municipal

Income

Fund

10,491

1.26%

Vivendi

SE

11,673

0.48%

Canal+

SA

13,353

0.46%

Herc

Holdings

Inc

(87) (11)

(0.13)%

(a) Top

Underlying

Securities

WESTGSUSD

(b) Top

Underlying

Securities

WESEBSUSD

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

Description

Shares

Notional

Amount

%

of

Total

Absolute

Notional

Amount

Microsoft

Corp

2,202

$

1,014

1.11%

NVIDIA

Corp

6,782

916

1.00%

International

Paper

Co

(14,093)

(674)

(0.74)%

Tractor

Supply

Co

(12,892)

(624)

(0.68)%

Nordson

Corp

(2,827)

(599)

(0.65)%

Norwegian

Cruise

Line

Holdings

Ltd

(33,723)

(595)

(0.65)%

Huntington

Ingalls

Industries

Inc

(2,660)

(593)

(0.65)%

PACCAR

Inc

(6,312)

(592)

(0.65)%

AES

Corp/The

(58,695)

(592)

(0.65)%

Constellation

Energy

Corp

1,876

574

0.63%

Alphabet

Inc

-

A

Shares

3,330

572

0.63%

Apple

Inc

2,811

565

0.62%

Fidelity

National

Information

Services

Inc

(6,984)

(556)

(0.61)%

Vertex

Pharmaceuticals

Inc

(1,233)

(545)

(0.60)%

Dayforce

Inc

(9,064)

(536)

(0.59)%

Sherwin-Williams

Co/The

(1,444)

(518)

(0.57)%

Jack

Henry

&

Associates

Inc

(2,850)

(516)

(0.56)%

Hess

Corp

(3,852)

(509)

(0.56)%

IDEXX

Laboratories

Inc

(962) (494)

(0.54)%

Erie

Indemnity

Co

(1,358)

(487)

(0.53)%

Akamai

Technologies

Inc

(6,339)

(481)

(0.53)%

Warner

Bros

Discovery

Inc

(47,271)

(471)

(0.51)%

Trimble

Inc

(6,573)

(468)

(0.51)%

NRG

Energy

Inc

3,004

0.51%

NextEra

Energy

Inc

(6,601)

(466)

(0.51)%

CoStar

Group

Inc

(6,275)

(462)

(0.51)%

Equifax

Inc

(1,735)

(458)

(0.50)%

Dow

Inc

(16,300)

(452)

(0.49)%

Genuine

Parts

Co

(3,531)

(447)

(0.49)%

Zoetis

Inc

(2,641)

(445)

(0.49)%

Amazon.com

Inc

2,131

0.48%

Rockwell

Automation

Inc

(1,384)

(437)

(0.48)%

ConocoPhillips

(5,103)

(436)

(0.48)%

Norfolk

Southern

Corp

(1,730)

(428)

(0.47)%

Lennox

International

Inc

(756) (427)

(0.47)%

Ingersoll

Rand

Inc

(5,171)

(422)

(0.46)%

American

International

Group

Inc

(4,964)

(420)

(0.46)%

Airbnb

Inc

(3,231)

(417)

(0.46)%

Intel

Corp

(21,158)

(414)

(0.45)%

Bio-Techne

Corp

(8,474)

(410)

(0.45)%

MarketAxess

Holdings

Inc

(1,889)

(409)

(0.45)%

Arista

Networks

Inc

(4,715)

(409)

(0.45)%

Boeing

Co/The

(1,927)

(400)

(0.44)%

Church

&

Dwight

Co

Inc

(4,031)

(396)

(0.44)%

Iron

Mountain

Inc

(4,002)

(395)

(0.43)%

Marathon

Petroleum

Corp

(2,455)

(395)

(0.43)%

Labcorp

Holdings

Inc

(1,576)

(392)

(0.43)%

Diamondback

Energy

Inc

(2,894)

(389)

(0.43)%

Monster

Beverage

Corp

(6,062)

(388)

(0.42)%

Air

Products

and

Chemicals

Inc

(1,372)

(383)

(0.42)%

(c) Top

Underlying

Securities

GOTEBSUSD

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

Description

Shares

Notional

Amount

%

of

Total

Absolute

Notional

Amount

JFE

Holdings

Inc

(28,000)

$

(333)

(1.64)%

Sumitomo

Metal

Mining

Co

Ltd

(13,500)

(311)

(1.53)%

Shimadzu

Corp

(12,400)

(301)

(1.48)%

Tenaris

SA

(16,043)

(269)

(1.32)%

Mitsui

OSK

Lines

Ltd

(7,500)

(267)

(1.31)%

Kyowa

Kirin

Co

Ltd

(15,900)

(260)

(1.28)%

Canadian

Pacific

Kansas

City

Ltd

(3,100)

(253)

(1.25)%

Robinhood

Markets

Inc

(3,612)

(239)

(1.18)%

Ferguson

Enterprises

Inc

(1,292)

(236)

(1.16)%

Waste

Connections

Inc

(1,171)

(231)

(1.14)%

Yakult

Honsha

Co

Ltd

(11,200)

(227)

(1.12)%

Fastighets

AB

Balder

(31,383)

(220)

(1.08)%

Danaher

Corp

(1,154)

(219)

(1.08)%

Pro

Medicus

Ltd

(1,195)

(217)

(1.07)%

Everest

Group

Ltd

(594) (206)

(1.01)%

Agilent

Technologies

Inc

(1,720)

(193)

(0.95)%

Hikari

Tsushin

Inc

(700) (191)

(0.94)%

Cardinal

Health

Inc

(1,238)

(191)

(0.94)%

Aristocrat

Leisure

Ltd

(4,576)

(184)

(0.91)%

Tokyo

Metro

Co

Ltd

(14,400)

(182)

(0.89)%

Element

Fleet

Management

Corp

(7,600)

(181)

(0.89)%

American

Financial

Group

Inc/OH

(1,452)

(180)

(0.89)%

Pearson

PLC

(11,267)

(177)

(0.87)%

National

Australia

Bank

Ltd

(7,194)

(176)

(0.87)%

Unilever

PLC

(2,766)

(175)

(0.86)%

Alstom

SA

(7,709)

(174)

(0.86)%

Hewlett

Packard

Enterprise

Co

(10,073)

(174)

(0.86)%

CK

Infrastructure

Holdings

Ltd

(26,000)

(168)

(0.83)%

DSV

A/S

(711) (168)

(0.82)%

Jacobs

Solutions

Inc

(1,304)

(165)

(0.81)%

EQT

AB

(5,498)

(161)

(0.79)%

Aflac

Inc

(1,550)

(160)

(0.79)%

First

Solar

Inc

(1,015)

(160)

(0.79)%

Rentokil

Initial

PLC

(33,771)

(160)

(0.79)%

Fujitsu

Ltd

(6,700)

(154)

(0.76)%

Kyocera

Corp

(12,500)

(153)

(0.75)%

FUJIFILM

Holdings

Corp

(6,600)

(151)

(0.74)%

Revvity

Inc

(1,634)

(148)

(0.73)%

GFL

Environmental

Inc

(2,900)

(147)

(0.72)%

Graco

Inc

(1,715)

(145)

(0.71)%

Kerry

Group

PLC

(1,327)

(145)

(0.71)%

Ashtead

Group

PLC

(2,479)

(145)

(0.71)%

Bunzl

PLC

(4,474)

(143)

(0.71)%

Nitori

Holdings

Co

Ltd

(1,400)

(140)

(0.69)%

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(256) (139)

(0.68)%

Air

Products

and

Chemicals

Inc

(497) (139)

(0.68)%

BASF

SE

(2,848)

(137)

(0.67)%

Dow

Inc

(4,897)

(136)

(0.67)%

Akzo

Nobel

NV

(1,992)

(136)

(0.67)%

Hyatt

Hotels

Corp

(1,015)

(134)

(0.66)%

(d) Top

Underlying

Securities

LACEBSUSD

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

Short

Sales

Outstanding

COMMON

STOCKS

-

(0.52)%

Shares

Value

(000's)

Advertising

-

(0.04)%

Omnicom

Group

Inc

2,352

$

Commercial

Services

-

0.00%

Herc

Holdings

Inc

Media

-

(0.15)%

Charter

Communications

Inc

1,554

616

Real

Estate

-

(0.33)%

Redfin

Corp

137,649

1,375

TOTAL

COMMON

STOCKS

(proceeds

$2,203)

$

2,180

TOTAL

SHORT

SALES

(proceeds

$2,203)

$

2,180

Schedule

of

Investments

Global

Sustainable

Listed

Infrastructure

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.68

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.68

%

Principal

Government

Money

Market

Fund

-

Class

4.19%

(a),(b)

630,112

$

630

TOTAL

INVESTMENT

COMPANIES

$

630

COMMON

STOCKS

-

.04

%

Shares

Held

Value

(000's)

Commercial

Services

-

.28

%

Atlas

Arteria

Ltd

217,423

$

745

Motiva

Infraestrutura

de

Mobilidade

SA

211,122

$

1,242

Electric

-

.72

%

Boralex

Inc

10,266

CenterPoint

Energy

Inc

19,815

738

CMS

Energy

Corp

10,227

718

DTE

Energy

Co

3,396

Elia

Group

SA/NV

6,581

699

Emera

Inc

15,100

692

Entergy

Corp

10,183

848

National

Grid

PLC

78,188

1,107

NextEra

Energy

Inc

21,719

1,534

Northwestern

Energy

Group

Inc

9,450

523

PG&E

Corp

43,626

737

Sempra

9,852

774

Xcel

Energy

Inc

10,589

743

$

9,813

Engineering

&

Construction

-

.11

%

Aeroports

de

Paris

SA

5,987

803

Beijing

Capital

International

Airport

Co

Ltd

(c) 924,000

Cellnex

Telecom

SA

-

Rights

(c),(d)

19,923

764

China

Tower

Corp

Ltd

(d) 205,500

Enav

SpA

(d) 87,126

$

2,614

Gas

-

.13

%

ENN

Energy

Holdings

Ltd

63,200

501

Pipelines

-

.93

%

APA

Group

117,968

631

DT

Midstream

Inc

3,759

Gibson

Energy

Inc

37,500

619

Williams

Cos

Inc/The

19,192

1,161

$

2,805

REITs

-

.46

%

American

Tower

Corp

5,749

1,234

Crown

Castle

Inc

7,532

756

$

1,990

Telecommunications

-

.21

%

Indus

Towers

Ltd

(c) 63,531

Transportation

-

.77

%

Canadian

National

Railway

Co

9,000

946

Rumo

SA

(c) 140,558

Union

Pacific

Corp

2,940

652

$

2,063

Water

-

.43

%

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

17,300

Guangdong

Investment

Ltd

502,524

Severn

Trent

PLC

20,533

750

$

1,513

TOTAL

COMMON

STOCKS

$

22,826

Total

Investments

$

23,456

Other

Assets

and

Liabilities

- 0.28%

TOTAL

NET

ASSETS

-

100.00%

$

23,523

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b) 1-day

yield

shown

is

as

of

period

end.

(c) Non-income

producing

security

(d) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$1,485

or

6.31%

of

net

assets.

Schedule

of

Investments

Global

Sustainable

Listed

Infrastructure

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

Affiliated

Securities

August

31,

2024

Purchases

Sales

May

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

$

5,982

$

5,790

$

630

$

$

5,982

$

5,790

$

630

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

International

Equity

Index

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.09

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.12

%

iShares

MSCI

EAFE

ETF

396,300

$

35,195

Money

Market

Funds

-

.97

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.22%

(a),(b)

865,468

866

Principal

Government

Money

Market

Fund

-

Class

4.19%

(a),(b),(c)

10,052,393

10,052

$

10,918

TOTAL

INVESTMENT

COMPANIES

$

46,113

COMMON

STOCKS

-

.81

%

Shares

Held

Value

(000's)

