Schedule
of
Investments
California
Municipal
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
1
INVESTMENT
COMPANIES
-
1.49%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
1.49%
iShares
California
Muni
Bond
ETF
159,532
$
9,940
TOTAL
INVESTMENT
COMPANIES
$
9,940
MUNICIPAL
BONDS
-
99.16%
Principal
Amount
(000's)
Value
(000's)
California
-
98.55%
Abag
Finance
Authority
for
Nonprofit
Corps
5.00%,
08/01/2043
$
1,500
$
1,679
Alameda
Community
Improvement
Commission
Successor
Agency
(credit
support
from
Build
America
Mutual
Assurance
Corp
)
5.00%,
09/01/2031
(a)
1,000
1,166
Alameda
Corridor
Transportation
Authority
5.00%,
10/01/2034
8,805
10,546
5.00%,
10/01/2036
4,250
5,069
Alameda
Unified
School
District-Alameda
County/CA
5.00%,
08/01/2032
1,795
2,167
Alum
Rock
Union
Elementary
School
District
5.25%,
08/01/2043
1,000
1,128
Bay
Area
Toll
Authority
0.50%,
04/01/2047
(b)
4,000
4,000
California
Community
Housing
Agency
5.00%,
02/01/2050
(c),(d)
5,000
5,894
California
Educational
Facilities
Authority
5.00%,
10/01/2036
1,000
1,195
5.00%,
10/01/2045
1,000
1,174
5.38%,
04/01/2034
1,000
1,007
California
Health
Facilities
Financing
Authority
5.00%,
08/15/2031
2,700
3,365
5.00%,
08/15/2033
1,750
2,167
5.00%,
08/15/2034
2,000
2,478
5.00%,
02/01/2035
2,000
2,356
5.00%,
11/15/2046
(e)
4,504
5,372
5.00%,
11/15/2048
2,785
3,377
California
Health
Facilities
Financing
Authority
(credit
support
from
California
Mortgage
Insurance
)
5.00%,
07/01/2035
(a)
1,000
1,188
California
Housing
Finance
4.00%,
03/20/2033
4,994
5,896
4.25%,
01/15/2035
6,861
8,347
California
Infrastructure
&
Economic
Development
Bank
5.00%,
08/01/2036
2,250
2,947
5.00%,
08/01/2037
1,000
1,305
5.00%,
08/01/2038
1,175
1,529
5.00%,
08/01/2039
1,130
1,466
California
Municipal
Finance
Authority
2.40%,
10/01/2044
(b)
4,000
4,187
4.00%,
07/15/2029
12,000
14,130
4.00%,
10/01/2044
2,500
2,778
5.00%,
05/15/2031
10,000
12,508
5.00%,
05/15/2033
1,000
1,241
5.00%,
05/15/2034
1,000
1,238
5.00%,
12/31/2034
3,550
4,364
5.00%,
12/31/2036
8,000
9,783
5.00%,
12/31/2037
5,500
6,701
5.00%,
05/15/2038
2,000
2,446
5.00%,
10/01/2044
1,000
1,183
5.25%,
11/01/2036
4,000
4,723
California
Municipal
Finance
Authority
(credit
support
from
Build
America
Mutual
Assurance
Corp
)
5.00%,
05/15/2043
(a)
600
749
5.00%,
05/15/2044
(a)
5,000
6,227
California
Pollution
Control
Financing
Authority
3.00%,
11/01/2025
10,500
11,497
3.25%,
12/01/2027
(b)
2,000
2,169
4.30%,
07/01/2040
3,400
3,882
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
California
(continued)
California
Pollution
Control
Financing
Authority
(continued)
5.00%,
07/01/2029
(d)
$
1,000
$
1,271
5.00%,
07/01/2030
(d)
2,000
2,188
5.00%,
07/01/2037
(d)
10,000
10,892
5.00%,
07/01/2039
(d)
1,000
1,215
5.00%,
11/21/2045
(d)
1,500
1,795
California
Public
Finance
Authority
1.08%,
08/01/2052
(b)
14,000
14,000
California
School
Finance
Authority
5.00%,
07/01/2035
(d)
1,925
2,219
5.00%,
08/01/2038
(d)
1,000
1,206
California
State
Public
Works
Board
5.00%,
11/01/2037
1,375
1,515
5.00%,
10/01/2039
4,500
5,235
California
State
University
5.00%,
11/01/2037
2,000
2,501
California
Statewide
Communities
Development
Authority
0.93%,
07/15/2040
(b)
5,500
5,500
3.00%,
06/01/2029
(d)
750
787
4.00%,
02/01/2022
830
865
4.00%,
02/01/2025
940
1,036
4.00%,
09/02/2029
1,000
1,133
4.00%,
07/01/2048
1,800
1,967
5.00%,
10/01/2028
1,875
2,214
5.00%,
02/01/2030
2,775
3,158
5.00%,
11/01/2032
(d)
1,135
1,358
5.00%,
05/15/2034
4,855
5,748
5.00%,
06/01/2034
(d)
375
455
5.00%,
09/02/2034
1,000
1,198
5.00%,
12/01/2036
(d)
5,000
5,752
5.00%,
04/01/2038
(b)
10,000
13,454
5.00%,
09/02/2038
3,000
3,637
5.00%,
06/01/2039
(d)
475
568
5.00%,
09/02/2039
900
1,093
5.00%,
09/02/2039
500
618
5.00%,
09/02/2039
1,000
1,217
5.00%,
09/02/2039
745
882
5.00%,
05/15/2040
3,500
4,096
5.00%,
12/01/2041
(d)
1,000
1,136
5.00%,
09/02/2044
1,425
1,673
5.00%,
12/01/2046
(d)
1,620
1,829
5.00%,
09/02/2048
1,000
1,202
5.00%,
09/02/2049
600
728
5.00%,
06/01/2051
(d)
1,950
2,291
5.25%,
12/01/2034
3,500
4,037
5.25%,
12/01/2038
(d)
1,000
1,204
5.25%,
12/01/2043
(d)
3,825
4,533
California
Statewide
Financing
Authority
6.00%,
05/01/2043
2,050
2,063
6.00%,
05/01/2043
1,550
1,559
Chino
Valley
Unified
School
District
5.25%,
08/01/2047
2,000
2,492
City
of
Compton
CA
Water
Revenue
6.00%,
08/01/2039
1,250
1,254
City
of
Irvine
CA
4.00%,
09/02/2038
1,000
1,174
5.00%,
09/01/2049
2,000
2,225
City
of
Los
Angeles
CA
Wastewater
System
Revenue
5.00%,
06/01/2034
2,000
2,417
City
of
Los
Angeles
Department
of
Airports
5.00%,
05/15/2026
1,000
1,198
5.00%,
05/15/2026
3,500
4,324
5.00%,
05/15/2028
3,000
3,857
5.00%,
05/15/2036
1,500
1,755
5.00%,
05/15/2039
(e)
1,967
2,484
Schedule
of
Investments
California
Municipal
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
2
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
California
(continued)
City
of
Los
Angeles
Department
of
Airports
(continued)
5.00%,
05/15/2042
$
1,200
$
1,425
5.00%,
05/15/2043
1,250
1,563
5.00%,
05/15/2044
(e)
5,408
6,599
5.00%,
05/15/2044
(e)
2,425
3,025
5.00%,
05/15/2047
3,500
4,208
City
of
Oroville
CA
5.25%,
04/01/2049
2,500
2,998
5.25%,
04/01/2054
3,000
3,583
City
of
Riverside
CA
Sewer
Revenue
5.00%,
08/01/2040
4,000
4,741
City
of
San
Francisco
CA
Public
Utilities
Commission
Water
Revenue
5.00%,
11/01/2034
1,800
2,254
5.00%,
11/01/2036
2,010
2,160
City
of
Vernon
CA
Electric
System
Revenue
5.13%,
08/01/2021
530
538
Coachella
Valley
Unified
School
District/
CA
(credit
support
from
Assured
Guaranty
Municipal
Corp
)
0.00%,
08/01/2039
(a),(f)
4,000
2,463
Compton
Public
Finance
Authority
4.50%,
09/01/2032
(d)
8,000
8,356
County
of
Sacramento
CA
Airport
System
Revenue
5.00%,
07/01/2036
1,350
1,645
5.00%,
07/01/2037
2,000
2,473
Dinuba
Redevelopment
Agency
(credit
support
from
Build
America
Mutual
Assurance
Corp
)
5.00%,
09/01/2033
(a)
2,000
2,335
East
Bay
Municipal
Utility
District
Water
System
Revenue
3.00%,
06/01/2037
10
11
5.00%,
06/01/2036
1,000
1,014
Escondido
Union
High
School
District
0.00%,
08/01/2041
(f)
1,000
551
Foothill-De
Anza
Community
College
District
5.00%,
08/01/2040
1,500
1,597
Golden
State
Tobacco
Securitization
Corp
5.00%,
06/01/2026
1,000
1,206
5.00%,
06/01/2028
7,000
8,540
5.25%,
06/01/2047
7,500
7,905
5.30%,
06/01/2037
9,000
9,508
Golden
State
Tobacco
Securitization
Corp
(credit
support
from
State
of
California
Appropriations
)
5.00%,
06/01/2033
(a)
2,000
2,377
Indio
Redevelopment
Agency
Successor
Agency
5.63%,
08/15/2035
330
331
Inland
Valley
Development
Agency
5.25%,
09/01/2037
1,000
1,151
La
Verne
Public
Financing
Authority
7.25%,
09/01/2026
590
592
Long
Beach
Bond
Finance
Authority
5.00%,
11/15/2035
2,915
3,992
5.50%,
11/15/2030
1,010
1,362
Los
Angeles
County
Public
Works
Financing
Authority
5.00%,
12/01/2033
2,000
2,430
5.00%,
08/01/2042
1,400
1,530
5.00%,
12/01/2045
(e)
5,500
6,508
Los
Angeles
County
Sanitation
Districts
Financing
Authority
5.00%,
10/01/2035
4,500
5,360
Los
Angeles
Unified
School
District/CA
5.00%,
07/01/2035
2,700
3,426
5.25%,
07/01/2042
6,500
8,215
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
California
(continued)
Marin
Healthcare
District
5.00%,
08/01/2034
$
1,000
$
1,200
Merced
Union
High
School
District
0.00%,
08/01/2032
(f)
3,380
2,622
Metropolitan
Water
District
of
Southern
California
5.00%,
10/01/2045
(c)
1,660
2,150
5.00%,
10/01/2049
(c)
2,000
2,585
Mountain
View
Shoreline
Regional
Park
Community
(credit
support
from
Assured
Guaranty
Municipal
Corp
)
5.00%,
08/01/2048
(a)
3,000
3,730
Norco
Community
Redevelopment
Agency
Successor
Agency
(credit
support
from
Build
America
Mutual
Assurance
Corp
)
5.00%,
03/01/2032
(a)
1,000
1,148
Norman
Y
Mineta
San
Jose
International
Airport
SJC
5.00%,
03/01/2041
6,000
7,196
5.00%,
03/01/2047
1,500
1,829
Oakland
Unified
School
District/Alameda
County
5.00%,
08/01/2040
3,400
3,986
Oakland
Unified
School
District/Alameda
County
(credit
support
from
Assured
Guaranty
Municipal
Corp
)
3.00%,
08/01/2040
(a)
2,250
2,339
4.00%,
08/01/2037
(a)
1,505
1,730
Pittsburg
Successor
Agency
Redevelopment
Agency
(credit
support
from
Assured
Guaranty
Municipal
Corp
)
5.00%,
09/01/2028
(a)
1,000
1,237
5.00%,
09/01/2029
(a)
1,000
1,234
Pittsburg
Unified
School
District
5.00%,
08/01/2043
2,900
3,333
Pomona
Unified
School
District
(credit
support
from
National
Public
Finance
Guarantee
Corp
)
6.15%,
08/01/2030
(a)
1,000
1,107
Port
Commission
of
the
City
&
County
of
San
Francisco
4.00%,
03/01/2035
1,000
1,075
Port
of
Los
Angeles
5.00%,
08/01/2032
1,740
2,022
Poway
Unified
School
District
0.00%,
08/01/2036
(f)
4,000
2,826
Regents
of
the
University
of
California
Medical
Center
Pooled
Revenue
1.08%,
05/15/2047
(b)
5,000
5,000
5.00%,
05/15/2035
4,540
5,503
Rialto
Redevelopment
Agency
5.00%,
09/01/2037
1,000
1,264
Richmond
Joint
Powers
Financing
Authority
(credit
support
from
Assured
Guaranty
Municipal
Corp
)
5.00%,
11/01/2035
(a)
1,180
1,547
5.00%,
11/01/2036
(a)
3,330
4,345
Ripon
Unified
School
District
(credit
support
from
Build
America
Mutual
Assurance
Corp
)
0.00%,
08/01/2033
(a),(f)
855
483
Ripon
Unified
School
District
-
Unrefunded
(credit
support
from
Build
America
Mutual
Assurance
Corp
)
0.00%,
08/01/2033
(a),(f)
255
145
Riverside
Community
Properties
Development
Inc
6.00%,
10/15/2038
1,000
1,193
Schedule
of
Investments
California
Municipal
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
3
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
California
(continued)
Riverside
County
Public
Financing
Authority
(credit
support
from
Build
America
Mutual
Assurance
Corp
)
5.00%,
10/01/2029
(a)
$
1,500
$
1,815
Riverside
County
Transportation
Commission
5.00%,
06/01/2032
1,500
1,521
Sacramento
Area
Flood
Control
Agency
5.00%,
10/01/2033
2,000
2,465
Salinas
Valley
Solid
Waste
Authority
(credit
support
from
Assured
Guaranty
Municipal
Corp
)
5.50%,
08/01/2031
(a)
3,250
3,840
San
Diego
Association
of
Governments
South
Bay
Expressway
Revenue
5.00%,
07/01/2036
1,500
1,859
5.00%,
07/01/2037
2,300
2,841
San
Diego
Convention
Center
Expansion
Financing
Authority
5.00%,
04/15/2025
5,000
5,458
San
Diego
County
Regional
Airport
Authority
4.00%,
07/01/2037
1,000
1,200
4.00%,
07/01/2038
7,500
8,968
4.00%,
07/01/2044
1,000
1,143
5.00%,
07/01/2042
5,000
6,049
5.00%,
07/01/2049
2,000
2,537
5.00%,
07/01/2049
1,500
1,863
San
Diego
Unified
School
District/CA
4.00%,
07/01/2038
2,120
2,570
San
Francisco
Bay
Area
Rapid
Transit
District
Sales
Tax
Revenue
4.00%,
07/01/2036
3,035
3,568
4.00%,
07/01/2037
2,500
2,931
5.00%,
07/01/2028
1,755
1,786
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
5.00%,
05/01/2031
1,000
1,234
5.00%,
05/01/2034
1,000
1,280
5.00%,
05/01/2037
5,000
6,342
5.00%,
05/01/2038
5,750
7,265
5.00%,
05/01/2042
1,500
1,806
San
Joaquin
Hills
Transportation
Corridor
Agency
5.00%,
01/15/2034
6,185
7,185
San
Luis
Obispo
County
Financing
Authority
(credit
support
from
Assured
Guaranty
Municipal
Corp
)
5.00%,
08/01/2030
(a)
1,000
1,058
San
Luis
Obispo
County
Financing
Authority
(credit
support
from
Build
America
Mutual
Assurance
Corp
)
5.00%,
09/01/2037
(a)
1,000
1,183
San
Mateo
Foster
City
Public
Financing
Authority
4.00%,
08/01/2037
2,070
2,509
Santa
Monica-Malibu
Unified
School
District
3.00%,
08/01/2049
4,650
4,858
4.00%,
08/01/2038
2,975
3,477
4.00%,
08/01/2039
1,510
1,758
4.00%,
08/01/2040
2,000
2,320
4.00%,
08/01/2044
4,000
4,601
Southern
California
Public
Power
Authority
5.00%,
11/01/2028
2,150
2,707
5.00%,
11/01/2029
2,615
3,344
5.25%,
07/01/2029
695
739
5.25%,
07/01/2031
695
738
State
of
California
1.05%,
05/01/2034
(b)
8,000
8,000
2.45%,
12/01/2031
460
466
4.00%,
09/01/2033
2,080
2,414
4.00%,
10/01/2044
5,000
5,915
5.00%,
09/01/2034
5,000
6,184
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
California
(continued)
State
of
California
(continued)
5.00%,
02/01/2038
$
1,450
$
1,617
5.00%,
04/01/2043
3,380
3,774
5.25%,
11/01/2040
1,500
1,549
6.00%,
03/01/2033
2,000
2,008
Stockton
Unified
School
District
(credit
support
from
Assured
Guaranty
Municipal
Corp
)
5.00%,
08/01/2038
(a)
1,500
1,720
Tobacco
Securitization
Authority
of
Southern
California
5.00%,
06/01/2034
1,000
1,257
5.00%,
06/01/2035
1,500
1,880
5.00%,
06/01/2036
1,000
1,249
5.00%,
06/01/2048
3,000
3,624
5.00%,
06/01/2048
2,000
2,377
Travis
Unified
School
District
(credit
support
from
Assured
Guaranty
Municipal
Corp
)
5.00%,
09/01/2029
(a)
1,000
1,206
Tulare
County
Transportation
Authority
5.00%,
02/01/2029
1,000
1,163
Tustin
Public
Financing
Authority
5.00%,
04/01/2041
1,000
1,050
University
of
California
5.00%,
05/15/2044
1,000
1,147
West
Valley-Mission
Community
College
District
4.00%,
08/01/2044
5,000
5,855
Woodland-Davis
Clean
Water
Agency
(credit
support
from
Assured
Guaranty
Municipal
Corp
)
5.00%,
03/01/2039
(a)
1,500
1,782
$
656,688
Guam
-
0.61%
Guam
Government
Waterworks
Authority
5.00%,
01/01/2046
2,525
2,881
Port
Authority
of
Guam
5.00%,
07/01/2048
1,000
1,196
$
4,077
TOTAL
MUNICIPAL
BONDS
$
660,765
Total
Investments
$
670,705
Liability
for
Floating
Rate
Notes
Issued
in
Conjunction
with
Securities
Held
-
(1.49)%
Notes
with
interest
rates
of
0.92%
-
1.00%
at
January
31,
2020
and
contractual
maturity
of
collateral
of
2023-2025.
(g)
$
(9,904)
(9,904)
Total
Net
Investments
$
660,801
Other
Assets
and
Liabilities
- 0.84%
5,570
TOTAL
NET
ASSETS
-
100.00%
$
666,371
(a)
Credit
support
indicates
investments
that
benefit
from
credit
enhancement
or
liquidity
support
provided
by
a
third
party
bank,
institution,
or
government
agency.
(b)
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.
(c)
Security
purchased
on
a
when-issued
basis.
(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
$54,949
or
8.25%
of
net
assets.
(e)
Security
or
portion
of
underlying
security
related
to
Inverse
Floaters
entered
into
by
the
Fund. See
Notes
to
Financial
Statements
for
additional
information.
(f)
Non-income
producing
security
(g)
Floating
rate
securities.
The
interest
rate(s)
shown
reflect
the
rates
in
effect
at
January
31,
2020.
Schedule
of
Investments
California
Municipal
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
4
Portfolio
Summary (unaudited)
Sector
Percent
Revenue
Bonds
73.46%
General
Obligation
Unlimited
13.39%
Insured
7.24%
Special
Assessment
2.55%
Prerefunded
1.78%
Investment
Companies
1.49%
Tax
Allocation
0.41%
Special
Tax
0.33%
Liability
For
Floating
Rate
Notes
Issued
(1.49)%
Other
Assets
and
Liabilities
0.84%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Core
Fixed
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
5
INVESTMENT
COMPANIES
-
3.83%
Shares
Held
Value
(000's)
Money
Market
Funds
-
3.83%
BlackRock
Liquidity
FedFund
1.49%
(a),(b)
559,518
$
559
Principal
Government
Money
Market
Fund
1.43%
(a),(c)
325,336,674
325,337
$
325,896
TOTAL
INVESTMENT
COMPANIES
$
325,896
COMMON
STOCKS
-
0.30%
Shares
Held
Value
(000's)
Diversified
Financial
Services
-
0.00%
Adelphia
Recovery
Trust
(d),(e),(f)
658,740
1
Transportation
-
0.30%
Trailer
Bridge
Inc
(d),(e),(f),(g)
178,279
25,167
TOTAL
COMMON
STOCKS
$
25,168
BONDS
-
58.01%
Principal
Amount
(000's)
Value
(000's)
Airlines
-
0.20%
United
Airlines
2013-1
Class
A
Pass
Through
Trust
4.30%,
02/15/2027
$
7,248
$
7,902
United
Airlines
2019-2
Class
AA
Pass
Through
Trust
2.70%,
11/01/2033
9,000
9,332
$
17,234
Apparel
-
0.17%
Under
Armour
Inc
3.25%,
06/15/2026
14,750
14,417
Automobile
Floor
Plan
Asset
Backed
Securities
-
1.47%
Ally
Master
Owner
Trust
2.11%,
06/15/2022
16,000
16,016
1.00
x
1
Month
USD
LIBOR
+
0.43%
Ford
Credit
Floorplan
Master
Owner
Trust
A
2.08%,
10/15/2023
1,000
1,001
1.00
x
1
Month
USD
LIBOR
+
0.40%
2.28%,
09/15/2024
40,000
40,256
1.00
x
1
Month
USD
LIBOR
+
0.60%
Navistar
Financial
Dealer
Note
Master
Owner
Trust
II
2.29%,
09/25/2023
(h)
6,750
6,762
1.00
x
1
Month
USD
LIBOR
+
0.63%
2.30%,
05/25/2024
(h)
14,000
14,045
1.00
x
1
Month
USD
LIBOR
+
0.64%
Nissan
Master
Owner
Trust
Receivables
2.11%,
11/15/2023
20,000
20,054
1.00
x
1
Month
USD
LIBOR
+
0.43%
2.24%,
02/15/2024
26,845
26,968
1.00
x
1
Month
USD
LIBOR
+
0.56%
$
125,102
Automobile
Manufacturers
-
0.77%
American
Honda
Finance
Corp
1.95%,
05/20/2022
48,000
48,268
2.30%,
09/09/2026
7,000
7,139
3.80%,
09/20/2021
(h)
10,000
10,335
$
65,742
Banks
-
11.90%
Bank
of
America
Corp
2.46%,
10/22/2025
(i)
35,000
35,755
3
Month
USD
LIBOR
+
0.87%
2.88%,
04/24/2023
(i)
15,000
15,327
3
Month
USD
LIBOR
+
1.02%
3.19%,
07/23/2030
(i)
8,000
8,491
3
Month
USD
LIBOR
+
1.18%
3.88%,
08/01/2025
10,000
10,993
3.97%,
02/07/2030
(i)
8,000
8,977
3
Month
USD
LIBOR
+
1.21%
6.75%,
06/01/2028
(j)
2,000
2,595
Bank
of
New
York
Mellon
Corp/The
2.10%,
10/24/2024
50,000
50,623
2.20%,
08/16/2023
9,500
9,654
2.60%,
08/17/2020
9,500
9,540
2.80%,
05/04/2026
8,000
8,426
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Bank
of
New
York
Mellon
Corp/The
(continued)
3.00%,
10/30/2028
$
9,000
$
9,422
Citigroup
Inc
2.98%,
11/05/2030
(i)
51,000
52,926
United
States
Secured
Overnight
Financing
Rate
+
1.42%
3.88%,
03/26/2025
23,000
24,738
4.45%,
09/29/2027
8,000
8,981
4.50%,
01/14/2022
4,900
5,150
Cullen/Frost
Bankers
Inc
4.50%,
03/17/2027
11,000
11,938
Fifth
Third
Bancorp
2.38%,
01/28/2025
59,000
60,197
2.60%,
06/15/2022
10,000
10,179
3.65%,
01/25/2024
14,000
14,895
Goldman
Sachs
Group
Inc/The
3.50%,
11/16/2026
21,000
22,434
3.63%,
01/22/2023
7,000
7,363
3.81%,
04/23/2029
(i)
13,000
14,300
3
Month
USD
LIBOR
+
1.16%
4.25%,
10/21/2025
23,500
25,965
5.25%,
07/27/2021
13,000
13,660
5.38%,
03/15/2020
1,800
1,807
JPMorgan
Chase
&
Co
2.74%,
10/15/2030
(i)
47,000
48,248
United
States
Secured
Overnight
Financing
Rate
+
1.51%
3.25%,
09/23/2022
5,000
5,195
3.63%,
05/13/2024
15,900
17,033
3.90%,
07/15/2025
8,000
8,772
5.24%,
12/31/2049
(k)
3,911
3,934
3
Month
USD
LIBOR
+
3.47%
KeyCorp
2.55%,
10/01/2029
50,000
50,210
Morgan
Stanley
2.70%,
01/22/2031
(i)
38,000
38,618
United
States
Secured
Overnight
Financing
Rate
+
1.14%
2.72%,
07/22/2025
(i)
12,000
12,347
United
States
Secured
Overnight
Financing
Rate
+
1.15%
3.95%,
04/23/2027
10,000
10,895
4.00%,
07/23/2025
5,000
5,494
4.88%,
11/01/2022
2,000
2,156
5.50%,
07/28/2021
5,900
6,225
6.25%,
08/09/2026
4,000
4,958
PNC
Bank
NA
2.70%,
10/22/2029
53,000
54,584
2.95%,
02/23/2025
10,000
10,493
3.10%,
10/25/2027
4,750
5,072
PNC
Financial
Services
Group
Inc/The
6.75%,
12/31/2049
(i),(k)
19,800
21,095
3
Month
USD
LIBOR
+
3.68%
Truist
Bank
2.64%,
09/17/2029
(i)
52,000
52,778
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.15%
2.75%,
05/01/2023
21,000
21,608
3.30%,
05/15/2026
5,000
5,324
Truist
Financial
Corp
2.70%,
01/27/2022
9,500
9,665
US
Bancorp
2.95%,
07/15/2022
5,000
5,145
3.00%,
03/15/2022
2,000
2,056
3.00%,
07/30/2029
6,000
6,310
3.15%,
04/27/2027
3,800
4,084
3.60%,
09/11/2024
12,000
12,924
Schedule
of
Investments
Core
Fixed
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
6
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
US
Bancorp
(continued)
3.90%,
04/26/2028
$
5,000
$
5,726
4.13%,
05/24/2021
3,000
3,092
US
Bank
NA/Cincinnati
OH
1.95%,
01/09/2023
35,000
35,361
2.80%,
01/27/2025
7,000
7,318
Wells
Fargo
&
Co
2.41%,
10/30/2025
(i)
32,000
32,497
3
Month
USD
LIBOR
+
0.83%
2.88%,
10/30/2030
(i)
32,000
33,002
3
Month
USD
LIBOR
+
1.17%
3.07%,
01/24/2023
16,000
16,357
5.66%,
12/31/2049
(k)
9,032
9,089
3
Month
USD
LIBOR
+
3.77%
$
1,012,001
Beverages
-
0.43%
Anheuser-Busch
Cos
LLC
/
Anheuser-Busch
InBev
Worldwide
Inc
4.70%,
02/01/2036
14,000
16,800
Anheuser-Busch
InBev
Worldwide
Inc
2.50%,
07/15/2022
2,578
2,634
4.90%,
01/23/2031
14,000
17,028
$
36,462
Biotechnology
-
1.18%
Amgen
Inc
3.63%,
05/15/2022
8,000
8,283
3.88%,
11/15/2021
46,500
48,049
Gilead
Sciences
Inc
3.50%,
02/01/2025
10,000
10,718
3.65%,
03/01/2026
21,000
22,855
4.40%,
12/01/2021
9,900
10,321
$
100,226
Chemicals
-
0.98%
Air
Liquide
Finance
SA
2.25%,
09/10/2029
(h)
24,000
24,131
Airgas
Inc
3.65%,
07/15/2024
12,750
13,658
Westlake
Chemical
Corp
3.60%,
08/15/2026
43,000
45,474
$
83,263
Commercial
Services
-
0.38%
ERAC
USA
Finance
LLC
3.30%,
10/15/2022
(h)
7,000
7,248
4.50%,
08/16/2021
(h)
6,000
6,235
7.00%,
10/15/2037
(h)
13,000
18,739
$
32,222
Computers
-
0.86%
Apple
Inc
2.05%,
09/11/2026
30,000
30,296
2.40%,
05/03/2023
14,650
15,004
3.20%,
05/11/2027
13,000
14,022
3.25%,
02/23/2026
13,000
13,987
$
73,309
Credit
Card
Asset
Backed
Securities
-
0.51%
American
Express
Credit
Account
Master
Trust
1.92%,
04/15/2024
35,000
35,055
1.00
x
1
Month
USD
LIBOR
+
0.24%
Cabela's
Credit
Card
Master
Note
Trust
2.35%,
07/17/2023
8,500
8,522
1.00
x
1
Month
USD
LIBOR
+
0.67%
$
43,577
Diversified
Financial
Services
-
0.43%
Jefferies
Group
LLC
5.13%,
01/20/2023
1,500
1,626
6.25%,
01/15/2036
10,325
12,646
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Diversified
Financial
Services
(continued)
Jefferies
Group
LLC
/
Jefferies
Group
Capital
Finance
Inc
4.15%,
01/23/2030
$
19,000
$
20,485
4.85%,
01/15/2027
1,750
1,942
$
36,699
Electric
-
8.76%
AEP
Transmission
Co
LLC
3.15%,
09/15/2049
24,000
24,782
Alabama
Power
Co
3.45%,
10/01/2049
42,000
45,373
Black
Hills
Corp
3.05%,
10/15/2029
39,500
40,800
3.15%,
01/15/2027
7,500
7,761
4.35%,
05/01/2033
8,000
9,301
Dayton
Power
&
Light
Co/The
3.95%,
06/15/2049
(h)
10,000
10,971
Entergy
Louisiana
LLC
3.25%,
04/01/2028
12,000
12,940
4.20%,
09/01/2048
31,000
37,869
Entergy
Texas
Inc
2.55%,
06/01/2021
15,000
15,090
Florida
Power
&
Light
Co
3.15%,
10/01/2049
25,000
26,679
GenOn
Energy
Inc
-
Escrow
0.00%,
10/15/2020
(d),(e),(f)
9,300
—
Interstate
Power
&
Light
Co
3.50%,
09/30/2049
66,000
69,590
LG&E
&
KU
Energy
LLC
3.75%,
11/15/2020
5,000
5,050
4.38%,
10/01/2021
5,900
6,090
Louisville
Gas
&
Electric
Co
3.30%,
10/01/2025
3,000
3,203
Metropolitan
Edison
Co
3.50%,
03/15/2023
(h)
9,900
10,343
4.30%,
01/15/2029
(h)
14,000
15,918
Monongahela
Power
Co
3.55%,
05/15/2027
(h)
5,000
5,347
Nevada
Power
Co
2.40%,
05/01/2030
20,500
20,545
NextEra
Energy
Capital
Holdings
Inc
2.75%,
11/01/2029
51,000
52,090
Northern
States
Power
Co/MN
2.90%,
03/01/2050
18,500
18,618
Oncor
Electric
Delivery
Co
LLC
2.95%,
04/01/2025
7,000
7,376
3.10%,
09/15/2049
33,500
34,651
4.10%,
11/15/2048
5,000
6,137
5.75%,
03/15/2029
21,000
27,035
PacifiCorp
5.25%,
06/15/2035
5,750
7,435
6.25%,
10/15/2037
2,500
3,636
PPL
Electric
Utilities
Corp
3.00%,
10/01/2049
17,000
17,074
Public
Service
Co
of
Colorado
3.20%,
03/01/2050
15,000
15,877
Solar
Star
Funding
LLC
3.95%,
06/30/2035
(h)
6,101
6,110
5.38%,
06/30/2035
(h)
21,359
24,304
Southwestern
Electric
Power
Co
2.75%,
10/01/2026
10,000
10,264
3.55%,
02/15/2022
12,900
13,276
3.85%,
02/01/2048
7,900
8,623
Talen
Energy
Supply
LLC
4.60%,
12/15/2021
11,750
11,574
TransAlta
Corp
4.50%,
11/15/2022
19,650
20,436
Schedule
of
Investments
Core
Fixed
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
7
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
Tucson
Electric
Power
Co
3.05%,
03/15/2025
$
2,000
$
2,104
3.85%,
03/15/2023
19,900
20,836
4.85%,
12/01/2048
7,000
8,973
5.15%,
11/15/2021
3,000
3,137
Xcel
Energy
Inc
2.60%,
12/01/2029
32,000
32,422
3.50%,
12/01/2049
24,000
25,351
$
744,991
Electronics
-
0.42%
Keysight
Technologies
Inc
3.00%,
10/30/2029
35,000
36,083
Environmental
Control
-
0.56%
Advanced
Disposal
Services
Inc
5.63%,
11/15/2024
(h)
12,000
12,498
Republic
Services
Inc
3.20%,
03/15/2025
13,000
13,720
3.55%,
06/01/2022
9,000
9,327
5.00%,
03/01/2020
12,000
12,027
$
47,572
Food
-
0.54%
Kraft
Heinz
Foods
Co
3.50%,
07/15/2022
7,000
7,244
3.75%,
04/01/2030
(h)
21,000
22,230
3.95%,
07/15/2025
15,000
16,104
$
45,578
Gas
-
0.40%
NiSource
Inc
2.95%,
09/01/2029
29,000
29,833
3.85%,
02/15/2023
4,000
4,193
$
34,026
Healthcare
-
Services
-
0.76%
Encompass
Health
Corp
5.75%,
11/01/2024
4,376
4,429
5.75%,
09/15/2025
1,000
1,040
HCA
Inc
4.13%,
06/15/2029
14,000
15,151
5.63%,
09/01/2028
2,000
2,317
5.88%,
05/01/2023
4,500
4,947
7.50%,
02/15/2022
3,000
3,293
7.50%,
11/06/2033
1,950
2,467
UnitedHealth
Group
Inc
2.88%,
08/15/2029
15,000
15,599
3.50%,
08/15/2039
14,000
15,052
$
64,295
Housewares
-
0.14%
Newell
Brands
Inc
3.85%,
04/01/2023
6,000
6,246
4.20%,
04/01/2026
5,000
5,221
$
11,467
Insurance
-
1.48%
Berkshire
Hathaway
Inc
3.00%,
02/11/2023
8,000
8,352
3.75%,
08/15/2021
5,000
5,170
Fidelity
National
Financial
Inc
4.50%,
08/15/2028
39,500
44,276
5.50%,
09/01/2022
5,000
5,436
First
American
Financial
Corp
4.30%,
02/01/2023
21,800
22,823
4.60%,
11/15/2024
5,000
5,428
Five
Corners
Funding
Trust
4.42%,
11/15/2023
(h)
15,500
16,951
Prudential
Financial
Inc
3.88%,
03/27/2028
7,000
7,837
4.50%,
11/16/2021
7,000
7,347
5.38%,
06/21/2020
2,000
2,028
$
125,648
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Internet
-
1.02%
Amazon.com
Inc
2.80%,
08/22/2024
$
44,000
$
46,121
4.05%,
08/22/2047
32,650
40,186
$
86,307
Iron
&
Steel
-
0.19%
Allegheny
Technologies
Inc
7.88%,
08/15/2023
14,750
16,154
Lodging
-
0.51%
Choice
Hotels
International
Inc
3.70%,
12/01/2029
42,000
43,101
Media
-
2.30%
Comcast
Corp
2.65%,
02/01/2030
33,000
34,030
2.85%,
01/15/2023
13,000
13,461
3.13%,
07/15/2022
2,000
2,071
3.30%,
02/01/2027
10,000
10,743
3.95%,
10/15/2025
15,000
16,584
4.25%,
10/15/2030
4,500
5,269
6.45%,
03/15/2037
1,800
2,605
Discovery
Communications
LLC
4.13%,
05/15/2029
22,000
24,039
5.30%,
05/15/2049
9,000
10,752
Time
Warner
Cable
LLC
6.55%,
05/01/2037
7,400
9,523
6.75%,
06/15/2039
6,000
7,797
7.30%,
07/01/2038
7,750
10,543
Walt
Disney
Co/The
2.00%,
09/01/2029
28,000
27,694
4.50%,
02/15/2021
7,000
7,204
6.40%,
12/15/2035
8,900
13,145
$
195,460
Oil
&
Gas
-
2.74%
BP
Capital
Markets
America
Inc
3.12%,
05/04/2026
10,000
10,576
3.41%,
02/11/2026
13,000
13,953
3.94%,
09/21/2028
13,000
14,565
BP
Capital
Markets
PLC
2.50%,
11/06/2022
7,000
7,150
3.56%,
11/01/2021
17,000
17,558
Canadian
Natural
Resources
Ltd
3.80%,
04/15/2024
35,000
37,264
Helmerich
&
Payne
Inc
4.65%,
03/15/2025
7,000
7,681
Marathon
Petroleum
Corp
5.13%,
12/15/2026
8,500
9,786
5.38%,
10/01/2022
11,000
11,111
Nabors
Industries
Inc
5.00%,
09/15/2020
3,453
3,479
5.10%,
09/15/2023
5,000
4,563
Phillips
66
4.30%,
04/01/2022
28,000
29,435
Rowan
Cos
Inc
4.88%,
06/01/2022
8,650
6,401
Suncor
Energy
Inc
3.60%,
12/01/2024
18,000
19,206
4.00%,
11/15/2047
4,500
4,909
9.25%,
10/15/2021
9,475
10,636
W&T
Offshore
Inc
9.75%,
11/01/2023
(h)
6,750
6,391
Whiting
Petroleum
Corp
5.75%,
03/15/2021
19,150
17,905
$
232,569
Oil
&
Gas
Services
-
0.55%
Schlumberger
Holdings
Corp
3.63%,
12/21/2022
(h)
10,000
10,475
4.00%,
12/21/2025
(h)
33,000
36,230
$
46,705
Schedule
of
Investments
Core
Fixed
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
8
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Other
Asset
Backed
Securities
-
1.55%
Drug
Royalty
III
LP
1
3.43%,
10/15/2031
(h)
$
2,632
$
2,628
1.00
x
3
Month
USD
LIBOR
+
1.60%
3.60%,
04/15/2027
(h)
1,595
1,600
3.98%,
04/15/2027
(h)
443
444
4.27%,
10/15/2031
(h)
3,384
3,490
4.33%,
04/15/2027
(h)
1,684
1,693
1.00
x
3
Month
USD
LIBOR
+
2.50%
PFS
Financing
Corp
2.23%,
09/15/2023
(h)
40,000
40,018
1.00
x
1
Month
USD
LIBOR
+
0.55%
2.23%,
04/15/2024
(h)
13,000
13,021
1.00
x
1
Month
USD
LIBOR
+
0.55%
Trafigura
Securitisation
Finance
PLC
2017-1
2.53%,
12/15/2020
(h)
17,000
17,007
1.00
x
1
Month
USD
LIBOR
+
0.85%
Verizon
Owner
Trust
2017-3
1.92%,
04/20/2022
(h)
9,258
9,264
1.00
x
1
Month
USD
LIBOR
+
0.27%
Verizon
Owner
Trust
2019-C
2.07%,
04/22/2024
42,500
42,702
1.00
x
1
Month
USD
LIBOR
+
0.42%
$
131,867
Packaging
&
Containers
-
0.12%
Sealed
Air
Corp
5.50%,
09/15/2025
(h)
2,000
2,193
6.88%,
07/15/2033
(h)
6,900
8,176
$
10,369
Pharmaceuticals
-
2.22%
AbbVie
Inc
2.15%,
11/19/2021
(h)
33,000
33,211
2.30%,
11/21/2022
(h)
18,000
18,179
2.90%,
11/06/2022
14,650
15,042
Bristol-Myers
Squibb
Co
3.20%,
06/15/2026
(h)
20,000
21,274
3.40%,
07/26/2029
(h)
27,000
29,585
3.45%,
11/15/2027
(h)
9,000
9,834
3.90%,
02/20/2028
(h)
10,500
11,780
CVS
Health
Corp
3.00%,
08/15/2026
7,000
7,266
4.30%,
03/25/2028
13,000
14,405
5.05%,
03/25/2048
23,000
27,879
$
188,455
Pipelines
-
1.70%
ANR
Pipeline
Co
9.63%,
11/01/2021
900
1,015
Buckeye
Partners
LP
3.95%,
12/01/2026
10,500
10,356
4.15%,
07/01/2023
10,000
10,111
4.35%,
10/15/2024
8,000
8,072
Columbia
Pipeline
Group
Inc
4.50%,
06/01/2025
11,900
13,201
El
Paso
Natural
Gas
Co
LLC
7.50%,
11/15/2026
11,400
14,521
NGPL
PipeCo
LLC
4.88%,
08/15/2027
(h)
22,000
23,797
Plains
All
American
Pipeline
LP
/
PAA
Finance
Corp
4.50%,
12/15/2026
13,500
14,635
Southeast
Supply
Header
LLC
4.25%,
06/15/2024
(h)
14,650
15,051
Southern
Natural
Gas
Co
LLC
8.00%,
03/01/2032
4,750
6,882
Tennessee
Gas
Pipeline
Co
LLC
8.38%,
06/15/2032
(j)
2,000
2,835
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pipelines
(continued)
TransCanada
PipeLines
Ltd
6.10%,
06/01/2040
$
7,000
$
9,375
7.25%,
08/15/2038
10,000
14,808
$
144,659
REITs
-
9.10%
Alexandria
Real
Estate
Equities
Inc
2.75%,
12/15/2029
14,500
14,783
3.38%,
08/15/2031
30,000
32,372
4.30%,
01/15/2026
9,900
11,026
American
Tower
Corp
2.40%,
03/15/2025
7,000
7,092
2.75%,
01/15/2027
53,000
54,083
3.30%,
02/15/2021
6,000
6,082
3.38%,
10/15/2026
5,000
5,311
CBL
&
Associates
LP
5.95%,
12/15/2026
13,750
6,880
Crown
Castle
International
Corp
3.10%,
11/15/2029
8,000
8,283
4.00%,
11/15/2049
17,000
18,773
4.30%,
02/15/2029
13,000
14,693
CubeSmart
LP
3.00%,
02/15/2030
18,000
18,461
4.00%,
11/15/2025
5,000
5,450
4.38%,
12/15/2023
8,000
8,605
4.38%,
02/15/2029
2,000
2,266
4.80%,
07/15/2022
16,800
17,778
Duke
Realty
LP
2.88%,
11/15/2029
12,500
12,849
3.25%,
06/30/2026
5,000
5,293
3.38%,
12/15/2027
25,000
26,849
3.88%,
10/15/2022
3,000
3,138
4.38%,
06/15/2022
4,000
4,204
Healthcare
Realty
Trust
Inc
3.63%,
01/15/2028
3,500
3,719
3.88%,
05/01/2025
5,000
5,358
Healthpeak
Properties
Inc
3.00%,
01/15/2030
50,000
51,397
Omega
Healthcare
Investors
Inc
3.63%,
10/01/2029
32,000
33,070
4.75%,
01/15/2028
7,000
7,821
5.25%,
01/15/2026
8,000
9,058
Physicians
Realty
LP
4.30%,
03/15/2027
17,900
19,575
SBA
Tower
Trust
2.84%,
01/15/2050
(h)
30,000
31,052
Service
Properties
Trust
4.35%,
10/01/2024
12,000
12,639
4.50%,
06/15/2023
5,000
5,247
4.65%,
03/15/2024
5,650
5,953
4.95%,
02/15/2027
5,900
6,235
5.00%,
08/15/2022
14,650
15,439
Simon
Property
Group
LP
2.00%,
09/13/2024
32,000
32,247
2.75%,
02/01/2023
7,000
7,209
STORE
Capital
Corp
4.63%,
03/15/2029
33,500
38,271
Ventas
Realty
LP
3.00%,
01/15/2030
8,000
8,173
3.85%,
04/01/2027
21,000
22,717
Ventas
Realty
LP
/
Ventas
Capital
Corp
3.25%,
08/15/2022
9,650
9,954
Welltower
Inc
2.70%,
02/15/2027
12,000
12,285
3.10%,
01/15/2030
23,000
23,984
3.75%,
03/15/2023
3,000
3,151
4.13%,
03/15/2029
6,000
6,727
4.25%,
04/15/2028
4,000
4,490
4.50%,
01/15/2024
5,000
5,445
Schedule
of
Investments
Core
Fixed
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
9
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
REITs
(continued)
Weyerhaeuser
Co
3.25%,
03/15/2023
$
5,000
$
5,158
4.70%,
03/15/2021
13,800
14,143
7.38%,
03/15/2032
40,000
56,679
WP
Carey
Inc
3.85%,
07/15/2029
30,000
32,422
$
773,889
Savings
&
Loans
-
0.08%
First
Niagara
Financial
Group
Inc
7.25%,
12/15/2021
6,500
7,120
Software
-
0.74%
Oracle
Corp
2.50%,
05/15/2022
35,000
35,633
2.95%,
05/15/2025
25,900
27,355
$
62,988
Telecommunications
-
1.71%
Corning
Inc
2.90%,
05/15/2022
5,000
5,127
4.75%,
03/15/2042
4,650
5,404
5.45%,
11/15/2079
35,000
40,174
Crown
Castle
Towers
LLC
4.24%,
07/15/2048
(h)
13,000
14,623
Qwest
Corp
6.75%,
12/01/2021
20,800
22,295
Sprint
Corp
7.88%,
09/15/2023
7,750
8,233
Sprint
Spectrum
Co
LLC
/
Sprint
Spectrum
Co
II
LLC
/
Sprint
Spectrum
Co
III
LLC
3.36%,
03/20/2023
(h)
16,844
16,981
5.15%,
03/20/2028
(h)
16,500
17,985
T-Mobile
USA
Inc
0.00%,
03/01/2025
(d),(e),(f)
14,000
—
6.38%,
03/01/2025
14,000
14,451
$
145,273
Transportation
-
0.62%
Ryder
System
Inc
2.90%,
12/01/2026
51,000
53,036
Trailer
Bridge
Inc
0.00%,
11/15/2011
(d),(e),(f)
14,000
—
$
53,036
Trucking
&
Leasing
-
0.52%
Penske
Truck
Leasing
Co
Lp
/
PTL
Finance
Corp
2.70%,
11/01/2024
(h)
28,000
28,674
3.45%,
07/01/2024
(h)
9,000
9,498
4.88%,
07/11/2022
(h)
5,500
5,879
$
44,051
TOTAL
BONDS
$
4,931,917
SENIOR
FLOATING
RATE
INTERESTS
-
0.24%
Principal
Amount
(000's)
Value
(000's)
Pipelines
-
0.10%
BCP
Renaissance
Parent
LLC
5.44%,
10/31/2024
(l)
$
9,604
$
8,680
3
Month
USD
LIBOR
+
2.00%
Software
-
0.14%
Ivanti
Software
Inc
10.70%,
01/20/2025
(l)
12,250
11,982
3
Month
USD
LIBOR
+
3.25%
TOTAL
SENIOR
FLOATING
RATE
INTERESTS
$
20,662
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
37.07%
Principal
Amount
(000's)
Value
(000's)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
-
1.99%
3.00%,
10/01/2042
$
8,451
$
8,777
3.00%,
10/01/2042
8,894
9,239
3.00%,
11/01/2042
8,893
9,238
3.00%,
06/01/2043
10,378
10,772
3.00%,
12/01/2046
16,733
17,303
3.00%,
07/01/2047
20,585
21,212
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
(continued)
3.50%,
10/01/2041
$
4,200
$
4,444
3.50%,
04/01/2042
4,904
5,195
3.50%,
04/01/2042
6,694
7,078
3.50%,
04/01/2045
8,916
9,513
3.50%,
03/01/2048
18,796
20,025
4.00%,
04/01/2039
3,365
3,675
4.00%,
02/01/2045
4,451
4,708
4.00%,
02/01/2046
10,359
11,058
4.00%,
06/01/2046
10,146
10,830
4.50%,
07/01/2039
4,677
5,113
4.50%,
12/01/2040
4,436
4,850
4.50%,
10/01/2041
5,608
6,132
9.00%,
01/01/2025
2
2
$
169,164
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
-
16.50%
3.00%,
03/01/2042
7,074
7,346
3.00%,
03/01/2042
7,661
7,954
3.00%,
05/01/2042
7,840
8,141
3.00%,
06/01/2042
7,624
7,917
3.00%,
06/01/2042
7,081
7,353
3.00%,
08/01/2049
48,508
50,059
3.00%,
09/01/2049
46,035
47,146
3.00%,
10/01/2049
48,566
49,824
3.00%,
10/01/2049
49,246
50,777
3.00%,
11/01/2049
49,288
50,813
3.00%,
11/01/2049
60,637
62,101
3.00%,
11/01/2049
48,504
49,968
3.50%,
12/01/2040
5,059
5,350
3.50%,
01/01/2041
3,327
3,518
3.50%,
01/01/2041
3,670
3,881
3.50%,
12/01/2041
3,070
3,244
3.50%,
01/01/2042
4,949
5,278
3.50%,
03/01/2042
5,335
5,643
3.50%,
04/01/2042
7,514
7,947
3.50%,
02/01/2043
8,633
9,207
3.50%,
03/01/2045
9,410
10,034
3.50%,
06/01/2045
13,226
13,991
3.50%,
07/01/2045
10,262
10,856
3.50%,
11/01/2045
12,854
13,623
3.50%,
05/01/2046
10,947
11,457
3.50%,
06/01/2046
9,159
9,581
3.50%,
08/01/2047
44,924
46,871
3.50%,
11/01/2047
21,780
22,730
3.50%,
12/01/2047
47,427
49,437
3.50%,
09/01/2048
18,958
19,596
3.50%,
06/01/2049
45,885
47,574
3.50%,
07/01/2049
47,076
48,771
3.50%,
09/01/2049
46,291
47,987
3.50%,
09/01/2049
47,637
49,344
3.50%,
11/01/2049
39,802
41,276
3.50%,
11/01/2049
49,817
52,104
3.50%,
12/01/2049
40,704
42,211
4.00%,
09/01/2040
5,092
5,485
4.00%,
10/01/2041
3,968
4,272
4.00%,
11/01/2041
6,607
7,119
4.00%,
04/01/2042
4,820
5,189
4.00%,
08/01/2043
8,027
8,652
4.00%,
08/01/2043
6,728
7,241
4.00%,
11/01/2043
7,017
7,525
4.00%,
11/01/2043
9,341
10,130
4.00%,
02/01/2044
9,062
9,772
4.00%,
07/01/2044
5,627
6,002
4.00%,
09/01/2044
6,246
6,662
4.00%,
11/01/2044
7,798
8,350
4.00%,
09/01/2045
16,023
17,208
4.00%,
08/01/2046
11,599
12,450
4.00%,
01/01/2047
11,284
11,911
Schedule
of
Investments
Core
Fixed
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
10
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
(continued)
4.00%,
08/01/2047
$
14,712
$
15,517
4.00%,
09/01/2048
40,492
42,363
4.00%,
10/01/2048
19,418
20,318
4.00%,
07/01/2049
43,217
45,269
4.00%,
09/01/2049
32,395
34,239
4.00%,
10/01/2049
47,382
50,479
4.50%,
08/01/2040
6,513
7,107
4.50%,
10/01/2040
3,897
4,259
4.50%,
12/01/2040
5,177
5,658
4.50%,
08/01/2041
5,775
6,312
4.50%,
10/01/2043
3,309
3,584
4.50%,
05/01/2044
6,615
7,081
4.50%,
06/01/2046
7,529
8,072
4.50%,
05/01/2047
12,074
12,831
4.50%,
05/01/2047
11,092
11,797
4.50%,
02/01/2049
17,862
18,887
6.50%,
04/01/2032
14
15
$
1,402,666
Government
National
Mortgage
Association
(GNMA)
-
0.54%
3.00%,
02/20/2046
44,396
46,168
U.S.
Treasury
-
18.04%
1.50%,
08/15/2026
40,000
40,202
1.63%,
06/30/2020
40,000
40,006
1.63%,
11/15/2022
40,000
40,341
1.63%,
02/15/2026
40,000
40,523
1.63%,
08/15/2029
40,000
40,389
1.75%,
05/15/2022
40,000
40,378
1.75%,
05/15/2023
40,000
40,564
1.75%,
11/15/2029
40,000
40,833
2.00%,
02/28/2021
40,000
40,214
2.00%,
11/15/2021
40,000
40,453
2.00%,
02/15/2025
40,000
41,278
2.00%,
11/15/2026
40,000
41,473
2.13%,
05/15/2025
40,000
41,569
2.25%,
11/15/2024
40,000
41,695
2.25%,
02/15/2027
40,000
42,184
2.25%,
08/15/2027
40,000
42,294
2.25%,
11/15/2027
40,000
42,336
2.25%,
08/15/2046
40,000
41,797
2.25%,
08/15/2049
40,000
42,109
2.38%,
02/29/2024
40,000
41,664
2.38%,
05/15/2029
40,000
42,995
2.50%,
02/15/2022
40,000
40,919
2.50%,
05/15/2024
40,000
41,948
2.63%,
11/15/2020
40,000
40,333
2.63%,
02/28/2023
40,000
41,580
2.63%,
02/15/2029
40,000
43,792
2.75%,
11/15/2023
40,000
42,113
2.75%,
02/15/2028
40,000
43,892
2.75%,
08/15/2047
40,000
46,180
2.88%,
08/15/2028
40,000
44,452
3.00%,
09/30/2025
40,000
43,528
3.00%,
11/15/2045
40,000
47,853
3.13%,
05/15/2021
40,000
40,839
3.13%,
11/15/2028
40,000
45,355
3.63%,
02/15/2044
40,000
52,339
3.75%,
11/15/2043
40,000
53,253
$
1,533,673
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
3,151,671
Total
Investments
$
8,455,314
Other
Assets
and
Liabilities
- 0.55%
46,954
TOTAL
NET
ASSETS
-
100.00%
$
8,502,268
(a)
Current
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
$559
or
0.01%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
sub-schedule
for
transactional
information.
(d)
Non-income
producing
security
(e)
The
value
of
these
investments
was
determined
using
significant
unobservable
inputs.
(f)
Fair
value
of
these
investments
is
determined
in
good
faith
by
the
Manager
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Directors.
Certain
inputs
used
in
the
valuation
may
be
unobservable;
however,
each
security
is
evaluated
individually
for
purposes
of
ASC
820
which
results
in
not
all
securities
being
identified
as
Level
3
of
the
fair
value
hierarchy.
At
the
end
of
the
period,
the
fair
value
of
these
securities
totaled
$25,168
or
0.30%
of
net
assets.
(g)
Restricted
Security.
Please
see
Restricted
Security
Sub-Schedule
for
more
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
$652,200
or
7.67%
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.
(j)
Security
or
a
portion
of
the
security
was
on
loan
at
the
end
of
the
period.
(k)
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.
(l)
Rate
information
disclosed
is
based
on
an
average
weighted
rate
of
the
underlying
tranches
as
of
period
end.
Portfolio
Summary (unaudited)
Sector
Percent
Financial
22.99%
Mortgage
Securities
19.03%
Government
18.04%
Utilities
9.16%
Consumer,
Non-cyclical
5.51%
Energy
5.09%
Communications
5.03%
Money
Market
Funds
3.83%
Asset
Backed
Securities
3.53%
Industrial
2.54%
Consumer,
Cyclical
1.79%
Technology
1.74%
Basic
Materials
1.17%
Other
Assets
and
Liabilities
0.55%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Core
Fixed
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
11
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
1.43%
$
1,067,368
$
1,588,123
$
2,330,154
$
325,337
$
1,067,368
$
1,588,123
$
2,330,154
$
325,337
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Principal
Government
Money
Market
Fund
1.43%
$
2,316
$
—
$
—
$
—
$
2,316
$
—
$
—
$
—
Amounts
in
thousands.
Restricted
Securities
Security
Name
Acquisition
Date
Cost
Value
Percent
of
Net
Assets
Trailer
Bridge
Inc
05/07/2012
-
05/28/2019
$
21,314
$
25,167
0.30%
Total
$
25,167
0.30%
Amounts
in
thousands.
Schedule
of
Investments
Core
Plus
Bond
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
12
INVESTMENT
COMPANIES
-
4.72%
Shares
Held
Value
(000's)
Money
Market
Funds
-
4.72%
BlackRock
Liquidity
FedFund
1.49%
(a),(b)
2,100,241
$
2,100
Principal
Government
Money
Market
Fund
1.43%
(a),(c)
24,889,699
24,890
$
26,990
TOTAL
INVESTMENT
COMPANIES
$
26,990
COMMON
STOCKS
-
0.03%
Shares
Held
Value
(000's)
Oil
&
Gas
-
0.01%
Chaparral
Energy
Inc
-
A
Shares
(d)
73,263
75
Retail
-
0.02%
Claire's
Holdings
LLC
(d),(e),(f)
232
128
TOTAL
COMMON
STOCKS
$
203
PREFERRED
STOCKS
-
0.67%
Shares
Held
Value
(000's)
Sovereign
-
0.67%
CoBank
ACB
6.20%,
01/01/2025
(g)
35,000
$
3,815
3
Month
USD
LIBOR
+
3.74%
TOTAL
PREFERRED
STOCKS
$
3,815
BONDS
-
54.77%
Principal
Amount
(000's)
Value
(000's)
Aerospace
&
Defense
-
1.77%
Air
2
US
8.63%,
10/01/2020
(h)
$
5
$
5
Boeing
Co/The
2.70%,
02/01/2027
1,965
2,004
2.80%,
03/01/2024
595
610
3.20%,
03/01/2029
500
526
3.50%,
03/01/2039
740
777
3.75%,
02/01/2050
105
113
3.90%,
05/01/2049
120
131
Bombardier
Inc
6.13%,
01/15/2023
(h)
300
296
7.50%,
03/15/2025
(h)
575
553
Lockheed
Martin
Corp
4.09%,
09/15/2052
210
259
SSL
Robotics
LLC
9.75%,
12/31/2023
(h)
215
236
TransDigm
Inc
6.25%,
03/15/2026
(h)
115
124
7.50%,
03/15/2027
610
668
Triumph
Group
Inc
6.25%,
09/15/2024
(h)
195
201
7.75%,
08/15/2025
285
279
United
Technologies
Corp
3.95%,
08/16/2025
985
1,087
4.13%,
11/16/2028
400
461
4.45%,
11/16/2038
715
881
4.50%,
06/01/2042
710
891
$
10,102
Agriculture
-
0.85%
Altria
Group
Inc
4.00%,
01/31/2024
165
177
5.80%,
02/14/2039
380
460
5.95%,
02/14/2049
120
151
BAT
Capital
Corp
2.50%,
08/14/2020
110
110
3
Month
USD
LIBOR
+
0.59%
2.76%,
08/15/2022
835
852
3.22%,
08/15/2024
1,255
1,305
4.54%,
08/15/2047
25
26
JBS
Investments
II
GmbH
7.00%,
01/15/2026
(h)
200
218
Reynolds
American
Inc
5.70%,
08/15/2035
635
759
6.88%,
05/01/2020
795
804
$
4,862
Airlines
-
1.14%
American
Airlines
2013-1
Class
B
Pass
Through
Trust
5.63%,
07/15/2022
(h)
151
154
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Airlines
(continued)
American
Airlines
2013-2
Class
A
Pass
Through
Trust
4.95%,
07/15/2024
$
576
$
604
American
Airlines
2014-1
Class
A
Pass
Through
Trust
3.70%,
04/01/2028
748
804
Continental
Airlines
2007-1
Class
A
Pass
Through
Trust
5.98%,
10/19/2023
1,343
1,417
Continental
Airlines
2012-1
Class
A
Pass
Through
Trust
4.15%,
10/11/2025
1,211
1,287
United
Airlines
2014-2
Class
A
Pass
Through
Trust
3.75%,
03/03/2028
952
1,024
United
Airlines
2018-1
Class
A
Pass
Through
Trust
3.70%,
09/01/2031
766
810
United
Airlines
2018-1
Class
AA
Pass
Through
Trust
3.50%,
09/01/2031
407
435
$
6,535
Automobile
Asset
Backed
Securities
-
0.29%
Americredit
Automobile
Receivables
Trust
2018-2
2.86%,
11/18/2021
65
65
Capital
Auto
Receivables
Asset
Trust
2018-2
3.02%,
02/22/2021
(h)
284
285
Santander
Retail
Auto
Lease
Trust
2019-A
2.72%,
01/20/2022
(h)
1,304
1,313
$
1,663
Automobile
Manufacturers
-
0.37%
Ford
Motor
Credit
Co
LLC
3.34%,
03/28/2022
500
507
General
Motors
Co
6.25%,
10/02/2043
525
621
General
Motors
Financial
Co
Inc
3.45%,
01/14/2022
730
747
Navistar
International
Corp
6.63%,
11/01/2025
(h)
243
254
$
2,129
Banks
-
6.20%
Bancolombia
SA
3.00%,
01/29/2025
200
201
Bank
of
America
Corp
2.88%,
10/22/2030
(i)
425
441
3
Month
USD
LIBOR
+
1.19%
3.19%,
07/23/2030
(i)
440
467
3
Month
USD
LIBOR
+
1.18%
3.46%,
03/15/2025
(i)
260
275
3
Month
USD
LIBOR
+
0.97%
4.10%,
07/24/2023
475
511
4.20%,
08/26/2024
1,585
1,724
4.25%,
10/22/2026
915
1,021
4.30%,
12/31/2099
(g),(i)
400
400
3
Month
USD
LIBOR
+
2.66%
Barclays
PLC
5.09%,
06/20/2030
(i)
400
460
3
Month
USD
LIBOR
+
3.05%
7.75%,
12/31/2049
(g),(i)
200
219
USD
Swap
Semi-Annual
5
Year
+
4.84%
CIT
Group
Inc
5.00%,
08/15/2022
190
202
5.80%,
12/31/2049
(g),(i),(j)
310
318
3
Month
USD
LIBOR
+
3.97%
Citigroup
Inc
3.52%,
10/27/2028
(i)
280
301
3
Month
USD
LIBOR
+
1.15%
4.65%,
07/23/2048
185
241
Schedule
of
Investments
Core
Plus
Bond
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
13
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Citigroup
Inc
(continued)
4.70%,
12/31/2049
(g),(i)
$
175
$
178
United
States
Secured
Overnight
Financing
Rate
+
3.23%
Cooperatieve
Rabobank
UA
3.95%,
11/09/2022
570
599
Credit
Suisse
Group
AG
5.10%,
12/31/2049
(g),(h),(i),(j)
400
404
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.29%
Credit
Suisse
Group
Funding
Guernsey
Ltd
4.88%,
05/15/2045
375
490
Danske
Bank
A/S
3.00%,
09/20/2022
(h),(i)
760
770
3
Month
USD
LIBOR
+
1.25%
Deutsche
Bank
AG
4.30%,
05/24/2028
(i)
375
372
USD
Swap
Semi-Annual
5
Year
+
2.25%
First
Republic
Bank/CA
4.63%,
02/13/2047
1,200
1,479
Goldman
Sachs
Group
Inc/The
3.63%,
02/20/2024
405
431
3.85%,
01/26/2027
388
421
5.75%,
01/24/2022
800
860
6.75%,
10/01/2037
465
664
HSBC
Holdings
PLC
2.63%,
11/07/2025
(i)
500
508
3
Month
USD
LIBOR
+
1.14%
4.25%,
03/14/2024
840
902
JPMorgan
Chase
&
Co
3.21%,
04/01/2023
(i)
220
226
3
Month
USD
LIBOR
+
0.70%
3.96%,
11/15/2048
(i)
105
123
3
Month
USD
LIBOR
+
1.38%
4.35%,
08/15/2021
545
567
4.60%,
12/31/2099
(g),(i)
1,530
1,559
United
States
Secured
Overnight
Financing
Rate
+
3.13%
4.95%,
06/01/2045
155
204
5.50%,
10/15/2040
345
479
Morgan
Stanley
4.43%,
01/23/2030
(i)
95
110
3
Month
USD
LIBOR
+
1.63%
5.00%,
11/24/2025
530
606
5.55%,
12/31/2049
(g),(i)
1,151
1,167
3
Month
USD
LIBOR
+
3.81%
6.38%,
07/24/2042
130
198
Popular
Inc
6.13%,
09/14/2023
145
156
Royal
Bank
of
Scotland
Group
PLC
5.13%,
05/28/2024
2,439
2,688
7.50%,
12/31/2049
(g),(i)
1,291
1,321
USD
Swap
Semi-Annual
5
Year
+
5.80%
Santander
UK
PLC
5.00%,
11/07/2023
(h)
1,440
1,566
Skandinaviska
Enskilda
Banken
AB
5.75%,
12/31/2049
(g),(i)
2,197
2,210
USD
Swap
Semi-Annual
5
Year
+
3.85%
Societe
Generale
SA
2.63%,
01/22/2025
(h)
585
592
Standard
Chartered
PLC
2.82%,
01/30/2026
(h),(i)
520
527
3
Month
USD
LIBOR
+
1.21%
Svenska
Handelsbanken
AB
3.90%,
11/20/2023
425
458
Synchrony
Bank
3.00%,
06/15/2022
1,415
1,449
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
UBS
Group
AG
6.88%,
12/31/2049
(g),(i)
$
1,115
$
1,158
USD
Swap
Rate
NY
5
Year
+
5.50%
US
Bancorp
3.00%,
07/30/2029
175
184
Wells
Fargo
&
Co
3.75%,
01/24/2024
360
384
4.40%,
06/14/2046
465
547
Westpac
Banking
Corp
4.11%,
07/24/2034
(i)
125
134
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.00%
4.42%,
07/24/2039
240
275
Zions
Bancorp
NA
3.50%,
08/27/2021
1,672
1,714
$
35,461
Beverages
-
0.65%
Anheuser-Busch
Cos
LLC
/
Anheuser-Busch
InBev
Worldwide
Inc
3.65%,
02/01/2026
850
923
4.90%,
02/01/2046
420
522
Anheuser-Busch
InBev
Worldwide
Inc
4.38%,
04/15/2038
805
931
Constellation
Brands
Inc
3.70%,
12/06/2026
390
424
4.40%,
11/15/2025
660
737
Corp
Lindley
SA
6.75%,
11/23/2021
(h)
14
14
6.75%,
11/23/2021
14
15
Keurig
Dr
Pepper
Inc
3.55%,
05/25/2021
155
159
$
3,725
Building
Materials
-
0.10%
Builders
FirstSource
Inc
5.63%,
09/01/2024
(h)
193
200
6.75%,
06/01/2027
(h)
270
296
Norbord
Inc
5.75%,
07/15/2027
(h)
100
105
$
601
Chemicals
-
0.72%
Aruba
Investments
Inc
8.75%,
02/15/2023
(h)
295
296
Blue
Cube
Spinco
LLC
9.75%,
10/15/2023
125
133
Braskem
Idesa
SAPI
7.45%,
11/15/2029
(h)
250
264
Braskem
Netherlands
Finance
BV
4.50%,
01/31/2030
(h)
250
251
CF
Industries
Inc
4.95%,
06/01/2043
310
332
CNAC
HK
Finbridge
Co
Ltd
4.63%,
03/14/2023
350
370
Consolidated
Energy
Finance
SA
5.64%,
06/15/2022
(h)
250
248
3
Month
USD
LIBOR
+
3.75%
6.88%,
06/15/2025
(h)
735
728
DuPont
de
Nemours
Inc
5.32%,
11/15/2038
525
637
5.42%,
11/15/2048
275
343
Equate
Petrochemical
BV
3.00%,
03/03/2022
375
378
NOVA
Chemicals
Corp
5.25%,
08/01/2023
(h)
130
132
$
4,112
Commercial
Mortgage
Backed
Securities
-
5.36%
Citigroup
Commercial
Mortgage
Trust
2019-C7
3.10%,
12/15/2072
1,000
1,070
Schedule
of
Investments
Core
Plus
Bond
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
14
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Mortgage
Backed
Securities
(continued)
COMM
2013-CCRE11
Mortgage
Trust
1.09%,
08/10/2050
(k),(l)
$
51,218
$
1,545
COMM
2013-CCRE6
Mortgage
Trust
4.22%,
03/10/2046
(h),(l)
500
505
COMM
2013-CCRE8
Mortgage
Trust
4.09%,
06/10/2046
(h),(l)
3,000
3,148
COMM
2015-CCRE22
Mortgage
Trust
4.25%,
03/10/2048
(l)
1,611
1,714
COMM
2015-PC1
Mortgage
Trust
4.29%,
07/10/2050
(l)
2,000
2,188
Credit
Suisse
Commercial
Mortgage
Trust
Series
2006-C5
1.09%,
12/15/2039
(k),(l)
640
6
CSAIL
2018-CX11
Commercial
Mortgage
Trust
4.03%,
04/15/2051
(l)
1,000
1,128
GS
Mortgage
Securities
Trust
2012-GCJ7
2.35%,
05/10/2045
(k),(l)
11,249
294
GS
Mortgage
Securities
Trust
2013-GC16
1.21%,
11/10/2046
(k),(l)
20,187
679
5.49%,
11/10/2046
(l)
800
879
GS
Mortgage
Securities
Trust
2013-GCJ12
3.78%,
06/10/2046
(l)
555
576
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
2011-C5
5.60%,
08/15/2046
(h),(l)
800
831
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
2012-LC9
1.65%,
12/15/2047
(k),(l)
10,200
346
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
2013-C16
1.10%,
12/15/2046
(k),(l)
8,666
259
JPMBB
Commercial
Mortgage
Securities
Trust
2013-C15
1.24%,
11/15/2045
(k),(l)
22,542
746
JPMBB
Commercial
Mortgage
Securities
Trust
2014-C18
4.97%,
02/15/2047
(l)
2,700
2,832
JPMBB
Commercial
Mortgage
Securities
Trust
2014-C19
0.91%,
04/15/2047
(k),(l)
23,964
499
JPMBB
Commercial
Mortgage
Securities
Trust
2014-C24
1.07%,
11/15/2047
(k),(l)
7,715
216
4.06%,
11/15/2047
(h),(l)
1,000
950
LB-UBS
Commercial
Mortgage
Trust
2005-C3
0.97%,
07/15/2040
(h),(k),(l)
1,873
2
LB-UBS
Commercial
Mortgage
Trust
2007-C1
0.35%,
02/15/2040
(k),(l)
253
—
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
2013-C11
0.37%,
08/15/2046
(k),(l)
18,973
160
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
2014-C16
1.16%,
06/15/2047
(k),(l)
20,303
672
4.93%,
06/15/2047
(l)
4,250
4,439
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
2016-C30
3.18%,
09/15/2049
1,571
1,629
MSBAM
Commercial
Mortgage
Securities
Trust
2012-CKSV
1.20%,
10/15/2030
(h),(k),(l)
21,855
503
UBS-Barclays
Commercial
Mortgage
Trust
2012-C4
1.77%,
12/10/2045
(h),(k),(l)
19,409
682
WFRBS
Commercial
Mortgage
Trust
2014-C22
4.37%,
09/15/2057
(l)
2,000
2,148
$
30,646
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Services
-
0.64%
Ahern
Rentals
Inc
7.38%,
05/15/2023
(h)
$
360
$
285
DP
World
PLC
6.85%,
07/02/2037
340
454
Global
Payments
Inc
2.65%,
02/15/2025
500
512
GW
B-CR
Security
Corp
9.50%,
11/01/2027
(h)
268
286
PayPal
Holdings
Inc
2.20%,
09/26/2022
590
597
2.65%,
10/01/2026
330
340
Prime
Security
Services
Borrower
LLC
/
Prime
Finance
Inc
6.25%,
01/15/2028
(h)
180
178
Refinitiv
US
Holdings
Inc
8.25%,
11/15/2026
(h)
335
373
Tms
International
Holding
Corp
7.25%,
08/15/2025
(h)
335
317
United
Rentals
North
America
Inc
4.63%,
10/15/2025
175
179
4.88%,
01/15/2028
55
57
5.88%,
09/15/2026
95
101
$
3,679
Computers
-
0.66%
Apple
Inc
3.35%,
02/09/2027
550
597
4.65%,
02/23/2046
315
409
Dell
International
LLC
/
EMC
Corp
4.00%,
07/15/2024
(h)
350
373
4.42%,
06/15/2021
(h)
735
758
4.90%,
10/01/2026
(h)
1,485
1,653
$
3,790
Distribution
&
Wholesale
-
0.08%
American
Builders
&
Contractors
Supply
Co
Inc
4.00%,
01/15/2028
(h)
110
111
5.88%,
05/15/2026
(h)
305
321
$
432
Diversified
Financial
Services
-
1.12%
Avation
Capital
SA
6.50%,
05/15/2021
(h)
200
207
Blackstone
Holdings
Finance
Co
LLC
2.50%,
01/10/2030
(h)
65
66
3.50%,
09/10/2049
(h)
120
127
Brookfield
Finance
Inc
4.00%,
04/01/2024
888
958
4.70%,
09/20/2047
100
122
Credit
Acceptance
Corp
5.13%,
12/31/2024
(h)
155
162
6.63%,
03/15/2026
(h)
445
480
7.38%,
03/15/2023
540
551
CSN
Islands
XI
Corp
6.75%,
01/28/2028
(h)
435
432
GE
Capital
International
Funding
Co
Unlimited
Co
4.42%,
11/15/2035
500
563
Global
Aircraft
Leasing
Co
Ltd
6.50%,
PIK
7.25%,
09/15/2024
(h),(l),(m)
215
220
ILFC
E-Capital
Trust
II
4.15%,
12/21/2065
(h),(l)
155
128
Navient
Corp
5.00%,
03/15/2027
115
115
6.13%,
03/25/2024
305
325
6.63%,
07/26/2021
175
184
6.75%,
06/15/2026
250
271
Nuveen
Finance
LLC
4.13%,
11/01/2024
(h)
505
556
Schedule
of
Investments
Core
Plus
Bond
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
15
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Diversified
Financial
Services
(continued)
Springleaf
Finance
Corp
5.63%,
03/15/2023
$
190
$
203
6.63%,
01/15/2028
290
326
6.88%,
03/15/2025
340
383
$
6,379
Electric
-
2.55%
Alabama
Power
Co
3.45%,
10/01/2049
655
708
Centrais
Eletricas
Brasileiras
SA
3.63%,
02/04/2025
(h),(n)
200
201
CMS
Energy
Corp
3.00%,
05/15/2026
275
289
4.70%,
03/31/2043
110
132
Commonwealth
Edison
Co
4.00%,
03/01/2049
405
477
Dominion
Energy
Inc
3.90%,
10/01/2025
720
786
4.25%,
06/01/2028
475
535
DTE
Electric
Co
3.95%,
03/01/2049
130
156
DTE
Energy
Co
3.40%,
06/15/2029
215
228
6.38%,
04/15/2033
81
110
Duke
Energy
Florida
LLC
3.80%,
07/15/2028
355
397
Elwood
Energy
LLC
8.16%,
07/05/2026
94
104
Enel
Chile
SA
4.88%,
06/12/2028
260
292
Evergy
Inc
2.90%,
09/15/2029
1,085
1,113
Exelon
Corp
3.50%,
06/01/2022
465
479
Fortis
Inc/Canada
3.06%,
10/04/2026
174
182
Georgia
Power
Co
3.70%,
01/30/2050
105
114
4.30%,
03/15/2043
130
152
Indiantown
Cogeneration
LP
9.77%,
12/15/2020
112
116
Louisville
Gas
&
Electric
Co
4.25%,
04/01/2049
180
218
MidAmerican
Energy
Co
3.15%,
04/15/2050
130
137
National
Rural
Utilities
Cooperative
Finance
Corp
4.75%,
04/30/2043
(i)
355
371
3
Month
USD
LIBOR
+
2.91%
NextEra
Energy
Capital
Holdings
Inc
3.50%,
04/01/2029
800
869
NextEra
Energy
Operating
Partners
LP
4.25%,
07/15/2024
(h)
270
282
Northern
States
Power
Co/MN
2.90%,
03/01/2050
235
236
NRG
Energy
Inc
5.25%,
06/15/2029
(h)
390
420
7.25%,
05/15/2026
120
130
PPL
WEM
Ltd
/
Western
Power
Distribution
PLC
5.38%,
05/01/2021
(h)
2,410
2,480
Southern
California
Edison
Co
4.20%,
03/01/2029
500
568
4.88%,
03/01/2049
500
616
Southern
Co/The
5.50%,
03/15/2057
(i)
180
188
3
Month
USD
LIBOR
+
3.63%
State
Grid
Overseas
Investment
2016
Ltd
3.50%,
05/04/2027
250
268
Tucson
Electric
Power
Co
4.85%,
12/01/2048
100
128
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
Virginia
Electric
&
Power
Co
3.80%,
04/01/2028
$
225
$
249
4.60%,
12/01/2048
95
123
Vistra
Operations
Co
LLC
5.00%,
07/31/2027
(h)
200
206
5.63%,
02/15/2027
(h)
230
239
Xcel
Energy
Inc
2.60%,
12/01/2029
300
304
$
14,603
Electrical
Components
&
Equipment
-
0.03%
Energizer
Holdings
Inc
5.50%,
06/15/2025
(h)
140
145
Engineering
&
Construction
-
0.02%
MasTec
Inc
4.88%,
03/15/2023
130
131
Entertainment
-
0.24%
Boyne
USA
Inc
7.25%,
05/01/2025
(h)
125
136
Caesars
Resort
Collection
LLC
/
CRC
Finco
Inc
5.25%,
10/15/2025
(h)
205
208
CCM
Merger
Inc
6.00%,
03/15/2022
(h)
195
198
Eldorado
Resorts
Inc
6.00%,
09/15/2026
190
208
Enterprise
Development
Authority/The
12.00%,
07/15/2024
(h)
185
212
Scientific
Games
International
Inc
7.00%,
05/15/2028
(h)
65
68
7.25%,
11/15/2029
(h)
300
322
$
1,352
Environmental
Control
-
0.54%
Republic
Services
Inc
2.50%,
08/15/2024
940
963
Waste
Connections
Inc
2.60%,
02/01/2030
300
304
4.25%,
12/01/2028
1,110
1,272
Waste
Management
Inc
3.20%,
06/15/2026
510
545
$
3,084
Food
-
0.55%
Albertsons
Cos
Inc
/
Safeway
Inc
/
New
Albertsons
LP
/
Albertsons
LLC
4.63%,
01/15/2027
(h)
140
142
4.88%,
02/15/2030
(h),(n)
60
62
5.88%,
02/15/2028
(h)
75
80
6.63%,
06/15/2024
125
130
7.50%,
03/15/2026
(h)
235
260
Ingles
Markets
Inc
5.75%,
06/15/2023
151
154
JBS
USA
LUX
SA
/
JBS
USA
Finance
Inc
5.75%,
06/15/2025
(h)
375
388
Kraft
Heinz
Foods
Co
2.80%,
07/02/2020
36
36
3.50%,
06/06/2022
435
451
6.50%,
02/09/2040
480
607
McCormick
&
Co
Inc/MD
3.15%,
08/15/2024
250
262
Post
Holdings
Inc
5.00%,
08/15/2026
(h)
410
423
TreeHouse
Foods
Inc
4.88%,
03/15/2022
135
135
$
3,130
Gas
-
0.27%
Dominion
Energy
Gas
Holdings
LLC
3.00%,
11/15/2029
230
237
Piedmont
Natural
Gas
Co
Inc
3.50%,
06/01/2029
615
674
Schedule
of
Investments
Core
Plus
Bond
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
16
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Gas
(continued)
Southern
California
Gas
Co
2.55%,
02/01/2030
$
300
$
308
Southern
Co
Gas
Capital
Corp
4.40%,
05/30/2047
295
345
$
1,564
Healthcare
-
Products
-
0.57%
Abbott
Laboratories
3.75%,
11/30/2026
690
766
4.90%,
11/30/2046
275
370
Boston
Scientific
Corp
3.45%,
03/01/2024
585
619
4.00%,
03/01/2029
610
689
4.70%,
03/01/2049
425
535
Medtronic
Inc
4.38%,
03/15/2035
204
252
$
3,231
Healthcare
-
Services
-
0.57%
Centene
Corp
4.25%,
12/15/2027
(h)
35
37
4.63%,
12/15/2029
(h)
230
247
4.75%,
05/15/2022
130
132
5.25%,
04/01/2025
(h)
500
518
5.38%,
06/01/2026
(h)
420
447
HCA
Healthcare
Inc
6.25%,
02/15/2021
120
124
HCA
Inc
4.50%,
02/15/2027
130
143
5.50%,
06/15/2047
95
113
5.88%,
02/01/2029
685
808
Tenet
Healthcare
Corp
4.63%,
09/01/2024
(h)
110
113
5.13%,
11/01/2027
(h)
300
316
8.13%,
04/01/2022
70
77
UnitedHealth
Group
Inc
3.50%,
08/15/2039
150
161
$
3,236
Home
Builders
-
0.31%
Forestar
Group
Inc
8.00%,
04/15/2024
(h)
560
611
Installed
Building
Products
Inc
5.75%,
02/01/2028
(h)
305
324
KB
Home
7.63%,
05/15/2023
110
124
Lennar
Corp
4.88%,
12/15/2023
125
134
LGI
Homes
Inc
6.88%,
07/15/2026
(h)
325
343
TRI
Pointe
Group
Inc
4.88%,
07/01/2021
130
134
Williams
Scotsman
International
Inc
7.88%,
12/15/2022
(h)
77
80
$
1,750
Home
Equity
Asset
Backed
Securities
-
0.13%
First
NLC
Trust
2005-1
1.10%,
05/25/2035
226
213
1.00
x
1
Month
USD
LIBOR
+
0.50%
JP
Morgan
Mortgage
Acquisition
Trust
2006-CW2
1.81%,
08/25/2036
52
52
1.00
x
1
Month
USD
LIBOR
+
0.15%
Saxon
Asset
Securities
Trust
2004-1
2.53%,
03/25/2035
272
159
1.00
x
1
Month
USD
LIBOR
+
1.70%
Specialty
Underwriting
&
Residential
Finance
Trust
Series
2004-BC1
2.43%,
02/25/2035
303
301
1.00
x
1
Month
USD
LIBOR
+
0.77%
$
725
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
-
2.41%
American
International
Group
Inc
3.90%,
04/01/2026
$
500
$
545
4.50%,
07/16/2044
558
664
Arch
Capital
Finance
LLC
5.03%,
12/15/2046
110
146
Markel
Corp
3.35%,
09/17/2029
75
79
4.30%,
11/01/2047
175
197
PartnerRe
Finance
B
LLC
3.70%,
07/02/2029
100
109
Swiss
Re
Finance
Luxembourg
SA
5.00%,
04/02/2049
(h),(i)
200
227
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.58%
Voya
Financial
Inc
5.65%,
05/15/2053
(i)
790
839
3
Month
USD
LIBOR
+
3.58%
XLIT
Ltd
4.45%,
03/31/2025
6,490
7,190
5.50%,
03/31/2045
2,770
3,753
$
13,749
Internet
-
0.27%
Alibaba
Group
Holding
Ltd
3.40%,
12/06/2027
275
293
3.60%,
11/28/2024
250
267
Baidu
Inc
4.38%,
05/14/2024
375
404
Prosus
NV
3.68%,
01/21/2030
(h)
325
336
Tencent
Holdings
Ltd
3.80%,
02/11/2025
(h)
250
269
$
1,569
Investment
Companies
-
0.15%
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp
4.75%,
09/15/2024
(h)
105
107
6.25%,
02/01/2022
130
132
6.25%,
05/15/2026
580
609
$
848
Iron
&
Steel
-
0.22%
AK
Steel
Corp
6.38%,
10/15/2025
85
84
7.50%,
07/15/2023
65
67
7.63%,
10/01/2021
135
135
Evraz
PLC
5.25%,
04/02/2024
(h)
350
380
Steel
Dynamics
Inc
3.45%,
04/15/2030
225
232
Vale
Overseas
Ltd
6.88%,
11/21/2036
259
340
$
1,238
Leisure
Products
&
Services
-
0.01%
NCL
Corp
Ltd
3.63%,
12/15/2024
(h)
85
84
Lodging
-
0.17%
MGM
China
Holdings
Ltd
5.88%,
05/15/2026
(h)
345
357
MGM
Resorts
International
6.00%,
03/15/2023
150
165
Wynn
Las
Vegas
LLC
/
Wynn
Las
Vegas
Capital
Corp
5.25%,
05/15/2027
(h)
220
228
Wynn
Macau
Ltd
5.13%,
12/15/2029
(h),(j)
250
248
$
998
Schedule
of
Investments
Core
Plus
Bond
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
17
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Machinery
-
Diversified
-
0.09%
Cloud
Crane
LLC
10.13%,
08/01/2024
(h)
$
475
$
506
Media
-
2.82%
Altice
Financing
SA
5.00%,
01/15/2028
(h)
200
196
6.63%,
02/15/2023
(h)
415
422
7.50%,
05/15/2026
(h)
285
305
Altice
Finco
SA
8.13%,
01/15/2024
(h)
245
252
Altice
Luxembourg
SA
10.50%,
05/15/2027
(h)
265
306
AMC
Networks
Inc
4.75%,
12/15/2022
130
131
Cable
Onda
SA
4.50%,
01/30/2030
(h)
200
207
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
5.13%,
02/15/2023
260
262
5.13%,
05/01/2023
(h)
645
655
5.38%,
06/01/2029
(h)
320
342
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
4.46%,
07/23/2022
695
734
4.80%,
03/01/2050
640
685
6.48%,
10/23/2045
200
260
Comcast
Corp
3.38%,
02/15/2025
725
774
3.97%,
11/01/2047
490
562
4.60%,
10/15/2038
1,240
1,530
4.60%,
08/15/2045
630
783
4.70%,
10/15/2048
170
218
CSC
Holdings
LLC
5.75%,
01/15/2030
(h)
435
468
6.63%,
10/15/2025
(h)
235
248
Diamond
Sports
Group
LLC
/
Diamond
Sports
Finance
Co
5.38%,
08/15/2026
(h)
170
169
6.63%,
08/15/2027
(h),(j)
175
164
DISH
DBS
Corp
5.13%,
05/01/2020
200
201
7.75%,
07/01/2026
545
572
Fox
Corp
5.48%,
01/25/2039
(h)
200
253
5.58%,
01/25/2049
(h)
285
375
Meredith
Corp
6.88%,
02/01/2026
455
468
Radiate
Holdco
LLC
/
Radiate
Finance
Inc
6.63%,
02/15/2025
(h)
10
10
Time
Warner
Cable
LLC
4.00%,
09/01/2021
470
482
5.88%,
11/15/2040
780
945
UPC
Holding
BV
5.50%,
01/15/2028
(h)
505
525
ViacomCBS
Inc
4.25%,
09/01/2023
1,360
1,465
4.38%,
03/15/2043
210
228
Virgin
Media
Finance
PLC
5.75%,
01/15/2025
(h)
368
379
Ziggo
Bond
Co
BV
6.00%,
01/15/2027
(h)
305
320
Ziggo
BV
5.50%,
01/15/2027
(h)
220
233
$
16,129
Metal
Fabrication
&
Hardware
-
0.08%
Advanced
Drainage
Systems
Inc
5.00%,
09/30/2027
(h)
210
217
Park-Ohio
Industries
Inc
6.63%,
04/15/2027
225
228
$
445
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Mining
-
0.82%
BHP
Billiton
Finance
USA
Ltd
6.75%,
10/19/2075
(h),(i)
$
385
$
452
USD
Swap
Semi-Annual
5
Year
+
5.09%
First
Quantum
Minerals
Ltd
7.00%,
02/15/2021
(h)
82
82
7.25%,
04/01/2023
(h)
200
198
7.50%,
04/01/2025
(h)
390
384
FMG
Resources
August
2006
Pty
Ltd
4.75%,
05/15/2022
(h)
130
134
Glencore
Funding
LLC
3.00%,
10/27/2022
(h)
800
809
Gold
Fields
Orogen
Holdings
BVI
Ltd
6.13%,
05/15/2029
(h)
300
342
Hudbay
Minerals
Inc
7.25%,
01/15/2023
(h)
130
131
7.63%,
01/15/2025
(h)
225
227
IAMGOLD
Corp
7.00%,
04/15/2025
(h)
290
299
Indonesia
Asahan
Aluminium
Persero
PT
6.53%,
11/15/2028
(h)
300
367
Novelis
Corp
4.75%,
01/30/2030
(h)
370
372
Taseko
Mines
Ltd
8.75%,
06/15/2022
(h)
225
198
Teck
Resources
Ltd
6.13%,
10/01/2035
580
694
$
4,689
Miscellaneous
Manufacturers
-
0.52%
General
Electric
Co
2.70%,
10/09/2022
765
779
5.30%,
02/11/2021
444
458
5.55%,
01/05/2026
535
624
5.88%,
01/14/2038
215
276
6.88%,
01/10/2039
200
283
Parker-Hannifin
Corp
2.70%,
06/14/2024
520
538
$
2,958
Mortgage
Backed
Securities
-
7.07%
Fannie
Mae
Connecticut
Avenue
Securities
2.26%,
07/25/2030
4,291
4,291
1.00
x
1
Month
USD
LIBOR
+
0.60%
Fannie
Mae
REMIC
Trust
2005-W2
1.86%,
05/25/2035
149
149
1.00
x
1
Month
USD
LIBOR
+
0.20%
Fannie
Mae
REMICS
2.25%,
07/25/2040
84
86
3.00%,
04/25/2027
(k)
2,254
152
3.50%,
09/25/2027
(k)
3,518
289
3.50%,
11/25/2027
(k)
937
68
3.50%,
05/25/2028
(k)
1,240
90
3.50%,
03/25/2031
(k)
2,186
112
4.00%,
04/25/2043
(k)
538
62
4.34%,
11/25/2046
(k)
7,328
1,681
(1.00)
x
1
Month
USD
LIBOR
+
6.00%
4.54%,
10/25/2048
(k)
7,187
1,347
(1.00)
x
1
Month
USD
LIBOR
+
6.20%
4.84%,
12/25/2021
(k)
73
2
(1.00)
x
1
Month
USD
LIBOR
+
6.50%
4.84%,
03/25/2022
(k)
97
3
(1.00)
x
1
Month
USD
LIBOR
+
6.50%
23.39%,
08/25/2035
(k)
2
—
(10.00)
x
1
Month
USD
LIBOR
+
40.00%
Freddie
Mac
REMICS
2.00%,
02/15/2036
413
414
2.13%,
05/15/2049
5,594
5,594
1.00
x
1
Month
USD
LIBOR
+
0.45%
3.00%,
09/15/2025
(k)
587
6
3.00%,
05/15/2027
(k)
2,386
137
Schedule
of
Investments
Core
Plus
Bond
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
18
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Mortgage
Backed
Securities
(continued)
Freddie
Mac
REMICS
(continued)
3.00%,
10/15/2027
(k)
$
569
$
40
3.00%,
02/15/2029
(k)
3,592
213
3.50%,
02/15/2028
(k)
2,171
157
3.50%,
01/15/2040
(k)
2,941
217
3.50%,
03/15/2041
(k)
3,955
371
4.00%,
04/15/2025
(k)
912
15
4.97%,
05/15/2026
(k)
1,555
129
(1.00)
x
1
Month
USD
LIBOR
+
6.65%
5.07%,
09/15/2034
(k)
207
8
(1.00)
x
1
Month
USD
LIBOR
+
6.75%
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes
4.51%,
04/25/2028
971
981
1.00
x
1
Month
USD
LIBOR
+
2.85%
Ginnie
Mae
1.75%,
10/16/2037
72
71
3.50%,
02/20/2040
(k)
2,443
162
3.50%,
01/20/2043
(k)
4,104
759
4.00%,
03/16/2039
(k)
1,955
153
4.00%,
09/20/2040
(k)
2,256
273
4.39%,
11/20/2040
(k)
2,699
547
(1.00)
x
1
Month
USD
LIBOR
+
6.05%
4.39%,
05/20/2046
(k)
643
123
(1.00)
x
1
Month
USD
LIBOR
+
6.05%
4.43%,
07/16/2042
(k)
5,978
1,239
(1.00)
x
1
Month
USD
LIBOR
+
6.10%
4.49%,
08/20/2044
(k)
2,409
511
(1.00)
x
1
Month
USD
LIBOR
+
6.15%
4.49%,
03/20/2047
(k)
3,633
675
(1.00)
x
1
Month
USD
LIBOR
+
6.15%
4.50%,
05/16/2043
(k)
1,849
324
4.54%,
08/20/2042
(k)
2,747
466
(1.00)
x
1
Month
USD
LIBOR
+
6.20%
4.54%,
08/20/2047
(k)
3,094
695
(1.00)
x
1
Month
USD
LIBOR
+
6.20%
4.54%,
08/20/2047
(k)
6,195
1,780
(1.00)
x
1
Month
USD
LIBOR
+
6.20%
4.54%,
08/20/2047
(k)
1,267
260
(1.00)
x
1
Month
USD
LIBOR
+
6.20%
4.59%,
10/20/2047
(k)
2,735
619
(1.00)
x
1
Month
USD
LIBOR
+
6.25%
4.94%,
07/20/2042
(k)
6,880
1,726
(1.00)
x
1
Month
USD
LIBOR
+
6.60%
4.98%,
04/16/2042
(k)
3,073
726
(1.00)
x
1
Month
USD
LIBOR
+
6.65%
5.27%,
04/20/2041
(k)
1,369
276
(1.10)
x
1
Month
USD
LIBOR
+
7.10%
JP
Morgan
Mortgage
Trust
2016-2
2.83%,
06/25/2046
(h),(l)
5,291
5,348
JP
Morgan
Mortgage
Trust
2016-3
3.50%,
10/25/2046
(h),(l)
4,237
4,343
Merrill
Lynch
Mortgage
Investors
Trust
Series
2005-A8
2.01%,
08/25/2036
59
59
1.00
x
1
Month
USD
LIBOR
+
0.35%
Sequoia
Mortgage
Trust
2016-3
3.50%,
11/25/2046
(h),(l)
2,579
2,648
$
40,397
Office
&
Business
Equipment
-
0.02%
Xerox
Corp
4.12%,
03/15/2023
120
124
Oil
&
Gas
-
2.70%
Alta
Mesa
Holdings
LP
/
Alta
Mesa
Finance
Services
Corp
0.00%,
12/15/2024
(d)
200
2
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Oil
&
Gas
(continued)
Ascent
Resources
Utica
Holdings
LLC
/
ARU
Finance
Corp
7.00%,
11/01/2026
(h)
$
165
$
117
10.00%,
04/01/2022
(h)
331
324
BP
Capital
Markets
America
Inc
3.59%,
04/14/2027
450
486
4.23%,
11/06/2028
185
212
Canadian
Natural
Resources
Ltd
4.95%,
06/01/2047
250
303
Chesapeake
Oil
Op/Fin
Escrow
Shares
0.00%,
11/15/2019
(d),(e),(f)
1,385
—
CNOOC
Finance
2013
Ltd
3.00%,
05/09/2023
1,100
1,127
Continental
Resources
Inc/OK
3.80%,
06/01/2024
1,278
1,332
4.38%,
01/15/2028
215
228
4.90%,
06/01/2044
80
81
EP
Energy
LLC
/
Everest
Acquisition
Finance
Inc
0.00%,
05/01/2024
(d),(h)
100
2
7.75%,
05/15/2026
(h)
800
536
Exxon
Mobil
Corp
2.44%,
08/16/2029
255
262
3.00%,
08/16/2039
160
166
Gulfport
Energy
Corp
6.38%,
05/15/2025
595
297
Laredo
Petroleum
Inc
9.50%,
01/15/2025
135
123
10.13%,
01/15/2028
330
294
Marathon
Oil
Corp
4.40%,
07/15/2027
370
405
6.60%,
10/01/2037
555
711
MEG
Energy
Corp
7.00%,
03/31/2024
(h)
125
126
7.13%,
02/01/2027
(h)
340
337
Nabors
Industries
Inc
5.75%,
02/01/2025
390
320
Oasis
Petroleum
Inc
6.25%,
05/01/2026
(h),(j)
305
233
6.88%,
01/15/2023
(j)
210
199
Occidental
Petroleum
Corp
2.60%,
08/13/2021
585
591
2.90%,
08/15/2024
475
485
3.20%,
08/15/2026
535
552
3.50%,
08/15/2029
195
201
4.40%,
08/15/2049
315
323
Petrobras
Global
Finance
BV
5.09%,
01/15/2030
(h)
525
576
Petroleos
Mexicanos
6.50%,
01/23/2029
1,000
1,066
6.95%,
01/28/2060
(h)
200
203
Sanchez
Energy
Corp
0.00%,
01/15/2023
(d)
100
5
0.00%,
02/15/2023
(d),(h)
130
81
Saudi
Arabian
Oil
Co
4.25%,
04/16/2039
(h)
325
359
Shelf
Drilling
Holdings
Ltd
8.25%,
02/15/2025
(h)
130
121
Shell
International
Finance
BV
3.13%,
11/07/2049
500
513
Sinopec
Group
Overseas
Development
2017
Ltd
2.50%,
09/13/2022
(h)
500
504
SM
Energy
Co
5.00%,
01/15/2024
70
64
6.63%,
01/15/2027
(j)
120
109
Southwestern
Energy
Co
7.75%,
10/01/2027
370
309
Schedule
of
Investments
Core
Plus
Bond
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
19
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Oil
&
Gas
(continued)
Sunoco
LP
/
Sunoco
Finance
Corp
4.88%,
01/15/2023
$
410
$
421
5.50%,
02/15/2026
120
123
Tengizchevroil
Finance
Co
International
Ltd
4.00%,
08/15/2026
(h)
275
290
Total
Capital
International
SA
2.83%,
01/10/2030
280
294
Ultra
Resources
Inc/US
6.88%,
04/15/2022
(h)
90
9
$
15,422
Other
Asset
Backed
Securities
-
0.11%
Chase
Funding
Trust
Series
2003-5
2.26%,
07/25/2033
612
601
1.00
x
1
Month
USD
LIBOR
+
0.60%
Chase
Funding
Trust
Series
2004-1
2.12%,
12/25/2033
22
22
1.00
x
1
Month
USD
LIBOR
+
0.46%
$
623
Packaging
&
Containers
-
0.48%
Ardagh
Packaging
Finance
PLC
/
Ardagh
Holdings
USA
Inc
4.13%,
08/15/2026
(h)
390
401
4.25%,
09/15/2022
(h)
275
279
6.00%,
02/15/2025
(h)
200
209
Cascades
Inc/Cascades
USA
Inc
5.38%,
01/15/2028
(h)
185
191
Crown
Cork
&
Seal
Co
Inc
7.38%,
12/15/2026
555
656
Flex
Acquisition
Co
Inc
6.88%,
01/15/2025
(h)
140
141
7.88%,
07/15/2026
(h)
95
96
Mauser
Packaging
Solutions
Holding
Co
7.25%,
04/15/2025
(h)
465
463
Reynolds
Group
Issuer
Inc
/
Reynolds
Group
Issuer
LLC
/
Reynolds
Group
Issuer
(Luxembourg)
S.A.
5.13%,
07/15/2023
(h)
90
92
Sealed
Air
Corp
4.88%,
12/01/2022
(h)
190
200
$
2,728
Pharmaceuticals
-
2.71%
AbbVie
Inc
2.30%,
11/21/2022
(h)
1,020
1,030
2.60%,
11/21/2024
(h)
380
388
2.95%,
11/21/2026
(h)
405
418
3.38%,
11/14/2021
25
26
4.05%,
11/21/2039
(h)
250
272
Bausch
Health
Americas
Inc
8.50%,
01/31/2027
(h)
385
436
Bausch
Health
Cos
Inc
5.00%,
01/30/2028
(h)
80
81
6.50%,
03/15/2022
(h)
130
132
Bayer
US
Finance
II
LLC
3.38%,
07/15/2024
(h)
300
315
3.88%,
12/15/2023
(h)
1,890
2,019
4.25%,
12/15/2025
(h)
1,015
1,120
Becton
Dickinson
and
Co
3.36%,
06/06/2024
690
727
3.70%,
06/06/2027
504
547
4.69%,
12/15/2044
553
680
Bristol-Myers
Squibb
Co
2.90%,
07/26/2024
(h)
725
757
4.13%,
06/15/2039
(h)
650
778
4.25%,
10/26/2049
(h)
445
548
Cigna
Corp
3.75%,
07/15/2023
900
952
4.13%,
11/15/2025
225
248
4.90%,
12/15/2048
165
202
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pharmaceuticals
(continued)
CVS
Health
Corp
3.00%,
08/15/2026
$
560
$
581
3.70%,
03/09/2023
435
456
4.88%,
07/20/2035
570
680
Zoetis
Inc
3.90%,
08/20/2028
1,130
1,263
4.45%,
08/20/2048
685
860
$
15,516
Pipelines
-
2.24%
Abu
Dhabi
Crude
Oil
Pipeline
LLC
3.65%,
11/02/2029
(h)
300
327
Buckeye
Partners
LP
3.95%,
12/01/2026
205
202
Crestwood
Midstream
Partners
LP
/
Crestwood
Midstream
Finance
Corp
5.63%,
05/01/2027
(h)
185
186
Energy
Transfer
Operating
LP
3.75%,
05/15/2030
180
184
4.50%,
04/15/2024
515
554
5.00%,
05/15/2050
265
273
5.15%,
03/15/2045
160
166
6.25%,
04/15/2049
300
356
Enterprise
Products
Operating
LLC
3.13%,
07/31/2029
430
446
3.95%,
01/31/2060
185
187
4.20%,
01/31/2050
430
463
5.38%,
02/15/2078
(i)
460
467
3
Month
USD
LIBOR
+
2.57%
Hess
Midstream
Operations
LP
5.63%,
02/15/2026
(h)
1,450
1,518
Kinder
Morgan
Energy
Partners
LP
4.70%,
11/01/2042
245
265
MPLX
LP
4.00%,
03/15/2028
235
246
4.88%,
12/01/2024
200
220
5.50%,
02/15/2049
315
360
NuStar
Logistics
LP
6.00%,
06/01/2026
190
200
6.75%,
02/01/2021
130
134
Sabine
Pass
Liquefaction
LLC
5.00%,
03/15/2027
425
474
5.75%,
05/15/2024
3,515
3,958
Targa
Resources
Partners
LP
/
Targa
Resources
Partners
Finance
Corp
6.50%,
07/15/2027
386
421
Western
Midstream
Operating
LP
3.10%,
02/01/2025
775
779
Williams
Cos
Inc/The
5.75%,
06/24/2044
365
434
$
12,820
REITs
-
0.90%
Alexandria
Real
Estate
Equities
Inc
3.45%,
04/30/2025
1,395
1,488
4.70%,
07/01/2030
500
593
CC
Holdings
GS
V
LLC
/
Crown
Castle
GS
III
Corp
3.85%,
04/15/2023
670
709
CyrusOne
LP
/
CyrusOne
Finance
Corp
2.90%,
11/15/2024
930
943
Essex
Portfolio
LP
3.00%,
01/15/2030
360
375
Healthcare
Trust
of
America
Holdings
LP
3.10%,
02/15/2030
200
207
Iron
Mountain
Inc
4.38%,
06/01/2021
(h)
85
85
Mid-America
Apartments
LP
3.95%,
03/15/2029
175
196
Schedule
of
Investments
Core
Plus
Bond
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
20
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
REITs
(continued)
SBA
Communications
Corp
3.88%,
02/15/2027
(h),(n)
$
70
$
71
Trust
F/1401
5.25%,
01/30/2026
200
218
VEREIT
Operating
Partnership
LP
3.10%,
12/15/2029
100
102
VICI
Properties
LP
/
VICI
Note
Co
Inc
3.50%,
02/15/2025
(h),(n)
130
132
$
5,119
Retail
-
0.18%
1011778
BC
ULC
/
New
Red
Finance
Inc
4.38%,
01/15/2028
(h)
300
301
Claire's
Stores
Escrow
-
GCB
0.00%,
03/15/2019
(d),(e),(f)
400
—
Golden
Nugget
Inc
6.75%,
10/15/2024
(h)
160
164
Home
Depot
Inc/The
5.88%,
12/16/2036
300
427
IRB
Holding
Corp
6.75%,
02/15/2026
(h)
140
146
$
1,038
Semiconductors
-
0.36%
NXP
BV
/
NXP
Funding
LLC
4.63%,
06/15/2022
(h)
745
789
4.63%,
06/01/2023
(h)
500
539
Sensata
Technologies
UK
Financing
Co
PLC
6.25%,
02/15/2026
(h)
475
499
Xilinx
Inc
2.95%,
06/01/2024
205
213
$
2,040
Software
-
0.42%
Adobe
Inc
2.30%,
02/01/2030
(n)
170
172
Autodesk
Inc
2.85%,
01/15/2030
295
302
Epicor
Software
Corp
9.19%,
06/30/2023
(h)
110
110
3
Month
USD
LIBOR
+
7.25%
Microsoft
Corp
4.45%,
11/03/2045
1,060
1,383
Open
Text
Corp
5.88%,
06/01/2026
(h)
195
206
Oracle
Corp
4.00%,
11/15/2047
110
129
PTC
Inc
3.63%,
02/15/2025
(h),(n)
80
81
4.00%,
02/15/2028
(h),(n)
45
45
$
2,428
Sovereign
-
1.74%
Abu
Dhabi
Government
International
Bond
2.13%,
09/30/2024
(h)
450
452
Argentine
Republic
Government
International
Bond
5.63%,
01/26/2022
395
194
Bahrain
Government
International
Bond
5.63%,
09/30/2031
(h)
200
213
CoBank
ACB
6.25%,
12/31/2049
(g),(i)
670
742
3
Month
USD
LIBOR
+
4.66%
Colombia
Government
International
Bond
3.00%,
01/30/2030
375
378
Croatia
Government
International
Bond
6.63%,
07/14/2020
150
153
Dominican
Republic
International
Bond
4.50%,
01/30/2030
(h)
400
399
Ecuador
Government
International
Bond
9.63%,
06/02/2027
275
242
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Sovereign
(continued)
Egypt
Government
International
Bond
5.58%,
02/21/2023
(h)
$
400
$
420
Honduras
Government
International
Bond
7.50%,
03/15/2024
350
391
Hungary
Government
International
Bond
5.38%,
02/21/2023
176
194
Indonesia
Government
International
Bond
5.38%,
10/17/2023
(h)
800
891
Jamaica
Government
International
Bond
7.88%,
07/28/2045
200
273
Kenya
Government
International
Bond
8.00%,
05/22/2032
(h)
250
272
Mexico
Government
International
Bond
4.15%,
03/28/2027
665
724
Morocco
Government
International
Bond
4.25%,
12/11/2022
390
411
Qatar
Government
International
Bond
3.25%,
06/02/2026
600
637
Romanian
Government
International
Bond
4.88%,
01/22/2024
170
188
Russian
Foreign
Bond
-
Eurobond
5.10%,
03/28/2035
(h)
600
732
Saudi
Government
International
Bond
4.00%,
04/17/2025
(h)
725
788
Turkey
Government
International
Bond
6.35%,
08/10/2024
700
758
Ukraine
Government
International
Bond
9.75%,
11/01/2028
(h)
375
467
$
9,919
Student
Loan
Asset
Backed
Securities
-
0.02%
Navient
Student
Loan
Trust
2017-3
1.96%,
07/26/2066
(h)
119
119
1.00
x
1
Month
USD
LIBOR
+
0.30%
Telecommunications
-
2.19%
AT&T
Inc
3.60%,
07/15/2025
335
361
4.05%,
12/15/2023
1,255
1,357
5.35%,
09/01/2040
1,555
1,975
5.45%,
03/01/2047
540
683
Axtel
SAB
de
CV
6.38%,
11/14/2024
(j)
200
211
CenturyLink
Inc
4.00%,
02/15/2027
(h)
75
76
CommScope
Inc
8.25%,
03/01/2027
(h)
80
82
Deutsche
Telekom
AG
3.63%,
01/21/2050
(h)
455
470
Embarq
Corp
8.00%,
06/01/2036
210
233
GTT
Communications
Inc
7.88%,
12/31/2024
(h)
200
156
Intelsat
Jackson
Holdings
SA
5.50%,
08/01/2023
755
606
8.00%,
02/15/2024
(h)
170
174
Level
3
Financing
Inc
5.13%,
05/01/2023
135
136
Rogers
Communications
Inc
3.70%,
11/15/2049
305
325
Sprint
Capital
Corp
8.75%,
03/15/2032
150
166
Sprint
Communications
Inc
6.00%,
11/15/2022
150
155
Sprint
Corp
7.13%,
06/15/2024
350
361
7.63%,
03/01/2026
240
250
7.88%,
09/15/2023
125
133
Telecom
Italia
Capital
SA
6.38%,
11/15/2033
185
216
Schedule
of
Investments
Core
Plus
Bond
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
21
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Telecommunications
(continued)
Telecom
Italia
SpA/Milano
5.30%,
05/30/2024
(h)
$
235
$
256
T-Mobile
USA
Inc
0.00%,
04/15/2022
(d),(e),(f)
205
—
0.00%,
03/01/2023
(d),(e),(f)
10
—
0.00%,
01/15/2024
(d),(e),(f)
190
—
0.00%,
04/15/2024
(d),(e),(f)
345
—
0.00%,
04/15/2025
(d),(e),(f)
980
—
0.00%,
01/15/2026
(d),(e),(f)
1,330
—
0.00%,
02/01/2026
(d),(e),(f)
395
—
0.00%,
04/15/2027
(d),(e),(f)
50
—
4.00%,
04/15/2022
260
267
4.50%,
02/01/2026
225
231
5.13%,
04/15/2025
185
190
6.50%,
01/15/2026
330
352
Verizon
Communications
Inc
3.88%,
02/08/2029
1,290
1,453
5.25%,
03/16/2037
795
1,033
Vodafone
Group
PLC
4.13%,
05/30/2025
165
182
4.88%,
06/19/2049
350
419
$
12,509
Textiles
-
0.02%
Delta
Merlin
Dunia
Tekstil
PT
0.00%,
03/12/2024
(d),(h)
1,000
125
Transportation
-
0.24%
Burlington
Northern
Santa
Fe
LLC
4.38%,
09/01/2042
90
109
Eletson
Holdings
Inc
/
Eletson
Finance
US
LLC
/
Agathonissos
Finance
LLC
0.00%,
01/15/2022
(d)
1,749
546
Navios
Maritime
Acquisition
Corp
/
Navios
Acquisition
Finance
US
Inc
8.13%,
11/15/2021
(h)
365
289
Navios
Maritime
Holdings
Inc
/
Navios
Maritime
Finance
II
US
Inc
7.38%,
01/15/2022
(h)
130
66
11.25%,
08/15/2022
(h)
110
74
Navios
South
American
Logistics
Inc
/
Navios
Logistics
Finance
US
Inc
7.25%,
05/01/2022
(h),(j)
275
270
Union
Pacific
Corp
4.38%,
11/15/2065
35
40
$
1,394
Trucking
&
Leasing
-
0.08%
DAE
Funding
LLC
4.50%,
08/01/2022
(h)
130
132
5.75%,
11/15/2023
(h)
295
310
$
442
TOTAL
BONDS
$
313,043
SENIOR
FLOATING
RATE
INTERESTS
-
1.14%
Principal
Amount
(000's)
Value
(000's)
Automobile
Manufacturers
-
0.08%
Navistar
Inc
5.18%,
11/06/2024
(o)
$
462
$
462
3
Month
USD
LIBOR
+
3.00%
Commercial
Services
-
0.07%
Garda
World
Security
Corp
6.66%,
10/23/2026
(o)
141
142
1
Month
USD
LIBOR
+
4.75%
Refinitiv
US
Holdings
Inc
4.90%,
10/01/2025
(o)
255
257
3
Month
USD
LIBOR
+
3.00%
$
399
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Computers
-
0.10%
McAfee
LLC
10.16%,
09/29/2025
(o)
$
581
$
585
3
Month
USD
LIBOR
+
3.25%
Diversified
Financial
Services
-
0.08%
Russell
Investments
US
Institutional
Holdco
Inc
4.90%,
06/01/2023
(o)
452
452
3
Month
USD
LIBOR
+
2.00%
Electrical
Components
&
Equipment
-
0.02%
Energizer
Holdings
Inc
4.06%,
12/17/2025
(o)
133
133
3
Month
USD
LIBOR
+
4.50%
Entertainment
-
0.07%
Eldorado
Resorts
Inc
3.94%,
04/17/2024
(o)
254
254
3
Month
USD
LIBOR
+
3.00%
Lions
Gate
Capital
Holdings
LLC
3.90%,
03/24/2025
(o)
125
124
3
Month
USD
LIBOR
+
2.00%
$
378
Food
-
0.02%
Bellring
Brands
LLC
6.65%,
10/21/2024
(o)
130
132
1
Month
USD
LIBOR
+
5.00%
Forest
Products
&
Paper
-
0.03%
Pixelle
Specialty
Solutions
LLC
0.00%,
10/31/2024
(o),(p)
180
176
1
Month
USD
LIBOR
+
6.50%
Insurance
-
0.04%
Asurion
LLC
4.65%,
11/03/2023
(o)
202
202
1
Month
USD
LIBOR
+
7.25%
Lodging
-
0.11%
Golden
Nugget
LLC
4.40%,
10/04/2023
(o)
443
443
3
Month
USD
LIBOR
+
2.25%
Spectacle
Gary
Holdings
LLC
11.00%,
12/23/2025
(o)
159
165
1
Month
USD
LIBOR
+
9.00%
$
608
Media
-
0.03%
CSC
Holdings
LLC
4.18%,
04/15/2027
(o)
194
194
1
Month
USD
LIBOR
+
2.50%
Oil
&
Gas
-
0.04%
California
Resources
Corp
6.40%,
12/31/2022
(o)
265
239
3
Month
USD
LIBOR
+
3.50%
Pharmaceuticals
-
0.15%
Bausch
Health
Americas
Inc
4.67%,
05/19/2025
(o)
372
373
3
Month
USD
LIBOR
+
7.50%
Endo
International
PLC
5.94%,
04/29/2024
(o)
518
499
3
Month
USD
LIBOR
+
4.00%
$
872
Pipelines
-
0.03%
Buckeye
Partners
LP
4.53%,
11/01/2026
(o)
185
186
1
Month
USD
LIBOR
+
2.75%
Retail
-
0.10%
Academy
Ltd
5.77%,
07/01/2022
(o)
213
170
3
Month
USD
LIBOR
+
4.50%
Claire's
Stores
Inc
8.42%,
12/18/2026
(o)
178
173
1
Month
USD
LIBOR
+
6.50%
Schedule
of
Investments
Core
Plus
Bond
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
22
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Retail
(continued)
IRB
Holding
Corp
4.38%,
02/05/2025
(o)
$
206
$
206
1
Month
USD
LIBOR
+
2.75%
$
549
Telecommunications
-
0.17%
Avaya
Inc
5.93%,
12/16/2024
(o)
559
547
3
Month
USD
LIBOR
+
6.00%
Level
3
Financing
Inc
3.35%,
03/01/2027
(o)
30
30
1
Month
USD
LIBOR
+
1.75%
Maxar
Technologies
Ltd
4.40%,
10/05/2024
(o)
380
367
3
Month
USD
LIBOR
+
4.25%
$
944
TOTAL
SENIOR
FLOATING
RATE
INTERESTS
$
6,511
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
41.48%
Principal
Amount
(000's)
Value
(000's)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
-
4.44%
3.00%,
01/01/2043
$
2,596
$
2,706
3.00%,
02/01/2043
1,065
1,109
3.00%,
03/01/2043
452
473
4.00%,
02/01/2046
10,577
11,323
4.50%,
04/01/2031
687
738
4.50%,
04/01/2041
4,354
4,761
5.00%,
06/01/2031
521
563
5.11%,
01/01/2034
40
41
1.00
x
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.37%
5.50%,
08/01/2023
155
160
5.50%,
05/01/2033
47
52
5.50%,
10/01/2033
41
44
5.50%,
12/01/2033
587
658
5.50%,
11/01/2036
465
521
5.50%,
04/01/2038
154
172
5.50%,
08/01/2038
344
388
6.00%,
03/01/2022
5
5
6.00%,
07/01/2023
83
91
6.00%,
06/01/2028
2
2
6.00%,
12/01/2031
22
25
6.00%,
12/01/2032
22
25
6.00%,
02/01/2033
100
110
6.00%,
12/01/2033
26
30
6.00%,
10/01/2036
169
195
6.00%,
01/01/2038
11
13
6.00%,
07/01/2038
814
937
6.50%,
03/01/2029
4
4
6.50%,
05/01/2029
6
7
6.50%,
04/01/2031
3
3
6.50%,
09/01/2031
2
2
6.50%,
02/01/2032
2
2
6.50%,
05/01/2032
8
9
6.50%,
04/01/2035
62
73
6.50%,
10/01/2035
48
56
7.00%,
12/01/2029
5
5
7.00%,
06/01/2030
11
12
7.00%,
12/01/2030
4
4
7.00%,
09/01/2031
1
1
7.50%,
09/01/2030
1
1
7.50%,
01/01/2031
5
6
7.50%,
03/01/2031
1
2
7.50%,
02/01/2032
2
3
8.00%,
09/01/2030
44
46
$
25,378
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
National
Mortgage
Association
(FNMA)
-
0.55%
3.21%,
10/01/2034
$
31
$
32
1.00
x
6
Month
USD
LIBOR
+
1.08%
4.15%,
07/01/2033
436
454
1.00
x
12
Month
USD
LIBOR
+
1.55%
4.36%,
08/01/2035
90
94
1.00
x
12
Month
USD
LIBOR
+
1.74%
4.42%,
04/01/2033
70
74
1.00
x
6
Month
USD
LIBOR
+
2.26%
4.57%,
01/01/2033
44
45
1.00
x
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.14%
4.67%,
04/01/2036
43
45
1.00
x
12
Month
USD
LIBOR
+
1.71%
4.73%,
02/01/2036
16
16
1.00
x
12
Month
USD
LIBOR
+
1.61%
5.00%,
07/01/2044
2,186
2,396
$
3,156
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
-
13.29%
2.50%,
04/01/2028
1,936
1,980
2.50%,
06/01/2028
137
140
2.50%,
09/01/2029
544
558
3.00%,
10/01/2029
89
92
3.00%,
09/01/2032
175
181
3.00%,
02/01/2035
(q)
4,000
4,121
3.00%,
12/01/2040
174
181
3.00%,
04/01/2043
527
547
3.00%,
05/01/2043
677
705
3.00%,
08/01/2043
3,357
3,482
3.00%,
03/01/2048
6,757
6,939
3.00%,
12/01/2048
205
210
3.00%,
02/01/2050
(q)
7,000
7,159
3.50%,
02/01/2033
38
39
3.50%,
05/01/2034
1,855
1,973
3.50%,
01/01/2041
218
231
3.50%,
07/01/2043
1,349
1,443
3.50%,
11/01/2044
3,826
4,056
3.50%,
08/01/2045
5,523
5,855
3.50%,
11/01/2046
11,494
12,354
3.50%,
04/01/2047
210
224
3.50%,
10/01/2047
80
85
3.50%,
11/01/2047
5,332
5,680
3.50%,
03/01/2048
87
90
4.00%,
08/01/2020
61
64
4.00%,
02/01/2031
253
271
4.00%,
03/01/2034
664
718
4.00%,
05/01/2047
9,000
9,504
4.00%,
06/01/2048
40
42
4.50%,
04/01/2024
673
703
4.50%,
06/01/2044
870
953
5.00%,
06/01/2048
1,770
1,951
5.50%,
06/01/2020
4
4
5.50%,
09/01/2020
55
55
5.50%,
02/01/2023
15
16
5.50%,
06/01/2023
63
68
5.50%,
07/01/2023
1
1
5.50%,
07/01/2033
104
118
5.50%,
09/01/2033
134
151
5.50%,
05/01/2040
457
509
6.00%,
02/01/2023
6
7
6.00%,
02/01/2038
333
369
6.00%,
05/01/2038
32
35
6.00%,
08/01/2038
215
238
6.00%,
08/01/2038
228
251
6.50%,
05/01/2022
2
2
6.50%,
12/01/2031
2
2
6.50%,
02/01/2032
2
2
6.50%,
02/01/2032
2
2
Schedule
of
Investments
Core
Plus
Bond
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
23
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
(continued)
6.50%,
04/01/2032
$
6
$
7
6.50%,
08/01/2032
6
7
6.50%,
07/01/2037
153
174
6.50%,
07/01/2037
279
334
6.50%,
12/01/2037
217
249
6.50%,
02/01/2038
301
345
6.50%,
03/01/2038
67
75
6.50%,
09/01/2038
320
373
7.00%,
03/01/2032
19
22
7.50%,
08/01/2032
5
6
$
75,953
Government
National
Mortgage
Association
(GNMA)
-
7.30%
3.00%,
06/20/2043
2,665
2,764
3.00%,
01/20/2045
1,319
1,369
3.00%,
06/20/2046
715
742
3.00%,
07/20/2046
3,057
3,173
3.00%,
02/01/2050
5,000
5,142
3.25%,
07/20/2043
216
222
1.00
x
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.50%
3.50%,
03/15/2042
1,122
1,200
3.50%,
04/15/2042
1,079
1,145
3.50%,
09/20/2044
76
81
3.50%,
09/20/2047
1,590
1,687
3.50%,
06/20/2048
3,674
3,813
3.50%,
02/01/2050
1,000
1,032
4.00%,
01/20/2048
9,867
10,377
4.50%,
06/20/2025
1,601
1,691
4.50%,
09/15/2039
304
336
4.50%,
03/15/2040
2,048
2,240
5.00%,
11/15/2033
1,501
1,670
5.00%,
06/15/2034
26
29
5.00%,
10/20/2039
120
134
5.00%,
07/20/2040
161
171
5.00%,
02/15/2042
1,052
1,176
5.50%,
10/15/2033
541
607
5.50%,
05/20/2035
56
63
5.50%,
02/15/2038
487
546
6.00%,
07/20/2028
22
24
6.00%,
11/20/2028
20
22
6.00%,
01/20/2029
23
25
6.00%,
07/20/2029
5
5
6.00%,
08/15/2031
17
19
6.00%,
01/15/2032
2
3
6.00%,
02/15/2032
10
11
6.00%,
02/15/2033
29
32
6.00%,
12/15/2033
35
40
6.50%,
03/20/2028
4
5
6.50%,
05/20/2029
4
5
6.50%,
10/15/2032
14
16
6.50%,
12/15/2032
47
52
7.00%,
06/15/2031
8
10
7.00%,
07/15/2031
1
2
7.00%,
06/15/2032
56
61
8.00%,
01/20/2031
3
4
$
41,746
U.S.
Treasury
-
15.90%
1.63%,
02/15/2026
5,500
5,572
1.63%,
08/15/2029
6,000
6,058
2.50%,
05/15/2024
10,000
10,487
3.00%,
09/30/2025
16,000
17,411
3.00%,
11/15/2045
(r)
9,000
10,767
3.13%,
05/15/2048
17,000
21,069
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
U.S.
Treasury
(continued)
3.88%,
08/15/2040
$
14,545
$
19,480
$
90,844
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
237,077
Total
Investments
$
587,639
Other
Assets
and
Liabilities
- (2.81)%
(16,070)
TOTAL
NET
ASSETS
-
100.00%
$
571,569
(a)
Current
yield
shown
is
as
of
period
end.
(b)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$2,100
or
0.37%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
sub-schedule
for
transactional
information.
(d)
Non-income
producing
security
(e)
The
value
of
these
investments
was
determined
using
significant
unobservable
inputs.
(f)
Fair
value
of
these
investments
is
determined
in
good
faith
by
the
Manager
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Directors.
Certain
inputs
used
in
the
valuation
may
be
unobservable;
however,
each
security
is
evaluated
individually
for
purposes
of
ASC
820
which
results
in
not
all
securities
being
identified
as
Level
3
of
the
fair
value
hierarchy.
At
the
end
of
the
period,
the
fair
value
of
these
securities
totaled
$128
or
0.02%
of
net
assets.
(g)
Perpetual
security.
Perpetual
securities
pay
an
indefinite
stream
of
interest,
but
they
may
be
called
by
the
issuer
at
an
earlier
date.
Date
shown,
if
any,
reflects
the
next
call
date
or
final
legal
maturity
date.
Rate
shown
is
as
of
period
end.
(h)
Security
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
$84,932
or
14.86%
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.
(j)
Security
or
a
portion
of
the
security
was
on
loan
at
the
end
of
the
period.
(k)
Security
is
an
Interest
Only
Strip.
(l)
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions. These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
Rate
shown
is
the
rate
in
effect
as
of
period
end.
(m)
Payment
in
kind;
the
issuer
has
the
option
of
paying
additional
securities
in
lieu
of
cash.
(n)
Security
purchased
on
a
when-issued
basis.
(o)
Rate
information
disclosed
is
based
on
an
average
weighted
rate
of
the
underlying
tranches
as
of
period
end.
(p)
This
Senior
Floating
Rate
Note
will
settle
after
January
31,
2020,
at
which
time
the
interest
rate
will
be
determined.
(q)
Security
was
purchased
in
a
"to-be-announced"
("TBA")
transaction. See
Notes
to
Financial
Statements
for
additional
information.
(r)
Security
or
a
portion
of
the
security
was
pledged
to
cover
margin
requirements
for
futures
contracts.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$1,974
or
0.35%
of
net
assets.
Schedule
of
Investments
Core
Plus
Bond
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
24
Portfolio
Summary (unaudited)
Sector
Percent
Mortgage
Securities
38.01%
Government
18.31%
Financial
10.90%
Consumer,
Non-cyclical
6.78%
Communications
5.48%
Energy
5.02%
Money
Market
Funds
4.72%
Industrial
3.97%
Consumer,
Cyclical
2.90%
Utilities
2.82%
Basic
Materials
1.79%
Technology
1.56%
Asset
Backed
Securities
0.55%
Other
Assets
and
Liabilities
(2.81)%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
1.43%
$
61,205
$
215,317
$
251,632
$
24,890
$
61,205
$
215,317
$
251,632
$
24,890
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Principal
Government
Money
Market
Fund
1.43%
$
97
$
—
$
—
$
—
$
97
$
—
$
—
$
—
Amounts
in
thousands.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
US
10
Year
Note;
March
2020
Long
182
$
23,961
$
367
US
2
Year
Note;
March
2020
Short
5
1,082
(3)
US
5
Year
Note;
March
2020
Short
111
13,355
(142)
US
Long
Bond;
March
2020
Short
20
3,271
(85)
Total
$
137
Amounts
in
thousands
except
contracts.
Exchange
Cleared
Credit
Default
Swaps
Buy
Protection
Reference
Entity
Implied
Credit
Spread
as
of
January
31,
2020
(a)
(Pay)/
Receive
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
Upfront
Payments/
(Receipts)
Unrealized
Appreciation/
(Depreciation)
Fair
Value
CDX.33.HY.5
N/A
(5.00)%
Quarterly
12/20/2024
$
10,890
$
(918)
$
4
$
(914)
Total
$
(918)
$
4
$
(914)
Amounts
in
thousands.
(a)
Implied
credit
spreads,
represented
in
absolute
terms,
used
in
determining
the
market
value
of
credit
default
swap
agreements
on
corporate
issues
or
sovereign
issues
as
of
period
end
serve
as
an
indicator
of
the
current
status
of
the
payment/performance
risk
and
represent
the
likelihood
or
risk
of
default
for
the
credit
derivative.
The
implied
credit
spread
of
a
particular
referenced
entity
reflects
the
cost
of
buying/selling
protection
and
may
include
upfront
payments
required
to
be
made
to
enter
into
the
agreement.
Wider
credit
spreads
represent
a
deterioration
of
the
referenced
entity's
credit
soundness
and
a
greater
likelihood
or
risk
of
default
or
other
credit
event
occurring
as
defined
under
the
terms
of
the
agreement.
Schedule
of
Investments
Diversified
International
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
25
INVESTMENT
COMPANIES
-
2.60%
Shares
Held
Value
(000's)
Money
Market
Funds
-
2.60%
BlackRock
Liquidity
FedFund
1.49
%
(a),(b)
16,920,873
$
16,921
Principal
Government
Money
Market
Fund
1.43
%
(a),(b),(c)
304,122,387
304,122
$
321,043
TOTAL
INVESTMENT
COMPANIES
$
321,043
COMMON
STOCKS
-
97.99%
Shares
Held
Value
(000's)
Aerospace
&
Defense
-
1.44%
CAE
Inc
1,831,200
54,311
Kawasaki
Heavy
Industries
Ltd
851,500
16,787
Safran
SA
657,911
106,080
$
177,178
Apparel
-
2.15%
Adidas
AG
303,697
96,003
Fila
Holdings
Corp
696,743
25,509
LVMH
Moet
Hennessy
Louis
Vuitton
SE
328,776
143,173
$
264,685
Automobile
Manufacturers
-
3.23%
Ferrari
NV
527,192
88,965
Kia
Motors
Corp
1,961,778
66,726
Maruti
Suzuki
India
Ltd
584,500
56,445
Toyota
Motor
Corp
2,685,100
186,689
$
398,825
Automobile
Parts
&
Equipment
-
0.40%
Toyota
Industries
Corp
914,700
49,474
Banks
-
8.85%
Banco
Comercial
Portugues
SA
81,277,615
17,241
Banco
do
Brasil
SA
4,250,400
47,937
Bangkok
Bank
PCL
5,602,800
25,863
Bank
Leumi
Le-Israel
BM
10,003,437
71,924
BNP
Paribas
SA
1,890,022
100,299
BOC
Hong
Kong
Holdings
Ltd
12,440,000
41,122
Credicorp
Ltd
315,733
65,224
DBS
Group
Holdings
Ltd
3,762,000
69,300
DNB
ASA
4,500,100
78,673
Erste
Group
Bank
AG
(
d)
1,718,262
63,090
Grupo
Financiero
Banorte
SAB
de
CV
7,003,930
43,164
HDFC
Bank
Ltd
ADR
733,974
42,042
ICICI
Bank
Ltd
ADR
2,599,200
37,896
Macquarie
Group
Ltd
1,070,819
102,317
Mediobanca
Banca
di
Credito
Finanziario
SpA
3,696,445
36,874
OTP
Bank
Nyrt
660,403
30,591
PT
Bank
Central
Asia
Tbk
14,973,900
35,384
Shinhan
Financial
Group
Co
Ltd
1,027,508
33,531
Toronto-Dominion
Bank/The
2,058,500
113,767
United
Overseas
Bank
Ltd
1,916,100
35,739
$
1,091,978
Beverages
-
1.61%
Carlsberg
A/S
549,360
80,225
Coca-Cola
HBC
AG
(
d)
842,636
30,952
Jiangsu
Yanghe
Brewery
Joint-Stock
Co
Ltd
3,436,246
51,466
Thai
Beverage
PCL
61,750,600
35,842
$
198,485
Biotechnology
-
1.21%
CSL
Ltd
723,976
148,899
Building
Materials
-
0.62%
Anhui
Conch
Cement
Co
Ltd
5,165,825
35,031
Cie
de
Saint-Gobain
1,107,941
41,801
$
76,832
Chemicals
-
1.46%
JSR
Corp
1,769,900
31,524
Koninklijke
DSM
NV
589,208
71,710
Nitto
Denko
Corp
745,600
41,446
Nutrien
Ltd
819,200
34,968
$
179,648
Commercial
Services
-
0.26%
Dai
Nippon
Printing
Co
Ltd
1,185,100
32,679
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Computers
-
2.01%
CyberArk
Software
Ltd
(
d)
351,298
$
48,560
Logitech
International
SA
2,383,008
106,753
Nomura
Research
Institute
Ltd
1,936,500
42,614
Obic
Co
Ltd
370,600
50,498
$
248,425
Consumer
Products
-
0.32%
Hindustan
Unilever
Ltd
1,401,729
39,875
Cosmetics
&
Personal
Care
-
0.11%
Essity
AB
427,016
13,556
Distribution
&
Wholesale
-
1.80%
Ferguson
PLC
1,043,946
93,748
ITOCHU
Corp
5,510,800
128,738
$
222,486
Diversified
Financial
Services
-
2.64%
AerCap
Holdings
NV
(
d)
1,198,096
67,824
Bajaj
Finance
Ltd
638,776
38,936
Housing
Development
Finance
Corp
Ltd
2,514,917
84,994
ORIX
Corp
6,453,390
109,014
Tisco
Financial
Group
PCL
7,468,200
24,572
$
325,340
Electric
-
2.19%
Enel
SpA
15,664,560
136,538
Iberdrola
SA
12,187,981
133,353
$
269,891
Electrical
Components
&
Equipment
-
0.33%
Delta
Electronics
Inc
8,812,000
41,172
Electronics
-
1.47%
Halma
PLC
1,752,353
48,639
Hoya
Corp
1,392,504
133,270
$
181,909
Energy
-
Alternate
Sources
-
0.65%
Vestas
Wind
Systems
A/S
812,614
80,666
Engineering
&
Construction
-
1.08%
Vinci
SA
1,201,855
133,153
Food
-
4.62%
Associated
British
Foods
PLC
1,712,334
59,270
Koninklijke
Ahold
Delhaize
NV
1,484,728
36,437
MEIJI
Holdings
Co
Ltd
569,900
40,106
Nestle
India
Ltd
148,648
31,953
Nestle
SA
2,734,921
301,642
Uni-President
Enterprises
Corp
27,606,000
65,770
X5
Retail
Group
NV
961,890
35,212
$
570,390
Food
Service
-
0.80%
Compass
Group
PLC
3,975,023
98,271
Forest
Products
&
Paper
-
0.49%
Mondi
PLC
2,998,379
61,007
Hand
&
Machine
Tools
-
0.98%
Amada
Holdings
Co
Ltd
3,681,200
38,339
Techtronic
Industries
Co
Ltd
10,286,500
82,077
$
120,416
Healthcare
-
Products
-
1.41%
Carl
Zeiss
Meditec
AG
274,193
33,476
Koninklijke
Philips
NV
1,323,692
60,622
Sartorius
Stedim
Biotech
205,297
36,815
Straumann
Holding
AG
44,538
42,451
$
173,364
Healthcare
-
Services
-
1.51%
ICON
PLC
(
d)
516,350
87,067
Lonza
Group
AG
241,190
99,054
$
186,121
Home
Builders
-
1.04%
Persimmon
PLC
1,537,850
61,911
Taylor
Wimpey
PLC
23,618,554
66,992
$
128,903
Schedule
of
Investments
Diversified
International
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
26
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Home
Furnishings
-
1.45%
Howden
Joinery
Group
PLC
5,821,553
$
52,812
Sony
Corp
1,807,700
126,407
$
179,219
Insurance
-
8.23%
ASR
Nederland
NV
1,102,069
41,007
AXA
SA
4,237,260
112,676
BB
Seguridade
Participacoes
SA
7,103,550
57,723
Fairfax
Financial
Holdings
Ltd
123,600
55,306
Hannover
Rueck
SE
491,534
95,440
IRB
Brasil
Resseguros
S/A
4,554,200
47,067
Legal
&
General
Group
PLC
32,776,054
131,822
M&G
PLC
(
d)
10,210,443
32,220
NN
Group
NV
1,963,835
68,162
PICC
Property
&
Casualty
Co
Ltd
31,724,000
33,927
Prudential
PLC
4,913,987
87,372
Sompo
Holdings
Inc
1,421,400
53,109
Swiss
Life
Holding
AG
206,662
103,884
Tokio
Marine
Holdings
Inc
1,764,700
95,790
$
1,015,505
Internet
-
3.60%
Alibaba
Group
Holding
Ltd
ADR
(d)
1,110,426
229,403
Tencent
Holdings
Ltd
3,935,632
187,691
Vipshop
Holdings
Ltd
ADR
(d)
2,176,299
27,704
$
444,798
Investment
Companies
-
0.35%
EXOR
NV
402,760
29,679
Investor
AB
235,498
12,894
$
42,573
Leisure
Products
&
Services
-
0.22%
BRP
Inc
522,400
26,669
Machinery
-
Diversified
-
1.03%
Keyence
Corp
197,400
66,357
Miura
Co
Ltd
869,400
30,114
Valmet
Oyj
1,394,263
30,161
$
126,632
Metal
Fabrication
&
Hardware
-
0.45%
SKF
AB
3,007,892
55,058
Mining
-
1.98%
Franco-Nevada
Corp
(
e)
547,998
62,274
MMC
Norilsk
Nickel
PJSC
ADR
2,633,439
84,955
Newcrest
Mining
Ltd
959,671
19,213
Rio
Tinto
Ltd
1,207,643
78,362
$
244,804
Oil
&
Gas
-
4.79%
BP
PLC
14,889,537
89,636
Canadian
Natural
Resources
Ltd
1,623,300
45,655
LUKOIL
PJSC
ADR
746,213
75,923
Neste
Oyj
(
e)
3,088,973
122,997
Parkland
Fuel
Corp
924,000
32,152
Petrobras
Distribuidora
SA
4,954,800
33,367
PTT
PCL
25,328,700
34,927
Reliance
Industries
Ltd
4,397,116
86,731
Suncor
Energy
Inc
2,290,300
70,003
$
591,391
Pharmaceuticals
-
5.67%
Galapagos
NV
(
d)
156,575
34,994
Merck
KGaA
526,391
67,499
Novartis
AG
2,032,839
192,039
Novo
Nordisk
A/S
2,180,193
132,712
Roche
Holding
AG
813,740
272,984
$
700,228
Pipelines
-
1.29%
Pembina
Pipeline
Corp
(
e)
1,589,400
60,867
TC
Energy
Corp
1,783,300
97,789
$
158,656
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Private
Equity
-
3.33%
3i
Group
PLC
10,884,524
$
158,335
Brookfield
Asset
Management
Inc
3,509,202
214,731
Intermediate
Capital
Group
PLC
1,674,291
38,399
$
411,465
Real
Estate
-
1.37%
CK
Asset
Holdings
Ltd
9,162,500
58,539
PSP
Swiss
Property
AG
293,291
44,348
Vonovia
SE
1,169,054
66,725
$
169,612
Retail
-
4.84%
Alimentation
Couche-Tard
Inc
4,629,792
154,735
ANTA
Sports
Products
Ltd
9,499,000
82,700
Hennes
&
Mauritz
AB
(
e)
3,500,892
76,809
Home
Product
Center
PCL
66,296,100
30,921
JD
Sports
Fashion
PLC
3,762,328
40,687
Li
Ning
Co
Ltd
18,589,500
54,288
Pan
Pacific
International
Holdings
Corp
3,165,200
51,076
Wal-Mart
de
Mexico
SAB
de
CV
23,948,678
70,076
WH
Smith
PLC
1,129,094
35,569
$
596,861
Semiconductors
-
6.76%
ASML
Holding
NV
481,219
135,049
NXP
Semiconductors
NV
733,131
93,005
Samsung
Electronics
Co
Ltd
5,008,616
232,064
SK
Hynix
Inc
1,298,858
98,825
Taiwan
Semiconductor
Manufacturing
Co
Ltd
26,645,544
274,828
$
833,771
Software
-
1.86%
AVEVA
Group
PLC
374,194
24,264
Capcom
Co
Ltd
1,019,000
28,832
Dassault
Systemes
SE
417,511
72,277
Nemetschek
SE
405,141
27,482
SimCorp
A/S
299,297
33,179
Tech
Mahindra
Ltd
3,855,575
43,011
$
229,045
Telecommunications
-
3.76%
China
Mobile
Ltd
5,914,500
48,615
Deutsche
Telekom
AG
4,271,983
69,189
Nice
Ltd
ADR
(d)
433,988
74,776
Nippon
Telegraph
&
Telephone
Corp
4,714,000
120,193
Orange
SA
2,876,672
40,665
SoftBank
Group
Corp
2,731,700
110,291
$
463,729
Toys,
Games
&
Hobbies
-
0.64%
Nintendo
Co
Ltd
214,800
79,015
Transportation
-
1.69%
Canadian
National
Railway
Co
1,472,348
137,589
East
Japan
Railway
Co
811,400
71,445
$
209,034
TOTAL
COMMON
STOCKS
$
12,091,693
PREFERRED
STOCKS
-
0.36%
Shares
Held
Value
(000's)
Investment
Companies
-
0.36%
Itausa
-
Investimentos
Itau
SA
0.08%
14,949,589
$
44,647
TOTAL
PREFERRED
STOCKS
$
44,647
Total
Investments
$
12,457,383
Other
Assets
and
Liabilities
- (
0.95)%
(117,220)
TOTAL
NET
ASSETS
-
100.00%
$
12,340,163
(a)
Current
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
$70,311
or
0.57%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
sub-schedule
for
transactional
information.
(d)
Non-income
producing
security
Schedule
of
Investments
Diversified
International
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
27
(e)
Security
or
a
portion
of
the
security
was
on
loan
at
the
end
of
the
period.
Portfolio
Summary (
unaudited)
Location
Percent
Japan
14.04%
United
Kingdom
10.20%
Switzerland
9.67%
Canada
9.41%
France
6.38%
China
5.69%
Netherlands
4.34%
India
3.75%
Korea,
Republic
Of
3.70%
Germany
3.69%
Taiwan
3.09%
Denmark
2.64%
United
States
2.60%
Australia
2.20%
Italy
2.13%
Brazil
1.87%
Hong
Kong
1.86%
Russian
Federation
1.59%
Israel
1.58%
Sweden
1.29%
Ireland
1.26%
Finland
1.25%
Thailand
1.23%
Spain
1.08%
Mexico
0.92%
Singapore
0.85%
Norway
0.64%
Peru
0.53%
Austria
0.51%
Indonesia
0.29%
Belgium
0.28%
Hungary
0.25%
Portugal
0.14%
Other
Assets
and
Liabilities
(
0.95)%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
1.43%
$
120,902
$
1,058,507
$
875,287
$
304,122
$
120,902
$
1,058,507
$
875,287
$
304,122
Income
(a)
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Principal
Government
Money
Market
Fund
1.43%
$
435
$
—
$
—
$
—
$
435
$
—
$
—
$
—
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
Equity
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
28
INVESTMENT
COMPANIES
-
3.47%
Shares
Held
Value
(000's)
Money
Market
Funds
-
3.47%
BlackRock
Liquidity
FedFund
1.49
%
(a),(b)
32,122,540
$
32,122
Principal
Government
Money
Market
Fund
1.43
%
(a),(b),(c)
255,815,743
255,816
$
287,938
TOTAL
INVESTMENT
COMPANIES
$
287,938
COMMON
STOCKS
-
97.24%
Shares
Held
Value
(000's)
Aerospace
&
Defense
-
0.47%
Boeing
Co/The
123,178
39,204
Airlines
-
1.66%
Delta
Air
Lines
Inc
2,463,606
137,321
Apparel
-
1.27%
VF
Corp
1,266,076
105,046
Automobile
Manufacturers
-
1.46%
PACCAR
Inc
1,627,910
120,807
Automobile
Parts
&
Equipment
-
1.59%
Magna
International
Inc
2,594,272
131,504
Banks
-
10.20%
First
Republic
Bank/CA
1,078,756
119,612
JPMorgan
Chase
&
Co
1,838,795
243,383
PNC
Financial
Services
Group
Inc/The
1,395,140
207,248
Truist
Financial
Corp
2,400,960
123,818
US
Bancorp
2,861,818
152,306
$
846,367
Beverages
-
1.72%
Coca-Cola
Co/The
2,447,292
142,922
Biotechnology
-
0.63%
Corteva
Inc
1,797,861
51,994
Chemicals
-
2.77%
Air
Products
&
Chemicals
Inc
384,625
91,814
DuPont
de
Nemours
Inc
1,126,967
57,678
PPG
Industries
Inc
672,035
80,537
$
230,029
Computers
-
1.31%
Apple
Inc
351,922
108,923
Diversified
Financial
Services
-
4.22%
BlackRock
Inc
344,874
181,869
Discover
Financial
Services
2,241,312
168,390
$
350,259
Electric
-
6.73%
Eversource
Energy
1,148,813
106,196
NextEra
Energy
Inc
375,808
100,792
Sempra
Energy
831,130
133,513
WEC
Energy
Group
Inc
1,070,105
106,893
Xcel
Energy
Inc
1,602,318
110,864
$
558,258
Electronics
-
0.84%
Honeywell
International
Inc
403,364
69,871
Food
-
3.96%
Hormel
Foods
Corp
3,664,585
173,188
Tyson
Foods
Inc
1,879,124
155,272
$
328,460
Healthcare
-
Products
-
3.66%
Abbott
Laboratories
1,655,718
144,280
Medtronic
PLC
1,379,714
159,274
$
303,554
Healthcare
-
Services
-
1.67%
HCA
Healthcare
Inc
997,820
138,497
Insurance
-
7.18%
Allstate
Corp/The
1,078,365
127,830
Chubb
Ltd
1,164,500
176,992
Fidelity
National
Financial
Inc
3,497,985
170,527
Swiss
Re
AG
ADR
(d)
4,262,586
120,205
$
595,554
Machinery
-
Diversified
-
1.52%
Deere
&
Co
794,188
125,942
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Media
-
2.00%
Walt
Disney
Co/The
1,200,220
$
166,002
Miscellaneous
Manufacturers
-
2.21%
3M
Co
328,077
52,053
Parker-Hannifin
Corp
670,435
131,197
$
183,250
Oil
&
Gas
-
6.38%
Chevron
Corp
908,173
97,302
Cimarex
Energy
Co
583,326
25,602
EOG
Resources
Inc
1,704,553
124,279
Exxon
Mobil
Corp
577,448
35,871
Marathon
Petroleum
Corp
2,568,037
139,958
Royal
Dutch
Shell
PLC
-
B
shares
ADR
(d)
1,996,862
106,393
$
529,405
Pharmaceuticals
-
8.65%
Becton
Dickinson
and
Co
430,667
118,511
Merck
&
Co
Inc
2,041,035
174,386
Novartis
AG
ADR
1,313,207
124,111
Pfizer
Inc
2,999,351
111,696
Roche
Holding
AG
ADR
4,518,448
188,871
$
717,575
Pipelines
-
1.61%
Enterprise
Products
Partners
LP
5,195,802
133,896
Private
Equity
-
2.04%
KKR
&
Co
Inc
5,314,114
169,520
REITs
-
5.17%
Alexandria
Real
Estate
Equities
Inc
829,695
135,406
Digital
Realty
Trust
Inc
1,411,165
173,559
Realty
Income
Corp
1,530,633
120,017
$
428,982
Retail
-
3.07%
Costco
Wholesale
Corp
548,529
167,587
Starbucks
Corp
1,027,408
87,155
$
254,742
Semiconductors
-
2.59%
Microchip
Technology
Inc
1,147,226
111,832
Taiwan
Semiconductor
Manufacturing
Co
Ltd
ADR
1,914,706
103,279
$
215,111
Software
-
3.17%
Fidelity
National
Information
Services
Inc
618,611
88,869
Microsoft
Corp
508,048
86,485
SAP
SE
ADR
666,351
87,139
$
262,493
Telecommunications
-
4.03%
BCE
Inc
3,407,334
160,554
Verizon
Communications
Inc
2,918,757
173,491
$
334,045
Toys,
Games
&
Hobbies
-
2.15%
Hasbro
Inc
1,746,537
177,920
Transportation
-
1.31%
Union
Pacific
Corp
606,408
108,802
TOTAL
COMMON
STOCKS
$
8,066,255
Total
Investments
$
8,354,193
Other
Assets
and
Liabilities
- (
0.71)%
(59,308)
TOTAL
NET
ASSETS
-
100.00%
$
8,294,885
(a)
Current
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
$61,593
or
0.74%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
sub-schedule
for
transactional
information.
(d)
Security
or
a
portion
of
the
security
was
on
loan
at
the
end
of
the
period.
Schedule
of
Investments
Equity
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
29
Portfolio
Summary (
unaudited)
Sector
Percent
Financial
28.81%
Consumer,
Non-cyclical
20.29%
Consumer,
Cyclical
11.20%
Energy
7.99%
Technology
7.07%
Utilities
6.73%
Industrial
6.35%
Communications
6.03%
Money
Market
Funds
3.47%
Basic
Materials
2.77%
Other
Assets
and
Liabilities
(
0.71)%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
1.43%
$
189,995
$
730,818
$
664,997
$
255,816
$
189,995
$
730,818
$
664,997
$
255,816
Income
(a)
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Principal
Government
Money
Market
Fund
1.43%
$
733
$
—
$
—
$
—
$
733
$
—
$
—
$
—
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
Finisterre
Unconstrained
Emerging
Markets
Bond
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
30
BONDS
-
88.00%
Principal
Amount
(000's)
Value
(000's)
Agriculture
-
1.75%
JBS
Investments
II
GmbH
7.00%,
01/15/2026
(a)
$
3,675
$
4,000
7.00%,
01/15/2026
400
436
$
4,436
Banks
-
5.93%
Banco
Mercantil
del
Norte
SA/Grand
Cayman
6.75%,
12/31/2049
(a),(b),(c)
1,450
1,580
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.97%
6.75%,
12/31/2049
(b),(c)
2,950
3,214
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.97%
Bancolombia
SA
4.63%,
12/18/2029
(c)
1,425
1,466
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.94%
Bangkok
Bank
PCL/Hong
Kong
3.73%,
09/25/2034
(a),(c)
2,350
2,443
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.90%
Bank
Leumi
Le-Israel
BM
3.28%,
01/29/2031
(a),(c)
4,950
4,947
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.63%
Itau
Unibanco
Holding
SA/Cayman
Island
3.25%,
01/24/2025
(a)
1,400
1,411
$
15,061
Diversified
Financial
Services
-
5.68%
CSN
Islands
XI
Corp
6.75%,
01/28/2028
(a)
4,200
4,172
Power
Finance
Corp
Ltd
5.25%,
08/10/2028
4,610
5,045
Unifin
Financiera
SAB
de
CV
7.00%,
01/15/2025
3,550
3,714
7.25%,
09/27/2023
1,425
1,507
$
14,438
Entertainment
-
1.96%
Resorts
World
Las
Vegas
LLC
/
RWLV
Capital
Inc
4.63%,
04/16/2029
(a)
4,700
4,986
Food
-
2.08%
MARB
BondCo
PLC
7.00%,
03/15/2024
5,100
5,285
Oil
&
Gas
-
5.46%
Odebrecht
Drilling
Norbe
VIII/IX
Ltd
6.35%,
12/01/2021
2,580
2,574
Odebrecht
Offshore
Drilling
Finance
Ltd
6.72%,
12/01/2022
1,004
994
Petroleos
Mexicanos
6.49%,
01/23/2027
(a)
1,600
1,736
6.84%,
01/23/2030
(a)
3,650
3,955
6.84%,
01/23/2030
1,550
1,679
6.95%,
01/28/2060
(a)
2,900
2,939
$
13,877
Real
Estate
-
6.65%
Arabian
Centres
Sukuk
Ltd
5.38%,
11/26/2024
(a)
5,800
5,996
China
Evergrande
Group
8.25%,
03/23/2022
2,125
2,014
10.00%,
04/11/2023
625
583
Country
Garden
Holdings
Co
Ltd
4.75%,
07/25/2022
1,625
1,640
4.75%,
09/28/2023
1,050
1,054
Kaisa
Group
Holdings
Ltd
8.50%,
06/30/2022
2,973
2,940
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Real
Estate
(continued)
Sunac
China
Holdings
Ltd
7.88%,
02/15/2022
$
2,575
$
2,657
$
16,884
Sovereign
-
52.08%
1MDB
Global
Investments
Ltd
4.40%,
03/09/2023
6,800
6,742
Argentine
Republic
Government
International
Bond
5.88%,
01/11/2028
2,150
941
6.63%,
07/06/2028
6,225
2,767
Bahrain
Government
International
Bond
5.63%,
09/30/2031
(a)
3,950
4,207
Bonos
de
la
Tesoreria
de
la
Republica
1.90%,
09/01/2030
CLP
8,997,686
12,972
Dominican
Republic
International
Bond
5.88%,
01/30/2060
(a)
$
5,400
5,397
Egypt
Government
International
Bond
7.50%,
01/31/2027
6,525
7,458
Indonesia
Treasury
Bond
8.38%,
03/15/2034
IDR
105,075,000
8,456
8.75%,
05/15/2031
91,950,000
7,646
Ivory
Coast
Government
International
Bond
5.25%,
03/22/2030
EUR
5,926
6,819
Kenya
Government
International
Bond
7.00%,
05/22/2027
(a)
$
4,575
4,859
7.00%,
05/22/2027
1,200
1,275
Malaysia
Government
Bond
3.48%,
03/15/2023
MYR
20,000
4,964
Mexican
Bonos
7.75%,
11/13/2042
MXN
88,450
5,102
Nigeria
Government
International
Bond
7.63%,
11/28/2047
$
2,325
2,262
7.70%,
02/23/2038
1,900
1,909
Peru
Government
Bond
6.15%,
08/12/2032
(a)
PEN
16,550
5,674
Peruvian
Government
International
Bond
6.90%,
08/12/2037
18,500
6,768
Republic
of
Poland
Government
International
Bond
5.13%,
04/21/2021
$
6,000
6,242
Romanian
Government
International
Bond
3.38%,
01/28/2050
(a)
EUR
3,800
4,467
Russian
Federal
Bond
-
OFZ
7.05%,
01/19/2028
RUB
744,800
12,369
Ukraine
Government
Bond
16.00%,
08/11/2021
UAH
83,325
3,569
Ukraine
Government
International
Bond
0.00%,
05/31/2040
(d),(e)
$
5,670
5,620
4.38%,
01/27/2030
(a)
EUR
3,500
3,850
$
132,335
Supranational
Bank
-
2.67%
African
Export-Import
Bank/The
3.99%,
09/21/2029
(a)
$
3,000
3,129
Banque
Ouest
Africaine
de
Developpement
5.00%,
07/27/2027
(a)
275
297
5.00%,
07/27/2027
3,100
3,348
$
6,774
Telecommunications
-
3.74%
C&W
Senior
Financing
DAC
6.88%,
09/15/2027
750
805
7.50%,
10/15/2026
(a)
900
971
7.50%,
10/15/2026
1,425
1,538
MTN
Mauritius
Investments
Ltd
5.37%,
02/13/2022
4,395
4,569
6.50%,
10/13/2026
1,430
1,615
$
9,498
TOTAL
BONDS
$
223,574
Schedule
of
Investments
Finisterre
Unconstrained
Emerging
Markets
Bond
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
31
CONVERTIBLE
BONDS
-
0.77%
Principal
Amount
(000's)
Value
(000's)
Healthcare
-
Services
-
0.77%
NMC
Health
Jersey
Ltd
1.88%,
04/30/2025
$
2,400
$
1,964
TOTAL
CONVERTIBLE
BONDS
$
1,964
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
5.34%
Principal
Amount
(000's)
Value
(000's)
U.S.
Treasury
Bill
-
5.34%
1.49%,
04/02/2020
(f)
$
13,600
$
13,566
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
13,566
Total
Investments
$
239,104
Other
Assets
and
Liabilities
- 5.89%
14,972
TOTAL
NET
ASSETS
-
100.00%
$
254,076
(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
$71,016
or
27.95%
of
net
assets.
(b)
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.
(c)
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.
(d)
Non-income
producing
security
(e)
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions. These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
Rate
shown
is
the
rate
in
effect
as
of
period
end.
(f)
Rate
shown
is
the
discount
rate
of
the
original
purchase.
Portfolio
Summary (unaudited)
Location
Percent
Mexico
10.00%
Cayman
Islands
9.69%
United
States
7.30%
Indonesia
6.34%
Ukraine
5.13%
Chile
5.11%
Peru
4.89%
Russian
Federation
4.87%
Egypt
2.94%
Cote
d'Ivoire
2.68%
Supranational
2.67%
Virgin
Islands,
British
2.65%
Poland
2.46%
Mauritius
2.44%
Kenya
2.41%
Dominican
Republic
2.12%
United
Kingdom
2.08%
India
1.99%
Malaysia
1.95%
Israel
1.95%
Romania
1.76%
Austria
1.75%
Bahrain
1.66%
Nigeria
1.64%
Argentina
1.46%
Ireland
1.30%
Thailand
0.96%
Jersey,
Channel
Islands
0.77%
Colombia
0.58%
Brazil
0.56%
Other
Assets
and
Liabilities
5.89%
TOTAL
NET
ASSETS
100.00%
Foreign
Currency
Contracts
Unrealized
Appreciation/(Depreciation)
Counterparty
Settlement
Date
Currency
to
Accept
Currency
to
Deliver
Asset
Liability
Citigroup
Inc
02/07/2020
$
110
EUR
100
$
—
$
(1)
Goldman
Sachs
&
Co
02/21/2020
$
3,635
BRL
15,600
—
(5)
HSBC
Securities
Inc
02/07/2020
$
197
EUR
178
—
—
HSBC
Securities
Inc
02/07/2020
$
3,078
EUR
2,792
—
(18)
HSBC
Securities
Inc
02/21/2020
$
3,731
BRL
15,600
91
—
HSBC
Securities
Inc
02/21/2020
$
4,999
MXN
94,500
9
—
JPMorgan
Chase
02/07/2020
$
7,080
EUR
6,310
81
—
JPMorgan
Chase
02/07/2020
$
3,749
EUR
3,400
—
(22)
JPMorgan
Chase
02/21/2020
BRL
31,200
$
7,521
—
(242)
JPMorgan
Chase
02/21/2020
$
13,594
CLP
10,495,000
481
—
Total
$
662
$
(288)
Amounts
in
thousands.
Credit
Default
Swaps
Buy
Protection
Counterparty
Reference
Entity
Implied
Credit
Spread
as
of
January
31,
2020
(a)
(Pay)/
Receive
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
Upfront
Payments/
(Receipts)
Unrealized
Appreciation/
(Depreciation)
Fair
Value
Asset
----
Liability
Citigroup
Inc
Mexico
Government
International
Bond,
4.15%,
03/28/2027
0.74%
(1.00)%
Quarterly
06/20/2024
$
1,400
$
15
$
(30)
$
—
$
(15)
Citigroup
Inc
Mexico
Government
International
Bond,
4.15%,
03/28/2027
0.74%
(1.00)%
Quarterly
06/20/2024
1,800
9
(28)
—
(19)
JPMorgan
Chase
Mexico
Government
International
Bond,
4.15%,
03/28/2027
0.74%
(1.00)%
Quarterly
06/20/2024
1,400
9
(24)
—
(15)
Total
$
33
$
(82)
$
—
$
(49)
Schedule
of
Investments
Finisterre
Unconstrained
Emerging
Markets
Bond
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
32
Credit
Default
Swaps
(continued)
Sell
Protection
Counterparty
Reference
Entity
Implied
Credit
Spread
as
of
January
31,
2020
(a)
(Pay)/
Receive
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
(b)
Upfront
Payments/
(Receipts)
Unrealized
Appreciation/
(Depreciation)
Fair
Value
(c)
Asset
----
Liability
Barclays
Bank
PLC
Ukraine
Government
Bond,
7.75%,
09/01/2022
3.59%
5.00%
Quarterly
12/20/2024
$
3,250
$
131
$
67
$
198
$
—
Barclays
Bank
PLC
Ukraine
Government
Bond,
7.75%,
09/01/2022
3.59%
5.00%
Quarterly
12/20/2024
2,150
96
35
131
—
Citigroup
Inc
Petroleos
Mexicanos,
6.63%,
06/15/2035
2.05%
1.00%
Quarterly
06/20/2024
1,100
(78)
30
—
(48)
Goldman
Sachs
&
Co
Petroleos
Mexicanos,
6.63%,
06/15/2035
2.05%
1.00%
Quarterly
06/20/2024
1,100
(80)
32
—
(48)
JPMorgan
Chase
Petroleos
Mexicanos,
6.63%,
06/15/2035
2.05%
1.00%
Quarterly
06/20/2024
4,350
(319)
129
—
(190)
JPMorgan
Chase
Petroleos
Mexicanos,
6.63%,
06/15/2035
2.05%
1.00%
Quarterly
06/20/2024
750
(33)
—
—
(33)
Total
$
(283)
$
293
$
329
$
(319)
Amounts
in
thousands.
(a)
Implied
credit
spreads,
represented
in
absolute
terms,
used
in
determining
the
market
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
as
defined
under
the
terms
of
that
particular
swap
agreement
is
$12,700.
(c)
The
market
price
and
resulting
market
value
for
credit
default
swap
agreements
on
an
issuer
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
market
values,
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.
Interest
Rate
Swaps
Counterparty
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
Asset
Liability
Citigroup
Inc
Sinacofi
Chile
Interbank
Rate
Avg
Receive
2.23%
Semiannual
Semiannual
N/A
12/18/2021
CLP
15,400,000
$
(147)
$
—
$
—
$
(147)
JPMorgan
Chase
Sinacofi
Chile
Interbank
Rate
Avg
Receive
1.51%
Semiannual
Semiannual
N/A
12/18/2021
23,750,000
174
—
174
—
JPMorgan
Chase
Sinacofi
Chile
Interbank
Rate
Avg
Receive
2.06%
Semiannual
Semiannual
N/A
12/18/2021
10,000,000
(55)
—
—
(55)
JPMorgan
Chase
Sinacofi
Chile
Interbank
Rate
Avg
Receive
1.81%
Semiannual
Semiannual
N/A
01/28/2022
1,500,000
1
—
1
—
Total
$
(27)
$
—
$
175
$
(202)
Amounts
in
thousands.
Exchange
Cleared
Interest
Rate
Swaps
Floating
Rate
Index
(Pay)/
Receive
Floating
Rate
Fixed
Rate
Payment
Frequency
Paid
by
Fund
Payment
Frequency
Received
by
Fund
Effective
Date
(a)
Maturity
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Upfront
Payments/
(Receipts)
Fair
Value
6
Month
Warsaw
Interbank
Offered
Rate
Pay
1.85%
Semiannual
Annual
N/A
01/28/2022
PLN
243,050
$
91
$
—
$
91
6
Month
Warsaw
Interbank
Offered
Rate
Receive
2.02%
Annual
Semiannual
N/A
01/28/2030
51,650
(205)
(1)
(206)
Total
$
(114)
$
(1)
$
(115)
Amounts
in
thousands.
(a)
Forward
swap.
