Principal Funds NPORT-P Principal LifeTime 2030 Fund (Jul 2020 report)

Schedule

of

Investments

California

Municipal

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

1

INVESTMENT

COMPANIES

-

0.97%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

0.97%

iShares

California

Muni

Bond

ETF

99,731‌

$

6,279‌

TOTAL

INVESTMENT

COMPANIES

$

6,279‌

MUNICIPAL

BONDS

-

100.17%

Principal

Amount

(000's)

Value

(000's)

California

-

98.70%

Abag

Finance

Authority

for

Nonprofit

Corps

5.00%,

08/01/2043

$

1,500‌

$

1,655‌

Alameda

Community

Improvement

Commission

Successor

Agency

(credit

support

from

Build

America

Mutual

Assurance

Corp

)

5.00%,

09/01/2031

(a)

1,000‌

1,163‌

Alameda

Corridor

Transportation

Authority

5.00%,

10/01/2034

6,805‌

7,969‌

5.00%,

10/01/2036

6,250‌

7,277‌

Alameda

Unified

School

District-Alameda

County/CA

5.00%,

08/01/2032

1,795‌

2,169‌

Alum

Rock

Union

Elementary

School

District

5.25%,

08/01/2043

240‌

269‌

Anaheim

Housing

&

Public

Improvements

Authority

5.00%,

10/01/2045

750‌

876‌

5.00%,

10/01/2050

1,000‌

1,164‌

California

Educational

Facilities

Authority

5.00%,

10/01/2036

1,000‌

1,205‌

5.00%,

10/01/2045

1,000‌

1,191‌

California

Health

Facilities

Financing

Authority

5.00%,

08/15/2031

2,700‌

3,332‌

5.00%,

08/15/2033

1,750‌

2,104‌

5.00%,

08/15/2034

2,000‌

2,442‌

5.00%,

02/01/2035

2,000‌

2,295‌

5.00%,

11/15/2046

(b)

4,504‌

5,281‌

5.00%,

11/15/2048

2,785‌

3,383‌

California

Health

Facilities

Financing

Authority

(credit

support

from

California

Mortgage

Insurance

)

5.00%,

07/01/2035

(a)

1,000‌

1,166‌

California

Housing

Finance

4.25%,

01/15/2035

8,869‌

9,905‌

California

Infrastructure

&

Economic

Development

Bank

5.00%,

11/01/2029

5,000‌

6,768‌

5.00%,

08/01/2036

2,250‌

2,910‌

5.00%,

08/01/2037

1,000‌

1,289‌

5.00%,

08/01/2038

1,175‌

1,508‌

5.00%,

08/01/2039

1,130‌

1,447‌

California

Municipal

Finance

Authority

2.40%,

10/01/2044

(c)

4,000‌

4,341‌

4.00%,

07/15/2029

11,500‌

11,534‌

4.00%,

10/01/2039

2,150‌

2,330‌

5.00%,

05/15/2033

1,000‌

1,176‌

5.00%,

05/15/2034

1,000‌

1,170‌

5.00%,

12/31/2034

7,550‌

9,000‌

5.00%,

12/31/2036

3,000‌

3,550‌

5.00%,

05/15/2038

2,000‌

2,307‌

5.00%,

12/31/2038

5,500‌

6,470‌

5.00%,

10/01/2044

1,000‌

1,149‌

5.25%,

11/01/2036

4,000‌

4,565‌

California

Municipal

Finance

Authority

(credit

support

from

Build

America

Mutual

Assurance

Corp

)

5.00%,

05/15/2043

(a)

600‌

710‌

5.00%,

05/15/2044

(a)

5,000‌

5,907‌

California

Municipal

Finance

Authority

(credit

support

from

Build

America

Mutual

Assurance

Corp

-

Transfer

Custodial

Receipt

)

5.00%,

05/15/2031

(a)

10,000‌

12,159‌

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

California

(continued)

California

Pollution

Control

Financing

Authority

3.00%,

11/01/2025

$

10,500‌

$

11,519‌

3.25%,

12/01/2027

(c)

2,000‌

2,175‌

4.30%,

07/01/2040

3,400‌

3,859‌

5.00%,

07/01/2029

(d)

1,000‌

1,211‌

5.00%,

07/01/2030

(d)

2,000‌

2,113‌

5.00%,

07/01/2037

(d)

10,000‌

10,450‌

5.00%,

07/01/2039

(d)

4,250‌

4,995‌

5.00%,

11/21/2045

(d)

1,500‌

1,746‌

California

Public

Finance

Authority

0.11%,

08/01/2052

(c)

1,745‌

1,745‌

California

School

Finance

Authority

5.00%,

07/01/2035

(d)

1,925‌

2,167‌

5.00%,

08/01/2038

(d)

1,000‌

1,163‌

California

State

Public

Works

Board

5.00%,

11/01/2037

1,375‌

1,499‌

5.00%,

10/01/2039

4,500‌

5,197‌

California

State

University

5.00%,

11/01/2037

2,000‌

2,501‌

California

Statewide

Communities

Development

Authority

0.13%,

07/15/2040

(c)

5,500‌

5,500‌

3.00%,

06/01/2029

(d)

750‌

702‌

4.00%,

02/01/2022

830‌

842‌

4.00%,

02/01/2025

940‌

971‌

4.00%,

09/02/2029

1,000‌

1,107‌

4.00%,

07/01/2048

1,800‌

2,024‌

4.00%,

09/02/2050

850‌

872‌

5.00%,

10/01/2028

1,875‌

2,109‌

5.00%,

02/01/2030

2,775‌

2,832‌

5.00%,

11/01/2032

(d)

1,135‌

1,220‌

5.00%,

05/15/2034

4,855‌

5,443‌

5.00%,

06/01/2034

(d)

375‌

393‌

5.00%,

09/02/2034

1,000‌

1,173‌

5.00%,

12/01/2036

(d)

5,000‌

5,555‌

5.00%,

04/01/2038

(c)

10,000‌

13,536‌

5.00%,

09/02/2038

3,000‌

3,521‌

5.00%,

06/01/2039

(d)

475‌

490‌

5.00%,

09/02/2039

500‌

577‌

5.00%,

09/02/2039

745‌

858‌

5.00%,

09/02/2039

900‌

1,037‌

5.00%,

09/02/2039

1,000‌

1,181‌

5.00%,

05/15/2040

3,500‌

3,865‌

5.00%,

09/02/2040

1,000‌

1,152‌

5.00%,

12/01/2041

(d)

1,000‌

1,102‌

5.00%,

09/02/2044

1,425‌

1,620‌

5.00%,

12/01/2046

(d)

1,620‌

1,773‌

5.00%,

09/02/2048

1,000‌

1,164‌

5.00%,

09/02/2049

600‌

683‌

5.00%,

06/01/2051

(d)

1,950‌

1,978‌

5.25%,

12/01/2034

3,500‌

3,853‌

5.25%,

12/01/2038

(d)

1,000‌

1,116‌

5.25%,

12/01/2043

(d)

3,825‌

4,236‌

California

Statewide

Financing

Authority

6.00%,

05/01/2043

2,050‌

2,067‌

6.00%,

05/01/2043

1,550‌

1,563‌

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

1,191‌

5.00%,

09/01/2049

2,000‌

2,187‌

City

of

Los

Angeles

CA

Wastewater

System

Revenue

5.00%,

06/01/2034

2,000‌

2,405‌

Schedule

of

Investments

California

Municipal

Fund

July

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

5.00%,

05/15/2026

$

1,000‌

$

1,191‌

5.00%,

05/15/2026

3,500‌

4,312‌

5.00%,

05/15/2028

3,175‌

4,091‌

5.00%,

05/15/2031

295‌

324‌

5.00%,

05/15/2032

535‌

622‌

5.00%,

05/15/2035

5,425‌

6,907‌

5.00%,

05/15/2036

1,500‌

1,727‌

5.00%,

05/15/2037

(b)

3,463‌

4,377‌

5.00%,

05/15/2038

1,155‌

1,456‌

5.00%,

05/15/2039

(b)

2,416‌

3,037‌

5.00%,

05/15/2042

(b)

966‌

1,134‌

5.00%,

05/15/2044

(b)

6,644‌

7,995‌

5.00%,

05/15/2044

(b)