Advertising

-

.20

%

Dentsu

Group

Inc

11,800

$

Publicis

Groupe

SA

13,493

1,471

WPP

PLC

63,594

513

$

2,239

Aerospace

&

Defense

-

.28

%

Airbus

SE

34,907

6,420

BAE

Systems

PLC

176,960

4,537

Dassault

Aviation

SA

1,158

Elbit

Systems

Ltd

1,576

634

IHI

Corp

8,600

836

Leonardo

SpA

23,858

1,476

Melrose

Industries

PLC

74,915

MTU

Aero

Engines

AG

3,173

1,269

Rheinmetall

AG

2,626

5,628

Rolls-Royce

Holdings

PLC

497,816

5,793

Saab

AB

18,882

954

Safran

SA

21,153

6,256

Singapore

Technologies

Engineering

Ltd

92,000

556

Thales

SA

5,445

1,668

$

36,923

Agriculture

-

.83

%

British

American

Tobacco

PLC

116,319

5,236

Imperial

Brands

PLC

45,953

1,743

Japan

Tobacco

Inc

70,400

2,160

Wilmar

International

Ltd

113,100

$

9,406

Airlines

-

.27

%

ANA

Holdings

Inc

(d) 9,200

Deutsche

Lufthansa

AG

35,197

International

Consolidated

Airlines

Group

SA

73,060

Japan

Airlines

Co

Ltd

(d) 8,600

Qantas

Airways

Ltd

43,708

Ryanair

Holdings

PLC

49,978

1,326

Singapore

Airlines

Ltd

87,700

$

3,068

Apparel

-

.61

%

Adidas

AG

10,045

2,505

Asics

Corp

38,800

935

Hermes

International

SCA

1,861

5,132

Kering

SA

4,388

858

LVMH

Moet

Hennessy

Louis

Vuitton

SE

16,159

8,765

$

18,195

Automobile

Manufacturers

-

.56

%

Bayerische

Motoren

Werke

AG

17,090

1,516

Daimler

Truck

Holding

AG

28,008

1,217

Ferrari

NV

7,405

3,544

Honda

Motor

Co

Ltd

248,100

2,520

Isuzu

Motors

Ltd

31,400

Mercedes-Benz

Group

AG

42,424

2,537

Nissan

Motor

Co

Ltd

131,300

Renault

SA

11,332

583

Stellantis

NV

118,273

1,206

Subaru

Corp

34,500

633

Suzuki

Motor

Corp

92,600

1,175

Toyota

Motor

Corp

556,700

10,599

Volvo

AB

-

B

Shares

93,314

2,586

$

28,873

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Automobile

Parts

&

Equipment

-

.67

%

Aisin

Corp

31,000

$

Bridgestone

Corp

33,600

1,443

Cie

Generale

des

Etablissements

Michelin

SCA

39,523

1,512

Continental

AG

6,485

569

Denso

Corp

111,500

1,505

Sumitomo

Electric

Industries

Ltd

42,100

883

Toyota

Industries

Corp

9,700

1,213

$

7,519

Banks

-

.85

%

ABN

AMRO

Bank

NV

(e) 27,009

698

AIB

Group

PLC

123,533

975

ANZ

Group

Holdings

Ltd

174,658

3,268

Banca

Mediolanum

SpA

13,145

Banco

Bilbao

Vizcaya

Argentaria

SA

338,557

5,082

Banco

BPM

SpA

66,756

767

Banco

de

Sabadell

SA

316,493

1,008

Banco

Santander

SA

890,115

7,101

Bank

Hapoalim

BM

74,207

1,245

Bank

Leumi

Le-Israel

BM

88,574

1,429

Bank

of

Ireland

Group

PLC

57,869

795

Bankinter

SA

39,629

510

Banque

Cantonale

Vaudoise

1,767

Barclays

PLC

840,124

3,720

BNP

Paribas

SA

59,785

5,236

BOC

Hong

Kong

Holdings

Ltd

217,500

915

BPER

Banca

SPA

58,661

521

CaixaBank

SA

231,816

1,966

Chiba

Bank

Ltd/The

32,900

Commerzbank

AG

52,194

1,590

Commonwealth

Bank

of

Australia

98,305

11,155

Computershare

Ltd

30,864

799

Concordia

Financial

Group

Ltd

(d) 60,500

Credit

Agricole

SA

62,079

1,137

Danske

Bank

A/S

40,660

1,558

DBS

Group

Holdings

Ltd

125,070

4,315

Deutsche

Bank

AG

108,726

3,011

DNB

Bank

ASA

52,789

1,412

Erste

Group

Bank

AG

18,150

1,462

FinecoBank

Banca

Fineco

SpA

36,018

779

Hang

Seng

Bank

Ltd

44,300

618

HSBC

Holdings

PLC

1,038,186

12,231

ING

Groep

NV

184,890

3,927

Intesa

Sanpaolo

SpA

888,978

4,963

Israel

Discount

Bank

Ltd

72,672

619

Japan

Post

Bank

Co

Ltd

106,500

1,149

KBC

Group

NV

13,539

1,339

Lloyds

Banking

Group

PLC

3,533,271

3,680

Macquarie

Group

Ltd

21,270

2,934

Mediobanca

Banca

di

Credito

Finanziario

SpA

29,473

701

Mitsubishi

UFJ

Financial

Group

Inc

673,500

9,421

Mizrahi

Tefahot

Bank

Ltd

9,144

524

Mizuho

Financial

Group

Inc

140,280

3,901

National

Australia

Bank

Ltd

179,904

4,403

NatWest

Group

PLC

474,535

3,370

Nordea

Bank

Abp

184,670

2,677

Oversea-Chinese

Banking

Corp

Ltd

199,000

2,499

Resona

Holdings

Inc

123,200

1,092

Skandinaviska

Enskilda

Banken

AB

93,545

1,561

Societe

Generale

SA

42,312

2,297

Standard

Chartered

PLC

118,587

1,850

Sumitomo

Mitsui

Financial

Group

Inc

216,800

5,570

Sumitomo

Mitsui

Trust

Group

Inc

37,688

1,020

Svenska

Handelsbanken

AB

85,982

1,149

Swedbank

AB

50,048

1,355

UBS

Group

AG

193,207

6,163

UniCredit

SpA

82,311

5,293

United

Overseas

Bank

Ltd

74,200

2,038

Westpac

Banking

Corp

201,222

4,222

$

156,131

Schedule

of

Investments

International

Equity

Index

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Beverages

-

.44

%

Anheuser-Busch

InBev

SA/NV

58,066

$

4,100

Asahi

Group

Holdings

Ltd

85,100

1,122

Carlsberg

AS

5,632

806

Coca-Cola

Europacific

Partners

PLC

13,534

1,242

Coca-Cola

HBC

AG

(f) 12,811

668

Davide

Campari-Milano

NV

36,165

Diageo

PLC

130,721

3,548

Heineken

Holding

NV

7,641

596

Heineken

NV

16,979

1,515

JDE

Peet's

NV

10,072

Kirin

Holdings

Co

Ltd

(d) 45,800

657

Pernod

Ricard

SA

11,897

1,230

Suntory

Beverage

&

Food

Ltd

8,200

$

16,263

Biotechnology

-

.69

%

Argenx

SE

(f) 3,587

2,058

CSL

Ltd

28,444

4,539

Genmab

A/S

(f) 3,707

782

Swedish

Orphan

Biovitrum

AB

(f) 11,541

$

7,732

Building

Materials

-

.45

%

AGC

Inc

11,300

Cie

de

Saint-Gobain

SA

26,384

2,970

Daikin

Industries

Ltd

15,500

1,764

Geberit

AG

1,970

1,471

Heidelberg

Materials

AG

7,862

1,541

Holcim

AG

(f) 30,618

3,393

James

Hardie

Industries

PLC

(f) 25,337

583

Kingspan

Group

PLC

9,114

783

Nibe

Industrier

AB

89,336

ROCKWOOL

A/S

5,648

Sika

AG

8,956

2,404

Svenska

Cellulosa

AB

SCA

35,765

$

16,362

Chemicals

-

.34

%

Air

Liquide

SA

33,978

7,041

Akzo

Nobel

NV

10,068

687

Arkema

SA

3,385

Asahi

Kasei

Corp

72,200

507

BASF

SE

52,430

2,528

Brenntag

SE

7,235

Covestro

AG

(f) 10,554

725

Croda

International

PLC

7,820

DSM-Firmenich

AG

10,963

1,220

EMS-Chemie

Holding

AG

Evonik

Industries

AG

15,109

Givaudan

SA

542

2,726

ICL

Group

Ltd

45,640

Mitsubishi

Chemical

Group

Corp

79,800

Nippon

Paint

Holdings

Co

Ltd

55,800

Nippon

Sanso

Holdings

Corp

10,000

Nitto

Denko

Corp

41,600

757

Novonesis

Novozymes

B

20,772

1,464

Shin-Etsu

Chemical

Co

Ltd

105,800

3,378

Syensqo

SA

4,273

Symrise

AG

7,828

936

Toray

Industries

Inc

81,700

564

Yara

International

ASA

9,760

$

26,413

Commercial

Services

-

.63

%

Adyen

NV

(e),(f)

1,480

2,836

Ashtead

Group

PLC

25,376

1,486

Brambles

Ltd

80,640

1,206

Bureau

Veritas

SA

18,728

640

Dai

Nippon

Printing

Co

Ltd

23,100

Edenred

SE

14,264

Experian

PLC

53,984

2,689

Intertek

Group

PLC

9,406

607

Nexi

SpA

(e) 29,006

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Commercial

Services

(continued)

Randstad

NV

6,396

$

Recruit

Holdings

Co

Ltd

82,600

4,920

RELX

PLC

108,519

5,840

Rentokil

Initial

PLC

148,819

706

Secom

Co

Ltd

24,700

899

Securitas

AB

28,991

SGS

SA

(d) 9,463

988

TOPPAN

Holdings

Inc

14,100

Transurban

Group

182,979

1,672

Wise

PLC

(f) 39,274

583

Wolters

Kluwer

NV

14,012

2,485

$

29,590

Computers

-

.09

%

Capgemini

SE

9,563

1,588

Check

Point

Software

Technologies

Ltd

(f) 5,093

1,166

CyberArk

Software

Ltd

(f) 2,761

1,057

Fujitsu

Ltd

103,700

2,375

Logitech

International

SA

8,966

747

NEC

Corp

72,200

1,885

Nomura

Research

Institute

Ltd

22,243

858

NTT

Data

Group

Corp

37,100

1,022

Obic

Co

Ltd

19,000

693

Otsuka

Corp

13,300

SCSK

Corp

9,200

Teleperformance

SE

3,177

$

12,264

Consumer

Products

-

.28

%

Henkel

AG

&

Co

KGaA

6,126

Reckitt

Benckiser

Group

PLC

40,055

2,723

$

3,173

Cosmetics

&

Personal

Care

-

.98

%

Beiersdorf

AG

5,849

802

Essity

AB

35,385

1,035

Haleon

PLC

530,463

2,961

Kao

Corp

27,400

1,251

L'Oreal

SA

14,125

5,979

Shiseido

Co

Ltd

23,500

Unicharm

Corp

65,700

523

Unilever

PLC

146,951

9,352

$

22,281

Distribution

&

Wholesale

-

.56

%

AddTech

AB

15,321

527

Bunzl

PLC

19,244

617

D'ieteren

Group

1,261

IMCD

NV

3,484

ITOCHU

Corp

69,800

3,705

Marubeni

Corp

83,100

1,684

Mitsubishi

Corp

200,900

4,064

Mitsui

&

Co

Ltd

145,100

3,030

Rexel

SA

13,184

SGH

Ltd

11,996

Sumitomo

Corp

64,100

1,632

Toyota

Tsusho

Corp

37,500

792

$

17,546

Diversified

Financial

Services

-

.83

%

AerCap

Holdings

NV

10,814

1,251

Amundi

SA

(e) 3,621

ASX

Ltd

11,429

525

Daiwa

Securities

Group

Inc

78,600

532

Deutsche

Boerse

AG

11,062

3,564

Euronext

NV

(e) 4,608

751

Futu

Holdings

Ltd

ADR

3,620

Hong

Kong

Exchanges

&

Clearing

Ltd

70,700

3,537

Japan

Exchange

Group

Inc

58,500

641

Julius

Baer

Group

Ltd

12,145

801

London

Stock

Exchange

Group

PLC

27,987

4,258

Mitsubishi

HC

Capital

Inc

51,800

Nomura

Holdings

Inc

177,200

1,083

ORIX

Corp

68,400

1,450

Schedule

of

Investments

International

Equity

Index

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Diversified

Financial

Services

(continued)

SBI

Holdings

Inc

15,990

$

Schroders

PLC

42,579

Singapore

Exchange

Ltd

50,500

548

$

20,674

Electric

-

.73

%

BKW

AG

1,240

Chubu

Electric

Power

Co

Inc

37,900

CLP

Holdings

Ltd

96,500

817

Contact

Energy

Ltd

47,161

E.ON

SE

131,887

2,311

EDP

Renovaveis

SA

18,438

EDP

SA

184,983

738

Elia

Group

SA/NV

2,885

Endesa

SA

18,723

572

Enel

SpA

477,784

4,392

Engie

SA

107,294

2,316

Fortum

Oyj

26,446

Iberdrola

SA

340,509

6,241

Kansai

Electric

Power

Co

Inc/The

55,500

630

Meridian

Energy

Ltd

76,817

National

Grid

PLC

(d) 287,675

4,074

Origin

Energy

Ltd

101,554

709

Orsted

AS

(e),(f)

9,911

Power

Assets

Holdings

Ltd

81,500

515

Redeia

Corp

SA

23,922

RWE

AG

37,270

1,403

Sembcorp

Industries

Ltd

52,500

SSE

PLC

65,051

1,549

Terna

-

Rete

Elettrica

Nazionale

82,940

846

Verbund

AG

4,014

$

30,783

Electrical

Components

&

Equipment

-

.95

%

Fujikura

Ltd

14,700

683

Legrand

SA

15,406

1,871

Schneider

Electric

SE

32,124

8,105

$

10,659

Electronics

-

.44

%

ABB

Ltd

92,905

5,263

Assa

Abloy

AB

58,879

1,869

Halma

PLC

22,379

877

Hoya

Corp

20,400

2,409

Kyocera

Corp

75,600

919

MINEBEA

MITSUMI

Inc

21,200

Murata

Manufacturing

Co

Ltd

98,300

1,426

NIDEC

CORP

49,200

955

SCREEN

Holdings

Co

Ltd

4,800

Shimadzu

Corp

13,900

TDK

Corp

114,500

1,254

Yokogawa

Electric

Corp

13,400

$

16,274

Energy

-

Alternate

Sources

-

.08

%

Vestas

Wind

Systems

A/S

59,531

941

Engineering

&

Construction

-

.22

%

Acciona

SA

1,450

ACS

Actividades

de

Construccion

y

Servicios

SA

10,373

681

Aena

SME

SA

(e) 4,422

1,190

Aeroports

de

Paris

SA

2,035

Auckland

International

Airport

Ltd

99,142

Bouygues

SA

11,169

Cellnex

Telecom

SA

-

Rights

(e),(f)

29,051

1,114

CK

Infrastructure

Holdings

Ltd

36,000

Eiffage

SA

4,044

556

Ferrovial

SE

30,000

1,528

Infrastrutture

Wireless

Italiane

SpA

(e) 16,423

Kajima

Corp

24,800

611

Keppel

Ltd

85,700

Obayashi

Corp

38,300

578

Skanska

AB

20,060

Taisei

Corp

9,200

513

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Engineering

&

Construction

(continued)

Vinci

SA

29,082

$

4,155

$

13,720

Entertainment

-

.66

%

Aristocrat

Leisure

Ltd

33,283

1,337

CTS

Eventim

AG

&

Co

KGaA

3,679

Entain

PLC

35,802

Evolution

AB

(e) 8,711

598

FDJ

UNITED

(e) 6,530

Genting

Singapore

Ltd

353,700

Lottery

Corp

Ltd/The

131,208

Oriental

Land

Co

Ltd/Japan

63,600

1,413

Toho

Co

Ltd/Tokyo

6,600

Universal

Music

Group

NV

64,641

2,068

$

7,433

Food

-

.53

%

Aeon

Co

Ltd

38,500

1,184

Ajinomoto

Co

Inc

53,700

1,342

Barry

Callebaut

AG

Carrefour

SA

31,972

Chocoladefabriken

Lindt

&

Spruengli

AG

-

PC

(d) 56

902

Chocoladefabriken

Lindt

&

Spruengli

AG

-

REG

943

Coles

Group

Ltd

79,009

1,100

Danone

SA

37,924

3,242

J

Sainsbury

PLC

103,413

Jeronimo

Martins

SGPS

SA

16,693

Kerry

Group

PLC

9,696

1,060

Kesko

Oyj

16,101

Kikkoman

Corp

39,900

Kobe

Bussan

Co

Ltd

8,700

Koninklijke

Ahold

Delhaize

NV

53,629

2,263

Lotus

Bakeries

NV

Marks

&

Spencer

Group

PLC

120,934

610

MEIJI

Holdings

Co

Ltd

14,100

Mowi

ASA

27,435

512

Nestle

SA

153,999

16,407

Nissin

Foods

Holdings

Co

Ltd

11,500

Orkla

ASA

41,323

Salmar

ASA

3,968

Seven

&

i

Holdings

Co

Ltd

130,000

1,955

Tesco

PLC

397,372

2,079

WH

Group

Ltd

(e) 491,000

Woolworths

Group

Ltd

72,012

1,479

Yakult

Honsha

Co

Ltd

15,000

$

39,828

Food

Service

-

.34

%

Compass

Group

PLC

99,714

3,506

Sodexo

SA

5,216

$

3,866

Forest

Products

&

Paper

-

.13

%

Holmen

AB

4,458

Mondi

PLC

26,021

UPM-Kymmene

Oyj

31,463

871

$

1,478

Gas

-

.22

%

Centrica

PLC

295,259

631

Hong

Kong

&

China

Gas

Co

Ltd

657,387

577

Osaka

Gas

Co

Ltd

21,400

545

Snam

SpA

118,871

711

$

2,464

Hand

&

Machine

Tools

-

.27

%

Fuji

Electric

Co

Ltd

7,900

Makita

Corp

14,000

Schindler

Holding

AG

-

PC

2,384

849

Schindler

Holding

AG

-

REG

1,384

Techtronic

Industries

Co

Ltd

86,000

958

$

3,061

Schedule

of

Investments

International

Equity

Index

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Healthcare

-

Products

-

.80

%

Alcon

AG

29,354

$

2,528

Cochlear

Ltd

3,857

674

Coloplast

A/S

7,435

723

Demant

A/S

(f) 5,316

DiaSorin

SpA

1,297

EssilorLuxottica

SA

17,469

4,854

Fisher

&

Paykel

Healthcare

Corp

Ltd

34,552

752

FUJIFILM

Holdings

Corp

65,900

1,487

Koninklijke

Philips

NV

48,884

1,127

Lifco

AB

13,741

559

Olympus

Corp

67,000

858

QIAGEN

NV

12,715

574

Sartorius

Stedim

Biotech

1,721

Siemens

Healthineers

AG

(e) 19,879

1,052

Smith

&

Nephew

PLC

48,967

711

Sonova

Holding

AG

2,970

933

Straumann

Holding

AG

6,538

841

Sysmex

Corp

29,600

Terumo

Corp

78,500

1,441

$

20,334

Healthcare

-

Services

-

.55

%

BioMerieux

2,442

Eurofins

Scientific

SE

6,955

Fresenius

Medical

Care

AG

12,927

734

Fresenius

SE

&

Co

KGaA

24,902

1,220

Lonza

Group

AG

4,243

2,944

Sonic

Healthcare

Ltd

26,903

$

6,153

Holding

Companies

-

Diversified

-

.07

%

Jardine

Matheson

Holdings

Ltd

9,268

Swire

Pacific

Ltd

21,000

Wharf

Holdings

Ltd/The

63,000

$

760

Home

Builders

-

.18

%

Barratt

Redrow

PLC

80,404

500

Daiwa

House

Industry

Co

Ltd

32,900

1,109

Sekisui

Chemical

Co

Ltd

22,300

$

1,996

Home

Furnishings

-

.04

%

Hoshizaki

Corp

6,400

Panasonic

Holdings

Corp

137,500

1,576

Rational

AG

Sony

Group

Corp

361,300

9,671

$

11,733

Insurance

-

.83

%

Admiral

Group

PLC

15,347

693

Aegon

Ltd

77,944

558

Ageas

SA/NV

8,765

572

AIA

Group

Ltd

628,200

5,229

Allianz

SE

22,685

8,997

ASR

Nederland

NV

8,690

557

Aviva

PLC

157,845

1,301

AXA

SA

104,085

4,906

Baloise

Holding

AG

2,431

577

Dai-ichi

Life

Holdings

Inc

206,500

1,612

Generali

50,706

1,846

Gjensidige

Forsikring

ASA

11,749

Hannover

Rueck

SE

3,554

1,124

Helvetia

Holding

AG

2,189

519

Insurance

Australia

Group

Ltd

139,432

777

Japan

Post

Holdings

Co

Ltd

104,800

1,027

Japan

Post

Insurance

Co

Ltd

11,400

Legal

&

General

Group

PLC

347,399

1,166

M&G

PLC

134,184

Medibank

Pvt

Ltd

162,346

MS&AD

Insurance

Group

Holdings

Inc

75,800

1,805

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

7,858

5,091

NN

Group

NV

15,858

998

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Insurance

(continued)