Schedule
of
Investments
Finisterre
Unconstrained
Emerging
Markets
Bond
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
33
Total
Return
Swaps
Counterparty
Reference
Entity
Contracts
Pay/Receive
Positive
Return
Financing
Rate
Payment
Frequency
Expiration
Date
Notional
Amount
Upfront
Payments/
(Receipts)
Value
and
Unrealized
Appreciation/
(Depreciation)
Asset
----
Liability
HSBC
Securities
Inc
Egypt
Government
Bond,
14.30%,
09/03/2022
42,975,000
Receive
3
Month
USD
LIBOR
+
0.80%
Annual
11/13/2020
$
2,752
$
—
$
131
$
—
HSBC
Securities
Inc
Egypt
Government
Bond,
14.30%,
09/03/2022
21,500,000
Receive
3
Month
USD
LIBOR
+
0.80%
Annual
12/24/2020
1,417
—
30
—
HSBC
Securities
Inc
Egypt
Treasury
Bills,
0.00%,
08/11/2020
46,000,000
Receive
3
Month
USD
LIBOR
+
0.80%
Annual
08/12/2020
2,554
—
138
—
HSBC
Securities
Inc
Egypt
Treasury
Bills,
0.00%,
12/08/2020
50,500,000
Receive
3
Month
USD
LIBOR
+
0.80%
Annual
12/09/2020
2,760
—
73
—
JPMorgan
Chase
Egypt
Treasury
Bills,
0.00%,
01/05/2021
34,000,000
Receive
3
Month
USD
LIBOR
+
0.80%
Annual
01/08/2021
1,901
—
—
(4)
Total
$
—
$
372
$
(4)
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
Global
Diversified
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
34
INVESTMENT
COMPANIES
-
3.29%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0.04%
WisdomTree
Trust
-
WisdomTree
International
High
Dividend
Fund
41,052
$
1,648
WisdomTree
US
High
Dividend
Fund
19,116
1,427
$
3,075
Money
Market
Funds
-
3.25%
BlackRock
Liquidity
FedFund
1.49%
(a),(b)
19,979,775
19,980
Principal
Government
Money
Market
Fund
1.43%
(a),(b),(c)
233,768,810
233,768
$
253,748
TOTAL
INVESTMENT
COMPANIES
$
256,823
COMMON
STOCKS
-
17.27%
Shares
Held
Value
(000's)
Advertising
-
0.06%
Hakuhodo
DY
Holdings
Inc
40,100
568
Interpublic
Group
of
Cos
Inc/The
89,939
2,042
Publicis
Groupe
SA
45,386
2,012
$
4,622
Aerospace
&
Defense
-
0.06%
CAE
Inc
30,800
914
Dassault
Aviation
SA
516
628
Elbit
Systems
Ltd
773
118
Meggitt
PLC
122,448
1,089
Spirit
AeroSystems
Holdings
Inc
2,867
187
TransDigm
Group
Inc
2,935
1,888
$
4,824
Agriculture
-
0.07%
Imperial
Brands
PLC
121,737
3,122
Japan
Tobacco
Inc
106,200
2,245
$
5,367
Airlines
-
0.02%
Delta
Air
Lines
Inc
16,853
939
Southwest
Airlines
Co
9,647
531
$
1,470
Apparel
-
0.12%
Adidas
AG
1,878
594
Carter's
Inc
9,049
960
Fila
Holdings
Corp
8,059
295
Gildan
Activewear
Inc
24,200
670
Hanesbrands
Inc
124,915
1,719
Kering
SA
2,206
1,348
Moncler
SpA
14,022
603
NIKE
Inc
4,785
461
Ralph
Lauren
Corp
17,533
1,990
Tapestry
Inc
17,924
462
$
9,102
Automobile
Manufacturers
-
0.12%
Cummins
Inc
8,252
1,320
Fiat
Chrysler
Automobiles
NV
188,929
2,461
Guangzhou
Automobile
Group
Co
Ltd
426,000
427
Isuzu
Motors
Ltd
100,000
980
Kia
Motors
Corp
13,332
453
Peugeot
SA
76,872
1,583
Volvo
AB
-
B
Shares
121,862
2,083
$
9,307
Automobile
Parts
&
Equipment
-
0.14%
Allison
Transmission
Holdings
Inc
11,807
522
BorgWarner
Inc
24,809
851
Cie
Generale
des
Etablissements
Michelin
SCA
16,492
1,913
Dana
Inc
34,179
527
Denso
Corp
19,600
804
Faurecia
SE
32,226
1,535
Goodyear
Tire
&
Rubber
Co/The
26,169
344
Koito
Manufacturing
Co
Ltd
13,100
568
Lear
Corp
9,094
1,120
Magna
International
Inc
36,000
1,825
Stanley
Electric
Co
Ltd
25,300
652
Valeo
SA
14,075
418
$
11,079
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Banks
-
0.95%
AIB
Group
PLC
1,306,713
$
3,831
Associated
Banc-Corp
71,360
1,422
Atlantic
Union
Bankshares
Corp
28,125
948
Bangkok
Bank
PCL
94,500
436
Bank
Leumi
Le-Israel
BM
47,444
341
Bank
of
America
Corp
30,797
1,011
Bank
OZK
52,524
1,428
Bankinter
SA
346,153
2,245
BankUnited
Inc
32,349
1,067
Cathay
General
Bancorp
24,092
869
CIMB
Group
Holdings
Bhd
774,700
929
CIT
Group
Inc
25,698
1,175
Citigroup
Inc
17,449
1,298
Citizens
Financial
Group
Inc
27,539
1,027
Comerica
Inc
35,622
2,179
Commerce
Bancshares
Inc/MO
(d)
12,115
820
Concordia
Financial
Group
Ltd
424,400
1,600
Cullen/Frost
Bankers
Inc
11,018
982
DBS
Group
Holdings
Ltd
47,300
871
DNB
ASA
48,278
844
East
West
Bancorp
Inc
23,192
1,063
Fifth
Third
Bancorp
47,753
1,359
Fukuoka
Financial
Group
Inc
89,800
1,556
Huntington
Bancshares
Inc/OH
123,913
1,681
Investec
PLC
389,952
2,152
Israel
Discount
Bank
Ltd
36,982
168
KeyCorp
97,979
1,833
M&T
Bank
Corp
7,270
1,225
Mediobanca
Banca
di
Credito
Finanziario
SpA
87,825
876
Mizrahi
Tefahot
Bank
Ltd
4,470
122
Morgan
Stanley
28,209
1,474
Northern
Trust
Corp
11,554
1,130
OFG
Bancorp
57,483
1,133
Oversea-Chinese
Banking
Corp
Ltd
100,300
789
PacWest
Bancorp
111,215
3,898
Paragon
Banking
Group
PLC
164,086
1,100
Pinnacle
Financial
Partners
Inc
8,959
529
PNC
Financial
Services
Group
Inc/The
8,417
1,250
Regions
Financial
Corp
176,551
2,749
Resona
Holdings
Inc
184,400
760
Signature
Bank/New
York
NY
6,396
908
Skandinaviska
Enskilda
Banken
AB
188,635
1,864
State
Street
Corp
27,739
2,098
Synovus
Financial
Corp
33,830
1,185
TCF
Financial
Corp
61,263
2,590
Toronto-Dominion
Bank/The
45,500
2,515
UBS
Group
AG
(e)
582,007
7,228
Wells
Fargo
&
Co
32,957
1,547
Zions
Bancorp
NA
47,837
2,176
$
74,281
Beverages
-
0.05%
Asahi
Group
Holdings
Ltd
15,400
714
Carlsberg
A/S
5,922
865
Coca-Cola
European
Partners
PLC
7,260
382
Constellation
Brands
Inc
2,775
522
Kirin
Holdings
Co
Ltd
46,900
1,030
Thai
Beverage
PCL
837,200
486
$
3,999
Biotechnology
-
0.06%
Amgen
Inc
5,064
1,094
H
Lundbeck
A/S
64,887
2,757
Mirati
Therapeutics
Inc
(e)
5,581
485
$
4,336
Building
Materials
-
0.22%
Asia
Cement
China
Holdings
Corp
563,500
707
Buzzi
Unicem
SpA
43,156
1,008
China
Lesso
Group
Holdings
Ltd
670,000
861
Fletcher
Building
Ltd
20,811
74
Fortune
Brands
Home
&
Security
Inc
12,815
880
Schedule
of
Investments
Global
Diversified
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
35
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Building
Materials
(continued)
Ibstock
PLC
(f)
321,084
$
1,232
Imerys
SA
63,628
2,747
Kingspan
Group
PLC
9,915
613
LafargeHolcim
Ltd
(e)
83,017
4,219
Martin
Marietta
Materials
Inc
1,803
476
Masco
Corp
39,278
1,866
Summit
Materials
Inc
(e)
49,459
1,087
US
Concrete
Inc
(e)
12,631
450
Xinyi
Glass
Holdings
Ltd
746,000
935
$
17,155
Chemicals
-
0.43%
Arkema
SA
25,729
2,358
BASF
SE
35,992
2,429
Cabot
Corp
18,379
733
Celanese
Corp
7,015
726
Chemours
Co/The
193,476
2,684
Clariant
AG
(e)
150,430
3,386
Covestro
AG
(f)
57,620
2,428
Denka
Co
Ltd
44,100
1,191
Eastman
Chemical
Co
21,998
1,568
Huntsman
Corp
63,634
1,308
Israel
Chemicals
Ltd
22,372
94
Lintec
Corp
35,400
765
Methanex
Corp
80,600
2,614
Mitsubishi
Chemical
Holdings
Corp
265,900
1,922
Mitsubishi
Gas
Chemical
Co
Inc
151,400
2,292
Mitsui
Chemicals
Inc
68,700
1,509
Nissan
Chemical
Corp
14,500
599
Showa
Denko
KK
70,600
1,688
Solvay
SA
12,711
1,317
Sumitomo
Bakelite
Co
Ltd
27,300
981
Westlake
Chemical
Corp
11,456
701
$
33,293
Commercial
Services
-
0.36%
Adecco
Group
AG
83,754
4,907
ADT
Inc
(d)
240,040
1,488
Ashtead
Group
PLC
56,110
1,811
ATD
New
Holdings
Inc
(e),(g),(h)
385,347
9,738
CCR
SA
175,400
743
Cengage
Learning
Holdings
II
Inc
(e)
34,465
440
H&R
Block
Inc
66,887
1,552
ManpowerGroup
Inc
12,208
1,117
Persol
Holdings
Co
Ltd
18,900
338
QinetiQ
Group
PLC
164,298
763
Randstad
NV
51,313
2,947
Recruit
Holdings
Co
Ltd
9,500
370
Robert
Half
International
Inc
16,438
956
Sixt
SE
5,616
566
Sohgo
Security
Services
Co
Ltd
8,100
421
$
28,157
Computers
-
0.08%
Appen
Ltd
30,033
495
Atos
SE
14,596
1,210
HP
Inc
71,988
1,535
NetApp
Inc
28,253
1,509
Obic
Co
Ltd
5,800
790
Perspecta
Inc
25,355
712
$
6,251
Consumer
Products
-
0.01%
Henkel
AG
&
Co
KGaA
10,553
972
Cosmetics
&
Personal
Care
-
0.02%
Lion
Corp
16,500
313
Pola
Orbis
Holdings
Inc
44,400
962
$
1,275
Distribution
&
Wholesale
-
0.12%
Fastenal
Co
34,680
1,210
KAR
Auction
Services
Inc
77,096
1,620
Marubeni
Corp
261,400
1,878
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Distribution
&
Wholesale
(continued)
Mitsubishi
Corp
66,200
$
1,697
Seven
Group
Holdings
Ltd
65,164
868
Toyota
Tsusho
Corp
32,600
1,127
WW
Grainger
Inc
2,907
880
$
9,280
Diversified
Financial
Services
-
0.30%
Affiliated
Managers
Group
Inc
8,335
666
Alliance
Data
Systems
Corp
6,167
634
Ally
Financial
Inc
26,085
835
Ameriprise
Financial
Inc
8,735
1,445
Aruhi
Corp
34,000
553
Capital
One
Financial
Corp
8,283
827
Charles
Schwab
Corp/The
16,974
773
Discover
Financial
Services
9,962
748
E*TRADE
Financial
Corp
12,483
532
Evercore
Inc
-
Class
A
13,187
1,010
Fubon
Financial
Holding
Co
Ltd
502,000
744
Hana
Financial
Group
Inc
12,951
358
Intercontinental
Exchange
Inc
4,578
457
Jefferies
Financial
Group
Inc
55,902
1,210
Mebuki
Financial
Group
Inc
983,500
2,179
OneMain
Holdings
Inc
22,667
960
ORIX
Corp
109,200
1,845
Raymond
James
Financial
Inc
8,319
761
SEI
Investments
Co
7,751
506
Standard
Life
Aberdeen
PLC
986,968
3,922
Synchrony
Financial
32,146
1,042
TD
Ameritrade
Holding
Corp
23,634
1,122
$
23,129
Electric
-
2.40%
AGL
Energy
Ltd
168,448
2,235
Ameren
Corp
16,038
1,316
CenterPoint
Energy
Inc
35,098
929
Clearway
Energy
Inc
-
Class
C
550,596
11,656
CMS
Energy
Corp
173,209
11,867
DTE
Energy
Co
89,768
11,904
Edison
International
272,000
20,822
Enel
SpA
262,302
2,286
Entergy
Corp
17,769
2,337
FirstEnergy
Corp
324,894
16,502
Fortis
Inc/Canada
375,000
16,356
Hera
SpA
249,504
1,135
Meridian
Energy
Ltd
31,253
107
NextEra
Energy
Inc
81,000
21,724
NRG
Energy
Inc
362,500
13,373
PG&E
Corp
(e)
350,000
5,323
Public
Service
Enterprise
Group
Inc
364,952
21,605
Sempra
Energy
77,500
12,450
Vistra
Energy
Corp
590,000
13,287
$
187,214
Electrical
Components
&
Equipment
-
0.03%
AMETEK
Inc
2,943
286
Brother
Industries
Ltd
62,700
1,211
Littelfuse
Inc
2,824
499
$
1,996
Electronics
-
0.12%
Allegion
PLC
4,026
521
Gentex
Corp
65,438
1,948
Honeywell
International
Inc
4,705
815
ITEQ
Corp
220,000
946
MINEBEA
MITSUMI
Inc
36,700
713
Mycronic
AB
56,654
1,103
Nippon
Electric
Glass
Co
Ltd
72,700
1,404
Roper
Technologies
Inc
1,344
513
Taiwan
Union
Technology
Corp
246,000
1,009
Yageo
Corp
62,000
778
$
9,750
Energy
-
Alternate
Sources
-
0.34%
NextEra
Energy
Partners
LP
(d)
466,985
26,511
Schedule
of
Investments
Global
Diversified
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
36
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Engineering
&
Construction
-
0.14%
ACS
Actividades
de
Construccion
y
Servicios
SA
75,386
$
2,506
Auckland
International
Airport
Ltd
23,634
132
CIMIC
Group
Ltd
82,604
1,598
Eiffage
SA
5,066
587
Gamuda
Bhd
839,500
787
HOCHTIEF
AG
20,719
2,397
Kyowa
Exeo
Corp
21,500
537
Obayashi
Corp
117,900
1,293
SATS
Ltd
195,500
651
SPIE
SA
41,781
809
$
11,297
Entertainment
-
0.08%
Aristocrat
Leisure
Ltd
28,174
672
GVC
Holdings
PLC
350,816
4,057
Vail
Resorts
Inc
7,867
1,844
$
6,573
Food
-
0.11%
Calbee
Inc
16,200
530
Coles
Group
Ltd
63,757
700
Colruyt
SA
16,041
803
Dairy
Farm
International
Holdings
Ltd
10,433
54
Jardine
Strategic
Holdings
Ltd
6,839
209
Koninklijke
Ahold
Delhaize
NV
89,909
2,206
MEIJI
Holdings
Co
Ltd
9,100
640
Sonae
SGPS
SA
916,555
853
Wm
Morrison
Supermarkets
PLC
(d)
1,073,150
2,573
$
8,568
Forest
Products
&
Paper
-
0.18%
Domtar
Corp
62,973
2,193
Interfor
Corp
(e)
66,932
709
International
Paper
Co
50,820
2,069
Mondi
PLC
79,981
1,627
Oji
Holdings
Corp
173,000
879
Stora
Enso
Oyj
196,911
2,556
UPM-Kymmene
Oyj
88,074
2,775
West
Fraser
Timber
Co
Ltd
30,600
1,226
$
14,034
Gas
-
1.31%
Atmos
Energy
Corp
142,182
16,639
Enagas
SA
128,052
3,450
New
Jersey
Resources
Corp
338,988
14,007
NiSource
Inc
972,253
28,497
South
Jersey
Industries
Inc
518,220
15,961
Southwest
Gas
Holdings
Inc
316,802
23,922
$
102,476
Hand
&
Machine
Tools
-
0.05%
Amada
Holdings
Co
Ltd
132,700
1,382
Lincoln
Electric
Holdings
Inc
10,257
915
Snap-on
Inc
6,680
1,066
Techtronic
Industries
Co
Ltd
79,000
630
$
3,993
Healthcare
-
Products
-
0.03%
Carl
Zeiss
Meditec
AG
6,597
806
China
Medical
System
Holdings
Ltd
556,000
740
Fisher
&
Paykel
Healthcare
Corp
Ltd
13,995
209
STERIS
PLC
3,915
590
$
2,345
Healthcare
-
Services
-
0.06%
Encompass
Health
Corp
13,264
1,022
Fresenius
Medical
Care
AG
&
Co
KGaA
12,726
978
Fresenius
SE
&
Co
KGaA
16,712
853
NMC
Health
PLC
8,213
140
Quest
Diagnostics
Inc
16,673
1,846
Ryman
Healthcare
Ltd
9,755
103
$
4,942
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Holding
Companies
-
Diversified
-
0.05%
CK
Hutchison
Holdings
Ltd
239,500
$
2,116
Jardine
Matheson
Holdings
Ltd
6,835
381
Swire
Pacific
Ltd
135,000
1,186
$
3,683
Home
Builders
-
0.20%
Persimmon
PLC
222,820
8,970
PulteGroup
Inc
43,871
1,959
Sekisui
Chemical
Co
Ltd
66,200
1,102
Taylor
Wimpey
PLC
831,892
2,360
Toll
Brothers
Inc
32,797
1,455
$
15,846
Home
Furnishings
-
0.02%
Hoshizaki
Corp
4,800
441
SEB
SA
4,356
559
Sony
Corp
3,300
231
Targus
Group
International
Inc
(e),(g),(h)
75,880
4
$
1,235
Housewares
-
0.03%
Newell
Brands
Inc
129,700
2,533
Insurance
-
0.48%
Allstate
Corp/The
7,266
861
American
Financial
Group
Inc/OH
11,185
1,217
Arthur
J
Gallagher
&
Co
14,641
1,502
ASR
Nederland
NV
27,637
1,028
Aviva
PLC
685,121
3,590
Dai-ichi
Life
Holdings
Inc
97,700
1,450
Fidelity
National
Financial
Inc
39,092
1,906
Great-West
Lifeco
Inc
169,700
4,397
Hannover
Rueck
SE
3,288
638
Hanover
Insurance
Group
Inc/The
14,109
1,955
iA
Financial
Corp
Inc
47,400
2,608
Manulife
Financial
Corp
172,000
3,351
National
General
Holdings
Corp
24,365
530
NN
Group
NV
102,949
3,574
Primerica
Inc
3,475
412
Progressive
Corp/The
18,349
1,481
Prudential
Financial
Inc
23,619
2,151
Swiss
Life
Holding
AG
2,653
1,334
T&D
Holdings
Inc
138,700
1,478
Unum
Group
64,075
1,710
$
37,173
Internet
-
0.04%
CDW
Corp/DE
3,439
449
Expedia
Group
Inc
2,982
323
Kakaku.com
Inc
18,100
473
Trend
Micro
Inc/Japan
21,800
1,139
VeriSign
Inc
(e)
3,731
776
$
3,160
Investment
Companies
-
0.00%
EXOR
NV
4,632
341
Iron
&
Steel
-
0.28%
ArcelorMittal
SA
35,987
529
BlueScope
Steel
Ltd
45,665
427
Fortescue
Metals
Group
Ltd
333,937
2,474
Nucor
Corp
25,583
1,215
Reliance
Steel
&
Aluminum
Co
19,707
2,262
Specialty
Steel
Holdings,
Inc.
(e),(g),(h)
87
13,171
Steel
Dynamics
Inc
58,909
1,760
$
21,838
Leisure
Products
&
Services
-
0.02%
Yamaha
Motor
Co
Ltd
105,400
1,956
Lodging
-
0.04%
City
Developments
Ltd
151,700
1,169
Extended
Stay
America
Inc
37,232
481
Melco
Resorts
&
Entertainment
Ltd
ADR
6,487
131
NagaCorp
Ltd
686,000
967
Shangri-La
Asia
Ltd
872,000
804
$
3,552
Schedule
of
Investments
Global
Diversified
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
37
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Machinery
-
Construction
&
Mining
-
0.07%
Hitachi
Ltd
23,000
$
876
Komatsu
Ltd
76,400
1,689
Oshkosh
Corp
14,654
1,261
Sandvik
AB
47,999
876
Zoomlion
Heavy
Industry
Science
and
Technology
Co
Ltd
953,600
700
$
5,402
Machinery
-
Diversified
-
0.12%
ANDRITZ
AG
61,504
2,420
Cognex
Corp
3,820
195
Deutz
AG
75,046
392
Dover
Corp
13,940
1,587
Graco
Inc
11,458
609
GrafTech
International
Ltd
88,886
954
KION
Group
AG
25,261
1,581
Nordson
Corp
3,008
508
Sumitomo
Heavy
Industries
Ltd
42,500
1,113
$
9,359
Media
-
0.84%
Altice
USA
Inc
(e)
1,034,612
28,307
Charter
Communications
Inc
(e)
24,435
12,644
Cogeco
Communications
Inc
176,200
13,834
Comcast
Corp
-
Class
A
231,164
9,984
Quebecor
Inc
31,200
774
$
65,543
Metal
Fabrication
&
Hardware
-
0.03%
SKF
AB
53,540
980
Timken
Co/The
26,948
1,416
$
2,396
Mining
-
0.34%
Anglo
American
PLC
81,535
2,128
BHP
Group
Ltd
64,383
1,651
Boliden
AB
41,577
987
Kirkland
Lake
Gold
Ltd
3,100
127
Lundin
Mining
Corp
207,600
1,089
OZ
Minerals
Ltd
53,583
358
Perenti
Global
Ltd
384,781
390
Real
Alloy
Holding
Inc
(e),(g),(h)
362
13,406
Rio
Tinto
Ltd
31,180
2,023
Rio
Tinto
PLC
42,765
2,287
South32
Ltd
1,157,161
1,985
$
26,431
Miscellaneous
Manufacturers
-
0.03%
AO
Smith
Corp
15,793
674
ITT
Inc
6,735
452
Parker-Hannifin
Corp
4,640
908
$
2,034
Office
&
Business
Equipment
-
0.02%
FUJIFILM
Holdings
Corp
13,800
686
Sato
Holdings
Corp
25,000
710
$
1,396
Oil
&
Gas
-
0.56%
Aker
BP
ASA
59,460
1,675
Beach
Energy
Ltd
309,664
540
Cabot
Oil
&
Gas
Corp
42,412
598
Canadian
Natural
Resources
Ltd
117,800
3,313
ConocoPhillips
17,404
1,034
DCC
PLC
9,110
736
Eni
SpA
180,654
2,531
EOG
Resources
Inc
6,684
487
Frontera
Energy
Corp
71,984
507
Helmerich
&
Payne
Inc
14,380
583
Idemitsu
Kosan
Co
Ltd
43,400
1,083
Imperial
Oil
Ltd
62,300
1,477
JXTG
Holdings
Inc
385,000
1,637
Lundin
Petroleum
AB
27,326
831
Marathon
Oil
Corp
66,267
753
Marathon
Petroleum
Corp
32,883
1,792
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Oil
&
Gas
(continued)
Milagro
Oil
&
Gas
Inc
(e),(g),(h)
1,874
$
191
Occidental
Petroleum
Corp
64,111
2,547
Oil
Search
Ltd
171,795
821
OMV
AG
33,096
1,645
Patterson-UTI
Energy
Inc
83,069
660
Repsol
SA
172,925
2,380
Royal
Dutch
Shell
PLC
ADR
25,000
1,304
Royal
Dutch
Shell
PLC
-
A
Shares
151,553
3,980
Royal
Dutch
Shell
PLC
-
B
Shares
81,755
2,148
Santos
Ltd
171,263
983
Suncor
Energy
Inc
86,400
2,641
TORC
Oil
&
Gas
Ltd
(d)
205,000
595
TOTAL
SA
50,615
2,464
Woodside
Petroleum
Ltd
88,772
2,034
$
43,970
Packaging
&
Containers
-
0.04%
DS
Smith
PLC
188,166
843
Packaging
Corp
of
America
12,135
1,162
Westrock
Co
27,353
1,067
$
3,072
Pharmaceuticals
-
0.17%
AbbVie
Inc
37,482
3,037
Alfresa
Holdings
Corp
29,200
587
Astellas
Pharma
Inc
61,900
1,094
Kyowa
Kirin
Co
Ltd
37,400
879
McKesson
Corp
3,214
458
Medipal
Holdings
Corp
26,400
559
Novartis
AG
32,662
3,086
Ono
Pharmaceutical
Co
Ltd
41,300
951
Reata
Pharmaceuticals
Inc
(e)
3,630
794
Shionogi
&
Co
Ltd
10,300
613
Ship
Healthcare
Holdings
Inc
11,000
493
Sumitomo
Dainippon
Pharma
Co
Ltd
28,600
491
$
13,042
Pipelines
-
0.36%
Enterprise
Products
Partners
LP
728,800
18,781
ONEOK
Inc
52,760
3,950
Targa
Resources
Corp
149,207
5,446
$
28,177
Private
Equity
-
0.01%
Intermediate
Capital
Group
PLC
41,106
943
Real
Estate
-
0.62%
Aroundtown
SA
485,854
4,600
Azrieli
Group
Ltd
1,349
99
CA
Immobilien
Anlagen
AG
21,493
946
Castellum
AB
84,225
2,069
CK
Asset
Holdings
Ltd
178,000
1,137
Daito
Trust
Construction
Co
Ltd
11,500
1,355
Echo
Investment
SA
406,230
537
Entra
ASA
(f)
56,607
966
Fabege
AB
59,888
1,027
Hongkong
Land
Holdings
Ltd
36,007
191
Hysan
Development
Co
Ltd
380,000
1,419
Kerry
Properties
Ltd
515,000
1,436
LEG
Immobilien
AG
14,387
1,774
Midea
Real
Estate
Holding
Ltd
(f)
859,400
2,403
Mitsubishi
Estate
Co
Ltd
305,800
5,989
Mitsui
Fudosan
Co
Ltd
53,170
1,408
New
World
Development
Co
Ltd
3,093,580
3,864
Nexity
SA
10,098
488
Nomura
Real
Estate
Holdings
Inc
52,400
1,290
Sun
Hung
Kai
Properties
Ltd
233,500
3,253
TAG
Immobilien
AG
(e)
80,060
2,110
Times
China
Holdings
Ltd
372,000
649
TLG
Immobilien
AG
(e)
47,342
1,586
Tokyo
Tatemono
Co
Ltd
82,900
1,339
UOL
Group
Ltd
137,500
799
Vonovia
SE
68,154
3,890
Wihlborgs
Fastigheter
AB
53,421
1,023
Schedule
of
Investments
Global
Diversified
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
38
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Real
Estate
(continued)
Zhongliang
Holdings
Group
Co
Ltd
779,000
$
541
$
48,188
REITs
-
3.30%
AIMS
APAC
REIT
1,778,590
1,898
Alexandria
Real
Estate
Equities
Inc
22,748
3,712
Altarea
SCA
1,638
375
American
Homes
4
Rent
117,330
3,207
Americold
Realty
Trust
38,885
1,340
Apartment
Investment
&
Management
Co
67,846
3,576
Apple
Hospitality
REIT
Inc
183,705
2,759
Arena
REIT
783,750
1,617
Assura
PLC
741,993
762
AvalonBay
Communities
Inc
23,079
5,001
Big
Yellow
Group
PLC
58,513
909
Blackstone
Mortgage
Trust
Inc
32,838
1,254
Brandywine
Realty
Trust
165,897
2,592
British
Land
Co
PLC/The
338,731
2,477
Brookfield
Property
REIT
Inc
143,133
2,642
Camden
Property
Trust
4,752
534
CapitaLand
Commercial
Trust
556,100
837
CapitaLand
Retail
China
Trust
273,688
310
CareTrust
REIT
Inc
51,600
1,144
Centuria
Industrial
REIT
327,451
797
Centuria
Metropolitan
REIT
108,055
217
Charter
Hall
Group
68,137
581
City
Office
REIT
Inc
89,099
1,205
CoreSite
Realty
Corp
96,456
11,329
Covivio
12,737
1,511
Cromwell
European
Real
Estate
Investment
Trust
1,848,600
1,118
Crown
Castle
International
Corp
16,660
2,496
CubeSmart
87,955
2,786
Daiwa
Office
Investment
Corp
177
1,419
Dexus
195,745
1,652
Dream
Industrial
Real
Estate
Investment
Trust
(d)
359,330
3,796
Duke
Realty
Corp
34,651
1,258
EPR
Properties
45,765
3,266
Equinix
Inc
22,983
13,554
Essential
Properties
Realty
Trust
Inc
81,052
2,238
Essex
Property
Trust
Inc
10,603
3,284
Far
East
Hospitality
Trust
1,302,430
647
First
Industrial
Realty
Trust
Inc
21,158
903
Frasers
Logistics
&
Industrial
Trust
1,046,500
934
Gecina
SA
8,531
1,609
Goodman
Group
176,442
1,747
Healthcare
Trust
of
America
Inc
142,993
4,580
Healthpeak
Properties
Inc
126,397
4,549
Highwoods
Properties
Inc
13,498
676
Independence
Realty
Trust
Inc
533,922
7,833
Industrial
&
Infrastructure
Fund
Investment
Corp
869
1,333
Industrial
Logistics
Properties
Trust
261,882
5,994
Inmobiliaria
Colonial
Socimi
SA
103,885
1,392
Investec
Australia
Property
Fund
(d)
594,101
606
Invincible
Investment
Corp
1,512
764
Invitation
Homes
Inc
231,801
7,295
Irish
Residential
Properties
REIT
PLC
683,341
1,255
Japan
Hotel
REIT
Investment
Corp
4,425
2,980
Kenedix
Office
Investment
Corp
176
1,414
Kilroy
Realty
Corp
20,280
1,675
Klepierre
SA
140,078
4,761
Land
Securities
Group
PLC
215,145
2,660
Lendlease
Global
Commercial
REIT
636,000
428
Liberty
Property
Trust
26,924
1,687
Link
REIT
442,200
4,472
LondonMetric
Property
PLC
386,230
1,161
Macquarie
Mexico
Real
Estate
Management
SA
de
CV
(f)
1,157,850
1,578
Mapletree
Industrial
Trust
425,500
865
Mapletree
Logistics
Trust
1,520,630
2,046
MCUBS
MidCity
Investment
Corp
3,924
4,606
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
REITs
(continued)
Merlin
Properties
Socimi
SA
245,431
$
3,481
Minto
Apartment
Real
Estate
Investment
Trust
92,016
1,713
Mitsui
Fudosan
Logistics
Park
Inc
164
795
New
Residential
Investment
Corp
84,366
1,412
NewRiver
REIT
PLC
445,313
1,105
NexPoint
Residential
Trust
Inc
28,088
1,371
Nippon
Prologis
REIT
Inc
(e)
182
523
Northview
Apartment
Real
Estate
Investment
Trust
(d)
24,900
578
NSI
NV
37,202
2,031
Outfront
Media
Inc
90,000
2,677
Park
Hotels
&
Resorts
Inc
118,547
2,601
Physicians
Realty
Trust
186,227
3,603
PLA
Administradora
Industrial
S
de
RL
de
CV
376,853
615
Primary
Health
Properties
PLC
321,970
669
Prologis
Inc
86,981
8,079
Rexford
Industrial
Realty
Inc
37,388
1,802
Sabra
Health
Care
REIT
Inc
182,370
3,921
SBA
Communications
Corp
34,200
8,535
Segro
PLC
245,967
2,954
Sekisui
House
Reit
Inc
2,717
2,327
Simon
Property
Group
Inc
13,295
1,770
Spirit
Realty
Capital
Inc
28,801
1,520
STAG
Industrial
Inc
58,986
1,902
Stockland
642,271
2,100
STORE
Capital
Corp
83,989
3,297
Summit
Industrial
Income
REIT
72,049
703
Sun
Communities
Inc
26,866
4,357
Sunstone
Hotel
Investors
Inc
60,093
762
Taubman
Centers
Inc
33,976
898
Terreno
Realty
Corp
20,497
1,174
Two
Harbors
Investment
Corp
23,775
363
UNITE
Group
PLC/The
106,948
1,796
United
Urban
Investment
Corp
1,132
2,028
Uniti
Group
Inc
618,635
3,916
VICI
Properties
Inc
179,546
4,812
Welltower
Inc
60,470
5,135
Weyerhaeuser
Co
88,613
2,565
WPT
Industrial
Real
Estate
Investment
Trust
395,649
5,630
$
257,423
Retail
-
0.43%
American
Eagle
Outfitters
Inc
31,210
449
Best
Buy
Co
Inc
27,190
2,303
Bosideng
International
Holdings
Ltd
2,040,000
671
Canadian
Tire
Corp
Ltd
(d)
18,600
1,995
Darden
Restaurants
Inc
7,245
844
Dick's
Sporting
Goods
Inc
33,524
1,483
Domino's
Pizza
Inc
1,812
510
Dufry
AG
(e)
56,410
4,890
Foot
Locker
Inc
43,008
1,633
Harvey
Norman
Holdings
Ltd
813,980
2,284
Home
Depot
Inc/The
3,578
816
Industria
de
Diseno
Textil
SA
34,007
1,144
Kingfisher
PLC
812,651
2,182
Kohl's
Corp
44,525
1,903
MSC
Industrial
Direct
Co
Inc
22,427
1,527
Pandora
A/S
35,548
1,835
Penske
Automotive
Group
Inc
32,689
1,535
Ross
Stores
Inc
3,322
373
Ruth's
Hospitality
Group
Inc
22,357
458
Starbucks
Corp
5,999
509
Sundrug
Co
Ltd
21,400
725
Tractor
Supply
Co
4,940
459
Tsuruha
Holdings
Inc
6,600
808
USS
Co
Ltd
44,100
800
Walgreens
Boots
Alliance
Inc
26,348
1,340
$
33,476
Savings
&
Loans
-
0.01%
Sterling
Bancorp/DE
29,908
598
Schedule
of
Investments
Global
Diversified
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
39
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Semiconductors
-
0.20%
Advantest
Corp
17,100
$
892
Applied
Materials
Inc
13,813
801
Broadcom
Inc
4,720
1,440
Cabot
Microelectronics
Corp
10,878
1,583
Entegris
Inc
21,207
1,098
Intel
Corp
21,515
1,375
Lam
Research
Corp
3,860
1,151
Microchip
Technology
Inc
13,012
1,268
NXP
Semiconductors
NV
8,801
1,117
Powertech
Technology
Inc
107,000
379
Skyworks
Solutions
Inc
10,832
1,226
SUMCO
Corp
116,200
1,777
Teradyne
Inc
4,983
329
Texas
Instruments
Inc
7,817
943
$
15,379
Shipbuilding
-
0.04%
Wartsila
OYJ
Abp
153,850
1,886
Yangzijiang
Shipbuilding
Holdings
Ltd
1,431,900
983
$
2,869
Software
-
0.10%
CDK
Global
Inc
12,510
671
InterXion
Holding
NV
(e)
13,002
1,132
Micro
Focus
International
PLC
319,388
4,289
Oracle
Corp
12,324
646
Synopsys
Inc
(e)
6,627
978
Temenos
AG
(e)
2,478
399
$
8,115
Storage
&
Warehousing
-
0.02%
Safestore
Holdings
PLC
170,427
1,814
Telecommunications
-
0.66%
Accton
Technology
Corp
193,000
1,026
BCE
Inc
307,475
14,488
Cisco
Systems
Inc
24,110
1,108
CITIC
Telecom
International
Holdings
Ltd
2,140,000
739
KDDI
Corp
46,300
1,399
LogMeIn
Inc
11,084
953
Motorola
Solutions
Inc
8,437
1,493
NTT
DOCOMO
Inc
54,200
1,540
Service
Stream
Ltd
283,187
493
Spark
New
Zealand
Ltd
44,781
134
Telefonica
Deutschland
Holding
AG
2,050,354
6,206
TELUS
Corp
495,000
19,843
TELUS
Corp
45,200
1,813
$
51,235
Toys,
Games
&
Hobbies
-
0.01%
Nintendo
Co
Ltd
1,800
662
Transportation
-
0.08%
Canadian
Pacific
Railway
Ltd
2,300
611
CH
Robinson
Worldwide
Inc
10,664
770
CSX
Corp
8,129
621
Kamigumi
Co
Ltd
25,800
551
Landstar
System
Inc
2,126
235
Old
Dominion
Freight
Line
Inc
872
171
Poste
Italiane
SpA
(f)
43,548
499
Sankyu
Inc
17,600
868
SITC
International
Holdings
Co
Ltd
922,000
1,086
Union
Pacific
Corp
5,231
939
$
6,351
Water
-
0.01%
Pennon
Group
PLC
48,687
711
TOTAL
COMMON
STOCKS
$
1,347,501
CONVERTIBLE
PREFERRED
STOCKS
-
0.03%
Shares
Held
Value
(000's)
Banks
-
0.03%
Wells
Fargo
&
Co
7.50%
(i)
1,680
$
2,597
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
$
2,597
PREFERRED
STOCKS
-
1.05%
Shares
Held
Value
(000's)
Banks
-
0.30%
AgriBank
FCB
6.88%,
01/01/2024
(i)
33,000
$
3,564
3
Month
USD
LIBOR
+
4.23%
Banco
do
Estado
do
Rio
Grande
do
Sul
SA
0.08%
46,659
219
Citigroup
Inc
6.88%,
11/15/2023
(d),(i)
78,695
2,287
3
Month
USD
LIBOR
+
4.13%
Citizens
Financial
Group
Inc
6.35%,
04/06/2024
(i)
2,600
72
3
Month
USD
LIBOR
+
3.64%
Fifth
Third
Bancorp
6.63%,
12/31/2023
(i)
93,674
2,739
3
Month
USD
LIBOR
+
3.71%
Goldman
Sachs
Group
Inc/The
5.50%,
05/10/2023
(i)
32,200
867
3
Month
USD
LIBOR
+
3.64%
Huntington
Bancshares
Inc/OH
6.25%,
04/15/2021
(i)
62,796
1,648
KeyCorp
6.13%,
12/15/2026
(i)
40,000
1,204
3
Month
USD
LIBOR
+
3.89%
Morgan
Stanley
5.85%,
04/15/2027
(d),(i)
60,000
1,726
3
Month
USD
LIBOR
+
3.49%
PNC
Financial
Services
Group
Inc/The
6.13%,
05/01/2022
(i)
27,567
758
3
Month
USD
LIBOR
+
4.07%
Regions
Financial
Corp
5.70%,
05/15/2029
(d),(i)
38,000
1,083
3
Month
USD
LIBOR
+
3.15%
State
Street
Corp
5.35%,
03/15/2026
(i)
3,704
106
3
Month
USD
LIBOR
+
3.71%
State
Street
Corp
5.90%,
03/15/2024
(i)
65,000
1,829
3
Month
USD
LIBOR
+
3.11%
US
Bancorp
6.50%,
01/15/2022
(d),(i)
3,000
83
3
Month
USD
LIBOR
+
4.47%
Valley
National
Bancorp
6.25%,
06/30/2025
(i)
119,879
3,425
3
Month
USD
LIBOR
+
3.85%
Wells
Fargo
&
Co
5.63%,
06/15/2022
(d),(i)
78,727
2,086
$
23,696
Consumer
Products
-
0.01%
Henkel
AG
&
Co
KGaA
1.85%
9,081
924
Diversified
Financial
Services
-
0.02%
Affiliated
Managers
Group
Inc
5.88%,
03/30/2059
(d)
5,000
137
Charles
Schwab
Corp/The
6.00%,
12/01/2020
(i)
55,283
1,468
$
1,605
Electric
-
0.26%
Alabama
Power
Co
5.00%,
10/01/2022
(d),(i)
75,000
2,077
Algonquin
Power
&
Utilities
Corp
6.20%,
07/01/2079
50,000
1,449
3
Month
USD
LIBOR
+
4.01%
CMS
Energy
Corp
5.88%,
03/01/2079
(d)
200,000
5,574
Dominion
Energy
Inc
5.25%,
07/30/2076
(d)
76,941
2,013
DTE
Energy
Co
5.25%,
12/01/2077
35,000
931
Duke
Energy
Corp
5.75%,
06/15/2024
(d),(i)
59,660
1,685
Entergy
Louisiana
LLC
4.70%,
06/01/2063
(d)
95,030
2,432
National
Rural
Utilities
Cooperative
Finance
Corp
5.50%,
05/15/2064
(d)
6,445
179
NextEra
Energy
Capital
Holdings
Inc
5.65%,
03/01/2079
(d)
120,000
3,320
Southern
Co/The
5.25%,
12/01/2077
31,100
825
$
20,485
Food
-
0.01%
Dairy
Farmers
of
America
Inc
7.88%,
12/01/2025
(f),(i)
10,000
995
Gas
-
0.01%
Entergy
New
Orleans
LLC
5.00%,
12/01/2052
17,346
446
Insurance
-
0.08%
Arch
Capital
Group
Ltd
5.25%,
09/29/2021
(i)
30,800
799
Hartford
Financial
Services
Group
Inc/The
7.88%,
04/15/2042
(d)
97,800
2,780
3
Month
USD
LIBOR
+
5.60%
Schedule
of
Investments
Global
Diversified
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
40
PREFERRED
STOCKS
(continued)
Shares
Held
Value
(000’s)
Insurance
(continued)
Reinsurance
Group
of
America
Inc
5.75%,
06/15/2056
(d)
8,367
$
247
3
Month
USD
LIBOR
+
4.04%
Reinsurance
Group
of
America
Inc
6.20%,
09/15/2042
(d)
14,888
412
3
Month
USD
LIBOR
+
4.37%
Voya
Financial
Inc
5.35%,
09/15/2029
(i)
80,800
2,258
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.21%
$
6,496
REITs
-
0.15%
Equity
Residential
8.29%,
12/10/2026
(i)
20,702
1,315
Kimco
Realty
Corp
5.25%,
12/20/2022
(i)
63,000
1,674
Prologis
Inc
8.54%,
11/13/2026
(i)
92,034
6,718
Public
Storage
5.05%,
08/09/2022
(i)
2,000
53
Public
Storage
5.60%,
03/11/2024
(d),(i)
40,000
1,121
SITE
Centers
Corp
6.38%,
06/05/2022
(i)
15,702
421
$
11,302
Savings
&
Loans
-
0.01%
People's
United
Financial
Inc
5.63%,
12/15/2026
(i)
21,800
623
3
Month
USD
LIBOR
+
4.02%
Sovereign
-
0.15%
CoBank
ACB
3.01%,
07/10/2022
(f),(i)
8,000
5,440
3
Month
USD
LIBOR
+
1.18%
CoBank
ACB
6.20%,
01/01/2025
(i)
7,000
763
3
Month
USD
LIBOR
+
3.74%
CoBank
ACB
6.25%,
10/01/2022
(i)
51,000
5,457
3
Month
USD
LIBOR
+
4.56%
$
11,660
Telecommunications
-
0.05%
Centaur
Funding
Corp
9.08%,
04/21/2020
(f)
2,071
2,131
Telephone
&
Data
Systems
Inc
6.88%,
11/15/2059
(d)
9,296
241
Telephone
&
Data
Systems
Inc
7.00%,
03/15/2060
(d)
58,018
1,494
$
3,866
TOTAL
PREFERRED
STOCKS
$
82,098
BONDS
-
72.07%
Principal
Amount
(000's)
Value
(000's)
Advertising
-
0.07%
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp
4.63%,
03/15/2030
(f)
$
475
$
489
5.00%,
08/15/2027
(f)
4,725
4,949
$
5,438
Aerospace
&
Defense
-
0.45%
Leonardo
SpA
4.88%,
03/24/2025
EUR
500
666
TransDigm
Inc
5.50%,
11/15/2027
(f)
$
16,300
16,400
6.25%,
03/15/2026
(f)
6,475
6,983
6.38%,
06/15/2026
5,000
5,275
7.50%,
03/15/2027
2,950
3,230
TransDigm
UK
Holdings
PLC
6.88%,
05/15/2026
1,025
1,092
United
Technologies
Corp
3.10%,
06/01/2022
1,800
1,859
$
35,505
Agriculture
-
0.35%
Adecoagro
SA
6.00%,
09/21/2027
(d)
2,600
2,608
Camposol
SA
6.00%,
02/03/2027
(f),(j)
745
755
JBS
Investments
II
GmbH
7.00%,
01/15/2026
(f)
1,500
1,633
7.00%,
01/15/2026
8,467
9,216
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Agriculture
(continued)
Kernel
Holding
SA
8.75%,
01/31/2022
$
1,145
$
1,241
Philip
Morris
International
Inc
6.38%,
05/16/2038
1,500
2,134
Reynolds
American
Inc
4.00%,
06/12/2022
2,800
2,930
Tereos
Finance
Groupe
I
SA
4.13%,
06/16/2023
EUR
5,600
5,496
Vector
Group
Ltd
6.13%,
02/01/2025
(f)
$
1,500
1,492
$
27,505
Airlines
-
0.16%
Aerovias
de
Mexico
SA
de
CV
7.00%,
02/05/2025
(f),(h),(j)
1,365
1,365
Gol
Finance
SA
7.00%,
01/31/2025
(f)
8,869
9,006
Latam
Finance
Ltd
7.00%,
03/01/2026
(f)
1,585
1,728
$
12,099
Apparel
-
0.00%
Levi
Strauss
&
Co
3.38%,
03/15/2027
EUR
200
235
Automobile
Manufacturers
-
0.12%
Daimler
AG
1.40%,
01/12/2024
2,000
2,330
Jaguar
Land
Rover
Automotive
PLC
2.20%,
01/15/2024
3,500
3,697
Tesla
Inc
5.30%,
08/15/2025
(d),(f)
$
3,250
3,283
$
9,310
Automobile
Parts
&
Equipment
-
0.26%
Cie
Generale
des
Etablissements
Michelin
SCA
1.75%,
09/03/2030
EUR
2,300
2,948
LKQ
European
Holdings
BV
3.63%,
04/01/2026
600
689
Panther
BF
Aggregator
2
LP
/
Panther
Finance
Co
Inc
6.25%,
05/15/2026
(f)
$
6,725
7,214
Truck
Hero
Inc
8.50%,
04/21/2024
(f)
5,440
5,637
Weichai
International
Hong
Kong
Energy
Group
Co
Ltd
3.75%,
12/31/2049
(i),(k)
3,900
3,931
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
6.08%
$
20,419
Banks
-
5.06%
Australia
&
New
Zealand
Banking
Group
Ltd/
United
Kingdom
6.75%,
12/31/2049
(f),(i),(k)
2,600
2,987
USD
Swap
Rate
NY
5
Year
+
5.17%
Banco
de
Sabadell
SA
5.38%,
12/12/2028
(k)
EUR
2,200
2,754
EUR
Swap
Annual
(VS
6
Month)
5
Year
+
5.10%
Banco
do
Brasil
SA/Cayman
6.25%,
12/31/2049
(i),(k)
$
7,500
7,736
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
4.40%
Banco
Internacional
del
Peru
SAA
Interbank
3.25%,
10/04/2026
(f)
2,065
2,091
Banco
Mercantil
del
Norte
SA/Grand
Cayman
6.75%,
12/31/2049
(f),(i),(k)
7,000
7,626
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.97%
6.75%,
12/31/2049
(i),(k)
3,000
3,268
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.97%
Schedule
of
Investments
Global
Diversified
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
41
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Banco
Mercantil
del
Norte
SA/Grand
Cayman
(continued)
7.50%,
12/31/2099
(f),(i),(k)
$
3,670
$
4,161
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
5.47%
Bancolombia
SA
3.00%,
01/29/2025
1,330
1,338
4.63%,
12/18/2029
(k)
5,831
5,999
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.94%
Bangkok
Bank
PCL/Hong
Kong
3.73%,
09/25/2034
(f),(k)
1,300
1,352
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.90%
Bank
Leumi
Le-Israel
BM
3.28%,
01/29/2031
(f),(k)
1,380
1,379
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.63%
Bank
of
America
Corp
6.30%,
12/31/2049
(i),(k)
14,300
16,651
3
Month
USD
LIBOR
+
4.55%
6.50%,
12/31/2049
(i),(k)
5,300
5,989
3
Month
USD
LIBOR
+
4.17%
Bank
of
Montreal
1.61%,
10/28/2021
CAD
3,750
2,830
Bank
of
New
York
Mellon
Corp/The
4.62%,
12/31/2099
(i),(k)
$
6,000
6,348
3
Month
USD
LIBOR
+
3.13%
4.95%,
12/31/2049
(i),(k)
4,420
4,467
3
Month
USD
LIBOR
+
3.42%
Banque
Centrale
de
Tunisie
International
Bond
5.63%,
02/17/2024
EUR
7,500
8,245
Barclays
Bank
PLC
6.28%,
12/31/2049
(i),(k)
$
2,000
2,376
3
Month
USD
LIBOR
+
1.55%
Barclays
PLC
7.88%,
12/31/2049
(i),(k)
7,500
8,119
USD
Swap
Semi-Annual
5
Year
+
6.77%
BBVA
Bancomer
SA/Texas
5.88%,
09/13/2034
(f),(k)
1,600
1,766
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.31%
BNP
Paribas
SA
2.12%,
01/23/2027
(k)
EUR
1,000
1,219
3
Month
Euro
Interbank
Offered
Rate
+
1.80%
7.37%,
12/31/2049
(f),(i),(k)
$
3,000
3,486
USD
Swap
Semi-Annual
5
Year
+
5.15%
7.63%,
12/31/2049
(f),(i),(k)
5,000
5,263
USD
Swap
Semi-Annual
5
Year
+
6.31%
BOS
Funding
Ltd
4.00%,
09/18/2024
4,600
4,692
CaixaBank
SA
3.50%,
02/15/2027
(k)
EUR
2,200
2,577
EUR
Swap
Annual
(VS
6
Month)
5
Year
+
3.35%
Canadian
Imperial
Bank
of
Commerce
3.30%,
05/26/2025
CAD
925
749
Capital
One
NA
2.25%,
09/13/2021
$
850
856
CIT
Group
Inc
6.13%,
03/09/2028
295
351
Citigroup
Capital
III
7.63%,
12/01/2036
4,600
6,689
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Citigroup
Inc
5.90%,
12/31/2049
(i),(k)
$
3,043
$
3,249
3
Month
USD
LIBOR
+
4.23%
5.95%,
12/31/2049
(i),(k)
2,500
2,731
3
Month
USD
LIBOR
+
3.91%
Citizens
Financial
Group
Inc
6.38%,
12/31/2049
(d),(i),(k)
10,930
11,695
3
Month
USD
LIBOR
+
3.16%
Credit
Agricole
SA
7.88%,
12/31/2049
(f),(i),(k)
6,000
6,825
USD
Swap
Semi-Annual
5
Year
+
4.90%
Credit
Bank
of
Moscow
Via
CBOM
Finance
PLC
4.70%,
01/29/2025
(f)
830
830
8.88%,
12/31/2049
(i),(k)
600
586
USD
Swap
Semi-Annual
5
Year
+
6.94%
Credit
Suisse
AG/New
York
NY
3.63%,
09/09/2024
1,900
2,038
Credit
Suisse
Group
AG
6.25%,
12/31/2049
(f),(i),(k)
600
661
USD
Swap
Semi-Annual
5
Year
+
3.46%
6.38%,
12/31/2099
(f),(i),(k)
500
554
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.82%
7.50%,
12/31/2049
(f),(i),(k)
3,300
3,741
USD
Swap
Semi-Annual
5
Year
+
4.60%
7.50%,
12/31/2049
(i),(k)
5,000
5,668
USD
Swap
Semi-Annual
5
Year
+
4.60%
DNB
Bank
ASA
6.50%,
12/31/2049
(i),(k)
3,000
3,191
USD
Swap
Semi-Annual
5
Year
+
5.08%
Ecobank
Transnational
Inc
9.50%,
04/18/2024
6,300
7,043
Emirates
Development
Bank
PJSC
3.52%,
03/06/2024
4,000
4,137
Fifth
Third
Bancorp
5.10%,
12/31/2049
(i),(k)
13,000
13,455
3
Month
USD
LIBOR
+
3.03%
8.25%,
03/01/2038
900
1,465
FirstRand
Bank
Ltd
6.25%,
04/23/2028
(k)
550
586
USD
Swap
Semi-Annual
5
Year
+
3.56%
Goldman
Sachs
Group
Inc/The
4.22%,
05/01/2029
(k)
1,750
1,974
3
Month
USD
LIBOR
+
1.30%
5.50%,
12/31/2049
(d),(i),(k)
1,000
1,076
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.62%
Grupo
Aval
Ltd
4.38%,
02/04/2030
(f),(j)
910
921
HSBC
Capital
Funding
Dollar
1
LP
10.18%,
12/31/2049
(i),(k)
4,300
7,093
3
Month
USD
LIBOR
+
4.98%
HSBC
Holdings
PLC
4.38%,
11/23/2026
1,800
1,983
6.87%,
12/31/2049
(i),(k)
6,600
6,919
USD
Swap
Rate
NY
5
Year
+
5.51%
Iccrea
Banca
SpA
1.50%,
10/11/2022
EUR
3,500
3,967
ING
Groep
NV
2.96%,
04/11/2028
(k)
1,000
1,197
EUR
Swap
Annual
(VS
6
Month)
5
Year
+
2.85%
6.50%,
12/31/2049
(i),(k)
$
2,500
2,753
USD
Swap
Semi-Annual
5
Year
+
4.45%
6.87%,
12/31/2049
(i),(k)
5,000
5,350
USD
Swap
Semi-Annual
5
Year
+
5.12%
Schedule
of
Investments
Global
Diversified
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
42
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Itau
Unibanco
Holding
SA/Cayman
Island
3.25%,
01/24/2025
(f)
$
4,000
$
4,032
6.13%,
12/31/2049
(f),(i),(k)
3,136
3,295
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.98%
6.13%,
12/31/2049
(i),(k)
6,000
6,305
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.98%
JPMorgan
Chase
&
Co
5.30%,
12/31/2099
(i),(k)
1,000
1,007
3
Month
USD
LIBOR
+
3.80%
6.75%,
12/31/2049
(i),(k)
11,200
12,626
3
Month
USD
LIBOR
+
3.78%
KeyCorp
Capital
III
7.75%,
07/15/2029
795
1,036
Lloyds
Bank
PLC
12.00%,
12/31/2049
(f),(i),(k)
4,100
5,013
3
Month
USD
LIBOR
+
11.76%
12.00%,
12/31/2049
(i),(k)
3,000
3,668
3
Month
USD
LIBOR
+
11.76%
13.00%,
12/31/2049
(i),(k)
GBP
2,000
4,780
GUKG5
+
13.40%
Lloyds
Banking
Group
PLC
0.63%,
01/15/2024
(k)
EUR
2,100
2,355
EUR
Swap
Annual
(VS
6
Month)
1
Year
+
0.47%
2.25%,
10/16/2024
GBP
400
545
6.41%,
12/31/2049
(f),(i),(k)
$
3,500
4,165
3
Month
USD
LIBOR
+
1.50%
6.66%,
01/29/2049
(f),(i),(k)
2,400
2,928
3
Month
USD
LIBOR
+
1.27%
7.50%,
12/31/2049
(i),(k)
5,000
5,719
USD
Swap
Semi-Annual
5
Year
+
4.50%
M&T
Bank
Corp
6.45%,
12/31/2049
(i),(k)
535
594
3
Month
USD
LIBOR
+
3.61%
Morgan
Stanley
2.63%,
03/09/2027
GBP
1,100
1,556
5.55%,
12/31/2049
(i),(k)
$
8,525
8,647
3
Month
USD
LIBOR
+
3.81%
National
Australia
Bank
Ltd/New
York
2.50%,
07/12/2026
2,000
2,048
Noor
Sukuk
Co
Ltd
4.47%,
04/24/2023
700
735
Provident
Funding
Associates
LP
/
PFG
Finance
Corp
6.38%,
06/15/2025
(f)
13,130
12,999
QNB
Finansbank
AS
4.88%,
05/19/2022
2,000
2,045
4.88%,
05/19/2022
(f)
2,400
2,454
6.88%,
09/07/2024
(f)
2,000
2,178
Royal
Bank
of
Scotland
Group
PLC
8.62%,
12/31/2049
(i),(k)
6,000
6,480
USD
Swap
Semi-Annual
5
Year
+
7.60%
Santander
UK
Group
Holdings
PLC
3.82%,
11/03/2028
(k)
2,000
2,155
3
Month
USD
LIBOR
+
1.40%
Societe
Generale
SA
7.88%,
12/31/2049
(d),(f),(i),(k)
6,000
6,780
USD
Swap
Semi-Annual
5
Year
+
4.98%
Standard
Chartered
PLC
5.70%,
03/26/2044
(f)
1,500
1,959
7.75%,
12/31/2049
(f),(i),(k)
7,000
7,735
USD
Swap
Semi-Annual
5
Year
+
5.72%
Swedbank
AB
6.00%,
12/31/2049
(i),(k)
8,000
8,380
USD
Swap
Semi-Annual
5
Year
+
4.11%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Truist
Financial
Corp
4.80%,
12/31/2099
(i),(k)
$
7,000
$
7,218
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.00%
Turkiye
Halk
Bankasi
AS
5.00%,
07/13/2021
4,000
3,940
Turkiye
Is
Bankasi
AS
6.13%,
04/25/2024
3,200
3,321
Turkiye
Vakiflar
Bankasi
TAO
5.50%,
10/27/2021
2,800
2,877
8.13%,
03/28/2024
(f)
3,255
3,634
UBS
Group
AG
6.88%,
12/31/2049
(i),(k)
3,000
3,362
USD
Swap
Semi-Annual
5
Year
+
4.59%
Unione
di
Banche
Italiane
SpA
4.25%,
05/05/2026
(k)
EUR
2,000
2,290
EUR
Swap
Annual
(VS
6
Month)
5
Year
+
4.18%
United
Bank
for
Africa
PLC
7.75%,
06/08/2022
$
2,400
2,556
Wells
Fargo
&
Co
5.87%,
12/31/2049
(i),(k)
7,100
8,020
3
Month
USD
LIBOR
+
3.99%
Wells
Fargo
Bank
NA
6.60%,
01/15/2038
1,750
2,644
Woori
Bank
5.25%,
12/31/2049
(i),(k)
3,206
3,314
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.35%
Yapi
ve
Kredi
Bankasi
AS
5.50%,
12/06/2022
2,800
2,831
$
395,278
Beverages
-
0.04%
Anheuser-Busch
InBev
SA/NV
1.50%,
04/18/2030
EUR
700
849
Molson
Coors
Beverage
Co
2.10%,
07/15/2021
$
1,900
1,906
$
2,755
Building
Materials
-
0.08%
Cemex
SAB
de
CV
5.45%,
11/19/2029
(f)
1,740
1,856
5.70%,
01/11/2025
(d)
1,000
1,025
HeidelbergCement
AG
2.25%,
03/30/2023
EUR
2,000
2,358
Standard
Industries
Inc/NJ
4.75%,
01/15/2028
(f)
$
1,015
1,041
$
6,280
Chemicals
-
0.92%
Alpek
SAB
de
CV
4.50%,
11/20/2022
1,300
1,357
Axalta
Coating
Systems
Dutch
Holding
B
BV
3.75%,
01/15/2025
EUR
400
451
Braskem
Idesa
SAPI
7.45%,
11/15/2029
(f)
$
13,650
14,394
Braskem
Netherlands
Finance
BV
4.50%,
01/31/2030
(f)
4,100
4,121
5.88%,
01/31/2050
(f)
4,440
4,604
CF
Industries
Inc
5.15%,
03/15/2034
1,640
1,894
CNAC
HK
Finbridge
Co
Ltd
5.13%,
03/14/2028
7,565
8,648
Cornerstone
Chemical
Co
6.75%,
08/15/2024
(f)
10,632
10,230
DuPont
de
Nemours
Inc
4.21%,
11/15/2023
700
758
INEOS
Finance
PLC
2.88%,
05/01/2026
EUR
2,750
3,100
Schedule
of
Investments
Global
Diversified
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
43
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Chemicals
(continued)
Israel
Chemicals
Ltd
6.38%,
05/31/2038
(f)
$
3,300
$
3,982
Kronos
International
Inc
3.75%,
09/15/2025
EUR
200
226
OCI
NV
5.00%,
04/15/2023
400
457
6.63%,
04/15/2023
(f)
$
800
830
OCP
SA
5.63%,
04/25/2024
2,200
2,440
Orbia
Advance
Corp
SAB
de
CV
5.88%,
09/17/2044
500
569
Petkim
Petrokimya
Holding
AS
5.88%,
01/26/2023
2,600
2,671
Sasol
Financing
USA
LLC
5.88%,
03/27/2024
4,200
4,524
6.50%,
09/27/2028
1,500
1,678
Solvay
Finance
SA
5.87%,
12/31/2049
(i),(k)
EUR
400
522
EUR
Swap
Annual
(VS
6
Month)
5
Year
+
5.22%
TPC
Group
Inc
10.50%,
08/01/2024
(f)
$
4,000
4,130
$
71,586
Coal
-
0.05%
Alliance
Resource
Operating
Partners
LP
/
Alliance
Resource
Finance
Corp
7.50%,
05/01/2025
(f)
4,085
3,534
Commercial
Mortgage
Backed
Securities
-
19.78%
Banc
of
America
Merrill
Lynch
Commercial
Mortgage
Inc
5.69%,
11/10/2042
(l)
2,336
2,313
BANK
2017-BNK4
0.97%,
05/15/2050
(l),(m)
13,843
781
BANK
2017-BNK5
1.32%,
06/15/2060
(f),(l),(m)
42,403
3,259
3.08%,
06/15/2060
(f),(l)
18,288
17,022
4.40%,
06/15/2060
(f),(l)
8,356
6,372
BANK
2017-BNK9
1.56%,
11/15/2054
(f),(l),(m)
15,200
1,492
2.80%,
11/15/2054
(f)
10,000
9,193
BANK
2018-BNK10
1.89%,
02/15/2061
(f),(l),(m)
31,334
3,863
BANK
2018-BNK12
1.55%,
05/15/2061
(f),(l),(m)
18,728
1,960
3.00%,
05/15/2061
(f)
6,000
5,550
BANK
2018-BNK13
1.69%,
08/15/2061
(f),(l),(m)
41,485
4,860
3.00%,
08/15/2061
(f)
11,500
10,461
BANK
2018-BNK14
1.75%,
09/15/2060
(f),(l),(m)
11,466
1,395
3.00%,
09/15/2060
(f)
8,000
7,496
BANK
2019-BNK16
1.99%,
02/15/2052
(f),(l),(m)
13,120
1,862
3.00%,
02/15/2052
(f)
2,500
2,133
3.00%,
02/15/2052
(f)
2,500
2,345
BANK
2019-BNK17
1.75%,
04/15/2052
(f),(l),(m)
11,541
1,454
3.00%,
04/15/2052
(f)
3,500
3,283
3.00%,
04/15/2052
(f)
3,849
3,331
BANK
2019-BNK18
1.50%,
05/15/2062
(f),(l),(m)
17,647
1,942
3.00%,
05/15/2062
(f)
3,580
3,361
3.00%,
05/15/2062
(f)
4,250
3,755
Bank
2019-BNK19
1.17%,
08/15/2061
(f),(l),(m)
17,014
1,446
3.00%,
08/15/2061
(f)
3,000
2,790
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Mortgage
Backed
Securities
(continued)
BANK
2019-BNK20
0.96%,
09/15/2062
(l),(m)
$
49,933
$
3,379
1.34%,
09/15/2061
(f),(l)
15,674
1,555
2.50%,
09/15/2061
(f)
4,921
4,421
2.50%,
09/15/2061
(f)
3,250
2,737
BANK
2019-BNK22
1.08%,
11/15/2062
(f),(l),(m)
18,082
1,470
2.50%,
11/15/2062
(f)
5,000
4,434
BANK
2019-BNK23
1.13%,
12/15/2052
(f),(l),(m)
9,170
784
2.50%,
12/15/2052
(f)
2,000
1,788
2.50%,
12/15/2052
(f)
1,500
1,239
BANK
2019-BNK24
1.13%,
11/15/2062
(f),(l),(m)
26,932
2,348
2.50%,
11/15/2062
(f)
5,000
4,437
2.50%,
11/15/2062
(f)
4,000
3,359
BANK
2020-BNK25
0.00%,
01/15/2063
(e),(f),(h),(j),(l),(m)
9,704
759
2.50%,
01/15/2063
(f),(h),(j)
1,250
1,039
2.50%,
01/15/2063
(f),(h),(j)
2,500
2,188
Barclays
Commercial
Mortgage
Trust
2019-C3
1.95%,
05/15/2052
(f),(l),(m)
6,117
876
Barclays
Commercial
Mortgage
Trust
2019-C4
1.31%,
08/15/2052
(f),(l),(m)
13,091
1,225
1.75%,
08/15/2052
(l),(m)
48,893
5,880
3.25%,
08/15/2052
(f)
4,000
3,760
Barclays
Commercial
Mortgage
Trust
2019-C5
1.48%,
11/15/2052
(f),(l),(m)
14,866
1,611
2.50%,
11/15/2052
(f)
5,000
4,378
BBCMS
2018-TALL
Mortgage
Trust
2.40%,
03/15/2037
(f)
15,000
14,962
1.00
x
1
Month
USD
LIBOR
+
0.72%
BBCMS
Mortgage
Trust
2018-C2
5.14%,
12/15/2051
(l)
5,000
5,650
BBCMS
Trust
1.20%,
02/15/2053
(f),(h),(j),(l),(m)
7,424
760
2.40%,
02/15/2053
(f),(h),(j)
3,000
2,587
Benchmark
2018-B1
Mortgage
Trust
1.25%,
01/15/2051
(f),(l),(m)
12,667
1,055
1.50%,
01/15/2051
(f),(l),(m)
30,260
3,017
2.75%,
01/15/2051
(f)
11,120
10,170
Benchmark
2018-B3
Mortgage
Trust
1.50%,
04/10/2051
(f),(l),(m)
5,520
571
Benchmark
2018-B5
Mortgage
Trust
0.65%,
07/15/2051
(l),(m)
97,001
3,295
3.26%,
07/15/2051
(f),(l)
4,500
4,259
Benchmark
2018-B6
Mortgage
Trust
1.50%,
10/10/2051
(f),(l),(m)
37,790
4,250
3.27%,
10/10/2051
(f),(l)
3,801
3,286
3.27%,
10/10/2051
(f),(l)
11,720
11,021
Benchmark
2018-B7
Mortgage
Trust
2.02%,
05/15/2053
(f),(l)
16,962
2,464
3.00%,
05/15/2053
(f),(l)
5,000
4,643
Benchmark
2018-B8
Mortgage
Trust
2.04%,
01/15/2052
(f),(l),(m)
6,900
965
3.00%,
01/15/2052
(f)
9,250
8,583
Benchmark
2019-B10
Mortgage
Trust
1.39%,
03/15/2062
(l),(m)
47,921
4,312
2.03%,
03/15/2062
(f),(l),(m)
12,985
1,925
3.00%,
03/15/2062
(f)
3,250
3,032
3.00%,
03/15/2062
(f)
5,236
4,537
3.78%,
03/15/2062
(f),(l)
2,500
1,939
Benchmark
2019-B11
Mortgage
Trust
1.67%,
05/15/2052
(f),(l),(m)
13,924
1,668
3.00%,
05/15/2052
(f)
3,000
2,772
Benchmark
2019-B12
Mortgage
Trust
1.26%,
08/15/2052
(f),(l),(m)
13,870
1,268
3.00%,
08/15/2052
(f)
12,000
11,066
Schedule
of
Investments
Global
Diversified
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
44
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Mortgage
Backed
Securities
(continued)
Benchmark
2019-B13
Mortgage
Trust
1.14%,
08/15/2057
(f),(h),(l),(m)
$
6,500
$
545
1.27%,
08/15/2057
(l),(m)
57,952
4,879
1.64%,
08/15/2057
(f),(l),(m)
4,000
505
2.50%,
08/15/2057
(f)
7,500
6,548
2.50%,
08/15/2057
(f)
5,500
4,530
3.00%,
08/15/2057
(f),(h)
6,500
4,589
Benchmark
2019-B14
Mortgage
Trust
1.40%,
12/15/2062
(f),(l),(m)
14,908
1,650
2.50%,
12/15/2062
(f)
5,000
4,397
Benchmark
2019-B15
Mortgage
Trust
1.09%,
12/15/2072
(f),(l),(m)
24,552
1,992
2.75%,
12/15/2072
(f)
10,000
8,949
3.84%,
12/15/2072
(l)
5,000
5,265
Benchmark
2019-B9
Mortgage
Trust
2.17%,
03/15/2052
(f),(l),(m)
11,550
1,786
3.00%,
03/15/2052
(f)
3,000
2,781
Benchmark
2020-B16
Mortgage
Trust
1.09%,
12/15/2057
(f),(j),(l),(m)
7,615
707
2.50%,
12/15/2057
(f),(j)
2,000
1,748
2.50%,
12/15/2057
(f),(j)
1,583
1,291
BX
Commercial
Mortgage
Trust
2018-BIOA
2.35%,
03/15/2037
(f)
10,000
9,991
1.00
x
1
Month
USD
LIBOR
+
0.67%
BX
Commercial
Mortgage
Trust
2018-IND
2.43%,
11/15/2035
(f)
1,711
1,710
1.00
x
1
Month
USD
LIBOR
+
0.75%
BX
Commercial
Mortgage
Trust
2019-XL
2.60%,
10/15/2036
(f)
25,000
25,079
1.00
x
1
Month
USD
LIBOR
+
0.92%
BX
Trust
2018-BILT
2.48%,
05/15/2030
(f)
10,000
9,969
1.00
x
1
Month
USD
LIBOR
+
0.80%
BX
Trust
2018-EXCL
2.76%,
09/15/2037
(f)
5,762
5,755
1.00
x
1
Month
USD
LIBOR
+
1.09%
BX
Trust
2018-GW
2.48%,
05/15/2035
(f)
15,862
15,832
1.00
x
1
Month
USD
LIBOR
+
0.80%
Cantor
Commercial
Real
Estate
Lending
2019-CF2
1.60%,
11/15/2052
(f),(l),(m)
10,105
1,186
2.50%,
11/15/2052
(f)
5,000
4,391
Cantor
Commercial
Real
Estate
Lending
2019-CF3
1.23%,
01/15/2053
(f),(l),(m)
11,514
1,071
2.50%,
01/15/2053
(f),(l)
6,000
5,252
CD
2006-CD2
Mortgage
Trust
5.66%,
01/15/2046
(l)
915
622
CD
2017-CD4
Mortgage
Trust
4.35%,
05/10/2050
(l)
7,470
8,062
CD
2017-CD5
Mortgage
Trust
3.35%,
08/15/2050
(f)
7,000
6,359
CD
2018-CD7
Mortgage
Trust
1.75%,
08/15/2051
(f),(l),(m)
20,444
2,571
3.26%,
08/15/2051
(f),(l)
12,750
11,932
5.01%,
08/15/2051
(l)
5,182
5,848
CFCRE
Commercial
Mortgage
Trust
2016-C6
1.30%,
11/10/2049
(l),(m)
43,754
2,744
4.36%,
11/10/2049
(l)
4,000
4,234
CGMS
Commercial
Mortgage
Trust
2017-B1
3.00%,
08/15/2050
(f)
7,435
6,649
Citigroup
Commercial
Mortgage
Trust
2012-GC8
5.00%,
09/10/2045
(f),(l)
1,875
1,773
Citigroup
Commercial
Mortgage
Trust
2013-GC15
4.25%,
09/10/2046
(f),(l)
16,492
14,298
5.39%,
09/10/2046
(f),(l)
7,700
8,182
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Mortgage
Backed
Securities
(continued)
Citigroup
Commercial
Mortgage
Trust
2016-C1
2.05%,
05/10/2049
(l),(m)
$
36,310
$
3,450
Citigroup
Commercial
Mortgage
Trust
2016-GC37
1.92%,
04/10/2049
(l),(m)
14,768
1,258
Citigroup
Commercial
Mortgage
Trust
2018-B2
1.50%,
03/10/2051
(f),(l),(m)
13,247
1,351
3.33%,
03/10/2051
(f),(l)
2,500
2,304
Citigroup
Commercial
Mortgage
Trust
2018-C5
3.38%,
06/10/2051
(f),(l)
1,000
959
Citigroup
COmmercial
Mortgage
Trust
2018-C6
5.24%,
11/10/2051
(f),(l)
10,000
10,915
Citigroup
Commercial
Mortgage
Trust
2019-C7
1.33%,
12/15/2072
(f),(l),(m)
15,766
1,624
2.75%,
12/15/2072
(f),(l)
5,000
4,493
Citigroup
Commercial
Mortgage
Trust
2019-GC41
0.98%,
08/10/2056
(f),(l),(m)
13,007
910
3.00%,
08/10/2056
(f)
15,500
14,356
3.00%,
08/10/2056
(f)
4,000
3,460
3.00%,
08/10/2056
(f)
9,330
6,754
Citigroup
Commercial
Mortgage
Trust
2019-GC43
0.74%,
11/10/2052
(f),(l),(m)
11,280
602
0.74%,
11/10/2052
(f),(l),(m)
2,528
136
0.74%,
11/10/2052
(f),(l),(m)
1,750
94
3.00%,
11/10/2052
(f)
5,000
4,601
3.00%,
11/10/2052
(f)
3,787
3,210
3.00%,
11/10/2052
(f),(l)
2,528
1,914
3.00%,
11/10/2052
(f),(l)
1,750
1,160
COMM
2012-CCRE1
Mortgage
Trust
2.46%,
05/15/2045
(f)
13,993
12,079
5.50%,
05/15/2045
(f),(l)
8,889
9,214
COMM
2012-CCRE4
Mortgage
Trust
4.75%,
10/15/2045
(f),(l)
5,000
2,597
COMM
2012-CCRE5
Mortgage
Trust
4.46%,
12/10/2045
(f),(l)
3,475
3,550
4.46%,
12/10/2045
(f),(l)
7,500
7,395
Comm
2013-CCRE13
Mortgage
Trust
5.05%,
11/10/2046
(f),(l)
6,421
6,807
5.05%,
11/10/2046
(f),(l)
4,110
4,272
COMM
2013-CCRE6
Mortgage
Trust
1.18%,
03/10/2046
(l),(m)
54,868
1,300
4.22%,
03/10/2046
(f),(l)
13,215
13,343
4.22%,
03/10/2046
(f),(l)
13,750
13,008
COMM
2013-CCRE7
Mortgage
Trust
4.51%,
03/10/2046
(f),(l)
7,500
6,435
COMM
2013-CCRE9
Mortgage
Trust
4.39%,
07/10/2045
(f),(l)
3,500
3,365
COMM
2014-CCRE15
Mortgage
Trust
4.40%,
02/10/2047
(f),(l)
5,414
5,389
COMM
2014-CCRE17
Mortgage
Trust
0.33%,
05/10/2047
(f),(l),(m)
44,717
542
5.01%,
05/10/2047
(f),(l)
12,469
12,795
Comm
2014-UBS2
Mortgage
Trust
5.17%,
03/10/2047
(f),(l)
13,690
13,203
COMM
2014-UBS3
Mortgage
Trust
4.93%,
06/10/2047
(f),(l)
11,861
11,507
COMM
2014-UBS5
Mortgage
Trust
3.50%,
09/10/2047
(f)
6,500
5,716
COMM
2015-LC19
Mortgage
Trust
4.39%,
02/10/2048
(f),(l)
8,000
7,183
COMM
2015-LC23
Mortgage
Trust
3.80%,
10/10/2048
(f),(l)
6,000
6,042
COMM
2016-COR1
Mortgage
Trust
1.58%,
10/10/2049
(l),(m)
44,501
3,052
4.53%,
10/10/2049
(l)
5,000
5,309
Schedule
of
Investments
Global
Diversified
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
45
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Mortgage
Backed
Securities
(continued)
COMM
2017-COR2
Mortgage
Trust
1.32%,
09/10/2050
(l),(m)
$
75,746
$
5,584
COMM
2018-COR3
Mortgage
Trust
1.75%,
05/10/2051
(f),(l),(m)
15,800
1,941
2.96%,
05/10/2051
(f),(l)
8,500
7,796
COMM
2019-GC44
Mortgage
Trust
1.15%,
08/15/2057
(f),(l),(m)
5,500
479
2.50%,
08/15/2057
(f)
5,000
4,378
2.50%,
08/15/2057
(f)
5,000
4,040
Credit
Suisse
Commercial
Mortgage
Trust
Series
2007-C1
5.46%,
02/15/2040
(l)
23,016
6,675
CSAIL
2018-CX12
Commercial
Mortgage
Trust
1.50%,
08/15/2051
(f),(l),(m)
8,985
986
3.43%,
08/15/2051
(f),(l)
3,500
3,348
4.22%,
08/15/2051
(l)
5,000
5,735
CSAIL
2019-C15
Commercial
Mortgage
Trust
1.22%,
03/15/2052
(l),(m)
55,911
4,188
2.15%,
03/15/2052
(f),(l),(m)
3,981
608
3.00%,
03/15/2052
(f)
2,500
2,312
CSAIL
2019-C17
Commercial
Mortgage
Trust
1.51%,
09/15/2052
(l),(m)
29,961
3,079
DBGS
2018-5BP
Mortgage
Trust
2.32%,
06/15/2033
(f)
5,220
5,205
1.00
x
1
Month
USD
LIBOR
+
0.65%
DBGS
2018-BIOD
Mortgage
Trust
1.75%,
10/15/2051
(f),(l),(m)
9,496
1,202
DBJPM
17-C6
Mortgage
Trust
1.17%,
06/10/2050
(l),(m)
98,972
5,373
3.38%,
06/10/2050
(f),(l)
15,000
13,833
DBUBS
2011-LC1
Mortgage
Trust
0.38%,
11/10/2046
(f),(l),(m)
142,384
331
DBUBS
2011-LC2
Mortgage
Trust
1.21%,
07/10/2044
(f),(l),(m)
9,259
83
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
1.43%,
08/25/2020
(l),(m)
22,536
90
1.53%,
04/25/2041
(l),(m)
86,714
1
1.53%,
01/25/2043
(l),(m)
79,054
5,225
1.68%,
11/25/2042
(l),(m)
83,688
1,956
1.71%,
11/25/2040
(l),(m)
16,936
656
1.71%,
10/25/2041
(l),(m)
43,000
2,357
1.72%,
06/25/2041
(l),(m)
20,000
1,011
1.77%,
01/25/2048
(l),(m)
38,129
4,041
2.04%,
11/25/2044
(l),(m)
16,293
1,386
2.08%,
02/25/2041
(l),(m)
33,968
630
2.08%,
09/25/2047
(l),(m)
41,400
4,760
2.10%,
02/25/2045
(l),(m)
27,900
2,523
2.18%,
05/25/2025
(l),(m)
43,706
4,207
2.18%,
08/25/2042
(l),(m)
98,038
9,374
2.23%,
05/25/2047
(l),(m)
140,532
16,850
2.24%,
07/25/2026
(l),(m)
39,161
4,635
2.24%,
08/25/2045
(l),(m)
98,643
13,697
2.25%,
05/25/2046
(l),(m)
75,770
8,094
2.26%,
01/25/2026
(l),(m)
70,234
7,740
2.27%,
12/25/2039
(l),(m)
25,654
894
2.29%,
10/25/2028
(l),(m)
17,800
2,796
2.31%,
09/25/2046
(l),(m)
14,690
2,365
2.33%,
07/25/2046
(l),(m)
17,686
2,812
2.34%,
08/25/2045
(l),(m)
37,838
6,059
2.37%,
01/25/2046
(l),(m)
42,892
7,486
2.39%,
10/25/2029
(l),(m)
28,250
5,074
2.39%,
01/25/2051
(l),(m)
17,584
2,994
3.61%,
06/25/2041
(l),(m)
4,400
170
4.78%,
11/25/2044
(l),(m)
1,800
39
GS
Mortgage
Securities
Corp
II
1.56%,
07/10/2051
(f),(l),(m)
8,017
883
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Mortgage
Backed
Securities
(continued)
GS
Mortgage
Securities
Corp
Trust
2019-SMP
2.83%,
08/15/2032
(f)
$
8,000
$
8,001
1.00
x
1
Month
USD
LIBOR
+
1.15%
GS
Mortgage
Securities
Trust
2010-C2
5.35%,
12/10/2043
(f),(l)
5,000
5,100
GS
Mortgage
Securities
Trust
2011-GC5
5.56%,
08/10/2044
(f),(l)
3,660
3,421
GS
Mortgage
Securities
Trust
2012-GCJ7
5.88%,
05/10/2045
(f),(l)
7,429
7,484
GS
Mortgage
Securities
Trust
2012-GCJ9
4.90%,
11/10/2045
(f),(l)
5,000
5,152
4.90%,
11/10/2045
(f),(l)
8,500
8,228
GS
Mortgage
Securities
Trust
2013-GC16
3.50%,
11/10/2046
(f)
2,500
2,160
GS
Mortgage
Securities
Trust
2013-GCJ14
4.90%,
08/10/2046
(f),(l)
10,460
10,885
4.90%,
08/10/2046
(f),(l)
7,742
7,786
4.90%,
08/10/2046
(f),(l)
2,500
2,444
GS
Mortgage
Securities
Trust
2014-GC26
1.36%,
11/10/2047
(f),(l),(m)
29,811
1,566
4.66%,
11/10/2047
(f),(l)
2,570
2,357
GS
Mortgage
Securities
Trust
2017-GS7
1.28%,
08/10/2050
(l),(m)
28,888
1,932
GS
Mortgage
Securities
Trust
2018-GS9
1.51%,
03/10/2051
(f),(l),(m)
8,353
801
GS
Mortgage
Securities
Trust
2019-GC38
3.00%,
02/10/2052
(f)
2,500
2,317
GS
Mortgage
Securities
Trust
2019-GC39
1.78%,
05/10/2052
(f),(l),(m)
16,430
2,149
3.00%,
05/10/2052
(f)
4,864
4,498
3.00%,
05/10/2052
(f)
2,497
2,135
GS
Mortgage
Securities
Trust
2019-GC40
1.30%,
07/10/2052
(f),(l),(m)
4,941
489
1.30%,
07/10/2052
(f),(l),(m)
16,500
1,580
3.00%,
07/10/2052
(f)
4,000
3,696
GS
Mortgage
Securities
Trust
2019-GC42
0.94%,
09/01/2052
(f),(l)
13,000
1,044
2.80%,
09/01/2052
(f)
8,500
7,699
2.80%,
09/01/2052
(f)
3,500
2,922
GS
Mortgage
Securities
Trust
2019-GSA1
1.13%,
11/10/2052
(f),(l),(m)
21,600
1,846
2.80%,
11/10/2052
(f)
5,000
4,465
GS
Mortgage
Securities
Trust
2020-GC45
0.69%,
02/13/2053
(f),(l),(m)
25,009
1,488
2.85%,
02/13/2053
(f)
5,000
4,474
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
2006-CIBC17
5.49%,
12/12/2043
(l)
9,042
6,464
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
2006-LDP9
5.34%,
05/15/2047
777
757
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
2011-C5
4.00%,
08/15/2046
(f),(l)
6,000
5,911
5.60%,
08/15/2046
(f),(l)
4,844
4,969
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
2012-C6
2.97%,
05/15/2045
(f),(l)
3,750
3,123
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
2012-C8
2.75%,
10/15/2045
(f),(l)
8,553
7,491
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
2013-C16
3.74%,
12/15/2046
(f),(l)
10,000
9,232
5.19%,
12/15/2046
(f),(l)
5,000
5,306
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
2013-LC11
1.40%,
04/15/2046
(l),(m)
50,750
1,734
Schedule
of
Investments
Global
Diversified
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
46
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Mortgage
Backed
Securities
(continued)
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
2019-BKWD
2.68%,
09/15/2029
(f)
$
3,000
$
3,002
1.00
x
1
Month
USD
LIBOR
+
1.00%
JPMBB
Commercial
Mortgage
Securities
Trust
2013-C12
4.24%,
07/15/2045
(l)
7,286
7,384
JPMBB
Commercial
Mortgage
Securities
Trust
2013-C15
3.50%,
11/15/2045
(f)
9,191
7,834
5.37%,
11/15/2045
(f),(l)
12,750
13,772
JPMBB
Commercial
Mortgage
Securities
Trust
2014-C18
0.99%,
02/15/2047
(l),(m)
44,543
1,237
4.97%,
02/15/2047
(f),(l)
7,850
7,420
JPMBB
Commercial
Mortgage
Securities
Trust
2014-C19
4.83%,
04/15/2047
(f),(l)
1,359
1,416
4.83%,
04/15/2047
(l)
15,096
16,226
JPMBB
Commercial
Mortgage
Securities
Trust
2014-C21
1.16%,
08/15/2047
(l),(m)
38,346
1,356
JPMBB
Commercial
Mortgage
Securities
Trust
2014-C23
0.79%,
09/15/2047
(l),(m)
204,619
5,055
JPMBB
Commercial
Mortgage
Securities
Trust
2014-C24
4.06%,
11/15/2047
(f),(l)
20,500
19,470
JPMBB
Commercial
Mortgage
Securities
Trust
2015-C28
0.50%,
10/15/2048
(f),(l),(m)
54,005
1,209
1.20%,
10/15/2048
(l),(m)
53,229
1,958
JPMBB
Commercial
Mortgage
Securities
Trust
2015-C29
3.79%,
05/15/2048
(l)
5,270
4,508
JPMBB
Commercial
Mortgage
Securities
Trust
2015-C30
0.66%,
07/15/2048
(l),(m)
71,841
1,759
JPMBB
Commercial
Mortgage
Securities
Trust
2015-C31
0.50%,
08/15/2048
(f),(l),(m)
42,377
1,001
JPMCC
Commercial
Mortgage
Securities
Trust
2017-JP5
1.24%,
03/15/2050
(l),(m)
97,509
5,101
JPMCC
Commercial
Mortgage
Securities
Trust
2017-JP6
1.29%,
07/15/2050
(l),(m)
19,925
1,163
JPMCC
Commercial
Mortgage
Securities
Trust
2017-JP7
4.05%,
09/15/2050
2,500
2,735
4.55%,
09/15/2050
(f),(l)
14,734
15,431
JPMCC
Commercial
Mortgage
Securities
Trust
2019-COR4
1.29%,
03/10/2052
(l),(m)
34,339
2,868
2.18%,
03/10/2052
(f),(l),(m)
18,869
2,908
3.00%,
03/10/2052
(f),(l)
7,000
6,489
3.00%,
03/10/2052
(f),(l)
1,000
872
JPMCC
Commercial
Mortgage
Securities
Trust
2019-COR5
1.93%,
06/13/2052
(f),(l),(m)
8,500
1,214
3.00%,
06/13/2052
(f)
2,500
2,329
JPMDB
Commercial
Mortgage
Securities
Trust
2018-C8
4.52%,
06/15/2051
1,250
1,417
LB
Commercial
Mortgage
Trust
2007-C3
6.11%,
07/15/2044
(l)
248
248
6.11%,
07/15/2044
(l)
6,369
6,210
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Mortgage
Backed
Securities
(continued)
LB-UBS
Commercial
Mortgage
Trust
2006-C7
5.41%,
11/15/2038
$
10,809
$
6,269
LB-UBS
Commercial
Mortgage
Trust
2007-C6
6.50%,
07/15/2040
(l)
13,250
13,238
6.50%,
07/15/2040
(l)
8,841
8,178
ML-CFC
Commercial
Mortgage
Trust
2007-5
5.45%,
08/12/2048
(l)
3,886
2,364
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
2012-C5
4.83%,
08/15/2045
(f),(l)
3,037
3,155
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
2013-C8
4.19%,
12/15/2048
(f),(l)
13,500
13,845
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
2014-C14
5.10%,
02/15/2047
(f),(l)
5,331
5,190
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
2014-C16
4.43%,
06/15/2047
(f),(l)
17,104
12,492
4.93%,
06/15/2047
(f),(l)
10,598
8,746
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
2015-C20
1.46%,
02/15/2048
(l),(m)
48,442
2,305
1.54%,
02/15/2048
(f),(l),(m)
41,500
2,558
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
2015-C21
1.04%,
03/15/2048
(l),(m)
32,218
1,141
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
2015-C26
3.06%,
10/15/2048
(f)
2,185
2,121
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
2016-C29
1.76%,
05/15/2049
(l),(m)
41,534
3,067
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
2016-C31
1.46%,
11/15/2049
(f),(l),(m)
21,213
1,674
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
2016-C32
0.87%,
12/15/2049
(l),(m)
74,649
3,006
Morgan
Stanley
Capital
I
Trust
2011-C3
0.72%,
07/15/2049
(f),(l),(m)
13,644
88
Morgan
Stanley
Capital
I
Trust
2018-H3
2.01%,
07/15/2051
(f),(l),(m)
7,682
1,003
Morgan
Stanley
Capital
I
Trust
2018-L1
3.00%,
10/15/2051
(f)
5,000
4,647
Morgan
Stanley
Capital
I
Trust
2019-H6
1.73%,
06/15/2052
(f),(l),(m)
4,693
583
3.00%,
06/15/2052
(f)
2,122
1,965
Morgan
Stanley
Capital
I
Trust
2019-L3
1.16%,
11/15/2052
(f),(l),(m)
15,090
1,443
2.50%,
11/15/2052
(f),(l)
3,000
2,616
2.50%,
11/15/2052
(f),(l)
2,500
2,005
SG
Commercial
Mortgage
Securities
Trust
2016-C5
1.07%,
10/10/2048
(l),(m)
17,960
998
UBS
Commercial
Mortgage
Trust
1.90%,
10/15/2052
(f),(l),(m)
12,767
1,841
2.50%,
10/15/2052
(f)
5,000
4,300
UBS
Commercial
Mortgage
Trust
2012-C1
5.00%,
05/10/2045
(f),(l)
8,000
6,846
UBS
Commercial
Mortgage
Trust
2019-C18
1.58%,
12/15/2052
(f),(l)
11,574
1,340
2.50%,
12/15/2052
(f)
5,000
4,125
UBS-Barclays
Commercial
Mortgage
Trust
2012-C2
1.46%,
05/10/2063
(f),(l),(m)
25,422
664
Schedule
of
Investments
Global
Diversified
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
47
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Mortgage
Backed
Securities
(continued)
UBS-Barclays
Commercial
Mortgage
Trust
2012-C3
5.00%,
08/10/2049
(f),(l)
$
20,994
$
19,361
5.20%,
08/10/2049
(f),(l)
25,827
26,917
UBS-Barclays
Commercial
Mortgage
Trust
2012-C4
4.63%,
12/10/2045
(f),(l)
12,000
11,982
4.63%,
12/10/2045
(f),(l)
17,981
16,233
Wells
Fargo
Commercial
Mortgage
Trust
2010-C1
0.68%,
11/15/2043
(f),(l),(m)
13,501
43
Wells
Fargo
Commercial
Mortgage
Trust
2014-LC18
1.22%,
12/15/2047
(l),(m)
73,661
3,041
3.96%,
12/15/2047
(f),(l)
13,500
13,103
Wells
Fargo
Commercial
Mortgage
Trust
2015-C28
4.25%,
05/15/2048
(l)
10,000
9,588
Wells
Fargo
Commercial
Mortgage
Trust
2015-C31
3.85%,
11/15/2048
5,536
5,196
Wells
Fargo
Commercial
Mortgage
Trust
2015-NXS1
0.54%,
05/15/2048
(l),(m)
24,936
621
2.88%,
05/15/2048
(f),(l)
7,116
5,679
4.29%,
05/15/2048
(l)
3,580
3,713
Wells
Fargo
Commercial
Mortgage
Trust
2015-NXS3
1.27%,
09/15/2057
(l),(m)
22,499
880
3.15%,
09/15/2057
(f)
5,000
4,759
Wells
Fargo
Commercial
Mortgage
Trust
2016-C34
2.30%,
06/15/2049
(l),(m)
34,929
3,114
Wells
Fargo
Commercial
Mortgage
Trust
2016-C35
2.11%,
07/15/2048
(l),(m)
38,276
3,705
Wells
Fargo
Commercial
Mortgage
Trust
2016-C36
4.33%,
11/15/2059
(l)
4,000
4,246
Wells
Fargo
Commercial
Mortgage
Trust
2016-C37
4.47%,
12/15/2049
(l)
1,800
1,959
Wells
Fargo
Commercial
Mortgage
Trust
2016-NXS5
5.04%,
01/15/2059
(l)
4,254
4,572
Wells
Fargo
Commercial
Mortgage
Trust
2017-C38
1.21%,
07/15/2050
(l),(m)
96,586
5,865
Wells
Fargo
Commercial
Mortgage
Trust
2017-C40
4.47%,
10/15/2050
(l)
10,000
10,686
Wells
Fargo
Commercial
Mortgage
Trust
2017-C42
1.71%,
12/15/2050
(f),(l),(m)
20,343
2,126
Wells
Fargo
Commercial
Mortgage
Trust
2018-C43
1.78%,
03/15/2051
(f),(l),(m)
6,614
757
Wells
Fargo
Commercial
Mortgage
Trust
2018-C44
2.00%,
05/15/2051
(f),(l),(m)
8,022
1,042
3.00%,
05/15/2051
(f)
5,000
4,666
Wells
Fargo
Commercial
Mortgage
Trust
2018-C45
2.03%,
06/15/2051
(f),(l),(m)
2,647
355
3.00%,
06/15/2051
(f)
1,250
1,161
Wells
Fargo
Commercial
Mortgage
Trust
2018-C46
5.14%,
08/15/2051
(l)
6,000
6,762
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Mortgage
Backed
Securities
(continued)
Wells
Fargo
Commercial
Mortgage
Trust
2018-C47
2.10%,
09/15/2061
(f),(l),(m)
$
14,133
$
2,072
3.00%,
09/15/2061
(f)
6,000
5,610
Wells
Fargo
Commercial
Mortgage
Trust
2018-C48
1.12%,
01/15/2052
(l),(m)
68,679
4,827
5.29%,
01/15/2052
(l)
10,000
11,489
Wells
Fargo
Commercial
Mortgage
Trust
2019-C49
2.31%,
03/15/2052
(f),(l),(m)
4,336
710
3.00%,
03/15/2052
(f)
2,500
2,263
Wells
Fargo
Commercial
Mortgage
Trust
2019-C50
2.18%,
05/15/2052
(f),(l),(m)
14,851
2,379
Wells
Fargo
Commercial
Mortgage
Trust
2019-C53
1.57%,
10/15/2052
(f),(l),(m)
8,777
1,064
2.50%,
10/15/2052
(f)
3,000
2,610
Wells
Fargo
Commercial
Mortgage
Trust
2019-C54
1.50%,
12/15/2052
(f),(l),(m)
6,363
737
2.50%,
12/15/2052
(f)
2,000
1,737
WFRBS
Commercial
Mortgage
Trust
2014-C20
3.99%,
05/15/2047
(f)
10,000
8,228
4.51%,
05/15/2047
(l)
1,000
1,023
WFRBS
Commercial
Mortgage
Trust
2014-C22
4.05%,
09/15/2057
(f),(l)
10,000
8,541
WFRBS
Commercial
Mortgage
Trust
2014-C24
3.69%,
11/15/2047
(f)
3,047
2,559
3.93%,
11/15/2047
2,370
2,535
$
1,543,777
Commercial
Services
-
0.72%
Adani
Ports
&
Special
Economic
Zone
Ltd
4.38%,
07/03/2029
(f)
1,815
1,916
ASGN
Inc
4.63%,
05/15/2028
(f)
6,175
6,298
GEMS
MENASA
Cayman
Ltd
/
GEMS
Education
Delaware
LLC
7.13%,
07/31/2026
(f)
2,300
2,401
Loxam
SAS
6.00%,
04/15/2025
EUR
500
572
MPH
Acquisition
Holdings
LLC
7.13%,
06/01/2024
(f)
$
9,950
9,638
Nielsen
Finance
LLC
/
Nielsen
Finance
Co
5.00%,
04/15/2022
(f)
3,975
3,980
Refinitiv
US
Holdings
Inc
6.25%,
05/15/2026
(f)
6,775
7,326
ServiceMaster
Co
LLC/The
5.13%,
11/15/2024
(f)
11,225
11,601
Sotheby's
7.38%,
10/15/2027
(f)
6,875
7,003
Team
Health
Holdings
Inc
6.38%,
02/01/2025
(d),(f)
8,740
5,135
$
55,870
Computers
-
0.05%
Apple
Inc
0.35%,
06/10/2020
JPY
130,000
1,201
International
Business
Machines
Corp
5.60%,
11/30/2039
$
800
1,111
Presidio
Holdings
Inc
4.88%,
02/01/2027
(f)
1,925
1,924
$
4,236
Cosmetics
&
Personal
Care
-
0.22%
Avon
International
Operations
Inc
7.88%,
08/15/2022
(f)
6,500
6,744
High
Ridge
Brands
Co
0.00%,
03/15/2025
(e),(f)
15,607
39
Schedule
of
Investments
Global
Diversified
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
48
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Cosmetics
&
Personal
Care
(continued)
Procter
&
Gamble
Co/The
1.13%,
11/02/2023
EUR
1,800
$
2,100
Walnut
Bidco
PLC
9.13%,
08/01/2024
(f)
$
8,000
8,242
$
17,125
Distribution
&
Wholesale
-
0.02%
IAA
Inc
5.50%,
06/15/2027
(f)
1,725
1,831
Diversified
Financial
Services
-
2.63%
Alliance
Data
Systems
Corp
4.75%,
12/15/2024
(f)
7,750
7,727
Ally
Financial
Inc
5.75%,
11/20/2025
3,565
4,052
Avation
Capital
SA
6.50%,
05/15/2021
(f)
855
883
Avolon
Holdings
Funding
Ltd
5.50%,
01/15/2023
(f)
2,700
2,929
Capital
One
Financial
Corp
5.55%,
12/31/2049
(i),(k)
14,140
14,246
3
Month
USD
LIBOR
+
3.80%
Charles
Schwab
Corp/The
7.00%,
12/31/2049
(i),(k)
4,198
4,584
3
Month
USD
LIBOR
+
4.82%
Credit
Acceptance
Corp
7.38%,
03/15/2023
2,994
3,054
Credito
Real
SAB
de
CV
SOFOM
ER
5.00%,
02/01/2027
(f)
EUR
8,000
9,439
CSN
Islands
XI
Corp
6.75%,
01/28/2028
(f)
$
15,335
15,232
Curo
Group
Holdings
Corp
8.25%,
09/01/2025
(f)
3,000
2,645
Depository
Trust
&
Clearing
Corp/The
4.88%,
12/31/2049
(f),(i),(k)
1,000
1,006
3
Month
USD
LIBOR
+
3.17%
Garfunkelux
Holdco
3
SA
8.50%,
11/01/2022
GBP
2,100
2,759
Huarong
Finance
2017
Co
Ltd
4.50%,
12/31/2049
(i),(k)
$
4,400
4,494
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
7.77%
International
Personal
Finance
PLC
5.75%,
04/07/2021
EUR
4,000
4,465
Intrum
AB
2.75%,
07/15/2022
850
953
Kuwait
Projects
Co
SPC
Ltd
4.23%,
10/29/2026
$
2,781
2,882
LoanCore
Capital
Markets
LLC
/
JLC
Finance
Corp
6.88%,
06/01/2020
(f)
2,275
2,278
Mongolian
Mortgage
Corp
Hfc
LLC
9.75%,
01/29/2022
(f)
1,620
1,586
Muthoot
Finance
Ltd
6.13%,
10/31/2022
(f)
1,200
1,243
Nationstar
Mortgage
Holdings
Inc
6.00%,
01/15/2027
(f)
3,650
3,715
8.13%,
07/15/2023
(f)
15,180
16,053
NFP
Corp
6.88%,
07/15/2025
(f)
22,983
23,374
8.00%,
07/15/2025
(f)
2,000
2,074
Oxford
Finance
LLC
/
Oxford
Finance
Co-Issuer
II
Inc
6.38%,
12/15/2022
(f)
6,075
6,242
Power
Finance
Corp
Ltd
3.95%,
04/23/2030
(f)
2,110
2,113
4.50%,
06/18/2029
4,875
5,103
Quicken
Loans
Inc
5.25%,
01/15/2028
(f)
11,600
12,006
5.75%,
05/01/2025
(f)
5,064
5,241
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Diversified
Financial
Services
(continued)
Shriram
Transport
Finance
Co
Ltd
5.95%,
10/24/2022
(f)
$
1,340
$
1,373
Springleaf
Finance
Corp
5.38%,
11/15/2029
500
520
6.63%,
01/15/2028
11,975
13,472
6.88%,
03/15/2025
2,795
3,151
Swiss
Insured
Brazil
Power
Finance
Sarl
9.85%,
07/16/2032
(f)
BRL
25,030
6,809
Unifin
Financiera
SAB
de
CV
8.38%,
01/27/2028
(f)
$
10,000
10,600
Vertex
Capital
Investment
Ltd
4.75%,
04/03/2024
6,700
6,983
$
205,286
Electric
-
1.08%
Acwa
Power
Management
And
Investments
One
Ltd
5.95%,
12/15/2039
(f)
3,000
3,256
Bi
Hai
Co
Ltd
6.25%,
03/05/2022
2,300
2,386
Brookfield
Infrastructure
Finance
ULC
3.32%,
02/22/2024
CAD
1,000
781
Calpine
Corp
5.75%,
01/15/2025
$
4,617
4,746
Centrais
Eletricas
Brasileiras
SA
4.63%,
02/04/2030
(f),(j)
800
810
Clearway
Energy
Operating
LLC
5.75%,
10/15/2025
580
610
Cometa
Energia
SA
de
CV
6.38%,
04/24/2035
6,202
7,089
Comision
Federal
de
Electricidad
4.88%,
01/15/2024
1,250
1,356
Dominion
Energy
Inc
4.65%,
12/31/2099
(i),(k)
500
519
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.99%
Duke
Energy
Corp
3.75%,
09/01/2046
1,000
1,068
4.88%,
12/31/2099
(i),(k)
1,700
1,804
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.39%
Emera
Inc
6.75%,
06/15/2076
(k)
4,400
5,061
3
Month
USD
LIBOR
+
5.44%
Emera
US
Finance
LP
4.75%,
06/15/2046
800
973
Empresa
Electrica
Guacolda
SA
4.56%,
04/30/2025
6,600
6,168
Enel
Chile
SA
4.88%,
06/12/2028
2,000
2,245
Enel
SpA
8.75%,
09/24/2073
(f),(k)
2,500
2,950
USD
Swap
Semi-Annual
5
Year
+
5.88%
Eskom
Holdings
SOC
Ltd
5.75%,
01/26/2021
(f)
1,725
1,727
5.75%,
01/26/2021
715
716
7.85%,
04/02/2026
ZAR
49,500
3,097
FirstEnergy
Corp
7.38%,
11/15/2031
$
1,250
1,809
Fortis
Inc/Canada
3.06%,
10/04/2026
1,239
1,294
Instituto
Costarricense
de
Electricidad
6.95%,
11/10/2021
1,400
1,459
Lamar
Funding
Ltd
3.96%,
05/07/2025
3,500
3,463
LLPL
Capital
Pte
Ltd
6.88%,
02/04/2039
(f)
3,162
3,700
Schedule
of
Investments
Global
Diversified
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
49
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
Minejesa
Capital
BV
4.63%,
08/10/2030
$
4,400
$
4,584
4.63%,
08/10/2030
(f)
2,400
2,500
Mong
Duong
Finance
Holdings
BV
5.13%,
05/07/2029
(f)
2,000
2,063
National
Rural
Utilities
Cooperative
Finance
Corp
5.25%,
04/20/2046
(k)
500
553
3
Month
USD
LIBOR
+
3.63%
Naturgy
Finance
BV
3.38%,
12/31/2049
(i),(k)
EUR
300
356
EUR
Swap
Annual
(VS
6
Month)
9
Year
+
3.08%
Pampa
Energia
SA
7.50%,
01/24/2027
(d)
$
3,900
3,388
7.50%,
01/24/2027
(d),(f)
2,500
2,172
Perusahaan
Listrik
Negara
PT
4.13%,
05/15/2027
3,300
3,510
RWE
AG
3.50%,
04/21/2075
(k)
EUR
500
608
EUR
Swap
Annual
(VS
6
Month)
5
Year
+
3.25%
Southern
Co/The
2.95%,
07/01/2023
$
2,000
2,070
Star
Energy
Geothermal
Wayang
Windu
Ltd
6.75%,
04/24/2033
1,840
2,002
Vistra
Energy
Corp
8.13%,
01/30/2026
(f)
345
367
Vistra
Operations
Co
LLC
5.50%,
09/01/2026
(f)
890
926
$
84,186
Electrical
Components
&
Equipment
-
0.08%
Belden
Inc
2.88%,
09/15/2025
EUR
500
565
Energizer
Gamma
Acquisition
BV
4.63%,
07/15/2026
550
637
Energizer
Holdings
Inc
5.50%,
06/15/2025
(f)
$
505
521
6.38%,
07/15/2026
(f)
610
650
WESCO
Distribution
Inc
5.38%,
06/15/2024
3,861
3,987
$
6,360
Energy
-
Alternate
Sources
-
0.18%
Azure
Power
Energy
Ltd
5.50%,
11/03/2022
1,251
1,283
Azure
Power
Solar
Energy
Pvt
Ltd
5.65%,
12/24/2024
(f)
1,000
1,032
Empresa
Electrica
Cochrane
SpA
5.50%,
05/14/2027
(f)
1,000
1,044
Enviva
Partners
LP
/
Enviva
Partners
Finance
Corp
6.50%,
01/15/2026
(f)
3,625
3,867
Greenko
Solar
Mauritius
Ltd
5.55%,
01/29/2025
6,300
6,461
$
13,687
Engineering
&
Construction
-
0.29%
Bioceanico
Sovereign
Certificate
Ltd
0.00%,
06/05/2034
(e),(f)
2,835
1,996
IHS
Netherlands
Holdco
BV
7.13%,
03/18/2025
(f)
7,200
7,634
8.00%,
09/18/2027
(f)
3,250
3,510
MasTec
Inc
4.88%,
03/15/2023
1,220
1,232
Mexico
City
Airport
Trust
5.50%,
07/31/2047
3,300
3,618
5.50%,
07/31/2047
(f)
3,000
3,289
Tutor
Perini
Corp
6.88%,
05/01/2025
(d),(f)
1,240
1,166
$
22,445
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Entertainment
-
0.80%
AMC
Entertainment
Holdings
Inc
5.88%,
11/15/2026
$
13,595
$
11,760
6.13%,
05/15/2027
(d)
4,080
3,468
Caesars
Resort
Collection
LLC
/
CRC
Finco
Inc
5.25%,
10/15/2025
(f)
12,204
12,386
Cinemark
USA
Inc
4.88%,
06/01/2023
7,575
7,670
Eldorado
Resorts
Inc
6.00%,
09/15/2026
635
696
7.00%,
08/01/2023
430
445
International
Game
Technology
PLC
6.25%,
02/15/2022
(f)
4,300
4,504
6.25%,
01/15/2027
(f)
550
617
6.50%,
02/15/2025
(f)
5,365
6,049
Lions
Gate
Capital
Holdings
LLC
5.88%,
11/01/2024
(f)
1,315
1,285
Resorts
World
Las
Vegas
LLC
/
RWLV
Capital
Inc
4.63%,
04/16/2029
1,500
1,591
4.63%,
04/16/2029
(f)
2,480
2,631
Sisal
Group
SpA
7.00%,
07/31/2023
EUR
2,956
3,384
Speedway
Motorsports
LLC
/
Speedway
Funding
II
Inc
4.88%,
11/01/2027
(f)
$
4,750
4,786
Stars
Group
Holdings
BV
/
Stars
Group
US
Co-
Borrower
LLC
7.00%,
07/15/2026
(f)
1,200
1,304
$
62,576
Environmental
Control
-
0.36%
Covanta
Holding
Corp
5.88%,
07/01/2025
4,625
4,797
6.00%,
01/01/2027
5,200
5,391
GFL
Environmental
Inc
5.13%,
12/15/2026
(f)
875
901
5.38%,
03/01/2023
(f)
8,000
8,170
5.63%,
05/01/2022
(f)
4,000
4,040
7.00%,
06/01/2026
(f)
1,925
2,006
8.50%,
05/01/2027
(f)
1,400
1,526
Waste
Pro
USA
Inc
5.50%,
02/15/2026
(f)
975
1,002
$
27,833
Food
-
0.83%
Alicorp
SAA
6.88%,
04/17/2027
(f)
PEN
9,000
2,904
Boparan
Finance
PLC
5.50%,
07/15/2021
GBP
200
195
BRF
SA
4.88%,
01/24/2030
(f)
$
995
1,018
Casino
Guichard
Perrachon
SA
4.50%,
03/07/2024
EUR
4,300
4,340
Cencosud
SA
4.38%,
07/17/2027
(f)
$
1,700
1,735
Grupo
Bimbo
SAB
de
CV
5.95%,
12/31/2099
(f),(i),(k)
2,350
2,497
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.28%
Ingles
Markets
Inc
5.75%,
06/15/2023
2,078
2,113
JBS
USA
LUX
SA
/
JBS
USA
Finance
Inc
5.75%,
06/15/2025
(f)
6,650
6,886
MARB
BondCo
PLC
6.88%,
01/19/2025
(f)
10,353
10,895
6.88%,
01/19/2025
3,100
3,262
Minerva
Luxembourg
SA
5.88%,
01/19/2028
(f)
1,200
1,265
NBM
US
Holdings
Inc
6.63%,
08/06/2029
(f)
1,585
1,706
Schedule
of
Investments
Global
Diversified
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
50
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Food
(continued)
Nestle
Holdings
Inc
4.00%,
09/24/2048
(f)
$
2,000
$
2,420
Post
Holdings
Inc
5.00%,
08/15/2026
(f)
6,460
6,670
5.50%,
03/01/2025
(f)
4,975
5,153
Sigma
Alimentos
SA
de
CV
4.13%,
05/02/2026
4,400
4,609
US
Foods
Inc
5.88%,
06/15/2024
(f)
6,918
7,075
$
64,743
Forest
Products
&
Paper
-
0.15%
Celulosa
Arauco
y
Constitucion
SA
4.25%,
04/30/2029
(f)
3,344
3,430
Smurfit
Kappa
Acquisitions
ULC
2.75%,
02/01/2025
EUR
400
483
Suzano
Austria
GmbH
6.00%,
01/15/2029
$
3,900
4,403
7.00%,
03/16/2047
(f)
2,630
3,142
$
11,458
Gas
-
0.02%
Perusahaan
Gas
Negara
Tbk
PT
5.13%,
05/16/2024
1,600
1,740
Hand
&
Machine
Tools
-
0.27%
Apex
Tool
Group
LLC
/
BC
Mountain
Finance
Inc
9.00%,
02/15/2023
(f)
22,820
21,051
Healthcare
-
Services
-
3.07%
Anthem
Inc
3.65%,
12/01/2027
1,700
1,835
Centene
Corp
4.25%,
12/15/2027
(f)
1,400
1,460
5.25%,
04/01/2025
(f)
2,160
2,238
5.38%,
06/01/2026
(f)
785
835
6.13%,
02/15/2024
1,880
1,941
DaVita
Inc
5.13%,
07/15/2024
8,650
8,845
Eagle
Holding
Co
II
LLC
7.63%,
PIK
8.38%,
05/15/2022
(f),(l),(n)
11,500
11,615
7.75%,
PIK
8.50%,
05/15/2022
(f),(l),(n)
2,442
2,466
Encompass
Health
Corp
5.75%,
09/15/2025
1,350
1,404
Envision
Healthcare
Corp
8.75%,
10/15/2026
(f)
36,710
22,136
MEDNAX
Inc
6.25%,
01/15/2027
(f)
2,000
2,037
One
Call
Corp
7.50%,
PIK
11.00%,
07/01/2024
(f),(l),(n)
73,664
68,508
Polaris
Intermediate
Corp
8.50%,
PIK
9.25%,
12/01/2022
(d),(f),(l),(n)
33,972
31,594
Radiology
Partners
Inc
9.25%,
02/01/2028
(f)
4,650
4,836
RegionalCare
Hospital
Partners
Holdings
Inc
8.25%,
05/01/2023
(f)
17,150
18,013
Surgery
Center
Holdings
Inc
6.75%,
07/01/2025
(d),(f)
21,328
21,701
10.00%,
04/15/2027
(f)
2,800
3,115
Tenet
Healthcare
Corp
4.63%,
07/15/2024
2,650
2,716
4.63%,
09/01/2024
(f)
2,550
2,627
5.13%,
05/01/2025
11,400
11,600
8.13%,
04/01/2022
9,380
10,248
UnitedHealth
Group
Inc
6.88%,
02/15/2038
1,250
1,891
West
Street
Merger
Sub
Inc
6.38%,
09/01/2025
(f)
6,425
6,329
$
239,990
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Holding
Companies
-
Diversified
-
0.04%
CK
Hutchison
Finance
16
Ltd
1.25%,
04/06/2023
EUR
2,500
$
2,864
ProGroup
AG
3.00%,
03/31/2026
450
494
$
3,358
Home
Builders
-
0.06%
Lennar
Corp
4.50%,
04/30/2024
$
1,790
1,911
Taylor
Morrison
Communities
Inc
/
Taylor
Morrison
Holdings
II
Inc
5.63%,
03/01/2024
(f)
1,755
1,895
Williams
Scotsman
International
Inc
7.88%,
12/15/2022
(f)
1,080
1,126
$
4,932
Home
Furnishings
-
0.02%
Arcelik
AS
5.00%,
04/03/2023
1,800
1,858
Insurance
-
2.78%
Acrisure
LLC
/
Acrisure
Finance
Inc
7.00%,
11/15/2025
(f)
20,132
19,729
8.13%,
02/15/2024
(f)
10,910
11,660
AIG
Life
Holdings
Inc
8.50%,
07/01/2030
4,995
6,800
Allstate
Corp/The
5.75%,
08/15/2053
(k)
4,808
5,205
3
Month
USD
LIBOR
+
2.94%
American
International
Group
Inc
5.75%,
04/01/2048
(k)
8,500
9,606
3
Month
USD
LIBOR
+
2.87%
8.18%,
05/15/2068
(k)
3,850
5,371
3
Month
USD
LIBOR
+
4.20%
Ardonagh
Midco
3
PLC
8.63%,
07/15/2023
(d),(f)
2,000
2,055
Argentum
Netherlands
BV
for
Swiss
Re
Ltd
5.63%,
08/15/2052
(k)
4,500
5,024
3
Month
USD
LIBOR
+
3.78%
5.75%,
08/15/2050
(k)
1,000
1,104
3
Month
USD
LIBOR
+
3.59%
Argentum
Netherlands
BV
for
Zurich
Insurance
Co
Ltd
5.13%,
06/01/2048
(k)
2,000
2,228
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.27%
Assicurazioni
Generali
SpA
4.60%,
12/31/2049
(i),(k)
EUR
2,500
3,112
3
Month
Euro
Interbank
Offered
Rate
+
4.50%
AssuredPartners
Inc
7.00%,
08/15/2025
(f)
$
30,753
31,291
AXA
SA
6.38%,
12/31/2049
(f),(i),(k)
3,000
3,975
3
Month
USD
LIBOR
+
2.26%
Berkshire
Hathaway
Inc
1.13%,
03/16/2027
EUR
2,500
2,962
Caisse
Nationale
de
Reassurance
Mutuelle
Agricole
Groupama
6.38%,
12/31/2049
(i),(k)
1,900
2,494
3
Month
Euro
Interbank
Offered
Rate
+
5.77%
CCB
Life
Insurance
Co
Ltd
4.50%,
04/21/2077
(k)
$
2,700
2,741
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.68%
Cloverie
PLC
for
Zurich
Insurance
Co
Ltd
5.63%,
06/24/2046
(k)
2,000
2,260
3
Month
USD
LIBOR
+
4.92%
Fidelity
&
Guaranty
Life
Holdings
Inc
5.50%,
05/01/2025
(f)
15,425
16,428
Schedule
of
Investments
Global
Diversified
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
51
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
(continued)
GTCR
AP
Finance
Inc
8.00%,
05/15/2027
(f)
$
4,790
$
5,077
Heungkuk
Life
Insurance
Co
Ltd
4.48%,
12/31/2049
(i),(k)
4,100
4,121
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.47%
HUB
International
Ltd
7.00%,
05/01/2026
(f)
6,589
6,836
Liberty
Mutual
Group
Inc
3.95%,
10/15/2050
(f)
1,500
1,634
7.80%,
03/07/2087
(f)
7,361
9,753
3
Month
USD
LIBOR
+
3.58%
Liberty
Mutual
Insurance
Co
7.70%,
10/15/2097
(f)
946
1,442
Lincoln
National
Corp
3.86%,
04/20/2067
5,584
4,802
3
Month
USD
LIBOR
+
2.04%
M&G
PLC
6.50%,
10/20/2048
(k)
3,200
3,732
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.41%
Mapfre
SA
1.63%,
05/19/2026
EUR
2,000
2,419
Meiji
Yasuda
Life
Insurance
Co
5.20%,
10/20/2045
(f),(k)
$
2,550
2,846
USD
Swap
Semi-Annual
5
Year
+
4.23%
MetLife
Inc
5.25%,
12/31/2049
(i),(k)
4,000
4,030
3
Month
USD
LIBOR
+
3.58%
9.25%,
04/08/2068
(f)
8,000
12,040
3
Month
USD
LIBOR
+
5.54%
10.75%,
08/01/2069
900
1,507
Mitsui
Sumitomo
Insurance
Co
Ltd
4.95%,
12/31/2099
(f),(i),(k)
3,000
3,373
USD
Swap
Semi-Annual
5
Year
+
3.26%
Nippon
Life
Insurance
Co
5.10%,
10/16/2044
(f),(k)
5,000
5,488
USD
Swap
Rate
NY
5
Year
+
3.65%
Prudential
Financial
Inc
5.88%,
09/15/2042
(k)
2,700
2,903
3
Month
USD
LIBOR
+
4.18%
QBE
Insurance
Group
Ltd
6.75%,
12/02/2044
(k)
1,000
1,123
USD
Swap
Semi-Annual
10
Year
+
4.30%
Societa
Cattolica
di
Assicurazioni
SC
4.25%,
12/14/2047
(k)
EUR
800
916
3
Month
Euro
Interbank
Offered
Rate
+
4.46%
Swiss
Re
Finance
Luxembourg
SA
5.00%,
04/02/2049
(f),(k)
$
1,200
1,364
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.58%
Talanx
AG
2.25%,
12/05/2047
(k)
EUR
200
237
3
Month
Euro
Interbank
Offered
Rate
+
2.45%
USI
Inc/NY
6.88%,
05/01/2025
(f)
$
2,510
2,573
Voya
Financial
Inc
5.65%,
05/15/2053
(k)
3,300
3,506
3
Month
USD
LIBOR
+
3.58%
6.13%,
12/31/2049
(i),(k)
800
867
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.36%
$
216,634
Internet
-
0.39%
Alibaba
Group
Holding
Ltd
3.40%,
12/06/2027
4,200
4,477
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Internet
(continued)
Booking
Holdings
Inc
3.60%,
06/01/2026
$
1,200
$
1,309
GrubHub
Holdings
Inc
5.50%,
07/01/2027
(f)
2,940
2,870
JD.com
Inc
4.13%,
01/14/2050
1,580
1,693
Netflix
Inc
3.63%,
05/15/2027
EUR
500
591
3.88%,
11/15/2029
600
701
4.38%,
11/15/2026
$
1,885
1,981
4.88%,
06/15/2030
(f)
3,550
3,703
Prosus
NV
3.68%,
01/21/2030
(f)
850
879
Tencent
Holdings
Ltd
3.98%,
04/11/2029
(f)
6,100
6,728
Uber
Technologies
Inc
8.00%,
11/01/2026
(f),(o)
3,000
3,192
Zayo
Group
LLC
/
Zayo
Capital
Inc
6.00%,
04/01/2023
2,140
2,186
$
30,310
Investment
Companies
-
0.14%
Beijing
State-Owned
Assets
Management
Hong
Kong
Co
Ltd
4.13%,
05/26/2025
3,767
3,984
Coastal
Emerald
Ltd
4.30%,
12/31/2049
(i),(k)
4,600
4,636
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
7.45%
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp
5.88%,
02/01/2022
2,365
2,365
$
10,985
Iron
&
Steel
-
1.73%
ABJA
Investment
Co
Pte
Ltd
5.45%,
01/24/2028
2,500
2,470
Baffinland
Iron
Mines
Corp
/
Baffinland
Iron
Mines
LP
8.75%,
07/15/2026
(f)
26,980
27,992
CSN
Resources
SA
7.63%,
02/13/2023
2,500
2,645
GTL
Trade
Finance
Inc
7.25%,
04/16/2044
1,800
2,342
GUSAP
III
LP
4.25%,
01/21/2030
(f)
1,960
2,057
JSW
Steel
Ltd
5.25%,
04/13/2022
2,850
2,917
5.95%,
04/18/2024
6,500
6,714
Material
Sciences
Corp
10.20%,
01/09/2024
(g),(h),(l),(o)
22,010
22,010
Metinvest
BV
5.63%,
06/17/2025
(f)
EUR
6,000
6,948
7.75%,
04/23/2023
$
7,181
7,659
7.75%,
10/17/2029
(f)
1,000
1,053
8.50%,
04/23/2026
2,000
2,185
Samarco
Mineracao
SA
0.00%,
11/01/2022
(e),(f)
2,300
1,489
Specialty
Steel
11.92%,
11/15/2022
(g),(h),(l),(o)
41,564
41,564
thyssenkrupp
AG
1.38%,
03/03/2022
EUR
700
777
Vale
Overseas
Ltd
6.25%,
08/10/2026
$
1,982
2,340
Vale
SA
3.75%,
01/10/2023
EUR
1,400
1,688
$
134,850
Schedule
of
Investments
Global
Diversified
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
52
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Lodging
-
0.93%
Boyd
Gaming
Corp
4.75%,
12/01/2027
(f)
$
6,725
$
6,876
6.00%,
08/15/2026
5,050
5,366
Fortune
Star
BVI
Ltd
5.25%,
03/23/2022
4,000
4,061
Gohl
Capital
Ltd
4.25%,
01/24/2027
4,000
4,244
Melco
Resorts
Finance
Ltd
4.88%,
06/06/2025
8,500
8,636
MGM
China
Holdings
Ltd
5.38%,
05/15/2024
(f)
9,865
10,111
Sands
China
Ltd
5.40%,
08/08/2028
2,500
2,841
Station
Casinos
LLC
5.00%,
10/01/2025
(f)
14,523
14,863
Studio
City
Finance
Ltd
7.25%,
02/11/2024
7,500
7,769
Wynn
Las
Vegas
LLC
/
Wynn
Las
Vegas
Capital
Corp
5.25%,
05/15/2027
(f)
1,840
1,909
Wynn
Macau
Ltd
5.50%,
10/01/2027
(f)
6,000
6,106
$
72,782
Machinery
-
Diversified
-
0.41%
JPW
Industries
Holding
Corp
9.00%,
10/01/2024
(f)
17,080
16,980
Mueller
Water
Products
Inc
5.50%,
06/15/2026
(f)
1,175
1,231
Titan
Acquisition
Ltd
/
Titan
Co-Borrower
LLC
7.75%,
04/15/2026
(f)
14,490
14,111
$
32,322
Media
-
2.60%
Altice
Financing
SA
6.63%,
02/15/2023
(f)
9,090
9,249
Altice
Finco
SA
4.75%,
01/15/2028
EUR
1,600
1,791
Altice
Luxembourg
SA
7.63%,
02/15/2025
(f)
$
3,165
3,291
10.50%,
05/15/2027
(f)
3,000
3,469
AMC
Networks
Inc
4.75%,
08/01/2025
2,745
2,771
5.00%,
04/01/2024
9,675
9,868
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
4.75%,
03/01/2030
(f)
1,925
1,979
5.13%,
05/01/2023
(f)
4,050
4,114
5.38%,
06/01/2029
(f)
6,000
6,420
5.50%,
05/01/2026
(f)
2,905
3,036
5.88%,
04/01/2024
(f)
12,975
13,391
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
4.46%,
07/23/2022
2,450
2,589
Clear
Channel
Worldwide
Holdings
Inc
9.25%,
02/15/2024
(f)
1,702
1,853
CSC
Holdings
LLC
5.25%,
06/01/2024
6,615
7,144
5.38%,
02/01/2028
(f)
4,676
4,957
5.75%,
01/15/2030
(f)
6,400
6,880
7.50%,
04/01/2028
(f)
3,950
4,494
Diamond
Sports
Group
LLC
/
Diamond
Sports
Finance
Co
5.38%,
08/15/2026
(f)
6,200
6,176
6.63%,
08/15/2027
(d),(f)
15,900
14,866
DISH
DBS
Corp
5.88%,
11/15/2024
1,565
1,584
7.75%,
07/01/2026
3,010
3,160
Grupo
Televisa
SAB
5.00%,
05/13/2045
1,400
1,566
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Media
(continued)
Meredith
Corp
6.88%,
02/01/2026
$
2,430
$
2,501
Nexstar
Broadcasting
Inc
5.63%,
07/15/2027
(f)
7,050
7,415
Quebecor
Media
Inc
5.75%,
01/15/2023
13,800
14,835
Shaw
Communications
Inc
6.75%,
11/09/2039
CAD
1,100
1,162
Sinclair
Television
Group
Inc
5.50%,
03/01/2030
(f)
$
3,675
3,758
SportsNet
New
York
10.25%,
01/15/2025
(g),(h),(o)
20,090
21,095
UPC
Holding
BV
3.88%,
06/15/2029
EUR
500
582
Virgin
Media
Finance
PLC
5.75%,
01/15/2025
(f)
$
12,100
12,463
6.00%,
10/15/2024
(f)
5,775
5,949
Virgin
Media
Secured
Finance
PLC
5.50%,
08/15/2026
(f)
1,350
1,416
Ziggo
Bond
Co
BV
4.63%,
01/15/2025
EUR
750
848
5.88%,
01/15/2025
(f)
$
3,180
3,271
6.00%,
01/15/2027
(f)
5,400
5,671
Ziggo
BV
5.50%,
01/15/2027
(f)
6,625
7,022
$
202,636
Metal
Fabrication
&
Hardware
-
0.24%
Optimas
OE
Solutions
Holding
LLC
/
Optimas
OE
Solutions
Inc
8.63%,
06/01/2021
(f)
29,884
17,931
Park-Ohio
Industries
Inc
6.63%,
04/15/2027
885
898
$
18,829
Mining
-
1.26%
Aleris
International
Inc
10.75%,
07/15/2023
(f)
650
676
Century
Aluminum
Co
7.50%,
06/01/2021
(f)
13,713
13,576
Constellium
SE
5.88%,
02/15/2026
(f)
2,890
2,984
First
Quantum
Minerals
Ltd
6.88%,
03/01/2026
(f)
9,355
9,028
7.25%,
04/01/2023
(f)
300
298
7.50%,
04/01/2025
(f)
450
443
Hudbay
Minerals
Inc
7.63%,
01/15/2025
(f)
955
965
IAMGOLD
Corp
7.00%,
04/15/2025
(f)
1,982
2,041
Industrias
Penoles
SAB
de
CV
4.15%,
09/12/2029
7,800
8,120
5.65%,
09/12/2049
(f)
3,250
3,569
Joseph
T
Ryerson
&
Son
Inc
11.00%,
05/15/2022
(f)
4,090
4,294
Newmont
Corp
4.88%,
03/15/2042
1,000
1,228
Nexa
Resources
SA
5.38%,
05/04/2027
1,700
1,830
Northwest
Acquisitions
ULC
/
Dominion
Finco
Inc
7.13%,
11/01/2022
(f)
19,888
16,010
Novelis
Corp
4.75%,
01/30/2030
(f)
6,225
6,252
5.88%,
09/30/2026
(f)
1,000
1,060
Petropavlovsk
2016
Ltd
8.13%,
11/14/2022
4,300
4,526
Real
Alloy
Holding
Inc
0.00%,
01/15/2019
(e),(f),(g),(h)
9,569
—
11.94%,
11/30/2023
(g),(h),(l),(o)
18,506
18,506
Schedule
of
Investments
Global
Diversified
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
53
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Mining
(continued)
Rusal
Capital
DAC
5.13%,
02/02/2022
$
2,600
$
2,671
$
98,077
Miscellaneous
Manufacturers
-
0.05%
Illinois
Tool
Works
Inc
3.90%,
09/01/2042
1,000
1,206
Parker-Hannifin
Corp
3.25%,
06/14/2029
2,850
3,057
$
4,263
Oil
&
Gas
-
3.16%
Callon
Petroleum
Co
6.13%,
10/01/2024
1,691
1,617
Centennial
Resource
Production
LLC
6.88%,
04/01/2027
(f)
1,075
1,072
CNOOC
Finance
2013
Ltd
2.88%,
09/30/2029
2,500
2,554
Continental
Resources
Inc/OK
5.00%,
09/15/2022
1,890
1,900
Cosan
Luxembourg
SA
7.00%,
01/20/2027
(d)
1,800
1,975
Ecopetrol
SA
5.88%,
05/28/2045
2,400
2,885
Endeavor
Energy
Resources
LP
/
EER
Finance
Inc
5.75%,
01/30/2028
(f)
8,575
8,918
Energy
Ventures
Gom
LLC
/
EnVen
Finance
Corp
11.00%,
02/15/2023
(f)
4,270
4,281
Gran
Tierra
Energy
Inc
7.75%,
05/23/2027
(f)
1,285
1,248
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co
5.75%,
10/01/2025
(f)
2,129
1,925
HollyFrontier
Corp
5.88%,
04/01/2026
1,500
1,707
Jagged
Peak
Energy
LLC
5.88%,
05/01/2026
6,280
6,468
Kosmos
Energy
Ltd
7.13%,
04/04/2026
(f)
6,504
6,577
7.13%,
04/04/2026
6,100
6,169
Matador
Resources
Co
5.88%,
09/15/2026
6,343
6,208
Medco
Bell
Pte
Ltd
6.38%,
01/30/2027
(f)
2,250
2,169
Medco
Oak
Tree
Pte
Ltd
7.38%,
05/14/2026
4,500
4,652
MEG
Energy
Corp
6.38%,
01/30/2023
(f)
3,020
3,056
7.00%,
03/31/2024
(f)
5,030
5,068
7.13%,
02/01/2027
(f)
7,575
7,502
Moss
Creek
Resources
Holdings
Inc
7.50%,
01/15/2026
(f)
2,000
1,467
Nabors
Industries
Ltd
7.50%,
01/15/2028
(f)
1,000
990
Nexen
Inc
5.88%,
03/10/2035
500
664
Occidental
Petroleum
Corp
6.60%,
03/15/2046
800
1,063
Odebrecht
Drilling
Norbe
VIII/IX
Ltd
6.35%,
12/01/2021
6,290
6,273
Odebrecht
Offshore
Drilling
Finance
Ltd
6.72%,
12/01/2022
5,178
5,126
Oil
India
Ltd
5.13%,
02/04/2029
2,200
2,492
PDC
Energy
Inc
5.75%,
05/15/2026
7,525
7,264
Pertamina
Persero
PT
5.63%,
05/20/2043
(f)
2,000
2,350
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Oil
&
Gas
(continued)
Petroamazonas
EP
4.63%,
11/06/2020
$
167
$
166
4.63%,
11/06/2020
(f)
2,962
2,948
Petrobras
Global
Finance
BV
5.09%,
01/15/2030
(f)
7,691
8,440
Petroleos
de
Venezuela
SA
0.00%,
10/27/2020
(e)
1,028
177
0.00%,
11/17/2021
(e)
17,250
1,380
0.00%,
05/16/2024
(e)
38,002
3,040
0.00%,
11/15/2026
(e)
12,045
964
0.00%,
04/12/2027
(e)
425
34
0.00%,
05/17/2035
(e)
536
43
0.00%,
04/12/2037
(e)
12,840
1,027
Petroleos
Mexicanos
5.95%,
01/28/2031
(f)
3,665
3,719
6.50%,
03/13/2027
8,950
9,703
6.84%,
01/23/2030
(f)
7,900
8,560
6.95%,
01/28/2060
(f)
1,250
1,267
7.19%,
09/12/2024
MXN
228,840
11,157
7.69%,
01/23/2050
(f)
$
5,977
6,566
9.50%,
09/15/2027
1,204
1,443
Petron
Corp
4.60%,
12/31/2049
(i),(k)
750
745
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.77%
Puma
International
Financing
SA
5.00%,
01/24/2026
(f)
3,400
3,191
QEP
Resources
Inc
5.25%,
05/01/2023
1,150
1,104
5.63%,
03/01/2026
600
535
Repsol
International
Finance
BV
4.50%,
03/25/2075
(k)
EUR
300
380
EUR
Swap
Annual
(VS
6
Month)
10
Year
+
4.20%
SandRidge
Energy
Inc
0.00%,
03/15/2021
(e),(g),(h)
$
3,450
—
Saudi
Arabian
Oil
Co
2.88%,
04/16/2024
(f)
2,300
2,363
3.50%,
04/16/2029
(f)
1,185
1,256
4.25%,
04/16/2039
(f)
1,325
1,466
4.38%,
04/16/2049
(f)
4,425
4,985
SEPLAT
Petroleum
Development
Co
Plc
9.25%,
04/01/2023
(f)
2,210
2,304
SM
Energy
Co
6.63%,
01/15/2027
(d)
1,750
1,584
Southwestern
Energy
Co
7.75%,
10/01/2027
2,130
1,778
SRC
Energy
Inc
6.25%,
12/01/2025
11,850
11,939
Sunoco
LP
/
Sunoco
Finance
Corp
4.88%,
01/15/2023
5,020
5,152
5.50%,
02/15/2026
6,345
6,527
6.00%,
04/15/2027
3,700
3,903
Tecpetrol
SA
4.88%,
12/12/2022
4,800
4,704
TOTAL
SA
2.63%,
12/31/2049
(i),(k)
EUR
2,000
2,393
EUR
Swap
Annual
(VS
6
Month)
5
Year
+
2.15%
Transocean
Inc
7.25%,
11/01/2025
(f)
$
4,510
4,251
Tupras
Turkiye
Petrol
Rafinerileri
AS
4.50%,
10/18/2024
2,000
2,008
Unit
Corp
6.63%,
05/15/2021
3,000
1,322
Valero
Energy
Corp
6.63%,
06/15/2037
900
1,215
Schedule
of
Investments
Global
Diversified
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
54
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Oil
&
Gas
(continued)
Viper
Energy
Partners
LP
5.38%,
11/01/2027
(f)
$
1,025
$
1,069
W&T
Offshore
Inc
9.75%,
11/01/2023
(f)
7,000
6,628
WPX
Energy
Inc
5.25%,
10/15/2027
6,000
6,270
YPF
SA
8.50%,
07/28/2025
(f)
1,512
1,387
$
246,733
Oil
&
Gas
Services
-
0.16%
Forum
Energy
Technologies
Inc
6.25%,
10/01/2021
12,265
10,977
USA
Compression
Partners
LP
/
USA
Compression
Finance
Corp
6.88%,
04/01/2026
1,180
1,227
$
12,204
Packaging
&
Containers
-
1.15%
Ardagh
Packaging
Finance
PLC
/
Ardagh
Holdings
USA
Inc
6.00%,
02/15/2025
(f)
1,915
2,001
Ball
Corp
4.38%,
12/15/2023
EUR
800
1,007
Berry
Global
Inc
4.50%,
02/15/2026
(f)
$
2,575
2,614
4.88%,
07/15/2026
(f)
7,700
8,045
5.63%,
07/15/2027
(d),(f)
5,150
5,472
Crown
Americas
LLC
/
Crown
Americas
Capital
Corp
VI
4.75%,
02/01/2026
325
337
Crown
Cork
&
Seal
Co
Inc
7.38%,
12/15/2026
3,685
4,358
Crown
European
Holdings
SA
3.38%,
05/15/2025
EUR
300
362
Plastipak
Holdings
Inc
6.25%,
10/15/2025
(f)
$
15,848
13,946
Reynolds
Group
Issuer
Inc
/
Reynolds
Group
Issuer
LLC
/
Reynolds
Group
Issuer
(Luxembourg)
S.A.
5.13%,
07/15/2023
(f)
11,300
11,532
Silgan
Holdings
Inc
3.25%,
03/15/2025
EUR
600
674
4.13%,
02/01/2028
(f)
$
1,125
1,118
Smurfit
Kappa
Treasury
ULC
1.50%,
09/15/2027
EUR
6,000
6,677
Trident
TPI
Holdings
Inc
6.63%,
11/01/2025
(f)
$
16,936
15,369
9.25%,
08/01/2024
(f)
8,420
8,546
Trivium
Packaging
Finance
BV
5.50%,
08/15/2026
(f)
7,600
8,009
$
90,067
Pharmaceuticals
-
0.59%
Allergan
Funding
SCS
3.85%,
06/15/2024
2,800
2,986
AstraZeneca
PLC
4.00%,
01/17/2029
1,150
1,307
Bausch
Health
Americas
Inc
8.50%,
01/31/2027
(f)
3,705
4,191
Bausch
Health
Cos
Inc
5.00%,
01/30/2028
(f)
2,800
2,835
5.25%,
01/30/2030
(f)
2,825
2,878
5.88%,
05/15/2023
(f)
160
161
7.00%,
01/15/2028
(f)
3,650
3,954
Bristol-Myers
Squibb
Co
4.63%,
05/15/2044
(f)
2,000
2,517
Eli
Lilly
&
Co
1.70%,
11/01/2049
EUR
425
494
Grifols
SA
3.20%,
05/01/2025
450
508
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pharmaceuticals
(continued)
Mylan
NV
3.95%,
06/15/2026
$
2,500
$
2,668
NVA
Holdings
Inc
6.88%,
04/01/2026
(f)
15,475
16,694
Teva
Pharmaceutical
Finance
Netherlands
III
BV
3.15%,
10/01/2026
3,200
2,732
4.10%,
10/01/2046
1,200
921
7.13%,
01/31/2025
(f)
1,320
1,389
$
46,235
Pipelines
-
0.92%
Antero
Midstream
Partners
LP
/
Antero
Midstream
Finance
Corp
5.38%,
09/15/2024
10,245
9,072
5.75%,
03/01/2027
(f)
1,200
936
5.75%,
01/15/2028
(f)
3,725
2,897
Enbridge
Inc
6.25%,
03/01/2078
(k)
5,600
6,112
3
Month
USD
LIBOR
+
3.64%
Enterprise
Products
Operating
LLC
5.25%,
08/16/2077
(k)
11,000
11,363
3
Month
USD
LIBOR
+
3.03%
EQM
Midstream
Partners
LP
4.75%,
07/15/2023
1,800
1,776
Hess
Midstream
Operations
LP
5.63%,
02/15/2026
(f)
3,810
3,988
Holly
Energy
Partners
LP
/
Holly
Energy
Finance
Corp
5.00%,
02/01/2028
(f),(j)
7,800
7,924
KazTransGas
JSC
4.38%,
09/26/2027
9,711
10,381
NGL
Energy
Partners
LP
/
NGL
Energy
Finance
Corp
7.50%,
11/01/2023
2,115
2,109
NuStar
Logistics
LP
6.00%,
06/01/2026
1,375
1,447
Summit
Midstream
Holdings
LLC
/
Summit
Midstream
Finance
Corp
5.75%,
04/15/2025
1,110
854
Targa
Resources
Partners
LP
/
Targa
Resources
Partners
Finance
Corp
5.50%,
03/01/2030
(f)
4,925
5,079
Transcanada
Trust
5.87%,
08/15/2076
(k)
4,230
4,590
3
Month
USD
LIBOR
+
4.64%
Transportadora
de
Gas
del
Sur
SA
6.75%,
05/02/2025
(d)
1,500
1,381
Williams
Cos
Inc/The
3.60%,
03/15/2022
1,000
1,030
6.30%,
04/15/2040
700
871
$
71,810
Real
Estate
-
0.98%
Arabian
Centres
Sukuk
Ltd
5.38%,
11/26/2024
(f)
7,934
8,202
China
Evergrande
Group
9.50%,
04/11/2022
8,500
8,204
Country
Garden
Holdings
Co
Ltd
5.13%,
01/17/2025
7,300
7,395
8.00%,
01/27/2024
6,400
6,947
Easy
Tactic
Ltd
8.13%,
02/27/2023
6,500
6,492
Kaisa
Group
Holdings
Ltd
11.25%,
04/09/2022
9,000
9,418
Longfor
Group
Holdings
Ltd
3.95%,
09/16/2029
4,700
4,778
MAF
Global
Securities
Ltd
6.37%,
12/31/2049
(i),(k)
7,060
7,498
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.54%
Schedule
of
Investments
Global
Diversified
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
55
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Real
Estate
(continued)
Realogy
Group
LLC
/
Realogy
Co-Issuer
Corp
9.38%,
04/01/2027
(f)
$
6,250
$
6,483
Scenery
Journey
Ltd
13.00%,
11/06/2022
4,500
4,546
Shimao
Property
Holdings
Ltd
6.13%,
02/21/2024
4,400
4,643
Wanda
Properties
International
Co
Ltd
7.25%,
01/29/2024
1,500
1,505
$
76,111
Regional
Authority
-
0.02%
Provincia
de
Buenos
Aires/Government
Bonds
6.50%,
02/15/2023
(f)
3,700
1,378
REITs
-
0.63%
CoreCivic
Inc
4.63%,
05/01/2023
10,000
9,950
ESH
Hospitality
Inc
5.25%,
05/01/2025
(f)
12,535
12,848
Iron
Mountain
Inc
5.25%,
03/15/2028
(f)
2,165
2,262
Iron
Mountain
UK
PLC
3.88%,
11/15/2025
GBP
600
807
Ladder
Capital
Finance
Holdings
LLLP
/
Ladder
Capital
Finance
Corp
5.25%,
10/01/2025
(f)
$
11,800
12,125
Ryman
Hospitality
Properties
Inc
4.75%,
10/15/2027
(f)
1,975
2,054
VICI
Properties
LP
/
VICI
Note
Co
Inc
3.75%,
02/15/2027
(f),(j)
3,100
3,116
4.13%,
08/15/2030
(f),(j)
2,700
2,735
4.25%,
12/01/2026
(f)
1,300
1,334
Welltower
Inc
4.00%,
06/01/2025
2,100
2,294
$
49,525
Retail
-
0.67%
1011778
BC
ULC
/
New
Red
Finance
Inc
4.25%,
05/15/2024
(f)
1,050
1,072
4.38%,
01/15/2028
(f)
1,600
1,604
5.00%,
10/15/2025
(f)
13,438
13,864
Carvana
Co
8.88%,
10/01/2023
(f)
3,000
3,151
Dollar
Tree
Inc
4.20%,
05/15/2028
1,900
2,086
DriveTime
Automotive
Group
Inc
/
Bridgecrest
Acceptance
Corp
8.00%,
06/01/2021
(f)
5,700
5,771
Future
Retail
Ltd
5.60%,
01/22/2025
(f)
825
831
L
Brands
Inc
6.75%,
07/01/2036
1,095
1,087
Reliance
Intermediate
Holdings
LP
6.50%,
04/01/2023
(f)
3,375
3,434
SRS
Distribution
Inc
8.25%,
07/01/2026
(d),(f)
12,620
13,125
Staples
Inc
10.75%,
04/15/2027
(f)
5,000
5,081
Walmart
Inc
5.63%,
03/27/2034
GBP
500
1,015
$
52,121
Semiconductors
-
0.01%
QUALCOMM
Inc
4.80%,
05/20/2045
$
500
635
Software
-
1.27%
ACI
Worldwide
Inc
5.75%,
08/15/2026
(f)
3,025
3,238
Ascend
Learning
LLC
6.88%,
08/01/2025
(f)
13,873
14,497
6.88%,
08/01/2025
(f)
1,375
1,437
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Software
(continued)
Camelot
Finance
SA
4.50%,
11/01/2026
(f)
$
3,100
$
3,154
Change
Healthcare
Holdings
LLC
/
Change
Healthcare
Finance
Inc
5.75%,
03/01/2025
(f)
18,044
18,378
Genesys
Telecommunications
Laboratories
Inc/
Greeneden
Lux
3
Sarl
10.00%,
11/30/2024
(f)
14,245
15,331
Informatica
LLC
7.13%,
07/15/2023
(f)
6,692
6,759
InterXion
Holding
NV
4.75%,
06/15/2025
EUR
300
357
IQVIA
Inc
3.25%,
03/15/2025
700
788
Microsoft
Corp
3.13%,
12/06/2028
1,850
2,604
Oracle
Corp
4.13%,
05/15/2045
$
1,400
1,649
PTC
Inc
6.00%,
05/15/2024
2,500
2,595
Sophia
LP
/
Sophia
Finance
Inc
9.00%,
09/30/2023
(f)
13,775
14,154
SS&C
Technologies
Inc
5.50%,
09/30/2027
(f)
13,325
14,095
$
99,036
Sovereign
-
9.62%
1MDB
Global
Investments
Ltd
4.40%,
03/09/2023
24,300
24,093
Abu
Dhabi
Government
International
Bond
2.50%,
09/30/2029
(f)
4,175
4,233
3.13%,
10/11/2027
5,500
5,830
3.13%,
09/30/2049
(f)
5,890
5,886
Angolan
Government
International
Bond
8.00%,
11/26/2029
(f)
8,500
8,985
Argentina
Bonar
Bonds
8.75%,
05/07/2024
1,854
760
Argentina
Treasury
Bill
0.00%,
07/29/2020
(e)
ARS
58,000
1,066
0.00%,
10/29/2020
(e)
149,605
2,269
Argentine
Bonos
del
Tesoro
15.50%,
10/17/2026
319,195
1,768
18.20%,
10/03/2021
3,868
31
Argentine
Republic
Government
International
Bond
0.00%,
12/15/2035
(e),(l)
$
23,615
413
5.00%,
01/15/2027
EUR
1,020
472
6.88%,
01/26/2027
$
29,055
13,089
6.88%,
01/11/2048
2,025
856
7.50%,
04/22/2026
3,025
1,378
8.28%,
12/31/2033
3,344
1,821
Bahrain
Government
International
Bond
7.00%,
10/12/2028
(f)
2,343
2,762
7.00%,
10/12/2028
7,600
8,959
Bonos
De
La
Nacion
Argentina
En
Moneda
Dua
4.50%,
02/13/2020
1,257
805
Brazil
Notas
do
Tesouro
Nacional
Serie
F
10.00%,
01/01/2021
BRL
41,773
10,220
10.00%,
01/01/2023
35,000
9,115
10.00%,
01/01/2025
17,470
4,715
10.00%,
01/01/2027
8,260
2,290
10.00%,
01/01/2031
51,300
14,737
Brazilian
Government
International
Bond
7.13%,
01/20/2037
$
3,950
5,218
Chile
Government
International
Bond
3.24%,
02/06/2028
4,400
4,708
Schedule
of
Investments
Global
Diversified
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
56
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Sovereign
(continued)
Colombia
Government
International
Bond
4.00%,
02/26/2024
$
2,400
$
2,546
4.50%,
01/28/2026
1,600
1,764
5.00%,
06/15/2045
4,400
5,346
Colombian
TES
6.25%,
11/26/2025
COP
8,252,900
2,513
7.50%,
08/26/2026
4,175,000
1,356
Costa
Rica
Government
International
Bond
6.13%,
02/19/2031
(f)
$
7,500
7,978
Croatia
Government
International
Bond
5.50%,
04/04/2023
1,350
1,491
Dominican
Republic
International
Bond
4.50%,
01/30/2030
(f)
960
959
5.88%,
01/30/2060
(f)
3,195
3,193
5.95%,
01/25/2027
10,000
10,980
6.40%,
06/05/2049
(f)
7,000
7,542
6.85%,
01/27/2045
2,300
2,587
6.88%,
01/29/2026
(f)
783
894
6.88%,
01/29/2026
2,250
2,568
Ecuador
Government
International
Bond
7.88%,
01/23/2028
(f)
1,080
878
Egypt
Government
International
Bond
4.55%,
11/20/2023
(f)
3,670
3,770
5.88%,
06/11/2025
(d),(f)
950
1,026
6.13%,
01/31/2022
1,700
1,783
6.38%,
04/11/2031
(f)
EUR
4,725
5,690
6.38%,
04/11/2031
7,500
9,031
8.50%,
01/31/2047
$
2,200
2,515
8.70%,
03/01/2049
(f)
2,985
3,438
Export
Credit
Bank
of
Turkey
6.13%,
05/03/2024
(f)
1,550
1,616
Export-Import
Bank
of
India
3.88%,
02/01/2028
3,200
3,390
Export-Import
Bank
of
Korea
6.20%,
08/07/2021
(f)
INR
99,100
1,383
8.00%,
05/15/2024
(f)
IDR
47,800,000
3,723
Gabon
Government
International
Bond
6.95%,
06/16/2025
$
12,478
13,463
6.95%,
06/16/2025
(f)
775
836
Ghana
Government
International
Bond
8.13%,
01/18/2026
(f)
2,000
2,223
8.13%,
03/26/2032
4,000
4,100
8.13%,
03/26/2032
(f)
1,040
1,066
10.75%,
10/14/2030
(f)
8,084
10,385
Guatemala
Government
Bond
4.50%,
05/03/2026
3,300
3,481
6.13%,
06/01/2050
900
1,068
Honduras
Government
International
Bond
6.25%,
01/19/2027
3,850
4,270
Indonesia
Government
International
Bond
2.85%,
02/14/2030
1,400
1,417
4.35%,
01/08/2027
(f)
2,620
2,895
4.75%,
07/18/2047
(f)
240
282
5.25%,
01/08/2047
(f)
2,400
3,007
6.63%,
02/17/2037
4,200
5,836
Indonesia
Treasury
Bond
7.50%,
08/15/2032
IDR
77,216,000
5,768
8.25%,
05/15/2036
130,000,000
10,233
8.38%,
03/15/2024
107,540,000
8,561
8.38%,
09/15/2026
144,000,000
11,651
8.38%,
03/15/2034
38,389,000
3,089
9.00%,
03/15/2029
143,400,000
11,972
Israel
Government
International
Bond
4.50%,
01/30/2043
$
5,150
6,372
Ivory
Coast
Government
International
Bond
5.75%,
12/31/2032
(l)
8,550
8,518
6.13%,
06/15/2033
8,400
8,608
6.88%,
10/17/2040
(f)
EUR
5,740
6,816
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Sovereign
(continued)
Kenya
Government
International
Bond
7.00%,
05/22/2027
(f)
$
3,817
$
4,054
7.25%,
02/28/2028
(f)
2,170
2,342
8.00%,
05/22/2032
7,659
8,333
Malaysia
Government
Bond
4.89%,
06/08/2038
MYR
16,092
4,682
Mexican
Bonos
6.50%,
06/09/2022
MXN
83,540
4,407
7.50%,
06/03/2027
234,440
13,036
8.00%,
09/05/2024
61,400
3,432
8.50%,
11/18/2038
74,120
4,568
10.00%,
12/05/2024
58,070
3,509
10.00%,
11/20/2036
64,990
4,521
Mexico
Government
International
Bond
4.75%,
03/08/2044
$
2,350
2,691
5.75%,
10/12/2110
2,250
2,796
Morocco
Government
International
Bond
4.25%,
12/11/2022
1,400
1,474
Mozambique
International
Bond
5.00%,
09/15/2031
(f)
8,000
7,642
Nigeria
Government
International
Bond
6.50%,
11/28/2027
14,912
15,337
7.14%,
02/23/2030
(f)
2,120
2,181
7.63%,
11/21/2025
(f)
1,530
1,728
Oman
Government
International
Bond
6.75%,
01/17/2048
2,375
2,367
Oman
Sovereign
Sukuk
SAOC
4.40%,
06/01/2024
1,100
1,123
Panama
Government
International
Bond
4.30%,
04/29/2053
1,760
2,143
Peru
Government
Bond
5.40%,
08/12/2034
(f)
PEN
10,000
3,179
5.94%,
02/12/2029
(f)
36,620
12,435
6.15%,
08/12/2032
(f)
26,800
9,188
Perusahaan
Penerbit
SBSN
Indonesia
III
4.40%,
03/01/2028
(f)
$
1,818
2,009
4.55%,
03/29/2026
1,150
1,271
Peruvian
Government
International
Bond
5.63%,
11/18/2050
3,200
4,896
5.70%,
08/12/2024
(f)
PEN
5,064
1,685
6.90%,
08/12/2037
(f)
5,733
2,097
Philippine
Government
International
Bond
9.50%,
02/02/2030
$
3,800
6,189
Republic
of
Belarus
International
Bond
6.88%,
02/28/2023
4,400
4,740
Republic
of
Poland
Government
International
Bond
3.25%,
04/06/2026
6,900
7,372
Republic
of
South
Africa
Government
Bond
6.25%,
03/31/2036
ZAR
363,100
17,329
8.00%,
01/31/2030
52,831
3,294
Republic
of
South
Africa
Government
International
Bond
4.88%,
04/14/2026
$
4,800
5,030
5.75%,
09/30/2049
2,255
2,218
Romania
Government
Bond
3.65%,
09/24/2031
RON
18,500
3,962
5.00%,
02/12/2029
18,755
4,594
Romanian
Government
International
Bond
2.00%,
01/28/2032
(f)
EUR
8,920
10,181
3.38%,
01/28/2050
(f)
2,235
2,627
5.13%,
06/15/2048
$
2,500
2,972
5.13%,
06/15/2048
(f)
1,515
1,801
Russian
Federal
Bond
-
OFZ
7.05%,
01/19/2028
RUB
975,050
16,193
7.10%,
10/16/2024
340,930
5,607
7.40%,
12/07/2022
268,298
4,403
7.70%,
03/23/2033
439,776
7,742
Schedule
of
Investments
Global
Diversified
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
57
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Sovereign
(continued)
Russian
Federal
Bond
-
OFZ
(continued)
8.50%,
09/17/2031
RUB
913,400
$
16,972
Russian
Foreign
Bond
-
Eurobond
4.38%,
03/21/2029
$
6,000
6,768
4.50%,
04/04/2022
200
210
5.25%,
06/23/2047
2,400
3,140
Saudi
Government
International
Bond
3.75%,
01/21/2055
(f),(j)
2,995
3,051
4.50%,
10/26/2046
(f)
1,280
1,462
4.50%,
10/26/2046
3,800
4,341
Senegal
Government
International
Bond
4.75%,
03/13/2028
EUR
7,500
8,857
Sri
Lanka
Government
International
Bond
6.75%,
04/18/2028
(f)
$
3,052
2,945
6.75%,
04/18/2028
1,336
1,289
Trinidad
&
Tobago
Government
International
Bond
4.50%,
08/04/2026
(d)
6,700
7,228
Turkey
Government
International
Bond
4.88%,
10/09/2026
3,710
3,715
6.35%,
08/10/2024
7,200
7,794
Ukraine
Government
Bond
16.00%,
08/11/2021
UAH
115,000
4,926
17.00%,
05/11/2022
140,000
6,283
Ukraine
Government
International
Bond
0.00%,
05/31/2040
(e),(l)
$
10,590
10,497
4.38%,
01/27/2030
(f)
EUR
10,305
11,336
6.75%,
06/20/2026
(f)
13,500
17,344
7.75%,
09/01/2020
$
3,000
3,073
7.75%,
09/01/2021
(f)
3,550
3,774
7.75%,
09/01/2027
5,000
5,661
Ukreximbank
Via
Biz
Finance
PLC
9.75%,
01/22/2025
5,050
5,468
Uruguay
Government
International
Bond
4.38%,
12/15/2028
UYU
314,460
8,802
Venezuela
Government
International
Bond
0.00%,
10/13/2019
(e)
$
15,701
1,923
0.00%,
05/07/2023
(e)
9,395
1,151
0.00%,
09/15/2027
(e)
13,395
1,641
0.00%,
08/05/2031
(e)
6,825
836
Vietnam
Government
International
Bond
4.80%,
11/19/2024
1,400
1,533
Zambia
Government
International
Bond
8.50%,
04/14/2024
1,640
1,120
$
750,876
Supranational
Bank
-
0.73%
African
Export-Import
Bank/The
3.99%,
09/21/2029
(f)
15,635
16,307
Asian
Development
Bank
6.20%,
10/06/2026
INR
290,680
4,060
6.45%,
08/08/2021
96,310
1,361
Banque
Ouest
Africaine
de
Developpement
4.70%,
10/22/2031
(f)
$
19,480
20,408
Debt
and
Asset
Trading
Corp
1.00%,
10/10/2025
8,450
6,528
Eastern
&
Southern
African
Trade
&
Development
Bank
4.88%,
05/23/2024
5,135
5,416
5.38%,
03/14/2022
3,000
3,140
$
57,220
Telecommunications
-
3.05%
Altice
France
SA/France
7.38%,
05/01/2026
(f)
7,550
8,041
AT&T
Inc
2.45%,
03/15/2035
EUR
250
313
4.38%,
09/14/2029
GBP
950
1,515
7.00%,
04/30/2040
200
429
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Telecommunications
(continued)
Axtel
SAB
de
CV
6.38%,
11/14/2024
(f)
$
3,736
$
3,946
6.38%,
11/14/2024
(d)
15,800
16,689
Bharti
Airtel
Ltd
4.38%,
06/10/2025
8,500
8,817
C&W
Senior
Financing
DAC
6.88%,
09/15/2027
(f)
11,370
12,209
CenturyLink
Inc
5.80%,
03/15/2022
2,035
2,145
CommScope
Inc
6.00%,
03/01/2026
(f)
8,100
8,495
8.25%,
03/01/2027
(f)
4,900
5,035
CommScope
Technologies
LLC
6.00%,
06/15/2025
(f)
13,885
13,295
Comunicaciones
Celulares
SA
Via
Comcel
Trust
6.88%,
02/06/2024
8,595
8,778
6.88%,
02/06/2024
(f)
2,005
2,048
Digicel
Group
One
Ltd
8.25%,
12/30/2022
(d),(f)
2,670
1,722
Digicel
International
Finance
Ltd
/
Digicel
Holdings
Bermuda
Ltd
8.75%,
05/25/2024
(f)
1,475
1,464
8.75%,
05/25/2024
5,175
5,136
Digicel
Ltd
6.75%,
03/01/2023
(f)
3,000
1,928
Embarq
Corp
8.00%,
06/01/2036
2,155
2,395
Frontier
Communications
Corp
7.13%,
01/15/2023
1,700
799
GTT
Communications
Inc
7.88%,
12/31/2024
(f)
30,603
23,870
Hughes
Satellite
Systems
Corp
7.63%,
06/15/2021
3,825
4,090
Kenbourne
Invest
SA
6.88%,
11/26/2024
(f)
2,000
2,078
Koninklijke
KPN
NV
5.75%,
09/17/2029
GBP
1,850
3,059
7.00%,
03/28/2073
(d),(f),(k)
$
400
441
USD
Swap
Semi-Annual
10
Year
+
5.21%
7.00%,
03/28/2073
(k)
1,100
1,213
USD
Swap
Semi-Annual
10
Year
+
5.21%
Level
3
Financing
Inc
5.13%,
05/01/2023
11,100
11,152
5.38%,
08/15/2022
1,471
1,477
Liquid
Telecommunications
Financing
Plc
8.50%,
07/13/2022
1,500
1,535
MTN
Mauritius
Investments
Ltd
4.76%,
11/11/2024
10,440
10,858
6.50%,
10/13/2026
(f)
540
610
Nokia
Oyj
2.00%,
03/15/2024
EUR
400
465
Oi
SA
8.00%,
PIK
4.00%,
07/27/2025
(l),(n)
$
3,050
2,957
Sprint
Capital
Corp
8.75%,
03/15/2032
2,255
2,497
Sprint
Corp
7.13%,
06/15/2024
14,025
14,486
7.88%,
09/15/2023
4,800
5,099
Telecom
Italia
SpA/Milano
3.25%,
01/16/2023
EUR
500
596
3.63%,
05/25/2026
500
617
5.30%,
05/30/2024
(f)
$
2,415
2,632
Telefonica
Celular
del
Paraguay
SA
5.88%,
04/15/2027
(f)
1,000
1,068
Telefonica
Europe
BV
3.75%,
12/31/2049
(i),(k)
EUR
1,000
1,167
EUR
Swap
Annual
(VS
6
Month)
5
Year
+
3.86%
Schedule
of
Investments
Global
Diversified
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
58
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Telecommunications
(continued)
T-Mobile
USA
Inc
0.00%,
04/15/2024
(e),(g),(h)
$
3,425
$
—
0.00%,
04/15/2025
(e),(g),(h)
1,575
—
0.00%,
01/15/2026
(e),(g),(h)
2,130
—
0.00%,
02/01/2026
(e),(g),(h)
690
—
5.13%,
04/15/2025
1,575
1,622
6.50%,
01/15/2026
2,130
2,272
Turk
Telekomunikasyon
AS
4.88%,
06/19/2024
1,200
1,229
Turkcell
Iletisim
Hizmetleri
AS
5.80%,
04/11/2028
5,600
5,824
5.80%,
04/11/2028
(f)
1,000
1,040
Verizon
Communications
Inc
4.86%,
08/21/2046
2,000
2,570
ViaSat
Inc
5.63%,
09/15/2025
(f)
17,925
18,233
5.63%,
04/15/2027
(f)
3,500
3,666
Vodafone
Group
PLC
5.00%,
05/30/2038
1,900
2,285
7.00%,
04/04/2079
(k)
1,500
1,769
USD
Swap
Semi-Annual
5
Year
+
4.87%
$
237,676
Transportation
-
0.34%
BNSF
Funding
Trust
I
6.61%,
12/15/2055
(k)
3,510
3,931
3
Month
USD
LIBOR
+
2.35%
Hidrovias
International
Finance
SARL
5.95%,
01/24/2025
6,300
6,536
JSL
Europe
SA
7.75%,
07/26/2024
6,500
7,004
Lima
Metro
Line
2
Finance
Ltd
4.35%,
04/05/2036
(f)
3,000
3,219
MV24
Capital
BV
6.75%,
06/01/2034
(f)
1,972
2,127
Pelabuhan
Indonesia
II
PT
5.38%,
05/05/2045
(f)
1,800
2,074
Rumo
Luxembourg
Sarl
7.38%,
02/09/2024
1,800
1,932
$
26,823
Trucking
&
Leasing
-
0.01%
DAE
Funding
LLC
5.00%,
08/01/2024
750
785
TOTAL
BONDS
$
5,625,209
CONVERTIBLE
BONDS
-
0.08%
Principal
Amount
(000's)
Value
(000's)
Healthcare
-
Services
-
0.07%
NMC
Health
Jersey
Ltd
1.88%,
04/30/2025
7,000
5,727
Mining
-
0.01%
Mirabela
Nickel
Ltd
0.00%,
06/24/2019
(e),(f)
6,966
348
TOTAL
CONVERTIBLE
BONDS
$
6,075
SENIOR
FLOATING
RATE
INTERESTS
-
6.29%
Principal
Amount
(000's)
Value
(000's)
Automobile
Parts
&
Equipment
-
0.63%
Dexko
Global
Inc
10.19%,
07/24/2025
(p)
$
21,140
$
20,981
3
Month
USD
LIBOR
+
8.25%
Panther
BF
Aggregator
2
LP
5.16%,
04/30/2026
(p)
6,858
6,897
3
Month
USD
LIBOR
+
3.50%
Truck
Hero
Inc
9.90%,
05/16/2025
(p)
22,010
20,910
3
Month
USD
LIBOR
+
8.25%
$
48,788
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Services
-
0.48%
IRI
Holdings
Inc
6.15%,
12/01/2025
(p)
$
5,780
$
5,625
3
Month
USD
LIBOR
+
4.50%
KUEHG
Corp
10.19%,
08/22/2025
(p)
14,160
14,164
3
Month
USD
LIBOR
+
8.25%
Learning
Care
Group
US
No
2
Inc
9.29%,
03/13/2026
(p)
14,850
14,850
3
Month
USD
LIBOR
+
7.50%
Refinitiv
US
Holdings
Inc
4.99%,
10/01/2025
(p)
3,143
3,173
1
Month
USD
LIBOR
+
3.25%
$
37,812
Computers
-
0.24%
Flexential
Intermediate
Corp
9.16%,
07/24/2025
(p)
21,350
11,689
3
Month
USD
LIBOR
+
7.25%
TierPoint
LLC
8.90%,
05/05/2025
(p)
7,760
7,164
3
Month
USD
LIBOR
+
7.25%
$
18,853
Consumer
Products
-
0.14%
KIK
Custom
Products
Inc
5.65%,
05/15/2023
(p)
11,419
11,258
3
Month
USD
LIBOR
+
4.00%
Cosmetics
&
Personal
Care
-
0.25%
Wellness
Merger
Sub
Inc
10.70%,
06/27/2025
(p)
19,410
19,289
3
Month
USD
LIBOR
+
8.75%
Distribution
&
Wholesale
-
0.00%
Targus
Group
International
Inc
0.00%,
05/24/2016
(e),(g),(h),(p)
880
—
3
Month
USD
LIBOR
+
4.00%
Electronics
-
0.20%
Deliver
Buyer
Inc
6.94%,
05/01/2024
(p)
15,185
15,255
3
Month
USD
LIBOR
+
5.00%
Engineering
&
Construction
-
0.07%
Brand
Industrial
Services
Inc
6.09%,
06/21/2024
(p)
5,227
5,218
3
Month
USD
LIBOR
+
4.25%
Entertainment
-
0.32%
18
Fremont
Street
Acquisition
LLC
10.04%,
08/09/2025
(p)
17,870
18,027
1
Month
USD
LIBOR
+
8.00%
Playtika
Holding
Corp
7.80%,
12/03/2024
(p)
7,000
7,066
1
Month
USD
LIBOR
+
6.00%
$
25,093
Healthcare
-
Services
-
0.62%
Aveanna
Healthcare
LLC
9.76%,
03/16/2025
(p)
23,880
22,716
3
Month
USD
LIBOR
+
8.00%
Dental
Corp
of
Canada
Inc
5.55%,
06/01/2025
(p)
2,685
2,686
3
Month
USD
LIBOR
+
3.75%
9.15%,
06/01/2026
(p)
15,150
14,885
3
Month
USD
LIBOR
+
7.50%
Sound
Inpatient
Physicians
Holdings
LLC
8.55%,
06/26/2026
(p)
7,975
7,989
3
Month
USD
LIBOR
+
6.75%
$
48,276
Schedule
of
Investments
Global
Diversified
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
59
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
-
0.44%
Asurion
LLC
8.22%,
08/04/2025
(p)
$
17,500
$
17,760
3
Month
USD
LIBOR
+
6.50%
8.22%,
08/04/2025
(p)
16,660
16,907
3
Month
USD
LIBOR
+
6.50%
Internet
-
0.76%
MH
Sub
I
LLC
9.15%,
09/15/2025
(p)
24,215
24,116
3
Month
USD
LIBOR
+
7.50%
Ten-X
LLC
9.65%,
09/29/2025
(g),(h),(p)
35,440
35,263
1
Month
USD
LIBOR
+
8.00%
$
59,379
Investment
Companies
-
0.31%
Masergy
Holdings
Inc
9.46%,
12/16/2024
(p)
13,674
13,264
3
Month
USD
LIBOR
+
7.50%
Zest
Acquisition
Corp
9.18%,
03/06/2026
(p)
11,260
10,556
3
Month
USD
LIBOR
+
7.50%
$
23,820
Machinery
-
Diversified
-
0.38%
Engineered
Machinery
Holdings
Inc
9.19%,
07/25/2025
(p)
21,223
21,024
3
Month
USD
LIBOR
+
7.25%
Granite
US
Holdings
Corp
7.21%,
09/30/2026
(p)
8,249
8,239
1
Month
USD
LIBOR
+
5.25%
$
29,263
Mining
-
0.10%
Aleris
International
Inc
6.55%,
02/08/2023
(p)
8,006
7,996
Miscellaneous
Manufacturers
-
0.27%
UTEX
Industries
Inc
5.65%,
05/22/2021
(p)
11,659
9,901
3
Month
USD
LIBOR
+
4.00%
8.90%,
05/22/2022
(p)
21,490
11,540
1
Month
USD
LIBOR
+
7.25%
$
21,441
Pharmaceuticals
-
0.58%
Lanai
Holdings
III
Inc
10.28%,
08/14/2023
(p)
25,190
21,411
3
Month
USD
LIBOR
+
8.50%
Packaging
Coordinators
Midco
Inc
10.70%,
06/29/2024
(p)
24,050
23,930
3
Month
USD
LIBOR
+
8.75%
$
45,341
REITs
-
0.04%
CoreCivic
Inc
6.16%,
12/12/2024
(p)
3,375
3,310
1
Month
USD
LIBOR
+
4.50%
Software
-
0.46%
Applied
Systems
Inc
8.94%,
09/19/2025
(p)
2,725
2,786
3
Month
USD
LIBOR
+
7.00%
Evergreen
Skills
Lux
Sarl
6.60%,
04/23/2021
(p)
13,162
11,007
3
Month
USD
LIBOR
+
4.75%
Greeneden
US
Holdings
II
LLC
5.00%,
12/01/2023
(p)
2,926
2,926
3
Month
USD
LIBOR
+
3.25%
Sophia
LP
5.19%,
09/30/2022
(p)
1,493
1,495
3
Month
USD
LIBOR
+
3.25%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Software
(continued)
Vertafore
Inc
5.05%,
07/02/2025
(p)
$
299
$
296
3
Month
USD
LIBOR
+
3.25%
9.05%,
06/04/2026
(p)
17,400
17,386
3
Month
USD
LIBOR
+
7.25%
$
35,896
TOTAL
SENIOR
FLOATING
RATE
INTERESTS
$
490,955
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
0.14%
Principal
Amount
(000's)
Value
(000's)
U.S.