2,980‌

3,700‌

5.00%,

05/15/2044

(b)

443‌

537‌

5.00%,

05/15/2047

(b)

2,819‌

3,343‌

5.25%,

05/15/2048

(b)

1,611‌

1,985‌

City

of

Oroville

CA

5.25%,

04/01/2049

2,500‌

2,686‌

5.25%,

04/01/2054

3,000‌

3,191‌

City

of

Riverside

CA

Sewer

Revenue

5.00%,

08/01/2040

4,000‌

4,802‌

City

of

San

Francisco

CA

Public

Utilities

Commission

Water

Revenue

5.00%,

11/01/2034

1,800‌

2,251‌

5.00%,

11/01/2036

2,010‌

2,132‌

Coachella

Valley

Unified

School

District/

CA

(credit

support

from

Assured

Guaranty

Municipal

Corp

)

0.00%,

08/01/2039

(a),(e)

4,000‌

2,603‌

Compton

Public

Finance

Authority

4.50%,

09/01/2032

(d)

8,000‌

7,956‌

County

of

Riverside

CA

4.00%,

06/30/2021

5,000‌

5,176‌

County

of

Sacramento

CA

Airport

System

Revenue

5.00%,

07/01/2036

1,350‌

1,585‌

5.00%,

07/01/2037

2,000‌

2,434‌

Dinuba

Redevelopment

Agency

(credit

support

from

Build

America

Mutual

Assurance

Corp

)

5.00%,

09/01/2033

(a)

2,000‌

2,297‌

East

Bay

Municipal

Utility

District

Water

System

Revenue

3.00%,

06/01/2037

10‌

11‌

Escondido

Union

High

School

District

0.00%,

08/01/2041

(e)

1,000‌

597‌

Foothill-De

Anza

Community

College

District

5.00%,

08/01/2040

1,500‌

1,573‌

Golden

State

Tobacco

Securitization

Corp

5.00%,

06/01/2026

1,000‌

1,222‌

5.00%,

06/01/2028

7,000‌

8,660‌

5.25%,

06/01/2047

7,500‌

7,692‌

5.30%,

06/01/2037

9,000‌

9,300‌

Golden

State

Tobacco

Securitization

Corp

(credit

support

from

State

of

California

Appropriations

)

5.00%,

06/01/2033

(a)

2,000‌

2,379‌

Indio

Redevelopment

Agency

Successor

Agency

5.63%,

08/15/2035

330‌

331‌

Inland

Valley

Development

Agency

5.25%,

09/01/2037

1,000‌

1,125‌

La

Verne

Public

Financing

Authority

7.25%,

09/01/2026

590‌

592‌

Long

Beach

Bond

Finance

Authority

5.00%,

11/15/2035

3,385‌

4,671‌

5.50%,

11/15/2030

1,010‌

1,371‌

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

California

(continued)

Los

Angeles

County

Public

Works

Financing

Authority

5.00%,

12/01/2033

$

2,000‌

$

2,403‌

5.00%,

08/01/2042

1,400‌

1,506‌

5.00%,

12/01/2045

(b)

5,500‌

6,470‌

Los

Angeles

County

Sanitation

Districts

Financing

Authority

5.00%,

10/01/2035

4,500‌

5,478‌

Los

Angeles

Unified

School

District/CA

5.00%,

07/01/2035

2,700‌

3,451‌

5.25%,

07/01/2042

6,500‌

8,226‌

Marin

Healthcare

District

5.00%,

08/01/2034

1,000‌

1,196‌

Merced

Union

High

School

District

0.00%,

08/01/2032

(e)

3,380‌

2,801‌

Metropolitan

Water

District

of

Southern

California

5.00%,

10/01/2045

1,410‌

1,860‌

Middle

Fork

Project

Finance

Authority

5.00%,

04/01/2036

3,550‌

4,232‌

Mountain

View

Shoreline

Regional

Park

Community

(credit

support

from

Assured

Guaranty

Municipal

Corp

)

5.00%,

08/01/2048

(a)

3,000‌

3,752‌

Norco

Community

Redevelopment

Agency

Successor

Agency

(credit

support

from

Build

America

Mutual

Assurance

Corp

)

5.00%,

03/01/2032

(a)

1,000‌

1,139‌

Norman

Y

Mineta

San

Jose

International

Airport

SJC

5.00%,

03/01/2041

6,000‌

7,075‌

5.00%,

03/01/2047

1,500‌

1,798‌

Oakland

Unified

School

District/Alameda

County

5.00%,

08/01/2040

3,400‌

3,946‌

Oakland

Unified

School

District/Alameda

County

(credit

support

from

Assured

Guaranty

Municipal

Corp

)

3.00%,

08/01/2040

(a)

2,250‌

2,398‌

4.00%,

08/01/2037

(a)

1,505‌

1,750‌

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

1,230‌

Pittsburg

Unified

School

District

5.00%,

08/01/2043

2,900‌

3,339‌

Pomona

Unified

School

District

(credit

support

from

National

Public

Finance

Guarantee

Corp

)

6.15%,

08/01/2030

(a)

1,000‌

1,083‌

Port

Commission

of

the

City

&

County

of

San

Francisco

4.00%,

03/01/2035

1,000‌

1,080‌

Port

of

Los

Angeles

5.00%,

08/01/2032

1,740‌

1,995‌

Poway

Unified

School

District

0.00%,

08/01/2036

(e)

4,000‌

2,923‌

Regents

of

the

University

of

California

Medical

Center

Pooled

Revenue

5.00%,

05/15/2035

4,540‌

5,476‌

Rialto

Redevelopment

Agency

5.00%,

09/01/2037

1,000‌

1,241‌

Richmond

Joint

Powers

Financing

Authority

(credit

support

from

Assured

Guaranty

Municipal

Corp

)

5.00%,

11/01/2035

(a)

1,180‌

1,500‌

5.00%,

11/01/2036

(a)

3,330‌

4,217‌

Schedule

of

Investments

California

Municipal

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

3

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

California

(continued)

Ripon

Unified

School

District

(credit

support

from

Build

America

Mutual

Assurance

Corp

)

0.00%,

08/01/2033

(a),(e)

$

855‌

$

492‌

Ripon

Unified

School

District

-

Unrefunded

(credit

support

from

Build

America

Mutual

Assurance

Corp

)

0.00%,

08/01/2033

(a),(e)

255‌

148‌

Riverside

Community

Properties

Development

Inc

6.00%,

10/15/2038

1,000‌

1,184‌

Riverside

County

Public

Financing

Authority

(credit

support

from

Build

America

Mutual

Assurance

Corp

)

5.00%,

10/01/2029

(a)

1,500‌

1,793‌

Sacramento

Area

Flood

Control

Agency

5.00%,

10/01/2033

2,000‌

2,502‌

Sacramento

Municipal

Utility

District

5.00%,

08/15/2038

5,025‌

6,829‌

Salinas

Valley

Solid

Waste

Authority

(credit

support

from

Assured

Guaranty

Municipal

Corp

)

5.50%,

08/01/2031

(a)

3,250‌

3,877‌

San

Diego

Association

of

Governments

South

Bay

Expressway

Revenue

5.00%,

07/01/2036

1,500‌

1,779‌

5.00%,

07/01/2037

2,300‌

2,721‌

San

Diego

Convention

Center

Expansion

Financing

Authority

5.00%,

04/15/2025

5,000‌

5,408‌

San

Diego

County

Regional

Airport

Authority

4.00%,

07/01/2037

6,500‌

7,655‌

4.00%,

07/01/2038

2,000‌

2,349‌

4.00%,

07/01/2044

1,000‌

1,122‌

5.00%,

07/01/2042

5,000‌

5,929‌

5.00%,

07/01/2044

2,000‌

2,511‌

5.00%,

07/01/2049

1,500‌

1,825‌

San

Diego

County

Water

Authority

5.00%,

05/01/2031

(f)