Phoenix

Group

Holdings

PLC

41,251

$

Prudential

PLC

153,278

1,743

QBE

Insurance

Group

Ltd

88,742

1,326

Sampo

Oyj

142,728

1,523

Sompo

Holdings

Inc

52,450

1,587

Suncorp

Group

Ltd

63,834

850

Swiss

Life

Holding

AG

1,693

1,691

Swiss

Re

AG

17,718

3,131

T&D

Holdings

Inc

28,800

659

Talanx

AG

3,806

Tokio

Marine

Holdings

Inc

107,900

4,563

Tryg

A/S

19,984

514

Unipol

Assicurazioni

SpA

21,147

Zurich

Insurance

Group

AG

8,597

6,030

$

65,709

Internet

-

.71

%

Auto

Trader

Group

PLC

(e) 51,649

553

CAR

Group

Ltd

22,265

510

Delivery

Hero

SE

(e),(f)

11,222

Grab

Holdings

Ltd

(f) 139,386

679

LY

Corp

168,500

608

M3

Inc

26,000

MonotaRO

Co

Ltd

14,500

Prosus

NV

(f) 76,862

3,948

Rakuten

Group

Inc

(f) 88,800

Scout24

SE

(e) 4,422

602

Sea

Ltd

ADR

(f) 22,472

3,604

Spotify

Technology

SA

(f) 9,027

6,004

Trend

Micro

Inc/Japan

7,500

562

Wix.com

Ltd

(f) 3,117

ZOZO

Inc

23,600

$

19,253

Investment

Companies

-

.54

%

Eurazeo

SE

2,361

EXOR

NV

5,209

502

Groupe

Bruxelles

Lambert

NV

4,897

Industrivarden

AB

-

A

Shares

7,026

Industrivarden

AB

-

C

Shares

9,126

Infratil

Ltd

54,214

Investment

AB

Latour

8,698

Investor

AB

-

B

Shares

101,676

2,994

L

E

Lundbergforetagen

AB

4,465

Sofina

SA

905

Washington

H

Soul

Pattinson

&

Co

Ltd

14,090

$

6,042

Iron

&

Steel

-

.33

%

ArcelorMittal

SA

27,650

838

BlueScope

Steel

Ltd

25,856

Fortescue

Ltd

99,826

993

JFE

Holdings

Inc

33,900

Nippon

Steel

Corp

56,877

1,144

$

3,757

Leisure

Products

&

Services

-

.29

%

Amadeus

IT

Group

SA

26,464

2,201

Shimano

Inc

4,500

638

Yamaha

Motor

Co

Ltd

54,400

$

3,256

Lodging

-

.25

%

Accor

SA

11,491

611

Galaxy

Entertainment

Group

Ltd

128,000

541

InterContinental

Hotels

Group

PLC

8,710

998

Sands

China

Ltd

(f) 141,600

Whitbread

PLC

10,400

$

2,833

Machinery

-

Construction

&

Mining

-

.02

%

Epiroc

AB

-

A

Shares

38,848

868

Epiroc

AB

-

B

Shares

22,988

Hitachi

Ltd

269,000

7,495

Schedule

of

Investments

International

Equity

Index

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Machinery

-

Construction

&

Mining

(continued)

Komatsu

Ltd

53,100

$

1,614

Metso

Oyj

36,650

Mitsubishi

Electric

Corp

112,000

2,235

Mitsubishi

Heavy

Industries

Ltd

188,300

4,336

Sandvik

AB

62,853

1,372

Siemens

Energy

AG

(f) 39,911

3,900

$

22,713

Machinery

-

Diversified

-

.52

%

Atlas

Copco

AB

-

A

Shares

157,790

2,534

Atlas

Copco

AB

-

B

Shares

92,012

1,310

Beijer

Ref

AB

22,690

Daifuku

Co

Ltd

18,900

500

FANUC

Corp

55,500

1,481

GEA

Group

AG

8,605

576

Hexagon

AB

122,389

1,234

Keyence

Corp

11,460

4,797

Kone

Oyj

20,038

1,250

Kubota

Corp

57,600

661

Omron

Corp

10,200

SMC

Corp

3,400

1,275

Spirax

Group

PLC

4,340

Wartsila

OYJ

Abp

29,648

594

$

17,146

Media

-

.15

%

Bollore

SE

41,223

Informa

PLC

77,487

822

Pearson

PLC

35,010

550

$

1,634

Metal

Fabrication

&

Hardware

-

.22

%

Prysmian

SpA

16,565

1,065

SKF

AB

20,107

Tenaris

SA

(d) 23,907

VAT

Group

AG

(e) 1,592

607

$

2,515

Mining

-

.91

%

Anglo

American

PLC

74,907

2,222

Antofagasta

PLC

23,246

555

BHP

Group

Ltd

298,183

7,325

Boliden

AB

(f) 16,697

522

Evolution

Mining

Ltd

117,706

671

Glencore

PLC

(f) 602,331

2,292

Norsk

Hydro

ASA

82,900

Northern

Star

Resources

Ltd

80,018

1,088

Rio

Tinto

Ltd

21,883

1,591

Rio

Tinto

PLC

66,297

3,924

South32

Ltd

266,299

525

Sumitomo

Metal

Mining

Co

Ltd

14,400

$

21,497

Miscellaneous

Manufacturers

-

.23

%

Alfa

Laval

AB

17,055

726

Alstom

SA

(f) 20,405

Indutrade

AB

16,107

Knorr-Bremse

AG

4,277

Siemens

AG

44,645

10,738

Smiths

Group

PLC

19,717

573

Trelleborg

AB

11,889

$

13,802

Office

&

Business

Equipment

-

.18

%

Canon

Inc

(d) 55,000

1,680

Ricoh

Co

Ltd

31,800

$

1,977

Oil

&

Gas

-

.96

%

Aker

BP

ASA

18,629

BP

PLC

940,913

4,575

DCC

PLC

5,834

ENEOS

Holdings

Inc

160,930

763

Eni

SpA

129,397

1,908

Equinor

ASA

49,390

1,156

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Oil

&

Gas

(continued)

Galp

Energia

SGPS

SA

24,596

$

Idemitsu

Kosan

Co

Ltd

47,805

Inpex

Corp

51,900

694

Neste

Oyj

24,852

OMV

AG

8,681

Repsol

SA

68,227

919

Santos

Ltd

191,454

813

Shell

PLC

351,640

11,602

TotalEnergies

SE

120,017

7,065

Woodside

Energy

Group

Ltd

111,574

1,602

$

33,307

Packaging

&

Containers

-

.06

%

SIG

Group

AG

(f) 18,027

Stora

Enso

Oyj

34,325

$

716

Pharmaceuticals

-

.65

%

Astellas

Pharma

Inc

106,600

1,053

AstraZeneca

PLC

91,089

13,343

Bayer

AG

57,731

1,625

Chugai

Pharmaceutical

Co

Ltd

39,400

2,060

Daiichi

Sankyo

Co

Ltd

100,900

2,685

Eisai

Co

Ltd

15,400

Galderma

Group

AG

6,289

826

Grifols

SA

(f) 17,456

GSK

PLC

241,805

4,912

Hikma

Pharmaceuticals

PLC

9,810

Ipsen

SA

2,223

Kyowa

Kirin

Co

Ltd

13,900

Merck

KGaA

7,620

999

Novartis

AG

111,683

12,891

Novo

Nordisk

A/S

189,855

13,489

Ono

Pharmaceutical

Co

Ltd

22,000

Orion

Oyj

6,389

Otsuka

Holdings

Co

Ltd

26,000

1,322

Recordati

Industria

Chimica

e

Farmaceutica

SpA

6,781

Roche

Holding

AG

1,886

644

Roche

Holding

AG

41,271

13,370

Sandoz

Group

AG

24,619

1,252

Sanofi

SA

65,218

6,459

Shionogi

&

Co

Ltd

44,500

743

Sigma

Healthcare

Ltd

271,430

546

Takeda

Pharmaceutical

Co

Ltd

93,400

2,804

Teva

Pharmaceutical

Industries

Ltd

ADR

(f) 67,377

1,131

UCB

SA

7,454

1,356

Zealand

Pharma

A/S

(f) 3,768

$

86,254

Pipelines

-

.04

%

APA

Group

76,335

Private

Equity

-

.54

%

3i

Group

PLC

57,181

3,141

CapitaLand

Investment

Ltd/Singapore

138,000

CVC

Capital

Partners

PLC

(e) 12,532

EQT

AB

21,949

643

Partners

Group

Holding

AG

1,333

1,789

$

6,075

Real

Estate

-

.97

%

Azrieli

Group

Ltd

2,553

CK

Asset

Holdings

Ltd

113,632

Daito

Trust

Construction

Co

Ltd

3,400

Fastighets

AB

Balder

(f) 42,325

Henderson

Land

Development

Co

Ltd

84,982

Hongkong

Land

Holdings

Ltd

64,929

Hulic

Co

Ltd

26,900

LEG

Immobilien

SE

4,391

Mitsubishi

Estate

Co

Ltd

62,600

1,138

Mitsui

Fudosan

Co

Ltd

155,800

1,492

REA

Group

Ltd

3,116

Sagax

AB

12,954

Sekisui

House

Ltd

35,100

796

Schedule

of

Investments

International

Equity

Index

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Real

Estate

(continued)

Sino

Land

Co

Ltd

211,073

$

Sumitomo

Realty

&

Development

Co

Ltd

18,200

697

Sun

Hung

Kai

Properties

Ltd

85,000

913

Swiss

Prime

Site

AG

4,713

670

Vonovia

SE

43,656

1,430

Wharf

Real

Estate

Investment

Co

Ltd

98,000

$

10,949

REITs

-

.81

%

CapitaLand

Ascendas

REIT

220,350

CapitaLand

Integrated

Commercial

Trust

343,729

557

Covivio

SA/France

3,269

Gecina

SA

2,705

Goodman

Group

119,317

2,531

Klepierre

SA

12,682

Land

Securities

Group

PLC

41,717

Link

REIT

153,240

811

Nippon

Building

Fund

Inc

Scentre

Group

306,640

726

Segro

PLC

75,762

712

Stockland

140,721

Unibail-Rodamco-Westfield

(f) 7,125

676

Vicinity

Ltd

228,099

$

9,082

Retail

-

.29

%

Associated

British

Foods

PLC

19,139

538

Avolta

AG

5,183

Cie

Financiere

Richemont

SA

31,580

5,959

CK

Hutchison

Holdings

Ltd

157,632

881

Fast

Retailing

Co

Ltd

11,200

3,731

H

&

M

Hennes

&

Mauritz

AB

33,392

Industria

de

Diseno

Textil

SA

64,079

3,472

JD

Sports

Fashion

PLC

151,237

Kingfisher

PLC

104,749

MatsukiyoCocokara

&

Co

19,400

Moncler

SpA

13,770

862

Next

PLC

6,855

1,190

Nitori

Holdings

Co

Ltd

4,700

Pan

Pacific

International

Holdings

Corp

22,300

730

Pandora

A/S

4,833

883

Reece

Ltd

13,084

Swatch

Group

AG/The

-

BR

(d) 1,707

Tokyo

Gas

Co

Ltd

19,400

651

Wesfarmers

Ltd

66,662

3,567

Zalando

SE

(e),(f)

13,224

Zensho

Holdings

Co

Ltd

5,900

$

25,858

Semiconductors

-

.91

%

Advantest

Corp

45,100

2,281

ASM

International

NV

2,761

1,503

ASML

Holding

NV

23,150

17,055

BE

Semiconductor

Industries

NV

4,784

578

Disco

Corp

5,400

1,210

Infineon

Technologies

AG

76,715

2,983

Lasertec

Corp

4,700

Nova

Ltd

(f) 1,775

Renesas

Electronics

Corp

99,100

1,203

STMicroelectronics

NV

39,912

1,002

Tokyo

Electron

Ltd

26,300

4,139

$

32,796

Shipbuilding

-

.10

%

Kongsberg

Gruppen

ASA

5,186

914

Yangzijiang

Shipbuilding

Holdings

Ltd

152,100

$

1,163

Software

-

.48

%

Capcom

Co

Ltd

20,300

602

Dassault

Systemes

SE

39,450

1,479

Konami

Group

Corp

5,900

801

Monday.com

Ltd

(f) 2,386

710

Nemetschek

SE

3,405

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Software

(continued)

Nexon

Co

Ltd

19,300

$

Nice

Ltd

(f) 3,706

628

Oracle

Corp

Japan

2,300

Pro

Medicus

Ltd

3,388

614

Sage

Group

PLC/The

57,691

949

SAP

SE

61,382

18,569

Temenos

AG

3,324

TIS

Inc

12,500

WiseTech

Global

Ltd

11,792

815

Xero

Ltd

(f) 8,571

1,018

$

27,932

Telecommunications

-

.95

%

BT

Group

PLC

350,940

850

Deutsche

Telekom

AG

205,046

7,765

Elisa

Oyj

8,384

Hikari

Tsushin

Inc

1,000

HKT

Trust

&

HKT

Ltd

221,980

KDDI

Corp

180,300

3,121

Koninklijke

KPN

NV

229,249

1,078

Nippon

Telegraph

&

Telephone

Corp

1,755,300

1,954

Nokia

OYJ

312,844

1,628

Orange

SA

109,415

1,633

Singapore

Telecommunications

Ltd

437,900

1,293

SoftBank

Corp

1,681,700

2,584

SoftBank

Group

Corp

56,200

2,936

Swisscom

AG

(f) 1,527

1,050

Tele2

AB

32,223

Telecom

Italia

SpA/Milano

(f) 630,326

Telefonaktiebolaget

LM

Ericsson

163,751

1,394

Telefonica

SA

216,507

1,159

Telenor

ASA

36,299

557

Telia

Co

AB

139,077

538

Telstra

Group

Ltd

236,495

729

Vodafone

Group

PLC

1,171,709

1,215

$

33,270

Toys,

Games

&

Hobbies

-

.61

%

Bandai

Namco

Holdings

Inc

35,000

1,112

Nintendo

Co

Ltd

64,800

5,287

Sanrio

Co

Ltd

10,500

$

6,862

Transportation

-

.27

%

AP

Moller

-

Maersk

A/S

-

A

AP

Moller

-

Maersk

A/S

-

B

Central

Japan

Railway

Co

45,500

994

Deutsche

Post

AG

56,394

2,531

DSV

A/S

12,049

2,837

East

Japan

Railway

Co

53,400

1,119

Getlink

SE

17,832

Hankyu

Hanshin

Holdings

Inc

13,400

InPost

SA

(f) 13,217

Kawasaki

Kisen

Kaisha

Ltd

(d) 20,600

Kuehne

+

Nagel

International

AG

2,848

641

Mitsui

OSK

Lines

Ltd

(d) 20,200

716

MTR

Corp

Ltd

91,500

Nippon

Yusen

KK

25,800

941

Poste

Italiane

SpA

(e) 26,947

585

SG

Holdings

Co

Ltd

18,600

SITC

International

Holdings

Co

Ltd

77,000

Tokyo

Metro

Co

Ltd

(d) 17,100

Tokyu

Corp

29,400

West

Japan

Railway

Co

26,400

569

$

14,276

Water

-

.22

%

Severn

Trent

PLC

15,927

582

United

Utilities

Group

PLC

40,196

636

Veolia

Environnement

SA

36,982

1,273

$

2,491

TOTAL

COMMON

STOCKS

$

1,079,708

Schedule

of

Investments

International

Equity

Index

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

PREFERRED

STOCKS

-

.31

%

Shares

Held

Value

(000's)

Automobile

Manufacturers

-

.20

%

Bayerische

Motoren

Werke

AG

4.32%

3,300

$

Dr

Ing

hc

F

Porsche

AG

1.49%

(d),(e)

6,713

Porsche

Automobil

Holding

SE

1.91%

9,026

Volkswagen

AG

6.36%

12,157

1,316

$

2,274

Consumer

Products

-

.07

%

Henkel

AG

&

Co

KGaA

2.04%

9,978

800

Electronics

-

.04

%

Sartorius

AG

0.74%

1,545

TOTAL

PREFERRED

STOCKS

$

3,445

Total

Investments

$

1,129,266

Other

Assets

and

Liabilities

- (0.21)%

(2,350)

TOTAL

NET

ASSETS

-

100.00%

$

1,126,916

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$8,426

or

0.75%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$8,567

or

0.76%

of

net

assets.