Treasury
-
0.14%
1.50%,
09/15/2022
$
2,500
$
2,512
1.75%,
11/15/2029
8,000
8,166
$
10,678
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
10,678
Total
Investments
$
7,821,936
Other
Assets
and
Liabilities
- (0.22)%
(16,855)
TOTAL
NET
ASSETS
-
100.00%
$
7,805,081
(a)
Current
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
$83,030
or
1.06%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
sub-schedule
for
transactional
information.
(d)
Security
or
a
portion
of
the
security
was
on
loan
at
the
end
of
the
period.
(e)
Non-income
producing
security
(f)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$3,199,033
or
40.99%
of
net
assets.
(g)
The
value
of
these
investments
was
determined
using
significant
unobservable
inputs.
(h)
Fair
value
of
these
investments
is
determined
in
good
faith
by
the
Manager
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Directors.
Certain
inputs
used
in
the
valuation
may
be
unobservable;
however,
each
security
is
evaluated
individually
for
purposes
of
ASC
820
which
results
in
not
all
securities
being
identified
as
Level
3
of
the
fair
value
hierarchy.
At
the
end
of
the
period,
the
fair
value
of
these
securities
totaled
$188,780
or
2.42%
of
net
assets.
(i)
Perpetual
security.
Perpetual
securities
pay
an
indefinite
stream
of
interest,
but
they
may
be
called
by
the
issuer
at
an
earlier
date.
Date
shown,
if
any,
reflects
the
next
call
date
or
final
legal
maturity
date.
Rate
shown
is
as
of
period
end.
(j)
Security
purchased
on
a
when-issued
basis.
(k)
Rate
shown
is
as
of
period
end.
The
rate
may
be
a
variable
or
floating
rate
or
a
fixed
rate
which
may
convert
to
a
variable
or
floating
rate
in
the
future.
(l)
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions. These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
Rate
shown
is
the
rate
in
effect
as
of
period
end.
(m)
Security
is
an
Interest
Only
Strip.
(n)
Payment
in
kind;
the
issuer
has
the
option
of
paying
additional
securities
in
lieu
of
cash.
(o)
Restricted
Security.
Please
see
Restricted
Security
Sub-Schedule
for
more
information.
(p)
Rate
information
disclosed
is
based
on
an
average
weighted
rate
of
the
underlying
tranches
as
of
period
end.
Schedule
of
Investments
Global
Diversified
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
60
Portfolio
Summary (unaudited)
Location
Percent
United
States
63.81%
Canada
3.84%
United
Kingdom
2.67%
Mexico
2.54%
Cayman
Islands
2.14%
Netherlands
1.83%
Japan
1.54%
Luxembourg
1.18%
France
1.10%
Supranational
1.09%
Indonesia
1.01%
Brazil
0.98%
Virgin
Islands,
British
0.95%
Ukraine
0.80%
Russian
Federation
0.79%
Turkey
0.67%
Switzerland
0.58%
Hong
Kong
0.52%
Peru
0.51%
Argentina
0.50%
Australia
0.49%
India
0.48%
Germany
0.48%
South
Africa
0.46%
Ireland
0.43%
Italy
0.38%
Dominican
Republic
0.36%
Egypt
0.34%
United
Arab
Emirates
0.34%
Romania
0.33%
Singapore
0.33%
Jersey,
Channel
Islands
0.32%
Colombia
0.32%
Cote
d'Ivoire
0.31%
Nigeria
0.31%
Spain
0.30%
Austria
0.30%
Sweden
0.27%
Mauritius
0.26%
Chile
0.25%
Saudi
Arabia
0.25%
Ghana
0.22%
Kenya
0.19%
Gabon
0.18%
Korea,
Republic
Of
0.17%
Bahrain
0.16%
Venezuela
0.16%
Israel
0.15%
China
0.14%
Kazakhstan
0.13%
Costa
Rica
0.12%
Angola
0.12%
Uruguay
0.11%
Senegal
0.11%
Tunisia
0.11%
Finland
0.10%
Poland
0.10%
Isle
of
Man
0.10%
Vietnam
0.10%
Mozambique
0.10%
Saint
Lucia
0.09%
Trinidad
And
Tobago
0.09%
Philippines
0.09%
Togo
0.09%
Norway
0.08%
Malaysia
0.08%
Denmark
0.07%
Sri
Lanka
0.06%
Bermuda
0.06%
Belarus
0.06%
Portfolio
Summary (unaudited)
(continued)
Location
Percent
Honduras
0.06%
Morocco
0.05%
Ecuador
0.05%
Taiwan
0.05%
Guatemala
0.05%
Thailand
0.04%
Belgium
0.04%
Oman
0.04%
Panama
0.03%
Mongolia
0.02%
Puerto
Rico
0.02%
Croatia
0.02%
Cambodia
0.01%
Portugal
0.01%
Paraguay
0.01%
Taiwan,
Province
Of
China
0.01%
Zambia
0.01%
New
Zealand
0.00%
Other
Assets
and
Liabilities
(0.22)%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Global
Diversified
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
61
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
1.43%
$
225,082
$
1,227,207
$
1,218,521
$
233,768
$
225,082
$
1,227,207
$
1,218,521
$
233,768
Income
(a)
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Principal
Government
Mo
ney
Market
Fund
1.43%
$
879
$
—
$
—
$
—
$
879
$
—
$
—
$
—
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Restricted
Securities
Security
Name
Acquisition
Date
Cost
Value
Percent
of
Net
Assets
Material
Sciences
Corp
10.2%,
01/09/2024
12/22/2016
-
06/29/2018
$
22,936
$
22,010
0.28%
Real
Alloy
Holding
Inc
11.94%,
11/30/2023
05/31/2018
18,506
18,506
0.24%
Specialty
Steel
11.92%,
11/15/2022
11/15/2017
41,148
41,564
0.53%
SportsNet
New
York
10.25%,
01/15/2025
12/27/2017
19,789
21,095
0.27%
Uber
Technologies
Inc
8%,
11/01/2026
01/28/2020
-
01/30/2020
3,204
3,192
0.04%
Total
$
106,367
1.36%
Amounts
in
thousands.
Foreign
Currency
Contracts
Unrealized
Appreciation/(Depreciation)
Counterparty
Settlement
Date
Currency
to
Accept
Currency
to
Deliver
Asset
Liability
Barclays
Bank
PLC
02/28/2020
HUF
986,436
$
3,220
$
28
$
—
Barclays
Bank
PLC
02/28/2020
PLN
33,730
$
8,662
47
—
Goldman
Sachs
&
Co
02/07/2020
$
811
EUR
730
1
—
Goldman
Sachs
&
Co
02/21/2020
$
13,889
BRL
57,600
450
—
Goldman
Sachs
&
Co
02/21/2020
$
12,953
BRL
55,600
—
(19)
HSBC
Securities
Inc
02/04/2020
BRL
8,005
$
1,912
—
(43)
HSBC
Securities
Inc
02/04/2020
$
1,912
BRL
7,967
52
—
HSBC
Securities
Inc
02/07/2020
$
8,249
EUR
7,480
—
(48)
HSBC
Securities
Inc
02/21/2020
$
9,653
MXN
182,500
17
—
HSBC
Securities
Inc
02/28/2020
JPY
1,026,320
$
9,416
69
—
HSBC
Securities
Inc
02/28/2020
$
17,831
MXN
335,141
152
—
JPMorgan
Chase
02/07/2020
$
68,010
EUR
60,617
772
—
JPMorgan
Chase
02/07/2020
$
9,154
EUR
8,300
—
(53)
JPMorgan
Chase
02/21/2020
$
18,438
ZAR
267,150
671
—
JPMorgan
Chase
02/28/2020
$
3,700
ZAR
54,295
92
—
JPMorgan
Chase
02/28/2020
$
3,709
THB
115,648
—
(3)
Standard
Chartered
Bank,
Hong
Kong
02/04/2020
$
9,347
BRL
39,418
143
—
Standard
Chartered
Bank,
Hong
Kong
02/04/2020
BRL
40,066
$
9,891
—
(536)
Standard
Chartered
Bank,
Hong
Kong
02/18/2020
$
4,783
RUB
294,686
180
—
Standard
Chartered
Bank,
Hong
Kong
02/24/2020
$
4,242
INR
302,367
22
—
Standard
Chartered
Bank,
Hong
Kong
03/03/2020
BRL
39,466
$
9,348
—
(145)
Toronto
Dominion
Bank
02/28/2020
MXN
14,348
$
759
—
(2)
Total
$
2,696
$
(849)
Amounts
in
thousands.
Total
Return
Swaps
Counterparty
Reference
Entity
Contracts
Pay/Receive
Positive
Return
Financing
Rate
Payment
Frequency
Expiration
Date
Notional
Amount
Upfront
Payments/
(Receipts)
Value
and
Unrealized
Appreciation/
(Depreciation)
Asset
----
Liability
HSBC
Securities
Inc
Egypt
Treasury
Bills,
0.00%,
03/03/2020
256,700,000
Receive
3
Month
USD
LIBOR
+
0.80%
Annual
03/04/2020
$
15,301
$
—
$
711
$
—
HSBC
Securities
Inc
Egypt
Treasury
Bills,
0.00%,
08/11/2020
227,775,000
Receive
3
Month
USD
LIBOR
+
0.80%
Annual
08/12/2020
12,630
—
700
—
HSBC
Securities
Inc
Egypt
Treasury
Bills,
0.00%,
11/10/2020
113,175,000
Receive
3
Month
USD
LIBOR
+
0.80%
Annual
11/11/2020
6,144
—
268
—
Total
$
—
$
1,679
$
—
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
Global
Real
Estate
Securities
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
62
INVESTMENT
COMPANIES
-
1.55%
Shares
Held
Value
(000's)
Money
Market
Funds
-
1.55%
BlackRock
Liquidity
FedFund
1.49
%
(a),(b)
2,751,108
$
2,751
Principal
Government
Money
Market
Fund
1.43
%
(a),(c)
50,584,445
50,584
$
53,335
TOTAL
INVESTMENT
COMPANIES
$
53,335
COMMON
STOCKS
-
98.55%
Shares
Held
Value
(000's)
Engineering
&
Construction
-
0.35%
Lendlease
Group
1,004,367
12,063
Lodging
-
1.19%
City
Developments
Ltd
3,098,600
23,882
Hilton
Worldwide
Holdings
Inc
159,953
17,243
$
41,125
Real
Estate
-
16.21%
Aroundtown
SA
2,423,601
22,944
Castellum
AB
1,073,321
26,367
Entra
ASA
(
d)
1,729,694
29,519
Fabege
AB
1,786,807
30,629
LEG
Immobilien
AG
176,939
21,824
Mitsubishi
Estate
Co
Ltd
5,212,700
102,088
Mitsui
Fudosan
Co
Ltd
1,470,793
38,955
New
World
Development
Co
Ltd
34,242,000
42,773
Sun
Hung
Kai
Properties
Ltd
3,931,500
54,767
TLG
Immobilien
AG
(
e)
616,658
20,654
TLG
Immobilien
AG
5,361
183
Tokyo
Tatemono
Co
Ltd
2,322,200
37,521
Vonovia
SE
2,004,900
114,432
Wihlborgs
Fastigheter
AB
837,968
16,050
$
558,706
REITs
-
78.44%
Alexandria
Real
Estate
Equities
Inc
548,234
89,472
Allied
Properties
Real
Estate
Investment
Trust
(
f)
701,914
29,288
American
Homes
4
Rent
1,880,831
51,403
Americold
Realty
Trust
715,433
24,661
Apartment
Investment
&
Management
Co
914,730
48,215
AvalonBay
Communities
Inc
530,596
114,975
Big
Yellow
Group
PLC
877,147
13,629
Boston
Properties
Inc
410,810
58,890
Brandywine
Realty
Trust
960,750
15,007
Canadian
Apartment
Properties
REIT
924,426
39,536
CoreSite
Realty
Corp
95,224
11,184
Cousins
Properties
Inc
906,847
37,117
Crown
Castle
International
Corp
105,305
15,779
CubeSmart
1,143,307
36,209
Daiwa
Office
Investment
Corp
5,558
44,544
Dexus
4,761,388
40,177
Duke
Realty
Corp
939,548
34,115
EPR
Properties
498,280
35,562
Equinix
Inc
65,745
38,772
Equity
Residential
300,532
24,968
Essential
Properties
Realty
Trust
Inc
891,390
24,611
Essex
Property
Trust
Inc
278,997
86,422
Extra
Space
Storage
Inc
390,726
43,246
First
Industrial
Realty
Trust
Inc
454,620
19,412
Gecina
SA
234,913
44,307
Goodman
Group
8,090,316
80,093
GPT
Group/The
1,655,960
6,607
Healthcare
Realty
Trust
Inc
636,278
22,944
Healthcare
Trust
of
America
Inc
1,950,922
62,488
Healthpeak
Properties
Inc
1,216,218
43,772
Host
Hotels
&
Resorts
Inc
1,721,639
28,132
Industrial
&
Infrastructure
Fund
Investment
Corp
15,967
24,499
Inmobiliaria
Colonial
Socimi
SA
3,508,717
47,016
Invitation
Homes
Inc
3,199,521
100,689
Japan
Hotel
REIT
Investment
Corp
72,875
49,082
Japan
Retail
Fund
Investment
Corp
13,020
27,860
Kilroy
Realty
Corp
494,910
40,865
Klepierre
SA
622,691
21,167
Link
REIT
7,723,000
78,099
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
REITs
(continued)
Macquarie
Mexico
Real
Estate
Management
SA
de
CV
(
d)
4,670,160
$
6,364
Merlin
Properties
Socimi
SA
2,496,865
35,414
Mori
Hills
REIT
Investment
Corp
10,273
17,194
Nippon
Prologis
REIT
Inc
(
e)
12,288
35,325
Nomura
Real
Estate
Master
Fund
Inc
27,554
48,461
Park
Hotels
&
Resorts
Inc
823,660
18,071
PLA
Administradora
Industrial
S
de
RL
de
CV
1,694,610
2,767
Prologis
Inc
1,384,490
128,591
Prologis
Property
Mexico
SA
de
CV
2,721,720
6,022
Public
Storage
72,568
16,238
Regency
Centers
Corp
782,472
48,545
Rexford
Industrial
Realty
Inc
1,414,673
68,173
Sabra
Health
Care
REIT
Inc
961,100
20,664
Saul
Centers
Inc
177,133
8,747
Segro
PLC
8,494,420
102,000
Sekisui
House
Reit
Inc
28,213
24,166
Simon
Property
Group
Inc
414,901
55,244
Stockland
8,636,739
28,236
STORE
Capital
Corp
1,504,694
59,059
Summit
Industrial
Income
REIT
1,516,022
14,789
Sun
Communities
Inc
397,369
64,441
Sunstone
Hotel
Investors
Inc
1,203,403
15,259
Taubman
Centers
Inc
319,876
8,451
UNITE
Group
PLC/The
2,854,574
47,930
United
Urban
Investment
Corp
15,593
27,932
VICI
Properties
Inc
1,312,628
35,178
Welltower
Inc
1,116,875
94,834
Weyerhaeuser
Co
379,154
10,977
$
2,703,886
Software
-
1.61%
InterXion
Holding
NV
(
e)
639,018
55,614
Storage
&
Warehousing
-
0.75%
Safestore
Holdings
PLC
2,429,689
25,864
TOTAL
COMMON
STOCKS
$
3,397,258
Total
Investments
$
3,450,593
Other
Assets
and
Liabilities
- (
0.10)%
(3,480)
TOTAL
NET
ASSETS
-
100.00%
$
3,447,113
(a)
Current
yield
shown
is
as
of
period
end.
(b)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$2,751
or
0.08%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
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
$35,883
or
1.04%
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.
Schedule
of
Investments
Global
Real
Estate
Securities
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
63
Portfolio
Summary (
unaudited)
Location
Percent
United
States
53.15%
Japan
13.85%
United
Kingdom
5.50%
Hong
Kong
5.10%
Australia
4.85%
Germany
4.55%
Canada
2.43%
Spain
2.39%
Sweden
2.12%
France
1.90%
Netherlands
1.61%
Norway
0.86%
Singapore
0.69%
Luxembourg
0.67%
Mexico
0.43%
Other
Assets
and
Liabilities
(
0.10)%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
1.43%
$
6,414
$
263,975
$
219,805
$
50,584
$
6,414
$
263,975
$
219,805
$
50,584
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Principal
Government
Money
Market
Fund
1.43%
$
146
$
—
$
—
$
—
$
146
$
—
$
—
$
—
Amounts
in
thousands.
Schedule
of
Investments
Government
&
High
Quality
Bond
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
64
INVESTMENT
COMPANIES
-
4.37%
Shares
Held
Value
(000's)
Money
Market
Funds
-
4.37%
BlackRock
Liquidity
FedFund
1.49%
(a),(b)
4,160,333
$
4,160
Principal
Government
Money
Market
Fund
1.43%
(a),(c)
69,735,811
69,736
$
73,896
TOTAL
INVESTMENT
COMPANIES
$
73,896
BONDS
-
27.12%
Principal
Amount
(000's)
Value
(000's)
Automobile
Asset
Backed
Securities
-
0.13%
AmeriCredit
Automobile
Receivables
2016-1
2.89%,
01/10/2022
$
2,152
$
2,155
Commercial
Mortgage
Backed
Securities
-
13.07%
Bank
2019-BNK19
4.17%,
08/15/2061
(d)
4,200
4,556
BANK
2019-BNK21
3.52%,
10/17/2052
5,000
5,228
CD
2017-CD3
Mortgage
Trust
3.98%,
02/10/2050
(d)
4,500
4,864
Citigroup
Commercial
Mortgage
Trust
2016-GC36
4.91%,
02/10/2049
(d)
4,400
4,748
COMM
2013-CCRE9
Mortgage
Trust
4.39%,
07/10/2045
(d),(e)
2,400
2,307
COMM
2014-CCRE19
Mortgage
Trust
4.91%,
08/10/2047
(d)
3,700
3,959
COMM
2014-UBS5
Mortgage
Trust
4.77%,
09/10/2047
(d)
11,680
12,270
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
2.37%,
05/25/2022
7,700
7,817
2.65%,
08/25/2026
5,480
5,780
3.19%,
09/25/2027
(d)
11,000
12,024
3.30%,
04/25/2023
(d)
13,000
13,644
3.46%,
08/25/2023
(d)
12,400
13,112
3.53%,
10/25/2023
(d)
5,800
6,164
3.60%,
01/25/2028
8,340
9,324
3.65%,
02/25/2028
(d)
3,250
3,646
3.90%,
04/25/2028
6,800
7,757
4.06%,
10/25/2028
(d)
8,800
10,188
Ginnie
Mae
0.36%,
10/16/2053
(d),(f)
11,198
329
0.48%,
06/16/2060
(d),(f)
33,079
1,786
0.49%,
06/16/2052
(d),(f)
24,544
446
0.51%,
10/16/2054
(d),(f)
40,009
900
0.54%,
10/16/2054
(d),(f)
41,260
976
0.55%,
04/16/2047
(d),(f)
62,016
2,005
0.56%,
12/16/2053
(d),(f)
25,296
878
0.57%,
12/16/2059
(d),(f)
46,012
2,464
0.58%,
03/16/2060
(d),(f)
22,817
1,271
0.59%,
02/16/2060
(d),(f)
35,565
2,078
0.60%,
08/16/2051
(d),(f)
66,396
2,604
0.61%,
11/16/2045
(d),(f)
25,867
839
0.61%,
07/16/2060
(d),(f)
22,133
1,431
0.64%,
06/16/2054
(d),(f)
51,572
1,141
0.69%,
10/16/2054
(d),(f)
52,370
1,557
0.71%,
11/16/2052
(d),(f)
42,178
1,598
0.74%,
02/16/2061
(d),(f)
67,984
5,103
0.78%,
06/16/2057
(d),(f)
11,387
622
0.79%,
09/16/2053
(d),(f)
39,928
1,515
0.79%,
01/16/2056
(d),(f)
16,917
729
0.80%,
02/16/2053
(d),(f)
38,291
1,851
0.84%,
02/16/2053
(d),(f)
99,797
5,427
0.93%,
03/16/2052
(d),(f)
39,596
2,094
2.60%,
05/16/2059
4,005
4,069
2.60%,
03/16/2060
7,114
7,225
GS
Mortgage
Securities
Trust
2013-GC13
4.22%,
07/10/2046
(d),(e)
5,000
4,994
GS
Mortgage
Securities
Trust
2014-GC20
5.13%,
04/10/2047
(d)
2,000
2,094
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Mortgage
Backed
Securities
(continued)
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
2013-C16
5.13%,
12/15/2046
(d)
$
8,000
$
8,794
JPMDB
Commercial
Mortgage
Securities
Trust
2018-C8
4.90%,
06/15/2051
(d)
3,700
4,153
Wells
Fargo
Commercial
Mortgage
Trust
2014-LC16
4.46%,
08/15/2050
5,250
5,370
Wells
Fargo
Commercial
Mortgage
Trust
2015-C31
4.76%,
11/15/2048
(d)
6,000
6,463
WFRBS
Commercial
Mortgage
Trust
2014-C23
4.52%,
10/15/2057
(d)
9,700
10,570
$
220,764
Home
Equity
Asset
Backed
Securities
-
0.27%
ACE
Securities
Corp
Mortgage
Loan
Trust
Series
2007-D1
6.93%,
02/25/2038
(d),(e)
4,589
4,521
Mortgage
Backed
Securities
-
13.12%
Citigroup
Mortgage
Loan
Trust
2015-PS1
5.25%,
09/25/2042
(d),(e)
6,919
7,511
CSMC
Trust
2015-1
3.94%,
01/25/2045
(d),(e)
7,294
7,596
Fannie
Mae
Interest
Strip
3.50%,
12/25/2043
(d),(f)
3,854
589
7.00%,
04/25/2024
(f)
19
2
Fannie
Mae
REMICS
2.24%,
06/25/2045
(f)
14,894
767
1.00
x
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.00%
2.26%,
04/25/2027
6
6
1.00
x
1
Month
USD
LIBOR
+
0.60%
2.50%,
02/25/2028
(f)
10,180
594
3.00%,
07/25/2032
(f)
9,524
892
3.00%,
10/25/2040
(f)
23,785
1,440
3.00%,
04/25/2042
6,363
6,574
3.00%,
08/25/2042
3,517
3,599
3.00%,
02/25/2043
4,214
4,357
3.00%,
01/25/2046
6,945
7,246
3.00%,
03/25/2046
5,617
5,763
3.00%,
05/25/2048
1,996
2,084
3.50%,
02/25/2036
(f)
7,364
874
3.50%,
01/25/2040
(f)
10,394
583
3.50%,
11/25/2042
9,708
10,386
3.50%,
02/25/2043
805
851
3.50%,
02/25/2043
(f)
13,599
1,170
3.50%,
07/25/2043
(f)
9,991
865
3.50%,
08/25/2045
2,931
3,160
4.00%,
06/25/2039
9,547
9,869
4.00%,
12/25/2039
(f)
4,896
256
4.00%,
03/25/2045
6,411
7,384
4.24%,
03/25/2042
(f)
9,173
1,768
(1.00)
x
1
Month
USD
LIBOR
+
5.90%
4.34%,
10/25/2046
(f)
4,476
962
(1.00)
x
1
Month
USD
LIBOR
+
6.00%
4.44%,
08/25/2043
(f)
12,277
2,701
(1.00)
x
1
Month
USD
LIBOR
+
6.10%
4.49%,
09/25/2047
(f)
6,939
1,306
(1.00)
x
1
Month
USD
LIBOR
+
6.15%
4.50%,
04/25/2045
(f)
19,111
3,669
4.54%,
06/25/2048
(f)
13,293
2,972
(1.00)
x
1
Month
USD
LIBOR
+
6.20%
7.00%,
04/25/2032
729
843
Freddie
Mac
REMICS
2.50%,
11/15/2032
4,041
4,129
2.50%,
02/15/2043
2,142
2,190
3.00%,
11/15/2030
(f)
3,910
151
Schedule
of
Investments
Government
&
High
Quality
Bond
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
65
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Mortgage
Backed
Securities
(continued)
Freddie
Mac
REMICS
(continued)
3.00%,
06/15/2040
$
3,838
$
3,937
3.00%,
10/15/2041
1,964
2,019
3.00%,
10/15/2042
1,273
1,329
3.00%,
04/15/2046
2,416
2,531
3.00%,
11/15/2046
3,129
3,254
3.50%,
03/15/2029
3,794
4,062
3.50%,
04/15/2040
(f)
5,483
262
3.50%,
07/15/2042
2,972
3,041
3.50%,
05/15/2043
4,179
4,294
3.50%,
09/15/2043
7,680
8,086
4.00%,
05/15/2039
4,825
4,996
4.00%,
11/15/2042
(f)
7,392
957
4.00%,
11/15/2045
553
601
6.50%,
08/15/2027
64
67
Ginnie
Mae
3.00%,
05/16/2037
12,715
12,837
3.50%,
08/20/2039
(f)
14,906
896
3.50%,
01/20/2043
(f)
13,925
2,405
3.50%,
10/20/2044
(f)
17,068
2,095
3.50%,
11/20/2045
4,500
4,655
4.00%,
11/16/2038
296
303
4.00%,
04/20/2044
(f)
5,147
507
4.00%,
01/20/2046
(f)
8,620
773
4.39%,
08/20/2042
(f)
6,327
1,285
(1.00)
x
1
Month
USD
LIBOR
+
6.05%
4.44%,
06/20/2046
(f)
4,751
931
(1.00)
x
1
Month
USD
LIBOR
+
6.10%
4.49%,
04/20/2047
(f)
15,223
3,255
(1.00)
x
1
Month
USD
LIBOR
+
6.15%
4.54%,
08/20/2042
(f)
8,578
1,456
(1.00)
x
1
Month
USD
LIBOR
+
6.20%
4.54%,
11/20/2045
(f)
4,806
915
(1.00)
x
1
Month
USD
LIBOR
+
6.20%
4.54%,
09/20/2047
(f)
5,579
1,073
(1.00)
x
1
Month
USD
LIBOR
+
6.20%
4.54%,
09/20/2047
(f)
6,523
1,188
(1.00)
x
1
Month
USD
LIBOR
+
6.20%
4.58%,
08/16/2045
(f)
3,256
668
(1.00)
x
1
Month
USD
LIBOR
+
6.25%
4.59%,
06/20/2044
(f)
13,028
1,692
(1.00)
x
1
Month
USD
LIBOR
+
6.25%
5.00%,
11/20/2039
2,743
3,082
5.09%,
11/20/2045
(f)
4,281
916
(1.00)
x
1
Month
USD
LIBOR
+
6.75%
JP
Morgan
Mortgage
Trust
2016-4
3.50%,
10/25/2046
(d),(e)
3,713
3,757
JP
Morgan
Mortgage
Trust
2018-8
4.00%,
01/25/2049
(d),(e)
3,196
3,272
New
Residential
Mortgage
Loan
Trust
2015-2
5.53%,
08/25/2055
(d),(e)
5,417
5,831
NRP
Mortgage
Trust
2013-1
3.31%,
07/25/2043
(d),(e)
6,542
6,716
Sequoia
Mortgage
Trust
2013-2
3.64%,
02/25/2043
(d)
6,716
6,902
Sequoia
Mortgage
Trust
2017-2
3.63%,
02/25/2047
(d),(e)
2,323
2,401
Sequoia
Mortgage
Trust
2017-3
3.80%,
04/25/2047
(d),(e)
2,330
2,439
Sequoia
Mortgage
Trust
2017-5
3.50%,
08/25/2047
(d),(e)
1,227
1,248
Sequoia
Mortgage
Trust
2018-5
3.50%,
05/25/2048
(d),(e)
3,573
3,609
$
221,652
Other
Asset
Backed
Securities
-
0.53%
CNH
Equipment
Trust
2016-C
1.76%,
09/15/2023
1,600
1,598
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Other
Asset
Backed
Securities
(continued)
TAL
Advantage
V
LLC
3.33%,
05/20/2039
(e)
$
2,182
$
2,194
Towd
Point
Mortgage
Trust
4.25%,
10/25/2053
(d),(e)
5,000
5,243
$
9,035
TOTAL
BONDS
$
458,127
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
69.80%
Principal
Amount
(000's)
Value
(000's)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
-
14.49%
2.50%,
08/01/2027
$
1,031
$
1,052
2.50%,
02/01/2028
3,178
3,258
3.00%,
02/01/2027
2,727
2,818
3.00%,
02/01/2032
6,529
6,812
3.00%,
01/01/2033
4,372
4,552
3.00%,
04/01/2035
2,019
2,091
3.00%,
03/01/2037
4,577
4,724
3.00%,
10/01/2042
5,582
5,843
3.00%,
10/01/2042
6,460
6,710
3.00%,
05/01/2043
2,240
2,334
3.00%,
07/01/2045
6,198
6,455
3.00%,
10/01/2046
7,459
7,811
3.00%,
01/01/2047
6,078
6,364
3.50%,
11/01/2026
1,487
1,555
3.50%,
02/01/2032
3,348
3,516
3.50%,
04/01/2032
2,972
3,121
3.50%,
12/01/2041
2,278
2,450
3.50%,
04/01/2042
6,240
6,598
3.50%,
07/01/2042
7,667
8,116
3.50%,
08/01/2043
5,082
5,439
3.50%,
02/01/2044
5,558
5,866
3.50%,
08/01/2045
5,890
6,334
3.50%,
07/01/2046
8,487
9,113
3.50%,
11/01/2046
5,533
5,827
3.50%,
01/01/2047
11,657
12,445
3.50%,
01/01/2048
9,185
9,877
3.50%,
04/01/2049
13,345
14,149
3.85%,
10/01/2032
1
1
1.00
x
12
Month
USD
LIBOR
+
1.98%
4.00%,
12/01/2041
3,780
4,150
4.00%,
07/01/2042
2,808
3,085
4.00%,
09/15/2042
1,950
2,133
4.00%,
04/01/2043
8,003
8,793
4.00%,
07/01/2043
3,461
3,802
4.00%,
10/01/2045
7,251
7,965
4.00%,
08/01/2047
10,536
11,570
4.00%,
11/01/2047
2,346
2,589
4.00%,
01/01/2048
7,234
7,969
4.00%,
06/01/2048
12,730
13,855
4.50%,
04/01/2041
3,954
4,432
4.50%,
11/01/2043
3,594
4,029
5.00%,
10/01/2025
36
39
5.00%,
12/01/2032
34
37
5.00%,
02/01/2033
359
399
5.00%,
01/01/2034
3,401
3,776
5.00%,
05/01/2034
84
93
5.00%,
07/01/2035
2
2
5.00%,
07/01/2035
31
34
5.00%,
10/01/2035
6
7
5.00%,
11/01/2035
266
295
5.00%,
07/01/2044
2,634
2,924
5.00%,
03/01/2048
4,272
4,840
5.50%,
03/01/2029
1
1
5.50%,
05/01/2033
7
8
5.50%,
10/01/2033
11
13
5.50%,
12/01/2033
253
285
5.50%,
07/01/2037
15
16
5.50%,
04/01/2038
4
4
5.50%,
05/01/2038
29
32
Schedule
of
Investments
Government
&
High
Quality
Bond
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
66
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
(continued)
6.00%,
01/01/2021
$
7
$
7
6.00%,
06/01/2028
5
6
6.00%,
05/01/2031
64
73
6.00%,
10/01/2031
2
2
6.00%,
02/01/2032
14
16
6.00%,
09/01/2032
47
51
6.00%,
11/01/2033
349
393
6.00%,
11/01/2033
80
88
6.00%,
09/01/2034
53
61
6.00%,
02/01/2035
45
51
6.00%,
10/01/2036
34
39
6.00%,
03/01/2037
73
82
6.00%,
05/01/2037
90
103
6.00%,
01/01/2038
10
11
6.00%,
03/01/2038
32
35
6.00%,
04/01/2038
59
65
6.00%,
07/01/2038
133
149
6.00%,
10/01/2038
80
92
6.50%,
12/01/2021
40
41
6.50%,
04/01/2022
52
54
6.50%,
05/01/2022
31
31
6.50%,
08/01/2022
15
15
6.50%,
05/01/2023
26
27
6.50%,
07/01/2023
1
1
6.50%,
07/01/2025
1
1
6.50%,
09/01/2025
1
1
6.50%,
10/01/2025
1
1
6.50%,
03/01/2029
27
30
6.50%,
04/01/2031
119
132
6.50%,
10/01/2031
45
50
6.50%,
02/01/2032
6
7
6.50%,
04/01/2032
6
6
6.50%,
04/01/2035
5
5
6.50%,
02/01/2037
28
31
7.00%,
07/01/2024
1
1
7.00%,
01/01/2028
184
197
7.00%,
06/01/2029
60
68
7.00%,
04/01/2031
42
47
7.00%,
10/01/2031
77
87
7.00%,
04/01/2032
111
128
7.50%,
12/01/2030
3
3
7.50%,
02/01/2031
10
11
7.50%,
02/01/2031
1
2
8.50%,
07/01/2029
68
72
$
244,781
Federal
National
Mortgage
Association
(FNMA)
-
0.46%
3.00%,
04/01/2043
5,871
6,045
3.61%,
12/01/2033
53
55
1.00
x
12
Month
USD
LIBOR
+
1.61%
5.50%,
05/01/2033
73
76
6.00%,
01/01/2032
106
113
6.00%,
04/01/2033
163
177
6.00%,
09/01/2034
350
384
6.50%,
06/01/2031
59
68
6.50%,
11/01/2032
334
371
6.50%,
11/01/2032
92
100
7.00%,
08/01/2028
43
49
7.00%,
12/01/2028
41
46
7.00%,
07/01/2029
48
54
7.00%,
07/01/2032
113
125
7.50%,
12/01/2024
59
63
7.50%,
02/01/2030
54
58
$
7,784
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
-
39.83%
2.00%,
08/01/2028
1,923
1,939
2.00%,
07/01/2030
5,064
5,098
2.50%,
06/01/2027
3,742
3,830
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%,
05/01/2028
$
1,667
$
1,711
2.50%,
08/01/2028
2,229
2,287
2.50%,
03/01/2030
5,179
5,316
2.50%,
07/01/2030
7,400
7,572
2.50%,
12/01/2031
6,926
7,097
3.00%,
04/01/2027
2,604
2,691
3.00%,
05/01/2029
4,481
4,655
3.00%,
01/01/2030
386
401
3.00%,
08/01/2031
7,443
7,761
3.00%,
06/01/2033
9,993
10,361
3.00%,
10/01/2036
5,494
5,724
3.00%,
11/01/2042
6,677
6,969
3.00%,
12/01/2042
5,092
5,315
3.00%,
12/01/2042
5,143
5,357
3.00%,
01/01/2043
4,794
4,993
3.00%,
02/01/2043
5,323
5,571
3.00%,
06/01/2043
9,083
9,480
3.00%,
08/01/2043
5,939
6,198
3.00%,
07/01/2045
2,365
2,463
3.00%,
01/01/2046
4,800
5,010
3.00%,
07/01/2046
6,771
7,026
3.00%,
09/01/2046
5,620
5,874
3.00%,
10/01/2046
6,484
6,749
3.00%,
11/01/2046
10,070
10,539
3.00%,
12/01/2046
7,595
7,881
3.00%,
12/01/2046
5,259
5,512
3.00%,
01/01/2047
8,481
8,875
3.00%,
01/01/2047
9,367
9,802
3.00%,
01/01/2047
6,048
6,330
3.00%,
12/01/2049
9,912
10,151
3.50%,
08/01/2031
3,727
3,941
3.50%,
02/01/2033
7,809
8,258
3.50%,
09/01/2033
7,835
8,286
3.50%,
06/01/2039
3,989
4,193
3.50%,
02/01/2042
5,336
5,754
3.50%,
06/01/2042
2,789
2,951
3.50%,
07/01/2042
4,068
4,351
3.50%,
09/01/2042
7,135
7,631
3.50%,
11/01/2042
4,188
4,477
3.50%,
02/01/2043
1,754
1,891
3.50%,
05/01/2043
4,260
4,580
3.50%,
05/01/2043
2,356
2,541
3.50%,
09/01/2044
12,241
13,200
3.50%,
10/01/2044
5,751
6,201
3.50%,
11/01/2044
4,915
5,300
3.50%,
03/01/2045
2,767
2,950
3.50%,
03/01/2045
4,504
4,841
3.50%,
06/01/2045
5,521
5,953
3.50%,
08/01/2045
5,046
5,441
3.50%,
09/01/2045
4,370
4,674
3.50%,
10/01/2045
5,078
5,476
3.50%,
11/01/2045
9,080
9,760
3.50%,
01/01/2046
4,442
4,790
3.50%,
03/01/2046
6,223
6,711
3.50%,
04/01/2046
6,484
6,993
3.50%,
10/01/2047
4,681
5,002
3.50%,
11/01/2048
12,163
13,083
3.50%,
05/01/2049
8,268
8,853
4.00%,
01/01/2034
1,070
1,145
4.00%,
10/01/2037
5,479
5,829
4.00%,
09/01/2040
2,285
2,461
4.00%,
02/01/2042
1,828
1,993
4.00%,
01/01/2043
1,812
1,989
4.00%,
03/01/2043
3,273
3,529
4.00%,
08/01/2043
6,131
6,731
4.00%,
04/01/2044
2,350
2,580
4.00%,
08/01/2044
3,211
3,525
Schedule
of
Investments
Government
&
High
Quality
Bond
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
67
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
(continued)
4.00%,
08/01/2044
$
8,535
$
9,439
4.00%,
11/01/2044
2,566
2,838
4.00%,
12/01/2044
5,257
5,744
4.00%,
02/01/2045
4,430
4,899
4.00%,
07/01/2045
4,794
5,167
4.00%,
08/01/2045
5,123
5,666
4.00%,
09/01/2045
8,976
9,926
4.00%,
01/01/2046
7,004
7,683
4.00%,
05/01/2046
10,298
11,305
4.00%,
07/01/2046
6,583
7,280
4.00%,
08/01/2046
9,195
9,964
4.00%,
07/01/2047
6,930
7,662
4.00%,
10/01/2047
5,790
6,354
4.00%,
12/01/2047
4,836
5,347
4.00%,
02/01/2048
6,918
7,549
4.00%,
03/01/2049
11,717
12,855
4.00%,
07/01/2049
13,055
14,154
4.00%,
07/01/2049
7,202
7,850
4.50%,
09/01/2025
904
956
4.50%,
08/01/2039
2,464
2,726
4.50%,
03/01/2041
3,072
3,356
4.50%,
03/01/2042
6,460
7,227
4.50%,
09/01/2043
3,125
3,502
4.50%,
09/01/2043
5,454
6,111
4.50%,
11/01/2043
5,102
5,717
4.50%,
10/01/2044
2,806
3,058
4.50%,
12/01/2044
7,068
7,920
4.50%,
05/01/2045
3,129
3,507
4.50%,
09/01/2045
4,570
5,086
4.50%,
10/01/2045
5,916
6,626
4.50%,
11/01/2045
7,570
8,422
4.50%,
08/01/2048
6,260
6,946
4.50%,
09/01/2048
11,071
12,361
4.50%,
11/01/2048
7,473
8,193
4.50%,
12/01/2048
8,304
9,155
5.00%,
01/01/2026
40
43
5.00%,
04/01/2035
110
122
5.00%,
05/01/2035
60
66
5.00%,
07/01/2035
21
23
5.00%,
02/01/2038
1,644
1,841
5.00%,
03/01/2038
1,150
1,288
5.00%,
02/01/2040
5,474
6,174
5.00%,
05/01/2040
2,258
2,549
5.00%,
07/01/2040
1,387
1,559
5.00%,
07/01/2041
6,279
7,088
5.00%,
02/01/2044
2,836
3,181
5.00%,
06/01/2044
2,731
3,056
5.00%,
05/01/2048
4,801
5,437
5.50%,
06/01/2026
45
49
5.50%,
07/01/2033
488
550
5.50%,
02/01/2037
3
4
5.50%,
12/01/2037
702
787
5.50%,
03/01/2038
165
184
6.00%,
12/01/2022
4
5
6.00%,
03/01/2029
31
34
6.00%,
12/01/2031
1
1
6.00%,
12/01/2031
2
2
6.00%,
11/01/2032
6
7
6.00%,
03/01/2034
129
142
6.00%,
11/01/2037
11
12
6.00%,
02/01/2038
47
54
6.00%,
03/01/2038
45
52
6.00%,
04/01/2039
428
474
6.50%,
09/01/2024
84
94
6.50%,
08/01/2028
16
18
6.50%,
12/01/2028
11
12
6.50%,
02/01/2029
13
15
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
(continued)
6.50%,
03/01/2029
$
23
$
25
6.50%,
04/01/2029
21
23
6.50%,
06/01/2031
60
66
6.50%,
12/01/2031
2
2
6.50%,
01/01/2032
29
32
6.50%,
04/01/2032
71
79
6.50%,
04/01/2032
19
21
6.50%,
08/01/2032
62
69
6.50%,
02/01/2033
63
70
6.50%,
04/01/2036
2
3
6.50%,
08/01/2036
61
70
6.50%,
08/01/2036
28
32
6.50%,
10/01/2036
27
33
6.50%,
11/01/2036
19
22
6.50%,
07/01/2037
11
13
6.50%,
07/01/2037
20
24
6.50%,
08/01/2037
322
378
6.50%,
08/01/2037
30
33
6.50%,
02/01/2038
22
25
6.50%,
05/01/2038
3
3
7.00%,
05/01/2022
3
3
7.00%,
11/01/2031
124
138
7.50%,
08/01/2032
7
8
8.50%,
09/01/2025
1
1
9.00%,
09/01/2030
1
1
$
673,050
Government
National
Mortgage
Association
(GNMA)
-
12.26%
3.00%,
11/15/2042
5,843
6,098
3.00%,
11/15/2042
3,669
3,786
3.00%,
12/15/2042
3,764
3,887
3.00%,
02/15/2043
4,448
4,642
3.00%,
07/20/2045
16,442
17,122
3.00%,
07/20/2046
6,040
6,269
3.00%,
09/20/2046
6,420
6,682
3.00%,
11/20/2046
4,392
4,535
3.00%,
12/20/2046
7,949
8,246
3.00%,
02/20/2047
9,394
9,732
3.00%,
07/20/2047
18,380
19,062
3.00%,
08/20/2047
6,791
7,032
3.00%,
11/15/2047
7,143
7,364
3.50%,
08/20/2042
3,869
4,104
3.50%,
05/15/2043
6,630
7,082
3.50%,
06/20/2043
4,629
4,912
3.50%,
08/15/2043
5,450
5,798
3.50%,
04/20/2045
3,992
4,215
3.50%,
02/20/2047
2,008
2,132
3.50%,
04/20/2047
12,280
12,796
3.50%,
05/20/2047
12,488
13,193
3.50%,
10/20/2047
4,376
4,575
3.50%,
11/20/2047
4,426
4,630
3.50%,
02/20/2048
14,218
14,863
4.00%,
08/15/2041
3,556
3,874
4.00%,
09/15/2041
5,533
6,072
4.00%,
03/15/2044
3,602
3,952
4.00%,
10/20/2044
3,192
3,382
5.00%,
02/15/2034
99
110
5.00%,
10/15/2039
2,216
2,475
5.50%,
07/20/2033
830
935
5.50%,
03/20/2034
867
977
5.50%,
05/20/2035
90
101
6.00%,
10/15/2023
47
52
6.00%,
11/15/2023
4
5
6.00%,
11/15/2023
7
8
6.00%,
12/15/2023
3
3
6.00%,
03/15/2024
4
4
6.00%,
04/20/2026
26
28
6.00%,
10/20/2028
4
4
Schedule
of
Investments
Government
&
High
Quality
Bond
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
68
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Government
National
Mortgage
Association
(GNMA)
(continued)
6.00%,
02/20/2029
$
47
$
52
6.00%,
09/15/2032
54
60
6.00%,
02/15/2033
16
18
6.00%,
07/20/2033
662
757
6.00%,
08/15/2038
65
72
6.50%,
09/15/2023
10
11
6.50%,
09/15/2023
5
6
6.50%,
09/15/2023
2
2
6.50%,
10/15/2023
10
10
6.50%,
12/15/2023
1
2
6.50%,
12/15/2023
9
10
6.50%,
12/15/2023
2
2
6.50%,
12/15/2023
10
10
6.50%,
01/15/2024
2
2
6.50%,
01/15/2024
3
4
6.50%,
01/15/2024
8
9
6.50%,
01/15/2024
1
1
6.50%,
01/15/2024
16
17
6.50%,
01/15/2024
1
1
6.50%,
04/15/2024
7
7
6.50%,
04/20/2024
3
3
6.50%,
07/15/2024
14
16
6.50%,
01/15/2026
4
5
6.50%,
03/15/2026
3
3
6.50%,
07/20/2026
1
1
6.50%,
10/20/2028
5
6
6.50%,
03/20/2031
44
51
6.50%,
04/20/2031
37
42
6.50%,
07/15/2031
1
1
6.50%,
10/15/2031
9
10
6.50%,
07/15/2032
2
3
6.50%,
05/20/2034
506
577
6.80%,
04/20/2025
19
19
7.00%,
11/15/2022
2
2
7.00%,
12/15/2022
12
12
7.00%,
01/15/2023
1
1
7.00%,
01/15/2023
4
4
7.00%,
01/15/2023
1
1
7.00%,
02/15/2023
11
11
7.00%,
07/15/2023
2
2
7.00%,
07/15/2023
4
4
7.00%,
07/15/2023
4
4
7.00%,
08/15/2023
7
8
7.00%,
12/15/2023
3
3
7.00%,
12/15/2023
8
8
7.00%,
01/15/2026
6
6
7.00%,
01/15/2027
10
10
7.00%,
10/15/2027
1
1
7.00%,
10/15/2027
1
1
7.00%,
10/15/2027
6
7
7.00%,
12/15/2027
2
2
7.00%,
12/15/2027
1
1
7.00%,
04/15/2028
2
2
7.00%,
06/15/2028
88
97
7.00%,
12/15/2028
49
53
7.00%,
01/15/2029
34
37
7.00%,
03/15/2029
20
20
7.00%,
04/15/2029
136
149
7.00%,
04/15/2029
1
1
7.00%,
05/15/2031
5
6
7.00%,
07/15/2031
1
1
7.00%,
09/15/2031
1
1
7.50%,
12/15/2021
4
4
7.50%,
03/15/2022
3
3
7.50%,
04/15/2022
9
9
7.50%,
04/15/2022
1
1
7.50%,
08/15/2022
1
1
7.50%,
08/15/2022
1
1
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Government
National
Mortgage
Association
(GNMA)
(continued)
7.50%,
08/15/2022
$
6
$
6
7.50%,
02/15/2023
2
2
7.50%,
05/15/2023
4
4
7.50%,
05/15/2023
1
1
7.50%,
06/15/2023
1
1
7.50%,
03/15/2024
7
7
7.50%,
08/15/2024
1
1
7.50%,
05/15/2027
4
4
7.50%,
06/15/2027
7
7
7.50%,
08/15/2029
21
22
7.50%,
10/15/2029
15
15
7.50%,
11/15/2029
40
40
8.00%,
02/15/2022
4
4
8.00%,
04/15/2022
1
1
8.00%,
12/15/2030
5
6
9.00%,
11/15/2021
6
6
9.50%,
08/15/2021
2
2
$
207,132
U.S.
Treasury
-
2.36%
1.13%,
03/31/2020
8,600
8,593
1.25%,
02/29/2020
(g)
7,000
6,998
2.13%,
12/31/2022
4,920
5,034
3.13%,
05/15/2021
13,000
13,273
6.25%,
08/15/2023
5,100
5,965
$
39,863
U.S.
Treasury
Strip
-
0.40%
0.00%,
05/15/2020
(h),(i)
6,800
6,771
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
1,179,381
Total
Investments
$
1,711,404
Other
Assets
and
Liabilities
- (1.29)%
(21,786)
TOTAL
NET
ASSETS
-
100.00%
$
1,689,618
(a)
Current
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
$4,160
or
0.25%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
sub-schedule
for
transactional
information.
(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
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
$63,639
or
3.77%
of
net
assets.
(f)
Security
is
an
Interest
Only
Strip.
(g)
Security
or
a
portion
of
the
security
was
on
loan
at
the
end
of
the
period.
(h)
Non-income
producing
security
(i)
Security
is
a
Principal
Only
Strip.
Portfolio
Summary (unaudited)
Sector
Percent
Mortgage
Securities
93.23%
Money
Market
Funds
4.37%
Government
2.76%
Asset
Backed
Securities
0.93%
Other
Assets
and
Liabilities
(1.29)%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Government
&
High
Quality
Bond
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
69
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
1.43%
$
61,450
$
189,765
$
181,479
$
69,736
$
61,450
$
189,765
$
181,479
$
69,736
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Principal
Government
Money
Market
Fund
1.43%
$
265
$
—
$
—
$
—
$
265
$
—
$
—
$
—
Amounts
in
thousands.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
US
10
Year
Note;
March
2020
Short
304
$
40,023
$
(609)
US
Long
Bond;
March
2020
Short
39
6,378
(163)
US
Ultra
Bond;
March
2020
Short
138
26,729
(859)
Total
$
(1,631)
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
High
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
70
INVESTMENT
COMPANIES
-
3.59%
Shares
Held
Value
(000's)
Money
Market
Funds
-
3.59%
Principal
Government
Money
Market
Fund
1.43%
(a),(b)
113,835,687
$
113,836
TOTAL
INVESTMENT
COMPANIES
$
113,836
COMMON
STOCKS
-
0.08%
Shares
Held
Value
(000's)
Automobile
Manufacturers
-
0.00%
Motors
Liquidation
Co
GUC
Trust
(c)
270
3
Commercial
Services
-
0.08%
ATD
New
Holdings
Inc
(c),(d),(e)
101,514
2,565
Electric
-
0.00%
Vistra
Energy
Corp
-
Rights
(c),(d),(e)
164,087
—
Software
-
0.00%
Avaya
Holdings
Corp
(c)
2
—
Telecommunications
-
0.00%
Goodman
Networks
Inc
(c),(d),(e)
15,207
—
TOTAL
COMMON
STOCKS
$
2,568
PREFERRED
STOCKS
-
0.00%
Shares
Held
Value
(000's)
Telecommunications
-
0.00%
Goodman
Networks
Inc
0.00%
(c),(d),(e)
18,092
$
—
TOTAL
PREFERRED
STOCKS
$
—
BONDS
-
82.68%
Principal
Amount
(000's)
Value
(000's)
Advertising
-
0.21%
Lamar
Media
Corp
5.00%,
05/01/2023
$
155
$
158
5.38%,
01/15/2024
136
138
5.75%,
02/01/2026
651
687
MDC
Partners
Inc
6.50%,
05/01/2024
(f)
1,260
1,140
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp
4.63%,
03/15/2030
(f)
575
592
5.00%,
08/15/2027
(f)
2,190
2,294
5.63%,
02/15/2024
124
127
Terrier
Media
Buyer
Inc
8.88%,
12/15/2027
(f)
1,350
1,390
$
6,526
Aerospace
&
Defense
-
2.34%
Arconic
Inc
5.13%,
10/01/2024
1,855
2,003
5.40%,
04/15/2021
409
421
5.87%,
02/23/2022
498
531
5.90%,
02/01/2027
901
1,021
5.95%,
02/01/2037
771
859
6.75%,
01/15/2028
876
1,019
Bombardier
Inc
5.75%,
03/15/2022
(f)
300
299
6.00%,
10/15/2022
(f)
1,450
1,421
6.13%,
01/15/2023
(f)
1,512
1,492
7.45%,
05/01/2034
(f)
200
192
7.50%,
12/01/2024
(f)
400
389
7.50%,
03/15/2025
(f)
2,093
2,012
7.88%,
04/15/2027
(f)
2,000
1,895
8.75%,
12/01/2021
(f)
200
214
F-Brasile
SpA
/
F-Brasile
US
LLC
7.38%,
08/15/2026
(f)
500
531
Signature
Aviation
US
Holdings
Inc
4.00%,
03/01/2028
(f)
655
648
5.38%,
05/01/2026
(f)
575
597
Spirit
AeroSystems
Inc
3.85%,
06/15/2026
1,485
1,480
3.95%,
06/15/2023
1,460
1,479
4.60%,
06/15/2028
1,835
1,886
TransDigm
Inc
5.50%,
11/15/2027
(f)
12,950
13,029
6.25%,
03/15/2026
(f)
12,835
13,843
6.38%,
06/15/2026
12,423
13,106
6.50%,
05/15/2025
1,054
1,096
7.50%,
03/15/2027
8,405
9,204
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Aerospace
&
Defense
(continued)
TransDigm
UK
Holdings
PLC
6.88%,
05/15/2026
$
1,435
$
1,528
Triumph
Group
Inc
5.25%,
06/01/2022
755
742
7.75%,
08/15/2025
1,331
1,300
$
74,237
Agriculture
-
0.12%
JBS
Investments
II
GmbH
5.75%,
01/15/2028
(f)
730
771
7.00%,
01/15/2026
(f)
900
980
Pyxus
International
Inc
9.88%,
07/15/2021
200
127
Vector
Group
Ltd
6.13%,
02/01/2025
(f)
1,138
1,132
10.50%,
11/01/2026
(f)
665
693
$
3,703
Airlines
-
0.11%
Air
Canada
7.75%,
04/15/2021
(f)
250
265
UAL
2007-1
Pass
Through
Trust
6.64%,
01/02/2024
194
207
United
Airlines
Holdings
Inc
4.25%,
10/01/2022
500
518
5.00%,
02/01/2024
1,737
1,843
Virgin
Australia
Holdings
Ltd
7.88%,
10/15/2021
(f)
200
207
8.13%,
11/15/2024
(f)
400
390
$
3,430
Apparel
-
0.09%
Hanesbrands
Inc
4.63%,
05/15/2024
(f)
1,045
1,095
4.88%,
05/15/2026
(f)
885
932
Levi
Strauss
&
Co
5.00%,
05/01/2025
150
155
Under
Armour
Inc
3.25%,
06/15/2026
585
572
Wolverine
World
Wide
Inc
5.00%,
09/01/2026
(f)
80
82
$
2,836
Automobile
Manufacturers
-
0.33%
Allison
Transmission
Inc
4.75%,
10/01/2027
(f)
25
26
5.00%,
10/01/2024
(f)
630
642
5.88%,
06/01/2029
(f)
465
508
Aston
Martin
Capital
Holdings
Ltd
6.50%,
04/15/2022
(f)
1,674
1,642
BCD
Acquisition
Inc
9.63%,
09/15/2023
(f)
800
831
Fiat
Chrysler
Automobiles
NV
5.25%,
04/15/2023
1,427
1,527
General
Motors
Co
0.00%,
12/01/2020
(c),(d),(e),(g)
25
—
0.00%,
12/01/2020
(c),(d),(e),(g)
50
—
0.00%,
07/15/2023
(c),(d),(e),(g)
1,000
—
0.00%,
09/01/2025
(c),(d),(e),(g)
700
—
0.00%,
05/01/2028
(c),(d),(e),(g)
150
—
0.00%,
03/06/2032
(c),(d),(e),(g)
75
—
0.00%,
07/15/2033
(c),(d),(e),(g)
100
—
0.00%,
07/15/2033
(c),(d),(e),(g)
5,050
—
0.00%,
03/15/2036
(c),(d),(e),(g)
725
—
Jaguar
Land
Rover
Automotive
PLC
4.50%,
10/01/2027
(f)
960
880
JB
Poindexter
&
Co
Inc
7.13%,
04/15/2026
(f)
115
124
Navistar
International
Corp
6.63%,
11/01/2025
(f)
1,515
1,584
Tesla
Inc
5.30%,
08/15/2025
(f)
1,930
1,949
Schedule
of
Investments
High
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
71
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Automobile
Manufacturers
(continued)
Wabash
National
Corp
5.50%,
10/01/2025
(f)
$
792
$
784
$
10,497
Automobile
Parts
&
Equipment
-
1.12%
Adient
Global
Holdings
Ltd
4.88%,
08/15/2026
(f)
1,500
1,414
Adient
US
LLC
7.00%,
05/15/2026
(f)
250
274
American
Axle
&
Manufacturing
Inc
6.25%,
04/01/2025
618
632
6.25%,
03/15/2026
649
660
6.50%,
04/01/2027
802
820
6.63%,
10/15/2022
134
136
Cooper-Standard
Automotive
Inc
5.63%,
11/15/2026
(f)
626
580
Dana
Financing
Luxembourg
Sarl
5.75%,
04/15/2025
(f)
910
949
6.50%,
06/01/2026
(f)
537
569
Delphi
Technologies
PLC
5.00%,
10/01/2025
(f)
650
720
Goodyear
Tire
&
Rubber
Co/The
4.88%,
03/15/2027
720
742
5.00%,
05/31/2026
700
727
5.13%,
11/15/2023
600
607
IHO
Verwaltungs
GmbH
4.75%,
PIK
0.00%,
09/15/2026
(f),(h),(i)
950
981
Meritor
Inc
6.25%,
02/15/2024
69
71
Panther
BF
Aggregator
2
LP
/
Panther
Finance
Co
Inc
6.25%,
05/15/2026
(f)
12,950
13,890
8.50%,
05/15/2027
(f)
2,500
2,687
Tenneco
Inc
5.00%,
07/15/2026
434
400
Truck
Hero
Inc
8.50%,
04/21/2024
(f)
8,330
8,632
$
35,491
Banks
-
1.49%
Barclays
PLC
4.38%,
09/11/2024
1,700
1,820
4.84%,
05/09/2028
1,950
2,174
5.09%,
06/20/2030
(j)
2,050
2,355
3
Month
USD
LIBOR
+
3.05%
5.20%,
05/12/2026
2,300
2,589
CIT
Group
Inc
4.13%,
03/09/2021
515
523
4.75%,
02/16/2024
3,335
3,552
5.00%,
08/15/2022
6,756
7,178
5.00%,
08/01/2023
905
971
5.25%,
03/07/2025
515
565
6.13%,
03/09/2028
100
119
Deutsche
Bank
AG
4.30%,
05/24/2028
(j)
750
744
USD
Swap
Semi-Annual
5
Year
+
2.25%
4.50%,
04/01/2025
1,275
1,314
Deutsche
Bank
AG/New
York
NY
4.88%,
12/01/2032
(j)
645
644
USD
Swap
Rate
NY
5
Year
+
2.55%
Dresdner
Funding
Trust
I
8.15%,
06/30/2031
(f)
1,315
1,797
Freedom
Mortgage
Corp
8.13%,
11/15/2024
(f)
400
398
8.25%,
04/15/2025
(f)
900
892
10.75%,
04/01/2024
(f)
300
313
Intesa
Sanpaolo
SpA
5.02%,
06/26/2024
(f)
2,250
2,389
5.71%,
01/15/2026
(f)
1,200
1,330
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Provident
Funding
Associates
LP
/
PFG
Finance
Corp
6.38%,
06/15/2025
(f)
$
12,953
$
12,824
RBS
Capital
Trust
II
6.43%,
12/31/2049
(j),(k)
150
214
3
Month
USD
LIBOR
+
1.94%
Royal
Bank
of
Scotland
Group
PLC
7.65%,
12/31/2049
(j),(k)
700
1,012
3
Month
USD
LIBOR
+
2.50%
Standard
Chartered
PLC
7.01%,
12/31/2049
(f),(j),(k)
600
735
3
Month
USD
LIBOR
+
1.46%
Synovus
Financial
Corp
5.90%,
02/07/2029
(j)
900
965
USD
Swap
Semi-Annual
5
Year
+
3.38%
$
47,417
Beverages
-
0.03%
Cott
Holdings
Inc
5.50%,
04/01/2025
(f)
1,005
1,043
Building
Materials
-
0.45%
American
Woodmark
Corp
4.88%,
03/15/2026
(f)
1,000
1,029
BMC
East
LLC
5.50%,
10/01/2024
(f)
240
247
Boise
Cascade
Co
5.63%,
09/01/2024
(f)
165
171
Builders
FirstSource
Inc
6.75%,
06/01/2027
(f)
805
882
Cornerstone
Building
Brands
Inc
8.00%,
04/15/2026
(f)
1,175
1,232
CPG
Merger
Sub
LLC
8.00%,
10/01/2021
(f)
910
912
Griffon
Corp
5.25%,
03/01/2022
720
719
James
Hardie
International
Finance
DAC
5.00%,
01/15/2028
(f)
700
730
JELD-WEN
Inc
4.63%,
12/15/2025
(f)
1,280
1,306
4.88%,
12/15/2027
(f)
371
384
Louisiana-Pacific
Corp
4.88%,
09/15/2024
6
6
Masonite
International
Corp
5.38%,
02/01/2028
(f)
550
579
5.75%,
09/15/2026
(f)
220
233
Norbord
Inc
5.75%,
07/15/2027
(f)
1,000
1,050
6.25%,
04/15/2023
(f)
41
44
Standard
Industries
Inc/NJ
4.75%,
01/15/2028
(f)
536
550
5.00%,
02/15/2027
(f)
1,150
1,199
5.38%,
11/15/2024
(f)
1,025
1,053
5.50%,
02/15/2023
(f)
125
127
6.00%,
10/15/2025
(f)
765
799
Summit
Materials
LLC
/
Summit
Materials
Finance
Corp
5.13%,
06/01/2025
(f)
508
520
US
Concrete
Inc
6.38%,
06/01/2024
498
515
$
14,287
Chemicals
-
1.21%
Ashland
LLC
4.75%,
08/15/2022
120
126
Blue
Cube
Spinco
LLC
9.75%,
10/15/2023
875
933
10.00%,
10/15/2025
483
527
Schedule
of
Investments
High
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
72
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Chemicals
(continued)
CF
Industries
Inc
3.45%,
06/01/2023
$
775
$
796
4.95%,
06/01/2043
950
1,017
5.15%,
03/15/2034
687
794
5.38%,
03/15/2044
621
699
Chemours
Co/The
5.38%,
05/15/2027
300
260
6.63%,
05/15/2023
522
514
7.00%,
05/15/2025
250
239
Consolidated
Energy
Finance
SA
6.88%,
06/15/2025
(f)
300
297
Cornerstone
Chemical
Co
6.75%,
08/15/2024
(f)
12,863
12,377
CVR
Partners
LP
/
CVR
Nitrogen
Finance
Corp
9.25%,
06/15/2023
(f)
300
312
Element
Solutions
Inc
5.88%,
12/01/2025
(f)
800
827
GCP
Applied
Technologies
Inc
5.50%,
04/15/2026
(f)
600
624
HB
Fuller
Co
4.00%,
02/15/2027
350
350
INEOS
Group
Holdings
SA
5.63%,
08/01/2024
(f)
800
820
Kraton
Polymers
LLC
/
Kraton
Polymers
Capital
Corp
7.00%,
04/15/2025
(f)
900
916
Nufarm
Australia
Ltd
/
Nufarm
Americas
Inc
5.75%,
04/30/2026
(f)
600
582
OCI
NV
6.63%,
04/15/2023
(f)
275
285
Olin
Corp
5.00%,
02/01/2030
520
529
5.13%,
09/15/2027
477
497
5.50%,
08/15/2022
190
203
PolyOne
Corp
5.25%,
03/15/2023
355
383
PQ
Corp
6.75%,
11/15/2022
(f)
600
615
Rain
CII
Carbon
LLC
/
CII
Carbon
Corp
7.25%,
04/01/2025
(f)
1,432
1,418
Rayonier
AM
Products
Inc
5.50%,
06/01/2024
(f)
790
593
SPCM
SA
4.88%,
09/15/2025
(f)
850
878
Starfruit
Finco
BV
/
Starfruit
US
Holdco
LLC
8.00%,
10/01/2026
(f)
1,325
1,375
TPC
Group
Inc
10.50%,
08/01/2024
(f)
905
934
Trinseo
Materials
Operating
SCA
/
Trinseo
Materials
Finance
Inc
5.38%,
09/01/2025
(f)
1,018
954
Tronox
Finance
PLC
5.75%,
10/01/2025
(f)
380
375
Tronox
Inc
6.50%,
04/15/2026
(f)
1,075
1,070
Valvoline
Inc
4.38%,
08/15/2025
393
403
5.50%,
07/15/2024
450
466
Venator
Finance
Sarl
/
Venator
Materials
LLC
5.75%,
07/15/2025
(f)
15
14
WR
Grace
&
Co-Conn
5.13%,
10/01/2021
(f)
4,200
4,361
5.63%,
10/01/2024
(f)
60
66
$
38,429
Coal
-
0.10%
Alliance
Resource
Operating
Partners
LP
/
Alliance
Resource
Finance
Corp
7.50%,
05/01/2025
(f)
1,061
918
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Coal
(continued)
CONSOL
Energy
Inc
11.00%,
11/15/2025
(f)
$
295
$
205
Foresight
Energy
LLC
/
Foresight
Energy
Finance
Corp
0.00%,
04/01/2023
(c),(f)
550
13
Natural
Resource
Partners
LP
/
NRP
Finance
Corp
9.13%,
06/30/2025
(f)
1,000
905
Peabody
Energy
Corp
6.00%,
03/31/2022
(f)
236
219
SunCoke
Energy
Partners
LP
/
SunCoke
Energy
Partners
Finance
Corp
7.50%,
06/15/2025
(f)
340
326
Warrior
Met
Coal
Inc
8.00%,
11/01/2024
(f)
685
711
$
3,297
Commercial
Services
-
2.77%
ACE
Cash
Express
Inc
12.00%,
12/15/2022
(f)
3
2
ADT
Security
Corp/The
3.50%,
07/15/2022
560
568
4.13%,
06/15/2023
315
320
4.88%,
07/15/2032
(f)
540
502
6.25%,
10/15/2021
970
1,027
Ahern
Rentals
Inc
7.38%,
05/15/2023
(f)
545
432
Algeco
Global
Finance
Plc
8.00%,
02/15/2023
(f)
600
598
Allied
Universal
Holdco
LLC
/
Allied
Universal
Finance
Corp
6.63%,
07/15/2026
(f)
1,320
1,403
9.75%,
07/15/2027
(f)
1,370
1,462
AMN
Healthcare
Inc
5.13%,
10/01/2024
(f)
423
436
Aptim
Corp
7.75%,
06/15/2025
(f)
300
186
APX
Group
Inc
7.63%,
09/01/2023
200
195
7.88%,
12/01/2022
2,150
2,187
ASGN
Inc
4.63%,
05/15/2028
(f)
6,100
6,222
Atento
Luxco
1
SA
6.13%,
08/10/2022
(f)
100
101
Avis
Budget
Car
Rental
LLC
/
Avis
Budget
Finance
Inc
5.50%,
04/01/2023
28
28
6.38%,
04/01/2024
(f)
118
122
Brink's
Co/The
4.63%,
10/15/2027
(f)
1,100
1,122
Capitol
Investment
Merger
Sub
2
LLC
10.00%,
08/01/2024
(f)
360
374
Carriage
Services
Inc
6.63%,
06/01/2026
(f)
8
8
Cimpress
PLC
7.00%,
06/15/2026
(f)
1,300
1,374
Emeco
Pty
Ltd
9.25%,
03/31/2022
400
418
Flexi-Van
Leasing
Inc
10.00%,
02/15/2023
(f)
400
429
Garda
World
Security
Corp
8.75%,
05/15/2025
(f)
1,600
1,672
Gartner
Inc
5.13%,
04/01/2025
(f)
440
457
Graham
Holdings
Co
5.75%,
06/01/2026
(f)
1,029
1,096
GW
B-CR
Security
Corp
9.50%,
11/01/2027
(f)
800
854
Harsco
Corp
5.75%,
07/31/2027
(f)
500
511
Schedule
of
Investments
High
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
73
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Services
(continued)
Herc
Holdings
Inc
5.50%,
07/15/2027
(f)
$
155
$
162
Hertz
Corp/The
5.50%,
10/15/2024
(f)
700
710
6.25%,
10/15/2022
300
303
7.63%,
06/01/2022
(f)
346
357
Jaguar
Holding
Co
II
/
Pharmaceutical
Product
Development
LLC
6.38%,
08/01/2023
(f)
753
774
Laureate
Education
Inc
8.25%,
05/01/2025
(f)
773
828
LSC
Communications
Inc
8.75%,
10/15/2023
(f)
350
189
Midas
Intermediate
Holdco
II
LLC
/
Midas
Intermediate
Holdco
II
Finance
Inc
7.88%,
10/01/2022
(f)
220
210
MPH
Acquisition
Holdings
LLC
7.13%,
06/01/2024
(f)
15,659
15,167
Nielsen
Co
Luxembourg
SARL/The
5.00%,
02/01/2025
(f)
775
789
Nielsen
Finance
LLC
/
Nielsen
Finance
Co
5.00%,
04/15/2022
(f)
6,652
6,661
Prime
Security
Services
Borrower
LLC
/
Prime
Finance
Inc
5.25%,
04/15/2024
(f)
1,230
1,282
5.75%,
04/15/2026
(f)
730
770
Refinitiv
US
Holdings
Inc
6.25%,
05/15/2026
(f)
7,125
7,704
8.25%,
11/15/2026
(f)
2,155
2,400
Ritchie
Bros
Auctioneers
Inc
5.38%,
01/15/2025
(f)
405
421
Service
Corp
International/US
4.63%,
12/15/2027
450
471
5.13%,
06/01/2029
1,395
1,485
5.38%,
05/15/2024
475
487
8.00%,
11/15/2021
370
407
Sotheby's
7.38%,
10/15/2027
(f)
7,450
7,589
Team
Health
Holdings
Inc
6.38%,
02/01/2025
(f)
8,784
5,161
United
Rentals
North
America
Inc
4.63%,
10/15/2025
584
597
4.88%,
01/15/2028
2,015
2,101
5.25%,
01/15/2030
200
215
5.50%,
07/15/2025
452
468
5.50%,
05/15/2027
905
961
5.88%,
09/15/2026
1,060
1,128
6.50%,
12/15/2026
1,075
1,168
Verscend
Escrow
Corp
9.75%,
08/15/2026
(f)
1,950
2,121
WEX
Inc
4.75%,
02/01/2023
(f)
575
581
WW
International
Inc
8.63%,
12/01/2025
(f)
17
18
$
87,791
Computers
-
0.50%
Banff
Merger
Sub
Inc
9.75%,
09/01/2026
(f)
2,450
2,514
Booz
Allen
Hamilton
Inc
5.13%,
05/01/2025
(f)
174
179
Dell
Inc
4.63%,
04/01/2021
500
511
5.40%,
09/10/2040
150
154
6.50%,
04/15/2038
674
751
Dell
International
LLC
/
EMC
Corp
5.88%,
06/15/2021
(f)
806
814
EMC
Corp
3.38%,
06/01/2023
415
421
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Computers
(continued)
Everi
Payments
Inc
7.50%,
12/15/2025
(f)
$
7
$
7
Exela
Intermediate
LLC
/
Exela
Finance
Inc
10.00%,
07/15/2023
(f)
735
283
Harland
Clarke
Holdings
Corp
8.38%,
08/15/2022
(f)
914
795
9.25%,
03/01/2021
(f)
815
817
Leidos
Inc
5.50%,
07/01/2033
400
438
7.13%,
07/01/2032
465
567
NCR
Corp
5.75%,
09/01/2027
(f)
875
932
6.13%,
09/01/2029
(f)
835
911
6.38%,
12/15/2023
480
492
Presidio
Holdings
Inc
4.88%,
02/01/2027
(f)
1,800
1,800
Tempo
Acquisition
LLC
/
Tempo
Acquisition
Finance
Corp
6.75%,
06/01/2025
(f)
1,336
1,383
Western
Digital
Corp
4.75%,
02/15/2026
1,883
2,010
$
15,779
Consumer
Products
-
0.12%
ACCO
Brands
Corp
5.25%,
12/15/2024
(f)
316
327
Central
Garden
&
Pet
Co
5.13%,
02/01/2028
642
666
Kronos
Acquisition
Holdings
Inc
9.00%,
08/15/2023
(f)
951
914
Prestige
Brands
Inc
6.38%,
03/01/2024
(f)
228
235
Spectrum
Brands
Inc
5.75%,
07/15/2025
1,750
1,818
$
3,960
Cosmetics
&
Personal
Care
-
0.17%
Avon
International
Capital
PLC
6.50%,
08/15/2022
(f)
878
909
Avon
International
Operations
Inc
7.88%,
08/15/2022
(f)
160
166
Avon
Products
Inc
7.00%,
03/15/2023
84
92
8.95%,
03/15/2043
240
317
Coty
Inc
6.50%,
04/15/2026
(f)
1,033
1,077
Edgewell
Personal
Care
Co
4.70%,
05/19/2021
367
374
4.70%,
05/24/2022
845
870
First
Quality
Finance
Co
Inc
5.00%,
07/01/2025
(f)
1,265
1,322
High
Ridge
Brands
Co
0.00%,
03/15/2025
(c),(f)
4,938
12
Revlon
Consumer
Products
Corp
5.75%,
02/15/2021
478
421
$
5,560
Distribution
&
Wholesale
-
0.29%
American
Builders
&
Contractors
Supply
Co
Inc
5.88%,
05/15/2026
(f)
450
474
Anixter
Inc
5.13%,
10/01/2021
400
416
5.50%,
03/01/2023
511
542
Core
&
Main
Holdings
LP
8.63%,
PIK
9.38
%,
09/15/2024
(f),(h),(i)
300
313
Core
&
Main
LP
6.13%,
08/15/2025
(f)
1,000
1,027
H&E
Equipment
Services
Inc
5.63%,
09/01/2025
661
689
HD
Supply
Inc
5.38%,
10/15/2026
(f)
825
875
Schedule
of
Investments
High
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
74
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Distribution
&
Wholesale
(continued)
IAA
Inc
5.50%,
06/15/2027
(f)
$
2,875
$
3,051
KAR
Auction
Services
Inc
5.13%,
06/01/2025
(f)
932
956
Performance
Food
Group
Inc
5.50%,
06/01/2024
(f)
380
388
5.50%,
10/15/2027
(f)
325
342
Resideo
Funding
Inc
6.13%,
11/01/2026
(f)
103
101
Wolverine
Escrow
LLC
8.50%,
11/15/2024
(f)
87
89
$
9,263
Diversified
Financial
Services
-
3.88%
AerCap
Holdings
NV
5.88%,
10/10/2079
(j)
1,300
1,391
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.54%
Alliance
Data
Systems
Corp
4.75%,
12/15/2024
(f)
7,400
7,378
Ally
Financial
Inc
5.75%,
11/20/2025
1,600
1,819
Credit
Acceptance
Corp
6.63%,
03/15/2026
(f)
750
808
Curo
Group
Holdings
Corp
8.25%,
09/01/2025
(f)
650
573
E*TRADE
Financial
Corp
5.88%,
12/31/2049
(j),(k)
1,500
1,597
3
Month
USD
LIBOR
+
4.44%
Enova
International
Inc
8.50%,
09/01/2024
(f)
635
624
8.50%,
09/15/2025
(f)
170
169
Global
Aircraft
Leasing
Co
Ltd
6.50%,
PIK
7.25%,
09/15/2024
(f),(h),(i)
1,900
1,944
LPL
Holdings
Inc
5.75%,
09/15/2025
(f)
859
896
Nationstar
Mortgage
Holdings
Inc
6.00%,
01/15/2027
(f)
3,550
3,613
8.13%,
07/15/2023
(f)
11,550
12,214
9.13%,
07/15/2026
(f)
875
972
Nationstar
Mortgage
LLC
/
Nationstar
Capital
Corp
6.50%,
07/01/2021
291
291
Navient
Corp
5.50%,
01/25/2023
100
104
5.63%,
08/01/2033
122
111
5.88%,
03/25/2021
790
815
5.88%,
10/25/2024
800
844
6.13%,
03/25/2024
1,100
1,172
6.50%,
06/15/2022
1,100
1,169
6.63%,
07/26/2021
1,000
1,054
6.75%,
06/25/2025
550
598
6.75%,
06/15/2026
550
597
7.25%,
01/25/2022
100
107
7.25%,
09/25/2023
600
663
NFP
Corp
6.88%,
07/15/2025
(f)
24,181
24,592
8.00%,
07/15/2025
(f)
6,240
6,472
Ocwen
Loan
Servicing
LLC
8.38%,
11/15/2022
(f)
250
217
Oxford
Finance
LLC
/
Oxford
Finance
Co-Issuer
II
Inc
6.38%,
12/15/2022
(f)
500
513
Quicken
Loans
Inc
5.25%,
01/15/2028
(f)
8,575
8,875
5.75%,
05/01/2025
(f)
9,504
9,836
SLM
Corp
5.13%,
04/05/2022
1,200
1,239
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Diversified
Financial
Services
(continued)
Springleaf
Finance
Corp
5.38%,
11/15/2029
$
4,000
$
4,160
5.63%,
03/15/2023
950
1,016
6.13%,
05/15/2022
500
532
6.13%,
03/15/2024
500
543
6.63%,
01/15/2028
15,045
16,926
6.88%,
03/15/2025
1,400
1,578
7.13%,
03/15/2026
2,124
2,437
7.75%,
10/01/2021
2,043
2,199
Voyager
Aviation
Holdings
LLC
/
Voyager
Finance
Co
8.50%,
08/15/2021
(f)
512
524
$
123,182
Electric
-
0.91%
AES
Corp/VA
4.00%,
03/15/2021
485
491
4.50%,
03/15/2023
100
102
4.88%,
05/15/2023
1,074
1,087
5.13%,
09/01/2027
600
633
5.50%,
04/15/2025
693
715
6.00%,
05/15/2026
1,125
1,185
Calpine
Corp
4.50%,
02/15/2028
(f)
1,595
1,587
5.25%,
06/01/2026
(f)
1,150
1,188
5.50%,
02/01/2024
800
810
5.75%,
01/15/2025
890
915
Clearway
Energy
Operating
LLC
5.00%,
09/15/2026
100
103
DPL
Inc
4.35%,
04/15/2029
(f)
500
495
7.25%,
10/15/2021
500
530
Drax
Finco
PLC
6.63%,
11/01/2025
(f)
377
399
InterGen
NV
7.00%,
06/30/2023
(f)
750
739
Midland
Cogeneration
Venture
LP
6.00%,
03/15/2025
(f)
1,070
1,084
NextEra
Energy
Operating
Partners
LP
4.25%,
09/15/2024
(f)
600
625
4.50%,
09/15/2027
(f)
650
678
NRG
Energy
Inc
5.25%,
06/15/2029
(f)
1,370
1,476
5.75%,
01/15/2028
1,300
1,399
6.63%,
01/15/2027
1,018
1,094
7.25%,
05/15/2026
904
979
Talen
Energy
Supply
LLC
6.50%,
06/01/2025
672
524
6.63%,
01/15/2028
(f)
845
845
7.25%,
05/15/2027
(f)
755
774
10.50%,
01/15/2026
(f)
578
513
TransAlta
Corp
4.50%,
11/15/2022
1,240
1,290
6.50%,
03/15/2040
1,510
1,563
Vistra
Energy
Corp
5.88%,
06/01/2023
122
124
8.13%,
01/30/2026
(f)
160
170
Vistra
Operations
Co
LLC
5.00%,
07/31/2027
(f)
1,300
1,339
5.50%,
09/01/2026
(f)
1,250
1,300
5.63%,
02/15/2027
(f)
1,960
2,038
$
28,794
Electrical
Components
&
Equipment
-
0.11%
Energizer
Holdings
Inc
5.50%,
06/15/2025
(f)
864
892
6.38%,
07/15/2026
(f)
490
522
7.75%,
01/15/2027
(f)
915
1,009
EnerSys
5.00%,
04/30/2023
(f)
838
882
Schedule
of
Investments
High
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
75
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electrical
Components
&
Equipment
(continued)
WESCO
Distribution
Inc
5.38%,
12/15/2021
$
125
$
126
5.38%,
06/15/2024
11
11
$
3,442
Electronics
-
0.09%
Ingram
Micro
Inc
5.00%,
08/10/2022
800
827
5.45%,
12/15/2024
593
633
Sensata
Technologies
BV
4.88%,
10/15/2023
(f)
175
186
5.00%,
10/01/2025
(f)
681
737
5.63%,
11/01/2024
(f)
390
431
$
2,814
Energy
-
Alternate
Sources
-
0.18%
Enviva
Partners
LP
/
Enviva
Partners
Finance
Corp
6.50%,
01/15/2026
(f)
3,650
3,894
Pattern
Energy
Group
Inc
5.88%,
02/01/2024
(f)
329
338
TerraForm
Power
Operating
LLC
5.00%,
01/31/2028
(f)
720
777
Topaz
Solar
Farms
LLC
4.88%,
09/30/2039
(f)
152
163
5.75%,
09/30/2039
(f)
548
628
$
5,800
Engineering
&
Construction
-
0.16%
AECOM
5.13%,
03/15/2027
1,100
1,174
5.88%,
10/15/2024
16
18
AECOM
Global
II
LLC
/
URS
Fox
US
LP
5.00%,
04/01/2022
337
349
Brand
Industrial
Services
Inc
8.50%,
07/15/2025
(f)
1,460
1,463
frontdoor
Inc
6.75%,
08/15/2026
(f)
215
235
International
Airport
Finance
SA
12.00%,
03/15/2033
(f)
400
439
MasTec
Inc
4.88%,
03/15/2023
137
138
New
Enterprise
Stone
&
Lime
Co
Inc
6.25%,
03/15/2026
(f)
444
464
TopBuild
Corp
5.63%,
05/01/2026
(f)
258
269
Tutor
Perini
Corp
6.88%,
05/01/2025
(f)
671
631
Weekley
Homes
LLC
/
Weekley
Finance
Corp
6.63%,
08/15/2025
27
28
$
5,208
Entertainment
-
2.37%
AMC
Entertainment
Holdings
Inc
5.75%,
06/15/2025
9,633
8,574
5.88%,
11/15/2026
2,340
2,024
6.13%,
05/15/2027
3,908
3,322
Boyne
USA
Inc
7.25%,
05/01/2025
(f)
3,228
3,502
Caesars
Resort
Collection
LLC
/
CRC
Finco
Inc
5.25%,
10/15/2025
(f)
13,300
13,498
Cedar
Fair
LP
5.25%,
07/15/2029
(f)
200
211
Cedar
Fair
LP
/
Canada's
Wonderland
Co
/
Magnum
Management
Corp
5.38%,
06/01/2024
100
102
Cedar
Fair
LP
/
Canada's
Wonderland
Co
/
Magnum
Management
Corp
/
Millennium
Op
5.38%,
04/15/2027
3,500
3,707
Churchill
Downs
Inc
4.75%,
01/15/2028
(f)
1,655
1,705
5.50%,
04/01/2027
(f)
3,035
3,202
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Entertainment
(continued)
Cinemark
USA
Inc
4.88%,
06/01/2023
$
650
$
658
Cirsa
Finance
International
Sarl
7.88%,
12/20/2023
(f)
925
973
Downstream
Development
Authority
of
the
Quapaw
Tribe
of
Oklahoma
10.50%,
02/15/2023
(f)
75
78
Eldorado
Resorts
Inc
6.00%,
04/01/2025
850
889
6.00%,
09/15/2026
580
636
Enterprise
Development
Authority/The
12.00%,
07/15/2024
(f)
80
92
Gateway
Casinos
&
Entertainment
Ltd
8.25%,
03/01/2024
(f)
210
219
International
Game
Technology
PLC
6.25%,
02/15/2022
(f)
1,815
1,901
6.25%,
01/15/2027
(f)
8,865
9,951
6.50%,
02/15/2025
(f)
2,280
2,571
Lions
Gate
Capital
Holdings
LLC
5.88%,
11/01/2024
(f)
495
484
6.38%,
02/01/2024
(f)
550
553
Live
Nation
Entertainment
Inc
4.75%,
10/15/2027
(f)
1,300
1,337
5.63%,
03/15/2026
(f)
625
666
Merlin
Entertainments
PLC
5.75%,
06/15/2026
(f)
1,210
1,322
Mohegan
Gaming
&
Entertainment
7.88%,
10/15/2024
(f)
1,025
1,040
Penn
National
Gaming
Inc
5.63%,
01/15/2027
(f)
250
262
Scientific
Games
International
Inc
5.00%,
10/15/2025
(f)
1,005
1,034
Six
Flags
Entertainment
Corp
4.88%,
07/31/2024
(f)
1,374
1,403
5.50%,
04/15/2027
(f)
1,695
1,754
Speedway
Motorsports
LLC
/
Speedway
Funding
II
Inc
4.88%,
11/01/2027
(f)
3,750
3,778
Stars
Group
Holdings
BV
/
Stars
Group
US
Co-
Borrower
LLC
7.00%,
07/15/2026
(f)
1,450
1,575
WMG
Acquisition
Corp
4.88%,
11/01/2024
(f)
150
155
5.00%,
08/01/2023
(f)
1,606
1,638
5.50%,
04/15/2026
(f)
21
22
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp
5.13%,
10/01/2029
(f)
250
259
$
75,097
Environmental
Control
-
1.30%
Advanced
Disposal
Services
Inc
5.63%,
11/15/2024
(f)
410
427
Clean
Harbors
Inc
4.88%,
07/15/2027
(f)
535
563
5.13%,
07/15/2029
(f)
300
319
Covanta
Holding
Corp
5.88%,
03/01/2024
145
147
5.88%,
07/01/2025
12,217
12,671
6.00%,
01/01/2027
2,718
2,818
GFL
Environmental
Inc
5.38%,
03/01/2023
(f)
7,800
7,966
5.63%,
05/01/2022
(f)
4,260
4,303
7.00%,
06/01/2026
(f)
2,845
2,965
8.50%,
05/01/2027
(f)
5,975
6,513
Tervita
Corp
7.63%,
12/01/2021
(f)
275
280
Schedule
of
Investments
High
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
76
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Environmental
Control
(continued)
Waste
Pro
USA
Inc
5.50%,
02/15/2026
(f)
$
2,176
$
2,236
$
41,208
Food
-
1.50%
Albertsons
Cos
Inc
/
Safeway
Inc
/
New
Albertsons
LP
/
Albertsons
LLC
4.63%,
01/15/2027
(f)
250
254
5.75%,
03/15/2025
1,595
1,651
6.63%,
06/15/2024
1,479
1,538
7.50%,
03/15/2026
(f)
910
1,008
B&G
Foods
Inc
5.25%,
04/01/2025
523
534
Chobani
LLC
/
Chobani
Finance
Corp
Inc
7.50%,
04/15/2025
(f)
975
970
Conagra
Brands
Inc
9.75%,
03/01/2021
190
204
Dole
Food
Co
Inc
7.25%,
06/15/2025
(f)
788
768
FAGE
International
SA
/
FAGE
USA
Dairy
Industry
Inc
5.63%,
08/15/2026
(f)
375
348
Fresh
Market
Inc/The
9.75%,
05/01/2023
(f)
750
364
Ingles
Markets
Inc
5.75%,
06/15/2023
78
79
JBS
USA
LUX
SA
/
JBS
USA
Finance
Inc
5.75%,
06/15/2025
(f)
1,641
1,699
5.88%,
07/15/2024
(f)
1,237
1,268
6.75%,
02/15/2028
(f)
1,455
1,611
JBS
USA
LUX
SA
/
JBS
USA
Food
Co
/
JBS
USA
Finance
Inc
5.50%,
01/15/2030
(f)
1,215
1,312
6.50%,
04/15/2029
(f)
1,360
1,523
Lamb
Weston
Holdings
Inc
4.63%,
11/01/2024
(f)
835
877
4.88%,
11/01/2026
(f)
1,235
1,302
Pilgrim's
Pride
Corp
5.75%,
03/15/2025
(f)
1,595
1,639
5.88%,
09/30/2027
(f)
950
1,008
Post
Holdings
Inc
5.00%,
08/15/2026
(f)
7,013
7,241
5.50%,
03/01/2025
(f)
4,773
4,944
5.50%,
12/15/2029
(f)
1,330
1,408
5.63%,
01/15/2028
(f)
2,780
2,940
5.75%,
03/01/2027
(f)
3,064
3,232
Safeway
Inc
7.25%,
02/01/2031
260
281
Sigma
Holdco
BV
7.88%,
05/15/2026
(f)
1,175
1,210
Simmons
Foods
Inc
5.75%,
11/01/2024
(f)
4,304
4,347
7.75%,
01/15/2024
(f)
500
535
TreeHouse
Foods
Inc
4.88%,
03/15/2022
565
565
6.00%,
02/15/2024
(f)
225
231
US
Foods
Inc
5.88%,
06/15/2024
(f)
695
711
$
47,602
Food
Service
-
0.09%
Aramark
Services
Inc
4.75%,
06/01/2026
426
443
5.00%,
04/01/2025
(f)
550
573
5.00%,
02/01/2028
(f)
1,650
1,729
$
2,745
Forest
Products
&
Paper
-
0.06%
Cascades
Inc
5.75%,
07/15/2023
(f)
230
236
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Forest
Products
&
Paper
(continued)
Mercer
International
Inc
5.50%,
01/15/2026
$
100
$
101
6.50%,
02/01/2024
1,275
1,317
Smurfit
Kappa
Treasury
Funding
DAC
7.50%,
11/20/2025
150
188
$
1,842
Gas
-
0.14%
AmeriGas
Partners
LP
/
AmeriGas
Finance
Corp
5.50%,
05/20/2025
2,040
2,183
5.63%,
05/20/2024
671
713
5.75%,
05/20/2027
521
569
5.88%,
08/20/2026
892
976
$
4,441
Hand
&
Machine
Tools
-
0.46%
Apex
Tool
Group
LLC
/
BC
Mountain
Finance
Inc
9.00%,
02/15/2023
(f)
14,665
13,528
Colfax
Corp
6.00%,
02/15/2024
(f)
140
147
6.38%,
02/15/2026
(f)
445
478
Werner
FinCo
LP
/
Werner
FinCo
Inc
8.75%,
07/15/2025
(f)
375
368
$
14,521
Healthcare
-
Products
-
0.75%
Avantor
Inc
6.00%,
10/01/2024
(f)
1,850
1,965
9.00%,
10/01/2025
(f)
16,860
18,634
Hologic
Inc
4.38%,
10/15/2025
(f)
1,110
1,130
Immucor
Inc
11.13%,
02/15/2022
(f)
294
291
Ortho-Clinical
Diagnostics
Inc
/
Ortho-Clinical
Diagnostics
SA
6.63%,
05/15/2022
(f)
293
292
Teleflex
Inc
4.63%,
11/15/2027
565
595
4.88%,
06/01/2026
800
834
$
23,741
Healthcare
-
Services
-
8.62%
Acadia
Healthcare
Co
Inc
5.13%,
07/01/2022
456
457
5.63%,
02/15/2023
1,052
1,066
6.13%,
03/15/2021
173
173
6.50%,
03/01/2024
429
442
AHP
Health
Partners
Inc
9.75%,
07/15/2026
(f)
1,000
1,090
Air
Medical
Group
Holdings
Inc
6.38%,
05/15/2023
(f)
274
256
ASP
AMC
Merger
Sub
Inc
8.00%,
05/15/2025
(f)
500
337
BCPE
Cycle
Merger
Sub
II
Inc
10.63%,
07/15/2027
(f)
414
427
Catalent
Pharma
Solutions
Inc
4.88%,
01/15/2026
(f)
2,019
2,075
5.00%,
07/15/2027
(f)
840
884
Centene
Corp
4.25%,
12/15/2027
(f)
3,750
3,910
4.75%,
05/15/2022
1,390
1,414
4.75%,
01/15/2025
1,190
1,228
5.25%,
04/01/2025
(f)
1,060
1,098
5.38%,
06/01/2026
(f)
2,250
2,393
5.38%,
08/15/2026
(f)
400
425
6.13%,
02/15/2024
620
640
Charles
River
Laboratories
International
Inc
4.25%,
05/01/2028
(f)
900
913
5.50%,
04/01/2026
(f)
480
511
Schedule
of
Investments
High
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
77
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Healthcare
-
Services
(continued)
CHS/Community
Health
Systems
Inc
5.13%,
08/01/2021
$
800
$
801
6.25%,
03/31/2023
3,502
3,572
6.88%,
02/01/2022
2,558
2,328
8.00%,
03/15/2026
(f)
1,300
1,355
8.13%,
06/30/2024
(f)
1,300
1,168
8.63%,
01/15/2024
(f)
1,195
1,270
9.88%,
06/30/2023
(f),(h)
2,000
1,880
DaVita
Inc
5.00%,
05/01/2025
2,675
2,740
5.13%,
07/15/2024
3,620
3,701
Eagle
Holding
Co
II
LLC
7.63%,
PIK
8.38%,
05/15/2022
(f),(h),(i)
24,100
24,341
7.75%,
PIK
8.50%,
05/15/2022
(f),(h),(i)
7,530
7,605
Encompass
Health
Corp
4.50%,
02/01/2028
855
881
5.13%,
03/15/2023
900
914
5.75%,
11/01/2024
66
67
5.75%,
09/15/2025
2,642
2,748
Envision
Healthcare
Corp
8.75%,
10/15/2026
(f)
28,020
16,896
HCA
Healthcare
Inc
6.25%,
02/15/2021
619
640
HCA
Inc
5.38%,
02/01/2025
2,682
2,997
5.38%,
09/01/2026
8,415
9,468
5.63%,
09/01/2028
2,000
2,318
5.88%,
05/01/2023
791
870
5.88%,
02/15/2026
1,780
2,045
5.88%,
02/01/2029
1,510
1,782
7.50%,
02/15/2022
1,975
2,168
7.50%,
11/06/2033
450
569
7.50%,
11/15/2095
215
264
7.69%,
06/15/2025
765
930
Magellan
Health
Inc
4.90%,
09/22/2024
825
859
MEDNAX
Inc
5.25%,
12/01/2023
(f)
816
832
6.25%,
01/15/2027
(f)
121
123
Molina
Healthcare
Inc
4.88%,
06/15/2025
(f)
483
493
5.38%,
11/15/2022
800
847
One
Call
Corp
7.50%,
PIK
11.00%,
07/01/2024
(f),(h),(i)
55,511
51,626
Polaris
Intermediate
Corp
8.50%,
PIK
9.25%,
12/01/2022
(f),(h),(i)
27,654
25,718
Quorum
Health
Corp
11.63%,
04/15/2023
500
425
Radiology
Partners
Inc
9.25%,
02/01/2028
(f)
4,525
4,706
RegionalCare
Hospital
Partners
Holdings
Inc
8.25%,
05/01/2023
(f)
7,856
8,251
RegionalCare
Hospital
Partners
Holdings
Inc
/
LifePoint
Health
Inc
9.75%,
12/01/2026
(f)
1,700
1,898
Select
Medical
Corp
6.25%,
08/15/2026
(f)
500
539
Surgery
Center
Holdings
Inc
6.75%,
07/01/2025
(f)
8,879
9,034
10.00%,
04/15/2027
(f)
7,760
8,633
Tenet
Healthcare
Corp
4.63%,
07/15/2024
4,265
4,371
4.63%,
09/01/2024
(f)
1,675
1,725
4.88%,
01/01/2026
(f)
9,265
9,606
5.13%,
05/01/2025
295
300
5.13%,
11/01/2027
(f)
500
526
6.25%,
02/01/2027
(f)
8,520
9,011
6.75%,
06/15/2023
2,225
2,409
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Healthcare
-
Services
(continued)
Tenet
Healthcare
Corp
(continued)
6.88%,
11/15/2031
$
285
$
294
8.13%,
04/01/2022
10,408
11,371
West
Street
Merger
Sub
Inc
6.38%,
09/01/2025
(f)
3,846
3,789
$
273,443
Holding
Companies
-
Diversified
-
0.07%
Stena
AB
7.00%,
02/01/2024
(f)
1,000
1,026
Stena
International
SA
5.75%,
03/01/2024
(f)
800
817
VistaJet
Malta
Finance
PLC
/
XO
Management
Holding
Inc
10.50%,
06/01/2024
(f)
545
516
$
2,359
Home
Builders
-
1.00%
Beazer
Homes
USA
Inc
5.88%,
10/15/2027
245
254
6.75%,
03/15/2025
151
159
Brookfield
Residential
Properties
Inc
/
Brookfield
Residential
US
Corp
6.38%,
05/15/2025
(f)
596
617
Century
Communities
Inc
5.88%,
07/15/2025
538
565
6.75%,
06/01/2027
(f)
800
868
K
Hovnanian
Enterprises
Inc
10.00%,
11/15/2025
(f)
1,650
1,246
KB
Home
4.80%,
11/15/2029
144
149
6.88%,
06/15/2027
235
276
7.00%,
12/15/2021
340
364
7.50%,
09/15/2022
226
253
7.63%,
05/15/2023
30
34
Lennar
Corp
4.13%,
01/15/2022
580
595
4.50%,
04/30/2024
1,450
1,548
4.75%,
04/01/2021
485
497
4.75%,
11/15/2022
1,200
1,265
4.75%,
05/30/2025
485
530
4.75%,
11/29/2027
500
554
4.88%,
12/15/2023
600
644
5.00%,
06/15/2027
457
506
5.25%,
06/01/2026
232
257
5.38%,
10/01/2022
73
78
5.88%,
11/15/2024
882
993
6.25%,
12/15/2021
187
196
M/I
Homes
Inc
5.63%,
08/01/2025
301
315
Mattamy
Group
Corp
6.50%,
10/01/2025
(f)
600
639
MDC
Holdings
Inc
5.50%,
01/15/2024
263
288
6.00%,
01/15/2043
600
668
Meritage
Homes
Corp
6.00%,
06/01/2025
1,108
1,252
New
Home
Co
Inc/The
7.25%,
04/01/2022
625
622
PulteGroup
Inc
5.00%,
01/15/2027
985
1,088
5.50%,
03/01/2026
685
765
6.00%,
02/15/2035
632
725
6.38%,
05/15/2033
425
514
7.88%,
06/15/2032
879
1,178
Shea
Homes
LP
/
Shea
Homes
Funding
Corp
5.88%,
04/01/2023
(f)
125
127
6.13%,
04/01/2025
(f)
651
671
Taylor
Morrison
Communities
Inc
5.75%,
01/15/2028
(f)
795
871
Schedule
of
Investments
High
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
78
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Home
Builders
(continued)
Taylor
Morrison
Communities
Inc
/
Taylor
Morrison
Holdings
II
Inc
5.63%,
03/01/2024
(f)
$
670
$
724
5.88%,
04/15/2023
(f)
566
610
Toll
Brothers
Finance
Corp
3.80%,
11/01/2029
800
804
4.35%,
02/15/2028
740
779
4.38%,
04/15/2023
836
878
4.88%,
03/15/2027
345
379
5.63%,
01/15/2024
383
421
5.88%,
02/15/2022
430
456
TRI
Pointe
Group
Inc
4.88%,
07/01/2021
840
865
5.25%,
06/01/2027
795
845
TRI
Pointe
Group
Inc
/
TRI
Pointe
Homes
Inc
5.88%,
06/15/2024
1,426
1,547
William
Lyon
Homes
Inc
5.88%,
01/31/2025
765
788
6.00%,
09/01/2023
275
287
6.63%,
07/15/2027
(f)
90
97
Williams
Scotsman
International
Inc
7.88%,
12/15/2022
(f)
22
23
$
31,674
Home
Furnishings
-
0.03%
Tempur
Sealy
International
Inc
5.50%,
06/15/2026
953
999
5.63%,
10/15/2023
91
93
$
1,092
Housewares
-
0.21%
Newell
Brands
Inc
3.85%,
04/01/2023
1,800
1,874
4.20%,
04/01/2026
1,550
1,618
5.50%,
04/01/2046
625
684
Scotts
Miracle-Gro
Co/The
4.50%,
10/15/2029
(f)
500
517
5.25%,
12/15/2026
1,647
1,754
Tupperware
Brands
Corp
4.75%,
06/01/2021
300
296
$
6,743
Insurance
-
3.10%
Acrisure
LLC
/
Acrisure
Finance
Inc
7.00%,
11/15/2025
(f)
13,850
13,573
8.13%,
02/15/2024
(f)
17,285
18,474
10.13%,
08/01/2026
(f)
400
437
Ardonagh
Midco
3
PLC
8.63%,
07/15/2023
(f)
475
488
Assurant
Inc
7.00%,
03/27/2048
(j)
425
481
3
Month
USD
LIBOR
+
4.14%
AssuredPartners
Inc
7.00%,
08/15/2025
(f)
27,817
28,303
Fidelity
&
Guaranty
Life
Holdings
Inc
5.50%,
05/01/2025
(f)
7,538
8,028
Genworth
Holdings
Inc
4.80%,
02/15/2024
383
382
4.90%,
08/15/2023
625
631
6.50%,
06/15/2034
150
152
7.20%,
02/15/2021
364
376
7.63%,
09/24/2021
250
264
GTCR
AP
Finance
Inc
8.00%,
05/15/2027
(f)
2,420
2,566
HUB
International
Ltd
7.00%,
05/01/2026
(f)
10,930
11,339
MGIC
Investment
Corp
5.75%,
08/15/2023
1,335
1,475
Radian
Group
Inc
4.50%,
10/01/2024
1,353
1,441
4.88%,
03/15/2027
800
846
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
(continued)
USI
Inc/NY
6.88%,
05/01/2025
(f)
$
8,762
$
8,981
$
98,237
Internet
-
1.16%
Cogent
Communications
Group
Inc
5.38%,
03/01/2022
(f)
575
599
EIG
Investors
Corp
10.88%,
02/01/2024
1,000
1,032
GrubHub
Holdings
Inc
5.50%,
07/01/2027
(f)
2,891
2,822
Match
Group
Inc
5.00%,
12/15/2027
(f)
785
824
5.63%,
02/15/2029
(f)
700
755
6.38%,
06/01/2024
47
49
Netflix
Inc
4.38%,
11/15/2026
2,861
3,007
4.88%,
04/15/2028
2,716
2,906
4.88%,
06/15/2030
(f)
2,050
2,138
5.38%,
02/01/2021
200
205
5.38%,
11/15/2029
(f)
2,360
2,569
5.50%,
02/15/2022
650
687
5.75%,
03/01/2024
1,125
1,246
5.88%,
02/15/2025
725
813
5.88%,
11/15/2028
3,320
3,739
6.38%,
05/15/2029
2,335
2,726
NortonLifeLock
Inc
3.95%,
06/15/2022
250
257
5.00%,
04/15/2025
(f)
939
959
Photo
Holdings
Merger
Sub
Inc
8.50%,
10/01/2026
(f)
825
771
Uber
Technologies
Inc
7.50%,
11/01/2023
(f)
700
732
7.50%,
09/15/2027
(f)
1,200
1,266
8.00%,
11/01/2026
(f),(g)
1,500
1,596
VeriSign
Inc
4.75%,
07/15/2027
1,035
1,092
5.25%,
04/01/2025
885
974
Zayo
Group
LLC
/
Zayo
Capital
Inc
5.75%,
01/15/2027
(f)
1,313
1,341
6.00%,
04/01/2023
935
955
6.38%,
05/15/2025
615
629
$
36,689
Investment
Companies
-
0.13%
Compass
Group
Diversified
Holdings
LLC
8.00%,
05/01/2026
(f)
265
288
FS
Energy
&
Power
Fund
7.50%,
08/15/2023
(f)
155
160
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp
4.75%,
09/15/2024
(f)
495
506
5.88%,
02/01/2022
1,883
1,883
6.38%,
12/15/2025
1,225
1,278
6.75%,
02/01/2024
132
137
$
4,252
Iron
&
Steel
-
1.31%
AK
Steel
Corp
6.38%,
10/15/2025
199
196
7.00%,
03/15/2027
493
484
7.50%,
07/15/2023
436
452
Allegheny
Technologies
Inc
7.88%,
08/15/2023
754
826
Baffinland
Iron
Mines
Corp
/
Baffinland
Iron
Mines
LP
8.75%,
07/15/2026
(f)
19,390
20,117
Big
River
Steel
LLC
/
BRS
Finance
Corp
7.25%,
09/01/2025
(f)
4,952
5,201
Schedule
of
Investments
High
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
79
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Iron
&
Steel
(continued)
Cleveland-Cliffs
Inc
4.88%,
01/15/2024
(f)
$
540
$
542
5.75%,
03/01/2025
480
466
5.88%,
06/01/2027
(f)
566
522
6.25%,
10/01/2040
200
170
Commercial
Metals
Co
4.88%,
05/15/2023
766
802
5.38%,
07/15/2027
154
161
Infrabuild
Australia
Pty
Ltd
12.00%,
10/01/2024
(f)
300
304
Mineral
Resources
Ltd
8.13%,
05/01/2027
(f)
1,000
1,092
Specialty
Steel
11.92%,
11/15/2022
(d),(e),(g),(h)
8,680
8,680
United
States
Steel
Corp
6.25%,
03/15/2026
937
791
6.65%,
06/01/2037
15
12
6.88%,
08/15/2025
714
642
$
41,460
Leisure
Products
&
Services
-
0.50%
24
Hour
Fitness
Worldwide
Inc
8.00%,
06/01/2022
(f)
900
423
Carlson
Travel
Inc
6.75%,
12/15/2023
(f)
240
247
9.50%,
12/15/2024
(f)
11,966
11,966
Constellation
Merger
Sub
Inc
8.50%,
09/15/2025
(f)
315
287
Sabre
GLBL
Inc
5.25%,
11/15/2023
(f)
126
129
5.38%,
04/15/2023
(f)
270
275
Viking
Cruises
Ltd
5.88%,
09/15/2027
(f)
1,125
1,153
Vista
Outdoor
Inc
5.88%,
10/01/2023
125
123
VOC
Escrow
Ltd
5.00%,
02/15/2028
(f)
1,275
1,319
$
15,922
Lodging
-
2.41%
Boyd
Gaming
Corp
4.75%,
12/01/2027
(f)
5,625
5,752
6.00%,
08/15/2026
7,400
7,862
6.38%,
04/01/2026
7,880
8,378
Diamond
Resorts
International
Inc
7.75%,
09/01/2023
(f)
300
309
10.75%,
09/01/2024
(f)
1,235
1,284
Hilton
Domestic
Operating
Co
Inc
4.25%,
09/01/2024
1,460
1,482
4.88%,
01/15/2030
1,560
1,650
5.13%,
05/01/2026
2,155
2,257
Hilton
Grand
Vacations
Borrower
LLC
/
Hilton
Grand
Vacations
Borrower
Inc
6.13%,
12/01/2024
369
398
Hilton
Worldwide
Finance
LLC
/
Hilton
Worldwide
Finance
Corp
4.63%,
04/01/2025
1,688
1,726
4.88%,
04/01/2027
1,117
1,176
Marriott
Ownership
Resorts
Inc
/
ILG
LLC
6.50%,
09/15/2026
900
974
Melco
Resorts
Finance
Ltd
5.38%,
12/04/2029
(f)
845
843
MGM
China
Holdings
Ltd
5.38%,
05/15/2024
(f)
730
748
5.88%,
05/15/2026
(f)
730
756
MGM
Resorts
International
4.63%,
09/01/2026
484
507
5.50%,
04/15/2027
6,060
6,666
5.75%,
06/15/2025
1,805
2,012
6.00%,
03/15/2023
2,600
2,853
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Lodging
(continued)
MGM
Resorts
International
(continued)
7.75%,
03/15/2022
$
713
$
790
Station
Casinos
LLC
5.00%,
10/01/2025
(f)
11,158
11,420
Wyndham
Destinations
Inc
3.90%,
03/01/2023
425
431
4.25%,
03/01/2022
1,200
1,228
5.40%,
04/01/2024
266
284
5.75%,
04/01/2027
1,100
1,200
Wyndham
Hotels
&
Resorts
Inc
5.38%,
04/15/2026
(f)
800
837
Wynn
Las
Vegas
LLC
/
Wynn
Las
Vegas
Capital
Corp
4.25%,
05/30/2023
(f)
300
309
5.25%,
05/15/2027
(f)
1,420
1,473
5.50%,
03/01/2025
(f)
8,460
8,820
Wynn
Macau
Ltd
4.88%,
10/01/2024
(f)
425
429
5.50%,
10/01/2027
(f)
1,450
1,476
$
76,330
Machinery
-
Construction
&
Mining
-
0.12%
BWX
Technologies
Inc
5.38%,
07/15/2026
(f)
1,006
1,066
Manitowoc
Co
Inc/The
9.00%,
04/01/2026
(f)
1,735
1,848
Terex
Corp
5.63%,
02/01/2025
(f)
998
1,028
$
3,942
Machinery
-
Diversified
-
1.07%
ATS
Automation
Tooling
Systems
Inc
6.50%,
06/15/2023
(f)
526
539
Cleaver-Brooks
Inc
7.88%,
03/01/2023
(f)
416
414
Cloud
Crane
LLC
10.13%,
08/01/2024
(f)
600
639
JPW
Industries
Holding
Corp
9.00%,
10/01/2024
(f)
12,565
12,492
Mueller
Water
Products
Inc
5.50%,
06/15/2026
(f)
2,524
2,644
RBS
Global
Inc
/
Rexnord
LLC
4.88%,
12/15/2025
(f)
492
503
SPX
FLOW
Inc
5.63%,
08/15/2024
(f)
291
303
5.88%,
08/15/2026
(f)
3,010
3,183
Stevens
Holding
Co
Inc
6.13%,
10/01/2026
(f)
1,375
1,506
Tennant
Co
5.63%,
05/01/2025
239
249
Titan
Acquisition
Ltd
/
Titan
Co-Borrower
LLC
7.75%,
04/15/2026
(f)
11,806
11,497
$
33,969
Media
-
7.75%
Altice
Financing
SA
6.63%,
02/15/2023
(f)
1,960
1,994
7.50%,
05/15/2026
(f)
3,275
3,500
Altice
Finco
SA
8.13%,
01/15/2024
(f)
1,144
1,176
Altice
Luxembourg
SA
7.63%,
02/15/2025
(f)
1,999
2,078
10.50%,
05/15/2027
(f)
1,000
1,156
AMC
Networks
Inc
4.75%,
12/15/2022
250
252
4.75%,
08/01/2025
2,042
2,062
5.00%,
04/01/2024
3,835
3,912
Belo
Corp
7.25%,
09/15/2027
600
696
Block
Communications
Inc
6.88%,
02/15/2025
(f)
675
699
Schedule
of
Investments
High
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
80
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Media
(continued)
Cablevision
Systems
Corp
5.88%,
09/15/2022
$
603
$
645
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
4.00%,
03/01/2023
(f)
1,300
1,320
4.75%,
03/01/2030
(f)
4,850
4,987
5.00%,
02/01/2028
(f)
8,040
8,411
5.13%,
02/15/2023
412
415
5.13%,
05/01/2023
(f)
4,041
4,105
5.13%,
05/01/2027
(f)
3,769
3,939
5.38%,
05/01/2025
(f)
475
490
5.38%,
06/01/2029
(f)
1,805
1,931
5.50%,
05/01/2026
(f)
1,080
1,129
5.75%,
01/15/2024
74
76
5.75%,
02/15/2026
(f)
14,057
14,751
5.88%,
04/01/2024
(f)
3,156
3,257
5.88%,
05/01/2027
(f)
1,380
1,454
Cengage
Learning
Inc
9.50%,
06/15/2024
(f)
718
664
Clear
Channel
Worldwide
Holdings
Inc
9.25%,
02/15/2024
(f)
1,096
1,193
CSC
Holdings
LLC
5.25%,
06/01/2024
1,630
1,760
5.38%,
02/01/2028
(f)
1,100
1,166
5.50%,
05/15/2026
(f)
4,528
4,745
5.50%,
04/15/2027
(f)
3,441
3,651
5.75%,
01/15/2030
(f)
4,551
4,893
6.50%,
02/01/2029
(f)
3,850
4,278
6.63%,
10/15/2025
(f)
2,860
3,019
6.75%,
11/15/2021
775
832
7.50%,
04/01/2028
(f)
5,270
5,996
7.75%,
07/15/2025
(f)
3,260
3,435
10.88%,
10/15/2025
(f)
1,630
1,806
Cumulus
Media
New
Holdings
Inc
6.75%,
07/01/2026
(f)
355
373
Diamond
Sports
Group
LLC
/
Diamond
Sports
Finance
Co
5.38%,
08/15/2026
(f)
9,740
9,702
6.63%,
08/15/2027
(f)
15,375
14,376
DISH
DBS
Corp
5.00%,
03/15/2023
1,779
1,806
5.88%,
07/15/2022
2,575
2,704
5.88%,
11/15/2024
1,984
2,008
6.75%,
06/01/2021
1,899
1,992
7.75%,
07/01/2026
2,281
2,395
Entercom
Media
Corp
6.50%,
05/01/2027
(f)
10
11
7.25%,
11/01/2024
(f)
2,557
2,688
EW
Scripps
Co/The
5.13%,
05/15/2025
(f)
142
146
GCI
LLC
6.63%,
06/15/2024
(f)
500
539
6.88%,
04/15/2025
85
89
Gray
Television
Inc
5.13%,
10/15/2024
(f)
165
170
5.88%,
07/15/2026
(f)
400
419
7.00%,
05/15/2027
(f)
735
800
iHeartCommunications
Inc
5.25%,
08/15/2027
(f)
250
261
6.38%,
05/01/2026
775
837
8.38%,
05/01/2027
1,405
1,528
LCPR
Senior
Secured
Financing
DAC
6.75%,
10/15/2027
(f)
1,210
1,280
Liberty
Interactive
LLC
8.25%,
02/01/2030
450
457
8.50%,
07/15/2029
175
177
McGraw-Hill
Global
Education
Holdings
LLC
/
McGraw-Hill
Global
Education
Finance
7.88%,
05/15/2024
(f)
500
440
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Media
(continued)
Meredith
Corp
6.88%,
02/01/2026
$
1,625
$
1,672
Nexstar
Broadcasting
Inc
5.63%,
08/01/2024
(f)
660
686
5.63%,
07/15/2027
(f)
12,250
12,884
Quebecor
Media
Inc
5.75%,
01/15/2023
180
194
Radiate
Holdco
LLC
/
Radiate
Finance
Inc
6.63%,
02/15/2025
(f)
628
634
Scripps
Escrow
Inc
5.88%,
07/15/2027
(f)
1,000
1,050
Sinclair
Television
Group
Inc
5.13%,
02/15/2027
(f)
1,030
1,054
5.50%,
03/01/2030
(f)
8,450
8,640
5.63%,
08/01/2024
(f)
184
189
Sirius
XM
Radio
Inc
3.88%,
08/01/2022
(f)
1,208
1,223
4.63%,
05/15/2023
(f)
135
136
4.63%,
07/15/2024
(f)
2,100
2,177
5.00%,
08/01/2027
(f)
2,836
2,978
5.38%,
04/15/2025
(f)
970
1,000
5.38%,
07/15/2026
(f)
12,192
12,859
5.50%,
07/01/2029
(f)
1,250
1,345
SportsNet
New
York
10.25%,
01/15/2025
(d),(e),(g)
4,130
4,337
TEGNA
Inc
4.88%,
09/15/2021
(f)
320
320
5.00%,
09/15/2029
(f)
1,700
1,721
Telenet
Finance
Luxembourg
Notes
Sarl
5.50%,
03/01/2028
(f)
2,200
2,332
Townsquare
Media
Inc
6.50%,
04/01/2023
(f)
2,335
2,364
Univision
Communications
Inc
5.13%,
05/15/2023
(f)
995
995
5.13%,
02/15/2025
(f)
1,959
1,954
6.75%,
09/15/2022
(f)
236
240
UPC
Holding
BV
5.50%,
01/15/2028
(f)
2,175
2,262
UPCB
Finance
IV
Ltd
5.38%,
01/15/2025
(f)
620
635
Urban
One
Inc
7.38%,
04/15/2022
(f)
2,540
2,534
ViacomCBS
Inc
5.87%,
02/28/2057
(j)
1,938
2,036
3
Month
USD
LIBOR
+
3.90%
6.25%,
02/28/2057
(j)
825
927
3
Month
USD
LIBOR
+
3.90%
Videotron
Ltd
5.00%,
07/15/2022
400
420
5.13%,
04/15/2027
(f)
735
770
5.38%,
06/15/2024
(f)
557
602
Virgin
Media
Finance
PLC
5.75%,
01/15/2025
(f)
1,000
1,030
6.00%,
10/15/2024
(f)
6,314
6,504
Virgin
Media
Secured
Finance
PLC
5.50%,
08/15/2026
(f)
4,920
5,160
5.50%,
05/15/2029
(f)
1,735
1,826
Ziggo
Bond
Co
BV
6.00%,
01/15/2027
(f)
2,600
2,730
Ziggo
BV
5.50%,
01/15/2027
(f)
8,020
8,501
$
245,992
Metal
Fabrication
&
Hardware
-
0.52%
Advanced
Drainage
Systems
Inc
5.00%,
09/30/2027
(f)
5,000
5,163
Grinding
Media
Inc
/
Moly-Cop
AltaSteel
Ltd
7.38%,
12/15/2023
(f)
1,550
1,590
Schedule
of
Investments
High
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
81
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Metal
Fabrication
&
Hardware
(continued)
Hillman
Group
Inc/The
6.38%,
07/15/2022
(f)
$
903
$
844
Optimas
OE
Solutions
Holding
LLC
/
Optimas
OE
Solutions
Inc
8.63%,
06/01/2021
(f)
13,276
7,966
TriMas
Corp
4.88%,
10/15/2025
(f)
1,000
1,025
$
16,588
Mining
-
2.25%
Alcoa
Nederland
Holding
BV
6.13%,
05/15/2028
(f)
700
738
6.75%,
09/30/2024
(f)
393
413
7.00%,
09/30/2026
(f)
700
759
Aleris
International
Inc
10.75%,
07/15/2023
(f)
800
832
Century
Aluminum
Co
7.50%,
06/01/2021
(f)
10,935
10,825
Coeur
Mining
Inc
5.88%,
06/01/2024
63
63
Compass
Minerals
International
Inc
4.88%,
07/15/2024
(f)
1,260
1,252
Constellium
SE
5.75%,
05/15/2024
(f)
466
478
5.88%,
02/15/2026
(f)
500
516
6.63%,
03/01/2025
(f)
3,087
3,183
Ferroglobe
PLC
/
Globe
Specialty
Metals
Inc
9.38%,
03/01/2022
(f)
325
244
FMG
Resources
August
2006
Pty
Ltd
4.75%,
05/15/2022
(f)
953
980
5.13%,
03/15/2023
(f)
300
314
5.13%,
05/15/2024
(f)
1,242
1,315
Freeport-McMoRan
Inc
3.55%,
03/01/2022
1,514
1,531
3.88%,
03/15/2023
2,655
2,708
4.55%,
11/14/2024
490
518
5.40%,
11/14/2034
848
873
5.45%,
03/15/2043
2,465
2,514
Hecla
Mining
Co
6.88%,
05/01/2021
879
877
Hudbay
Minerals
Inc
7.25%,
01/15/2023
(f)
40
40
7.63%,
01/15/2025
(f)
1,024
1,034
IAMGOLD
Corp
7.00%,
04/15/2025
(f)
1,295
1,334
Joseph
T
Ryerson
&
Son
Inc
11.00%,
05/15/2022
(f)
6,391
6,711
JW
Aluminum
Continuous
Cast
Co
10.25%,
06/01/2026
(f)
435
457
Northwest
Acquisitions
ULC
/
Dominion
Finco
Inc
7.13%,
11/01/2022
(f)
15,820
12,735
Novelis
Corp
4.75%,
01/30/2030
(f)
6,100
6,127
5.88%,
09/30/2026
(f)
7,205
7,637
Real
Alloy
Holding
Inc
11.94%,
11/30/2023
(d),(e),(g),(h)
4,391
4,391
Taseko
Mines
Ltd
8.75%,
06/15/2022
(f)
100
88
$
71,487
Miscellaneous
Manufacturers
-
0.07%
Foxtrot
Escrow
Issuer
LLC
/
Foxtrot
Escrow
Corp
12.25%,
11/15/2026
(f)
770
797
FXI
Holdings
Inc
7.88%,
11/01/2024
(f)
557
528
Koppers
Inc
6.00%,
02/15/2025
(f)
139
142
LSB
Industries
Inc
9.63%,
05/01/2023
(f)
345
362
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Miscellaneous
Manufacturers
(continued)
Trinity
Industries
Inc
4.55%,
10/01/2024
$
385
$
401
$
2,230
Office
&
Business
Equipment
-
0.24%
CDW
LLC
/
CDW
Finance
Corp
5.00%,
09/01/2025
1,270
1,319
5.50%,
12/01/2024
340
379
Pitney
Bowes
Inc
4.63%,
03/15/2024
326
310
Xerox
Corp
3.80%,
05/15/2024
790
802
4.12%,
03/15/2023
2,400
2,484
4.50%,
05/15/2021
1,650
1,687
4.80%,
03/01/2035
285
270
6.75%,
12/15/2039
340
371
$
7,622
Oil
&
Gas
-
4.52%
Aker
BP
ASA
5.88%,
03/31/2025
(f)
550
577
Antero
Resources
Corp
5.13%,
12/01/2022
1,090
940
5.38%,
11/01/2021
655
626
5.63%,
06/01/2023
745
536
Ascent
Resources
Utica
Holdings
LLC
/
ARU
Finance
Corp
7.00%,
11/01/2026
(f)
900
639
10.00%,
04/01/2022
(f)
1,040
1,019
Athabasca
Oil
Corp
9.88%,
02/24/2022
(f)
165
139
Baytex
Energy
Corp
5.13%,
06/01/2021
(f)
272
271
5.63%,
06/01/2024
(f)
438
404
Berry
Petroleum
Co
LLC
7.00%,
02/15/2026
(f)
315
292
Bruin
E&P
Partners
LLC
8.88%,
08/01/2023
(f)
595
383
California
Resources
Corp
8.00%,
12/15/2022
(f)
2,836
964
Callon
Petroleum
Co
6.13%,
10/01/2024
768
735
6.38%,
07/01/2026
430
406
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp
7.63%,
01/15/2022
425
424
7.75%,
04/15/2023
375
378
11.00%,
04/15/2025
(f)
540
597
Carrizo
Oil
&
Gas
Inc
6.25%,
04/15/2023
514
515
8.25%,
07/15/2025
125
128
Centennial
Resource
Production
LLC
5.38%,
01/15/2026
(f)
923
868
6.88%,
04/01/2027
(f)
250
249
Chaparral
Energy
Inc
8.75%,
07/15/2023
(f)
600
213
Chesapeake
Energy
Corp
6.13%,
02/15/2021
171
150
7.50%,
10/01/2026
250
127
11.50%,
01/01/2025
(f)
150
121
CNX
Resources
Corp
5.88%,
04/15/2022
1,434
1,416
7.25%,
03/14/2027
(f)
250
206
Comstock
Resources
Inc
7.50%,
05/15/2025
(f)
625
492
9.75%,
08/15/2026
200
163
CrownRock
LP
/
CrownRock
Finance
Inc
5.63%,
10/15/2025
(f)
2,556
2,579
Schedule
of
Investments
High
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
82
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Oil
&
Gas
(continued)
Denbury
Resources
Inc
7.75%,
02/15/2024
(f)
$
200
$
160
9.00%,
05/15/2021
(f)
1,400
1,316
9.25%,
03/31/2022
(f)
721
638
Diamond
Offshore
Drilling
Inc
3.45%,
11/01/2023
1,049
861
4.88%,
11/01/2043
1,175
576
Endeavor
Energy
Resources
LP
/
EER
Finance
Inc
5.50%,
01/30/2026
(f)
757
777
5.75%,
01/30/2028
(f)
7,215
7,504
Energy
Ventures
Gom
LLC
/
EnVen
Finance
Corp
11.00%,
02/15/2023
(f)
2,180
2,185
Ensign
Drilling
Inc
9.25%,
04/15/2024
(f)
900
844
Extraction
Oil
&
Gas
Inc
5.63%,
02/01/2026
(f)
865
424
7.38%,
05/15/2024
(f)
450
223
Global
Marine
Inc
7.00%,
06/01/2028
300
251
Gran
Tierra
Energy
Inc
7.75%,
05/23/2027
(f)
295
287
Gulfport
Energy
Corp
6.00%,
10/15/2024
667
368
6.38%,
05/15/2025
580
290
6.38%,
01/15/2026
445
214
6.63%,
05/01/2023
918
624
HighPoint
Operating
Corp
7.00%,
10/15/2022
895
850
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co
5.00%,
12/01/2024
(f)
466
424
5.75%,
10/01/2025
(f)
2,570
2,324
6.25%,
11/01/2028
(f)
550
490
Indigo
Natural
Resources
LLC
6.88%,
02/15/2026
(f)
825
755
Ithaca
Energy
North
Sea
PLC
9.38%,
07/15/2024
(f)
325
338
Jagged
Peak
Energy
LLC
5.88%,
05/01/2026
7,225
7,442
Magnolia
Oil
&
Gas
Operating
LLC
/
Magnolia
Oil
&
Gas
Finance
Corp
6.00%,
08/01/2026
(f)
285
294
Matador
Resources
Co
5.88%,
09/15/2026
6,804
6,659
MEG
Energy
Corp
6.38%,
01/30/2023
(f)
3,879
3,925
6.50%,
01/15/2025
(f)
945
990
7.00%,
03/31/2024
(f)
6,118
6,163
7.13%,
02/01/2027
(f)
7,400
7,328
Montage
Resources
Corp
8.88%,
07/15/2023
25
21
Moss
Creek
Resources
Holdings
Inc
7.50%,
01/15/2026
(f)
809
594
10.50%,
05/15/2027
(f)
600
480
Murphy
Oil
Corp
5.75%,
08/15/2025
565
582
5.87%,
12/01/2042
345
323
6.88%,
08/15/2024
300
313
Nabors
Industries
Inc
4.63%,
09/15/2021
26
26
5.75%,
02/01/2025
125
103
Nabors
Industries
Ltd
7.50%,
01/15/2028
(f)
900
891
Neptune
Energy
Bondco
PLC
6.63%,
05/15/2025
(f)
800
788
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Oil
&
Gas
(continued)
Noble
Holding
International
Ltd
5.25%,
03/15/2042
$
320
$
102
6.05%,
03/01/2041
500
165
6.20%,
08/01/2040
736
250
7.75%,
01/15/2024
266
137
7.88%,
02/01/2026
(f)
476
340
7.95%,
04/01/2025
1,200
588
Oasis
Petroleum
Inc
6.25%,
05/01/2026
(f)
220
168
6.88%,
03/15/2022
1,348
1,294
Par
Petroleum
LLC
/
Par
Petroleum
Finance
Corp
7.75%,
12/15/2025
(f)
295
305
Parkland
Fuel
Corp
6.00%,
04/01/2026
(f)
495
521
Parsley
Energy
LLC
/
Parsley
Finance
Corp
5.25%,
08/15/2025
(f)
395
405
5.38%,
01/15/2025
(f)
875
900
5.63%,
10/15/2027
(f)
1,720
1,810
6.25%,
06/01/2024
(f)
300
311
PBF
Holding
Co
LLC
/
PBF
Finance
Corp
7.00%,
11/15/2023
367
380
7.25%,
06/15/2025
1,215
1,290
PDC
Energy
Inc
5.75%,
05/15/2026
6,265
6,048
6.13%,
09/15/2024
820
822
Precision
Drilling
Corp
5.25%,
11/15/2024
213
190
6.50%,
12/15/2021
23
22
7.13%,
01/15/2026
(f)
250
238
Pride
International
LLC
7.88%,
08/15/2040
300
143
Puma
International
Financing
SA
5.00%,
01/24/2026
(f)
730
685
5.13%,
10/06/2024
(f)
400
392
QEP
Resources
Inc
5.25%,
05/01/2023
1,532
1,471
5.38%,
10/01/2022
495
496
5.63%,
03/01/2026
825
736
6.88%,
03/01/2021
395
404
Range
Resources
Corp
5.00%,
03/15/2023
319
274
Rowan
Cos
Inc
4.75%,
01/15/2024
500
318
4.88%,
06/01/2022
400
296
5.40%,
12/01/2042
5
2
5.85%,
01/15/2044
430
215
7.38%,
06/15/2025
500
318
Seven
Generations
Energy
Ltd
5.38%,
09/30/2025
(f)
1,630
1,634
6.75%,
05/01/2023
(f)
125
128
6.88%,
06/30/2023
(f)
650
671
SM
Energy
Co
5.00%,
01/15/2024
494
451
5.63%,
06/01/2025
495
448
6.13%,
11/15/2022
471
466
6.75%,
09/15/2026
495
449
Southwestern
Energy
Co
6.20%,
01/23/2025
920
766
7.50%,
04/01/2026
235
196
7.75%,
10/01/2027
90
75
SRC
Energy
Inc
6.25%,
12/01/2025
12,045
12,135
Suncor
Energy
Ventures
Corp
4.50%,
04/01/2022
(f)
700
722
6.00%,
04/01/2042
(f)
490
557
Schedule
of
Investments
High
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
83
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Oil
&
Gas
(continued)
Sunoco
LP
/
Sunoco
Finance
Corp
4.88%,
01/15/2023
$
500
$
513
5.50%,
02/15/2026
700
720
5.88%,
03/15/2028
7,316
7,783
Teine
Energy
Ltd
6.88%,
09/30/2022
(f)
815
814
Transocean
Guardian
Ltd
5.88%,
01/15/2024
(f)
848
866
Transocean
Inc
6.80%,
03/15/2038
1,252
801
7.25%,
11/01/2025
(f)
4,765
4,491
7.50%,
01/15/2026
(f)
755
712
7.50%,
04/15/2031
690
502
9.00%,
07/15/2023
(f)
1,005
1,080
9.35%,
12/15/2041
200
156
Transocean
Pontus
Ltd
6.13%,
08/01/2025
(f)
801
825
Transocean
Sentry
Ltd
5.38%,
05/15/2023
(f)
205
206
Ultra
Resources
Inc/US
6.88%,
04/15/2022
(f)
550
55
Valaris
plc
5.20%,
03/15/2025
330
163
5.75%,
10/01/2044
990
408
7.75%,
02/01/2026
1,000
505
8.00%,
01/31/2024
39
24
Vantage
Drilling
International
9.25%,
11/15/2023
(f)
400
381
Vermilion
Energy
Inc
5.63%,
03/15/2025
(f)
400
384
Vine
Oil
&
Gas
LP
/
Vine
Oil
&
Gas
Finance
Corp
8.75%,
04/15/2023
(f)
425
221
Viper
Energy
Partners
LP
5.38%,
11/01/2027
(f)
1,050
1,095
W&T
Offshore
Inc
9.75%,
11/01/2023
(f)
610
578
Whiting
Petroleum
Corp
5.75%,
03/15/2021
868
812
6.63%,
01/15/2026
990
556
WPX
Energy
Inc
5.25%,
09/15/2024
648
679
5.75%,
06/01/2026
744
779
8.25%,
08/01/2023
377
435
$
143,480
Oil
&
Gas
Services
-
0.57%
Apergy
Corp
6.38%,
05/01/2026
500
525
Archrock
Partners
LP
/
Archrock
Partners
Finance
Corp
6.00%,
10/01/2022
286
286
6.88%,
04/01/2027
(f)
590
629
Calfrac
Holdings
LP
8.50%,
06/15/2026
(f)
645
245
CSI
Compressco
LP
/
CSI
Compressco
Finance
Inc
7.25%,
08/15/2022
848
797
Exterran
Energy
Solutions
LP
/
EES
Finance
Corp
8.13%,
05/01/2025
366
363
Forum
Energy
Technologies
Inc
6.25%,
10/01/2021
10,002
8,952
FTS
International
Inc
6.25%,
05/01/2022
325
180
McDermott
Technology
Americas
Inc
/
McDermott
Technology
US
Inc
0.00%,
05/01/2024
(c),(f)
2,285
297
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Oil
&
Gas
Services
(continued)
Oceaneering
International
Inc
4.65%,
11/15/2024
$
113
$
109
6.00%,
02/01/2028
225
215
SESI
LLC
7.13%,
12/15/2021
55
49
Telford
Offshore
Ltd
12.00%,
PIK
12.00%,
12/31/2049
(h),(i),(k)
320
244
Transocean
Phoenix
2
Ltd
7.75%,
10/15/2024
(f)
420
445
Transocean
Proteus
Ltd
6.25%,
12/01/2024
(f)
575
591
USA
Compression
Partners
LP
/
USA
Compression
Finance
Corp
6.88%,
04/01/2026
800
832
6.88%,
09/01/2027
300
313
Weatherford
International
Ltd
11.00%,
12/01/2024
(f)
2,400
2,548
Welltec
A/S
9.50%,
12/01/2022
(f)
335
343
$
17,963
Packaging
&
Containers
-
3.09%
ARD
Finance
SA
6.50%,
PIK
7.25%,
06/30/2027
(f),(h),(i)
750
774
Ardagh
Packaging
Finance
PLC
/
Ardagh
Holdings
USA
Inc
4.13%,
08/15/2026
(f)
660
679
4.25%,
09/15/2022
(f)
800
810
5.25%,
08/15/2027
(f)
250
262
6.00%,
02/15/2025
(f)
2,505
2,618
Ball
Corp
4.00%,
11/15/2023
1,080
1,142
4.88%,
03/15/2026
1,140
1,248
5.00%,
03/15/2022
1,117
1,180
5.25%,
07/01/2025
755
846
Berry
Global
Inc
4.50%,
02/15/2026
(f)
8,840
8,972
4.88%,
07/15/2026
(f)
6,250
6,530
5.50%,
05/15/2022
400
403
5.63%,
07/15/2027
(f)
3,500
3,718
6.00%,
10/15/2022
160
163
Crown
Americas
LLC
/
Crown
Americas
Capital
Corp
IV
4.50%,
01/15/2023
1,030
1,083
Crown
Americas
LLC
/
Crown
Americas
Capital
Corp
V
4.25%,
09/30/2026
1,400
1,460
Crown
Americas
LLC
/
Crown
Americas
Capital
Corp
VI
4.75%,
02/01/2026
2,740
2,840
Flex
Acquisition
Co
Inc
6.88%,
01/15/2025
(f)
818
821
7.88%,
07/15/2026
(f)
475
482
Graphic
Packaging
International
LLC
4.75%,
04/15/2021
120
123
4.88%,
11/15/2022
363
381
LABL
Escrow
Issuer
LLC
6.75%,
07/15/2026
(f)
695
746
10.50%,
07/15/2027
(f)
150
158
Matthews
International
Corp
5.25%,
12/01/2025
(f)
255
255
Mauser
Packaging
Solutions
Holding
Co
5.50%,
04/15/2024
(f)
2,209
2,276
7.25%,
04/15/2025
(f)
2,400
2,388
Owens-Brockway
Glass
Container
Inc
5.00%,
01/15/2022
(f)
650
673
5.38%,
01/15/2025
(f)
205
218
5.88%,
08/15/2023
(f)
1,223
1,309
6.38%,
08/15/2025
(f)
83
93
Schedule
of
Investments
High
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
84
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Packaging
&
Containers
(continued)
Plastipak
Holdings
Inc
6.25%,
10/15/2025
(f)
$
13,747
$
12,097
Reynolds
Group
Issuer
Inc
/
Reynolds
Group
Issuer
LLC
/
Reynolds
Group
Issuer
(Luxembourg)
S.A.
5.13%,
07/15/2023
(f)
4,905
5,006
5.75%,
10/15/2020
533
534
7.00%,
07/15/2024
(f)
866
894
Sealed
Air
Corp
5.13%,
12/01/2024
(f)
80
86
5.25%,
04/01/2023
(f)
2,285
2,428
5.50%,
09/15/2025
(f)
1,208
1,324
6.88%,
07/15/2033
(f)
655
776
Silgan
Holdings
Inc
4.13%,
02/01/2028
(f)
2,575
2,560
Trident
TPI
Holdings
Inc
6.63%,
11/01/2025
(f)
13,330
12,097
9.25%,
08/01/2024
(f)
6,030
6,120
Trivium
Packaging
Finance
BV
5.50%,
08/15/2026
(f)
8,213
8,655
8.50%,
08/15/2027
(f)
680
748
$
97,976
Pharmaceuticals
-
1.49%
Bausch
Health
Americas
Inc
8.50%,
01/31/2027
(f)
1,715
1,940
9.25%,
04/01/2026
(f)
1,575
1,797
Bausch
Health
Cos
Inc
5.00%,
01/30/2028
(f)
4,450
4,506
5.25%,
01/30/2030
(f)
2,450
2,496
5.50%,
03/01/2023
(f)
284
285
5.50%,
11/01/2025
(f)
1,695
1,756
5.75%,
08/15/2027
(f)
200
214
5.88%,
05/15/2023
(f)
88
89
6.13%,
04/15/2025
(f)
4,000
4,114
6.50%,
03/15/2022
(f)
1,225
1,248
7.00%,
03/15/2024
(f)
2,102
2,179
7.00%,
01/15/2028
(f)
4,185
4,533
7.25%,
05/30/2029
(f)
1,305
1,471
9.00%,
12/15/2025
(f)
1,470
1,659
Elanco
Animal
Health
Inc
3.91%,
08/27/2021
1,075
1,105
4.27%,
08/28/2023
900
958
4.90%,
08/28/2028
150
172
Endo
Dac
/
Endo
Finance
LLC
/
Endo
Finco
Inc
5.88%,
10/15/2024
(f)
200
198
6.00%,
07/15/2023
(f)
1,443
1,104
6.00%,
02/01/2025
(f)
1,175
814
HLF
Financing
Sarl
LLC
/
Herbalife
International
Inc
7.25%,
08/15/2026
(f)
318
331
Horizon
Therapeutics
USA
Inc
5.50%,
08/01/2027
(f)
875
933
Mallinckrodt
International
Finance
SA
4.75%,
04/15/2023
193
91
Mallinckrodt
International
Finance
SA
/
Mallinckrodt
CB
LLC
5.50%,
04/15/2025
(f)
965
352
5.63%,
10/15/2023
(f)
389
154
5.75%,
08/01/2022
(f)
43
21
NVA
Holdings
Inc
6.88%,
04/01/2026
(f)
10,973
11,837
Owens
&
Minor
Inc
3.88%,
09/15/2021
270
259
4.38%,
12/15/2024
270
208
Par
Pharmaceutical
Inc
7.50%,
04/01/2027
(f)
400
407
$
47,231
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pipelines
-
2.61%
American
Midstream
Partners
LP
/
American
Midstream
Finance
Corp
9.50%,
12/15/2021
(f)
$
700
$
698
Antero
Midstream
Partners
LP
/
Antero
Midstream
Finance
Corp
5.38%,
09/15/2024
12,481
11,052
5.75%,
03/01/2027
(f)
1,010
788
5.75%,
01/15/2028
(f)
1,625
1,264
Blue
Racer
Midstream
LLC
/
Blue
Racer
Finance
Corp
6.13%,
11/15/2022
(f)
1,220
1,192
6.63%,
07/15/2026
(f)
200
184
Buckeye
Partners
LP
3.95%,
12/01/2026
595
587
4.13%,
12/01/2027
395
390
4.15%,
07/01/2023
495
500
4.35%,
10/15/2024
295
298
4.88%,
02/01/2021
845
858
5.60%,
10/15/2044
295
274
5.85%,
11/15/2043
395
367
6.37%,
01/22/2078
(j)
390
321
3
Month
USD
LIBOR
+
4.02%
Cheniere
Energy
Partners
LP
4.50%,
10/01/2029
(f)
3,008
3,060
5.25%,
10/01/2025
1,098
1,131
5.63%,
10/01/2026
1,500
1,571
CNX
Midstream
Partners
LP
/
CNX
Midstream
Finance
Corp
6.50%,
03/15/2026
(f)
1,070
982
Crestwood
Midstream
Partners
LP
/
Crestwood
Midstream
Finance
Corp
5.63%,
05/01/2027
(f)
588
592
5.75%,
04/01/2025
497
505
6.25%,
04/01/2023
595
600
DCP
Midstream
Operating
LP
3.88%,
03/15/2023
493
503
4.75%,
09/30/2021
(f)
581
595
4.95%,
04/01/2022
1,398
1,443
5.13%,
05/15/2029
990
1,044
5.38%,
07/15/2025
475
518
5.60%,
04/01/2044
120
117
5.85%,
05/21/2043
(f),(j)
690
647
3
Month
USD
LIBOR
+
3.85%
6.45%,
11/03/2036
(f)
170
179
6.75%,
09/15/2037
(f)
490
528
8.13%,
08/16/2030
45
56
Delek
Logistics
Partners
LP
/
Delek
Logistics
Finance
Corp
6.75%,
05/15/2025
636
639
Energy
Transfer
LP
5.50%,
06/01/2027
1,100
1,144
EnLink
Midstream
LLC
5.38%,
06/01/2029
895
810
EnLink
Midstream
Partners
LP
4.15%,
06/01/2025
1,000
923
4.40%,
04/01/2024
1,450
1,384
4.85%,
07/15/2026
1,080
988
5.45%,
06/01/2047
700
553
Genesis
Energy
LP
/
Genesis
Energy
Finance
Corp
5.63%,
06/15/2024
669
651
6.00%,
05/15/2023
1,000
1,005
6.25%,
05/15/2026
1,490
1,423
6.50%,
10/01/2025
361
352
Global
Partners
LP
/
GLP
Finance
Corp
7.00%,
06/15/2023
90
92
Hess
Midstream
Operations
LP
5.63%,
02/15/2026
(f)
476
498
Schedule
of
Investments
High
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
85
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pipelines
(continued)
Holly
Energy
Partners
LP
/
Holly
Energy
Finance
Corp
5.00%,
02/01/2028
(f),(l)
$
2,425
$
2,464
6.00%,
08/01/2024
(f)
263
275
Martin
Midstream
Partners
LP
/
Martin
Midstream
Finance
Corp
7.25%,
02/15/2021
340
313
NGL
Energy
Partners
LP
/
NGL
Energy
Finance
Corp
6.13%,
03/01/2025
1,466
1,385
7.50%,
11/01/2023
1,125
1,122
7.50%,
04/15/2026
(f)
100
97
NuStar
Logistics
LP
4.75%,
02/01/2022
965
991
4.80%,
09/01/2020
2,055
2,070
5.63%,
04/28/2027
7,614
7,842
6.00%,
06/01/2026
125
132
6.75%,
02/01/2021
705
726
PBF
Logistics
LP
/
PBF
Logistics
Finance
Corp
6.88%,
05/15/2023
522
536
Summit
Midstream
Holdings
LLC
/
Summit
Midstream
Finance
Corp
5.50%,
08/15/2022
920
809
5.75%,
04/15/2025
852
655
Tallgrass
Energy
Partners
LP
/
Tallgrass
Energy
Finance
Corp
4.75%,
10/01/2023
(f)
375
375
5.50%,
09/15/2024
(f)
2,010
2,030
5.50%,
01/15/2028
(f)
1,205
1,205
Targa
Resources
Partners
LP
/
Targa
Resources
Partners
Finance
Corp
4.25%,
11/15/2023
1,100
1,109
5.00%,
01/15/2028
1,565
1,592
5.13%,
02/01/2025
2,410
2,483
5.25%,
05/01/2023
545
550
5.38%,
02/01/2027
494
513
5.50%,
03/01/2030
(f)
4,275
4,409
5.88%,
04/15/2026
1,800
1,899
6.50%,
07/15/2027
885
965
6.75%,
03/15/2024
2,910
3,004
$
82,857
Real
Estate
-
0.28%
Five
Point
Operating
Co
LP
/
Five
Point
Capital
Corp
7.88%,
11/15/2025
(f)
1,236
1,279
Greystar
Real
Estate
Partners
LLC
5.75%,
12/01/2025
(f)
561
580
Howard
Hughes
Corp/The
5.38%,
03/15/2025
(f)
1,250
1,288
Hunt
Cos
Inc
6.25%,
02/15/2026
(f)
1,175
1,137
Kennedy-Wilson
Inc
5.88%,
04/01/2024
1,020
1,040
Newmark
Group
Inc
6.13%,
11/15/2023
1,310
1,437
Realogy
Group
LLC
/
Realogy
Co-Issuer
Corp
4.88%,
06/01/2023
(f)
845
839
5.25%,
12/01/2021
(f)
950
956
WeWork
Cos
Inc
7.88%,
05/01/2025
(f)
640
496
$
9,052
REITs
-
2.69%
Brookfield
Property
REIT
Inc
/
BPR
Cumulus
LLC
/
BPR
Nimbus
LLC
/
GGSI
Sellco
LL
5.75%,
05/15/2026
(f)
276
288
CBL
&
Associates
LP
5.25%,
12/01/2023
25
15
5.95%,
12/15/2026
500
250
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
REITs
(continued)
CoreCivic
Inc
4.63%,
05/01/2023
$
1,763
$
1,754
5.00%,
10/15/2022
7,075
7,252
Diversified
Healthcare
Trust
4.75%,
05/01/2024
1,190
1,256
4.75%,
02/15/2028
1,430
1,497
6.75%,
12/15/2021
1,210
1,284
ESH
Hospitality
Inc
4.63%,
10/01/2027
(f)
7,500
7,537
5.25%,
05/01/2025
(f)
6,864
7,035
GEO
Group
Inc/The
5.13%,
04/01/2023
640
603
5.88%,
01/15/2022
700
691
5.88%,
10/15/2024
1,000
928
6.00%,
04/15/2026
1,100
979
HAT
Holdings
I
LLC
/
HAT
Holdings
II
LLC
5.25%,
07/15/2024
(f)
490
515
Iron
Mountain
Inc
4.38%,
06/01/2021
(f)
115
115
4.88%,
09/15/2027
(f)
1,546
1,592
4.88%,
09/15/2029
(f)
1,000
1,020
5.25%,
03/15/2028
(f)
2,050
2,142
6.00%,
08/15/2023
520
531
Iron
Mountain
US
Holdings
Inc
5.38%,
06/01/2026
(f)
315
330
iStar
Inc
4.75%,
10/01/2024
1,000
1,040
5.25%,
09/15/2022
500
510
Ladder
Capital
Finance
Holdings
LLLP
/
Ladder
Capital
Finance
Corp
5.25%,
03/15/2022
(f)
503
517
5.25%,
10/01/2025
(f)
11,409
11,722
5.88%,
08/01/2021
(f)
365
370
Mack-Cali
Realty
LP
3.15%,
05/15/2023
320
319
MGM
Growth
Properties
Operating
Partnership
LP
/
MGP
Finance
Co-Issuer
Inc
4.50%,
09/01/2026
900
936
5.63%,
05/01/2024
1,215
1,325
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp
4.63%,
08/01/2029
1,235
1,291
5.00%,
10/15/2027
1,540
1,619
5.25%,
08/01/2026
2,033
2,133
6.38%,
03/01/2024
245
253
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp
5.00%,
04/15/2023
1,090
1,109
Ryman
Hospitality
Properties
Inc
4.75%,
10/15/2027
(f)
7,700
8,008
SBA
Communications
Corp
4.00%,
10/01/2022
1,350
1,374
4.88%,
07/15/2022
353
357
4.88%,
09/01/2024
968
1,001
Starwood
Property
Trust
Inc
3.63%,
02/01/2021
476
478
4.75%,
03/15/2025
571
597
5.00%,
12/15/2021
715
733
Uniti
Group
LP
/
Uniti
Fiber
Holdings
Inc
/
CSL
Capital
LLC
7.13%,
12/15/2024
(f)
190
151
Uniti
Group
LP
/
Uniti
Group
Finance
Inc
/
CSL
Capital
LLC
6.00%,
04/15/2023
(f)
1,197
1,146
8.25%,
10/15/2023
685
555
VICI
Properties
1
LLC
/
VICI
FC
Inc
8.00%,
10/15/2023
1,500
1,620
Schedule
of
Investments
High
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
86
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
REITs
(continued)
VICI
Properties
LP
/
VICI
Note
Co
Inc
3.75%,
02/15/2027
(f),(l)
$
2,975
$
2,990
4.13%,
08/15/2030
(f),(l)
2,625
2,659
4.25%,
12/01/2026
(f)
1,275
1,309
Washington
Prime
Group
LP
6.45%,
08/15/2024
1,970
1,755
$
85,491
Retail
-
2.70%
1011778
BC
ULC
/
New
Red
Finance
Inc
4.25%,
05/15/2024
(f)
2,551
2,605
4.38%,
01/15/2028
(f)
1,475
1,479
5.00%,
10/15/2025
(f)
20,165
20,805
Beacon
Roofing
Supply
Inc
4.88%,
11/01/2025
(f)
1,325
1,318
Bed
Bath
&
Beyond
Inc
4.92%,
08/01/2034
290
231
5.17%,
08/01/2044
1,124
831
Brinker
International
Inc
5.00%,
10/01/2024
(f)
740
779
Carvana
Co
8.88%,
10/01/2023
(f)
1,013
1,064
Conn's
Inc
7.25%,
07/15/2022
285
284
DriveTime
Automotive
Group
Inc
/
Bridgecrest
Acceptance
Corp
8.00%,
06/01/2021
(f)
12,240
12,393
eG
Global
Finance
PLC
6.75%,
02/07/2025
(f)
250
253
Ferrellgas
LP
/
Ferrellgas
Finance
Corp
6.50%,
05/01/2021
191
166
6.75%,
01/15/2022
450
382
6.75%,
06/15/2023
710
602
FirstCash
Inc
5.38%,
06/01/2024
(f)
114
118
GameStop
Corp
6.75%,
03/15/2021
(f)
200
195
Gap
Inc/The
5.95%,
04/12/2021
1,050
1,085
Golden
Nugget
Inc
6.75%,
10/15/2024
(f)
1,661
1,707
8.75%,
10/01/2025
(f)
1,475
1,550
Group
1
Automotive
Inc
5.25%,
12/15/2023
(f)
284
292
Guitar
Center
Inc
9.50%,
10/15/2021
(f)
1,175
1,161
IRB
Holding
Corp
6.75%,
02/15/2026
(f)
135
140
JC
Penney
Corp
Inc
5.88%,
07/01/2023
(f)
125
109
KFC
Holding
Co/Pizza
Hut
Holdings
LLC/Taco
Bell
of
America
LLC
4.75%,
06/01/2027
(f)
1,940
2,044
5.00%,
06/01/2024
(f)
900
926
5.25%,
06/01/2026
(f)
2,600
2,723
L
Brands
Inc
5.25%,
02/01/2028
90
89
5.63%,
02/15/2022
538
567
5.63%,
10/15/2023
665
722
6.63%,
04/01/2021
435
456
6.75%,
07/01/2036
450
447
6.88%,
11/01/2035
744
746
6.95%,
03/01/2033
620
558
7.50%,
06/15/2029
485
521
7.60%,
07/15/2037
500
475
Men's
Wearhouse
Inc/The
7.00%,
07/01/2022
16
16
Michaels
Stores
Inc
8.00%,
07/15/2027
(f)
500
447
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Retail
(continued)
Murphy
Oil
USA
Inc
4.75%,
09/15/2029
$
500
$
522
5.63%,
05/01/2027
695
747
Neiman
Marcus
Group
LTD
LLC
/
Neiman
Marcus
Group
LLC
/
Mariposa
Borrower
/
NMG
8.00%,
10/25/2024
(f)
250
81
Party
City
Holdings
Inc
6.63%,
08/01/2026
(f)
242
172
Penske
Automotive
Group
Inc
5.38%,
12/01/2024
131
134
5.50%,
05/15/2026
836
865
PetSmart
Inc
5.88%,
06/01/2025
(f)
1,329
1,364
7.13%,
03/15/2023
(f)
2,505
2,496
8.88%,
06/01/2025
(f)
650
668
PriSo
Acquisition
Corp
9.00%,
05/15/2023
(f)
141
137
Rite
Aid
Corp
6.13%,
04/01/2023
(f)
1,850
1,688
Sally
Holdings
LLC
/
Sally
Capital
Inc
5.63%,
12/01/2025
500
517
Sonic
Automotive
Inc
6.13%,
03/15/2027
801
851
SRS
Distribution
Inc
8.25%,
07/01/2026
(f)
6,330
6,583
Staples
Inc
7.50%,
04/15/2026
(f)
2,250
2,305
10.75%,
04/15/2027
(f)
1,530
1,555
Suburban
Propane
Partners
LP/Suburban
Energy
Finance
Corp
5.50%,
06/01/2024
1,073
1,094
5.88%,
03/01/2027
750
772
Yum!
Brands
Inc
3.75%,
11/01/2021
1,510
1,545
3.88%,
11/01/2023
20
21
5.35%,
11/01/2043
383
393
6.88%,
11/15/2037
750
885
$
85,681
Semiconductors
-
0.14%
Advanced
Micro
Devices
Inc
7.50%,
08/15/2022
1,200
1,354
Amkor
Technology
Inc
6.63%,
09/15/2027
(f)
500
543
Entegris
Inc
4.63%,
02/10/2026
(f)
431
445
Qorvo
Inc
4.38%,
10/15/2029
(f)
700
731
5.50%,
07/15/2026
425
449
Sensata
Technologies
UK
Financing
Co
PLC
6.25%,
02/15/2026
(f)
868
912
$
4,434
Software
-
3.47%
ACI
Worldwide
Inc
5.75%,
08/15/2026
(f)
3,200
3,425
Ascend
Learning
LLC
6.88%,
08/01/2025
(f)
5,473
5,719
6.88%,
08/01/2025
(f)
4,750
4,964
Camelot
Finance
SA
4.50%,
11/01/2026
(f)
3,905
3,973
CDK
Global
Inc
4.88%,
06/01/2027
984
1,032
5.00%,
10/15/2024
266
290
5.25%,
05/15/2029
(f)
1,775
1,899
Change
Healthcare
Holdings
LLC
/
Change
Healthcare
Finance
Inc
5.75%,
03/01/2025
(f)
16,380
16,683
Dun
&
Bradstreet
Corp/The
10.25%,
02/15/2027
(f)
1,000
1,146
Schedule
of
Investments
High
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
87
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Software
(continued)
Fair
Isaac
Corp
5.25%,
05/15/2026
(f)
$
75
$
83
Genesys
Telecommunications
Laboratories
Inc/
Greeneden
Lux
3
Sarl
10.00%,
11/30/2024
(f)
14,529
15,637
Granite
Merger
Sub
2
Inc
11.00%,
07/15/2027
(f)
90
99
Informatica
LLC
7.13%,
07/15/2023
(f)
13,266
13,399
IQVIA
Inc
5.00%,
10/15/2026
(f)
4,562
4,773
5.00%,
05/15/2027
(f)
1,100
1,161
j2
Cloud
Services
LLC
/
j2
Cloud
Co-Obligor
Inc
6.00%,
07/15/2025
(f)
744
785
MSCI
Inc
4.75%,
08/01/2026
(f)
565
592
5.38%,
05/15/2027
(f)
450
488
5.75%,
08/15/2025
(f)
2,365
2,468
Nuance
Communications
Inc
5.63%,
12/15/2026
830
883
Open
Text
Corp
5.63%,
01/15/2023
(f)
235
239
5.88%,
06/01/2026
(f)
1,584
1,673
PTC
Inc
6.00%,
05/15/2024
145
151
Rackspace
Hosting
Inc
8.63%,
11/15/2024
(f)
705
698
Riverbed
Technology
Inc
8.88%,
03/01/2023
(f)
300
192
Solera
LLC
/
Solera
Finance
Inc
10.50%,
03/01/2024
(f)
2,115
2,239
Sophia
LP
/
Sophia
Finance
Inc
9.00%,
09/30/2023
(f)
5,100
5,240
SS&C
Technologies
Inc
5.50%,
09/30/2027
(f)
17,240
18,236
Veritas
US
Inc
/
Veritas
Bermuda
Ltd
7.50%,
02/01/2023
(f)
800
794
10.50%,
02/01/2024
(f)
1,269
1,164
$
110,125
Storage
&
Warehousing
-
0.08%
LBC
Tank
Terminals
Holding
Netherlands
BV
6.88%,
05/15/2023
(f)
2,125
2,162
Mobile
Mini
Inc
5.88%,
07/01/2024
230
239
$
2,401
Telecommunications
-
6.72%
Altice
France
SA/France
5.50%,
01/15/2028
(f)
1,100
1,123
7.38%,
05/01/2026
(f)
10,946
11,658
8.13%,
02/01/2027
(f)
2,200
2,459
C&W
Senior
Financing
DAC
6.88%,
09/15/2027
(f)
1,185
1,272
7.50%,
10/15/2026
(f)
985
1,063
CenturyLink
Inc
5.13%,
12/15/2026
(f)
950
979
5.63%,
04/01/2025
135
143
5.80%,
03/15/2022
1,215
1,281
6.45%,
06/15/2021
1,545
1,621
6.75%,
12/01/2023
455
504
6.88%,
01/15/2028
62
69
7.50%,
04/01/2024
770
869
7.60%,
09/15/2039
895
968
7.65%,
03/15/2042
840
911
Cincinnati
Bell
Inc
7.00%,
07/15/2024
(f)
419
438
8.00%,
10/15/2025
(f)
140
149
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Telecommunications
(continued)
CommScope
Inc
5.00%,
06/15/2021
(f)
$
58
$
58
5.50%,
03/01/2024
(f)
1,700
1,747
5.50%,
06/15/2024
(f)
752
748
6.00%,
03/01/2026
(f)
10,915
11,447
8.25%,
03/01/2027
(f)
4,305
4,423
CommScope
Technologies
LLC
5.00%,
03/15/2027
(f)
2,990
2,714
6.00%,
06/15/2025
(f)
11,068
10,598
Connect
Finco
SARL
/
Connect
US
Finco
LLC
6.75%,
10/01/2026
(f)
2,090
2,213
Consolidated
Communications
Inc
6.50%,
10/01/2022
1,275
1,217
DKT
Finance
ApS
9.38%,
06/17/2023
(f)
125
134
Embarq
Corp
8.00%,
06/01/2036
1,067
1,186
Frontier
Communications
Corp
6.25%,
09/15/2021
10
5
6.88%,
01/15/2025
585
273
7.13%,
01/15/2023
945
444
7.63%,
04/15/2024
820
377
7.88%,
01/15/2027
200
93
8.00%,
04/01/2027
(f)
400
418
8.50%,
04/01/2026
(f)
1,950
1,999
8.75%,
04/15/2022
760
352
9.00%,
08/15/2031
600
279
10.50%,
09/15/2022
1,884
857
11.00%,
09/15/2025
3,954
1,811
Frontier
Florida
LLC
6.86%,
02/01/2028
351
332
Gogo
Intermediate
Holdings
LLC
/
Gogo
Finance
Co
Inc
9.88%,
05/01/2024
(f)
125
134
GTT
Communications
Inc
7.88%,
12/31/2024
(f)
23,775
18,545
Hughes
Satellite
Systems
Corp
5.25%,
08/01/2026
1,054
1,143
6.63%,
08/01/2026
1,060
1,173
7.63%,
06/15/2021
320
342
Inmarsat
Finance
PLC
4.88%,
05/15/2022
(f)
1,500
1,519
Intelsat
Connect
Finance
SA
9.50%,
02/15/2023
(f)
1,600
816
Intelsat
Jackson
Holdings
SA
5.50%,
08/01/2023
2,510
2,014
8.00%,
02/15/2024
(f)
940
962
8.50%,
10/15/2024
(f)
2,475
2,079
9.50%,
09/30/2022
(f)
400
454
9.75%,
07/15/2025
(f)
2,265
1,931
Intelsat
Luxembourg
SA
8.13%,
06/01/2023
1,100
429
Intrado
Corp
8.50%,
10/15/2025
(f)
1,405
1,117
Iridium
Communications
Inc
10.25%,
04/15/2023
(f)
696
742
Koninklijke
KPN
NV
7.00%,
03/28/2073
(f),(j)
405
447
USD
Swap
Semi-Annual
10
Year
+
5.21%
Level
3
Financing
Inc
5.13%,
05/01/2023
4,067
4,086
5.25%,
03/15/2026
480
499
5.38%,
08/15/2022
420
422
5.38%,
01/15/2024
5,450
5,516
5.38%,
05/01/2025
383
395
5.63%,
02/01/2023
483
483
Metropolitan
Light
Co
Ltd
5.50%,
11/21/2022
(f)
500
519
Schedule
of
Investments
High
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
88
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Telecommunications
(continued)
Nokia
Oyj
3.38%,
06/12/2022
$
520
$
528
4.38%,
06/12/2027
495
522
6.63%,
05/15/2039
716
870
ORBCOMM
Inc
8.00%,
04/01/2024
(f)
1,165
1,165
Plantronics
Inc
5.50%,
05/31/2023
(f)
432
417
Qwest
Corp
6.75%,
12/01/2021
585
627
Sprint
Capital
Corp
6.88%,
11/15/2028
2,077
2,113
8.75%,
03/15/2032
1,793
1,986
Sprint
Communications
Inc
6.00%,
11/15/2022
5,929
6,122
9.25%,
04/15/2022
300
340
11.50%,
11/15/2021
1,159
1,295
Sprint
Corp
7.13%,
06/15/2024
14,603
15,083
7.25%,
09/15/2021
2,038
2,137
7.63%,
02/15/2025
1,427
1,489
7.63%,
03/01/2026
1,445
1,508
7.88%,
09/15/2023
7,540
8,010
Telecom
Italia
Capital
SA
6.00%,
09/30/2034
1,144
1,286
6.38%,
11/15/2033
1,115
1,300
7.20%,
07/18/2036
1,532
1,900
7.72%,
06/04/2038
550
714
Telecom
Italia
SpA/Milano
5.30%,
05/30/2024
(f)
2,400
2,616
Telefonaktiebolaget
LM
Ericsson
4.13%,
05/15/2022
1,100
1,140
T-Mobile
USA
Inc
0.00%,
03/01/2023
(c),(d),(e)
2,212
—
0.00%,
01/15/2024
(c),(d),(e)
312
—
0.00%,
04/15/2024
(c),(d),(e)
1,157
—
0.00%,
03/01/2025
(c),(d),(e)
1,542
—
0.00%,
01/15/2026
(c),(d),(e)
550
—
0.00%,
02/01/2026
(c),(d),(e)
760
—
0.00%,
04/15/2027
(c),(d),(e)
500
—
4.50%,
02/01/2026
3,000
3,085
4.75%,
02/01/2028
2,400
2,553
5.13%,
04/15/2025
130
134
5.38%,
04/15/2027
731
780
6.00%,
04/15/2024
3,252
3,348
6.50%,
01/15/2026
3,982
4,247
Trilogy
International
Partners
LLC
/
Trilogy
International
Finance
Inc
8.88%,
05/01/2022
(f)
100
92
United
States
Cellular
Corp
6.70%,
12/15/2033
300
340
ViaSat
Inc
5.63%,
09/15/2025
(f)
23,371
23,772
5.63%,
04/15/2027
(f)
3,500
3,666
Vodafone
Group
PLC
7.00%,
04/04/2079
(j)
2,500
2,948
USD
Swap
Semi-Annual
5
Year
+
4.87%
$
213,132
Toys,
Games
&
Hobbies
-
0.12%
Mattel
Inc
3.15%,
03/15/2023
1,000
990
5.45%,
11/01/2041
300
266
6.20%,
10/01/2040
150
143
6.75%,
12/31/2025
(f)
2,150
2,306
$
3,705
Transportation
-
0.12%
Kenan
Advantage
Group
Inc/The
7.88%,
07/31/2023
(f)
662
644
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Transportation
(continued)
Navios
Maritime
Acquisition
Corp
/
Navios
Acquisition
Finance
US
Inc
8.13%,
11/15/2021
(f)
$
350
$
277
Teekay
Corp
9.25%,
11/15/2022
(f)
250
260
Teekay
Offshore
Partners
LP/Teekay
Offshore
Finance
Corp
8.50%,
07/15/2023
(f)
775
791
Watco
Cos
LLC
/
Watco
Finance
Corp
6.38%,
04/01/2023
(f)
270
273
XPO
CNW
Inc
6.70%,
05/01/2034
347
370
XPO
Logistics
Inc
6.13%,
09/01/2023
(f)
170
176
6.75%,
08/15/2024
(f)
970
1,047
$
3,838
Trucking
&
Leasing
-
0.07%
AerCap
Global
Aviation
Trust
6.50%,
06/15/2045
(f),(j)
400
445
3
Month
USD
LIBOR
+
4.30%
Fortress
Transportation
&
Infrastructure
Investors
LLC
6.50%,
10/01/2025
(f)
425
451
6.75%,
03/15/2022
(f)
1,150
1,185
$
2,081
TOTAL
BONDS
$
2,623,461
SENIOR
FLOATING
RATE
INTERESTS
-
13.13%
Principal
Amount
(000's)
Value
(000's)
Automobile
Parts
&
Equipment
-
1.07%
Dexko
Global
Inc
10.19%,
07/24/2025
(m)
$
13,518
$
13,416
3
Month
USD
LIBOR
+
8.25%
Panther
BF
Aggregator
2
LP
5.16%,
04/30/2026
(m)
2,985
3,002
3
Month
USD
LIBOR
+
3.50%
Truck
Hero
Inc
9.90%,
05/16/2025
(m)
18,532
17,605
3
Month
USD
LIBOR
+
8.25%
$
34,023
Commercial
Services
-
0.72%
IRI
Holdings
Inc
6.15%,
12/01/2025
(m)
4,497
4,376
3
Month
USD
LIBOR
+
4.50%
KUEHG
Corp
10.19%,
08/22/2025
(m)
9,046
9,049
3
Month
USD
LIBOR
+
8.25%
Learning
Care
Group
US
No
2
Inc
9.29%,
03/13/2026
(m)
6,500
6,500
3
Month
USD
LIBOR
+
7.50%
Refinitiv
US
Holdings
Inc
4.99%,
10/01/2025
(m)
2,985
3,013
1
Month
USD
LIBOR
+
3.25%
$
22,938
Computers
-
0.67%
Flexential
Intermediate
Corp
9.16%,
07/24/2025
(m)
15,795
8,648
3
Month
USD
LIBOR
+
7.25%
TierPoint
LLC
0.00%,
05/05/2024
(m),(n)
4,298
4,186
3
Month
USD
LIBOR
+
3.75%
8.90%,
05/05/2025
(m)
9,255
8,543
3
Month
USD
LIBOR
+
7.25%
$
21,377
Consumer
Products
-
0.32%
KIK
Custom
Products
Inc
5.65%,
05/15/2023
(m)
10,236
10,092
3
Month
USD
LIBOR
+
4.00%
Schedule
of
Investments
High
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
89
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Cosmetics
&
Personal
Care
-
0.43%
Wellness
Merger
Sub
Inc
10.70%,
06/27/2025
(m)
$
13,700
$
13,614
3
Month
USD
LIBOR
+
8.75%
Distribution
&
Wholesale
-
0.11%
American
Tire
Distributors
Inc
7.93%,
09/01/2023
(m)
2,297
2,254
3
Month
USD
LIBOR
+
6.00%
9.18%,
08/30/2024
(m)
1,516
1,348
3
Month
USD
LIBOR
+
7.50%
$
3,602
Electronics
-
0.56%
Deliver
Buyer
Inc
6.94%,
05/01/2024
(m)
17,597
17,677
3
Month
USD
LIBOR
+
5.00%
Engineering
&
Construction
-
0.24%
Brand
Industrial
Services
Inc
6.09%,
06/21/2024
(m)
7,670
7,658
3
Month
USD
LIBOR
+
4.25%
Entertainment
-
0.56%
18
Fremont
Street
Acquisition
LLC
10.04%,
08/09/2025
(m)
13,420
13,537
1
Month
USD
LIBOR
+
8.00%
Playtika
Holding
Corp
7.80%,
12/03/2024
(m)
4,325
4,366
1
Month
USD
LIBOR
+
6.00%
$
17,903
Environmental
Control
-
0.17%
Packers
Holdings
LLC
4.92%,
12/04/2024
(m)
5,444
5,427
3
Month
USD
LIBOR
+
3.25%
Healthcare
-
Services
-
1.59%
Aveanna
Healthcare
LLC
6.01%,
03/13/2024
(m)
1,258
1,172
3
Month
USD
LIBOR
+
4.25%
7.26%,
03/18/2024
(m)
7,016
6,573
3
Month
USD
LIBOR
+
5.50%
9.76%,
03/16/2025
(m)
6,940
6,602
3
Month
USD
LIBOR
+
8.00%
Dental
Corp
of
Canada
Inc
5.55%,
06/01/2025
(m)
3,980
3,982
3
Month
USD
LIBOR
+
3.75%
9.15%,
06/01/2026
(m)
17,346
17,043
3
Month
USD
LIBOR
+
7.50%
National
Mentor
Holdings
Inc
10.15%,
03/08/2027
(m)
15,170
15,018
3
Month
USD
LIBOR
+
8.50%
$
50,390
Insurance
-
1.57%
Asurion
LLC
8.22%,
08/04/2025
(m)
20,000
20,297
3
Month
USD
LIBOR
+
6.50%
8.22%,
08/04/2025
(m)
28,015
28,431
3
Month
USD
LIBOR
+
6.50%
USI
Inc/NY
4.94%,
05/16/2024
(m)
995
990
3
Month
USD
LIBOR
+
3.00%
$
49,718
Internet
-
0.71%
MH
Sub
I
LLC
9.15%,
09/15/2025
(m)
22,499
22,408
3
Month
USD
LIBOR
+
7.50%
Investment
Companies
-
0.24%
Masergy
Holdings
Inc
9.46%,
12/16/2024
(m)
5,393
5,231
3
Month
USD
LIBOR
+
7.50%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Investment
Companies
(continued)
Zest
Acquisition
Corp
9.18%,
03/06/2026
(m)
$
2,580
$
2,419
3
Month
USD
LIBOR
+
7.50%
$
7,650
Machinery
-
Diversified
-
0.75%
Engineered
Machinery
Holdings
Inc
9.19%,
07/25/2025
(m)
16,681
16,525
3
Month
USD
LIBOR
+
7.25%
Granite
US
Holdings
Corp
7.21%,
09/30/2026
(m)
7,162
7,153
1
Month
USD
LIBOR
+
5.25%
$
23,678
Mining
-
0.34%
Aleris
International
Inc
0.00%,
02/08/2023
(m),(n)
10,882
10,869
Miscellaneous
Manufacturers
-
0.63%
UTEX
Industries
Inc
5.65%,
05/22/2021
(m)
10,643
9,038
3
Month
USD
LIBOR
+
4.00%
8.90%,
05/22/2022
(m)
20,650
11,089
1
Month
USD
LIBOR
+
7.25%
$
20,127
Pharmaceuticals
-
0.63%
Change
Healthcare
Holdings
LLC
4.19%,
03/01/2024
(m)
1,872
1,872
1
Month
USD
LIBOR
+
2.50%
Lanai
Holdings
III
Inc
6.53%,
08/29/2022
(m)
3,170
3,029
3
Month
USD
LIBOR
+
4.75%
10.28%,
08/14/2023
(m)
5,170
4,395
3
Month
USD
LIBOR
+
8.50%
Packaging
Coordinators
Midco
Inc
10.70%,
06/29/2024
(m)
10,740
10,686
3
Month
USD
LIBOR
+
8.75%
$
19,982
REITs
-
0.10%
CoreCivic
Inc
6.16%,
12/12/2024
(m)
3,175
3,114
1
Month
USD
LIBOR
+
4.50%
Software
-
1.72%
Applied
Systems
Inc
8.94%,
09/19/2025
(m)
2,650
2,710
3
Month
USD
LIBOR
+
7.00%
Ascend
Learning
LLC
4.80%,
07/12/2024
(m)
8,076
8,109
3
Month
USD
LIBOR
+
3.00%
Dun
&
Bradstreet
0.00%,
02/06/2026
(m),(n)
8,940
8,987
Evergreen
Skills
Lux
Sarl
6.60%,
04/23/2021
(m)
10,812
9,041
3
Month
USD
LIBOR
+
4.75%
Greeneden
US
Holdings
II
LLC
5.00%,
12/01/2023
(m)
5,422
5,423
3
Month
USD
LIBOR
+
3.25%
Sophia
LP
5.19%,
09/30/2022
(m)
3,802
3,808
3
Month
USD
LIBOR
+
3.25%
Vertafore
Inc
5.05%,
07/02/2025
(m)
5,474
5,408
3
Month
USD
LIBOR
+
3.25%
9.05%,
06/04/2026
(m)
10,965
10,956
3
Month
USD
LIBOR
+
7.25%
$
54,442
TOTAL
SENIOR
FLOATING
RATE
INTERESTS
$
416,689
Total
Investments
$
3,156,554
Other
Assets
and
Liabilities
- 0.52%
16,540
TOTAL
NET
ASSETS
-
100.00%
$
3,173,094
Schedule
of
Investments
High
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
90
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
sub-schedule
for
transactional
information.