1,000‌

1,397‌

San

Diego

Public

Facilities

Financing

Authority

4.00%,

08/01/2045

1,000‌

1,223‌

5.00%,

08/01/2030

1,000‌

1,417‌

San

Diego

Unified

School

District/CA

4.00%,

07/01/2038

2,120‌

2,563‌

San

Francisco

Bay

Area

Rapid

Transit

District

Sales

Tax

Revenue

4.00%,

07/01/2036

3,035‌

3,597‌

4.00%,

07/01/2037

2,500‌

2,956‌

San

Francisco

City

&

County

Airport

Comm

-San

Francisco

International

Airport

5.00%,

05/01/2031

1,000‌

1,224‌

5.00%,

05/01/2034

1,000‌

1,261‌

5.00%,

05/01/2042

1,500‌

1,778‌

San

Joaquin

Hills

Transportation

Corridor

Agency

5.00%,

01/15/2034

7,800‌

8,803‌

San

Luis

Obispo

County

Financing

Authority

(credit

support

from

Assured

Guaranty

Municipal

Corp

)

5.00%,

08/01/2030

(a)

1,000‌

1,047‌

San

Luis

Obispo

County

Financing

Authority

(credit

support

from

Build

America

Mutual

Assurance

Corp

)

5.00%,

09/01/2037

(a)

1,000‌

1,203‌

San

Mateo

Foster

City

Public

Financing

Authority

4.00%,

08/01/2037

2,070‌

2,539‌

Santa

Monica-Malibu

Unified

School

District

3.00%,

08/01/2049

4,650‌

4,996‌

4.00%,

08/01/2038

2,975‌

3,506‌

4.00%,

08/01/2039

1,510‌

1,776‌

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

California

(continued)

South

Placer

Wastewater

Authority/CA

5.00%,

11/01/2035

$

500‌

$

739‌

Southern

California

Public

Power

Authority

5.00%,

11/01/2028

2,150‌

2,740‌

5.00%,

11/01/2029

2,725‌

3,524‌

5.25%,

07/01/2029

695‌

726‌

5.25%,

07/01/2031

695‌

725‌

State

of

California

0.12%,

05/01/2034

(c)

2,000‌

2,000‌

0.14%,

05/01/2034

(c)

5,800‌

5,800‌

2.45%,

12/01/2031

380‌

387‌

4.00%,

09/01/2033

1,580‌

1,871‌

5.00%,

09/01/2034

5,000‌

6,230‌

5.00%,

02/01/2038

1,450‌

1,593‌

5.00%,

04/01/2043

3,380‌

3,722‌

5.25%,

11/01/2040

1,500‌

1,516‌

6.00%,

03/01/2033

670‌

673‌

Stockton

Unified

School

District

(credit

support

from

Assured

Guaranty

Municipal

Corp

)

5.00%,

08/01/2038

(a)

1,500‌

1,713‌

Tobacco

Securitization

Authority

of

Southern

California

5.00%,

06/01/2034

1,000‌

1,281‌

5.00%,

06/01/2035

500‌

637‌

5.00%,

06/01/2036

2,000‌

2,537‌

5.00%,

06/01/2048

5,000‌

6,059‌

Transbay

Joint

Powers

Authority

5.00%,

10/01/2030

400‌

528‌

5.00%,

10/01/2035

500‌

643‌

5.00%,

10/01/2037

700‌

894‌

5.00%,

10/01/2038

1,000‌

1,273‌

5.00%,

10/01/2045

1,500‌

1,888‌

Travis

Unified

School

District

(credit

support

from

Assured

Guaranty

Municipal

Corp

)

5.00%,

09/01/2029

(a)

1,000‌

1,207‌

Tulare

County

Transportation

Authority

5.00%,

02/01/2029

1,000‌

1,142‌

Tustin

Public

Financing

Authority

5.00%,

04/01/2041

1,000‌

1,032‌

University

of

California

5.00%,

05/15/2044

1,000‌

1,142‌

West

Valley-Mission

Community

College

District

4.00%,

08/01/2044

5,000‌

6,036‌

Woodland-Davis

Clean

Water

Agency

(credit

support

from

Assured

Guaranty

Municipal

Corp

)

5.00%,

03/01/2039

(a)

1,500‌

1,814‌

$

634,779‌

Guam

-

1.47%

Guam

Government

Waterworks

Authority

5.00%,

01/01/2046

2,525‌

2,883‌

5.00%,

01/01/2050

4,390‌

5,410‌

Port

Authority

of

Guam

5.00%,

07/01/2048

1,000‌

1,138‌

$

9,431‌

TOTAL

MUNICIPAL

BONDS

$

644,210‌

Total

Investments

$

650,489‌

Liability

for

Floating

Rate

Notes

Issued

in

Conjunction

with

Securities

Held

-

(2.99)%

Notes

with

interest

rates

of

0.20%

-

0.24%

at

July

31,

2020

and

contractual

maturities

of

collateral

of

2023-2025.

(g)

$

(19,231‌)

(19,231‌)

Total

Net

Investments

$

631,258‌

Other

Assets

and

Liabilities

-  1.85%

11,871‌

TOTAL

NET

ASSETS

-

100.00%

$

643,129‌

Schedule

of

Investments

California

Municipal

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

4

(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

or

portion

of

underlying

security

related

to

Inverse

Floaters

entered

into

by

the

Fund.  See

Notes

to

Financial

Statements

for

additional

information.

(c)

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(d)

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$50,366

or

7.83%

of

net

assets.

(e)

Non-income

producing

security

(f)

Security

purchased

on

a

when-issued

basis.

(g)

Floating

rate

securities.

The

interest

rate(s)

shown

reflect

the

rates

in

effect

at

July

31,

2020.

Portfolio

Summary  (unaudited)

Sector

Percent

Revenue

Bonds

72.31‌%

General

Obligation

Unlimited

11.53‌%

Insured

9.32‌%

Special

Assessment

2.90‌%

Prerefunded

1.75‌%

Tax

Allocation

1.22‌%

Investment

Companies

0.97‌%

Revenue

Notes

0.80‌%

Special

Tax

0.34‌%

Liability

For

Floating

Rate

Notes

Issued

(2.99‌)%

Other

Assets

and

Liabilities

1.85‌%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

Core

Fixed

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

5

INVESTMENT

COMPANIES

-

2.78%

Shares

Held

Value

(000's)

Money

Market

Funds

-

2.78%

BlackRock

Liquidity

FedFund

-

Institutional

Class

0.06%

(a),(b)

1,134,215‌

$

1,134‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

(a),(b),(c),(d)

233,986,059‌

233,986‌

$

235,120‌

TOTAL

INVESTMENT

COMPANIES

$

235,120‌

COMMON

STOCKS

-

0.21%

Shares

Held

Value

(000's)

Diversified

Financial

Services

-

0.00%

Adelphia

Recovery

Trust

(d),(e),(f)

658,740‌

$

—‌

Transportation

-

0.21%

Trailer

Bridge

Inc

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

178,279‌

17,786‌

TOTAL

COMMON

STOCKS

$

17,786‌

BONDS

-

65.05%

Principal

Amount

(000's)

Value

(000's)

Airlines

-

0.54%

Alaska

Airlines

2020-1

Class

A

Pass

Through

Trust

4.80%,

02/15/2029

(h)

$

30,000‌

$

31,084‌

United

Airlines

2013-1

Class

A

Pass

Through

Trust

4.30%,

02/15/2027

7,008‌

6,547‌

United

Airlines

2019-2

Class

AA

Pass

Through

Trust

2.70%,

11/01/2033

9,000‌

8,249‌

$

45,880‌

Apparel

-

0.16%

Under

Armour

Inc

3.25%,

06/15/2026

14,750‌

13,773‌

Automobile

Floor

Plan

Asset

Backed

Securities

-

1.28%

Ford

Credit

Floorplan

Master

Owner

Trust

A

0.57%,

10/15/2023

1,000‌

997‌

1.00

x

1

Month

USD

LIBOR

+

0.40%

0.77%,

09/15/2024

40,000‌

39,889‌

1.00

x

1

Month

USD

LIBOR

+

0.60%

Navistar

Financial

Dealer

Note

Master

Owner

Trust

II

0.80%,

09/25/2023

(h)

6,750‌

6,748‌

1.00

x

1

Month

USD

LIBOR

+

0.63%

0.81%,

05/25/2024

(h)