(e) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$13,689

or

1.21%

of

net

assets.

(f) Non-income

producing

security

Affiliated

Securities

August

31,

2024

Purchases

Sales

May

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

8,792

$

226,701

$

225,441

$

10,052

$

8,792

$

226,701

$

225,441

$

10,052

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

eMini

MSCI

EAFE;

June

2025

Long

$

2,735

$

Total

$

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

International

Small

Company

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.35

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.35

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.22%

(a),(b)

871,378

$

871

Principal

Government

Money

Market

Fund

-

Class

4.19%

(a),(b),(c)

10,607,646

10,608

$

11,479

TOTAL

INVESTMENT

COMPANIES

$

11,479

COMMON

STOCKS

-

.65

%

Shares

Held

Value

(000's)

Advertising

-

.56

%

Stroeer

SE

&

Co

KGaA

47,102

$

2,729

Aerospace

&

Defense

-

.80

%

Saab

AB

77,284

3,906

Airlines

-

.02

%

JET2

PLC

198,299

4,968

Apparel

-

.60

%

Asics

Corp

169,100

4,076

Gildan

Activewear

Inc

80,800

3,762

$

7,838

Automobile

Parts

&

Equipment

-

.83

%

Nifco

Inc/Japan

170,200

4,080

Banks

-

.00

%

Banca

Mediolanum

SpA

269,190

4,475

Banco

Comercial

Portugues

SA

6,412,164

5,002

BAWAG

Group

AG

(d) 40,758

5,078

Chiba

Bank

Ltd/The

349,200

3,174

Concordia

Financial

Group

Ltd

452,100

2,898

Mebuki

Financial

Group

Inc

782,000

3,853

$

24,480

Beverages

-

.82

%

Royal

Unibrew

A/S

48,326

4,015

Biotechnology

-

.60

%

Bavarian

Nordic

A/S

(e) 111,694

2,945

Building

Materials

-

.02

%

Breedon

Group

PLC

676,460

4,153

Buzzi

SpA

66,181

3,405

Sumitomo

Osaka

Cement

Co

Ltd

138,400

3,678

Wienerberger

AG

95,758

3,549

$

14,785

Chemicals

-

.95

%

ADEKA

Corp

178,500

3,292

Air

Water

Inc

217,100

3,030

Fuso

Chemical

Co

Ltd

125,700

3,339

NOF

Corp

269,900

4,774

$

14,435

Commercial

Services

-

.96

%

4imprint

Group

PLC

58,051

2,790

Boyd

Group

Services

Inc

25,100

3,749

Elis

SA

211,978

5,770

GMO

Payment

Gateway

Inc

59,900

3,661

Securitas

AB

249,069

3,683

TechnoPro

Holdings

Inc

169,900

4,611

$

24,264

Computers

-

.47

%

Computacenter

PLC

121,170

4,251

CyberArk

Software

Ltd

(e) 9,283

3,554

Sopra

Steria

Group

19,930

4,297

$

12,102

Distribution

&

Wholesale

-

.45

%

Rexel

SA

136,767

3,841

SGH

Ltd

111,525

3,647

Sojitz

Corp

181,800

4,484

$

11,972

Diversified

Financial

Services

-

.55

%

Credit

Saison

Co

Ltd

146,800

3,995

IG

Group

Holdings

PLC

315,406

4,771

Man

Group

PLC/Jersey

1,561,046

3,689

$

12,455

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Electric

-

.26

%

Capital

Power

Corp

97,500

$

3,910

Hera

SpA

940,253

4,673

Sembcorp

Industries

Ltd

687,100

3,518

Tohoku

Electric

Power

Co

Inc

550,100

3,823

$

15,924

Electrical

Components

&

Equipment

-

.80

%

SWCC

Corp

81,300

3,924

Electronics

-

.47

%

Celestica

Inc

(e) 38,500

4,458

NKT

A/S

(e) 48,921

4,193

SCREEN

Holdings

Co

Ltd

48,200

3,429

$

12,080

Engineering

&

Construction

-

.91

%

Balfour

Beatty

PLC

669,152

4,507

Fraport

AG

Frankfurt

Airport

Services

Worldwide

(e),(f)

55,578

3,859

Kajima

Corp

153,600

3,784

Kandenko

Co

Ltd

199,100

4,099

Kinden

Corp

159,000

4,300

Stantec

Inc

41,290

4,247

Technip

Energies

NV

109,258

4,136

$

28,932

Entertainment

-

.80

%

Sportradar

Group

AG

(e) 164,385

3,930

Food

-

.16

%

Aryzta

AG

(e) 42,079

4,348

Cranswick

PLC

60,662

4,350

Kotobuki

Spirits

Co

Ltd

241,500

3,896

Toyo

Suisan

Kaisha

Ltd

63,700

4,226

Yamazaki

Baking

Co

Ltd

156,800

3,527

$

20,347

Healthcare

-

Products

-

.52

%

ConvaTec

Group

PLC

(d) 1,237,747

4,841

Menicon

Co

Ltd

343,500

2,584

$

7,425

Home

Builders

-

.84

%

Bellway

PLC

112,835

4,123

Home

Furnishings

-

.90

%

JVCKenwood

Corp

538,400

4,402

Insurance

-

.69

%

ASR

Nederland

NV

72,535

4,651

AUB

Group

Ltd

157,337

3,503

Beazley

PLC

394,314

5,025

$

13,179

Internet

-

.69

%

Scout24

SE

(d) 30,234

4,119

U-Next

Holdings

Co

Ltd

276,600

4,159

$

8,278

Iron

&

Steel

-

.69

%

Japan

Steel

Works

Ltd/The

94,300

4,448

thyssenkrupp

AG

389,690

3,795

$

8,243

Leisure

Products

&

Services

-

.69

%

Flight

Centre

Travel

Group

Ltd

(f) 395,935

3,392

Lodging

-

.55

%

MGM

China

Holdings

Ltd

3,024,400

4,284

Whitbread

PLC

84,608

3,305

$

7,589

Machinery

-

Construction

&

Mining

-

.97

%

Weir

Group

PLC/The

145,328

4,757

Machinery

-

Diversified

-

.59

%

ATS

Corp

(e) 139,500

4,038

IMI

PLC

183,456

4,921

KION

Group

AG

99,320

4,624

Organo

Corp

74,800

3,999

$

17,582

Schedule

of

Investments

International

Small

Company

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Media

-

.77

%

Quebecor

Inc

134,300

$

3,778

Metal

Fabrication

&

Hardware

-

.66

%

Vallourec

SACA

190,583

3,227

Mining

-

.24

%

Alamos

Gold

Inc

199,500

5,167

Bellevue

Gold

Ltd

(e),(f)

4,307,376

2,770

Capstone

Copper

Corp

(e) 493,600

2,676

NGEx

Minerals

Ltd

(e) 363,927

4,174

Northern

Star

Resources

Ltd

305,042

4,148

OR

Royalties

Inc

197,200

5,039

Paladin

Energy

Ltd

(e),(f)

414,109

1,665

$

25,639

Miscellaneous

Manufacturers

-

.48

%

Amano

Corp

124,900

3,682

Trelleborg

AB

97,595

3,571

$

7,253

Office

&

Business

Equipment

-

.75

%

Canon

Marketing

Japan

Inc

99,400

3,688

Oil

&

Gas

-

.52

%

ARC

Resources

Ltd

161,000

3,365

Whitecap

Resources

Inc

651,080

4,061

$

7,426

Oil

&

Gas

Services

-

.77

%

SBM

Offshore

NV

163,233

3,745

Packaging

&

Containers

-

.66

%

Gerresheimer

AG

44,813

3,224

Pharmaceuticals

-

.68

%

Hikma

Pharmaceuticals

PLC

123,003

3,550

Laboratorios

Farmaceuticos

Rovi

SA

42,962

2,656

Zealand

Pharma

A/S

(e) 28,610

1,989

$

8,195

Private

Equity

-

.99

%

Intermediate

Capital

Group

PLC

179,679

4,864

Real

Estate

-

.59

%

PSP

Swiss

Property

AG

29,008

5,106

TAG

Immobilien

AG

236,242

3,993

Tokyo

Tatemono

Co

Ltd

(f) 202,100

3,580

$

12,679

REITs

-

.84

%

British

Land

Co

PLC/The

940,940

4,957

Canadian

Apartment

Properties

REIT

106,200

3,464

Gecina

SA

37,709

4,151

Invincible

Investment

Corp

7,344

3,125

KDX

Realty

Investment

Corp

3,776

3,978

Keppel

DC

REIT

2,224,700

3,774

Mirvac

Group

3,189,454

4,752

Mitsui

Fudosan

Logistics

Park

Inc

5,037

3,554

Stockland

1,001,239

3,526

Tritax

Big

Box

REIT

PLC

1,560,001

3,091

$

38,372

Retail

-

.28

%

B&M

European

Value

Retail

SA

832,971

3,843

Brunello

Cucinelli

SpA

33,518

4,131

Food

&

Life

Cos

Ltd

126,400

5,409

JINS

Holdings

Inc

61,100

3,601

Monogatari

Corp/The

159,400

3,953

$

20,937

Semiconductors

-

.61

%

Nova

Ltd

(e) 13,988

2,988

Software

-

.07

%

Cellebrite

DI

Ltd

(e) 200,697

3,348

Descartes

Systems

Group

Inc/The

(e) 34,000

3,942

JMDC

Inc

172,000

3,884

TIS

Inc

116,500

3,821

$

14,995

Telecommunications

-

.70

%

Gamma

Communications

PLC

214,149

3,423

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Transportation

-

.88

%

Kamigumi

Co

Ltd

147,900

$

4,095

Kyushu

Railway

Co

155,300

4,170

Sankyu

Inc

19,800

952

$

9,217

TOTAL

COMMON

STOCKS

$

482,731

Total

Investments

$

494,210

Other

Assets

and

Liabilities

- (1.00)%

(4,893)

TOTAL

NET

ASSETS

-

100.00%

$

489,317

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$8,521

or

1.74%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$14,038

or

2.87%

of

net

assets.

(e) Non-income

producing

security

(f) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$8,626

or

1.76%

of

net

assets.

Schedule

of

Investments

International

Small

Company

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

Affiliated

Securities

August

31,

2024

Purchases

Sales

May

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

22,143

$

235,943

$

247,478

$

10,608

$

22,143

$

235,943

$

247,478

$

10,608

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Opportunistic

Municipal

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.11

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.11

%

iShares

Short-Term

National

Muni

Bond

ETF

1,000

$

JPMorgan

Ultra-Short

Municipal

Income

ETF

—

SPDR

Nuveen

ICE

High

Yield

Municipal

Bond

ETF

1,678

VanEck

High

Yield

Muni

ETF

VanEck

Short

High

Yield

Muni

ETF

1,000

$

TOTAL

INVESTMENT

COMPANIES

$

MUNICIPAL

BONDS

-

.29

%

Principal

Amount

(000's)

Value

(000's)

Alabama

-

.05

%

County

of

Jefferson

AL

Sewer

Revenue

5.25%,

10/01/2049

$

1,800

$

1,818

Lower

Alabama

Gas

District/The

5.00%,

09/01/2034

1,700

1,759

5.00%,

09/01/2046

3,355

3,416

Mobile

County

Industrial

Development

Authority

4.75%,

12/01/2054

3,000

2,705

Tuscaloosa

County

Industrial

Development

Authority

5.25%,

05/01/2044

(a) 2,003

1,969

$

11,667

Arizona

-

.64

%

Arizona

Industrial

Development

Authority

0.00%,

01/01/2059

(b) 1,150

Navajo

Nation

5.50%,

12/01/2030

(a) 2,500

2,514

$

2,714

Arkansas

-

.49

%

Arkansas

Development

Finance

Authority

4.75%,

09/01/2049

(a) 1,000

978

5.45%,

09/01/2052

1,000

993

6.88%,

07/01/2048

(a) 2,000

2,144

$

4,115

California

-

.72

%

Alameda

Corridor

Transportation

Authority

(credit

support

from

Assured

Guaranty)

5.00%,

10/01/2052

(c) 1,000

1,020

Bay

Area

Toll

Authority

2.60%,

04/01/2056

California

Educational

Facilities

Authority

5.00%,

05/01/2049

5.00%,

04/01/2051

2,110

2,268

California

Infrastructure

&

Economic

Development

Bank

9.50%,

01/01/2065

(a),(d)

4,500

4,359

California

Pollution

Control

Financing

Authority

5.00%,

07/01/2038

(a) 1,115

1,141

5.00%,

07/01/2039

(a) 1,250

1,260

California

Public

Finance

Authority

6.50%,

06/01/2054

(a) 5,000

4,661

6.75%,

07/01/2065

(a) 3,500

3,634

California

Statewide

Financing

Authority

6.00%,

05/01/2043

1,000

1,021

City

of

Compton

CA

Sewer

Revenue

6.00%,

09/01/2039

1,000

1,019

City

of

Los

Angeles

Department

of

Airports

5.00%,

05/15/2037

(e) 1,421

1,472

La

Verne

Public

Financing

Authority

7.25%,

09/01/2026

Los

Angeles

Department

of

Water

&

Power

3.10%,

07/01/2034

(d) 3,320

3,320

3.10%,

07/01/2035

(d) 400

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

5.25%,

05/01/2055

(e) 1,500

1,517

$

27,679

Colorado

-

.25

%

Creekside

Village

Metropolitan

District

5.00%,

12/01/2039

1,232

1,148

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Colorado

(continued)

Regional

Transportation

District

4.00%,

07/15/2040

$

1,000

$

925

$

2,073

Connecticut

-

.03

%

Mohegan

Tribal

Finance

Authority

7.00%,

02/01/2045

(a) 1,700

1,713

Florida

-

.54

%

County

of

Miami-Dade

FL

Aviation

Revenue

5.00%,

10/01/2049

(e) 3,000

2,931

Florida

Development

Finance

Corp

4.38%,

10/01/2054

(a),(d)

2,000

1,991

5.25%,

08/01/2029

(a) 1,000

1,026

5.25%,

08/01/2055

1,000

1,002

5.50%,

07/01/2053

3,000

2,816

6.13%,

07/01/2032

(a),(d)

2,000

2,026

Greater

Orlando

Aviation

Authority

5.25%,

10/01/2049

(e) 2,000

2,030

Ocean

Highway

&

Port

Authority

5.50%,

12/01/2049

(a) 1,500

1,151

Palm

Beach

County

Health

Facilities

Authority

7.63%,

05/15/2058

1,000

1,105

Village

Community

Development

District

No

4.80%,

05/01/2055

(a) 1,500

1,375

$

17,453

Georgia

-

.45

%

Atlanta

Development

Authority/The

0.00%,

12/15/2048

(a),(b)

4,000

3,474

5.50%,

04/01/2039

(a) 4,000

4,020

George

L

Smith

II

Congress

Center

Authority

5.00%,

01/01/2036

(a) 1,528

1,528

$

9,022

Illinois

-

.50

%

City

of

Chicago

IL

7.46%,

02/15/2026

990

693

Illinois

State

Toll

Highway

Authority

4.00%,

01/01/2046

(e) 400

5.00%,

01/01/2040

(e) 5,000

5,010

5.25%,

01/01/2043

(e) 1,500

1,580

State

of

Illinois

5.50%,

05/01/2047

1,435

1,470

$

9,113

Indiana

-

.46

%

City

of

Whiting

IN

3.00%,

11/01/2051

1,145

767

Kansas

-

.57

%

City

of

Wichita

KS

6.00%,

05/15/2054

1,000

940

Kentucky

-

.55

%

City

of

Henderson

KY

4.45%,

01/01/2042

(a) 1,000

915

Louisiana

-

.77

%

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

3.50%,

11/01/2032

1,000

947

4.40%,

11/01/2044

(a) 805

743

5.50%,

11/01/2039

(a) 500

511

5.65%,

11/01/2037

(a) 800

829

Louisiana

Public

Facilities

Authority

0.00%,

07/01/2039

(b) 278

—

Parish

of

St

James

LA

6.35%,

10/01/2040

(a) 3,000

3,215

$

6,245

Maine

-

.06

%

Finance

Authority

of

Maine

0.00%,

12/01/2051

(a),(b)