(b)
Current
yield
shown
is
as
of
period
end.
(c)
Non-income
producing
security
(d)
The
value
of
these
investments
was
determined
using
significant
unobservable
inputs.
(e)
Fair
value
of
these
investments
is
determined
in
good
faith
by
the
Manager
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Directors.
Certain
inputs
used
in
the
valuation
may
be
unobservable;
however,
each
security
is
evaluated
individually
for
purposes
of
ASC
820
which
results
in
not
all
securities
being
identified
as
Level
3
of
the
fair
value
hierarchy.
At
the
end
of
the
period,
the
fair
value
of
these
securities
totaled
$19,973
or
0.63%
of
net
assets.
(f)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$1,844,691
or
58.14%
of
net
assets.
(g)
Restricted
Security.
Please
see
Restricted
Security
Sub-Schedule
for
more
information.
(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)
Payment
in
kind;
the
issuer
has
the
option
of
paying
additional
securities
in
lieu
of
cash.
(j)
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.
(k)
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.
(l)
Security
purchased
on
a
when-issued
basis.
(m)
Rate
information
disclosed
is
based
on
an
average
weighted
rate
of
the
underlying
tranches
as
of
period
end.
(n)
This
Senior
Floating
Rate
Note
will
settle
after
January
31,
2020,
at
which
time
the
interest
rate
will
be
determined.
Portfolio
Summary (unaudited)
Sector
Percent
Consumer,
Non-cyclical
19.34%
Communications
16.55%
Financial
13.48%
Consumer,
Cyclical
13.19%
Industrial
12.32%
Energy
7.98%
Technology
6.74%
Basic
Materials
5.17%
Money
Market
Funds
3.59%
Utilities
1.05%
Diversified
0.07%
Other
Assets
and
Liabilities
0.52%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
1.43%
$
150,593
$
247,903
$
284,660
$
113,836
$
150,593
$
247,903
$
284,660
$
113,836
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Principal
Government
Money
Market
Fund
1.43%
$
466
$
—
$
—
$
—
$
466
$
—
$
—
$
—
Amounts
in
thousands.
Restricted
Securities
Security
Name
Acquisition
Date
Cost
Value
Percent
of
Net
Assets
General
Motors
Co
0.00%,
12/01/2020
04/11/2013
$
—
$
—
0.00%
General
Motors
Co
0.00%,
07/15/2033
04/11/2013
—
—
0.00%
General
Motors
Co
0.00%,
03/06/2032
04/11/2013
—
—
0.00%
General
Motors
Co
0.00%,
12/01/2020
04/11/2013
—
—
0.00%
General
Motors
Co
0.00%,
09/01/2025
01/31/2013
—
—
0.00%
General
Motors
Co
0.00%,
03/15/2036
01/31/2013
—
—
0.00%
General
Motors
Co
0.00%,
05/01/2028
01/31/2013
—
—
0.00%
General
Motors
Co
0.00%,
07/15/2033
01/31/2013
—
—
0.00%
General
Motors
Co
0.00%,
07/15/2023
01/31/2013
—
—
0.00%
Real
Alloy
Holding
Inc
11.94%,
11/30/2023
05/31/2018
4,391
4,391
0.14%
Specialty
Steel
11.92%,
11/15/2022
11/15/2017
8,680
8,680
0.27%
SportsNet
New
York
10.25%,
01/15/2025
12/27/2017
4,068
4,337
0.14%
Uber
Technologies
Inc
8%,
11/01/2026
06/27/2019
-
11/20/2019
1,570
1,596
0.05%
Total
$
19,004
0.60%
Amounts
in
thousands.
Exchange
Cleared
Credit
Default
Swaps
Sell
Protection
Reference
Entity
Implied
Credit
Spread
as
of
January
31,
2020
(a)
(Pay)/
Receive
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
(b)
Upfront
Payments/
(Receipts)
Unrealized
Appreciation/
(Depreciation)
Fair
Value
(c)
CDX.NA.HY.33
N/A
5.00%
Quarterly
12/20/2024
$
63,360
$
4,631
$
687
$
5,318
Total
$
4,631
$
687
$
5,318
Amounts
in
thousands.
Schedule
of
Investments
High
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
91
Exchange
Cleared
Credit
Default
Swaps
(continued)
(a)
Implied
credit
spreads,
represented
in
absolute
terms,
used
in
determining
the
market
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
as
defined
under
the
terms
of
that
particular
swap
agreement
is
$63,360.
(c)
The
market
price
and
resulting
market
value
for
credit
default
swap
agreements
on
an
issuer
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
market
values,
in
absolute
terms,
when
compared
to
the
notional
amount
of
the
swap,
represent
a
deterioration
of
the
referenced
entity's
credit
soundness
and
a
greater
likelihood
or
risk
of
default
or
other
credit
event
occurring
as
defined
under
the
terms
of
the
agreement.
Schedule
of
Investments
High
Yield
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
92
INVESTMENT
COMPANIES
-
4.50%
Shares
Held
Value
(000's)
Money
Market
Funds
-
4.50%
BlackRock
Liquidity
FedFund
1.49%
(a),(b)
5,690,652
$
5,691
Principal
Government
Money
Market
Fund
1.43%
(a),(b),(c)
125,779,162
125,779
$
131,470
TOTAL
INVESTMENT
COMPANIES
$
131,470
COMMON
STOCKS
-
0.11%
Shares
Held
Value
(000's)
Energy
-
Alternate
Sources
-
0.00%
Ogden
Corp
(d),(e),(f)
5,000,000
—
Oil
&
Gas
-
0.03%
Chaparral
Energy
Inc
-
A
Shares
(d)
986,642
1,016
Retail
-
0.08%
Claire's
Holdings
LLC
(d),(e),(f)
4,036
2,220
TOTAL
COMMON
STOCKS
$
3,236
BONDS
-
87.52%
Principal
Amount
(000's)
Value
(000's)
Aerospace
&
Defense
-
3.36%
Air
2
US
8.63%,
10/01/2020
(g)
$
114
$
115
Bombardier
Inc
7.50%,
03/15/2025
(g)
25,055
24,084
Signature
Aviation
US
Holdings
Inc
4.00%,
03/01/2028
(g)
8,250
8,160
5.38%,
05/01/2026
(g)
5,200
5,395
SSL
Robotics
LLC
9.75%,
12/31/2023
(g)
6,695
7,348
TransDigm
Inc
5.50%,
11/15/2027
(g)
9,945
10,006
6.25%,
03/15/2026
(g)
12,880
13,891
7.50%,
03/15/2027
7,840
8,585
Triumph
Group
Inc
6.25%,
09/15/2024
(g)
175
180
7.75%,
08/15/2025
20,825
20,343
$
98,107
Airlines
-
0.06%
American
Airlines
2015-1
Class
B
Pass
Through
Trust
3.70%,
11/01/2024
1,674
1,723
Automobile
Manufacturers
-
1.03%
Aston
Martin
Capital
Holdings
Ltd
6.50%,
04/15/2022
(g),(h)
1,325
1,300
Jaguar
Land
Rover
Automotive
PLC
3.50%,
03/15/2020
(g)
7,400
7,382
Navistar
International
Corp
6.63%,
11/01/2025
(g)
20,388
21,322
$
30,004
Automobile
Parts
&
Equipment
-
0.56%
American
Axle
&
Manufacturing
Inc
6.25%,
04/01/2025
8,740
8,932
Dana
Inc
5.38%,
11/15/2027
7,290
7,518
$
16,450
Banks
-
3.39%
Barclays
PLC
4.84%,
05/09/2028
7,865
8,768
5.09%,
06/20/2030
(i)
6,395
7,347
3
Month
USD
LIBOR
+
3.05%
7.75%,
12/31/2049
(i),(j)
4,830
5,289
USD
Swap
Semi-Annual
5
Year
+
4.84%
CIT
Group
Inc
5.80%,
12/31/2049
(h),(i),(j)
10,154
10,408
3
Month
USD
LIBOR
+
3.97%
Citigroup
Inc
4.70%,
12/31/2049
(i),(j)
10,165
10,355
United
States
Secured
Overnight
Financing
Rate
+
3.23%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Credit
Suisse
Group
AG
5.10%,
12/31/2049
(g),(i),(j)
$
2,905
$
2,934
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.29%
Deutsche
Bank
AG
4.30%,
05/24/2028
(i)
7,350
7,291
USD
Swap
Semi-Annual
5
Year
+
2.25%
Deutsche
Bank
AG/New
York
NY
3.96%,
11/26/2025
(i)
7,695
8,025
United
States
Secured
Overnight
Financing
Rate
+
2.58%
Intesa
Sanpaolo
SpA
5.02%,
06/26/2024
(g)
8,175
8,681
JPMorgan
Chase
&
Co
4.60%,
12/31/2099
(i),(j)
14,155
14,427
United
States
Secured
Overnight
Financing
Rate
+
3.13%
Lloyds
Banking
Group
PLC
7.50%,
12/31/2049
(i),(j)
4,450
5,090
USD
Swap
Semi-Annual
5
Year
+
4.50%
Popular
Inc
6.13%,
09/14/2023
9,720
10,437
$
99,052
Building
Materials
-
1.08%
BMC
East
LLC
5.50%,
10/01/2024
(g)
14,620
15,059
Builders
FirstSource
Inc
6.75%,
06/01/2027
(g)
6,895
7,551
Norbord
Inc
5.75%,
07/15/2027
(g)
8,625
9,056
$
31,666
Chemicals
-
2.58%
Aruba
Investments
Inc
8.75%,
02/15/2023
(g)
15,278
15,354
Atotech
Alpha
2
BV
8.75%,
PIK
9.50%,
06/01/2023
(g),(k),(l)
6,300
6,411
Blue
Cube
Spinco
LLC
9.75%,
10/15/2023
5,350
5,705
CF
Industries
Inc
4.95%,
06/01/2043
5,555
5,944
5.15%,
03/15/2034
6,510
7,519
Consolidated
Energy
Finance
SA
6.50%,
05/15/2026
(g)
13,785
13,613
6.88%,
06/15/2025
(g)
20,910
20,727
$
75,273
Commercial
Services
-
2.92%
Ahern
Rentals
Inc
7.38%,
05/15/2023
(g)
17,235
13,659
GW
B-CR
Security
Corp
9.50%,
11/01/2027
(g)
10,886
11,621
Prime
Security
Services
Borrower
LLC
/
Prime
Finance
Inc
6.25%,
01/15/2028
(g)
11,145
11,008
Refinitiv
US
Holdings
Inc
6.25%,
05/15/2026
(g)
11,680
12,630
8.25%,
11/15/2026
(g)
4,745
5,285
Tms
International
Holding
Corp
7.25%,
08/15/2025
(g)
11,135
10,522
United
Rentals
North
America
Inc
4.63%,
10/15/2025
6,135
6,269
4.88%,
01/15/2028
2,815
2,935
5.25%,
01/15/2030
2,595
2,786
5.88%,
09/15/2026
2,720
2,893
6.50%,
12/15/2026
5,225
5,676
$
85,284
Schedule
of
Investments
High
Yield
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
93
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Computers
-
1.01%
Dell
International
LLC
/
EMC
Corp
4.90%,
10/01/2026
(g)
$
24,475
$
27,247
7.13%,
06/15/2024
(g)
2,180
2,292
$
29,539
Consumer
Products
-
1.07%
Prestige
Brands
Inc
5.13%,
01/15/2028
(g)
2,615
2,733
6.38%,
03/01/2024
(g)
9,095
9,379
Spectrum
Brands
Inc
5.00%,
10/01/2029
(g)
10,090
10,485
5.75%,
07/15/2025
8,205
8,523
$
31,120
Distribution
&
Wholesale
-
0.82%
American
Builders
&
Contractors
Supply
Co
Inc
4.00%,
01/15/2028
(g)
16,585
16,722
5.88%,
05/15/2026
(g)
6,930
7,294
$
24,016
Diversified
Financial
Services
-
3.29%
AerCap
Holdings
NV
5.88%,
10/10/2079
(i)
11,870
12,701
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.54%
Avation
Capital
SA
6.50%,
05/15/2021
(g)
5,900
6,092
Credit
Acceptance
Corp
5.13%,
12/31/2024
(g)
7,605
7,947
6.63%,
03/15/2026
(g)
3,410
3,674
7.38%,
03/15/2023
8,140
8,303
Global
Aircraft
Leasing
Co
Ltd
6.50%,
PIK
7.25%,
09/15/2024
(g),(k),(l)
8,600
8,798
Navient
Corp
5.00%,
03/15/2027
3,375
3,366
6.13%,
03/25/2024
5,490
5,849
6.63%,
07/26/2021
4,245
4,474
6.75%,
06/15/2026
8,795
9,543
Springleaf
Finance
Corp
5.38%,
11/15/2029
5,775
6,005
6.63%,
01/15/2028
2,730
3,071
6.88%,
03/15/2025
14,400
16,236
$
96,059
Electric
-
1.96%
Elwood
Energy
LLC
8.16%,
07/05/2026
4,666
5,132
Indiantown
Cogeneration
LP
9.77%,
12/15/2020
400
414
NextEra
Energy
Operating
Partners
LP
4.25%,
07/15/2024
(g)
7,190
7,497
NRG
Energy
Inc
5.25%,
06/15/2029
(g)
3,570
3,847
6.63%,
01/15/2027
3,460
3,720
7.25%,
05/15/2026
8,070
8,736
Vistra
Energy
Corp
8.13%,
01/30/2026
(g)
1,840
1,960
Vistra
Operations
Co
LLC
5.00%,
07/31/2027
(g)
5,765
5,938
5.50%,
09/01/2026
(g)
10,735
11,164
5.63%,
02/15/2027
(g)
8,335
8,668
$
57,076
Electrical
Components
&
Equipment
-
0.52%
Energizer
Holdings
Inc
5.50%,
06/15/2025
(g)
7,180
7,413
6.38%,
07/15/2026
(g)
7,407
7,889
$
15,302
Electronics
-
0.32%
Sensata
Technologies
BV
5.00%,
10/01/2025
(g)
6,405
6,934
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electronics
(continued)
Sensata
Technologies
Inc
4.38%,
02/15/2030
(g)
$
2,440
$
2,473
$
9,407
Entertainment
-
4.83%
Boyne
USA
Inc
7.25%,
05/01/2025
(g)
10,180
11,045
Caesars
Resort
Collection
LLC
/
CRC
Finco
Inc
5.25%,
10/15/2025
(g)
18,190
18,461
CCM
Merger
Inc
6.00%,
03/15/2022
(g)
14,575
14,794
Eldorado
Resorts
Inc
6.00%,
04/01/2025
3,340
3,495
6.00%,
09/15/2026
14,030
15,380
Enterprise
Development
Authority/The
12.00%,
07/15/2024
(g)
15,640
17,934
International
Game
Technology
PLC
6.25%,
01/15/2027
(g)
2,030
2,279
6.50%,
02/15/2025
(g)
11,815
13,321
Lions
Gate
Capital
Holdings
LLC
5.88%,
11/01/2024
(g)
2,545
2,488
6.38%,
02/01/2024
(g)
8,885
8,930
Live
Nation
Entertainment
Inc
4.75%,
10/15/2027
(g)
6,080
6,255
Motion
Bondco
DAC
6.63%,
11/15/2027
(g),(h)
2,800
2,975
Scientific
Games
International
Inc
7.00%,
05/15/2028
(g)
2,720
2,870
7.25%,
11/15/2029
(g)
6,140
6,585
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp
5.13%,
10/01/2029
(g)
13,670
14,183
$
140,995
Food
-
3.69%
Albertsons
Cos
Inc
/
Safeway
Inc
/
New
Albertsons
LP
/
Albertsons
LLC
4.63%,
01/15/2027
(g)
2,710
2,748
4.88%,
02/15/2030
(g),(m)
2,940
3,018
5.88%,
02/15/2028
(g)
905
966
6.63%,
06/15/2024
1,500
1,560
7.50%,
03/15/2026
(g)
17,225
19,077
B&G
Foods
Inc
5.25%,
09/15/2027
7,560
7,541
Ingles
Markets
Inc
5.75%,
06/15/2023
12,374
12,585
JBS
USA
LUX
SA
/
JBS
USA
Finance
Inc
5.75%,
06/15/2025
(g)
14,775
15,299
JBS
USA
LUX
SA
/
JBS
USA
Food
Co
/
JBS
USA
Finance
Inc
6.50%,
04/15/2029
(g)
15,915
17,825
Post
Holdings
Inc
5.00%,
08/15/2026
(g)
21,625
22,328
5.75%,
03/01/2027
(g)
4,490
4,737
$
107,684
Forest
Products
&
Paper
-
0.17%
Sappi
Papier
Holding
GmbH
7.50%,
06/15/2032
(g)
4,886
5,082
Healthcare
-
Services
-
4.08%
AHP
Health
Partners
Inc
9.75%,
07/15/2026
(g)
7,155
7,799
Centene
Corp
4.25%,
12/15/2027
(g)
3,395
3,539
4.63%,
12/15/2029
(g)
3,760
4,042
4.75%,
01/15/2025
(g)
5,565
5,743
5.25%,
04/01/2025
(g)
20,745
21,497
5.38%,
06/01/2026
(g)
1,455
1,548
6.13%,
02/15/2024
9,525
9,834
Charles
River
Laboratories
International
Inc
4.25%,
05/01/2028
(g)
2,660
2,699
Schedule
of
Investments
High
Yield
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
94
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Healthcare
-
Services
(continued)
HCA
Inc
5.00%,
03/15/2024
$
12,405
$
13,734
5.50%,
06/15/2047
6,070
7,198
5.88%,
02/01/2029
9,215
10,874
Radiology
Partners
Inc
9.25%,
02/01/2028
(g)
6,070
6,313
Tenet
Healthcare
Corp
4.63%,
07/15/2024
13,860
14,206
5.13%,
11/01/2027
(g)
9,650
10,157
$
119,183
Home
Builders
-
3.14%
Century
Communities
Inc
5.88%,
07/15/2025
6,775
7,114
Forestar
Group
Inc
8.00%,
04/15/2024
(g)
10,685
11,647
Installed
Building
Products
Inc
5.75%,
02/01/2028
(g)
5,576
5,925
KB
Home
7.63%,
05/15/2023
6,670
7,516
Lennar
Corp
4.50%,
04/30/2024
4,537
4,843
4.75%,
11/15/2022
7,561
7,967
4.88%,
12/15/2023
5,060
5,427
LGI
Homes
Inc
6.88%,
07/15/2026
(g)
13,710
14,481
Taylor
Morrison
Communities
Inc
5.75%,
01/15/2028
(g)
5,305
5,809
Taylor
Morrison
Communities
Inc
/
Taylor
Morrison
Holdings
II
Inc
5.63%,
03/01/2024
(g)
8,500
9,180
Williams
Scotsman
International
Inc
6.88%,
08/15/2023
(g)
3,500
3,676
7.88%,
12/15/2022
(g)
7,817
8,149
$
91,734
Insurance
-
2.32%
Acrisure
LLC
/
Acrisure
Finance
Inc
8.13%,
02/15/2024
(g)
8,020
8,571
AssuredPartners
Inc
7.00%,
08/15/2025
(g)
7,725
7,860
CNO
Financial
Group
Inc
5.25%,
05/30/2029
6,175
6,962
Voya
Financial
Inc
5.65%,
05/15/2053
(i)
41,657
44,261
3
Month
USD
LIBOR
+
3.58%
$
67,654
Internet
-
1.20%
Netflix
Inc
4.38%,
11/15/2026
14,505
15,245
5.38%,
11/15/2029
(g)
2,440
2,656
Zayo
Group
LLC
/
Zayo
Capital
Inc
6.00%,
04/01/2023
16,915
17,274
$
35,175
Investment
Companies
-
0.73%
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp
5.25%,
05/15/2027
(g)
5,960
5,982
6.25%,
05/15/2026
8,515
8,938
6.38%,
12/15/2025
6,240
6,513
$
21,433
Iron
&
Steel
-
0.91%
AK
Steel
Corp
6.38%,
10/15/2025
(h)
9,710
9,540
7.50%,
07/15/2023
5,570
5,779
7.63%,
10/01/2021
2,465
2,474
Commercial
Metals
Co
4.88%,
05/15/2023
8,468
8,870
$
26,663
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Lodging
-
0.89%
MGM
China
Holdings
Ltd
5.88%,
05/15/2026
(g)
$
8,220
$
8,507
Wynn
Las
Vegas
LLC
/
Wynn
Las
Vegas
Capital
Corp
5.25%,
05/15/2027
(g)
8,395
8,710
5.50%,
03/01/2025
(g)
965
1,006
Wynn
Macau
Ltd
5.13%,
12/15/2029
(g),(h)
7,750
7,692
$
25,915
Machinery
-
Diversified
-
0.49%
Cloud
Crane
LLC
10.13%,
08/01/2024
(g)
13,355
14,231
Media
-
11.07%
Altice
Financing
SA
5.00%,
01/15/2028
(g)
12,005
11,783
6.63%,
02/15/2023
(g)
6,390
6,502
7.50%,
05/15/2026
(g)
14,435
15,427
Altice
Finco
SA
8.13%,
01/15/2024
(g)
11,525
11,849
Altice
Luxembourg
SA
7.63%,
02/15/2025
(g)
10,065
10,465
10.50%,
05/15/2027
(g)
7,205
8,331
AMC
Networks
Inc
4.75%,
08/01/2025
11,380
11,489
5.00%,
04/01/2024
7,435
7,584
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
4.75%,
03/01/2030
(g)
6,700
6,888
5.13%,
05/01/2023
(g)
34,210
34,751
5.38%,
06/01/2029
(g)
9,270
9,919
5.50%,
05/01/2026
(g)
5,995
6,265
CSC
Holdings
LLC
5.50%,
04/15/2027
(g)
3,195
3,391
5.75%,
01/15/2030
(g)
6,840
7,353
6.50%,
02/01/2029
(g)
15,588
17,320
6.63%,
10/15/2025
(g)
4,225
4,460
7.50%,
04/01/2028
(g)
2,872
3,267
Diamond
Sports
Group
LLC
/
Diamond
Sports
Finance
Co
5.38%,
08/15/2026
(g)
5,970
5,947
6.63%,
08/15/2027
(g),(h)
10,185
9,523
DISH
DBS
Corp
5.88%,
07/15/2022
12,915
13,561
5.88%,
11/15/2024
7,095
7,180
7.75%,
07/01/2026
8,255
8,668
LCPR
Senior
Secured
Financing
DAC
6.75%,
10/15/2027
(g)
9,580
10,131
Meredith
Corp
6.88%,
02/01/2026
18,155
18,683
Radiate
Holdco
LLC
/
Radiate
Finance
Inc
6.63%,
02/15/2025
(g)
3,925
3,964
6.88%,
02/15/2023
(g)
4,515
4,633
UPC
Holding
BV
5.50%,
01/15/2028
(g)
21,570
22,433
Virgin
Media
Finance
PLC
5.75%,
01/15/2025
(g)
6,897
7,104
6.00%,
10/15/2024
(g)
2,940
3,028
Ziggo
Bond
Co
BV
5.88%,
01/15/2025
(g)
855
880
6.00%,
01/15/2027
(g)
14,620
15,354
Ziggo
BV
5.50%,
01/15/2027
(g)
14,095
14,941
$
323,074
Metal
Fabrication
&
Hardware
-
0.44%
Advanced
Drainage
Systems
Inc
5.00%,
09/30/2027
(g)
5,810
5,999
Park-Ohio
Industries
Inc
6.63%,
04/15/2027
6,640
6,740
$
12,739
Schedule
of
Investments
High
Yield
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
95
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Mining
-
2.47%
Constellium
SE
6.63%,
03/01/2025
(g)
$
5,550
$
5,723
First
Quantum
Minerals
Ltd
7.25%,
04/01/2023
(g)
6,650
6,604
7.50%,
04/01/2025
(g)
9,100
8,964
Hudbay
Minerals
Inc
7.63%,
01/15/2025
(g)
11,435
11,549
IAMGOLD
Corp
7.00%,
04/15/2025
(g)
13,415
13,818
Midwest
Vanadium
Pty
Ltd
0.00%,
02/15/2018
(d),(g)
10,465
21
Novelis
Corp
4.75%,
01/30/2030
(g)
14,955
15,021
Taseko
Mines
Ltd
8.75%,
06/15/2022
(g)
11,715
10,309
$
72,009
Oil
&
Gas
-
5.93%
Ascent
Resources
Utica
Holdings
LLC
/
ARU
Finance
Corp
7.00%,
11/01/2026
(g)
7,220
5,126
10.00%,
04/01/2022
(g)
8,256
8,091
Chesapeake
Oil
Op/Fin
Escrow
Shares
0.00%,
11/15/2019
(d),(e),(f)
11,835
—
CrownRock
LP
/
CrownRock
Finance
Inc
5.63%,
10/15/2025
(g)
9,680
9,766
Endeavor
Energy
Resources
LP
/
EER
Finance
Inc
5.50%,
01/30/2026
(g)
7,665
7,866
EP
Energy
LLC
/
Everest
Acquisition
Finance
Inc
7.75%,
05/15/2026
(g)
14,700
9,849
Extraction
Oil
&
Gas
Inc
7.38%,
05/15/2024
(g)
6,600
3,267
Gulfport
Energy
Corp
6.38%,
05/15/2025
16,640
8,320
Laredo
Petroleum
Inc
10.13%,
01/15/2028
13,400
11,957
MEG
Energy
Corp
7.13%,
02/01/2027
(g)
13,775
13,642
Nabors
Industries
Inc
5.75%,
02/01/2025
8,415
6,900
Nabors
Industries
Ltd
7.50%,
01/15/2028
(g)
3,570
3,534
Oasis
Petroleum
Inc
6.25%,
05/01/2026
(g),(h)
16,740
12,775
6.88%,
01/15/2023
(h)
235
222
Parkland
Fuel
Corp
5.88%,
07/15/2027
(g)
10,780
11,424
Sanchez
Energy
Corp
0.00%,
02/15/2023
(d),(g)
4,840
3,001
Shelf
Drilling
Holdings
Ltd
8.25%,
02/15/2025
(g)
7,970
7,412
SM
Energy
Co
6.63%,
01/15/2027
(h)
8,345
7,552
Southwestern
Energy
Co
7.75%,
10/01/2027
(h)
17,130
14,304
Sunoco
LP
/
Sunoco
Finance
Corp
4.88%,
01/15/2023
10,615
10,894
5.50%,
02/15/2026
8,170
8,405
Transocean
Inc
8.00%,
02/01/2027
(g)
4,525
4,212
Ultra
Resources
Inc/US
6.88%,
04/15/2022
(g)
7,440
744
Unit
Corp
6.63%,
05/15/2021
8,600
3,789
$
173,052
Oil
&
Gas
Services
-
0.11%
Calfrac
Holdings
LP
8.50%,
06/15/2026
(g)
8,080
3,070
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Packaging
&
Containers
-
4.25%
ARD
Finance
SA
6.50%,
PIK
7.25%,
06/30/2027
(g),(k),(l)
$
9,065
$
9,359
Ardagh
Packaging
Finance
PLC
/
Ardagh
Holdings
USA
Inc
4.13%,
08/15/2026
(g)
5,015
5,159
5.25%,
08/15/2027
(g)
4,725
4,955
6.00%,
02/15/2025
(g)
9,265
9,682
Cascades
Inc/Cascades
USA
Inc
5.38%,
01/15/2028
(g)
6,310
6,529
Crown
Americas
LLC
/
Crown
Americas
Capital
Corp
VI
4.75%,
02/01/2026
8,490
8,799
Crown
Cork
&
Seal
Co
Inc
7.38%,
12/15/2026
16,099
19,037
Flex
Acquisition
Co
Inc
6.88%,
01/15/2025
(g)
8,590
8,622
7.88%,
07/15/2026
(g)
5,705
5,791
Mauser
Packaging
Solutions
Holding
Co
7.25%,
04/15/2025
(g)
22,130
22,019
Reynolds
Group
Issuer
Inc
/
Reynolds
Group
Issuer
LLC
/
Reynolds
Group
Issuer
(Luxembourg)
S.A.
5.13%,
07/15/2023
(g)
15,260
15,573
5.33%,
07/15/2021
(g)
6,620
6,620
3
Month
USD
LIBOR
+
3.50%
7.00%,
07/15/2024
(g)
1,950
2,013
$
124,158
Pharmaceuticals
-
0.77%
Bausch
Health
Americas
Inc
8.50%,
01/31/2027
(g)
12,710
14,378
Bausch
Health
Cos
Inc
5.00%,
01/30/2028
(g)
5,065
5,129
Par
Pharmaceutical
Inc
7.50%,
04/01/2027
(g)
2,810
2,859
$
22,366
Pipelines
-
3.60%
Antero
Midstream
Partners
LP
/
Antero
Midstream
Finance
Corp
5.38%,
09/15/2024
5,790
5,127
5.75%,
03/01/2027
(g)
9,965
7,770
Buckeye
Partners
LP
3.95%,
12/01/2026
6,905
6,810
4.13%,
12/01/2027
6,220
6,135
5.85%,
11/15/2043
1,860
1,729
Crestwood
Midstream
Partners
LP
/
Crestwood
Midstream
Finance
Corp
5.63%,
05/01/2027
(g)
14,640
14,732
Global
Partners
LP
/
GLP
Finance
Corp
7.00%,
06/15/2023
9,225
9,456
Hess
Midstream
Operations
LP
5.63%,
02/15/2026
(g)
10,520
11,011
NuStar
Logistics
LP
5.63%,
04/28/2027
10,009
10,309
6.00%,
06/01/2026
2,835
2,983
Summit
Midstream
Holdings
LLC
/
Summit
Midstream
Finance
Corp
5.75%,
04/15/2025
9,965
7,665
Targa
Resources
Partners
LP
/
Targa
Resources
Partners
Finance
Corp
5.88%,
04/15/2026
6,382
6,733
6.50%,
07/15/2027
9,407
10,254
6.88%,
01/15/2029
3,867
4,261
$
104,975
REITs
-
0.62%
HAT
Holdings
I
LLC
/
HAT
Holdings
II
LLC
5.25%,
07/15/2024
(g)
7,400
7,770
SBA
Communications
Corp
3.88%,
02/15/2027
(g),(m)
4,165
4,222
Schedule
of
Investments
High
Yield
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
96
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
REITs
(continued)
VICI
Properties
LP
/
VICI
Note
Co
Inc
4.63%,
12/01/2029
(g)
$
5,765
$
6,025
$
18,017
Retail
-
2.11%
1011778
BC
ULC
/
New
Red
Finance
Inc
4.38%,
01/15/2028
(g)
3,835
3,844
5.00%,
10/15/2025
(g)
14,895
15,367
Claire's
Stores
Escrow
-
GCB
0.00%,
03/15/2019
(d),(e),(f)
6,962
—
Golden
Nugget
Inc
6.75%,
10/15/2024
(g)
15,595
16,027
IRB
Holding
Corp
6.75%,
02/15/2026
(g)
10,450
10,878
Yum!
Brands
Inc
4.75%,
01/15/2030
(g)
14,555
15,556
$
61,672
Savings
&
Loans
-
0.00%
Washington
Mutual
Bank
/
Henderson
NV
0.00%,
06/15/2011
(d),(e),(f)
3,500
—
0.00%,
01/15/2013
(d)
3,000
—
0.00%,
01/15/2015
(d),(e),(f)
2,000
—
3
Month
USD
LIBOR
+
0.65%
$
—
Semiconductors
-
0.41%
Sensata
Technologies
UK
Financing
Co
PLC
6.25%,
02/15/2026
(g)
11,500
12,077
Software
-
0.58%
Epicor
Software
Corp
9.19%,
06/30/2023
(g)
5,658
5,658
3
Month
USD
LIBOR
+
7.25%
Open
Text
Corp
5.88%,
06/01/2026
(g)
6,635
7,008
PTC
Inc
3.63%,
02/15/2025
(g),(m)
1,545
1,559
4.00%,
02/15/2028
(g),(m)
2,675
2,702
$
16,927
Telecommunications
-
6.83%
Altice
France
SA/France
5.50%,
01/15/2028
(g)
6,670
6,812
8.13%,
02/01/2027
(g)
11,545
12,901
CenturyLink
Inc
4.00%,
02/15/2027
(g)
4,120
4,154
CommScope
Inc
8.25%,
03/01/2027
(g)
5,170
5,312
Embarq
Corp
8.00%,
06/01/2036
14,230
15,816
GTT
Communications
Inc
7.88%,
12/31/2024
(g)
8,560
6,677
Intelsat
Jackson
Holdings
SA
5.50%,
08/01/2023
24,740
19,854
8.00%,
02/15/2024
(g)
3,235
3,310
Level
3
Financing
Inc
5.13%,
05/01/2023
4,440
4,461
5.38%,
01/15/2024
6,895
6,978
Sprint
Capital
Corp
8.75%,
03/15/2032
6,850
7,586
Sprint
Communications
Inc
6.00%,
11/15/2022
13,755
14,202
7.00%,
08/15/2020
7,000
7,124
Sprint
Corp
7.13%,
06/15/2024
8,840
9,130
7.88%,
09/15/2023
14,995
15,931
Telecom
Italia
Capital
SA
6.38%,
11/15/2033
3,120
3,639
Telecom
Italia
SpA/Milano
5.30%,
05/30/2024
(g)
13,065
14,241
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Telecommunications
(continued)
T-Mobile
USA
Inc
0.00%,
04/15/2022
(d),(e),(f)
$
6,740
$
—
0.00%,
01/15/2024
(d),(e),(f)
4,025
—
0.00%,
04/15/2024
(d),(e),(f)
4,245
—
0.00%,
04/15/2025
(d),(e),(f)
13,770
—
0.00%,
01/15/2026
(d),(e),(f)
11,120
—
0.00%,
02/01/2026
(d),(e),(f)
3,515
—
4.00%,
04/15/2022
1,740
1,788
5.13%,
04/15/2025
13,770
14,180
6.50%,
01/15/2024
4,025
4,131
6.50%,
01/15/2026
11,120
11,859
Ypso
Finance
Bis
SA
6.00%,
02/15/2028
(g),(m)
9,470
9,382
$
199,468
Transportation
-
1.41%
Eletson
Holdings
Inc
/
Eletson
Finance
US
LLC
/
Agathonissos
Finance
LLC
0.00%,
01/15/2022
(d)
18,905
5,908
Navios
Maritime
Acquisition
Corp
/
Navios
Acquisition
Finance
US
Inc
8.13%,
11/15/2021
(g)
25,690
20,359
Navios
Maritime
Holdings
Inc
/
Navios
Maritime
Finance
II
US
Inc
7.38%,
01/15/2022
(g)
9,350
4,769
11.25%,
08/15/2022
(g)
6,870
4,603
Navios
South
American
Logistics
Inc
/
Navios
Logistics
Finance
US
Inc
7.25%,
05/01/2022
(g),(h)
5,690
5,576
$
41,215
Trucking
&
Leasing
-
0.50%
DAE
Funding
LLC
4.50%,
08/01/2022
(g)
5,235
5,327
5.75%,
11/15/2023
(g)
8,890
9,334
$
14,661
TOTAL
BONDS
$
2,555,307
CONVERTIBLE
BONDS
-
0.00%
Principal
Amount
(000's)
Value
(000's)
Food
-
0.00%
Fresh
Express
Delivery
Holding
Group
Co
Ltd
0.00%,
11/09/2009
(d),(e),(f)
HKD
46,500
—
0.00%,
10/18/2010
(d),(e),(f)
CNY
245,000
—
$
—
TOTAL
CONVERTIBLE
BONDS
$
—
SENIOR
FLOATING
RATE
INTERESTS
-
9.54%
Principal
Amount
(000's)
Value
(000's)
Aerospace
&
Defense
-
0.14%
TransDigm
Inc
0.00%,
05/30/2025
(n),(o)
$
3,990
$
3,986
3
Month
USD
LIBOR
+
2.50%
Automobile
Manufacturers
-
0.29%
Navistar
Inc
5.18%,
11/06/2024
(o)
8,367
8,374
3
Month
USD
LIBOR
+
3.00%
Commercial
Services
-
0.17%
Garda
World
Security
Corp
6.66%,
10/23/2026
(o)
2,899
2,916
1
Month
USD
LIBOR
+
4.75%
Refinitiv
US
Holdings
Inc
4.90%,
10/01/2025
(o)
2,058
2,077
3
Month
USD
LIBOR
+
3.00%
$
4,993
Computers
-
0.51%
McAfee
LLC
10.16%,
09/29/2025
(o)
14,917
15,024
3
Month
USD
LIBOR
+
3.25%
Schedule
of
Investments
High
Yield
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
97
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Consumer
Products
-
0.17%
Prestige
Brands
Inc
3.65%,
01/26/2024
(o)
$
5,088
$
5,116
3
Month
USD
LIBOR
+
2.00%
Diversified
Financial
Services
-
0.37%
Russell
Investments
US
Institutional
Holdco
Inc
4.90%,
06/01/2023
(o)
10,697
10,694
3
Month
USD
LIBOR
+
2.00%
Electrical
Components
&
Equipment
-
0.01%
Energizer
Holdings
Inc
4.06%,
12/17/2025
(o)
356
357
3
Month
USD
LIBOR
+
4.50%
Entertainment
-
0.34%
Eldorado
Resorts
Inc
3.94%,
04/17/2024
(o)
5,573
5,568
3
Month
USD
LIBOR
+
3.00%
Lions
Gate
Capital
Holdings
LLC
3.90%,
03/24/2025
(o)
4,399
4,370
3
Month
USD
LIBOR
+
2.00%
$
9,938
Environmental
Control
-
0.28%
Filtration
Group
Corp
4.65%,
03/31/2025
(o)
8,048
8,077
3
Month
USD
LIBOR
+
1.75%
Food
-
0.52%
Bellring
Brands
LLC
6.65%,
10/21/2024
(o)
14,829
15,052
1
Month
USD
LIBOR
+
5.00%
Forest
Products
&
Paper
-
0.19%
Pixelle
Specialty
Solutions
LLC
0.00%,
10/31/2024
(n),(o)
5,560
5,440
1
Month
USD
LIBOR
+
6.50%
Healthcare
-
Services
-
0.45%
RegionalCare
Hospital
Partners
Holdings
Inc
5.40%,
11/14/2025
(o)
12,971
13,018
3
Month
USD
LIBOR
+
4.50%
Insurance
-
0.38%
Acrisure
LLC
6.19%,
11/22/2023
(o)
4,987
4,987
3
Month
USD
LIBOR
+
4.25%
Asurion
LLC
4.65%,
11/03/2023
(o)
5,109
5,113
1
Month
USD
LIBOR
+
7.25%
8.15%,
08/04/2025
(o)
1,085
1,101
3
Month
USD
LIBOR
+
3.25%
$
11,201
Lodging
-
0.61%
Golden
Nugget
LLC
4.40%,
10/04/2023
(o)
2,985
2,989
3
Month
USD
LIBOR
+
2.25%
Marriott
Ownership
Resorts
Inc
3.40%,
08/29/2025
(o)
6,421
6,418
1
Month
USD
LIBOR
+
1.75%
Spectacle
Gary
Holdings
LLC
11.00%,
12/23/2025
(o)
7,949
8,267
1
Month
USD
LIBOR
+
9.00%
$
17,674
Media
-
0.48%
CSC
Holdings
LLC
4.18%,
04/15/2027
(o)
3,195
3,201
1
Month
USD
LIBOR
+
2.50%
Diamond
Sports
Group
LLC
4.91%,
08/24/2026
(o)
3,237
3,232
1
Month
USD
LIBOR
+
3.50%
Radiate
Holdco
LLC
4.65%,
02/01/2024
(o)
7,481
7,482
3
Month
USD
LIBOR
+
3.00%
$
13,915
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Oil
&
Gas
-
0.23%
California
Resources
Corp
6.40%,
12/31/2022
(o)
$
7,570
$
6,830
3
Month
USD
LIBOR
+
3.50%
Packaging
&
Containers
-
0.27%
Mauser
Packaging
Solutions
Holding
Co
5.08%,
04/03/2024
(o)
5,950
5,900
3
Month
USD
LIBOR
+
8.50%
Reynolds
Consumer
Products
LLC
0.00%,
01/29/2027
(n),(o)
2,000
2,008
1
Month
USD
LIBOR
+
1.75%
$
7,908
Pharmaceuticals
-
1.56%
Bausch
Health
Americas
Inc
4.42%,
11/14/2025
(o)
9,397
9,424
3
Month
USD
LIBOR
+
8.75%
4.67%,
05/19/2025
(o)
21,403
21,478
3
Month
USD
LIBOR
+
7.50%
Endo
International
PLC
5.94%,
04/29/2024
(o)
15,379
14,802
3
Month
USD
LIBOR
+
4.00%
$
45,704
Pipelines
-
0.21%
Buckeye
Partners
LP
4.53%,
11/01/2026
(o)
6,045
6,093
1
Month
USD
LIBOR
+
2.75%
Retail
-
1.11%
Academy
Ltd
5.77%,
07/01/2022
(o)
11,513
9,202
3
Month
USD
LIBOR
+
4.50%
Claire's
Stores
Inc
8.42%,
12/18/2026
(o)
3,129
3,028
1
Month
USD
LIBOR
+
6.50%
IRB
Holding
Corp
4.38%,
02/05/2025
(o)
6,097
6,105
1
Month
USD
LIBOR
+
2.75%
PetSmart
Inc
5.67%,
03/11/2022
(o)
14,273
14,229
1
Month
USD
LIBOR
+
4.00%
$
32,564
Telecommunications
-
1.25%
Avaya
Inc
5.93%,
12/16/2024
(o)
15,302
14,961
3
Month
USD
LIBOR
+
6.00%
Level
3
Financing
Inc
3.35%,
03/01/2027
(o)
3,458
3,450
1
Month
USD
LIBOR
+
1.75%
Maxar
Technologies
Ltd
4.40%,
10/05/2024
(o)
18,835
18,146
3
Month
USD
LIBOR
+
4.25%
$
36,557
TOTAL
SENIOR
FLOATING
RATE
INTERESTS
$
278,515
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
1.75%
Principal
Amount
(000's)
Value
(000's)
U.S.
Treasury
-
1.75%
1.75%,
11/15/2029
$
50,000
$
51,041
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
51,041
Total
Investments
$
3,019,569
Other
Assets
and
Liabilities
- (3.42)%
(99,711)
TOTAL
NET
ASSETS
-
100.00%
$
2,919,858
Schedule
of
Investments
High
Yield
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
98
(a)
Current
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
$23,661
or
0.81%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
sub-schedule
for
transactional
information.
(d)
Non-income
producing
security
(e)
The
value
of
these
investments
was
determined
using
significant
unobservable
inputs.
(f)
Fair
value
of
these
investments
is
determined
in
good
faith
by
the
Manager
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Directors.
Certain
inputs
used
in
the
valuation
may
be
unobservable;
however,
each
security
is
evaluated
individually
for
purposes
of
ASC
820
which
results
in
not
all
securities
being
identified
as
Level
3
of
the
fair
value
hierarchy.
At
the
end
of
the
period,
the
fair
value
of
these
securities
totaled
$2,220
or
0.08%
of
net
assets.
(g)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$1,641,706
or
56.23%
of
net
assets.
(h)
Security
or
a
portion
of
the
security
was
on
loan
at
the
end
of
the
period.
(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.
(j)
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.
(k)
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions. These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
Rate
shown
is
the
rate
in
effect
as
of
period
end.
(l)
Payment
in
kind;
the
issuer
has
the
option
of
paying
additional
securities
in
lieu
of
cash.
(m)
Security
purchased
on
a
when-issued
basis.
(n)
This
Senior
Floating
Rate
Note
will
settle
after
January
31,
2020,
at
which
time
the
interest
rate
will
be
determined.
(o)
Rate
information
disclosed
is
based
on
an
average
weighted
rate
of
the
underlying
tranches
as
of
period
end.
Portfolio
Summary (unaudited)
Sector
Percent
Communications
20.83%
Consumer,
Cyclical
15.87%
Consumer,
Non-cyclical
15.40%
Industrial
13.07%
Financial
11.10%
Energy
10.11%
Basic
Materials
6.32%
Money
Market
Funds
4.50%
Technology
2.51%
Utilities
1.96%
Government
1.75%
Other
Assets
and
Liabilities
(3.42)%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
1.43%
$
145,374
$
345,324
$
364,919
$
125,779
$
145,374
$
345,324
$
364,919
$
125,779
Income
(a)
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Principal
Government
Money
Market
Fund
1.43%
$
410
$
—
$
—
$
—
$
410
$
—
$
—
$
—
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Exchange
Cleared
Credit
Default
Swaps
Buy
Protection
Reference
Entity
Implied
Credit
Spread
as
of
January
31,
2020
(a)
(Pay)/
Receive
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
Upfront
Payments/
(Receipts)
Unrealized
Appreciation/
(Depreciation)
Fair
Value
CDX.33.HY.5
N/A
(5.00)%
Quarterly
12/20/2024
$
24,750
$
(2,064)
$
(13)
$
(2,077)
Total
$
(2,064)
$
(13)
$
(2,077)
Amounts
in
thousands.
(a)
Implied
credit
spreads,
represented
in
absolute
terms,
used
in
determining
the
market
value
of
credit
default
swap
agreements
on
corporate
issues
or
sovereign
issues
as
of
period
end
serve
as
an
indicator
of
the
current
status
of
the
payment/performance
risk
and
represent
the
likelihood
or
risk
of
default
for
the
credit
derivative.
The
implied
credit
spread
of
a
particular
referenced
entity
reflects
the
cost
of
buying/selling
protection
and
may
include
upfront
payments
required
to
be
made
to
enter
into
the
agreement.
Wider
credit
spreads
represent
a
deterioration
of
the
referenced
entity's
credit
soundness
and
a
greater
likelihood
or
risk
of
default
or
other
credit
event
occurring
as
defined
under
the
terms
of
the
agreement.
Schedule
of
Investments
Inflation
Protection
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
99
INVESTMENT
COMPANIES
-
2.55%
Shares
Held
Value
(000's)
Money
Market
Funds
-
2.55%
Principal
Government
Money
Market
Fund
1.43%
(a),(b)
44,558,026
$
44,558
TOTAL
INVESTMENT
COMPANIES
$
44,558
BONDS
-
6.06%
Principal
Amount
(000's)
Value
(000's)
Commercial
Mortgage
Backed
Securities
-
0.00%
CD
2007-CD4
Commercial
Mortgage
Trust
1.38%,
12/11/2049
(c),(d),(e)
$
4
$
—
Commercial
Mortgage
Trust
2007-GG9
0.84%,
03/10/2039
(c),(d),(e)
305
—
Ginnie
Mae
1.46%,
03/16/2047
(c),(d)
154
6
ML-CFC
Commercial
Mortgage
Trust
2006-3
0.99%,
07/12/2046
(c),(d),(e)
65
—
$
6
Home
Equity
Asset
Backed
Securities
-
0.00%
Option
One
Mortgage
Loan
Trust
2005-1
3.16%,
02/25/2035
23
13
1.00
x
1
Month
USD
LIBOR
+
1.50%
Mortgage
Backed
Securities
-
0.07%
Chase
Mortgage
Finance
Trust
Series
2007-A2
4.79%,
06/25/2035
(d)
40
41
Fannie
Mae
REMIC
Trust
2004-W5
2.11%,
02/25/2047
19
19
1.00
x
1
Month
USD
LIBOR
+
0.45%
Fannie
Mae
REMIC
Trust
2005-W2
1.86%,
05/25/2035
7
7
1.00
x
1
Month
USD
LIBOR
+
0.20%
Impac
CMB
Trust
Series
2004-5
3.99%,
10/25/2034
9
9
1.00
x
1
Month
USD
LIBOR
+
2.33%
Impac
CMB
Trust
Series
2004-6
2.64%,
10/25/2034
7
7
1.00
x
1
Month
USD
LIBOR
+
0.98%
Impac
CMB
Trust
Series
2005-1
2.28%,
04/25/2035
70
70
1.00
x
1
Month
USD
LIBOR
+
0.62%
Impac
CMB
Trust
Series
2005-5
2.43%,
08/25/2035
14
13
1.00
x
1
Month
USD
LIBOR
+
0.77%
Merrill
Lynch
Alternative
Note
Asset
Trust
Series
2007-A3
1.87%,
04/25/2037
2,072
1,050
1.00
x
1
Month
USD
LIBOR
+
0.21%
WaMu
Mortgage
Pass-Through
Certificates
Series
2005-AR2
Trust
2.03%,
01/25/2045
34
33
1.00
x
1
Month
USD
LIBOR
+
0.37%
$
1,249
Other
Asset
Backed
Securities
-
0.00%
Argent
Securities
Trust
2006-W3
1.78%,
04/25/2036
27
11
1.00
x
1
Month
USD
LIBOR
+
0.12%
Countrywide
Asset-Backed
Certificates
2.79%,
12/25/2032
15
15
1.00
x
1
Month
USD
LIBOR
+
1.13%
Fannie
Mae
REMIC
Trust
2003-W16
2.09%,
11/25/2033
1
1
1.00
x
1
Month
USD
LIBOR
+
0.15%
Long
Beach
Mortgage
Loan
Trust
2004-2
2.46%,
06/25/2034
29
29
1.00
x
1
Month
USD
LIBOR
+
0.80%
$
56
Sovereign
-
5.99%
Colombia
Government
International
Bond
3.00%,
01/30/2030
2,165
2,183
Italy
Buoni
Poliennali
Del
Tesoro
1.30%,
05/15/2028
(e)
EUR
22,417
27,516
3.85%,
09/01/2049
(e)
4,665
7,388
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Sovereign
(continued)
Japanese
Government
CPI
Linked
Bond
0.10%,
03/10/2027
JPY
1,910,000
$
18,054
0.10%,
03/10/2028
1,771,814
16,751
0.10%,
03/10/2029
2,243,402
21,220
Mexico
Government
International
Bond
3.25%,
04/16/2030
$
2,022
2,057
New
Zealand
Government
Inflation
Linked
Bond
2.50%,
09/20/2035
NZD
7,654
6,426
2.50%,
09/20/2040
3,581
3,136
$
104,731
TOTAL
BONDS
$
106,055
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
93.05%
Principal
Amount
(000's)
Value
(000's)
U.S.
Treasury
Inflation-Indexed
Obligations
-
93.05%
0.13%,
01/15/2022
$
89,859
$
90,071
0.13%,
04/15/2022
108,579
108,793
0.13%,
07/15/2022
19,546
19,710
0.13%,
01/15/2023
36,932
37,188
0.13%,
07/15/2024
46,211
47,037
0.13%,
07/15/2026
49,909
51,055
0.13%,
01/15/2030
38,395
39,338
0.25%,
01/15/2025
85,633
87,567
0.25%,
07/15/2029
53,534
55,620
0.38%,
07/15/2023
26,032
26,592
0.38%,
07/15/2025
63,452
65,686
0.38%,
01/15/2027
56,062
58,133
0.38%,
07/15/2027
43,631
45,503
0.50%,
01/15/2028
69,362
72,873
0.63%,
07/15/2021
15,493
15,652
0.63%,
04/15/2023
59,243
60,567
0.63%,
01/15/2024
76,062
78,466
0.63%,
01/15/2026
(f)
128,863
135,041
0.63%,
02/15/2043
36,124
38,944
0.75%,
07/15/2028
52,584
56,710
0.75%,
02/15/2042
27,861
30,769
0.75%,
02/15/2045
(g)
41,762
46,396
0.88%,
01/15/2029
76,294
83,161
0.88%,
02/15/2047
5,397
6,224
1.00%,
02/15/2046
24,474
28,848
1.00%,
02/15/2048
29,883
35,634
1.00%,
02/15/2049
23,831
28,637
1.38%,
02/15/2044
15,851
19,884
1.75%,
01/15/2028
18,324
21,055
2.00%,
01/15/2026
16,348
18,465
2.13%,
02/15/2040
12,788
17,621
2.13%,
02/15/2041
13,330
18,547
2.38%,
01/15/2025
3,769
4,249
2.38%,
01/15/2027
31,618
37,199
2.50%,
01/15/2029
12,745
15,732
3.38%,
04/15/2032
9,354
13,237
3.88%,
04/15/2029
8,476
11,567
$
1,627,771
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
1,627,771
TOTAL
PURCHASED
OPTIONS
-
0.05%
$
861
TOTAL
PURCHASED
INTEREST
RATE
SWAPTIONS
-
0.35%
$
6,081
TOTAL
PURCHASED
CAPPED
OPTIONS
-
0.00%
86
Total
Investments
$
1,785,412
Other
Assets
and
Liabilities
- (2.06)%
(36,080)
TOTAL
NET
ASSETS
-
100.00%
$
1,749,332
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
sub-schedule
for
transactional
information.
(b)
Current
yield
shown
is
as
of
period
end.
(c)
Security
is
an
Interest
Only
Strip.
Schedule
of
Investments
Inflation
Protection
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
100
(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
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
$34,904
or
2.00%
of
net
assets.
(f)
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
$8,077
or
0.46%
of
net
assets.
(g)
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
$3,657
or
0.21%
of
net
assets.
Portfolio
Summary (unaudited)
Sector
Percent
Government
99.04%
Money
Market
Funds
2.55%
Purchased
Interest
Rate
Swaptions
0.35%
Mortgage
Securities
0.07%
Purchased
Options
0.05%
Asset
Backed
Securities
0.00%
Purchased
Capped
Options
0.00%
Other
Assets
and
Liabilities
(2.06)%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
1.43%
$
38,171
$
188,387
$
182,000
$
44,558
$
38,171
$
188,387
$
182,000
$
44,558
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Principal
Government
Money
Market
Fund
1.43%
$
118
$
—
$
—
$
—
$
118
$
—
$
—
$
—
Amounts
in
thousands.
Purchased
Capped
Options
Description
Counterparty
Range
Pay/
Receive
Floating
Rate
Notional
Amount
Exercise
Rate
Expiration
Date
Upfront
Payments/
(Premiums)
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
5Y-30Y
CMS
Index
Cap
Barclays
Bank
PLC
Max
(0,
5Y
CMS-0.35%)
Receive
$
54,600
0.35%
04/07/2020
$
25
$
34
$
9
Put
-
5Y-30Y
CMS
Index
Cap
Barclays
Bank
PLC
Max
(0,
5Y
CMS-0.35%)
Receive
54,600
0.35%
04/07/2020
23
34
11
Put
-
5Y-30Y
CMS
Index
Cap
Morgan
Stanley
&
Co
Max
(0,
5Y
CMS-0.37%)
Pay
25,700
0.37%
02/13/2020
19
3
(16)
Call
-
5Y-30Y
CMS
Index
Floor
Deutsche
Bank
AG
Max
(0,
5Y
CMS-0.35%)
Receive
27,080
0.35%
07/09/2020
23
5
(18)
Call
-
5Y-30Y
CMS
Index
Floor
JPMorgan
Chase
Max
(0,
5Y
CMS-0.40%)
Receive
26,890
0.40%
06/30/2020
21
10
(11)
Total
$
111
$
86
$
(25)
Written
Capped
Options
Description
Counterparty
Range
Pay/
Receive
Floating
Rate
Notional
Amount
Exercise
Rate
Expiration
Date
Upfront
Payments/
(Premiums)
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Put
-
5Y-30Y
CMS
Index
Cap
Barclays
Bank
PLC
Max
(0,
5Y
CMS-0.45%)
Pay
$
54,600
0.45%
04/07/2020
$
(6)
$
(12)
$
(6)
Put
-
5Y-30Y
CMS
Index
Cap
Barclays
Bank
PLC
Max
(0,
5Y
CMS-0.45%)
Pay
54,600
0.45%
04/07/2020
(5)
(11)
(6)
Call
-
5Y-30Y
CMS
Index
Cap
Morgan
Stanley
&
Co
Max
(0,
5Y
CMS-0.47%)
Receive
25,700
0.47%
02/13/2020
(9)
—
9
Put
-
5Y-30Y
CMS
Index
Floor
Deutsche
Bank
AG
Max
(0,
5Y
CMS-0.25%)
Pay
54,160
0.25%
07/09/2020
(26)
(1)
25
Put
-
5Y-30Y
CMS
Index
Floor
JPMorgan
Chase
Max
(0,
5Y
CMS-0.30%)
Pay
53,790
0.30%
06/30/2020
(28)
(3)
25
Total
$
(74)
$
(27)
$
47
Amounts
in
thousands.
Options
Purchased
Options
Outstanding
Counterparty
Contracts/
Shares
Notional
Amount
Exercise
Price
Expiration
Date
Upfront
Payments/
(Premiums)
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
GBP
versus
USD
Citigroup
Inc
1
GBP
13,525
GBP
1.35
05/04/2020
$
299
$
91
$
(208)
Call
-
90
Day
Eurodollar
Future;
December
2021
N/A
638
$
1,595
$
99.75
12/14/2021
113
72
(41)
Put
-
90
Day
Eurodollar
Future;
June
2022
N/A
143
$
358
$
98.25
06/15/2020
32
6
(26)
Call
-
90
Day
Eurodollar
Future;
March
2020
N/A
450
$
1,125
$
97.75
03/17/2020
76
686
610
Schedule
of
Investments
Inflation
Protection
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
101
Options
(continued)
Purchased
Options
Outstanding
Counterparty
Contracts/
Shares
Notional
Amount
Exercise
Price
Expiration
Date
Upfront
Payments/
(Premiums)
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Put
-
Euro
Bond
10
Year
Bond
Future;
March
2020
N/A
31
EUR
31
EUR
171.00
02/24/2020
$
26
$
1
$
(25)
Put
-
US
10
Year
Note
Future;
June
2020
N/A
29
$
29
$
128.50
03/30/2020
14
3
(11)
Put
-
US
10
Year
Note
Future;
June
2020
N/A
25
$
25
$
128.00
03/30/2020
8
2
(6)
Total
$
568
$
861
$
293
Written
Options
Outstanding
Counterparty
Contracts/
Shares
Notional
Amount
Exercise
Price
Expiration
Date
Upfront
Payments/
(Premiums)
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
GBP
versus
USD
Deutsche
Bank
AG
1
GBP
13,525
GBP
1.35
05/04/2020
$
(172)
$
(91)
$
81
Call
-
90
Day
Eurodollar
Future;
December
2021
N/A
319
$
798
$
99.38
12/14/2021
(139)
(104)
35
Call
-
90
Day
Eurodollar
Future;
March
2020
N/A
450
$
1,125
$
97.88
03/17/2020
(62)
(546)
(484)
Total
$
(373)
$
(741)
$
(368)
Amounts
in
thousands
except
contracts/shares.
Interest
Rate
Swaptions
Purchased
Swaptions
Outstanding
Counterparty
Floating
Rate
Index
Pay/
Receive
Floating
Rate
Notional
Amount
Exercise
Rate
Expiration
Date
Upfront
Payments/
(Premiums)
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Put
-
1
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Receive
$
33,110
1.77%
11/06/2024
$
179
$
137
$
(42)
Put
-
1
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Receive
57,582
2.10%
05/14/2020
140
—
(140)
Call
-
1
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Pay
57,582
2.10%
05/14/2020
139
394
255
Call
-
1
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Pay
33,110
1.77%
11/06/2024
179
245
66
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
JPY
LIBOR
Pay
JPY
2,357,900
1.10%
06/30/2022
321
14
(307)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
$
1,420
3.08%
01/30/2029
81
35
(46)
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
1,420
3.08%
01/30/2029
81
179
98
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
3,873
1.72%
05/20/2020
66
22
(44)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
1,410
3.05%
01/11/2029
80
35
(45)
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
1,410
3.05%
01/11/2029
80
175
95
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
3,705
3.09%
12/07/2038
172
458
286
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
4,872
2.98%
03/08/2024
224
614
390
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
4,872
2.98%
03/08/2024
224
54
(170)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
3,705
3.09%
12/07/2038
172
120
(52)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
4,870
2.95%
03/13/2024
220
57
(163)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
5,610
2.25%
08/09/2022
133
87
(46)
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
5,740
1.46%
08/17/2021
205
158
(47)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
5,740
1.46%
08/17/2021
205
194
(11)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
17,020
2.35%
07/14/2020
64
16
(48)
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
4,870
2.95%
03/13/2024
219
603
384
Put
-
10
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Receive
1,295
2.86%
02/23/2039
64
48
(16)
Schedule
of
Investments
Inflation
Protection
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
102
Interest
Rate
Swaptions
(continued)
Purchased
Swaptions
Outstanding
Counterparty
Floating
Rate
Index
Pay/
Receive
Floating
Rate
Notional
Amount
Exercise
Rate
Expiration
Date
Upfront
Payments/
(Premiums)
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Put
-
10
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Receive
$
1,310
2.99%
04/28/2038
$
62
$
45
$
(17)
Call
-
10
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Receive
1,310
2.99%
04/28/2038
61
155
94
Call
-
10
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Pay
1,295
2.86%
02/23/2039
64
145
81
Put
-
10
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Receive
5,530
2.25%
08/03/2022
149
85
(64)
Put
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Receive
5,390
2.50%
06/14/2024
243
115
(128)
Put
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Receive
5,390
2.50%
06/21/2024
218
115
(103)
Put
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Receive
1,410
3.04%
01/12/2029
80
35
(45)
Call
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Pay
1,410
3.04%
01/12/2029
80
173
93
Call
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
20,318
1.50%
06/02/2020
61
101
40
Call
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
56,710
1.20%
09/24/2020
178
191
13
Call
-
2
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Pay
37,540
1.25%
08/11/2020
179
121
(58)
Call
-
20
Year
Interest
Rate
Swap
JPMorgan
Chase
6
Month
JPY
LIBOR
Receive
JPY
151,300
0.78%
04/19/2021
48
148
100
Put
-
20
Year
Interest
Rate
Swap
JPMorgan
Chase
6
Month
JPY
LIBOR
Receive
151,300
0.78%
04/19/2021
47
3
(44)
Put
-
30
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
$
6,520
2.85%
05/10/2022
379
85
(294)
Put
-
30
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
5,130
3.80%
06/08/2021
200
7
(193)
Call
-
30
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
4,500
1.60%
06/12/2020
193
138
(55)
Call
-
5
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
13,420
2.52%
02/27/2020
147
774
627
Put
-
5
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
13,420
2.52%
02/27/2020
148
—
(148)
Total
$
5,785
$
6,081
$
296
Written
Swaptions
Outstanding
Counterparty
Floating
Rate
Index
Pay/
Receive
Floating
Rate
Notional
Amount
Exercise
Rate
Expiration
Date
Upfront
Payments/
(Premiums)
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Put
-
1
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
$
86,280
2.15%
05/28/2021
$
(242)
$
(22)
$
220
Put
-
1
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
63,350
2.35%
05/18/2021
(129)
(9)
120
Put
-
1
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
66,390
1.76%
06/11/2020
(190)
(6)
184
Call
-
1
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
66,390
1.76%
06/11/2020
(190)
(251)
(61)
Call
-
1
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Receive
33,110
1.58%
11/06/2020
(78)
(123)
(45)
Put
-
1
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Pay
33,110
1.58%
11/06/2020
(78)
(20)
58
Put
-
1
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Pay
63,980
2.31%
04/07/2020
(136)
—
136
Put
-
1
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Pay
63,980
2.33%
04/07/2020
(138)
—
138
Call
-
1
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Receive
5,530
1.33%
08/06/2020
(17)
(8)
9
Put
-
1
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Pay
5,530
1.33%
08/06/2020
(16)
(8)
8
Put
-
1
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Pay
106,820
2.40%
06/02/2021
(194)
(15)
179
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
7,180
1.25%
08/20/2020
(124)
(77)
47
Schedule
of
Investments
Inflation
Protection
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
103
Interest
Rate
Swaptions
(continued)
Written
Swaptions
Outstanding
Counterparty
Floating
Rate
Index
Pay/
Receive
Floating
Rate
Notional
Amount
Exercise
Rate
Expiration
Date
Upfront
Payments/
(Premiums)
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
$
5,520
1.65%
01/11/2022
$
(128)
$
(212)
$
(84)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
5,520
2.15%
01/11/2022
(129)
(74)
55
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
5,590
1.60%
01/07/2022
(128)
(201)
(73)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
5,590
2.10%
01/07/2022
(129)
(81)
48
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
10,870
3.87%
06/08/2021
(213)
(6)
207
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
5,610
3.25%
08/09/2022
(33)
(17)
16
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
7,450
1.74%
11/20/2020
(179)
(93)
86
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
3,740
1.64%
11/03/2020
(90)
(58)
32
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
3,740
1.64%
11/03/2020
(90)
(111)
(21)
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
3,740
1.62%
11/03/2020
(92)
(109)
(17)
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
7,450
1.74%
11/20/2020
(180)
(273)
(93)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
7,307
2.79%
03/09/2021
(218)
(15)
203
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
3,490
1.62%
09/15/2020
(87)
(94)
(7)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
3,490
1.62%
09/15/2020
(87)
(50)
37
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
6,970
1.76%
09/17/2020
(175)
(252)
(77)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
6,970
1.76%
09/17/2020
(175)
(67)
108
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
3,740
1.62%
11/03/2020
(91)
(59)
32
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
5,610
2.75%
08/09/2022
(68)
(40)
28
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
3,930
3.05%
03/13/2029
(209)
(486)
(277)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
14,210
2.75%
05/10/2022
(412)
(83)
329
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
3,930
3.05%
03/13/2029
(208)
(99)
109
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
5,670
1.95%
07/14/2020
(61)
(21)
40
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
7,307
2.79%
03/09/2021
(218)
(888)
(670)
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
7,170
2.20%
06/12/2020
(157)
(500)
(343)
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
5,740
1.42%
08/18/2020
(149)
(94)
55
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
5,390
2.30%
06/16/2020
(78)
(5)
73
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
5,740
1.42%
08/18/2020
(149)
(125)
24
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
7,170
2.20%
06/12/2020
(156)
(8)
148
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
3,870
2.35%
07/13/2020
(41)
(4)
37
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
5,450
2.30%
07/27/2020
(70)
(7)
63
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
2,990
2.00%
08/04/2020
(45)
(11)
34
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
2,660
1.75%
08/10/2020
(44)
(22)
22
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
7,180
1.65%
08/20/2020
(124)
(85)
39
Schedule
of
Investments
Inflation
Protection
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
104
Interest
Rate
Swaptions
(continued)
Written
Swaptions
Outstanding
Counterparty
Floating
Rate
Index
Pay/
Receive
Floating
Rate
Notional
Amount
Exercise
Rate
Expiration
Date
Upfront
Payments/
(Premiums)
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
$
3,870
2.35%
07/13/2020
$
(39)
$
(4)
$
35
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
6
Month
Euro
Interbank
Offered
Rate
Pay
EUR
16,250
0.18%
07/17/2020
(222)
(61)
161
Put
-
10
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Pay
$
7,180
1.60%
08/18/2020
(133)
(97)
36
Call
-
10
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Receive
7,180
1.20%
08/18/2020
(133)
(67)
66
Put
-
10
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Pay
5,530
3.25%
08/03/2022
(36)
(17)
19
Put
-
10
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Pay
5,530
2.75%
08/03/2022
(76)
(39)
37
Put
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Pay
5,730
2.25%
08/21/2024
(170)
(166)
4
Put
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Pay
5,390
3.00%
06/21/2024
(132)
(65)
67
Put
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Pay
5,500
1.95%
01/31/2022
(129)
(105)
24
Put
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Pay
5,390
3.50%
06/21/2024
(79)
(35)
44
Call
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Receive
5,500
1.45%
01/31/2022
(128)
(163)
(35)
Put
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Pay
5,390
3.00%
06/14/2024
(148)
(64)
84
Put
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Pay
5,390
3.50%
06/14/2024
(90)
(35)
55
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
36,220
2.00%
11/30/2020
(49)
(15)
34
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
EUR
13,011
0.11%
05/18/2021
(43)
(3)
40
Call
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
$
40,635
1.00%
06/02/2020
(56)
(39)
17
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
EUR
38,710
0.12%
04/09/2021
(147)
(5)
142
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
13,390
0.05%
06/11/2021
(34)
(5)
29
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
5,880
0.00%
06/15/2021
(16)
(3)
13
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
6,030
0.00%
06/15/2021
(17)
(3)
14
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
6,060
0.00%
06/21/2021
(14)
(3)
11
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
7,080
0.00%
06/22/2021
(17)
(3)
14
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
6,630
0.00%
06/28/2021
(15)
(3)
12
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
7,060
0.00%
07/02/2021
(15)
(4)
11
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
19,480
0.10%
04/13/2021
(66)
(3)
63
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
$
32,410
2.46%
02/27/2020
(143)
—
143
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
EUR
25,030
0.10%
03/30/2021
(88)
(4)
84
Call
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
$
32,410
2.46%
02/27/2020
(143)
(694)
(551)
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
EUR
19,480
0.16%
04/13/2021
(66)
(2)
64
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
$
20,240
3.25%
12/30/2020
(75)
—
75
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
17,665
1.53%
12/14/2020
(84)
(36)
48
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
EUR
9,180
0.15%
08/10/2021
(12)
(11)
1
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
16,230
0.15%
08/10/2021
(22)
(20)
2
Schedule
of
Investments
Inflation
Protection
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
105
Interest
Rate
Swaptions
(continued)
Written
Swaptions
Outstanding
Counterparty
Floating
Rate
Index
Pay/
Receive
Floating
Rate
Notional
Amount
Exercise
Rate
Expiration
Date
Upfront
Payments/
(Premiums)
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
$
113,410
0.70%
09/24/2020
$
(124)
$
(114)
$
10
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
EUR
29,530
0.25%
09/07/2021
(48)
(61)
(13)
Call
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
$
17,665
1.53%
12/14/2020
(84)
(137)
(53)
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
EUR
6,870
0.05%
07/06/2021
(15)
(5)
10
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
7,190
0.00%
07/20/2021
(13)
(4)
9
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
$
22,110
3.50%
08/25/2020
(75)
—
75
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Receive
EUR
11,560
0.55%
12/22/2020
(42)
—
42
Call
-
2
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
$
189,800
2.40%
02/25/2020
(579)
(3,865)
(3,286)
Put
-
2
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
11,130
3.50%
06/16/2020
(41)
—
41
Put
-
2
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
229,100
3.40%
02/25/2020
(871)
—
871
Put
-
2
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
17,590
3.45%
06/09/2020
(73)
—
73
Put
-
2
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
12,600
2.90%
06/01/2020
(93)
—
93
Put
-
2
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
17,710
3.35%
06/01/2020
(64)
—
64
Put
-
2
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
12,700
3.15%
05/06/2020
(70)
—
70
Put
-
2
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
23,780
2.94%
04/20/2020
(165)
—
165
Call
-
2
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
23,780
2.94%
04/20/2020
(165)
(753)
(588)
Call
-
2
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
24,070
2.89%
04/15/2020
(174)
(740)
(566)
Put
-
2
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
24,070
2.89%
04/15/2020
(174)
—
174
Call
-
2
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
23,760
2.88%
04/15/2020
(172)
(725)
(553)
Put
-
2
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
23,760
2.88%
04/15/2020
(172)
—
172
Call
-
2
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Receive
75,070
0.75%
08/11/2020
(142)
(61)
81
Put
-
2
Year
Interest
Rate
Swap
JPMorgan
Chase
6
Month
Euro
Interbank
Offered
Rate
Receive
EUR
24,510
0.60%
12/15/2020
(93)
—
93
Put
-
2
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
6
Month
Euro
Interbank
Offered
Rate
Pay
8,670
0.08%
06/01/2021
(25)
(2)
23
Put
-
2
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Pay
$
17,665
1.51%
12/15/2020
(84)
(39)
45
Put
-
2
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
6
Month
Euro
Interbank
Offered
Rate
Pay
EUR
19,300
0.15%
04/20/2021
(70)
(3)
67
Call
-
2
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Receive
$
17,665
1.51%
12/15/2020
(84)
(132)
(48)
Put
-
30
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
5,400
2.85%
06/12/2020
(73)
(3)
70
Call
-
30
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
1,240
1.91%
11/30/2026
(161)
(188)
(27)
Put
-
30
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
1,240
1.91%
11/30/2026
(161)
(142)
19
Call
-
5
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Receive
EUR
3,535
0.14%
09/13/2022
(53)
(46)
7
Put
-
5
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
3,535
0.14%
09/13/2022
(53)
(56)
(3)
Put
-
5
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
3,540
0.04%
09/14/2022
(55)
(46)
9
Call
-
5
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Receive
3,540
0.04%
09/14/2022
(55)
(57)
(2)
Schedule
of
Investments
Inflation
Protection
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
106
Interest
Rate
Swaptions
(continued)
Written
Swaptions
Outstanding
Counterparty
Floating
Rate
Index
Pay/
Receive
Floating
Rate
Notional
Amount
Exercise
Rate
Expiration
Date
Upfront
Payments/
(Premiums)
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Put
-
5
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
EUR
10,120
0.00%
07/28/2020
$
(29)
$
(9)
$
20
Total
$
(12,934)
$
(13,751)
$
(817)
Amounts
in
thousands.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
90
Day
Eurodollar;
June
2022
Long
46
$
11,361
$
42
Canada
10
Year
Bond;
March
2020
Long
593
63,705
1,041
Euro
Bond
10
Year
Bond;
March
2020
Short
169
32,808
(405)
Euro
Schatz;
March
2020
Long
710
88,259
68
Euro-BTP;
March
2020
Short
265
43,506
(1,478)
Japan
10
Year
Bond
TSE;
March
2020
Short
5
7,054
(43)
US
10
Year
Note;
March
2020
Short
264
34,757
(404)
US
10
Year
Ultra
Note;
March
2020
Short
965
140,558
(3,514)
US
2
Year
Note;
March
2020
Long
887
191,911
722
US
5
Year
Note;
March
2020
Long
626
75,320
697
US
Long
Bond;
March
2020
Short
55
8,994
(116)
US
Ultra
Bond;
March
2020
Long
31
6,004
291
Total
$
(3,099)
Amounts
in
thousands
except
contracts.
Foreign
Currency
Contracts
Unrealized
Appreciation/(Depreciation)
Counterparty
Settlement
Date
Currency
to
Accept
Currency
to
Deliver
Asset
Liability
ANZ
Stockbroking
02/05/2020
$
3,639
JPY
400,480
$
—
$
(57)
Bank
of
America
NA
02/05/2020
$
96
GBP
72
1
—
Bank
of
America
NA
02/05/2020
EUR
31,218
$
34,414
210
—
Bank
of
America
NA
02/14/2020
EUR
1,560
$
1,735
—
(4)
Bank
of
America
NA
02/18/2020
JPY
189,797
$
1,735
18
—
Bank
of
America
NA
03/04/2020
$
34,474
EUR
31,218
—
(203)
Bank
of
America
NA
03/18/2020
AUD
2,580
$
1,805
—
(77)
Bank
of
America
NA
03/18/2020
$
3,550
CAD
4,641
43
—
Bank
of
America
NA
03/18/2020
CAD
6,830
$
5,211
—
(49)
Bank
of
America
NA
03/18/2020
EUR
1,560
$
1,740
—
(5)
Bank
of
America
NA
03/18/2020
$
1,683
EUR
1,500
15
—
Bank
of
America
NA
03/18/2020
$
3,480
JPY
378,494
—
(22)
Barclays
Bank
PLC
02/05/2020
$
51,890
JPY
5,657,216
—
(323)
Barclays
Bank
PLC
03/18/2020
CAD
2,259
$
1,740
—
(33)
BMO
Capital
Markets
02/05/2020
GBP
213
$
282
—
—
BNP
Paribas
02/14/2020
GBP
1,330
$
1,739
18
—
BNP
Paribas
03/04/2020
$
1,507
CAD
1,993
1
—
CIBC
World
Markets
03/18/2020
EUR
1,550
$
1,725
—
(2)
Citigroup
Inc
02/05/2020
$
2,920
GBP
2,254
—
(56)
Citigroup
Inc
02/05/2020
$
45,151
EUR
40,863
—
(171)
Deutsche
Bank
AG
02/05/2020
GBP
1,674
$
2,170
40
—
Deutsche
Bank
AG
02/05/2020
$
2,819
EUR
2,546
—
(4)
Deutsche
Bank
AG
03/18/2020
AUD
2,480
$
1,735
—
(74)
Deutsche
Bank
AG
03/18/2020
$
1,735
JPY
187,637
—
(1)
Goldman
Sachs
&
Co
02/13/2020
CAD
2,264
$
1,735
—
(24)
Goldman
Sachs
&
Co
02/18/2020
JPY
376,362
$
3,445
31
—
Goldman
Sachs
&
Co
03/18/2020
$
1,779
AUD
2,580
51
—
Goldman
Sachs
&
Co
03/18/2020
AUD
6,309
$
4,321
—
(96)
Goldman
Sachs
&
Co
03/18/2020
$
4,321
CAD
5,675
32
—
Goldman
Sachs
&
Co
03/18/2020
CAD
2,343
$
1,779
—
(8)
HSBC
Securities
Inc
02/05/2020
EUR
2,375
$
2,632
2
—
HSBC
Securities
Inc
02/05/2020
EUR
8,224
$
9,157
—
(36)
HSBC
Securities
Inc
02/05/2020
JPY
6,057,612
$
55,595
313
—
HSBC
Securities
Inc
02/05/2020
NZD
14,033
$
9,127
—
(56)
HSBC
Securities
Inc
03/04/2020
$
55,677
JPY
6,057,612
—
(320)
HSBC
Securities
Inc
03/04/2020
$
9,131
NZD
14,033
60
—
HSBC
Securities
Inc
03/18/2020
$
1,702
AUD
2,480
41
—
HSBC
Securities
Inc
03/18/2020
CAD
3,451
$
2,615
—
(7)
HSBC
Securities
Inc
03/18/2020
JPY
185,621
$
1,701
16
—
Schedule
of
Investments
Inflation
Protection
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
107
Foreign
Currency
Contracts
(continued)
Unrealized
Appreciation/(Depreciation)
Counterparty
Settlement
Date
Currency
to
Accept
Currency
to
Deliver
Asset
Liability
JPMorgan
Chase
02/05/2020
$
1,051
EUR
934
$
15
$
—
Morgan
Stanley
&
Co
02/14/2020
AUD
2,530
$
1,744
—
(50)
Morgan
Stanley
&
Co
03/18/2020
CAD
23,202
$
17,625
—
(91)
Morgan
Stanley
&
Co
03/18/2020
EUR
1,500
$
1,682
—
(14)
Morgan
Stanley
&
Co
03/18/2020
$
1,736
EUR
1,560
2
—
Morgan
Stanley
&
Co
03/18/2020
$
1,740
JPY
189,430
—
(13)
Morgan
Stanley
&
Co
03/18/2020
JPY
190,653
$
1,737
27
—
UBS
AG
02/05/2020
$
316
CAD
421
—
(2)
Westpac
Banking
Corporation
02/05/2020
$
13,215
NZD
20,517
—
(47)
Total
$
936
$
(1,845)
Amounts
in
thousands.
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
3
Month
USD
LIBOR
Pay
3.21%
Quarterly
Semiannual
N/A
10/29/2024
$
13,845
$
1,196
$
1
$
1,197
3
Month
USD
LIBOR
Pay
1.76%
Quarterly
Semiannual
N/A
01/09/2030
1,060
28
—
28
3
Month
USD
LIBOR
Pay
1.73%
Quarterly
Semiannual
N/A
01/08/2030
1,890
43
—
43
3
Month
USD
LIBOR
Pay
1.75%
Quarterly
Semiannual
N/A
01/08/2030
1,000
25
—
25
3
Month
USD
LIBOR
Pay
1.80%
Quarterly
Semiannual
N/A
01/07/2030
1,910
56
—
56
3
Month
USD
LIBOR
Receive
1.66%
Semiannual
Quarterly
N/A
12/22/2022
4,225
(34)
—
(34)
3
Month
USD
LIBOR
Receive
1.66%
Semiannual
Quarterly
N/A
12/22/2022
4,225
(34)
—
(34)
3
Month
USD
LIBOR
Receive
1.62%
Semiannual
Quarterly
N/A
12/21/2022
4,880
(36)
—
(36)
3
Month
USD
LIBOR
Pay
3.09%
Quarterly
Semiannual
N/A
11/29/2024
27,160
2,233
1
2,234
3
Month
USD
LIBOR
Pay
1.93%
Quarterly
Semiannual
N/A
12/01/2056
150
6
—
6
3
Month
USD
LIBOR
Receive
1.46%
Semiannual
Quarterly
N/A
12/01/2022
7,490
(30)
—
(30)
3
Month
USD
LIBOR
Receive
2.11%
Semiannual
Quarterly
N/A
11/15/2044
2,490
(46)
—
(46)
3
Month
USD
LIBOR
Receive
2.11%
Semiannual
Quarterly
N/A
11/12/2034
2,060
(67)
—
(67)
3
Month
USD
LIBOR
Receive
2.00%
Semiannual
Quarterly
N/A
11/07/2034
2,040
(47)
—
(47)
3
Month
USD
LIBOR
Pay
3.17%
Quarterly
Semiannual
N/A
10/31/2024
1,715
146
—
146
3
Month
USD
LIBOR
Receive
1.61%
Semiannual
Quarterly
N/A
11/01/2023
4,560
(32)
—
(32)
3
Month
USD
LIBOR
Receive
1.58%
Semiannual
Quarterly
N/A
11/01/2023
4,560
(30)
—
(30)
3
Month
USD
LIBOR
Pay
1.48%
Quarterly
Semiannual
N/A
02/04/2030
470
—
—
—
3
Month
USD
LIBOR
Receive
1.55%
Semiannual
Quarterly
N/A
10/26/2023
4,080
(24)
—
(24)
3
Month
USD
LIBOR
Receive
2.10%
Semiannual
Quarterly
N/A
10/23/2039
1,100
(20)
—
(20)
3
Month
USD
LIBOR
Receive
1.98%
Semiannual
Quarterly
N/A
10/23/2034
850
(18)
—
(18)
3
Month
USD
LIBOR
Receive
1.98%
Semiannual
Quarterly
N/A
10/23/2034
850
(18)
—
(18)
3
Month
USD
LIBOR
Receive
1.93%
Semiannual
Quarterly
N/A
10/22/2034
1,940
(34)
—
(34)
3
Month
USD
LIBOR
Receive
1.91%
Semiannual
Quarterly
N/A
10/21/2034
1,660
(25)
—
(25)
3
Month
USD
LIBOR
Receive
1.56%
Semiannual
Quarterly
N/A
03/30/2021
4,660
(4)
—
(4)
3
Month
USD
LIBOR
Receive
1.56%
Semiannual
Quarterly
N/A
03/27/2021
29,390
(26)
1
(25)
3
Month
USD
LIBOR
Receive
1.76%
Semiannual
Quarterly
N/A
07/09/2030
1,690
(44)
—
(44)
3
Month
USD
LIBOR
Pay
1.97%
Quarterly
Semiannual
N/A
01/10/2050
320
21
—
21
3
Month
USD
LIBOR
Receive
1.60%
Semiannual
Quarterly
N/A
05/31/2024
12,165
(148)
1
(147)
3
Month
USD
LIBOR
Pay
1.78%
Quarterly
Semiannual
N/A
01/22/2030
945
27
—
27
3
Month
USD
LIBOR
Pay
1.48%
Quarterly
Semiannual
N/A
02/04/2030
940
—
—
—
3
Month
USD
LIBOR
Pay
1.51%
Quarterly
Semiannual
N/A
02/04/2030
820
2
—
2
3
Month
USD
LIBOR
Pay
1.51%
Quarterly
Semiannual
N/A
02/03/2030
940
3
—
3
3
Month
USD
LIBOR
Receive
1.38%
Semiannual
Quarterly
N/A
05/31/2024
6,360
(18)
—
(18)
3
Month
USD
LIBOR
Pay
1.52%
Quarterly
Semiannual
N/A
02/03/2030
935
4
—
4
3
Month
USD
LIBOR
Pay
1.52%
Quarterly
Semiannual
N/A
02/03/2030
935
4
—
4
3
Month
USD
LIBOR
Pay
1.56%
Quarterly
Semiannual
N/A
01/31/2030
940
7
—
7
3
Month
USD
LIBOR
Receive
1.42%
Semiannual
Quarterly
N/A
05/31/2024
6,360
(30)
—
(30)
3
Month
USD
LIBOR
Pay
1.71%
Quarterly
Semiannual
N/A
02/15/2036
3,890
54
1
55
3
Month
USD
LIBOR
Receive
1.57%
Semiannual
Quarterly
N/A
08/15/2029
5,935
(59)
—
(59)
3
Month
USD
LIBOR
Pay
1.73%
Quarterly
Semiannual
N/A
02/15/2036
3,890
62
—
62
3
Month
USD
LIBOR
Receive
1.59%
Semiannual
Quarterly
N/A
08/15/2029
5,935
(67)
—
(67)
3
Month
USD
LIBOR
Pay
1.36%
Quarterly
Semiannual
N/A
09/28/2021
8,610
6
—
6
3
Month
USD
LIBOR
Pay
1.61%
Quarterly
Semiannual
N/A
01/30/2030
1,860
22
—
22
3
Month
USD
LIBOR
Pay
1.57%
Quarterly
Semiannual
N/A
04/29/2030
2,270
19
—
19
3
Month
USD
LIBOR
Pay
1.76%
Quarterly
Semiannual
N/A
05/15/2045
2,770
37
—
37
3
Month
USD
LIBOR
Pay
1.58%
Quarterly
Semiannual
N/A
01/29/2030
940
9
—
9
3
Month
USD
LIBOR
Pay
1.57%
Quarterly
Semiannual
N/A
01/29/2030
1,760
15
—
15
3
Month
USD
LIBOR
Pay
1.57%
Quarterly
Semiannual
N/A
01/29/2030
940
8
—
8
3
Month
USD
LIBOR
Pay
1.58%
Quarterly
Semiannual
N/A
01/29/2030
1,880
18
—
18
Schedule
of
Investments
Inflation
Protection
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
108
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
3
Month
USD
LIBOR
Pay
1.66%
Quarterly
Semiannual
N/A
01/28/2030
$
765
$
13
$
—
$
13
3
Month
USD
LIBOR
Pay
1.69%
Quarterly
Semiannual
N/A
01/28/2030
1,870
37
—
37
3
Month
USD
LIBOR
Pay
1.68%
Quarterly
Semiannual
N/A
01/27/2030
940
17
—
17
3
Month
USD
LIBOR
Pay
1.70%
Quarterly
Semiannual
N/A
01/27/2030
940
19
—
19
3
Month
USD
LIBOR
Pay
1.75%
Quarterly
Semiannual
N/A
01/23/2030
1,590
40
—
40
3
Month
USD
LIBOR
Pay
1.77%
Quarterly
Semiannual
N/A
01/23/2030
940
25
—
25
3
Month
USD
LIBOR
Pay
1.58%
Quarterly
Semiannual
N/A
01/30/2030
2,570
24
—
24
3
Month
USD
LIBOR
Receive
1.65%
Semiannual
Quarterly
N/A
08/22/2034
1,765
13
—
13
3
Month
USD
LIBOR
Pay
1.49%
Quarterly
Semiannual
N/A
02/04/2030
470
—
—
—
3
Month
USD
LIBOR
Receive
2.37%
Semiannual
Quarterly
N/A
06/15/2050
2,160
(353)
—
(353)
3
Month
USD
LIBOR
Receive
2.38%
Semiannual
Quarterly
N/A
07/05/2049
840
(34)
—
(34)
3
Month
USD
LIBOR
Receive
2.33%
Semiannual
Quarterly
N/A
06/24/2034
420
(22)
(1)
(23)
3
Month
USD
LIBOR
Pay
2.60%
Quarterly
Semiannual
N/A
03/26/2029
2,830
280
—
280
3
Month
USD
LIBOR
Pay
2.23%
Quarterly
Semiannual
N/A
03/24/2022
5,370
92
—
92
3
Month
USD
LIBOR
Pay
2.15%
Quarterly
Semiannual
N/A
03/30/2022
9,150
145
—
145
3
Month
USD
LIBOR
Pay
2.10%
Quarterly
Semiannual
N/A
06/22/2031
590
31
—
31
3
Month
USD
LIBOR
Receive
2.36%
Semiannual
Quarterly
N/A
03/29/2030
5,690
(468)
—
(468)
3
Month
USD
LIBOR
Pay
2.03%
Quarterly
Semiannual
N/A
03/30/2022
26,030
350
—
350
3
Month
USD
LIBOR
Receive
2.16%
Semiannual
Quarterly
N/A
03/31/2025
1,070
(43)
—
(43)
3
Month
USD
LIBOR
Receive
1.77%
Semiannual
Quarterly
N/A
07/12/2023
54,580
(280)
1
(279)
3
Month
USD
LIBOR
Receive
2.31%
Semiannual
Quarterly
N/A
04/03/2025
6,440
(309)
1
(308)
3
Month
USD
LIBOR
Pay
2.25%
Quarterly
Semiannual
N/A
04/27/2022
29,060
526
—
526
3
Month
USD
LIBOR
Receive
1.77%
Semiannual
Quarterly
N/A
06/15/2021
28,450
(109)
—
(109)
3
Month
USD
LIBOR
Pay
2.08%
Quarterly
Semiannual
N/A
07/02/2021
16,790
141
—
141
3
Month
USD
LIBOR
Receive
1.87%
Semiannual
Quarterly
N/A
06/03/2022
33,170
(209)
—
(209)
3
Month
USD
LIBOR
Pay
2.45%
Quarterly
Semiannual
N/A
05/18/2031
1,190
102
—
102
3
Month
USD
LIBOR
Receive
2.35%
Semiannual
Quarterly
N/A
04/27/2025
7,830
(391)
—
(391)
3
Month
USD
LIBOR
Pay
2.32%
Quarterly
Semiannual
N/A
10/25/2021
34,020
520
(1)
519
3
Month
USD
LIBOR
Receive
2.55%
Semiannual
Quarterly
N/A
05/06/2030
1,140
(115)
—
(115)
3
Month
USD
LIBOR
Pay
2.27%
Quarterly
Semiannual
N/A
11/05/2021
4,177
62
—
62
3
Month
USD
LIBOR
Pay
1.74%
Quarterly
Semiannual
N/A
06/16/2022
10,650
92
—
92
3
Month
USD
LIBOR
Pay
1.71%
Quarterly
Semiannual
N/A
07/13/2022
53,710
254
—
254
3
Month
USD
LIBOR
Pay
2.29%
Quarterly
Semiannual
N/A
11/05/2021
5,157
78
—
78
3
Month
USD
LIBOR
Pay
1.53%
Quarterly
Semiannual
N/A
11/22/2020
16,060
(10)
1
(9)
3
Month
USD
LIBOR
Receive
1.71%
Semiannual
Quarterly
N/A
08/16/2049
780
4
—
4
3
Month
USD
LIBOR
Receive
1.67%
Semiannual
Quarterly
N/A
08/17/2049
600
5
—
5
3
Month
USD
LIBOR
Pay
2.53%
Semiannual
Semiannual
N/A
02/07/2022
157,520
3,603
(81)
3,522
3
Month
USD
LIBOR
Receive
2.90%
Semiannual
Quarterly
N/A
02/15/2049
40
(11)
—
(11)
3
Month
USD
LIBOR
Receive
1.74%
Semiannual
Quarterly
N/A
07/14/2022
25,650
(226)
—
(226)
3
Month
USD
LIBOR
Receive
2.43%
Semiannual
Quarterly
N/A
03/15/2023
6,320
(147)
—
(147)
3
Month
USD
LIBOR
Receive
2.57%
Semiannual
Quarterly
N/A
02/07/2025
13,710
(836)
13
(823)
6
Month
Euro
Interbank
Offered
Rate
Pay
(0.43)%
Semiannual
Annual
N/A
09/14/2023
EUR
1,830
(5)
1
(4)
6
Month
Euro
Interbank
Offered
Rate
Pay
(0.45)%
Semiannual
Annual
N/A
09/28/2023
1,580
(5)
—
(5)
6
Month
Euro
Interbank
Offered
Rate
Receive
(0.05)%
Annual
Semiannual
N/A
01/03/2024
3,855
(22)
—
(22)
6
Month
Euro
Interbank
Offered
Rate
Receive
(0.06)%
Annual
Semiannual
N/A
01/03/2024
3,855
(21)
—
(21)
6
Month
Euro
Interbank
Offered
Rate
Pay
(0.58)%
Semiannual
Annual
N/A
08/17/2023
2,290
(13)
—
(13)
6
Month
Euro
Interbank
Offered
Rate
Pay
(0.30)%
Semiannual
Annual
N/A
01/16/2022
15,460
25
1
26
6
Month
Euro
Interbank
Offered
Rate
Pay
(0.44)%
Semiannual
Annual
N/A
10/06/2023
1,880
(5)
—
(5)
6
Month
Euro
Interbank
Offered
Rate
Receive
0.19%
Annual
Semiannual
N/A
01/16/2030
3,190
(91)
1
(90)
6
Month
Euro
Interbank
Offered
Rate
Pay
(0.50)%
Semiannual
Annual
N/A
09/14/2023
2,350
(9)
—
(9)
6
Month
Euro
Interbank
Offered
Rate
Receive
(0.29)%
Annual
Semiannual
N/A
07/26/2023
19,820
(20)
1
(19)
6
Month
Euro
Interbank
Offered
Rate
Receive
(0.18)%
Annual
Semiannual
N/A
03/18/2025
375
(3)
—
(3)
6
Month
Euro
Interbank
Offered
Rate
Pay
(0.45)%
Semiannual
Annual
N/A
08/11/2023
2,280
(6)
—
(6)
6
Month
Euro
Interbank
Offered
Rate
Receive
(0.17)%
Annual
Semiannual
N/A
12/13/2023
7,310
(23)
—
(23)
6
Month
Euro
Interbank
Offered
Rate
Receive
(0.17)%
Annual
Semiannual
N/A
11/11/2024
1,640
(12)
—
(12)
6
Month
Euro
Interbank
Offered
Rate
Receive
(0.30)%
Annual
Semiannual
N/A
07/25/2023
18,090
(14)
1
(13)
6
Month
Euro
Interbank
Offered
Rate
Receive
(0.45)%
Annual
Semiannual
N/A
12/16/2021
7,070
11
—
11
6
Month
GBP
LIBOR
Receive
0.78%
Semiannual
Semiannual
N/A
01/30/2070
GBP
3,080
(37)
(5)
(42)
6
Month
GBP
LIBOR
Pay
0.76%
Semiannual
Semiannual
N/A
01/30/2030
14,575
49
21
70
6
Month
JPY
LIBOR
Receive
0.34%
Semiannual
Semiannual
N/A
02/08/2034
JPY
38,580
(12)
1
(11)
6
Month
JPY
LIBOR
Receive
0.30%
Semiannual
Semiannual
N/A
06/17/2039
33,410
(6)
1
(5)
6
Month
JPY
LIBOR
Receive
0.17%
Semiannual
Semiannual
N/A
08/08/2039
24,710
2
—
2
6
Month
JPY
LIBOR
Receive
0.37%
Semiannual
Semiannual
N/A
01/30/2045
18,410
(1)
—
(1)
6
Month
JPY
LIBOR
Receive
0.72%
Semiannual
Semiannual
N/A
03/21/2044
24,090
(18)
1
(17)
6
Month
JPY
LIBOR
Receive
0.20%
Semiannual
Semiannual
N/A
08/28/2044
12,400
3
—
3
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
1.85%
Annual
Annual
N/A
02/08/2022
$
35,000
(210)
1
(209)
Schedule
of
Investments
Inflation
Protection
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
109
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
1.98%
Annual
Annual
N/A
05/02/2022
$
11,000
$
(89)
$
—
$
(89)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
1.84%
Annual
Annual
N/A
01/31/2030
16,890
(11)
—
(11)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Pay
1.75%
Annual
Annual
N/A
08/22/2029
7,910
(72)
1
(71)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
1.92%
Annual
Annual
N/A
05/08/2021
35,952
(153)
1
(152)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
1.79%
Annual
Annual
N/A
08/22/2049
2,515
128
—
128
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
1.71%
Annual
Annual
N/A
08/12/2024
15,060
(22)
1
(21)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
1.85%
Annual
Annual
N/A
08/01/2024
24,120
(226)
—
(226)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.25%
Annual
Annual
N/A
10/30/2028
7,950
(375)
1
(374)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
1.96%
Annual
Annual
N/A
12/12/2049
4,480
(25)
1
(24)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
1.82%
Annual
Annual
N/A
02/03/2030
16,775
17
1
18
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
1.96%
Annual
Annual
N/A
01/16/2030
8,435
(116)
—
(116)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
1.95%
Annual
Annual
N/A
11/25/2049
2,680
(2)
—
(2)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Pay
1.86%
Annual
Annual
N/A
11/25/2029
8,375
1
—
1
Eurozone
Harmonised
Index
of
Consumer
Prices
ex-Tobacco
Pay
1.22%
Annual
Annual
N/A
01/15/2030
EUR
6,985
92
1
93
Eurozone
Harmonised
Index
of
Consumer
Prices
ex-Tobacco
Receive
1.09%
Annual
Annual
N/A
11/15/2029
7,045
21
(5)
16
Eurozone
Harmonised
Index
of
Consumer
Prices
ex-Tobacco
Pay
1.43%
Annual
Annual
N/A
11/15/2049
1,930
(52)
10
(42)
Eurozone
Harmonised
Index
of
Consumer
Prices
ex-Tobacco
Pay
1.39%
Annual
Annual
N/A
06/15/2049
1,525
(54)
(4)
(58)
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Receive
1.29%
Annual
Annual
N/A
03/15/2029
12,460
(332)
3
(329)
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Pay
1.40%
Annual
Annual
N/A
08/15/2049
1,675
(55)
1
(54)
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Receive
1.05%
Annual
Annual
N/A
08/15/2029
6,515
29
(1)
28
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Pay
1.13%
Annual
Annual
N/A
01/15/2030
14,120
26
1
27
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Receive
1.30%
Annual
Annual
N/A
01/15/2029
6,375
(191)
1
(190)
New
Zealand
Bank
Bill
3
Month
FRA
Receive
2.58%
Semiannual
Quarterly
N/A
03/20/2029
NZD
3,084
(213)
6
(207)
New
Zealand
Bank
Bill
3
Month
FRA
Receive
2.55%
Semiannual
Quarterly
N/A
03/20/2029
8,395
(564)
15
(549)
New
Zealand
Bank
Bill
3
Month
FRA
Pay
1.27%
Quarterly
Semiannual
N/A
08/15/2029
11,925
(91)
(2)
(93)
New
Zealand
Bank
Bill
3
Month
FRA
Receive
2.80%
Semiannual
Quarterly
N/A
03/20/2029
10,511
(866)
28
(838)
New
Zealand
Bank
Bill
3
Month
FRA
Receive
2.59%
Semiannual
Quarterly
N/A
03/20/2029
1,646
(115)
3
(112)
United
Kingdom
Retail
Prices
Index
Pay
3.22%
Annual
Annual
N/A
01/15/2045
GBP
4,100
90
—
90
United
Kingdom
Retail
Prices
Index
Receive
3.36%
Annual
Annual
N/A
01/15/2035
5,400
(64)
—
(64)
United
Kingdom
Retail
Prices
Index
Receive
3.11%
Annual
Annual
N/A
01/15/2050
4,100
(123)
—
(123)
United
Kingdom
Retail
Prices
Index
Pay
3.31%
Annual
Annual
N/A
01/15/2040
5,400
104
—
104
United
Kingdom
Retail
Prices
Index
Pay
3.51%
Annual
Annual
N/A
10/15/2028
9,490
460
(12)
448
United
Kingdom
Retail
Prices
Index
Pay
3.40%
Annual
Annual
N/A
08/15/2028
21,695
644
(127)
517
United
Kingdom
Retail
Prices
Index
Receive
3.39%
Annual
Annual
N/A
01/15/2035
5,200
(106)
(1)
(107)
United
Kingdom
Retail
Prices
Index
Pay
3.34%
Annual
Annual
N/A
01/15/2040
5,200
169
1
170
United
Kingdom
Retail
Prices
Index
Pay
3.24%
Annual
Annual
N/A
01/15/2045
4,000
133
—
133
United
Kingdom
Retail
Prices
Index
Receive
3.13%
Annual
Annual
N/A
01/15/2050
4,000
(187)
(1)
(188)
United
Kingdom
Retail
Prices
Index
Receive
3.46%
Annual
Annual
N/A
12/15/2029
5,125
(65)
(1)
(66)
United
Kingdom
Retail
Prices
Index
Pay
3.27%
Annual
Annual
N/A
10/15/2044
9,745
624
21
645
United
Kingdom
Retail
Prices
Index
Receive
3.16%
Annual
Annual
N/A
10/15/2049
9,745
(695)
(107)
(802)
United
Kingdom
Retail
Prices
Index
Pay
3.36%
Annual
Annual
N/A
10/15/2039
12,690
719
(25)
694
United
Kingdom
Retail
Prices
Index
Receive
3.42%
Annual
Annual
N/A
10/15/2034
12,690
(567)
41
(526)
United
Kingdom
Retail
Prices
Index
Pay
3.49%
Annual
Annual
N/A
03/15/2029
8,890
261
(7)
254
Schedule
of
Investments
Inflation
Protection
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
110
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
US
Federal
Funds
Effective
Rate
(continuous
series)
Receive
1.41%
Annual
Annual
N/A
12/15/2021
$
28,535
$
(119)
$
—
$
(119)
US
Federal
Funds
Effective
Rate
(continuous
series)
Receive
1.31%
Annual
Annual
N/A
12/15/2021
58,860
(137)
(2)
(139)
US
Federal
Funds
Effective
Rate
(continuous
series)
Receive
1.35%
Annual
Annual
N/A
05/31/2024
6,185
(63)
—
(63)
Total
$
3,395
$
(194)
$
3,201
Amounts
in
thousands.
(a)
Forward
swap.
Schedule
of
Investments
International
Emerging
Markets
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
111
INVESTMENT
COMPANIES
-
0.79%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0.79%
Principal
Government
Money
Market
Fund
1.43
%
(a),(b)
2,487,507
$
2,488
TOTAL
INVESTMENT
COMPANIES
$
2,488
COMMON
STOCKS
-
97.21%
Shares
Held
Value
(000's)
Aerospace
&
Defense
-
0.25%
Hanwha
Aerospace
Co
Ltd
(
c)
28,658
775
Agriculture
-
0.91%
KT&G
Corp
36,136
2,872
Apparel
-
0.40%
Fila
Holdings
Corp
34,715
1,271
Automobile
Manufacturers
-
1.47%
Hyundai
Motor
Co
15,619
1,621
Kia
Motors
Corp
88,660
3,016
$
4,637
Banks
-
11.23%
Axis
Bank
Ltd
235,398
2,403
Banco
do
Brasil
SA
232,500
2,622
Bank
Rakyat
Indonesia
Persero
Tbk
PT
7,815,700
2,541
Credicorp
Ltd
16,043
3,314
First
Abu
Dhabi
Bank
PJSC
627,694
2,634
Grupo
Financiero
Banorte
SAB
de
CV
482,200
2,972
HDFC
Bank
Ltd
160,001
2,741
ICICI
Bank
Ltd
414,781
3,056
OTP
Bank
Nyrt
92,928
4,305
PT
Bank
Central
Asia
Tbk
1,428,800
3,376
RHB
Bank
Bhd
456,200
633
Sberbank
of
Russia
PJSC
ADR
121,980
1,946
Shinhan
Financial
Group
Co
Ltd
87,167
2,844
$
35,387
Beverages
-
0.99%
Thai
Beverage
PCL
5,403,200
3,136
Building
Materials
-
2.26%
Anhui
Conch
Cement
Co
Ltd
391,464
2,654
China
Lesso
Group
Holdings
Ltd
619,000
796
Huaxin
Cement
Co
Ltd
577,605
1,754
UltraTech
Cement
Ltd
30,826
1,905
$
7,109
Chemicals
-
0.16%
UPL
Ltd
67,957
500
Commercial
Services
-
0.95%
New
Oriental
Education
&
Technology
Group
Inc
ADR
(c)
24,767
3,010
Computers
-
0.41%
Wipro
Ltd
388,227
1,291
Cosmetics
&
Personal
Care
-
0.30%
Colgate-Palmolive
India
Ltd
51,108
950
Diversified
Financial
Services
-
5.28%
Bajaj
Finance
Ltd
49,327
3,007
Cholamandalam
Investment
and
Finance
Co
Ltd
111,761
513
CTBC
Financial
Holding
Co
Ltd
2,846,000
2,064
Housing
Development
Finance
Corp
Ltd
193,591
6,543
Muthoot
Finance
Ltd
163,942
1,748
Tisco
Financial
Group
PCL
838,100
2,757
$
16,632
Electrical
Components
&
Equipment
-
0.46%
Delta
Electronics
Inc
312,000
1,458
Electronics
-
0.50%
Taiwan
Union
Technology
Corp
382,000
1,567
Engineering
&
Construction
-
1.64%
Daelim
Industrial
Co
Ltd
13,990
940
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV
119,300
1,477
Larsen
&
Toubro
Ltd
143,337
2,746
$
5,163
Food
-
3.24%
Indofood
Sukses
Makmur
Tbk
PT
1,951,500
1,118
Minerva
SA/
Brazil
(
c)
299,300
834
Nestle
India
Ltd
6,583
1,415
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Food
(continued)
Tingyi
Cayman
Islands
Holding
Corp
760,000
$
1,282
Uni-President
Enterprises
Corp
1,236,000
2,945
X5
Retail
Group
NV
71,738
2,626
$
10,220
Forest
Products
&
Paper
-
0.29%
Mondi
PLC
44,813
912
Gas
-
0.85%
ENN
Energy
Holdings
Ltd
229,900
2,673
Home
Furnishings
-
0.54%
Gree
Electric
Appliances
Inc
of
Zhuhai
(
c)
191,283
1,708
Insurance
-
6.27%
AIA
Group
Ltd
166,800
1,653
BB
Seguridade
Participacoes
SA
154,900
1,258
IRB
Brasil
Resseguros
S/A
358,300
3,703
PICC
Property
&
Casualty
Co
Ltd
3,698,000
3,955
Ping
An
Insurance
Group
Co
of
China
Ltd
594,000
6,717
Powszechny
Zaklad
Ubezpieczen
SA
238,504
2,471
$
19,757
Internet
-
19.39%
AfreecaTV
Co
Ltd
18,300
818
Alibaba
Group
Holding
Ltd
ADR
(c)
110,933
22,918
JD.com
Inc
ADR
(c)
131,139
4,943
Just
Dial
Ltd
(
c)
96,362
756
Meituan
Dianping
(
c)
205,400
2,600
MercadoLibre
Inc
(
c)
3,109
2,061
Naspers
Ltd
31,153
5,053
Tencent
Holdings
Ltd
371,300
17,707
Vipshop
Holdings
Ltd
ADR
(c)
333,897
4,251
$
61,107
Iron
&
Steel
-
1.58%
Eregli
Demir
ve
Celik
Fabrikalari
TAS
1,072,478
1,666
Kumba
Iron
Ore
Ltd
41,311
955
Severstal
PJSC
167,168
2,350
$
4,971
Lodging
-
0.37%
NagaCorp
Ltd
824,000
1,162
Mining
-
1.67%
Impala
Platinum
Holdings
Ltd
(
c)
138,003
1,297
MMC
Norilsk
Nickel
PJSC
ADR
122,964
3,967
$
5,264
Miscellaneous
Manufacturers
-
1.57%
Largan
Precision
Co
Ltd
26,000
4,038
Sunny
Optical
Technology
Group
Co
Ltd
57,000
906
$
4,944
Oil
&
Gas
-
8.07%
China
Petroleum
&
Chemical
Corp
4,084,000
2,151
CNOOC
Ltd
1,776,000
2,659
Gazprom
PJSC
ADR
566,821
3,973
LUKOIL
PJSC
ADR
67,908
6,909
Petrobras
Distribuidora
SA
438,900
2,956
Petroleo
Brasileiro
SA
163,200
1,156
Reliance
Industries
Ltd
285,487
5,631
$
25,435
Pharmaceuticals
-
0.60%
China
National
Accord
Medicines
Corp
Ltd
267,275
1,888
Pipelines
-
0.68%
Petronet
LNG
Ltd
574,871
2,144
Real
Estate
-
2.87%
KWG
Group
Holdings
Ltd
(
c)
730,500
946
Shenzhen
Overseas
Chinese
Town
Co
Ltd
1,235,590
1,232
Shimao
Property
Holdings
Ltd
742,500
2,396
Sunac
China
Holdings
Ltd
925,000
4,461
$
9,035
Retail
-
4.53%
ANTA
Sports
Products
Ltd
402,000
3,500
Bosideng
International
Holdings
Ltd
3,006,000
988
Home
Product
Center
PCL
4,885,700
2,279
Schedule
of
Investments
International
Emerging
Markets
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
112
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Retail
(continued)
Lojas
Renner
SA
174,540
$
2,349
Wal-Mart
de
Mexico
SAB
de
CV
1,763,400
5,160
$
14,276
Semiconductors
-
14.03%
Powertech
Technology
Inc
257,000
911
Realtek
Semiconductor
Corp
(
c)
146,000
1,173
Samsung
Electronics
Co
Ltd
368,985
17,096
SK
Hynix
Inc
78,508
5,973
Taiwan
Semiconductor
Manufacturing
Co
Ltd
1,849,685
19,078
$
44,231
Software
-
1.46%
NetEase
Inc
ADR
14,351
4,603
Telecommunications
-
0.63%
Accton
Technology
Corp
228,000
1,212
KT
Corp
36,360
769
$
1,981
Transportation
-
0.63%
Hyundai
Glovis
Co
Ltd
16,252
1,993
Water
-
0.73%
Guangdong
Investment
Ltd
1,130,000
2,294
TOTAL
COMMON
STOCKS
$
306,356
PREFERRED
STOCKS
-
2.10%
Shares
Held
Value
(000's)
Banks
-
1.02%
Banco
Bradesco
SA
0.19%
421,400
$
3,227
Oil
&
Gas
-
1.08%
Petroleo
Brasileiro
SA
0.02%
512,400
3,405
TOTAL
PREFERRED
STOCKS
$
6,632
Total
Investments
$
315,476
Other
Assets
and
Liabilities
- (
0.10)%
(322)
TOTAL
NET
ASSETS
-
100.00%
$
315,154
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
sub-schedule
for
transactional
information.
(b)
Current
yield
shown
is
as
of
period
end.
(c)
Non-income
producing
security
Portfolio
Summary (
unaudited)
Location
Percent
China
31.52%
Korea,
Republic
Of
12.68%
India
11.85%
Taiwan
10.64%
Russian
Federation
6.91%
Brazil
6.83%
Mexico
3.05%
Thailand
2.59%
Hong
Kong
2.32%
South
Africa
2.31%
Indonesia
2.24%
Hungary
1.37%
Peru
1.05%
United
Arab
Emirates
0.84%
United
States
0.79%
Poland
0.78%
Argentina
0.65%
Turkey
0.53%
Cambodia
0.37%
Taiwan,
Province
Of
China
0.29%
United
Kingdom
0.29%
Malaysia
0.20%
Other
Assets
and
Liabilities
(
0.10)%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
1.43%
$
1,949
$
23,036
$
22,497
$
2,488
$
1,949
$
23,036
$
22,497
$
2,488
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Principal
Government
Money
Market
Fund
1.43%
$
10
$
—
$
—
$
—
$
10
$
—
$
—
$
—
Amounts
in
thousands.
Schedule
of
Investments
International
Fund
I
January
31,
2020
(unaudited)
See
accompanying
notes.
113
INVESTMENT
COMPANIES
-
0.68%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0.68%
BlackRock
Liquidity
FedFund
1.49%
(a),(b)
2,359,115
$
2,360
Principal
Government
Money
Market
Fund
1.43%
(a),(c)
2,476
2
$
2,362
TOTAL
INVESTMENT
COMPANIES
$
2,362
COMMON
STOCKS
-
100.02%
Shares
Held
Value
(000's)
Aerospace
&
Defense
-
1.47%
MTU
Aero
Engines
AG
8,157
2,470
Safran
SA
16,000
2,580
$
5,050
Apparel
-
2.65%
Kering
SA
6,811
4,162
LVMH
Moet
Hennessy
Louis
Vuitton
SE
11,378
4,955
$
9,117
Automobile
Parts
&
Equipment
-
0.80%
Hyundai
Mobis
Co
Ltd
6,400
1,224
Weichai
Power
Co
Ltd
882,000
1,544
$
2,768
Banks
-
6.47%
Banca
Generali
SpA
59,000
1,875
China
Merchants
Bank
Co
Ltd
942,500
4,544
DBS
Group
Holdings
Ltd
183,900
3,388
Macquarie
Group
Ltd
27,346
2,613
National
Bank
of
Canada
49,500
2,747
OTP
Bank
Nyrt
36,000
1,668
Royal
Bank
of
Canada
(d)
29,800
2,355
Sberbank
of
Russia
PJSC
ADR
194,243
3,098
$
22,288
Building
Materials
-
2.56%
Anhui
Conch
Cement
Co
Ltd
694,400
4,432
Sika
AG
24,460
4,399
$
8,831
Chemicals
-
0.64%
Soulbrain
Co
Ltd
27,000
2,194
Commercial
Services
-
3.81%
Ashtead
Group
PLC
199,137
6,428
Loomis
AB
42,000
1,521
QinetiQ
Group
PLC
439,000
2,039
YDUQS
Part
255,000
3,156
$
13,144
Computers
-
6.82%
Bechtle
AG
13,000
1,876
CGI
Inc
(e)
26,500
2,029
Itochu
Techno-Solutions
Corp
67,500
1,988
Nomura
Research
Institute
Ltd
147,900
3,255
NS
Solutions
Corp
49,000
1,439
Otsuka
Corp
74,500
2,905
SCSK
Corp
34,000
1,822
Teleperformance
22,322
5,600
Wiwynn
Corp
112,000
2,575
$
23,489
Cosmetics
&
Personal
Care
-
1.05%
L'Oreal
SA
13,000
3,616
Diversified
Financial
Services
-
2.64%
Azimut
Holding
SpA
(d)
152,892
3,751
Chailease
Holding
Co
Ltd
571,505
2,370
E.Sun
Financial
Holding
Co
Ltd
3,229,370
2,983
$
9,104
Electrical
Components
&
Equipment
-
0.90%
Schneider
Electric
SE
31,000
3,092
Electronics
-
3.33%
Elite
Material
Co
Ltd
446,000
1,667
Halma
PLC
122,800
3,409
Radiant
Opto-Electronics
Corp
540,000
1,853
Tripod
Technology
Corp
433,000
1,589
Zhen
Ding
Technology
Holding
Ltd
767,000
2,966
$
11,484
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Engineering
&
Construction
-
3.06%
Alten
SA
18,500
$
2,280
Grupo
Aeroportuario
del
Centro
Norte
SAB
de
CV
311,000
2,367
HomeServe
PLC
142,000
2,399
Obayashi
Corp
156,000
1,711
Shimizu
Corp
175,000
1,795
$
10,552
Entertainment
-
2.09%
Aristocrat
Leisure
Ltd
150,000
3,577
Evolution
Gaming
Group
AB
(f)
117,500
3,629
$
7,206
Food
-
2.10%
Greencore
Group
PLC
827,000
2,675
Nestle
SA
25,000
2,757
X5
Retail
Group
NV
49,000
1,794
$
7,226
Gas
-
2.71%
China
Gas
Holdings
Ltd
438,000
1,730
China
Resources
Gas
Group
Ltd
458,000
2,414
ENN
Energy
Holdings
Ltd
446,400
5,190
$
9,334
Healthcare
-
Products
-
0.58%
Lifco
AB
34,000
2,005
Home
Builders
-
1.65%
Barratt
Developments
PLC
238,000
2,520
Berkeley
Group
Holdings
PLC
45,783
3,162
$
5,682
Home
Furnishings
-
1.39%
Howden
Joinery
Group
PLC
358,000
3,248
Sony
Corp
22,000
1,538
$
4,786
Insurance
-
10.91%
Allianz
SE
8,123
1,939
Assicurazioni
Generali
SpA
128,000
2,494
BB
Seguridade
Participacoes
SA
191,000
1,552
iA
Financial
Corp
Inc
45,500
2,504
Legal
&
General
Group
PLC
1,156,230
4,650
Manulife
Financial
Corp
191,000
3,721
PICC
Property
&
Casualty
Co
Ltd
2,806,000
3,001
Ping
An
Insurance
Group
Co
of
China
Ltd
449,670
5,085
Power
Financial
Corp
67,000
1,739
Sun
Life
Financial
Inc
80,500
3,785
Swiss
Life
Holding
AG
5,764
2,897
Tokio
Marine
Holdings
Inc
78,037
4,236
$
37,603
Internet
-
5.05%
Alibaba
Group
Holding
Ltd
ADR
(e)
27,600
5,702
Dip
Corp
63,000
2,005
JD.com
Inc
ADR
(e)
97,000
3,656
Rightmove
PLC
237,000
2,054
Tencent
Holdings
Ltd
41,500
1,979
Vipshop
Holdings
Ltd
ADR
(e)
157,000
1,999
$
17,395
Iron
&
Steel
-
1.54%
Fortescue
Metals
Group
Ltd
395,000
2,926
Kumba
Iron
Ore
Ltd
102,518
2,371
$
5,297
Leisure
Products
&
Services
-
1.21%
BRP
Inc
58,000
2,961
Koshidaka
Holdings
Co
Ltd
86,000
1,214
$
4,175
Machinery
-
Diversified
-
0.86%
Atlas
Copco
AB
-
A
Shares
84,000
2,973
Mining
-
3.90%
Anglo
American
PLC
95,500
2,492
MMC
Norilsk
Nickel
PJSC
ADR
178,952
5,773
Polymetal
International
PLC
141,000
2,392
Regis
Resources
Ltd
462,000
1,416
Schedule
of
Investments
International
Fund
I
January
31,
2020
(unaudited)
See
accompanying
notes.
114
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Mining
(continued)
Saracen
Mineral
Holdings
Ltd
(e)
508,000
$
1,369
$
13,442
Miscellaneous
Manufacturers
-
0.86%
Amano
Corp
44,000
1,271
Sunny
Optical
Technology
Group
Co
Ltd
106,000
1,684
$
2,955
Oil
&
Gas
-
2.78%
Beach
Energy
Ltd
1,542,000
2,690
LUKOIL
PJSC
ADR
50,000
5,087
Novatek
PJSC
10,000
1,800
$
9,577
Pharmaceuticals
-
5.71%
Astellas
Pharma
Inc
175,000
3,092
Chugai
Pharmaceutical
Co
Ltd
21,000
2,151
Novo
Nordisk
A/S
29,000
1,765
Roche
Holding
AG
14,640
4,911
Sawai
Pharmaceutical
Co
Ltd
33,000
2,145
Shionogi
&
Co
Ltd
29,000
1,725
Sino
Biopharmaceutical
Ltd
1,457,000
1,924
YiChang
HEC
ChangJiang
Pharmaceutical
Co
Ltd
(f)
346,000
1,983
$
19,696
Private
Equity
-
2.46%
3i
Group
PLC
246,000
3,578
Partners
Group
Holding
AG
5,370
4,916
$
8,494
Retail
-
3.54%
Alimentation
Couche-Tard
Inc
58,000
1,938
ANTA
Sports
Products
Ltd
353,600
3,079
JD
Sports
Fashion
PLC
379,300
4,102
Next
PLC
34,000
3,090
$
12,209
Semiconductors
-
7.41%
Dialog
Semiconductor
PLC
(e)
47,000
2,065
Lasertec
Corp
48,000
2,350
Novatek
Microelectronics
Corp
590,000
4,160
Realtek
Semiconductor
Corp
(e)
480,000
3,857
Samsung
Electronics
Co
Ltd
115,000
5,328
Taiwan
Semiconductor
Manufacturing
Co
Ltd
91,854
947
Taiwan
Semiconductor
Manufacturing
Co
Ltd
ADR
93,700
5,054
Tokyo
Electron
Ltd
8,000
1,760
$
25,521
Software
-
4.03%
Constellation
Software
Inc/Canada
1,650
1,734
NetEase
Inc
ADR
17,671
5,668
SimCorp
A/S
16,500
1,829
Temenos
AG
(e)
11,494
1,849
TIS
Inc
47,000
2,824
$
13,904
Telecommunications
-
1.16%
Accton
Technology
Corp
410,000
2,179
KDDI
Corp
60,000
1,813
$
3,992
Toys,
Games
&
Hobbies
-
1.35%
Bandai
Namco
Holdings
Inc
80,200
4,660
Transportation
-
0.53%
TFI
International
Inc
57,000
1,825
TOTAL
COMMON
STOCKS
$
344,686
Total
Investments
$
347,048
Other
Assets
and
Liabilities
- (0.70)%
(2,415)
TOTAL
NET
ASSETS
-
100.00%
$
344,633
(a)
Current
yield
shown
is
as
of
period
end.
(b)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$2,360
or
0.69
%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
sub-schedule
for
transactional
information.
(d)
Security
or
a
portion
of
the
security
was
on
loan
at
the
end
of
the
period.
(e)
Non-income
producing
security
(f)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$5,612
or
1.63%
of
net
assets.
Portfolio
Summary (unaudited)
Location
Percent
China
14.38%
Japan
13.84%
United
Kingdom
13.12%
Taiwan
9.34%
Canada
7.93%
France
7.64%
Switzerland
6.30%
Russian
Federation
5.10%
Australia
4.24%
Sweden
2.93%
Korea,
Republic
Of
2.54%
Italy
2.36%
Germany
1.82%
Hong
Kong
1.76%
Brazil
1.37%
Denmark
1.04%
Singapore
0.98%
Ireland
0.78%
South
Africa
0.69%
Mexico
0.69%
Cyprus
0.69%
United
States
0.68%
Hungary
0.48%
Other
Assets
and
Liabilities
(0.70)%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
International
Fund
I
January
31,
2020
(unaudited)
See
accompanying
notes.
115
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
1.43%
$
3,998
$
35,091
$
39,087
$
2
$
3,998
$
35,091
$
39,087
$
2
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Principal
Government
Money
Market
Fund
1.43%
$
10
$
—
$
—
$
—
$
10
$
—
$
—
$
—
Amounts
in
thousands.
Schedule
of
Investments
LargeCap
Growth
Fund
I
January
31,
2020
(unaudited)
See
accompanying
notes.
116
INVESTMENT
COMPANIES
-
1.31%
Shares
Held
Value
(000's)
Money
Market
Funds
-
1.30%
BlackRock
Liquidity
FedFund
1.49%
(a),(b)
1,039,519
$
1,040
Principal
Government
Money
Market
Fund
1.43%
(a),(c)
132,656,928
132,657
$
133,697
Principal
Exchange-Traded
Funds
-
0.01%
Principal
Millennials
Index
ETF
(c),(d)
12,150
501
Principal
Price
Setters
Index
ETF
(c),(d)
4,100
168
Principal
Sustainable
Momentum
Index
ETF
(c)
1,900
55
Principal
U.S.
Mega-Cap
Multi-Factor
Index
ETF
(c)
13,396
421
$
1,145
TOTAL
INVESTMENT
COMPANIES
$
134,842
COMMON
STOCKS
-
97.86%
Shares
Held
Value
(000's)
Advertising
-
0.02%
Interpublic
Group
of
Cos
Inc/The
4,854
110
Omnicom
Group
Inc
8,934
673
Trade
Desk
Inc/The
(e)
3,016
812
$
1,595
Aerospace
&
Defense
-
3.05%
Boeing
Co/The
603,912
192,207
General
Dynamics
Corp
4,070
714
HEICO
Corp
3,512
430
HEICO
Corp
-
Class
A
6,233
599
L3Harris
Technologies
Inc
463,515
102,590
Lockheed
Martin
Corp
18,757
8,030
Northrop
Grumman
Corp
12,651
4,739
Raytheon
Co
14,701
3,248
Spirit
AeroSystems
Holdings
Inc
7,329
479
TransDigm
Group
Inc
2,912
1,873
$
314,909
Agriculture
-
0.19%
Altria
Group
Inc
84,294
4,007
Philip
Morris
International
Inc
193,923
16,037
$
20,044
Airlines
-
0.03%
Alaska
Air
Group
Inc
5,181
334
Delta
Air
Lines
Inc
16,697
931
JetBlue
Airways
Corp
(e)
5,447
108
Southwest
Airlines
Co
21,511
1,183
United
Airlines
Holdings
Inc
(e)
4,410
330
$
2,886
Apparel
-
0.50%
Capri
Holdings
Ltd
(e)
5,048
151
Carter's
Inc
2,173
230
Columbia
Sportswear
Co
2,194
206
Hanesbrands
Inc
22,501
310
NIKE
Inc
500,828
48,230
Skechers
U.S.A.
Inc
(e)
5,733
214
Under
Armour
Inc
-
Class
C
(e)
10,681
192
VF
Corp
22,437
1,862
$
51,395
Automobile
Manufacturers
-
0.05%
Tesla
Inc
(e)
7,384
4,804
Automobile
Parts
&
Equipment
-
0.56%
Allison
Transmission
Holdings
Inc
9,412
416
Aptiv
PLC
674,679
57,206
WABCO
Holdings
Inc
(e)
3,401
461
$
58,083
Banks
-
0.01%
CIT
Group
Inc
582
27
Comerica
Inc
591
36
First
Republic
Bank/CA
2,129
236
Prosperity
Bancshares
Inc
619
43
Signature
Bank/New
York
NY
1,878
267
SVB
Financial
Group
(e)
302
73
Synovus
Financial
Corp
747
26
Western
Alliance
Bancorp
674
37
$
745
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Beverages
-
1.42%
Brown-Forman
Corp
-
A
Shares
3,593
$
231
Brown-Forman
Corp
-
B
Shares
1,776,556
120,166
Coca-Cola
Co/The
198,168
11,573
Monster
Beverage
Corp
(e)
27,196
1,811
PepsiCo
Inc
88,479
12,566
$
146,347
Biotechnology
-
2.07%
Alexion
Pharmaceuticals
Inc
(e)
181,673
18,057
Alnylam
Pharmaceuticals
Inc
(e)
6,175
709
Amgen
Inc
38,730
8,368
Biogen
Inc
(e)
4,333
1,165
BioMarin
Pharmaceutical
Inc
(e)
12,530
1,046
Exact
Sciences
Corp
(e)
9,767
911
Exelixis
Inc
(e)
8,723
150
Gilead
Sciences
Inc
12,818
810
Illumina
Inc
(e)
359,240
104,204
Incyte
Corp
(e)
12,464
911
Ionis
Pharmaceuticals
Inc
(e)
8,905
519
Moderna
Inc
(d),(e)
12,863
264
Regeneron
Pharmaceuticals
Inc
(e)
1,164
393
Sage
Therapeutics
Inc
(e)
3,583
238
Seattle
Genetics
Inc
(e)
8,110
879
Vertex
Pharmaceuticals
Inc
(e)
331,179
75,194
$
213,818
Building
Materials
-
0.02%
Armstrong
World
Industries
Inc
4,291
430
Eagle
Materials
Inc
2,482
226
Fortune
Brands
Home
&
Security
Inc
4,676
321
Martin
Marietta
Materials
Inc
1,348
356
Vulcan
Materials
Co
8,478
1,201
$
2,534
Chemicals
-
1.63%
Air
Products
&
Chemicals
Inc
3,836
916
Axalta
Coating
Systems
Ltd
(e)
4,610
133
CF
Industries
Holdings
Inc
1,336
54
Ecolab
Inc
13,063
2,562
NewMarket
Corp
455
200
PPG
Industries
Inc
5,425
650
RPM
International
Inc
1,558
111
Sherwin-Williams
Co/The
293,585
163,524
WR
Grace
&
Co
4,046
272
$
168,422
Commercial
Services
-
5.36%
Automatic
Data
Processing
Inc
54,388
9,322
Avalara
Inc
(e)
3,905
333
Booz
Allen
Hamilton
Holding
Corp
11,301
882
Bright
Horizons
Family
Solutions
Inc
(e)
4,687
767
Cintas
Corp
480,968
134,176
CoreLogic
Inc/United
States
2,980
139
CoStar
Group
Inc
(e)
57,748
37,708
Euronet
Worldwide
Inc
(e)
4,318
681
FleetCor
Technologies
Inc
(e)
6,414
2,022
Gartner
Inc
(e)
6,754
1,086
Global
Payments
Inc
668,031
130,566
Grand
Canyon
Education
Inc
(e)
601
47
H&R
Block
Inc
5,922
137
IHS
Markit
Ltd
18,853
1,487
MarketAxess
Holdings
Inc
2,592
918
Moody's
Corp
8,530
2,190
Morningstar
Inc
1,394
219
Paylocity
Holding
Corp
(e)
3,081
437
PayPal
Holdings
Inc
(e)
1,922,795
218,987
Quanta
Services
Inc
3,958
155
Robert
Half
International
Inc
9,084
528
Rollins
Inc
11,644
442
S&P
Global
Inc
12,785
3,755
Sabre
Corp
8,851
191
Service
Corp
International/US
6,548
314
Square
Inc
(e)
25,169
1,880
Schedule
of
Investments
LargeCap
Growth
Fund
I
January
31,
2020
(unaudited)
See
accompanying
notes.
117
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Commercial
Services
(continued)
TransUnion
14,302
$
1,312
United
Rentals
Inc
(e)
4,222
573
Verisk
Analytics
Inc
11,826
1,921
WEX
Inc
(e)
3,430
744
$
553,919
Computers
-
4.05%
Accenture
PLC
-
Class
A
65,750
13,492
Apple
Inc
818,548
253,349
Cognizant
Technology
Solutions
Corp
73,197
4,493
Dell
Technologies
Inc
(e)
8,666
423
EPAM
Systems
Inc
(e)
4,102
936
Fortinet
Inc
(e)
11,000
1,269
Genpact
Ltd
3,009,477
133,229
HP
Inc
3,928
84
International
Business
Machines
Corp
68,272
9,813
NCR
Corp
(e)
10,627
358
NetApp
Inc
17,933
958
$
418,404
Consumer
Products
-
0.03%
Avery
Dennison
Corp
5,514
724
Church
&
Dwight
Co
Inc
17,886
1,327
Clorox
Co/The
7,499
1,180
$
3,231
Cosmetics
&
Personal
Care
-
1.36%
Estee
Lauder
Cos
Inc/The
712,810
139,112
Procter
&
Gamble
Co/The
7,427
926
$
140,038
Distribution
&
Wholesale
-
0.05%
Copart
Inc
(e)
15,230
1,545
Fastenal
Co
38,167
1,331
IAA
Inc
(e)
9,424
445
LKQ
Corp
(e)
6,250
204
Pool
Corp
3,168
695
WW
Grainger
Inc
3,276
992
$
5,212
Diversified
Financial
Services
-
5.30%
Air
Lease
Corp
1,909
82
Alliance
Data
Systems
Corp
1,413
145
American
Express
Co
29,940
3,888
Ameriprise
Financial
Inc
1,271
210
Cboe
Global
Markets
Inc
1,955
241
Charles
Schwab
Corp/The
578,712
26,360
Credit
Acceptance
Corp
(e)
653
280
Discover
Financial
Services
7,794
586
E*TRADE
Financial
Corp
2,967
127
Evercore
Inc
-
Class
A
1,052
81
Interactive
Brokers
Group
Inc
-
A
Shares
1,197
56
Intercontinental
Exchange
Inc
318,042
31,721
Lazard
Ltd
2,792
117
LPL
Financial
Holdings
Inc
5,691
524
Mastercard
Inc
46,072
14,556
Raymond
James
Financial
Inc
2,109
193
SEI
Investments
Co
4,324
282
Synchrony
Financial
12,511
406
T
Rowe
Price
Group
Inc
4,644
620
TD
Ameritrade
Holding
Corp
16,458
782
Visa
Inc
2,316,315
460,877
Western
Union
Co/The
11,672
314
XP
Inc
(e)
121,992
4,897
$
547,345
Electric
-
0.97%
NextEra
Energy
Inc
244,885
65,678
Sempra
Energy
214,087
34,391
$
100,069
Electrical
Components
&
Equipment
-
0.03%
Acuity
Brands
Inc
1,180
139
AMETEK
Inc
13,756
1,336
Emerson
Electric
Co
10,547
756
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Electrical
Components
&
Equipment
(continued)
Hubbell
Inc
2,834
$
406
Universal
Display
Corp
3,237
570
$
3,207
Electronics
-
4.32%
Agilent
Technologies
Inc
3,307
273
Allegion
PLC
5,765
746
Amphenol
Corp
1,186,371
118,008
FLIR
Systems
Inc
1,932
100
Fortive
Corp
1,809,563
135,590
Honeywell
International
Inc
151,258
26,201
Jabil
Inc
4,082
159
Keysight
Technologies
Inc
(e)
13,821
1,285
Mettler-Toledo
International
Inc
(e)
1,798
1,361
National
Instruments
Corp
1,236
55
PerkinElmer
Inc
2,386
221
Roper
Technologies
Inc
419,368
160,056
Sensata
Technologies
Holding
PLC
(e)
5,969
282
Trimble
Inc
(e)
4,301
183
Waters
Corp
(e)
4,862
1,088
Woodward
Inc
3,943
459
$
446,067
Entertainment
-
0.01%
Live
Nation
Entertainment
Inc
(e)
9,657
658
Madison
Square
Garden
Co/The
(e)
193
57
Six
Flags
Entertainment
Corp
1,254
48
Vail
Resorts
Inc
2,872
674
$
1,437
Environmental
Control
-
0.03%
Republic
Services
Inc
2,087
199
Waste
Management
Inc
27,496
3,346
$
3,545
Food
-
0.08%
Campbell
Soup
Co
7,933
384
Hershey
Co/The
9,302
1,443
Kellogg
Co
7,404
505
Lamb
Weston
Holdings
Inc
3,096
283
McCormick
&
Co
Inc/MD
5,776
944
Pilgrim's
Pride
Corp
(e)
3,608
94
Post
Holdings
Inc
(e)
2,403
251
Sprouts
Farmers
Market
Inc
(e)
7,462
117
Sysco
Corp
44,662
3,668
TreeHouse
Foods
Inc
(e)
1,878
84
$
7,773
Hand
&
Machine
Tools
-
0.00%
Lincoln
Electric
Holdings
Inc
4,658
415
Healthcare
-
Products
-
7.99%
Abbott
Laboratories
38,743
3,376
Align
Technology
Inc
(e)
5,634
1,448
Avantor
Inc
(e)
1,554,646
28,714
Baxter
International
Inc
11,710
1,045
Bio-Techne
Corp
2,900
609
Boston
Scientific
Corp
(e)
72,117
3,020
Bruker
Corp
9,049
448
Cantel
Medical
Corp
2,211
144
Cooper
Cos
Inc/The
709
246
Danaher
Corp
797,668
128,320
Edwards
Lifesciences
Corp
(e)
572,073
125,775
Envista
Holdings
Corp
(e)
9,369
277
Henry
Schein
Inc
(e)
3,220
222
Hill-Rom
Holdings
Inc
3,419
364
Hologic
Inc
(e)
17,071
914
IDEXX
Laboratories
Inc
(e)
6,224
1,687
Intuitive
Surgical
Inc
(e)
434,234
243,076
Masimo
Corp
(e)
3,837
655
ResMed
Inc
10,559
1,679
STERIS
PLC
1,137
171
Stryker
Corp
478,953
100,915
Teleflex
Inc
3,472
1,290
Schedule
of
Investments
LargeCap
Growth
Fund
I
January
31,
2020
(unaudited)
See
accompanying
notes.
118
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Healthcare
-
Products
(continued)
Thermo
Fisher
Scientific
Inc
572,295
$
179,237
Varian
Medical
Systems
Inc
(e)
7,041
990
West
Pharmaceutical
Services
Inc
4,597
717
$
825,339
Healthcare
-
Services
-
2.26%
Anthem
Inc
11,042
2,929
Centene
Corp
(e)
544,322
34,188
Charles
River
Laboratories
International
Inc
(e)
4,065
628
Chemed
Corp
1,379
644
Encompass
Health
Corp
5,170
398
HCA
Healthcare
Inc
510,862
70,908
Humana
Inc
81,352
27,354
IQVIA
Holdings
Inc
(e)
5,887
914
Laboratory
Corp
of
America
Holdings
(e)
1,127
198
Molina
Healthcare
Inc
(e)
4,216
519
UnitedHealth
Group
Inc
348,259
94,883
$
233,563
Home
Builders
-
0.02%
Lennar
Corp
-
A
Shares
9,820
652
Lennar
Corp
-
B
Shares
2,749
144
NVR
Inc
(e)
254
970
$
1,766
Home
Furnishings
-
0.00%
Dolby
Laboratories
Inc
1,657
115
Tempur
Sealy
International
Inc
(e)
4,322
396
$
511
Housewares
-
0.01%
Scotts
Miracle-Gro
Co/The
2,814
345
Toro
Co/The
8,545
684
$
1,029
Insurance
-
0.12%
Alleghany
Corp
(e)
114
91
Aon
PLC
17,808
3,922
Arch
Capital
Group
Ltd
(e)
3,839
170
Arthur
J
Gallagher
&
Co
2,781
285
Athene
Holding
Ltd
(e)
4,182
182
Axis
Capital
Holdings
Ltd
564
36
Brown
&
Brown
Inc
895
40
Erie
Indemnity
Co
(d)
1,152
192
Everest
Re
Group
Ltd
885
245
Kemper
Corp
757
56
Markel
Corp
(e)
90
106
Marsh
&
McLennan
Cos
Inc
34,800
3,893
Primerica
Inc
2,115
251
Progressive
Corp/The
20,424
1,648
RenaissanceRe
Holdings
Ltd
1,206
229
Travelers
Cos
Inc/The
7,616
1,002
Voya
Financial
Inc
638
38
$
12,386
Internet
-
20.61%
Alibaba
Group
Holding
Ltd
ADR
(e)
1,006,483
207,929
Alphabet
Inc
-
A
Shares
(e)
174,867
250,546
Alphabet
Inc
-
C
Shares
(e)
238,880
342,608
Amazon.com
Inc
(e)
311,828
626,374
Booking
Holdings
Inc
(e)
62,426
114,274
CDW
Corp/DE
10,549
1,376
eBay
Inc
56,418
1,893
F5
Networks
Inc
(e)
4,489
548
Facebook
Inc
(e)
1,268,113
256,045
FireEye
Inc
(e)
16,797
268
GoDaddy
Inc
(e)
13,195
887
IAC/InterActiveCorp
(e)
148,359
36,139
Match
Group
Inc
(d),(e)
4,523
354
Netflix
Inc
(e)
260,611
89,935
Okta
Inc
(e)
101,623
13,013
Palo
Alto
Networks
Inc
(e)
7,009
1,646
Proofpoint
Inc
(e)
4,499
552
Spotify
Technology
SA
(e)
354,256
50,057
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Internet
(continued)
Tencent
Holdings
Ltd
ADR
2,090,486
$
100,155
Tencent
Music
Entertainment
Group
ADR
(e)
1,501,438
19,053
TripAdvisor
Inc
8,555
234
Twitter
Inc
(e)
54,610
1,774
Uber
Technologies
Inc
(e)
341,885
12,407
VeriSign
Inc
(e)
5,533
1,152
$
2,129,219
Leisure
Products
&
Services
-
0.01%
Norwegian
Cruise
Line
Holdings
Ltd
(e)
4,796
258
Planet
Fitness
Inc
(e)
6,506
526
Polaris
Inc
4,597
422
$
1,206
Lodging
-
0.53%
Choice
Hotels
International
Inc
2,129
213
Hilton
Grand
Vacations
Inc
(e)
3,594
115
Hilton
Worldwide
Holdings
Inc
359,982
38,806
Las
Vegas
Sands
Corp
12,894
842
Marriott
International
Inc/MD
20,299
2,843
MGM
Resorts
International
6,217
193
Wyndham
Hotels
&
Resorts
Inc
3,085
176
Wynn
Resorts
Ltd
93,589
11,808
$
54,996
Machinery
-
Construction
&
Mining
-
0.67%
BWX
Technologies
Inc
1,086,250
69,074
Caterpillar
Inc
2,167
285
$
69,359
Machinery
-
Diversified
-
0.04%
Deere
&
Co
1,792
284
Dover
Corp
5,343
609
Graco
Inc
13,457
715
IDEX
Corp
3,223
528
Nordson
Corp
4,277
722
Rockwell
Automation
Inc
8,586
1,646
$
4,504
Media
-
0.17%
Altice
USA
Inc
(e)
22,020
602
AMC
Networks
Inc
(e)
3,708
136
Cable
One
Inc
355
605
Charter
Communications
Inc
(e)
4,687
2,425
Comcast
Corp
-
Class
A
245,138
10,587
FactSet
Research
Systems
Inc
2,635
754
Fox
Corp
-
A
Shares
3,740
139
Fox
Corp
-
B
Shares
2,947
107
New
York
Times
Co/The
3,486
112
Nexstar
Media
Group
Inc
2,749
333
Sirius
XM
Holdings
Inc
106,103
750
ViacomCBS
Inc
-
A
Shares
(d)
948
36
ViacomCBS
Inc
-
B
Shares
21,908
748
$
17,334
Mining
-
0.00%
Royal
Gold
Inc
1,468
169
Southern
Copper
Corp
4,291
162
$
331
Miscellaneous
Manufacturers
-
0.14%
3M
Co
32,474
5,152
AO
Smith
Corp
2,683
115
AptarGroup
Inc
1,834
212
Carlisle
Cos
Inc
4,055
634
Donaldson
Co
Inc
10,205
529
Hexcel
Corp
6,763
502
Illinois
Tool
Works
Inc
25,633
4,485
Ingersoll-Rand
PLC
19,991
2,663
$
14,292
Office
&
Business
Equipment
-
0.01%
Zebra
Technologies
Corp
(e)
4,037
965
Schedule
of
Investments
LargeCap
Growth
Fund
I
January
31,
2020
(unaudited)
See
accompanying
notes.
119
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Oil
&
Gas
-
0.23%
Cabot
Oil
&
Gas
Corp
20,665
$
291
Concho
Resources
Inc
303,484
22,998
Parsley
Energy
Inc
12,475
208
Pioneer
Natural
Resources
Co
5,304
716
$
24,213
Packaging
&
Containers
-
0.02%
Ball
Corp
22,658
1,635
Berry
Global
Group
Inc
(e)
3,663
156
Crown
Holdings
Inc
(e)
5,350
396
Sealed
Air
Corp
764
27
$
2,214
Pharmaceuticals
-
5.71%
AbbVie
Inc
103,829
8,412
Agios
Pharmaceuticals
Inc
(e)
379
18
AmerisourceBergen
Corp
12,112
1,036
Becton
Dickinson
and
Co
299,273
82,354
Bristol-Myers
Squibb
Co
124,124
7,814
Cigna
Corp
470,674
90,548
DexCom
Inc
(e)
655,843
157,894
Eli
Lilly
&
Co
44,198
6,172
Herbalife
Nutrition
Ltd
(e)
2,330
91
Horizon
Therapeutics
Plc
(e)
3,122
108
Jazz
Pharmaceuticals
PLC
(e)
4,288
615
Johnson
&
Johnson
40,704
6,060
McKesson
Corp
2,315
330
Merck
&
Co
Inc
189,342
16,177
Neurocrine
Biosciences
Inc
(e)
6,290
629
PRA
Health
Sciences
Inc
(e)
5,457
553
Sarepta
Therapeutics
Inc
(e)
4,907
569
Zoetis
Inc
1,569,137
210,594
$
589,974
Pipelines
-
0.01%
Cheniere
Energy
Inc
(e)
9,768
578
ONEOK
Inc
9,973
747
$
1,325
Real
Estate
-
0.01%
CBRE
Group
Inc
(e)
10,007
611
Jones
Lang
LaSalle
Inc
873
148
$
759
REITs
-
2.04%
American
Homes
4
Rent
10,548
288
American
Tower
Corp
35,426
8,210
CoreSite
Realty
Corp
2,437
286
Crown
Castle
International
Corp
36,430
5,459
Equinix
Inc
4,420
2,607
Equity
LifeStyle
Properties
Inc
13,335
970
Extra
Space
Storage
Inc
7,506
831
Lamar
Advertising
Co
6,790
630
Outfront
Media
Inc
3,806
113
Public
Storage
5,797
1,297
SBA
Communications
Corp
750,330
187,252
Simon
Property
Group
Inc
14,139
1,883
Sun
Communities
Inc
2,085
338
UDR
Inc
2,036
97
$
210,261
Retail
-
4.38%
Advance
Auto
Parts
Inc
1,591
210
AutoZone
Inc
(e)
1,765
1,867
Best
Buy
Co
Inc
4,551
385
Burlington
Stores
Inc
(e)
4,950
1,076
CarMax
Inc
(e)
6,144
596
Carvana
Co
(e)
166,150
13,167
Casey's
General
Stores
Inc
1,027
165
Chipotle
Mexican
Grill
Inc
(e)
1,895
1,643
Costco
Wholesale
Corp
393,408
120,194
Darden
Restaurants
Inc
9,464
1,102
Dollar
General
Corp
441,690
67,759
Dollar
Tree
Inc
(e)
9,348
814
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Retail
(continued)
Domino's
Pizza
Inc
3,132
$
882
Dunkin'
Brands
Group
Inc
6,552
512
Floor
&
Decor
Holdings
Inc
(e)
5,379
265
Home
Depot
Inc/The
44,814
10,222
L
Brands
Inc
4,477
104
Lowe's
Cos
Inc
55,493
6,451
Lululemon
Athletica
Inc
(e)
135,361
32,404
McDonald's
Corp
6,308
1,350
Nordstrom
Inc
9,445
348
O'Reilly
Automotive
Inc
(e)
5,570
2,262
Ross
Stores
Inc
477,747
53,599
Starbucks
Corp
84,614
7,178
Target
Corp
3,145
348
TJX
Cos
Inc/The
2,081,232
122,876
Tractor
Supply
Co
9,456
879
Wendy's
Co/The
16,302
353
Williams-Sonoma
Inc
2,186
153
Yum
China
Holdings
Inc
22,471
968
Yum!
Brands
Inc
19,926
2,108
$
452,240
Semiconductors
-
2.79%
Advanced
Micro
Devices
Inc
(e)
807,541
37,955
Analog
Devices
Inc
2,551
280
Applied
Materials
Inc
83,588
4,847
ASML
Holding
NV
-
NY
Reg
Shares
208,773
58,594
Broadcom
Inc
20,066
6,123
Entegris
Inc
10,517
544
KLA
Corp
11,617
1,925
Lam
Research
Corp
19,427
5,793
Marvell
Technology
Group
Ltd
1,443,808
34,709
Maxim
Integrated
Products
Inc
8,192
493
Microchip
Technology
Inc
5,029
490
Monolithic
Power
Systems
Inc
3,187
546
NVIDIA
Corp
30,312
7,167
NXP
Semiconductors
NV
868,198
110,140
QUALCOMM
Inc
113,614
9,692
Skyworks
Solutions
Inc
1,261
143
Teradyne
Inc
12,808
845
Texas
Instruments
Inc
48,714
5,877
Xilinx
Inc
18,190
1,537
$
287,700
Shipbuilding
-
0.01%
Huntington
Ingalls
Industries
Inc
2,602
679
Software
-
18.26%
Activision
Blizzard
Inc
2,131
125
Adobe
Inc
(e)
302,660
106,276
Akamai
Technologies
Inc
(e)
11,486
1,072
Alteryx
Inc
(e)
3,685
514
ANSYS
Inc
(e)
6,305
1,730
Aspen
Technology
Inc
(e)
5,558
661
Atlassian
Corp
PLC
(e)
69,188
10,171
Autodesk
Inc
(e)
895,806
176,340
Black
Knight
Inc
(e)
11,886
795
Broadridge
Financial
Solutions
Inc
9,031
1,076
Cadence
Design
Systems
Inc
(e)
21,292
1,535
CDK
Global
Inc
10,866
583
Ceridian
HCM
Holding
Inc
(e)
6,338
464
Cerner
Corp
23,505
1,688
Citrix
Systems
Inc
8,917
1,081
DocuSign
Inc
(e)
11,520
904
Dropbox
Inc
-
A
Shares
(e)
20,068
342
Dynatrace
Inc
(e)
5,567
174
Electronic
Arts
Inc
(e)
1,331,067
143,649
Fair
Isaac
Corp
(e)
2,277
916
Fidelity
National
Information
Services
Inc
224,204
32,209
Fiserv
Inc
(e)
29,290
3,474
Guidewire
Software
Inc
(e)
6,405
721
HubSpot
Inc
(e)
3,143
569
Intuit
Inc
872,240
244,558
Schedule
of
Investments
LargeCap
Growth
Fund
I
January
31,
2020
(unaudited)
See
accompanying
notes.
120
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Software
(continued)
Jack
Henry
&
Associates
Inc
5,552
$
830
Manhattan
Associates
Inc
(e)
5,999
513
Microsoft
Corp
3,983,230
678,065
MSCI
Inc
5,797
1,657
New
Relic
Inc
(e)
4,101
271
Oracle
Corp
222,243
11,657
Paychex
Inc
24,067
2,064
Paycom
Software
Inc
(e)
3,742
1,191
Pegasystems
Inc
3,567
307
PTC
Inc
(e)
8,200
682
RealPage
Inc
(e)
7,396
432
RingCentral
Inc
(e)
5,556
1,142
salesforce.com
Inc
(e)
1,253,536
228,533
ServiceNow
Inc
(e)
165,899
56,112
Slack
Technologies
Inc
(e)
754,184
15,634
SolarWinds
Corp
(e)
6,122
116
Splunk
Inc
(e)
349,746
54,302
SS&C
Technologies
Holdings
Inc
15,861
999
Stripe
Inc
-
Class
B
(e),(f),(g)
114,126
1,791
Synopsys
Inc
(e)
11,304
1,667
Take-Two
Interactive
Software
Inc
(e)
4,228
527
Teradata
Corp
(e)
11,061
269
Tyler
Technologies
Inc
(e)
3,025
979
Veeva
Systems
Inc
(e)
9,731
1,427
VMware
Inc
(e)
334,958
49,594
Workday
Inc
(e)
223,860
41,331
Zoom
Video
Communications
Inc
(e)
28,892
2,204
Zynga
Inc
(e)
20,370
123
$
1,886,046
Telecommunications
-
0.14%
Arista
Networks
Inc
(e)
4,346
971
Cisco
Systems
Inc
222,598
10,233
Motorola
Solutions
Inc
9,268
1,640
Switch
Inc
10,296
165
T-Mobile
US
Inc
(e)
11,995
950
Ubiquiti
Inc
994
162
Zayo
Group
Holdings
Inc
(e)
16,507
574
$
14,695
Toys,
Games
&
Hobbies
-
0.01%
Hasbro
Inc
9,322
950
Transportation
-
0.53%
CSX
Corp
25,413
1,940
Expeditors
International
of
Washington
Inc
9,733
711
JB
Hunt
Transport
Services
Inc
122,409
13,212
Landstar
System
Inc
3,013
334
Norfolk
Southern
Corp
129,996
27,066
Old
Dominion
Freight
Line
Inc
2,416
474
Union
Pacific
Corp
36,077
6,473
United
Parcel
Service
Inc
36,277
3,755
XPO
Logistics
Inc
(e)
4,421
393
$
54,358
TOTAL
COMMON
STOCKS
$
10,108,458
CONVERTIBLE
PREFERRED
STOCKS
-
0.18%
Shares
Held
Value
(000's)
Internet
-
0.18%
Airbnb
Inc
-
Series
D
0.00%
(e),(f),(g),(h)
121,527
$
15,169
Airbnb
Inc
-
Series
E
0.00%
(e),(f),(g),(h)
29,361
3,665
$
18,834
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
$
18,834
PREFERRED
STOCKS
-
0.26%
Shares
Held
Value
(000's)
Automobile
Manufacturers
-
0.13%
Rivian
Automotive
Series
D
0.00%
(e),(f),(g)
1,213,721
13,040
Software
-
0.10%
Magic
Leap
Inc
-
Series
C
0.00%
(e),(f),(g),(h)
168,788
3,888
Magic
Leap
Inc
-
Series
D
0.00%
(e),(f),(g),(h)
48,744
1,184
UIPATH
Inc
Ser
D-1
0.00%
(e),(f),(g)
115,225
4,534
UIPATH
Inc
Ser
D-2
0.00%
(e),(f),(g)
19,348
761
$
10,367
PREFERRED
STOCKS
(continued)
Shares
Held
Value
(000’s)
Telecommunications
-
0.03%
Aurora
Innovation
0.00%
(e),(f),(g)
327,430
$
3,026
TOTAL
PREFERRED
STOCKS
$
26,433
Total
Investments
$
10,288,567
Other
Assets
and
Liabilities
- 0.39%
40,654
TOTAL
NET
ASSETS
-
100.00%
$
10,329,221
(a)
Current
yield
shown
is
as
of
period
end.
(b)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$1,040
or
0.01%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
sub-schedule
for
transactional
information.
(d)
Security
or
a
portion
of
the
security
was
on
loan
at
the
end
of
the
period.
(e)
Non-income
producing
security
(f)
Restricted
Security.
Please
see
Restricted
Security
Sub-Schedule
for
more
information.
(g)
Fair
value
of
these
investments
is
determined
in
good
faith
by
the
Manager
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Directors.
Certain
inputs
used
in
the
valuation
may
be
unobservable;
however,
each
security
is
evaluated
individually
for
purposes
of
ASC
820
which
results
in
not
all
securities
being
identified
as
Level
3
of
the
fair
value
hierarchy.
At
the
end
of
the
period,
the
fair
value
of
these
securities
totaled
$47,058
or
0.46%
of
net
assets.
(h)
The
value
of
these
investments
was
determined
using
significant
unobservable
inputs.
Portfolio
Summary (unaudited)
Sector
Percent
Consumer,
Non-cyclical
26.47%
Technology
25.21%
Communications
21.15%
Industrial
8.86%
Financial
7.48%
Consumer,
Cyclical
6.29%
Basic
Materials
1.63%
Money
Market
Funds
1.30%
Utilities
0.97%
Energy
0.24%
Domestic
Equity
Funds
0.01%
Other
Assets
and
Liabilities
0.39%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
LargeCap
Growth
Fund
I
January
31,
2020
(unaudited)
See
accompanying
notes.
121
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
1.43%
$
99,165
$
845,467
$
811,975
$
132,657
Principal
Millennials
Index
ETF
474
—
—
501
Principal
Price
Setters
Index
ETF
159
—
—
168
Principal
Sustainable
Momentum
Index
ETF
53
—
—
55
Principal
U.S.
Mega-Cap
Multi-Factor
Index
ETF
398
—
—
421
$
100,249
$
845,467
$
811,97
5
$
133,802
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Principal
Government
Money
Market
Fund
1.43%
$
514
$
—
$
—
$
—
Principal
Millennials
Index
ETF
3
—
—
27
Principal
Price
Setters
Index
ETF
—
—
—
9
Principal
Sustainable
Momentum
Index
ETF
—
—
—
2
Principal
U.S.
Mega-Cap
Multi-Factor
Index
ETF
2
—
—
2
3
$
519
$
—
$
—
$
6
1
Amounts
in
thousands.