14,000‌

13,949‌

1.00

x

1

Month

USD

LIBOR

+

0.64%

Nissan

Master

Owner

Trust

Receivables

0.60%,

11/15/2023

20,000‌

19,986‌

1.00

x

1

Month

USD

LIBOR

+

0.43%

0.73%,

02/15/2024

26,845‌

26,829‌

1.00

x

1

Month

USD

LIBOR

+

0.56%

$

108,398‌

Automobile

Manufacturers

-

0.80%

American

Honda

Finance

Corp

1.95%,

05/20/2022

48,000‌

49,303‌

2.30%,

09/09/2026

7,000‌

7,531‌

3.80%,

09/20/2021

(h)

10,000‌

10,347‌

$

67,181‌

Banks

-

12.60%

Bank

of

America

Corp

2.46%,

10/22/2025

(i)

35,000‌

37,142‌

3

Month

USD

LIBOR

+

0.87%

2.88%,

04/24/2023

(i)

15,000‌

15,567‌

3

Month

USD

LIBOR

+

1.02%

3.19%,

07/23/2030

(i)

8,000‌

8,934‌

3

Month

USD

LIBOR

+

1.18%

3.88%,

08/01/2025

10,000‌

11,440‌

3.97%,

02/07/2030

(i)

8,000‌

9,417‌

3

Month

USD

LIBOR

+

1.21%

6.75%,

06/01/2028

(j)

2,000‌

2,682‌

Bank

of

New

York

Mellon

Corp/The

2.10%,

10/24/2024

50,000‌

53,131‌

2.20%,

08/16/2023

9,500‌

9,978‌

2.80%,

05/04/2026

8,000‌

8,962‌

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

$

10,174‌

Citigroup

Inc

2.98%,

11/05/2030

(i)

51,000‌

55,855‌

United

States

Secured

Overnight

Financing

Rate

+

1.42%

3.88%,

03/26/2025

23,000‌

25,578‌

4.45%,

09/29/2027

8,000‌

9,314‌

4.50%,

01/14/2022

4,900‌

5,180‌

Cullen/Frost

Bankers

Inc

4.50%,

03/17/2027

11,000‌

12,179‌

Fifth

Third

Bancorp

2.38%,

01/28/2025

59,000‌

62,636‌

2.60%,

06/15/2022

10,000‌

10,367‌

3.65%,

01/25/2024

14,000‌

15,349‌

Goldman

Sachs

Group

Inc/The

3.50%,

11/16/2026

21,000‌

23,430‌

3.63%,

01/22/2023

7,000‌

7,519‌

3.81%,

04/23/2029

(i)

13,000‌

15,017‌

3

Month

USD

LIBOR

+

1.16%

4.25%,

10/21/2025

23,500‌

26,830‌

5.25%,

07/27/2021

13,000‌

13,618‌

JPMorgan

Chase

&

Co

2.74%,

10/15/2030

(i)

47,000‌

51,407‌

United

States

Secured

Overnight

Financing

Rate

+

1.51%

3.25%,

09/23/2022

5,000‌

5,303‌

3.63%,

05/13/2024

15,900‌

17,648‌

3.74%,

12/31/2049

(k)

3,911‌

3,747‌

3

Month

USD

LIBOR

+

3.47%

3.90%,

07/15/2025

8,000‌

9,112‌

KeyCorp

2.25%,

04/06/2027

30,000‌

32,030‌

2.55%,

10/01/2029

50,000‌

53,864‌

Morgan

Stanley

2.70%,

01/22/2031

(i)

38,000‌

41,431‌

United

States

Secured

Overnight

Financing

Rate

+

1.14%

2.72%,

07/22/2025

(i)

12,000‌

12,839‌

United

States

Secured

Overnight

Financing

Rate

+

1.15%

3.95%,

04/23/2027

10,000‌

11,433‌

4.00%,

07/23/2025

5,000‌

5,764‌

4.88%,

11/01/2022

2,000‌

2,177‌

5.50%,

07/28/2021

5,900‌

6,194‌

6.25%,

08/09/2026

4,000‌

5,177‌

PNC

Bank

NA

2.70%,

10/22/2029

53,000‌

58,160‌

2.95%,

02/23/2025

10,000‌

10,991‌

3.10%,

10/25/2027

4,750‌

5,440‌

PNC

Financial

Services

Group

Inc/The

6.75%,

12/31/2049

(i),(k)

19,800‌

20,146‌

3

Month

USD

LIBOR

+

3.68%

Truist

Bank

2.64%,

09/17/2029

(i)

52,000‌

53,086‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.15%

2.75%,

05/01/2023

21,000‌

22,243‌

3.30%,

05/15/2026

5,000‌

5,594‌

Truist

Financial

Corp

2.70%,

01/27/2022

9,500‌

9,806‌

US

Bancorp

2.95%,

07/15/2022

5,000‌

5,245‌

3.00%,

03/15/2022

2,000‌

2,083‌

3.00%,

07/30/2029

6,000‌

6,692‌

3.15%,

04/27/2027

3,800‌

4,338‌

3.60%,

09/11/2024

12,000‌

13,412‌

Schedule

of

Investments

Core

Fixed

Income

Fund

July

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

$

6,069‌

4.13%,

05/24/2021

3,000‌

3,084‌

US

Bank

NA/Cincinnati

OH

1.95%,

01/09/2023

35,000‌

36,347‌

2.80%,

01/27/2025

7,000‌

7,658‌

Wells

Fargo

&

Co

2.41%,

10/30/2025

(i)

32,000‌

33,674‌

3

Month

USD

LIBOR

+

0.83%

2.88%,

10/30/2030

(i)

32,000‌

34,742‌

3

Month

USD

LIBOR

+

1.17%

3.07%,

01/24/2023

16,000‌

16,564‌

$

1,063,799‌

Beverages

-

0.45%

Anheuser-Busch

Cos

LLC

/

Anheuser-Busch

InBev

Worldwide

Inc

4.70%,

02/01/2036

14,000‌

17,175‌

Anheuser-Busch

InBev

Worldwide

Inc

2.50%,

07/15/2022

2,578‌

2,678‌

4.90%,

01/23/2031

14,000‌

17,969‌

$

37,822‌

Biotechnology

-

2.39%

Amgen

Inc

2.20%,

02/21/2027

11,500‌

12,274‌

2.45%,

02/21/2030

26,000‌

28,031‌

3.63%,

05/15/2022

8,000‌

8,410‌

3.88%,

11/15/2021

38,529‌

39,919‌

Biogen

Inc

2.25%,

05/01/2030

65,000‌

67,856‌

Gilead

Sciences

Inc

3.50%,

02/01/2025

10,000‌

11,206‌

3.65%,

03/01/2026

21,000‌

24,203‌

4.40%,

12/01/2021

9,900‌

10,343‌

$

202,242‌

Chemicals

-

1.08%

Air

Liquide

Finance

SA

2.25%,

09/10/2029

(h)

24,000‌

25,557‌

Airgas

Inc

3.65%,

07/15/2024

12,750‌

14,080‌

Westlake

Chemical

Corp

3.38%,

06/15/2030

4,500‌

4,776‌

3.60%,

08/15/2026

43,000‌

47,043‌

$

91,456‌

Commercial

Services

-

0.37%

ERAC

USA

Finance

LLC

3.30%,

10/15/2022

(h)

7,000‌

7,299‌

4.50%,

08/16/2021

(h)

6,000‌

6,213‌

7.00%,

10/15/2037

(h)

13,000‌

17,915‌

$

31,427‌

Computers

-

1.04%

Apple

Inc

1.13%,

05/11/2025

10,000‌

10,276‌

2.05%,

09/11/2026

30,000‌

32,345‌

2.40%,

05/03/2023

14,650‌

15,490‌

3.20%,

05/11/2027

13,000‌

14,891‌

3.25%,

02/23/2026

13,000‌

14,754‌

$

87,756‌

Credit

Card

Asset

Backed

Securities

-

0.41%

American

Express

Credit

Account

Master

Trust

0.41%,

04/15/2024

35,000‌

35,049‌

1.00

x

1

Month

USD

LIBOR

+

0.24%

Diversified

Financial

Services

-

0.45%

Jefferies

Group

LLC

5.13%,

01/20/2023

1,500‌

1,636‌

6.25%,

01/15/2036

10,325‌

12,957‌

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

$

21,407‌

4.85%,

01/15/2027

1,750‌

1,995‌

$

37,995‌

Electric

-

10.15%

AEP

Transmission

Co

LLC

3.15%,

09/15/2049

24,000‌

28,081‌

Alabama

Power

Co

3.45%,

10/01/2049

42,000‌

51,456‌

Berkshire

Hathaway

Energy

Co

4.05%,

04/15/2025

(h)