1,000

Schedule

of

Investments

Opportunistic

Municipal

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Maryland

-

.58

%

City

of

Westminster

MD

6.25%,

07/01/2044

$

600

$

588

Maryland

Stadium

Authority

(credit

support

from

State

Intercept

Program)

0.00%,

05/01/2051

(b),(c)

1,500

$

968

Michigan

-

.59

%

City

of

Detroit

MI

5.00%,

04/01/2050

1,000

976

Montana

-

.84

%

City

of

Kalispell

MT

5.25%,

05/15/2037

1,400

1,393

Nevada

-

.21

%

Las

Vegas

Convention

&

Visitors

Authority

5.00%,

07/01/2043

(e) 2,000

2,005

State

of

Nevada

Department

of

Business

&

Industry

0.00%,

12/15/2037

(a),(b)

706

—

$

2,005

New

Hampshire

-

.16

%

New

Hampshire

Business

Finance

Authority

4.38%,

09/20/2036

962

933

New

Hampshire

Health

and

Education

Facilities

Authority

Act

(credit

support

from

Build

America

Mutual

Assurance

Corp

-

Transfer

Custodial

Receipt)

5.00%,

08/01/2059

(c) 1,000

991

$

1,924

New

Jersey

-

.13

%

New

Jersey

Economic

Development

Authority

6.63%,

01/01/2045

(a) 1,500

1,520

New

Jersey

Transportation

Trust

Fund

Authority

5.25%,

06/15/2050

1,000

1,021

South

Jersey

Port

Corp

5.00%,

01/01/2042

1,000

992

$

3,533

New

York

-

.67

%

New

York

City

Transitional

Finance

Authority

5.50%,

05/01/2042

1,000

1,082

New

York

Liberty

Development

Corp

5.25%,

10/01/2035

1,300

1,450

New

York

State

Dormitory

Authority

5.00%,

10/01/2048

(e) 500

530

5.00%,

10/01/2050

(e) 1,000

1,055

5.25%,

10/01/2049

2,000

2,001

5.50%,

05/01/2049

3,200

3,256

New

York

State

Environmental

Facilities

Corp

5.12%,

09/01/2050

(a),(d)

1,000

1,021

New

York

Transportation

Development

Corp

4.00%,

10/31/2041

1,000

871

5.00%,

01/01/2034

1,000

1,006

5.38%,

08/01/2036

1,050

1,068

5.63%,

04/01/2040

1,000

1,025

6.00%,

06/30/2054

1,100

1,153

New

York

Transportation

Development

Corp

(credit

support

from

Assured

Guaranty)

5.50%,

06/30/2044

(c) 1,210

1,252

Oneida

Indian

Nation

of

New

York

6.00%,

09/01/2043

(a) 3,000

3,158

Suffolk

Regional

Off-Track

Betting

Corp

6.00%,

12/01/2053

3,000

3,066

Western

Regional

Off-Track

Betting

Corp

4.13%,

12/01/2041

(a) 1,500

1,291

$

24,285

Ohio

-

.50

%

Buckeye

Tobacco

Settlement

Financing

Authority

5.00%,

06/01/2055

2,650

2,293

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Ohio

(continued)

Cleveland-Cuyahoga

County

Port

Authority

4.00%,

12/01/2055

(a) $

900

$

677

4.50%,

12/01/2055

(a) 1,210

961

County

of

Hamilton

OH

5.50%,

08/01/2051

1,000

984

Ohio

Air

Quality

Development

Authority

4.50%,

01/15/2048

(a) 1,000

879

$

5,794

Oklahoma

-

.58

%

Tulsa

County

Industrial

Authority

5.25%,

11/15/2045

1,000

968

Pennsylvania

-

.41

%

Lancaster

County

Hospital

Authority/PA

5.00%,

07/01/2045

1,000

925

Pennsylvania

Economic

Development

Financing

Authority

5.45%,

01/01/2051

(a),(d)

2,000

1,987

5.50%,

11/01/2044

1,000

1,001

Philadelphia

Authority

for

Industrial

Development

4.00%,

07/01/2049

2,000

1,739

$

5,652

Puerto

Rico

-

.71

%

Commonwealth

of

Puerto

Rico

0.00%,

07/01/2033

(b) 133

0.00%,

11/01/2043

(b),(d)

4.00%,

07/01/2037

4.00%,

07/01/2041

4.00%,

07/01/2046

5.38%,

07/01/2025

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

6.75%,

01/01/2045

1,480

1,646

Puerto

Rico

Sales

Tax

Financing

Corp

Sales

Tax

Revenue

5.00%,

07/01/2058

2,325

2,181

$

4,491

South

Carolina

-

.58

%

South

Carolina

Jobs-Economic

Development

Authority

0.00%,

06/01/2040

(a),(b)

1,000

0.00%,

06/01/2051

(a),(b)

2,000

5.25%,

11/15/2052

560

513

$

963

South

Dakota

-

.30

%

Oglala

Sioux

Tribe

5.75%,

10/01/2025

(a) 500

Tennessee

-

.58

%

Chattanooga

Health

Educational

&

Housing

Facility

Board

5.00%,

10/01/2028

1,050

1,054

Metropolitan

Government

Nashville

&

Davidson

County

Industrial

Development

Board

4.00%,

06/01/2051

(a) 1,000

808

Nashville

Metropolitan

Development

&

Housing

Agency

5.13%,

06/01/2036

(a) 750

754

$

2,616

Texas

-

.22

%

City

of

Houston

TX

Airport

System

Revenue

4.00%,

07/01/2041

1,000

866

4.00%,

07/15/2041

500

5.50%,

07/15/2038

1,500

1,542

New

Hope

Cultural

Education

Facilities

Finance

Corp

6.50%,

07/01/2056

(a) 4,200

3,764

Schedule

of

Investments

Opportunistic

Municipal

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Texas

(continued)

Port

of

Beaumont

Navigation

District

4.00%,

01/01/2050

(a) $

3,000

$

2,325

5.13%,

01/01/2044

(a) 1,000

946

5.25%,

01/01/2054

(a) 505

Port

of

Port

Arthur

Navigation

District

3.25%,

04/01/2040

(d) 300

Tarrant

County

Cultural

Education

Facilities

Finance

Corp

4.13%,

12/01/2054

1,000

841

Texas

Municipal

Gas

Acquisition

and

Supply

Corp

I

6.25%,

12/15/2026

$

11,948

Utah

-

.75

%

Mida

Mountain

Village

Public

Infrastructure

District

5.13%,

06/15/2054

(a) 1,500

1,392

6.00%,

06/15/2054

(a) 1,500

1,506

$

2,898

Virginia

-

.10

%

Virginia

Beach

Development

Authority

7.00%,

09/01/2059

1,000

1,087

Virginia

Small

Business

Financing

Authority

4.00%,

01/01/2039

800

737

$

1,824

West

Virginia

-

.20

%

West

Virginia

Economic

Development

Authority

5.45%,

01/01/2055

(a),(d)

2,000

1,987

Wisconsin

-

.10

%

Public

Finance

Authority

5.00%,

09/01/2039

(a) 1,000

973

5.00%,

06/01/2041

(a) 1,000

983

5.25%,

06/15/2055

1,000

993

5.50%,

06/15/2055

750

747

5.75%,

06/15/2055

750

728

Wisconsin

Health

&

Educational

Facilities

Authority

6.50%,

07/01/2033

7.00%,

07/01/2043

500

$

5,125

TOTAL

MUNICIPAL

BONDS

$

174,363

Total

Investments

$

174,550

Liability

for

Floating

Rate

Notes

Issued

in

Conjunction

with

Securities

Held

-

(7.32)%

Notes

with

interest

rates

of

2.00%

-2.09%

at

May

31,

2025

and

contractual

maturity

of

collateral

from

2025-2045.

(f) $

(12,128)

(12,128)

Total

Net

Investments

$

162,422

Other

Assets

and

Liabilities

- 1.92%

3,176

TOTAL

NET

ASSETS

-

100.00%

$

165,598

(a) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$75,626

or

45.67%

of

net

assets.

(b) Non-income

producing

security

(c) Credit

support

indicates

investments

that

benefit

from

credit

enhancement

or

liquidity

support

provided

by

a

third

party

bank,

institution,

or

government

agency.

(d) Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions. These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(e) Security

or

portion

of

underlying

security

related

to

Inverse

Floaters

entered

into

by

the

fund.

(f) Floating

rate

securities.

The

interest

rate(s)

shown

reflect

the

rates

in

effect

at

May

31,

2025. Schedule

of

Investments

Small-MidCap

Dividend

Income

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.22

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.22

%

Principal

Government

Money

Market

Fund

-

Class

4.19%

(a),(b)

19,382,269

$

19,382

TOTAL

INVESTMENT

COMPANIES

$

19,382

COMMON

STOCKS

-

.06

%

Shares

Held

Value

(000's)

Advertising

-

.63

%

Interpublic

Group

of

Cos

Inc/The

414,012

$

9,920

Automobile

Parts

&

Equipment

-

.22

%

Linamar

Corp

422,463

19,314

Banks

-

.34

%

Cullen/Frost

Bankers

Inc

299,254

37,999

East

West

Bancorp

Inc

487,705

44,479

ServisFirst

Bancshares

Inc

388,240

28,897

Wintrust

Financial

Corp

308,208

36,803

$

148,178

Building

Materials

-

.81

%

Owens

Corning

95,502

12,793

Chemicals

-

.44

%

RPM

International

Inc

201,245

22,910

Commercial

Services

-

.84

%

Service

Corp

International/US

171,377

13,367

Computers

-

.07

%

Amdocs

Ltd

358,493

32,895

Leidos

Holdings

Inc

213,228

31,669

$

64,564

Consumer

Products

-

.47

%

Avery

Dennison

Corp

130,987

23,280

Distribution

&

Wholesale

-

.40

%

LKQ

Corp

548,823

22,211

Diversified

Financial

Services

-

.40

%

Air

Lease

Corp

170,332

9,813

Federal

Agricultural

Mortgage

Corp

155,835

29,051

Hamilton

Lane

Inc

165,719

24,692

Jefferies

Financial

Group

Inc

566,651

27,539

Raymond

James

Financial

Inc

178,815

26,282

$

117,377

Electric

-

.69

%

Alliant

Energy

Corp

327,545

20,383

IDACORP

Inc

185,951

22,119

NRG

Energy

Inc

102,431

15,969

$

58,471

Electrical

Components

&

Equipment

-

.16

%

Littelfuse

Inc

89,681

18,390

Electronics

-

.80

%

Hubbell

Inc

58,419

22,759

nVent

Electric

PLC

428,956

28,225

TD

SYNNEX

Corp

76,250

9,252

$

60,236

Engineering

&

Construction

-

.05

%

Comfort

Systems

USA

Inc

34,764

16,625

Food

-

.05

%

Ingredion

Inc

273,113

37,996

Lancaster

Colony

Corp

61,973

10,374

$

48,370

Gas

-

.62

%

NiSource

Inc

647,884

25,617

Hand

&

Machine

Tools

-

.39

%

Lincoln

Electric

Holdings

Inc

101,537

19,657

MSA

Safety

Inc

144,414

23,535

Snap-on

Inc

82,288

26,394

$

69,586

Healthcare

-

Products

-

.79

%

CONMED

Corp

123,467

7,007

STERIS

PLC

151,660

37,188

$

44,195

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Healthcare

-

Services

-

.40

%

Concentra

Group

Holdings

Parent

Inc

962,597

$

20,821

Quest

Diagnostics

Inc

184,800

32,033

Select

Medical

Holdings

Corp

1,103,011

16,865

$

69,719

Home

Builders

-

.11

%

LCI

Industries

201,295

17,541

Insurance

-

.99

%

Assured

Guaranty

Ltd

290,385

24,552

Equitable

Holdings

Inc

757,850

40,068

F&G

Annuities

&

Life

Inc

57,677

1,843

Fidelity

National

Financial

Inc

521,213

28,547

$

95,010

Iron

&

Steel

-

.24

%

Reliance

Inc

66,897

19,589

Leisure

Products

&

Services

-

.96

%

Acushnet

Holdings

Corp

377,947

25,791

Brunswick

Corp/DE

418,458

21,182

$

46,973

Lodging

-

.07

%

Hyatt

Hotels

Corp

128,154

16,920

Machinery

-

Diversified

-

.54

%

AGCO

Corp

307,552

30,134

Crane

Co

139,104

23,842

Nordson

Corp

85,017

18,023

$

71,999

Media

-

.85

%

Nexstar

Media

Group

Inc

79,575

13,561

Metal

Fabrication

&

Hardware

-

.41

%

Timken

Co/The

326,905

22,390

Miscellaneous

Manufacturers

-

.30

%

Donaldson

Co

Inc

69,599

4,841

Oil

&

Gas

-

.25

%

HF

Sinclair

Corp

429,801

15,529

Magnolia

Oil

&

Gas

Corp

657,644

14,139

Permian

Resources

Corp

1,731,355

21,832

$

51,500

Packaging

&

Containers

-

.09

%

Packaging

Corp

of

America

171,274

33,085

Pipelines

-

.06

%

Targa

Resources

Corp

207,316

32,741

REITs

-

.81

%

Agree

Realty

Corp

395,619

29,790

BXP

Inc

243,944

16,425

Camden

Property

Trust

144,355

16,960

Cousins

Properties

Inc

701,608

19,694

EastGroup

Properties

Inc

118,469

20,086

Essential

Properties

Realty

Trust

Inc

753,707

24,496

Four

Corners

Property

Trust

Inc

630,816

17,417

Regency

Centers

Corp

198,486

14,321

Terreno

Realty

Corp

217,921

12,295

$

171,484

Retail

-

.24

%

Dick's

Sporting

Goods

Inc

27,327

4,901

Domino's

Pizza

Inc

23,352

11,065

Williams-Sonoma

Inc

218,696

35,376

$

51,342

Semiconductors

-

.83

%

Amkor

Technology

Inc

965,471

17,398

MKS

Inc

333,751

27,431

$

44,829

Shipbuilding

-

.74

%

Huntington

Ingalls

Industries

Inc

52,918

11,804

TOTAL

COMMON

STOCKS

$

1,570,732

Total

Investments

$

1,590,114

Other

Assets

and

Liabilities

- (0.28)%

(4,467)

TOTAL

NET

ASSETS

-

100.00%

$

1,585,647

Schedule

of

Investments

Small-MidCap

Dividend

Income

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b) 1-day

yield

shown

is

as

of

period

end.