Restricted
Securities
Security
Name
Acquisition
Date
Cost
Value
Percent
of
Net
Assets
Airbnb
Inc
-
Series
D
0.00%
04/16/2014
$
4,948
$
15,169
0.15%
Airbnb
Inc
-
Series
E
0.00%
07/14/2015
2,733
3,665
0.03%
Aurora
Innovation
0.00%
03/01/2019
3,026
3,026
0.03%
Magic
Leap
Inc
-
Series
C
0.00%
01/20/2016
3,888
3,888
0.04%
Magic
Leap
Inc
-
Series
D
0.00%
10/12/2017
1,316
1,184
0.01%
Rivian
Automotive
Series
D
0.00%
12/23/2019
13,040
13,040
0.13%
Stripe
Inc
-
Class
B
12/17/2019
1,791
1,791
0.02%
UIPATH
Inc
Ser
D-1
0.00%
04/26/2019
4,534
4,534
0.04%
UIPATH
Inc
Ser
D-2
0.00%
04/26/2019
761
761
0.01%
Total
$
47,058
0.46%
Amounts
in
thousands.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
S&P
500
Emini;
March
2020
Long
159
$
25,631
$
(666)
Total
$
(666)
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
LargeCap
S&P
500
Index
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
122
INVESTMENT
COMPANIES
-
2.59%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0.25%
iShares
Core
S&P
500
ETF
47,300
$
15,290
Money
Market
Funds
-
2.34%
Principal
Government
Money
Market
Fund
1.43%
(a),(b)
143,042,393
143,042
TOTAL
INVESTMENT
COMPANIES
$
158,332
COMMON
STOCKS
-
97.47%
Shares
Held
Value
(000's)
Advertising
-
0.09%
Interpublic
Group
of
Cos
Inc/The
86,526
1,964
Omnicom
Group
Inc
48,589
3,659
$
5,623
Aerospace
&
Defense
-
2.38%
Arconic
Inc
86,444
2,589
Boeing
Co/The
119,313
37,974
General
Dynamics
Corp
52,295
9,175
L3Harris
Technologies
Inc
49,333
10,919
Lockheed
Martin
Corp
55,394
23,715
Northrop
Grumman
Corp
34,978
13,102
Raytheon
Co
62,146
13,730
TransDigm
Group
Inc
11,113
7,149
United
Technologies
Corp
181,052
27,194
$
145,547
Agriculture
-
0.88%
Altria
Group
Inc
416,890
19,815
Archer-Daniels-Midland
Co
124,230
5,560
Philip
Morris
International
Inc
347,208
28,714
$
54,089
Airlines
-
0.34%
Alaska
Air
Group
Inc
27,487
1,775
American
Airlines
Group
Inc
87,004
2,335
Delta
Air
Lines
Inc
128,451
7,160
Southwest
Airlines
Co
105,699
5,811
United
Airlines
Holdings
Inc
(c)
48,564
3,633
$
20,714
Apparel
-
0.67%
Capri
Holdings
Ltd
(c)
33,839
1,014
Hanesbrands
Inc
80,715
1,111
NIKE
Inc
278,063
26,777
PVH
Corp
16,546
1,442
Ralph
Lauren
Corp
11,099
1,260
Tapestry
Inc
61,578
1,587
Under
Armour
Inc
-
Class
A
(c)
41,999
847
Under
Armour
Inc
-
Class
C
(c)
43,422
780
VF
Corp
73,082
6,064
$
40,882
Automobile
Manufacturers
-
0.46%
Cummins
Inc
34,189
5,469
Ford
Motor
Co
868,992
7,664
General
Motors
Co
280,585
9,369
PACCAR
Inc
77,185
5,728
$
28,230
Automobile
Parts
&
Equipment
-
0.11%
Aptiv
PLC
56,970
4,831
BorgWarner
Inc
46,081
1,580
$
6,411
Banks
-
5.88%
Bank
of
America
Corp
1,806,610
59,311
Bank
of
New
York
Mellon
Corp/The
187,276
8,386
Citigroup
Inc
487,201
36,253
Citizens
Financial
Group
Inc
97,012
3,617
Comerica
Inc
32,170
1,968
Fifth
Third
Bancorp
158,369
4,506
First
Republic
Bank/CA
37,607
4,170
Goldman
Sachs
Group
Inc/The
71,117
16,908
Huntington
Bancshares
Inc/OH
230,468
3,127
JPMorgan
Chase
&
Co
699,936
92,644
KeyCorp
219,803
4,112
M&T
Bank
Corp
29,449
4,963
Morgan
Stanley
274,516
14,346
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Banks
(continued)
Northern
Trust
Corp
47,283
$
4,625
PNC
Financial
Services
Group
Inc/The
97,782
14,525
Regions
Financial
Corp
215,269
3,352
State
Street
Corp
81,146
6,137
SVB
Financial
Group
(c)
11,509
2,766
Truist
Financial
Corp
299,272
15,433
US
Bancorp
317,174
16,880
Wells
Fargo
&
Co
858,878
40,316
Zions
Bancorp
NA
38,040
1,730
$
360,075
Beverages
-
1.83%
Brown-Forman
Corp
-
B
Shares
40,659
2,750
Coca-Cola
Co/The
860,513
50,254
Constellation
Brands
Inc
37,379
7,038
Molson
Coors
Beverage
Co
41,922
2,330
Monster
Beverage
Corp
(c)
85,192
5,674
PepsiCo
Inc
311,182
44,194
$
112,240
Biotechnology
-
1.61%
Alexion
Pharmaceuticals
Inc
(c)
49,384
4,908
Amgen
Inc
132,599
28,648
Biogen
Inc
(c)
40,269
10,826
Corteva
Inc
167,013
4,830
Gilead
Sciences
Inc
282,329
17,843
Illumina
Inc
(c)
32,805
9,516
Incyte
Corp
(c)
39,897
2,915
Regeneron
Pharmaceuticals
Inc
(c)
17,827
6,025
Vertex
Pharmaceuticals
Inc
(c)
57,387
13,030
$
98,541
Building
Materials
-
0.32%
Fortune
Brands
Home
&
Security
Inc
31,053
2,134
Johnson
Controls
International
plc
172,150
6,791
Martin
Marietta
Materials
Inc
13,949
3,680
Masco
Corp
63,400
3,013
Vulcan
Materials
Co
29,536
4,183
$
19,801
Chemicals
-
1.64%
Air
Products
&
Chemicals
Inc
49,193
11,743
Albemarle
Corp
23,662
1,900
Celanese
Corp
26,974
2,792
CF
Industries
Holdings
Inc
48,522
1,954
Dow
Inc
165,472
7,623
DuPont
de
Nemours
Inc
165,319
8,461
Eastman
Chemical
Co
30,345
2,163
Ecolab
Inc
55,962
10,975
FMC
Corp
28,924
2,765
International
Flavors
&
Fragrances
Inc
23,828
3,124
Linde
PLC
119,876
24,350
LyondellBasell
Industries
NV
57,291
4,461
Mosaic
Co/The
78,026
1,548
PPG
Industries
Inc
52,769
6,324
Sherwin-Williams
Co/The
18,335
10,212
$
100,395
Commercial
Services
-
2.10%
Automatic
Data
Processing
Inc
96,561
16,550
Cintas
Corp
18,710
5,220
Equifax
Inc
27,021
4,050
FleetCor
Technologies
Inc
(c)
19,366
6,105
Gartner
Inc
(c)
19,963
3,210
Global
Payments
Inc
67,070
13,109
H&R
Block
Inc
43,571
1,011
IHS
Markit
Ltd
89,485
7,057
MarketAxess
Holdings
Inc
8,463
2,997
Moody's
Corp
36,235
9,305
Nielsen
Holdings
PLC
79,403
1,620
PayPal
Holdings
Inc
(c)
262,032
29,843
Quanta
Services
Inc
31,754
1,243
Robert
Half
International
Inc
26,235
1,526
Rollins
Inc
31,421
1,192
Schedule
of
Investments
LargeCap
S&P
500
Index
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
123
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Commercial
Services
(continued)
S&P
Global
Inc
54,541
$
16,020
United
Rentals
Inc
(c)
16,772
2,276
Verisk
Analytics
Inc
36,570
5,941
$
128,275
Computers
-
6.26%
Accenture
PLC
-
Class
A
141,721
29,083
Apple
Inc
932,065
288,483
Cognizant
Technology
Solutions
Corp
122,195
7,500
DXC
Technology
Co
57,128
1,821
Fortinet
Inc
(c)
31,680
3,655
Hewlett
Packard
Enterprise
Co
288,769
4,023
HP
Inc
330,703
7,051
International
Business
Machines
Corp
197,638
28,406
Leidos
Holdings
Inc
29,695
2,983
NetApp
Inc
50,930
2,720
Seagate
Technology
PLC
51,591
2,940
Western
Digital
Corp
66,369
4,347
$
383,012
Consumer
Products
-
0.36%
Avery
Dennison
Corp
18,634
2,445
Church
&
Dwight
Co
Inc
54,764
4,065
Clorox
Co/The
28,007
4,406
Kimberly-Clark
Corp
76,501
10,958
$
21,874
Cosmetics
&
Personal
Care
-
1.53%
Colgate-Palmolive
Co
191,258
14,111
Coty
Inc
65,960
677
Estee
Lauder
Cos
Inc/The
49,665
9,693
Procter
&
Gamble
Co/The
556,518
69,353
$
93,834
Distribution
&
Wholesale
-
0.23%
Copart
Inc
(c)
45,649
4,632
Fastenal
Co
127,988
4,464
LKQ
Corp
(c)
68,390
2,235
WW
Grainger
Inc
9,738
2,948
$
14,279
Diversified
Financial
Services
-
4.28%
Alliance
Data
Systems
Corp
9,147
940
American
Express
Co
149,737
19,446
Ameriprise
Financial
Inc
28,273
4,677
BlackRock
Inc
26,319
13,879
Capital
One
Financial
Corp
103,930
10,372
Cboe
Global
Markets
Inc
24,739
3,048
Charles
Schwab
Corp/The
255,133
11,621
CME
Group
Inc
79,972
17,363
Discover
Financial
Services
69,954
5,256
E*TRADE
Financial
Corp
50,415
2,149
Franklin
Resources
Inc
62,243
1,575
Intercontinental
Exchange
Inc
124,267
12,394
Invesco
Ltd
83,059
1,437
Mastercard
Inc
198,107
62,590
Nasdaq
Inc
25,605
2,982
Raymond
James
Financial
Inc
27,552
2,519
Synchrony
Financial
132,668
4,300
T
Rowe
Price
Group
Inc
52,148
6,963
Visa
Inc
382,013
76,009
Western
Union
Co/The
93,561
2,517
$
262,037
Electric
-
3.28%
AES
Corp/VA
148,154
2,942
Alliant
Energy
Corp
53,637
3,184
Ameren
Corp
54,904
4,505
American
Electric
Power
Co
Inc
110,230
11,488
CenterPoint
Energy
Inc
112,080
2,968
CMS
Energy
Corp
63,342
4,340
Consolidated
Edison
Inc
74,185
6,973
Dominion
Energy
Inc
183,681
15,751
DTE
Energy
Co
42,870
5,685
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Electric
(continued)
Duke
Energy
Corp
162,691
$
15,883
Edison
International
80,025
6,126
Entergy
Corp
44,431
5,844
Evergy
Inc
50,858
3,670
Eversource
Energy
72,250
6,679
Exelon
Corp
216,936
10,324
FirstEnergy
Corp
120,575
6,124
NextEra
Energy
Inc
109,076
29,254
NRG
Energy
Inc
56,145
2,071
Pinnacle
West
Capital
Corp
25,086
2,451
PPL
Corp
161,352
5,839
Public
Service
Enterprise
Group
Inc
112,857
6,681
Sempra
Energy
62,908
10,106
Southern
Co/The
234,035
16,476
WEC
Energy
Group
Inc
70,392
7,031
Xcel
Energy
Inc
117,022
8,097
$
200,492
Electrical
Components
&
Equipment
-
0.24%
AMETEK
Inc
51,012
4,956
Emerson
Electric
Co
135,939
9,737
$
14,693
Electronics
-
1.33%
Agilent
Technologies
Inc
69,061
5,702
Allegion
PLC
20,736
2,682
Amphenol
Corp
66,165
6,581
FLIR
Systems
Inc
29,938
1,543
Fortive
Corp
65,945
4,941
Garmin
Ltd
32,242
3,126
Honeywell
International
Inc
159,455
27,621
Keysight
Technologies
Inc
(c)
41,859
3,892
Mettler-Toledo
International
Inc
(c)
5,436
4,116
PerkinElmer
Inc
24,793
2,293
Roper
Technologies
Inc
23,223
8,863
TE
Connectivity
Ltd
74,642
6,881
Waters
Corp
(c)
14,380
3,218
$
81,459
Engineering
&
Construction
-
0.05%
Jacobs
Engineering
Group
Inc
30,237
2,798
Entertainment
-
0.04%
Live
Nation
Entertainment
Inc
(c)
31,446
2,143
Environmental
Control
-
0.27%
Pentair
PLC
37,511
1,610
Republic
Services
Inc
47,005
4,468
Waste
Management
Inc
87,099
10,600
$
16,678
Food
-
1.25%
Campbell
Soup
Co
37,698
1,824
Conagra
Brands
Inc
108,602
3,575
General
Mills
Inc
134,876
7,043
Hershey
Co/The
33,096
5,136
Hormel
Foods
Corp
62,052
2,933
JM
Smucker
Co/The
25,453
2,637
Kellogg
Co
55,567
3,790
Kraft
Heinz
Co/The
138,982
4,059
Kroger
Co/The
178,974
4,807
Lamb
Weston
Holdings
Inc
32,595
2,976
McCormick
&
Co
Inc/MD
27,576
4,505
Mondelez
International
Inc
321,311
18,437
Sysco
Corp
113,862
9,353
Tyson
Foods
Inc
65,873
5,443
$
76,518
Forest
Products
&
Paper
-
0.06%
International
Paper
Co
87,504
3,563
Gas
-
0.09%
Atmos
Energy
Corp
26,633
3,117
NiSource
Inc
83,360
2,443
$
5,560
Schedule
of
Investments
LargeCap
S&P
500
Index
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
124
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Hand
&
Machine
Tools
-
0.12%
Snap-on
Inc
12,240
$
1,954
Stanley
Black
&
Decker
Inc
33,923
5,405
$
7,359
Healthcare
-
Products
-
3.72%
Abbott
Laboratories
394,412
34,369
ABIOMED
Inc
(c)
10,077
1,877
Align
Technology
Inc
(c)
16,006
4,115
Baxter
International
Inc
113,936
10,165
Boston
Scientific
Corp
(c)
311,045
13,024
Cooper
Cos
Inc/The
11,064
3,838
Danaher
Corp
142,660
22,950
DENTSPLY
SIRONA
Inc
49,633
2,779
Edwards
Lifesciences
Corp
(c)
46,545
10,233
Henry
Schein
Inc
(c)
32,746
2,258
Hologic
Inc
(c)
59,839
3,203
IDEXX
Laboratories
Inc
(c)
19,144
5,188
Intuitive
Surgical
Inc
(c)
25,792
14,438
Medtronic
PLC
299,118
34,530
ResMed
Inc
32,088
5,101
STERIS
PLC
18,920
2,851
Stryker
Corp
71,854
15,140
Teleflex
Inc
10,332
3,838
Thermo
Fisher
Scientific
Inc
89,486
28,026
Varian
Medical
Systems
Inc
(c)
20,285
2,852
Zimmer
Biomet
Holdings
Inc
45,900
6,789
$
227,564
Healthcare
-
Services
-
1.90%
Anthem
Inc
56,586
15,011
Centene
Corp
(c)
130,285
8,183
DaVita
Inc
(c)
20,013
1,598
HCA
Healthcare
Inc
59,039
8,194
Humana
Inc
29,553
9,937
IQVIA
Holdings
Inc
(c)
40,271
6,252
Laboratory
Corp
of
America
Holdings
(c)
21,669
3,801
Quest
Diagnostics
Inc
30,059
3,327
UnitedHealth
Group
Inc
211,426
57,603
Universal
Health
Services
Inc
17,925
2,458
$
116,364
Home
Builders
-
0.23%
DR
Horton
Inc
74,832
4,430
Lennar
Corp
-
A
Shares
62,458
4,145
NVR
Inc
(c)
775
2,958
PulteGroup
Inc
56,848
2,538
$
14,071
Home
Furnishings
-
0.06%
Leggett
&
Platt
Inc
29,369
1,398
Whirlpool
Corp
14,104
2,061
$
3,459
Housewares
-
0.03%
Newell
Brands
Inc
85,037
1,661
Insurance
-
3.86%
Aflac
Inc
163,803
8,447
Allstate
Corp/The
72,294
8,570
American
International
Group
Inc
194,138
9,757
Aon
PLC
52,250
11,508
Arthur
J
Gallagher
&
Co
41,624
4,269
Assurant
Inc
13,532
1,767
Berkshire
Hathaway
Inc
-
Class
B
(c)
436,510
97,966
Chubb
Ltd
101,136
15,372
Cincinnati
Financial
Corp
33,906
3,558
Everest
Re
Group
Ltd
9,102
2,517
Globe
Life
Inc
22,232
2,318
Hartford
Financial
Services
Group
Inc/The
80,431
4,768
Lincoln
National
Corp
44,259
2,411
Loews
Corp
57,083
2,937
Marsh
&
McLennan
Cos
Inc
112,622
12,598
MetLife
Inc
174,441
8,672
Principal
Financial
Group
Inc
57,628
3,051
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Insurance
(continued)
Progressive
Corp/The
130,465
$
10,527
Prudential
Financial
Inc
89,710
8,169
Travelers
Cos
Inc/The
57,601
7,582
Unum
Group
46,031
1,229
Willis
Towers
Watson
PLC
28,692
6,062
WR
Berkley
Corp
32,381
2,381
$
236,436
Internet
-
9.26%
Alphabet
Inc
-
A
Shares
(c)
66,866
95,804
Alphabet
Inc
-
C
Shares
(c)
66,701
95,665
Amazon.com
Inc
(c)
92,940
186,690
Booking
Holdings
Inc
(c)
9,342
17,101
CDW
Corp/DE
32,064
4,183
eBay
Inc
170,653
5,727
Expedia
Group
Inc
31,186
3,382
F5
Networks
Inc
(c)
13,566
1,657
Facebook
Inc
(c)
537,027
108,431
Netflix
Inc
(c)
97,801
33,750
NortonLifeLock
Inc
127,957
3,637
Twitter
Inc
(c)
173,251
5,627
VeriSign
Inc
(c)
23,057
4,799
$
566,453
Iron
&
Steel
-
0.05%
Nucor
Corp
67,665
3,213
Leisure
Products
&
Services
-
0.20%
Carnival
Corp
89,389
3,891
Harley-Davidson
Inc
34,432
1,150
Norwegian
Cruise
Line
Holdings
Ltd
(c)
47,479
2,557
Royal
Caribbean
Cruises
Ltd
38,360
4,491
$
12,089
Lodging
-
0.43%
Hilton
Worldwide
Holdings
Inc
62,968
6,788
Las
Vegas
Sands
Corp
75,414
4,925
Marriott
International
Inc/MD
60,556
8,481
MGM
Resorts
International
114,923
3,570
Wynn
Resorts
Ltd
21,561
2,720
$
26,484
Machinery
-
Construction
&
Mining
-
0.27%
Caterpillar
Inc
123,331
16,200
Machinery
-
Diversified
-
0.49%
Deere
&
Co
70,267
11,143
Dover
Corp
32,418
3,691
Flowserve
Corp
29,203
1,363
IDEX
Corp
16,973
2,781
Rockwell
Automation
Inc
25,786
4,942
Westinghouse
Air
Brake
Technologies
Corp
40,637
3,001
Xylem
Inc/NY
40,187
3,282
$
30,203
Media
-
2.17%
Charter
Communications
Inc
(c)
34,990
18,106
Comcast
Corp
-
Class
A
1,013,101
43,756
Discovery
Inc
-
A
Shares
(c)
35,290
1,033
Discovery
Inc
-
C
Shares
(c)
74,851
2,079
DISH
Network
Corp
(c)
57,131
2,100
Fox
Corp
-
A
Shares
79,113
2,933
Fox
Corp
-
B
Shares
36,234
1,316
News
Corp
-
A
Shares
86,709
1,181
News
Corp
-
B
Shares
27,175
380
ViacomCBS
Inc
-
B
Shares
120,595
4,116
Walt
Disney
Co/The
402,223
55,631
$
132,631
Mining
-
0.19%
Freeport-McMoRan
Inc
323,784
3,594
Newmont
Corp
182,955
8,244
$
11,838
Schedule
of
Investments
LargeCap
S&P
500
Index
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
125
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Miscellaneous
Manufacturers
-
1.33%
3M
Co
128,328
$
20,360
AO
Smith
Corp
30,586
1,306
Eaton
Corp
PLC
92,255
8,715
General
Electric
Co
1,948,974
24,265
Illinois
Tool
Works
Inc
65,270
11,421
Ingersoll-Rand
PLC
53,468
7,123
Parker-Hannifin
Corp
28,668
5,610
Textron
Inc
50,939
2,340
$
81,140
Office
&
Business
Equipment
-
0.07%
Xerox
Holdings
Corp
41,491
1,476
Zebra
Technologies
Corp
(c)
12,034
2,876
$
4,352
Oil
&
Gas
-
3.07%
Apache
Corp
83,916
2,303
Cabot
Oil
&
Gas
Corp
91,033
1,283
Chevron
Corp
421,966
45,209
Cimarex
Energy
Co
22,720
997
Concho
Resources
Inc
44,862
3,400
ConocoPhillips
244,866
14,552
Devon
Energy
Corp
86,362
1,876
Diamondback
Energy
Inc
35,960
2,675
EOG
Resources
Inc
129,826
9,466
Exxon
Mobil
Corp
944,212
58,655
Helmerich
&
Payne
Inc
24,201
981
Hess
Corp
57,799
3,270
HollyFrontier
Corp
33,134
1,488
Marathon
Oil
Corp
178,511
2,030
Marathon
Petroleum
Corp
144,902
7,897
Noble
Energy
Inc
106,737
2,110
Occidental
Petroleum
Corp
199,352
7,918
Phillips
66
99,163
9,061
Pioneer
Natural
Resources
Co
36,966
4,990
Valero
Energy
Corp
91,641
7,726
$
187,887
Oil
&
Gas
Services
-
0.34%
Baker
Hughes
Co
145,024
3,141
Halliburton
Co
195,890
4,272
National
Oilwell
Varco
Inc
86,102
1,775
Schlumberger
Ltd
308,940
10,353
TechnipFMC
PLC
93,781
1,548
$
21,089
Packaging
&
Containers
-
0.24%
Amcor
PLC
361,550
3,829
Ball
Corp
73,002
5,269
Packaging
Corp
of
America
21,124
2,023
Sealed
Air
Corp
34,482
1,224
Westrock
Co
57,552
2,244
$
14,589
Pharmaceuticals
-
5.96%
AbbVie
Inc
330,013
26,738
Allergan
PLC
73,259
13,673
AmerisourceBergen
Corp
33,546
2,870
Becton
Dickinson
and
Co
60,357
16,609
Bristol-Myers
Squibb
Co
523,128
32,931
Cardinal
Health
Inc
65,272
3,343
Cigna
Corp
83,333
16,032
CVS
Health
Corp
290,323
19,690
Eli
Lilly
&
Co
188,551
26,329
Johnson
&
Johnson
587,327
87,435
McKesson
Corp
40,211
5,734
Merck
&
Co
Inc
568,161
48,544
Mylan
NV
(c)
115,180
2,467
Perrigo
Co
PLC
30,374
1,733
Pfizer
Inc
1,234,992
45,991
Zoetis
Inc
106,291
14,265
$
364,384
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Pipelines
-
0.35%
Kinder
Morgan
Inc/DE
434,686
$
9,072
ONEOK
Inc
92,183
6,902
Williams
Cos
Inc/The
270,480
5,596
$
21,570
Real
Estate
-
0.07%
CBRE
Group
Inc
(c)
74,703
4,561
REITs
-
2.83%
Alexandria
Real
Estate
Equities
Inc
27,357
4,465
American
Tower
Corp
98,848
22,907
Apartment
Investment
&
Management
Co
33,225
1,751
AvalonBay
Communities
Inc
31,167
6,754
Boston
Properties
Inc
32,090
4,600
Crown
Castle
International
Corp
92,783
13,903
Digital
Realty
Trust
Inc
46,577
5,728
Duke
Realty
Corp
82,027
2,978
Equinix
Inc
19,032
11,224
Equity
Residential
77,899
6,472
Essex
Property
Trust
Inc
14,748
4,568
Extra
Space
Storage
Inc
28,902
3,199
Federal
Realty
Investment
Trust
15,673
1,959
Healthpeak
Properties
Inc
110,453
3,975
Host
Hotels
&
Resorts
Inc
160,045
2,615
Iron
Mountain
Inc
64,078
2,025
Kimco
Realty
Corp
94,225
1,795
Mid-America
Apartment
Communities
Inc
25,455
3,493
Prologis
Inc
140,981
13,094
Public
Storage
33,525
7,502
Realty
Income
Corp
72,732
5,703
Regency
Centers
Corp
37,393
2,320
SBA
Communications
Corp
25,129
6,271
Simon
Property
Group
Inc
68,479
9,118
SL
Green
Realty
Corp
18,191
1,674
UDR
Inc
65,398
3,133
Ventas
Inc
83,180
4,813
Vornado
Realty
Trust
35,349
2,325
Welltower
Inc
90,549
7,689
Weyerhaeuser
Co
166,286
4,814
$
172,867
Retail
-
5.14%
Advance
Auto
Parts
Inc
15,456
2,036
AutoZone
Inc
(c)
5,318
5,626
Best
Buy
Co
Inc
50,818
4,304
CarMax
Inc
(c)
36,694
3,561
Chipotle
Mexican
Grill
Inc
(c)
5,707
4,947
Costco
Wholesale
Corp
98,589
30,121
Darden
Restaurants
Inc
27,360
3,186
Dollar
General
Corp
56,817
8,716
Dollar
Tree
Inc
(c)
52,813
4,598
Gap
Inc/The
47,484
827
Genuine
Parts
Co
32,423
3,034
Home
Depot
Inc/The
243,430
55,526
Kohl's
Corp
34,940
1,494
L
Brands
Inc
51,826
1,200
Lowe's
Cos
Inc
171,047
19,883
Macy's
Inc
68,956
1,100
McDonald's
Corp
168,060
35,960
Nordstrom
Inc
23,906
881
O'Reilly
Automotive
Inc
(c)
16,885
6,857
Ross
Stores
Inc
80,723
9,056
Starbucks
Corp
263,552
22,357
Target
Corp
113,084
12,523
Tiffany
&
Co
24,089
3,228
TJX
Cos
Inc/The
270,618
15,977
Tractor
Supply
Co
26,419
2,456
Ulta
Beauty
Inc
(c)
12,757
3,418
Walgreens
Boots
Alliance
Inc
167,311
8,508
Walmart
Inc
316,571
36,244
Yum!
Brands
Inc
67,497
7,139
$
314,763
Schedule
of
Investments
LargeCap
S&P
500
Index
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
126
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Savings
&
Loans
-
0.03%
People's
United
Financial
Inc
99,110
$
1,528
Semiconductors
-
4.10%
Advanced
Micro
Devices
Inc
(c)
248,516
11,680
Analog
Devices
Inc
82,190
9,020
Applied
Materials
Inc
206,145
11,954
Broadcom
Inc
88,522
27,013
Intel
Corp
970,744
62,060
IPG
Photonics
Corp
(c)
7,934
1,013
KLA
Corp
35,213
5,836
Lam
Research
Corp
32,377
9,655
Maxim
Integrated
Products
Inc
60,389
3,631
Microchip
Technology
Inc
53,330
5,199
Micron
Technology
Inc
(c)
247,049
13,116
NVIDIA
Corp
136,574
32,290
Qorvo
Inc
(c)
25,925
2,745
QUALCOMM
Inc
254,813
21,738
Skyworks
Solutions
Inc
38,021
4,302
Texas
Instruments
Inc
208,604
25,168
Xilinx
Inc
56,117
4,741
$
251,161
Shipbuilding
-
0.04%
Huntington
Ingalls
Industries
Inc
9,128
2,382
Software
-
8.68%
Activision
Blizzard
Inc
171,445
10,026
Adobe
Inc
(c)
108,028
37,933
Akamai
Technologies
Inc
(c)
36,063
3,366
ANSYS
Inc
(c)
19,099
5,239
Autodesk
Inc
(c)
49,102
9,666
Broadridge
Financial
Solutions
Inc
25,585
3,048
Cadence
Design
Systems
Inc
(c)
62,617
4,515
Cerner
Corp
70,093
5,035
Citrix
Systems
Inc
27,316
3,311
Electronic
Arts
Inc
(c)
65,158
7,032
Fidelity
National
Information
Services
Inc
137,154
19,703
Fiserv
Inc
(c)
127,449
15,117
Intuit
Inc
58,091
16,288
Jack
Henry
&
Associates
Inc
17,169
2,567
Microsoft
Corp
1,702,441
289,806
MSCI
Inc
18,904
5,403
Oracle
Corp
483,467
25,358
Paychex
Inc
71,092
6,098
Paycom
Software
Inc
(c)
10,940
3,481
salesforce.com
Inc
(c)
197,943
36,087
ServiceNow
Inc
(c)
42,089
14,236
Synopsys
Inc
(c)
33,548
4,949
Take-Two
Interactive
Software
Inc
(c)
25,257
3,148
$
531,412
Telecommunications
-
3.01%
Arista
Networks
Inc
(c)
12,106
2,704
AT&T
Inc
1,630,180
61,327
CenturyLink
Inc
218,965
2,991
Cisco
Systems
Inc
946,702
43,520
Corning
Inc
171,634
4,581
Juniper
Networks
Inc
74,693
1,713
Motorola
Solutions
Inc
38,236
6,768
T-Mobile
US
Inc
(c)
70,644
5,594
Verizon
Communications
Inc
922,940
54,860
$
184,058
Textiles
-
0.03%
Mohawk
Industries
Inc
(c)
13,266
1,747
Toys,
Games
&
Hobbies
-
0.05%
Hasbro
Inc
28,398
2,893
Transportation
-
1.48%
CH
Robinson
Worldwide
Inc
30,183
2,180
CSX
Corp
173,537
13,248
Expeditors
International
of
Washington
Inc
38,004
2,776
FedEx
Corp
53,567
7,748
JB
Hunt
Transport
Services
Inc
19,027
2,054
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Transportation
(continued)
Kansas
City
Southern
22,120
$
3,731
Norfolk
Southern
Corp
58,188
12,115
Old
Dominion
Freight
Line
Inc
14,250
2,796
Union
Pacific
Corp
154,917
27,795
United
Parcel
Service
Inc
156,380
16,189
$
90,632
Water
-
0.09%
American
Water
Works
Co
Inc
40,342
5,495
TOTAL
COMMON
STOCKS
$
5,964,298
Total
Investments
$
6,122,630
Other
Assets
and
Liabilities
- (0.06)%
(3,654)
TOTAL
NET
ASSETS
-
100.00%
$
6,118,976
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
sub-schedule
for
transactional
information.
(b)
Current
yield
shown
is
as
of
period
end.
(c)
Non-income
producing
security
Portfolio
Summary (unaudited)
Sector
Percent
Consumer,
Non-cyclical
21.14%
Technology
19.11%
Financial
16.95%
Communications
14.53%
Industrial
8.56%
Consumer,
Cyclical
8.02%
Energy
3.76%
Utilities
3.46%
Money
Market
Funds
2.34%
Basic
Materials
1.94%
Investment
Companies
0.25%
Other
Assets
and
Liabilities
(0.06)%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
LargeCap
S&P
500
Index
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
127
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
1.43%
$
20,673
$
515,830
$
393,461
$
143,042
$
20,673
$
515,830
$
393,461
$
143,042
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Principal
Government
Money
Market
Fund
1.43%
$
279
$
—
$
—
$
—
$
279
$
—
$
—
$
—
Amounts
in
thousands.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
S&P
500
Emini;
March
2020
Long
866
$
139,599
$
(1,109)
Total
$
(1,109)
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
LargeCap
Value
Fund
III
January
31,
2020
(unaudited)
See
accompanying
notes.
128
INVESTMENT
COMPANIES
-
2.34%
Shares
Held
Value
(000's)
Money
Market
Funds
-
2.30%
BlackRock
Liquidity
FedFund
1.49%
(a),(b)
526,220
$
526
Principal
Government
Money
Market
Fund
1.43%
(a),(c)
49,326,337
49,326
$
49,852
Principal
Exchange-Traded
Funds
-
0.04%
Principal
Shareholder
Yield
Index
ETF
(c),(d)
4,298
141
Principal
Sustainable
Momentum
Index
ETF
(c)
5,382
157
Principal
U.S.
Mega-Cap
Multi-Factor
Index
ETF
(c)
15,323
482
$
780
TOTAL
INVESTMENT
COMPANIES
$
50,632
COMMON
STOCKS
-
97.76%
Shares
Held
Value
(000's)
Advertising
-
0.03%
Interpublic
Group
of
Cos
Inc/The
7,710
175
Omnicom
Group
Inc
5,371
405
$
580
Aerospace
&
Defense
-
5.22%
Arconic
Inc
8,498
255
Boeing
Co/The
56,380
17,944
General
Dynamics
Corp
58,860
10,326
L3Harris
Technologies
Inc
94,669
20,953
Northrop
Grumman
Corp
51,560
19,313
Raytheon
Co
2,909
643
Spirit
AeroSystems
Holdings
Inc
243,093
15,879
Teledyne
Technologies
Inc
(e)
789
288
TransDigm
Group
Inc
153
98
United
Technologies
Corp
182,652
27,434
$
113,133
Agriculture
-
0.21%
Altria
Group
Inc
22,167
1,054
Archer-Daniels-Midland
Co
13,567
607
Bunge
Ltd
3,042
159
Philip
Morris
International
Inc
33,323
2,756
$
4,576
Airlines
-
0.06%
Alaska
Air
Group
Inc
1,567
101
Copa
Holdings
SA
818
80
Delta
Air
Lines
Inc
12,116
676
JetBlue
Airways
Corp
(e)
5,956
118
Southwest
Airlines
Co
3,004
165
United
Airlines
Holdings
Inc
(e)
2,831
212
$
1,352
Apparel
-
0.03%
Capri
Holdings
Ltd
(e)
1,899
57
Carter's
Inc
664
70
Columbia
Sportswear
Co
338
32
Hanesbrands
Inc
2,307
32
PVH
Corp
1,644
143
Ralph
Lauren
Corp
1,130
128
Skechers
U.S.A.
Inc
(e)
2,083
78
Tapestry
Inc
5,971
154
Under
Armour
Inc
-
Class
C
(e)
1,731
31
$
725
Automobile
Manufacturers
-
0.10%
Cummins
Inc
2,345
375
Ford
Motor
Co
61,181
540
General
Motors
Co
19,497
651
PACCAR
Inc
8,891
660
$
2,226
Automobile
Parts
&
Equipment
-
0.03%
Aptiv
PLC
3,750
318
BorgWarner
Inc
4,580
157
Goodyear
Tire
&
Rubber
Co/The
5,497
72
Lear
Corp
1,336
165
WABCO
Holdings
Inc
(e)
243
33
$
745
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Banks
-
10.52%
Associated
Banc-Corp
4,188
$
83
Bank
of
America
Corp
749,162
24,595
Bank
of
Hawaii
Corp
947
85
Bank
of
New
York
Mellon
Corp/The
12,880
577
Bank
OZK
3,181
86
BankUnited
Inc
2,459
81
CIT
Group
Inc
2,191
100
Citigroup
Inc
49,328
3,670
Citizens
Financial
Group
Inc
6,811
254
Comerica
Inc
3,040
186
Commerce
Bancshares
Inc/MO
2,204
149
East
West
Bancorp
Inc
3,314
152
Fifth
Third
Bancorp
25,251
718
First
Citizens
BancShares
Inc/NC
185
97
First
Hawaiian
Inc
3,268
95
First
Horizon
National
Corp
7,507
120
First
Republic
Bank/CA
2,124
236
FNB
Corp/PA
7,898
92
Goldman
Sachs
Group
Inc/The
5,000
1,189
Huntington
Bancshares
Inc/OH
22,435
304
JPMorgan
Chase
&
Co
542,075
71,748
KeyCorp
37,181
696
M&T
Bank
Corp
2,063
348
Morgan
Stanley
30,110
1,574
Northern
Trust
Corp
223,089
21,821
PacWest
Bancorp
2,830
99
Pinnacle
Financial
Partners
Inc
1,798
106
PNC
Financial
Services
Group
Inc/The
6,871
1,021
Popular
Inc
2,260
126
Prosperity
Bancshares
Inc
1,819
128
Regions
Financial
Corp
21,052
328
Signature
Bank/New
York
NY
638
91
State
Street
Corp
5,694
431
SVB
Financial
Group
(e)
1,041
250
Synovus
Financial
Corp
3,036
106
Texas
Capital
Bancshares
Inc
(e)
1,289
71
Truist
Financial
Corp
20,986
1,082
Umpqua
Holdings
Corp
5,296
90
US
Bancorp
753,510
40,102
Wells
Fargo
&
Co
1,163,735
54,626
Western
Alliance
Bancorp
1,993
110
Zions
Bancorp
NA
3,715
169
$
227,992
Beverages
-
1.05%
Brown-Forman
Corp
-
A
Shares
187
12
Coca-Cola
Co/The
19,149
1,118
Constellation
Brands
Inc
2,478
466
Keurig
Dr
Pepper
Inc
4,580
131
Molson
Coors
Beverage
Co
3,811
212
PepsiCo
Inc
146,881
20,860
$
22,799
Biotechnology
-
1.15%
Alexion
Pharmaceuticals
Inc
(e)
1,075
107
Alnylam
Pharmaceuticals
Inc
(e)
352
40
Amgen
Inc
989
214
Biogen
Inc
(e)
2,441
656
Bio-Rad
Laboratories
Inc
(e)
463
167
Bluebird
Bio
Inc
(e)
1,123
89
Corteva
Inc
750,750
21,712
Exelixis
Inc
(e)
3,743
64
Gilead
Sciences
Inc
22,532
1,424
Moderna
Inc
(d),(e)
471
10
Regeneron
Pharmaceuticals
Inc
(e)
1,332
450
United
Therapeutics
Corp
(e)
917
90
$
25,023
Building
Materials
-
0.07%
Eagle
Materials
Inc
285
26
Fortune
Brands
Home
&
Security
Inc
2,228
153
Johnson
Controls
International
plc
12,210
482
Schedule
of
Investments
LargeCap
Value
Fund
III
January
31,
2020
(unaudited)
See
accompanying
notes.
129
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Building
Materials
(continued)
Lennox
International
Inc
98
$
23
Martin
Marietta
Materials
Inc
677
178
Masco
Corp
6,212
295
MDU
Resources
Group
Inc
5,092
151
Owens
Corning
2,426
147
Vulcan
Materials
Co
154
22
$
1,477
Chemicals
-
2.33%
Air
Products
&
Chemicals
Inc
141,994
33,895
Axalta
Coating
Systems
Ltd
(e)
3,275
94
Cabot
Corp
1,567
63
Celanese
Corp
2,616
271
CF
Industries
Holdings
Inc
4,354
175
Chemours
Co/The
4,242
59
Dow
Inc
18,069
833
DuPont
de
Nemours
Inc
211,341
10,816
Eastman
Chemical
Co
3,036
216
FMC
Corp
2,786
266
Huntsman
Corp
5,309
109
International
Flavors
&
Fragrances
Inc
(d)
2,266
297
Linde
PLC
8,436
1,714
LyondellBasell
Industries
NV
7,139
556
Mosaic
Co/The
7,445
148
NewMarket
Corp
40
18
Olin
Corp
4,136
62
PPG
Industries
Inc
4,211
505
RPM
International
Inc
2,373
169
Univar
Solutions
Inc
(e)
3,633
78
Valvoline
Inc
4,657
98
Westlake
Chemical
Corp
937
57
$
50,499
Commercial
Services
-
2.09%
ADT
Inc
(d)
4,022
25
AMERCO
207
77
Aramark
520,368
22,969
CoreLogic
Inc/United
States
1,705
79
Equifax
Inc
138,477
20,758
Graham
Holdings
Co
112
61
Grand
Canyon
Education
Inc
(e)
995
78
H&R
Block
Inc
4,118
96
IHS
Markit
Ltd
4,953
391
Macquarie
Infrastructure
Corp
1,801
79
ManpowerGroup
Inc
1,357
124
Nielsen
Holdings
PLC
6,721
137
Quanta
Services
Inc
2,509
98
Sabre
Corp
4,818
104
Service
Corp
International/US
2,678
128
United
Rentals
Inc
(e)
558
76
$
45,280
Computers
-
1.50%
Amdocs
Ltd
2,849
205
Apple
Inc
30,611
9,474
CACI
International
Inc
(e)
72,236
19,318
Cognizant
Technology
Solutions
Corp
12,540
770
Dell
Technologies
Inc
(e)
1,132
55
DXC
Technology
Co
5,342
170
Hewlett
Packard
Enterprise
Co
20,506
286
HP
Inc
22,083
471
International
Business
Machines
Corp
8,124
1,168
Leidos
Holdings
Inc
2,790
280
Western
Digital
Corp
4,666
306
$
32,503
Consumer
Products
-
0.98%
Avery
Dennison
Corp
232
30
Church
&
Dwight
Co
Inc
272,451
20,221
Clorox
Co/The
361
57
Kimberly-Clark
Corp
5,354
767
Spectrum
Brands
Holdings
Inc
956
59
$
21,134
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Cosmetics
&
Personal
Care
-
1.27%
Colgate-Palmolive
Co
288,989
$
21,321
Coty
Inc
6,924
71
Procter
&
Gamble
Co/The
48,859
6,089
$
27,481
Distribution
&
Wholesale
-
0.03%
Fastenal
Co
780
27
HD
Supply
Holdings
Inc
(e)
3,834
156
IAA
Inc
(e)
400
19
KAR
Auction
Services
Inc
403
8
LKQ
Corp
(e)
5,983
196
Watsco
Inc
768
134
WESCO
International
Inc
(e)
1,046
51
$
591
Diversified
Financial
Services
-
3.08%
Air
Lease
Corp
2,204
95
Alliance
Data
Systems
Corp
801
82
Ally
Financial
Inc
8,411
269
American
Express
Co
163,182
21,192
Ameriprise
Financial
Inc
4,153
687
BGC
Partners
Inc
7,823
45
BlackRock
Inc
1,854
978
Capital
One
Financial
Corp
198,771
19,837
Charles
Schwab
Corp/The
395,377
18,009
CME
Group
Inc
5,563
1,208
Discover
Financial
Services
8,107
609
E*TRADE
Financial
Corp
3,987
170
Eaton
Vance
Corp
2,591
119
Evercore
Inc
-
Class
A
722
55
Franklin
Resources
Inc
6,233
158
Intercontinental
Exchange
Inc
5,191
518
Invesco
Ltd
8,714
151
Janus
Henderson
Group
PLC
3,876
98
Jefferies
Financial
Group
Inc
6,250
135
Lazard
Ltd
1,606
67
Legg
Mason
Inc
2,302
90
Nasdaq
Inc
2,426
283
Navient
Corp
5,740
83
OneMain
Holdings
Inc
1,821
77
Raymond
James
Financial
Inc
2,119
194
Santander
Consumer
USA
Holdings
Inc
3,012
80
SEI
Investments
Co
1,543
101
SLM
Corp
10,775
118
Synchrony
Financial
19,447
630
T
Rowe
Price
Group
Inc
2,561
342
TD
Ameritrade
Holding
Corp
942
45
Western
Union
Co/The
6,966
187
$
66,712
Electric
-
6.70%
AES
Corp/VA
15,137
301
Alliant
Energy
Corp
5,411
321
Ameren
Corp
3,823
314
American
Electric
Power
Co
Inc
11,731
1,223
Avangrid
Inc
1,623
86
CMS
Energy
Corp
287,255
19,680
Consolidated
Edison
Inc
8,629
811
Dominion
Energy
Inc
274,470
23,536
DTE
Energy
Co
149,130
19,776
Duke
Energy
Corp
11,424
1,115
Edison
International
151,374
11,588
Entergy
Corp
5,521
726
Evergy
Inc
5,119
369
Eversource
Energy
8,156
754
Exelon
Corp
306,758
14,599
FirstEnergy
Corp
14,836
753
Hawaiian
Electric
Industries
Inc
2,816
138
IDACORP
Inc
1,267
142
NextEra
Energy
Inc
86,218
23,124
NRG
Energy
Inc
5,807
214
OGE
Energy
Corp
4,722
216
Schedule
of
Investments
LargeCap
Value
Fund
III
January
31,
2020
(unaudited)
See
accompanying
notes.
130
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Electric
(continued)
PG&E
Corp
(e)
11,893
$
181
Pinnacle
West
Capital
Corp
2,492
243
PPL
Corp
19,580
709
Public
Service
Enterprise
Group
Inc
7,890
467
Sempra
Energy
6,926
1,113
Southern
Co/The
24,147
1,700
Vistra
Energy
Corp
9,886
223
WEC
Energy
Group
Inc
198,967
19,875
Xcel
Energy
Inc
12,941
895
$
145,192
Electrical
Components
&
Equipment
-
0.07%
Acuity
Brands
Inc
635
75
AMETEK
Inc
2,591
252
Emerson
Electric
Co
13,488
966
Energizer
Holdings
Inc
1,410
65
Hubbell
Inc
645
92
Littelfuse
Inc
519
92
$
1,542
Electronics
-
1.52%
Agilent
Technologies
Inc
4,397
363
Allegion
PLC
645
83
Arrow
Electronics
Inc
(e)
1,869
142
Avnet
Inc
2,375
87
Coherent
Inc
(e)
549
78
FLIR
Systems
Inc
2,779
143
Fortive
Corp
3,594
269
Garmin
Ltd
3,187
309
Gentex
Corp
5,844
174
Honeywell
International
Inc
170,553
29,543
Jabil
Inc
2,910
113
National
Instruments
Corp
2,809
125
nVent
Electric
PLC
3,752
93
PerkinElmer
Inc
1,833
170
Roper
Technologies
Inc
2,176
831
Sensata
Technologies
Holding
PLC
(e)
2,125
101
SYNNEX
Corp
975
134
Trimble
Inc
(e)
4,585
195
Woodward
Inc
332
39
$
32,992
Engineering
&
Construction
-
0.61%
AECOM
(e)
3,555
171
frontdoor
Inc
(e)
2,073
88
Jacobs
Engineering
Group
Inc
140,899
13,038
$
13,297
Entertainment
-
0.01%
Cinemark
Holdings
Inc
2,504
79
International
Game
Technology
PLC
2,595
35
Madison
Square
Garden
Co/The
(e)
371
110
Vail
Resorts
Inc
151
35
$
259
Environmental
Control
-
0.05%
Clean
Harbors
Inc
(e)
1,174
96
Pentair
PLC
3,767
162
Republic
Services
Inc
5,789
550
Stericycle
Inc
(e)
1,912
120
Waste
Management
Inc
1,452
177
$
1,105
Food
-
1.20%
Campbell
Soup
Co
1,725
83
Conagra
Brands
Inc
10,354
341
Flowers
Foods
Inc
4,501
97
General
Mills
Inc
14,707
768
Hershey
Co/The
1,130
175
Hormel
Foods
Corp
429,413
20,294
Ingredion
Inc
1,502
132
JM
Smucker
Co/The
2,378
246
Kellogg
Co
4,525
309
Kraft
Heinz
Co/The
16,697
488
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Food
(continued)
Kroger
Co/The
20,802
$
559
Lamb
Weston
Holdings
Inc
2,349
215
McCormick
&
Co
Inc/MD
676
110
Mondelez
International
Inc
22,325
1,281
Pilgrim's
Pride
Corp
(e)
1,015
26
Post
Holdings
Inc
(e)
858
90
Sprouts
Farmers
Market
Inc
(e)
1,822
29
TreeHouse
Foods
Inc
(e)
1,209
54
Tyson
Foods
Inc
7,271
601
US
Foods
Holding
Corp
(e)
4,788
192
$
26,090
Forest
Products
&
Paper
-
0.02%
Domtar
Corp
1,740
60
International
Paper
Co
11,461
467
$
527
Gas
-
0.03%
Atmos
Energy
Corp
2,510
294
NiSource
Inc
8,479
249
UGI
Corp
4,531
188
$
731
Hand
&
Machine
Tools
-
0.03%
Colfax
Corp
(e)
2,094
74
Lincoln
Electric
Holdings
Inc
222
20
Regal
Beloit
Corp
1,024
80
Snap-on
Inc
1,217
194
Stanley
Black
&
Decker
Inc
2,366
377
$
745
Healthcare
-
Products
-
3.93%
Abbott
Laboratories
237,647
20,708
Baxter
International
Inc
4,011
358
Cooper
Cos
Inc/The
657
228
Danaher
Corp
9,163
1,474
DENTSPLY
SIRONA
Inc
4,801
269
Envista
Holdings
Corp
(e)
1,309
39
Henry
Schein
Inc
(e)
2,853
197
Hill-Rom
Holdings
Inc
754
80
Hologic
Inc
(e)
1,332
71
Integra
LifeSciences
Holdings
Corp
(e)
1,650
91
Medtronic
PLC
520,835
60,125
QIAGEN
NV
(e)
4,765
161
STERIS
PLC
1,709
257
Thermo
Fisher
Scientific
Inc
1,998
626
West
Pharmaceutical
Services
Inc
463
72
Zimmer
Biomet
Holdings
Inc
3,202
474
$
85,230
Healthcare
-
Services
-
3.02%
Anthem
Inc
81,577
21,641
Catalent
Inc
(e)
3,156
193
Centene
Corp
(e)
4,886
307
DaVita
Inc
(e)
2,203
176
Encompass
Health
Corp
1,201
92
HCA
Healthcare
Inc
1,699
236
Humana
Inc
2,570
864
IQVIA
Holdings
Inc
(e)
1,586
246
Laboratory
Corp
of
America
Holdings
(e)
1,425
250
MEDNAX
Inc
(e)
1,961
45
Molina
Healthcare
Inc
(e)
363
45
Quest
Diagnostics
Inc
2,889
320
UnitedHealth
Group
Inc
149,804
40,814
Universal
Health
Services
Inc
1,696
232
$
65,461
Home
Builders
-
0.07%
DR
Horton
Inc
9,261
548
Lennar
Corp
-
A
Shares
5,337
354
Lennar
Corp
-
B
Shares
561
30
PulteGroup
Inc
5,742
256
Thor
Industries
Inc
1,218
98
Schedule
of
Investments
LargeCap
Value
Fund
III
January
31,
2020
(unaudited)
See
accompanying
notes.
131
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Home
Builders
(continued)
Toll
Brothers
Inc
3,060
$
136
$
1,422
Home
Furnishings
-
0.02%
Dolby
Laboratories
Inc
1,367
95
Leggett
&
Platt
Inc
3,059
145
Whirlpool
Corp
1,374
201
$
441
Housewares
-
0.01%
Newell
Brands
Inc
8,334
163
Insurance
-
5.59%
Aflac
Inc
21,238
1,095
Allstate
Corp/The
9,660
1,145
American
Financial
Group
Inc/OH
1,691
184
American
International
Group
Inc
870,080
43,730
American
National
Insurance
Co
312
34
Arch
Capital
Group
Ltd
(e)
13,961
617
Arthur
J
Gallagher
&
Co
2,261
232
Assurant
Inc
150,054
19,591
Assured
Guaranty
Ltd
2,242
103
Athene
Holding
Ltd
(e)
2,145
93
Axis
Capital
Holdings
Ltd
1,704
109
Berkshire
Hathaway
Inc
-
Class
B
(e)
30,730
6,897
Brighthouse
Financial
Inc
(e)
2,690
105
Brown
&
Brown
Inc
4,791
215
Chubb
Ltd
251,712
38,258
Cincinnati
Financial
Corp
3,247
341
CNA
Financial
Corp
1,010
45
Equitable
Holdings
Inc
9,249
222
Everest
Re
Group
Ltd
637
176
Fidelity
National
Financial
Inc
5,847
285
First
American
Financial
Corp
2,539
157
Globe
Life
Inc
2,364
246
Hanover
Insurance
Group
Inc/The
951
132
Hartford
Financial
Services
Group
Inc/The
13,207
783
Kemper
Corp
1,274
95
Lincoln
National
Corp
4,334
236
Loews
Corp
5,455
281
Markel
Corp
(e)
260
305
Marsh
&
McLennan
Cos
Inc
963
108
Mercury
General
Corp
879
43
MetLife
Inc
22,644
1,126
MGIC
Investment
Corp
8,500
117
Old
Republic
International
Corp
6,675
151
Primerica
Inc
305
36
Progressive
Corp/The
6,157
497
Prudential
Financial
Inc
11,808
1,075
Reinsurance
Group
of
America
Inc
1,410
203
RenaissanceRe
Holdings
Ltd
635
120
Travelers
Cos
Inc/The
6,738
887
Unum
Group
4,893
131
Voya
Financial
Inc
2,819
168
White
Mountains
Insurance
Group
Ltd
69
77
Willis
Towers
Watson
PLC
2,016
426
WR
Berkley
Corp
3,206
236
$
121,113
Internet
-
1.41%
Alphabet
Inc
-
A
Shares
(e)
20,573
29,477
F5
Networks
Inc
(e)
204
25
IAC/InterActiveCorp
(e)
483
118
NortonLifeLock
Inc
12,048
342
TripAdvisor
Inc
614
17
Uber
Technologies
Inc
(e)
13,268
481
VeriSign
Inc
(e)
514
107
$
30,567
Iron
&
Steel
-
0.04%
Nucor
Corp
9,158
435
Reliance
Steel
&
Aluminum
Co
1,508
173
Steel
Dynamics
Inc
4,841
145
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Iron
&
Steel
(continued)
United
States
Steel
Corp
(d)
4,803
$
43
$
796
Leisure
Products
&
Services
-
0.07%
Brunswick
Corp/DE
2,015
127
Carnival
Corp
10,378
452
Harley-Davidson
Inc
3,388
113
Norwegian
Cruise
Line
Holdings
Ltd
(e)
3,750
202
Polaris
Inc
279
25
Royal
Caribbean
Cruises
Ltd
4,367
511
$
1,430
Lodging
-
0.07%
Caesars
Entertainment
Corp
(e)
12,694
174
Choice
Hotels
International
Inc
570
57
Extended
Stay
America
Inc
4,916
64
Hilton
Grand
Vacations
Inc
(e)
2,028
65
Hyatt
Hotels
Corp
958
81
Las
Vegas
Sands
Corp
5,228
341
MGM
Resorts
International
12,807
398
Wyndham
Destinations
Inc
2,150
104
Wyndham
Hotels
&
Resorts
Inc
1,593
91
Wynn
Resorts
Ltd
398
50
$
1,425
Machinery
-
Construction
&
Mining
-
0.06%
BWX
Technologies
Inc
736
47
Caterpillar
Inc
7,760
1,019
Oshkosh
Corp
1,571
135
$
1,201
Machinery
-
Diversified
-
1.72%
AGCO
Corp
1,405
99
Crane
Co
1,185
101
Curtiss-Wright
Corp
1,021
148
Deere
&
Co
103,620
16,432
Dover
Corp
3,046
347
Flowserve
Corp
2,208
103
Gardner
Denver
Holdings
Inc
(e)
2,922
103
Gates
Industrial
Corp
PLC
(e)
2,062
26
GrafTech
International
Ltd
1,633
18
IDEX
Corp
893
146
Nordson
Corp
213
36
Westinghouse
Air
Brake
Technologies
Corp
266,794
19,705
$
37,264
Media
-
2.66%
Charter
Communications
Inc
(e)
1,858
961
Comcast
Corp
-
Class
A
733,703
31,689
Discovery
Inc
-
A
Shares
(e)
3,466
101
Discovery
Inc
-
C
Shares
(e)
7,400
206
DISH
Network
Corp
(e)
5,818
214
Fox
Corp
-
A
Shares
6,876
255
Fox
Corp
-
B
Shares
3,509
128
John
Wiley
&
Sons
Inc
1,265
55
Liberty
Broadband
Corp
-
A
Shares
(e)
648
85
Liberty
Broadband
Corp
-
C
Shares
(e)
2,296
305
Liberty
Media
Corp-Liberty
Formula
One
-
A
Shares
(e)
841
38
Liberty
Media
Corp-Liberty
Formula
One
-
C
Shares
(e)
4,397
206
Liberty
Media
Corp-Liberty
SiriusXM
-
A
Shares
(e)
2,048
100
Liberty
Media
Corp-Liberty
SiriusXM
-
C
Shares
(e)
3,596
176
New
York
Times
Co/The
2,992
96
News
Corp
-
A
Shares
8,638
118
News
Corp
-
B
Shares
3,323
46
Nexstar
Media
Group
Inc
306
37
ViacomCBS
Inc
-
A
Shares
(d)
247
9
ViacomCBS
Inc
-
B
Shares
3,822
130
Walt
Disney
Co/The
164,090
22,695
$
57,650
Schedule
of
Investments
LargeCap
Value
Fund
III
January
31,
2020
(unaudited)
See
accompanying
notes.
132
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Metal
Fabrication
&
Hardware
-
0.01%
Timken
Co/The
1,634
$
86
Valmont
Industries
Inc
536
76
$
162
Mining
-
0.06%
Alcoa
Corp
(e)
4,536
63
Freeport-McMoRan
Inc
22,692
252
Newmont
Corp
18,837
849
Southern
Copper
Corp
761
29
$
1,193
Miscellaneous
Manufacturers
-
1.67%
3M
Co
3,494
554
AO
Smith
Corp
2,612
111
Carlisle
Cos
Inc
265
41
Eaton
Corp
PLC
10,131
957
General
Electric
Co
2,685,530
33,435
Hexcel
Corp
295
22
Ingersoll-Rand
PLC
1,439
192
ITT
Inc
2,021
136
Parker-Hannifin
Corp
3,363
658
$
36,106
Office
&
Business
Equipment
-
0.01%
Xerox
Holdings
Corp
4,180
149
Oil
&
Gas
-
8.55%
Cabot
Oil
&
Gas
Corp
4,271
60
Centennial
Resource
Development
Inc/DE
(e)
5,640
18
Chevron
Corp
514,640
55,139
Cimarex
Energy
Co
2,416
106
Concho
Resources
Inc
3,118
236
ConocoPhillips
323,249
19,211
Continental
Resources
Inc/OK
2,325
63
Devon
Energy
Corp
8,721
190
Diamondback
Energy
Inc
2,757
205
EOG
Resources
Inc
499,755
36,437
EQT
Corp
6,413
39
Exxon
Mobil
Corp
90,148
5,600
Helmerich
&
Payne
Inc
2,523
102
Hess
Corp
377,197
21,338
HollyFrontier
Corp
3,589
161
Kosmos
Energy
Ltd
10,211
52
Marathon
Oil
Corp
17,835
203
Marathon
Petroleum
Corp
16,477
898
Murphy
Oil
Corp
3,599
76
Noble
Energy
Inc
10,112
200
Occidental
Petroleum
Corp
14,038
558
Parsley
Energy
Inc
3,294
55
Patterson-UTI
Energy
Inc
5,432
43
PBF
Energy
Inc
3,043
83
Phillips
66
267,194
24,413
Pioneer
Natural
Resources
Co
1,499
202
Valero
Energy
Corp
229,457
19,345
WPX
Energy
Inc
(e)
9,832
118
$
185,151
Oil
&
Gas
Services
-
0.36%
Apergy
Corp
(e)
2,159
56
Baker
Hughes
Co
14,246
309
Halliburton
Co
13,605
297
National
Oilwell
Varco
Inc
8,587
177
Schlumberger
Ltd
209,504
7,020
$
7,859
Packaging
&
Containers
-
0.05%
Ardagh
Group
SA
1,235
24
Berry
Global
Group
Inc
(e)
1,995
85
Crown
Holdings
Inc
(e)
1,313
97
Graphic
Packaging
Holding
Co
6,911
108
O-I
Glass
Inc
4,118
52
Packaging
Corp
of
America
2,083
200
Sealed
Air
Corp
3,292
117
Silgan
Holdings
Inc
2,246
69
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Packaging
&
Containers
(continued)
Sonoco
Products
Co
2,314
$
132
Westrock
Co
5,622
219
$
1,103
Pharmaceuticals
-
6.14%
Agios
Pharmaceuticals
Inc
(e)
1,101
54
Alkermes
PLC
(e)
3,306
57
Allergan
PLC
5,152
961
Becton
Dickinson
and
Co
96,470
26,547
Bristol-Myers
Squibb
Co
25,431
1,601
Cardinal
Health
Inc
6,289
322
Cigna
Corp
6,956
1,338
Covetrus
Inc
(e)
2,482
30
CVS
Health
Corp
851,570
57,754
Elanco
Animal
Health
Inc
(e)
7,864
243
Herbalife
Nutrition
Ltd
(e)
1,957
76
Horizon
Therapeutics
Plc
(e)
3,554
123
Jazz
Pharmaceuticals
PLC
(e)
188
27
Johnson
&
Johnson
260,620
38,798
McKesson
Corp
5,794
826
Merck
&
Co
Inc
6,738
576
Mylan
NV
(e)
11,028
236
Perrigo
Co
PLC
2,786
159
Pfizer
Inc
87,403
3,255
Premier
Inc
(e)
1,547
54
$
133,037
Pipelines
-
0.10%
Antero
Midstream
Corp
(d)
6,214
31
Cheniere
Energy
Inc
(e)
2,242
133
Equitrans
Midstream
Corp
4,825
47
Kinder
Morgan
Inc/DE
48,996
1,023
ONEOK
Inc
4,392
329
Targa
Resources
Corp
5,077
185
Williams
Cos
Inc/The
18,970
392
$
2,140
Real
Estate
-
0.03%
CBRE
Group
Inc
(e)
6,503
397
Jones
Lang
LaSalle
Inc
1,059
180
$
577
REITs
-
2.99%
AGNC
Investment
Corp
12,071
224
Alexandria
Real
Estate
Equities
Inc
3,032
495
American
Campus
Communities
Inc
3,252
149
American
Homes
4
Rent
3,849
105
Annaly
Capital
Management
Inc
30,410
297
Apartment
Investment
&
Management
Co
3,494
184
Apple
Hospitality
REIT
Inc
5,747
86
AvalonBay
Communities
Inc
3,495
757
Boston
Properties
Inc
4,076
584
Brandywine
Realty
Trust
4,707
74
Brixmor
Property
Group
Inc
7,273
145
Camden
Property
Trust
2,148
242
Chimera
Investment
Corp
4,522
96
CoreSite
Realty
Corp
299
35
Corporate
Office
Properties
Trust
3,066
91
Cousins
Properties
Inc
3,453
141
CyrusOne
Inc
2,470
150
Digital
Realty
Trust
Inc
3,244
399
Douglas
Emmett
Inc
3,927
163
Duke
Realty
Corp
8,341
303
Empire
State
Realty
Trust
Inc
4,275
58
EPR
Properties
1,753
125
Equity
Commonwealth
3,187
105
Equity
Residential
9,128
758
Essex
Property
Trust
Inc
1,022
317
Extra
Space
Storage
Inc
624
69
Federal
Realty
Investment
Trust
1,598
200
Gaming
and
Leisure
Properties
Inc
4,706
222
Healthcare
Trust
of
America
Inc
4,648
149
Healthpeak
Properties
Inc
7,714
278
Schedule
of
Investments
LargeCap
Value
Fund
III
January
31,
2020
(unaudited)
See
accompanying
notes.
133
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
REITs
(continued)
Highwoods
Properties
Inc
2,499
$
125
Host
Hotels
&
Resorts
Inc
15,331
251
Hudson
Pacific
Properties
Inc
3,537
129
Invitation
Homes
Inc
15,448
486
JBG
SMITH
Properties
2,833
115
Kilroy
Realty
Corp
2,424
200
Kimco
Realty
Corp
9,252
176
Liberty
Property
Trust
3,500
219
Life
Storage
Inc
1,162
132
Medical
Properties
Trust
Inc
11,088
246
MFA
Financial
Inc
11,449
89
Mid-America
Apartment
Communities
Inc
2,532
347
National
Retail
Properties
Inc
3,783
212
Omega
Healthcare
Investors
Inc
5,021
211
Outfront
Media
Inc
3,210
95
Paramount
Group
Inc
5,375
76
Prologis
Inc
14,326
1,331
Public
Storage
88,826
19,876
Realty
Income
Corp
5,155
404
Regency
Centers
Corp
3,608
224
Retail
Properties
of
America
Inc
5,875
71
Service
Properties
Trust
3,925
85
Simon
Property
Group
Inc
72,132
9,604
SITE
Centers
Corp
4,505
57
Spirit
Realty
Capital
Inc
2,546
134
Starwood
Property
Trust
Inc
6,290
161
STORE
Capital
Corp
500,400
19,641
Sun
Communities
Inc
1,598
259
Two
Harbors
Investment
Corp
6,409
98
UDR
Inc
6,011
288
Ventas
Inc
5,833
337
VEREIT
Inc
24,208
236
VICI
Properties
Inc
10,624
285
Vornado
Realty
Trust
3,824
252
Weingarten
Realty
Investors
3,243
94
Welltower
Inc
6,357
540
Weyerhaeuser
Co
11,641
337
WP
Carey
Inc
3,715
313
$
64,737
Retail
-
6.20%
Advance
Auto
Parts
Inc
158,938
20,940
AutoNation
Inc
(e)
1,485
63
Best
Buy
Co
Inc
5,039
427
CarMax
Inc
(e)
1,897
184
Casey's
General
Stores
Inc
629
101
Dick's
Sporting
Goods
Inc
1,700
75
Dollar
General
Corp
205,575
31,538
Dollar
Tree
Inc
(e)
1,686
147
Dunkin'
Brands
Group
Inc
324
25
Foot
Locker
Inc
2,507
95
Genuine
Parts
Co
3,065
287
Home
Depot
Inc/The
92,778
21,163
Lowe's
Cos
Inc
266,019
30,922
McDonald's
Corp
103,049
22,049
MSC
Industrial
Direct
Co
Inc
1,048
71
Nu
Skin
Enterprises
Inc
1,418
46
Penske
Automotive
Group
Inc
1,047
49
Target
Corp
10,762
1,192
Tiffany
&
Co
1,893
254
Urban
Outfitters
Inc
(e)
1,795
46
Walgreens
Boots
Alliance
Inc
17,885
909
Walmart
Inc
30,087
3,445
Williams-Sonoma
Inc
1,513
106
Yum
China
Holdings
Inc
3,671
158
Yum!
Brands
Inc
525
56
$
134,348
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Savings
&
Loans
-
0.42%
New
York
Community
Bancorp
Inc
793,636
$
8,777
People's
United
Financial
Inc
9,766
151
Sterling
Bancorp/DE
4,876
98
$
9,026
Semiconductors
-
3.76%
Analog
Devices
Inc
4,997
548
Applied
Materials
Inc
13,667
793
Broadcom
Inc
74,284
22,668
Cypress
Semiconductor
Corp
8,193
191
Intel
Corp
95,069
6,078
Lam
Research
Corp
1,381
412
Marvell
Technology
Group
Ltd
373,490
8,979
Maxim
Integrated
Products
Inc
2,654
160
Microchip
Technology
Inc
2,608
254
Micron
Technology
Inc
(e)
17,345
921
MKS
Instruments
Inc
1,252
131
ON
Semiconductor
Corp
(e)
8,831
204
Qorvo
Inc
(e)
2,560
271
QUALCOMM
Inc
242,860
20,718
Skyworks
Solutions
Inc
5,746
650
Texas
Instruments
Inc
153,515
18,522
$
81,500
Shipbuilding
-
0.00%
Huntington
Ingalls
Industries
Inc
240
63
Software
-
3.91%
Activision
Blizzard
Inc
177,417
10,375
Akamai
Technologies
Inc
(e)
301
28
Autodesk
Inc
(e)
780
153
Cerence
Inc
(e)
845
18
Citrix
Systems
Inc
294
36
Electronic
Arts
Inc
(e)
2,937
317
Fidelity
National
Information
Services
Inc
3,700
531
Jack
Henry
&
Associates
Inc
191
29
Microsoft
Corp
299,203
50,934
Nuance
Communications
Inc
(e)
6,103
115
Oracle
Corp
415,706
21,804
SolarWinds
Corp
(e)
783
15
SS&C
Technologies
Holdings
Inc
453
29
Take-Two
Interactive
Software
Inc
(e)
1,374
171
Zynga
Inc
(e)
15,778
95
$
84,650
Telecommunications
-
3.03%
AT&T
Inc
1,029,799
38,741
CenturyLink
Inc
23,368
319
Ciena
Corp
(e)
3,516
143
CommScope
Holding
Co
Inc
(e)
4,239
52
Corning
Inc
8,122
217
EchoStar
Corp
(e)
1,360
54
GCI
Liberty
Inc
(e)
2,127
156
Juniper
Networks
Inc
7,386
169
LogMeIn
Inc
1,052
90
Motorola
Solutions
Inc
113,405
20,073
T-Mobile
US
Inc
(e)
2,335
185
Verizon
Communications
Inc
89,793
5,337
ViaSat
Inc
(e)
1,267
81
$
65,617
Textiles
-
0.01%
Mohawk
Industries
Inc
(e)
1,274
168
Transportation
-
1.77%
CH
Robinson
Worldwide
Inc
711
51
CSX
Corp
7,494
572
Expeditors
International
of
Washington
Inc
1,217
89
FedEx
Corp
3,786
548
JB
Hunt
Transport
Services
Inc
143,300
15,466
Kansas
City
Southern
2,152
363
Kirby
Corp
(e)
1,263
93
Landstar
System
Inc
169
19
Norfolk
Southern
Corp
3,544
738
Schedule
of
Investments
LargeCap
Value
Fund
III
January
31,
2020
(unaudited)
See
accompanying
notes.
134
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Transportation
(continued)
Old
Dominion
Freight
Line
Inc
850
$
167
Schneider
National
Inc
1,395
31
Union
Pacific
Corp
111,905
20,078
XPO
Logistics
Inc
(e)
926
82
$
38,297
Water
-
0.03%
American
Water
Works
Co
Inc
2,831
385
Essential
Utilities
Inc
4,750
247
$
632
TOTAL
COMMON
STOCKS
$
2,117,986
Total
Investments
$
2,168,618
Other
Assets
and
Liabilities
- (0.10)%
(2,155)
TOTAL
NET
ASSETS
-
100.00%
$
2,166,463
(a)
Current
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
$526
or
0.02%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
sub-schedule
for
transactional
information.
(d)
Security
or
a
portion
of
the
security
was
on
loan
at
the
end
of
the
period.
(e)
Non-income
producing
security
Portfolio
Summary (unaudited)
Sector
Percent
Financial
22.63%
Consumer,
Non-cyclical
21.04%
Industrial
12.85%
Technology
9.18%
Energy
9.01%
Communications
7.13%
Utilities
6.76%
Consumer,
Cyclical
6.71%
Basic
Materials
2.45%
Money
Market
Funds
2.30%
Domestic
Equity
Funds
0.04%
Other
Assets
and
Liabilities
(0.10)%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
1.43%
$
63,693
$
214,914
$
229,281
$
49,326
Principal
Shareholder
Yield
Index
ETF
140
—
—
141
Principal
Sustainable
Momentum
Index
ETF
151
—
—
157
Principal
U.S.
Mega-Cap
Multi-Factor
Index
ETF
454
—
—
482
$
64,438
$
214,914
$
229,28
1
$
50,106
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Principal
Government
Money
Market
Fund
1.43%
$
231
$
—
$
—
$
—
Principal
Shareholder
Yield
Index
ETF
1
—
—
1
Principal
Sustainable
Momentum
Index
ETF
1
—
—
6
Principal
U.S.
Mega-Cap
Multi-Factor
Index
ETF
2
—
—
2
8
$
235
$
—
$
—
$
3
5
Amounts
in
thousands.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
S&P
500
Emini;
March
2020
Long
130
$
20,956
$
(345)
Total
$
(345)
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
MidCap
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
135
INVESTMENT
COMPANIES
-
0.64%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0.64%
BlackRock
Liquidity
FedFund
1.49%
(a),(b)
17,854,324
$
17,855
Principal
Government
Money
Market
Fund
1.43%
(a),(b),(c)
101,817,137
101,817
$
119,672
TOTAL
INVESTMENT
COMPANIES
$
119,672
COMMON
STOCKS
-
99.92%
Shares
Held
Value
(000's)
Aerospace
&
Defense
-
4.84%
HEICO
Corp
-
Class
A
713,048
68,559
TransDigm
Group
Inc
1,300,979
836,894
$
905,453
Banks
-
2.09%
First
Republic
Bank/CA
2,699,213
299,289
M&T
Bank
Corp
536,805
90,462
$
389,751
Beverages
-
0.58%
Brown-Forman
Corp
-
B
Shares
1,596,576
107,992
Building
Materials
-
4.17%
Martin
Marietta
Materials
Inc
997,232
263,070
Summit
Materials
Inc
(d)
4,018,116
88,278
Vulcan
Materials
Co
3,024,241
428,323
$
779,671
Chemicals
-
0.67%
Air
Products
&
Chemicals
Inc
527,038
125,809
Commercial
Services
-
10.38%
AMERCO
303,284
112,600
CoStar
Group
Inc
(d)
80,333
52,457
Everarc
Holdings
Ltd
(c),(d)
2,883,826
38,932
Everarc
Holdings
Ltd
-
Warrants
(d)
2,883,826
4,326
Gartner
Inc
(d)
2,575,427
414,077
IHS
Markit
Ltd
4,361,953
343,983
Moody's
Corp
713,382
183,189
S&P
Global
Inc
317,893
93,375
Square
Inc
(d)
696,736
52,039
TransUnion
3,738,775
342,846
Verisk
Analytics
Inc
1,858,246
301,909
$
1,939,733
Distribution
&
Wholesale
-
3.69%
Copart
Inc
(d)
4,635,693
470,337
Fastenal
Co
6,275,245
218,881
$
689,218
Diversified
Financial
Services
-
1.08%
Credit
Acceptance
Corp
(d)
472,835
202,837
Electric
-
2.10%
Brookfield
Infrastructure
Partners
LP
(e)
5,387,343
293,071
Brookfield
Renewable
Partners
LP
(e)
2,033,560
99,116
$
392,187
Electronics
-
3.03%
Mettler-Toledo
International
Inc
(d)
309,299
234,195
Roper
Technologies
Inc
870,024
332,053
$
566,248
Entertainment
-
2.71%
Liberty
Media
Corp-Liberty
Braves
-
A
Shares
(d)
146,140
4,275
Liberty
Media
Corp-Liberty
Braves
-
C
Shares
(d)
587,859
17,136
Live
Nation
Entertainment
Inc
(d)
2,952,806
201,263
Vail
Resorts
Inc
1,213,742
284,635
$
507,309
Hand
&
Machine
Tools
-
0.94%
Colfax
Corp
(d)
4,979,908
175,094
Healthcare
-
Products
-
0.99%
IDEXX
Laboratories
Inc
(d)
683,955
185,359
Home
Builders
-
1.71%
Lennar
Corp
-
A
Shares
2,881,690
191,229
Lennar
Corp
-
B
Shares
37,905
1,991
NVR
Inc
(d)
32,950
125,769
$
318,989
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Insurance
-
9.75%
Aon
PLC
708,754
$
156,103
Arch
Capital
Group
Ltd
(d)
7,211,472
318,458
Brown
&
Brown
Inc
6,420,451
288,278
Fidelity
National
Financial
Inc
7,492,595
365,264
Markel
Corp
(d)
450,643
528,591
Progressive
Corp/The
2,042,060
164,774
$
1,821,468
Internet
-
4.40%
Shopify
Inc
(d)
129,314
60,216
VeriSign
Inc
(d)
1,643,565
342,092
Wayfair
Inc
(d)
1,546,905
144,945
Wix.com
Ltd
(d)
1,923,268
274,431
$
821,684
Investment
Companies
-
0.11%
Brookfield
Business
Partners
LP
470,414
19,781
Lodging
-
3.36%
Hilton
Worldwide
Holdings
Inc
4,397,835
474,087
Hyatt
Hotels
Corp
1,830,636
154,762
$
628,849
Machinery
-
Diversified
-
0.11%
Cognex
Corp
409,708
20,883
Media
-
5.02%
Liberty
Broadband
Corp
-
A
Shares
(d)
684,410
90,062
Liberty
Broadband
Corp
-
C
Shares
(d)
2,066,780
274,737
Liberty
Global
PLC
-
A
Shares
(d)
470,251
9,650
Liberty
Global
PLC
-
C
Shares
(d)
5,700,215
111,040
Liberty
Media
Corp-Liberty
Formula
One
-
A
Shares
(d)
513,920
22,895
Liberty
Media
Corp-Liberty
Formula
One
-
C
Shares
(d)
4,761,735
222,802
Liberty
Media
Corp-Liberty
SiriusXM
-
A
Shares
(d)
1,022,267
49,651
Liberty
Media
Corp-Liberty
SiriusXM
-
C
Shares
(d)
3,217,002
157,697
$
938,534
Pharmaceuticals
-
0.11%
Elanco
Animal
Health
Inc
(d)
639,950
19,774
Private
Equity
-
7.76%
Brookfield
Asset
Management
Inc
12,903,112
789,799
Kennedy-Wilson
Holdings
Inc
5,442,299
117,336
KKR
&
Co
Inc
11,047,823
352,426
Onex
Corp
2,950,247
189,671
$
1,449,232
Real
Estate
-
3.71%
Brookfield
Property
Partners
LP
(e)
2,757,370
51,094
CBRE
Group
Inc
(d)
7,123,959
434,918
Howard
Hughes
Corp/The
(d)
1,708,801
207,927
$
693,939
REITs
-
3.55%
Equinix
Inc
206,452
121,751
SBA
Communications
Corp
1,996,878
498,341
Vornado
Realty
Trust
649,172
42,696
$
662,788
Retail
-
10.10%
CarMax
Inc
(d)
5,679,730
551,161
Dollar
General
Corp
998,056
153,112
Domino's
Pizza
Inc
1,057,662
297,996
O'Reilly
Automotive
Inc
(d)
1,114,228
452,488
Restaurant
Brands
International
Inc
6,451,969
393,635
Ross
Stores
Inc
348,114
39,055
$
1,887,447
Semiconductors
-
1.40%
Microchip
Technology
Inc
2,677,362
260,989
Software
-
9.64%
ANSYS
Inc
(d)
1,297,211
355,864
Autodesk
Inc
(d)
1,945,768
383,024
Black
Knight
Inc
(d)
6,756,756
452,162
Guidewire
Software
Inc
(d)
1,538,596
173,092
Schedule
of
Investments
MidCap
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
136
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Software
(continued)
MSCI
Inc
604,355
$
172,725
RealPage
Inc
(d)
3,314,324
193,391
Slack
Technologies
Inc
(d)
3,392,680
70,330
$
1,800,588
Telecommunications
-
1.92%
GCI
Liberty
Inc
(d)
2,423,065
177,320
Motorola
Solutions
Inc
1,030,618
182,419
$
359,739
TOTAL
COMMON
STOCKS
$
18,671,345
Total
Investments
$
18,791,017
Other
Assets
and
Liabilities
- (0.56)%
(104,790)
TOTAL
NET
ASSETS
-
100.00%
$
18,686,227
(a)
Current
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
$76,144
or
0.41%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
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.
Portfolio
Summary (unaudited)
Sector
Percent
Financial
28.05%
Consumer,
Cyclical
21.57%
Industrial
13.09%
Consumer,
Non-cyclical
12.06%
Communications
11.34%
Technology
11.04%
Utilities
2.10%
Basic
Materials
0.67%
Money
Market
Funds
0.64%
Other
Assets
and
Liabilities
(0.56)%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Everarc
Holdings
Ltd
$
—
$
28,838
$
—
$
38,932
Principal
Government
Money
Market
Fund
1.43%
67,193
594,726
560,102
101,817
$
67,193
$
623,564
$
560,10
2
$
140,749
Income
(a)
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Everarc
Holdings
Ltd
$
—
$
—
$
—
$
10,09
4
Principal
Government
Money
Market
Fund
1.43%
51
—
—
—
$
51
$
—
$
—
$
10,09
4
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
MidCap
Growth
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
137
INVESTMENT
COMPANIES
-
1.54%
Shares
Held
Value
(000's)
Money
Market
Funds
-
1.54%
BlackRock
Liquidity
FedFund
1.49%
(a),(b)
1
$
—
Principal
Government
Money
Market
Fund
1.43%
(a),(c)
2,666,326
2,666
$
2,66
6
TOTAL
INVESTMENT
COMPANIES
$
2,66
6
COMMON
STOCKS
-
98.84%
Shares
Held
Value
(000's)
Aerospace
&
Defense
-
3.73%
AAR
Corp
48,038
2,045
L3Harris
Technologies
Inc
9,593
2,123
TransDigm
Group
Inc
3,564
2,293
$
6,461
Airlines
-
1.30%
Allegiant
Travel
Co
13,388
2,250
Apparel
-
1.26%
Crocs
Inc
(d)
57,512
2,180
Banks
-
3.30%
First
Republic
Bank/CA
17,166
1,903
Pinnacle
Financial
Partners
Inc
31,333
1,851
SVB
Financial
Group
(d)
8,159
1,961
$
5,715
Biotechnology
-
2.92%
Bio-Rad
Laboratories
Inc
(d)
8,839
3,190
Exact
Sciences
Corp
(d)
20,121
1,877
$
5,067
Building
Materials
-
4.48%
Masco
Corp
59,232
2,815
Owens
Corning
42,563
2,574
Vulcan
Materials
Co
16,748
2,372
$
7,761
Chemicals
-
1.05%
RPM
International
Inc
25,439
1,816
Commercial
Services
-
8.22%
CoStar
Group
Inc
(d)
4,875
3,183
Euronet
Worldwide
Inc
(d)
16,886
2,662
Global
Payments
Inc
18,626
3,641
IHS
Markit
Ltd
22,209
1,751
TransUnion
32,760
3,004
$
14,241
Computers
-
2.28%
Rapid7
Inc
(d)
66,653
3,958
Diversified
Financial
Services
-
0.92%
Synchrony
Financial
49,186
1,594
Electronics
-
3.40%
Keysight
Technologies
Inc
(d)
63,361
5,892
Environmental
Control
-
2.26%
Clean
Harbors
Inc
(d)
47,694
3,921
Food
-
1.58%
Performance
Food
Group
Co
(d)
52,945
2,742
Healthcare
-
Products
-
8.82%
Inspire
Medical
Systems
Inc
(d)
51,966
3,887
Insulet
Corp
(d)
22,498
4,365
Tandem
Diabetes
Care
Inc
(d)
47,739
3,630
Teleflex
Inc
9,164
3,405
$
15,287
Healthcare
-
Services
-
0.97%
Centene
Corp
(d)
26,656
1,674
Internet
-
5.64%
Anaplan
Inc
(d)
59,103
3,404
MercadoLibre
Inc
(d)
2,594
1,720
Snap
Inc
Class
A
(d)
104,057
1,912
Zendesk
Inc
(d)
31,652
2,735
$
9,771
Media
-
1.04%
Altice
USA
Inc
(d)
65,583
1,794
Office
&
Business
Equipment
-
0.92%
Zebra
Technologies
Corp
(d)
6,663
1,593
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Oil
&
Gas
-
0.84%
Parsley
Energy
Inc
87,259
$
1,452
Packaging
&
Containers
-
0.96%
Crown
Holdings
Inc
(d)
22,512
1,667
Pharmaceuticals
-
4.38%
DexCom
Inc
(d)
23,729
5,713
Horizon
Therapeutics
Plc
(d)
54,398
1,876
$
7,589
Retail
-
6.97%
Burlington
Stores
Inc
(d)
11,369
2,472
Chipotle
Mexican
Grill
Inc
(d)
2,982
2,585
Dollar
General
Corp
14,880
2,283
Lululemon
Athletica
Inc
(d)
10,698
2,561
O'Reilly
Automotive
Inc
(d)
5,345
2,171
$
12,072
Semiconductors
-
7.03%
Advanced
Micro
Devices
Inc
(d)
56,247
2,644
Lam
Research
Corp
6,121
1,825
Marvell
Technology
Group
Ltd
117,278
2,820
Microchip
Technology
Inc
19,883
1,938
MKS
Instruments
Inc
28,229
2,959
$
12,186
Software
-
19.87%
Activision
Blizzard
Inc
53,885
3,151
DocuSign
Inc
(d)
23,266
1,826
Fiserv
Inc
(d)
47,943
5,686
Paycom
Software
Inc
(d)
6,478
2,061
RingCentral
Inc
(d)
28,824
5,926
Sea
Ltd
ADR
(d)
70,131
3,173
ServiceNow
Inc
(d)
19,075
6,452
Synopsys
Inc
(d)
20,909
3,084
Tyler
Technologies
Inc
(d)
9,496
3,074
$
34,433
Telecommunications
-
3.54%
Motorola
Solutions
Inc
14,497
2,566
Viavi
Solutions
Inc
(d)
253,500
3,574
$
6,140
Transportation
-
1.16%
Kansas
City
Southern
11,864
2,001
TOTAL
COMMON
STOCKS
$
171,257
Total
Investments
$
173,92
3
Other
Assets
and
Liabilities
- (0.38)%
(65
6
)
TOTAL
NET
ASSETS
-
100.00%
$
173,267
(a)
Current
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
$0
or
0.00%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
sub-schedule
for
transactional
information.
(d)
Non-income
producing
security
Portfolio
Summary (unaudited)
Sector
Percent
Technology
30.10%
Consumer,
Non-cyclical
26.89%
Industrial
15.99%
Communications
10.22%
Consumer,
Cyclical
9.53%
Financial
4.22%
Money
Market
Funds
1.54%
Basic
Materials
1.05%
Energy
0.84%
Other
Assets
and
Liabilities
(0.38)%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
MidCap
Growth
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
138
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
1.43%
$
1,467
$
24,921
$
23,722
$
2,666
$
1,467
$
24,921
$
23,722
$
2,666
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Principal
Government
Money
Market
Fund
1.43%
$
10
$
—
$
—
$
—
$
10
$
—
$
—
$
—
Amounts
in
thousands.
Schedule
of
Investments
MidCap
Growth
Fund
III
January
31,
2020
(unaudited)
See
accompanying
notes.
139
INVESTMENT
COMPANIES
-
3.09%
Shares
Held
Value
(000's)
Money
Market
Funds
-
3.05%
BlackRock
Liquidity
FedFund
1.49
%
(a),(b)
1,314,736
$
1,315
Principal
Government
Money
Market
Fund
1.43
%
(a),(b),(c)
32,066,925
32,067
$
33,382
Principal
Exchange-Traded
Funds
-
0.04%
Principal
Healthcare
Innovators
Index
ETF
(
c)
3,988
149
Principal
Shareholder
Yield
Index
ETF
(
c),(d)
8,100
267
Principal
Sustainable
Momentum
Index
ETF
(
c)
1,517
44
$
460
TOTAL
INVESTMENT
COMPANIES
$
33,842
COMMON
STOCKS
-
97.16%
Shares
Held
Value
(000's)
Advertising
-
0.07%
Interpublic
Group
of
Cos
Inc/The
3,696
84
Omnicom
Group
Inc
4,963
373
Trade
Desk
Inc/
The
(
e)
1,084
292
$
749
Aerospace
&
Defense
-
1.39%
HEICO
Corp
1,614
198
HEICO
Corp
-
Class
A
3,027
291
L3Harris
Technologies
Inc
35,045
7,756
Mercury
Systems
Inc
(
e)
79,292
6,086
Spirit
AeroSystems
Holdings
Inc
2,621
171
TransDigm
Group
Inc
1,132
728
$
15,230
Airlines
-
0.03%
Alaska
Air
Group
Inc
2,315
150
American
Airlines
Group
Inc
1,208
32
JetBlue
Airways
Corp
(
e)
1,750
35
United
Airlines
Holdings
Inc
(
e)
1,462
109
$
326
Apparel
-
0.28%
Canada
Goose
Holdings
Inc
(
d),(e)
81,069
2,432
Capri
Holdings
Ltd
(
e)
2,259
68
Carter's
Inc
870
92
Columbia
Sportswear
Co
887
83
Hanesbrands
Inc
10,865
150
Skechers
U.S.A.
Inc
(
e)
2,146
80
Under
Armour
Inc
-
Class
A
(
e)
4,608
93
Under
Armour
Inc
-
Class
C
(
e)
4,949
89
$
3,087
Automobile
Parts
&
Equipment
-
0.38%
Allison
Transmission
Holdings
Inc
4,408
195
Aptiv
PLC
44,422
3,766
WABCO
Holdings
Inc
(
e)
1,652
224
$
4,185
Banks
-
0.94%
CIT
Group
Inc
430
20
Comerica
Inc
826
50
East
West
Bancorp
Inc
53,096
2,434
First
Republic
Bank/CA
1,125
125
Pinnacle
Financial
Partners
Inc
124,730
7,366
Prosperity
Bancshares
Inc
450
32
Signature
Bank/New
York
NY
1,012
144
SVB
Financial
Group
(
e)
250
60
Synovus
Financial
Corp
646
23
Western
Alliance
Bancorp
531
29
$
10,283
Beverages
-
0.91%
Brown-Forman
Corp
-
A
Shares
1,541
99
Brown-Forman
Corp
-
B
Shares
4,549
308
Constellation
Brands
Inc
23,503
4,425
Monster
Beverage
Corp
(
e)
76,993
5,128
$
9,960
Biotechnology
-
1.69%
Alnylam
Pharmaceuticals
Inc
(
e)
3,220
370
BioMarin
Pharmaceutical
Inc
(
e)
6,498
543
Corteva
Inc
142,897
4,132
Exact
Sciences
Corp
(
e)
43,642
4,071
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Biotechnology
(continued)
Exelixis
Inc
(
e)
4,401
$
76
Guardant
Health
Inc
(
e)
27,463
2,088
Incyte
Corp
(
e)
33,094
2,418
Ionis
Pharmaceuticals
Inc
(
e)
4,648
271
Moderna
Inc
(
e)
6,686
137
Sage
Therapeutics
Inc
(
e)
1,827
121
Seattle
Genetics
Inc
(
e)
39,130
4,241
$
18,468
Building
Materials
-
1.92%
Armstrong
World
Industries
Inc
2,043
205
Eagle
Materials
Inc
1,274
116
Fortune
Brands
Home
&
Security
Inc
99,607
6,844
Lennox
International
Inc
905
211
Martin
Marietta
Materials
Inc
23,366
6,164
Trex
Co
Inc
(
e)
70,725
6,948
Vulcan
Materials
Co
3,422
485
$
20,973
Chemicals
-
0.57%
Albemarle
Corp
(
d)
37,323
2,996
Axalta
Coating
Systems
Ltd
(
e)
2,423
70
CF
Industries
Holdings
Inc
648
26
Huntsman
Corp
135,836
2,793
NewMarket
Corp
238
105
RPM
International
Inc
1,449
103
WR
Grace
&
Co
2,134
144
$
6,237
Commercial
Services
-
13.65%
Avalara
Inc
(
e)
1,813
154
Booz
Allen
Hamilton
Holding
Corp
6,766
528
Bright
Horizons
Family
Solutions
Inc
(
e)
32,513
5,324
Cintas
Corp
43,905
12,248
CoreLogic
Inc/United
States
676
31
CoStar
Group
Inc
(
e)
1,019
665
Equifax
Inc
2,887
433
Euronet
Worldwide
Inc
(
e)
72,002
11,351
FleetCor
Technologies
Inc
(
e)
20,132
6,346
Gartner
Inc
(
e)
33,832
5,440
Global
Payments
Inc
100,944
19,729
Grand
Canyon
Education
Inc
(
e)
66,134
5,177
H&R
Block
Inc
1,812
42
IHS
Markit
Ltd
108,118
8,526
MarketAxess
Holdings
Inc
31,681
11,221
Moody's
Corp
26,238
6,738
Morningstar
Inc
18,358
2,881
Paylocity
Holding
Corp
(
e)
1,306
185
Quanta
Services
Inc
1,557
61
Ritchie
Bros
Auctioneers
Inc
109,507
4,623
Robert
Half
International
Inc
4,493
261
Rollins
Inc
5,715
217
Sabre
Corp
2,636
57
Service
Corp
International/US
2,731
131
ServiceMaster
Global
Holdings
Inc
(
e)
35,488
1,280
Square
Inc
(
e)
79,229
5,917
TransUnion
222,365
20,390
United
Rentals
Inc
(
e)
27,711
3,760
Verisk
Analytics
Inc
70,872
11,515
WEX
Inc
(
e)
18,715
4,060
$
149,291
Computers
-
2.18%
Crowdstrike
Holdings
Inc
(
e)
70,472
4,305
EPAM
Systems
Inc
(
e)
53,075
12,108
Fortinet
Inc
(
e)
6,321
729
Genpact
Ltd
7,368
326
NCR
Corp
(
e)
4,407
149
NetApp
Inc
10,708
572
Perspecta
Inc
192,966
5,417
Pure
Storage
Inc
(
e)
8,315
148
Zscaler
Inc
(
e)
2,309
130
$
23,884
Schedule
of
Investments
MidCap
Growth
Fund
III
January
31,
2020
(unaudited)
See
accompanying
notes.
140
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Consumer
Products
-
0.15%
Avery
Dennison
Corp
3,265
$
428
Church
&
Dwight
Co
Inc
6,974
518
Clorox
Co/The
4,229
665
$
1,611
Distribution
&
Wholesale
-
4.03%
Copart
Inc
(
e)
59,336
6,020
Fastenal
Co
173,700
6,059
IAA
Inc
(
e)
95,471
4,511
LKQ
Corp
(
e)
4,549
149
Pool
Corp
86,328
18,932
Watsco
Inc
25,785
4,484
WW
Grainger
Inc
13,023
3,942
$
44,097
Diversified
Financial
Services
-
0.58%
Alliance
Data
Systems
Corp
341
35
Ameriprise
Financial
Inc
835
138
Cboe
Global
Markets
Inc
1,078
133
Credit
Acceptance
Corp
(
e)
340
146
Discover
Financial
Services
4,428
333
E*TRADE
Financial
Corp
1,952
83
Evercore
Inc
-
Class
A
595
46
Interactive
Brokers
Group
Inc
-
A
Shares
780
37
Lazard
Ltd
1,570
66
LPL
Financial
Holdings
Inc
45,455
4,187
Raymond
James
Financial
Inc
1,341
123
SEI
Investments
Co
2,289
149
Synchrony
Financial
7,410
240
T
Rowe
Price
Group
Inc
2,565
343
Virtu
Financial
Inc
895
15
Western
Union
Co/The
8,375
225
$
6,299
Electrical
Components
&
Equipment
-
0.55%
AMETEK
Inc
7,489
728
Hubbell
Inc
1,268
182
Littelfuse
Inc
27,777
4,914
Universal
Display
Corp
1,205
212
$
6,036
Electronics
-
3.27%
Agilent
Technologies
Inc
2,022
167
Allegion
PLC
3,292
426
Amphenol
Corp
39,019
3,882
Coherent
Inc
(
e)
30,511
4,315
FLIR
Systems
Inc
106,090
5,468
Fortive
Corp
1,872
140
Jabil
Inc
1,269
49
Keysight
Technologies
Inc
(
e)
157,596
14,654
Mettler-Toledo
International
Inc
(
e)
693
525
National
Instruments
Corp
330
15
PerkinElmer
Inc
677
63
Sensata
Technologies
Holding
PLC
(
e)
2,781
131
Trimble
Inc
(
e)
125,046
5,317
Waters
Corp
(
e)
1,873
419
Woodward
Inc
1,830
213
$
35,784
Entertainment
-
1.19%
Lions
Gate
Entertainment
Corp
-
A
shares
(
d),(e)
192,255
1,909
Live
Nation
Entertainment
Inc
(
e)
5,308
362
Madison
Square
Garden
Co/
The
(
e)
95
28
Six
Flags
Entertainment
Corp
472
18
Vail
Resorts
Inc
(
d)
45,476
10,665
$
12,982
Environmental
Control
-
1.03%
Republic
Services
Inc
385
37
Waste
Connections
Inc
116,999
11,268
$
11,305
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Food
-
1.23%
Campbell
Soup
Co
3,459
$
167
Hershey
Co/The
5,222
810
Kellogg
Co
4,742
324
Lamb
Weston
Holdings
Inc
127,052
11,601
McCormick
&
Co
Inc/MD
2,250
368
Pilgrim's
Pride
Corp
(
e)
889
23
Post
Holdings
Inc
(
e)
1,077
113
Sprouts
Farmers
Market
Inc
(
e)
2,053
32
TreeHouse
Foods
Inc
(
e)
324
14
$
13,452
Hand
&
Machine
Tools
-
0.02%
Lincoln
Electric
Holdings
Inc
2,231
199
Healthcare
-
Products
-
6.21%
ABIOMED
Inc
(
e)
1,254
234
Align
Technology
Inc
(
e)
46,446
11,942
Avantor
Inc
(
e)
6,500
120
Bio-Techne
Corp
1,400
294
Bruker
Corp
4,001
198
Cantel
Medical
Corp
892
58
Cooper
Cos
Inc/The
30,944
10,734
DENTSPLY
SIRONA
Inc
63,338
3,547
Henry
Schein
Inc
(
e)
1,890
130
Hill-Rom
Holdings
Inc
1,430
152
Hologic
Inc
(
e)
9,172
491
IDEXX
Laboratories
Inc
(
e)
52,536
14,237
Insulet
Corp
(
e)
69,098
13,408
Masimo
Corp
(
e)
27,701
4,725
Penumbra
Inc
(
e)
1,190
209
ResMed
Inc
5,611
892
STERIS
PLC
708
107
Teleflex
Inc
14,715
5,467
Varian
Medical
Systems
Inc
(
e)
3,830
538
West
Pharmaceutical
Services
Inc
2,551
398
$
67,881
Healthcare
-
Services
-
2.49%
Centene
Corp
(
e)
107,720
6,766
Charles
River
Laboratories
International
Inc
(
e)
1,856
287
Chemed
Corp
8,822
4,120
Encompass
Health
Corp
2,037
157
ICON
PLC
(
e)
63,516
10,710
IQVIA
Holdings
Inc
(
e)
30,840
4,788
Laboratory
Corp
of
America
Holdings
(
e)
703
123
Molina
Healthcare
Inc
(
e)
2,324
286
$
27,237
Home
Builders
-
1.08%
DR
Horton
Inc
102,366
6,060
Lennar
Corp
-
A
Shares
78,521
5,211
Lennar
Corp
-
B
Shares
627
33
NVR
Inc
(
e)
144
549
$
11,853
Home
Furnishings
-
0.67%
Dolby
Laboratories
Inc
102,483
7,106
Tempur
Sealy
International
Inc
(
e)
1,886
173
$
7,279
Housewares
-
0.05%
Scotts
Miracle-Gro
Co/The
1,466
180
Toro
Co/The
4,921
394
$
574
Insurance
-
0.92%
Alleghany
Corp
(
e)
79
63
Arch
Capital
Group
Ltd
(
e)
2,621
116
Arthur
J
Gallagher
&
Co
88,974
9,126
Athene
Holding
Ltd
(
e)
2,277
99
Axis
Capital
Holdings
Ltd
464
30
Brown
&
Brown
Inc
881
39
Erie
Indemnity
Co
599
100
Everest
Re
Group
Ltd
548
152
Kemper
Corp
502
37
Schedule
of
Investments
MidCap
Growth
Fund
III
January
31,
2020
(unaudited)
See
accompanying
notes.
141
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Insurance
(continued)
Markel
Corp
(
e)
56
$
66
Primerica
Inc
1,117
132
RenaissanceRe
Holdings
Ltd
638
121
Voya
Financial
Inc
501
30
$
10,111
Internet
-
4.38%
Anaplan
Inc
(
e)
3,127
180
CDW
Corp/DE
102,366
13,354
Etsy
Inc
(
e)
98,984
4,831
Expedia
Group
Inc
3,398
369
F5
Networks
Inc
(
e)
2,825
345
FireEye
Inc
(
e)
7,596
121
GoDaddy
Inc
(
e)
4,980
335
Grubhub
Inc
(
d),(e)
3,313
179
IAC/
InterActiveCorp
(
e)
25,202
6,139
Match
Group
Inc
(
d),(e)
2,180
171
Okta
Inc
(
e)
2,893
370
Palo
Alto
Networks
Inc
(
e)
2,657
624
Pinterest
Inc
(
e)
160,205
3,529
Proofpoint
Inc
(
e)
2,108
259
Roku
Inc
(
e)
2,417
292
Shopify
Inc
(
e)
6,883
3,205
Spotify
Technology
SA
(
e)
4,569
646
TripAdvisor
Inc
3,820
104
Twitter
Inc
(
e)
205,420
6,673
VeriSign
Inc
(
e)
2,046
426
Zendesk
Inc
(
e)
66,229
5,722
$
47,874
Leisure
Products
&
Services
-
0.46%
Norwegian
Cruise
Line
Holdings
Ltd
(
e)
1,232
66
Planet
Fitness
Inc
(
e)
3,271
264
Polaris
Inc
2,057
189
Royal
Caribbean
Cruises
Ltd
38,938
4,559
$
5,078
Lodging
-
0.82%
Caesars
Entertainment
Corp
(
e)
523,785
7,160
Choice
Hotels
International
Inc
714
72
Hilton
Grand
Vacations
Inc
(
e)
1,011
32
Hilton
Worldwide
Holdings
Inc
11,257
1,214
MGM
Resorts
International
4,633
144
Wyndham
Hotels
&
Resorts
Inc
1,282
73
Wynn
Resorts
Ltd
2,293
289
$
8,984
Machinery
-
Construction
&
Mining
-
0.67%
BWX
Technologies
Inc
115,586
7,350
Machinery
-
Diversified
-
3.90%
Cognex
Corp
135,746
6,919
Dover
Corp
3,083
351
Gardner
Denver
Holdings
Inc
(
e)
159,542
5,633
Graco
Inc
155,277
8,253
IDEX
Corp
53,492
8,764
Nordson
Corp
2,419
409
Rockwell
Automation
Inc
43,577
8,352
Westinghouse
Air
Brake
Technologies
Corp
48,011
3,547
Xylem
Inc/NY
5,075
414
$
42,642
Media
-
1.88%
Altice
USA
Inc
(
e)
11,500
315
AMC
Networks
Inc
(
e)
1,682
61
Cable
One
Inc
7,716
13,148
FactSet
Research
Systems
Inc
1,061
304
Fox
Corp
-
A
Shares
963
36
Fox
Corp
-
B
Shares
926
34
New
York
Times
Co/The
1,391
44
Nexstar
Media
Group
Inc
1,317
159
Sinclair
Broadcast
Group
Inc
2,203
66
Sirius
XM
Holdings
Inc
863,952
6,108
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Media
(continued)
ViacomCBS
Inc
-
B
Shares
8,430
$
288
$
20,563
Mining
-
0.01%
Royal
Gold
Inc
773
89
Miscellaneous
Manufacturers
-
1.67%
AO
Smith
Corp
142,314
6,076
AptarGroup
Inc
42,480
4,907
Carlisle
Cos
Inc
2,321
363
Donaldson
Co
Inc
4,901
254
Hexcel
Corp
74,108
5,500
Ingersoll-Rand
PLC
8,876
1,182
$
18,282
Office
&
Business
Equipment
-
0.05%
Zebra
Technologies
Corp
(
e)
2,396
573
Oil
&
Gas
-
0.68%
Cabot
Oil
&
Gas
Corp
9,610
135
Diamondback
Energy
Inc
91,743
6,826
Parsley
Energy
Inc
5,888
98
Pioneer
Natural
Resources
Co
2,905
392
$
7,451
Oil
&
Gas
Services
-
0.51%
Baker
Hughes
Co
156,929
3,399
National
Oilwell
Varco
Inc
107,406
2,214
$
5,613
Packaging
&
Containers
-
0.51%
Ball
Corp
72,203
5,211
Berry
Global
Group
Inc
(
e)
1,933
82
Crown
Holdings
Inc
(
e)
3,350
248
Sealed
Air
Corp
468
17
$
5,558
Pharmaceuticals
-
3.23%
Agios
Pharmaceuticals
Inc
(
e)
235
11
AmerisourceBergen
Corp
6,508
557
DexCom
Inc
(
e)
62,079
14,946
Herbalife
Nutrition
Ltd
(
e)
613
24
Horizon
Therapeutics
Plc
(
e)
1,077
37
Jazz
Pharmaceuticals
PLC
(
e)
42,422
6,081
McKesson
Corp
1,365
195
Neurocrine
Biosciences
Inc
(
e)
3,282
328
PRA
Health
Sciences
Inc
(
e)
25,527
2,586
Sarepta
Therapeutics
Inc
(
e)
32,261
3,741
Zoetis
Inc
51,032
6,849
$
35,355
Pipelines
-
0.06%
Cheniere
Energy
Inc
(
e)
3,792
225
ONEOK
Inc
5,377
402
$
627
Real
Estate
-
0.03%
CBRE
Group
Inc
(
e)
5,458
333
Jones
Lang
LaSalle
Inc
173
30
$
363
REITs
-
1.24%
American
Homes
4
Rent
4,948
135
Americold
Realty
Trust
7,281
251
Brookfield
Property
REIT
Inc
3,236
60
CoreSite
Realty
Corp
1,163
137
Equity
LifeStyle
Properties
Inc
7,113
517
Extra
Space
Storage
Inc
4,139
458
Iron
Mountain
Inc
957
30
Lamar
Advertising
Co
3,244
301
SBA
Communications
Corp
45,906
11,457
Sun
Communities
Inc
1,146
186
UDR
Inc
429
20
$
13,552
Retail
-
7.72%
Advance
Auto
Parts
Inc
458
60
AutoZone
Inc
(
e)
6,023
6,372
Best
Buy
Co
Inc
2,989
253
Schedule
of
Investments
MidCap
Growth
Fund
III
January
31,
2020
(unaudited)
See
accompanying
notes.
142
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Retail
(continued)
Burlington
Stores
Inc
(
e)
92,900
$
20,203
CarMax
Inc
(
e)
2,223
216
Carvana
Co
(
e)
1,665
132
Casey's
General
Stores
Inc
343
55
Chipotle
Mexican
Grill
Inc
(
e)
6,527
5,658
Darden
Restaurants
Inc
5,316
619
Dollar
General
Corp
60,338
9,257
Dollar
Tree
Inc
(
e)
65,067
5,665
Domino's
Pizza
Inc
1,160
327
Dunkin'
Brands
Group
Inc
3,034
237
Five
Below
Inc
(
e)
74,714
8,459
Floor
&
Decor
Holdings
Inc
(
e)
2,570
127
L
Brands
Inc
1,780
41
Lululemon
Athletica
Inc
(
e)
35,698
8,545
Nordstrom
Inc
4,318
159
Ollie's
Bargain
Outlet
Holdings
Inc
(
e)
95,060
5,042
O'Reilly
Automotive
Inc
(
e)
28,747
11,674
Tractor
Supply
Co
3,376
314
Ulta
Beauty
Inc
(
e)
1,600
429
Wendy's
Co/The
7,146
155
Williams-Sonoma
Inc
791
55
Yum
China
Holdings
Inc
8,285
357
$
84,411
Semiconductors
-
5.19%
Advanced
Micro
Devices
Inc
(
e)
210,521
9,894
Entegris
Inc
4,920
255
IPG
Photonics
Corp
(
e)
24,172
3,086
KLA
Corp
6,522
1,081
Lam
Research
Corp
5,075
1,513
Marvell
Technology
Group
Ltd
143,948
3,460
Maxim
Integrated
Products
Inc
91,009
5,472
Microchip
Technology
Inc
173,082
16,872
Monolithic
Power
Systems
Inc
64,046
10,963
Skyworks
Solutions
Inc
1,553
176
Teradyne
Inc
8,075
533
Xilinx
Inc
40,886
3,454
$
56,759
Shipbuilding
-
0.02%
Huntington
Ingalls
Industries
Inc
913
238
Software
-
15.83%
Akamai
Technologies
Inc
(
e)
6,805
635
Alteryx
Inc
(
e)
36,358
5,071
ANSYS
Inc
(
e)
3,475
953
Aspen
Technology
Inc
(
e)
3,398
404
Atlassian
Corp
PLC
(
e)
2,983
439
Autodesk
Inc
(
e)
12,687
2,497
Black
Knight
Inc
(
e)
7,042
471
Broadridge
Financial
Solutions
Inc
72,054
8,585
Cadence
Design
Systems
Inc
(
e)
11,994
865
CDK
Global
Inc
4,821
259
Ceridian
HCM
Holding
Inc
(
e)
2,878
211
Cerner
Corp
60,966
4,379
Citrix
Systems
Inc
5,228
634
Coupa
Software
Inc
(
e)
1,733
279
DocuSign
Inc
(
e)
4,325
340
Dropbox
Inc
-
A
Shares
(
e)
8,501
145
Dynatrace
Inc
(
e)
1,389
43
Elastic
NV
(
e)
50,942
3,305
Fair
Isaac
Corp
(
e)
7,276
2,928
Fidelity
National
Information
Services
Inc
48,372
6,949
Fiserv
Inc
(
e)
129,878
15,405
Guidewire
Software
Inc
(
e)
2,310
260
HubSpot
Inc
(
e)
1,508
273
Jack
Henry
&
Associates
Inc
3,258
487
Manhattan
Associates
Inc
(
e)
2,607
223
Medallia
Inc
(
e)
572
16
MongoDB
Inc
(
e)
1,547
254
MSCI
Inc
25,664
7,335
New
Relic
Inc
(
e)
1,892
125
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Software
(continued)
Paychex
Inc
13,121
$
1,125
Paycom
Software
Inc
(
e)
1,396
444
Pegasystems
Inc
1,553
134
PTC
Inc
(
e)
60,553
5,033
RealPage
Inc
(
e)
132,159
7,712
RingCentral
Inc
(
e)
40,969
8,422
ServiceNow
Inc
(
e)
8,916
3,016
SolarWinds
Corp
(
e)
1,435
27
Splunk
Inc
(
e)
65,666
10,195
SS&C
Technologies
Holdings
Inc
9,175
578
Synopsys
Inc
(
e)
143,187
21,122
Take-Two
Interactive
Software
Inc
(
e)
111,608
13,911
Teradata
Corp
(
e)
4,712
115
Twilio
Inc
(
e)
3,387
421
Tyler
Technologies
Inc
(
e)
71,483
23,138
Veeva
Systems
Inc
(
e)
68,552
10,050
Workday
Inc
(
e)
21,131
3,901
Zynga
Inc
(
e)
8,329
50
$
173,164
Telecommunications
-
0.27%
Arista
Networks
Inc
(
e)
7,596
1,697
Corning
Inc
6,921
185
Motorola
Solutions
Inc
3,443
609
PagerDuty
Inc
(
e)
577
13
Switch
Inc
3,225
52
Ubiquiti
Inc
554
91
Zayo
Group
Holdings
Inc
(
e)
8,302
288
$
2,935
Toys,
Games
&
Hobbies
-
0.04%
Hasbro
Inc
3,519
358
Mattel
Inc
(
d),(e)
8,735
128
$
486
Transportation
-
0.51%
CH
Robinson
Worldwide
Inc
2,918
211
Expeditors
International
of
Washington
Inc
3,451
252
JB
Hunt
Transport
Services
Inc
739
80
Landstar
System
Inc
1,442
159
Old
Dominion
Freight
Line
Inc
24,139
4,737
XPO
Logistics
Inc
(
e)
2,094
186
$
5,625
TOTAL
COMMON
STOCKS
$
1,062,945
Total
Investments
$
1,096,787
Other
Assets
and
Liabilities
- (
0.25)%
(2,728)
TOTAL
NET
ASSETS
-
100.00%
$
1,094,059
(a)
Current
yield
shown
is
as
of
period
end.
(b)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$5,245
or
0.48%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
sub-schedule
for
transactional
information.
(d)
Security
or
a
portion
of
the
security
was
on
loan
at
the
end
of
the
period.
(e)
Non-income
producing
security
Schedule
of
Investments
MidCap
Growth
Fund
III
January
31,
2020
(unaudited)
See
accompanying
notes.
143
Portfolio
Summary (
unaudited)
Sector
Percent
Consumer,
Non-cyclical
29.56%
Technology
23.25%
Consumer,
Cyclical
16.75%
Industrial
15.46%
Communications
6.60%
Financial
3.71%
Money
Market
Funds
3.05%
Energy
1.25%
Basic
Materials
0.58%
Domestic
Equity
Funds
0.04%
Other
Assets
and
Liabilities
(
0.25)%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
1.43%
$
19,809
$
251,701
$
239,443
$
32,067
Principal
Healthcare
Innovators
Index
ETF
171
—
44
149
Principal
Shareholder
Yield
Index
ETF
306
—
44
267
Principal
Sustainable
Momentum
Index
ETF
56
—
14
44
$
20,342
$
251,701
$
239,545
$
32,527
Income
(a)
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Principal
Government
Money
Market
Fund
1.43%
$
92
$
—
$
—
$
—
Principal
Healthcare
Innovators
Index
ETF
—
4
—
18
Principal
Shareholder
Yield
Index
ETF
2
3
—
2
Principal
Sustainable
Momentum
Index
ETF
—
1
—
1
$
94
$
8
$
—
$
21
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
S&P
Mid
400
Emini
;
March
2020
Long
38
$
7,627
$
(204)
Total
$
(204)
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
MidCap
S&P
400
Index
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
144
INVESTMENT
COMPANIES
-
1.66%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0.18%
iShares
Core
S&P
Mid-Cap
ETF
10,900
$
2,185
Money
Market
Funds
-
1.48%
BlackRock
Liquidity
FedFund
1.49
%
(a),(b)
5,913,972
5,914
Principal
Government
Money
Market
Fund
1.43
%
(a),(c)
11,398,386
11,398
$
17,312
TOTAL
INVESTMENT
COMPANIES
$
19,497
COMMON
STOCKS
-
99.02%
Shares
Held
Value
(000's)
Aerospace
&
Defense
-
0.98%
Mercury
Systems
Inc
(
d)
36,195
2,778
Teledyne
Technologies
Inc
(
d)
23,770
8,677
$
11,455
Airlines
-
0.32%
JetBlue
Airways
Corp
(
d)
188,156
3,731
Apparel
-
0.99%
Carter's
Inc
28,775
3,052
Columbia
Sportswear
Co
18,924
1,777
Deckers
Outdoor
Corp
(
d)
18,236
3,482
Skechers
U.S.A.
Inc
(
d)
87,276
3,263
$
11,574
Automobile
Parts
&
Equipment
-
0.99%
Adient
PLC
(
d)
56,734
1,459
Dana
Inc
93,802
1,445
Delphi
Technologies
PLC
(
d)
56,097
861
Goodyear
Tire
&
Rubber
Co/The
151,573
1,990
Lear
Corp
35,865
4,418
Visteon
Corp
(
d)
18,224
1,454
$
11,627
Banks
-
6.93%
Associated
Banc-Corp
103,851
2,070
BancorpSouth
Bank
62,537
1,787
Bank
of
Hawaii
Corp
26,248
2,352
Bank
OZK
78,786
2,141
Cathay
General
Bancorp
49,350
1,780
CIT
Group
Inc
61,638
2,817
Commerce
Bancshares
Inc/
MO
(
e)
67,592
4,573
Cullen/Frost
Bankers
Inc
37,105
3,308
East
West
Bancorp
Inc
94,909
4,351
First
Financial
Bankshares
Inc
88,535
2,968
First
Horizon
National
Corp
202,810
3,245
FNB
Corp/PA
211,769
2,471
Fulton
Financial
Corp
106,967
1,762
Hancock
Whitney
Corp
56,842
2,259
Home
BancShares
Inc/AR
101,124
1,934
International
Bancshares
Corp
37,393
1,473
PacWest
Bancorp
78,098
2,737
Pinnacle
Financial
Partners
Inc
46,905
2,770
Prosperity
Bancshares
Inc
61,526
4,319
Signature
Bank/New
York
NY
35,190
4,993
Synovus
Financial
Corp
95,509
3,345
TCF
Financial
Corp
99,981
4,227
Texas
Capital
Bancshares
Inc
(
d)
32,796
1,802
Trustmark
Corp
41,880
1,339
UMB
Financial
Corp
28,155
1,871
Umpqua
Holdings
Corp
143,525
2,426
United
Bankshares
Inc/WV
66,171
2,270
Valley
National
Bancorp
255,281
2,688
Webster
Financial
Corp
59,979
2,691
Wintrust
Financial
Corp
37,196
2,354
$
81,123
Beverages
-
0.18%
Boston
Beer
Co
Inc/
The
(
d)
6,007
2,141
Biotechnology
-
1.48%
Arrowhead
Pharmaceuticals
Inc
(
d)
65,243
2,734
Bio-Rad
Laboratories
Inc
(
d)
14,084
5,083
Exelixis
Inc
(
d)
198,029
3,406
Ligand
Pharmaceuticals
Inc
(
d)
11,446
1,005
Nektar
Therapeutics
(
d)
114,656
2,281
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Biotechnology
(continued)
United
Therapeutics
Corp
(
d)
28,597
$
2,793
$
17,302
Building
Materials
-
1.88%
Eagle
Materials
Inc
27,133
2,474
Lennox
International
Inc
22,853
5,324
Louisiana-Pacific
Corp
76,550
2,348
MDU
Resources
Group
Inc
130,598
3,867
Owens
Corning
70,900
4,289
Trex
Co
Inc
(
d)
38,019
3,735
$
22,037
Chemicals
-
2.11%
Ashland
Global
Holdings
Inc
39,252
2,904
Cabot
Corp
37,136
1,480
Chemours
Co/The
106,560
1,478
Ingevity
Corp
(
d)
27,256
1,778
Minerals
Technologies
Inc
22,716
1,230
NewMarket
Corp
4,813
2,116
Olin
Corp
104,067
1,547
PolyOne
Corp
58,803
1,951
RPM
International
Inc
84,517
6,032
Sensient
Technologies
Corp
27,580
1,648
Valvoline
Inc
122,785
2,588
$
24,752
Commercial
Services
-
4.17%
Aaron's
Inc
43,765
2,598
Adtalem
Global
Education
Inc
(
d)
35,192
1,214
ASGN
Inc
(
d)
34,411
2,329
Avis
Budget
Group
Inc
(
d)
37,048
1,215
Brink's
Co/The
32,602
2,745
CoreLogic
Inc/United
States
51,826
2,410
FTI
Consulting
Inc
(
d)
24,525
2,944
Graham
Holdings
Co
2,836
1,558
Grand
Canyon
Education
Inc
(
d)
31,430
2,460
Green
Dot
Corp
(
d)
30,876
929
Healthcare
Services
Group
Inc
48,305
1,237
HealthEquity
Inc
(
d)
46,193
3,052
Insperity
Inc
24,505
2,141
LiveRamp
Holdings
Inc
(
d)
44,118
1,775
ManpowerGroup
Inc
38,428
3,516
Sabre
Corp
178,502
3,845
Service
Corp
International/US
119,127
5,712
WEX
Inc
(
d)
28,214
6,120
WW
International
Inc
(
d)
30,273
998
$
48,798
Computers
-
1.74%
CACI
International
Inc
(
d)
16,321
4,365
Lumentum
Holdings
Inc
(
d)
50,314
3,812
MAXIMUS
Inc
41,697
2,992
NCR
Corp
(
d)
83,161
2,804
NetScout
Systems
Inc
(
d)
42,922
1,103
Perspecta
Inc
89,619
2,516
Science
Applications
International
Corp
31,976
2,807
$
20,399
Consumer
Products
-
0.27%
Helen
of
Troy
Ltd
(
d)
16,401
3,101
Cosmetics
&
Personal
Care
-
0.08%
Edgewell
Personal
Care
Co
(
d)
35,327
912
Distribution
&
Wholesale
-
1.03%
KAR
Auction
Services
Inc
83,927
1,764
Pool
Corp
26,096
5,723
Resideo
Technologies
Inc
(
d)
80,044
815
Watsco
Inc
21,279
3,701
$
12,003
Diversified
Financial
Services
-
3.13%
Affiliated
Managers
Group
Inc
32,112
2,564
Deluxe
Corp
27,440
1,322
Eaton
Vance
Corp
73,740
3,373
Evercore
Inc
-
Class
A
25,475
1,952
Schedule
of
Investments
MidCap
S&P
400
Index
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
145
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Diversified
Financial
Services
(continued)
Federated
Hermes
Inc
62,614
$
2,268
Interactive
Brokers
Group
Inc
-
A
Shares
50,019
2,351
Janus
Henderson
Group
PLC
101,422
2,563
Jefferies
Financial
Group
Inc
164,170
3,553
Legg
Mason
Inc
53,178
2,082
LendingTree
Inc
(
d)
4,999
1,556
Navient
Corp
126,774
1,823
SEI
Investments
Co
82,258
5,368
SLM
Corp
275,149
3,005
Stifel
Financial
Corp
44,563
2,883
$
36,663
Electric
-
2.10%
ALLETE
Inc
33,674
2,811
Black
Hills
Corp
40,052
3,325
Hawaiian
Electric
Industries
Inc
71,021
3,474
IDACORP
Inc
32,846
3,685
NorthWestern
Corp
32,877
2,531
OGE
Energy
Corp
130,463
5,982
PNM
Resources
Inc
51,912
2,815
$
24,623
Electrical
Components
&
Equipment
-
1.79%
Acuity
Brands
Inc
25,826
3,044
Belden
Inc
25,182
1,241
Energizer
Holdings
Inc
41,929
1,940
EnerSys
27,558
1,983
Hubbell
Inc
35,447
5,077
Littelfuse
Inc
15,877
2,809
Universal
Display
Corp
27,634
4,868
$
20,962
Electronics
-
3.83%
Arrow
Electronics
Inc
(
d)
53,085
4,031
Avnet
Inc
65,801
2,401
Coherent
Inc
(
d)
15,742
2,226
Gentex
Corp
164,874
4,908
II-VI
Inc
(
d)
56,841
1,913
Jabil
Inc
90,538
3,521
National
Instruments
Corp
76,873
3,431
nVent
Electric
PLC
101,422
2,526
SYNNEX
Corp
26,630
3,669
Tech
Data
Corp
(
d)
23,087
3,323
Trimble
Inc
(
d)
162,374
6,904
Vishay
Intertechnology
Inc
86,256
1,750
Woodward
Inc
36,750
4,274
$
44,877
Energy
-
Alternate
Sources
-
0.47%
First
Solar
Inc
(
d)
49,461
2,452
SolarEdge
Technologies
Inc
(
d)
31,680
3,100
$
5,552
Engineering
&
Construction
-
1.30%
AECOM
(
d)
102,380
4,938
Dycom
Industries
Inc
(
d)
20,544
830
EMCOR
Group
Inc
36,596
3,007
Fluor
Corp
91,356
1,634
KBR
Inc
92,359
2,512
MasTec
Inc
(
d)
39,300
2,270
$
15,191
Entertainment
-
1.36%
Churchill
Downs
Inc
23,105
3,336
Cinemark
Holdings
Inc
69,478
2,189
Eldorado
Resorts
Inc
(
d)
42,576
2,545
Marriott
Vacations
Worldwide
Corp
24,389
2,933
Penn
National
Gaming
Inc
(
d)
71,011
2,118
Scientific
Games
Corp
(
d)
35,249
876
Six
Flags
Entertainment
Corp
51,230
1,953
$
15,950
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Environmental
Control
-
0.81%
Clean
Harbors
Inc
(
d)
33,463
$
2,751
Stericycle
Inc
(
d)
59,390
3,723
Tetra
Tech
Inc
35,577
3,045
$
9,519
Food
-
1.72%
Flowers
Foods
Inc
125,445
2,701
Hain
Celestial
Group
Inc/
The
(
d)
52,358
1,267
Ingredion
Inc
43,511
3,829
Lancaster
Colony
Corp
12,898
1,995
Pilgrim's
Pride
Corp
(
d)
34,156
890
Post
Holdings
Inc
(
d)
43,320
4,530
Sanderson
Farms
Inc
12,850
1,769
Sprouts
Farmers
Market
Inc
(
d)
76,996
1,203
Tootsie
Roll
Industries
Inc
(
e)
10,934
373
TreeHouse
Foods
Inc
(
d)
36,635
1,634
$
20,191
Forest
Products
&
Paper
-
0.11%
Domtar
Corp
37,326
1,300
Gas
-
1.66%
National
Fuel
Gas
Co
56,260
2,430
New
Jersey
Resources
Corp
62,243
2,572
ONE
Gas
Inc
34,369
3,248
Southwest
Gas
Holdings
Inc
35,600
2,688
Spire
Inc
33,223
2,801
UGI
Corp
136,221
5,666
$
19,405
Hand
&
Machine
Tools
-
1.06%
Colfax
Corp
(
d)
54,490
1,916
Kennametal
Inc
54,000
1,690
Lincoln
Electric
Holdings
Inc
39,855
3,554
MSA
Safety
Inc
23,228
3,150
Regal
Beloit
Corp
26,684
2,093
$
12,403
Healthcare
-
Products
-
4.19%
Avanos
Medical
Inc
(
d)
31,237
860
Bio-Techne
Corp
24,840
5,216
Cantel
Medical
Corp
24,420
1,589
Globus
Medical
Inc
(
d)
50,165
2,623
Haemonetics
Corp
(
d)
33,032
3,547
Hill-Rom
Holdings
Inc
43,512
4,634
ICU
Medical
Inc
(
d)
12,530
2,286
Integra
LifeSciences
Holdings
Corp
(
d)
46,447
2,557
LivaNova
PLC
(
d)
31,543
2,144
Masimo
Corp
(
d)
31,974
5,455
NuVasive
Inc
(
d)
33,937
2,617
Patterson
Cos
Inc
56,145
1,236
Penumbra
Inc
(
d)
20,936
3,673
Repligen
Corp
(
d)
30,534
3,065
West
Pharmaceutical
Services
Inc
48,223
7,520
$
49,022
Healthcare
-
Services
-
3.16%
Acadia
Healthcare
Co
Inc
(
d)
57,726
1,855
Amedisys
Inc
(
d)
21,024
3,711
Catalent
Inc
(
d)
95,355
5,826
Charles
River
Laboratories
International
Inc
(
d)
31,832
4,921
Chemed
Corp
10,434
4,873
Encompass
Health
Corp
64,261
4,950
MEDNAX
Inc
(
d)
54,939
1,268
Molina
Healthcare
Inc
(
d)
40,865
5,025
Syneos
Health
Inc
(
d)
40,587
2,490
Tenet
Healthcare
Corp
(
d)
67,711
2,142
$
37,061
Home
Builders
-
0.87%
KB
Home
55,832
2,096
Thor
Industries
Inc
35,974
2,897
Toll
Brothers
Inc
84,200
3,735
TRI
Pointe
Group
Inc
(
d)
90,748
1,476
$
10,204
Schedule
of
Investments
MidCap
S&P
400
Index
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
146
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Home
Furnishings
-
0.23%
Tempur
Sealy
International
Inc
(
d)
29,612
$
2,713
Housewares
-
0.75%
Scotts
Miracle-Gro
Co/The
25,823
3,170
Toro
Co/The
69,475
5,559
$
8,729
Insurance
-
5.23%
Alleghany
Corp
(
d)
9,383
7,484
American
Financial
Group
Inc/OH
48,781
5,307
Brighthouse
Financial
Inc
(
d)
71,213
2,770
Brown
&
Brown
Inc
152,410
6,843
CNO
Financial
Group
Inc
98,506
1,733
First
American
Financial
Corp
73,213
4,538
Genworth
Financial
Inc
328,031
1,345
Hanover
Insurance
Group
Inc/The
25,674
3,558
Kemper
Corp
40,829
3,038
Mercury
General
Corp
17,677
868
Old
Republic
International
Corp
185,978
4,194
Primerica
Inc
26,958
3,196
Reinsurance
Group
of
America
Inc
40,806
5,878
RenaissanceRe
Holdings
Ltd
28,783
5,453
RLI
Corp
26,007
2,419
Selective
Insurance
Group
Inc
38,714
2,565
$
61,189
Internet
-
0.87%
Etsy
Inc
(
d)
77,223
3,769
Grubhub
Inc
(
d)
59,600
3,228
TripAdvisor
Inc
68,478
1,871
Yelp
Inc
(
d)
41,636
1,357
$
10,225
Iron
&
Steel
-
1.23%
Allegheny
Technologies
Inc
(
d)
82,174
1,418
Carpenter
Technology
Corp
31,100
1,236
Commercial
Metals
Co
77,329
1,589
Reliance
Steel
&
Aluminum
Co
43,444
4,987
Steel
Dynamics
Inc
140,421
4,196
United
States
Steel
Corp
(
e)
110,821
1,005
$
14,431
Leisure
Products
&
Services
-
0.58%
Brunswick
Corp/DE
53,165
3,341
Polaris
Inc
37,478
3,442
$
6,783
Lodging
-
1.28%
Boyd
Gaming
Corp
52,164
1,557
Caesars
Entertainment
Corp
(
d)
363,763
4,973
Choice
Hotels
International
Inc
20,703
2,074
Wyndham
Destinations
Inc
59,117
2,869
Wyndham
Hotels
&
Resorts
Inc
62,024
3,546
$
15,019
Machinery
-
Construction
&
Mining
-
0.42%
Oshkosh
Corp
44,355
3,816
Terex
Corp
42,750
1,084
$
4,900
Machinery
-
Diversified
-
2.29%
AGCO
Corp
40,854
2,866
Cognex
Corp
111,381
5,677
Crane
Co
33,226
2,840
Curtiss-Wright
Corp
27,823
4,046
Graco
Inc
108,699
5,777
Nordson
Corp
33,347
5,631
$
26,837
Media
-
1.93%
AMC
Networks
Inc
(
d)
28,724
1,051
Cable
One
Inc
3,277
5,584
FactSet
Research
Systems
Inc
24,733
7,076
John
Wiley
&
Sons
Inc
28,513
1,244
Meredith
Corp
(
e)
26,197
787
New
York
Times
Co/The
93,690
2,999
TEGNA
Inc
141,365
2,389
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Media
(continued)
World
Wrestling
Entertainment
Inc
30,928
$
1,512
$
22,642
Metal
Fabrication
&
Hardware
-
0.44%
Timken
Co/The
44,184
2,321
Valmont
Industries
Inc
14,029
1,993
Worthington
Industries
Inc
24,055
885
$
5,199
Mining
-
0.53%
Compass
Minerals
International
Inc
22,082
1,278
Royal
Gold
Inc
42,750
4,930
$
6,208
Miscellaneous
Manufacturers
-
1.96%
AptarGroup
Inc
41,665
4,813
Axon
Enterprise
Inc
(
d)
38,676
2,971
Carlisle
Cos
Inc
36,937
5,771
Donaldson
Co
Inc
82,486
4,277
ITT
Inc
57,157
3,834
Trinity
Industries
Inc
63,968
1,300
$
22,966
Office
Furnishings
-
0.21%
Herman
Miller
Inc
38,491
1,488
HNI
Corp
27,910
1,004
$
2,492
Oil
&
Gas
-
1.29%
Chesapeake
Energy
Corp
(
d)
764,175
391
CNX
Resources
Corp
(
d)
121,607
879
EQT
Corp
166,613
1,008
Matador
Resources
Co
(
d)
71,457
1,048
Murphy
Oil
Corp
97,351
2,041
Murphy
USA
Inc
(
d)
18,847
1,926
Patterson-UTI
Energy
Inc
126,792
1,007
PBF
Energy
Inc
66,390
1,812
Transocean
Ltd
(
d)
374,851
1,709
WPX
Energy
Inc
(
d)
271,611
3,246
$
15,067
Oil
&
Gas
Services
-
0.26%
Apergy
Corp
(
d)
50,484
1,305
Core
Laboratories
NV
28,920
1,016
NOW
Inc
(
d)
70,909
710
$
3,031
Packaging
&
Containers
-
0.62%
Greif
Inc
-
Class
A
17,111
692
O-I
Glass
Inc
101,431
1,280
Silgan
Holdings
Inc
50,533
1,559
Sonoco
Products
Co
65,237
3,728
$
7,259
Pharmaceuticals
-
0.47%
PRA
Health
Sciences
Inc
(
d)
41,222
4,176
Prestige
Consumer
Healthcare
Inc
(
d)
32,737
1,328
$
5,504
Pipelines
-
0.19%
Antero
Midstream
Corp
(
e)
193,580
976
Equitrans
Midstream
Corp
132,822
1,284
$
2,260
Real
Estate
-
0.49%
Jones
Lang
LaSalle
Inc
33,588
5,704
REITs
-
10.77%
Alexander
&
Baldwin
Inc
44,268
968
American
Campus
Communities
Inc
89,553
4,108
Brixmor
Property
Group
Inc
194,120
3,875
Camden
Property
Trust
63,110
7,095
CoreCivic
Inc
77,618
1,238
CoreSite
Realty
Corp
24,562
2,885
Corporate
Office
Properties
Trust
73,032
2,174
Cousins
Properties
Inc
95,651
3,915
CyrusOne
Inc
73,776
4,489
Diversified
Healthcare
Trust
155,049
1,197
Douglas
Emmett
Inc
107,425
4,458
Schedule
of
Investments
MidCap
S&P
400
Index
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
147
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
REITs
(continued)
EastGroup
Properties
Inc
25,034
$
3,406
EPR
Properties
51,133
3,649
First
Industrial
Realty
Trust
Inc
82,739
3,533
GEO
Group
Inc/The
79,039
1,249
Healthcare
Realty
Trust
Inc
87,161
3,143
Highwoods
Properties
Inc
67,612
3,388
JBG
SMITH
Properties
76,925
3,119
Kilroy
Realty
Corp
63,564
5,249
Lamar
Advertising
Co
56,056
5,203
Liberty
Property
Trust
102,826
6,442
Life
Storage
Inc
30,404
3,441
Macerich
Co/The
71,812
1,602
Mack-Cali
Realty
Corp
59,017
1,296
Medical
Properties
Trust
Inc
337,240
7,470
National
Retail
Properties
Inc
111,864
6,264
Omega
Healthcare
Investors
Inc
142,407
5,974
Park
Hotels
&
Resorts
Inc
156,019
3,423
Pebblebrook
Hotel
Trust
85,139
2,020
PotlatchDeltic
Corp
43,809
1,884
PS
Business
Parks
Inc
13,054
2,187
Rayonier
Inc
84,278
2,560
Sabra
Health
Care
REIT
Inc
126,243
2,714
Service
Properties
Trust
107,254
2,315
Spirit
Realty
Capital
Inc
64,998
3,431
Taubman
Centers
Inc
39,899
1,054
Urban
Edge
Properties
75,055
1,380
Weingarten
Realty
Investors
78,829
2,294
$
126,092
Retail
-
5.09%
American
Eagle
Outfitters
Inc
103,513
1,491
AutoNation
Inc
(
d)
38,374
1,629
Bed
Bath
&
Beyond
Inc
(
e)
82,490
1,175
BJ's
Wholesale
Club
Holdings
Inc
(
d)
79,621
1,634
Brinker
International
Inc
24,356
1,040
Casey's
General
Stores
Inc
23,974
3,856
Cheesecake
Factory
Inc/The
26,763
1,028
Cracker
Barrel
Old
Country
Store
Inc
15,681
2,398
Dick's
Sporting
Goods
Inc
41,448
1,833
Dillard's
Inc
(
e)
6,426
390
Domino's
Pizza
Inc
26,658
7,511
Dunkin'
Brands
Group
Inc
53,990
4,216
FirstCash
Inc
27,817
2,419
Five
Below
Inc
(
d)
36,285
4,108
Foot
Locker
Inc
69,763
2,649
Jack
in
the
Box
Inc
15,414
1,260
MSC
Industrial
Direct
Co
Inc
29,356
1,998
Nu
Skin
Enterprises
Inc
36,202
1,180
Ollie's
Bargain
Outlet
Holdings
Inc
(
d)
35,639
1,890
Papa
John's
International
Inc
14,365
931
RH
(
d)
10,628
2,219
Sally
Beauty
Holdings
Inc
(
d)
75,815
1,164
Texas
Roadhouse
Inc
42,521
2,657
Urban
Outfitters
Inc
(
d)
45,974
1,177
Wendy's
Co/The
119,946
2,599
Williams-Sonoma
Inc
50,584
3,545
World
Fuel
Services
Corp
42,618
1,667
$
59,664
Savings
&
Loans
-
0.66%
New
York
Community
Bancorp
Inc
304,594
3,369
Sterling
Bancorp/DE
131,684
2,634
Washington
Federal
Inc
51,063
1,736
$
7,739
Semiconductors
-
3.10%
Cabot
Microelectronics
Corp
18,969
2,760
Cirrus
Logic
Inc
(
d)
37,668
2,893
Cree
Inc
(
d)
70,198
3,264
Cypress
Semiconductor
Corp
240,701
5,616
MKS
Instruments
Inc
35,527
3,724
Monolithic
Power
Systems
Inc
26,330
4,507
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Semiconductors
(continued)
Semtech
Corp
(
d)
43,174
$
2,081
Silicon
Laboratories
Inc
(
d)
28,267
2,779
Synaptics
Inc
(
d)
21,808
1,454
Teradyne
Inc
109,220
7,207
$
36,285
Software
-
3.93%
ACI
Worldwide
Inc
(
d)
75,342
2,595
Allscripts
Healthcare
Solutions
Inc
(
d)
105,822
908
Blackbaud
Inc
32,057
2,511
CDK
Global
Inc
79,119
4,247
Ceridian
HCM
Holding
Inc
(
d)
65,684
4,814
CommVault
Systems
Inc
(
d)
27,407
1,234
Fair
Isaac
Corp
(
d)
18,875
7,595
j2
Global
Inc
30,170
2,892
Manhattan
Associates
Inc
(
d)
41,647
3,559
PTC
Inc
(
d)
67,742
5,631
Teradata
Corp
(
d)
73,321
1,785
Tyler
Technologies
Inc
(
d)
25,409
8,224
$
45,995
Telecommunications
-
1.01%
Ciena
Corp
(
d)
100,821
4,100
InterDigital
Inc
20,290
1,121
LogMeIn
Inc
31,816
2,735
Telephone
&
Data
Systems
Inc
63,740
1,446
ViaSat
Inc
(
d)
37,585
2,392
$
11,794
Toys,
Games
&
Hobbies
-
0.28%
Mattel
Inc
(
d)
225,970
3,306
Transportation
-
1.43%
Kirby
Corp
(
d)
39,069
2,863
Knight-Swift
Transportation
Holdings
Inc
80,077
2,969
Landstar
System
Inc
25,721
2,849
Ryder
System
Inc
34,730
1,657
Werner
Enterprises
Inc
28,865
1,064
XPO
Logistics
Inc
(
d)
60,155
5,349
$
16,751
Trucking
&
Leasing
-
0.15%
GATX
Corp
22,877
1,742
Water
-
0.62%
Essential
Utilities
Inc
140,673
7,307
TOTAL
COMMON
STOCKS
$
1,159,711
Total
Investments
$
1,179,208
Other
Assets
and
Liabilities
- (
0.68)%
(7,998)
TOTAL
NET
ASSETS
-
100.00%
$
1,171,210
(a)
Current
yield
shown
is
as
of
period
end.
(b)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$5,914
or
0.50%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
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.
Schedule
of
Investments
MidCap
S&P
400
Index
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
148
Portfolio
Summary (
unaudited)
Sector
Percent
Financial
27.21%
Industrial
18.96%
Consumer,
Non-cyclical
15.72%
Consumer,
Cyclical
13.98%
Technology
8.77%
Utilities
4.38%
Basic
Materials
3.98%
Communications
3.81%
Energy
2.21%
Money
Market
Funds
1.48%
Investment
Companies
0.18%
Other
Assets
and
Liabilities
(
0.68)%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
1.43%
$
10,157
$
94,527
$
93,286
$
11,398
$
10,157
$
94,527
$
93,286
$
11,398
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Principal
Government
Money
Market
Fund
1.43%
$
51
$
—
$
—
$
—
$
51
$
—
$
—
$
—
Amounts
in
thousands.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
S&P
Mid
400
Emini
;
March
2020
Long
46
$
9,232
$
(234)
Total
$
(234)
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
MidCap
Value
Fund
I
January
31,
2020
(unaudited)
See
accompanying
notes.
149
INVESTMENT
COMPANIES
-
2.13%
Shares
Held
Value
(000's)
Money
Market
Funds
-
2.12%
BlackRock
Liquidity
FedFund
1.49%
(a),(b)
711,161
$
711
Principal
Government
Money
Market
Fund
1.43%
(a),(c)
52,022,884
52,023
$
52,734
Principal
Exchange-Traded
Funds
-
0.01%
Principal
Shareholder
Yield
Index
ETF
(c)
5,218
172
Principal
Sustainable
Momentum
Index
ETF
(c)
5,142
150
Principal
U.S.
Small-Cap
Multi-Factor
Index
ETF
(c)
422
13
$
335
TOTAL
INVESTMENT
COMPANIES
$
53,069
COMMON
STOCKS
-
98.15%
Shares
Held
Value
(000's)
Advertising
-
0.92%
Interpublic
Group
of
Cos
Inc/The
981,691
22,284
Omnicom
Group
Inc
9,091
685
$
22,969
Aerospace
&
Defense
-
0.18%
Arconic
Inc
33,710
1,010
L3Harris
Technologies
Inc
9,004
1,993
Spirit
AeroSystems
Holdings
Inc
464
30
Teledyne
Technologies
Inc
(d)
3,169
1,157
TransDigm
Group
Inc
535
344
$
4,534
Agriculture
-
1.71%
Archer-Daniels-Midland
Co
937,656
41,970
Bunge
Ltd
13,468
706
$
42,676
Airlines
-
1.48%
Alaska
Air
Group
Inc
442,245
28,565
American
Airlines
Group
Inc
20,497
550
Copa
Holdings
SA
39,195
3,840
JetBlue
Airways
Corp
(d)
21,285
422
United
Airlines
Holdings
Inc
(d)
47,572
3,558
$
36,935
Apparel
-
1.48%
Capri
Holdings
Ltd
(d)
6,425
192
Carter's
Inc
328,826
34,879
Columbia
Sportswear
Co
1,049
99
Hanesbrands
Inc
7,134
98
PVH
Corp
4,272
372
Ralph
Lauren
Corp
3,873
440
Skechers
U.S.A.
Inc
(d)
7,077
265
Tapestry
Inc
16,044
413
Under
Armour
Inc
-
Class
C
(d)
5,677
102
$
36,860
Automobile
Manufacturers
-
0.16%
Cummins
Inc
12,018
1,923
PACCAR
Inc
27,396
2,033
$
3,956
Automobile
Parts
&
Equipment
-
1.07%
Aptiv
PLC
33,471
2,838
BorgWarner
Inc
672,736
23,068
Goodyear
Tire
&
Rubber
Co/The
18,400
242
Lear
Corp
3,543
436
WABCO
Holdings
Inc
(d)
509
69
$
26,653
Banks
-
5.06%
Associated
Banc-Corp
13,149
262
Bank
of
Hawaii
Corp
39,867
3,572
Bank
OZK
10,184
277
BankUnited
Inc
74,136
2,446
CIT
Group
Inc
7,058
323
Citizens
Financial
Group
Inc
37,203
1,387
Comerica
Inc
12,925
790
Commerce
Bancshares
Inc/MO
(e)
5,895
399
Cullen/Frost
Bankers
Inc
4,286
382
East
West
Bancorp
Inc
8,424
386
Fifth
Third
Bancorp
59,241
1,685
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Banks
(continued)
First
Citizens
BancShares
Inc/NC
582
$
307
First
Hawaiian
Inc
109,118
3,171
First
Horizon
National
Corp
382,131
6,114
First
Republic
Bank/CA
7,907
877
FNB
Corp/PA
171,907
2,006
Huntington
Bancshares
Inc/OH
59,694
810
KeyCorp
83,191
1,557
M&T
Bank
Corp
10,914
1,839
Northern
Trust
Corp
11,318
1,107
PacWest
Bancorp
9,539
334
Pinnacle
Financial
Partners
Inc
6,033
356
Popular
Inc
113,573
6,356
Prosperity
Bancshares
Inc
393,182
27,602
Regions
Financial
Corp
84,155
1,310
Signature
Bank/New
York
NY
3,353
476
State
Street
Corp
92,996
7,033
SVB
Financial
Group
(d)
4,249
1,021
Synovus
Financial
Corp
10,373
363
TCF
Financial
Corp
393,218
16,625
Texas
Capital
Bancshares
Inc
(d)
4,069
224
Umpqua
Holdings
Corp
130,088
2,198
Webster
Financial
Corp
24,840
1,114
Western
Alliance
Bancorp
122,997
6,794
Wintrust
Financial
Corp
4,358
276
Zions
Bancorp
NA
533,317
24,261
$
126,040
Beverages
-
0.04%
Brown-Forman
Corp
-
A
Shares
447
29
Brown-Forman
Corp
-
B
Shares
514
35
Molson
Coors
Beverage
Co
16,435
913
$
977
Biotechnology
-
0.12%
Alnylam
Pharmaceuticals
Inc
(d)
1,275
146
Bio-Rad
Laboratories
Inc
(d)
1,226
442
Bluebird
Bio
Inc
(d)
4,077
325
Corteva
Inc
43,588
1,261
Exelixis
Inc
(d)
13,083
225
Moderna
Inc
(d)
1,172
24
Nektar
Therapeutics
(d)
10,576
210
United
Therapeutics
Corp
(d)
3,202
313
$
2,946
Building
Materials
-
1.45%
Eagle
Materials
Inc
812
74
Fortune
Brands
Home
&
Security
Inc
9,698
666
Lennox
International
Inc
137
32
Martin
Marietta
Materials
Inc
14,552
3,839
Masco
Corp
16,557
787
MDU
Resources
Group
Inc
261,779
7,751
Owens
Corning
321,957
19,476
Vulcan
Materials
Co
24,050
3,406
$
36,031
Chemicals
-
2.36%
Albemarle
Corp
6,087
489
Axalta
Coating
Systems
Ltd
(d)
24,891
717
Cabot
Corp
4,784
191
Celanese
Corp
10,162
1,052
CF
Industries
Holdings
Inc
17,220
694
Chemours
Co/The
13,622
189
Eastman
Chemical
Co
391,014
27,867
FMC
Corp
7,509
718
Huntsman
Corp
17,208
354
International
Flavors
&
Fragrances
Inc
(e)
6,198
812
Mosaic
Co/The
30,437
604
NewMarket
Corp
69
30
Olin
Corp
13,304
198
RPM
International
Inc
9,373
669
Univar
Solutions
Inc
(d)
12,922
278
Valvoline
Inc
149,950
3,161
Schedule
of
Investments
MidCap
Value
Fund
I
January
31,
2020
(unaudited)
See
accompanying
notes.
150
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Chemicals
(continued)
Westlake
Chemical
Corp
339,190
$
20,758
$
58,781
Commercial
Services
-
2.05%
ADT
Inc
(e)
13,057
81
AMERCO
690
256
Aramark
21,451
947
CoreLogic
Inc/United
States
6,251
291
Equifax
Inc
1,060
159
Graham
Holdings
Co
357
196
Grand
Canyon
Education
Inc
(d)
84,973
6,652
H&R
Block
Inc
426,599
9,897
IHS
Markit
Ltd
13,204
1,041
Macquarie
Infrastructure
Corp
6,077
268
ManpowerGroup
Inc
273,281
25,002
Nielsen
Holdings
PLC
112,613
2,297
Quanta
Services
Inc
75,008
2,937
Sabre
Corp
18,249
393
Service
Corp
International/US
11,310
542
United
Rentals
Inc
(d)
1,268
172
$
51,131
Computers
-
4.18%
Amdocs
Ltd
11,614
836
CACI
International
Inc
(d)
1,971
527
DXC
Technology
Co
398,855
12,716
Genpact
Ltd
434,600
19,240
Hewlett
Packard
Enterprise
Co
1,319,590
18,382
Leidos
Holdings
Inc
252,113
25,329
MAXIMUS
Inc
361,200
25,916
Western
Digital
Corp
17,286
1,132
$
104,078
Consumer
Products
-
3.20%
Avery
Dennison
Corp
208,509
27,365
Clorox
Co/The
157,646
24,799
Kimberly-Clark
Corp
190,900
27,344
Spectrum
Brands
Holdings
Inc
3,382
208
$
79,716
Cosmetics
&
Personal
Care
-
0.01%
Coty
Inc
23,267
239
Distribution
&
Wholesale
-
0.08%
Fastenal
Co
3,134
109
HD
Supply
Holdings
Inc
(d)
9,619
392
IAA
Inc
(d)
1,459
69
KAR
Auction
Services
Inc
1,203
25
LKQ
Corp
(d)
23,665
774
Watsco
Inc
2,657
462
WESCO
International
Inc
(d)
3,604
174
$
2,005
Diversified
Financial
Services
-
2.74%
Air
Lease
Corp
7,903
339
Alliance
Data
Systems
Corp
2,943
302
Ally
Financial
Inc
34,679
1,111
Ameriprise
Financial
Inc
9,270
1,533
BGC
Partners
Inc
24,850
143
Cboe
Global
Markets
Inc
81,692
10,066
Discover
Financial
Services
17,532
1,317
E*TRADE
Financial
Corp
607,714
25,901
Eaton
Vance
Corp
63,887
2,923
Evercore
Inc
-
Class
A
2,250
172
Franklin
Resources
Inc
16,039
406
Invesco
Ltd
22,128
383
Janus
Henderson
Group
PLC
12,877
325
Jefferies
Financial
Group
Inc
21,099
457
Lazard
Ltd
5,429
228
Legg
Mason
Inc
7,207
282
Nasdaq
Inc
6,655
775
Navient
Corp
171,429
2,465
OneMain
Holdings
Inc
87,114
3,691
Raymond
James
Financial
Inc
8,889
813
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Diversified
Financial
Services
(continued)
Santander
Consumer
USA
Holdings
Inc
9,102
$
242
SEI
Investments
Co
3,871
253
SLM
Corp
34,303
375
Synchrony
Financial
242,292
7,853
T
Rowe
Price
Group
Inc
38,638
5,160
Western
Union
Co/The
28,456
765
$
68,280
Electric
-
5.19%
AES
Corp/VA
66,296
1,317
Alliant
Energy
Corp
411,956
24,453
Ameren
Corp
14,227
1,167
Avangrid
Inc
4,165
222
CenterPoint
Energy
Inc
29,167
772
CMS
Energy
Corp
25,615
1,755
Consolidated
Edison
Inc
28,226
2,653
DTE
Energy
Co
170,296
22,583
Edison
International
29,967
2,294
Entergy
Corp
17,595
2,314
Evergy
Inc
21,659
1,563
Eversource
Energy
18,817
1,739
FirstEnergy
Corp
47,232
2,399
Hawaiian
Electric
Industries
Inc
8,029
393
IDACORP
Inc
59,792
6,708
NRG
Energy
Inc
321,300
11,853
OGE
Energy
Corp
11,600
532
PG&E
Corp
(d)
39,299
598
Pinnacle
West
Capital
Corp
6,511
636
PPL
Corp
155,074
5,613
Public
Service
Enterprise
Group
Inc
29,326
1,736
Sempra
Energy
23,210
3,728
Vistra
Energy
Corp
370,189
8,336
WEC
Energy
Group
Inc
26,527
2,650
Xcel
Energy
Inc
308,465
21,343
$
129,357
Electrical
Components
&
Equipment
-
0.79%
Acuity
Brands
Inc
2,334
275
AMETEK
Inc
32,674
3,174
Energizer
Holdings
Inc
4,812
223
Hubbell
Inc
108,979
15,609
Littelfuse
Inc
1,853
328
$
19,609
Electronics
-
3.12%
Agilent
Technologies
Inc
16,283
1,344
Allegion
PLC
3,101
401
Arrow
Electronics
Inc
(d)
7,895
600
Avnet
Inc
8,177
298
Coherent
Inc
(d)
129,315
18,289
Flex
Ltd
(d)
2,171,000
28,549
FLIR
Systems
Inc
11,645
600
Fortive
Corp
13,312
998
Garmin
Ltd
118,048
11,445
Gentex
Corp
23,580
702
Jabil
Inc
174,246
6,776
National
Instruments
Corp
9,837
439
nVent
Electric
PLC
12,521
312
PerkinElmer
Inc
4,979
460
Sensata
Technologies
Holding
PLC
(d)
5,253
248
SYNNEX
Corp
26,147
3,602
Trimble
Inc
(d)
18,627
792
Woodward
Inc
17,074
1,986
$
77,841
Energy
-
Alternate
Sources
-
0.07%
First
Solar
Inc
(d)
37,413
1,855
Engineering
&
Construction
-
0.10%
AECOM
(d)
32,963
1,590
frontdoor
Inc
(d)
7,018
299
Jacobs
Engineering
Group
Inc
7,657
708
$
2,597
Schedule
of
Investments
MidCap
Value
Fund
I
January
31,
2020
(unaudited)
See
accompanying
notes.
151
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Entertainment
-
0.87%
Cinemark
Holdings
Inc
661,426
$
20,842
International
Game
Technology
PLC
8,607
116
Madison
Square
Garden
Co/The
(d)
1,296
384
Six
Flags
Entertainment
Corp
5,707
218
Vail
Resorts
Inc
271
63
$
21,623
Environmental
Control
-
1.12%
Clean
Harbors
Inc
(d)
46,948
3,861
Pentair
PLC
9,673
415
Republic
Services
Inc
242,855
23,083
Stericycle
Inc
(d)
6,783
425
$
27,784
Food
-
3.83%
Campbell
Soup
Co
8,991
435
Conagra
Brands
Inc
28,015
922
Flowers
Foods
Inc
15,930
343
Hain
Celestial
Group
Inc/The
(d)
6,416
155
Hershey
Co/The
2,545
395
Hormel
Foods
Corp
346,137
16,359
Ingredion
Inc
5,336
469
JM
Smucker
Co/The
10,025
1,039
Kellogg
Co
8,822
602
Kroger
Co/The
1,180,876
31,718
Lamb
Weston
Holdings
Inc
6,288
574
McCormick
&
Co
Inc/MD
2,504
409
Pilgrim's
Pride
Corp
(d)
120,063
3,128
Post
Holdings
Inc
(d)
2,061
215
Seaboard
Corp
21
81
Sprouts
Farmers
Market
Inc
(d)
635,473
9,933
Sysco
Corp
307,000
25,217
TreeHouse
Foods
Inc
(d)
3,920
175
Tyson
Foods
Inc
30,740
2,540
US
Foods
Holding
Corp
(d)
20,603
828
$
95,537
Forest
Products
&
Paper
-
0.06%
Domtar
Corp
5,020
175
International
Paper
Co
32,994
1,343
$
1,518
Gas
-
0.25%
Atmos
Energy
Corp
6,787
794
National
Fuel
Gas
Co
100,118
4,324
NiSource
Inc
21,648
635
UGI
Corp
12,048
501
$
6,254
Hand
&
Machine
Tools
-
0.11%
Colfax
Corp
(d)
7,416
261
Lincoln
Electric
Holdings
Inc
697
62
Regal
Beloit
Corp
3,452
271
Snap-on
Inc
4,988
796
Stanley
Black
&
Decker
Inc
8,800
1,402
$
2,792
Healthcare
-
Products
-
1.90%
Adaptive
Biotechnologies
Corp
(d)
276
8
Avantor
Inc
(d)
6,792
126
Bruker
Corp
50,330
2,490
Cantel
Medical
Corp
1,294
84
Cooper
Cos
Inc/The
2,439
846
DENTSPLY
SIRONA
Inc
56,181
3,146
Envista
Holdings
Corp
(d)
327,850
9,701
Henry
Schein
Inc
(d)
11,492
792
Hill-Rom
Holdings
Inc
3,443
367
Hologic
Inc
(d)
3,034
162
ICU
Medical
Inc
(d)
996
182
Integra
LifeSciences
Holdings
Corp
(d)
5,273
290
QIAGEN
NV
(d)
374,467
12,649
STERIS
PLC
65,092
9,809
West
Pharmaceutical
Services
Inc
1,035
161
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Healthcare
-
Products
(continued)
Zimmer
Biomet
Holdings
Inc
44,741
$
6,618
$
47,431
Healthcare
-
Services
-
2.65%
Acadia
Healthcare
Co
Inc
(d)
6,464
208
Catalent
Inc
(d)
8,417
514
Centene
Corp
(d)
6,366
400
DaVita
Inc
(d)
9,035
722
Encompass
Health
Corp
5,265
406
Five
Star
Senior
Living
Inc
(d)
9,492
43
IQVIA
Holdings
Inc
(d)
26,620
4,133
Laboratory
Corp
of
America
Holdings
(d)
7,542
1,323
MEDNAX
Inc
(d)
6,080
140
Molina
Healthcare
Inc
(d)
105,013
12,913
Quest
Diagnostics
Inc
401,218
44,402
Universal
Health
Services
Inc
6,720
921
$
66,125
Home
Builders
-
0.61%
DR
Horton
Inc
27,863
1,649
Lennar
Corp
-
A
Shares
14,646
972
Lennar
Corp
-
B
Shares
1,611
85
PulteGroup
Inc
264,052
11,790
Thor
Industries
Inc
4,131
333
Toll
Brothers
Inc
10,578
469
$
15,298
Home
Furnishings
-
0.06%
Dolby
Laboratories
Inc
4,766
331
Leggett
&
Platt
Inc
12,382
589
Whirlpool
Corp
3,598
526
$
1,446
Housewares
-
0.15%
Newell
Brands
Inc
189,582
3,702
Insurance
-
10.12%
Aflac
Inc
303,000
15,626
Alleghany
Corp
(d)
47,630
37,992
Allstate
Corp/The
183,000
21,693
American
Financial
Group
Inc/OH
264,765
28,804
American
National
Insurance
Co
10,615
1,169
Arch
Capital
Group
Ltd
(d)
29,166
1,288
Arthur
J
Gallagher
&
Co
172,139
17,656
Assurant
Inc
5,951
777
Assured
Guaranty
Ltd
55,522
2,545
Athene
Holding
Ltd
(d)
10,530
459
Axis
Capital
Holdings
Ltd
5,905
379
Brighthouse
Financial
Inc
(d)
8,840
344
Brown
&
Brown
Inc
12,889
579
Cincinnati
Financial
Corp
39,856
4,183
CNA
Financial
Corp
2,780
124
Equitable
Holdings
Inc
39,192
941
Everest
Re
Group
Ltd
76,412
21,133
Fidelity
National
Financial
Inc
458,894
22,371
First
American
Financial
Corp
133,209
8,256
Globe
Life
Inc
9,569
998
Hanover
Insurance
Group
Inc/The
3,167
439
Hartford
Financial
Services
Group
Inc/The
30,378
1,801
Kemper
Corp
45,300
3,372
Lincoln
National
Corp
11,585
631
Loews
Corp
14,870
765
Markel
Corp
(d)
4,503
5,282
Mercury
General
Corp
2,647
130
MGIC
Investment
Corp
428,059
5,903
Old
Republic
International
Corp
803,903
18,128
Primerica
Inc
990
117
Reinsurance
Group
of
America
Inc
5,965
859
RenaissanceRe
Holdings
Ltd
37,346
7,075
Unum
Group
16,542
442
Voya
Financial
Inc
12,304
735
White
Mountains
Insurance
Group
Ltd
249
278
Willis
Towers
Watson
PLC
7,494
1,583
Schedule
of
Investments
MidCap
Value
Fund
I
January
31,
2020
(unaudited)
See
accompanying
notes.
152
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Insurance
(continued)
WR
Berkley
Corp
235,766
$
17,336
$
252,193
Internet
-
0.48%
Expedia
Group
Inc
1,056
115
F5
Networks
Inc
(d)
1,415
173
IAC/InterActiveCorp
(d)
2,728
664
Lyft
Inc
(d)
9,852
468
NortonLifeLock
Inc
33,624
956
TripAdvisor
Inc
1,144
31
VeriSign
Inc
(d)
43,025
8,955
Zillow
Group
Inc
-
A
Shares
(d)
4,445
205
Zillow
Group
Inc
-
C
Shares
(d)
9,582
443
$
12,010
Iron
&
Steel
-
1.84%
Nucor
Corp
25,795
1,225
Reliance
Steel
&
Aluminum
Co
244,125
28,026
Steel
Dynamics
Inc
548,792
16,398
United
States
Steel
Corp
(e)
14,905
135
$
45,784
Leisure
Products
&
Services
-
0.16%
Brunswick
Corp/DE
6,598
415
Harley-Davidson
Inc
11,795
394
Norwegian
Cruise
Line
Holdings
Ltd
(d)
14,737
794
Polaris
Inc
801
74
Royal
Caribbean
Cruises
Ltd
18,823
2,203
$
3,880
Lodging
-
0.13%
Caesars
Entertainment
Corp
(d)
33,428
457
Choice
Hotels
International
Inc
1,785
179
Extended
Stay
America
Inc
15,564
201
Hilton
Grand
Vacations
Inc
(d)
6,502
208
Hyatt
Hotels
Corp
3,091
261
MGM
Resorts
International
38,337
1,191
Wyndham
Destinations
Inc
7,318
355
Wyndham
Hotels
&
Resorts
Inc
5,360
306
Wynn
Resorts
Ltd
970
122
$
3,280
Machinery
-
Construction
&
Mining
-
0.02%
BWX
Technologies
Inc
2,535
161
Oshkosh
Corp
3,945
340
$
501
Machinery
-
Diversified
-
1.90%
AGCO
Corp
322,855
22,645
Crane
Co
4,086
349
Curtiss-Wright
Corp
80,033
11,639
Dover
Corp
12,117
1,380
Flowserve
Corp
5,933
277
Gardner
Denver
Holdings
Inc
(d)
10,236
361
Gates
Industrial
Corp
PLC
(d)
6,360
79
GrafTech
International
Ltd
6,688
72
IDEX
Corp
7,240
1,187
Nordson
Corp
1,406
237
Westinghouse
Air
Brake
Technologies
Corp
7,518
555
Xylem
Inc/NY
104,300
8,517
$
47,298
Media
-
1.00%
Discovery
Inc
-
A
Shares
(d)
13,166
385
Discovery
Inc
-
C
Shares
(d)
28,700
797
DISH
Network
Corp
(d)
22,280
819
Fox
Corp
-
A
Shares
18,402
682
Fox
Corp
-
B
Shares
11,670
424
John
Wiley
&
Sons
Inc
3,790
165
Liberty
Broadband
Corp
-
A
Shares
(d)
2,031
267
Liberty
Broadband
Corp
-
C
Shares
(d)
6,127
815
Liberty
Media
Corp-Liberty
Formula
One
-
A
Shares
(d)
2,334
104
Liberty
Media
Corp-Liberty
Formula
One
-
C
Shares
(d)
16,915
792
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Media
(continued)
Liberty
Media
Corp-Liberty
SiriusXM
-
A
Shares
(d)
6,798
$
330
Liberty
Media
Corp-Liberty
SiriusXM
-
C
Shares
(d)
14,320
702
New
York
Times
Co/The
10,317
330
News
Corp
-
A
Shares
30,020
409
News
Corp
-
B
Shares
10,649
149
Nexstar
Media
Group
Inc
905
110
ViacomCBS
Inc
-
A
Shares
(e)
422
16
ViacomCBS
Inc
-
B
Shares
515,231
17,585
$
24,881
Metal
Fabrication
&
Hardware
-
0.08%
Timken
Co/The
32,711
1,718
Valmont
Industries
Inc
1,817
258
$
1,976
Mining
-
1.05%
Alcoa
Corp
(d)
72,110
1,005
Freeport-McMoRan
Inc
84,153
934
Newmont
Corp
310,758
14,003
Royal
Gold
Inc
89,531
10,325
$
26,267
Miscellaneous
Manufacturers
-
3.26%
AO
Smith
Corp
6,558
280
AptarGroup
Inc
147,874
17,081
Carlisle
Cos
Inc
1,626
254
Hexcel
Corp
87,971
6,529
Ingersoll-Rand
PLC
2,290
305
ITT
Inc
63,083
4,231
Parker-Hannifin
Corp
113,807
22,271
Textron
Inc
660,673
30,345
$
81,296
Office
&
Business
Equipment
-
0.03%
Xerox
Holdings
Corp
17,624
627
Oil
&
Gas
-
3.50%
Apache
Corp
70,541
1,936
Cabot
Oil
&
Gas
Corp
21,886
308
Cimarex
Energy
Co
454,944
19,967
Concho
Resources
Inc
11,549
875
Continental
Resources
Inc/OK
6,880
187
Devon
Energy
Corp
996,375
21,642
Diamondback
Energy
Inc
7,366
548
EQT
Corp
20,462
124
Helmerich
&
Payne
Inc
8,385
340
Hess
Corp
15,609
883
HollyFrontier
Corp
15,207
683
Kosmos
Energy
Ltd
31,386
161
Marathon
Oil
Corp
72,746
827
Murphy
Oil
Corp
33,867
710
Noble
Energy
Inc
27,512
544
Parsley
Energy
Inc
929,497
15,467
Patterson-UTI
Energy
Inc
16,260
129
PBF
Energy
Inc
9,845
269
Pioneer
Natural
Resources
Co
8,299
1,120
Transocean
Ltd
(d)
44,287
202
Valero
Energy
Corp
235,000
19,813
WPX
Energy
Inc
(d)
32,583
389
$
87,124
Oil
&
Gas
Services
-
0.18%
Apergy
Corp
(d)
6,510
168
Baker
Hughes
Co
56,500
1,224
Halliburton
Co
50,576
1,103
National
Oilwell
Varco
Inc
101,603
2,094
$
4,589
Packaging
&
Containers
-
0.77%
Ardagh
Group
SA
2,979
57
Berry
Global
Group
Inc
(d)
6,485
276
Crown
Holdings
Inc
(d)
6,149
455
Graphic
Packaging
Holding
Co
22,869
357
Schedule
of
Investments
MidCap
Value
Fund
I
January
31,
2020
(unaudited)
See
accompanying
notes.