10,000‌

11,503‌

Black

Hills

Corp

2.50%,

06/15/2030

15,000‌

15,875‌

3.05%,

10/15/2029

39,500‌

43,512‌

3.15%,

01/15/2027

7,500‌

8,072‌

4.35%,

05/01/2033

8,000‌

9,540‌

Dayton

Power

&

Light

Co/The

3.95%,

06/15/2049

10,000‌

11,477‌

Entergy

Louisiana

LLC

2.90%,

03/15/2051

7,000‌

7,991‌

3.25%,

04/01/2028

12,000‌

13,540‌

4.20%,

09/01/2048

31,000‌

42,469‌

Entergy

Texas

Inc

2.55%,

06/01/2021

15,000‌

15,232‌

Florida

Power

&

Light

Co

2.85%,

04/01/2025

3,000‌

3,303‌

3.15%,

10/01/2049

25,000‌

30,762‌

GenOn

Energy

Inc

-

Escrow

0.00%,

10/15/2020

(d),(e),(f)

9,300‌

—‌

Interstate

Power

and

Light

Co

2.30%,

06/01/2030

9,500‌

10,041‌

3.50%,

09/30/2049

66,000‌

79,053‌

LG&E

and

KU

Energy

LLC

3.75%,

11/15/2020

5,000‌

5,005‌

4.38%,

10/01/2021

5,900‌

6,090‌

Louisville

Gas

and

Electric

Co

3.30%,

10/01/2025

3,000‌

3,343‌

Metropolitan

Edison

Co

3.50%,

03/15/2023

(h)

9,900‌

10,488‌

4.30%,

01/15/2029

(h)

14,000‌

16,322‌

Monongahela

Power

Co

3.55%,

05/15/2027

(h)

5,000‌

5,635‌

Nevada

Power

Co

2.40%,

05/01/2030

20,500‌

22,454‌

NextEra

Energy

Capital

Holdings

Inc

2.75%,

11/01/2029

51,000‌

56,960‌

Northern

States

Power

Co/MN

2.90%,

03/01/2050

18,500‌

21,521‌

Oncor

Electric

Delivery

Co

LLC

2.95%,

04/01/2025

7,000‌

7,680‌

3.10%,

09/15/2049

33,500‌

39,904‌

4.10%,

11/15/2048

5,000‌

6,790‌

5.75%,

03/15/2029

21,000‌

28,233‌

PacifiCorp

5.25%,

06/15/2035

5,750‌

8,291‌

6.25%,

10/15/2037

2,500‌

3,846‌

PPL

Electric

Utilities

Corp

3.00%,

10/01/2049

17,000‌

19,585‌

Public

Service

Co

of

Colorado

3.20%,

03/01/2050

15,000‌

18,266‌

Solar

Star

Funding

LLC

3.95%,

06/30/2035

(h)

6,038‌

6,127‌

5.38%,

06/30/2035

(h)

21,236‌

24,510‌

Southwestern

Electric

Power

Co

2.75%,

10/01/2026

10,000‌

10,795‌

3.55%,

02/15/2022

12,900‌

13,340‌

3.85%,

02/01/2048

7,900‌

9,310‌

Schedule

of

Investments

Core

Fixed

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

7

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Electric

(continued)

Talen

Energy

Supply

LLC

4.60%,

12/15/2021

$

11,750‌

$

10,387‌

TransAlta

Corp

4.50%,

11/15/2022

19,650‌

19,846‌

Tucson

Electric

Power

Co

3.05%,

03/15/2025

2,000‌

2,165‌

3.85%,

03/15/2023

19,900‌

21,308‌

4.85%,

12/01/2048

7,000‌

9,759‌

5.15%,

11/15/2021

3,000‌

3,134‌

Xcel

Energy

Inc

2.60%,

12/01/2029

32,000‌

35,129‌

3.50%,

12/01/2049

24,000‌

29,297‌

$

857,427‌

Electronics

-

0.46%

Keysight

Technologies

Inc

3.00%,

10/30/2029

35,000‌

39,196‌

Environmental

Control

-

0.64%

Advanced

Disposal

Services

Inc

5.63%,

11/15/2024

(h)

12,000‌

12,452‌

Republic

Services

Inc

2.30%,

03/01/2030

16,500‌

17,747‌

3.20%,

03/15/2025

13,000‌

14,419‌

3.55%,

06/01/2022

9,000‌

9,446‌

$

54,064‌

Food

-

0.46%

Kraft

Heinz

Foods

Co

3.75%,

04/01/2030

(h)

21,000‌

22,758‌

3.95%,

07/15/2025

15,000‌

16,489‌

$

39,247‌

Gas

-

0.63%

NiSource

Inc

2.95%,

09/01/2029

29,000‌

32,364‌

3.60%,

05/01/2030

14,000‌

16,459‌

3.85%,

02/15/2023

4,000‌

4,290‌

$

53,113‌

Healthcare

-

Services

-

0.83%

HCA

Inc

4.13%,

06/15/2029

14,000‌

16,386‌

5.63%,

09/01/2028

2,000‌

2,385‌

5.88%,

05/01/2023

4,500‌

4,939‌

7.50%,

11/06/2033

1,950‌

2,628‌

UnitedHealth

Group

Inc

2.00%,

05/15/2030

9,000‌

9,594‌

2.88%,

08/15/2029

15,000‌

17,119‌

3.50%,

08/15/2039

14,000‌

17,167‌

$

70,218‌

Insurance

-

2.64%

Berkshire

Hathaway

Finance

Corp

1.85%,

03/12/2030

8,000‌

8,493‌

Berkshire

Hathaway

Inc

3.00%,

02/11/2023

8,000‌

8,555‌

3.75%,

08/15/2021

5,000‌

5,176‌

Fidelity

National

Financial

Inc

3.40%,

06/15/2030

32,000‌

34,669‌

4.50%,

08/15/2028

39,500‌

44,758‌

5.50%,

09/01/2022

5,000‌

5,390‌

First

American

Financial

Corp

4.00%,

05/15/2030

28,000‌

30,271‌

4.30%,

02/01/2023

21,800‌

22,936‌

4.60%,

11/15/2024

5,000‌

5,397‌

Five

Corners

Funding

Trust

4.42%,

11/15/2023

(h)

15,500‌

17,369‌

Prudential

Financial

Inc

2.10%,

03/10/2030

(j)