Affiliated

Securities

August

31,

2024

Purchases

Sales

May

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

30,655

$

440,025

$

451,298

$

19,382

$

30,655

$

440,025

$

451,298

$

19,382

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

942

$

—

$

—

$

—

$

942

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Spectrum

Preferred

and

Capital

Securities

Income

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.37

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.68

%

Invesco

Preferred

ETF

(a) 3,413,593

$

37,447

iShares

Preferred

and

Income

Securities

ETF

(a) 2,493

$

37,522

Money

Market

Funds

-

.69

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.22%

(b),(c)

9,261,183

9,261

Principal

Government

Money

Market

Fund

-

Class

4.19%

(b),(c),(d)

138,554,449

138,554

$

147,815

TOTAL

INVESTMENT

COMPANIES

$

185,337

CONVERTIBLE

PREFERRED

STOCKS

-

.05

%

Shares

Held

Value

(000's)

Banks

-

.05

%

Wells

Fargo

&

Co

7.50%

(a),(e)

2,374

$

2,697

TOTAL

CONVERTIBLE

PREFERRED

STOCKS

$

2,697

PREFERRED

STOCKS

-

.66

%

Shares

Held

Value

(000's)

Banks

-

.93

%

Bank

of

America

Corp

4.25%,

11/17/2026

(e) 7,500

$

Bank

of

America

Corp

4.38%,

11/03/2025

(e) 293,847

5,054

Bank

of

America

Corp

5.24%,

07/03/2025

(e) 200,640

4,051

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.91%

Bank

of

New

York

Mellon

Corp/The

6.15%,

03/20/2030

(e) 868,500

22,008

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.16%

Citizens

Financial

Group

Inc

5.00%,

07/06/2025

(e) 15,373

Citizens

Financial

Group

Inc

7.38%,

07/06/2029

(e) 669,818

17,335

Cullen/Frost

Bankers

Inc

4.45%,

12/15/2025

(e) 298,372

5,045

First

Horizon

Corp

4.70%,

07/10/2026

(e) 1,388

First

Horizon

Corp

6.50%,

10/10/2025

(e) 4,079

First

Horizon

Corp

6.63%,

08/01/2025

(e) 14,146

Month

USD

LIBOR

+

4.26%

Goldman

Sachs

Group

Inc/The

5.23%,

07/03/2025

(a),(e)

31,810

670

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.93%

Huntington

Bancshares

Inc/OH

5.70%,

09/01/2025

(e) 19,328

Huntington

Bancshares

Inc/OH

6.88%,

04/15/2028

(a),(e)

65,819

1,630

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.70%

JPMorgan

Chase

&

Co

4.75%,

09/01/2025

(e) 124,722

2,472

JPMorgan

Chase

&

Co

5.75%,

09/01/2025

(a),(e)

10,841

KeyCorp

5.65%,

09/15/2025

(a),(e)

57,334

1,182

KeyCorp

6.13%,

12/15/2026

(a),(e)

725,354

17,633

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.15%

KeyCorp

6.20%,

12/15/2027

(e) 393,416

9,757

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.13%

M&T

Bank

Corp

5.63%,

12/15/2026

(e) 29,503

732

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.28%

M&T

Bank

Corp

7.50%,

06/15/2029

(e) 150,526

3,911

Morgan

Stanley

5.85%,

04/15/2027

(a),(e)

649,481

14,938

Month

USD

LIBOR

+

3.49%

Morgan

Stanley

6.50%,

10/15/2027

(e) 440,877

11,278

Morgan

Stanley

6.63%,

10/15/2029

(e) 467,149

12,010

Northern

Trust

Corp

4.70%,

10/01/2025

(e) 206,006

4,007

Regions

Financial

Corp

4.45%,

06/15/2026

(e) 311,305

5,264

Regions

Financial

Corp

5.70%,

05/15/2029

(e) 338,586

7,679

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.41%

Regions

Financial

Corp

6.95%,

09/15/2029

(e) 845,886

21,562

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.77%

Truist

Financial

Corp

4.75%,

09/01/2025

(e) 462,909

8,568

PREFERRED

STOCKS

(continued)

Shares

Held

Value

(000's)

Banks

(continued)

UMB

Financial

Corp

0.00%,

07/15/2030

(e),(f),(g)

490,700

$

12,400

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.74%

US

Bancorp

4.00%,

04/15/2026

(a),(e)

54,816

888

US

Bancorp

5.12%,

07/03/2025

(e) 116,001

2,383

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.86%

US

Bancorp

5.50%,

07/03/2025

(e) 117,583

2,667

Webster

Financial

Corp

5.25%,

07/03/2025

(e) 194,856

3,531

Webster

Financial

Corp

6.50%,

07/01/2025

(e) 37,427

852

Wells

Fargo

&

Co

4.38%,

03/15/2026

(a),(e)

25,297

Wells

Fargo

&

Co

4.70%,

12/15/2025

(e) 59,138

1,071

Wells

Fargo

&

Co

4.75%,

09/15/2025

(e) 73,015

1,341

Wintrust

Financial

Corp

0.00%,

07/15/2030

(e),(f)

477,600

12,203

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.88%

$

216,119

Diversified

Financial

Services

-

.49

%

Affiliated

Managers

Group

Inc

4.20%,

09/30/2061

175,526

2,593

Affiliated

Managers

Group

Inc

4.75%,

09/30/2060

10,536

Affiliated

Managers

Group

Inc

5.88%,

03/30/2059

146,158

2,982

Capital

One

Financial

Corp

4.25%,

09/01/2026

(e) 103,648

1,684

Capital

One

Financial

Corp

4.80%,

09/01/2025

(e) 222,141

3,947

Capital

One

Financial

Corp

5.00%,

09/01/2025

(e) 252,621

4,737

Stifel

Financial

Corp

4.50%,

08/15/2026

(a),(e)

558,669

9,229

Stifel

Financial

Corp

5.20%,

10/15/2047

4,481

Stifel

Financial

Corp

6.13%,

07/03/2025

(e) 5,715

Voya

Financial

Inc

5.35%,

09/15/2029

(e) 58,984

1,423

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.21%

$

26,986

Electric

-

.84

%

CMS

Energy

Corp

5.88%,

03/01/2079

142,374

3,164

CMS

Energy

Corp

5.88%,

10/15/2078

4,626

DTE

Energy

Co

4.38%,

12/01/2081

242,879

4,170

DTE

Energy

Co

5.25%,

12/01/2077

381,382

8,142

Entergy

Arkansas

LLC

4.88%,

09/01/2066

50,980

1,040

Entergy

Louisiana

LLC

4.88%,

09/01/2066

125,440

2,535

Entergy

Texas

Inc

5.38%,

07/03/2025

(e) 42,934

969

Georgia

Power

Co

5.00%,

10/01/2077

(a) 172,885

3,817

NextEra

Energy

Capital

Holdings

Inc

5.65%,

03/01/2079

98,197

2,190

NextEra

Energy

Capital

Holdings

Inc

6.50%,

06/01/2085

(a) 145,235

3,631

Southern

Co/The

4.95%,

01/30/2080

248,873

4,940

Southern

Co/The

5.25%,

12/01/2077

552,715

11,718

$

46,419

Food

-

.41

%

Dairy

Farmers

of

America

Inc

7.88%,

12/01/2025

(e),(h)

236,300

22,567

Gas

-

.00

%

Spire

Inc

5.90%,

07/02/2025

(e) 5,031

Insurance

-

.09

%

Allstate

Corp/The

4.75%,

07/15/2025

(a),(e)

135,447

2,569

Allstate

Corp/The

5.10%,

07/15/2025

(e) 47,311

983

Allstate

Corp/The

7.38%,

07/15/2028

(e) 230,877

6,130

Allstate

Corp/The

7.75%,

01/15/2053

215,493

5,592

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.43%

American

Financial

Group

Inc/OH

4.50%,

09/15/2060

92,709

1,494

American

Financial

Group

Inc/OH

5.63%,

06/01/2060

126,716

2,523

American

Financial

Group

Inc/OH

5.88%,

03/30/2059

(a) 93,043

1,950

Arch

Capital

Group

Ltd

4.55%,

06/11/2026

(e) 119,912

2,028

Arch

Capital

Group

Ltd

5.45%,

07/02/2025

(e) 54,066

1,105

Assurant

Inc

5.25%,

01/15/2061

16,269

Corebridge

Financial

Inc

6.38%,

12/15/2064

34,735

791

Schedule

of

Investments

Spectrum

Preferred

and

Capital

Securities

Income

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

PREFERRED

STOCKS

(continued)

Shares

Held

Value

(000's)

Insurance

(continued)

Equitable

Holdings

Inc

4.30%,

03/15/2026

(e) 538,152

$

8,880

Equitable

Holdings

Inc

5.25%,

09/15/2025

(e) 461,567

9,116

Prudential

Financial

Inc

5.63%,

08/15/2058

169,114

3,905

Prudential

Financial

Inc

5.95%,

09/01/2062

(a) 166,189

4,120

RenaissanceRe

Holdings

Ltd

4.20%,

07/15/2026

(e) 227,949

3,554

RenaissanceRe

Holdings

Ltd

5.75%,

07/03/2025

(a),(e)

23,682

502

W

R

Berkley

Corp

4.13%,

03/30/2061

107,926

1,693

W

R

Berkley

Corp

5.10%,

12/30/2059

150,258

2,877

$

60,133

REITs

-

.31

%

Digital

Realty

Trust

Inc

5.20%,

07/03/2025

(e) 11,018

Digital

Realty

Trust

Inc

5.25%,

07/02/2025

(e) 16,600

Digital

Realty

Trust

Inc

5.85%,

07/02/2025

(e) 76,850

1,794

Federal

Realty

Investment

Trust

5.00%,

07/02/2025

(e) 65,290

1,334

Kimco

Realty

Corp

5.13%,

07/03/2025

(e) 104,113

2,062

Kimco

Realty

Corp

5.25%,

07/03/2025

(e) 201,769

4,094

Prologis

Inc

8.54%,

11/13/2026

(e) 124,449

6,950

Public

Storage

3.88%,

10/06/2025

(e) 92,821

1,433

Public

Storage

3.90%,

11/17/2025

(e) 109,753

1,696

Public

Storage

3.95%,

08/17/2026

(e) 77,361

1,209

Public

Storage

4.00%,

11/19/2026

(e) 471,069

7,509

Public

Storage

4.00%,

06/16/2026

(e) 853,470

13,613

Public

Storage

4.10%,

01/13/2027

(e) 119,590

1,943

Public

Storage

4.13%,

08/14/2025

(e) 483,398

7,971

Public

Storage

4.63%,

07/02/2025

(e) 170,706

3,189

Public

Storage

4.70%,

07/03/2025

(e) 306,791

5,792

Public

Storage

4.75%,

07/03/2025

(e) 238,451

4,464

Public

Storage

5.60%,

07/03/2025

(e) 273,001

6,178

$

71,804

Telecommunications

-

.59

%

AT&T

Inc

4.75%,

07/03/2025

(e) 1,678,335

31,804

AT&T

Inc

5.00%,

07/03/2025

(a),(e)

22,144

$

32,246

TOTAL

PREFERRED

STOCKS

$

476,392

BONDS

-

.17

%

Principal

Amount

(000's)

Value

(000's)

Banks

-

.40

%

Australia

&

New

Zealand

Banking

Group

Ltd/

United

Kingdom

6.75%,

06/15/2026

(e),(h),(i),(j)

$

12,200

$

12,301

USD

Swap

Rate

NY

Year

+

5.17%

6.75%,

06/15/2026

(e),(i),(j)

2,700

2,722

USD

Swap

Rate

NY

Year

+

5.17%

Banco

Bilbao

Vizcaya

Argentaria

SA

6.13%,

11/16/2027

(e),(i),(j)

14,200

13,663

USD

Swap

Semi-Annual

Year

+

3.87%

7.75%,

01/14/2032

(e),(i),(j)

45,000

44,655

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.25%

9.38%,

03/19/2029

(e),(i),(j)

27,000

29,634

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.10%

Banco

Santander

SA

4.75%,

11/12/2026

(e),(i),(j)

47,000

45,018

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.75%

8.00%,

02/01/2034

(e),(i),(j)

4,600

4,811

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.91%

9.63%,

11/21/2028

(e),(i),(j)

40,000

44,034

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.31%

9.63%,

05/21/2033

(e),(i),(j)

20,000

22,996

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.30%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Bank

of

America

Corp

4.38%,

01/27/2027

(e),(i)

$

11,620

$

11,254

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.76%

6.13%,

04/27/2027

(e),(i)

47,236

47,562

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.23%

6.63%,

05/01/2030

(e),(i)

36,600

37,180

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%

8.05%,

06/15/2027

6,112

6,464

Bank

of

Montreal

7.30%,

11/26/2084

(i) 17,000

17,013

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.01%

7.70%,

05/26/2084

(i) 37,793

38,981

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.45%

Bank

of

New

York

Mellon

Corp/The

3.70%,

03/20/2026

(e),(i)

49,485

48,518

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.35%

3.75%,

12/20/2026

(e),(i)

58,050

55,868

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.63%

4.63%,

09/20/2026

(e),(i)

7,650

7,576

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.39%

4.70%,

09/20/2025

(e),(i)

9,391

9,334

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.36%

6.30%,

03/20/2030

(a),(e),(i)

2,400

2,449

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.30%

Bank

of

Nova

Scotia/The

3.63%,

10/27/2081

(i) 14,445

13,343

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.61%

7.35%,

04/27/2085

(i) 25,300

25,373

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.90%

8.00%,

01/27/2084

(i) 21,245

22,383

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.02%

8.63%,

10/27/2082

(i) 39,003

41,091

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.39%

Barclays

PLC

4.38%,

03/15/2028

(e),(i),(j)

20,900

19,077

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.41%

6.13%,

12/15/2025

(e),(i),(j)

25,000

24,946

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.87%

7.63%,

03/15/2035

(e),(i),(j)

6,600

6,520

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.69%

8.00%,

03/15/2029

(e),(i),(j)

3,600

3,755

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.43%

9.63%,

12/15/2029

(a),(e),(i),(j)

50,400

55,634

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

5.78%

Schedule

of

Investments

Spectrum

Preferred

and

Capital

Securities

Income

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

BNP

Paribas

SA

4.50%,

02/25/2030

(e),(h),(i),(j)

$

5,000

$

4,388

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.94%

4.63%,

02/25/2031

(e),(i),(j)

5,000

4,337

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.34%

4.63%,

02/25/2031

(e),(h),(i),(j)

4,100

3,556

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.34%

7.38%,

09/10/2034

(e),(h),(i),(j)

25,000

25,164

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.54%

7.75%,

08/16/2029

(e),(h),(i),(j)

55,000

57,213

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.90%

7.75%,

08/16/2029

(e),(i),(j)

10,048

10,451

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.90%

8.00%,

08/22/2031

(e),(h),(i),(j)

20,000

20,913

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.73%

8.50%,

08/14/2028

(e),(h),(i),(j)

64,300

68,107

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.35%

9.25%,

11/17/2027

(e),(h),(i),(j)

6,000

6,374

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.97%

9.25%,

11/17/2027

(e),(i),(j)

8,600

9,136

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.97%

Canadian

Imperial

Bank

of

Commerce

6.95%,

01/28/2085

(i) 13,600

13,499

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.83%

Citigroup

Capital

III

7.63%,

12/01/2036

3,300

3,607

Citigroup

Inc

3.88%,

02/18/2026

(e),(i)

69,500

68,088

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.42%

4.00%,

12/10/2025

(e),(i)

23,990

23,744

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.60%

6.25%,

08/15/2026

(a),(e),(i)

54,167

54,708

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.78%

6.75%,

02/15/2030

(e),(i)

4,500

4,452

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.57%

7.00%,

08/15/2034

(e),(i)

22,900

23,503

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.76%

7.38%,

05/15/2028

(a),(e),(i)

24,600

25,397

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.21%

Citizens

Financial

Group

Inc

4.00%,

10/06/2026

(a),(e),(i)

33,819

32,764

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.22%

5.65%,

10/06/2025

(a),(e),(i)

27,996

27,930

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.31%

7.70%,

07/06/2025

(a),(e)

7,738

7,669

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.42%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Credit

Agricole

SA

4.75%,

03/23/2029

(e),(h),(i),(j)

$

7,100

$

6,521

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.24%

8.13%,

12/23/2025

(e),(h),(i),(j)

63,768

64,641

USD

Swap

Semi-Annual

Year

+

6.19%

8.13%,

12/23/2025

(e),(i),(j)

15,000

15,205

USD

Swap

Semi-Annual

Year

+

6.19%

Depository

Trust

&

Clearing

Corp/The

3.38%,

06/20/2026

(e),(h),(i)

5,000

4,829

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.61%

Deutsche

Bank

AG

6.00%,

10/30/2025

(e),(i),(j)

3,000

2,983

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.52%

8.13%,

04/30/2030

(a),(e),(i),(j)

11,200

11,340

USD

Secured

Overnight

Financing

Rate

Spread-Adj.