153
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Packaging
&
Containers
(continued)
O-I
Glass
Inc
13,111
$
165
Packaging
Corp
of
America
133,391
12,772
Sealed
Air
Corp
34,081
1,210
Silgan
Holdings
Inc
6,635
205
Sonoco
Products
Co
46,672
2,667
Westrock
Co
22,795
889
$
19,053
Pharmaceuticals
-
1.80%
Agios
Pharmaceuticals
Inc
(d)
3,990
194
Alkermes
PLC
(d)
11,562
201
AmerisourceBergen
Corp
290,000
24,812
Cardinal
Health
Inc
90,501
4,635
Covetrus
Inc
(d),(e)
7,211
89
Elanco
Animal
Health
Inc
(d)
21,698
671
Herbalife
Nutrition
Ltd
(d)
127,896
4,969
Horizon
Therapeutics
Plc
(d)
9,551
329
Jazz
Pharmaceuticals
PLC
(d)
1,275
183
McKesson
Corp
12,900
1,840
Mylan
NV
(d)
29,740
637
Perrigo
Co
PLC
11,571
660
Premier
Inc
(d)
165,293
5,747
$
44,967
Pipelines
-
0.44%
Antero
Midstream
Corp
(e)
20,073
101
Cheniere
Energy
Inc
(d)
5,728
339
Equitrans
Midstream
Corp
14,541
141
ONEOK
Inc
55,586
4,161
Targa
Resources
Corp
13,282
485
Williams
Cos
Inc/The
273,143
5,652
$
10,879
Real
Estate
-
0.21%
CBRE
Group
Inc
(d)
72,694
4,438
Jones
Lang
LaSalle
Inc
4,658
791
$
5,229
REITs
-
10.06%
AGNC
Investment
Corp
31,401
584
Alexandria
Real
Estate
Equities
Inc
6,607
1,078
American
Campus
Communities
Inc
10,760
494
American
Homes
4
Rent
18,272
499
Annaly
Capital
Management
Inc
82,988
810
Apartment
Investment
&
Management
Co
14,285
753
Apple
Hospitality
REIT
Inc
91,370
1,372
AvalonBay
Communities
Inc
31,851
6,902
Boston
Properties
Inc
36,573
5,243
Brandywine
Realty
Trust
160,626
2,509
Brixmor
Property
Group
Inc
23,967
478
Camden
Property
Trust
8,789
988
Chimera
Investment
Corp
14,911
316
Columbia
Property
Trust
Inc
113,460
2,394
CoreSite
Realty
Corp
871
102
Corporate
Office
Properties
Trust
9,793
292
Cousins
Properties
Inc
11,664
477
CubeSmart
14,912
472
CyrusOne
Inc
6,494
395
Digital
Realty
Trust
Inc
12,070
1,485
Douglas
Emmett
Inc
17,109
710
Duke
Realty
Corp
33,528
1,217
Empire
State
Realty
Trust
Inc
13,649
185
EPR
Properties
6,072
433
Equity
Commonwealth
233,547
7,659
Equity
Residential
65,767
5,464
Essex
Property
Trust
Inc
13,742
4,257
Extra
Space
Storage
Inc
1,386
153
Federal
Realty
Investment
Trust
4,331
542
Gaming
and
Leisure
Properties
Inc
20,268
958
Healthcare
Trust
of
America
Inc
1,006,839
32,249
Healthpeak
Properties
Inc
97,942
3,525
Highwoods
Properties
Inc
679,200
34,035
Host
Hotels
&
Resorts
Inc
62,592
1,023
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
REITs
(continued)
Hudson
Pacific
Properties
Inc
12,142
$
441
Invitation
Homes
Inc
47,206
1,486
Iron
Mountain
Inc
14,689
464
JBG
SMITH
Properties
9,718
394
Kilroy
Realty
Corp
10,289
850
Kimco
Realty
Corp
38,969
742
Lamar
Advertising
Co
333,200
30,924
Liberty
Property
Trust
9,036
566
Life
Storage
Inc
101,661
11,506
Medical
Properties
Trust
Inc
29,789
660
MFA
Financial
Inc
37,599
293
Mid-America
Apartment
Communities
Inc
10,176
1,396
National
Retail
Properties
Inc
355,174
19,890
New
Residential
Investment
Corp
23,934
401
Omega
Healthcare
Investors
Inc
20,146
845
Outfront
Media
Inc
127,829
3,802
Paramount
Group
Inc
349,510
4,914
Park
Hotels
&
Resorts
Inc
18,138
398
Public
Storage
99,000
22,152
Rayonier
Inc
10,148
308
Realty
Income
Corp
18,936
1,485
Regency
Centers
Corp
9,654
599
Retail
Properties
of
America
Inc
166,443
2,022
Retail
Value
Inc
5,207
171
Service
Properties
Trust
181,311
3,912
SITE
Centers
Corp
14,123
180
SL
Green
Realty
Corp
4,635
427
Spirit
Realty
Capital
Inc
8,284
437
Starwood
Property
Trust
Inc
27,773
713
STORE
Capital
Corp
21,774
855
Sun
Communities
Inc
6,596
1,070
Two
Harbors
Investment
Corp
21,892
334
UDR
Inc
62,664
3,002
Ventas
Inc
21,628
1,251
VEREIT
Inc
99,005
966
VICI
Properties
Inc
43,125
1,156
Vornado
Realty
Trust
10,034
660
Weingarten
Realty
Investors
155,188
4,516
Welltower
Inc
23,546
1,999
Weyerhaeuser
Co
60,901
1,763
WP
Carey
Inc
9,924
835
$
250,838
Retail
-
3.27%
Advance
Auto
Parts
Inc
2,930
386
AutoNation
Inc
(d)
188,414
7,996
AutoZone
Inc
(d)
2,110
2,232
Best
Buy
Co
Inc
45,631
3,865
CarMax
Inc
(d)
5,029
488
Casey's
General
Stores
Inc
2,226
358
Darden
Restaurants
Inc
233,600
27,198
Dick's
Sporting
Goods
Inc
5,409
239
Dollar
General
Corp
2,121
325
Dollar
Tree
Inc
(d)
6,272
546
Dunkin'
Brands
Group
Inc
79,554
6,212
Foot
Locker
Inc
8,424
320
Gap
Inc/The
16,528
288
Genuine
Parts
Co
11,682
1,093
Kohl's
Corp
9,214
394
L
Brands
Inc
14,966
347
MSC
Industrial
Direct
Co
Inc
41,212
2,805
Nu
Skin
Enterprises
Inc
4,849
158
Penske
Automotive
Group
Inc
3,087
145
Qurate
Retail
Inc
(d)
29,582
252
Tiffany
&
Co
7,009
939
Urban
Outfitters
Inc
(d)
5,687
146
Williams-Sonoma
Inc
33,191
2,326
Yum
China
Holdings
Inc
103,778
4,470
Yum!
Brands
Inc
170,800
18,066
$
81,594
Schedule
of
Investments
MidCap
Value
Fund
I
January
31,
2020
(unaudited)
See
accompanying
notes.
154
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Savings
&
Loans
-
0.14%
New
York
Community
Bancorp
Inc
35,137
$
389
People's
United
Financial
Inc
25,429
392
Sterling
Bancorp/DE
140,668
2,813
$
3,594
Semiconductors
-
2.10%
Analog
Devices
Inc
20,928
2,297
Cypress
Semiconductor
Corp
21,305
497
IPG
Photonics
Corp
(d)
2,502
320
KLA
Corp
61,300
10,160
Lam
Research
Corp
13,958
4,162
Marvell
Technology
Group
Ltd
38,528
926
Maxim
Integrated
Products
Inc
14,901
896
Microchip
Technology
Inc
9,708
946
MKS
Instruments
Inc
4,412
463
ON
Semiconductor
Corp
(d)
23,672
548
Qorvo
Inc
(d)
106,285
11,251
Skyworks
Solutions
Inc
152,144
17,215
Teradyne
Inc
38,595
2,547
$
52,228
Shipbuilding
-
0.01%
Huntington
Ingalls
Industries
Inc
1,280
334
Software
-
1.99%
Akamai
Technologies
Inc
(d)
2,183
204
Cerence
Inc
(d)
4,373
93
Change
Healthcare
Inc
(d)
1,362
21
Citrix
Systems
Inc
86,125
10,441
Jack
Henry
&
Associates
Inc
553
83
Nuance
Communications
Inc
(d)
1,547,826
29,285
SS&C
Technologies
Holdings
Inc
1,308
82
Synopsys
Inc
(d)
41,102
6,063
Take-Two
Interactive
Software
Inc
(d)
24,026
2,994
Zynga
Inc
(d)
52,890
318
$
49,584
Telecommunications
-
1.56%
CenturyLink
Inc
205,145
2,802
Ciena
Corp
(d)
132,738
5,399
CommScope
Holding
Co
Inc
(d)
15,016
183
Corning
Inc
30,075
803
EchoStar
Corp
(d)
4,447
178
GCI
Liberty
Inc
(d)
5,673
415
Juniper
Networks
Inc
19,280
442
LogMeIn
Inc
3,961
341
Motorola
Solutions
Inc
156,800
27,753
Telephone
&
Data
Systems
Inc
7,815
177
United
States
Cellular
Corp
(d)
1,133
36
ViaSat
Inc
(d)
4,379
279
$
38,808
Textiles
-
0.49%
Mohawk
Industries
Inc
(d)
93,421
12,302
Transportation
-
1.94%
CH
Robinson
Worldwide
Inc
1,828
132
Expeditors
International
of
Washington
Inc
2,868
210
JB
Hunt
Transport
Services
Inc
169,516
18,296
Kansas
City
Southern
8,452
1,426
Kirby
Corp
(d)
4,516
331
Landstar
System
Inc
246,472
27,296
Old
Dominion
Freight
Line
Inc
2,176
427
Schneider
National
Inc
4,616
103
XPO
Logistics
Inc
(d)
2,216
197
$
48,418
Water
-
0.45%
American
Water
Works
Co
Inc
77,952
10,617
Essential
Utilities
Inc
12,530
651
$
11,268
TOTAL
COMMON
STOCKS
$
2,446,378
Total
Investments
$
2,499,447
Other
Assets
and
Liabilities
- (0.28)%
(7,072)
TOTAL
NET
ASSETS
-
100.00%
$
2,492,375
(a)
Current
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
$711
or
0.03%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
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.
Portfolio
Summary (unaudited)
Sector
Percent
Financial
28.33%
Consumer,
Non-cyclical
17.31%
Industrial
14.85%
Consumer,
Cyclical
10.01%
Technology
8.30%
Utilities
5.89%
Basic
Materials
5.31%
Energy
4.19%
Communications
3.96%
Money
Market
Funds
2.12%
Domestic
Equity
Funds
0.01%
Other
Assets
and
Liabilities
(0.28)%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
MidCap
Value
Fund
I
January
31,
2020
(unaudited)
See
accompanying
notes.
155
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
1.43%
$
87,362
$
315,308
$
350,647
$
52,023
Principal
Shareholder
Yield
Index
ETF
170
—
—
172
Principal
Sustainable
Momentum
Index
ETF
144
—
—
150
Principal
U.S.
Small-Cap
Multi-Factor
Index
ETF
13
—
—
13
$
87,689
$
315,308
$
350,647
$
52,358
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Principal
Government
Money
Market
Fund
1.43%
$
237
$
—
$
—
$
—
Principal
Shareholder
Yield
Index
ETF
1
—
—
2
Principal
Sustainable
Momentum
Index
ETF
1
—
—
6
Principal
U.S.
Small-Cap
Multi-Factor
Index
ETF
—
—
—
—
$
239
$
—
$
—
$
8
Amounts
in
thousands.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
S&P
Mid
400
Emini;
March
2020
Long
96
$
19,267
$
(634)
Total
$
(634)
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
Overseas
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
156
INVESTMENT
COMPANIES
-
1.69%
Shares
Held
Value
(000's)
Money
Market
Funds
-
1.67%
BlackRock
Liquidity
FedFund
1.49%
(a),(b)
1,333,971
$
1,335
Principal
Government
Money
Market
Fund
1.43%
(a),(c)
45,693,501
45,693
$
47,028
Principal
Exchange-Traded
Funds
-
0.02%
Principal
International
Multi-Factor
Core
Index
ETF
(c)
19,000
495
TOTAL
INVESTMENT
COMPANIES
$
47,523
COMMON
STOCKS
-
96.05%
Shares
Held
Value
(000's)
Advertising
-
0.04%
Publicis
Groupe
SA
9,957
442
WPP
PLC
67,171
835
$
1,277
Aerospace
&
Defense
-
2.89%
Airbus
SE
316,026
46,413
BAE
Systems
PLC
178,273
1,482
Kawasaki
Heavy
Industries
Ltd
7,200
142
Leonardo
SpA
10,591
130
Meggitt
PLC
58,160
518
Rolls-Royce
Holdings
PLC
(d)
3,706,304
32,646
$
81,331
Agriculture
-
2.68%
British
American
Tobacco
PLC
998,664
44,036
Imperial
Brands
PLC
43,891
1,125
Japan
Tobacco
Inc
1,429,400
30,224
$
75,385
Airlines
-
0.73%
easyJet
PLC
11,894
218
Japan
Airlines
Co
Ltd
8,800
248
Ryanair
Holdings
PLC
ADR
(d)
232,175
20,109
$
20,575
Apparel
-
0.19%
Gildan
Activewear
Inc
188,591
5,226
Yue
Yuen
Industrial
Holdings
Ltd
55,000
153
$
5,379
Automobile
Manufacturers
-
1.41%
Bayerische
Motoren
Werke
AG
17,453
1,243
Daimler
AG
41,857
1,938
Fiat
Chrysler
Automobiles
NV
57,225
746
Hino
Motors
Ltd
21,700
203
Honda
Motor
Co
Ltd
941,500
24,080
Isuzu
Motors
Ltd
41,200
404
Nissan
Motor
Co
Ltd
106,900
580
Peugeot
SA
22,011
453
Subaru
Corp
32,000
800
Toyota
Motor
Corp
117,910
8,198
Volkswagen
AG
2,431
445
Volvo
AB
-
B
Shares
38,929
665
$
39,755
Automobile
Parts
&
Equipment
-
0.21%
Bridgestone
Corp
26,100
924
Cie
Generale
des
Etablissements
Michelin
SCA
9,007
1,045
Continental
AG
5,798
662
Denso
Corp
22,300
915
Faurecia
SE
5,677
271
JTEKT
Corp
10,200
108
NGK
Insulators
Ltd
12,800
215
Nokian
Renkaat
OYJ
9,348
251
Sumitomo
Electric
Industries
Ltd
39,000
520
Sumitomo
Rubber
Industries
Ltd
13,000
143
Toyoda
Gosei
Co
Ltd
5,000
113
Toyota
Industries
Corp
10,800
584
Yokohama
Rubber
Co
Ltd/The
9,100
155
$
5,906
Banks
-
13.03%
Aozora
Bank
Ltd
9,000
243
Australia
&
New
Zealand
Banking
Group
Ltd
130,486
2,221
Banco
Bilbao
Vizcaya
Argentaria
SA
357,908
1,853
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Banks
(continued)
Banco
Santander
SA
764,968
$
3,015
Bank
Hapoalim
BM
60,884
523
Bank
Leumi
Le-Israel
BM
79,419
571
Bank
of
East
Asia
Ltd/The
49,200
106
Bank
of
Ireland
Group
PLC
72,367
352
Bank
of
Kyoto
Ltd/The
3,900
156
Barclays
PLC
15,479,942
34,185
BNP
Paribas
SA
1,219,087
64,694
BOC
Hong
Kong
Holdings
Ltd
190,300
629
CaixaBank
SA
4,812,494
14,066
Canadian
Imperial
Bank
of
Commerce
119,605
9,753
Chiba
Bank
Ltd/The
40,800
221
Commonwealth
Bank
of
Australia
101,771
5,762
Credit
Agricole
SA
61,940
837
Credit
Suisse
Group
AG
(d)
89,128
1,127
Danske
Bank
A/S
29,759
497
DBS
Group
Holdings
Ltd
59,800
1,102
DNB
ASA
50,900
890
Erste
Group
Bank
AG
(d)
16,147
593
Grupo
Financiero
Banorte
SAB
de
CV
4,653,908
28,681
Hang
Seng
Bank
Ltd
39,300
794
HSBC
Holdings
PLC
929,132
6,755
ING
Groep
NV
1,691,215
18,362
Intesa
Sanpaolo
SpA
798,882
1,984
Israel
Discount
Bank
Ltd
30,497
138
Japan
Post
Bank
Co
Ltd
30,500
282
KBC
Group
NV
13,399
983
Lloyds
Banking
Group
PLC
11,998,043
8,957
Mediobanca
Banca
di
Credito
Finanziario
SpA
46,490
464
Mitsubishi
UFJ
Financial
Group
Inc
629,200
3,231
Mizrahi
Tefahot
Bank
Ltd
10,528
287
Mizuho
Financial
Group
Inc
1,234,400
1,831
National
Australia
Bank
Ltd
132,680
2,266
Natixis
SA
70,717
299
Nordea
Bank
Abp
149,148
1,177
Oversea-Chinese
Banking
Corp
Ltd
165,900
1,305
Raiffeisen
Bank
International
AG
11,080
252
Resona
Holdings
Inc
156,500
645
Royal
Bank
of
Scotland
Group
PLC
222,662
638
Seven
Bank
Ltd
6,916,400
20,684
Shinsei
Bank
Ltd
14,700
225
Shizuoka
Bank
Ltd/The
34,000
239
Siam
Commercial
Bank
PCL/The
5,627,500
17,555
Skandinaviska
Enskilda
Banken
AB
87,363
863
Societe
Generale
SA
43,493
1,407
Standard
Chartered
PLC
146,330
1,217
Sumitomo
Mitsui
Financial
Group
Inc
614,400
21,602
Sumitomo
Mitsui
Trust
Holdings
Inc
17,007
627
Svenska
Handelsbanken
AB
70,710
693
Swedbank
AB
41,692
640
UBS
Group
AG
(d)
207,028
2,571
UniCredit
SpA
3,396,455
45,367
United
Overseas
Bank
Ltd
1,500,300
27,984
Westpac
Banking
Corp
160,652
2,685
$
367,086
Beverages
-
1.15%
Coca-Cola
European
Partners
PLC
618,548
32,542
Building
Materials
-
0.93%
AGC
Inc/Japan
13,700
462
Cie
de
Saint-Gobain
27,373
1,033
HeidelbergCement
AG
7,638
515
LafargeHolcim
Ltd
(d)
464,994
23,631
LIXIL
Group
Corp
20,000
332
Taiheiyo
Cement
Corp
9,200
248
$
26,221
Chemicals
-
7.03%
Air
Liquide
SA
176,773
25,559
Akzo
Nobel
NV
204,902
19,336
Arkema
SA
5,148
472
Schedule
of
Investments
Overseas
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
157
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Chemicals
(continued)
Asahi
Kasei
Corp
64,600
$
661
BASF
SE
733,139
49,485
Brenntag
AG
535,241
27,699
Daicel
Corp
19,000
180
EMS-Chemie
Holding
AG
213
139
Evonik
Industries
AG
13,955
382
Johnson
Matthey
PLC
353,055
12,105
JSR
Corp
14,500
258
Linde
PLC
284,517
57,950
Mitsubishi
Chemical
Holdings
Corp
65,700
475
Mitsubishi
Gas
Chemical
Co
Inc
12,200
185
Mitsui
Chemicals
Inc
13,900
305
Nitto
Denko
Corp
11,800
656
Showa
Denko
KK
10,300
246
Solvay
SA
5,545
575
Sumitomo
Chemical
Co
Ltd
111,500
474
Toray
Industries
Inc
103,600
678
Tosoh
Corp
19,600
276
$
198,096
Commercial
Services
-
1.55%
Adecco
Group
AG
8,633
506
Atlantia
SpA
22,814
560
China
Merchants
Port
Holdings
Co
Ltd
4,524,151
6,959
Dai
Nippon
Printing
Co
Ltd
18,300
505
ISS
A/S
781,861
18,938
Randstad
NV
8,918
512
RELX
PLC
555,887
14,749
Secom
Co
Ltd
5,400
474
Toppan
Printing
Co
Ltd
21,000
418
$
43,621
Computers
-
0.06%
Atos
SE
7,351
609
Fujitsu
Ltd
9,900
1,047
$
1,656
Distribution
&
Wholesale
-
2.11%
ITOCHU
Corp
34,900
815
Marubeni
Corp
81,100
583
Mitsubishi
Corp
45,700
1,171
Mitsui
&
Co
Ltd
85,900
1,528
Sumitomo
Corp
1,759,800
26,176
Toyota
Tsusho
Corp
15,900
550
Travis
Perkins
PLC
1,400,440
28,607
$
59,430
Diversified
Financial
Services
-
2.97%
AerCap
Holdings
NV
(d)
9,202
521
Amundi
SA
(e)
4,528
367
CI
Financial
Corp
666,100
11,672
Credit
Saison
Co
Ltd
12,000
192
Julius
Baer
Group
Ltd
578,608
28,912
Mebuki
Financial
Group
Inc
66,100
146
Mitsubishi
UFJ
Lease
&
Finance
Co
Ltd
30,300
190
Nomura
Holdings
Inc
169,900
870
ORIX
Corp
1,698,000
28,683
Samsung
Securities
Co
Ltd
381,810
11,154
Schroders
PLC
9,302
394
Standard
Life
Aberdeen
PLC
110,453
439
Tokyo
Century
Corp
3,000
153
$
83,693
Electric
-
3.91%
AGL
Energy
Ltd
49,088
651
AusNet
Services
137,930
162
Chubu
Electric
Power
Co
Inc
48,200
655
Chugoku
Electric
Power
Co
Inc/The
20,900
276
CLP
Holdings
Ltd
85,500
889
E.ON
SE
103,350
1,171
EDP
-
Energias
de
Portugal
SA
124,531
624
Electric
Power
Development
Co
Ltd
11,200
253
Electricite
de
France
SA
45,619
563
Endesa
SA
23,781
653
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Electric
(continued)
Enel
SpA
2,885,540
$
25,151
Engie
SA
1,660,514
28,583
Fortum
Oyj
869,326
21,038
HK
Electric
Investments
&
HK
Electric
Investments
Ltd
200,000
200
Iberdrola
SA
283,296
3,100
Kansai
Electric
Power
Co
Inc/The
52,700
591
Meridian
Energy
Ltd
95,923
330
Origin
Energy
Ltd
90,083
487
Power
Assets
Holdings
Ltd
72,000
520
Red
Electrica
Corp
SA
32,398
648
Sembcorp
Industries
Ltd
36,700
57
SSE
PLC
1,120,502
22,304
Tohoku
Electric
Power
Co
Inc
32,200
302
Tokyo
Electric
Power
Co
Holdings
Inc
(d)
114,300
453
Uniper
SE
15,066
494
$
110,155
Electrical
Components
&
Equipment
-
0.12%
Brother
Industries
Ltd
16,900
326
Schneider
Electric
SE
30,763
3,068
$
3,394
Electronics
-
1.69%
ABB
Ltd
1,725,136
40,164
Alps
Alpine
Co
Ltd
15,700
282
Murata
Manufacturing
Co
Ltd
126,600
7,168
$
47,614
Engineering
&
Construction
-
0.68%
ACS
Actividades
de
Construccion
y
Servicios
SA
14,566
484
Auckland
International
Airport
Ltd
47,151
262
Balfour
Beatty
PLC
3,267,924
11,449
Beijing
Capital
International
Airport
Co
Ltd
362,000
292
Bouygues
SA
12,413
490
CK
Infrastructure
Holdings
Ltd
51,000
356
Fraport
AG
Frankfurt
Airport
Services
Worldwide
3,112
232
Kajima
Corp
33,800
429
NWS
Holdings
Ltd
78,000
100
Obayashi
Corp
48,800
535
Shimizu
Corp
28,900
296
Skanska
AB
25,463
589
Taisei
Corp
9,700
387
Vinci
SA
28,419
3,149
$
19,050
Entertainment
-
0.04%
Flutter
Entertainment
PLC
5,850
663
GVC
Holdings
PLC
43,559
504
$
1,167
Food
-
4.13%
Aryzta
AG
(d),(f)
2,557,500
2,564
Associated
British
Foods
PLC
801,347
27,738
Carrefour
SA
1,056,605
17,879
Dairy
Farm
International
Holdings
Ltd
9,600
49
Danone
SA
239,030
19,128
J
Sainsbury
PLC
132,469
353
Jardine
Strategic
Holdings
Ltd
16,416
502
Koninklijke
Ahold
Delhaize
NV
61,375
1,506
Nisshin
Seifun
Group
Inc
7,500
128
Orkla
ASA
1,797,840
17,356
Seven
&
i
Holdings
Co
Ltd
702,500
26,936
Tesco
PLC
507,754
1,652
Toyo
Suisan
Kaisha
Ltd
3,400
143
Wm
Morrison
Supermarkets
PLC
179,651
431
$
116,365
Food
Service
-
1.04%
Elior
Group
SA
(e)
2,090,730
29,312
Forest
Products
&
Paper
-
0.08%
Mondi
PLC
23,594
480
Oji
Holdings
Corp
64,500
328
Smurfit
Kappa
Group
PLC
16,901
584
Schedule
of
Investments
Overseas
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
158
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Forest
Products
&
Paper
(continued)
UPM-Kymmene
Oyj
27,395
$
863
$
2,255
Gas
-
0.66%
Centrica
PLC
435,503
488
Enagas
SA
18,607
502
Hong
Kong
&
China
Gas
Co
Ltd
267,000
511
National
Grid
PLC
189,302
2,515
Naturgy
Energy
Group
SA
22,070
582
Osaka
Gas
Co
Ltd
28,200
477
Snam
SpA
2,395,682
12,840
Toho
Gas
Co
Ltd
3,600
139
Tokyo
Gas
Co
Ltd
28,200
620
$
18,674
Hand
&
Machine
Tools
-
0.01%
Amada
Holdings
Co
Ltd
24,900
259
Healthcare
-
Products
-
0.97%
Koninklijke
Philips
NV
597,226
27,351
Healthcare
-
Services
-
0.03%
Fresenius
SE
&
Co
KGaA
19,229
982
Holding
Companies
-
Diversified
-
0.08%
CK
Hutchison
Holdings
Ltd
139,000
1,228
Jardine
Matheson
Holdings
Ltd
11,163
622
Swire
Pacific
Ltd
37,500
330
$
2,180
Home
Builders
-
0.13%
Barratt
Developments
PLC
53,675
568
Daiwa
House
Industry
Co
Ltd
30,100
948
Iida
Group
Holdings
Co
Ltd
11,200
189
Persimmon
PLC
16,795
676
Sekisui
House
Ltd
(f)
32,300
695
Taylor
Wimpey
PLC
245,496
696
$
3,772
Home
Furnishings
-
0.10%
Panasonic
Corp
114,300
1,136
Sony
Corp
22,800
1,594
$
2,730
Insurance
-
5.58%
Admiral
Group
PLC
14,159
422
Aegon
NV
133,333
540
Ageas
9,583
528
Allianz
SE
14,800
3,533
Assicurazioni
Generali
SpA
58,986
1,149
Aviva
PLC
3,215,917
16,853
AXA
SA
1,260,452
33,517
Challenger
Ltd
41,149
244
CNP
Assurances
12,854
231
Dai-ichi
Life
Holdings
Inc
55,300
821
Gjensidige
Forsikring
ASA
5,244
114
Hannover
Rueck
SE
3,234
628
Japan
Post
Holdings
Co
Ltd
80,700
734
Japan
Post
Insurance
Co
Ltd
17,100
289
Legal
&
General
Group
PLC
320,160
1,288
Manulife
Financial
Corp
632,798
12,327
Medibank
Pvt
Ltd
72,153
148
MS&AD
Insurance
Group
Holdings
Inc
24,200
804
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
3,874
1,142
NN
Group
NV
16,424
570
Prudential
PLC
2,417,143
42,978
Sampo
Oyj
510,657
23,117
Sompo
Holdings
Inc
217,400
8,123
Sony
Financial
Holdings
Inc
7,500
173
Suncorp
Group
Ltd
72,488
619
Swiss
Life
Holding
AG
1,801
905
Swiss
Re
AG
13,559
1,531
T&D
Holdings
Inc
41,600
443
Zurich
Insurance
Group
AG
8,028
3,333
$
157,104
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Internet
-
1.07%
Baidu
Inc
ADR
(d)
237,701
$
29,370
Trend
Micro
Inc/Japan
3,100
162
Z
Holdings
Corp
122,500
487
$
30,019
Investment
Companies
-
0.08%
BGP
Holdings
PLC
(d),(g),(h)
738,711
—
EXOR
NV
4,055
299
Groupe
Bruxelles
Lambert
SA
6,037
607
Investor
AB
15,891
870
Kinnevik
AB
18,088
436
L
E
Lundbergforetagen
AB
2,838
123
$
2,335
Iron
&
Steel
-
0.07%
ArcelorMittal
SA
30,572
449
Fortescue
Metals
Group
Ltd
73,643
546
JFE
Holdings
Inc
37,000
438
Nippon
Steel
Corp
41,300
573
$
2,006
Leisure
Products
&
Services
-
0.04%
Carnival
PLC
11,975
489
TUI
AG
33,002
338
Yamaha
Motor
Co
Ltd
21,000
390
$
1,217
Lodging
-
0.99%
Sands
China
Ltd
124,800
602
SJM
Holdings
Ltd
24,529,083
27,347
Wynn
Macau
Ltd
41,200
86
$
28,035
Machinery
-
Construction
&
Mining
-
1.09%
Hitachi
Ltd
732,260
27,890
Komatsu
Ltd
47,900
1,059
Mitsubishi
Electric
Corp
94,600
1,312
Mitsubishi
Heavy
Industries
Ltd
16,500
602
$
30,863
Machinery
-
Diversified
-
4.21%
CNH
Industrial
NV
2,101,751
20,019
FANUC
Corp
224,300
40,852
KION
Group
AG
346,947
21,716
Kubota
Corp
27,400
429
Nabtesco
Corp
845,800
24,236
Sumitomo
Heavy
Industries
Ltd
8,500
223
Weir
Group
PLC/The
623,580
11,066
$
118,541
Media
-
0.04%
Informa
PLC
57,610
589
ITV
PLC
271,175
483
$
1,072
Metal
Fabrication
&
Hardware
-
0.03%
Maruichi
Steel
Tube
Ltd
4,400
122
NSK
Ltd
27,000
225
SKF
AB
28,470
521
$
868
Mining
-
0.99%
Anglo
American
PLC
53,228
1,389
Antofagasta
PLC
29,481
318
BHP
Group
Ltd
156,572
4,015
BHP
Group
PLC
108,413
2,360
Boliden
AB
20,471
486
Fresnillo
PLC
1,420,744
12,410
Glencore
PLC
(d)
556,561
1,628
Mitsubishi
Materials
Corp
5,600
141
Rio
Tinto
Ltd
17,089
1,109
Rio
Tinto
PLC
58,002
3,102
South32
Ltd
230,022
395
Sumitomo
Metal
Mining
Co
Ltd
17,500
497
$
27,850
Miscellaneous
Manufacturers
-
2.59%
Siemens
AG
591,896
73,004
Schedule
of
Investments
Overseas
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
159
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Office
&
Business
Equipment
-
0.09%
Canon
Inc
51,400
$
1,348
Konica
Minolta
Inc
34,000
207
Ricoh
Co
Ltd
50,400
572
Seiko
Epson
Corp
21,000
307
$
2,434
Oil
&
Gas
-
6.23%
BP
PLC
5,740,900
34,561
Ecopetrol
SA
ADR
1,389,130
25,699
Eni
SpA
117,107
1,640
Equinor
ASA
46,107
832
Inpex
Corp
1,709,700
15,959
JXTG
Holdings
Inc
161,810
688
OMV
AG
11,022
548
Ovintiv
Inc
1,022,956
15,939
Repsol
SA
96,612
1,330
Royal
Dutch
Shell
PLC
-
A
Shares
196,905
5,171
Royal
Dutch
Shell
PLC
-
B
Shares
1,290,477
33,909
SK
Innovation
Co
Ltd
19,430
2,091
TOTAL
SA
738,743
35,970
Woodside
Petroleum
Ltd
47,883
1,097
$
175,434
Oil
&
Gas
Services
-
1.78%
CGG
SA
(d)
5,379,248
15,115
Oceaneering
International
Inc
(d)
1,305,594
16,202
Schlumberger
Ltd
564,059
18,902
$
50,219
Packaging
&
Containers
-
0.01%
Toyo
Seikan
Group
Holdings
Ltd
10,700
181
Pharmaceuticals
-
6.16%
AstraZeneca
PLC
233,359
22,829
Bayer
AG
342,441
27,483
GlaxoSmithKline
PLC
326,227
7,660
Hisamitsu
Pharmaceutical
Co
Inc
2,500
126
Medipal
Holdings
Corp
13,900
294
Novartis
AG
370,012
34,955
Otsuka
Holdings
Co
Ltd
14,500
644
Roche
Holding
AG
60,959
20,450
Sanofi
51,856
5,001
Sinopharm
Group
Co
Ltd
1,803,033
5,867
Suzuken
Co
Ltd/Aichi
Japan
1,500
57
Takeda
Pharmaceutical
Co
Ltd
1,242,123
47,702
Teva
Pharmaceutical
Industries
Ltd
ADR
(d)
50,321
523
$
173,591
Pipelines
-
1.22%
Koninklijke
Vopak
NV
644,120
34,490
Private
Equity
-
0.03%
3i
Group
PLC
52,234
760
Real
Estate
-
0.26%
Aeon
Mall
Co
Ltd
2,100
35
CK
Asset
Holdings
Ltd
133,000
850
Deutsche
Wohnen
SE
10,756
455
Henderson
Land
Development
Co
Ltd
109,438
491
Hongkong
Land
Holdings
Ltd
87,055
462
Kerry
Properties
Ltd
32,000
89
New
World
Development
Co
Ltd
459,285
574
Nomura
Real
Estate
Holdings
Inc
9,500
234
Sino
Land
Co
Ltd
230,000
313
Sun
Hung
Kai
Properties
Ltd
82,383
1,148
Swiss
Prime
Site
AG
(d)
5,680
693
Tokyu
Fudosan
Holdings
Corp
45,900
324
Vonovia
SE
23,711
1,353
Wheelock
&
Co
Ltd
63,000
384
$
7,405
REITs
-
0.27%
Ascendas
Real
Estate
Investment
Trust
140,900
324
CapitaLand
Commercial
Trust
131,300
198
CapitaLand
Mall
Trust
68,300
126
Daiwa
House
REIT
Investment
Corp
138
368
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
REITs
(continued)
ICADE
2,226
$
249
Japan
Prime
Realty
Investment
Corp
36
167
Japan
Real
Estate
Investment
Corp
62
453
Japan
Retail
Fund
Investment
Corp
195
417
Klepierre
SA
14,820
504
Mapletree
Commercial
Trust
52,700
91
Nippon
Building
Fund
Inc
47
381
Nippon
Prologis
REIT
Inc
(d)
73
210
Nomura
Real
Estate
Master
Fund
Inc
305
536
Orix
JREIT
Inc
126
266
Scentre
Group
305,682
784
Stockland
178,465
583
Suntec
Real
Estate
Investment
Trust
146,900
197
Unibail-Rodamco-Westfield
7,421
1,008
United
Urban
Investment
Corp
221
396
Vicinity
Centres
239,975
405
$
7,663
Retail
-
1.45%
B&M
European
Value
Retail
SA
4,873,779
23,370
Cie
Financiere
Richemont
SA
196,151
14,245
Dufry
AG
(d)
3,023
262
Harvey
Norman
Holdings
Ltd
42,079
118
Hennes
&
Mauritz
AB
27,530
604
J
Front
Retailing
Co
Ltd
17,300
208
Kingfisher
PLC
157,947
424
Marks
&
Spencer
Group
PLC
145,964
339
Swatch
Group
AG/The
-
BR
2,162
542
Swatch
Group
AG/The
-
REG
3,940
192
Wesfarmers
Ltd
18,272
548
$
40,852
Semiconductors
-
2.71%
Infineon
Technologies
AG
307,507
6,606
MediaTek
Inc
2,561,697
32,412
Samsung
Electronics
Co
Ltd
797,345
36,943
SUMCO
Corp
18,700
286
$
76,247
Shipbuilding
-
0.00%
Yangzijiang
Shipbuilding
Holdings
Ltd
178,700
123
Software
-
1.38%
Micro
Focus
International
PLC
876,120
11,766
SAP
SE
208,277
27,124
$
38,890
Telecommunications
-
4.89%
Altice
Europe
NV
(d)
25,255
162
BT
Group
PLC
447,120
949
China
Mobile
Ltd
4,388,937
36,076
Deutsche
Telekom
AG
643,963
10,429
HKT
Trust
&
HKT
Ltd
284,000
424
KDDI
Corp
738,000
22,302
Nippon
Telegraph
&
Telephone
Corp
68,500
1,747
NTT
DOCOMO
Inc
71,200
2,023
Orange
SA
106,198
1,501
Proximus
SADP
11,389
324
Singapore
Telecommunications
Ltd
376,400
906
SK
Telecom
Co
Ltd
138,464
26,525
SoftBank
Group
Corp
72,000
2,907
Spark
New
Zealand
Ltd
137,276
411
Swisscom
AG
1,377
756
Telecom
Italia
SpA/Milano
(d)
682,816
367
Telecom
Italia
SpA/Milano
-
RSP
451,235
237
Telefonica
Deutschland
Holding
AG
66,794
202
Telefonica
SA
248,739
1,682
Telia
Co
AB
125,921
538
Vodafone
Group
PLC
13,950,941
27,410
$
137,878
Textiles
-
0.01%
Teijin
Ltd
13,600
243
Schedule
of
Investments
Overseas
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
160
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Transportation
-
2.06%
AP
Moller
-
Maersk
A/S
-
A
281
$
316
AP
Moller
-
Maersk
A/S
-
B
169
202
Central
Japan
Railway
Co
7,300
1,433
Deutsche
Post
AG
715,078
24,949
East
Japan
Railway
Co
145,300
12,794
Hankyu
Hanshin
Holdings
Inc
8,400
341
Kamigumi
Co
Ltd
8,100
173
Kuehne
+
Nagel
International
AG
2,019
326
Kyushu
Railway
Co
12,000
393
Mitsui
OSK
Lines
Ltd
5,700
137
MTR
Corp
Ltd
115,500
648
Nippon
Yusen
KK
11,500
183
Poste
Italiane
SpA
(e)
25,422
291
Seibu
Holdings
Inc
973,700
15,177
West
Japan
Railway
Co
8,200
694
$
58,057
Water
-
0.07%
Suez
25,549
419
United
Utilities
Group
PLC
50,979
682
Veolia
Environnement
SA
29,235
863
$
1,964
TOTAL
COMMON
STOCKS
$
2,706,558
PREFERRED
STOCKS
-
2.06%
Shares
Held
Value
(000's)
Automobile
Manufacturers
-
2.06%
Bayerische
Motoren
Werke
AG
3.52%
4,199
$
234
Porsche
Automobil
Holding
SE
2.21%
8,073
544
Volkswagen
AG
4.86%
318,673
57,175
$
57,953
Chemicals
-
0.00%
FUCHS
PETROLUB
SE
0.95%
2,596
115
TOTAL
PREFERRED
STOCKS
$
58,068
Total
Investments
$
2,812,149
Other
Assets
and
Liabilities
- 0.20%
5,575
TOTAL
NET
ASSETS
-
100.00%
$
2,817,724
(a)
Current
yield
shown
is
as
of
period
end.
(b)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$1,335
or
0.05%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
sub-schedule
for
transactional
information.
(d)
Non-income
producing
security
(e)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$29,970
or
1.06%
of
net
assets.
(f)
Security
or
a
portion
of
the
security
was
on
loan
at
the
end
of
the
period.
(g)
The
value
of
these
investments
was
determined
using
significant
unobservable
inputs.
(h)
Fair
value
of
these
investments
is
determined
in
good
faith
by
the
Manager
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Directors.
Certain
inputs
used
in
the
valuation
may
be
unobservable;
however,
each
security
is
evaluated
individually
for
purposes
of
ASC
820
which
results
in
not
all
securities
being
identified
as
Level
3
of
the
fair
value
hierarchy.
At
the
end
of
the
period,
the
fair
value
of
these
securities
totaled
$0
or
0.00%
of
net
assets.
Portfolio
Summary (unaudited)
Location
Percent
United
Kingdom
20.57%
Japan
16.93%
Germany
12.12%
France
12.11%
Switzerland
6.39%
Netherlands
5.04%
United
States
3.52%
Italy
3.20%
Hong
Kong
2.93%
Korea,
Republic
Of
2.72%
Finland
1.65%
Mexico
1.46%
Canada
1.39%
China
1.26%
Taiwan
1.15%
Singapore
1.14%
Spain
1.00%
Australia
0.91%
Colombia
0.91%
Ireland
0.78%
Denmark
0.71%
Norway
0.68%
Thailand
0.62%
Sweden
0.24%
Belgium
0.11%
Israel
0.08%
Austria
0.05%
New
Zealand
0.04%
Macao
0.02%
Isle
of
Man
0.02%
Luxembourg
0.02%
Portugal
0.02%
Chile
0.01%
Other
Assets
and
Liabilities
0.20%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
1.43%
$
42,278
$
580,228
$
576,813
$
45,693
Principal
International
Multi-Factor
Core
Index
ETF
485
—
—
495
$
42,763
$
580,228
$
576,813
$
46,188
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Principal
Government
Money
Market
Fund
1.43%
$
177
$
—
$
—
$
—
Principal
International
Multi-Factor
Core
Index
ETF
3
—
—
10
$
180
$
—
$
—
$
10
Amounts
in
thousands.
Schedule
of
Investments
Overseas
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
161
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
eMini
MSCI
EAFE;
March
2020
Long
349
$
34,490
$
(629)
Total
$
(629)
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
Principal
Capital
Appreciation
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
162
INVESTMENT
COMPANIES
-
3.55%
Shares
Held
Value
(000's)
Money
Market
Funds
-
3.55%
BlackRock
Liquidity
FedFund
1.49
%
(a),(b)
4,259,665
$
4,259
Principal
Government
Money
Market
Fund
1.43
%
(a),(b),(c)
60,553,736
60,554
$
64,813
TOTAL
INVESTMENT
COMPANIES
$
64,813
COMMON
STOCKS
-
97.23%
Shares
Held
Value
(000's)
Aerospace
&
Defense
-
2.39%
Boeing
Co/The
18,020
5,735
Northrop
Grumman
Corp
67,683
25,352
Teledyne
Technologies
Inc
(
d)
34,225
12,494
$
43,581
Airlines
-
0.93%
Delta
Air
Lines
Inc
304,531
16,975
Apparel
-
1.74%
Deckers
Outdoor
Corp
(
d)
118,700
22,661
NIKE
Inc
93,966
9,049
$
31,710
Automobile
Manufacturers
-
0.73%
PACCAR
Inc
179,635
13,331
Banks
-
6.31%
JPMorgan
Chase
&
Co
489,516
64,792
PNC
Financial
Services
Group
Inc/The
198,360
29,466
US
Bancorp
392,476
20,888
$
115,146
Beverages
-
2.11%
Keurig
Dr
Pepper
Inc
174,949
4,991
PepsiCo
Inc
236,072
33,527
$
38,518
Chemicals
-
1.55%
DuPont
de
Nemours
Inc
70,407
3,603
FMC
Corp
220,945
21,120
HB
Fuller
Co
76,834
3,551
$
28,274
Commercial
Services
-
2.05%
Aaron's
Inc
419,664
24,911
PayPal
Holdings
Inc
(
d)
109,498
12,471
$
37,382
Computers
-
4.69%
Apple
Inc
276,835
85,683
Consumer
Products
-
1.11%
Church
&
Dwight
Co
Inc
273,021
20,264
Distribution
&
Wholesale
-
0.70%
IAA
Inc
(
d)
270,750
12,796
Diversified
Financial
Services
-
4.62%
Ameriprise
Financial
Inc
66,662
11,026
Charles
Schwab
Corp/The
398,371
18,146
Discover
Financial
Services
391,103
29,384
Visa
Inc
129,250
25,717
$
84,273
Electric
-
3.60%
NextEra
Energy
Inc
125,174
33,572
Xcel
Energy
Inc
463,809
32,091
$
65,663
Electronics
-
1.40%
Honeywell
International
Inc
147,776
25,598
Environmental
Control
-
0.15%
Waste
Connections
Inc
28,398
2,735
Food
-
1.48%
McCormick
&
Co
Inc/MD
71,353
11,657
Tyson
Foods
Inc
186,889
15,443
$
27,100
Hand
&
Machine
Tools
-
0.29%
Snap-on
Inc
33,710
5,381
Healthcare
-
Products
-
5.24%
Abbott
Laboratories
166,606
14,518
Edwards
Lifesciences
Corp
(
d)
53,178
11,692
Medtronic
PLC
258,826
29,879
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Healthcare
-
Products
(continued)
Thermo
Fisher
Scientific
Inc
78,317
$
24,528
Varian
Medical
Systems
Inc
(
d)
107,631
15,129
$
95,746
Healthcare
-
Services
-
2.04%
UnitedHealth
Group
Inc
69,619
18,968
Universal
Health
Services
Inc
133,473
18,300
$
37,268
Home
Builders
-
0.47%
Thor
Industries
Inc
107,563
8,661
Insurance
-
3.81%
Chubb
Ltd
106,060
16,120
Fidelity
National
Financial
Inc
617,440
30,100
Marsh
&
McLennan
Cos
Inc
208,857
23,363
$
69,583
Internet
-
7.61%
Alibaba
Group
Holding
Ltd
ADR
(d)
20,915
4,321
Alphabet
Inc
-
A
Shares
(
d)
37,732
54,062
Amazon.com
Inc
(
d)
26,169
52,566
Facebook
Inc
(
d)
138,894
28,044
$
138,993
Lodging
-
0.70%
Marriott
International
Inc/MD
90,783
12,715
Machinery
-
Diversified
-
0.83%
Deere
&
Co
95,249
15,105
Media
-
2.89%
Comcast
Corp
-
Class
A
520,329
22,473
Nexstar
Media
Group
Inc
79,353
9,613
Walt
Disney
Co/The
149,994
20,746
$
52,832
Miscellaneous
Manufacturers
-
0.30%
3M
Co
34,261
5,436
Oil
&
Gas
-
3.54%
Chevron
Corp
233,241
24,989
EOG
Resources
Inc
34,530
2,518
Royal
Dutch
Shell
PLC
-
B
shares
ADR
(e)
389,120
20,732
Valero
Energy
Corp
193,439
16,309
$
64,548
Packaging
&
Containers
-
0.30%
Ball
Corp
76,167
5,498
Pharmaceuticals
-
6.75%
Becton
Dickinson
and
Co
83,688
23,029
Bristol-Myers
Squibb
Co
343,829
21,644
Johnson
&
Johnson
142,460
21,208
Merck
&
Co
Inc
416,333
35,572
Pfizer
Inc
584,770
21,777
$
123,230
REITs
-
3.67%
Alexandria
Real
Estate
Equities
Inc
264,691
43,197
American
Tower
Corp
36,795
8,527
Extra
Space
Storage
Inc
138,118
15,287
$
67,011
Retail
-
3.62%
Costco
Wholesale
Corp
82,226
25,122
Home
Depot
Inc/The
96,723
22,062
Lululemon
Athletica
Inc
(
d)
47,538
11,380
Starbucks
Corp
89,765
7,615
$
66,179
Semiconductors
-
4.19%
Broadcom
Inc
55,592
16,964
Lam
Research
Corp
44,633
13,310
Microchip
Technology
Inc
135,714
13,229
NVIDIA
Corp
24,861
5,878
ON
Semiconductor
Corp
(
d)
372,813
8,631
Taiwan
Semiconductor
Manufacturing
Co
Ltd
ADR
341,861
18,440
$
76,452
Schedule
of
Investments
Principal
Capital
Appreciation
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
163
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Software
-
9.49%
Adobe
Inc
(
d)
68,438
$
24,031
Fair
Isaac
Corp
(
d)
44,540
17,922
Fidelity
National
Information
Services
Inc
189,696
27,252
Microsoft
Corp
531,711
90,513
ServiceNow
Inc
(
d)
40,206
13,599
$
173,317
Telecommunications
-
3.77%
Arista
Networks
Inc
(
d)
17,862
3,989
Cisco
Systems
Inc
410,767
18,883
T-Mobile
US
Inc
(
d)
216,321
17,131
Verizon
Communications
Inc
484,949
28,825
$
68,828
Toys,
Games
&
Hobbies
-
0.99%
Hasbro
Inc
177,722
18,104
Transportation
-
1.17%
Expeditors
International
of
Washington
Inc
152,697
11,153
Union
Pacific
Corp
57,273
10,276
$
21,429
TOTAL
COMMON
STOCKS
$
1,775,345
Total
Investments
$
1,840,158
Other
Assets
and
Liabilities
- (
0.78)%
(14,283)
TOTAL
NET
ASSETS
-
100.00%
$
1,825,875
(a)
Current
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
$17,680
or
0.97%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
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.
Portfolio
Summary (
unaudited)
Sector
Percent
Consumer,
Non-cyclical
20.78%
Financial
18.41%
Technology
18.37%
Communications
14.27%
Consumer,
Cyclical
9.88%
Industrial
6.83%
Utilities
3.60%
Money
Market
Funds
3.55%
Energy
3.54%
Basic
Materials
1.55%
Other
Assets
and
Liabilities
(
0.78)%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
1.43%
$
48,465
$
107,670
$
95,581
$
60,554
$
48,465
$
107,670
$
95,581
$
60,554
Income
(a)
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Principal
Government
Money
Market
Fund
1.43%
$
143
$
—
$
—
$
—
$
143
$
—
$
—
$
—
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
Principal
LifeTime
2010
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
164
INVESTMENT
COMPANIES
-
100.01%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
41.69%
Blue
Chip
Fund
(
a)
699,729
$
19,557
Core
Fixed
Income
Fund
(
a)
17,672,168
175,485
Diversified
International
Fund
(
a)
2,381,467
30,221
Diversified
Real
Asset
Fund
(
a)
1,032,955
11,879
International
Small
Company
Fund
(
a)
842,116
9,322
LargeCap
Growth
Fund
I
(
a)
1,149,517
18,841
MidCap
Fund
(
a)
551,192
17,572
MidCap
Value
Fund
I
(
a)
754,626
10,534
SmallCap
Growth
Fund
I
(
a),(b)
456,169
6,218
SmallCap
Value
Fund
II
(
a)
393,987
4,121
$
303,750
Principal
Funds,
Inc.
Institutional
Class
-
58.32%
Bond
Market
Index
Fund
(
a)
9,527,747
109,474
Equity
Income
Fund
(
a)
470,079
15,682
High
Income
Fund
(
a)
5,130,204
48,326
Inflation
Protection
Fund
(
a)
3,762,616
33,186
LargeCap
S&P
500
Index
Fund
(
a)
1,748,654
34,344
LargeCap
Value
Fund
III
(
a)
938,718
15,573
Overseas
Fund
(
a)
3,077,072
29,294
Short-Term
Income
Fund
(
a)
11,247,300
139,017
$
424,896
TOTAL
INVESTMENT
COMPANIES
$
728,646
Total
Investments
$
728,646
Other
Assets
and
Liabilities
- (
0.01)%
(104)
TOTAL
NET
ASSETS
-
100.00%
$
728,542
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
sub-schedule
for
transactional
information.
(b)
Non-income
producing
security
Portfolio
Summary (
unaudited)
Fund
Type
Percent
Fixed
Income
Funds
73.54%
Domestic
Equity
Funds
19.54%
International
Equity
Funds
5.30%
Specialty
Funds
1.63%
Other
Assets
and
Liabilities
(
0.01)%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Principal
LifeTime
2010
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
165
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
20,395
$
1,107
$
3,313
$
19,557
Bond
Market
Index
Fund
112,773
3,601
6,253
109,474
Core
Fixed
Income
Fund
174,104
5,722
6,640
175,485
Diversified
International
Fund
27,188
4,233
1,546
30,221
Diversified
Real
Asset
Fund
12,123
453
646
11,879
Equity
Income
Fund
16,807
684
1,871
15,682
High
Income
Fund
47,714
1,825
1,769
48,326
Inflation
Protection
Fund
32,844
852
1,226
33,186
International
Small
Company
Fund
8,793
984
363
9,322
LargeCap
Growth
Fund
I
19,700
1,712
2,953
18,841
LargeCap
S&P
500
Index
Fund
35,494
1,680
3,874
34,344
LargeCap
Value
Fund
III
17,136
1,247
2,173
15,573
MidCap
Fund
18,122
1,010
2,147
17,572
MidCap
Value
Fund
I
10,933
666
788
10,534
Overseas
Fund
26,704
4,753
1,548
29,294
Short-Term
Income
Fund
135,541
8,620
5,699
139,017
SmallCap
Growth
Fund
I
5,812
487
181
6,218
SmallCap
Value
Fund
II
4,964
89
933
4,121
$
727,147
$
39,725
$
43,923
$
728,646
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Blue
Chip
Fund
$
166
$
1,018
$
796
$
350
Bond
Market
Index
Fund
2,578
1
—
(648)
Core
Fixed
Income
Fund
1,227
8
—
2,291
Diversified
International
Fund
623
(223)
—
569
Diversified
Real
Asset
Fund
288
39
—
(90)
Equity
Income
Fund
80
536
459
(474)
High
Income
Fund
801
(11)
—
567
Inflation
Protection
Fund
150
37
—
679
International
Small
Company
Fund
257
20
—
(112)
LargeCap
Growth
Fund
I
53
728
1,513
(346)
LargeCap
S&P
500
Index
Fund
737
1,044
656
—
LargeCap
Value
Fund
III
397
215
705
(852)
MidCap
Fund
122
647
750
(60)
MidCap
Value
Fund
I
242
6
321
(283)
Overseas
Fund
819
95
—
(710)
Short-Term
Income
Fund
794
—
—
555
SmallCap
Growth
Fund
I
—
35
434
65
SmallCap
Value
Fund
II
46
249
—
(248)
$
9,380
$
4,444
$
5,634
$
1,253
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
2015
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
166
INVESTMENT
COMPANIES
-
100.01%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
44.86%
Blue
Chip
Fund
(
a)
461,923
$
12,911
Core
Fixed
Income
Fund
(
a)
8,847,911
87,860
Diversified
International
Fund
(
a)
1,605,226
20,370
Diversified
Real
Asset
Fund
(
a)
504,016
5,796
International
Small
Company
Fund
(
a)
567,124
6,278
LargeCap
Growth
Fund
I
(
a)
790,531
12,957
MidCap
Fund
(
a)
372,813
11,885
MidCap
Value
Fund
I
(
a)
517,065
7,218
SmallCap
Growth
Fund
I
(
a),(b)
321,773
4,386
SmallCap
Value
Fund
II
(
a)
309,657
3,239
$
172,900
Principal
Funds,
Inc.
Institutional
Class
-
55.15%
Bond
Market
Index
Fund
(
a)
4,454,145
51,178
Equity
Income
Fund
(
a)
316,826
10,569
High
Income
Fund
(
a)
2,406,199
22,666
Inflation
Protection
Fund
(
a)
1,889,530
16,666
LargeCap
S&P
500
Index
Fund
(
a)
1,188,385
23,340
LargeCap
Value
Fund
III
(
a)
632,652
10,496
Overseas
Fund
(
a)
2,073,936
19,744
Short-Term
Income
Fund
(
a)
4,687,193
57,934
$
212,593
TOTAL
INVESTMENT
COMPANIES
$
385,493
Total
Investments
$
385,493
Other
Assets
and
Liabilities
- (
0.01)%
(39)
TOTAL
NET
ASSETS
-
100.00%
$
385,454
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
sub-schedule
for
transactional
information.
(b)
Non-income
producing
security
Portfolio
Summary (
unaudited)
Fund
Type
Percent
Fixed
Income
Funds
66.60%
Domestic
Equity
Funds
25.16%
International
Equity
Funds
6.75%
Specialty
Funds
1.50%
Other
Assets
and
Liabilities
(
0.01)%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Principal
LifeTime
2015
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
167
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
13,123
$
988
$
2,076
$
12,911
Bond
Market
Index
Fund
52,956
3,017
4,490
51,178
Core
Fixed
Income
Fund
88,012
4,384
5,699
87,860
Diversified
International
Fund
17,948
3,456
1,252
20,370
Diversified
Real
Asset
Fund
5,933
471
580
5,796
Equity
Income
Fund
11,165
727
1,355
10,569
High
Income
Fund
22,411
1,421
1,426
22,666
Inflation
Protection
Fund
16,509
837
1,044
16,666
International
Small
Company
Fund
5,822
942
418
6,278
LargeCap
Growth
Fund
I
12,820
2,223
2,319
12,957
LargeCap
S&P
500
Index
Fund
24,006
1,690
3,050
23,340
LargeCap
Value
Fund
III
11,333
1,102
1,502
10,496
MidCap
Fund
11,927
930
1,352
11,885
MidCap
Value
Fund
I
7,425
648
659
7,218
Overseas
Fund
17,724
3,705
1,252
19,744
Short-Term
Income
Fund
56,609
5,151
4,059
57,934
SmallCap
Growth
Fund
I
4,097
440
220
4,386
SmallCap
Value
Fund
II
3,723
160
635
3,239
$
383,543
$
32,292
$
33,388
$
385,493
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Blue
Chip
Fund
$
107
$
508
$
514
$
368
Bond
Market
Index
Fund
1,216
10
—
(315)
Core
Fixed
Income
Fund
621
10
—
1,153
Diversified
International
Fund
423
80
—
138
Diversified
Real
Asset
Fund
143
(8)
—
(20)
Equity
Income
Fund
53
280
307
(248)
High
Income
Fund
379
(6)
—
266
Inflation
Protection
Fund
76
(2)
—
366
International
Small
Company
Fund
172
8
—
(76)
LargeCap
Growth
Fund
I
37
117
1,050
116
LargeCap
S&P
500
Index
Fund
503
938
447
(244)
LargeCap
Value
Fund
III
265
87
470
(524)
MidCap
Fund
81
245
496
135
MidCap
Value
Fund
I
166
—
220
(196)
Overseas
Fund
559
(2)
—
(431)
Short-Term
Income
Fund
333
2
—
231
SmallCap
Growth
Fund
I
—
25
309
44
SmallCap
Value
Fund
II
35
138
—
(147)
$
5,169
$
2,430
$
3,813
$
616
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
2020
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
168
Er
ar
INVESTMENT
COMPANIES
-
100.01%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
48.12%
Blue
Chip
Fund
(
a)
5,908,820
$
165,151
Core
Fixed
Income
Fund
(
a)
84,148,919
835,599
Diversified
International
Fund
(
a)
20,995,800
266,437
Diversified
Real
Asset
Fund
(
a)
5,523,925
63,525
International
Small
Company
Fund
(
a)
7,105,903
78,662
LargeCap
Growth
Fund
I
(
a)
10,072,816
165,093
MidCap
Fund
(
a)
4,640,193
147,929
MidCap
Value
Fund
I
(
a)
6,865,531
95,843
SmallCap
Growth
Fund
I
(
a),(b)
3,938,856
53,687
SmallCap
Value
Fund
II
(
a)
3,913,447
40,935
$
1,912,861
Principal
Funds,
Inc.
Institutional
Class
-
51.89%
Bond
Market
Index
Fund
(
a)
41,002,473
471,119
Equity
Income
Fund
(
a)
4,150,008
138,444
High
Income
Fund
(
a)
20,687,894
194,880
Inflation
Protection
Fund
(
a)
18,626,992
164,290
LargeCap
S&P
500
Index
Fund
(
a)
15,346,475
301,405
LargeCap
Value
Fund
III
(
a)
8,284,693
137,443
Overseas
Fund
(
a)
27,118,885
258,172
Short-Term
Income
Fund
(
a)
32,104,544
396,812
$
2,062,565
TOTAL
INVESTMENT
COMPANIES
$
3,975,426
Total
Investments
$
3,975,426
Other
Assets
and
Liabilities
- (
0.01)%
(420)
TOTAL
NET
ASSETS
-
100.00%
$
3,975,006
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
sub-schedule
for
transactional
information.
(b)
Non-income
producing
security
Portfolio
Summary (
unaudited)
Fund
Type
Percent
Fixed
Income
Funds
58.59%
Domestic
Equity
Funds
31.34%
International
Equity
Funds
8.48%
Specialty
Funds
1.60%
Other
Assets
and
Liabilities
(
0.01)%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Principal
LifeTime
2020
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
169
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
166,529
$
8,430
$
20,819
$
165,151
Bond
Market
Index
Fund
477,486
21,160
24,666
471,119
Core
Fixed
Income
Fund
839,402
22,035
36,792
835,599
Diversified
International
Fund
248,544
30,945
16,433
266,437
Diversified
Real
Asset
Fund
65,640
1,963
3,809
63,525
Equity
Income
Fund
144,998
5,216
12,198
138,444
High
Income
Fund
194,904
5,611
7,921
194,880
Inflation
Protection
Fund
162,314
4,902
6,474
164,290
International
Small
Company
Fund
77,513
5,130
3,275
78,662
LargeCap
Growth
Fund
I
167,999
16,490
22,513
165,093
LargeCap
S&P
500
Index
Fund
307,006
13,158
27,548
301,405
LargeCap
Value
Fund
III
146,160
9,718
12,924
137,443
MidCap
Fund
150,763
7,715
15,321
147,929
MidCap
Value
Fund
I
99,079
5,518
6,224
95,843
Overseas
Fund
239,219
39,707
15,434
258,172
Short-Term
Income
Fund
389,904
27,328
21,990
396,812
SmallCap
Growth
Fund
I
50,921
3,988
2,109
53,687
SmallCap
Value
Fund
II
45,945
614
5,484
40,935
$
3,974,326
$
229,628
$
261,934
$
3,975,426
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Blue
Chip
Fund
$
1,353
$
5,814
$
6,503
$
5,197
Bond
Market
Index
Fund
11,193
(37)
—
(2,824)
Core
Fixed
Income
Fund
5,892
21
—
10,933
Diversified
International
Fund
5,658
(1,437)
—
4,818
Diversified
Real
Asset
Fund
1,559
(75)
—
(194)
Equity
Income
Fund
686
3,139
3,956
(2,711)
High
Income
Fund
3,260
(9)
—
2,295
Inflation
Protection
Fund
750
5
—
3,543
International
Small
Company
Fund
2,269
(22)
—
(684)
LargeCap
Growth
Fund
I
459
3,611
13,079
(494)
LargeCap
S&P
500
Index
Fund
6,351
7,253
5,651
1,536
LargeCap
Value
Fund
III
3,294
1,465
5,850
(6,976)
MidCap
Fund
1,000
2,892
6,182
1,880
MidCap
Value
Fund
I
2,196
(28)
2,910
(2,502)
Overseas
Fund
7,306
238
—
(5,558)
Short-Term
Income
Fund
2,265
3
—
1,567
SmallCap
Growth
Fund
I
—
332
3,802
555
SmallCap
Value
Fund
II
428
1,428
—
(1,568)
$
55,919
$
24,593
$
47,933
$
8,813
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
2025
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
170
INVESTMENT
COMPANIES
-
100.01%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
52.10%
Blue
Chip
Fund
(
a)
2,790,909
$
78,006
Core
Fixed
Income
Fund
(
a)
31,157,046
309,389
Diversified
International
Fund
(
a)
10,001,114
126,914
Diversified
Real
Asset
Fund
(
a)
2,287,094
26,302
International
Small
Company
Fund
(
a)
3,386,756
37,491
LargeCap
Growth
Fund
I
(
a)
4,749,873
77,850
MidCap
Fund
(
a)
2,201,716
70,191
MidCap
Value
Fund
I
(
a)
3,322,617
46,384
SmallCap
Growth
Fund
I
(
a),(b)
1,919,880
26,168
SmallCap
Value
Fund
II
(
a)
1,977,075
20,680
$
819,375
Principal
Funds,
Inc.
Institutional
Class
-
47.91%
Bond
Market
Index
Fund
(
a)
13,944,185
160,219
Equity
Income
Fund
(
a)
1,991,970
66,452
High
Income
Fund
(
a)
7,383,291
69,551
Inflation
Protection
Fund
(
a)
5,348,212
47,171
LargeCap
S&P
500
Index
Fund
(
a)
7,138,662
140,203
LargeCap
Value
Fund
III
(
a)
3,977,705
65,990
Overseas
Fund
(
a)
12,922,836
123,026
Short-Term
Income
Fund
(
a)
6,533,586
80,755
$
753,367
TOTAL
INVESTMENT
COMPANIES
$
1,572,742
Total
Investments
$
1,572,742
Other
Assets
and
Liabilities
- (
0.01)%
(132)
TOTAL
NET
ASSETS
-
100.00%
$
1,572,610
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
sub-schedule
for
transactional
information.
(b)
Non-income
producing
security
Portfolio
Summary (
unaudited)
Fund
Type
Percent
Fixed
Income
Funds
50.48%
Domestic
Equity
Funds
37.65%
International
Equity
Funds
10.21%
Specialty
Funds
1.67%
Other
Assets
and
Liabilities
(
0.01)%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Principal
LifeTime
2025
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
171
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
80,463
$
7,690
$
15,109
$
78,006
Bond
Market
Index
Fund
158,943
10,908
8,708
160,219
Core
Fixed
Income
Fund
260,698
58,830
14,381
309,389
Diversified
International
Fund
110,142
19,777
4,376
126,914
Diversified
Real
Asset
Fund
25,304
2,135
1,008
26,302
Equity
Income
Fund
67,862
4,744
6,271
66,452
High
Income
Fund
66,032
4,809
2,078
69,551
Inflation
Protection
Fund
44,987
2,544
1,373
47,171
International
Small
Company
Fund
32,612
6,305
989
37,491
LargeCap
Growth
Fund
I
89,235
8,837
21,691
77,850
LargeCap
S&P
500
Index
Fund
143,097
12,017
18,759
140,203
LargeCap
Value
Fund
III
67,259
6,896
5,492
65,990
MidCap
Fund
76,321
5,721
14,002
70,191
MidCap
Value
Fund
I
44,182
4,715
1,251
46,384
Overseas
Fund
110,797
21,418
6,549
123,026
Short-Term
Income
Fund
72,728
9,540
1,835
80,755
SmallCap
Growth
Fund
I
24,457
2,685
1,368
26,168
SmallCap
Value
Fund
II
20,388
1,925
1,473
20,680
$
1,495,507
$
191,496
$
126,713
$
1,572,742
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Blue
Chip
Fund
$
614
$
3,405
$
2,943
$
1,557
Bond
Market
Index
Fund
3,765
24
—
(948)
Core
Fixed
Income
Fund
2,134
1
—
4,241
Diversified
International
Fund
2,608
(87)
—
1,458
Diversified
Real
Asset
Fund
622
(3)
—
(126)
Equity
Income
Fund
317
522
1,825
(405)
High
Income
Fund
1,146
1
—
787
Inflation
Protection
Fund
212
—
—
1,013
International
Small
Company
Fund
979
(4)
—
(433)
LargeCap
Growth
Fund
I
211
5,611
6,024
(4,142)
LargeCap
S&P
500
Index
Fund
2,860
2,522
2,544
1,326
LargeCap
Value
Fund
III
1,547
456
2,747
(3,129)
MidCap
Fund
462
2,321
2,839
(170)
MidCap
Value
Fund
I
1,002
—
1,327
(1,262)
Overseas
Fund
3,447
2
—
(2,642)
Short-Term
Income
Fund
438
—
—
322
SmallCap
Growth
Fund
I
—
142
1,803
252
SmallCap
Value
Fund
II
202
6
—
(166)
$
22,566
$
14,919
$
22,052
$
(2,467)
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
2030
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
172
INVESTMENT
COMPANIES
-
100.01%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
55.83%
Blue
Chip
Fund
(
a)
6,290,008
$
175,806
Core
Fixed
Income
Fund
(
a)
101,588,553
1,008,774
Diversified
International
Fund
(
a)
37,148,031
471,408
Diversified
Real
Asset
Fund
(
a)
8,202,743
94,332
International
Small
Company
Fund
(
a)
14,080,581
155,872
LargeCap
Growth
Fund
I
(
a)
28,142,720
461,259
MidCap
Fund
(
a)
8,974,484
286,107
MidCap
Value
Fund
I
(
a)
13,883,767
193,817
Origin
Emerging
Markets
Fund
(
a)
9,826,869
109,177
SmallCap
Growth
Fund
I
(
a),(b)
7,810,849
106,462
SmallCap
Value
Fund
II
(
a)
7,838,362
81,989
$
3,145,003
Principal
Funds,
Inc.
Institutional
Class
-
44.18%
Bond
Market
Index
Fund
(
a)
45,621,268
524,188
Equity
Income
Fund
(
a)
4,160,019
138,778
High
Income
Fund
(
a)
25,521,878
240,416
Inflation
Protection
Fund
(
a)
14,994,099
132,248
LargeCap
S&P
500
Index
Fund
(
a)
29,949,406
588,206
LargeCap
Value
Fund
III
(
a)
24,581,966
407,815
Overseas
Fund
(
a)
47,973,274
456,706
$
2,488,357
TOTAL
INVESTMENT
COMPANIES
$
5,633,360
Total
Investments
$
5,633,360
Other
Assets
and
Liabilities
- (
0.01)%
(570)
TOTAL
NET
ASSETS
-
100.00%
$
5,632,790
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
sub-schedule
for
transactional
information.
(b)
Non-income
producing
security
Portfolio
Summary (
unaudited)
Fund
Type
Percent
Domestic
Equity
Funds
43.31%
Fixed
Income
Funds
42.21%
International
Equity
Funds
12.82%
Specialty
Funds
1.67%
Other
Assets
and
Liabilities
(
0.01)%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Principal
LifeTime
2030
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
173
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
163,232
$
19,849
$
16,968
$
175,806
Bond
Market
Index
Fund
506,270
32,376
11,599
524,188
Core
Fixed
Income
Fund
488,684
528,698
24,019
1,008,774
Core
Plus
Bond
Fund
319,186
—
317,689
—
Diversified
International
Fund
441,157
51,556
27,380
471,408
Diversified
Real
Asset
Fund
94,218
3,544
3,005
94,332
Equity
Income
Fund
145,341
5,824
12,757
138,778
High
Income
Fund
232,314
10,878
5,573
240,416
Inflation
Protection
Fund
128,198
4,105
2,914
132,248
International
Small
Company
Fund
152,605
14,311
9,540
155,872
LargeCap
Growth
Fund
I
509,847
41,302
99,356
461,259
LargeCap
S&P
500
Index
Fund
626,098
28,185
83,566
588,206
LargeCap
Value
Fund
III
420,861
30,185
26,936
407,815
MidCap
Fund
328,343
16,063
67,956
286,107
MidCap
Value
Fund
I
189,596
14,888
5,473
193,817
Origin
Emerging
Markets
Fund
107,313
11,793
9,362
109,177
Overseas
Fund
433,854
60,058
28,046
456,706
SmallCap
Growth
Fund
I
104,443
8,651
8,458
106,462
SmallCap
Value
Fund
II
87,833
1,615
6,977
81,989
$
5,479,393
$
883,881
$
767,574
$
5,633,360
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Blue
Chip
Fund
$
1,222
$
5,929
$
5,867
$
3,764
Bond
Market
Index
Fund
12,116
16
—
(2,875)
Core
Fixed
Income
Fund
6,681
21
—
15,390
Core
Plus
Bond
Fund
161
9,935
—
(11,432)
Diversified
International
Fund
10,000
(243)
—
6,318
Diversified
Real
Asset
Fund
2,277
(45)
—
(380)
Equity
Income
Fund
674
1,514
3,883
(1,144)
High
Income
Fund
4,001
6
—
2,791
Inflation
Protection
Fund
602
—
—
2,859
International
Small
Company
Fund
4,348
376
—
(1,880)
LargeCap
Growth
Fund
I
1,273
14,231
36,280
(4,765)
LargeCap
S&P
500
Index
Fund
12,263
13,100
10,906
4,389
LargeCap
Value
Fund
III
9,526
100
16,910
(16,395)
MidCap
Fund
1,921
13,980
11,836
(4,323)
MidCap
Value
Fund
I
4,246
(18)
5,624
(5,176)
Origin
Emerging
Markets
Fund
1,855
237
—
(804)
Overseas
Fund
13,162
(325)
—
(8,835)
SmallCap
Growth
Fund
I
—
1,554
7,386
272
SmallCap
Value
Fund
II
804
107
—
(589)
$
87,132
$
60,475
$
98,692
$
(22,815)
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
2035
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
174
INVESTMENT
COMPANIES
-
100.01%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
51.93%
Blue
Chip
Fund
(
a)
1,472,511
$
41,157
Core
Fixed
Income
Fund
(
a)
18,628,566
184,982
Diversified
International
Fund
(
a)
9,424,096
119,592
International
Small
Company
Fund
(
a)
3,634,414
40,233
LargeCap
Growth
Fund
I
(
a)
6,947,780
113,874
MidCap
Value
Fund
I
(
a)
3,820,944
53,340
Origin
Emerging
Markets
Fund
(
a)
2,888,302
32,089
Real
Estate
Securities
Fund
(
a)
1,092,060
30,938
SmallCap
Growth
Fund
I
(
a),(b)
1,845,204
25,150
SmallCap
Value
Fund
II
(
a)
2,047,844
21,420
$
662,775
Principal
Funds,
Inc.
Institutional
Class
-
48.08%
Bond
Market
Index
Fund
(
a)
8,897,848
102,236
Equity
Income
Fund
(
a)
1,039,774
34,687
High
Income
Fund
(
a)
5,138,779
48,407
LargeCap
S&P
500
Index
Fund
(
a)
7,477,875
146,866
LargeCap
Value
Fund
III
(
a)
6,264,141
103,922
MidCap
Growth
Fund
III
(
a),(b)
5,161,857
61,633
Overseas
Fund
(
a)
12,179,115
115,945
$
613,696
TOTAL
INVESTMENT
COMPANIES
$
1,276,471
Total
Investments
$
1,276,471
Other
Assets
and
Liabilities
- (
0.01)%
(97)
TOTAL
NET
ASSETS
-
100.00%
$
1,276,374
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
sub-schedule
for
transactional
information.
(b)
Non-income
producing
security
Portfolio
Summary (
unaudited)
Fund
Type
Percent
Domestic
Equity
Funds
49.60%
Fixed
Income
Funds
35.66%
International
Equity
Funds
14.75%
Other
Assets
and
Liabilities
(
0.01)%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Principal
LifeTime
2035
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
175
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
36,998
$
4,096
$
2,426
$
41,157
Bond
Market
Index
Fund
80,174
24,941
2,371
102,236
Core
Fixed
Income
Fund
112,988
87,092
17,998
184,982
Core
Plus
Bond
Fund
79,899
284
79,537
—
Diversified
International
Fund
101,704
19,433
2,767
119,592
Equity
Income
Fund
34,886
2,416
2,690
34,687
High
Income
Fund
44,876
4,167
1,142
48,407
International
Small
Company
Fund
35,314
6,312
931
40,233
LargeCap
Growth
Fund
I
118,018
13,114
19,556
113,874
LargeCap
S&P
500
Index
Fund
149,568
10,975
17,986
146,866
LargeCap
Value
Fund
III
101,611
10,494
3,964
103,922
MidCap
Growth
Fund
III
58,314
6,846
2,855
61,633
MidCap
Value
Fund
I
50,268
5,773
1,263
53,340
Origin
Emerging
Markets
Fund
28,076
4,970
718
32,089
Overseas
Fund
102,082
19,167
2,768
115,945
Real
Estate
Securities
Fund
30,409
1,579
716
30,938
SmallCap
Growth
Fund
I
23,185
2,593
1,026
25,150
SmallCap
Value
Fund
II
21,120
1,041
555
21,420
$
1,209,490
$
225,293
$
161,269
$
1,276,471
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Blue
Chip
Fund
$
313
$
68
$
1,500
$
2,421
Bond
Market
Index
Fund
2,311
3
—
(511)
Core
Fixed
Income
Fund
1,234
(33)
—
2,933
Core
Plus
Bond
Fund
92
4,843
—
(5,489)
Diversified
International
Fund
2,409
3
—
1,219
Equity
Income
Fund
168
66
965
9
High
Income
Fund
777
1
—
505
International
Small
Company
Fund
1,056
2
—
(464)
LargeCap
Growth
Fund
I
313
2,916
8,925
(618)
LargeCap
S&P
500
Index
Fund
3,067
1,910
2,726
2,399
LargeCap
Value
Fund
III
2,386
(10)
4,233
(4,209)
MidCap
Growth
Fund
III
—
47
4,769
(719)
MidCap
Value
Fund
I
1,131
(1)
1,497
(1,437)
Origin
Emerging
Markets
Fund
524
5
—
(244)
Overseas
Fund
3,252
2
—
(2,538)
Real
Estate
Securities
Fund
152
—
260
(334)
SmallCap
Growth
Fund
I
—
16
1,752
382
SmallCap
Value
Fund
II
200
—
—
(186)
$
19,385
$
9,838
$
26,627
$
(6,881)
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
2040
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
176
INVESTMENT
COMPANIES
-
100.01%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
51.69%
Blue
Chip
Fund
(
a)
4,953,047
$
138,438
Core
Fixed
Income
Fund
(
a)
43,473,960
431,696
Diversified
International
Fund
(
a)
31,474,213
399,408
International
Small
Company
Fund
(
a)
11,166,705
123,616
LargeCap
Growth
Fund
I
(
a)
23,207,459
380,370
MidCap
Value
Fund
I
(
a)
13,099,024
182,862
Origin
Emerging
Markets
Fund
(
a)
10,314,181
114,591
Real
Estate
Securities
Fund
(
a)
3,499,179
99,132
SmallCap
Growth
Fund
I
(
a),(b)
6,305,679
85,946
SmallCap
Value
Fund
II
(
a)
6,822,082
71,359
$
2,027,418
Principal
Funds,
Inc.
Institutional
Class
-
48.32%
Bond
Market
Index
Fund
(
a)
19,655,966
225,847
Equity
Income
Fund
(
a)
3,490,102
116,430
High
Income
Fund
(
a)
12,810,552
120,676
LargeCap
S&P
500
Index
Fund
(
a)
24,896,030
488,958
LargeCap
Value
Fund
III
(
a)
20,900,788
346,744
MidCap
Growth
Fund
III
(
a),(b)
17,513,681
209,113
Overseas
Fund
(
a)
40,665,988
387,140
$
1,894,908
TOTAL
INVESTMENT
COMPANIES
$
3,922,326
Total
Investments
$
3,922,326
Other
Assets
and
Liabilities
- (
0.01)%
(412)
TOTAL
NET
ASSETS
-
100.00%
$
3,921,914
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
sub-schedule
for
transactional
information.
(b)
Non-income
producing
security
Portfolio
Summary (
unaudited)
Fund
Type
Percent
Domestic
Equity
Funds
54.04%
Fixed
Income
Funds
30.03%
International
Equity
Funds
15.94%
Other
Assets
and
Liabilities
(
0.01)%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Principal
LifeTime
2040
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
177
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
133,767
$
7,287
$
11,274
$
138,438
Bond
Market
Index
Fund
199,242
39,310
11,358
225,847
Core
Fixed
Income
Fund
68,645
370,148
14,181
431,696
Core
Plus
Bond
Fund
325,975
147
324,147
—
Diversified
International
Fund
360,388
50,674
16,358
399,408
Equity
Income
Fund
122,315
4,923
11,143
116,430
High
Income
Fund
100,865
23,361
5,036
120,676
International
Small
Company
Fund
116,785
14,161
6,074
123,616
LargeCap
Growth
Fund
I
402,150
34,466
64,070
380,370
LargeCap
S&P
500
Index
Fund
516,283
23,939
66,122
488,958
LargeCap
Value
Fund
III
355,842
25,601
20,895
346,744
MidCap
Growth
Fund
III
211,597
18,584
19,086
209,113
MidCap
Value
Fund
I
176,883
14,624
3,724
182,862
Origin
Emerging
Markets
Fund
104,360
15,279
4,295
114,591
Overseas
Fund
354,908
62,708
22,353
387,140
Real
Estate
Securities
Fund
94,338
7,748
1,894
99,132
SmallCap
Growth
Fund
I
81,683
6,728
3,900
85,946
SmallCap
Value
Fund
II
72,641
1,730
2,449
71,359
$
3,798,667
$
721,418
$
608,359
$
3,922,326
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Blue
Chip
Fund
$
1,065
$
2,038
$
5,110
$
6,620
Bond
Market
Index
Fund
5,384
19
—
(1,366)
Core
Fixed
Income
Fund
2,613
42
—
7,042
Core
Plus
Bond
Fund
492
7,270
—
(9,245)
Diversified
International
Fund
8,304
(93)
—
4,797
Equity
Income
Fund
564
1,300
3,247
(965)
High
Income
Fund
2,034
(33)
—
1,519
International
Small
Company
Fund
3,362
(252)
—
(1,004)
LargeCap
Growth
Fund
I
1,055
15,934
30,075
(8,110)
LargeCap
S&P
500
Index
Fund
10,316
10,901
9,174
3,957
LargeCap
Value
Fund
III
8,024
(23)
14,242
(13,781)
MidCap
Growth
Fund
III
—
1,106
16,768
(3,088)
MidCap
Value
Fund
I
3,979
16
5,271
(4,937)
Origin
Emerging
Markets
Fund
1,896
89
—
(842)
Overseas
Fund
10,776
915
—
(9,038)
Real
Estate
Securities
Fund
498
9
852
(1,069)
SmallCap
Growth
Fund
I
—
614
5,987
821
SmallCap
Value
Fund
II
675
195
—
(758)
$
61,037
$
40,047
$
90,726
$
(29,447)
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
2045
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
178
INVESTMENT
COMPANIES
-
100.01%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
51.52%
Blue
Chip
Fund
(
a)
1,252,124
$
34,997
Core
Fixed
Income
Fund
(
a)
7,934,543
78,790
Diversified
International
Fund
(
a)
8,054,204
102,208
International
Small
Company
Fund
(
a)
2,853,707
31,590
LargeCap
Growth
Fund
I
(
a)
5,949,615
97,514
MidCap
Value
Fund
I
(
a)
3,382,186
47,215
Origin
Emerging
Markets
Fund
(
a)
2,612,710
29,027
Real
Estate
Securities
Fund
(
a)
839,347
23,779
SmallCap
Growth
Fund
I
(
a),(b)
1,630,144
22,219
SmallCap
Value
Fund
II
(
a)
1,770,720
18,522
$
485,861
Principal
Funds,
Inc.
Institutional
Class
-
48.49%
Bond
Market
Index
Fund
(
a)
3,072,060
35,298
Equity
Income
Fund
(
a)
882,581
29,443
High
Income
Fund
(
a)
2,563,285
24,146
LargeCap
S&P
500
Index
Fund
(
a)
6,413,675
125,965
LargeCap
Value
Fund
III
(
a)
5,369,432
89,079
MidCap
Growth
Fund
III
(
a),(b)
4,549,602
54,322
Overseas
Fund
(
a)
10,405,313
99,059
$
457,312
TOTAL
INVESTMENT
COMPANIES
$
943,173
Total
Investments
$
943,173
Other
Assets
and
Liabilities
- (
0.01)%
(76)
TOTAL
NET
ASSETS
-
100.00%
$
943,097
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
sub-schedule
for
transactional
information.
(b)
Non-income
producing
security
Portfolio
Summary (
unaudited)
Fund
Type
Percent
Domestic
Equity
Funds
57.59%
Fixed
Income
Funds
25.49%
International
Equity
Funds
16.93%
Other
Assets
and
Liabilities
(
0.01)%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Principal
LifeTime
2045
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
179
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
32,466
$
3,845
$
3,436
$
34,997
Bond
Market
Index
Fund
24,825
14,638
3,936
35,298
Core
Fixed
Income
Fund
15,142
77,515
14,971
78,790
Core
Plus
Bond
Fund
61,703
299
61,837
—
Diversified
International
Fund
90,599
14,501
4,088
102,208
Equity
Income
Fund
30,431
1,765
2,828
29,443
High
Income
Fund
21,545
4,027
1,732
24,146
International
Small
Company
Fund
27,941
4,883
877
31,590
LargeCap
Growth
Fund
I
99,484
12,164
15,981
97,514
LargeCap
S&P
500
Index
Fund
127,529
10,191
15,341
125,965
LargeCap
Value
Fund
III
88,885
8,122
4,379
89,079
MidCap
Growth
Fund
III
53,566
5,569
4,285
54,322
MidCap
Value
Fund
I
44,826
4,495
830
47,215
Origin
Emerging
Markets
Fund
26,118
4,067
964
29,027
Overseas
Fund
89,423
17,023
5,285
99,059
Real
Estate
Securities
Fund
20,179
4,226
393
23,779
SmallCap
Growth
Fund
I
20,988
2,093
1,231
22,219
SmallCap
Value
Fund
II
18,359
823
500
18,522
$
894,009
$
190,246
$
142,894
$
943,173
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Blue
Chip
Fund
$
264
$
696
$
1,269
$
1,426
Bond
Market
Index
Fund
881
30
—
(259)
Core
Fixed
Income
Fund
478
13
—
1,091
Core
Plus
Bond
Fund
131
1,927
—
(2,092)
Diversified
International
Fund
2,125
(12)
—
1,208
Equity
Income
Fund
141
220
812
(145)
High
Income
Fund
412
1
—
305
International
Small
Company
Fund
827
(5)
—
(352)
LargeCap
Growth
Fund
I
261
2,126
7,432
(279)
LargeCap
S&P
500
Index
Fund
2,584
711
2,298
2,875
LargeCap
Value
Fund
III
2,036
9
3,614
(3,558)
MidCap
Growth
Fund
III
—
126
4,205
(654)
MidCap
Value
Fund
I
1,017
—
1,347
(1,276)
Origin
Emerging
Markets
Fund
479
11
—
(205)
Overseas
Fund
2,775
(27)
—
(2,075)
Real
Estate
Securities
Fund
118
—
202
(233)
SmallCap
Growth
Fund
I
—
68
1,540
301
SmallCap
Value
Fund
II
173
—
—
(160)
$
14,702
$
5,894
$
22,719
$
(4,082)
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
2050
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
180
INVESTMENT
COMPANIES
-
100.01%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
51.31%
Blue
Chip
Fund
(
a)
3,265,019
$
91,257
Core
Fixed
Income
Fund
(
a)
14,508,416
144,069
Diversified
International
Fund
(
a)
20,928,810
265,587
International
Small
Company
Fund
(
a)
7,419,217
82,131
LargeCap
Growth
Fund
I
(
a)
15,497,742
254,008
MidCap
Value
Fund
I
(
a)
8,811,096
123,003
Origin
Emerging
Markets
Fund
(
a)
6,837,286
75,962
Real
Estate
Securities
Fund
(
a)
2,091,428
59,250
SmallCap
Growth
Fund
I
(
a),(b)
4,247,808
57,898
SmallCap
Value
Fund
II
(
a)
4,721,451
49,386
$
1,202,551
Principal
Funds,
Inc.
Institutional
Class
-
48.70%
Bond
Market
Index
Fund
(
a)
5,266,192
60,508
Equity
Income
Fund
(
a)
2,300,475
76,744
High
Income
Fund
(
a)
4,795,144
45,170
LargeCap
S&P
500
Index
Fund
(
a)
16,763,166
329,229
LargeCap
Value
Fund
III
(
a)
13,984,624
232,005
MidCap
Growth
Fund
III
(
a),(b)
11,764,062
140,463
Overseas
Fund
(
a)
27,024,919
257,277
$
1,141,396
TOTAL
INVESTMENT
COMPANIES
$
2,343,947
Total
Investments
$
2,343,947
Other
Assets
and
Liabilities
- (
0.01)%
(263)
TOTAL
NET
ASSETS
-
100.00%
$
2,343,684
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
sub-schedule
for
transactional
information.
(b)
Non-income
producing
security
Portfolio
Summary (
unaudited)
Fund
Type
Percent
Domestic
Equity
Funds
60.30%
Fixed
Income
Funds
21.99%
International
Equity
Funds
17.72%
Other
Assets
and
Liabilities
(
0.01)%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Principal
LifeTime
2050
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
181
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
87,868
$
6,642
$
8,799
$
91,257
Bond
Market
Index
Fund
54,252
17,521
10,791
60,508
Core
Fixed
Income
Fund
40,379
146,794
45,134
144,069
Core
Plus
Bond
Fund
84,377
360
84,511
—
Diversified
International
Fund
236,706
35,699
10,174
265,587
Equity
Income
Fund
79,909
4,723
8,100
76,744
High
Income
Fund
37,420
12,153
5,029
45,170
International
Small
Company
Fund
75,254
11,481
3,717
82,131
LargeCap
Growth
Fund
I
264,606
25,560
41,081
254,008
LargeCap
S&P
500
Index
Fund
335,991
19,999
36,108
329,229
LargeCap
Value
Fund
III
234,837
19,554
13,128
232,005
MidCap
Growth
Fund
III
141,280
12,929
12,443
140,463
MidCap
Value
Fund
I
116,498
12,460
2,598
123,003
Origin
Emerging
Markets
Fund
70,257
8,886
2,785
75,962
Overseas
Fund
233,080
42,937
13,313
257,277
Real
Estate
Securities
Fund
56,155
4,903
1,178
59,250
SmallCap
Growth
Fund
I
55,186
4,886
3,148
57,898
SmallCap
Value
Fund
II
49,634
1,600
1,471
49,386
$
2,253,689
$
389,087
$
303,508
$
2,343,947
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Blue
Chip
Fund
$
680
$
2,523
$
3,262
$
3,023
Bond
Market
Index
Fund
1,613
(76)
—
(398)
Core
Fixed
Income
Fund
929
46
—
1,984
Core
Plus
Bond
Fund
179
2,139
—
(2,365)
Diversified
International
Fund
5,663
(68)
—
3,424
Equity
Income
Fund
374
654
2,150
(442)
High
Income
Fund
794
24
—
602
International
Small
Company
Fund
2,185
(126)
—
(761)
LargeCap
Growth
Fund
I
675
8,923
19,237
(4,000)
LargeCap
S&P
500
Index
Fund
6,722
4,534
5,977
4,813
LargeCap
Value
Fund
III
5,372
18
9,534
(9,276)
MidCap
Growth
Fund
III
—
472
10,933
(1,775)
MidCap
Value
Fund
I
2,677
—
3,545
(3,357)
Origin
Emerging
Markets
Fund
1,286
56
—
(452)
Overseas
Fund
7,395
(65)
—
(5,362)
Real
Estate
Securities
Fund
297
5
508
(635)
SmallCap
Growth
Fund
I
—
328
4,013
646
SmallCap
Value
Fund
II
472
(6)
—
(371)
$
37,313
$
19,381
$
59,159
$
(14,702)
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
2055
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
182
INVESTMENT
COMPANIES
-
100.01%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
51.08%
Blue
Chip
Fund
(
a)
739,895
$
20,680
Core
Fixed
Income
Fund
(
a)
2,155,799
21,407
Diversified
International
Fund
(
a)
4,621,882
58,652
International
Small
Company
Fund
(
a)
1,646,785
18,230
LargeCap
Growth
Fund
I
(
a)
3,419,604
56,047
MidCap
Value
Fund
I
(
a)
1,977,680
27,608
Origin
Emerging
Markets
Fund
(
a)
1,568,467
17,426
Real
Estate
Securities
Fund
(
a)
447,239
12,670
SmallCap
Growth
Fund
I
(
a),(b)
948,782
12,932
SmallCap
Value
Fund
II
(
a)
1,035,317
10,830
$
256,482
Principal
Funds,
Inc.
Institutional
Class
-
48.93%
Bond
Market
Index
Fund
(
a)
739,410
8,496
Equity
Income
Fund
(
a)
523,159
17,452
High
Income
Fund
(
a)
894,275
8,424
LargeCap
S&P
500
Index
Fund
(
a)
3,659,660
71,876
LargeCap
Value
Fund
III
(
a)
3,088,468
51,238
MidCap
Growth
Fund
III
(
a),(b)
2,629,735
31,399
Overseas
Fund
(
a)
5,970,700
56,841
$
245,726
TOTAL
INVESTMENT
COMPANIES
$
502,208
Total
Investments
$
502,208
Other
Assets
and
Liabilities
- (
0.01)%
(38)
TOTAL
NET
ASSETS
-
100.00%
$
502,170
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
sub-schedule
for
transactional
information.
(b)
Non-income
producing
security
Portfolio
Summary (
unaudited)
Fund
Type
Percent
Domestic
Equity
Funds
62.28%
Fixed
Income
Funds
19.31%
International
Equity
Funds
18.42%
Other
Assets
and
Liabilities
(
0.01)%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Principal
LifeTime
2055
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
183
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
20,175
$
2,303
$
3,086
$
20,680
Bond
Market
Index
Fund
4,066
8,879
4,366
8,496
Core
Fixed
Income
Fund
—
24,209
3,110
21,407
Core
Plus
Bond
Fund
13,886
162
14,011
—
Diversified
International
Fund
51,345
8,064
1,447
58,652
Equity
Income
Fund
17,728
1,328
1,641
17,452
High
Income
Fund
9,468
601
1,767
8,424
International
Small
Company
Fund
15,901
3,168
627
18,230
LargeCap
Growth
Fund
I
57,016
7,615
9,639
56,047
LargeCap
S&P
500
Index
Fund
70,290
6,733
7,077
71,876
LargeCap
Value
Fund
III
50,541
5,506
2,769
51,238
MidCap
Growth
Fund
III
30,029
3,709
2,022
31,399
MidCap
Value
Fund
I
25,358
3,343
332
27,608
Origin
Emerging
Markets
Fund
15,368
2,637
463
17,426
Overseas
Fund
50,171
10,029
2,130
56,841
Real
Estate
Securities
Fund
10,732
2,203
144
12,670
SmallCap
Growth
Fund
I
11,917
1,507
693
12,932
SmallCap
Value
Fund
II
10,663
608
348
10,830
$
464,654
$
92,604
$
55,672
$
502,208
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Blue
Chip
Fund
$
157
$
396
$
751
$
892
Bond
Market
Index
Fund
257
(28)
—
(55)
Core
Fixed
Income
Fund
126
8
—
300
Core
Plus
Bond
Fund
30
333
—
(370)
Diversified
International
Fund
1,222
1
—
689
Equity
Income
Fund
83
29
478
8
High
Income
Fund
151
5
—
117
International
Small
Company
Fund
472
1
—
(213)
LargeCap
Growth
Fund
I
147
583
4,196
472
LargeCap
S&P
500
Index
Fund
1,437
229
1,276
1,701
LargeCap
Value
Fund
III
1,166
6
2,068
(2,046)
MidCap
Growth
Fund
III
—
23
2,361
(340)
MidCap
Value
Fund
I
595
—
787
(761)
Origin
Emerging
Markets
Fund
287
2
—
(118)
Overseas
Fund
1,583
—
—
(1,229)
Real
Estate
Securities
Fund
62
—
107
(121)
SmallCap
Growth
Fund
I
—
3
874
198
SmallCap
Value
Fund
II
101
—
—
(93)
$
7,876
$
1,591
$
12,898
$
(969)
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
2060
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
184
INVESTMENT
COMPANIES
-
100.01%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
50.82%
Blue
Chip
Fund
(a)
596,099
$
16,661
Core
Fixed
Income
Fund
(a)
1,231,579
12,230
Diversified
International
Fund
(a)
3,781,344
47,985
International
Small
Company
Fund
(a)
1,358,013
15,033
LargeCap
Growth
Fund
I
(a)
2,792,212
45,764
MidCap
Value
Fund
I
(a)
1,620,834
22,627
Origin
Emerging
Markets
Fund
(a)
1,364,051
15,155
Real
Estate
Securities
Fund
(a)
360,376
10,209
SmallCap
Growth
Fund
I
(a),(b)
779,682
10,627
SmallCap
Value
Fund
II
(a)
870,917
9,110
$
205,401
Principal
Funds,
Inc.
Institutional
Class
-
49.19%
Bond
Market
Index
Fund
(a)
542,121
6,229
Equity
Income
Fund
(a)
421,323
14,055
High
Income
Fund
(a)
586,750
5,527
LargeCap
S&P
500
Index
Fund
(a)
2,999,630
58,913
LargeCap
Value
Fund
III
(a)
2,523,382
41,863
MidCap
Growth
Fund
III
(a),(b)
2,153,629
25,714
Overseas
Fund
(a)
4,883,995
46,496
$
198,797
TOTAL
INVESTMENT
COMPANIES
$
404,198
Total
Investments
$
404,198
Other
Assets
and
Liabilities
- (0.01)%
(31)
TOTAL
NET
ASSETS
-
100.00%
$
404,167
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
sub-schedule
for
transactional
information.
(b)
Non-income
producing
security
Portfolio
Summary (unaudited)
Fund
Type
Percent
Domestic
Equity
Funds
63.23%
International
Equity
Funds
18.97%
Fixed
Income
Funds
17.81%
Other
Assets
and
Liabilities
(0.01)%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Principal
LifeTime
2060
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
185
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
15,781
$
1,836
$
1,967
$
16,661
Bond
Market
Index
Fund
3,328
5,985
3,026
6,229
Core
Fixed
Income
Fund
—
14,394
2,344
12,230
Core
Plus
Bond
Fund
7,858
106
7,943
—
Diversified
International
Fund
41,985
6,749
1,318
47,985
Equity
Income
Fund
14,005
1,246
1,217
14,055
High
Income
Fund
6,454
502
1,515
5,527
International
Small
Company
Fund
12,798
2,777
361
15,033
LargeCap
Growth
Fund
I
45,234
6,383
6,664
45,764
LargeCap
S&P
500
Index
Fund
56,270
5,888
4,764
58,913
LargeCap
Value
Fund
III
40,452
5,014
1,922
41,863
MidCap
Growth
Fund
III
23,857
3,378
1,241
25,714
MidCap
Value
Fund
I
20,704
2,879
333
22,627
Origin
Emerging
Markets
Fund
13,346
2,352
445
15,155
Overseas
Fund
41,073
8,330
1,885
46,496
Real
Estate
Securities
Fund
8,750
1,695
143
10,209
SmallCap
Growth
Fund
I
9,542
1,397
466
10,627
SmallCap
Value
Fund
II
8,655
724
185
9,110
$
370,092
$
71,635
$
37,739
$
404,198
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Blue
Chip
Fund
$
123
$
96
$
589
$
915
Bond
Market
Index
Fund
184
(14)
—
(44)
Core
Fixed
Income
Fund
75
9
—
171
Core
Plus
Bond
Fund
17
154
—
(175)
Diversified
International
Fund
1,000
1
—
568
Equity
Income
Fund
67
12
381
9
High
Income
Fund
102
(1)
—
87
International
Small
Company
Fund
388
—
—
(181)
LargeCap
Growth
Fund
I
118
147
3,367
664
LargeCap
S&P
500
Index
Fund
1,160
73
1,029
1,446
LargeCap
Value
Fund
III
945
3
1,673
(1,684)
MidCap
Growth
Fund
III
—
—
1,912
(280)
MidCap
Value
Fund
I
484
—
640
(623)
Origin
Emerging
Markets
Fund
251
—
—
(98)
Overseas
Fund
1,306
1
—
(1,023)
Real
Estate
Securities
Fund
50
—
85
(93)
SmallCap
Growth
Fund
I
—
—
709
154
SmallCap
Value
Fund
II
85
—
—
(84)
$
6,355
$
481
$
10,385
$
(271)
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
2065
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
186
INVESTMENT
COMPANIES
-
100.05%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
50.64%
Blue
Chip
Fund
(
a)
30,983
$
866
Core
Fixed
Income
Fund
(
a)
56,761
564
Diversified
International
Fund
(
a)
200,390
2,543
International
Small
Company
Fund
(
a)
71,663
793
LargeCap
Growth
Fund
I
(
a)
147,132
2,412
MidCap
Value
Fund
I
(
a)
85,309
1,191
Origin
Emerging
Markets
Fund
(
a)
71,101
790
Real
Estate
Securities
Fund
(
a)
19,050
540
SmallCap
Growth
Fund
I
(
a),(b)
40,680
554
SmallCap
Value
Fund
II
(
a)
45,817
479
$
10,732
Principal
Funds,
Inc.
Institutional
Class
-
49.41%
Bond
Market
Index
Fund
(
a)
27,431
315
Equity
Income
Fund
(
a)
22,114
738
High
Income
Fund
(
a)
29,621
279
LargeCap
S&P
500
Index
Fund
(
a)
158,091
3,105
LargeCap
Value
Fund
III
(
a)
133,716
2,218
MidCap
Growth
Fund
III
(
a),(b)
113,336
1,353
Overseas
Fund
(
a)
258,714
2,463
$
10,471
TOTAL
INVESTMENT
COMPANIES
$
21,203
Total
Investments
$
21,203
Other
Assets
and
Liabilities
- (
0.05)%
(11)
TOTAL
NET
ASSETS
-
100.00%
$
21,192
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
sub-schedule
for
transactional
information.
(b)
Non-income
producing
security
Portfolio
Summary (
unaudited)
Fund
Type
Percent
Domestic
Equity
Funds
63.49%
International
Equity
Funds
19.09%
Fixed
Income
Funds
17.47%
Other
Assets
and
Liabilities
(
0.05)%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Principal
LifeTime
2065
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
187
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
640
$
271
$
92
$
866
Bond
Market
Index
Fund
201
255
140
315
Core
Fixed
Income
Fund
—
685
129
564
Core
Plus
Bond
Fund
356
46
401
—
Diversified
International
Fund
1,827
978
278
2,543
Equity
Income
Fund
584
260
103
738
High
Income
Fund
253
117
95
279
International
Small
Company
Fund
560
332
86
793
LargeCap
Growth
Fund
I
1,858
884
362
2,412
LargeCap
S&P
500
Index
Fund
2,355
1,065
374
3,105
LargeCap
Value
Fund
III
1,714
846
249
2,218
MidCap
Growth
Fund
III
997
500
127
1,353
MidCap
Value
Fund
I
885
462
121
1,191
Origin
Emerging
Markets
Fund
576
315
90
790
Overseas
Fund
1,782
1,062
308
2,463
Real
Estate
Securities
Fund
398
194
51
540
SmallCap
Growth
Fund
I
391
208
50
554
SmallCap
Value
Fund
II
363
174
50
479
$
15,740
$
8,654
$
3,106
$
21,203
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Blue
Chip
Fund
$
6
$
—
$
25
$
47
Bond
Market
Index
Fund
8
—
—
(1)
Core
Fixed
Income
Fund
3
—
—
8
Core
Plus
Bond
Fund
1
13
—
(14)
Diversified
International
Fund
48
(1)
—
17
Equity
Income
Fund
3
—
18
(3)
High
Income
Fund
5
—
—
4
International
Small
Company
Fund
19
—
—
(13)
LargeCap
Growth
Fund
I
6
1
155
31
LargeCap
S&P
500
Index
Fund
53
1
47
58
LargeCap
Value
Fund
III
44
—
78
(93)
MidCap
Growth
Fund
III
—
—
89
(17)
MidCap
Value
Fund
I
22
—
30
(35)
Origin
Emerging
Markets
Fund
12
—
—
(11)
Overseas
Fund
65
1
—
(74)
Real
Estate
Securities
Fund
2
—
4
(1)
SmallCap
Growth
Fund
I
—
—
33
5
SmallCap
Value
Fund
II
4
—
—
(8)
$
301
$
15
$
479
$
(100)
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
Hybrid
2015
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
188
INVESTMENT
COMPANIES
-
100.01%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
18.03%
Diversified
International
Fund
(
a)
893,051
$
11,333
Diversified
Real
Asset
Fund
(
a)
160,575
1,847
International
Small
Company
Fund
(
a)
157,648
1,745
MidCap
S&P
400
Index
Fund
(
a)
119,504
2,348
SmallCap
S&P
600
Index
Fund
(
a)
85,872
2,042
$
19,315
Principal
Funds,
Inc.
Institutional
Class
-
81.98%
Bond
Market
Index
Fund
(
a)
3,320,398
38,151
High
Income
Fund
(
a)
674,610
6,355
Inflation
Protection
Fund
(
a)
525,522
4,635
LargeCap
S&P
500
Index
Fund
(
a)
1,118,769
21,973
Short-Term
Income
Fund
(
a)
1,350,434
16,691
$
87,805
TOTAL
INVESTMENT
COMPANIES
$
107,120
Total
Investments
$
107,120
Other
Assets
and
Liabilities
- (
0.01)%
(10)
TOTAL
NET
ASSETS
-
100.00%
$
107,110
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
sub-schedule
for
transactional
information.
Portfolio
Summary (
unaudited)
Fund
Type
Percent
Fixed
Income
Funds
72.04%
Domestic
Equity
Funds
24.62%
Specialty
Funds
1.72%
International
Equity
Funds
1.63%
Other
Assets
and
Liabilities
(
0.01)%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Bond
Market
Index
Fund
$
36,367
$
3,350
$
1,373
$
38,151
Diversified
International
Fund
10,702
862
405
11,333
Diversified
Real
Asset
Fund
2,191
182
517
1,847
High
Income
Fund
5,967
548
230
6,355
Inflation
Protection
Fund
4,336
370
168
4,635
International
Small
Company
Fund
1,816
147
203
1,745
LargeCap
S&P
500
Index
Fund
19,619
2,462
630
21,973
MidCap
S&P
400
Index
Fund
4,962
554
3,044
2,348
Short-Term
Income
Fund
14,601
2,560
533
16,691
SmallCap
S&P
600
Index
Fund
2,014
244
108
2,042
$
102,575
$
11,279
$
7,211
$
107,120
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Bond
Market
Index
Fund
$
850
$
1
$
—
$
(194)
Diversified
International
Fund
253
—
—
174
Diversified
Real
Asset
Fund
53
—
—
(9)
High
Income
Fund
102
—
—
70
Inflation
Protection
Fund
20
—
—
97
International
Small
Company
Fund
54
(4)
—
(11)
LargeCap
S&P
500
Index
Fund
412
11
366
511
MidCap
S&P
400
Index
Fund
79
27
232
(151)
Short-Term
Income
Fund
87
—
—
63
SmallCap
S&P
600
Index
Fund
28
—
118
(108)
$
1,938
$
35
$
716
$
442
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
Hybrid
2020
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
189
INVESTMENT
COMPANIES
-
100.01%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
22.25%
Diversified
International
Fund
(a)
3,630,410
$
46,070
Diversified
Real
Asset
Fund
(a)
520,564
5,987
International
Small
Company
Fund
(a)
613,320
6,789
MidCap
S&P
400
Index
Fund
(a)
475,671
9,347
SmallCap
S&P
600
Index
Fund
(a)
345,075
8,206
$
76,399
Principal
Funds,
Inc.
Institutional
Class
-
77.76%
Bond
Market
Index
Fund
(a)
9,797,259
112,571
High
Income
Fund
(a)
1,827,124
17,211
Inflation
Protection
Fund
(a)
1,628,379
14,362
LargeCap
S&P
500
Index
Fund
(a)
4,498,050
88,342
Short-Term
Income
Fund
(a)
2,792,742
34,518
$
267,004
TOTAL
INVESTMENT
COMPANIES
$
343,403
Total
Investments
$
343,403
Other
Assets
and
Liabilities
- (0.01)%
(23)
TOTAL
NET
ASSETS
-
100.00%
$
343,380
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
sub-schedule
for
transactional
information.
Portfolio
Summary (unaudited)
Fund
Type
Percent
Fixed
Income
Funds
65.45%
Domestic
Equity
Funds
30.84%
International
Equity
Funds
1.98%
Specialty
Funds
1.74%
Other
Assets
and
Liabilities
(0.01)%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Bond
Market
Index
Fund
$
105,469
$
10,543
$
2,871
$
112,571
Diversified
International
Fund
44,030
2,496
1,176
46,070
Diversified
Real
Asset
Fund
7,202
393
1,579
5,987
High
Income
Fund
16,158
1,310
446
17,211
Inflation
Protection
Fund
13,343
1,085
365
14,362
International
Small
Company
Fund
7,080
398
629
6,789
LargeCap
S&P
500
Index
Fund
80,226
7,810
1,832
88,342
MidCap
S&P
400
Index
Fund
19,806
1,757
11,724
9,347
Real
Estate
Securities
Fund
—
—
—
—
Short-Term
Income
Fund
30,893
4,287
794
34,518
SmallCap
S&P
600
Index
Fund
7,709
1,117
197
8,206
$
331,916
$
31,196
$
21,613
$
343,403
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Bond
Market
Index
Fund
$
2,468
$
2
$
—
$
(572)
Diversified
International
Fund
1,043
3
—
717
Diversified
Real
Asset
Fund
175
15
—
(44)
High
Income
Fund
277
—
—
189
Inflation
Protection
Fund
62
—
—
299
International
Small
Company
Fund
210
—
—
(60)
LargeCap
S&P
500
Index
Fund
1,687
4
1,501
2,134
MidCap
S&P
400
Index
Fund
317
179
928
(671)
Real
Estate
Securities
Fund
—
—
—
—
Short-Term
Income
Fund
184
—
—
132
SmallCap
S&P
600
Index
Fund
109
—
452
(423)
$
6,532
$
203
$
2,881
$
1,701
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
Hybrid
2025
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
190
INVESTMENT
COMPANIES
-
100.01%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
26.77%
Diversified
International
Fund
(a)
3,528,743
$
44,780
Diversified
Real
Asset
Fund
(a)
452,435
5,203
International
Small
Company
Fund
(a)
597,328
6,612
MidCap
S&P
400
Index
Fund
(a)
487,199
9,573
SmallCap
S&P
600
Index
Fund
(a)
334,422
7,953
$
74,121
Principal
Funds,
Inc.
Institutional
Class
-
73.24%
Bond
Market
Index
Fund
(a)
7,179,427
82,492
High
Income
Fund
(a)
1,328,129
12,511
Inflation
Protection
Fund
(a)
937,341
8,267
LargeCap
S&P
500
Index
Fund
(a)
4,326,201
84,966
Short-Term
Income
Fund
(a)
1,180,552
14,592
$
202,828
TOTAL
INVESTMENT
COMPANIES
$
276,949
Total
Investments
$
276,949
Other
Assets
and
Liabilities
- (0.01)%
(15)
TOTAL
NET
ASSETS
-
100.00%
$
276,934
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
sub-schedule
for
transactional
information.
Portfolio
Summary (unaudited)
Fund
Type
Percent
Fixed
Income
Funds
58.73%
Domestic
Equity
Funds
37.01%
International
Equity
Funds
2.39%
Specialty
Funds
1.88%
Other
Assets
and
Liabilities
(0.01)%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Bond
Market
Index
Fund
$
70,349
$
13,360
$
885
$
82,492
Diversified
International
Fund
38,588
6,103
481
44,780
Diversified
Real
Asset
Fund
5,160
817
744
5,203
High
Income
Fund
10,739
1,785
137
12,511
Inflation
Protection
Fund
8,774
891
1,591
8,267
International
Small
Company
Fund
5,921
869
108
6,612
LargeCap
S&P
500
Index
Fund
69,429
14,503
746
84,966
MidCap
S&P
400
Index
Fund
17,329
3,072
10,337
9,573
Real
Estate
Securities
Fund
1
—
1
—
Short-Term
Income
Fund
9,952
4,721
132
14,592
SmallCap
S&P
600
Index
Fund
7,068
1,386
84
7,953
$
243,310
$
47,507
$
15,246
$
276,949
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Bond
Market
Index
Fund
$
1,707
$
—
$
—
$
(332)
Diversified
International
Fund
948
—
—
570
Diversified
Real
Asset
Fund
132
(1)
—
(29)
High
Income
Fund
193
—
—
124
Inflation
Protection
Fund
42
13
—
180
International
Small
Company
Fund
184
—
—
(70)
LargeCap
S&P
500
Index
Fund
1,505
—
1,339
1,780
MidCap
S&P
400
Index
Fund
287
(230)
841
(261)
Real
Estate
Securities
Fund
—
—
—
—
Short-Term
Income
Fund
62
—
—
51
SmallCap
S&P
600
Index
Fund
104
—
429
(417)
$
5,164
$
(218)
$
2,609
$
1,596
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
Hybrid
2030
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
191
INVESTMENT
COMPANIES
-
100.01%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
30.55%
Diversified
International
Fund
(
a)
4,577,904
$
58,093
Diversified
Real
Asset
Fund
(
a)
525,734
6,046
International
Small
Company
Fund
(
a)
812,706
8,997
MidCap
S&P
400
Index
Fund
(
a)
642,296
12,621
Origin
Emerging
Markets
Fund
(
a)
246,873
2,743
SmallCap
S&P
600
Index
Fund
(
a)
452,058
10,750
$
99,250
Principal
Funds,
Inc.
Institutional
Class
-
69.46%
Bond
Market
Index
Fund
(
a)
7,741,299
88,947
High
Income
Fund
(
a)
1,470,883
13,856
Inflation
Protection
Fund
(
a)
854,420
7,536
LargeCap
S&P
500
Index
Fund
(
a)
5,871,577
115,318
$
225,657
TOTAL
INVESTMENT
COMPANIES
$
324,907
Total
Investments
$
324,907
Other
Assets
and
Liabilities
- (
0.01)%
(20)
TOTAL
NET
ASSETS
-
100.00%
$
324,887
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
sub-schedule
for
transactional
information.
Portfolio
Summary (
unaudited)
Fund
Type
Percent
Fixed
Income
Funds
51.85%
Domestic
Equity
Funds
42.69%
International
Equity
Funds
3.61%
Specialty
Funds
1.86%
Other
Assets
and
Liabilities
(
0.01)%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Bond
Market
Index
Fund
$
78,120
$
11,538
$
321
$
88,947
Diversified
International
Fund
51,273
6,250
212
58,093
Diversified
Real
Asset
Fund
6,171
627
720
6,046
High
Income
Fund
12,411
1,352
52
13,856
Inflation
Protection
Fund
6,498
913
27
7,536
International
Small
Company
Fund
8,426
815
155
8,997
LargeCap
S&P
500
Index
Fund
96,211
16,952
346
115,318
MidCap
S&P
400
Index
Fund
24,099
3,090
13,919
12,621
Origin
Emerging
Markets
Fund
2,530
229
10
2,743
SmallCap
S&P
600
Index
Fund
9,566
1,775
39
10,750
$
295,305
$
43,541
$
15,801
$
324,907
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Bond
Market
Index
Fund
$
1,869
$
—
$
—
$
(390)
Diversified
International
Fund
1,242
—
—
782
Diversified
Real
Asset
Fund
154
(2)
—
(30)
High
Income
Fund
218
—
—
145
Inflation
Protection
Fund
31
—
—
152
International
Small
Company
Fund
257
—
—
(89)
LargeCap
S&P
500
Index
Fund
2,062
—
1,834
2,501
MidCap
S&P
400
Index
Fund
394
(198)
1,153
(451)
Origin
Emerging
Markets
Fund
48
—
—
(6)
SmallCap
S&P
600
Index
Fund
138
—
573
(552)
$
6,413
$
(200)
$
3,560
$
2,062
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
Hybrid
2035
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
192
INVESTMENT
COMPANIES
-
100.01%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
34.82%
Diversified
International
Fund
(
a)
3,146,215
$
39,925
International
Small
Company
Fund
(
a)
571,238
6,324
MidCap
S&P
400
Index
Fund
(
a)
439,912
8,644
Origin
Emerging
Markets
Fund
(
a)
253,962
2,822
Real
Estate
Securities
Fund
(
a)
171,729
4,865
SmallCap
S&P
600
Index
Fund
(
a)
307,127
7,303
$
69,883
Principal
Funds,
Inc.
Institutional
Class
-
65.19%
Bond
Market
Index
Fund
(
a)
3,912,910
44,959
High
Income
Fund
(
a)
806,318
7,596
LargeCap
S&P
500
Index
Fund
(
a)
3,985,532
78,276
$
130,831
TOTAL
INVESTMENT
COMPANIES
$
200,714
Total
Investments
$
200,714
Other
Assets
and
Liabilities
- (
0.01)%
(16)
TOTAL
NET
ASSETS
-
100.00%
$
200,698
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
sub-schedule
for
transactional
information.
Portfolio
Summary (
unaudited)
Fund
Type
Percent
Domestic
Equity
Funds
49.37%
Fixed
Income
Funds
46.08%
International
Equity
Funds
4.56%
Other
Assets
and
Liabilities
(
0.01)%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Bond
Market
Index
Fund
$
38,663
$
6,843
$
358
$
44,959
Diversified
International
Fund
34,684
5,026
320
39,925
High
Income
Fund
6,654
925
62
7,596
International
Small
Company
Fund
5,618
819
50
6,324
LargeCap
S&P
500
Index
Fund
64,797
12,304
522
78,276
MidCap
S&P
400
Index
Fund
15,786
2,360
9,070
8,644
Origin
Emerging
Markets
Fund
2,561
290
22
2,822
Real
Estate
Securities
Fund
4,510
441
39
4,865
SmallCap
S&P
600
Index
Fund
6,356
1,376
57
7,303
$
179,629
$
30,384
$
10,500
$
200,714
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Bond
Market
Index
Fund
$
932
$
—
$
—
$
(189)
Diversified
International
Fund
846
—
—
535
High
Income
Fund
118
—
—
79
International
Small
Company
Fund
173
—
—
(63)
LargeCap
S&P
500
Index
Fund
1,397
1
1,243
1,696
MidCap
S&P
400
Index
Fund
260
(187)
760
(245)
Origin
Emerging
Markets
Fund
49
—
—
(7)
Real
Estate
Securities
Fund
23
—
40
(47)
SmallCap
S&P
600
Index
Fund
93
—
383
(372)
$
3,891
$
(186)
$
2,426
$
1,387
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
Hybrid
2040
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
193
INVESTMENT
COMPANIES
-
100.01%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
37.55%
Diversified
International
Fund
(
a)
3,890,947
$
49,376
International
Small
Company
Fund
(
a)
650,296
7,199
MidCap
S&P
400
Index
Fund
(
a)
541,368
10,638
Origin
Emerging
Markets
Fund
(
a)
352,031
3,911
Real
Estate
Securities
Fund
(
a)
195,622
5,542
SmallCap
S&P
600
Index
Fund
(
a)
381,302
9,067
$
85,733
Principal
Funds,
Inc.
Institutional
Class
-
62.46%
Bond
Market
Index
Fund
(
a)
3,334,697
38,316
High
Income
Fund
(
a)
749,632
7,062
LargeCap
S&P
500
Index
Fund
(
a)
4,952,060
97,258
$
142,636
TOTAL
INVESTMENT
COMPANIES
$
228,369
Total
Investments
$
228,369
Other
Assets
and
Liabilities
- (
0.01)%
(14)
TOTAL
NET
ASSETS
-
100.00%
$
228,355
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
sub-schedule
for
transactional
information.
Portfolio
Summary (
unaudited)
Fund
Type
Percent
Domestic
Equity
Funds
53.65%
Fixed
Income
Funds
41.49%
International
Equity
Funds
4.87%
Other
Assets
and
Liabilities
(
0.01)%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Bond
Market
Index
Fund
$
33,137
$
5,633
$
289
$
38,316
Diversified
International
Fund
42,969
6,114
366
49,376
Diversified
Real
Asset
Fund
—
—
—
—
High
Income
Fund
6,214
829
54
7,062
Inflation
Protection
Fund
78
—
80
—
International
Small
Company
Fund
6,626
728
83
7,199
LargeCap
S&P
500
Index
Fund
79,693
16,091
600
97,258
MidCap
S&P
400
Index
Fund
20,009
2,832
11,655
10,638
Origin
Emerging
Markets
Fund
3,548
402
30
3,911
Real
Estate
Securities
Fund
5,173
464
41
5,542
SmallCap
S&P
600
Index
Fund
7,977
1,624
67
9,067
$
205,424
$
34,717
$
13,265
$
228,369
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Bond
Market
Index
Fund
$
803
$
—
$
—
$
(165)
Diversified
International
Fund
1,052
—
—
659
Diversified
Real
Asset
Fund
—
—
—
—
High
Income
Fund
111
—
—
73
Inflation
Protection
Fund
—
2
—
—
International
Small
Company
Fund
203
—
—
(72)
LargeCap
S&P
500
Index
Fund
1,725
—
1,534
2,074
MidCap
S&P
400
Index
Fund
330
(200)
968
(348)
Origin
Emerging
Markets
Fund
68
—
—
(9)
Real
Estate
Securities
Fund
27
—
46
(54)
SmallCap
S&P
600
Index
Fund
117
—
482
(467)
$
4,436
$
(198)
$
3,030
$
1,691
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
Hybrid
2045
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
194
INVESTMENT
COMPANIES
-
100.01%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
39.85%
Diversified
International
Fund
(
a)
2,338,393
$
29,674
International
Small
Company
Fund
(
a)
391,958
4,339
MidCap
S&P
400
Index
Fund
(
a)
332,309
6,530
Origin
Emerging
Markets
Fund
(
a)
221,547
2,462
Real
Estate
Securities
Fund
(
a)
110,842
3,140
SmallCap
S&P
600
Index
Fund
(
a)
231,333
5,501
$
51,646
Principal
Funds,
Inc.
Institutional
Class
-
60.16%
Bond
Market
Index
Fund
(
a)
1,364,498
15,678
High
Income
Fund
(
a)
358,934
3,381
LargeCap
S&P
500
Index
Fund
(
a)
2,999,382
58,908
$
77,967
TOTAL
INVESTMENT
COMPANIES
$
129,613
Total
Investments
$
129,613
Other
Assets
and
Liabilities
- (
0.01)%
(9)
TOTAL
NET
ASSETS
-
100.00%
$
129,604
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
sub-schedule
for
transactional
information.
Portfolio
Summary (
unaudited)
Fund
Type
Percent
Domestic
Equity
Funds
57.15%
Fixed
Income
Funds
37.61%
International
Equity
Funds
5.25%
Other
Assets
and
Liabilities
(
0.01)%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Bond
Market
Index
Fund
$
13,268
$
2,534
$
59
$
15,678
Diversified
International
Fund
25,278
4,123
109
29,674
Diversified
Real
Asset
Fund
—
—
—
—
High
Income
Fund
2,974
385
14
3,381
International
Small
Company
Fund
3,710
690
16
4,339
LargeCap
S&P
500
Index
Fund
46,507
11,382
179
58,908
MidCap
S&P
400
Index
Fund
11,909
1,997
7,041
6,530
Origin
Emerging
Markets
Fund
2,173
305
8
2,462
Real
Estate
Securities
Fund
2,852
329
12
3,140
SmallCap
S&P
600
Index
Fund
4,763
1,043
21
5,501
$
113,434
$
22,788
$
7,459
$
129,613
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Bond
Market
Index
Fund
$
326
$
—
$
—
$
(65)
Diversified
International
Fund
626
—
—
382
Diversified
Real
Asset
Fund
—
—
—
—
High
Income
Fund
53
—
—
36
International
Small
Company
Fund
116
—
—
(45)
LargeCap
S&P
500
Index
Fund
1,018
—
904
1,198
MidCap
S&P
400
Index
Fund
199
(121)
582
(214)
Origin
Emerging
Markets
Fund
43
—
—
(8)
Real
Estate
Securities
Fund
15
—
26
(29)
SmallCap
S&P
600
Index
Fund
70
—
291
(284)
$
2,466
$
(121)
$
1,803
$
971
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
Hybrid
2050
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
195
INVESTMENT
COMPANIES
-
100.01%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
41.53%
Diversified
International
Fund
(
a)
2,167,776
$
27,509
International
Small
Company
Fund
(
a)
362,053
4,008
MidCap
S&P
400
Index
Fund
(
a)
304,232
5,978
Origin
Emerging
Markets
Fund
(
a)
194,464
2,160
Real
Estate
Securities
Fund
(
a)
97,064
2,750
SmallCap
S&P
600
Index
Fund
(
a)
214,109
5,092
$
47,497
Principal
Funds,
Inc.
Institutional
Class
-
58.48%
Bond
Market
Index
Fund
(
a)
874,671
10,050
High
Income
Fund
(
a)
238,888
2,250
LargeCap
S&P
500
Index
Fund
(
a)
2,779,474
54,589
$
66,889
TOTAL
INVESTMENT
COMPANIES
$
114,386
Total
Investments
$
114,386
Other
Assets
and
Liabilities
- (
0.01)%
(11)
TOTAL
NET
ASSETS
-
100.00%
$
114,375
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
sub-schedule
for
transactional
information.
Portfolio
Summary (
unaudited)
Fund
Type
Percent
Domestic
Equity
Funds
59.82%
Fixed
Income
Funds
34.80%
International
Equity
Funds
5.39%
Other
Assets
and
Liabilities
(
0.01)%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Bond
Market
Index
Fund
$
8,916
$
1,305
$
125
$
10,050
Diversified
International
Fund
23,933
3,536
322
27,509
High
Income
Fund
2,100
218
94
2,250
International
Small
Company
Fund
3,599
497
48
4,008
LargeCap
S&P
500
Index
Fund
43,999
9,989
531
54,589
MidCap
S&P
400
Index
Fund
11,260
1,613
6,588
5,978
Origin
Emerging
Markets
Fund
1,962
229
26
2,160
Real
Estate
Securities
Fund
2,572
237
33
2,750
SmallCap
S&P
600
Index
Fund
4,599
818
59
5,092
$
102,940
$
18,442
$
7,826
$
114,386
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Bond
Market
Index
Fund
$
215
$
—
$
—
$
(46)
Diversified
International
Fund
584
—
—
362
High
Income
Fund
37
—
—
26
International
Small
Company
Fund
110
—
—
(40)
LargeCap
S&P
500
Index
Fund
950
1
844
1,131
MidCap
S&P
400
Index
Fund
185
(58)
543
(249)
Origin
Emerging
Markets
Fund
38
—
—
(5)
Real
Estate
Securities
Fund
13
—
23
(26)
SmallCap
S&P
600
Index
Fund
67
—
277
(266)
$
2,199
$
(57)
$
1,687
$
887
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
Hybrid
2055
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
196
INVESTMENT
COMPANIES
-
100.01%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
43.02%
Diversified
International
Fund
(
a)
824,471
$
10,462
International
Small
Company
Fund
(
a)
138,401
1,532
MidCap
S&P
400
Index
Fund
(
a)
117,948
2,318
Origin
Emerging
Markets
Fund
(
a)
78,929
877
Real
Estate
Securities
Fund
(
a)
36,126
1,023
SmallCap
S&P
600
Index
Fund
(
a)
81,697
1,943
$
18,155
Principal
Funds,
Inc.
Institutional
Class
-
56.99%
Bond
Market
Index
Fund
(
a)
218,674
2,513
High
Income
Fund
(
a)
79,605
750
LargeCap
S&P
500
Index
Fund
(
a)
1,058,375
20,786
$
24,049
TOTAL
INVESTMENT
COMPANIES
$
42,204
Total
Investments
$
42,204
Other
Assets
and
Liabilities
- (
0.01)%
(6)
TOTAL
NET
ASSETS
-
100.00%
$
42,198
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
sub-schedule
for
transactional
information.
Portfolio
Summary (
unaudited)
Fund
Type
Percent
Domestic
Equity
Funds
61.78%
Fixed
Income
Funds
32.52%
International
Equity
Funds
5.71%
Other
Assets
and
Liabilities
(
0.01)%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Bond
Market
Index
Fund
$
2,147
$
408
$
32
$
2,513
Diversified
International
Fund
8,783
1,663
116
10,462
Diversified
Real
Asset
Fund
—
—
—
—
High
Income
Fund
684
104
46
750
International
Small
Company
Fund
1,314
252
18
1,532
LargeCap
S&P
500
Index
Fund
15,996
4,571
190
20,786
MidCap
S&P
400
Index
Fund
4,169
791
2,522
2,318
Origin
Emerging
Markets
Fund
765
124
9
877
Real
Estate
Securities
Fund
918
125
11
1,023
SmallCap
S&P
600
Index
Fund
1,688
378
22
1,943
$
36,464
$
8,416
$
2,966
$
42,204
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Bond
Market
Index
Fund
$
53
$
—
$
—
$
(10)
Diversified
International
Fund
219
—
—
132
Diversified
Real
Asset
Fund
—
—
—
—
High
Income
Fund
12
—
—
8
International
Small
Company
Fund
42
—
—
(16)
LargeCap
S&P
500
Index
Fund
353
—
314
409
MidCap
S&P
400
Index
Fund
70
(26)
205
(94)
Origin
Emerging
Markets
Fund
15
—
—
(3)
Real
Estate
Securities
Fund
5
—
8
(9)
SmallCap
S&P
600
Index
Fund
25
—
104
(101)
$
794
$
(26)
$
631
$
316
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
Hybrid
2060
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
197
INVESTMENT
COMPANIES
-
100.04%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
44.18%
Diversified
International
Fund
(
a)
283,186
$
3,594
International
Small
Company
Fund
(
a)
47,746
528
MidCap
S&P
400
Index
Fund
(
a)
41,822
822
Origin
Emerging
Markets
Fund
(
a)
28,955
322
Real
Estate
Securities
Fund
(
a)
12,205
346
SmallCap
S&P
600
Index
Fund
(
a)
27,972
665
$
6,277
Principal
Funds,
Inc.
Institutional
Class
-
55.86%
Bond
Market
Index
Fund
(
a)
56,503
649
High
Income
Fund
(
a)
22,792
215
LargeCap
S&P
500
Index
Fund
(
a)
360,102
7,072
$
7,936
TOTAL
INVESTMENT
COMPANIES
$
14,213
Total
Investments
$
14,213
Other
Assets
and
Liabilities
- (
0.04)%
(5)
TOTAL
NET
ASSETS
-
100.00%
$
14,208
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
sub-schedule
for
transactional
information.
Portfolio
Summary (
unaudited)
Fund
Type
Percent
Domestic
Equity
Funds
62.67%
Fixed
Income
Funds
31.38%
International
Equity
Funds
5.99%
Other
Assets
and
Liabilities
(
0.04)%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Bond
Market
Index
Fund
$
549
$
143
$
40
$
649
Diversified
International
Fund
3,093
649
192
3,594
Diversified
Real
Asset
Fund
—
—
—
—
High
Income
Fund
200
36
24
215
International
Small
Company
Fund
453
109
29
528
LargeCap
S&P
500
Index
Fund
5,562
1,685
314
7,072
MidCap
S&P
400
Index
Fund
1,450
312
901
822
Origin
Emerging
Markets
Fund
287
54
18
322
Real
Estate
Securities
Fund
316
52
19
346
SmallCap
S&P
600
Index
Fund
594
141
36
665
$
12,504
$
3,181
$
1,573
$
14,213
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Bond
Market
Index
Fund
$
13
$
—
$
—
$
(3)
Diversified
International
Fund
73
—
—
44
Diversified
Real
Asset
Fund
—
—
—
—
High
Income
Fund
3
—
—
3
International
Small
Company
Fund
14
—
—
(5)
LargeCap
S&P
500
Index
Fund
116
1
103
138
MidCap
S&P
400
Index
Fund
23
—
67
(39)
Origin
Emerging
Markets
Fund
5
—
—
(1)
Real
Estate
Securities
Fund
2
—
3
(3)
SmallCap
S&P
600
Index
Fund
8
—
35
(34)
$
257
$
1
$
208
$
100
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
Hybrid
2065
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
198
INVESTMENT
COMPANIES
-
100.08%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
44.64%
Diversified
International
Fund
(
a)
51,106
$
649
International
Small
Company
Fund
(
a)
8,603
95
MidCap
S&P
400
Index
Fund
(
a)
7,700
151
Origin
Emerging
Markets
Fund
(
a)
5,239
58
Real
Estate
Securities
Fund
(
a)
2,263
64
SmallCap
S&P
600
Index
Fund
(
a)
5,040
120
$
1,137
Principal
Funds,
Inc.
Institutional
Class
-
55.44%
Bond
Market
Index
Fund
(
a)
8,896
102
High
Income
Fund
(
a)
3,965
38
LargeCap
S&P
500
Index
Fund
(
a)
64,765
1,272
$
1,412
TOTAL
INVESTMENT
COMPANIES
$
2,549
Total
Investments
$
2,549
Other
Assets
and
Liabilities
- (
0.08)%
(2)
TOTAL
NET
ASSETS
-
100.00%
$
2,547
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
sub-schedule
for
transactional
information.
Portfolio
Summary (
unaudited)
Fund
Type
Percent
Domestic
Equity
Funds
63.09%
Fixed
Income
Funds
30.98%
International
Equity
Funds
6.01%
Other
Assets
and
Liabilities
(
0.08)%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Bond
Market
Index
Fund
$
55
$
64
$
17
$
102
Diversified
International
Fund
336
346
35
649
High
Income
Fund
21
21
4
38
International
Small
Company
Fund
49
53
6
95
LargeCap
S&P
500
Index
Fund
612
704
58
1,272
MidCap
S&P
400
Index
Fund
157
161
159
151
Origin
Emerging
Markets
Fund
30
32
3
58
Real
Estate
Securities
Fund
35
32
3
64
SmallCap
S&P
600
Index
Fund
65
68
6
120
$
1,360
$
1,481
$
291
$
2,549
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Bond
Market
Index
Fund
$
2
$
—
$
—
$
—
Diversified
International
Fund
11
—
—
2
High
Income
Fund
1
—
—
—
International
Small
Company
Fund
2
—
—
(1)
LargeCap
S&P
500
Index
Fund
17
—
15
14
MidCap
S&P
400
Index
Fund
3
(1)
10
(7)
Origin
Emerging
Markets
Fund
1
—
—
(1)
Real
Estate
Securities
Fund
—
—
—
—
SmallCap
S&P
600
Index
Fund
1
—
5
(7)
$
38
$
(1)
$
30
$
—
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
Hybrid
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
199
INVESTMENT
COMPANIES
-
100.02%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
10.79%
Diversified
International
Fund
(
a)
269,851
$
3,424
Diversified
Real
Asset
Fund
(
a)
89,103
1,025
International
Small
Company
Fund
(
a)
47,594
527
MidCap
S&P
400
Index
Fund
(
a)
37,002
727
SmallCap
S&P
600
Index
Fund
(
a)
26,858
639
$
6,342
Principal
Funds,
Inc.
Institutional
Class
-
89.23%
Bond
Market
Index
Fund
(
a)
2,165,488
24,881
High
Income
Fund
(
a)
468,553
4,414
Inflation
Protection
Fund
(
a)
315,509
2,783
LargeCap
S&P
500
Index
Fund
(
a)
350,299
6,880
Short-Term
Income
Fund
(
a)
1,091,634
13,492
$
52,450
TOTAL
INVESTMENT
COMPANIES
$
58,792
Total
Investments
$
58,792
Other
Assets
and
Liabilities
- (
0.02)%
(9)
TOTAL
NET
ASSETS
-
100.00%
$
58,783
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
sub-schedule
for
transactional
information.
Portfolio
Summary (
unaudited)
Fund
Type
Percent
Fixed
Income
Funds
83.35%
Domestic
Equity
Funds
14.03%
Specialty
Funds
1.74%
International
Equity
Funds
0.90%
Other
Assets
and
Liabilities
(
0.02)%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Bond
Market
Index
Fund
$
24,370
$
1,459
$
813
$
24,881
Diversified
International
Fund
3,341
202
174
3,424
Diversified
Real
Asset
Fund
1,239
81
290
1,025
High
Income
Fund
4,218
284
137
4,414
Inflation
Protection
Fund
2,698
115
90
2,783
International
Small
Company
Fund
563
37
68
527
LargeCap
S&P
500
Index
Fund
6,297
583
168
6,880
MidCap
S&P
400
Index
Fund
1,576
152
962
727
Short-Term
Income
Fund
12,196
1,629
385
13,492
SmallCap
S&P
600
Index
Fund
610
80
18
639
$
57,108
$
4,622
$
3,105
$
58,792
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Bond
Market
Index
Fund
$
570
$
—
$
—
$
(135)
Diversified
International
Fund
79
1
—
54
Diversified
Real
Asset
Fund
30
(2)
—
(3)
High
Income
Fund
72
—
—
49
Inflation
Protection
Fund
13
—
—
60
International
Small
Company
Fund
17
—
—
(5)
LargeCap
S&P
500
Index
Fund
132
2
118
166
MidCap
S&P
400
Index
Fund
25
7
74
(46)
Short-Term
Income
Fund
73
—
—
52
SmallCap
S&P
600
Index
Fund
9
—
35
(33)
$
1,020
$
8
$
227
$
159
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
Strategic
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
200
INVESTMENT
COMPANIES
-
100.01%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
39.55%
Blue
Chip
Fund
(
a)
563,773
$
15,758
Core
Fixed
Income
Fund
(
a)
11,154,294
110,762
Diversified
International
Fund
(
a)
967,589
12,279
Diversified
Real
Asset
Fund
(
a)
609,774
7,012
International
Small
Company
Fund
(
a)
342,011
3,786
MidCap
Fund
(
a)
371,091
11,830
SmallCap
Growth
Fund
I
(
a),(b)
193,508
2,638
SmallCap
Value
Fund
II
(
a)
172,285
1,802
$
165,867
Principal
Funds,
Inc.
Institutional
Class
-
60.46%
Bond
Market
Index
Fund
(
a)
5,978,592
68,694
Equity
Income
Fund
(
a)
386,608
12,897
High
Income
Fund
(
a)
3,349,050
31,548
Inflation
Protection
Fund
(
a)
2,268,469
20,008
LargeCap
S&P
500
Index
Fund
(
a)
757,813
14,883
Overseas
Fund
(
a)
1,249,461
11,895
Short-Term
Income
Fund
(
a)
7,577,077
93,653
$
253,578
TOTAL
INVESTMENT
COMPANIES
$
419,445
Total
Investments
$
419,445
Other
Assets
and
Liabilities
- (
0.01)%
(60)
TOTAL
NET
ASSETS
-
100.00%
$
419,385
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
sub-schedule
for
transactional
information.
(b)
Non-income
producing
security
Portfolio
Summary (
unaudited)
Fund
Type
Percent
Fixed
Income
Funds
80.34%
Domestic
Equity
Funds
14.26%
International
Equity
Funds
3.74%
Specialty
Funds
1.67%
Other
Assets
and
Liabilities
(
0.01)%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
16,284
$
1,081
$
2,695
$
15,758
Bond
Market
Index
Fund
70,971
3,271
5,142
68,694
Core
Fixed
Income
Fund
110,221
4,310
5,213
110,762
Diversified
International
Fund
11,234
1,449
560
12,279
Diversified
Real
Asset
Fund
7,095
416
468
7,012
Equity
Income
Fund
13,974
759
1,893
12,897
High
Income
Fund
31,020
1,617
1,449
31,548
Inflation
Protection
Fund
19,721
791
934
20,008
International
Small
Company
Fund
3,611
398
186
3,786
LargeCap
S&P
500
Index
Fund
14,765
886
1,184
14,883
MidCap
Fund
12,324
850
1,743
11,830
Overseas
Fund
10,881
1,823
561
11,895
Short-Term
Income
Fund
90,468
6,832
4,020
93,653
SmallCap
Growth
Fund
I
2,399
293
93
2,638
SmallCap
Value
Fund
II
2,242
70
514
1,802
$
417,210
$
24,846
$
26,655
$
419,445
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Blue
Chip
Fund
$
132
$
746
$
637
$
342
Bond
Market
Index
Fund
1,615
21
—
(427)
Core
Fixed
Income
Fund
773
2
—
1,442
Diversified
International
Fund
262
(34)
—
190
Diversified
Real
Asset
Fund
169
(1)
—
(30)
Equity
Income
Fund
66
512
381
(455)
High
Income
Fund
522
(1)
—
361
Inflation
Protection
Fund
90
3
—
427
International
Small
Company
Fund
106
7
—
(44)
LargeCap
S&P
500
Index
Fund
307
147
273
269
MidCap
Fund
82
497
511
(98)
Overseas
Fund
339
16
—
(264)
Short-Term
Income
Fund
533
2
—
371
SmallCap
Growth
Fund
I
—
15
179
24
SmallCap
Value
Fund
II
21
75
—
(71)
$
5,017
$
2,007
$
1,981
$
2,037
Amounts
in
thousands.
Schedule
of
Investments
Real
Estate
Securities
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
201
INVESTMENT
COMPANIES
-
2.51%
Shares
Held
Value
(000's)
Money
Market
Funds
-
2.51%
Principal
Government
Money
Market
Fund
1.43
%
(a),(b)
134,498,089
$
134,498
TOTAL
INVESTMENT
COMPANIES
$
134,498
COMMON
STOCKS
-
98.54%
Shares
Held
Value
(000's)
Lodging
-
0.87%
Hilton
Worldwide
Holdings
Inc
430,471
46,405
REITs
-
95.12%
Alexandria
Real
Estate
Equities
Inc
1,347,810
219,963
American
Homes
4
Rent
5,696,201
155,677
Americold
Realty
Trust
1,980,484
68,267
Apartment
Investment
&
Management
Co
2,529,623
133,336
AvalonBay
Communities
Inc
1,370,499
296,973
Boston
Properties
Inc
1,051,423
150,722
Brandywine
Realty
Trust
2,564,164
40,052
CoreSite
Realty
Corp
378,946
44,507
Cousins
Properties
Inc
2,707,253
110,808
Crown
Castle
International
Corp
245,146
36,733
CubeSmart
2,430,134
76,962
Duke
Realty
Corp
2,266,774
82,307
EPR
Properties
1,349,063
96,283
Equinix
Inc
591,914
349,069
Equity
LifeStyle
Properties
Inc
1,318,996
95,957
Equity
Residential
673,401
55,946
Essential
Properties
Realty
Trust
Inc
2,287,079
63,146
Essex
Property
Trust
Inc
754,580
233,739
Extra
Space
Storage
Inc
1,166,643
129,124
First
Industrial
Realty
Trust
Inc
1,000,665
42,728
Healthcare
Realty
Trust
Inc
1,892,680
68,250
Healthcare
Trust
of
America
Inc
5,811,541
186,144
Healthpeak
Properties
Inc
3,116,433
112,160
Host
Hotels
&
Resorts
Inc
4,679,440
76,462
Invitation
Homes
Inc
8,939,865
281,338
Kilroy
Realty
Corp
1,332,518
110,026
Park
Hotels
&
Resorts
Inc
2,197,590
48,215
Prologis
Inc
4,559,777
423,512
Public
Storage
332,925
74,495
Regency
Centers
Corp
2,331,626
144,654
Sabra
Health
Care
REIT
Inc
2,718,960
58,458
Saul
Centers
Inc
384,192
18,971
Simon
Property
Group
Inc
1,036,630
138,027
STORE
Capital
Corp
4,106,570
161,183
Sun
Communities
Inc
1,033,665
167,629
Sunstone
Hotel
Investors
Inc
3,220,483
40,836
Taubman
Centers
Inc
804,646
21,259
Terreno
Realty
Corp
1,695,808
97,102
VICI
Properties
Inc
3,132,526
83,952
Welltower
Inc
3,092,056
262,547
Weyerhaeuser
Co
1,137,425
32,929
$
5,090,448
Software
-
2.55%
InterXion
Holding
NV
(
c)
1,564,280
136,139
TOTAL
COMMON
STOCKS
$
5,272,992
Total
Investments
$
5,407,490
Other
Assets
and
Liabilities
- (
1.05)%
(55,998)
TOTAL
NET
ASSETS
-
100.00%
$
5,351,492
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
sub-schedule
for
transactional
information.
(b)
Current
yield
shown
is
as
of
period
end.
(c)
Non-income
producing
security
Portfolio
Summary (
unaudited)
Sector
Percent
Financial
95.12%
Technology
2.55%
Money
Market
Funds
2.51%
Consumer,
Cyclical
0.87%
Other
Assets
and
Liabilities
(
1.05)%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
1.43%
$
98,955
$
309,143
$
273,600
$
134,498
$
98,955
$
309,143
$
273,600
$
134,498
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Principal
Government
Money
Market
Fund
1.43%
$
377
$
—
$
—
$
—
$
377
$
—
$
—
$
—
Amounts
in
thousands.
Schedule
of
Investments
SAM
Balanced
Portfolio
January
31,
2020
(unaudited)
See
accompanying
notes.
202
INVESTMENT
COMPANIES
-
100.06%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0.32%
Principal
Government
Money
Market
Fund
1.43
%
(a),(b)
14,922,407
$
14,922
Principal
Exchange-Traded
Funds
-
19.96%
Principal
Active
Global
Dividend
Income
ETF
(
a)
7,864,100
230,549
Principal
Active
Income
ETF
(
a)
1,559,000
63,389
Principal
Investment
Grade
Corporate
Active
ETF
(
a)
1,320,100
35,049
Principal
U.S.
Mega-Cap
Multi-Factor
Index
ETF
(
a)
15,163,700
476,769
Principal
U.S.
Small-Cap
Multi-Factor
Index
ETF
(
a)
3,542,700
112,324
$
918,080
Principal
Funds,
Inc.
Class
R-6
-
50.83%
Blue
Chip
Fund
(
a)
15,672,150
438,037
Core
Fixed
Income
Fund
(
a)
57,174,032
567,738
Diversified
International
Fund
(
a)
42,029,132
533,350
Diversified
Real
Asset
Fund
(
a)
12,494,763
143,690
Edge
MidCap
Fund
(
a)
12,556,846
189,734
Global
Real
Estate
Securities
Fund
(
a)
12,892,290
135,885
High
Yield
Fund
(
a)
9,678,722
69,009
International
Small
Company
Fund
(
a)
6,009,174
66,521
Origin
Emerging
Markets
Fund
(
a)
5,961,951
66,237
Spectrum
Preferred
and
Capital
Securities
Income
Fund
(
a)
12,164,572
127,606
$
2,337,807
Principal
Funds,
Inc.
Institutional
Class
-
28.95%
Equity
Income
Fund
(
a)
17,861,036
595,844
Government
&
High
Quality
Bond
Fund
(
a)
29,293,738
309,928
Inflation
Protection
Fund
(
a)
7,916,436
69,823
Short-Term
Income
Fund
(
a)
28,807,669
356,063
$
1,331,658
TOTAL
INVESTMENT
COMPANIES
$
4,602,467
Total
Investments
$
4,602,467
Other
Assets
and
Liabilities
- (
0.06)%
(2,904)
TOTAL
NET
ASSETS
-
100.00%
$
4,599,563
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
sub-schedule
for
transactional
information.
(b)
Current
yield
shown
is
as
of
period
end.
Portfolio
Summary (
unaudited)
Fund
Type
Percent
Fixed
Income
Funds
46.36%
Domestic
Equity
Funds
39.41%
International
Equity
Funds
10.85%
Specialty
Funds
3.12%
Money
Market
Funds
0.32%
Other
Assets
and
Liabilities
(
0.06)%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
SAM
Balanced
Portfolio
January
31,
2020
(unaudited)
See
accompanying
notes.
203
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
406,108
$
19,498
$
13,822
$
438,037
Core
Fixed
Income
Fund
565,998
5,577
11,237
567,738
Diversified
International
Fund
531,670
12,977
20,329
533,350
Diversified
Real
Asset
Fund
145,693
3,723
5,103
143,690
Edge
MidCap
Fund
190,950
8,009
6,953
189,734
Equity
Income
Fund
593,088
19,689
17,794
595,844
Global
Real
Estate
Securities
Fund
138,105
5,694
3,495
135,885
Government
&
High
Quality
Bond
Fund
311,045
3,851
6,136
309,928
High
Yield
Fund
69,618
1,635
2,541
69,009
Inflation
Protection
Fund
70,713
488
2,890
69,823
International
Small
Company
Fund
67,892
2,144
2,980
66,521
Origin
Emerging
Markets
Fund
67,284
1,310
2,415
66,237
Principal
Active
Global
Dividend
Income
ETF
222,837
—
—
230,549
Principal
Active
Income
ETF
62,826
—
—
63,389
Principal
Government
Money
Market
Fund
1.43%
7,829
7,093
—
14,922
Principal
Investment
Grade
Corporate
Active
ETF
35,425
—
—
35,049
Principal
U.S.
Mega-Cap
Multi-Factor
Index
ETF
450,514
—
—
476,769
Principal
U.S.
Small-Cap
Multi-Factor
Index
ETF
110,709
—
—
112,324
Short-Term
Income
Fund
357,830
3,187
6,387
356,063
Spectrum
Preferred
and
Capital
Securities
Income
Fund
123,636
2,460
176
127,606
$
4,529,770
$
97,335
$
102,258
$
4,602,467
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Blue
Chip
Fund
$
3,292
$
543
$
15,833
$
25,710
Core
Fixed
Income
Fund
3,956
81
—
7,319
Diversified
International
Fund
12,379
648
—
8,384
Diversified
Real
Asset
Fund
3,467
175
—
(798)
Edge
MidCap
Fund
1,988
333
5,765
(2,605)
Equity
Income
Fund
2,803
555
16,171
306
Global
Real
Estate
Securities
Fund
1,537
317
3,901
(4,736)
Government
&
High
Quality
Bond
Fund
2,176
(12)
—
1,180
High
Yield
Fund
1,131
(38)
—
335
Inflation
Protection
Fund
318
14
—
1,498
International
Small
Company
Fund
1,974
76
—
(611)
Origin
Emerging
Markets
Fund
1,224
41
—
17
Principal
Active
Global
Dividend
Income
ETF
1,906
—
—
7,712
Principal
Active
Income
ETF
767
—
—
563
Principal
Government
Money
Market
Fund
1.43%
40
—
—
—
Principal
Investment
Grade
Corporate
Active
ETF
1,142
—
292
(376)
Principal
U.S.
Mega-Cap
Multi-Factor
Index
ETF
2,413
—
—
26,255
Principal
U.S.
Small-Cap
Multi-Factor
Index
ETF
531
—
—
1,615
Short-Term
Income
Fund
2,101
1
—
1,432
Spectrum
Preferred
and
Capital
Securities
Income
Fund
1,692
—
—
1,686
$
46,837
$
2,734
$
41,962
$
74,886
Amounts
in
thousands.
Schedule
of
Investments
SAM
Conservative
Balanced
Portfolio
January
31,
2020
(unaudited)
See
accompanying
notes.
204
INVESTMENT
COMPANIES
-
100.06%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0.38%
Principal
Government
Money
Market
Fund
1.43
%
(a),(b)
6,507,816
$
6,508
Principal
Exchange-Traded
Funds
-
13.83%
Principal
Active
Global
Dividend
Income
ETF
(
a)
1,207,000
35,385
Principal
Active
Income
ETF
(
a)
1,146,000
46,596
Principal
Investment
Grade
Corporate
Active
ETF
(
a)
656,100
17,420
Principal
U.S.
Mega-Cap
Multi-Factor
Index
ETF
(
a)
3,586,000
112,749
Principal
U.S.
Small-Cap
Multi-Factor
Index
ETF
(
a)
827,700
26,243
$
238,393
Principal
Funds,
Inc.
Class
R-6
-
52.63%
Blue
Chip
Fund
(
a)
4,146,931
115,907
Core
Fixed
Income
Fund
(
a)
32,232,834
320,072
Diversified
International
Fund
(
a)
11,043,109
140,137
Diversified
Real
Asset
Fund
(
a)
4,159,366
47,833
Edge
MidCap
Fund
(
a)
3,267,825
49,377
Global
Diversified
Income
Fund
(
a)
3,411,135
47,074
Global
Real
Estate
Securities
Fund
(
a)
3,767,568
39,710
High
Yield
Fund
(
a)
5,494,496
39,176
International
Small
Company
Fund
(
a)
1,565,049
17,325
Origin
Emerging
Markets
Fund
(
a)
1,550,273
17,223
Spectrum
Preferred
and
Capital
Securities
Income
Fund
(
a)
6,954,140
72,949
$
906,783
Principal
Funds,
Inc.
Institutional
Class
-
33.22%
Equity
Income
Fund
(
a)
4,522,477
150,870
Government
&
High
Quality
Bond
Fund
(
a)
17,092,885
180,842
Inflation
Protection
Fund
(
a)
4,984,441
43,963
Short-Term
Income
Fund
(
a)
15,913,747
196,694
$
572,369
TOTAL
INVESTMENT
COMPANIES
$
1,724,053
Total
Investments
$
1,724,053
Other
Assets
and
Liabilities
- (
0.06)%
(977)
TOTAL
NET
ASSETS
-
100.00%
$
1,723,076
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
sub-schedule
for
transactional
information.
(b)
Current
yield
shown
is
as
of
period
end.
Portfolio
Summary (
unaudited)
Fund
Type
Percent
Fixed
Income
Funds
61.39%
Domestic
Equity
Funds
26.42%
International
Equity
Funds
6.36%
Specialty
Funds
5.51%
Money
Market
Funds
0.38%
Other
Assets
and
Liabilities
(
0.06)%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
SAM
Conservative
Balanced
Portfolio
January
31,
2020
(unaudited)
See
accompanying
notes.
205
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
108,151
$
5,581
$
4,845
$
115,907
Core
Fixed
Income
Fund
315,737
4,525
4,374
320,072
Diversified
International
Fund
140,205
4,082
6,567
140,137
Diversified
Real
Asset
Fund
49,575
1,279
2,821
47,833
Edge
MidCap
Fund
49,778
2,210
2,019
49,377
Equity
Income
Fund
151,370
5,430
6,173
150,870
Global
Diversified
Income
Fund
46,347
1,001
785
47,074
Global
Real
Estate
Securities
Fund
40,405
1,793
1,196
39,710
Government
&
High
Quality
Bond
Fund
179,835
2,746
2,423
180,842
High
Yield
Fund
39,478
904
1,373
39,176
Inflation
Protection
Fund
44,080
434
1,505
43,963
International
Small
Company
Fund
17,731
518
785
17,325
Origin
Emerging
Markets
Fund
17,660
322
785
17,223
Principal
Active
Global
Dividend
Income
ETF
34,202
—
—
35,385
Principal
Active
Income
ETF
46,182
—
—
46,596
Principal
Government
Money
Market
Fund
1.43%
4,221
2,287
—
6,508
Principal
Investment
Grade
Corporate
Active
ETF
17,606
—
—
17,420
Principal
U.S.
Mega-Cap
Multi-Factor
Index
ETF
106,540
—
—
112,749
Principal
U.S.
Small-Cap
Multi-Factor
Index
ETF
25,866
—
—
26,243
Short-Term
Income
Fund
196,132
2,545
2,777
196,694
Spectrum
Preferred
and
Capital
Securities
Income
Fund
71,103
1,690
813
72,949
$
1,702,204
$
37,347
$
39,241
$
1,724,053
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Blue
Chip
Fund
$
881
$
214
$
4,231
$
6,806
Core
Fixed
Income
Fund
2,223
3
—
4,181
Diversified
International
Fund
3,282
144
—
2,273
Diversified
Real
Asset
Fund
1,181
82
—
(282)
Edge
MidCap
Fund
521
52
1,508
(644)
Equity
Income
Fund
717
120
4,133
123
Global
Diversified
Income
Fund
678
(5)
—
516
Global
Real
Estate
Securities
Fund
451
29
1,143
(1,321)
Government
&
High
Quality
Bond
Fund
1,265
(47)
—
731
High
Yield
Fund
642
(27)
—
194
Inflation
Protection
Fund
201
9
—
945
International
Small
Company
Fund
518
29
—
(168)
Origin
Emerging
Markets
Fund
322
18
—
8
Principal
Active
Global
Dividend
Income
ETF
292
—
—
1,183
Principal
Active
Income
ETF
565
—
—
414
Principal
Government
Money
Market
Fund
1.43%
20
—
—
—
Principal
Investment
Grade
Corporate
Active
ETF
567
—
145
(186)
Principal
U.S.
Mega-Cap
Multi-Factor
Index
ETF
571
—
—
6,209
Principal
U.S.
Small-Cap
Multi-Factor
Index
ETF
124
—
—
377
Short-Term
Income
Fund
1,158
—
—
794
Spectrum
Preferred
and
Capital
Securities
Income
Fund
973
1
—
968
$
17,152
$
622
$
11,160
$
23,121
Amounts
in
thousands.
Schedule
of
Investments
SAM
Conservative
Growth
Portfolio
January
31,
2020
(unaudited)
See
accompanying
notes.
206
INVESTMENT
COMPANIES
-
100.06%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0.40%
Principal
Government
Money
Market
Fund
1.43
%
(a),(b)
12,449,428
$
12,449
Principal
Exchange-Traded
Funds
-
22.11%
Principal
Active
Global
Dividend
Income
ETF
(
a)
3,580,000
104,954
Principal
Active
Income
ETF
(
a)
1,012,000
41,148
Principal
Investment
Grade
Corporate
Active
ETF
(
a)
580,000
15,399
Principal
U.S.
Mega-Cap
Multi-Factor
Index
ETF
(
a)
13,304,400
418,310
Principal
U.S.
Small-Cap
Multi-Factor
Index
ETF
(
a)
3,294,800
104,464
$
684,275
Principal
Funds,
Inc.
Class
R-6
-
53.03%
Blue
Chip
Fund
(
a)
14,461,387
404,196
Core
Fixed
Income
Fund
(
a)
15,319,530
152,123
Diversified
International
Fund
(
a)
41,430,882
525,758
Diversified
Real
Asset
Fund
(
a)
9,308,520
107,048
Edge
MidCap
Fund
(
a)
12,099,719
182,827
Global
Real
Estate
Securities
Fund
(
a)
9,998,520
105,384
International
Small
Company
Fund
(
a)
5,233,061
57,930
Origin
Emerging
Markets
Fund
(
a)
5,382,292
59,797
Spectrum
Preferred
and
Capital
Securities
Income
Fund
(
a)
4,396,587
46,120
$
1,641,183
Principal
Funds,
Inc.
Institutional
Class
-
24.52%
Equity
Income
Fund
(
a)
15,776,262
526,296
Government
&
High
Quality
Bond
Fund
(
a)
8,962,455
94,823
Short-Term
Income
Fund
(
a)
11,126,049
137,518
$
758,637
TOTAL
INVESTMENT
COMPANIES
$
3,096,544
Total
Investments
$
3,096,544
Other
Assets
and
Liabilities
- (
0.06)%
(1,965)
TOTAL
NET
ASSETS
-
100.00%
$
3,094,579
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
sub-schedule
for
transactional
information.
(b)
Current
yield
shown
is
as
of
period
end.
Portfolio
Summary (
unaudited)
Fund
Type
Percent
Domestic
Equity
Funds
52.87%
Fixed
Income
Funds
32.74%
International
Equity
Funds
10.59%
Specialty
Funds
3.46%
Money
Market
Funds
0.40%
Other
Assets
and
Liabilities
(
0.06)%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
SAM
Conservative
Growth
Portfolio
January
31,
2020
(unaudited)
See
accompanying
notes.
207
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
375,472
$
17,941
$
13,446
$
404,196
Core
Fixed
Income
Fund
150,120
1,575
1,558
152,123
Diversified
International
Fund
522,917
12,909
18,899
525,758
Diversified
Real
Asset
Fund
108,274
2,699
3,459
107,048
Edge
MidCap
Fund
183,785
7,685
6,447
182,827
Equity
Income
Fund
525,258
17,338
17,092
526,296
Global
Real
Estate
Securities
Fund
106,781
4,401
2,385
105,384
Government
&
High
Quality
Bond
Fund
94,691
1,180
1,404
94,823
International
Small
Company
Fund
58,855
1,789
2,243
57,930
Origin
Emerging
Markets
Fund
61,517
1,152
2,955
59,797
Principal
Active
Global
Dividend
Income
ETF
101,443
—
—
104,954
Principal
Active
Income
ETF
40,782
—
—
41,148
Principal
Government
Money
Market
Fund
1.43%
7,808
4,641
—
12,449
Principal
Investment
Grade
Corporate
Active
ETF
15,564
—
—
15,399
Principal
U.S.
Mega-Cap
Multi-Factor
Index
ETF
395,274
—
—
418,310
Principal
U.S.
Small-Cap
Multi-Factor
Index
ETF
102,963
—
—
104,464
Short-Term
Income
Fund
137,658
1,214
1,909
137,518
Spectrum
Preferred
and
Capital
Securities
Income
Fund
47,789
667
2,963
46,120
$
3,036,951
$
75,191
$
74,760
$
3,096,544
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Blue
Chip
Fund
$
3,041
$
578
$
14,633
$
23,651
Core
Fixed
Income
Fund
1,055
2
—
1,984
Diversified
International
Fund
12,172
544
—
8,287
Diversified
Real
Asset
Fund
2,586
86
—
(552)
Edge
MidCap
Fund
1,913
533
5,549
(2,729)
Equity
Income
Fund
2,472
608
14,272
184
Global
Real
Estate
Securities
Fund
1,190
160
3,022
(3,573)
Government
&
High
Quality
Bond
Fund
664
—
—
356
International
Small
Company
Fund
1,715
92
—
(563)
Origin
Emerging
Markets
Fund
1,115
136
—
(53)
Principal
Active
Global
Dividend
Income
ETF
868
—
—
3,511
Principal
Active
Income
ETF
499
—
—
366
Principal
Government
Money
Market
Fund
1.43%
36
—
—
—
Principal
Investment
Grade
Corporate
Active
ETF
501
—
128
(165)
Principal
U.S.
Mega-Cap
Multi-Factor
Index
ETF
2,117
—
—
23,036
Principal
U.S.
Small-Cap
Multi-Factor
Index
ETF
494
—
—
1,501
Short-Term
Income
Fund
809
1
—
554
Spectrum
Preferred
and
Capital
Securities
Income
Fund
630
57
—
570
$
33,877
$
2,797
$
37,604
$
56,365
Amounts
in
thousands.
Schedule
of
Investments
SAM
Flexible
Income
Portfolio
January
31,
2020
(unaudited)
See
accompanying
notes.
208
INVESTMENT
COMPANIES
-
100.02%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0.36%
Principal
Government
Money
Market
Fund
1.43%
(a),(b)
9,837,285
$
9,837
Principal
Exchange-Traded
Funds
-
15.34%
Principal
Active
Global
Dividend
Income
ETF
(a)
7,277,100
213,340
Principal
Active
Income
ETF
(a)
1,779,800
72,367
Principal
Investment
Grade
Corporate
Active
ETF
(a)
1,540,000
40,887
Principal
U.S.
Mega-Cap
Multi-Factor
Index
ETF
(a)
3,126,200
98,292
$
424,886
Principal
Funds,
Inc.
Class
R-6
-
46.02%
Blue
Chip
Fund
(a)
1,844,483
51,553
Core
Fixed
Income
Fund
(a)
68,230,888
677,533
Edge
MidCap
Fund
(a)
2,815,702
42,545
Global
Diversified
Income
Fund
(a)
9,936,959
137,130
Global
Real
Estate
Securities
Fund
(a)
9,394,313
99,016
High
Yield
Fund
(a)
16,785,419
119,680
Spectrum
Preferred
and
Capital
Securities
Income
Fund
(a)
13,995,933
146,818
$
1,274,275
Principal
Funds,
Inc.
Institutional
Class
-
38.30%
Equity
Income
Fund
(a)
5,772,614
192,574
Government
&
High
Quality
Bond
Fund
(a)
32,888,095
347,956
Inflation
Protection
Fund
(a)
19,526,340
172,222
Short-Term
Income
Fund
(a)
28,131,747
347,709
$
1,060,461
TOTAL
INVESTMENT
COMPANIES
$
2,769,459
Total
Investments
$
2,769,459
Other
Assets
and
Liabilities
- (0.02)%
(565)
TOTAL
NET
ASSETS
-
100.00%
$
2,768,894
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
sub-schedule
for
transactional
information.
(b)
Current
yield
shown
is
as
of
period
end.
Portfolio
Summary (unaudited)
Fund
Type
Percent
Fixed
Income
Funds
69.53%
Domestic
Equity
Funds
13.90%
International
Equity
Funds
11.28%
Specialty
Funds
4.95%
Money
Market
Funds
0.36%
Other
Assets
and
Liabilities
(0.02)%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
SAM
Flexible
Income
Portfolio
January
31,
2020
(unaudited)
See
accompanying
notes.
209
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
46,364
$
3,400
$
1,239
$
51,553
Core
Fixed
Income
Fund
662,002
15,194
8,497
677,533
Edge
MidCap
Fund
41,613
2,507
1,042
42,545
Equity
Income
Fund
187,990
8,818
4,398
192,574
Global
Diversified
Income
Fund
133,754
4,004
2,096
137,130
Global
Real
Estate
Securities
Fund
103,279
4,627
5,565
99,016
Government
&
High
Quality
Bond
Fund
338,748
10,917
3,031
347,956
High
Yield
Fund
118,071
3,374
2,254
119,680
Inflation
Protection
Fund
171,714
2,751
5,960
172,222
Principal
Active
Global
Dividend
Income
ETF
206,205
—
—
213,340
Principal
Active
Income
ETF
71,724
—
—
72,367
Principal
Government
Money
Market
Fund
1.43%
4,990
4,847
—
9,837
Principal
Investment
Grade
Corporate
Active
ETF
41,326
—
—
40,887
Principal
U.S.
Mega-Cap
Multi-Factor
Index
ETF
92,879
—
—
98,292
Short-Term
Income
Fund
341,851
8,166
3,713
347,709
Spectrum
Preferred
and
Capital
Securities
Income
Fund
141,989
5,014
2,115
146,818
$
2,704,499
$
73,619
$
39,910
$
2,769,459
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Blue
Chip
Fund
$
379
$
9
$
1,814
$
3,019
Core
Fixed
Income
Fund
4,672
(15)
—
8,849
Edge
MidCap
Fund
438
41
1,270
(574)
Equity
Income
Fund
898
20
5,170
144
Global
Diversified
Income
Fund
1,963
(26)
—
1,494
Global
Real
Estate
Securities
Fund
1,144
335
2,901
(3,660)
Government
&
High
Quality
Bond
Fund
2,400
(114)
—
1,436
High
Yield
Fund
1,933
(59)
—
548
Inflation
Protection
Fund
782
20
—
3,697
Principal
Active
Global
Dividend
Income
ETF
1,764
—
—
7,135
Principal
Active
Income
ETF
877
—
—
643
Principal
Government
Money
Market
Fund
1.43%
27
—
—
—
Principal
Investment
Grade
Corporate
Active
ETF
1,332
—
340
(439)
Principal
U.S.
Mega-Cap
Multi-Factor
Index
ETF
497
—
—
5,413
Short-Term
Income
Fund
2,027
(2)
—
1,407
Spectrum
Preferred
and
Capital
Securities
Income
Fund
1,944
—
—
1,930
$
23,077
$
209
$
11,495
$
31,042
Amounts
in
thousands.
Schedule
of
Investments
SAM
Strategic
Growth
Portfolio
January
31,
2020
(unaudited)
See
accompanying
notes.
210
INVESTMENT
COMPANIES
-
100.07%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0.44%
Principal
Government
Money
Market
Fund
1.43%
(a),(b)
8,408,081
$
8,408
Principal
Exchange-Traded
Funds
-
17.38%
Principal
Active
Global
Dividend
Income
ETF
(a)
3,857,000
113,074
Principal
U.S.
Mega-Cap
Multi-Factor
Index
ETF
(a)
4,532,800
142,518
Principal
U.S.
Small-Cap
Multi-Factor
Index
ETF
(a)
2,534,500
80,359
$
335,951
Principal
Funds,
Inc.
Class
R-6
-
61.34%
Blue
Chip
Fund
(a)
11,095,884
310,130
Diversified
International
Fund
(a)
32,257,786
409,351
Edge
MidCap
Fund
(a)
8,286,725
125,212
Global
Real
Estate
Securities
Fund
(a)
9,305,764
98,083
International
Small
Company
Fund
(a)
4,075,731
45,118
LargeCap
Growth
Fund
I
(a)
6,055,368
99,248
Origin
Emerging
Markets
Fund
(a)
8,840,796
98,221
$
1,185,363
Principal
Funds,
Inc.