23,000‌

24,614‌

3.88%,

03/27/2028

7,000‌

8,332‌

4.50%,

11/16/2021

7,000‌

7,367‌

$

223,327‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Internet

-

1.10%

Amazon.com

Inc

2.80%,

08/22/2024

$

44,000‌

$

47,941‌

4.05%,

08/22/2047

32,650‌

44,962‌

$

92,903‌

Iron

&

Steel

-

0.18%

Allegheny

Technologies

Inc

7.88%,

08/15/2023

14,750‌

15,530‌

Lodging

-

0.65%

Choice

Hotels

International

Inc

3.70%,

12/01/2029

42,000‌

43,076‌

3.70%,

01/15/2031

11,000‌

11,408‌

$

54,484‌

Media

-

2.63%

Comcast

Corp

2.65%,

02/01/2030

33,000‌

36,538‌

2.85%,

01/15/2023

13,000‌

13,892‌

3.13%,

07/15/2022

2,000‌

2,109‌

3.30%,

02/01/2027

10,000‌

11,352‌

3.95%,

10/15/2025

15,000‌

17,378‌

4.25%,

10/15/2030

4,500‌

5,645‌

6.45%,

03/15/2037

1,800‌

2,814‌

Discovery

Communications

LLC

3.63%,

05/15/2030

9,000‌

9,986‌

4.13%,

05/15/2029

22,000‌

25,394‌

5.30%,

05/15/2049

13,000‌

16,811‌

Time

Warner

Cable

LLC

6.55%,

05/01/2037

7,400‌

10,242‌

6.75%,

06/15/2039

6,000‌

8,421‌

7.30%,

07/01/2038

7,750‌

11,266‌

Walt

Disney

Co/The

2.00%,

09/01/2029

28,000‌

29,129‌

4.50%,

02/15/2021

7,000‌

7,152‌

6.40%,

12/15/2035

8,900‌

13,713‌

$

221,842‌

Oil

&

Gas

-

2.76%

BP

Capital

Markets

America

Inc

2.94%,

04/06/2023

7,000‌

7,430‌

3.12%,

05/04/2026

10,000‌

11,152‌

3.41%,

02/11/2026

13,000‌

14,548‌

3.94%,

09/21/2028

13,000‌

15,309‌

BP

Capital

Markets

PLC

2.50%,

11/06/2022

7,000‌

7,309‌

3.56%,

11/01/2021

17,000‌

17,663‌

Canadian

Natural

Resources

Ltd

2.05%,

07/15/2025

9,000‌

9,153‌

3.80%,

04/15/2024

35,000‌

37,699‌

Helmerich

&

Payne

Inc

4.65%,

03/15/2025

7,000‌

7,800‌

Marathon

Petroleum

Corp

5.13%,

12/15/2026

8,500‌

10,047‌

5.38%,

10/01/2022

11,000‌

11,052‌

Nabors

Industries

Inc

5.10%,

09/15/2023

5,000‌

2,694‌

Phillips

66

4.30%,

04/01/2022

28,000‌

29,703‌

Suncor

Energy

Inc

2.80%,

05/15/2023

8,000‌

8,412‌

3.60%,

12/01/2024

18,000‌

19,732‌

4.00%,

11/15/2047

4,500‌

4,990‌

9.25%,

10/15/2021

9,475‌

10,328‌

Valaris

plc

4.88%,

06/01/2022

8,650‌

627‌

W&T

Offshore

Inc

9.75%,

11/01/2023

(h)

6,750‌

4,500‌

Whiting

Petroleum

Corp

0.00%,

03/15/2021

(d)

19,150‌

3,255‌

$

233,403‌

Schedule

of

Investments

Core

Fixed

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

8

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Oil

&

Gas

Services

-

0.56%

Schlumberger

Holdings

Corp

3.63%,

12/21/2022

(h),(j)

$

10,000‌

$

10,378‌

4.00%,

12/21/2025

(h)

33,000‌

36,624‌

$

47,002‌

Other

Asset

Backed

Securities

-

1.26%

Drug

Royalty

III

LP

1

1.87%,

10/15/2031

(h)

2,441‌

2,399‌

1.00

x

3

Month

USD

LIBOR

+

1.60%

2.77%,

04/15/2027

(h)

1,076‌

1,075‌

1.00

x

3

Month

USD

LIBOR

+

2.50%

3.60%,

04/15/2027

(h)

1,020‌

1,024‌

4.27%,

10/15/2031

(h)

3,139‌

3,237‌

PFS

Financing

Corp

0.72%,

09/15/2023

(h)

40,000‌

39,834‌

1.00

x

1

Month

USD

LIBOR

+

0.55%

0.72%,

04/15/2024

(h)

13,000‌

12,964‌

1.00

x

1

Month

USD

LIBOR

+

0.55%

Verizon

Owner

Trust

2017-3

0.46%,

04/20/2022

(h)

2,920‌

2,921‌

1.00

x

1

Month

USD

LIBOR

+

0.27%

Verizon

Owner

Trust

2019-C

0.61%,

04/22/2024

42,500‌

42,624‌

1.00

x

1

Month

USD

LIBOR

+

0.42%

$

106,078‌

Packaging

&

Containers

-

0.13%

Sealed

Air

Corp

5.50%,

09/15/2025

(h)

2,000‌

2,210‌

6.88%,

07/15/2033

(h)

6,900‌

8,383‌

$

10,593‌

Pharmaceuticals

-

2.37%

AbbVie

Inc

2.15%,

11/19/2021

(h)

33,000‌

33,694‌

2.30%,

11/21/2022

(h)

18,000‌

18,696‌

2.90%,

11/06/2022

14,650‌

15,405‌

Bristol-Myers

Squibb

Co

3.20%,

06/15/2026

20,000‌

22,715‌

3.40%,

07/26/2029

27,000‌

31,794‌

3.45%,

11/15/2027

9,000‌

10,461‌

3.90%,

02/20/2028

10,500‌

12,549‌

CVS

Health

Corp

3.00%,

08/15/2026

7,000‌

7,741‌

4.30%,

03/25/2028

13,000‌

15,444‌

5.05%,

03/25/2048

23,000‌

31,682‌

$

200,181‌

Pipelines

-

1.74%

ANR

Pipeline

Co

9.63%,

11/01/2021

900‌

1,004‌

Buckeye

Partners

LP

3.95%,

12/01/2026

10,500‌

10,421‌

4.15%,

07/01/2023

10,000‌

10,050‌

4.35%,

10/15/2024

8,000‌

8,020‌

Columbia

Pipeline

Group

Inc

4.50%,

06/01/2025

11,900‌

13,870‌

El

Paso

Natural

Gas

Co

LLC

7.50%,

11/15/2026

11,400‌

14,657‌

NGPL

PipeCo

LLC

4.88%,

08/15/2027

(h)

22,000‌

24,340‌

Plains

All

American

Pipeline

LP

/

PAA

Finance

Corp

4.50%,

12/15/2026

13,500‌

14,527‌

Southeast

Supply

Header

LLC

4.25%,

06/15/2024

(h)

14,650‌

14,506‌

Southern

Natural

Gas

Co

LLC

8.00%,

03/01/2032

4,750‌

6,879‌

Tennessee

Gas

Pipeline

Co

LLC

8.38%,

06/15/2032

2,000‌

2,738‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Pipelines

(continued)

TransCanada

PipeLines

Ltd

6.10%,

06/01/2040

$

7,000‌

$

10,024‌

7.25%,

08/15/2038

10,000‌

15,617‌

$

146,653‌

REITs

-

9.76%

Alexandria

Real

Estate

Equities

Inc

1.88%,

02/01/2033

(l)

13,000‌

13,050‌

2.75%,

12/15/2029

14,500‌

15,851‌

3.38%,

08/15/2031

30,000‌

34,681‌

4.30%,

01/15/2026

9,900‌

11,537‌

4.90%,

12/15/2030

4,250‌

5,435‌

American

Tower

Corp

2.10%,

06/15/2030

3,000‌

3,120‌

2.40%,

03/15/2025

7,000‌

7,490‌

2.75%,

01/15/2027

53,000‌

57,897‌

3.38%,

10/15/2026

5,000‌

5,666‌

CBL

&

Associates

LP

5.95%,

12/15/2026

13,750‌

3,197‌

Crown

Castle

International

Corp

2.25%,

01/15/2031

13,000‌

13,488‌

3.10%,

11/15/2029

8,000‌

8,923‌

4.00%,

11/15/2049

17,000‌

20,794‌

4.30%,

02/15/2029

13,000‌

15,613‌

CubeSmart

LP

3.00%,

02/15/2030

18,000‌

19,638‌

4.00%,

11/15/2025

5,000‌

5,603‌

4.38%,

12/15/2023

8,000‌

8,821‌

4.38%,

02/15/2029

2,000‌

2,368‌

4.80%,

07/15/2022

16,800‌

17,804‌

Duke

Realty

LP

2.88%,

11/15/2029

12,500‌

14,066‌

3.25%,

06/30/2026

5,000‌

5,529‌

3.38%,

12/15/2027

25,000‌

28,390‌

Healthcare

Realty

Trust

Inc

2.40%,

03/15/2030

9,000‌

8,895‌

3.63%,

01/15/2028

3,500‌

3,778‌

3.88%,

05/01/2025

5,000‌

5,362‌

Healthpeak

Properties

Inc

2.88%,

01/15/2031

7,000‌

7,427‌

3.00%,

01/15/2030

50,000‌

53,907‌

Omega

Healthcare

Investors

Inc

3.63%,

10/01/2029

32,000‌

32,201‌

4.75%,

01/15/2028

7,000‌

7,674‌

5.25%,

01/15/2026

8,000‌

8,638‌

Physicians

Realty

LP

4.30%,

03/15/2027

17,900‌

19,008‌

SBA

Tower

Trust

2.33%,

07/15/2052

(h)