ICE

Swap

Rate

Year

+

4.36%

DNB

Bank

ASA

7.38%,

05/30/2029

(e),(i),(j)

4,000

4,070

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.72%

Fifth

Third

Bancorp

4.50%,

09/30/2025

(e),(i)

10,431

10,365

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.22%

Goldman

Sachs

Group

Inc/The

3.65%,

08/10/2026

(e),(i)

23,598

22,826

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.92%

3.80%,

05/10/2026

(a),(e),(i)

12,800

12,580

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.97%

4.13%,

11/10/2026

(e),(i)

11,800

11,491

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.95%

6.13%,

11/10/2034

(a),(e),(i)

17,100

16,682

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.40%

6.85%,

02/10/2030

(e),(i)

13,700

13,813

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.46%

7.50%,

05/10/2029

(e),(i)

8,000

8,331

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.81%

HSBC

Holdings

PLC

6.00%,

05/22/2027

(e),(i),(j)

15,900

15,799

USD

Swap

Rate

NY

Year

+

3.75%

6.50%,

03/23/2028

(a),(e),(i),(j)

5,600

5,623

USD

Swap

Rate

NY

Year

+

3.61%

6.88%,

09/11/2029

(a),(e),(i),(j)

5,000

5,032

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.30%

6.95%,

03/11/2034

(a),(e),(i),(j)

6,000

5,964

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.19%

7.05%,

06/05/2030

(e),(g),(i),(j)

8,300

8,301

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.99%

Huntington

Bancshares

Inc/OH

4.45%,

10/15/2027

(e),(i)

90,661

87,971

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.05%

5.63%,

07/15/2030

(a),(e),(i)

38,673

38,558

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.95%

Schedule

of

Investments

Spectrum

Preferred

and

Capital

Securities

Income

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

ING

Groep

NV

4.25%,

05/16/2031

(e),(i),(j)

$

14,385

$

12,021

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.86%

4.88%,

05/16/2029

(e),(i),(j)

12,600

11,630

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.51%

5.75%,

11/16/2026

(e),(i),(j)

20,625

20,498

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.34%

7.25%,

11/16/2034

(e),(i),(j)

30,400

30,465

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

4.08%

Intesa

Sanpaolo

SpA

7.70%,

09/17/2025

(e),(h),(i),(j)

87,826

88,099

USD

Swap

Semi-Annual

Year

+

5.46%

JPMorgan

Chase

&

Co

3.65%,

06/01/2026

(e),(i)

99,624

97,154

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.85%

5.48%,

01/15/2087

4,000

3,660

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.21%

6.50%,

04/01/2030

(e),(i)

13,200

13,379

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.15%

6.88%,

06/01/2029

(e),(i)

44,000

45,878

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.74%

KeyCorp

5.00%,

09/15/2026

(e),(i)

18,852

18,495

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.87%

KeyCorp

Capital

III

7.75%,

07/15/2029

11,200

11,752

Lloyds

Banking

Group

PLC

6.75%,

06/27/2026

(e),(i),(j)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.82%

6.75%,

09/27/2031

(a),(e),(i),(j)

15,000

14,583

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.15%

7.50%,

09/27/2025

(e),(i),(j)

23,465

23,516

USD

Swap

Rate

NY

Year

+

4.50%

8.00%,

09/27/2029

(a),(e),(i),(j)

6,400

6,727

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.91%

M&T

Bank

Corp

3.50%,

09/01/2026

(e),(i)

37,118

34,779

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%

5.13%,

11/01/2026

(a),(e),(i)

6,305

6,215

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.78%

7.30%,

08/01/2025

(a),(e),(i)

15,848

15,802

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.17%

Macquarie

Bank

Ltd/London

6.13%,

03/08/2027

(e),(h),(i),(j)

21,000

20,949

USD

Swap

Semi-Annual

Year

+

3.70%

6.13%,

03/08/2027

(e),(i),(j)

5,000

4,988

USD

Swap

Semi-Annual

Year

+

3.70%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

NatWest

Group

PLC

4.60%,

06/28/2031

(e),(i),(j)

$

26,085

$

22,403

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.10%

6.00%,

12/29/2025

(e),(i),(j)

55,100

54,922

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.63%

7.30%,

11/19/2034

(a),(e),(i),(j)

6,800

6,662

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.94%

8.00%,

08/10/2025

(e),(i),(j)

10,225

10,255

USD

Swap

Semi-Annual

Year

+

5.72%

8.13%,

11/10/2033

(a),(e),(i),(j)

6,000

6,362

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.75%

Nordea

Bank

Abp

6.30%,

09/25/2031

(e),(h),(i),(j)

43,100

41,660

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.66%

6.63%,

03/26/2026

(e),(i),(j)

13,400

13,434

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.11%

6.63%,

03/26/2026

(e),(h),(i),(j)

74,562

74,753

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.11%

Northern

Trust

Corp

4.60%,

10/01/2026

(a),(e),(i)

12,400

12,278

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.46%

PNC

Financial

Services

Group

Inc/The

6.00%,

05/15/2027

(e),(i)

6,000

6,011

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.00%

6.20%,

09/15/2027

(a),(e),(i)

9,200

9,329

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.24%

6.25%,

03/15/2030

(e),(i)

111,020

111,453

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.81%

Royal

Bank

of

Canada

6.35%,

11/24/2084

(i) 55,450

52,105

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.26%

7.50%,

05/02/2084

(a),(i)

40,000

41,584

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.89%

Societe

Generale

SA

8.50%,

03/25/2034

(e),(h),(i),(j)

24,000

24,633

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.15%

9.38%,

11/22/2027

(e),(h),(i),(j)

3,800

4,021

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.39%

10.00%,

11/14/2028

(e),(h),(i),(j)

30,100

32,737

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.45%

Standard

Chartered

PLC

4.30%,

08/19/2028

(a),(e),(h),(i),(j)

17,532

15,770

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.14%

4.75%,

01/14/2031

(e),(h),(i),(j)

10,000

8,884

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.81%

4.75%,

01/14/2031

(a),(e),(i),(j)

10,000

8,886

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.81%

7.01%,

07/30/2037

(e),(h),(i)

9,200

9,418

Month

USD

LIBOR

+

1.46%

Schedule

of

Investments

Spectrum

Preferred

and

Capital

Securities

Income

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Standard

Chartered

PLC

(continued)

7.63%,

01/16/2032

(e),(h),(i),(j)

$

16,600

$

16,575

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.02%

7.75%,

08/15/2027

(a),(e),(h),(i),(j)

45,000

46,374

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.98%

State

Street

Corp

6.45%,

09/15/2030

(e),(i)

11,100

11,065

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.14%

6.70%,

09/15/2029

(e),(i)

51,193

52,190

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.63%

6.70%,

03/15/2029

(e),(i)

52,160

53,243

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.61%

Svenska

Handelsbanken

AB

4.38%,

03/01/2027

(e),(i),(j)

20,400

19,757

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.94%

Swedbank

AB

7.63%,

03/17/2028

(e),(i),(j)

14,000

14,525

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.59%

7.75%,

03/17/2030

(e),(i),(j)

14,800

15,355

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.66%

Toronto-Dominion

Bank/The

7.25%,

07/31/2084

(a),(i)

1,000

1,022

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.98%

8.13%,

10/31/2082

(i) 44,600

46,711

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.08%

Truist

Financial

Corp

4.95%,

09/01/2025

(e),(i)

17,205

17,092

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.61%

5.10%,

03/01/2030

(e),(i)

35,906

34,923

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.35%

5.21%,

03/15/2028

9,022

8,668

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.91%

UBS

Group

AG

3.88%,

06/02/2026

(a),(e),(h),(i),(j)

20,000

19,410

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.10%

4.38%,

02/10/2031

(a),(e),(h),(i),(j)

7,000

6,135

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.31%

6.85%,

09/10/2029

(e),(h),(i),(j)

17,000

16,950

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.63%

7.00%,

02/10/2030

(e),(h),(i),(j)

15,600

15,445

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.08%

7.13%,

08/10/2034

(e),(h),(i),(j)

7,000

6,869

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.18%

9.25%,

11/13/2028

(e),(h),(i),(j)

17,000

18,499

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.75%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

US

Bancorp

3.70%,

01/15/2027

(e),(i)

$

36,243

$

34,541

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.54%

5.30%,

04/15/2027

(e),(i)

10,895

10,802

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.18%

USB

Realty

Corp

5.66%,

01/15/2027

(e),(h)

1,500

1,202

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.41%

Wells

Fargo

&

Co

3.90%,

03/15/2026

(e),(i)

110,800

109,094

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.45%

6.85%,

09/15/2029

(e),(i)

58,400

60,021

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.77%

7.63%,

09/15/2028

(e),(i)

47,100

50,173

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.61%

7.95%,

11/15/2029

3,700

4,118

$

3,321,189

Diversified

Financial

Services

-

.93

%

American

Express

Co

3.55%,

09/15/2026

(e),(i)

74,690

72,229

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.85%

Capital

One

Financial

Corp

3.95%,

09/01/2026

(a),(e),(i)

49,940

48,479

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.16%

Charles

Schwab

Corp/The

4.00%,

12/01/2030

(e),(i)

1,100

993

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.08%

4.00%,

06/01/2026

(e),(i)

109,900

108,608

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.17%

Julius

Baer

Group

Ltd

6.88%,

06/09/2027

(e),(i),(j)

5,000

4,931

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.94%

Voya

Financial

Inc

4.70%,

01/23/2048

(i) 15,655

14,817

Month

USD

LIBOR

+

2.08%

7.76%,

09/15/2028

(e),(i)

20,306

20,919

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.36%

$

270,976

Electric

-

.49

%

American

Electric

Power

Co

Inc

3.88%,

02/15/2062

(i) 20,950

20,000

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%

6.95%,

12/15/2054

(i) 10,000

10,225

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%

7.05%,

12/15/2054

(i) 18,600

19,130

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.75%

Dominion

Energy

Inc

6.63%,

05/15/2055

(i) 27,600

27,632

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.21%

6.88%,

02/01/2055

(i) 18,800

19,475

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.39%

Schedule

of

Investments

Spectrum

Preferred

and

Capital

Securities

Income

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

Dominion

Energy

Inc

(continued)

7.00%,

06/01/2054

(i) $

22,400

$

23,539

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.51%

Duke

Energy

Corp

6.45%,

09/01/2054

(i) 14,900

15,052

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.59%

Evergy

Inc

6.65%,

06/01/2055

(i) 4,800

4,751

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.56%

Exelon

Corp

6.50%,

03/15/2055

(i) 1,400

1,398

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.98%

NextEra

Energy

Capital

Holdings

Inc

3.80%,

03/15/2082

(i) 3,000

2,845

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.55%

5.65%,

05/01/2079

(i) 3,200

3,116

Month

USD

LIBOR

+

3.16%

6.63%,

10/01/2066

12,149

11,053

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.33%

6.70%,

09/01/2054

(i) 16,700

16,930

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.36%

Sempra

6.55%,

04/01/2055

(i) 10,400

9,731

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.14%

6.63%,

04/01/2055

(i) 7,700

7,246

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.35%

$

192,123

Food

-

.18

%

Dairy

Farmers

of

America

Inc

7.13%,

12/01/2026

(e),(h)

10,700

10,085

Gas

-

.08

%

NiSource

Inc

6.95%,

11/30/2054

(i) 4,000

4,093

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.45%

Insurance

-

.49

%

ACE

Capital

Trust

II

9.70%,

04/01/2030

15,505

18,474

Allianz

SE

3.20%,

10/30/2027

(e),(h),(i),(j)

5,800

4,986

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.17%

3.50%,

11/17/2025

(e),(i),(j)

6,200

6,024

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.97%

3.50%,

11/17/2025

(e),(h),(i),(j)

22,400

21,765

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.97%

5.60%,

09/03/2054

(h),(i)

2,000

1,957

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.77%

Aon

Corp

8.21%,

01/01/2027

4,350

4,571

Argentum

Netherlands

BV

for

Swiss

Re

Ltd

5.63%,

08/15/2052

(i) 63,620

63,381

Month

USD

LIBOR

+

3.78%

5.75%,

08/15/2050

(i) 500

Month

USD

LIBOR

+

3.59%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Insurance

(continued)

Argentum

Netherlands

BV

for

Zurich

Insurance

Co

Ltd

5.13%,

06/01/2048

(i) $

2,490

$

2,456

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.27%

AXA

SA

5.13%,

01/17/2047

(i) 500

501

Secured

Overnight

Financing

Rate

+

4.14%

Corebridge

Financial

Inc

6.38%,

09/15/2054

(i) 12,500

12,163

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.65%

6.88%,

12/15/2052

(i) 36,290

36,840

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.85%

Dai-ichi

Life

Insurance

Co

Ltd/The

6.20%,

01/16/2035

(e),(h),(i)

16,700

16,576

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.52%

Equitable

Holdings

Inc

6.70%,

03/28/2055

(i) 8,100

8,192

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.39%

Liberty

Mutual

Group

Inc

4.13%,

12/15/2051

(h),(i)

19,100

18,389

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.32%

7.80%,

03/07/2087

(h) 76,240

86,053

Month

USD

LIBOR

+

3.58%

Liberty

Mutual

Insurance

Co

7.70%,

10/15/2097

(h) 5,025

5,440

Meiji

Yasuda

Life

Insurance

Co

5.80%,

09/11/2054

(h),(i)

19,000

18,449

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.03%

6.10%,

06/11/2055

(h),(i)

23,700

23,276

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.91%

MetLife

Capital

Trust

IV

7.88%,

12/15/2067

(h) 24,540

26,617

MetLife

Inc

9.25%,

04/08/2068

(h) 53,475

62,689

Month

USD

LIBOR

+

5.54%

10.75%,

08/01/2069

50,413

65,979

Month

USD

LIBOR

+

7.55%

Mitsui

Sumitomo

Insurance

Co

Ltd

4.95%,

03/06/2029

(e),(i)

520

509

USD

Swap

Semi-Annual

Year

+

3.26%

4.95%,

03/06/2029

(e),(h),(i)

1,800

1,762

USD

Swap

Semi-Annual

Year

+

3.26%

MMI

Capital

Trust

I

7.63%,

12/15/2027

1,073

1,138

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

5.88%,

05/23/2042

(h),(i)

4,800

4,877

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.98%

5.88%,

05/23/2042

(i) 1,800

1,829

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.98%

Nationwide

Financial

Services

Inc

6.75%,

05/15/2087

72,995

71,900

Schedule

of

Investments

Spectrum

Preferred

and

Capital

Securities

Income

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Insurance

(continued)

Nippon

Life

Insurance

Co

2.75%,

01/21/2051

(h),(i)

$

3,200

$

2,763

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.65%

2.90%,

09/16/2051

(h),(i)

22,900

19,537

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.60%

4.70%,

01/20/2046

(a),(h),(i)

5,000

4,976

USD

Swap

Rate

NY

Year

+

3.75%

5.95%,

04/16/2054

(h),(i)

18,300

18,153

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.59%

Prudential

Financial

Inc

5.13%,

03/01/2052

(i) 1,000

961

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.16%

6.00%,

09/01/2052

(i) 23,400

23,360

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.23%

6.50%,

03/15/2054

(i) 8,285

8,411

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.40%

Reinsurance

Group

of

America

Inc

6.65%,

09/15/2055

(i) 7,100

6,970

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.39%

Sumitomo

Life

Insurance

Co

4.00%,

09/14/2077

(a),(h),(i)

4,700

4,572

Month

USD

LIBOR

+

2.99%

Swiss

RE

Subordinated

Finance

PLC

5.70%,

04/05/2035

(h),(i)

10,800

10,744

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.81%

6.19%,

04/01/2046

(h),(i)

2,000

1,957

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.13%

Zurich

Finance

Ireland

Designated

Activity

Co

3.00%,

04/19/2051

(i) 60,100

51,999

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.78%

$

741,695

Oil

&

Gas

-

.80

%

BP

Capital

Markets

PLC

4.88%,

03/22/2030

(e),(i)

21,762

20,886

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.40%

6.13%,

03/18/2035

(e),(i)

23,700

23,197

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.92%

$

44,083

Pipelines

-

.87

%

Enbridge

Inc

5.75%,

07/15/2080

(i) 59,201

57,193

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.31%

6.00%,

01/15/2077

(a),(i)

28,981

28,617

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.15%

6.25%,

03/01/2078

(i) 34,882

34,313

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.90%

7.38%,

03/15/2055

(i) 5,000

5,073

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.12%

8.25%,

01/15/2084

(i) 2,000

2,097

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.79%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pipelines

(continued)

Enbridge

Inc

(continued)

8.50%,

01/15/2084

(a),(i)

$

17,815

$

19,331

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.43%

Enterprise

Products

Operating

LLC

5.25%,

08/16/2077

(i) 27,400

26,961

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.29%

TransCanada

PipeLines

Ltd

7.00%,

06/01/2065

(i) 12,100

11,981

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.61%

Transcanada

Trust

5.50%,

09/15/2079

(i) 28,000

27,012

Secured

Overnight

Financing

Rate

+

4.42%

$

212,578

REITs

-

.92

%

Scentre

Group

Trust

5.13%,

09/24/2080

(h),(i)

51,600

50,622

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.69%

Sovereign

-

.01

%

CoBank

ACB

4.25%,

01/01/2027

(e),(i)

1,000

958

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.05%

6.25%,

10/01/2026

(e),(i)

16,400

16,416

Month

USD

LIBOR

+

4.66%

6.45%,

10/01/2027

(a),(e),(i)

11,400

11,338

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.49%

7.25%,

07/01/2029

(e),(i)

20,000

20,308

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.88%

Farm

Credit

Bank

of

Texas

7.75%,

06/15/2029

(a),(e),(i)

6,000

6,210

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.29%

$

55,230

TOTAL

BONDS

$

4,902,674

Total

Investments

$

5,567,100

Other

Assets

and

Liabilities

- (1.25)%

(68,739)

TOTAL

NET

ASSETS

-

100.00%

$

5,498,361

(a) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$132,503

or

2.41%

of

net

assets.