Institutional
Class
-
20.91%
Equity
Income
Fund
(a)
10,757,514
358,871
LargeCap
Value
Fund
III
(a)
2,725,534
45,216
$
404,087
TOTAL
INVESTMENT
COMPANIES
$
1,933,809
Total
Investments
$
1,933,809
Other
Assets
and
Liabilities
- (0.07)%
(1,373)
TOTAL
NET
ASSETS
-
100.00%
$
1,932,436
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
sub-schedule
for
transactional
information.
(b)
Current
yield
shown
is
as
of
period
end.
Portfolio
Summary (unaudited)
Fund
Type
Percent
Domestic
Equity
Funds
60.11%
Fixed
Income
Funds
21.18%
International
Equity
Funds
18.34%
Money
Market
Funds
0.44%
Other
Assets
and
Liabilities
(0.07)%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
285,159
$
14,089
$
7,647
$
310,130
Diversified
International
Fund
403,207
10,111
10,769
409,351
Edge
MidCap
Fund
124,535
5,345
3,150
125,212
Equity
Income
Fund
352,436
12,271
6,246
358,871
Global
Real
Estate
Securities
Fund
99,188
4,316
2,258
98,083
International
Small
Company
Fund
47,362
1,412
3,327
45,118
LargeCap
Growth
Fund
I
92,613
7,539
2,393
99,248
LargeCap
Value
Fund
III
45,138
3,004
1,103
45,216
Origin
Emerging
Markets
Fund
100,810
1,968
4,693
98,221
Principal
Active
Global
Dividend
Income
ETF
109,292
—
—
113,074
Principal
Government
Money
Market
Fund
1.43%
6,346
2,062
—
8,408
Principal
U.S.
Mega-Cap
Multi-Factor
Index
ETF
134,670
—
—
142,518
Principal
U.S.
Small-Cap
Multi-Factor
Index
ETF
79,203
—
—
80,359
$
1,879,959
$
62,117
$
41,58
6
$
1,933,809
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Blue
Chip
Fund
$
2,321
$
388
$
11,164
$
18,141
Diversified
International
Fund
9,429
283
—
6,519
Edge
MidCap
Fund
1,304
229
3,777
(1,747)
Equity
Income
Fund
1,676
102
9,664
308
Global
Real
Estate
Securities
Fund
1,110
181
2,814
(3,344)
International
Small
Company
Fund
1,345
148
—
(477)
LargeCap
Growth
Fund
I
250
55
7,119
1,434
LargeCap
Value
Fund
III
1,045
30
1,856
(1,853)
Origin
Emerging
Markets
Fund
1,828
165
—
(29)
Principal
Active
Global
Dividend
Income
ETF
935
—
—
3,782
Principal
Government
Money
Market
Fund
1.43%
27
—
—
—
Principal
U.S.
Mega-Cap
Multi-Factor
Index
ETF
721
—
—
7,848
Principal
U.S.
Small-Cap
Multi-Factor
Index
ETF
380
—
—
1,15
6
$
22,371
$
1,581
$
36,394
$
31,73
8
Amounts
in
thousands.
Schedule
of
Investments
Short-Term
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
211
INVESTMENT
COMPANIES
-
1.03%
Shares
Held
Value
(000's)
Money
Market
Funds
-
1.03%
BlackRock
Liquidity
FedFund
1.49%
(a),(b)
1,457,570
$
1,458
Principal
Government
Money
Market
Fund
1.43%
(a),(c)
54,661,163
54,661
$
56,119
TOTAL
INVESTMENT
COMPANIES
$
56,119
BONDS
-
91.09%
Principal
Amount
(000's)
Value
(000's)
Aerospace
&
Defense
-
0.70%
General
Dynamics
Corp
2.88%,
05/11/2020
$
6,800
$
6,821
3.00%,
05/11/2021
9,750
9,923
Northrop
Grumman
Corp
2.08%,
10/15/2020
4,850
4,860
Rockwell
Collins
Inc
3.20%,
03/15/2024
6,750
7,122
United
Technologies
Corp
1.90%,
05/04/2020
9,400
9,402
$
38,128
Airlines
-
0.23%
American
Airlines
2013-2
Class
A
Pass
Through
Trust
4.95%,
07/15/2024
9,278
9,734
Delta
Air
Lines
2012-1
Class
A
Pass
Through
Trust
4.75%,
11/07/2021
2,790
2,811
$
12,545
Automobile
Asset
Backed
Securities
-
7.15%
AmeriCredit
Automobile
Receivables
2015-4
3.72%,
12/08/2021
6,390
6,420
Americredit
Automobile
Receivables
Trust
2018-1
3.07%,
12/19/2022
9,066
9,126
Americredit
Automobile
Receivables
Trust
2018-2
3.15%,
03/20/2023
6,800
6,883
Americredit
Automobile
Receivables
Trust
2018-3
3.11%,
01/18/2022
4,405
4,415
Americredit
Automobile
Receivables
Trust
2019-1
2.93%,
06/20/2022
7,033
7,060
2.97%,
11/20/2023
7,300
7,424
Americredit
Automobile
Receivables
Trust
2019-2
2.28%,
01/18/2024
14,600
14,750
2.43%,
09/19/2022
9,196
9,222
AmeriCredit
Automobile
Receivables
Trust
2019-3
2.17%,
01/18/2023
11,000
11,027
Bank
of
The
West
Auto
Trust
2018-1
3.09%,
04/15/2021
(d)
2,967
2,969
Bank
of
The
West
Auto
Trust
2019-1
2.40%,
10/17/2022
(d)
7,012
7,036
Capital
Auto
Receivables
Asset
Trust
2018-2
3.02%,
02/22/2021
(d)
2,682
2,686
3.27%,
06/20/2023
(d)
9,750
9,826
CPS
Auto
Receivables
Trust
2018-D
3.06%,
01/18/2022
(d)
4,402
4,410
CPS
Auto
Receivables
Trust
2019-A
3.18%,
06/15/2022
(d)
3,520
3,534
CPS
Auto
Receivables
Trust
2019-B
2.89%,
05/16/2022
(d)
4,780
4,798
CPS
Auto
Receivables
Trust
2019-C
2.55%,
09/15/2022
(d)
7,646
7,671
CPS
Auto
Receivables
Trust
2019-D
2.17%,
12/15/2022
(d)
9,576
9,586
CPS
Auto
Receivables
Trust
2020-A
2.09%,
05/15/2023
(d)
11,700
11,713
CPS
Auto
Trust
2.87%,
09/15/2021
(d)
907
908
Ford
Credit
Auto
Owner
Trust
2015-REV2
2.44%,
01/15/2027
(d)
12,327
12,359
Ford
Credit
Auto
Owner
Trust
2016-REV2
2.03%,
12/15/2027
(d)
14,000
14,091
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Automobile
Asset
Backed
Securities
(continued)
Ford
Credit
Auto
Owner
Trust
2017-REV1
2.62%,
08/15/2028
(d)
$
11,500
$
11,746
Ford
Credit
Auto
Owner
Trust
2018-REV2
3.47%,
01/15/2030
(d)
14,600
15,495
Ford
Credit
Auto
Owner
Trust
2019-REV1
3.52%,
07/15/2030
(d)
11,700
12,498
OneMain
Direct
Auto
Receivables
Trust
2017-2
2.31%,
12/14/2021
(d)
267
267
OneMain
Direct
Auto
Receivables
Trust
2018-1
3.43%,
12/16/2024
(d)
16,000
16,235
OneMain
Direct
Auto
Receivables
Trust
2019-1
3.63%,
09/14/2027
(d)
16,750
17,568
Santander
Drive
Auto
Receivables
Trust
2018-4
3.01%,
03/15/2022
715
715
Santander
Drive
Auto
Receivables
Trust
2019-1
2.91%,
01/18/2022
1,024
1,024
Santander
Drive
Auto
Receivables
Trust
2019-2
2.63%,
07/15/2022
9,949
9,965
Santander
Drive
Auto
Receivables
Trust
2019-3
2.28%,
02/15/2022
15,750
15,764
TCF
Auto
Receivables
Owner
Trust
2016-PT1
1.93%,
06/15/2022
(d)
2,887
2,886
Toyota
Auto
Loan
Extended
Note
Trust
2019-1
2.56%,
11/25/2031
(d)
17,000
17,610
Westlake
Automobile
Receivables
Trust
2018-2
2.84%,
09/15/2021
(d)
535
535
3.20%,
01/16/2024
(d)
7,800
7,828
Westlake
Automobile
Receivables
Trust
2018-3
2.98%,
01/18/2022
(d)
3,757
3,767
3.32%,
10/16/2023
(d)
10,700
10,794
Westlake
Automobile
Receivables
Trust
2019-1
3.06%,
05/16/2022
(d)
7,179
7,208
3.26%,
10/17/2022
(d)
13,150
13,331
Westlake
Automobile
Receivables
Trust
2019-2
2.57%,
02/15/2023
(d)
11,046
11,101
2.62%,
07/15/2024
(d)
8,800
8,885
Westlake
Automobile
Receivables
Trust
2019-3
2.15%,
02/15/2023
(d)
13,750
13,813
World
Omni
Select
Auto
Trust
2018-1
3.24%,
04/15/2022
(d)
3,148
3,155
World
Omni
Select
Auto
Trust
2019-A
2.06%,
08/15/2023
20,500
20,551
$
390,655
Automobile
Floor
Plan
Asset
Backed
Securities
-
1.43%
Ally
Master
Owner
Trust
2.70%,
01/17/2023
14,250
14,380
3.29%,
05/15/2023
19,500
19,894
Ford
Credit
Floorplan
Master
Owner
Trust
A
2.08%,
10/15/2023
8,750
8,757
1.00
x
1
Month
USD
LIBOR
+
0.40%
Navistar
Financial
Dealer
Note
Master
Owner
Trust
II
2.29%,
09/25/2023
(d)
11,500
11,521
1.00
x
1
Month
USD
LIBOR
+
0.63%
Volvo
Financial
Equipment
Master
Owner
Trust
2.18%,
11/15/2022
(d)
8,750
8,780
1.00
x
1
Month
USD
LIBOR
+
0.50%
2.20%,
07/17/2023
(d)
14,600
14,664
1.00
x
1
Month
USD
LIBOR
+
0.52%
$
77,996
Automobile
Manufacturers
-
0.63%
Ford
Motor
Credit
Co
LLC
3.23%,
03/28/2022
5,000
4,979
3
Month
USD
LIBOR
+
1.27%
General
Motors
Financial
Co
Inc
2.73%,
04/09/2021
9,700
9,746
3
Month
USD
LIBOR
+
0.85%
Schedule
of
Investments
Short-Term
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
212
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Automobile
Manufacturers
(continued)
PACCAR
Financial
Corp
3.10%,
05/10/2021
$
9,750
$
9,916
Toyota
Motor
Credit
Corp
2.60%,
01/11/2022
9,600
9,780
$
34,421
Banks
-
18.00%
Bank
of
America
Corp
2.50%,
10/21/2022
12,000
12,154
2.63%,
10/19/2020
15,750
15,846
2.98%,
01/20/2023
(e)
28,400
28,869
3
Month
USD
LIBOR
+
1.16%
3.00%,
12/20/2023
(f)
10,347
10,658
3
Month
USD
LIBOR
+
0.79%
4.20%,
08/26/2024
24,500
26,650
Bank
of
New
York
Mellon
Corp/The
2.10%,
10/24/2024
9,750
9,872
2.50%,
04/15/2021
5,700
5,757
2.82%,
10/30/2023
24,500
24,920
3
Month
USD
LIBOR
+
1.05%
BNP
Paribas
SA
3.50%,
03/01/2023
(d)
9,750
10,180
Capital
One
NA
2.92%,
01/30/2023
14,400
14,573
3
Month
USD
LIBOR
+
1.15%
Citigroup
Inc
2.70%,
03/30/2021
28,900
29,245
2.75%,
04/25/2022
19,800
20,106
3
Month
USD
LIBOR
+
0.96%
3.34%,
09/01/2023
10,000
10,230
3
Month
USD
LIBOR
+
1.43%
3.50%,
05/15/2023
9,750
10,217
4.00%,
08/05/2024
10,750
11,614
4.04%,
06/01/2024
(f)
4,750
5,065
3
Month
USD
LIBOR
+
1.02%
Credit
Suisse
AG/New
York
NY
2.10%,
11/12/2021
9,750
9,815
Credit
Suisse
Group
AG
2.59%,
09/11/2025
(d),(f)
5,000
5,082
United
States
Secured
Overnight
Financing
Rate
+
1.56%
4.21%,
06/12/2024
(d),(f)
17,900
19,111
3
Month
USD
LIBOR
+
1.24%
Credit
Suisse
Group
Funding
Guernsey
Ltd
3.13%,
12/10/2020
700
707
Fifth
Third
Bancorp
2.60%,
06/15/2022
13,400
13,640
3.65%,
01/25/2024
9,800
10,427
4.30%,
01/16/2024
15,700
17,015
Fifth
Third
Bank/Cincinnati
OH
2.25%,
06/14/2021
7,700
7,757
Goldman
Sachs
Group
Inc/The
2.60%,
04/23/2020
9,600
9,611
2.90%,
04/26/2022
10,450
10,561
3
Month
USD
LIBOR
+
1.11%
2.97%,
04/23/2020
9,600
9,615
3
Month
USD
LIBOR
+
1.16%
3.00%,
04/26/2022
24,050
24,408
3.20%,
02/23/2023
10,000
10,374
3.68%,
02/25/2021
9,600
9,763
3
Month
USD
LIBOR
+
1.77%
HSBC
Holdings
PLC
2.63%,
11/07/2025
(f)
9,300
9,456
3
Month
USD
LIBOR
+
1.14%
3.95%,
05/18/2024
(f)
9,750
10,323
3
Month
USD
LIBOR
+
0.99%
Huntington
Bancshares
Inc/OH
2.63%,
08/06/2024
9,800
10,065
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
ING
Groep
NV
3.15%,
03/29/2022
$
6,800
$
6,983
JPMorgan
Chase
&
Co
2.30%,
08/15/2021
9,500
9,525
2.69%,
04/25/2023
38,500
38,925
3
Month
USD
LIBOR
+
0.90%
3.03%,
10/24/2023
(e)
15,000
15,294
3
Month
USD
LIBOR
+
1.23%
3.88%,
09/10/2024
5,249
5,673
4.25%,
10/15/2020
22,250
22,642
KeyBank
NA/Cleveland
OH
2.40%,
06/09/2022
9,600
9,759
3.30%,
02/01/2022
4,750
4,900
KeyCorp
5.10%,
03/24/2021
20,000
20,766
Morgan
Stanley
2.26%,
01/20/2023
9,800
9,813
United
States
Secured
Overnight
Financing
Rate
+
0.70%
2.45%,
02/10/2021
8,200
8,201
3
Month
USD
LIBOR
+
0.55%
3.20%,
10/24/2023
38,600
39,528
3
Month
USD
LIBOR
+
1.40%
3.22%,
04/21/2021
20,700
21,018
3
Month
USD
LIBOR
+
1.40%
4.10%,
05/22/2023
10,200
10,867
5.50%,
07/24/2020
9,500
9,667
MUFG
Union
Bank
NA
2.10%,
12/09/2022
14,750
14,880
PNC
Bank
NA
2.00%,
05/19/2020
9,250
9,255
2.26%,
05/19/2020
6,000
6,006
3
Month
USD
LIBOR
+
0.36%
2.29%,
07/27/2022
9,600
9,670
3
Month
USD
LIBOR
+
0.50%
2.70%,
11/01/2022
10,965
11,242
PNC
Financial
Services
Group
Inc/The
3.90%,
04/29/2024
9,850
10,607
Royal
Bank
of
Scotland
Group
PLC
4.27%,
03/22/2025
(f)
9,750
10,474
3
Month
USD
LIBOR
+
1.76%
Societe
Generale
SA
2.63%,
01/22/2025
(d)
13,700
13,852
State
Street
Corp
2.35%,
11/01/2025
(f)
9,800
9,978
United
States
Secured
Overnight
Financing
Rate
+
0.94%
3.10%,
05/15/2023
24,100
25,123
Truist
Bank
2.45%,
08/01/2022
15,500
15,781
2.49%,
08/02/2022
9,750
9,795
3
Month
USD
LIBOR
+
0.59%
2.63%,
01/15/2022
14,400
14,642
Truist
Financial
Corp
2.05%,
05/10/2021
9,500
9,549
2.70%,
01/27/2022
3,832
3,899
2.90%,
03/03/2021
12,500
12,656
UBS
AG/London
2.20%,
06/08/2020
(d)
11,500
11,512
UBS
Group
AG
3.49%,
05/23/2023
(d)
11,450
11,845
US
Bancorp
2.44%,
01/24/2022
(e)
5,751
5,798
3
Month
USD
LIBOR
+
0.64%
3.60%,
09/11/2024
14,400
15,509
Schedule
of
Investments
Short-Term
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
213
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
US
Bank
NA/Cincinnati
OH
1.95%,
01/09/2023
$
14,750
$
14,902
2.05%,
10/23/2020
9,700
9,721
2.65%,
05/23/2022
10,000
10,231
Wells
Fargo
&
Co
2.41%,
10/30/2025
(f)
10,000
10,156
3
Month
USD
LIBOR
+
0.83%
2.60%,
07/22/2020
5,000
5,019
3.07%,
01/24/2023
19,000
19,424
Wells
Fargo
Bank
NA
2.31%,
07/23/2021
14,500
14,527
3
Month
USD
LIBOR
+
0.50%
$
983,300
Beverages
-
0.87%
Anheuser-Busch
InBev
Worldwide
Inc
4.15%,
01/23/2025
19,250
21,232
Keurig
Dr
Pepper
Inc
3.55%,
05/25/2021
16,250
16,627
PepsiCo
Inc
2.15%,
10/14/2020
9,500
9,533
$
47,392
Biotechnology
-
0.52%
Amgen
Inc
2.20%,
05/11/2020
4,800
4,805
2.65%,
05/11/2022
9,600
9,771
Biogen
Inc
2.90%,
09/15/2020
14,000
14,095
$
28,671
Building
Materials
-
0.31%
Martin
Marietta
Materials
Inc
4.25%,
07/02/2024
15,415
16,679
Chemicals
-
1.01%
Air
Liquide
Finance
SA
1.75%,
09/27/2021
(d)
6,750
6,753
Celanese
US
Holdings
LLC
3.50%,
05/08/2024
9,800
10,241
Chevron
Phillips
Chemical
Co
LLC
/
Chevron
Phillips
Chemical
Co
LP
2.45%,
05/01/2020
(d)
4,832
4,836
3.30%,
05/01/2023
(d)
7,300
7,569
DuPont
de
Nemours
Inc
4.21%,
11/15/2023
10,475
11,340
International
Flavors
&
Fragrances
Inc
3.40%,
09/25/2020
4,900
4,942
Westlake
Chemical
Corp
3.60%,
07/15/2022
9,272
9,561
$
55,242
Commercial
Mortgage
Backed
Securities
-
0.58%
Ginnie
Mae
0.43%,
09/16/2055
(g),(h)
19,227
510
0.65%,
01/16/2054
(g),(h)
38,561
1,111
0.67%,
10/16/2054
(g),(h)
43,660
1,272
0.70%,
02/16/2048
(g),(h)
22,560
701
0.82%,
02/16/2055
(g),(h)
65,213
1,841
0.84%,
01/16/2055
(g),(h)
89,572
3,118
0.89%,
06/16/2045
(g),(h)
44,581
2,109
1.07%,
08/16/2042
(g),(h)
22,126
713
1.22%,
10/16/2051
(g),(h)
2,825
179
1.23%,
02/16/2046
(g),(h)
54,507
2,722
1.37%,
12/16/2036
(g),(h)
48,118
2,229
GS
Mortgage
Securities
Trust
2017-GS6
1.95%,
05/10/2050
9,256
9,253
JPMDB
Commercial
Mortgage
Securities
Trust
2016-C4
1.54%,
12/15/2049
6,005
5,980
$
31,738
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Computers
-
1.10%
Apple
Inc
1.80%,
09/11/2024
$
5,000
$
5,034
1.90%,
02/07/2020
4,800
4,800
2.50%,
02/09/2022
9,600
9,773
Dell
International
LLC
/
EMC
Corp
5.45%,
06/15/2023
(d)
9,800
10,736
International
Business
Machines
Corp
2.25%,
02/19/2021
9,500
9,561
2.50%,
01/27/2022
10,000
10,167
2.80%,
05/13/2021
9,800
9,952
$
60,023
Consumer
Products
-
0.18%
Reckitt
Benckiser
Treasury
Services
PLC
2.49%,
06/24/2022
(d)
9,600
9,642
3
Month
USD
LIBOR
+
0.56%
Credit
Card
Asset
Backed
Securities
-
0.68%
BA
Credit
Card
Trust
1.74%,
01/15/2025
37,000
37,224
Diversified
Financial
Services
-
1.81%
American
Express
Co
2.75%,
05/20/2022
9,800
10,012
3.00%,
02/22/2021
18,594
18,827
3.70%,
11/05/2021
6,850
7,077
Capital
One
Bank
USA
NA
2.01%,
01/27/2023
(f)
19,750
19,814
United
States
Secured
Overnight
Financing
Rate
+
0.62%
Capital
One
Financial
Corp
3.90%,
01/29/2024
4,900
5,246
GE
Capital
International
Funding
Co
Unlimited
Co
2.34%,
11/15/2020
12,850
12,893
GTP
Acquisition
Partners
I
LLC
2.35%,
06/15/2045
(d),(i),(j)
10,100
10,027
USAA
Capital
Corp
2.45%,
08/01/2020
(d)
4,990
5,009
2.63%,
06/01/2021
(d)
9,800
9,934
$
98,839
Electric
-
6.05%
Alabama
Power
Co
2.45%,
03/30/2022
14,250
14,483
Alliant
Energy
Finance
LLC
3.75%,
06/15/2023
(d)
16,400
17,258
Black
Hills
Corp
4.25%,
11/30/2023
27,000
28,959
CenterPoint
Energy
Inc
3.60%,
11/01/2021
14,700
15,127
Dominion
Energy
Inc
2.58%,
07/01/2020
15,098
15,143
2.72%,
08/15/2021
(h)
9,800
9,903
3.07%,
08/15/2024
(h)
9,800
10,172
DTE
Energy
Co
2.25%,
11/01/2022
9,750
9,824
2.53%,
10/01/2024
10,000
10,216
2.60%,
06/15/2022
9,800
9,956
Duke
Energy
Florida
LLC
3.10%,
08/15/2021
5,750
5,856
Emera
US
Finance
LP
2.70%,
06/15/2021
6,700
6,780
Evergy
Inc
2.45%,
09/15/2024
9,300
9,460
Exelon
Corp
3.50%,
06/01/2022
22,500
23,186
Florida
Power
&
Light
Co
2.31%,
05/06/2022
15,000
15,001
3
Month
USD
LIBOR
+
0.40%
Indiantown
Cogeneration
LP
9.77%,
12/15/2020
1,548
1,601
Schedule
of
Investments
Short-Term
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
214
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
LG&E
&
KU
Energy
LLC
4.38%,
10/01/2021
$
15,000
$
15,484
NextEra
Energy
Capital
Holdings
Inc
2.40%,
09/01/2021
10,000
10,104
2.90%,
04/01/2022
14,162
14,495
3.15%,
04/01/2024
5,600
5,885
Public
Service
Enterprise
Group
Inc
2.88%,
06/15/2024
7,900
8,173
San
Diego
Gas
&
Electric
Co
1.91%,
02/01/2022
2,606
2,606
Sempra
Energy
2.33%,
01/15/2021
14,500
14,503
3
Month
USD
LIBOR
+
0.50%
2.40%,
02/01/2020
9,750
9,750
Southern
California
Edison
Co
1.85%,
02/01/2022
4,181
4,143
Tucson
Electric
Power
Co
3.05%,
03/15/2025
4,400
4,628
Vistra
Operations
Co
LLC
3.70%,
01/30/2027
(d)
19,500
19,590
WEC
Energy
Group
Inc
3.38%,
06/15/2021
17,600
17,985
$
330,271
Electronics
-
0.57%
Fortive
Corp
2.35%,
06/15/2021
11,700
11,764
Honeywell
International
Inc
1.85%,
11/01/2021
9,600
9,649
2.15%,
08/08/2022
9,800
9,935
$
31,348
Environmental
Control
-
0.24%
Republic
Services
Inc
2.50%,
08/15/2024
5,650
5,789
Waste
Management
Inc
2.95%,
06/15/2024
6,900
7,213
$
13,002
Finance
-
Mortgage
Loan/Banker
-
10.82%
Fannie
Mae
1.25%,
08/17/2021
48,400
48,315
1.38%,
02/26/2021
54,700
54,644
1.63%,
01/07/2025
3,000
3,032
1.75%,
07/02/2024
34,400
34,950
1.88%,
12/28/2020
20,000
20,075
1.88%,
09/24/2026
78,450
80,116
2.00%,
01/05/2022
29,000
29,343
2.13%,
04/24/2026
170,500
176,899
2.50%,
02/05/2024
35,250
36,766
2.63%,
09/06/2024
16,250
17,150
Federal
Home
Loan
Banks
2.63%,
10/01/2020
15,000
15,104
Freddie
Mac
2.38%,
02/16/2021
29,500
29,772
2.75%,
06/19/2023
42,900
44,892
$
591,058
Food
-
1.01%
Conagra
Brands
Inc
2.55%,
10/22/2020
9,750
9,751
3
Month
USD
LIBOR
+
0.75%
3.80%,
10/22/2021
19,346
20,027
Kraft
Heinz
Foods
Co
2.47%,
02/10/2021
9,600
9,617
3
Month
USD
LIBOR
+
0.57%
4.00%,
06/15/2023
4,850
5,145
Tyson
Foods
Inc
2.25%,
08/23/2021
5,750
5,793
2.34%,
08/21/2020
4,800
4,806
3
Month
USD
LIBOR
+
0.45%
$
55,139
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Gas
-
0.07%
NiSource
Inc
2.65%,
11/17/2022
$
4,000
$
4,074
Healthcare
-
Services
-
0.21%
Humana
Inc
2.50%,
12/15/2020
4,900
4,926
UnitedHealth
Group
Inc
1.95%,
10/15/2020
6,750
6,765
$
11,691
Home
Builders
-
0.18%
DR
Horton
Inc
2.50%,
10/15/2024
9,800
9,981
Home
Furnishings
-
0.28%
Panasonic
Corp
2.54%,
07/19/2022
(d)
9,800
9,944
2.68%,
07/19/2024
(d)
5,000
5,153
$
15,097
Insurance
-
3.74%
Allstate
Corp/The
2.59%,
03/29/2023
12,500
12,600
3
Month
USD
LIBOR
+
0.63%
Berkshire
Hathaway
Inc
2.75%,
03/15/2023
5,500
5,688
Five
Corners
Funding
Trust
4.42%,
11/15/2023
(d)
26,875
29,391
MassMutual
Global
Funding
II
2.00%,
04/15/2021
(d)
31,938
32,095
Metropolitan
Life
Global
Funding
I
1.95%,
09/15/2021
(d)
28,175
28,312
2.15%,
09/07/2020
(d)
9,750
9,771
United
States
Secured
Overnight
Financing
Rate
+
0.57%
2.29%,
06/12/2020
(d)
6,750
6,759
3
Month
USD
LIBOR
+
0.40%
3.60%,
01/11/2024
(d)
5,000
5,339
New
York
Life
Global
Funding
1.95%,
02/11/2020
(d)
17,100
17,100
2.00%,
04/13/2021
(d)
9,600
9,646
2.00%,
01/22/2025
(d)
9,800
9,890
2.30%,
06/10/2022
(d)
13,200
13,389
2.41%,
06/10/2022
(d)
24,000
24,187
3
Month
USD
LIBOR
+
0.52%
$
204,167
Lodging
-
0.05%
Las
Vegas
Sands
Corp
3.20%,
08/08/2024
2,900
2,994
Machinery
-
Construction
&
Mining
-
0.18%
Caterpillar
Financial
Services
Corp
2.55%,
11/29/2022
9,700
9,943
Machinery
-
Diversified
-
0.22%
John
Deere
Capital
Corp
2.05%,
03/10/2020
4,650
4,652
2.65%,
01/06/2022
7,212
7,349
$
12,001
Media
-
0.48%
Discovery
Communications
LLC
3.25%,
04/01/2023
3,038
3,162
3.50%,
06/15/2022
4,443
4,604
Sky
Ltd
3.13%,
11/26/2022
(d)
8,900
9,215
TWDC
Enterprises
18
Corp
1.95%,
03/04/2020
(e)
9,500
9,501
$
26,482
Mining
-
0.20%
Glencore
Finance
Canada
Ltd
4.25%,
10/25/2022
(d)
2,000
2,095
Schedule
of
Investments
Short-Term
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
215
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Mining
(continued)
Glencore
Funding
LLC
4.13%,
05/30/2023
(d)
$
8,300
$
8,731
$
10,826
Miscellaneous
Manufacturers
-
0.44%
Ingersoll-Rand
Global
Holding
Co
Ltd
2.90%,
02/21/2021
14,500
14,661
Siemens
Financieringsmaatschappij
NV
2.20%,
03/16/2020
(d)
9,650
9,656
$
24,317
Mortgage
Backed
Securities
-
7.31%
Banc
of
America
Funding
2004-1
Trust
5.25%,
02/25/2019
12
13
Chase
Home
Lending
Mortgage
Trust
2019-1
3.50%,
03/25/2050
(d),(h)
14,263
14,548
CHL
Mortgage
Pass-Through
Trust
2003-46
3.91%,
01/19/2034
(h)
358
366
CHL
Mortgage
Pass-Through
Trust
2004-J7
5.00%,
09/25/2019
1
1
Credit
Suisse
First
Boston
Mortgage
Securities
Corp
5.00%,
09/25/2019
5
4
CSMC
2017-HL1
Trust
3.50%,
06/25/2047
(d),(h)
12,892
13,151
CSMC
2017-HL2
Trust
3.50%,
10/25/2047
(d),(h)
12,108
12,319
GS
Mortage-Backed
Securities
Trust
2020-PJ1
3.50%,
05/01/2050
(d),(h)
9,900
10,137
JP
Morgan
Mortgage
Trust
2004-A3
4.46%,
07/25/2034
(h)
494
502
JP
Morgan
Mortgage
Trust
2004-S1
5.00%,
09/25/2034
141
141
JP
Morgan
Mortgage
Trust
2016-4
3.50%,
10/25/2046
(d),(h)
9,342
9,575
JP
Morgan
Mortgage
Trust
2017-2
3.50%,
05/25/2047
(d),(h)
8,024
8,189
JP
Morgan
Mortgage
Trust
2017-4
3.50%,
11/25/2048
(d),(h)
20,664
21,038
JP
Morgan
Mortgage
Trust
2017-6
3.50%,
12/25/2048
(d),(h)
8,435
8,592
JP
Morgan
Mortgage
Trust
2018-3
3.50%,
09/25/2048
(d),(h)
10,431
10,645
JP
Morgan
Mortgage
Trust
2018-4
3.50%,
10/25/2048
(d),(h)
8,033
8,198
JP
Morgan
Mortgage
Trust
2018-6
3.50%,
12/25/2048
(d),(h)
7,153
7,269
JP
Morgan
Mortgage
Trust
2018-9
4.00%,
02/25/2049
(d),(h)
6,393
6,447
JP
Morgan
Mortgage
Trust
2019-2
4.00%,
08/25/2049
(d),(h)
3,099
3,124
JP
Morgan
Mortgage
Trust
2019-5
4.00%,
11/25/2049
(d),(h)
10,862
10,954
Metlife
Securitization
Trust
2019-1
3.75%,
04/25/2058
(d),(h)
6,208
6,481
PHH
Mortgage
Trust
Series
2008-CIM1
4.03%,
06/25/2038
1,249
1,258
1.00
x
1
Month
USD
LIBOR
+
2.25%
Prime
Mortgage
Trust
2005-2
5.25%,
07/25/2020
180
179
Provident
Funding
Mortgage
Loan
Trust
2005-1
2.24%,
05/25/2035
883
895
1.00
x
1
Month
USD
LIBOR
+
0.58%
PSMC
2018-1
Trust
3.50%,
02/25/2048
(d),(h)
16,548
16,857
PSMC
2018-2
Trust
3.50%,
06/25/2048
(d),(h)
13,578
13,824
PSMC
2018-3
Trust
4.00%,
08/25/2048
(d),(h)
10,393
10,480
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Mortgage
Backed
Securities
(continued)
PSMC
2018-4
Trust
4.00%,
11/25/2048
(d),(h)
$
8,409
$
8,443
PSMC
2019-1
Trust
4.00%,
07/25/2049
(d),(h)
8,488
8,553
PSMC
2020-1
Trust
3.50%,
01/25/2050
(d),(h)
19,600
20,046
RBSSP
Resecuritization
Trust
2009-7
2.19%,
06/26/2037
(d)
148
148
1.00
x
1
Month
USD
LIBOR
+
0.40%
Sequoia
Mortgage
Trust
2013-4
1.55%,
04/25/2043
(h)
6,139
5,996
Sequoia
Mortgage
Trust
2013-8
2.25%,
06/25/2043
(h)
2,802
2,787
Sequoia
Mortgage
Trust
2017-1
3.50%,
02/25/2047
(d),(h)
9,337
9,524
Sequoia
Mortgage
Trust
2017-2
3.50%,
02/25/2047
(d),(h)
4,353
4,472
Sequoia
Mortgage
Trust
2017-3
3.50%,
04/25/2047
(d),(h)
8,133
8,336
Sequoia
Mortgage
Trust
2018-3
3.50%,
03/25/2048
(d),(h)
7,767
7,889
Sequoia
Mortgage
Trust
2018-5
3.50%,
05/25/2048
(d),(h)
9,445
9,616
Sequoia
Mortgage
Trust
2018-6
4.00%,
07/25/2048
(d),(h)
4,180
4,217
Sequoia
Mortgage
Trust
2018-7
4.00%,
09/25/2048
(d),(h)
4,059
4,092
Sequoia
Mortgage
Trust
2018-8
4.00%,
11/25/2048
(d),(h)
10,473
10,575
Sequoia
Mortgage
Trust
2018-CH3
4.00%,
08/25/2048
(d),(h)
3,778
3,801
Sequoia
Mortgage
Trust
2019-1
4.00%,
02/25/2049
(d),(h)
2,343
2,377
Sequoia
Mortgage
Trust
2019-2
4.00%,
06/25/2049
(d),(h)
13,167
13,344
Sequoia
Mortgage
Trust
2019-3
3.50%,
09/25/2049
(d),(h)
9,382
9,528
Sequoia
Mortgage
Trust
2020-1
3.50%,
02/25/2050
(d),(h)
5,275
5,400
Wells
Fargo
Mortgage
Backed
Securities
2018-1
3.50%,
07/25/2047
(d),(h)
13,209
13,472
Wells
Fargo
Mortgage
Backed
Securities
2019-1
Trust
4.00%,
11/25/2048
(d),(h)
3,453
3,482
4.00%,
11/25/2048
(d),(h)
4,399
4,400
Wells
Fargo
Mortgage
Backed
Securities
2019-2
Trust
4.00%,
04/25/2049
(d),(h)
9,496
9,553
Wells
Fargo
Mortgage
Backed
Securities
2019-3
Trust
3.00%,
07/25/2049
(d),(h)
12,255
12,380
Wells
Fargo
Mortgage
Backed
Securities
2019-4
Trust
3.50%,
09/25/2049
(d),(h)
21,056
21,542
$
399,160
Oil
&
Gas
-
1.31%
BP
Capital
Markets
PLC
3.81%,
02/10/2024
5,000
5,371
Chevron
Corp
2.90%,
03/03/2024
4,750
4,970
Cimarex
Energy
Co
4.38%,
06/01/2024
12,500
13,287
Occidental
Petroleum
Corp
3.15%,
08/13/2021
15,000
15,082
3
Month
USD
LIBOR
+
1.25%
Phillips
66
2.58%,
04/15/2020
(d)
9,700
9,705
3
Month
USD
LIBOR
+
0.75%
Schedule
of
Investments
Short-Term
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
216
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Oil
&
Gas
(continued)
Shell
International
Finance
BV
2.13%,
05/11/2020
$
11,495
$
11,509
2.38%,
08/21/2022
11,700
11,911
$
71,835
Oil
&
Gas
Services
-
0.18%
Baker
Hughes
a
GE
Co
LLC
/
Baker
Hughes
Co-
Obligor
Inc
2.77%,
12/15/2022
9,750
10,008
Other
Asset
Backed
Securities
-
7.24%
CCG
Receivables
Trust
2.80%,
09/14/2026
(d)
14,719
14,864
CCG
Receivables
Trust
2018-1
2.50%,
06/16/2025
(d)
1,712
1,717
CCG
Receivables
Trust
2018-2
3.09%,
12/15/2025
(d)
11,909
12,017
CCG
Receivables
Trust
2019-2
2.11%,
03/15/2027
(d)
19,600
19,691
Daimler
Trucks
Retail
Trust
2019-1
2.77%,
04/15/2021
(d)
9,678
9,701
Drug
Royalty
III
LP
1
3.43%,
10/15/2031
(d)
2,632
2,628
1.00
x
3
Month
USD
LIBOR
+
1.60%
3.60%,
04/15/2027
(d)
1,595
1,600
3.98%,
04/15/2027
(d)
510
512
4.27%,
10/15/2031
(d)
3,196
3,296
4.33%,
04/15/2027
(d)
1,595
1,604
1.00
x
3
Month
USD
LIBOR
+
2.50%
MMAF
Equipment
Finance
LLC
2018-A
2.92%,
07/12/2021
(d)
3,265
3,271
MMAF
Equipment
Finance
LLC
2019-A
2.84%,
01/10/2022
(d)
10,823
10,880
MVW
Owner
Trust
2015-1
2.52%,
12/20/2032
(d)
4,737
4,752
MVW
Owner
Trust
2016-1
2.25%,
12/20/2033
(d)
3,030
3,028
MVW
Owner
Trust
2018-1
3.45%,
01/21/2036
(d)
9,496
9,802
PFS
Financing
Corp
2.23%,
10/15/2024
(d)
29,250
29,389
2.28%,
07/15/2022
(d)
19,250
19,244
1.00
x
1
Month
USD
LIBOR
+
0.60%
2.40%,
10/17/2022
(d)
11,700
11,746
2.86%,
04/15/2024
(d)
9,750
9,948
3.19%,
04/17/2023
(d)
8,750
8,892
3.52%,
10/15/2023
(d)
6,750
6,911
Trafigura
Securitisation
Finance
PLC
2017-1
2.53%,
12/15/2020
(d)
17,500
17,507
1.00
x
1
Month
USD
LIBOR
+
0.85%
Trafigura
Securitisation
Finance
PLC
2018-1
3.73%,
03/15/2022
(d)
22,000
22,516
Verizon
Owner
Trust
2017-1
2.06%,
09/20/2021
(d)
1,646
1,646
Verizon
Owner
Trust
2017-2
1.92%,
12/20/2021
(d)
5,282
5,285
Verizon
Owner
Trust
2017-3
2.06%,
04/20/2022
(d)
9,053
9,064
Verizon
Owner
Trust
2018-1
2.82%,
09/20/2022
(d)
15,500
15,613
Verizon
Owner
Trust
2018-A
3.23%,
04/20/2023
23,400
23,865
Verizon
Owner
Trust
2019-A
2.93%,
09/20/2023
13,500
13,792
Verizon
Owner
Trust
2019-B
2.33%,
12/20/2023
19,500
19,769
Verizon
Owner
Trust
2019-C
1.94%,
04/22/2024
23,000
23,176
Verizon
Owner
Trust
2020-A
1.85%,
07/22/2024
22,000
22,120
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Other
Asset
Backed
Securities
(continued)
Volvo
Financial
Equipment
LLC
Series
2018-1
2.76%,
10/17/2022
(d)
$
4,900
$
4,969
Volvo
Financial
Equipment
LLC
Series
2019-1
3.00%,
03/15/2023
(d)
12,900
13,134
Volvo
Financial
Equipment
LLC
Series
2019-2
2.02%,
08/15/2022
(d)
9,750
9,767
VSE
2018-A
VOI
Mortgage
LLC
3.56%,
02/20/2036
(d)
7,594
7,893
$
395,609
Pharmaceuticals
-
2.67%
AbbVie
Inc
2.15%,
11/19/2021
(d)
19,500
19,624
2.30%,
05/14/2021
14,800
14,897
2.50%,
05/14/2020
8,414
8,424
Bayer
US
Finance
II
LLC
3.50%,
06/25/2021
(d)
4,750
4,854
3.88%,
12/15/2023
(d)
5,800
6,195
Bristol-Myers
Squibb
Co
2.90%,
07/26/2024
(d)
8,350
8,717
3.25%,
08/15/2022
(d)
9,750
10,125
3.63%,
05/15/2024
(d)
8,100
8,660
Cigna
Corp
3.40%,
09/17/2021
9,600
9,851
4.00%,
02/15/2022
(d)
7,080
7,325
4.75%,
11/15/2021
(d)
1,000
1,051
CVS
Health
Corp
2.63%,
08/15/2024
10,500
10,757
3.35%,
03/09/2021
14,216
14,462
Mead
Johnson
Nutrition
Co
3.00%,
11/15/2020
4,750
4,796
Merck
&
Co
Inc
2.90%,
03/07/2024
5,800
6,093
Pfizer
Inc
2.80%,
03/11/2022
9,750
10,005
$
145,836
Pipelines
-
2.10%
Buckeye
Partners
LP
4.15%,
07/01/2023
11,300
11,425
Columbia
Pipeline
Group
Inc
3.30%,
06/01/2020
8,528
8,558
Enterprise
Products
Operating
LLC
3.50%,
02/01/2022
19,500
20,151
Florida
Gas
Transmission
Co
LLC
3.88%,
07/15/2022
(d)
12,550
13,025
Kinder
Morgan
Inc/DE
3.11%,
01/15/2023
14,500
14,671
3
Month
USD
LIBOR
+
1.28%
ONEOK
Partners
LP
5.00%,
09/15/2023
13,600
14,904
Southeast
Supply
Header
LLC
4.25%,
06/15/2024
(d)
10,900
11,198
TransCanada
PipeLines
Ltd
4.12%,
05/15/2067
23,657
20,574
3
Month
USD
LIBOR
+
2.21%
$
114,506
REITs
-
1.60%
Alexandria
Real
Estate
Equities
Inc
3.90%,
06/15/2023
9,750
10,348
American
Tower
Corp
2.40%,
03/15/2025
9,600
9,726
CubeSmart
LP
4.38%,
12/15/2023
4,000
4,302
Healthcare
Realty
Trust
Inc
3.75%,
04/15/2023
12,000
12,508
Omega
Healthcare
Investors
Inc
4.95%,
04/01/2024
4,750
5,225
Schedule
of
Investments
Short-Term
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
217
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
REITs
(continued)
SBA
Tower
Trust
2.88%,
07/15/2046
(d)
$
9,600
$
9,661
3.17%,
04/09/2047
(d)
9,600
9,769
Service
Properties
Trust
4.50%,
06/15/2023
4,800
5,037
Ventas
Realty
LP
3.50%,
04/15/2024
9,400
9,956
Welltower
Inc
3.75%,
03/15/2023
5,900
6,197
3.95%,
09/01/2023
4,237
4,519
$
87,248
Retail
-
0.74%
Home
Depot
Inc/The
1.80%,
06/05/2020
11,500
11,504
McDonald's
Corp
2.63%,
01/15/2022
7,250
7,380
2.75%,
12/09/2020
8,256
8,319
Walmart
Inc
1.90%,
12/15/2020
6,850
6,870
2.85%,
07/08/2024
6,000
6,301
$
40,374
Savings
&
Loans
-
0.00%
Washington
Mutual
Bank
/
Henderson
NV
0.00%,
01/15/2013
(k)
1,200
—
Semiconductors
-
0.56%
Broadcom
Inc
3.13%,
04/15/2021
(d)
9,750
9,890
Microchip
Technology
Inc
4.33%,
06/01/2023
9,800
10,461
QUALCOMM
Inc
2.60%,
01/30/2023
9,750
9,990
$
30,341
Software
-
0.52%
Adobe
Inc
1.70%,
02/01/2023
(l)
11,750
11,821
Oracle
Corp
1.90%,
09/15/2021
4,800
4,820
VMware
Inc
2.95%,
08/21/2022
11,750
12,024
$
28,665
Student
Loan
Asset
Backed
Securities
-
4.64%
AccessLex
Institute
2.75%,
07/01/2038
155
155
1.00
x
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
3
Month
+
1.20%
Commonbond
Student
Loan
Trust
2018-BGS
3.56%,
09/25/2045
(d)
9,362
9,659
Commonbond
Student
Loan
Trust
2018-C-GS
3.87%,
02/25/2046
(d)
15,606
16,079
Commonbond
Student
Loan
Trust
2019-A-GS
2.54%,
01/25/2047
(d)
20,838
21,098
KeyCorp
Student
Loan
Trust
2000-A
2.23%,
05/25/2029
1,173
1,170
1.00
x
3
Month
USD
LIBOR
+
0.32%
Keycorp
Student
Loan
Trust
2000-b
2.10%,
07/25/2029
9,435
9,288
1.00
x
3
Month
USD
LIBOR
+
0.31%
KeyCorp
Student
Loan
Trust
2003-A
2.32%,
01/25/2037
17,812
17,557
1.00
x
3
Month
USD
LIBOR
+
0.53%
Laurel
Road
Prime
Student
Loan
Trust
2019-A
2.34%,
10/25/2048
(d)
7,772
7,785
Navient
Private
Education
Loan
Trust
2014-CT
2.38%,
09/16/2024
(d)
811
811
1.00
x
1
Month
USD
LIBOR
+
0.70%
Navient
Private
Education
Loan
Trust
2018-B
2.03%,
12/15/2059
(d)
1,500
1,500
1.00
x
1
Month
USD
LIBOR
+
0.35%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Student
Loan
Asset
Backed
Securities
(continued)
Navient
Private
Education
Refi
Loan
Trust
2018-A
2.53%,
02/18/2042
(d)
$
2,426
$
2,429
Navient
Private
Education
Refi
Loan
Trust
2018-C
3.01%,
06/16/2042
(d)
2,667
2,677
Navient
Private
Education
Refi
Loan
Trust
2018-D
1.98%,
12/15/2059
(d)
3,945
3,945
1.00
x
1
Month
USD
LIBOR
+
0.30%
Navient
Private
Education
Refi
Loan
Trust
2019-A
3.03%,
01/15/2043
(d)
1,544
1,552
3.42%,
01/15/2043
(d)
4,900
5,044
Navient
Private
Education
Refi
Loan
Trust
2019-C
2.82%,
02/15/2068
(d)
12,334
12,405
Navient
Private
Education
Refi
Loan
Trust
2019-D
2.08%,
12/15/2059
(d)
8,042
8,035
1.00
x
1
Month
USD
LIBOR
+
0.40%
Navient
Private
Education
Refi
Loan
Trust
2019-E
2.39%,
05/15/2068
(d)
8,856
8,906
Navient
Private
Education
Refi
Loan
Trust
2019-F
2.18%,
08/15/2068
(d)
13,467
13,505
Navient
Private
Education
Refi
Loan
Trust
2019-G
2.40%,
10/15/2068
(d)
19,600
19,823
Navient
Private
Education
Refi
Loan
Trust
2020-A
2.33%,
11/15/2068
(d)
9,300
9,300
1.00
x
1
Month
USD
LIBOR
+
0.35%
Navient
Student
Loan
Trust
2018-EA
3.43%,
12/15/2059
(d)
7,847
7,907
Navient
Student
Loan
Trust
2019-B
2.08%,
12/15/2059
(d)
4,855
4,850
1.00
x
1
Month
USD
LIBOR
+
0.40%
SLM
Private
Credit
Student
Loan
Trust
2004-A
2.29%,
06/15/2033
1,230
1,221
1.00
x
3
Month
USD
LIBOR
+
0.40%
SLM
Private
Credit
Student
Loan
Trust
2004-B
2.22%,
03/15/2024
11,314
11,280
1.00
x
3
Month
USD
LIBOR
+
0.33%
SLM
Private
Credit
Student
Loan
Trust
2006-A
2.18%,
06/15/2039
23,749
23,236
1.00
x
3
Month
USD
LIBOR
+
0.29%
SLM
Private
Credit
Student
Loan
Trust
2006-B
2.09%,
12/15/2039
13,739
13,392
1.00
x
3
Month
USD
LIBOR
+
0.20%
SMB
Private
Education
Loan
Trust
2018-A
2.03%,
03/16/2026
(d)
2,259
2,260
1.00
x
1
Month
USD
LIBOR
+
0.35%
SMB
Private
Education
Loan
Trust
2018-B
2.00%,
12/16/2024
(d)
914
914
1.00
x
1
Month
USD
LIBOR
+
0.32%
SMB
Private
Education
Loan
Trust
2018-C
1.98%,
09/15/2025
(d)
2,021
2,020
1.00
x
1
Month
USD
LIBOR
+
0.30%
SMB
Private
Education
Loan
Trust
2019-A
2.03%,
02/16/2026
(d)
4,359
4,360
1.00
x
1
Month
USD
LIBOR
+
0.35%
SMB
Private
Education
Loan
Trust
2019-B
2.03%,
07/15/2026
(d)
9,233
9,234
1.00
x
1
Month
USD
LIBOR
+
0.35%
$
253,397
Schedule
of
Investments
Short-Term
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
218
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Telecommunications
-
1.86%
AT&T
Inc
2.80%,
02/17/2021
$
11,000
$
11,108
2.80%,
02/15/2023
7,150
7,216
3
Month
USD
LIBOR
+
0.89%
3.60%,
02/17/2023
4,800
5,038
Cisco
Systems
Inc
2.20%,
02/28/2021
4,750
4,777
Crown
Castle
Towers
LLC
3.22%,
05/15/2022
(d)
11,430
11,625
Sprint
Spectrum
Co
LLC
/
Sprint
Spectrum
Co
II
LLC
/
Sprint
Spectrum
Co
III
LLC
3.36%,
03/20/2023
(d)
16,778
16,915
4.74%,
03/20/2025
(d)
28,050
29,628
Verizon
Communications
Inc
2.45%,
05/22/2020
4,800
4,807
3
Month
USD
LIBOR
+
0.55%
Vodafone
Group
PLC
3.75%,
01/16/2024
9,750
10,398
$
101,512
Transportation
-
0.23%
Ryder
System
Inc
2.25%,
09/01/2021
4,800
4,830
3.75%,
06/09/2023
7,300
7,699
$
12,529
Trucking
&
Leasing
-
0.19%
Penske
Truck
Leasing
Co
Lp
/
PTL
Finance
Corp
3.45%,
07/01/2024
(d)
9,800
10,343
TOTAL
BONDS
$
4,976,249
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
7.92%
Principal
Amount
(000's)
Value
(000's)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
-
0.00%
4.50%,
09/01/2035
$
41
$
44
1.00
x
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.25%
7.00%,
12/01/2022
47
47
$
91
Federal
National
Mortgage
Association
(FNMA)
-
0.01%
3.64%,
12/01/2032
13
14
1.00
x
12
Month
USD
LIBOR
+
1.64%
3.92%,
10/01/2035
85
88
1.00
x
12
Month
USD
LIBOR
+
1.67%
4.04%,
11/01/2032
24
26
1.00
x
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.29%
4.05%,
11/01/2022
1
1
1.00
x
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.05%
4.30%,
07/01/2034
51
53
1.00
x
12
Month
USD
LIBOR
+
1.65%
4.32%,
08/01/2034
30
31
1.00
x
12
Month
USD
LIBOR
+
1.63%
4.32%,
02/01/2035
15
15
1.00
x
6
Month
USD
LIBOR
+
2.07%
4.37%,
02/01/2037
60
62
1.00
x
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.13%
4.43%,
07/01/2034
13
14
1.00
x
12
Month
USD
LIBOR
+
1.66%
4.82%,
11/01/2035
2
2
1.00
x
Cost
of
funds
for
the
11th
District
of
San
Francisco
+
1.26%
4.88%,
01/01/2035
32
34
1.00
x
12
Month
USD
LIBOR
+
1.75%
$
340
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
-
0.00%
7.50%,
10/01/2029
$
3
$
2
8.00%,
05/01/2027
1
1
$
3
Government
National
Mortgage
Association
(GNMA)
-
0.00%
9.00%,
04/20/2025
1
1
U.S.
Treasury
-
7.91%
1.38%,
08/31/2020
12,500
12,485
1.38%,
09/30/2020
15,000
14,981
1.38%,
05/31/2021
15,000
14,988
1.50%,
08/31/2021
19,500
19,529
1.63%,
06/30/2021
100,000
100,270
1.63%,
10/31/2023
19,000
19,217
1.63%,
05/15/2026
14,100
14,285
1.75%,
07/31/2021
150,000
150,744
1.88%,
07/31/2026
39,300
40,424
2.00%,
08/15/2025
24,500
25,322
2.63%,
05/15/2021
19,500
19,791
$
432,036
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
432,471
Total
Investments
$
5,464,839
Other
Assets
and
Liabilities
- (0.04)%
(1,998)
TOTAL
NET
ASSETS
-
100.00%
$
5,462,841
(a)
Current
yield
shown
is
as
of
period
end.
(b)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$1,458
or
0.03%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
sub-schedule
for
transactional
information.
(d)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$1,759,196
or
32.20%
of
net
assets.
(e)
Security
or
a
portion
of
the
security
was
on
loan
at
the
end
of
the
period.
(f)
Rate
shown
is
as
of
period
end.
The
rate
may
be
a
variable
or
floating
rate
or
a
fixed
rate
which
may
convert
to
a
variable
or
floating
rate
in
the
future.
(g)
Security
is
an
Interest
Only
Strip.
(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)
The
value
of
these
investments
was
determined
using
significant
unobservable
inputs.
(j)
Fair
value
of
these
investments
is
determined
in
good
faith
by
the
Manager
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Directors.
Certain
inputs
used
in
the
valuation
may
be
unobservable;
however,
each
security
is
evaluated
individually
for
purposes
of
ASC
820
which
results
in
not
all
securities
being
identified
as
Level
3
of
the
fair
value
hierarchy.
At
the
end
of
the
period,
the
fair
value
of
these
securities
totaled
$10,027
or
0.18%
of
net
assets.
(k)
Non-income
producing
security
(l)
Security
purchased
on
a
when-issued
basis.
Schedule
of
Investments
Short-Term
Income
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
219
Portfolio
Summary (unaudited)
Sector
Percent
Financial
25.15%
Asset
Backed
Securities
21.14%
Government
18.73%
Mortgage
Securities
7.90%
Utilities
6.12%
Consumer,
Non-cyclical
5.46%
Energy
3.59%
Industrial
3.08%
Communications
2.34%
Technology
2.18%
Consumer,
Cyclical
2.11%
Basic
Materials
1.21%
Money
Market
Funds
1.03%
Other
Assets
and
Liabilities
(0.04)%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
1.43%
$
38,952
$
780,854
$
765,145
$
54,661
$
38,952
$
780,854
$
765,145
$
54,661
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Principal
Government
Money
Market
Fund
1.43%
$
249
$
—
$
—
$
—
$
249
$
—
$
—
$
—
Amounts
in
thousands.
Schedule
of
Investments
SmallCap
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
220
INVESTMENT
COMPANIES
-
3.46%
Shares
Held
Value
(000's)
Money
Market
Funds
-
3.46%
BlackRock
Liquidity
FedFund
1.49
%
(a),(b)
2,414,341
$
2,415
Principal
Government
Money
Market
Fund
1.43
%
(a),(b),(c)
21,432,236
21,432
$
23,847
TOTAL
INVESTMENT
COMPANIES
$
23,847
COMMON
STOCKS
-
98.00%
Shares
Held
Value
(000's)
Aerospace
&
Defense
-
1.62%
Aerojet
Rocketdyne
Holdings
Inc
(
d)
214,600
11,174
Agriculture
-
1.61%
Darling
Ingredients
Inc
(
d)
409,800
11,118
Automobile
Parts
&
Equipment
-
0.76%
Modine
Manufacturing
Co
(
d)
172,700
1,214
Visteon
Corp
(
d)
50,700
4,046
$
5,260
Banks
-
7.91%
BancFirst
Corp
37,500
2,168
Cathay
General
Bancorp
239,900
8,651
First
Interstate
BancSystem
Inc
135,500
5,217
First
Merchants
Corp
114,300
4,543
First
Midwest
Bancorp
Inc/IL
242,300
4,831
Flagstar
Bancorp
Inc
127,600
4,497
IBERIABANK
Corp
131,900
9,590
Independent
Bank
Corp/MI
79,200
1,693
Lakeland
Bancorp
Inc
83,820
1,361
United
Community
Banks
Inc/GA
266,050
7,428
WesBanco
Inc
134,800
4,465
$
54,444
Biotechnology
-
4.12%
Acceleron
Pharma
Inc
(
d)
55,000
4,993
Allogene
Therapeutics
Inc
(
d),(e)
79,000
1,716
Bellicum
Pharmaceuticals
Inc
(
d),(e)
366,901
448
Bluebird
Bio
Inc
(
d)
22,100
1,761
Denali
Therapeutics
Inc
(
d),(e)
120,300
2,786
DNIB
Unwind
Inc
-
Warrants
(
d),(f),(g)
17,472
—
FibroGen
Inc
(
d)
85,300
3,570
Insmed
Inc
(
d)
169,500
3,481
Iovance
Biotherapeutics
Inc
(
d)
81,400
1,770
MacroGenics
Inc
(
d)
132,000
1,221
Magenta
Therapeutics
Inc
(
d)
174,000
2,067
Precision
BioSciences
Inc
(
d)
173,800
1,406
Seattle
Genetics
Inc
(
d)
29,400
3,187
$
28,406
Building
Materials
-
0.81%
Builders
FirstSource
Inc
(
d)
226,200
5,609
Chemicals
-
0.69%
Cabot
Corp
118,700
4,730
Commercial
Services
-
8.58%
AMN
Healthcare
Services
Inc
(
d)
158,900
10,707
BrightView
Holdings
Inc
(
d)
268,700
4,245
Brink's
Co/The
92,100
7,754
FTI
Consulting
Inc
(
d)
88,400
10,613
HMS
Holdings
Corp
(
d)
303,100
8,281
ICF
International
Inc
65,800
5,763
K12
Inc
(
d)
212,500
3,430
Korn
Ferry
91,900
3,766
Medifast
Inc
(
e)
27,400
2,648
Nesco
Holdings
Inc
(
d),(e)
432,000
1,858
$
59,065
Computers
-
5.27%
CACI
International
Inc
(
d)
35,400
9,467
ExlService
Holdings
Inc
(
d)
84,500
6,178
Parsons
Corp
(
d)
179,200
7,329
Perspecta
Inc
306,100
8,592
Ping
Identity
Holding
Corp
(
d),(e)
194,700
4,722
$
36,288
Consumer
Products
-
0.69%
Central
Garden
&
Pet
Co
-
A
Shares
(
d)
159,580
4,781
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Diversified
Financial
Services
-
3.98%
Hamilton
Lane
Inc
88,490
$
5,747
Legg
Mason
Inc
63,700
2,494
LPL
Financial
Holdings
Inc
43,800
4,035
Piper
Sandler
Cos
66,440
5,477
Stifel
Financial
Corp
149,211
9,653
$
27,406
Electric
-
2.76%
PNM
Resources
Inc
170,580
9,250
Portland
General
Electric
Co
158,500
9,748
$
18,998
Electrical
Components
&
Equipment
-
1.18%
EnerSys
95,800
6,894
nLight
Inc
(
d)
71,664
1,259
$
8,153
Electronics
-
3.77%
Advanced
Energy
Industries
Inc
(
d)
109,400
7,651
Atkore
International
Group
Inc
(
d)
80,800
3,208
SYNNEX
Corp
67,400
9,285
Vishay
Intertechnology
Inc
285,550
5,794
$
25,938
Engineering
&
Construction
-
1.65%
Great
Lakes
Dredge
&
Dock
Corp
(
d)
380,000
3,978
MasTec
Inc
(
d)
128,100
7,398
$
11,376
Entertainment
-
2.82%
Eldorado
Resorts
Inc
(
d)
175,400
10,486
Golden
Entertainment
Inc
(
d)
170,990
2,934
Vail
Resorts
Inc
25,700
6,027
$
19,447
Environmental
Control
-
0.95%
Tetra
Tech
Inc
76,200
6,523
Food
-
0.96%
Performance
Food
Group
Co
(
d)
127,600
6,608
Forest
Products
&
Paper
-
0.20%
PH
Glatfelter
Co
81,100
1,354
Gas
-
1.22%
Southwest
Gas
Holdings
Inc
111,290
8,404
Healthcare
-
Products
-
1.73%
Adaptive
Biotechnologies
Corp
(
d)
32,500
972
Nevro
Corp
(
d)
48,900
6,499
RA
Medical
Systems
Inc
(
d),(e)
226,500
560
STAAR
Surgical
Co
(
d)
115,400
3,882
$
11,913
Healthcare
-
Services
-
6.38%
Addus
HomeCare
Corp
(
d)
101,700
9,594
Encompass
Health
Corp
120,100
9,251
Natera
Inc
(
d)
179,315
6,278
Syneos
Health
Inc
(
d)
174,600
10,714
Teladoc
Health
Inc
(
d)
79,700
8,106
$
43,943
Home
Builders
-
1.32%
William
Lyon
Homes
(
d)
393,160
9,117
Insurance
-
3.85%
First
American
Financial
Corp
62,500
3,874
Hanover
Insurance
Group
Inc/The
62,200
8,620
Kemper
Corp
94,470
7,030
MGIC
Investment
Corp
508,600
7,013
$
26,537
Internet
-
0.84%
Eventbrite
Inc
(
d)
205,700
4,350
Revolve
Group
Inc
(
d),(e)
79,192
1,409
$
5,759
Iron
&
Steel
-
0.55%
Cleveland-Cliffs
Inc
540,400
3,794
Schedule
of
Investments
SmallCap
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
221
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Leisure
Products
&
Services
-
2.37%
Lindblad
Expeditions
Holdings
Inc
(
d)
133,200
$
2,197
OneSpaWorld
Holdings
Ltd
319,800
4,800
Planet
Fitness
Inc
(
d)
115,100
9,299
$
16,296
Lodging
-
0.83%
Extended
Stay
America
Inc
440,750
5,694
Machinery
-
Diversified
-
0.54%
Columbus
McKinnon
Corp/NY
105,200
3,681
Media
-
0.54%
World
Wrestling
Entertainment
Inc
75,600
3,695
Metal
Fabrication
&
Hardware
-
1.57%
Advanced
Drainage
Systems
Inc
87,962
3,657
Rexnord
Corp
219,700
7,173
$
10,830
Mining
-
0.15%
Alcoa
Corp
(
d)
72,180
1,007
Miscellaneous
Manufacturers
-
1.35%
Hillenbrand
Inc
253,700
7,365
Trinseo
SA
66,500
1,910
$
9,275
Oil
&
Gas
-
1.39%
Callon
Petroleum
Co
(
d)
501,200
1,504
Delek
US
Holdings
Inc
84,000
2,307
PDC
Energy
Inc
(
d)
86,600
1,870
Ring
Energy
Inc
(
d)
525,100
1,134
Talos
Energy
Inc
(
d)
111,100
2,437
Whiting
Petroleum
Corp
(
d),(e)
76,700
348
$
9,600
Oil
&
Gas
Services
-
0.61%
Matrix
Service
Co
(
d)
76,700
1,543
Select
Energy
Services
Inc
(
d)
381,900
2,658
$
4,201
Packaging
&
Containers
-
0.84%
Graphic
Packaging
Holding
Co
370,000
5,783
Pharmaceuticals
-
2.35%
DexCom
Inc
(
d)
10,700
2,576
Horizon
Therapeutics
Plc
(
d)
239,100
8,247
Revance
Therapeutics
Inc
(
d)
241,100
5,393
$
16,216
REITs
-
8.24%
Agree
Realty
Corp
140,100
10,638
Brandywine
Realty
Trust
514,000
8,029
Cousins
Properties
Inc
216,801
8,874
First
Industrial
Realty
Trust
Inc
255,630
10,915
Ladder
Capital
Corp
325,300
5,969
Pebblebrook
Hotel
Trust
359,936
8,538
Two
Harbors
Investment
Corp
247,860
3,782
$
56,745
Retail
-
3.24%
BJ's
Wholesale
Club
Holdings
Inc
(
d)
319,151
6,549
Caleres
Inc
266,230
4,672
Carvana
Co
(
d)
55,600
4,406
Ruth's
Hospitality
Group
Inc
155,800
3,194
World
Fuel
Services
Corp
89,300
3,494
$
22,315
Semiconductors
-
1.95%
Entegris
Inc
191,370
9,905
SiTime
Corp
(
d)
138,000
3,508
$
13,413
Software
-
5.12%
Aspen
Technology
Inc
(
d)
63,600
7,567
Ceridian
HCM
Holding
Inc
(
d)
46,125
3,381
Cloudflare
Inc
(
d)
123,700
2,209
Dynatrace
Inc
(
d)
76,200
2,386
Manhattan
Associates
Inc
(
d)
101,000
8,631
SolarWinds
Corp
(
d)
384,403
7,273
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Software
(continued)
Sprout
Social
Inc
(
d)
185,400
$
3,806
$
35,253
Telecommunications
-
0.69%
Plantronics
Inc
117,000
3,360
Switch
Inc
88,400
1,415
$
4,775
TOTAL
COMMON
STOCKS
$
674,924
Total
Investments
$
698,771
Other
Assets
and
Liabilities
- (
1.46)%
(10,029)
TOTAL
NET
ASSETS
-
100.00%
$
688,742
(a)
Current
yield
shown
is
as
of
period
end.
(b)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$9,944
or
1.44%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
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.
(f)
The
value
of
these
investments
was
determined
using
significant
unobservable
inputs.
(g)
Fair
value
of
these
investments
is
determined
in
good
faith
by
the
Manager
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Directors.
Certain
inputs
used
in
the
valuation
may
be
unobservable;
however,
each
security
is
evaluated
individually
for
purposes
of
ASC
820
which
results
in
not
all
securities
being
identified
as
Level
3
of
the
fair
value
hierarchy.
At
the
end
of
the
period,
the
fair
value
of
these
securities
totaled
$0
or
0.00%
of
net
assets.
Portfolio
Summary (
unaudited)
Sector
Percent
Consumer,
Non-cyclical
26.42%
Financial
23.98%
Industrial
14.28%
Technology
12.34%
Consumer,
Cyclical
11.34%
Utilities
3.98%
Money
Market
Funds
3.46%
Communications
2.07%
Energy
2.00%
Basic
Materials
1.59%
Other
Assets
and
Liabilities
(
1.46)%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
SmallCap
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
222
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
1.43%
$
35,326
$
92,115
$
106,009
$
21,432
$
35,326
$
92,115
$
106,009
$
21,432
Income
(a)
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Principal
Government
Money
Market
Fund
1.43%
$
54
$
—
$
—
$
—
$
54
$
—
$
—
$
—
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
SmallCap
Growth
Fund
I
January
31,
2020
(unaudited)
See
accompanying
notes.
223
INVESTMENT
COMPANIES
-
5.24%
Shares
Held
Value
(000's)
Money
Market
Funds
-
5.18%
BlackRock
Liquidity
FedFund
1.49%
(a),(b)
10,175,141
$
10,175
Principal
Government
Money
Market
Fund
1.43%
(a),(b),(c)
92,613,435
92,613
$
102,788
Principal
Exchange-Traded
Funds
-
0.06%
Principal
Healthcare
Innovators
Index
ETF
(c)
7,680
288
Principal
U.S.
Small-Cap
Multi-Factor
Index
ETF
(c)
27,757
880
$
1,168
TOTAL
INVESTMENT
COMPANIES
$
103,956
COMMON
STOCKS
-
96.14%
Shares
Held
Value
(000's)
Advertising
-
0.01%
Boston
Omaha
Corp
(d)
1,402
28
Fluent
Inc
(d)
9,567
26
MDC
Partners
Inc
(d)
11,415
26
National
CineMedia
Inc
2,308
17
Quotient
Technology
Inc
(d)
1,488
15
Telaria
Inc
(d)
7,035
72
$
184
Aerospace
&
Defense
-
2.07%
Aerojet
Rocketdyne
Holdings
Inc
(d)
85,252
4,439
AeroVironment
Inc
(d)
2,320
154
Astronics
Corp
(d)
3,434
87
Barnes
Group
Inc
1,802
114
Coda
Octopus
Group
Inc
(d),(e)
2,175
14
Ducommun
Inc
(d)
468
19
HEICO
Corp
48,560
5,945
Kaman
Corp
523
32
Kratos
Defense
&
Security
Solutions
Inc
(d)
409,249
7,506
Mercury
Systems
Inc
(d)
291,487
22,372
Moog
Inc
4,708
422
National
Presto
Industries
Inc
48
4
Triumph
Group
Inc
1,885
38
$
41,146
Agriculture
-
0.02%
Phibro
Animal
Health
Corp
3,213
76
Turning
Point
Brands
Inc
(e)
1,624
37
Vector
Group
Ltd
19,854
261
$
374
Airlines
-
0.03%
Allegiant
Travel
Co
2,297
386
Mesa
Air
Group
Inc
(d)
1,923
17
Spirit
Airlines
Inc
(d)
6,018
247
$
650
Apparel
-
0.38%
Crocs
Inc
(d)
7,626
289
Deckers
Outdoor
Corp
(d)
4,444
848
Kontoor
Brands
Inc
3,030
116
Oxford
Industries
Inc
1,738
121
Steven
Madden
Ltd
154,415
5,954
Superior
Group
of
Cos
Inc
1,113
13
Wolverine
World
Wide
Inc
7,549
238
$
7,579
Automobile
Manufacturers
-
0.00%
Blue
Bird
Corp
(d)
1,418
28
REV
Group
Inc
814
8
$
36
Automobile
Parts
&
Equipment
-
0.05%
Dorman
Products
Inc
(d)
2,968
207
Douglas
Dynamics
Inc
4,605
242
Gentherm
Inc
(d)
3,736
172
Meritor
Inc
(d)
6,910
152
Miller
Industries
Inc/TN
208
7
Spartan
Motors
Inc
3,962
67
Standard
Motor
Products
Inc
803
39
Telenav
Inc
(d)
4,198
19
$
905
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Banks
-
2.11%
Alerus
Financial
Corp
304
$
6
Ameris
Bancorp
73,932
2,971
Atlantic
Capital
Bancshares
Inc
(d)
465
9
Bank
First
Corp
935
59
Bank
of
NT
Butterfield
&
Son
Ltd/The
3,550
118
Bank7
Corp
182
3
Baycom
Corp
(d)
915
21
Cambridge
Bancorp
268
19
CenterState
Bank
Corp
138,400
3,122
Central
Pacific
Financial
Corp
319
9
Century
Bancorp
Inc/MA
129
11
City
Holding
Co
598
45
CNB
Financial
Corp/PA
269
8
Coastal
Financial
Corp/WA
(d)
928
17
CrossFirst
Bankshares
Inc
(d)
34,000
464
Eagle
Bancorp
Inc
909
40
Esquire
Financial
Holdings
Inc
(d)
683
16
FB
Financial
Corp
1,268
45
Fidelity
D&D
Bancorp
Inc
(e)
132
8
First
Financial
Bankshares
Inc
14,399
483
First
Financial
Corp/IN
359
15
First
Foundation
Inc
1,984
33
Glacier
Bancorp
Inc
1,402
59
Hanmi
Financial
Corp
859
14
HarborOne
Bancorp
Inc
(d)
2,397
26
Heritage
Commerce
Corp
1,284
15
Independent
Bank
Corp
318
23
Independent
Bank
Corp/MI
1,038
22
Independent
Bank
Group
Inc
1,871
100
Investar
Holding
Corp
410
9
Kearny
Financial
Corp/MD
3,837
47
Lakeland
Financial
Corp
3,264
155
Meta
Financial
Group
Inc
3,889
145
Midland
States
Bancorp
Inc
575
15
National
Bank
Holdings
Corp
1,521
50
Northeast
Bank
229
5
Oak
Valley
Bancorp
175
3
PCSB
Financial
Corp
529
11
People's
Utah
Bancorp
359
9
Pinnacle
Financial
Partners
Inc
88,183
5,208
Preferred
Bank/Los
Angeles
CA
757
46
Prosperity
Bancshares
Inc
133,691
9,385
Provident
Bancorp
Inc
(d)
151
2
Red
River
Bancshares
Inc
(d)
73
4
Reliant
Bancorp
Inc
242
5
Sandy
Spring
Bancorp
Inc
59,460
2,069
Seacoast
Banking
Corp
of
Florida
(d)
2,483
67
ServisFirst
Bancshares
Inc
6,599
243
Stock
Yards
Bancorp
Inc
809
31
TriState
Capital
Holdings
Inc
(d)
1,270
29
Triumph
Bancorp
Inc
(d)
1,690
66
Union
Bankshares
Inc/Morrisville
VT
273
9
United
Community
Banks
Inc/GA
2,152
60
Unity
Bancorp
Inc
222
5
Veritex
Holdings
Inc
3,260
92
Walker
&
Dunlop
Inc
1,026
68
Webster
Financial
Corp
170,058
7,629
West
Bancorporation
Inc
579
13
Westamerica
Bancorporation
1,234
78
Western
Alliance
Bancorp
153,065
8,454
$
41,793
Beverages
-
0.19%
Boston
Beer
Co
Inc/The
(d)
9,540
3,400
Celsius
Holdings
Inc
(d)
4,974
27
Coca-Cola
Consolidated
Inc
919
249
MGP
Ingredients
Inc
(e)
2,211
75
National
Beverage
Corp
(d),(e)
1,901
82
$
3,833
Schedule
of
Investments
SmallCap
Growth
Fund
I
January
31,
2020
(unaudited)
See
accompanying
notes.
224
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Biotechnology
-
8.17%
ACADIA
Pharmaceuticals
Inc
(d)
16,391
$
655
Acceleron
Pharma
Inc
(d)
55,693
5,056
ADMA
Biologics
Inc
(d)
7,166
28
Aduro
Biotech
Inc
(d)
7,600
13
Adverum
Biotechnologies
Inc
(d)
7,905
78
Affimed
NV
(d)
9,282
24
Agenus
Inc
(d)
15,582
58
AgeX
Therapeutics
Inc
(d)
3,896
5
Akero
Therapeutics
Inc
(d)
582
14
Albireo
Pharma
Inc
(d)
1,764
40
Alder
Biopharmaceuticals
Inc
(d),(e),(f),(g)
9,847
9
Aldeyra
Therapeutics
Inc
(d)
3,364
18
Allakos
Inc
(d),(e)
46,889
3,386
Allogene
Therapeutics
Inc
(d)
135,837
2,951
Amicus
Therapeutics
Inc
(d)
37,288
330
AnaptysBio
Inc
(d)
3,409
50
Anavex
Life
Sciences
Corp
(d)
8,413
24
ANI
Pharmaceuticals
Inc
(d)
1,503
93
Apellis
Pharmaceuticals
Inc
(d)
8,157
335
Applied
Therapeutics
Inc
(d)
33,730
1,770
Aprea
Therapeutics
Inc
(d)
721
28
Arena
Pharmaceuticals
Inc
(d)
84,335
3,853
Arrowhead
Pharmaceuticals
Inc
(d)
13,594
570
Ascendis
Pharma
A/S
ADR
(d)
36,838
4,977
Assembly
Biosciences
Inc
(d)
83,298
1,462
Atara
Biotherapeutics
Inc
(d)
7,574
100
Athersys
Inc
(d)
22,692
31
Atreca
Inc
(d)
812
15
Avid
Bioservices
Inc
(d)
7,555
50
Avrobio
Inc
(d)
140,481
3,053
Baudax
Bio
Inc
(d),(e)
837
7
BeiGene
Ltd
ADR
(d)
19,960
3,041
BioCryst
Pharmaceuticals
Inc
(d)
16,185
46
Biohaven
Pharmaceutical
Holding
Co
Ltd
(d)
299,594
14,527
Black
Diamond
Therapeutics
Inc
(d)
24,490
918
Blueprint
Medicines
Corp
(d)
164,414
10,432
Bridgebio
Pharma
Inc
(d)
2,572
89
Cabaletta
Bio
Inc
(d)
727
12
Calithera
Biosciences
Inc
(d)
850
5
Cara
Therapeutics
Inc
(d),(e)
5,736
92
CASI
Pharmaceuticals
Inc
(d)
6,625
19
CEL-SCI
Corp
(d),(e)
3,531
46
Cerecor
Inc
(d)
6,086
24
ChemoCentryx
Inc
(d)
69,606
2,953
ChromaDex
Corp
(d),(e)
8,512
38
Constellation
Pharmaceuticals
Inc
(d)
2,119
70
Cortexyme
Inc
(d),(e)
1,554
73
Crinetics
Pharmaceuticals
Inc
(d),(e)
1,589
34
Cue
Biopharma
Inc
(d)
2,922
44
Cymabay
Therapeutics
Inc
(d)
12,541
19
CytomX
Therapeutics
Inc
(d)
6,543
49
Deciphera
Pharmaceuticals
Inc
(d)
93,258
5,841
Denali
Therapeutics
Inc
(d),(e)
7,062
164
Dicerna
Pharmaceuticals
Inc
(d)
142,314
2,810
Dynavax
Technologies
Corp
(d),(e)
11,693
59
Editas
Medicine
Inc
(d)
7,520
199
Eidos
Therapeutics
Inc
(d),(e)
1,675
89
Eiger
BioPharmaceuticals
Inc
(d)
3,890
48
Emergent
BioSolutions
Inc
(d)
6,633
365
Epizyme
Inc
(d)
8,366
175
Esperion
Therapeutics
Inc
(d)
3,627
196
Evelo
Biosciences
Inc
(d),(e)
494
3
Exagen
Inc
(d)
711
15
Fate
Therapeutics
Inc
(d)
8,823
224
FibroGen
Inc
(d)
10,320
432
Forty
Seven
Inc
(d)
3,203
118
Frequency
Therapeutics
Inc
(d)
639
15
GlycoMimetics
Inc
(d)
6,345
27
Gossamer
Bio
Inc
(d)
122,895
1,632
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Biotechnology
(continued)
Guardant
Health
Inc
(d)
96,448
$
7,334
Halozyme
Therapeutics
Inc
(d)
20,851
396
Homology
Medicines
Inc
(d)
4,007
63
IGM
Biosciences
Inc
(d)
548
19
ImmunoGen
Inc
(d)
11,693
55
Immunomedics
Inc
(d)
23,102
429
Innoviva
Inc
(d)
10,012
138
Inovio
Pharmaceuticals
Inc
(d),(e)
13,495
61
Insmed
Inc
(d)
13,157
270
Intercept
Pharmaceuticals
Inc
(d)
3,677
340
Iovance
Biotherapeutics
Inc
(d)
349,000
7,588
Karuna
Therapeutics
Inc
(d)
506
48
Karyopharm
Therapeutics
Inc
(d)
108,954
1,760
Kezar
Life
Sciences
Inc
(d)
108
—
Kindred
Biosciences
Inc
(d)
5,379
47
Kiniksa
Pharmaceuticals
Ltd
(d)
2,064
30
Krystal
Biotech
Inc
(d)
1,535
80
Lexicon
Pharmaceuticals
Inc
(d),(e)
7,594
24
Ligand
Pharmaceuticals
Inc
(d)
379
33
Livongo
Health
Inc
(d),(e)
2,253
54
LogicBio
Therapeutics
Inc
(d)
1,383
14
MacroGenics
Inc
(d)
3,846
36
Magenta
Therapeutics
Inc
(d)
2,811
33
Marker
Therapeutics
Inc
(d),(e)
5,309
14
MEI
Pharma
Inc
(d)
12,657
29
MeiraGTx
Holdings
plc
(d)
2,679
49
Mirati
Therapeutics
Inc
(d)
49,266
4,278
Molecular
Templates
Inc
(d)
1,560
23
Mustang
Bio
Inc
(d)
4,038
15
Myriad
Genetics
Inc
(d)
1,361
38
NeoGenomics
Inc
(d)
683,230
22,021
NextCure
Inc
(d)
85,523
3,656
NGM
Biopharmaceuticals
Inc
(d)
3,892
63
Novavax
Inc
(d),(e)
1,431
11
Omeros
Corp
(d),(e)
7,694
98
Oncocyte
Corp
(d)
3,112
8
Oncternal
Therapeutics
Inc
(d),(f),(g)
139
—
Organogenesis
Holdings
Inc
(d)
2,279
10
Oyster
Point
Pharma
Inc
(d)
68,972
2,173
Pacific
Biosciences
of
California
Inc
(d)
20,370
95
Palatin
Technologies
Inc
(d)
35,872
23
Pfenex
Inc
(d)
4,329
46
Phathom
Pharmaceuticals
Inc
(d)
1,318
44
Pieris
Pharmaceuticals
Inc
(d)
7,690
28
Precigen
Inc
(d),(e)
3,634
17
Precision
BioSciences
Inc
(d)
75,822
613
Prevail
Therapeutics
Inc
(d)
1,135
21
PTC
Therapeutics
Inc
(d)
158,454
8,160
Puma
Biotechnology
Inc
(d)
4,501
35
Radius
Health
Inc
(d)
180,771
3,175
RAPT
Therapeutics
Inc
(d)
157
7
REGENXBIO
Inc
(d)
4,892
213
Replimune
Group
Inc
(d)
157,166
2,499
resTORbio
Inc
(d)
691
1
Retrophin
Inc
(d)
6,016
93
Rigel
Pharmaceuticals
Inc
(d)
22,151
50
Rocket
Pharmaceuticals
Inc
(d)
4,313
88
Rubius
Therapeutics
Inc
(d),(e)
5,508
43
Sangamo
Therapeutics
Inc
(d)
11,820
87
Satsuma
Pharmaceuticals
Inc
(d)
700
17
Savara
Inc
(d),(e)
6,653
17
Scholar
Rock
Holding
Corp
(d)
2,742
34
Solid
Biosciences
Inc
(d),(e)
308
1
Sorrento
Therapeutics
Inc
(d),(e)
18,308
70
SpringWorks
Therapeutics
Inc
(d)
1,180
37
Stemline
Therapeutics
Inc
(d)
6,630
44
Stoke
Therapeutics
Inc
(d)
1,086
30
Syndax
Pharmaceuticals
Inc
(d)
3,553
33
Theravance
Biopharma
Inc
(d)
4,934
138
Schedule
of
Investments
SmallCap
Growth
Fund
I
January
31,
2020
(unaudited)
See
accompanying
notes.
225
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Biotechnology
(continued)
Tobira
Therapeutics
Inc
-
Rights
(d),(f),(g)
1,559
$
2
Tocagen
Inc
(d)
3,616
2
Translate
Bio
Inc
(d)
5,072
36
TransMedics
Group
Inc
(d)
90,449
1,584
Turning
Point
Therapeutics
Inc
(d)
83,614
4,891
Twist
Bioscience
Corp
(d)
68,194
1,694
Tyme
Technologies
Inc
(d),(e)
9,238
13
Ultragenyx
Pharmaceutical
Inc
(d)
116,748
6,136
UNITY
Biotechnology
Inc
(d)
3,495
21
VBI
Vaccines
Inc
(d)
19,315
26
Veracyte
Inc
(d)
6,862
180
Vericel
Corp
(d)
121,365
1,991
Viela
Bio
Inc
(d)
606
24
Viking
Therapeutics
Inc
(d),(e)
785
5
Vir
Biotechnology
Inc
(d)
806
21
X4
Pharmaceuticals
Inc
(d)
1,824
15
XBiotech
Inc
(d)
2,777
62
Xencor
Inc
(d)
6,983
237
Y-mAbs
Therapeutics
Inc
(d)
119,603
3,945
ZIOPHARM
Oncology
Inc
(d),(e)
23,701
93
$
162,101
Building
Materials
-
1.73%
AAON
Inc
4,568
240
American
Woodmark
Corp
(d)
3,066
336
Apogee
Enterprises
Inc
3,402
108
Armstrong
World
Industries
Inc
72,679
7,292
Boise
Cascade
Co
2,328
84
Builders
FirstSource
Inc
(d)
18,172
451
Continental
Building
Products
Inc
(d)
4,394
163
JELD-WEN
Holding
Inc
(d)
6,735
161
Louisiana-Pacific
Corp
1,799
55
Masonite
International
Corp
(d)
4,278
321
Patrick
Industries
Inc
1,614
84
PGT
Innovations
Inc
(d)
4,265
66
Select
Interior
Concepts
Inc
(d)
1,260
10
Simpson
Manufacturing
Co
Inc
7,334
606
Summit
Materials
Inc
(d)
2,262
50
Trex
Co
Inc
(d)
242,385
23,812
Universal
Forest
Products
Inc
9,063
434
US
Concrete
Inc
(d)
2,443
87
$
34,360
Chemicals
-
0.66%
A.
Schulman
Inc.
(d),(g)
5,668
3
Balchem
Corp
3,540
382
Codexis
Inc
(d)
8,246
129
Ferro
Corp
(d)
7,371
101
GCP
Applied
Technologies
Inc
(d)
5,974
133
HB
Fuller
Co
6,206
287
Ingevity
Corp
(d)
111,897
7,298
Innospec
Inc
3,386
341
Koppers
Holdings
Inc
(d)
2,047
64
Kraton
Corp
(d)
1,408
23
OMNOVA
Solutions
Inc
(d)
6,677
68
Orion
Engineered
Carbons
SA
6,113
96
PolyOne
Corp
11,612
385
PQ
Group
Holdings
Inc
(d)
139,779
2,140
Quaker
Chemical
Corp
6,019
999
Rogers
Corp
(d)
3,190
376
Sensient
Technologies
Corp
3,754
224
Stepan
Co
752
74
Tronox
Holdings
PLC
6,881
58
$
13,181
Coal
-
0.00%
Advanced
Emissions
Solutions
Inc
3,018
34
Commercial
Services
-
7.73%
Aaron's
Inc
9,710
576
AMN
Healthcare
Services
Inc
(d)
7,727
521
ASGN
Inc
(d)
7,388
500
Avalara
Inc
(d)
101,167
8,613
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Commercial
Services
(continued)
Avis
Budget
Group
Inc
(d)
6,355
$
208
Barrett
Business
Services
Inc
1,142
95
BG
Staffing
Inc
1,182
24
Bright
Horizons
Family
Solutions
Inc
(d)
213,882
35,019
Brink's
Co/The
7,984
672
Cardtronics
PLC
(d)
6,266
282
Care.com
Inc
(d)
3,489
52
Cass
Information
Systems
Inc
2,202
119
Chegg
Inc
(d)
885,570
36,513
Cimpress
PLC
(d),(e)
2,187
262
Collectors
Universe
Inc
1,410
35
CorVel
Corp
(d)
1,375
126
CRA
International
Inc
380
20
Cross
Country
Healthcare
Inc
(d)
1,912
19
EVERTEC
Inc
11,555
388
Evo
Payments
Inc
(d)
533,114
14,773
Forrester
Research
Inc
(d)
1,684
70
Franklin
Covey
Co
(d)
1,563
50
FTI
Consulting
Inc
(d)
1,022
123
Green
Dot
Corp
(d)
4,423
133
Hackett
Group
Inc/The
4,219
65
Harsco
Corp
(d)
126,684
1,887
Healthcare
Services
Group
Inc
8,357
214
HealthEquity
Inc
(d)
198,713
13,127
Heidrick
&
Struggles
International
Inc
459
13
Herc
Holdings
Inc
(d)
341
14
HMS
Holdings
Corp
(d)
15,267
417
Huron
Consulting
Group
Inc
(d)
1,457
94
ICF
International
Inc
2,332
204
Insperity
Inc
53,482
4,673
International
Money
Express
Inc
(d)
76,795
812
K12
Inc
(d)
817
13
Kforce
Inc
3,094
115
Korn
Ferry
6,253
256
Medifast
Inc
(e)
1,671
161
Monro
Inc
3,613
227
National
Research
Corp
1,916
130
Nesco
Holdings
Inc
(d),(e)
476,475
2,049
Perdoceo
Education
Corp
(d)
13,580
241
PRGX
Global
Inc
(d)
4,048
16
Priority
Technology
Holdings
Inc
(d)
1,094
3
Progyny
Inc
(d)
1,029
29
R1
RCM
Inc
(d)
20,341
254
Rent-A-Center
Inc/TX
9,472
276
Resources
Connection
Inc
2,108
32
Rosetta
Stone
Inc
(d)
491
8
ShotSpotter
Inc
(d)
1,539
42
Strategic
Education
Inc
74,954
12,164
TriNet
Group
Inc
(d)
111,428
6,358
Viad
Corp
2,192
142
WEX
Inc
(d)
46,767
10,145
$
153,374
Computers
-
3.27%
Agilysys
Inc
(d)
3,289
107
Cubic
Corp
591
39
Diebold
Nixdorf
Inc
(d)
6,785
78
ExlService
Holdings
Inc
(d)
6,131
448
ForeScout
Technologies
Inc
(d)
155,966
4,447
Genpact
Ltd
525,050
23,244
Insight
Enterprises
Inc
(d)
2,938
194
Lumentum
Holdings
Inc
(d)
28,636
2,170
MAXIMUS
Inc
39,006
2,798
Mitek
Systems
Inc
(d)
7,039
69
MTS
Systems
Corp
985
50
OneSpan
Inc
(d)
3,931
65
PAR
Technology
Corp
(d),(e)
1,819
62
Parsons
Corp
(d)
2,892
118
Perspecta
Inc
4,707
132
Ping
Identity
Holding
Corp
(d)
1,910
46
Schedule
of
Investments
SmallCap
Growth
Fund
I
January
31,
2020
(unaudited)
See
accompanying
notes.
226
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Computers
(continued)
PlayAGS
Inc
(d)
123,934
$
1,274
Qualys
Inc
(d)
5,833
500
Rapid7
Inc
(d)
309,769
18,394
Rimini
Street
Inc
(d)
5,338
27
Science
Applications
International
Corp
9,424
827
SecureWorks
Corp
(d)
433
7
Tenable
Holdings
Inc
(d)
5,586
152
TTEC
Holdings
Inc
2,256
90
Unisys
Corp
(d)
6,102
59
USA
Technologies
Inc
(d),(e)
217,718
1,970
Varonis
Systems
Inc
(d)
86,280
7,218
Virtusa
Corp
(d)
6,130
255
Vocera
Communications
Inc
(d)
5,117
113
$
64,953
Consumer
Products
-
0.05%
Helen
of
Troy
Ltd
(d)
4,029
762
WD-40
Co
1,502
280
$
1,042
Cosmetics
&
Personal
Care
-
0.01%
elf
Beauty
Inc
(d)
1,245
20
Inter
Parfums
Inc
1,931
133
Revlon
Inc
(d)
1,013
22
$
175
Distribution
&
Wholesale
-
2.79%
Core-Mark
Holding
Co
Inc
6,803
159
EVI
Industries
Inc
(d),(e)
893
24
H&E
Equipment
Services
Inc
228,223
6,188
IAA
Inc
(d)
292,180
13,808
Pool
Corp
41,020
8,996
SiteOne
Landscape
Supply
Inc
(d)
270,087
26,077
Systemax
Inc
1,616
38
$
55,290
Diversified
Financial
Services
-
3.04%
Ares
Management
Corp
275,302
9,927
Artisan
Partners
Asset
Management
Inc
4,844
162
Assetmark
Financial
Holdings
Inc
(d)
188,105
5,518
Blucora
Inc
(d)
4,100
93
Cohen
&
Steers
Inc
3,574
264
Cowen
Inc
(d)
2,298
37
Curo
Group
Holdings
Corp
3,023
32
Deluxe
Corp
1,654
80
Diamond
Hill
Investment
Group
Inc
399
56
Elevate
Credit
Inc
(d)
2,762
16
Enova
International
Inc
(d)
3,396
85
Federal
Agricultural
Mortgage
Corp
474
36
Federated
Hermes
Inc
14,830
537
Focus
Financial
Partners
Inc
(d)
4,497
127
GAMCO
Investors
Inc
808
13
Hamilton
Lane
Inc
224,739
14,597
Hannon
Armstrong
Sustainable
Infrastructure
Capital
Inc
2,173
74
Houlihan
Lokey
Inc
190,314
9,867
I3
Verticals
Inc
(d)
2,518
81
Ladenburg
Thalmann
Financial
Services
Inc
16,562
58
LendingTree
Inc
(d)
20,216
6,291
Marlin
Business
Services
Corp
754
15
Moelis
&
Co
109,294
3,935
Mr
Cooper
Group
Inc
(d)
5,963
74
Oportun
Financial
Corp
(d)
542
11
Paysign
Inc
(d),(e)
5,604
49
PennyMac
Financial
Services
Inc
871
29
PJT
Partners
Inc
1,958
90
Pzena
Investment
Management
Inc
3,710
30
Regional
Management
Corp
(d)
939
26
Sculptor
Capital
Management
Inc
1,502
35
Silvercrest
Asset
Management
Group
Inc
1,734
21
Stifel
Financial
Corp
123,284
7,975
Virtus
Investment
Partners
Inc
116
14
WisdomTree
Investments
Inc
7,515
32
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Diversified
Financial
Services
(continued)
World
Acceptance
Corp
(d)
457
$
40
$
60,327
Electric
-
0.03%
Atlantic
Power
Corp
(d)
11,283
27
El
Paso
Electric
Co
1,675
114
Genie
Energy
Ltd
1,991
14
MGE
Energy
Inc
1,380
110
Ormat
Technologies
Inc
2,435
193
Otter
Tail
Corp
1,878
101
Spark
Energy
Inc
2,331
22
$
581
Electrical
Components
&
Equipment
-
1.58%
EnerSys
3,107
224
Generac
Holdings
Inc
(d)
39,217
4,062
Graham
Corp
403
7
Littelfuse
Inc
80,178
14,184
Novanta
Inc
(d)
123,122
11,171
Vicor
Corp
(d)
32,824
1,643
$
31,291
Electronics
-
1.20%
Advanced
Energy
Industries
Inc
(d)
6,304
441
Alarm.com
Holdings
Inc
(d)
65,268
2,867
Allied
Motion
Technologies
Inc
1,119
51
Atkore
International
Group
Inc
(d)
8,540
339
Badger
Meter
Inc
5,137
303
Brady
Corp
6,926
384
FARO
Technologies
Inc
(d)
2,417
125
Fitbit
Inc
(d)
5,590
36
Fluidigm
Corp
(d)
12,900
50
II-VI
Inc
(d)
6,372
214
IntriCon
Corp
(d)
1,693
29
Itron
Inc
(d)
5,743
470
Kimball
Electronics
Inc
(d)
547
9
Mesa
Laboratories
Inc
644
169
Napco
Security
Technologies
Inc
(d)
1,878
55
NVE
Corp
821
60
OSI
Systems
Inc
(d)
93,725
8,111
Plexus
Corp
(d)
1,426
101
Sanmina
Corp
(d)
4,365
139
Stoneridge
Inc
(d)
785
22
Transcat
Inc
(d)
1,181
36
Vishay
Precision
Group
Inc
(d)
1,387
48
Watts
Water
Technologies
Inc
2,950
294
Woodward
Inc
80,691
9,385
ZAGG
Inc
(d)
1,003
8
$
23,746
Energy
-
Alternate
Sources
-
0.04%
Enphase
Energy
Inc
(d),(e)
10,157
320
Plug
Power
Inc
(d)
36,003
139
Sunrun
Inc
(d)
12,466
212
TerraForm
Power
Inc
10,706
194
$
865
Engineering
&
Construction
-
1.24%
Arcosa
Inc
47,730
2,088
Comfort
Systems
USA
Inc
6,573
305
Construction
Partners
Inc
(d)
1,273
21
Dycom
Industries
Inc
(d)
2,669
108
EMCOR
Group
Inc
6,896
567
Exponent
Inc
8,463
616
Granite
Construction
Inc
933
25
Great
Lakes
Dredge
&
Dock
Corp
(d)
8,448
88
IES
Holdings
Inc
(d)
785
20
Iteris
Inc
(d)
5,971
30
MasTec
Inc
(d)
9,955
575
Mistras
Group
Inc
(d)
459
5
MYR
Group
Inc
(d)
2,513
72
NV5
Global
Inc
(d),(e)
62,188
3,863
Primoris
Services
Corp
4,603
98
Sterling
Construction
Co
Inc
(d)
1,536
20
Schedule
of
Investments
SmallCap
Growth
Fund
I
January
31,
2020
(unaudited)
See
accompanying
notes.
227
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Engineering
&
Construction
(continued)
TopBuild
Corp
(d)
139,657
$
15,992
VSE
Corp
182
6
WillScot
Corp
(d)
5,197
98
$
24,597
Entertainment
-
1.12%
Churchill
Downs
Inc
70,992
10,250
Eldorado
Resorts
Inc
(d)
7,281
435
Eros
International
PLC
(d),(e)
1,549
4
Everi
Holdings
Inc
(d)
361,462
4,518
Golden
Entertainment
Inc
(d)
1,555
27
IMAX
Corp
(d)
7,877
130
Liberty
Media
Corp-Liberty
Braves
-
A
Shares
(d)
1,780
52
Liberty
Media
Corp-Liberty
Braves
-
C
Shares
(d)
5,453
159
Marriott
Vacations
Worldwide
Corp
1,638
197
Monarch
Casino
&
Resort
Inc
(d)
1,449
78
Penn
National
Gaming
Inc
(d)
3,848
115
Red
Rock
Resorts
Inc
7,822
192
Scientific
Games
Corp
(d)
6,228
155
SeaWorld
Entertainment
Inc
(d)
169,225
5,831
Twin
River
Worldwide
Holdings
Inc
2,712
72
$
22,215
Environmental
Control
-
2.40%
Advanced
Disposal
Services
Inc
(d)
7,668
253
Casella
Waste
Systems
Inc
(d)
5,061
259
CECO
Environmental
Corp
(d)
754
6
Covanta
Holding
Corp
13,311
199
Energy
Recovery
Inc
(d)
5,684
58
Evoqua
Water
Technologies
Corp
(d)
8,406
168
Heritage-Crystal
Clean
Inc
(d)
1,727
49
Pure
Cycle
Corp
(d)
3,322
43
Tetra
Tech
Inc
233,773
20,011
US
Ecology
Inc
2,709
146
Waste
Connections
Inc
275,303
26,515
$
47,707
Food
-
2.34%
B&G
Foods
Inc
(e)
1,330
21
BellRing
Brands
Inc
(d)
323,288
6,996
Bridgford
Foods
Corp
(d)
476
9
Calavo
Growers
Inc
2,791
214
Chefs'
Warehouse
Inc/The
(d)
277,300
10,094
Grocery
Outlet
Holding
Corp
(d)
253,621
8,304
Hain
Celestial
Group
Inc/The
(d)
504,121
12,205
HF
Foods
Group
Inc
(d)
1,591
28
J&J
Snack
Foods
Corp
2,354
390
John
B
Sanfilippo
&
Son
Inc
1,392
117
Lancaster
Colony
Corp
1,513
234
Nathan's
Famous
Inc
293
19
Performance
Food
Group
Co
(d)
16,112
834
Sanderson
Farms
Inc
2,705
373
Simply
Good
Foods
Co/The
(d)
283,020
6,501
Tootsie
Roll
Industries
Inc
2,408
82
$
46,421
Forest
Products
&
Paper
-
0.01%
Neenah
Inc
2,617
174
Verso
Corp
(d)
519
9
$
183
Gas
-
0.02%
Chesapeake
Utilities
Corp
2,768
267
New
Jersey
Resources
Corp
796
33
Northwest
Natural
Holding
Co
519
38
South
Jersey
Industries
Inc
2,832
87
Southwest
Gas
Holdings
Inc
676
51
$
476
Hand
&
Machine
Tools
-
0.37%
Franklin
Electric
Co
Inc
7,500
433
Luxfer
Holdings
PLC
3,928
63
MSA
Safety
Inc
50,485
6,845
$
7,341
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Healthcare
-
Products
-
5.43%
10X
Genomics
Inc
(d)
69,759
$
6,375
Accelerate
Diagnostics
Inc
(d),(e)
4,262
72
Accuray
Inc
(d)
14,932
58
Alphatec
Holdings
Inc
(d)
6,327
44
Apyx
Medical
Corp
(d)
2,367
18
AtriCure
Inc
(d)
97,910
3,809
Atrion
Corp
231
166
Axogen
Inc
(d)
6,033
75
BioLife
Solutions
Inc
(d)
1,675
23
BioTelemetry
Inc
(d)
6,107
299
Cardiovascular
Systems
Inc
(d)
3,787
172
CareDx
Inc
(d)
5,689
137
Castle
Biosciences
Inc
(d)
535
17
Celcuity
Inc
(d)
992
11
Cerus
Corp
(d)
19,733
79
Conformis
Inc
(d)
14,863
15
CONMED
Corp
4,605
468
CryoLife
Inc
(d)
5,689
169
Cutera
Inc
(d)
2,569
72
CytoSorbents
Corp
(d),(e)
6,503
32
Establishment
Labs
Holdings
Inc
(d),(e)
80,842
2,205
GenMark
Diagnostics
Inc
(d)
10,469
56
Glaukos
Corp
(d)
4,290
241
Globus
Medical
Inc
(d)
12,386
648
Haemonetics
Corp
(d)
57,199
6,143
Hanger
Inc
(d)
1,214
30
Inogen
Inc
(d)
2,848
126
Inspire
Medical
Systems
Inc
(d)
2,082
156
Insulet
Corp
(d)
43,010
8,346
Integer
Holdings
Corp
(d)
73,590
6,284
Integra
LifeSciences
Holdings
Corp
(d)
221,633
12,199
Intersect
ENT
Inc
(d)
4,763
123
iRadimed
Corp
(d)
1,296
33
iRhythm
Technologies
Inc
(d)
127,511
10,919
Lantheus
Holdings
Inc
(d)
6,319
111
LeMaitre
Vascular
Inc
2,458
88
LivaNova
PLC
(d)
48,872
3,321
Meridian
Bioscience
Inc
1,994
20
Merit
Medical
Systems
Inc
(d)
84,367
3,073
Misonix
Inc
(d)
1,756
29
NanoString
Technologies
Inc
(d)
4,723
128
Natus
Medical
Inc
(d)
5,212
163
Nevro
Corp
(d)
3,294
438
Novocure
Ltd
(d)
9,607
783
NuVasive
Inc
(d)
8,486
654
Orthofix
Medical
Inc
(d)
2,279
99
OrthoPediatrics
Corp
(d)
22,913
1,053
Penumbra
Inc
(d)
45,329
7,953
Pulse
Biosciences
Inc
(d),(e)
2,024
28
Quanterix
Corp
(d)
2,337
63
Quidel
Corp
(d)
6,036
464
Repligen
Corp
(d)
8,314
835
Rockwell
Medical
Inc
(d)
11,492
30
SeaSpine
Holdings
Corp
(d)
56,590
835
Shockwave
Medical
Inc
(d)
2,802
122
Sientra
Inc
(d)
5,767
35
Silk
Road
Medical
Inc
(d)
214,388
9,978
Soliton
Inc
(d)
1,199
14
STAAR
Surgical
Co
(d)
4,945
166
Surmodics
Inc
(d)
2,106
83
Tactile
Systems
Technology
Inc
(d)
164,418
9,238
Tandem
Diabetes
Care
Inc
(d)
79,504
6,046
Utah
Medical
Products
Inc
505
47
Varex
Imaging
Corp
(d)
62,403
1,725
ViewRay
Inc
(d)
12,140
38
Wright
Medical
Group
NV
(d)
13,963
421
Zynex
Inc
(d),(e)
3,673
35
$
107,736
Schedule
of
Investments
SmallCap
Growth
Fund
I
January
31,
2020
(unaudited)
See
accompanying
notes.
228
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Healthcare
-
Services
-
4.45%
Addus
HomeCare
Corp
(d)
43,250
$
4,080
Amedisys
Inc
(d)
4,975
878
American
Renal
Associates
Holdings
Inc
(d)
2,078
19
Apollo
Medical
Holdings
Inc
(d)
1,632
29
Catalent
Inc
(d)
216,374
13,220
Catasys
Inc
(d),(e)
1,843
32
Cellular
Biomedicine
Group
Inc
(d)
1,343
23
Charles
River
Laboratories
International
Inc
(d)
124,815
19,294
Ensign
Group
Inc/The
8,886
402
Genesis
Healthcare
Inc
(d)
18,873
28
ICON
PLC
(d)
57,880
9,760
Invitae
Corp
(d)
250,820
4,678
Joint
Corp/The
(d)
2,706
45
LHC
Group
Inc
(d)
92,569
13,492
Magellan
Health
Inc
(d)
2,735
200
Medpace
Holdings
Inc
(d)
4,798
410
Natera
Inc
(d)
9,065
317
Neuronetics
Inc
(d)
3,643
13
Pennant
Group
Inc/The
(d)
3,948
104
Personalis
Inc
(d)
1,884
21
Providence
Service
Corp/The
(d)
1,844
120
RadNet
Inc
(d)
6,540
148
Select
Medical
Holdings
Corp
(d)
18,928
432
SI-BONE
Inc
(d)
2,783
59
Surgery
Partners
Inc
(d)
724
12
Syneos
Health
Inc
(d)
1,759
108
Teladoc
Health
Inc
(d)
193,101
19,640
Tenet
Healthcare
Corp
(d)
10,638
337
US
Physical
Therapy
Inc
2,439
286
Vapotherm
Inc
(d)
2,657
28
$
88,215
Home
Builders
-
0.99%
Cavco
Industries
Inc
(d)
1,543
346
Century
Communities
Inc
(d)
1,945
58
Green
Brick
Partners
Inc
(d)
799
9
Installed
Building
Products
Inc
(d)
4,159
308
KB
Home
4,329
163
LCI
Industries
4,170
450
LGI
Homes
Inc
(d)
2,176
174
Meritage
Homes
Corp
(d)
90,184
6,399
Skyline
Champion
Corp
(d)
281,770
8,101
Taylor
Morrison
Home
Corp
(d)
133,612
3,458
Winnebago
Industries
Inc
4,421
242
$
19,708
Home
Furnishings
-
0.61%
Hamilton
Beach
Brands
Holding
Co
1,699
27
Hooker
Furniture
Corp
459
11
iRobot
Corp
(d),(e)
3,016
142
Purple
Innovation
Inc
(d)
407
5
Sleep
Number
Corp
(d)
224,219
11,568
Sonos
Inc
(d)
10,728
147
Universal
Electronics
Inc
(d)
1,917
95
$
11,995
Insurance
-
1.52%
BRP
Group
Inc
(d)
175,922
2,653
Crawford
&
Co
2,851
25
eHealth
Inc
(d)
30,046
3,160
Enstar
Group
Ltd
(d)
426
83
Essent
Group
Ltd
7,801
387
FedNat
Holding
Co
1,390
22
Global
Indemnity
Ltd
354
11
Goosehead
Insurance
Inc
(e)
1,626
85
Health
Insurance
Innovations
Inc
(d),(e)
1,694
39
Heritage
Insurance
Holdings
Inc
742
9
Investors
Title
Co
69
11
James
River
Group
Holdings
Ltd
1,650
71
Kinsale
Capital
Group
Inc
2,243
256
National
General
Holdings
Corp
7,366
160
NMI
Holdings
Inc
(d)
10,475
334
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Insurance
(continued)
Palomar
Holdings
Inc
(d)
222,350
$
11,885
ProSight
Global
Inc
(d)
900
13
RLI
Corp
6,004
558
Selective
Insurance
Group
Inc
4,274
283
State
Auto
Financial
Corp
330
10
Trupanion
Inc
(d),(e)
312,505
9,975
United
Fire
Group
Inc
276
12
Universal
Insurance
Holdings
Inc
1,560
38
$
30,080
Internet
-
4.00%
1-800-Flowers.com
Inc
(d)
4,388
67
8x8
Inc
(d)
10,553
196
Anaplan
Inc
(d)
158,051
9,102
Boingo
Wireless
Inc
(d)
55,189
620
Cardlytics
Inc
(d)
1,567
132
Cargurus
Inc
(d)
12,026
429
Cars.com
Inc
(d)
1,962
23
ChannelAdvisor
Corp
(d)
5,354
50
Cogent
Communications
Holdings
Inc
77,162
5,473
Despegar.com
Corp
(d)
227,588
3,371
Endurance
International
Group
Holdings
Inc
(d)
12,825
61
ePlus
Inc
(d)
1,793
143
Etsy
Inc
(d)
200,202
9,772
Eventbrite
Inc
(d)
5,490
116
EverQuote
Inc
(d)
53,895
1,977
Groupon
Inc
(d)
50,047
144
HealthStream
Inc
(d)
1,997
51
Limelight
Networks
Inc
(d)
7,768
39
MakeMyTrip
Ltd
(d)
409,642
9,422
Meet
Group
Inc/The
(d)
8,080
43
Mimecast
Ltd
(d)
331,783
16,931
NIC
Inc
13,834
273
OptimizeRx
Corp
(d)
2,567
28
Perficient
Inc
(d)
108,881
5,411
Proofpoint
Inc
(d)
9,379
1,152
Q2
Holdings
Inc
(d)
41,393
3,609
QuinStreet
Inc
(d)
7,392
96
RealReal
Inc/The
(d),(e)
368,244
5,328
Rubicon
Project
Inc/The
(d)
5,594
52
Shutterstock
Inc
2,905
126
Stitch
Fix
Inc
(d),(e)
202,978
4,649
TechTarget
Inc
(d)
3,475
88
Travelzoo
(d)
943
10
TrueCar
Inc
(d)
14,443
53
Tucows
Inc
(d)
1,521
92
Yelp
Inc
(d)
7,577
247
Zix
Corp
(d)
9,519
64
$
79,440
Investment
Companies
-
0.00%
Altus
Midstream
Co
(d)
7,719
16
Iron
&
Steel
-
0.07%
AK
Steel
Holding
Corp
(d)
23,042
63
Carpenter
Technology
Corp
30,680
1,219
Cleveland-Cliffs
Inc
9,920
70
$
1,352
Leisure
Products
&
Services
-
2.15%
Camping
World
Holdings
Inc
5,491
86
Clarus
Corp
300,580
3,972
Fox
Factory
Holding
Corp
(d)
4,178
275
Johnson
Outdoors
Inc
617
49
Liberty
TripAdvisor
Holdings
Inc
(d)
11,422
67
Lindblad
Expeditions
Holdings
Inc
(d)
258,445
4,262
Malibu
Boats
Inc
(d)
3,225
141
Marine
Products
Corp
1,573
22
MasterCraft
Boat
Holdings
Inc
(d)
3,037
53
OneSpaWorld
Holdings
Ltd
(e)
459,820
6,902
Planet
Fitness
Inc
(d)
264,581
21,376
YETI
Holdings
Inc
(d),(e)
148,111
5,385
$
42,590
Schedule
of
Investments
SmallCap
Growth
Fund
I
January
31,
2020
(unaudited)
See
accompanying
notes.
229
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Lodging
-
0.76%
Boyd
Gaming
Corp
13,009
$
388
Choice
Hotels
International
Inc
147,027
14,732
$
15,120
Machinery
-
Construction
&
Mining
-
0.64%
Argan
Inc
1,840
77
BWX
Technologies
Inc
190,873
12,138
SPX
Corp
(d)
6,617
325
Terex
Corp
5,332
135
$
12,675
Machinery
-
Diversified
-
2.60%
Alamo
Group
Inc
957
119
Albany
International
Corp
5,434
379
Applied
Industrial
Technologies
Inc
4,231
273
Cactus
Inc
147,635
4,255
Chart
Industries
Inc
(d)
246,380
15,763
Columbus
McKinnon
Corp/NY
2,193
77
CSW
Industrials
Inc
3,026
230
Gardner
Denver
Holdings
Inc
(d)
207,128
7,314
Gencor
Industries
Inc
(d)
481
5
Gorman-Rupp
Co/The
656
24
Ichor
Holdings
Ltd
(d)
1,113
37
IDEX
Corp
48,411
7,932
Kadant
Inc
2,157
230
Lindsay
Corp
579
58
Mueller
Water
Products
Inc
-
Class
A
10,347
121
Nordson
Corp
51,000
8,612
Ranpak
Holdings
Corp
(d)
749,214
5,724
Tennant
Co
3,497
270
Welbilt
Inc
(d)
14,658
221
$
51,644
Media
-
0.03%
Central
European
Media
Enterprises
Ltd
(d)
14,409
64
Entravision
Communications
Corp
3,786
8
Gray
Television
Inc
(d)
7,485
152
Hemisphere
Media
Group
Inc
(d)
2,962
40
Meredith
Corp
(e)
7,163
215
Value
Line
Inc
295
10
$
489
Metal
Fabrication
&
Hardware
-
0.45%
Advanced
Drainage
Systems
Inc
4,788
199
AZZ
Inc
905
37
Helios
Technologies
Inc
3,265
139
Lawson
Products
Inc/DE
(d)
791
37
LB
Foster
Co
(d)
246
4
Mayville
Engineering
Co
Inc
(d)
1,934
15
Mueller
Industries
Inc
6,538
191
Omega
Flex
Inc
536
57
RBC
Bearings
Inc
(d)
51,334
7,983
Rexnord
Corp
3,698
121
Ryerson
Holding
Corp
(d)
2,568
26
Worthington
Industries
Inc
2,148
79
$
8,888
Mining
-
0.03%
Compass
Minerals
International
Inc
3,777
219
Kaiser
Aluminum
Corp
1,591
159
Novagold
Resources
Inc
(d)
18,177
166
Pan
American
Silver
-
CVR
(d),(g)
14,693
3
United
States
Lime
&
Minerals
Inc
20
2
$
549
Miscellaneous
Manufacturers
-
3.20%
Axon
Enterprise
Inc
(d)
181,136
13,913
Carlisle
Cos
Inc
48,494
7,576
Chase
Corp
1,123
103
Enerpac
Tool
Group
Corp
2,959
68
EnPro
Industries
Inc
183
11
ESCO
Technologies
Inc
50,621
4,858
Fabrinet
(d)
5,831
368
Federal
Signal
Corp
10,156
327
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Miscellaneous
Manufacturers
(continued)
Hexcel
Corp
207,002
$
15,364
Hillenbrand
Inc
8,034
233
ITT
Inc
112,190
7,526
John
Bean
Technologies
Corp
109,699
12,394
Materion
Corp
1,807
98
Myers
Industries
Inc
5,581
90
Proto
Labs
Inc
(d)
2,969
307
Raven
Industries
Inc
3,982
125
Sturm
Ruger
&
Co
Inc
2,319
115
$
63,476
Office
&
Business
Equipment
-
0.00%
AstroNova
Inc
1,493
19
Pitney
Bowes
Inc
14,234
53
$
72
Office
Furnishings
-
0.06%
Herman
Miller
Inc
10,367
400
HNI
Corp
6,721
242
Interface
Inc
8,132
131
Kimball
International
Inc
4,793
90
Knoll
Inc
9,528
236
Steelcase
Inc
6,566
122
$
1,221
Oil
&
Gas
-
0.19%
Brigham
Minerals
Inc
1,937
33
CVR
Energy
Inc
1,826
63
Evolution
Petroleum
Corp
4,490
23
Falcon
Minerals
Corp
1,619
9
Goodrich
Petroleum
Corp
(d)
1,703
11
Matador
Resources
Co
(d)
1,560
23
Murphy
USA
Inc
(d)
1,318
135
PrimeEnergy
Resources
Corp
(d)
74
11
Ring
Energy
Inc
(d)
5,142
11
Rosehill
Resources
Inc
(d)
3,707
4
SilverBow
Resources
Inc
(d)
501
3
Tellurian
Inc
(d),(e)
123,095
864
Viper
Energy
Partners
LP
120,060
2,618
$
3,808
Oil
&
Gas
Services
-
0.22%
DMC
Global
Inc
97,428
4,076
Liberty
Oilfield
Services
Inc
2,642
22
MRC
Global
Inc
(d)
1,367
15
ProPetro
Holding
Corp
(d)
6,788
66
Solaris
Oilfield
Infrastructure
Inc
5,208
60
Thermon
Group
Holdings
Inc
(d)
1,518
36
US
Well
Services
Inc
(d)
2,913
4
$
4,279
Packaging
&
Containers
-
0.00%
UFP
Technologies
Inc
(d)
202
9
Pharmaceuticals
-
3.43%
89bio
Inc
(d)
316
8
Adamas
Pharmaceuticals
Inc
(d)
118,337
608
Aeglea
BioTherapeutics
Inc
(d)
665
5
Aerie
Pharmaceuticals
Inc
(d),(e)
78,665
1,611
Aimmune
Therapeutics
Inc
(d)
238,821
7,415
Akcea
Therapeutics
Inc
(d),(e)
2,132
37
Akorn
Inc
(d)
3,437
5
Alector
Inc
(d)
4,424
124
Amneal
Pharmaceuticals
Inc
(d)
19,116
86
Amphastar
Pharmaceuticals
Inc
(d)
5,726
108
Antares
Pharma
Inc
(d)
26,382
97
Artana
Therapeutics
(d),(f),(g)
6,221
—
Arvinas
Inc
(d)
3,229
156
Athenex
Inc
(d)
10,070
135
Axcella
Health
Inc
(d)
193
1
Axsome
Therapeutics
Inc
(d)
19,932
1,731
Beyondspring
Inc
(d)
1,877
28
BioDelivery
Sciences
International
Inc
(d)
403,691
2,119
BioSpecifics
Technologies
Corp
(d)
898
53
Schedule
of
Investments
SmallCap
Growth
Fund
I
January
31,
2020
(unaudited)
See
accompanying
notes.
230
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Pharmaceuticals
(continued)
Bioxcel
Therapeutics
Inc
(d)
734
$
12
Calyxt
Inc
(d)
1,924
11
Catalyst
Pharmaceuticals
Inc
(d)
14,116
58
Checkpoint
Therapeutics
Inc
(d)
4,219
8
Chiasma
Inc
(d)
6,205
29
Clovis
Oncology
Inc
(d),(e)
7,367
61
Coherus
Biosciences
Inc
(d)
286,275
5,165
Collegium
Pharmaceutical
Inc
(d)
159,195
3,202
Corbus
Pharmaceuticals
Holdings
Inc
(d),(e)
8,634
56
Corcept
Therapeutics
Inc
(d)
19,104
242
Corium
International
Inc
(d),(g)
4,418
1
Cyclerion
Therapeutics
Inc
(d)
3,097
10
Cytokinetics
Inc
(d)
7,733
95
Dova
Pharmaceuticals
Inc
(d),(f),(g)
1,117
1
Eagle
Pharmaceuticals
Inc/DE
(d)
1,334
72
Enanta
Pharmaceuticals
Inc
(d)
2,462
127
Endo
International
PLC
(d)
1,373
8
Flexion
Therapeutics
Inc
(d)
5,263
92
Fulcrum
Therapeutics
Inc
(d)
820
14
G1
Therapeutics
Inc
(d)
2,931
57
Galectin
Therapeutics
Inc
(d),(e)
6,318
17
Global
Blood
Therapeutics
Inc
(d)
69,937
4,564
Gritstone
Oncology
Inc
(d)
1,147
10
Harpoon
Therapeutics
Inc
(d)
527
7
Heron
Therapeutics
Inc
(d)
12,233
255
Heska
Corp
(d)
1,094
110
Hookipa
Pharma
Inc
(d)
1,358
16
Horizon
Therapeutics
Plc
(d)
227,625
7,851
Intellia
Therapeutics
Inc
(d)
4,474
53
Intra-Cellular
Therapies
Inc
(d)
3,397
77
Ironwood
Pharmaceuticals
Inc
(d)
22,388
270
Kadmon
Holdings
Inc
(d)
22,795
105
KalVista
Pharmaceuticals
Inc
(d)
2,061
32
Kodiak
Sciences
Inc
(d)
3,486
213
Kura
Oncology
Inc
(d)
93,988
1,103
La
Jolla
Pharmaceutical
Co
(d),(e)
2,970
20
Lifevantage
Corp
(d)
2,939
48
Madrigal
Pharmaceuticals
Inc
(d)
24,815
2,060
MannKind
Corp
(d)
31,207
46
MediciNova
Inc
(d),(e)
7,079
41
Millendo
Therapeutics
Inc
(d)
1,686
13
Minerva
Neurosciences
Inc
(d)
3,638
30
Momenta
Pharmaceuticals
Inc
(d)
14,347
416
Morphic
Holding
Inc
(d)
605
12
MyoKardia
Inc
(d)
4,947
337
Neogen
Corp
(d)
8,442
568
Neurocrine
Biosciences
Inc
(d)
126,887
12,699
Odonate
Therapeutics
Inc
(d)
1,978
58
Option
Care
Health
Inc
(d)
4,075
17
Pacira
BioSciences
Inc
(d)
7,570
327
PhaseBio
Pharmaceuticals
Inc
(d)
1,979
10
Portola
Pharmaceuticals
Inc
(d),(e)
11,029
141
Principia
Biopharma
Inc
(d)
2,490
131
Progenics
Pharmaceuticals
Inc
(d)
12,656
56
Protagonist
Therapeutics
Inc
(d)
1,524
11
Ra
Pharmaceuticals
Inc
(d)
5,098
239
Reata
Pharmaceuticals
Inc
(d)
21,047
4,605
Recro
Pharma
Inc
(d)
3,171
52
Revance
Therapeutics
Inc
(d)
130,996
2,930
Rhythm
Pharmaceuticals
Inc
(d)
4,250
75
Seres
Therapeutics
Inc
(d)
4,634
15
SIGA
Technologies
Inc
(d)
10,375
53
Spectrum
Pharmaceuticals
Inc
(d)
16,166
41
Spero
Therapeutics
Inc
(d)
66
1
Supernus
Pharmaceuticals
Inc
(d)
10,006
229
Sutro
Biopharma
Inc
(d)
378
4
Synergy
Pharmaceuticals
Inc
(d),(f),(g)
28,172
—
Syros
Pharmaceuticals
Inc
(d)
5,070
36
TG
Therapeutics
Inc
(d)
11,678
166
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Pharmaceuticals
(continued)
Tricida
Inc
(d)
3,393
$
120
UroGen
Pharma
Ltd
(d)
2,744
81
USANA
Health
Sciences
Inc
(d)
2,036
126
Vanda
Pharmaceuticals
Inc
(d)
21,700
277
Verrica
Pharmaceuticals
Inc
(d)
1,465
21
Voyager
Therapeutics
Inc
(d)
3,982
44
Zogenix
Inc
(d)
71,826
3,618
$
68,105
Pipelines
-
0.11%
New
Fortress
Energy
LLC
(d),(e)
149,870
2,256
NextDecade
Corp
(d),(e)
1,879
9
$
2,265
Private
Equity
-
0.01%
Kennedy-Wilson
Holdings
Inc
6,998
151
Safeguard
Scientifics
Inc
3,322
35
$
186
Real
Estate
-
0.06%
Cushman
&
Wakefield
PLC
(d)
11,615
223
eXp
World
Holdings
Inc
(d)
2,728
30
Griffin
Industrial
Realty
Inc
74
3
Legacy
Housing
Corp
(d)
709
10
Marcus
&
Millichap
Inc
(d)
2,938
104
McGrath
RentCorp
3,257
252
Newmark
Group
Inc
23,113
272
Redfin
Corp
(d)
9,932
242
RMR
Group
Inc/The
2,234
103
Safehold
Inc
119
5
$
1,244
REITs
-
0.89%
Agree
Realty
Corp
26,840
2,038
Alexander's
Inc
316
102
American
Assets
Trust
Inc
5,348
244
American
Finance
Trust
Inc
748
10
Armada
Hoffler
Properties
Inc
2,753
50
Bluerock
Residential
Growth
REIT
Inc
3,903
45
CareTrust
REIT
Inc
7,911
175
Community
Healthcare
Trust
Inc
1,828
86
Easterly
Government
Properties
Inc
4,594
111
EastGroup
Properties
Inc
5,924
806
Essential
Properties
Realty
Trust
Inc
3,240
89
First
Industrial
Realty
Trust
Inc
5,058
216
Four
Corners
Property
Trust
Inc
7,665
232
GEO
Group
Inc/The
13,426
212
Gladstone
Commercial
Corp
1,526
33
Industrial
Logistics
Properties
Trust
31,602
723
Innovative
Industrial
Properties
Inc
(e)
1,653
148
iStar
Inc
6,380
93
LTC
Properties
Inc
2,127
98
Monmouth
Real
Estate
Investment
Corp
185,661
2,716
National
Health
Investors
Inc
3,277
277
National
Storage
Affiliates
Trust
6,556
224
New
Senior
Investment
Group
Inc
5,751
44
NexPoint
Residential
Trust
Inc
2,942
144
PS
Business
Parks
Inc
3,202
537
QTS
Realty
Trust
Inc
82,865
4,713
Ryman
Hospitality
Properties
Inc
7,328
623
Saul
Centers
Inc
1,715
85
Seritage
Growth
Properties
481
18
STAG
Industrial
Inc
63,710
2,054
Tanger
Factory
Outlet
Centers
Inc
(e)
10,281
150
Terreno
Realty
Corp
1,854
106
UMH
Properties
Inc
4,889
77
Uniti
Group
Inc
20,931
133
Universal
Health
Realty
Income
Trust
2,077
256
$
17,668
Retail
-
5.09%
American
Eagle
Outfitters
Inc
177,543
2,556
America's
Car-Mart
Inc/TX
(d)
980
108
Asbury
Automotive
Group
Inc
(d)
3,483
336
Schedule
of
Investments
SmallCap
Growth
Fund
I
January
31,
2020
(unaudited)
See
accompanying
notes.
231
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Retail
(continued)
Beacon
Roofing
Supply
Inc
(d)
1,421
$
47
Biglari
Holdings
Inc
(d)
225
24
BJ's
Restaurants
Inc
2,907
116
BJ's
Wholesale
Club
Holdings
Inc
(d)
7,990
164
Bloomin'
Brands
Inc
15,903
330
Boot
Barn
Holdings
Inc
(d)
5,421
227
Brinker
International
Inc
5,448
233
Casey's
General
Stores
Inc
50,533
8,129
Cheesecake
Factory
Inc/The
4,590
176
Children's
Place
Inc/The
(e)
46,809
2,793
Chuy's
Holdings
Inc
(d)
77,011
1,891
Cracker
Barrel
Old
Country
Store
Inc
(e)
2,644
404
Dave
&
Buster's
Entertainment
Inc
3,400
150
Del
Taco
Restaurants
Inc
(d)
186,536
1,406
Denny's
Corp
(d)
4,783
98
Designer
Brands
Inc
3,951
56
Dine
Brands
Global
Inc
1,029
88
FirstCash
Inc
4,627
402
Five
Below
Inc
(d)
129,504
14,663
Foundation
Building
Materials
Inc
(d)
1,101
20
Freshpet
Inc
(d)
369,602
23,240
GMS
Inc
(d)
4,970
133
Habit
Restaurants
Inc/The
(d)
105,739
1,471
Hibbett
Sports
Inc
(d)
627
16
Hudson
Ltd
(d)
293,242
3,217
Jack
in
the
Box
Inc
64,117
5,242
La-Z-Boy
Inc
4,735
145
Lithia
Motors
Inc
2,501
339
Lovesac
Co/The
(d),(e)
239,688
2,720
MarineMax
Inc
(d)
542
11
National
Vision
Holdings
Inc
(d)
420,902
14,361
Noodles
&
Co
(d)
184,060
1,314
Papa
John's
International
Inc
2,167
140
PetIQ
Inc
(d)
3,224
96
PetMed
Express
Inc
(e)
1,303
33
PriceSmart
Inc
1,280
78
RH
(d)
975
203
Ruth's
Hospitality
Group
Inc
4,465
92
Shake
Shack
Inc
(d)
3,196
216
Texas
Roadhouse
Inc
10,538
659
Tilly's
Inc
121,541
1,033
Urban
Outfitters
Inc
(d)
66,987
1,715
Wingstop
Inc
108,022
10,021
Winmark
Corp
179
36
$
100,948
Savings
&
Loans
-
0.60%
Axos
Financial
Inc
(d)
105,037
2,959
First
Capital
Inc
72
5
FS
Bancorp
Inc
173
9
Greene
County
Bancorp
Inc
634
19
Hingham
Institution
for
Savings
131
27
HomeTrust
Bancshares
Inc
949
25
Malvern
Bancorp
Inc
(d)
438
9
Meridian
Bancorp
Inc
1,375
25
OceanFirst
Financial
Corp
164,391
3,824
Pacific
Premier
Bancorp
Inc
168,571
5,023
Southern
Missouri
Bancorp
Inc
148
5
United
Community
Financial
Corp/OH
1,195
13
Waterstone
Financial
Inc
350
6
$
11,949
Semiconductors
-
2.72%
Adesto
Technologies
Corp
(d)
3,956
28
Ambarella
Inc
(d)
1,391
82
Brooks
Automation
Inc
10,201
389
Cabot
Microelectronics
Corp
3,194
465
CEVA
Inc
(d)
3,144
86
Cree
Inc
(d)
72,765
3,383
Diodes
Inc
(d)
2,615
135
DSP
Group
Inc
(d)
1,646
24
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Semiconductors
(continued)
FormFactor
Inc
(d)
3,483
$
88
Impinj
Inc
(d)
2,528
81
Inphi
Corp
(d)
123,124
9,352
Lattice
Semiconductor
Corp
(d)
554,657
10,317
MACOM
Technology
Solutions
Holdings
Inc
(d)
108,950
3,096
Marvell
Technology
Group
Ltd
151,055
3,631
MaxLinear
Inc
(d)
7,304
142
Monolithic
Power
Systems
Inc
48,892
8,369
Onto
Innovation
Inc
(d)
31,678
1,202
Power
Integrations
Inc
4,648
454
Semtech
Corp
(d)
6,775
327
Silicon
Laboratories
Inc
(d)
123,967
12,188
Xperi
Corp
2,004
32
$
53,871
Software
-
10.01%
1Life
Healthcare
Inc
(d)
53,736
1,186
ACI
Worldwide
Inc
(d)
19,072
657
Altair
Engineering
Inc
(d)
4,412
163
American
Software
Inc/GA
3,409
51
Appfolio
Inc
(d)
29,894
3,930
Appian
Corp
(d),(e)
3,708
189
Aspen
Technology
Inc
(d)
133,780
15,917
Avid
Technology
Inc
(d)
4,884
41
Bandwidth
Inc
(d)
1,470
104
Blackbaud
Inc
39,861
3,123
Blackline
Inc
(d)
171,407
10,485
Bottomline
Technologies
DE
Inc
(d)
4,767
256
Box
Inc
(d)
15,861
238
Brightcove
Inc
(d)
7,123
62
Broadridge
Financial
Solutions
Inc
37,249
4,438
Castlight
Health
Inc
(d)
22,766
28
Cloudera
Inc
(d)
2,287
24
CommVault
Systems
Inc
(d)
7,726
348
Cornerstone
OnDemand
Inc
(d)
6,316
371
CSG
Systems
International
Inc
6,436
321
Digital
Turbine
Inc
(d)
13,295
83
Dynatrace
Inc
(d)
517,373
16,199
Ebix
Inc
3,745
129
eGain
Corp
(d)
4,480
32
Envestnet
Inc
(d)
8,131
641
Everbridge
Inc
(d)
123,914
11,232
Evolent
Health
Inc
(d)
3,185
32
Exela
Technologies
Inc
(d)
7,022
3
Fair
Isaac
Corp
(d)
7,843
3,156
Five9
Inc
(d)
187,245
13,431
Glu
Mobile
Inc
(d)
502,160
2,963
Guidewire
Software
Inc
(d)
81,876
9,211
Health
Catalyst
Inc
(d),(e)
131,814
4,304
HubSpot
Inc
(d)
39,180
7,089
Ideanomics
Inc
(d)
10,858
6
Inovalon
Holdings
Inc
(d)
14,041
284
Instructure
Inc
(d)
3,843
188
Intelligent
Systems
Corp
(d)
1,269
54
j2
Global
Inc
7,680
736
LivePerson
Inc
(d)
6,808
279
Majesco
(d)
2,458
17
MicroStrategy
Inc
(d)
1,776
270
MobileIron
Inc
(d)
16,032
76
Model
N
Inc
(d)
141,757
4,421
New
Relic
Inc
(d)
22,307
1,472
NextGen
Healthcare
Inc
(d)
8,627
120
Omnicell
Inc
(d)
6,844
556
PDF
Solutions
Inc
(d)
704
11
Phreesia
Inc
(d)
143,189
4,439
Pluralsight
Inc
(d)
252,602
4,898
Progress
Software
Corp
8,364
377
PROS
Holdings
Inc
(d)
112,024
6,722
QAD
Inc
1,129
58
SailPoint
Technologies
Holding
Inc
(d)
171,120
4,293
Schedule
of
Investments
SmallCap
Growth
Fund
I
January
31,
2020
(unaudited)
See
accompanying
notes.
232
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Software
(continued)
Simulations
Plus
Inc
2,034
$
66
Smartsheet
Inc
(d)
162,156
7,861
SPS
Commerce
Inc
(d)
6,561
373
SVMK
Inc
(d)
209,477
3,698
Tabula
Rasa
HealthCare
Inc
(d),(e)
146,237
8,492
Upland
Software
Inc
(d)
3,466
135
Verint
Systems
Inc
(d)
10,654
618
Verra
Mobility
Corp
(d)
24,294
387
Workiva
Inc
(d)
302,532
13,763
Yext
Inc
(d)
10,461
156
Zuora
Inc
(d)
638,463
9,417
Zynga
Inc
(d)
2,316,290
13,944
$
198,624
Storage
&
Warehousing
-
0.01%
Mobile
Mini
Inc
3,573
149
Telecommunications
-
1.85%
A10
Networks
Inc
(d)
8,417
57
Acacia
Communications
Inc
(d)
6,319
433
Airgain
Inc
(d)
2,075
20
Anterix
Inc
(d)
1,605
75
Calix
Inc
(d)
4,107
38
Cambium
Networks
Corp
(d)
610
4
Ciena
Corp
(d)
287,263
11,683
Clearfield
Inc
(d)
2,077
26
DASAN
Zhone
Solutions
Inc
(d)
1,402
12
Extreme
Networks
Inc
(d)
18,092
107
GCI
Liberty
Inc
(d)
240,783
17,621
Gogo
Inc
(d),(e)
9,302
49
IDT
Corp
-
Class
B
(d)
2,605
20
InterDigital
Inc
3,437
190
KVH
Industries
Inc
(d)
464
5
Loral
Space
&
Communications
Inc
(d)
2,034
65
Ooma
Inc
(d)
3,160
41
Plantronics
Inc
5,065
145
RigNet
Inc
(d)
2,317
10
Shenandoah
Telecommunications
Co
7,902
319
Viavi
Solutions
Inc
(d)
366,538
5,168
Vonage
Holdings
Corp
(d)
70,923
629
$
36,717
Toys,
Games
&
Hobbies
-
0.00%
Funko
Inc
(d)
3,491
53
Transportation
-
1.24%
Air
Transport
Services
Group
Inc
(d)
136,196
2,856
Ardmore
Shipping
Corp
1,853
11
CryoPort
Inc
(d),(e)
5,132
92
Dorian
LPG
Ltd
(d)
1,112
15
Forward
Air
Corp
5,140
336
GasLog
Ltd
4,567
30
Heartland
Express
Inc
534
10
Knight-Swift
Transportation
Holdings
Inc
309,662
11,483
PAM
Transportation
Services
Inc
(d)
375
20
Radiant
Logistics
Inc
(d)
7,303
35
Saia
Inc
(d)
111,658
9,725
Scorpio
Bulkers
Inc
3,037
11
Universal
Logistics
Holdings
Inc
1,648
28
$
24,652
Trucking
&
Leasing
-
0.00%
General
Finance
Corp
(d)
1,001
10
Willis
Lease
Finance
Corp
(d)
167
10
$
20
Water
-
0.06%
American
States
Water
Co
5,738
508
California
Water
Service
Group
5,053
266
Middlesex
Water
Co
2,148
140
SJW
Group
1,846
135
York
Water
Co/The
1,877
89
$
1,138
TOTAL
COMMON
STOCKS
$
1,907,711
PREFERRED
STOCKS
-
0.00%
Shares
Held
Value
(000's)
Metal
Fabrication
&
Hardware
-
0.00%
Steel
Partners
Holdings
LP
6.00%,
02/07/2026
820
$
19
TOTAL
PREFERRED
STOCKS
$
19
Total
Investments
$
2,011,686
Other
Assets
and
Liabilities
- (1.38)%
(27,410)
TOTAL
NET
ASSETS
-
100.00%
$
1,984,276
(a)
Current
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
$42,455
or
2.14%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
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.
(f)
The
value
of
these
investments
was
determined
using
significant
unobservable
inputs.
(g)
Fair
value
of
these
investments
is
determined
in
good
faith
by
the
Manager
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Directors.
Certain
inputs
used
in
the
valuation
may
be
unobservable;
however,
each
security
is
evaluated
individually
for
purposes
of
ASC
820
which
results
in
not
all
securities
being
identified
as
Level
3
of
the
fair
value
hierarchy.
At
the
end
of
the
period,
the
fair
value
of
these
securities
totaled
$19
or
0.00%
of
net
assets.
Portfolio
Summary (unaudited)
Sector
Percent
Consumer,
Non-cyclical
31.82%
Industrial
18.72%
Technology
16.00%
Consumer,
Cyclical
14.04%
Financial
8.23%
Communications
5.89%
Money
Market
Funds
5.18%
Basic
Materials
0.77%
Energy
0.56%
Utilities
0.11%
Domestic
Equity
Funds
0.06%
Other
Assets
and
Liabilities
(1.38)%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
SmallCap
Growth
Fund
I
January
31,
2020
(unaudited)
See
accompanying
notes.
233
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
1.43%
$
92,323
$
335,950
$
335,660
$
92,613
Principal
Healthcare
Innovators
Index
ETF
248
—
—
288
Principal
U.S.
Small-Cap
Multi-Factor
Index
ETF
868
—
—
880
$
93,439
$
335,950
$
335,660
$
93,781
Income
(
a)
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Principal
Government
Money
Market
Fund
1.43%
$
263
$
—
$
—
$
—
Principal
Healthcare
Innovators
Index
ETF
—
—
—
40
Principal
U.S.
Small-Cap
Multi-Factor
Index
ETF
4
—
—
12
$
267
$
—
$
—
$
52
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
Russell
2000
Emini;
March
2020
Long
120
$
9,688
$
(208)
Total
$
(208)
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
SmallCap
S&P
600
Index
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
234
INVESTMENT
COMPANIES
-
2.68%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0.09%
iShares
Core
S&P
Small-Cap
ETF
14,044
$
1,130
Money
Market
Funds
-
2.59%
BlackRock
Liquidity
FedFund
1.49
%
(a),(b)
5,510,060
5,511
Principal
Government
Money
Market
Fund
1.43
%
(a),(b),(c)
26,540,342
26,540
$
32,051
TOTAL
INVESTMENT
COMPANIES
$
33,181
COMMON
STOCKS
-
99.32%
Shares
Held
Value
(000's)
Aerospace
&
Defense
-
2.13%
AAR
Corp
54,125
2,305
Aerojet
Rocketdyne
Holdings
Inc
(
d)
119,201
6,207
AeroVironment
Inc
(
d)
35,552
2,368
Barnes
Group
Inc
78,491
4,958
Kaman
Corp
45,873
2,831
Moog
Inc
53,079
4,756
National
Presto
Industries
Inc
8,294
715
Park
Aerospace
Corp
32,093
497
Triumph
Group
Inc
82,464
1,685
$
26,322
Agriculture
-
1.13%
Andersons
Inc/The
53,675
1,214
Darling
Ingredients
Inc
(
d)
269,553
7,313
Phibro
Animal
Health
Corp
33,403
792
Universal
Corp/VA
40,841
2,171
Vector
Group
Ltd
189,803
2,494
$
13,984
Airlines
-
0.84%
Allegiant
Travel
Co
21,724
3,651
Hawaiian
Holdings
Inc
76,715
2,139
SkyWest
Inc
83,020
4,580
$
10,370
Apparel
-
1.52%
Crocs
Inc
(
d)
112,956
4,282
Kontoor
Brands
Inc
76,882
2,932
Oxford
Industries
Inc
28,048
1,947
Steven
Madden
Ltd
127,390
4,912
Unifi
Inc
(
d)
24,058
518
Wolverine
World
Wide
Inc
133,162
4,204
$
18,795
Automobile
Manufacturers
-
0.08%
Wabash
National
Corp
89,065
1,033
Automobile
Parts
&
Equipment
-
1.52%
American
Axle
&
Manufacturing
Holdings
Inc
(
d)
185,192
1,711
Cooper
Tire
&
Rubber
Co
82,628
2,189
Cooper-Standard
Holdings
Inc
(
d)
27,727
735
Dorman
Products
Inc
(
d)
48,034
3,353
Garrett
Motion
Inc
(
d)
123,200
1,037
Gentherm
Inc
(
d)
53,911
2,486
Meritor
Inc
(
d)
128,634
2,818
Methode
Electronics
Inc
61,069
2,000
Motorcar
Parts
of
America
Inc
(
d)
31,213
620
Standard
Motor
Products
Inc
33,276
1,617
Titan
International
Inc
82,388
236
$
18,802
Banks
-
9.24%
Allegiance
Bancshares
Inc
31,526
1,173
Ameris
Bancorp
107,815
4,333
Banner
Corp
61,364
3,163
Cadence
BanCorp
210,780
3,295
Central
Pacific
Financial
Corp
46,724
1,296
City
Holding
Co
26,843
2,031
Columbia
Banking
System
Inc
118,774
4,597
Community
Bank
System
Inc
85,128
5,641
Customers
Bancorp
Inc
(
d)
47,442
1,014
CVB
Financial
Corp
219,152
4,552
Eagle
Bancorp
Inc
55,297
2,416
First
BanCorp
/Puerto
Rico
357,882
3,318
First
Commonwealth
Financial
Corp
161,879
2,189
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Banks
(continued)
First
Financial
Bancorp
163,632
$
3,934
First
Midwest
Bancorp
Inc/IL
181,069
3,611
Flagstar
Bancorp
Inc
56,758
2,000
Franklin
Financial
Network
Inc
22,050
813
Glacier
Bancorp
Inc
141,160
5,981
Great
Western
Bancorp
Inc
92,673
2,739
Hanmi
Financial
Corp
51,228
862
Heritage
Financial
Corp/WA
60,293
1,554
HomeStreet
Inc
40,191
1,291
Hope
Bancorp
Inc
208,611
2,901
Independent
Bank
Corp
56,597
4,086
Meta
Financial
Group
Inc
56,932
2,119
National
Bank
Holdings
Corp
51,322
1,673
NBT
Bancorp
Inc
72,103
2,725
OFG
Bancorp
84,543
1,666
Old
National
Bancorp/IN
279,958
5,014
Opus
Bank
35,571
947
Preferred
Bank/Los
Angeles
CA
22,407
1,347
S&T
Bancorp
Inc
63,446
2,385
Seacoast
Banking
Corp
of
Florida
(
d)
84,764
2,301
ServisFirst
Bancshares
Inc
75,885
2,789
Simmons
First
National
Corp
187,642
4,500
Southside
Bancshares
Inc
52,264
1,833
Tompkins
Financial
Corp
20,173
1,737
Triumph
Bancorp
Inc
(
d)
38,413
1,497
TrustCo
Bank
Corp
NY
159,573
1,265
United
Community
Banks
Inc/GA
130,043
3,631
Veritex
Holdings
Inc
77,770
2,202
Walker
&
Dunlop
Inc
47,188
3,132
Westamerica
Bancorporation
44,546
2,822
$
114,375
Beverages
-
0.29%
Coca-Cola
Consolidated
Inc
7,643
2,070
MGP
Ingredients
Inc
21,866
745
National
Beverage
Corp
(
d),(e)
19,165
822
$
3,637
Biotechnology
-
1.70%
Acorda
Therapeutics
Inc
(
d)
79,082
161
AMAG
Pharmaceuticals
Inc
(
d)
55,843
495
ANI
Pharmaceuticals
Inc
(
d)
15,315
949
Emergent
BioSolutions
Inc
(
d)
72,249
3,980
Innoviva
Inc
(
d)
110,058
1,519
Myriad
Genetics
Inc
(
d)
122,481
3,387
NeoGenomics
Inc
(
d)
171,907
5,541
REGENXBIO
Inc
(
d)
51,605
2,246
Xencor
Inc
(
d)
81,250
2,758
$
21,036
Building
Materials
-
2.35%
AAON
Inc
66,908
3,509
American
Woodmark
Corp
(
d)
25,633
2,811
Apogee
Enterprises
Inc
43,719
1,391
Boise
Cascade
Co
64,174
2,323
Gibraltar
Industries
Inc
(
d)
53,135
2,897
Griffon
Corp
70,130
1,458
Patrick
Industries
Inc
36,781
1,908
PGT
Innovations
Inc
(
d)
96,165
1,490
Simpson
Manufacturing
Co
Inc
66,418
5,491
Universal
Forest
Products
Inc
101,078
4,842
US
Concrete
Inc
(
d)
26,119
929
$
29,049
Chemicals
-
2.70%
A.
Schulman
Inc.
(d
),(
f)
48,796
21
AdvanSix
Inc
(
d)
45,957
860
American
Vanguard
Corp
43,737
817
Balchem
Corp
52,969
5,722
Ferro
Corp
(
d)
134,960
1,846
GCP
Applied
Technologies
Inc
(
d)
88,561
1,968
Hawkins
Inc
15,576
651
HB
Fuller
Co
83,941
3,879
Schedule
of
Investments
SmallCap
S&P
600
Index
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
235
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Chemicals
(continued)
Innophos
Holdings
Inc
32,420
$
1,036
Innospec
Inc
40,333
4,063
Koppers
Holdings
Inc
(
d)
34,078
1,069
Kraton
Corp
(
d)
52,200
859
Quaker
Chemical
Corp
21,313
3,538
Rayonier
Advanced
Materials
Inc
82,220
253
Rogers
Corp
(
d)
30,579
3,601
Stepan
Co
32,981
3,254
$
33,437
Coal
-
0.22%
CONSOL
Energy
Inc
(
d)
42,647
347
SunCoke
Energy
Inc
142,844
840
Warrior
Met
Coal
Inc
84,091
1,586
$
2,773
Commercial
Services
-
4.22%
ABM
Industries
Inc
109,354
4,171
American
Public
Education
Inc
(
d)
25,354
604
AMN
Healthcare
Services
Inc
(
d)
76,910
5,182
Arlo
Technologies
Inc
(
d)
124,652
532
Cardtronics
PLC
(
d)
59,488
2,677
Care.com
Inc
(
d)
46,395
695
CorVel
Corp
(
d)
14,750
1,351
Cross
Country
Healthcare
Inc
(
d)
60,718
601
EVERTEC
Inc
98,293
3,300
Forrester
Research
Inc
(
d)
17,476
723
Harsco
Corp
(
d)
129,430
1,929
Heidrick
&
Struggles
International
Inc
31,563
897
HMS
Holdings
Corp
(
d)
145,053
3,963
Kelly
Services
Inc
54,641
970
Korn
Ferry
91,078
3,732
Medifast
Inc
(
e)
19,126
1,848
Monro
Inc
54,782
3,435
Perdoceo
Education
Corp
(
d)
115,875
2,060
Rent-A-Center
Inc/TX
81,136
2,364
Resources
Connection
Inc
49,567
755
RR
Donnelley
&
Sons
Co
116,737
280
Strategic
Education
Inc
36,165
5,869
Team
Inc
(
d)
49,993
680
TrueBlue
Inc
(
d)
64,140
1,405
Viad
Corp
33,467
2,175
$
52,198
Computers
-
2.36%
3D
Systems
Corp
(
d)
194,981
2,123
Agilysys
Inc
(
d)
33,501
1,089
Cubic
Corp
51,493
3,362
Diebold
Nixdorf
Inc
(
d)
126,441
1,455
ExlService
Holdings
Inc
(
d)
56,140
4,105
Insight
Enterprises
Inc
(
d)
58,925
3,882
MTS
Systems
Corp
29,309
1,486
OneSpan
Inc
(
d)
53,616
891
Qualys
Inc
(
d)
54,889
4,706
Sykes
Enterprises
Inc
(
d)
63,447
2,131
TTEC
Holdings
Inc
29,086
1,155
Unisys
Corp
(
d)
85,268
828
Virtusa
Corp
(
d)
49,140
2,046
$
29,259
Consumer
Products
-
0.62%
Central
Garden
&
Pet
Co
(
d)
16,149
520
Central
Garden
&
Pet
Co
-
A
Shares
(
d)
66,158
1,982
Quanex
Building
Products
Corp
54,600
968
WD-40
Co
22,566
4,216
$
7,686
Cosmetics
&
Personal
Care
-
0.16%
Inter
Parfums
Inc
29,012
2,005
Distribution
&
Wholesale
-
0.87%
Anixter
International
Inc
(
d)
49,571
4,838
Core-Mark
Holding
Co
Inc
75,027
1,759
Fossil
Group
Inc
(
d)
76,520
515
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Distribution
&
Wholesale
(continued)
G-III
Apparel
Group
Ltd
(
d)
70,869
$
1,928
ScanSource
Inc
(
d)
41,600
1,451
Veritiv
Corp
(
d)
20,941
295
$
10,786
Diversified
Financial
Services
-
1.46%
Blucora
Inc
(
d)
80,584
1,817
Boston
Private
Financial
Holdings
Inc
137,060
1,563
Encore
Capital
Group
Inc
(
d)
45,513
1,545
Enova
International
Inc
(
d)
55,603
1,393
EZCORP
Inc
(
d)
86,547
538
Greenhill
&
Co
Inc
24,506
384
INTL.
FCStone
Inc
(
d)
26,820
1,278
Piper
Sandler
Cos
26,168
2,157
PRA
Group
Inc
(
d)
74,768
2,644
Virtus
Investment
Partners
Inc
10,647
1,310
Waddell
&
Reed
Financial
Inc
115,788
1,850
WisdomTree
Investments
Inc
194,225
818
World
Acceptance
Corp
(
d)
9,122
789
$
18,086
Electric
-
0.82%
Avista
Corp
109,837
5,585
El
Paso
Electric
Co
67,070
4,567
$
10,152
Electrical
Components
&
Equipment
-
0.38%
Encore
Wire
Corp
34,513
1,874
Insteel
Industries
Inc
30,127
674
Powell
Industries
Inc
14,501
599
Vicor
Corp
(
d)
30,185
1,511
$
4,658
Electronics
-
3.71%
Advanced
Energy
Industries
Inc
(
d)
63,077
4,412
Alarm.com
Holdings
Inc
(
d)
59,980
2,635
Applied
Optoelectronics
Inc
(
d),(e)
31,468
356
Badger
Meter
Inc
47,932
2,831
Bel
Fuse
Inc
16,676
289
Benchmark
Electronics
Inc
61,952
1,907
Brady
Corp
81,939
4,537
Comtech
Telecommunications
Corp
40,157
1,161
FARO
Technologies
Inc
(
d)
28,654
1,480
Itron
Inc
(
d)
57,982
4,740
Knowles
Corp
(
d)
141,685
2,795
Mesa
Laboratories
Inc
6,612
1,735
OSI
Systems
Inc
(
d)
28,110
2,433
Plexus
Corp
(
d)
48,045
3,417
Sanmina
Corp
(
d)
115,216
3,668
SMART
Global
Holdings
Inc
(
d)
21,660
653
TTM
Technologies
Inc
(
d)
161,537
2,324
Watts
Water
Technologies
Inc
45,447
4,532
$
45,905
Energy
-
Alternate
Sources
-
0.29%
FutureFuel
Corp
42,492
465
Green
Plains
Inc
55,649
694
Renewable
Energy
Group
Inc
(
d)
64,153
1,686
REX
American
Resources
Corp
(
d)
9,222
695
$
3,540
Engineering
&
Construction
-
1.85%
Aegion
Corp
(
d)
50,645
1,058
Arcosa
Inc
79,673
3,486
Comfort
Systems
USA
Inc
60,389
2,802
Exponent
Inc
85,338
6,210
Granite
Construction
Inc
76,959
2,088
MYR
Group
Inc
(
d)
27,410
787
TopBuild
Corp
(
d)
55,897
6,401
$
22,832
Entertainment
-
0.09%
Monarch
Casino
&
Resort
Inc
(
d)
19,649
1,055
Environmental
Control
-
0.18%
US
Ecology
Inc
41,900
2,263
Schedule
of
Investments
SmallCap
S&P
600
Index
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
236
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Food
-
1.27%
B&G
Foods
Inc
(
e)
105,452
$
1,693
Calavo
Growers
Inc
26,943
2,064
Cal-Maine
Foods
Inc
49,865
1,780
Chefs'
Warehouse
Inc/
The
(
d)
41,951
1,527
Fresh
Del
Monte
Produce
Inc
49,876
1,565
J&J
Snack
Foods
Corp
24,582
4,077
John
B
Sanfilippo
&
Son
Inc
14,476
1,220
Seneca
Foods
Corp
-
Class
A
(
d)
11,267
446
SpartanNash
Co
59,845
729
United
Natural
Foods
Inc
(
d)
87,789
632
$
15,733
Forest
Products
&
Paper
-
0.51%
Clearwater
Paper
Corp
(
d)
27,193
767
Mercer
International
Inc
65,916
726
Neenah
Inc
27,688
1,845
PH
Glatfelter
Co
72,727
1,214
Schweitzer-Mauduit
International
Inc
50,871
1,782
$
6,334
Gas
-
0.68%
Northwest
Natural
Holding
Co
50,113
3,677
South
Jersey
Industries
Inc
152,125
4,686
$
8,363
Hand
&
Machine
Tools
-
0.30%
Franklin
Electric
Co
Inc
63,358
3,655
Healthcare
-
Products
-
3.01%
AngioDynamics
Inc
(
d)
61,940
853
BioTelemetry
Inc
(
d)
55,966
2,738
Cardiovascular
Systems
Inc
(
d)
57,958
2,631
CONMED
Corp
46,727
4,751
CryoLife
Inc
(
d)
61,750
1,836
Cutera
Inc
(
d)
23,434
660
Hanger
Inc
(
d)
61,476
1,502
Inogen
Inc
(
d)
30,063
1,331
Integer
Holdings
Corp
(
d)
53,807
4,595
Invacare
Corp
55,443
426
Lantheus
Holdings
Inc
(
d)
64,621
1,132
LeMaitre
Vascular
Inc
26,989
971
Luminex
Corp
68,985
1,565
Meridian
Bioscience
Inc
70,374
692
Merit
Medical
Systems
Inc
(
d)
90,901
3,311
Natus
Medical
Inc
(
d)
56,129
1,756
OraSure
Technologies
Inc
(
d)
101,631
717
Orthofix
Medical
Inc
(
d)
31,373
1,357
Surmodics
Inc
(
d)
22,308
879
Tactile
Systems
Technology
Inc
(
d)
31,329
1,760
Varex
Imaging
Corp
(
d)
63,177
1,747
$
37,210
Healthcare
-
Services
-
2.60%
Addus
HomeCare
Corp
(
d)
22,288
2,103
Community
Health
Systems
Inc
(
d)
194,033
833
Ensign
Group
Inc/The
82,574
3,732
LHC
Group
Inc
(
d)
48,770
7,108
Magellan
Health
Inc
(
d)
35,857
2,625
Medpace
Holdings
Inc
(
d)
45,086
3,857
Pennant
Group
Inc/
The
(
d)
43,099
1,138
Providence
Service
Corp/
The
(
d)
18,904
1,226
RadNet
Inc
(
d)
68,701
1,551
Select
Medical
Holdings
Corp
(
d)
176,936
4,041
Tivity
Health
Inc
(
d)
71,119
1,539
US
Physical
Therapy
Inc
21,033
2,464
$
32,217
Home
Builders
-
2.28%
Cavco
Industries
Inc
(
d)
14,137
3,167
Century
Communities
Inc
(
d)
44,386
1,317
Installed
Building
Products
Inc
(
d)
35,090
2,601
LCI
Industries
41,209
4,449
LGI
Homes
Inc
(
d)
32,875
2,622
M/I
Homes
Inc
(
d)
46,337
2,057
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Home
Builders
(continued)
MDC
Holdings
Inc
82,456
$
3,475
Meritage
Homes
Corp
(
d)
59,276
4,206
William
Lyon
Homes
(
d)
54,382
1,261
Winnebago
Industries
Inc
55,462
3,037
$
28,192
Home
Furnishings
-
0.55%
Daktronics
Inc
61,698
364
Ethan
Allen
Interiors
Inc
40,275
650
iRobot
Corp
(
d),(e)
46,548
2,190
Sleep
Number
Corp
(
d)
46,807
2,415
Universal
Electronics
Inc
(
d)
22,932
1,136
$
6,755
Housewares
-
0.04%
Tupperware
Brands
Corp
80,511
504
Insurance
-
3.20%
Ambac
Financial
Group
Inc
(
d)
75,005
1,607
American
Equity
Investment
Life
Holding
Co
149,907
3,959
AMERISAFE
Inc
31,778
2,174
eHealth
Inc
(
d)
33,467
3,519
Employers
Holdings
Inc
52,385
2,234
FGL
Holdings
215,330
2,078
HCI
Group
Inc
10,562
468
Horace
Mann
Educators
Corp
67,868
2,919
James
River
Group
Holdings
Ltd
50,061
2,150
Kinsale
Capital
Group
Inc
33,930
3,875
NMI
Holdings
Inc
(
d)
111,930
3,573
ProAssurance
Corp
88,566
2,690
Safety
Insurance
Group
Inc
24,064
2,216
Stewart
Information
Services
Corp
39,032
1,630
Third
Point
Reinsurance
Ltd
(
d)
131,864
1,436
United
Fire
Group
Inc
35,034
1,551
United
Insurance
Holdings
Corp
34,168
346
Universal
Insurance
Holdings
Inc
50,309
1,224
$
39,649
Internet
-
1.71%
8x8
Inc
(
d)
165,022
3,073
Cogent
Communications
Holdings
Inc
68,627
4,868
ePlus
Inc
(
d)
22,238
1,773
HealthStream
Inc
(
d)
42,114
1,076
Liquidity
Services
Inc
(
d)
44,324
236
NIC
Inc
110,257
2,175
Perficient
Inc
(
d)
53,695
2,669
QuinStreet
Inc
(
d)
75,907
983
Shutterstock
Inc
31,525
1,366
Stamps.com
Inc
(
d)
26,709
1,989
TechTarget
Inc
(
d)
37,788
959
$
21,167
Iron
&
Steel
-
0.37%
AK
Steel
Holding
Corp
(
d)
521,034
1,438
Cleveland-Cliffs
Inc
444,696
3,122
$
4,560
Leisure
Products
&
Services
-
0.66%
Callaway
Golf
Co
154,947
3,319
Fox
Factory
Holding
Corp
(
d)
63,430
4,175
Vista
Outdoor
Inc
(
d)
95,211
707
$
8,201
Lodging
-
0.18%
Marcus
Corp/The
37,849
1,103
St
Joe
Co/
The
(
d)
51,850
1,090
$
2,193
Machinery
-
Construction
&
Mining
-
0.41%
Astec
Industries
Inc
37,121
1,531
SPX
Corp
(
d)
72,685
3,566
$
5,097
Machinery
-
Diversified
-
1.86%
Alamo
Group
Inc
15,968
1,989
Albany
International
Corp
50,549
3,527
Applied
Industrial
Technologies
Inc
63,647
4,110
Schedule
of
Investments
SmallCap
S&P
600
Index
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
237
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Machinery
-
Diversified
(continued)
Briggs
&
Stratton
Corp
69,949
$
257
Chart
Industries
Inc
(
d)
58,943
3,771
DXP
Enterprises
Inc/
TX
(
d)
26,374
914
Ichor
Holdings
Ltd
(
d)
37,037
1,237
Lindsay
Corp
17,804
1,781
SPX
FLOW
Inc
(
d)
70,086
3,065
Tennant
Co
30,076
2,322
$
22,973
Media
-
0.32%
EW
Scripps
Co/The
89,727
1,089
Gannett
Co
Inc
202,325
1,236
Scholastic
Corp
50,612
1,668
$
3,993
Metal
Fabrication
&
Hardware
-
0.59%
AZZ
Inc
43,059
1,777
CIRCOR
International
Inc
(
d)
32,781
1,361
Mueller
Industries
Inc
93,771
2,735
Olympic
Steel
Inc
15,026
221
TimkenSteel
Corp
(
d)
65,678
419
Tredegar
Corp
40,633
827
$
7,340
Mining
-
0.43%
Century
Aluminum
Co
(
d)
81,963
433
Kaiser
Aluminum
Corp
26,147
2,619
Livent
Corp
(
d)
240,358
2,262
$
5,314
Miscellaneous
Manufacturers
-
3.21%
Enerpac
Tool
Group
Corp
88,711
2,050
EnPro
Industries
Inc
34,221
2,000
ESCO
Technologies
Inc
42,777
4,105
Fabrinet
(
d)
60,926
3,841
Federal
Signal
Corp
99,625
3,204
Haynes
International
Inc
20,604
552
Hillenbrand
Inc
122,020
3,542
John
Bean
Technologies
Corp
52,140
5,891
LSB
Industries
Inc
(
d)
36,015
109
Lydall
Inc
(
d)
28,851
590
Materion
Corp
33,594
1,824
Myers
Industries
Inc
58,483
946
Proto
Labs
Inc
(
d)
44,061
4,560
Raven
Industries
Inc
58,880
1,847
Standex
International
Corp
20,519
1,500
Sturm
Ruger
&
Co
Inc
27,349
1,354
Trinseo
SA
64,512
1,853
$
39,768
Office
&
Business
Equipment
-
0.09%
Pitney
Bowes
Inc
281,302
1,052
Office
Furnishings
-
0.13%
Interface
Inc
96,186
1,547
Oil
&
Gas
-
1.71%
Bonanza
Creek
Energy
Inc
(
d)
30,577
556
Callon
Petroleum
Co
(
d)
642,909
1,929
Denbury
Resources
Inc
(
d)
811,253
799
Diamond
Offshore
Drilling
Inc
(
d),(e)
106,554
493
Gulfport
Energy
Corp
(
d)
239,295
371
HighPoint
Resources
Corp
(
d)
179,425
208
Laredo
Petroleum
Inc
(
d)
296,737
510
Nabors
Industries
Ltd
556,483
1,152
Noble
Corp
PLC
(
d)
410,310
332
Oasis
Petroleum
Inc
(
d)
476,137
1,071
Par
Pacific
Holdings
Inc
(
d)
60,675
1,221
PDC
Energy
Inc
(
d)
159,764
3,449
Penn
Virginia
Corp
(
d)
22,160
474
QEP
Resources
Inc
391,527
1,241
Range
Resources
Corp
(
e)
343,600
1,031
Ring
Energy
Inc
(
d)
98,252
212
SM
Energy
Co
174,670
1,604
Southwestern
Energy
Co
(
d)
891,251
1,399
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Oil
&
Gas
(continued)
Talos
Energy
Inc
(
d)
33,016
$
724
Valaris
plc
(
d),(e)
325,806
1,665
Whiting
Petroleum
Corp
(
d),(e)
150,325
683
$
21,124
Oil
&
Gas
Services
-
1.26%
Archrock
Inc
210,101
1,754
DMC
Global
Inc
24,114
1,009
Dril
-Quip
Inc
(
d)
59,571
2,436
Era
Group
Inc
(
d)
32,598
324
Exterran
Corp
(
d)
46,328
250
Geospace
Technologies
Corp
(
d)
22,443
301
Helix
Energy
Solutions
Group
Inc
(
d)
232,764
1,941
KLX
Energy
Services
Holdings
Inc
(
d)
34,590
140
Matrix
Service
Co
(
d)
44,722
900
Newpark
Resources
Inc
(
d)
147,716
739
Oceaneering
International
Inc
(
d)
162,887
2,021
Oil
States
International
Inc
(
d)
99,618
1,074
ProPetro
Holding
Corp
(
d)
135,579
1,321
RPC
Inc
84,761
384
TETRA
Technologies
Inc
(
d)
206,704
316
US
Silica
Holdings
Inc
121,129
623
$
15,533
Packaging
&
Containers
-
0.16%
Matthews
International
Corp
51,602
1,926
Pharmaceuticals
-
2.75%
Akorn
Inc
(
d)
155,775
238
Amphastar
Pharmaceuticals
Inc
(
d)
56,418
1,067
Anika
Therapeutics
Inc
(
d)
23,493
966
Corcept
Therapeutics
Inc
(
d)
169,346
2,146
Covetrus
Inc
(
d)
160,611
1,976
Cytokinetics
Inc
(
d)
97,278
1,197
Diplomat
Pharmacy
Inc
(
d)
95,069
378
Eagle
Pharmaceuticals
Inc/
DE
(
d)
16,657
896
Enanta
Pharmaceuticals
Inc
(
d)
26,308
1,356
Endo
International
PLC
(
d)
332,315
1,884
Heska
Corp
(
d)
11,600
1,162
Lannett
Co
Inc
(
d),(e)
55,123
449
Momenta
Pharmaceuticals
Inc
(
d)
186,851
5,422
Neogen
Corp
(
d)
86,315
5,806
Owens
&
Minor
Inc
103,487
648
Pacira
BioSciences
Inc
(
d)
68,710
2,970
Progenics
Pharmaceuticals
Inc
(
d)
142,293
635
Spectrum
Pharmaceuticals
Inc
(
d)
186,010
471
Supernus
Pharmaceuticals
Inc
(
d)
86,379
1,975
USANA
Health
Sciences
Inc
(
d)
20,670
1,275
Vanda
Pharmaceuticals
Inc
(
d)
87,819
1,120
$
34,037
Real
Estate
-
0.44%
Marcus
&
Millichap
Inc
(
d)
38,657
1,368
RE/MAX
Holdings
Inc
29,366
1,124
Realogy
Holdings
Corp
(
e)
188,263
1,994
Safehold
Inc
20,454
920
$
5,406
REITs
-
9.58%
Acadia
Realty
Trust
143,162
3,553
Agree
Realty
Corp
69,834
5,303
American
Assets
Trust
Inc
78,975
3,598
Apollo
Commercial
Real
Estate
Finance
Inc
235,103
4,298
Armada
Hoffler
Properties
Inc
91,253
1,674
ARMOUR
Residential
REIT
Inc
96,963
1,868
Capstead
Mortgage
Corp
155,770
1,280
CareTrust
REIT
Inc
157,334
3,490
CBL
&
Associates
Properties
Inc
(
e)
285,673
240
Cedar
Realty
Trust
Inc
141,503
368
Chatham
Lodging
Trust
77,261
1,263
Community
Healthcare
Trust
Inc
31,229
1,473
DiamondRock
Hospitality
Co
329,625
3,187
Easterly
Government
Properties
Inc
122,102
2,956
Essential
Properties
Realty
Trust
Inc
144,748
3,997
Schedule
of
Investments
SmallCap
S&P
600
Index
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
238
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
REITs
(continued)
Four
Corners
Property
Trust
Inc
113,471
$
3,437
Franklin
Street
Properties
Corp
176,555
1,342
Getty
Realty
Corp
56,305
1,775
Global
Net
Lease
Inc
147,292
3,053
Granite
Point
Mortgage
Trust
Inc
90,315
1,652
Hersha
Hospitality
Trust
59,124
767
Independence
Realty
Trust
Inc
149,658
2,195
Industrial
Logistics
Properties
Trust
107,320
2,457
Innovative
Industrial
Properties
Inc
(
e)
25,720
2,302
Invesco
Mortgage
Capital
Inc
235,124
4,112
iStar
Inc
97,238
1,416
Kite
Realty
Group
Trust
138,270
2,378
KKR
Real
Estate
Finance
Trust
Inc
39,755
837
Lexington
Realty
Trust
408,125
4,518
LTC
Properties
Inc
65,451
3,021
National
Storage
Affiliates
Trust
97,685
3,336
New
York
Mortgage
Trust
Inc
529,010
3,359
NexPoint
Residential
Trust
Inc
37,098
1,810
Office
Properties
Income
Trust
79,366
2,701
Pennsylvania
Real
Estate
Investment
Trust
(
e)
98,371
388
PennyMac
Mortgage
Investment
Trust
164,869
3,833
Ready
Capital
Corp
58,051
947
Redwood
Trust
Inc
185,544
3,271
Retail
Opportunity
Investments
Corp
190,988
3,165
RPT
Realty
132,339
1,846
Saul
Centers
Inc
19,397
958
Summit
Hotel
Properties
Inc
173,154
1,920
Tanger
Factory
Outlet
Centers
Inc
(
e)
152,634
2,233
Uniti
Group
Inc
318,230
2,014
Universal
Health
Realty
Income
Trust
20,839
2,571
Urstadt
Biddle
Properties
Inc
49,217
1,116
Washington
Prime
Group
Inc
(
e)
307,237
925
Washington
Real
Estate
Investment
Trust
132,699
4,039
Whitestone
REIT
66,903
876
Xenia
Hotels
&
Resorts
Inc
185,465
3,466
$
118,584
Retail
-
5.44%
Abercrombie
&
Fitch
Co
103,330
1,690
Asbury
Automotive
Group
Inc
(
d)
31,857
3,073
Barnes
&
Noble
Education
Inc
(
d)
63,617
219
Big
Lots
Inc
64,239
1,738
BJ's
Restaurants
Inc
31,551
1,255
Bloomin
'
Brands
Inc
143,022
2,971
Boot
Barn
Holdings
Inc
(
d)
47,030
1,974
Buckle
Inc/
The
(
e)
47,007
1,147
Caleres
Inc
67,039
1,177
Cato
Corp/The
35,778
574
Chico's
FAS
Inc
195,308
760
Children's
Place
Inc/
The
(
e)
25,638
1,530
Chuy's
Holdings
Inc
(
d)
27,356
672
Conn's
Inc
(
d)
31,407
275
Dave
&
Buster's
Entertainment
Inc
50,763
2,242
Designer
Brands
Inc
90,845
1,294
Dine
Brands
Global
Inc
27,650
2,357
El
Pollo
Loco
Holdings
Inc
(
d)
32,164
443
Express
Inc
(
d)
110,754
444
Fiesta
Restaurant
Group
Inc
(
d)
35,285
350
Foundation
Building
Materials
Inc
(
d)
29,135
519
GameStop
Corp
(
e)
108,489
417
Genesco
Inc
(
d)
23,460
922
GMS
Inc
(
d)
69,430
1,855
Group
1
Automotive
Inc
28,817
2,904
Guess?