10,000‌

10,170‌

2.84%,

01/15/2050

(h)

30,000‌

31,308‌

Service

Properties

Trust

4.35%,

10/01/2024

12,000‌

10,742‌

4.50%,

06/15/2023

5,000‌

4,750‌

4.65%,

03/15/2024

5,650‌

5,170‌

4.95%,

02/15/2027

5,900‌

5,341‌

5.00%,

08/15/2022

14,650‌

14,464‌

Simon

Property

Group

LP

2.00%,

09/13/2024

32,000‌

33,050‌

2.75%,

02/01/2023

7,000‌

7,291‌

STORE

Capital

Corp

4.63%,

03/15/2029

33,500‌

36,008‌

Ventas

Realty

LP

3.00%,

01/15/2030

8,000‌

8,137‌

3.85%,

04/01/2027

21,000‌

22,688‌

Ventas

Realty

LP

/

Ventas

Capital

Corp

3.25%,

08/15/2022

9,650‌

9,951‌

Schedule

of

Investments

Core

Fixed

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

9

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

REITs

(continued)

Welltower

Inc

2.70%,

02/15/2027

$

12,000‌

$

12,740‌

2.75%,

01/15/2031

7,000‌

7,145‌

3.10%,

01/15/2030

23,000‌

24,136‌

3.75%,

03/15/2023

3,000‌

3,182‌

4.13%,

03/15/2029

6,000‌

6,758‌

4.25%,

04/15/2028

4,000‌

4,582‌

4.50%,

01/15/2024

5,000‌

5,522‌

Weyerhaeuser

Co

3.25%,

03/15/2023

5,000‌

5,280‌

7.38%,

03/15/2032

40,000‌

57,667‌

WP

Carey

Inc

3.85%,

07/15/2029

30,000‌

32,446‌

$

824,379‌

Savings

&

Loans

-

0.08%

First

Niagara

Financial

Group

Inc

7.25%,

12/15/2021

6,500‌

7,035‌

Semiconductors

-

0.37%

NVIDIA

Corp

2.85%,

04/01/2030

14,000‌

15,679‌

3.50%,

04/01/2040

13,000‌

15,615‌

$

31,294‌

Software

-

0.77%

Oracle

Corp

2.50%,

05/15/2022

35,000‌

36,232‌

2.95%,

05/15/2025

25,900‌

28,588‌

$

64,820‌

Telecommunications

-

1.80%

Corning

Inc

2.90%,

05/15/2022

5,000‌

5,183‌

4.75%,

03/15/2042

4,650‌

5,887‌

5.45%,

11/15/2079

35,000‌

45,480‌

Crown

Castle

Towers

LLC

4.24%,

07/15/2048

(h)

16,000‌

18,166‌

Qwest

Corp

6.75%,

12/01/2021

20,800‌

22,197‌

Sprint

Corp

7.88%,

09/15/2023

7,750‌

8,990‌

Sprint

Spectrum

Co

LLC

/

Sprint

Spectrum

Co

II

LLC

/

Sprint

Spectrum

Co

III

LLC

3.36%,

03/20/2023

(h)

12,031‌

12,182‌

5.15%,

03/20/2028

(h)

16,500‌

19,316‌

T-Mobile

USA

Inc

6.38%,

03/01/2025

14,000‌

14,372‌

$

151,773‌

Transportation

-

0.97%

Ryder

System

Inc

2.90%,

12/01/2026

51,000‌

54,426‌

3.35%,

09/01/2025

25,000‌

27,134‌

Trailer

Bridge

Inc

0.00%,

11/15/2011

(d),(e),(f)

14,000‌

—‌

$

81,560‌

Trucking

&

Leasing

-

0.54%

Penske

Truck

Leasing

Co

Lp

/

PTL

Finance

Corp

2.70%,

11/01/2024

(h)

28,000‌

29,484‌

3.45%,

07/01/2024

(h)

9,000‌

9,804‌

4.88%,

07/11/2022

(h)

5,500‌

5,911‌

$

45,199‌

TOTAL

BONDS

$

5,494,099‌

SENIOR

FLOATING

RATE

INTERESTS

-

0.23%

Principal

Amount

(000's)

Value

(000's)

Pipelines

-

0.10%

BCP

Renaissance

Parent

LLC

4.50%,

10/31/2024

(m)

$

9,554‌

$

8,591‌

3

Month

USD

LIBOR

+

2.00%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Software

-

0.13%

Ivanti

Software

Inc

10.00%,

01/20/2025

(m)

$

12,250‌

$

10,902‌

3

Month

USD

LIBOR

+

3.25%

TOTAL

SENIOR

FLOATING

RATE

INTERESTS

$

19,493‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

31.39%

Principal

Amount

(000's)

Value

(000's)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

-

1.36%

3.00%,

10/01/2042

$

8,102‌

$

8,748‌

3.00%,

10/01/2042

7,762‌

8,352‌

3.00%,

11/01/2042

8,236‌

8,861‌

3.00%,

06/01/2043

9,367‌

10,074‌

3.00%,

12/01/2046

15,241‌

16,322‌

3.00%,

07/01/2047

16,560‌

17,535‌

3.50%,

04/01/2042

5,844‌

6,330‌

3.50%,

04/01/2045

7,704‌

8,469‌

3.50%,

03/01/2048

17,128‌

18,726‌

4.00%,

02/01/2046

10,000‌

10,925‌

9.00%,

01/01/2025

2‌

2‌

$

114,344‌

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

-

15.73%

3.00%,

03/01/2042

6,188‌

6,654‌

3.00%,

03/01/2042

6,694‌

7,197‌

3.00%,

05/01/2042

7,007‌

7,530‌

3.00%,

06/01/2042

6,296‌

6,770‌

3.00%,

06/01/2042

6,739‌

7,248‌

3.00%,

08/01/2049

43,439‌

46,215‌

3.00%,

09/01/2049

41,122‌

43,608‌

3.00%,

10/01/2049

41,857‌

44,450‌

3.00%,

10/01/2049

45,595‌

48,481‌

3.00%,

10/01/2049

44,171‌

46,792‌

3.00%,

11/01/2049

45,017‌

48,023‌

3.00%,

11/01/2049

55,523‌

58,784‌

3.00%,

11/01/2049

45,820‌

48,783‌

3.00%,

03/01/2050

45,187‌

48,170‌

3.50%,

12/01/2040

4,471‌

4,848‌

3.50%,

01/01/2042

4,410‌

4,840‌

3.50%,

02/01/2043

7,855‌

8,637‌

3.50%,

03/01/2045

8,351‌

9,179‌

3.50%,

06/01/2045

11,781‌

12,835‌

3.50%,

07/01/2045

9,143‌

9,961‌

3.50%,

11/01/2045

11,021‌

11,933‌

3.50%,

06/01/2046

43,491‌

46,840‌

3.50%,

08/01/2047

34,983‌

37,032‌

3.50%,

11/01/2047

17,230‌

18,229‌

3.50%,

12/01/2047

37,851‌

40,048‌

3.50%,

09/01/2048

12,890‌

13,615‌

3.50%,

06/01/2049

32,729‌

34,523‌

3.50%,

07/01/2049

38,860‌

40,994‌

3.50%,

09/01/2049

35,422‌

37,323‌

3.50%,

09/01/2049

39,733‌

41,885‌

3.50%,

11/01/2049

43,551‌

46,277‌

3.50%,

11/01/2049

34,437‌

36,291‌

3.50%,

12/01/2049

37,429‌

39,443‌

4.00%,

09/01/2040

4,521‌

4,997‌

4.00%,

08/01/2043

7,033‌

7,788‌

4.00%,

08/01/2043

6,162‌

6,779‌

4.00%,

11/01/2043

8,358‌

9,341‌

4.00%,

11/01/2043

6,025‌

6,614‌

4.00%,

02/01/2044

8,127‌

9,004‌

4.00%,

07/01/2044

4,344‌

4,698‌

4.00%,

11/01/2044

6,515‌

7,098‌

4.00%,

09/01/2045

14,161‌

15,795‌

4.00%,

06/01/2046

30,713‌

33,767‌

4.00%,

08/01/2046

10,001‌

10,907‌

4.00%,

01/01/2047

9,302‌

9,956‌

4.00%,

08/01/2047

11,241‌

12,024‌

4.00%,

09/01/2048

27,229‌

28,911‌

Schedule

of

Investments

Core

Fixed

Income

Fund

July

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%,

10/01/2048

$

13,155‌

$

13,963‌

4.00%,

07/01/2049

29,663‌

31,485‌

4.00%,

09/01/2049

26,231‌

28,037‌

4.00%,

10/01/2049

42,033‌

45,379‌

4.50%,

12/01/2040

4,584‌

5,104‌

4.50%,

06/01/2046

37,481‌

41,684‌

4.50%,

05/01/2047

9,067‌

9,808‌

4.50%,

05/01/2047

8,872‌

9,580‌

4.50%,

02/01/2049

11,787‌

12,655‌

6.50%,

04/01/2032

4‌

4‌

$

1,328,816‌

Government

National

Mortgage

Association

(GNMA)

-

0.48%

3.00%,

02/20/2046

37,938‌

40,286‌

U.S.