(b) 1-day

yield

shown

is

as

of

period

end.

(c) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$120,841

or

2.20%

of

net

assets.

(d) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(e) Perpetual

security.

Perpetual

securities

pay

an

indefinite

stream

of

interest,

but

they

may

be

called

by

the

issuer

at

an

earlier

date.

Date

shown,

if

any,

reflects

the

next

call

date

or

final

legal

maturity

date.

Rate

shown

is

as

of

period

end.

(f) Non-income

producing

security

(g) Security

purchased

on

a

when-issued

basis.

(h) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$1,181,202

or

21.48%

of

net

assets.

(i) Rate

shown

is

as

of

period

end.

The

rate

may

be

a

variable

or

floating

rate

or

a

fixed

rate

which

may

convert

to

a

variable

or

floating

rate

in

the

future.

Schedule

of

Investments

Spectrum

Preferred

and

Capital

Securities

Income

Fund

May

31,

2025

(unaudited)

See

accompanying

notes.

(j) Security

is

a

contingent

convertible

security,

("CoCo").

CoCo's

are

hybrid

debt

securities

that

may

convert

to

equity

or

have

their

principal

written

down

upon

occurrence

of

certain

"triggers".

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$1,477,542

or

26.87%

of

net

assets.

Affiliated

Securities

August

31,

2024

Purchases

Sales

May

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

172,326

$

2,447,288

$

2,481,060

$

138,554

$

172,326

$

2,447,288

$

2,481,060

$

138,554

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

1,473

$

—

$

—

$

—

$

1,473

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Glossary

to

the

Schedule

of

Investments

May

31,

2025

(unaudited)

See

accompanying

notes.

Currency

Abbreviations

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CHF

Swiss

Franc

CNH

Chinese

Renminbi

COP

Colombian

Peso

CZK

Czech

Koruna

EGP

Egyptian

Pound

EUR

Euro

GBP

British

Pound

Sterling

HUF

Hungarian

Forint

IDR

Indonesian

Rupiah

ILS

Israeli

New

Shekel

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

MYR

Malaysian

Ringgit

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

PEN

Peruvian

Nuevo

Sol

PHP

Philippine

Peso

PLN

Polish

Zloty

RON

Romanian

New

Leu

SEK

Swedish

Krona

SGD

Singapore

Dollar

TRY

Turkish

Lira

TWD

New

Taiwan

Dollar

USD/$

United

States

Dollar

UYU

Uruguayan

Peso

ZAR

South

African

Rand

## 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:** Small-MidCap Dividend Income Fund

- **b. EDGAR series identifier (if any):** S000032942

- **c. LEI of Series:** 54930000PG64KHHYCN32

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

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-31

**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:** $1591508296.96

**Total Liabilities:** $1240213.14

**Net Assets:** $1590268083.82

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000101659 | -4.85%               | -3.66%               | 4.74%                |
| Class ID C000101661 | -4.81%               | -3.64%               | 4.71%                |
| Class ID C000115416 | -4.88%               | -3.70%               | 4.62%                |
| Class ID C000176330 | -4.82%               | -3.62%               | 4.74%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1960019.10              | $-86484675.66                              |
| Month 2  | $-6949483.60             | $-51082535.48                              |
| Month 3  | $-4556016.25             | $74661414.05                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AGCO Corp                                          | AGCO Corp                                          | CUSIP: 001084102<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | EC               | CORP              | US        |    307552 | NS      | $30133944.96  | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Acushnet Holdings Corp                             | Acushnet Holdings Corp                             | CUSIP: 005098108<br>LEI: 529900W5FI106H543E43 | Long             | EC               | CORP              | US        |    377947 | NS      | $25791103.28  | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp                                  | Agree Realty Corp                                  | CUSIP: 008492100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    395619 | NS      | $29790110.70  | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Lease Corp                                     | Air Lease Corp                                     | CUSIP: 00912X302<br>LEI: 5493004NW4M4P8TMMK63 | Long             | EC               | CORP              | US        |    170332 | NS      | $9812826.52   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Alliant Energy Corp                                | Alliant Energy Corp                                | CUSIP: 018802108<br>LEI: 5493009ML300G373MZ12 | Long             | EC               | CORP              | US        |    327545 | NS      | $20383125.35  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Amkor Technology Inc                               | Amkor Technology Inc                               | CUSIP: 031652100<br>LEI: 529900VHLRTKPWZJBM84 | Long             | EC               | CORP              | US        |    965471 | NS      | $17397787.42  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Avery Dennison Corp                                | Avery Dennison Corp                                | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |    130987 | NS      | $23280319.51  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| BXP Inc                                            | BXP Inc                                            | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |    243944 | NS      | $16424749.52  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Brunswick Corp/DE                                  | Brunswick Corp/DE                                  | CUSIP: 117043109<br>LEI: YM4O38W15AX4YLLQKU27 | Long             | EC               | CORP              | US        |    418458 | NS      | $21182343.96  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Camden Property Trust                              | Camden Property Trust                              | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |    144355 | NS      | $16960268.95  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Comfort Systems USA Inc                            | Comfort Systems USA Inc                            | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |     34764 | NS      | $16625187.72  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Concentra Group Holdings Parent Inc                | Concentra Group Holdings Parent Inc                | CUSIP: 20603L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    962597 | NS      | $20820973.11  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| CONMED Corp                                        | CONMED Corp                                        | CUSIP: 207410101<br>LEI: Z6C0YCECH9DCU5ZIQW84 | Long             | EC               | CORP              | US        |    123467 | NS      | $7006752.25   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Cousins Properties Inc                             | Cousins Properties Inc                             | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               | CORP              | US        |    701608 | NS      | $19694136.56  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Crane Co                                           | Crane Co                                           | CUSIP: 224408104<br>LEI: 5493000CQRQOTHUODL75 | Long             | EC               | CORP              | US        |    139104 | NS      | $23842425.60  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Cullen/Frost Bankers Inc                           | Cullen/Frost Bankers Inc                           | CUSIP: 229899109<br>LEI: 529900V2E9G9AY665O34 | Long             | EC               | CORP              | US        |    299254 | NS      | $37999272.92  | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Linamar Corp                                       | Linamar Corp                                       | CUSIP: N/A<br>LEI: 549300LW6VIYFRMFBU20       | Long             | EC               | CORP              | CA        |    422463 | NS      | $19313825.64  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Dick's Sporting Goods Inc                          | Dick's Sporting Goods Inc                          | CUSIP: 253393102<br>LEI: 529900SSBV5I4LWSK313 | Long             | EC               | CORP              | US        |     27327 | NS      | $4900824.18   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Domino's Pizza Inc                                 | Domino's Pizza Inc                                 | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |     23352 | NS      | $11064644.64  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Donaldson Co Inc                                   | Donaldson Co Inc                                   | CUSIP: 257651109<br>LEI: OZE6KXY9QQPR8EJ8WL20 | Long             | EC               | CORP              | US        |     69599 | NS      | $4840610.45   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| East West Bancorp Inc                              | East West Bancorp Inc                              | CUSIP: 27579R104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    487705 | NS      | $44478696.00  | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| EastGroup Properties Inc                           | EastGroup Properties Inc                           | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |    118469 | NS      | $20086418.95  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Equitable Holdings Inc                             | Equitable Holdings Inc                             | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |    757850 | NS      | $40067529.50  | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Properties Realty Trust Inc              | Essential Properties Realty Trust Inc              | CUSIP: 29670E107<br>LEI: 2549009LXQLVYCGLZO50 | Long             | EC               | CORP              | US        |    753707 | NS      | $24495477.50  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| F&G Annuities & Life Inc                           | F&G Annuities & Life Inc                           | CUSIP: 30190A104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     57677 | NS      | $1843356.92   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Agricultural Mortgage Corp                 | Federal Agricultural Mortgage Corp                 | CUSIP: 313148306<br>LEI: 549300MS654K78GYF580 | Long             | EC               | CORP              | US        |    155835 | NS      | $29050760.70  | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Financial Inc                    | Fidelity National Financial Inc                    | CUSIP: 31620R303<br>LEI: 549300CAZYIH39SYQ287 | Long             | EC               | CORP              | US        |    521213 | NS      | $28546836.01  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Four Corners Property Trust Inc                    | Four Corners Property Trust Inc                    | CUSIP: 35086T109<br>LEI: 549300SVTPZPBDVNER42 | Long             | EC               | CORP              | US        |    630816 | NS      | $17416829.76  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| HF Sinclair Corp                                   | HF Sinclair Corp                                   | CUSIP: 403949100<br>LEI: 2549009G116AM01XHN24 | Long             | EC               | CORP              | US        |    429801 | NS      | $15528710.13  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Lane Inc                                  | Hamilton Lane Inc                                  | CUSIP: 407497106<br>LEI: 5493006OKN3V1NORM833 | Long             | EC               | CORP              | US        |    165719 | NS      | $24692131.00  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Hubbell Inc                                        | Hubbell Inc                                        | CUSIP: 443510607<br>LEI: 54930088VDQ6840Y6597 | Long             | EC               | CORP              | US        |     58419 | NS      | $22758874.02  | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Ingalls Industries Inc                  | Huntington Ingalls Industries Inc                  | CUSIP: 446413106<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | EC               | CORP              | US        |     52918 | NS      | $11803889.08  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyatt Hotels Corp                                  | Hyatt Hotels Corp                                  | CUSIP: 448579102<br>LEI: T27JQIMTYSH41TCD5186 | Long             | EC               | CORP              | US        |    128154 | NS      | $16920172.62  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| IDACORP Inc                                        | IDACORP Inc                                        | CUSIP: 451107106<br>LEI: N134NUJDWN8UEFA8B673 | Long             | EC               | CORP              | US        |    189569 | NS      | $22549232.55  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingredion Inc                                      | Ingredion Inc                                      | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |    273113 | NS      | $37995480.56  | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Interpublic Group of Cos Inc/The                   | Interpublic Group of Cos Inc/The                   | CUSIP: 460690100<br>LEI: 5493008IUOJ5VWTRC333 | Long             | EC               | CORP              | US        |    414012 | NS      | $9919727.52   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Jefferies Financial Group Inc                      | Jefferies Financial Group Inc                      | CUSIP: 47233W109<br>LEI: 549300HOF34RGOJ5YL07 | Long             | EC               | CORP              | US        |    566651 | NS      | $27539238.60  | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| LKQ Corp                                           | LKQ Corp                                           | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | EC               | CORP              | US        |    548823 | NS      | $22210866.81  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| LCI Industries                                     | LCI Industries                                     | CUSIP: 50189K103<br>LEI: 549300E1B98YNJ1WIQ04 | Long             | EC               | CORP              | US        |    201295 | NS      | $17540846.30  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Lancaster Colony Corp                              | Lancaster Colony Corp                              | CUSIP: 513847103<br>LEI: 529900X4O13HED1ZAS58 | Long             | EC               | CORP              | US        |     53656 | NS      | $8982014.40   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Leidos Holdings Inc                                | Leidos Holdings Inc                                | CUSIP: 525327102<br>LEI: 549300IUTGTP6EJP8124 | Long             | EC               | CORP              | US        |    213228 | NS      | $31668622.56  | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln Electric Holdings Inc                      | Lincoln Electric Holdings Inc                      | CUSIP: 533900106<br>LEI: BIMGBY40SIN95O01BN93 | Long             | EC               | CORP              | US        |    101537 | NS      | $19656547.83  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Littelfuse Inc                                     | Littelfuse Inc                                     | CUSIP: 537008104<br>LEI: 549300MY7HLQFYTPCX75 | Long             | EC               | CORP              | US        |     89681 | NS      | $18389985.86  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| MKS Inc                                            | MKS Inc                                            | CUSIP: 55306N104<br>LEI: 549300KEQATBHAGVF505 | Long             | EC               | CORP              | US        |    333751 | NS      | $27430994.69  | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| MSA Safety Inc                                     | MSA Safety Inc                                     | CUSIP: 553498106<br>LEI: 529900DVA3258XK11O39 | Long             | EC               | CORP              | US        |    144414 | NS      | $23535149.58  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnolia Oil & Gas Corp                            | Magnolia Oil & Gas Corp                            | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    657644 | NS      | $14139346.00  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy Inc                                     | NRG Energy Inc                                     | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |    110332 | NS      | $17200758.80  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexstar Media Group Inc                            | Nexstar Media Group Inc                            | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |     69069 | NS      | $11770738.98  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| NiSource Inc                                       | NiSource Inc                                       | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |    663280 | NS      | $26226091.20  | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Nordson Corp                                       | Nordson Corp                                       | CUSIP: 655663102<br>LEI: 14OS6Q5N55N95WM84M53 | Long             | EC               | CORP              | US        |     85017 | NS      | $18022753.83  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Owens Corning                                      | Owens Corning                                      | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |     95502 | NS      | $12792492.90  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Packaging Corp of America                          | Packaging Corp of America                          | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |    171274 | NS      | $33084998.58  | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Resources Corp                             | Permian Resources Corp                             | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |   1731355 | NS      | $21832386.55  | 1.37%             |  |  |  | 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        |  19382269 | NS      | $19382269.17  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics Inc                              | Quest Diagnostics Inc                              | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |    184800 | NS      | $32033232.00  | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| RPM International Inc                              | RPM International Inc                              | CUSIP: 749685103<br>LEI: 549300TJCKW4BRXPJ474 | Long             | EC               | CORP              | US        |    201245 | NS      | $22909730.80  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Raymond James Financial Inc                        | Raymond James Financial Inc                        | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |    178815 | NS      | $26282228.70  | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Regency Centers Corp                               | Regency Centers Corp                               | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               | CORP              | US        |    198486 | NS      | $14320764.90  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Inc                                       | Reliance Inc                                       | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |     66897 | NS      | $19588779.54  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Medical Holdings Corp                       | Select Medical Holdings Corp                       | CUSIP: 81619Q105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1103011 | NS      | $16865038.19  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Service Corp International/US                      | Service Corp International/US                      | CUSIP: 817565104<br>LEI: 549300RKVM2ME20JHZ15 | Long             | EC               | CORP              | US        |    171377 | NS      | $13367406.00  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| ServisFirst Bancshares Inc                         | ServisFirst Bancshares Inc                         | CUSIP: 81768T108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    388240 | NS      | $28896703.20  | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap-on Inc                                        | Snap-on Inc                                        | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |     82288 | NS      | $26393876.00  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| TD SYNNEX Corp                                     | TD SYNNEX Corp                                     | CUSIP: 87162W100<br>LEI: 5493004HI6PFLF46NS53 | Long             | EC               | CORP              | US        |     76250 | NS      | $9252175.00   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp                               | Targa Resources Corp                               | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |    207316 | NS      | $32741415.88  | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Terreno Realty Corp                                | Terreno Realty Corp                                | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    217921 | NS      | $12295102.82  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Timken Co/The                                      | Timken Co/The                                      | CUSIP: 887389104<br>LEI: B0I35MLPFXZSE70ASS73 | Long             | EC               | CORP              | US        |    326905 | NS      | $22389723.45  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams-Sonoma Inc                                | Williams-Sonoma Inc                                | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Long             | EC               | CORP              | US        |    218696 | NS      | $35376264.96  | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Wintrust Financial Corp                            | Wintrust Financial Corp                            | CUSIP: 97650W108<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EC               | CORP              | US        |    308208 | NS      | $36803117.28  | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Amdocs Ltd                                         | Amdocs Ltd                                         | CUSIP: G02602103<br>LEI: 549300HQV672RJ7RQV66 | Long             | EC               | CORP              | US        |    358493 | NS      | $32895317.68  | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Assured Guaranty Ltd                               | Assured Guaranty Ltd                               | CUSIP: G0585R106<br>LEI: 549300BBOQUJEPH87M14 | Long             | EC               | CORP              | BM        |    290385 | NS      | $24552051.75  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| nVent Electric PLC                                 | nVent Electric PLC                                 | CUSIP: G6700G107<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |    428956 | NS      | $28225304.80  | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| STERIS PLC                                         | STERIS PLC                                         | CUSIP: G8473T100<br>LEI: 549300F1857N5E6G6T48 | Long             | EC               | CORP              | US        |    151660 | NS      | $37188548.60  | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

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

**Signature:** Megan Hoffmann

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

**Title:** Vice President and Controller