Inc
70,248
1,496
Haverty
Furniture
Cos
Inc
29,788
600
Hibbett
Sports
Inc
(
d)
29,028
719
JC
Penney
Co
Inc
(
d),(e)
495,264
369
La-Z-Boy
Inc
76,371
2,340
Lithia
Motors
Inc
37,285
5,057
Lumber
Liquidators
Holdings
Inc
(
d)
47,270
360
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Retail
(continued)
MarineMax
Inc
(
d)
35,326
$
704
Michaels
Cos
Inc/
The
(
d)
125,676
620
Movado
Group
Inc
27,025
465
Office
Depot
Inc
899,792
1,998
PC
Connection
Inc
18,196
907
PetMed
Express
Inc
(
e)
33,217
837
PriceSmart
Inc
36,706
2,249
Red
Robin
Gourmet
Burgers
Inc
(
d)
21,307
700
Regis
Corp
(
d)
39,802
618
Ruth's
Hospitality
Group
Inc
44,688
916
Shake
Shack
Inc
(
d)
51,127
3,448
Shoe
Carnival
Inc
14,723
528
Signet
Jewelers
Ltd
86,189
2,095
Sonic
Automotive
Inc
39,946
1,263
Tailored
Brands
Inc
(
e)
83,383
332
Vera
Bradley
Inc
(
d)
38,615
370
Wingstop
Inc
48,494
4,499
Zumiez
Inc
(
d)
33,565
1,046
$
67,338
Savings
&
Loans
-
1.42%
Axos
Financial
Inc
(
d)
87,794
2,473
Banc
of
California
Inc
73,865
1,179
Berkshire
Hills
Bancorp
Inc
70,713
1,991
Brookline
Bancorp
Inc
131,337
1,996
Dime
Community
Bancshares
Inc
50,774
986
Northfield
Bancorp
Inc
71,250
1,132
Northwest
Bancshares
Inc
165,098
2,596
Pacific
Premier
Bancorp
Inc
97,745
2,913
Provident
Financial
Services
Inc
98,873
2,255
$
17,521
Semiconductors
-
3.26%
Axcelis
Technologies
Inc
(
d)
53,381
1,289
Brooks
Automation
Inc
119,038
4,533
CEVA
Inc
(
d)
36,211
990
Cohu
Inc
67,944
1,520
CTS
Corp
53,681
1,573
Diodes
Inc
(
d)
68,072
3,515
DSP
Group
Inc
(
d)
37,875
548
FormFactor
Inc
(
d)
124,640
3,155
KEMET
Corp
95,650
2,491
Kulicke
&
Soffa
Industries
Inc
104,401
2,703
MaxLinear
Inc
(
d)
107,228
2,090
Onto
Innovation
Inc
(
d)
80,778
3,065
Photronics
Inc
(
d)
110,639
1,414
Power
Integrations
Inc
48,443
4,731
Rambus
Inc
(
d)
183,574
2,913
Ultra
Clean
Holdings
Inc
(
d)
65,540
1,508
Veeco
Instruments
Inc
(
d)
80,518
1,027
Xperi
Corp
81,570
1,312
$
40,377
Software
-
3.02%
Bottomline
Technologies
DE
Inc
(
d)
62,754
3,364
Computer
Programs
&
Systems
Inc
20,564
535
CSG
Systems
International
Inc
54,248
2,703
Digi
International
Inc
(
d)
46,618
736
Donnelley
Financial
Solutions
Inc
(
d)
51,392
465
Ebix
Inc
36,653
1,262
Glu
Mobile
Inc
(
d)
189,631
1,119
LivePerson
Inc
(
d)
101,365
4,157
ManTech
International
Corp/VA
44,314
3,557
MicroStrategy
Inc
(
d)
13,554
2,061
NextGen
Healthcare
Inc
(
d)
79,723
1,105
Omnicell
Inc
(
d)
69,052
5,612
PDF
Solutions
Inc
(
d)
45,809
722
Progress
Software
Corp
73,739
3,328
SPS
Commerce
Inc
(
d)
57,361
3,260
Tabula
Rasa
HealthCare
Inc
(
d),(e)
32,366
1,879
TiVo
Corp
208,519
1,518
$
37,383
Schedule
of
Investments
SmallCap
S&P
600
Index
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
239
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Storage
&
Warehousing
-
0.25%
Mobile
Mini
Inc
72,648
$
3,032
Telecommunications
-
2.04%
ADTRAN
Inc
78,746
713
ATN
International
Inc
17,910
1,036
CalAmp
Corp
(
d)
56,178
540
Cincinnati
Bell
Inc
(
d)
83,017
1,138
Consolidated
Communications
Holdings
Inc
118,669
573
Extreme
Networks
Inc
(
d)
200,160
1,181
Harmonic
Inc
(
d)
148,749
1,046
Iridium
Communications
Inc
(
d)
159,725
4,081
NETGEAR
Inc
(
d)
49,640
1,277
Plantronics
Inc
53,891
1,548
Shenandoah
Telecommunications
Co
77,164
3,113
Spok
Holdings
Inc
28,871
307
Viavi
Solutions
Inc
(
d)
378,351
5,335
Vonage
Holdings
Corp
(
d)
375,518
3,331
$
25,219
Textiles
-
0.42%
UniFirst
Corp/MA
25,197
5,138
Transportation
-
1.57%
ArcBest
Corp
41,996
937
Atlas
Air
Worldwide
Holdings
Inc
(
d)
42,596
952
Dorian
LPG
Ltd
(
d)
47,616
625
Echo
Global
Logistics
Inc
(
d)
44,940
871
Forward
Air
Corp
46,388
3,036
Heartland
Express
Inc
76,975
1,439
Hub
Group
Inc
(
d)
54,951
2,905
Marten
Transport
Ltd
63,931
1,327
Matson
Inc
70,580
2,542
Saia
Inc
(
d)
42,704
3,719
SEACOR
Holdings
Inc
(
d)
28,904
1,086
$
19,439
Trucking
&
Leasing
-
0.10%
Greenbrier
Cos
Inc/The
53,669
1,293
Water
-
0.77%
American
States
Water
Co
60,655
5,372
California
Water
Service
Group
79,270
4,166
$
9,538
TOTAL
COMMON
STOCKS
$
1,228,743
Total
Investments
$
1,261,924
Other
Assets
and
Liabilities
- (
2.00)%
(24,722)
TOTAL
NET
ASSETS
-
100.00%
$
1,237,202
(a)
Current
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
$23,010
or
1.86%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
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.
(f)
Fair
value
of
these
investments
is
determined
in
good
faith
by
the
Manager
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Directors.
Certain
inputs
used
in
the
valuation
may
be
unobservable;
however,
each
security
is
evaluated
individually
for
purposes
of
ASC
820
which
results
in
not
all
securities
being
identified
as
Level
3
of
the
fair
value
hierarchy.
At
the
end
of
the
period,
the
fair
value
of
these
securities
totaled
$21
or
0.00%
of
net
assets.
Portfolio
Summary (
unaudited)
Sector
Percent
Financial
25.34%
Industrial
18.80%
Consumer,
Non-cyclical
17.75%
Consumer,
Cyclical
14.87%
Technology
8.73%
Communications
4.07%
Basic
Materials
4.01%
Energy
3.48%
Money
Market
Funds
2.59%
Utilities
2.27%
Investment
Companies
0.09%
Other
Assets
and
Liabilities
(
2.00)%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
1.43%
$
43,978
$
135,311
$
152,749
$
26,540
$
43,978
$
135,311
$
152,749
$
26,540
Income
(a)
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Principal
Government
Money
Market
Fund
1.43%
$
59
$
—
$
—
$
—
$
59
$
—
$
—
$
—
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
Russell
2000
Emini
;
March
2020
Long
90
$
7,266
$
(233)
Total
$
(233)
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
SmallCap
Value
Fund
II
January
31,
2020
(unaudited)
See
accompanying
notes.
240
INVESTMENT
COMPANIES
-
3.59%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0.43%
iShares
Russell
2000
Value
ETF
34,500
$
4,204
Money
Market
Funds
-
3.09%
BlackRock
Liquidity
FedFund
1.49%
(a),(b)
3,188,286
3,188
Principal
Government
Money
Market
Fund
1.43%
(a),(b),(c)
26,963,141
26,963
$
30,151
Principal
Exchange-Traded
Funds
-
0.07%
Principal
U.S.
Small-Cap
Multi-Factor
Index
ETF
(c)
20,000
634
TOTAL
INVESTMENT
COMPANIES
$
34,989
COMMON
STOCKS
-
96.86%
Shares
Held
Value
(000's)
Advertising
-
0.05%
Boston
Omaha
Corp
(d)
314
6
Clear
Channel
Outdoor
Holdings
Inc
(d)
2,435
7
Fluent
Inc
(d)
1,105
3
Marchex
Inc
(d)
2,877
10
National
CineMedia
Inc
59,686
440
Quotient
Technology
Inc
(d)
3,363
34
$
500
Aerospace
&
Defense
-
1.30%
AAR
Corp
33,775
1,438
Aerojet
Rocketdyne
Holdings
Inc
(d)
9,508
495
AeroVironment
Inc
(d)
1,750
117
Barnes
Group
Inc
13,421
848
Ducommun
Inc
(d)
3,861
158
Kaman
Corp
1,666
103
Mercury
Systems
Inc
(d)
5,680
436
Moog
Inc
79,404
7,115
National
Presto
Industries
Inc
18,272
1,575
Park
Aerospace
Corp
14,166
219
Triumph
Group
Inc
8,339
170
$
12,674
Agriculture
-
0.30%
Alico
Inc
257
9
Andersons
Inc/The
2,363
54
Darling
Ingredients
Inc
(d)
14,224
386
Phibro
Animal
Health
Corp
111
3
Universal
Corp/VA
36,398
1,934
Vector
Group
Ltd
41,412
544
$
2,930
Airlines
-
0.30%
Hawaiian
Holdings
Inc
31,385
875
Mesa
Air
Group
Inc
(d)
1,164
10
SkyWest
Inc
12,812
707
Spirit
Airlines
Inc
(d)
32,757
1,345
$
2,937
Apparel
-
0.12%
Deckers
Outdoor
Corp
(d)
920
176
Delta
Apparel
Inc
(d)
485
12
Kontoor
Brands
Inc
1,583
60
Oxford
Industries
Inc
463
32
Rocky
Brands
Inc
15,121
410
Superior
Group
of
Cos
Inc
597
7
Unifi
Inc
(d)
18,861
406
Vince
Holding
Corp
(d)
336
5
Weyco
Group
Inc
418
10
Wolverine
World
Wide
Inc
3,017
95
$
1,213
Automobile
Manufacturers
-
0.63%
Blue
Bird
Corp
(d)
89,919
1,774
Navistar
International
Corp
(d)
72,225
2,645
REV
Group
Inc
1,653
16
Wabash
National
Corp
146,642
1,702
$
6,137
Automobile
Parts
&
Equipment
-
1.13%
Adient
PLC
(d)
73,105
1,879
American
Axle
&
Manufacturing
Holdings
Inc
(d)
8,237
76
Commercial
Vehicle
Group
Inc
(d)
104,507
522
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Automobile
Parts
&
Equipment
(continued)
Cooper
Tire
&
Rubber
Co
57,543
$
1,524
Cooper-Standard
Holdings
Inc
(d)
1,067
28
Dana
Inc
9,963
154
Goodyear
Tire
&
Rubber
Co/The
115,000
1,510
Meritor
Inc
(d)
67,920
1,488
Methode
Electronics
Inc
23,923
784
Miller
Industries
Inc/TN
22,836
785
Modine
Manufacturing
Co
(d)
3,232
23
Motorcar
Parts
of
America
Inc
(d)
59,802
1,188
Spartan
Motors
Inc
753
13
Standard
Motor
Products
Inc
10,276
499
Telenav
Inc
(d)
1,351
6
Tenneco
Inc
3,232
31
Visteon
Corp
(d)
5,737
458
$
10,968
Banks
-
16.40%
1st
Constitution
Bancorp
676
14
1st
Source
Corp
18,109
854
ACNB
Corp
513
16
Alerus
Financial
Corp
169
4
Allegiance
Bancshares
Inc
1,211
45
Amalgamated
Bank
42,407
731
Amerant
Bancorp
Inc
(d)
1,283
24
American
National
Bankshares
Inc
715
24
Ameris
Bancorp
2,430
98
Ames
National
Corp
641
17
Arrow
Financial
Corp
4,659
164
Associated
Banc-Corp
71,600
1,427
Atlantic
Capital
Bancshares
Inc
(d)
1,358
26
Atlantic
Union
Bankshares
Corp
235,735
7,942
BancFirst
Corp
6,359
367
Bancorp
Inc/The
(d)
12,162
143
BancorpSouth
Bank
4,704
134
Bank
First
Corp
53
3
Bank
of
Commerce
Holdings
1,356
15
Bank
of
Marin
Bancorp
884
39
Bank
of
NT
Butterfield
&
Son
Ltd/The
2,849
95
Bank
of
Princeton/The
469
14
Bank7
Corp
309
6
BankUnited
Inc
45,600
1,505
Bankwell
Financial
Group
Inc
529
14
Banner
Corp
1,699
88
Bar
Harbor
Bankshares
33,698
741
Baycom
Corp
(d)
595
13
BCB
Bancorp
Inc
1,112
15
Bridge
Bancorp
Inc
38,308
1,163
Bridgewater
Bancshares
Inc
(d)
31,967
422
Bryn
Mawr
Bank
Corp
24,529
920
Business
First
Bancshares
Inc
912
23
Byline
Bancorp
Inc
1,536
30
C&F
Financial
Corp
245
12
Cadence
BanCorp
56,644
886
Cambridge
Bancorp
243
18
Camden
National
Corp
20,457
967
Capital
Bancorp
Inc
(d)
773
11
Capital
City
Bank
Group
Inc
1,356
39
Capstar
Financial
Holdings
Inc
1,070
16
Carolina
Financial
Corp
22,546
865
Carter
Bank
&
Trust
1,491
30
Cathay
General
Bancorp
74,276
2,679
CenterState
Bank
Corp
5,722
129
Central
Pacific
Financial
Corp
2,207
61
Central
Valley
Community
Bancorp
853
16
Century
Bancorp
Inc/MA
185
16
Chemung
Financial
Corp
275
11
Citizens
&
Northern
Corp
2,273
58
City
Holding
Co
11,818
895
Civista
Bancshares
Inc
1,116
25
CNB
Financial
Corp/PA
1,319
39
Schedule
of
Investments
SmallCap
Value
Fund
II
January
31,
2020
(unaudited)
See
accompanying
notes.
241
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Banks
(continued)
Coastal
Financial
Corp/WA
(d)
328
$
6
Codorus
Valley
Bancorp
Inc
721
16
Colony
Bankcorp
Inc
569
9
Columbia
Banking
System
Inc
12,282
475
Community
Bank
System
Inc
10,579
701
Community
Financial
Corp/The
421
14
Community
Trust
Bancorp
Inc
29,030
1,270
ConnectOne
Bancorp
Inc
54,260
1,282
CrossFirst
Bankshares
Inc
(d)
30,416
415
Customers
Bancorp
Inc
(d)
75,461
1,613
CVB
Financial
Corp
57,203
1,188
Eagle
Bancorp
Inc
36,266
1,585
Enterprise
Bancorp
Inc/MA
644
20
Enterprise
Financial
Services
Corp
144,860
6,303
Equity
Bancshares
Inc
(d)
54,476
1,463
Esquire
Financial
Holdings
Inc
(d)
303
7
Evans
Bancorp
Inc
357
14
Farmers
&
Merchants
Bancorp
Inc/Archbold
OH
690
20
Farmers
National
Banc
Corp
1,724
27
FB
Financial
Corp
11,228
400
Fidelity
D&D
Bancorp
Inc
(e)
106
6
Financial
Institutions
Inc
30,472
938
First
Bancorp
Inc/ME
706
20
First
BanCorp/Puerto
Rico
258,764
2,399
First
Bancorp/Southern
Pines
NC
165,248
5,863
First
Bancshares
Inc/The
1,132
39
First
Bank/Hamilton
NJ
1,393
15
First
Busey
Corp
3,886
99
First
Business
Financial
Services
Inc
16,676
420
First
Choice
Bancorp
712
17
First
Commonwealth
Financial
Corp
12,785
173
First
Community
Bankshares
Inc
9,377
275
First
Financial
Bancorp
396,285
9,527
First
Financial
Corp/IN
33,640
1,404
First
Foundation
Inc
1,851
31
First
Guaranty
Bancshares
Inc
398
7
First
Hawaiian
Inc
56,307
1,636
First
Internet
Bancorp
35,046
929
First
Interstate
BancSystem
Inc
2,780
107
First
Merchants
Corp
224,115
8,908
First
Mid
Bancshares
Inc
24,116
789
First
Midwest
Bancorp
Inc/IL
61,296
1,222
First
Northwest
Bancorp
634
10
First
of
Long
Island
Corp/The
53,929
1,190
Flagstar
Bancorp
Inc
1,627
57
FNB
Corp/PA
99,700
1,164
FNCB
Bancorp
Inc
1,547
12
Franklin
Financial
Network
Inc
36,480
1,345
Franklin
Financial
Services
Corp
352
13
Fulton
Financial
Corp
125,718
2,070
FVCBankcorp
Inc
(d)
975
16
German
American
Bancorp
Inc
16,686
570
Glacier
Bancorp
Inc
9,471
402
Great
Southern
Bancorp
Inc
26,118
1,487
Great
Western
Bancorp
Inc
65,130
1,924
Guaranty
Bancshares
Inc/TX
589
18
Hancock
Whitney
Corp
34,443
1,368
Hanmi
Financial
Corp
93,979
1,581
HarborOne
Bancorp
Inc
(d)
1,044
11
Hawthorn
Bancshares
Inc
497
11
HBT
Financial
Inc
(d)
17,119
331
Heartland
Financial
USA
Inc
27,648
1,352
Heritage
Commerce
Corp
6,912
81
Heritage
Financial
Corp/WA
30,822
794
Hilltop
Holdings
Inc
53,293
1,207
Home
BancShares
Inc/AR
72,350
1,383
HomeStreet
Inc
50,996
1,638
Hope
Bancorp
Inc
137,718
1,915
Horizon
Bancorp
Inc/IN
23,806
403
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Banks
(continued)
Howard
Bancorp
Inc
(d)
946
$
16
IBERIABANK
Corp
20,586
1,496
Independent
Bank
Corp
1,442
104
Independent
Bank
Corp/MI
7,460
159
Independent
Bank
Group
Inc
2,024
108
International
Bancshares
Corp
35,298
1,391
Investar
Holding
Corp
456
10
Kearny
Financial
Corp/MD
23,041
285
Lakeland
Bancorp
Inc
76,120
1,236
Lakeland
Financial
Corp
100,907
4,787
LCNB
Corp
906
15
Level
One
Bancorp
Inc
397
10
Live
Oak
Bancshares
Inc
85,786
1,500
Luther
Burbank
Corp
78,720
812
Macatawa
Bank
Corp
1,907
20
Mackinac
Financial
Corp
706
11
MainStreet
Bancshares
Inc
(d)
606
13
Mercantile
Bank
Corp
1,684
55
Merchants
Bancorp/IN
47,092
926
Meta
Financial
Group
Inc
5,416
202
Metrocity
Bankshares
Inc
994
16
Metropolitan
Bank
Holding
Corp
(d)
17,798
874
Mid
Penn
Bancorp
Inc
518
12
Midland
States
Bancorp
Inc
58,473
1,545
MidWestOne
Financial
Group
Inc
23,591
763
MVB
Financial
Corp
709
14
National
Bank
Holdings
Corp
15,630
510
National
Bankshares
Inc
430
18
NBT
Bancorp
Inc
10,654
402
Nicolet
Bankshares
Inc
(d)
605
43
Northeast
Bank
582
12
Northrim
BanCorp
Inc
12,432
467
Norwood
Financial
Corp
419
14
Oak
Valley
Bancorp
490
9
OFG
Bancorp
2,386
47
Ohio
Valley
Banc
Corp
303
10
Old
National
Bancorp/IN
30,754
551
Old
Second
Bancorp
Inc
1,959
24
OP
Bancorp
7,490
74
Opus
Bank
1,435
38
Origin
Bancorp
Inc
1,192
42
Orrstown
Financial
Services
Inc
16,942
349
Pacific
Mercantile
Bancorp
(d)
1,482
10
Park
National
Corp
9,015
856
Parke
Bancorp
Inc
720
16
PCB
Bancorp
936
14
PCSB
Financial
Corp
1,055
21
Peapack
Gladstone
Financial
Corp
55,768
1,631
Penns
Woods
Bancorp
Inc
480
15
Peoples
Bancorp
Inc/OH
16,791
546
Peoples
Bancorp
of
North
Carolina
Inc
330
9
Peoples
Financial
Services
Corp
502
23
People's
Utah
Bancorp
972
25
Pioneer
Bancorp
Inc/NY
(d)
763
11
Preferred
Bank/Los
Angeles
CA
921
55
Premier
Financial
Bancorp
Inc
970
17
Prosperity
Bancshares
Inc
5,842
410
Provident
Bancorp
Inc
(d)
617
7
QCR
Holdings
Inc
962
40
RBB
Bancorp
37,594
740
Red
River
Bancshares
Inc
(d)
299
16
Reliant
Bancorp
Inc
(e)
673
14
Renasant
Corp
25,529
815
Republic
Bancorp
Inc/KY
17,742
743
Richmond
Mutual
Bancorporation
Inc
(d)
903
14
S&T
Bancorp
Inc
14,892
559
Sandy
Spring
Bancorp
Inc
57,613
2,004
SB
One
Bancorp
620
15
Seacoast
Banking
Corp
of
Florida
(d)
1,967
53
Schedule
of
Investments
SmallCap
Value
Fund
II
January
31,
2020
(unaudited)
See
accompanying
notes.
242
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Banks
(continued)
Select
Bancorp
Inc
(d)
1,157
$
13
ServisFirst
Bancshares
Inc
1,060
39
Shore
Bancshares
Inc
958
16
Sierra
Bancorp
3,829
103
Silvergate
Capital
Corp
(d)
288
5
Simmons
First
National
Corp
40,051
960
SmartFinancial
Inc
921
20
South
Plains
Financial
Inc
20,704
450
South
State
Corp
7,386
559
Southern
First
Bancshares
Inc
(d)
497
19
Southern
National
Bancorp
of
Virginia
Inc
52,443
815
Southside
Bancshares
Inc
2,448
86
Spirit
of
Texas
Bancshares
Inc
(d)
985
20
Sterling
Bancorp
Inc/MI
119,041
872
Stock
Yards
Bancorp
Inc
2,089
81
Summit
Financial
Group
Inc
811
20
Texas
Capital
Bancshares
Inc
(d)
26,800
1,473
Tompkins
Financial
Corp
1,897
164
Towne
Bank/Portsmouth
VA
23,022
611
TriCo
Bancshares
33,593
1,222
TriState
Capital
Holdings
Inc
(d)
1,204
28
Triumph
Bancorp
Inc
(d)
585
23
TrustCo
Bank
Corp
NY
179,888
1,427
Trustmark
Corp
59,429
1,901
UMB
Financial
Corp
15,051
1,000
Umpqua
Holdings
Corp
70,800
1,197
United
Bankshares
Inc/WV
24,252
832
United
Community
Banks
Inc/GA
314,941
8,793
United
Security
Bancshares/Fresno
CA
1,042
10
Unity
Bancorp
Inc
525
12
Univest
Financial
Corp
45,894
1,140
Valley
National
Bancorp
35,918
378
Veritex
Holdings
Inc
2,824
80
Walker
&
Dunlop
Inc
1,825
121
Washington
Trust
Bancorp
Inc
20,052
949
Webster
Financial
Corp
148,250
6,651
WesBanco
Inc
4,461
148
West
Bancorporation
Inc
17,491
401
Westamerica
Bancorporation
1,601
101
Western
New
England
Bancorp
Inc
1,808
16
Wintrust
Financial
Corp
24,440
1,547
$
159,886
Beverages
-
0.00%
Craft
Brew
Alliance
Inc
(d)
649
11
Farmer
Brothers
Co
(d)
1,501
18
$
29
Biotechnology
-
0.34%
Abeona
Therapeutics
Inc
(d)
2,020
4
Acceleron
Pharma
Inc
(d)
507
46
Achillion
Pharamceuticals
Inc
(d),(f)
8,433
4
Acorda
Therapeutics
Inc
(d)
3,295
7
Aduro
Biotech
Inc
(d)
941
2
Affimed
NV
(d)
1,145
3
Akero
Therapeutics
Inc
(d)
92
2
Aldeyra
Therapeutics
Inc
(d)
717
4
AMAG
Pharmaceuticals
Inc
(d)
2,067
18
AnaptysBio
Inc
(d)
342
5
Applied
Therapeutics
Inc
(d)
83
4
Aprea
Therapeutics
Inc
(d)
57
2
Arcus
Biosciences
Inc
(d)
1,993
18
Ardelyx
Inc
(d)
2,895
20
Arena
Pharmaceuticals
Inc
(d)
746
35
Assembly
Biosciences
Inc
(d)
1,298
23
Avid
Bioservices
Inc
(d)
3,454
23
BioCryst
Pharmaceuticals
Inc
(d)
7,506
22
Bridgebio
Pharma
Inc
(d)
268
9
Calithera
Biosciences
Inc
(d)
2,643
16
CASI
Pharmaceuticals
Inc
(d)
336
1
CEL-SCI
Corp
(d),(e)
190
2
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Biotechnology
(continued)
Constellation
Pharmaceuticals
Inc
(d)
114
$
4
Dynavax
Technologies
Corp
(d),(e)
539
3
Emergent
BioSolutions
Inc
(d)
37,675
2,076
Enochian
Biosciences
Inc
(d),(e)
502
2
Enzo
Biochem
Inc
(d)
3,293
8
Epizyme
Inc
(d)
1,335
28
Evelo
Biosciences
Inc
(d),(e)
991
6
Exagen
Inc
(d)
94
2
FibroGen
Inc
(d)
500
21
Five
Prime
Therapeutics
Inc
(d)
2,057
10
Geron
Corp
(d)
12,359
16
Gossamer
Bio
Inc
(d)
1,287
17
IGM
Biosciences
Inc
(d),(e)
64
2
ImmunoGen
Inc
(d)
31,356
148
Immunomedics
Inc
(d)
1,027
19
Karuna
Therapeutics
Inc
(d)
77
7
Kezar
Life
Sciences
Inc
(d)
1,374
4
Kiniksa
Pharmaceuticals
Ltd
(d)
58
1
Ligand
Pharmaceuticals
Inc
(d)
2,762
242
Lineage
Cell
Therapeutics
Inc
(d)
8,851
9
Livongo
Health
Inc
(d),(e)
180
4
MacroGenics
Inc
(d)
1,557
14
Mersana
Therapeutics
Inc
(d)
2,505
17
Molecular
Templates
Inc
(d)
352
5
Myriad
Genetics
Inc
(d)
3,849
106
Neon
Therapeutics
Inc
(d)
1,584
2
NextCure
Inc
(d)
43
2
NGM
Biopharmaceuticals
Inc
(d)
157
3
Novavax
Inc
(d),(e)
1,373
10
Osmotica
Pharmaceuticals
PLC
(d)
715
5
Pacific
Biosciences
of
California
Inc
(d)
1,118
5
PDL
BioPharma
Inc
(d)
7,492
25
PolarityTE
Inc
(d),(e)
1,571
5
Precigen
Inc
(d),(e)
3,429
16
Prothena
Corp
PLC
(d)
2,557
31
Rigel
Pharmaceuticals
Inc
(d)
37,976
86
Sangamo
Therapeutics
Inc
(d)
2,158
16
Solid
Biosciences
Inc
(d),(e)
1,371
5
SpringWorks
Therapeutics
Inc
(d)
109
3
Stoke
Therapeutics
Inc
(d)
148
4
Strongbridge
Biopharma
PLC
(d)
2,829
8
Synlogic
Inc
(d)
1,406
4
TCR2
Therapeutics
Inc
(d)
732
11
TransMedics
Group
Inc
(d)
168
3
Turning
Point
Therapeutics
Inc
(d)
58
3
UNITY
Biotechnology
Inc
(d)
488
3
VBI
Vaccines
Inc
(d)
778
1
Viking
Therapeutics
Inc
(d),(e)
3,589
23
$
3,315
Building
Materials
-
0.79%
Apogee
Enterprises
Inc
35,978
1,145
Armstrong
Flooring
Inc
(d)
241,151
854
Boise
Cascade
Co
2,230
81
Builders
FirstSource
Inc
(d)
18,549
460
Caesarstone
Ltd
111,039
1,452
Continental
Building
Products
Inc
(d)
17,051
631
Cornerstone
Building
Brands
Inc
(d)
2,927
25
Gibraltar
Industries
Inc
(d)
6,499
355
Griffon
Corp
3,742
78
JELD-WEN
Holding
Inc
(d)
353
8
Louisiana-Pacific
Corp
4,824
148
Masonite
International
Corp
(d)
24,329
1,828
Patrick
Industries
Inc
335
17
PGT
Innovations
Inc
(d)
1,502
23
Select
Interior
Concepts
Inc
(d)
1,254
10
Summit
Materials
Inc
(d)
4,401
97
Universal
Forest
Products
Inc
10,371
496
$
7,708
Schedule
of
Investments
SmallCap
Value
Fund
II
January
31,
2020
(unaudited)
See
accompanying
notes.
243
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Chemicals
-
2.05%
AdvanSix
Inc
(d)
1,898
$
36
American
Vanguard
Corp
70,916
1,324
Cabot
Corp
28,600
1,140
Element
Solutions
Inc
(d)
909,500
10,641
Ferro
Corp
(d)
727
10
Hawkins
Inc
696
29
HB
Fuller
Co
620
29
Huntsman
Corp
150,400
3,092
Innophos
Holdings
Inc
6,879
220
Innospec
Inc
6,083
613
Intrepid
Potash
Inc
(d)
6,205
15
Koppers
Holdings
Inc
(d)
379
12
Kraton
Corp
(d)
1,075
18
Kronos
Worldwide
Inc
1,617
18
Minerals
Technologies
Inc
24,335
1,317
Oil-Dri
Corp
of
America
407
14
Orion
Engineered
Carbons
SA
1,935
30
PolyOne
Corp
21,121
701
PQ
Group
Holdings
Inc
(d)
2,462
38
Rogers
Corp
(d)
2,085
246
Sensient
Technologies
Corp
929
55
Stepan
Co
3,218
317
Tronox
Holdings
PLC
12,083
102
Valhi
Inc
3,266
5
$
20,022
Coal
-
0.20%
Advanced
Emissions
Solutions
Inc
(e)
520
6
Arch
Coal
Inc
2,305
119
CONSOL
Energy
Inc
(d)
6,708
55
Hallador
Energy
Co
5,943
10
NACCO
Industries
Inc
282
13
Peabody
Energy
Corp
3,989
27
Ramaco
Resources
Inc
(d)
1,022
3
SunCoke
Energy
Inc
25,020
147
Warrior
Met
Coal
Inc
83,037
1,566
$
1,946
Commercial
Services
-
4.94%
Aaron's
Inc
58,722
3,485
ABM
Industries
Inc
3,188
122
Acacia
Research
Corp
(d)
4,172
10
Adtalem
Global
Education
Inc
(d)
107,989
3,727
American
Public
Education
Inc
(d)
3,027
72
AMN
Healthcare
Services
Inc
(d)
125,000
8,422
Arlo
Technologies
Inc
(d)
4,681
20
ASGN
Inc
(d)
67,478
4,567
BG
Staffing
Inc
49,284
992
BrightView
Holdings
Inc
(d)
2,110
33
Brink's
Co/The
68,650
5,780
CAI
International
Inc
(d)
1,127
31
Cardtronics
PLC
(d)
8,151
367
Care.com
Inc
(d)
263
4
Carriage
Services
Inc
8,006
190
Cass
Information
Systems
Inc
21,600
1,167
CBIZ
Inc
(d)
7,998
216
Collectors
Universe
Inc
144
3
CRA
International
Inc
5,577
297
Cross
Country
Healthcare
Inc
(d)
2,149
21
Emerald
Expositions
Events
Inc
119,968
1,251
Ennis
Inc
91,841
1,916
EVERTEC
Inc
2,960
99
FTI
Consulting
Inc
(d)
9,817
1,179
GP
Strategies
Corp
(d)
66,312
883
Green
Dot
Corp
(d)
370
11
Hackett
Group
Inc/The
123
2
Heidrick
&
Struggles
International
Inc
67,028
1,905
Herc
Holdings
Inc
(d)
1,068
43
Hertz
Global
Holdings
Inc
(d)
11,146
175
HMS
Holdings
Corp
(d)
13,000
355
Huron
Consulting
Group
Inc
(d)
1,421
92
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Commercial
Services
(continued)
ICF
International
Inc
2,701
$
237
Information
Services
Group
Inc
(d)
2,957
8
K12
Inc
(d)
1,752
28
Kelly
Services
Inc
86,490
1,536
Kforce
Inc
10,300
382
Korn
Ferry
41,305
1,693
Laureate
Education
Inc
(d)
9,008
188
LiveRamp
Holdings
Inc
(d)
3,174
128
Medifast
Inc
(e)
9,000
870
Progyny
Inc
(d)
416
12
Rent-A-Center
Inc/TX
18,660
544
Resources
Connection
Inc
96,353
1,467
Rosetta
Stone
Inc
(d)
1,212
21
RR
Donnelley
&
Sons
Co
5,152
12
SEACOR
Marine
Holdings
Inc
(d)
1,435
15
SP
Plus
Corp
(d)
1,754
73
Strategic
Education
Inc
1,200
195
Team
Inc
(d)
4,389
59
Textainer
Group
Holdings
Ltd
(d)
3,371
32
TrueBlue
Inc
(d)
54,411
1,192
Vectrus
Inc
(d)
29,238
1,630
WW
International
Inc
(d)
11,470
378
$
48,137
Computers
-
3.93%
3D
Systems
Corp
(d)
5,412
59
CACI
International
Inc
(d)
42,335
11,322
Conduent
Inc
(d)
8,083
35
Cubic
Corp
1,261
82
CyberArk
Software
Ltd
(d)
17,325
2,395
Diebold
Nixdorf
Inc
(d)
1,746
20
Insight
Enterprises
Inc
(d)
118,469
7,804
Inspired
Entertainment
Inc
(d)
337
2
Lumentum
Holdings
Inc
(d)
3,701
280
MTS
Systems
Corp
589
30
NetScout
Systems
Inc
(d)
3,436
88
OneSpan
Inc
(d)
667
11
Perspecta
Inc
237,416
6,664
Ping
Identity
Holding
Corp
(d),(e)
120
3
Science
Applications
International
Corp
72,325
6,348
SecureWorks
Corp
(d)
4,272
67
StarTek
Inc
(d)
11,243
86
Stratasys
Ltd
(d)
2,449
44
Super
Micro
Computer
Inc
(d)
54,200
1,516
Sykes
Enterprises
Inc
(d)
2,919
98
Unisys
Corp
(d)
139,883
1,358
$
38,312
Consumer
Products
-
0.16%
ACCO
Brands
Corp
137,758
1,190
Central
Garden
&
Pet
Co
(d)
684
22
Central
Garden
&
Pet
Co
-
A
Shares
(d)
3,072
92
Helen
of
Troy
Ltd
(d)
1,180
223
Quanex
Building
Products
Corp
2,250
40
$
1,567
Cosmetics
&
Personal
Care
-
0.02%
Edgewell
Personal
Care
Co
(d)
4,600
119
elf
Beauty
Inc
(d)
1,425
22
Inter
Parfums
Inc
890
61
Revlon
Inc
(d),(e)
131
3
$
205
Distribution
&
Wholesale
-
0.89%
Anixter
International
Inc
(d)
18,256
1,782
Fossil
Group
Inc
(d)
162,490
1,093
G-III
Apparel
Group
Ltd
(d)
43,099
1,173
H&E
Equipment
Services
Inc
5,885
160
Resideo
Technologies
Inc
(d)
148,300
1,510
ScanSource
Inc
(d)
44,265
1,544
Systemax
Inc
304
7
Triton
International
Ltd/Bermuda
3,680
138
Veritiv
Corp
(d)
12,850
181
Schedule
of
Investments
SmallCap
Value
Fund
II
January
31,
2020
(unaudited)
See
accompanying
notes.
244
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Distribution
&
Wholesale
(continued)
WESCO
International
Inc
(d)
21,564
$
1,044
$
8,632
Diversified
Financial
Services
-
3.95%
Aircastle
Ltd
3,664
118
AllianceBernstein
Holding
LP
25,452
834
Altisource
Portfolio
Solutions
SA
(d)
345
6
Artisan
Partners
Asset
Management
Inc
69,276
2,313
B.
Riley
Financial
Inc
1,417
38
Blucora
Inc
(d)
683
15
Boston
Private
Financial
Holdings
Inc
142,136
1,621
Brightsphere
Investment
Group
Inc
87,106
802
Calamos
Asset
Management,
Inc
(d),(f),(g)
32,006
—
CBTX
Inc
1,233
36
Columbia
Financial
Inc
(d)
2,486
42
Cowen
Inc
(d)
80,902
1,300
Deluxe
Corp
33,007
1,591
Diamond
Hill
Investment
Group
Inc
30
4
Elevate
Credit
Inc
(d)
1,051
6
Encore
Capital
Group
Inc
(d)
2,445
83
Enova
International
Inc
(d)
27,090
679
Evercore
Inc
-
Class
A
11,000
843
EZCORP
Inc
(d)
3,666
23
Federal
Agricultural
Mortgage
Corp
10,318
787
Federated
Hermes
Inc
15,220
551
GAIN
Capital
Holdings
Inc
83,500
326
GAMCO
Investors
Inc
21,990
365
Greenhill
&
Co
Inc
75,299
1,179
Hannon
Armstrong
Sustainable
Infrastructure
Capital
Inc
4,271
146
INTL.
FCStone
Inc
(d)
21,076
1,005
Ladenburg
Thalmann
Financial
Services
Inc
1,233
4
Legg
Mason
Inc
39,298
1,539
LendingClub
Corp
(d)
3,314
39
LPL
Financial
Holdings
Inc
88,100
8,117
Marlin
Business
Services
Corp
466
9
MMA
Capital
Holdings
Inc
(d)
416
13
Moelis
&
Co
472
17
Mr
Cooper
Group
Inc
(d)
27,002
334
Navient
Corp
112,750
1,621
Nelnet
Inc
832
48
NewStar
Financial
Inc
(d),(f),(h)
52,106
13
On
Deck
Capital
Inc
(d)
32,398
132
Oppenheimer
Holdings
Inc
32,487
895
PennyMac
Financial
Services
Inc
1,051
35
Piper
Sandler
Cos
2,880
237
PJT
Partners
Inc
467
21
PRA
Group
Inc
(d)
2,116
75
Pzena
Investment
Management
Inc
8,846
72
Regional
Management
Corp
(d)
2,086
58
Sculptor
Capital
Management
Inc
37,355
857
SLM
Corp
106,100
1,159
Stifel
Financial
Corp
13,584
879
Virtu
Financial
Inc
250,125
4,174
Virtus
Investment
Partners
Inc
10,590
1,303
Waddell
&
Reed
Financial
Inc
67,609
1,080
Westwood
Holdings
Group
Inc
38,794
1,090
$
38,534
Electric
-
1.78%
ALLETE
Inc
28,254
2,359
Ameresco
Inc
(d)
1,577
30
Atlantic
Power
Corp
(d)
10,517
25
Avista
Corp
41,437
2,107
Black
Hills
Corp
6,545
543
Clearway
Energy
Inc
-
Class
A
49,422
1,023
Clearway
Energy
Inc
-
Class
C
6,393
135
El
Paso
Electric
Co
35,939
2,448
Genie
Energy
Ltd
18,554
134
IDACORP
Inc
1,133
127
MGE
Energy
Inc
7,598
607
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Electric
(continued)
NorthWestern
Corp
27,063
$
2,082
Ormat
Technologies
Inc
1,973
156
Otter
Tail
Corp
39,445
2,114
PNM
Resources
Inc
39,572
2,146
Portland
General
Electric
Co
15,955
981
Unitil
Corp
5,474
338
$
17,355
Electrical
Components
&
Equipment
-
0.79%
American
Superconductor
Corp
(d)
7,310
46
Belden
Inc
36,613
1,804
Encore
Wire
Corp
7,893
428
Energizer
Holdings
Inc
24,300
1,124
EnerSys
22,909
1,649
Graham
Corp
44,029
805
Insteel
Industries
Inc
73,316
1,640
Powell
Industries
Inc
3,697
153
$
7,649
Electronics
-
2.26%
Bel
Fuse
Inc
818
14
Benchmark
Electronics
Inc
3,015
93
Brady
Corp
184,436
10,213
Comtech
Telecommunications
Corp
15,440
447
FARO
Technologies
Inc
(d)
72
4
Fitbit
Inc
(d)
8,419
55
GoPro
Inc
(d),(e)
1,221
5
II-VI
Inc
(d)
1,506
51
Kimball
Electronics
Inc
(d)
69,439
1,123
Knowles
Corp
(d)
19,361
381
NVE
Corp
8,573
628
OSI
Systems
Inc
(d)
3,410
295
Plexus
Corp
(d)
17,558
1,249
Sanmina
Corp
(d)
75,864
2,415
SMART
Global
Holdings
Inc
(d)
908
27
Stoneridge
Inc
(d)
1,101
31
SYNNEX
Corp
2,720
375
Tech
Data
Corp
(d)
7,035
1,012
TTM
Technologies
Inc
(d)
4,787
69
Vishay
Intertechnology
Inc
74,774
1,518
Vishay
Precision
Group
Inc
(d)
2,147
74
Watts
Water
Technologies
Inc
4,173
416
ZAGG
Inc
(d)
208,831
1,579
$
22,074
Energy
-
Alternate
Sources
-
0.40%
Clean
Energy
Fuels
Corp
(d)
9,040
21
FutureFuel
Corp
75,586
829
Green
Plains
Inc
2,312
29
Pattern
Energy
Group
Inc
6,714
181
Renewable
Energy
Group
Inc
(d)
46,576
1,223
REX
American
Resources
Corp
(d)
20,500
1,544
Sunnova
Energy
International
Inc
(d)
575
8
SunPower
Corp
(d)
3,964
34
TerraForm
Power
Inc
3,586
65
$
3,934
Engineering
&
Construction
-
1.03%
Aegion
Corp
(d)
1,923
40
Arcosa
Inc
13,384
586
Comfort
Systems
USA
Inc
16,500
765
Concrete
Pumping
Holdings
Inc
(d)
1,156
6
Construction
Partners
Inc
(d)
775
13
Dycom
Industries
Inc
(d)
324
13
EMCOR
Group
Inc
9,635
792
Exponent
Inc
1,180
86
Fluor
Corp
93,300
1,669
Granite
Construction
Inc
1,866
51
Great
Lakes
Dredge
&
Dock
Corp
(d)
15,755
165
IES
Holdings
Inc
(d)
371
9
KBR
Inc
14,186
386
Mistras
Group
Inc
(d)
1,193
13
MYR
Group
Inc
(d)
38,107
1,094
Schedule
of
Investments
SmallCap
Value
Fund
II
January
31,
2020
(unaudited)
See
accompanying
notes.
245
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Engineering
&
Construction
(continued)
Primoris
Services
Corp
58,221
$
1,242
Star
Group
LP
86,402
802
Sterling
Construction
Co
Inc
(d)
62,459
823
Tutor
Perini
Corp
(d)
132,466
1,492
VSE
Corp
593
18
WillScot
Corp
(d)
869
16
$
10,081
Entertainment
-
0.42%
AMC
Entertainment
Holdings
Inc
(e)
3,424
22
Eros
International
PLC
(d),(e)
4,786
12
Golden
Entertainment
Inc
(d)
705
12
Marriott
Vacations
Worldwide
Corp
2,233
269
Monarch
Casino
&
Resort
Inc
(d)
151
8
Penn
National
Gaming
Inc
(d)
9,943
297
RCI
Hospitality
Holdings
Inc
691
12
Reading
International
Inc
(d)
1,109
11
Scientific
Games
Corp
(d)
78,475
1,949
Twin
River
Worldwide
Holdings
Inc
56,900
1,516
$
4,108
Environmental
Control
-
0.07%
Advanced
Disposal
Services
Inc
(d)
251
8
AquaVenture
Holdings
Ltd
(d)
804
22
CECO
Environmental
Corp
(d)
2,208
17
Charah
Solutions
Inc
(d)
1,026
2
Heritage-Crystal
Clean
Inc
(d)
4,343
123
Tetra
Tech
Inc
6,110
523
$
695
Food
-
0.78%
B&G
Foods
Inc
(e)
2,733
44
BellRing
Brands
Inc
(d)
1,701
37
Cal-Maine
Foods
Inc
1,476
53
Fresh
Del
Monte
Produce
Inc
2,441
76
Hostess
Brands
Inc
(d)
39,298
528
Ingles
Markets
Inc
5,529
231
John
B
Sanfilippo
&
Son
Inc
1,170
99
Lancaster
Colony
Corp
2,328
360
Landec
Corp
(d)
1,589
18
Nathan's
Famous
Inc
131
9
Natural
Grocers
by
Vitamin
Cottage
Inc
20,755
188
Performance
Food
Group
Co
(d)
88,950
4,607
Sanderson
Farms
Inc
1,972
271
Seneca
Foods
Corp
-
Class
A
(d)
4,823
190
Simply
Good
Foods
Co/The
(d)
3,890
89
SpartanNash
Co
2,287
28
Tootsie
Roll
Industries
Inc
207
7
United
Natural
Foods
Inc
(d)
3,362
24
Village
Super
Market
Inc
33,979
756
Weis
Markets
Inc
615
22
$
7,637
Forest
Products
&
Paper
-
0.30%
Clearwater
Paper
Corp
(d)
1,009
28
Domtar
Corp
31,400
1,093
Mercer
International
Inc
99,500
1,096
Neenah
Inc
2,747
183
PH
Glatfelter
Co
3,437
57
Schweitzer-Mauduit
International
Inc
4,131
145
Verso
Corp
(d)
18,560
313
$
2,915
Gas
-
2.38%
New
Jersey
Resources
Corp
3,966
164
Northwest
Natural
Holding
Co
1,235
91
ONE
Gas
Inc
10,761
1,017
RGC
Resources
Inc
559
14
South
Jersey
Industries
Inc
54,825
1,688
Southwest
Gas
Holdings
Inc
132,084
9,974
Spire
Inc
121,122
10,213
$
23,161
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Hand
&
Machine
Tools
-
0.77%
Franklin
Electric
Co
Inc
115,799
$
6,680
Hurco
Cos
Inc
483
15
Kennametal
Inc
25,597
801
Luxfer
Holdings
PLC
233
4
$
7,500
Healthcare
-
Products
-
1.36%
Alphatec
Holdings
Inc
(d)
524
4
AngioDynamics
Inc
(d)
2,430
33
Apyx
Medical
Corp
(d)
2,169
16
Avanos
Medical
Inc
(d)
2,229
61
CareDx
Inc
(d)
2,899
70
CONMED
Corp
1,130
115
Hanger
Inc
(d)
88,127
2,153
Integer
Holdings
Corp
(d)
3,773
322
Integra
LifeSciences
Holdings
Corp
(d)
126,175
6,945
Invacare
Corp
2,430
19
Lantheus
Holdings
Inc
(d)
107,632
1,885
LeMaitre
Vascular
Inc
165
6
LivaNova
PLC
(d)
714
48
Luminex
Corp
2,860
65
Meridian
Bioscience
Inc
2,734
27
NanoString
Technologies
Inc
(d)
129
3
OPKO
Health
Inc
(d)
23,156
34
OraSure
Technologies
Inc
(d)
3,987
28
Orthofix
Medical
Inc
(d)
406
18
Patterson
Cos
Inc
61,051
1,344
RTI
Surgical
Holdings
Inc
(d)
4,026
17
SeaSpine
Holdings
Corp
(d)
1,160
17
Utah
Medical
Products
Inc
49
4
Varex
Imaging
Corp
(d)
1,494
41
$
13,275
Healthcare
-
Services
-
0.49%
Addus
HomeCare
Corp
(d)
1,940
183
American
Renal
Associates
Holdings
Inc
(d)
963
9
Brookdale
Senior
Living
Inc
(d)
12,302
81
Cellular
Biomedicine
Group
Inc
(d)
272
5
Community
Health
Systems
Inc
(d)
6,054
26
Five
Star
Senior
Living
Inc
(d)
6,179
28
Magellan
Health
Inc
(d)
21,750
1,593
MEDNAX
Inc
(d)
58,500
1,349
National
HealthCare
Corp
805
67
Personalis
Inc
(d)
280
3
Surgery
Partners
Inc
(d)
7,376
124
Syneos
Health
Inc
(d)
3,621
222
Tenet
Healthcare
Corp
(d)
320
10
Tivity
Health
Inc
(d)
24,470
530
Triple-S
Management
Corp
(d)
33,206
585
$
4,815
Home
Builders
-
1.84%
Beazer
Homes
USA
Inc
(d)
10,119
139
Century
Communities
Inc
(d)
51,353
1,524
Forestar
Group
Inc
(d)
842
17
Green
Brick
Partners
Inc
(d)
42,485
493
KB
Home
16,381
615
LGI
Homes
Inc
(d)
16,411
1,309
M/I
Homes
Inc
(d)
26,099
1,159
MDC
Holdings
Inc
137,203
5,781
Meritage
Homes
Corp
(d)
26,529
1,882
Taylor
Morrison
Home
Corp
(d)
74,878
1,938
Thor
Industries
Inc
14,200
1,143
TRI
Pointe
Group
Inc
(d)
107,454
1,747
William
Lyon
Homes
(d)
2,002
46
Winnebago
Industries
Inc
2,582
142
$
17,935
Home
Furnishings
-
0.51%
Daktronics
Inc
2,661
16
Ethan
Allen
Interiors
Inc
101,439
1,638
Flexsteel
Industries
Inc
23,588
387
Hamilton
Beach
Brands
Holding
Co
22,800
360
Schedule
of
Investments
SmallCap
Value
Fund
II
January
31,
2020
(unaudited)
See
accompanying
notes.
246
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Home
Furnishings
(continued)
Hooker
Furniture
Corp
66,625
$
1,642
iRobot
Corp
(d),(e)
16,800
790
Purple
Innovation
Inc
(d)
560
7
Sleep
Number
Corp
(d)
184
9
Universal
Electronics
Inc
(d)
2,391
119
$
4,968
Housewares
-
0.07%
Lifetime
Brands
Inc
853
6
Tupperware
Brands
Corp
101,261
634
$
640
Insurance
-
6.55%
Ambac
Financial
Group
Inc
(d)
77,034
1,651
American
Equity
Investment
Life
Holding
Co
46,977
1,241
AMERISAFE
Inc
3,024
207
Argo
Group
International
Holdings
Ltd
14,063
923
CNO
Financial
Group
Inc
98,219
1,728
Crawford
&
Co
(e)
401
3
Donegal
Group
Inc
4,988
69
Employers
Holdings
Inc
54,284
2,316
Enstar
Group
Ltd
(d)
4,653
908
Essent
Group
Ltd
28,410
1,410
FBL
Financial
Group
Inc
8,261
445
FedNat
Holding
Co
8,456
132
FGL
Holdings
143,705
1,387
Genworth
Financial
Inc
84,820
348
Global
Indemnity
Ltd
30,194
952
Hallmark
Financial
Services
Inc
(d)
968
17
Hanover
Insurance
Group
Inc/The
54,100
7,497
Heritage
Insurance
Holdings
Inc
8,443
101
Horace
Mann
Educators
Corp
47,096
2,025
Independence
Holding
Co
355
14
Investors
Title
Co
71
11
James
River
Group
Holdings
Ltd
774
33
MBIA
Inc
(d)
124,492
1,128
MGIC
Investment
Corp
771,730
10,642
National
General
Holdings
Corp
27,008
588
National
Western
Life
Group
Inc
7,962
2,117
NI
Holdings
Inc
(d)
817
13
NMI
Holdings
Inc
(d)
16,340
522
Old
Republic
International
Corp
327,250
7,379
ProAssurance
Corp
55,264
1,678
ProSight
Global
Inc
(d)
415
6
Protective
Insurance
Corp
7,404
116
Radian
Group
Inc
79,472
1,946
RLI
Corp
650
60
Safety
Insurance
Group
Inc
706
65
Selective
Insurance
Group
Inc
138,433
9,171
State
Auto
Financial
Corp
13,800
416
Stewart
Information
Services
Corp
41,360
1,727
Third
Point
Reinsurance
Ltd
(d)
144,801
1,577
Tiptree
Inc
1,928
13
United
Fire
Group
Inc
28,423
1,258
Universal
Insurance
Holdings
Inc
915
22
$
63,862
Internet
-
0.24%
Cars.com
Inc
(d)
3,814
45
comScore
Inc
(d)
3,117
12
DHI
Group
Inc
(d)
3,764
11
ePlus
Inc
(d)
4,976
397
HealthStream
Inc
(d)
1,611
42
Lands'
End
Inc
(d)
705
8
Limelight
Networks
Inc
(d)
4,499
22
Meet
Group
Inc/The
(d)
2,271
12
NIC
Inc
56,435
1,113
Perficient
Inc
(d)
11,430
568
Rubicon
Project
Inc/The
(d)
1,075
10
Stamps.com
Inc
(d)
766
57
Stitch
Fix
Inc
(d),(e)
197
5
TechTarget
Inc
(d)
520
13
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Internet
(continued)
TrueCar
Inc
(d)
1,437
$
5
$
2,320
Investment
Companies
-
0.13%
Altus
Midstream
Co
(d),(e)
580,900
1,208
Ellington
Financial
Inc
1,970
36
Medallion
Financial
Corp
(d),(e)
1,479
10
$
1,254
Iron
&
Steel
-
0.26%
AK
Steel
Holding
Corp
(d)
8,897
25
Allegheny
Technologies
Inc
(d)
6,023
104
Carpenter
Technology
Corp
3,204
127
Cleveland-Cliffs
Inc
(e)
177,243
1,244
Commercial
Metals
Co
34,649
712
Schnitzer
Steel
Industries
Inc
19,601
315
$
2,527
Leisure
Products
&
Services
-
0.25%
Acushnet
Holdings
Corp
2,737
85
Callaway
Golf
Co
4,474
96
Camping
World
Holdings
Inc
61,100
951
Clarus
Corp
679
9
Escalade
Inc
1,024
9
Johnson
Outdoors
Inc
16,117
1,267
OneSpaWorld
Holdings
Ltd
2,137
32
Vista
Outdoor
Inc
(d)
3,828
28
$
2,477
Lodging
-
0.18%
BBX
Capital
Corp
4,768
19
Bluegreen
Vacations
Corp
(e)
772
7
Boyd
Gaming
Corp
3,037
90
Century
Casinos
Inc
(d)
2,135
18
Hilton
Grand
Vacations
Inc
(d)
46,307
1,478
Marcus
Corp/The
1,839
54
St
Joe
Co/The
(d)
2,057
43
$
1,709
Machinery
-
Construction
&
Mining
-
0.26%
Argan
Inc
199
8
Astec
Industries
Inc
41,169
1,698
Hyster-Yale
Materials
Handling
Inc
13,485
728
Manitowoc
Co
Inc/The
(d)
2,200
32
SPX
Corp
(d)
799
39
Terex
Corp
770
20
$
2,525
Machinery
-
Diversified
-
1.75%
Alamo
Group
Inc
43,222
5,384
Albany
International
Corp
49,175
3,431
Altra
Industrial
Motion
Corp
3,059
102
Cactus
Inc
38,400
1,107
Columbus
McKinnon
Corp/NY
5,219
183
CSW
Industrials
Inc
4,600
349
Curtiss-Wright
Corp
150
22
DXP
Enterprises
Inc/TX
(d)
36,488
1,265
Gencor
Industries
Inc
(d)
658
7
Gorman-Rupp
Co/The
1,480
54
GrafTech
International
Ltd
418,600
4,491
Ichor
Holdings
Ltd
(d)
1,746
58
Lindsay
Corp
353
35
Mueller
Water
Products
Inc
-
Class
A
39,631
462
SPX
FLOW
Inc
(d)
1,965
86
$
17,036
Media
-
2.49%
Cumulus
Media
Inc
(d)
1,112
16
Entercom
Communications
Corp
42,819
170
Entravision
Communications
Corp
347,482
770
EW
Scripps
Co/The
2,654
32
Gannett
Co
Inc
5,570
34
Gray
Television
Inc
(d)
209,536
4,249
Hemisphere
Media
Group
Inc
(d)
196
3
Houghton
Mifflin
Harcourt
Co
(d)
6,500
36
Schedule
of
Investments
SmallCap
Value
Fund
II
January
31,
2020
(unaudited)
See
accompanying
notes.
247
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Media
(continued)
Lee
Enterprises
Inc
(d)
25,365
$
53
Liberty
Latin
America
Ltd
-
Class
A
(d)
6,703
112
Liberty
Latin
America
Ltd
-
Class
C
(d)
13,436
227
Media
General
Inc
-
Rights
(d),(f),(g)
15,053
1
Meredith
Corp
(e)
25,677
772
MSG
Networks
Inc
(d),(e)
107,396
1,633
Nexstar
Media
Group
Inc
80,000
9,692
Saga
Communications
Inc
686
21
Scholastic
Corp
8,855
292
TEGNA
Inc
363,179
6,138
Tribune
Publishing
Co
1,333
17
WideOpenWest
Inc
(d)
4,876
33
$
24,301
Metal
Fabrication
&
Hardware
-
0.67%
AZZ
Inc
37,213
1,536
CIRCOR
International
Inc
(d)
942
39
Eastern
Co/The
1,392
39
LB
Foster
Co
(d)
12,058
204
Mueller
Industries
Inc
28,519
832
Northwest
Pipe
Co
(d)
695
23
Olympic
Steel
Inc
786
11
Park-Ohio
Holdings
Corp
639
19
Rexnord
Corp
26,343
860
Ryerson
Holding
Corp
(d)
2,541
26
Synalloy
Corp
(d)
820
10
TimkenSteel
Corp
(d)
2,558
16
Tredegar
Corp
5,257
107
TriMas
Corp
(d)
2,113
61
Valmont
Industries
Inc
8,255
1,173
Worthington
Industries
Inc
41,604
1,530
$
6,486
Mining
-
0.37%
Century
Aluminum
Co
(d)
220,500
1,166
Coeur
Mining
Inc
(d)
11,326
68
Contura
Energy
Inc
(d)
1,176
7
Covia
Holdings
Corp
(d)
2,956
5
Gold
Resource
Corp
3,918
22
Hecla
Mining
Co
23,405
71
Kaiser
Aluminum
Corp
8,353
837
Livent
Corp
(d)
144,234
1,357
Novagold
Resources
Inc
(d)
3,325
30
Pan
American
Silver
-
CVR
(d),(f)
11,857
3
United
States
Lime
&
Minerals
Inc
157
14
$
3,580
Miscellaneous
Manufacturers
-
1.63%
American
Outdoor
Brands
Corp
(d)
3,643
34
Enerpac
Tool
Group
Corp
1,346
31
EnPro
Industries
Inc
25,733
1,504
ESCO
Technologies
Inc
241
23
Fabrinet
(d)
113,705
7,168
Federal
Signal
Corp
3,028
97
Haynes
International
Inc
2,950
80
Hillenbrand
Inc
62,173
1,805
Lydall
Inc
(d)
1,179
24
Materion
Corp
8,398
456
NL
Industries
Inc
(d)
1,320
5
Standex
International
Corp
591
43
Sturm
Ruger
&
Co
Inc
67
3
Trinity
Industries
Inc
150,900
3,068
Trinseo
SA
53,448
1,535
$
15,876
Office
&
Business
Equipment
-
0.00%
Pitney
Bowes
Inc
5,496
21
Office
Furnishings
-
0.32%
CompX
International
Inc
349
6
Herman
Miller
Inc
13,228
511
HNI
Corp
941
34
Interface
Inc
71,977
1,157
Kimball
International
Inc
3,482
66
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Office
Furnishings
(continued)
Knoll
Inc
20,469
$
507
Steelcase
Inc
45,816
852
$
3,133
Oil
&
Gas
-
3.41%
Abraxas
Petroleum
Corp
(d)
12,025
3
Amplify
Energy
Corp
991
5
Berry
Petroleum
Corp
235,765
1,615
Bonanza
Creek
Energy
Inc
(d)
92,947
1,691
Brigham
Minerals
Inc
349
6
California
Resources
Corp
(d),(e)
5,911
43
Callon
Petroleum
Co
(d)
444,835
1,334
Centennial
Resource
Development
Inc/DE
(d)
478,200
1,559
Chaparral
Energy
Inc
-
A
Shares
(d)
2,528
3
CNX
Resources
Corp
(d)
10,996
80
Comstock
Resources
Inc
(d),(e)
1,203
7
CVR
Energy
Inc
11,844
410
Delek
US
Holdings
Inc
41,898
1,150
Denbury
Resources
Inc
(d)
39,727
40
Earthstone
Energy
Inc
(d)
297,654
1,489
Evolution
Petroleum
Corp
8,175
41
Falcon
Minerals
Corp
2,529
14
Goodrich
Petroleum
Corp
(d)
370
2
Gulfport
Energy
Corp
(d)
25,145
39
HighPoint
Resources
Corp
(d)
8,677
10
Kosmos
Energy
Ltd
1,369,121
6,996
Laredo
Petroleum
Inc
(d)
157,567
271
Magnolia
Oil
&
Gas
Corp
(d)
143,295
1,508
Mammoth
Energy
Services
Inc
1,687
2
Matador
Resources
Co
(d)
4,790
70
Montage
Resources
Corp
(d)
1,854
7
Murphy
USA
Inc
(d)
6,374
651
Nabors
Industries
Ltd
52,291
108
Noble
Corp
PLC
(d)
15,595
13
Northern
Oil
and
Gas
Inc
(d),(e)
18,950
31
Oasis
Petroleum
Inc
(d)
29,670
67
Pacific
Drilling
SA
(d)
1,919
4
Panhandle
Oil
and
Gas
Inc
5,668
41
Par
Pacific
Holdings
Inc
(d)
35,279
710
Parker
Drilling
Co
(d)
725
12
Parsley
Energy
Inc
411,964
6,855
PBF
Energy
Inc
40,700
1,111
PDC
Energy
Inc
(d)
84,598
1,827
Penn
Virginia
Corp
(d)
900
19
PrimeEnergy
Resources
Corp
(d)
24
3
QEP
Resources
Inc
11,416
36
Range
Resources
Corp
(e)
371,000
1,113
Ring
Energy
Inc
(d)
34,226
73
SandRidge
Energy
Inc
(d)
9,987
25
SilverBow
Resources
Inc
(d)
2,696
14
SM
Energy
Co
8,459
78
Southwestern
Energy
Co
(d)
74,245
117
Talos
Energy
Inc
(d)
18,346
402
Transocean
Ltd
(d)
4,741
22
Trecora
Resources
(d)
7,763
53
W&T
Offshore
Inc
(d)
346,778
1,435
Whiting
Petroleum
Corp
(d),(e)
4,309
20
$
33,235
Oil
&
Gas
Services
-
1.65%
Apergy
Corp
(d)
55,800
1,443
Archrock
Inc
9,250
77
Dril-Quip
Inc
(d)
2,472
101
Era
Group
Inc
(d)
1,501
15
Exterran
Corp
(d)
1,873
10
Forum
Energy
Technologies
Inc
(d)
55,257
59
Frank's
International
NV
(d)
386,311
1,352
FTS
International
Inc
(d)
8,490
5
Geospace
Technologies
Corp
(d)
996
13
Helix
Energy
Solutions
Group
Inc
(d)
18,412
154
Independence
Contract
Drilling
Inc
(d)
3,982
3
Schedule
of
Investments
SmallCap
Value
Fund
II
January
31,
2020
(unaudited)
See
accompanying
notes.
248
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Oil
&
Gas
Services
(continued)
Liberty
Oilfield
Services
Inc
193,992
$
1,645
Matrix
Service
Co
(d)
55,895
1,125
MRC
Global
Inc
(d)
16,580
187
National
Energy
Services
Reunited
Corp
(d)
1,873
12
Natural
Gas
Services
Group
Inc
(d)
1,097
12
NCS
Multistage
Holdings
Inc
(d)
1,406
2
Newpark
Resources
Inc
(d)
213,655
1,068
NexTier
Oilfield
Solutions
Inc
(d)
353,350
1,820
Nine
Energy
Service
Inc
(d)
62,500
303
NOW
Inc
(d)
29,085
291
Oceaneering
International
Inc
(d)
4,790
59
Oil
States
International
Inc
(d)
5,927
64
ProPetro
Holding
Corp
(d)
167,405
1,630
RPC
Inc
(e)
264,634
1,199
Select
Energy
Services
Inc
(d)
117,773
820
Seventy
Seven
Energy
Inc
(d),(f),(g)
16,216
—
Smart
Sand
Inc
(d),(e)
2,222
5
Solaris
Oilfield
Infrastructure
Inc
125,100
1,442
TETRA
Technologies
Inc
(d)
17,440
26
Thermon
Group
Holdings
Inc
(d)
46,782
1,109
US
Well
Services
Inc
(d)
838
1
$
16,052
Packaging
&
Containers
-
0.09%
Greif
Inc
-
Class
A
6,570
266
Greif
Inc
-
Class
B
442
21
Matthews
International
Corp
1,428
53
Silgan
Holdings
Inc
13,400
414
UFP
Technologies
Inc
(d)
3,265
152
$
906
Pharmaceuticals
-
1.11%
Adamas
Pharmaceuticals
Inc
(d)
1,826
9
Aeglea
BioTherapeutics
Inc
(d)
1,608
12
Akebia
Therapeutics
Inc
(d)
7,188
52
Akorn
Inc
(d)
12,987
20
Anika
Therapeutics
Inc
(d)
11,081
456
Artana
Therapeutics
(d),(f),(g)
581
—
Assertio
Therapeutics
Inc
(d)
6,929
8
Chimerix
Inc
(d)
3,454
6
Coherus
Biosciences
Inc
(d)
20,630
372
Concert
Pharmaceuticals
Inc
(d)
3,620
39
Corium
International
Inc
(d),(f)
454
—
Cyclerion
Therapeutics
Inc
(d)
79
—
Cytokinetics
Inc
(d)
274
3
Diplomat
Pharmacy
Inc
(d)
4,340
17
Endo
International
PLC
(d)
14,594
83
G1
Therapeutics
Inc
(d)
7,608
147
Gritstone
Oncology
Inc
(d)
1,190
11
Harpoon
Therapeutics
Inc
(d)
402
5
Intellia
Therapeutics
Inc
(d)
4,994
59
Intra-Cellular
Therapies
Inc
(d)
1,046
24
Jounce
Therapeutics
Inc
(d)
5,476
34
Lannett
Co
Inc
(d),(e)
2,203
18
Mallinckrodt
PLC
(d),(e)
20,481
94
Minerva
Neurosciences
Inc
(d)
473
4
Nature's
Sunshine
Products
Inc
(d)
664
6
Option
Care
Health
Inc
(d)
7,113
30
Owens
&
Minor
Inc
6,049
37
PRA
Health
Sciences
Inc
(d)
59,225
6,000
Prestige
Consumer
Healthcare
Inc
(d)
3,219
131
Principia
Biopharma
Inc
(d)
96
5
Protagonist
Therapeutics
Inc
(d)
562
4
Reata
Pharmaceuticals
Inc
(d)
808
177
Revance
Therapeutics
Inc
(d)
439
10
Spectrum
Pharmaceuticals
Inc
(d)
738
2
Spero
Therapeutics
Inc
(d)
823
8
Sutro
Biopharma
Inc
(d)
514
5
Taro
Pharmaceutical
Industries
Ltd
(d),(e)
17,600
1,420
TG
Therapeutics
Inc
(d)
528
7
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Pharmaceuticals
(continued)
USANA
Health
Sciences
Inc
(d)
24,300
$
1,499
$
10,814
Pipelines
-
0.37%
CNX
Midstream
Partners
LP
(e)
82,900
1,276
Noble
Midstream
Partners
LP
(e),(h)
51,300
1,149
Oasis
Midstream
Partners
LP
74,600
1,159
$
3,584
Private
Equity
-
0.17%
Kennedy-Wilson
Holdings
Inc
2,856
62
Victory
Capital
Holdings
Inc
76,139
1,588
$
1,650
Real
Estate
-
0.88%
American
Realty
Investors
Inc
(d)
345
5
Consolidated-Tomoka
Land
Co
340
21
Cushman
&
Wakefield
PLC
(d)
398,024
7,650
FRP
Holdings
Inc
(d)
422
20
Griffin
Industrial
Realty
Inc
139
6
Legacy
Housing
Corp
(d)
363
5
Marcus
&
Millichap
Inc
(d)
164
6
Maui
Land
&
Pineapple
Co
Inc
(d)
289
3
McGrath
RentCorp
667
51
Newmark
Group
Inc
2,773
33
RE/MAX
Holdings
Inc
18,105
693
Realogy
Holdings
Corp
(e)
5,462
58
Safehold
Inc
(e)
697
31
Stratus
Properties
Inc
(d)
435
13
Transcontinental
Realty
Investors
Inc
(d)
116
4
$
8,599
REITs
-
5.36%
Acadia
Realty
Trust
4,147
103
Agree
Realty
Corp
1,985
151
Alexander
&
Baldwin
Inc
3,246
71
American
Finance
Trust
Inc
7,581
98
Apollo
Commercial
Real
Estate
Finance
Inc
7,334
134
Ares
Commercial
Real
Estate
Corp
1,892
31
Armada
Hoffler
Properties
Inc
3,557
65
ARMOUR
Residential
REIT
Inc
2,713
52
Ashford
Hospitality
Trust
Inc
6,195
15
Blackstone
Mortgage
Trust
Inc
6,008
229
Braemar
Hotels
&
Resorts
Inc
2,029
16
Brandywine
Realty
Trust
315,700
4,931
BRT
Apartments
Corp
786
14
Capstead
Mortgage
Corp
4,478
37
CareTrust
REIT
Inc
1,186
26
CatchMark
Timber
Trust
Inc
17,051
175
Cedar
Realty
Trust
Inc
6,538
17
Chatham
Lodging
Trust
10,628
174
CIM
Commercial
Trust
Corp
387
6
City
Office
REIT
Inc
4,608
62
Colony
Capital
Inc
356,014
1,663
Colony
Credit
Real
Estate
Inc
124,661
1,552
Community
Healthcare
Trust
Inc
99,328
4,685
CoreCivic
Inc
63,676
1,016
CorEnergy
Infrastructure
Trust
Inc
868
40
DiamondRock
Hospitality
Co
55,605
538
Diversified
Healthcare
Trust
102,462
791
Easterly
Government
Properties
Inc
4,478
108
Essential
Properties
Realty
Trust
Inc
5,311
147
Exantas
Capital
Corp
2,222
27
Farmland
Partners
Inc
(e)
1,783
12
First
Industrial
Realty
Trust
Inc
32,116
1,372
Franklin
Street
Properties
Corp
12,100
92
Front
Yard
Residential
Corp
3,297
35
Getty
Realty
Corp
8,946
282
Gladstone
Commercial
Corp
3,025
64
Gladstone
Land
Corp
1,218
16
Global
Medical
REIT
Inc
2,155
31
Global
Net
Lease
Inc
4,263
88
Granite
Point
Mortgage
Trust
Inc
2,507
46
Schedule
of
Investments
SmallCap
Value
Fund
II
January
31,
2020
(unaudited)
See
accompanying
notes.
249
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
REITs
(continued)
Great
Ajax
Corp
82,729
$
1,249
Healthcare
Realty
Trust
Inc
20,757
749
Hersha
Hospitality
Trust
2,252
29
Independence
Realty
Trust
Inc
7,136
105
Industrial
Logistics
Properties
Trust
4,933
113
Invesco
Mortgage
Capital
Inc
17,314
302
Investors
Real
Estate
Trust
998
74
iStar
Inc
2,682
39
Jernigan
Capital
Inc
(e)
1,440
29
Kite
Realty
Group
Trust
6,171
106
KKR
Real
Estate
Finance
Trust
Inc
1,605
34
Ladder
Capital
Corp
4,833
89
Lexington
Realty
Trust
58,507
648
LTC
Properties
Inc
929
43
Mack-Cali
Realty
Corp
4,148
91
Monmouth
Real
Estate
Investment
Corp
28,803
421
National
Health
Investors
Inc
3,928
331
National
Storage
Affiliates
Trust
143,500
4,900
New
Senior
Investment
Group
Inc
3,240
25
New
York
Mortgage
Trust
Inc
12,513
79
Office
Properties
Income
Trust
35,139
1,196
One
Liberty
Properties
Inc
1,036
28
Pebblebrook
Hotel
Trust
87,311
2,071
PennyMac
Mortgage
Investment
Trust
4,322
100
Physicians
Realty
Trust
334,509
6,473
Piedmont
Office
Realty
Trust
Inc
35,312
819
PotlatchDeltic
Corp
3,167
136
Preferred
Apartment
Communities
Inc
3,047
36
PS
Business
Parks
Inc
1,115
187
Ready
Capital
Corp
2,155
35
Redwood
Trust
Inc
5,305
93
Retail
Opportunity
Investments
Corp
15,622
259
Retail
Value
Inc
1,038
34
Rexford
Industrial
Realty
Inc
7,271
350
RLJ
Lodging
Trust
62,078
966
RPT
Realty
6,400
89
Sabra
Health
Care
REIT
Inc
17,035
366
Saul
Centers
Inc
155
8
Seritage
Growth
Properties
43,512
1,598
STAG
Industrial
Inc
193,916
6,252
Summit
Hotel
Properties
Inc
25,962
288
Sunstone
Hotel
Investors
Inc
63,651
807
Terreno
Realty
Corp
4,064
233
TPG
RE
Finance
Trust
Inc
4,575
93
UMH
Properties
Inc
608
10
Universal
Health
Realty
Income
Trust
258
32
Urban
Edge
Properties
13,753
253
Urstadt
Biddle
Properties
Inc
3,091
70
Washington
Prime
Group
Inc
(e)
11,631
35
Washington
Real
Estate
Investment
Trust
16,554
504
Western
Asset
Mortgage
Capital
Corp
3,373
36
Whitestone
REIT
2,536
33
Xenia
Hotels
&
Resorts
Inc
17,729
332
$
52,290
Retail
-
5.09%
Abercrombie
&
Fitch
Co
3,049
50
American
Eagle
Outfitters
Inc
84,660
1,219
Asbury
Automotive
Group
Inc
(d)
7,073
682
Barnes
&
Noble
Education
Inc
(d)
3,331
11
Bassett
Furniture
Industries
Inc
703
9
Beacon
Roofing
Supply
Inc
(d)
2,608
86
Bed
Bath
&
Beyond
Inc
(e)
31,687
452
Big
Lots
Inc
31,273
847
Biglari
Holdings
Inc
(d)
28
3
BJ's
Wholesale
Club
Holdings
Inc
(d)
20,687
424
BMC
Stock
Holdings
Inc
(d)
26,326
768
Brinker
International
Inc
20,109
858
Buckle
Inc/The
(e)
2,454
60
Caleres
Inc
6,804
120
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Retail
(continued)
Cannae
Holdings
Inc
(d)
3,236
$
132
Cato
Corp/The
1,477
24
Chico's
FAS
Inc
43,278
168
Children's
Place
Inc/The
(e)
21,000
1,253
Chuy's
Holdings
Inc
(d)
4,017
98
Citi
Trends
Inc
7,410
173
Conn's
Inc
(d),(e)
1,220
11
Container
Store
Group
Inc/The
(d)
1,200
5
Del
Taco
Restaurants
Inc
(d)
1,919
15
Denny's
Corp
(d)
671
14
Designer
Brands
Inc
82,927
1,180
Dillard's
Inc
(e)
7,015
426
Dine
Brands
Global
Inc
7,418
632
Duluth
Holdings
Inc
(d),(e)
29,700
251
Dunkin'
Brands
Group
Inc
58,375
4,559
El
Pollo
Loco
Holdings
Inc
(d)
1,500
20
Express
Inc
(d)
4,593
18
Fiesta
Restaurant
Group
Inc
(d)
1,535
15
FirstCash
Inc
73,301
6,375
Foundation
Building
Materials
Inc
(d)
24,339
434
GameStop
Corp
(e)
5,685
22
Genesco
Inc
(d)
22,137
871
GMS
Inc
(d)
1,862
50
GNC
Holdings
Inc
(d),(e)
6,270
13
Group
1
Automotive
Inc
16,318
1,645
Guess?
Inc
9,918
211
Habit
Restaurants
Inc/The
(d)
28,480
396
Haverty
Furniture
Cos
Inc
60,362
1,215
Hibbett
Sports
Inc
(d)
64,569
1,600
Hudson
Ltd
(d)
2,357
26
J
Alexander's
Holdings
Inc
(d)
1,180
11
Jack
in
the
Box
Inc
7,525
615
JC
Penney
Co
Inc
(d),(e)
21,564
16
Kura
Sushi
USA
Inc
(d)
122
3
La-Z-Boy
Inc
41,449
1,270
Lithia
Motors
Inc
9,668
1,311
MarineMax
Inc
(d)
1,309
26
Michaels
Cos
Inc/The
(d)
9,420
47
Movado
Group
Inc
88,041
1,516
Nu
Skin
Enterprises
Inc
46,000
1,499
Office
Depot
Inc
549,266
1,220
Papa
John's
International
Inc
134
9
PC
Connection
Inc
18,703
931
PetMed
Express
Inc
(e)
46,242
1,166
PriceSmart
Inc
1,459
89
Red
Robin
Gourmet
Burgers
Inc
(d)
837
28
Regis
Corp
(d)
19,900
309
RH
(d)
2,240
468
Rite
Aid
Corp
(d),(e)
3,320
40
Rush
Enterprises
Inc
-
Class
A
42,022
1,806
Rush
Enterprises
Inc
-
Class
B
338
15
Ruth's
Hospitality
Group
Inc
3,690
76
Sally
Beauty
Holdings
Inc
(d)
29,023
445
Shoe
Carnival
Inc
669
24
Signet
Jewelers
Ltd
14,237
346
Sonic
Automotive
Inc
53,237
1,684
Sportsman's
Warehouse
Holdings
Inc
(d)
104,427
676
Suburban
Propane
Partners
LP
(e)
75,037
1,700
Tailored
Brands
Inc
(e)
783
3
Tilly's
Inc
99,325
845
Urban
Outfitters
Inc
(d)
27,200
696
Vera
Bradley
Inc
(d)
132,497
1,269
Wingstop
Inc
2,949
274
Winmark
Corp
105
21
World
Fuel
Services
Corp
20,954
820
Zumiez
Inc
(d)
28,794
897
$
49,612
Schedule
of
Investments
SmallCap
Value
Fund
II
January
31,
2020
(unaudited)
See
accompanying
notes.
250
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Savings
&
Loans
-
2.21%
Axos
Financial
Inc
(d)
982
$
28
Banc
of
California
Inc
2,132
34
BankFinancial
Corp
5,951
74
Berkshire
Hills
Bancorp
Inc
10,175
287
Brookline
Bancorp
Inc
97,570
1,483
Capitol
Federal
Financial
Inc
51,503
678
Community
Bankers
Trust
Corp
1,644
14
Dime
Community
Bancshares
Inc
93,874
1,823
ESSA
Bancorp
Inc
798
13
First
Capital
Inc
219
14
First
Defiance
Financial
Corp
66,257
1,948
First
Financial
Northwest
Inc
600
9
Flushing
Financial
Corp
81,353
1,617
FS
Bancorp
Inc
6,756
370
Greene
County
Bancorp
Inc
162
5
Hingham
Institution
for
Savings
3,855
807
Home
Bancorp
Inc
821
29
HomeTrust
Bancshares
Inc
16,091
427
Investors
Bancorp
Inc
185,341
2,240
Malvern
Bancorp
Inc
(d)
533
11
Meridian
Bancorp
Inc
49,606
892
MutualFirst
Financial
Inc
431
16
Northfield
Bancorp
Inc
79,404
1,262
Northwest
Bancshares
Inc
18,043
283
OceanFirst
Financial
Corp
36,205
842
Pacific
Premier
Bancorp
Inc
31,419
937
Provident
Financial
Holdings
Inc
462
10
Provident
Financial
Services
Inc
15,020
343
Prudential
Bancorp
Inc
715
13
Riverview
Bancorp
Inc
1,850
14
Southern
Missouri
Bancorp
Inc
11,171
398
Territorial
Bancorp
Inc
17,291
502
Timberland
Bancorp
Inc/WA
536
15
United
Community
Financial
Corp/OH
7,190
78
Washington
Federal
Inc
67,744
2,302
Waterstone
Financial
Inc
48,323
845
WSFS
Financial
Corp
22,458
896
$
21,559
Semiconductors
-
5.59%
Adesto
Technologies
Corp
(d)
281
2
Alpha
&
Omega
Semiconductor
Ltd
(d)
1,463
18
Ambarella
Inc
(d)
3,889
230
Amkor
Technology
Inc
(d)
37,788
425
AVX
Corp
62,247
1,262
Axcelis
Technologies
Inc
(d)
1,589
38
AXT
Inc
(d)
2,644
10
Brooks
Automation
Inc
468
18
Cabot
Microelectronics
Corp
86,725
12,619
CEVA
Inc
(d)
1,764
49
Cirrus
Logic
Inc
(d)
18,551
1,424
Cohu
Inc
1,865
42
CTS
Corp
1,500
44
Diodes
Inc
(d)
38,911
2,010
DSP
Group
Inc
(d)
1,078
16
Entegris
Inc
197,550
10,225
FormFactor
Inc
(d)
5,363
136
GSI
Technology
Inc
(d)
1,463
12
KEMET
Corp
2,688
70
Lattice
Semiconductor
Corp
(d)
108,250
2,013
MACOM
Technology
Solutions
Holdings
Inc
(d)
2,158
61
MaxLinear
Inc
(d)
72,895
1,421
MKS
Instruments
Inc
51,250
5,372
Nova
Measuring
Instruments
Ltd
(d)
158,250
6,020
Onto
Innovation
Inc
(d)
8,947
340
Photronics
Inc
(d)
5,932
76
Rambus
Inc
(d)
314,348
4,989
Semtech
Corp
(d)
4,282
206
Synaptics
Inc
(d)
7,244
483
Tower
Semiconductor
Ltd
(d)
184,500
4,092
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Semiconductors
(continued)
Ultra
Clean
Holdings
Inc
(d)
3,485
$
80
Veeco
Instruments
Inc
(d)
15,079
192
Xperi
Corp
30,032
483
$
54,478
Software
-
0.53%
Allscripts
Healthcare
Solutions
Inc
(d)
10,508
90
American
Software
Inc/GA
868
13
Avaya
Holdings
Corp
(d)
8,438
108
Bandwidth
Inc
(d)
143
10
Cloudera
Inc
(d)
10,714
110
Computer
Programs
&
Systems
Inc
852
22
CSG
Systems
International
Inc
22,364
1,114
Daily
Journal
Corp
(d),(e)
74
20
Digi
International
Inc
(d)
6,150
97
Ebix
Inc
(e)
44,000
1,515
Evolent
Health
Inc
(d)
11,873
120
GTY
Technology
Holdings
Inc
(d)
2,625
16
Health
Catalyst
Inc
(d),(e)
135
4
InnerWorkings
Inc
(d)
167,749
696
ManTech
International
Corp/VA
2,294
184
PDF
Solutions
Inc
(d)
1,752
28
Phreesia
Inc
(d)
178
6
Progress
Software
Corp
11,693
528
QAD
Inc
327
17
Synchronoss
Technologies
Inc
(d)
2,349
13
TiVo
Corp
5,895
43
Verint
Systems
Inc
(d)
6,309
366
$
5,120
Storage
&
Warehousing
-
0.02%
Mobile
Mini
Inc
5,111
213
Supranational
Bank
-
0.00%
Banco
Latinoamericano
de
Comercio
Exterior
SA
1,928
39
Telecommunications
-
0.45%
Acacia
Communications
Inc
(d)
1,761
121
ADTRAN
Inc
3,218
29
ATN
International
Inc
719
42
CalAmp
Corp
(d)
2,362
23
Calix
Inc
(d)
1,655
15
Cambium
Networks
Corp
(d)
290
2
Casa
Systems
Inc
(d)
119,700
480
Cincinnati
Bell
Inc
(d)
8,036
111
CommScope
Holding
Co
Inc
(d)
58,400
712
Consolidated
Communications
Holdings
Inc
7,259
35
DASAN
Zhone
Solutions
Inc
(d)
390
3
Harmonic
Inc
(d)
5,562
39
IDT
Corp
-
Class
B
(d)
7,006
53
Infinera
Corp
(d)
8,542
63
Iridium
Communications
Inc
(d)
4,673
119
KVH
Industries
Inc
(d)
1,119
11
Maxar
Technologies
Inc
2,823
45
NeoPhotonics
Corp
(d)
44,537
340
NETGEAR
Inc
(d)
1,427
37
ORBCOMM
Inc
(d)
1,022
4
Plantronics
Inc
39,500
1,134
Preformed
Line
Products
Co
14,169
774
Ribbon
Communications
Inc
(d)
4,535
13
RigNet
Inc
(d)
438
2
Spok
Holdings
Inc
1,235
13
TESSCO
Technologies
Inc
558
3
Viavi
Solutions
Inc
(d)
8,320
117
Vonage
Holdings
Corp
(d)
3,502
31
$
4,371
Textiles
-
0.05%
Culp
Inc
818
10
UniFirst
Corp/MA
2,273
464
$
474
Toys,
Games
&
Hobbies
-
0.16%
Funko
Inc
(d)
102,900
1,547
Schedule
of
Investments
SmallCap
Value
Fund
II
January
31,
2020
(unaudited)
See
accompanying
notes.
251
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Transportation
-
1.63%
ArcBest
Corp
6,957
$
155
Ardmore
Shipping
Corp
1,989
12
Atlas
Air
Worldwide
Holdings
Inc
(d)
1,470
33
Costamare
Inc
3,629
29
Covenant
Transportation
Group
Inc
(d)
92,369
1,172
Daseke
Inc
(d)
3,057
9
Diamond
S
Shipping
Inc
(d)
1,511
17
Dorian
LPG
Ltd
(d)
9,918
130
Echo
Global
Logistics
Inc
(d)
4,869
94
GasLog
Ltd
975
6
Genco
Shipping
&
Trading
Ltd
1,062
8
Golar
LNG
Ltd
4,173
40
Heartland
Express
Inc
3,368
63
Hoegh
LNG
Partners
LP
(e)
21,800
329
Hub
Group
Inc
(d)
2,214
117
International
Seaways
Inc
(d)
8,454
189
Landstar
System
Inc
81,800
9,059
Marten
Transport
Ltd
3,743
78
Matson
Inc
45,816
1,650
Nordic
American
Tankers
Ltd
20,871
70
Overseas
Shipholding
Group
Inc
(d)
4,775
9
PAM
Transportation
Services
Inc
(d)
54
3
Safe
Bulkers
Inc
(d)
4,343
6
Saia
Inc
(d)
499
43
Scorpio
Bulkers
Inc
9,820
36
Scorpio
Tankers
Inc
3,174
74
SEACOR
Holdings
Inc
(d)
15,769
593
SFL
Corp
Ltd
5,969
79
Teekay
Corp
(d)
4,766
17
Teekay
Tankers
Ltd
(d)
4,679
76
Tidewater
Inc
(d)
1,854
28
Universal
Logistics
Holdings
Inc
65,000
1,099
US
Xpress
Enterprises
Inc
(d)
1,453
8
Werner
Enterprises
Inc
14,187
522
$
15,853
Trucking
&
Leasing
-
0.18%
GATX
Corp
2,314
176
General
Finance
Corp
(d)
590
6
Greenbrier
Cos
Inc/The
64,317
1,549
Willis
Lease
Finance
Corp
(d)
246
15
$
1,746
Water
-
0.06%
Artesian
Resources
Corp
7,738
292
California
Water
Service
Group
132
7
Consolidated
Water
Co
Ltd
954
16
Middlesex
Water
Co
84
5
PICO
Holdings
Inc
(d)
1,369
14
SJW
Group
468
34
York
Water
Co/The
3,667
174
$
542
TOTAL
COMMON
STOCKS
$
944,185
PREFERRED
STOCKS
-
0.00%
Shares
Held
Value
(000's)
Metal
Fabrication
&
Hardware
-
0.00%
Steel
Partners
Holdings
LP
6.00%,
02/07/2026
507
$
11
TOTAL
PREFERRED
STOCKS
$
11
Total
Investments
$
979,185
Other
Assets
and
Liabilities
- (0.45)%
(4,366)
TOTAL
NET
ASSETS
-
100.00%
$
974,819
(a)
Current
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
$13,098
or
1.34%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.0%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
affiliated
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.
(f)
Fair
value
of
these
investments
is
determined
in
good
faith
by
the
Manager
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Directors.
Certain
inputs
used
in
the
valuation
may
be
unobservable;
however,
each
security
is
evaluated
individually
for
purposes
of
ASC
820
which
results
in
not
all
securities
being
identified
as
Level
3
of
the
fair
value
hierarchy.
At
the
end
of
the
period,
the
fair
value
of
these
securities
totaled
$21
or
0.00%
of
net
assets.
(g)
The
value
of
these
investments
was
determined
using
significant
unobservable
inputs.
(h)
Restricted
Security.
Please
see
Restricted
Security
Sub-Schedule
for
more
information.
Portfolio
Summary (unaudited)
Sector
Percent
Financial
35.65%
Industrial
13.22%
Consumer,
Cyclical
11.98%
Technology
10.05%
Consumer,
Non-cyclical
9.50%
Energy
6.03%
Utilities
4.22%
Communications
3.23%
Money
Market
Funds
3.09%
Basic
Materials
2.98%
Investment
Companies
0.43%
Domestic
Equity
Funds
0.07%
Government
0.00%
Other
Assets
and
Liabilities
(0.45)%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
SmallCap
Value
Fund
II
January
31,
2020
(unaudited)
See
accompanying
notes.
252
Affiliated
Securities
October
31,
2019
Purchases
Sales
January
31,
2020
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
1.43%
$
34,976
$
122,151
$
130,164
$
26,963
Principal
U.S.
Small-Cap
Multi-Factor
Index
ETF
625
—
—
634
$
35,601
$
122,151
$
130,164
$
27,597
Income
(a)
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/Loss
Principal
Government
Money
Market
Fund
1.43%
$
82
$
—
$
—
$
—
Principal
U.S.
Small-Cap
Multi-Factor
Index
ETF
3
—
—
9
$
85
$
—
$
—
$
9
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Restricted
Securities
Security
Name
Acquisition
Date
Cost
Value
Percent
of
Net
Assets
NewStar
Financial
Inc
12/27/2017
$
28
$
13
0.00%
Noble
Midstream
Partners
LP
01/16/2019
-
12/13/2019
1,433
1,149
0.12%
Total
$
1,162
0.12%
Amounts
in
thousands.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
Russell
2000
Emini;
March
2020
Long
7
$
565
$
(10)
Total
$
(10)
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
Tax-Exempt
Bond
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
253
INVESTMENT
COMPANIES
-
2.63%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
2.63%
iShares
National
Muni
Bond
ETF
78,800
$
9,125
iShares
Short-Term
National
Muni
Bond
ETF
58,302
6,259
SPDR
Nuveen
Bloomberg
Barclays
High
Yield
Municipal
Bond
ETF
9,621
581
VanEck
Vectors
High-Yield
Municipal
Index
ETF
8,338
544
$
16,509
TOTAL
INVESTMENT
COMPANIES
$
16,509
MUNICIPAL
BONDS
-
102.30%
Principal
Amount
(000's)
Value
(000's)
Alabama
-
3.32%
Birmingham
Airport
Authority
(
credit
support
from
Assured
Guaranty
Municipal
Corp
)
5.25
%,
07
/01/2030
(a)
$
1,000
$
1,017
Hoover
Industrial
Development
Board
5.75
%,
10
/01/2049
2,000
2,242
Lower
Alabama
Gas
District/The
5.00
%,
09
/01/2034
3,500
4,676
5.00
%,
09
/01/2046
4,500
6,507
Tuscaloosa
County
Industrial
Development
Authority
4.50
%,
05
/01/2032
(b)
1,000
1,133
5.25
%,
05
/01/2044
(b)
4,500
5,260
$
20,835
Arizona
-
2.65%
Arizona
Industrial
Development
Authority
5.00
%,
01
/01/2043
2,000
2,310
5.00
%,
01
/01/2049
1,000
1,111
5.00
%,
01
/01/2054
900
1,021
5.13
%,
01
/01/2054
1,000
1,111
5.50
%,
01
/01/2054
(b)
1,500
1,673
Chandler
Industrial
Development
Authority
2.70
%,
12
/01/2037
(c)
1,300
1,364
Navajo
Nation
5.50
%,
12
/01/2030
(b)
1,240
1,419
Salt
Verde
Financial
Corp
5.00
%,
12
/01/2032
4,965
6,579
$
16,588
California
-
7.34%
Alum
Rock
Union
Elementary
School
District
5.25
%,
08
/01/2043
1,000
1,128
California
Health
Facilities
Financing
Authority
5.00
%,
11
/15/2046
(d)
1,691
2,017
California
Municipal
Finance
Authority
5.00
%,
05
/15/2031
2,240
2,802
5.00
%,
05
/15/2033
1,000
1,241
5.00
%,
05
/15/2034
600
743
California
Pollution
Control
Financing
Authority
4.30
%,
07
/01/2040
2,000
2,284
California
Statewide
Communities
Development
Authority
(
credit
support
from
Ginnie
Mae
Collateral
)
4.90
%,
07
/20/2039
(a)
500
510
City
of
Los
Angeles
Department
of
Airports
5.00
%,
05
/15/2028
2,000
2,572
5.00
%,
05
/15/2035
1,500
1,517
5.00
%,
05
/15/2039
(d)
1,033
1,305
5.00
%,
05
/15/2044
(d)
2,842
3,468
5.00
%,
05
/15/2044
(d)
1,275
1,590
City
of
Vernon
CA
Electric
System
Revenue
5.13
%,
08
/01/2021
225
229
Golden
State
Tobacco
Securitization
Corp
5.30
%,
06
/01/2037
1,000
1,057
Oakland
Unified
School
District/Alameda
County
5.00
%,
08
/01/2034
2,210
2,622
Riverside
Community
Properties
Development
Inc
6.00
%,
10
/15/2038
1,150
1,372
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
California
(continued)
Sacramento
Area
Flood
Control
Agency
(
credit
support
from
Build
America
Mutual
Assurance
Corp
)
5.00
%,
10
/01/2039
(a)
$
1,340
$
1,544
Sacramento
County
Water
Financing
Authority
5.00
%,
06
/01/2027
500
644
San
Diego
County
Regional
Airport
Authority
5.00
%,
07
/01/2028
(e)
340
427
5.00
%,
07
/01/2029
(e)
410
523
5.00
%,
07
/01/2030
(e)
480
620
5.00
%,
07
/01/2031
(e)
500
642
5.00
%,
07
/01/2032
(e)
455
583
5.00
%,
07
/01/2033
(e)
500
638
5.00
%,
07
/01/2034
(e)
415
527
5.00
%,
07
/01/2035
(e)
300
379
5.00
%,
07
/01/2037
(e)
450
566
5.00
%,
07
/01/2038
(e)
500
626
5.00
%,
07
/01/2040
(e)
265
330
San
Diego
Unified
School
District/CA
0.00
%,
07
/01/2032
(f)
5,000
3,911
Southern
California
Public
Power
Authority
5.00
%,
11
/01/2028
2,200
2,770
5.25
%,
07
/01/2028
1,000
1,063
State
of
California
5.00
%,
08
/01/2028
2,000
2,640
West
Contra
Costa
Unified
School
District
5.25
%,
08
/01/2033
1,000
1,149
$
46,039
Colorado
-
3.60%
Colorado
Health
Facilities
Authority
4.00
%,
11
/01/2039
8,275
9,448
Denver
Convention
Center
Hotel
Authority
5.00
%,
12
/01/2036
1,000
1,165
Dominion
Water
&
Sanitation
District
5.25
%,
12
/01/2027
1,500
1,599
Elbert
County
Independence
Water
&
Sanitation
District
7.25
%,
12
/01/2038
1,000
1,093
Painted
Prairie
Public
Improvement
Authority
5.00
%,
12
/01/2049
1,000
1,035
Regional
Transportation
District
6.00
%,
01
/15/2041
450
458
6.50
%,
01
/15/2030
500
510
STC
Metropolitan
District
No
2
5.00
%,
12
/01/2038
1,000
1,093
5.00
%,
12
/01/2049
1,000
1,087
Velocity
Metropolitan
District
No
3
5.13
%,
12
/01/2034
2,235
2,395
5.50
%,
12
/01/2048
2,500
2,682
$
22,565
Connecticut
-
1.07%
Mohegan
Tribal
Finance
Authority
7.00
%,
02
/01/2045
(b)
5,500
5,648
State
of
Connecticut
(
credit
support
from
ACA
Financial
Guaranty
Corp
)
6.60
%,
07
/01/2024
(a)
1,040
1,044
$
6,692
District
of
Columbia
-
1.33%
District
of
Columbia
5.00
%,
03
/01/2029
2,000
2,669
5.00
%,
10
/15/2044
3,500
4,422
Metropolitan
Washington
Airports
Authority
Dulles
Toll
Road
Revenue
5.00
%,
10
/01/2047
1,000
1,242
$
8,333
Florida
-
3.97%
Canaveral
Port
Authority
5.00
%,
06
/01/2048
2,000
2,428
Schedule
of
Investments
Tax-Exempt
Bond
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
254
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Florida
(continued)
City
of
Lakeland
FL
Department
of
Electric
Utilities
5.25
%,
10
/01/2036
$
1,000
$
1,435
Collier
County
Health
Facilities
Authority
5.00
%,
05
/01/2043
3,500
4,212
Escambia
County
Health
Facilities
Authority
(
credit
support
from
AMBAC
Assurance
Corp
)
5.95
%,
07
/01/2020
(a)
10
10
Florida
Development
Finance
Corp
6.25
%,
01
/01/2049
(b),(c)
500
505
6.38
%,
01
/01/2049
(b),(c)
3,000
3,027
Greater
Orlando
Aviation
Authority
5.00
%,
10
/01/2047
(d)
7,001
8,368
Martin
County
Health
Facilities
Authority
4.00
%,
01
/01/2046
3,000
3,394
Village
Community
Development
District
No
13
2.63
%,
05
/01/2024
(b)
500
506
3.00
%,
05
/01/2029
(b)
1,000
1,028
$
24,913
Georgia
-
0.59%
Atlanta
Development
Authority
The
7.00
%,
01
/01/2040
2,000
2,168
Development
Authority
of
Burke
County/The
1.28
%,
07
/01/2049
(c)
1,500
1,500
$
3,668
Idaho
-
1.14%
Idaho
Health
Facilities
Authority
1.15
%,
03
/01/2048
(c)
5,000
5,000
6.65
%,
02
/15/2021
(c)
2,000
2,118
$
7,118
Illinois
-
12.37%
Chicago
O'Hare
International
Airport
5.25
%,
01
/01/2036
2,000
2,467
5.25
%,
01
/01/2037
4,000
4,924
Chicago
Transit
Authority
5.00
%,
12
/01/2046
6,480
7,648
City
of
Chicago
IL
5.25
%,
01
/01/2029
2,000
2,307
5.50
%,
01
/01/2035
1,500
1,878
5.50
%,
01
/01/2049
1,000
1,214
6.00
%,
01
/01/2038
2,965
3,661
7.13
%,
03
/15/2022
200
200
7.46
%,
02
/15/2026
632
483
City
of
Chicago
IL
Wastewater
Transmission
Revenue
5.00
%,
01
/01/2030
1,000
1,143
5.00
%,
01
/01/2032
1,000
1,136
5.00
%,
01
/01/2033
2,000
2,268
City
of
Chicago
IL
Waterworks
Revenue
5.00
%,
11
/01/2028
1,000
1,152
County
of
Cook
IL
Sales
Tax
Revenue
5.25
%,
11
/15/2036
1,520
1,863
Illinois
Finance
Authority
0.00
%,
12
/01/2042
(f)
1,400
658
1.15
%,
08
/15/2042
(c)
5,000
5,000
Illinois
Sports
Facilities
Authority/The
5.00
%,
06
/15/2028
900
1,100
5.00
%,
06
/15/2029
1,000
1,241
Illinois
Sports
Facilities
Authority/
The
(
credit
support
from
Build
America
Mutual
Assurance
Corp
)
5.00
%,
06
/15/2029
(a)
2,050
2,605
Illinois
State
Toll
Highway
Authority
5.00
%,
12
/01/2032
5,200
6,227
5.00
%,
01
/01/2040
(d)
2,000
2,372
Metropolitan
Pier
&
Exposition
Authority
5.00
%,
06
/15/2057
700
813
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Illinois
(continued)
Metropolitan
Pier
&
Exposition
Authority
(
credit
support
from
National
Public
Finance
Guarantee
Corp
)
5.50
%,
06
/15/2029
(a)
$
2,410
$
2,965
Metropolitan
Water
Reclamation
District
of
Greater
Chicago
5.00
%,
12
/01/2028
5,000
6,182
Sales
Tax
Securitization
Corp
5.00
%,
01
/01/2048
3,000
3,578
Sales
Tax
Securitization
Corp
(
credit
support
from
Build
America
Mutual
Assurance
Corp
)
4.00
%,
01
/01/2040
(a)
1,750
2,012
5.00
%,
01
/01/2037
(a)
1,500
1,897
State
of
Illinois
5.00
%,
11
/01/2027
3,500
4,207
5.50
%,
07
/01/2027
3,410
3,803
United
City
of
Yorkville
IL
5.75
%,
03
/01/2028
400
400
Village
of
Gilberts
IL
Special
Service
Area
No
24
5.38
%,
03
/01/2034
149
149
$
77,553
Indiana
-
3.17%
Indiana
Finance
Authority
1.35
%,
05
/01/2034
(c)
15,000
15,001
7.00
%,
03
/01/2039
(b)
4,000
4,061
Town
of
Shoals
IN
7.25
%,
11
/01/2043
700
777
$
19,839
Kentucky
-
0.74%
Kentucky
Municipal
Power
Agency
5.00
%,
09
/01/2035
(e)
1,080
1,291
Kentucky
Public
Energy
Authority
4.00
%,
01
/01/2049
(c)
3,000
3,350
$
4,641
Louisiana
-
3.05%
Lafayette
Public
Trust
Financing
Authority
(
credit
support
from
Assured
Guaranty
Municipal
Corp
)
5.25
%,
10
/01/2030
(a)
1,000
1,028
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
3.50
%,
11
/01/2032
3,000
3,251
4.40
%,
11
/01/2044
(b)
2,000
2,124
5.50
%,
11
/01/2039
(b)
3,180
3,458
Louisiana
Offshore
Terminal
Authority
1.65
%,
09
/01/2027
(c)
3,320
3,363
Louisiana
Public
Facilities
Authority
0.00
%,
07
/01/2039
(f)
417
—
0.00
%,
07
/01/2039
(f)
659
—
Parish
of
St
John
the
Baptist
LA
2.10
%,
06
/01/2037
(c)
4,000
4,103
2.20
%,
06
/01/2037
(c)
1,750
1,813
$
19,140
Maine
-
0.32%
Finance
Authority
of
Maine
4.38
%,
08
/01/2035
(b),(c)
1,800
1,984
Maryland
-
0.35%
County
of
Baltimore
MD
4.00
%,
01
/01/2045
1,000
1,125
Maryland
Economic
Development
Corp
5.75
%,
06
/01/2035
545
554
Maryland
Health
&
Higher
Educational
Facilities
Authority
6.00
%,
07
/01/2041
500
535
$
2,214
Schedule
of
Investments
Tax-Exempt
Bond
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
255
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Massachusetts
-
1.42%
Commonwealth
of
Massachusetts
5.00
%,
01
/01/2042
$
1,940
$
2,392
Massachusetts
Bay
Transportation
Authority
5.25
%,
07
/01/2028
2,000
2,663
Massachusetts
Educational
Financing
Authority
4.90
%,
07
/01/2028
1,245
1,306
Massachusetts
Port
Authority
5.00
%,
07
/01/2029
1,000
1,294
5.00
%,
07
/01/2035
1,000
1,264
$
8,919
Michigan
-
1.54%
Kalamazoo
Economic
Development
Corp
5.00
%,
05
/15/2032
2,000
2,294
5.00
%,
05
/15/2042
1,010
1,129
Kentwood
Economic
Development
Corp
5.00
%,
11
/15/2041
1,000
1,143
Michigan
Finance
Authority
4.00
%,
02
/15/2044
3,400
3,879
Wayne
County
Airport
Authority
5.00
%,
12
/01/2045
1,000
1,180
$
9,625
Mississippi
-
0.96%
Mississippi
Business
Finance
Corp
1.23
%,
12
/01/2049
(c)
5,000
5,000
2.20
%,
03
/01/2027
(c)
1,000
1,035
$
6,035
Missouri
-
0.98%
City
of
St
Louis
MO
Airport
Revenue
5.00
%,
07
/01/2034
1,285
1,653
5.00
%,
07
/01/2049
1,100
1,366
City
of
St
Louis
MO
Airport
Revenue
(
credit
support
from
National
Public
Finance
Guarantee
Corp
)
5.50
%,
07
/01/2028
(a)
1,500
1,999
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
5.00
%,
02
/01/2034
1,000
1,145
$
6,163
Montana
-
0.65%
Montana
Board
of
Housing
(
credit
support
from
Federal
Housing
Administration,
Guaranteed
by
the
Department
of
Veterans
Affairs
and
HUD
)
4.00
%,
06
/01/2045
(a)
1,775
1,955
Montana
Facility
Finance
Authority
4.13
%,
07
/01/2038
2,000
2,150
$
4,105
Nevada
-
2.39%
Las
Vegas
Convention
&
Visitors
Authority
5.00
%,
07
/01/2043
(d)
8,606
10,532
Las
Vegas
Redevelopment
Agency
5.00
%,
06
/15/2040
3,850
4,432
$
14,964
New
Hampshire
-
2.41%
New
Hampshire
Business
Finance
Authority
2.15
%,
07
/01/2027
(c)
6,750
6,961
4.00
%,
11
/01/2027
(b)
1,000
1,060
4.13
%,
01
/20/2034
5,000
5,993
4.88
%,
11
/01/2042
(b)
1,000
1,064
$
15,078
New
Jersey
-
4.78%
Casino
Reinvestment
Development
Authority
Inc
5.25
%,
11
/01/2039
750
821
New
Jersey
Economic
Development
Authority
4.00
%,
07
/01/2032
805
892
5.75
%,
04
/01/2031
1,005
1,157
5.75
%,
06
/01/2031
550
559
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
New
Jersey
(continued)
New
Jersey
Transportation
Trust
Fund
Authority
5.25
%,
06
/15/2032
$
2,000
$
2,321
5.25
%,
06
/15/2034
2,250
2,601
South
Jersey
Port
Corp
5.00
%,
01
/01/2042
5,000
5,865
5.00
%,
01
/01/2048
3,000
3,492
South
Jersey
Transportation
Authority
(
credit
support
from
Assured
Guaranty
Municipal
Corp
)
5.00
%,
11
/01/2029
(a)
1,000
1,303
Tobacco
Settlement
Financing
Corp
4.00
%,
06
/01/2037
4,700
5,134
5.00
%,
06
/01/2046
5,000
5,820
$
29,965
New
York
-
7.59%
Hudson
Yards
Infrastructure
Corp
5.75
%,
02
/15/2047
1,585
1,665
5.75
%,
02
/15/2047
915
958
New
York
City
Industrial
Development
Agency
(
credit
support
from
Assured
Guaranty
Municipal
Corp
)
6.13
%,
01
/01/2029
(a)
925
929
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue
5.25
%,
08
/01/2037
3,000
3,860
New
York
City
Water
&
Sewer
System
4.00
%,
06
/15/2037
3,800
4,531
New
York
Counties
Tobacco
Trust
VI
5.00
%,
06
/01/2031
215
243
5.00
%,
06
/01/2036
740
824
5.00
%,
06
/01/2041
400
440
New
York
Liberty
Development
Corp
5.00
%,
11
/15/2031
1,000
1,071
5.00
%,
09
/15/2040
1,000
1,080
5.00
%,
12
/15/2041
1,000
1,072
New
York
State
Dormitory
Authority
5.00
%,
07
/01/2033
1,200
1,522
New
York
State
Dormitory
Authority
(
credit
support
from
Assured
Guaranty
Municipal
Corp
-
State
Aid
Withholding
)
5.00
%,
10
/01/2023
(a)
140
140
New
York
Transportation
Development
Corp
5.00
%,
08
/01/2021
3,500
3,678
5.00
%,
01
/01/2030
2,000
2,466
5.00
%,
01
/01/2031
7,200
8,855
5.00
%,
01
/01/2036
3,200
3,889
5.25
%,
01
/01/2050
3,125
3,569
Onondaga
County
Trust
for
Cultural
Resources
4.00
%,
12
/01/2049
3,400
3,987
Tompkins
County
Development
Corp
5.00
%,
07
/01/2027
115
75
Westchester
County
Local
Development
Corp
5.00
%,
11
/01/2046
2,400
2,727
$
47,581
North
Carolina
-
3.35%
City
of
Charlotte
NC
5.00
%,
06
/01/2029
5,790
7,776
City
of
Raleigh
NC
Combined
Enterprise
System
Revenue
5.00
%,
03
/01/2031
1,000
1,044
North
Carolina
Medical
Care
Commission
5.00
%,
10
/01/2047
1,000
1,119
North
Carolina
Turnpike
Authority
5.00
%,
01
/01/2040
4,100
5,040
Raleigh
Durham
Airport
Authority
5.00
%,
05
/01/2030
(e)
1,325
1,751
5.00
%,
05
/01/2035
(e)
1,000
1,297
5.00
%,
05
/01/2036
(e)
1,000
1,293
Schedule
of
Investments
Tax-Exempt
Bond
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
256
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
North
Carolina
(continued)
University
of
North
Carolina
at
Chapel
Hill
5.00
%,
02
/01/2032
$
1,310
$
1,669
$
20,989
Ohio
-
3.30%
American
Municipal
Power
Inc
5.25
%,
02
/15/2033
2,575
2,800
Buckeye
Tobacco
Settlement
Financing
Authority
5.75
%,
06
/01/2034
3,000
3,014
5.88
%,
06
/01/2030
2,000
2,010
6.00
%,
06
/01/2042
2,000
2,012
City
of
Cincinnati
OH
5.00
%,
12
/01/2032
815
893
County
of
Hamilton
OH
5.00
%,
01
/01/2036
1,435
1,630
5.00
%,
01
/01/2046
2,500
2,800
Franklin
County
Convention
Facilities
Authority
5.00
%,
12
/01/2051
1,000
1,188
Ohio
Air
Quality
Development
Authority
4.25
%,
01
/15/2038
(b)
1,000
1,122
4.50
%,
01
/15/2048
(b)
850
949
5.00
%,
07
/01/2049
(b)
2,000
2,259
$
20,677
Oklahoma
-
0.21%
Oklahoma
Development
Finance
Authority
5.25
%,
08
/15/2043
1,085
1,316
Oregon
-
2.03%
City
of
Portland
OR
Sewer
System
Revenue
5.00
%,
03
/01/2028
5,000
6,498
Oregon
State
Business
Development
Commission
6.50
%,
04
/01/2031
(b)
1,000
810
State
of
Oregon
Housing
&
Community
Services
Department
3.55
%,
07
/01/2033
5,000
5,433
$
12,741
Pennsylvania
-
4.94%
Allegheny
County
Industrial
Development
Authority
4.88
%,
11
/01/2024
1,000
1,058
5.13
%,
05
/01/2030
1,030
1,127
City
of
Philadelphia
PA
5.00
%,
02
/01/2038
1,000
1,258
5.00
%,
02
/01/2039
1,000
1,252
Commonwealth
Financing
Authority
5.00
%,
06
/01/2032
3,000
3,738
5.00
%,
06
/01/2033
2,000
2,485
Luzerne
County
Industrial
Development
Authority
2.45
%,
12
/01/2039
(c)
2,000
2,085
Pennsylvania
Economic
Development
Financing
Authority
2.15
%,
11
/01/2021
(c)
2,250
2,282
3.25
%,
08
/01/2039
(b)
1,200
1,210
5.75
%,
06
/01/2036
(b)
1,750
1,889
Pennsylvania
Turnpike
Commission
5.00
%,
12
/01/2029
2,000
2,602
5.00
%,
12
/01/2036
1,725
2,112
5.25
%,
12
/01/2044
5,000
6,332
5.75
%,
12
/01/2028
175
182
5.75
%,
12
/01/2028
245
255
6.00
%,
12
/01/2034
65
68
6.00
%,
12
/01/2034
80
83
6.00
%,
12
/01/2034
355
370
Pittsburgh
Water
&
Sewer
Authority
(
credit
support
from
Assured
Guaranty
Municipal
Corp
)
5.00
%,
09
/01/2033
(a)
400
564
$
30,952
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
South
Carolina
-
0.27%
South
Carolina
Jobs-Economic
Development
Authority
5.25
%,
11
/15/2047
$
1,500
$
1,662
South
Dakota
-
0.24%
Oglala
Sioux
Tribe
5.75
%,
10
/01/2025
(b)
1,500
1,501
Tennessee
-
2.21%
Metropolitan
Government
Nashville
&
Davidson
County
Health
&
Educational
Facilities
Board
5.00
%,
07
/01/2040
5,010
5,941
Metropolitan
Nashville
Airport
Authority/The
4.00
%,
07
/01/2049
1,000
1,138
5.00
%,
07
/01/2044
2,000
2,514
5.00
%,
07
/01/2054
2,500
3,101
Tennergy
Corp/TN
5.00
%,
02
/01/2050
(c)
1,000
1,163
$
13,857
Texas
-
8.90%
Capital
Area
Cultural
Education
Facilities
Finance
Corp
6.13
%,
04
/01/2045
(c)
1,000
1,008
Central
Texas
Regional
Mobility
Authority
5.00
%,
01
/01/2048
2,740
3,306
Central
Texas
Turnpike
System
5.00
%,
08
/15/2031
1,285
1,485
City
of
Houston
TX
Airport
System
Revenue
5.00
%,
07
/15/2020
5,560
5,648
5.00
%,
07
/01/2029
2,000
2,249
Harris
County-Houston
Sports
Authority
5.00
%,
11
/15/2030
3,000
3,470
Metropolitan
Transit
Authority
of
Harris
County
5.00
%,
11
/01/2033
2,435
2,996
North
Fort
Bend
Water
Authority
4.00
%,
12
/15/2039
3,250
3,808
North
Texas
Tollway
Authority
5.00
%,
01
/01/2045
1,000
1,148
Port
Beaumont
Navigation
District
3.63
%,
01
/01/2035
(b),(e)
2,650
2,722
4.00
%,
01
/01/2050
(b),(e)
500
514
7.25
%,
02
/01/2036
(b),(c)
4,500
4,505
Sea
Breeze
Public
Facility
Corp
6.50
%,
01
/01/2046
100
102
Tarrant
County
Cultural
Education
Facilities
Finance
Corp
5.00
%,
11
/15/2037
2,060
2,393
6.00
%,
11
/15/2027
2,250
2,618
Texas
Municipal
Gas
Acquisition
&
Supply
Corp
I
6.25
%,
12
/15/2026
6,180
7,342
Texas
Private
Activity
Bond
Surface
Transportation
Corp
5.00
%,
12
/31/2030
4,000
5,190
7.00
%,
12
/31/2038
1,000
1,174
Texas
Transportation
Commission
5.00
%,
08
/01/2057
2,000
2,371
West
Harris
County
Regional
Water
Authority
4.00
%,
12
/15/2049
1,500
1,712
$
55,761
Utah
-
2.15%
County
of
Utah
UT
1.18
%,
05
/15/2058
(c)
4,000
4,000
Utah
Infrastructure
Agency
5.00
%,
10
/15/2028
1,000
1,213
5.00
%,
10
/15/2034
4,385
5,120
5.00
%,
10
/15/2037
1,500
1,728
5.38
%,
10
/15/2040
1,200
1,408
$
13,469
Schedule
of
Investments
Tax-Exempt
Bond
Fund
January
31,
2020
(unaudited)
See
accompanying
notes.
257
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Virginia
-
3.62%
County
of
Botetourt
VA
6.00
%,
07
/01/2034
$
1,000
$
1,125
6.00
%,
07
/01/2044
1,000
1,110
Fairfax
County
Redevelopment
&
Housing
Authority
5.00
%,
10
/01/2038
1,500
1,890
5.00
%,
10
/01/2039
1,500
1,885
Hampton
Roads
Transportation
Accountability
Commission
5.00
%,
07
/01/2022
4,000
4,389
King
George
County
Economic
Development
Authority
2.50
%,
06
/01/2023
(c)
1,600
1,659
Roanoke
Economic
Development
Authority
6.63
%,
12
/01/2044
1,295
1,412
Virginia
College
Building
Authority
5.00
%,
02
/01/2029
5,000
6,610
Virginia
Small
Business
Financing
Authority
3.00
%,
11
/01/2040
(e)
2,500
2,639
$
22,719
Washington
-
1.25%
Port
of
Seattle
Industrial
Development
Corp
5.00
%,
04
/01/2030
1,000
1,096
Port
of
Seattle
WA
5.00
%,
04
/01/2029
5,250
6,764
$
7,860
Wisconsin
-
2.10%
City
of
Superior
WI
5.38
%,
11
/01/2021
750
752
Public
Finance
Authority
5.00
%,
12
/01/2025
3,000
3,462
5.00
%,
10
/01/2048
(b)
1,500
1,670
5.25
%,
04
/01/2030
1,400
1,549
State
of
Wisconsin
4.00
%,
05
/01/2040
(e)
4,820
5,742
$
13,175
TOTAL
MUNICIPAL
BONDS
$
641,236
Total
Investments
$
657,745
Liability
for
Floating
Rate
Notes
Issued
in
Conjunction
with
Securities
Held
-
(
2.36)%
Notes
with
an
interest
rate
of
0.92%
-
1.04%
at
January
31,
2020
and
contractual
maturity
of
collateral
from
2023-
2026.
(
g)
$
(14,823)
(14,823)
Total
Net
Investments
$
642,922
Other
Assets
and
Liabilities
- (
2.57)%
(16,104)
TOTAL
NET
ASSETS
-
100.00%
$
626,818
(a)
Credit
support
indicates
investments
that
benefit
from
credit
enhancement
or
liquidity
support
provided
by
a
third
party
bank,
institution,
or
government
agency.
(b)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$53,101
or
8.47%
of
net
assets.
(c)
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions. These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
Rate
shown
is
the
rate
in
effect
as
of
period
end.
(d)
Security
or
portion
of
underlying
security
related
to
Inverse
Floaters
entered
into
by
the
Fund. See
Notes
to
Financial
Statements
for
additional
information.
(e)
Security
purchased
on
a
when-issued
basis.
(f)
Non-income
producing
security
(g)
Floating
rate
securities.
The
interest
rate(s)
shown
reflect
the
rates
in
effect
at
January
31,
2020.
Portfolio
Summary (
unaudited)
Sector
Percent
Revenue
Bonds
84.96%
General
Obligation
Unlimited
8.78%
Insured
3.43%
Investment
Companies
2.63%
Prerefunded
2.04%
General
Obligation
Limited
1.53%
Tax
Allocation
0.71%
Special
Assessment
0.42%
Special
Tax
0.32%
Certificate
Participation
0.11%
Liability
For
Floating
Rate
Notes
Issued
(
2.36)%
Other
Assets
and
Liabilities
(
2.57)%
TOTAL
NET
ASSETS
100.00%
Glossary
to
the
Schedule
of
Investments
January
31,
2020
(unaudited)
See
accompanying
notes.
258
Currency
Abbreviations
ARS
Argentine
Peso
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CLP
Chilean
Peso
CNY
Chinese
Renminbi
COP
Colombian
Peso
EUR
Euro
GBP
British
Pound
Sterling
HKD
Hong
Kong
Dollar
HUF
Hungarian
Forint
IDR
Indonesian
Rupiah
INR
Indian
Rupee
JPY
Japanese
Yen
MXN
Mexican
Peso
MYR
Malaysian
Ringgit
NZD
New
Zealand
Dollar
PEN
Peruvian
Nuevo
Sol
PLN
Polish
Zloty
RON
Romanian
New
Leu
RUB
Russian
Ruble
THB
Thai
Baht
UAH
Ukrainian
Hryvnia
USD/$
United
States
Dollar
UYU
Uruguayan
Peso
ZAR
South
African
Rand
January
31,
2020
(unaudited)
259
Security
Valuation.
Principal
LifeTime
2010
Fund,
Principal
LifeTime
2015
Fund,
Principal
LifeTime
2020
Fund,
Principal
LifeTime
2025
Fund,
Principal
LifeTime
2030
Fund,
Principal
LifeTime
2035
Fund,
Principal
LifeTime
2040
Fund,
Principal
LifeTime
2045
Fund,
Principal
LifeTime
2050
Fund,
Principal
LifeTime
2055
Fund,
Principal
LifeTime
2060
Fund,
Principal
LifeTime
2065
Fund,
and
Principal
LifeTime
Strategic
Income
Fund
(collectively,
the
“Principal
LifeTime
Funds”),
Principal
LifeTime
Hybrid
2015
Fund,
Principal
LifeTime
Hybrid
2020
Fund,
Principal
LifeTime
Hybrid
2025
Fund,
Principal
LifeTime
Hybrid
2030
Fund,
Principal
LifeTime
Hybrid
2035
Fund,
Principal
LifeTime
Hybrid
2040
Fund,
Principal
LifeTime
Hybrid
2045
Fund,
Principal
LifeTime
Hybrid
2050
Fund,
Principal
LifeTime
Hybrid
2055
Fund,
Principal
LifeTime
Hybrid
2060
Fund,
Principal
LifeTime
Hybrid
2065
Fund,
and
Principal
LifeTime
Hybrid
Income
Fund
(collectively,
the
“Principal
LifeTime
Hybrid
Funds”),
along
with
the
SAM
Balanced,
SAM
Conservative
Balanced
Portfolio,
SAM
Conservative
Growth
Portfolio,
SAM
Flexible
Income
Portfolio,
and
SAM
Strategic
Growth
Portfolio
(collectively,
the
“SAM
Portfolios”)
invest
in
R-6
and
Institutional
shares
of
other
series
of
Principal
Funds,
Inc.
which
are
valued
at
the
closing
net
asset
value
per
share
of
each
respective
fund
on
the
day
of
valuation.
In
addition,
the
SAM
Portfolios
invest
in
Principal
Exchange-Traded
Funds,
which
are
valued
at
fair
value.
The
SAM
Portfolios
also
invest
in
other
publicly
traded
investment
funds.
Other
publicly
traded
investment
funds
are
valued
at
the
respective
fund’s
net
asset
value.
The
shares
of
the
other
series
of
Principal
Funds,
Inc.,
Principal
Exchange-Traded
Funds
and
other
publicly
traded
investment
funds
are
referred
to
as
the
“Underlying
Funds”.
California
Municipal
Fund,
Core
Fixed
Income
Fund,
Core
Plus
Bond
Fund,
Diversified
International
Fund,
Equity
Income
Fund,
Finisterre
Unconstrained
Emerging
Markets
Bond
Fund,
Global
Diversified
Income
Fund,
Global
Real
Estate
Securities
Fund,
Government
&
High
Quality
Bond
Fund,
High
Income
Fund,
High
Yield
Fund,
Inflation
Protection
Fund,
International
Emerging
Markets
Fund,
International
Fund
I,
LargeCap
Growth
Fund
I,
LargeCap
S&P
500
Index
Fund,
LargeCap
Value
Fund
III,
MidCap
Fund,
MidCap
Growth
Fund,
MidCap
Growth
Fund
III,
MidCap
S&P
400
Index
Fund,
MidCap
Value
Fund
I,
Overseas
Fund,
Principal
Capital
Appreciation
Fund,
Real
Estate
Securities
Fund,
Short-Term
Income
Fund,
SmallCap
Fund,
SmallCap
Growth
Fund
I,
SmallCap
S&P
600
Index
Fund,
SmallCap
Value
Fund
II
and
Tax-Exempt
Bond
Fund
(known
as
the
"Funds")
(with
the
exception
of
Principal
Lifetime
Funds,
Principal
Lifetime
Hybrid
Funds,
and
the
SAM
Portfolios)
value
securities
for
which
market
quotations
are
readily
available
at
fair
value,
which
is
determined
using
the
last
reported
sale
price.
If
no
sales
are
reported,
as
is
regularly
the
case
for
some
securities
traded
over-the-counter,
securities
are
valued
using
the
last
reported
bid
price
or
an
evaluated
bid
price
provided
by
a
pricing
service.
Pricing
services
use
modeling
techniques
that
incorporate
security
characteristics
such
as
current
quotations
by
broker/dealers,
coupon,
maturity,
quality,
type
of
issue,
trading
characteristics,
other
yield
and
risk
factors,
and
other
market
conditions
to
determine
an
evaluated
bid
price
or,
in
the
case
of
certain
credit
default
swaps,
a
mean
price
provided
by
a
pricing
service.
When
reliable
market
quotations
are
not
considered
to
be
readily
available,
which
may
be
the
case,
for
example,
with
respect
to
restricted
securities,
certain
debt
securities,
preferred
stocks,
and
foreign
securities,
the
investments
are
valued
at
their
fair
value
as
determined
in
good
faith
by
the
Manager
under
procedures
established
and
periodically
reviewed
by
the
Fund’s
Board
of
Directors.
The
value
of
foreign
securities
used
in
computing
the
net
asset
value
per
share
is
generally
determined
as
of
the
close
of
the
foreign
exchange
where
the
security
is
principally
traded.
Events
that
occur
after
the
close
of
the
applicable
foreign
market
or
exchange
but
prior
to
the
calculation
of
the
Funds’
net
asset
values
are
reflected
in
the
Funds’
net
asset
values
and
these
securities
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Manager
under
procedures
established
and
periodically
reviewed
by
the
Fund’s
Board
of
Directors.
Many
factors,
provided
by
independent
pricing
services,
are
reviewed
in
the
course
of
making
a
good
faith
determination
of
a
security’s
fair
value,
including,
but
not
limited
to,
price
movements
in
ADRs,
futures
contracts,
industry
indices,
general
indices,
and
foreign
currencies.
To
the
extent
the
Funds
invest
in
foreign
securities
listed
on
foreign
exchanges
which
trade
on
days
on
which
the
Funds
do
not
determine
net
asset
values,
for
example
weekends
and
other
customary
national
U.S.
holidays,
the
Funds’
net
asset
values
could
be
significantly
affected
on
days
when
shareholders
cannot
purchase
or
redeem
shares.
Certain
securities
issued
by
companies
in
emerging
market
countries
may
have
more
than
one
quoted
valuation
at
any
given
point
in
time,
sometimes
referred
to
as
a
“local”
price
and
a
“premium”
price.
The
premium
price
is
often
a
negotiated
price,
which
may
not
consistently
represent
a
price
at
which
a
specific
transaction
can
be
effected.
It
is
the
policy
of
the
Funds
to
value
such
securities
at
prices
at
which
it
is
expected
those
shares
may
be
sold,
and
the
Manager
or
any
sub-advisor
is
authorized
to
make
such
determinations
subject
to
such
oversight
by
the
Fund’s
Board
of
Directors
as
may
occasionally
be
necessary.
Fair
value
is
defined
as
the
price
that
the
Funds
would
receive
upon
selling
a
security
in
a
timely
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
of
the
security
at
the
measurement
date.
In
determining
fair
value,
the
Funds
may
use
one
or
more
of
the
following
approaches:
market,
income
and/or
cost.
A
hierarchy
for
inputs
is
used
in
measuring
fair
value
that
maximizes
the
use
of
observable
inputs
and
minimizes
the
use
of
unobservable
inputs
by
requiring
that
the
most
observable
inputs
be
used
when
available.
Observable
inputs
are
inputs
that
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability
developed
based
on
market
data
obtained
from
sources
independent
of
the
Funds.
Unobservable
inputs
are
inputs
that
reflect
the
Fund’s
own
estimates
January
31,
2020
(unaudited)
260
about
the
estimates
market
participants
would
use
in
pricing
the
asset
or
liability
developed
based
on
the
best
information
available
in
the
circumstances.
The
three-tier
hierarchy
of
inputs
is
summarized
in
the
three
broad
levels
listed
below.
Level
1
–
Quoted
prices
are
available
in
active
markets
for
identical
securities
as
of
the
reporting
date.
The
type
of
securities
included
in
Level
1
includes
listed
equities
and
listed
derivatives.
Level
2
–
Other
significant
observable
inputs
(including
quoted
prices
for
similar
investments,
interest
rates,
prepayment
speeds,
credit
risk,
etc.).
Investments
which
are
generally
included
in
this
category
include
certain
foreign
equities,
corporate
bonds,
senior
floating
rate
interests,
municipal
bonds,
and
US
Government
and
Government
Agency
Obligations.
Level
3
–
Significant
unobservable
inputs
(including
the
Funds’
assumptions
in
determining
the
fair
value
of
investments).
Investments
which
may
be
included
in
this
category
include
certain
common
stocks,
corporate
bonds,
mortgage
backed
securities
or
senior
floating
rate
interests.
The
availability
of
observable
inputs
can
vary
from
security
to
security
and
is
affected
by
a
wide
variety
of
factors,
including,
for
example,
the
type
of
security,
whether
the
security
is
new
and
not
yet
established
in
the
market
place,
and
other
characteristics
particular
to
the
transaction.
To
the
extent
that
valuation
is
based
on
models
or
inputs
that
are
less
observable
or
unobservable
in
the
market,
the
determination
of
fair
value
requires
more
judgment.
Accordingly,
the
degree
of
judgment
exercised
by
the
Funds
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
In
certain
cases,
the
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
level
in
the
fair
value
hierarchy
within
which
the
fair
value
measurement
in
its
entirety
falls
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Fair
value
is
a
market
based
measure
considered
from
the
perspective
of
a
market
participant
who
holds
the
asset
rather
than
an
entity
specific
measure.
Therefore,
even
when
market
assumptions
are
not
readily
available,
the
Fund’s
own
assumptions
are
set
to
reflect
those
that
market
participants
would
use
in
pricing
the
asset
or
liability
at
the
measurement
date.
The
Funds
use
prices
and
inputs
that
are
current
as
of
the
measurement
date,
when
available.
Investments
which
are
included
in
the
Level
3
category
may
be
valued
using
indicative
quoted
prices
from
brokers
and
dealers
participating
in
the
market
for
these
investments.
These
investments
are
classified
as
Level
3
investments
due
to
the
lack
of
market
transparency
and
market
corroboration
to
support
these
quoted
prices.
Valuation
models
may
be
used
as
the
pricing
source
for
other
investments
classified
as
Level
3.
Valuation
models
rely
on
one
or
more
significant
unobservable
inputs
such
as
prepayment
rates,
probability
of
default,
or
loss
severity
in
the
event
of
default.
Significant
increases
in
any
of
those
inputs
in
isolation
would
result
in
a
significantly
lower
fair
value
measurement.
Benchmark
pricing
procedures
set
the
base
price
of
a
security
based
on
current
market
data.
The
base
price
may
be
a
broker-
dealer
quote,
transaction
price,
or
internal
value
based
on
relevant
market
data.
The
fair
values
of
these
securities
are
dependent
on
economic,
political
and
other
considerations.
The
values
of
such
securities
may
be
affected
by
significant
changes
in
the
economic
conditions,
changes
in
government
policies,
and
other
factors
(e.g.,
natural
disasters,
accidents,
conflicts,
etc.).
Fair
value
of
these
investments
is
determined
in
good
faith
by
the
Manager
under
procedures
established
and
periodically
reviewed
by
the
Fund’s
Board
of
Directors.
The
Manager
has
established
a
valuation
committee
(“Valuation
Committee”)
of
senior
officers
and
employees,
with
the
responsibility
of
overseeing
the
pricing
and
valuation
of
all
securities,
including
securities
where
market
quotations
are
not
readily
available.
The
Valuation
Committee
meets
at
least
monthly
and
reports
directly
to
the
Board
of
Directors.
A
pricing
group
(the
“Pricing
Group”)
who
reports
to
the
Valuation
Committee
relies
on
the
established
pricing
policies
to
determine
fair
valuation.
Included
in
the
pricing
policies
is
an
overview
of
the
approved
valuation
approaches
established
for
each
asset
class.
The
Pricing
Group
will
consider
all
appropriate
information
available
when
determining
fair
valuation.
The
Pricing
Group
relies
on
externally
provided
valuation
inputs
to
determine
the
value
of
Level
3
securities.
Security
values
are
updated
as
new
information
becomes
available.
Valuation
data
and
changes
in
valuation
amounts
are
reviewed
on
a
daily
basis
based
on
specified
criteria
for
the
security,
asset
class,
and
other
factors.
In
addition,
valuation
data
is
periodically
compared
to
actual
transactions
executed
by
the
Funds
(i.e.,
purchases/sales)
and
differences
between
transaction
prices
and
prior
period
valuation
data
are
investigated
based
on
specified
tolerances.
January
31,
2020
(unaudited)
261
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
instruments.
The
following
is
a
summary
of
the
inputs
used
as
of
January
31,
2020
in
valuing
the
Funds'
securities
carried
at
value
(amounts
shown
in
thousands):
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
California
Municipal
Fund
Investment
Companies
$
9,940
$
—
$
—
$
9,940
Municipal
Bonds*
—
660,765
—
660,765
Total
investments
in
securities
$
9,940
$
660,765
$
—
$
670,705
Core
Fixed
Income
Fund
Bonds*
—
4,931,917
—
4,931,917
Common
Stocks
Financial
—
—
1
1
Industrial
—
—
25,167
25,167
Investment
Companies
325,896
—
—
325,896
Senior
Floating
Rate
Interests*
—
20,662
—
20,662
U.S.
Government
&
Government
Agency
Obligations*
—
3,151,671
—
3,151,671
Total
investments
in
securities
$
325,896
$
8,104,250
$
25,168
$
8,455,314
Core
Plus
Bond
Fund
Bonds*
—
313,043
—
313,043
Common
Stocks
Consumer,
Cyclical
—
—
128
128
Energy
75
—
—
75
Investment
Companies
26,990
—
—
26,990
Preferred
Stocks
Government
—
3,815
—
3,815
Senior
Floating
Rate
Interests*
—
6,511
—
6,511
U.S.
Government
&
Government
Agency
Obligations*
—
237,07
7
—
237,0
77
Total
investments
in
securities
$
27,065
$
560,44
6
$
128
$
587,6
39
Assets
Credit
Contracts
Exchange
Cleared
Credit
Default
Swaps**
—
4
—
4
Interest
Rate
Contracts
Futures**
367
—
—
367
Liabilities
Interest
Rate
Contracts
Futures**
(230)
—
—
(230)
Diversified
International
Fund
Common
Stocks
Basic
Materials
182,197
303,262
—
485,459
Communications
331,883
576,644
—
908,527
Consumer,
Cyclical
251,480
1,792,928
—
2,044,408
Consumer,
Non-cyclical
87,067
1,976,530
—
2,063,597
Energy
339,833
490,880
—
830,713
Financial
792,681
2,263,792
—
3,056,473
Industrial
191,900
929,484
—
1,121,384
Technology
141,565
1,169,676
—
1,311,241
Utilities
—
269,891
—
269,891
Investment
Companies
321,043
—
—
321,043
Preferred
Stocks
44,647
—
—
44,647
Total
investments
in
securities
$
2,684,296
$
9,773,087
$
—
$
12,457,383
Equity
Income
Fund
Common
Stocks*
8,066,255
—
—
8,066,255
Investment
Companies
287,938
—
—
287,938
Total
investments
in
securities
$
8,354,193
$
—
$
—
$
8,354,193
January
31,
2020
(unaudited)
262
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
Finisterre
Unconstrained
Emerging
Markets
Bond
Fund
Bonds*
$
—
$
223,574
$
—
$
223,574
Convertible
Bonds*
—
1,964
—
1,964
U.S.
Government
&
Government
Agency
Obligations*
—
13,566
—
13,566
Total
investments
in
securities
$
—
$
239,104
$
—
$
239,104
Assets
Credit
Contracts
Credit
Default
Swaps
—
329
—
329
Foreign
Exchange
Contracts
Foreign
Currency
Contracts
—
662
—
662
Interest
Rate
Contracts
Exchange
Cleared
Interest
Rate
Swaps**
—
91
—
91
Interest
Rate
Swaps
—
175
—
175
Total
Return
Swaps
—
372
—
372
Liabilities
Credit
Contracts
Credit
Default
Swaps
—
(3
68
)
—
(3
68
)
Foreign
Exchange
Contracts
Foreign
Currency
Contracts
—
(288)
—
(288)
Interest
Rate
Contracts
Exchange
Cleared
Interest
Rate
Swaps**
—
(205)
—
(205)
Interest
Rate
Swaps
—
(202)
—
(202)
Total
Return
Swaps
—
(
4
)
—
(
4
)
Global
Diversified
Income
Fund
***
Bonds*
—
5,522,034
103,175
5,625,209
Common
Stocks
Basic
Materials
22,984
46,035
26,577
95,596
Communications
108,831
15,729
—
124,560
Consumer,
Cyclical
44,491
63,390
4
107,885
Consumer,
Non-cyclical
16,086
47,179
9,738
73,003
Diversified
—
3,683
—
3,683
Energy
72,979
25,488
191
98,658
Financial
270,230
171,846
—
442,076
Industrial
28,451
52,047
—
80,498
Technology
19,514
11,627
—
31,141
Utilities
280,477
9,924
—
290,401
Convertible
Bonds*
—
6,075
—
6,075
Convertible
Preferred
Stocks
Financial
2,597
—
—
2,597
Investment
Companies
256,823
—
—
256,823
Preferred
Stocks
Communications
1,735
2,131
—
3,866
Consumer,
Non-cyclical
—
1,919
—
1,919
Financial
38,843
4,879
—
43,722
Government
—
11,660
—
11,660
Utilities
20,931
—
—
20,931
Senior
Floating
Rate
Interests*
—
455,692
35,263
490,955
U.S.
Government
&
Government
Agency
Obligations*
—
10,678
—
10,678
Total
investments
in
securities
$
1,184,972
$
6,462,016
$
174,948
$
7,821,936
Assets
Foreign
Exchange
Contracts
Foreign
Currency
Contracts
—
2,696
—
2,696
Interest
Rate
Contracts
Total
Return
Swaps
—
1,679
—
1,679
Liabilities
Foreign
Exchange
Contracts
Foreign
Currency
Contracts
—
(849)
—
(849)
**
*
Investments
valued
at
$4,400
were
transferred
from
Level
3
to
Level
2
due
to
the
initiation
of
a
vendor
providing
prices
that
are
based
on
market
activity
which
has
been
determined
to
be
significant
observable
inputs.
Global
Real
Estate
Securities
Fund
Common
Stocks
Consumer,
Cyclical
17,243
49,746
—
66,989
Financial
1,860,148
1,402,444
—
3,262,592
Industrial
—
12,063
—
12,063
January
31,
2020
(unaudited)
263
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
Global
Real
Estate
Securities
Fund
Technology
$
55,614
$
—
$
—
$
55,614
Investment
Companies
53,335
—
—
53,335
Total
investments
in
securities
$
1,986,340
$
1,464,253
$
—
$
3,450,593
Government
&
High
Quality
Bond
Fund
Bonds*
—
458,127
—
458,127
Investment
Companies
73,896
—
—
73,896
U.S.
Government
&
Government
Agency
Obligations*
—
1,179,381
—
1,179,381
Total
investments
in
securities
$
73,896
$
1,637,508
$
—
$
1,711,404
Liabilities
Interest
Rate
Contracts
Futures**
(1,631)
—
—
(1,631)
High
Income
Fund
Bonds*
—
2,606,053
17,408
2,623,461
Common
Stocks
Communications
—
—
—
—
Consumer,
Cyclical
3
—
—
3
Consumer,
Non-cyclical
—
—
2,565
2,565
Technology
—
—
—
—
Utilities
—
—
—
—
Investment
Companies
113,836
—
—
113,836
Preferred
Stocks
—
—
—
—
Senior
Floating
Rate
Interests*
—
416,689
—
416,689
Total
investments
in
securities
$
113,839
$
3,022,742
$
19,973
$
3,156,554
Assets
Credit
Contracts
Exchange
Cleared
Credit
Default
Swaps**
—
687
—
687
High
Yield
Fund
Bonds*
—
2,555,307
—
2,555,307
Common
Stocks
Consumer,
Cyclical
—
—
2,220
2,220
Energy
1,016
—
—
1,016
Convertible
Bonds*
—
—
—
—
Investment
Companies
131,470
—
—
131,470
Senior
Floating
Rate
Interests*
—
278,515
—
278,515
U.S.
Government
&
Government
Agency
Obligations*
—
51,041
—
51,041
Total
investments
in
securities
$
132,486
$
2,884,863
$
2,220
$
3,019,569
Liabilities
Credit
Contracts
Exchange
Cleared
Credit
Default
Swaps**
—
(13)
—
(13)
Inflation
Protection
Fund
Bonds*
—
106,055
—
106,055
Investment
Companies
44,558
—
—
44,558
U.S.
Government
&
Government
Agency
Obligations*
—
1,627,771
—
1,627,771
Purchased
Options
770
91
—
861
Purchased
Interest
Rate
Swaptions
—
6,081
—
6,081
Purchased
Capped
Options
—
86
—
86
Total
investments
in
securities
$
45,328
$
1,740,084
$
—
$
1,785,412
Assets
Foreign
Exchange
Contracts
Foreign
Currency
Contracts
—
936
—
936
Interest
Rate
Contracts
Exchange
Cleared
Interest
Rate
Swaps**
—
14,132
—
14,132
Futures**
2,861
—
—
2,861
Liabilities
Foreign
Exchange
Contracts
Foreign
Currency
Contracts
—
(1,845)
—
(1,845)
Written
Options
—
(91)
—
(91)
Interest
Rate
Contracts
Capped
Options
—
(27)
—
(27)
Exchange
Cleared
Interest
Rate
Swaps**
—
(10,737)
—
(10,737)
Futures**
(5,960)
—
—
(5,960)
Interest
Rate
Swaptions
—
(13,751)
—
(13,751)
January
31,
2020
(unaudited)
264
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
Inflation
Protection
Fund
Written
Options
$
(650)
$
—
$
—
$
(650)
International
Emerging
Markets
Fund
Common
Stocks
Basic
Materials
3,967
7,680
—
11,647
Communications
34,173
28,915
—
63,088
Consumer,
Cyclical
7,509
15,545
—
23,054
Consumer,
Non-cyclical
3,844
18,232
—
22,076
Energy
4,112
23,467
—
27,579
Financial
13,869
66,942
—
80,811
Industrial
1,477
21,532
—
23,009
Technology
4,603
45,522
—
50,125
Utilities
—
4,967
—
4,967
Investment
Companies
2,488
—
—
2,488
Preferred
Stocks
6,632
—
—
6,632
Total
investments
in
securities
$
82,674
$
232,802
$
—
$
315,476
International
Fund
I
Common
Stocks
Basic
Materials
5,773
15,160
—
20,933
Communications
11,357
10,030
—
21,387
Consumer,
Cyclical
4,899
45,704
—
50,603
Consumer,
Non-cyclical
3,156
42,531
—
45,687
Energy
—
9,577
—
9,577
Financial
18,403
59,086
—
77,489
Industrial
4,192
42,570
—
46,762
Technology
14,485
48,429
—
62,914
Utilities
—
9,334
—
9,334
Investment
Companies
2,362
—
—
2,362
Total
investments
in
securities
$
64,627
$
282,421
$
—
$
347,048
LargeCap
Growth
Fund
I
Common
Stocks
Basic
Materials
168,753
—
—
168,753
Communications
2,162,843
—
—
2,162,843
Consumer,
Cyclical
636,515
—
—
636,515
Consumer,
Non-cyclical
2,734,046
—
—
2,734,046
Energy
25,538
—
—
25,538
Financial
771,496
—
—
771,496
Industrial
916,083
—
—
916,083
Technology
2,591,324
1,791
—
2,593,115
Utilities
100,069
—
—
100,069
Convertible
Preferred
Stocks
Communications
—
—
18,834
18,834
Investment
Companies
134,842
—
—
134,842
Preferred
Stocks
Communications
—
3,026
—
3,026
Consumer,
Cyclical
—
13,040
—
13,040
Technology
—
5,295
5,072
10,367
Total
investments
in
securities
$
10,241,509
$
23,152
$
23,906
$
10,288,567
Liabilities
Equity
Contracts
Futures**
(666)
—
—
(666)
LargeCap
S&P
500
Index
Fund
Common
Stocks*
5,964,298
—
—
5,964,298
Investment
Companies
158,332
—
—
158,332
Total
investments
in
securities
$
6,122,630
$
—
$
—
$
6,122,630
Liabilities
Equity
Contracts
Futures**
(1,109)
—
—
(1,109)
January
31,
2020
(unaudited)
265
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
LargeCap
Value
Fund
III
Common
Stocks*
$
2,117,986
$
—
$
—
$
2,117,986
Investment
Companies
50,632
—
—
50,632
Total
investments
in
securities
$
2,168,618
$
—
$
—
$
2,168,618
Liabilities
Equity
Contracts
Futures**
(345)
—
—
(345)
MidCap
Fund
Common
Stocks
Basic
Materials
125,809
—
—
125,809
Communications
2,119,957
—
—
2,119,957
Consumer,
Cyclical
4,031,812
—
—
4,031,812
Consumer,
Non-cyclical
2,248,532
4,326
—
2,252,858
Financial
5,239,796
—
—
5,239,796
Industrial
2,447,349
—
—
2,447,349
Technology
2,061,577
—
—
2,061,577
Utilities
392,187
—
—
392,187
Investment
Companies
119,672
—
—
119,672
Total
investments
in
securities
$
18,786,691
$
4,326
$
—
$
18,791,017
MidCap
Growth
Fund
Common
Stocks*
171,257
—
—
171,257
Investment
Companies
2,66
6
—
—
2,66
6
Total
investments
in
securities
$
173,92
3
$
—
$
—
$
173,92
3
MidCap
Growth
Fund
III
Common
Stocks*
1,062,945
—
—
1,062,945
Investment
Companies
33,842
—
—
33,842
Total
investments
in
securities
$
1,096,787
$
—
$
—
$
1,096,787
Liabilities
Equity
Contracts
Futures**
(204)
—
—
(204)
MidCap
S&P
400
Index
Fund
Common
Stocks*
1,159,711
—
—
1,159,711
Investment
Companies
19,497
—
—
19,497
Total
investments
in
securities
$
1,179,208
$
—
$
—
$
1,179,208
Liabilities
Equity
Contracts
Futures**
(234)
—
—
(234)
MidCap
Value
Fund
I
Common
Stocks*
2,446,378
—
—
2,446,378
Investment
Companies
53,069
—
—
53,069
Total
investments
in
securities
$
2,499,447
$
—
$
—
$
2,499,447
Liabilities
Equity
Contracts
Futures**
(634)
—
—
(634)
Overseas
Fund
Common
Stocks
Basic
Materials
—
230,207
—
230,207
Communications
29,370
140,876
—
170,246
Consumer,
Cyclical
25,335
213,038
—
238,373
Consumer,
Non-cyclical
33,065
436,772
—
469,837
Diversified
—
2,180
—
2,180
Energy
76,742
183,401
—
260,143
Financial
62,954
563,092
—
626,046
Industrial
—
459,506
—
459,506
Technology
—
119,227
—
119,227
Utilities
—
130,793
—
130,793
Investment
Companies
47,523
—
—
47,523
Preferred
Stocks
Basic
Materials
—
115
—
115
January
31,
2020
(unaudited)
266
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
Overseas
Fund
Consumer,
Cyclical
$
—
$
57,953
$
—
$
57,953
Total
investments
in
securities
$
274,989
$
2,537,160
$
—
$
2,812,149
Liabilities
Equity
Contracts
Futures**
(629)
—
—
(629)
Principal
Capital
Appreciation
Fund
Common
Stocks*
1,775,345
—
—
1,775,345
Investment
Companies
64,813
—
—
64,813
Total
investments
in
securities
$
1,840,158
$
—
$
—
$
1,840,158
Principal
LifeTime
2010
Fund
Investment
Companies
728,646
—
—
728,646
Total
investments
in
securities
$
728,646
$
—
$
—
$
728,646
Principal
LifeTime
2015
Fund
Investment
Companies
385,493
—
—
385,493
Total
investments
in
securities
$
385,493
$
—
$
—
$
385,493
Principal
LifeTime
2020
Fund
Investment
Companies
3,975,426
—
—
3,975,426
Total
investments
in
securities
$
3,975,426
$
—
$
—
$
3,975,426
Principal
LifeTime
2025
Fund
Investment
Companies
1,572,742
—
—
1,572,742
Total
investments
in
securities
$
1,572,742
$
—
$
—
$
1,572,742
Principal
LifeTime
2030
Fund
Investment
Companies
5,633,360
—
—
5,633,360
Total
investments
in
securities
$
5,633,360
$
—
$
—
$
5,633,360
Principal
LifeTime
2035
Fund
Investment
Companies
1,276,471
—
—
1,276,471
Total
investments
in
securities
$
1,276,471
$
—
$
—
$
1,276,471
Principal
LifeTime
2040
Fund
Investment
Companies
3,922,326
—
—
3,922,326
Total
investments
in
securities
$
3,922,326
$
—
$
—
$
3,922,326
Principal
LifeTime
2045
Fund
Investment
Companies
943,173
—
—
943,173
Total
investments
in
securities
$
943,173
$
—
$
—
$
943,173
Principal
LifeTime
2050
Fund
Investment
Companies
2,343,947
—
—
2,343,947
Total
investments
in
securities
$
2,343,947
$
—
$
—
$
2,343,947
Principal
LifeTime
2055
Fund
Investment
Companies
502,208
—
—
502,208
Total
investments
in
securities
$
502,208
$
—
$
—
$
502,208
Principal
LifeTime
2060
Fund
Investment
Companies
404,198
—
—
404,198
Total
investments
in
securities
$
404,198
$
—
$
—
$
404,198
Principal
LifeTime
2065
Fund
Investment
Companies
21,203
—
—
21,203
Total
investments
in
securities
$
21,203
$
—
$
—
$
21,203
Principal
LifeTime
Hybrid
2015
Fund
Investment
Companies
107,120
—
—
107,120
Total
investments
in
securities
$
107,120
$
—
$
—
$
107,120
January
31,
2020
(unaudited)
267
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
Principal
LifeTime
Hybrid
2020
Fund
Investment
Companies
$
343,403
$
—
$
—
$
343,403
Total
investments
in
securities
$
343,403
$
—
$
—
$
343,403
Principal
LifeTime
Hybrid
2025
Fund
Investment
Companies
276,949
—
—
276,949
Total
investments
in
securities
$
276,949
$
—
$
—
$
276,949
Principal
LifeTime
Hybrid
2030
Fund
Investment
Companies
324,907
—
—
324,907
Total
investments
in
securities
$
324,907
$
—
$
—
$
324,907
Principal
LifeTime
Hybrid
2035
Fund
Investment
Companies
200,714
—
—
200,714
Total
investments
in
securities
$
200,714
$
—
$
—
$
200,714
Principal
LifeTime
Hybrid
2040
Fund
Investment
Companies
228,369
—
—
228,369
Total
investments
in
securities
$
228,369
$
—
$
—
$
228,369
Principal
LifeTime
Hybrid
2045
Fund
Investment
Companies
129,613
—
—
129,613
Total
investments
in
securities
$
129,613
$
—
$
—
$
129,613
Principal
LifeTime
Hybrid
2050
Fund
Investment
Companies
114,386
—
—
114,386
Total
investments
in
securities
$
114,386
$
—
$
—
$
114,386
Principal
LifeTime
Hybrid
2055
Fund
Investment
Companies
42,204
—
—
42,204
Total
investments
in
securities
$
42,204
$
—
$
—
$
42,204
Principal
LifeTime
Hybrid
2060
Fund
Investment
Companies
14,213
—
—
14,213
Total
investments
in
securities
$
14,213
$
—
$
—
$
14,213
Principal
LifeTime
Hybrid
2065
Fund
Investment
Companies
2,549
—
—
2,549
Total
investments
in
securities
$
2,549
$
—
$
—
$
2,549
Principal
LifeTime
Hybrid
Income
Fund
Investment
Companies
58,792
—
—
58,792
Total
investments
in
securities
$
58,792
$
—
$
—
$
58,792
Principal
LifeTime
Strategic
Income
Fund
Investment
Companies
419,445
—
—
419,445
Total
investments
in
securities
$
419,445
$
—
$
—
$
419,445
Real
Estate
Securities
Fund
Common
Stocks*
5,272,992
—
—
5,272,992
Investment
Companies
134,498
—
—
134,498
Total
investments
in
securities
$
5,407,490
$
—
$
—
$
5,407,490
SAM
Balanced
Portfolio
Investment
Companies
4,602,467
—
—
4,602,467
Total
investments
in
securities
$
4,602,467
$
—
$
—
$
4,602,467
SAM
Conservative
Balanced
Portfolio
Investment
Companies
1,724,053
—
—
1,724,053
Total
investments
in
securities
$
1,724,053
$
—
$
—
$
1,724,053
January
31,
2020
(unaudited)
268
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
SAM
Conservative
Growth
Portfolio
Investment
Companies
$
3,096,544
$
—
$
—
$
3,096,544
Total
investments
in
securities
$
3,096,544
$
—
$
—
$
3,096,544
SAM
Flexible
Income
Portfolio
Investment
Companies
2,769,459
—
—
2,769,459
Total
investments
in
securities
$
2,769,459
$
—
$
—
$
2,769,459
SAM
Strategic
Growth
Portfolio
Investment
Companies
1,933,809
—
—
1,933,809
Total
investments
in
securities
$
1,933,809
$
—
$
—
$
1,933,809
Short-Term
Income
Fund
Bonds*
—
4,966,222
10,027
4,976,249
Investment
Companies
56,119
—
—
56,119
U.S.
Government
&
Government
Agency
Obligations*
—
432,471
—
432,471
Total
investments
in
securities
$
56,119
$
5,398,693
$
10,027
$
5,464,839
SmallCap
Fund
Common
Stocks*
674,924
—
—
674,924
Investment
Companies
23,847
—
—
23,847
Total
investments
in
securities
$
698,771
$
—
$
—
$
698,771
SmallCap
Growth
Fund
I
Common
Stocks
Basic
Materials
15,259
6
—
15,265
Communications
116,830
—
—
116,830
Consumer,
Cyclical
278,459
—
—
278,459
Consumer,
Non-cyclical
631,363
1
12
631,376
Energy
11,251
—
—
11,251
Financial
163,263
—
—
163,263
Industrial
371,552
—
—
371,552
Technology
317,520
—
—
317,520
Utilities
2,195
—
—
2,195
Investment
Companies
103,956
—
—
103,956
Preferred
Stocks
19
—
—
19
Total
investments
in
securities
$
2,011,667
$
7
$
12
$
2,011,686
Liabilities
Equity
Contracts
Futures**
(208)
—
—
(208)
SmallCap
S&P
600
Index
Fund
Common
Stocks
Basic
Materials
49,624
21
—
49,645
Communications
50,379
—
—
50,379
Consumer,
Cyclical
183,741
—
—
183,741
Consumer,
Non-cyclical
219,743
—
—
219,743
Energy
42,970
—
—
42,970
Financial
313,621
—
—
313,621
Industrial
232,520
—
—
232,520
Technology
108,071
—
—
108,071
Utilities
28,053
—
—
28,053
Investment
Companies
33,181
—
—
33,181
Total
investments
in
securities
$
1,261,903
$
21
$
—
$
1,261,924
Liabilities
Equity
Contracts
Futures**
(233)
—
—
(233)
SmallCap
Value
Fund
II
Common
Stocks
Basic
Materials
29,041
3
—
29,044
Communications
31,491
—
1
31,492
Consumer,
Cyclical
116,703
—
—
116,703
Consumer,
Non-cyclical
92,720
4
—
92,724
Energy
58,751
—
—
58,751
January
31,
2020
(unaudited)
269
*For
additional
detail
regarding
sector
classifications,
please
see
the
Schedule
of
Investments.
**Exchange
cleared
swaps
and
futures
are
presented
at
the
unrealized
appreciation/(depreciation)
of
the
instrument.
Certain
detailed
information
is
provided
for
those
Funds
with
significant
investments
in
Level
3
securities.
Quantitative
information
about
the
significant
unobservable
inputs
used
in
the
fair
value
measurements
categorized
with
Level
3
of
the
fair
value
hierarchy
is
as
follows
(amounts
in
thousands):
The
changes
in
investments
measured
at
fair
value
for
which
Level
3
inputs
have
been
used
to
determine
fair
value
are
as
follows
(amounts
shown
in
thousands):
*Securities
are
transferred
into
Level
3
for
a
variety
of
reasons
including,
but
not
limited
to:
1.
Securities
where
trading
has
been
halted
2.
Securities
that
have
certain
restrictions
on
trading
3.
Instances
in
which
a
security
is
not
priced
by
a
pricing
services
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
SmallCap
Value
Fund
II
Financial
$
347,621
$
13
$
—
$
347,634
Government
39
—
—
39
Industrial
128,809
—
—
128,809
Technology
97,931
—
—
97,931
Utilities
41,058
—
—
41,058
Investment
Companies
34,989
—
—
34,989
Preferred
Stocks
11
—
—
11
Total
investments
in
securities
$
979,164
$
20
$
1
$
979,185
Liabilities
Equity
Contracts
Futures**
(10)
—
—
(10)
Tax-Exempt
Bond
Fund
Investment
Companies
16,509
—
—
16,509
Municipal
Bonds*
—
641,236
—
641,236
Total
investments
in
securities
$
16,509
$
641,236
$
—
$
657,745
Fund
Asset
Type
Fair
Value
as
of
January
31,
2020
Valuation
Technique
Unobservable
Input
Input
Valuations
Global
Diversified
Income
Fund
Bonds
$
103,175
Yield
Analysis
Yield
to
Maturity
8.7
–
11.9%
Common
Stocks
36,315
Enterprise
Valuation
Model
EBITDA
Multiples
5.5
–
7.75x
Discounted
Cash
Flow
Discount
Rate
11.6
–
17.3%
Common
Stocks
191
Liquidation
Analysis
Available
Cash
$
10,200,000
Common
Stocks
4
Indicative
Market
Quotations
Broker
Quote
$
0.05
Senior
Floating
Rate
Interests
35,263
Yield
Analysis
Yield
to
Maturity
9.9%
$
174,948
Fund
Fair
Value
October
31,
2019
Realized
Gain/
(Loss)
Accrued
Discounts/
Premiums
and
Change
in
Unrealized
Gain/
(Loss)
Purchases
Proceeds
from
Sales
Transfers
into
Level
3*
Transfers
Out
of
Level
3**
Fair
Value
January
31,
2020
Net
Change
in
Unrealized
Appreciation/
(Depreciation)
on
Investments
Held
at
January
31,
2020
Global
Diversified
Income
Fund***
Bonds
$
107,775
$
—
$
(200)
$
—
$
—
$
—
$
(4,400)
$
103,175
$
(152)
Common
Stock
Basic
Materials
27,293
—
(716)
—
—
—
—
26,577
(716)
Consumer,
ss
Cyclical
4
—
—
—
—
—
—
4
—
Consumer,
ss
Non-Cyclical
9,649
—
89
—
—
—
—
9,738
89
Energy
191
—
—
—
—
—
—
191
—
Senior
Floating
Rates
Interests
35,086
—
177
—
—
—
—
35,263
177
Total
$
179,998
$
—
$
(650)
$
—
$
—
$
—
$
(4,400)
$
174,948
$
(602)
January
31,
2020
(unaudited)
270
**Securities
are
transferred
out
of
Level
3
for
a
variety
of
reasons
including,
but
not
limited
to:
1.
Securities
where
trading
resumes
2.
Securities
where
trading
restrictions
have
expired
3.
Instances
in
which
a
price
becomes
available
from
a
pricing
service
At
the
end
of
the
period,
there
were
no
other
Funds
which
had
a
significant
Level
3
balance.
During
the
period,
there
were
no
significant
purchases,
sales,
or
transfers
into
or
out
of
Level
3,
except
as
noted
above.
The
Funds'
Schedules
of
Investments
as
of
January
31,
2020
have
not
been
audited.
This
report
is
provided
for
the
general
information
of
the
Funds'
shareholders.
For
more
information
regarding
the
Fund
and
its
holdings,
please
see
the
Funds'
prospectus
and
annual
report.