Treasury

-

13.82%

1.50%,

08/15/2026

40,000‌

42,812‌

1.63%,

11/15/2022

40,000‌

41,375‌

1.63%,

08/15/2029

40,000‌

43,992‌

1.75%,

05/15/2022

40,000‌

41,153‌

2.00%,

02/28/2021

40,000‌

40,434‌

2.00%,

11/15/2026

40,000‌

44,120‌

2.13%,

05/15/2025

40,000‌

43,639‌

2.25%,

11/15/2024

40,000‌

43,519‌

2.25%,

08/15/2027

40,000‌

45,166‌

2.25%,

11/15/2027

40,000‌

45,295‌

2.25%,

08/15/2046

35,000‌

43,421‌

2.25%,

08/15/2049

35,000‌

44,112‌

2.38%,

02/29/2024

30,000‌

32,384‌

2.63%,

11/15/2020

40,000‌

40,283‌

2.63%,

02/28/2023

40,000‌

42,578‌

2.63%,

02/15/2029

40,000‌

47,188‌

2.75%,

11/15/2023

40,000‌

43,422‌

2.75%,

02/15/2028

40,000‌

46,911‌

2.75%,

08/15/2047

35,000‌

47,780‌

2.88%,

08/15/2028

40,000‌

47,652‌

2.88%,

05/15/2049

35,000‌

49,510‌

3.00%,

09/30/2025

40,000‌

45,653‌

3.00%,

11/15/2045

35,000‌

49,157‌

3.13%,

05/15/2021

40,000‌

40,938‌

3.63%,

02/15/2044

35,000‌

53,229‌

3.75%,

11/15/2043

40,000‌

61,773‌

$

1,167,496‌

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

2,650,942‌

Total

Investments

$

8,417,440‌

Other

Assets

and

Liabilities

-  0.34%

28,416‌

TOTAL

NET

ASSETS

-

100.00%

$

8,445,856‌

(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

$11,504

or

0.14%

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

5.00%

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

$17,786

or

0.21%

of

net

assets.

(g)

Restricted

Security.

Please

see

Restricted

Security

sub-schedule

for

additional

information.

(h)

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$599,402

or

7.10%

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)

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.

Portfolio

Summary  (unaudited)

Sector

Percent

Financial

25.53‌%

Mortgage

Securities

17.57‌%

Government

13.82‌%

Utilities

10.78‌%

Consumer,

Non-cyclical

6.87‌%

Communications

5.53‌%

Energy

5.16‌%

Industrial

2.95‌%

Asset

Backed

Securities

2.95‌%

Money

Market

Funds

2.78‌%

Technology

2.31‌%

Consumer,

Cyclical

2.15‌%

Basic

Materials

1.26‌%

Other

Assets

and

Liabilities

0.34‌%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

1,067,368‌

$

2,661,517‌

$

3,494,899‌

$

233,986‌

$

1,067,368‌

$

2,661,517‌

$

3,494,899‌

$

233,986‌

Income

(a)

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

2,798‌

$

—‌

$

—‌

$

—‌

$

2,798‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Core

Fixed

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

11

Restricted

Securities

Security

Name

Acquisition

Date

Cost

Value

Percent

of

Net

Assets

Trailer

Bridge

Inc

05/07/2012

-

05/28/2019

$

21,314‌

$

17,786‌

0.21%

Total

$

17,786‌

0.21%

Amounts

in

thousands.

Schedule

of

Investments

Core

Plus

Bond

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

12

INVESTMENT

COMPANIES

-

8.55%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

3.48%

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

99,000‌

$

13,697‌

SPDR

Bloomberg

Barclays

High

Yield

Bond

ETF

85,000‌

9,018‌

$

22,715‌

Money

Market

Funds

-

5.07%

BlackRock

Liquidity

FedFund

-

Institutional

Class

0.06%

(a),(b)

1,818,438‌

1,819‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

(a),(c),(d)

31,353,032‌

31,353‌

$

33,172‌

TOTAL

INVESTMENT

COMPANIES

$

55,887‌

COMMON

STOCKS

-

0.01%

Shares

Held

Value

(000's)

Retail

-

0.01%

Claire's

Holdings

LLC

(d)

232‌

$

61‌

TOTAL

COMMON

STOCKS

$

61‌

PREFERRED

STOCKS

-

0.56%

Shares

Held

Value

(000's)

Sovereign

-

0.56%

CoBank

ACB

6.20%,

01/01/2025

(e)

35,000‌

$

3,693‌

3

Month

USD

LIBOR

+

3.74%

TOTAL

PREFERRED

STOCKS

$

3,693‌

BONDS

-

58.01%

Principal

Amount

(000's)

Value

(000's)

Aerospace

&

Defense

-

1.67%

Air

2

US

8.63%,

10/01/2020

(f)

$

1‌

$

1‌

Boeing

Co/The

2.70%,

02/01/2027

1,965‌

1,898‌

2.80%,

03/01/2024

845‌

862‌

3.20%,

03/01/2029

500‌

496‌

3.50%,

03/01/2039

740‌

684‌

3.75%,

02/01/2050

70‌

64‌

3.90%,

05/01/2049

120‌

113‌

4.88%,

05/01/2025

845‌

914‌

5.04%,

05/01/2027

220‌

238‌

Lockheed

Martin

Corp

1.85%,

06/15/2030

240‌

254‌

4.09%,

09/15/2052

210‌

293‌

Raytheon

Technologies

Corp

3.50%,

03/15/2027

(f)

505‌

574‌

3.95%,

08/16/2025

985‌

1,141‌

4.45%,

11/16/2038

715‌

924‌

4.50%,

06/01/2042

710‌

949‌

5.40%,

05/01/2035

215‌

300‌

SSL

Robotics

LLC

9.75%,

12/31/2023

(f)

215‌

239‌

TransDigm

Inc

6.25%,

03/15/2026

(f)

115‌

121‌

7.50%,

03/15/2027

485‌

491‌

Triumph

Group

Inc

6.25%,

09/15/2024

(f)

185‌

163‌

7.75%,

08/15/2025

(g)

285‌

185‌

$

10,904‌

Agriculture

-

0.60%

Altria

Group

Inc

5.80%,

02/14/2039

380‌

498‌

BAT

Capital

Corp

2.76%,

08/15/2022

1,035‌

1,076‌

3.22%,

08/15/2024

505‌

546‌

3.56%,

08/15/2027

670‌

738‌

4.54%,

08/15/2047

25‌

28‌

JBS

Investments

II

GmbH

7.00%,

01/15/2026

(f)

200‌

215‌

Reynolds

American

Inc

5.70%,

08/15/2035

635‌

810‌

$

3,911‌

Airlines

-

1.12%

American

Airlines

2013-1

Class

B

Pass

Through

Trust

5.63%,

07/15/2022

(f)

102‌

87‌

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

$

545‌

$

442‌

American

Airlines

2014-1

Class

A

Pass

Through

Trust

3.70%,

04/01/2028

723‌

604‌

Continental

Airlines

2007-1

Class

A

Pass

Through

Trust

5.98%,

10/19/2023

1,260‌

1,206‌

Continental

Airlines

2012-1

Class

A

Pass

Through

Trust

4.15%,

10/11/2025

1,167‌

1,095‌

Mileage

Plus

Holdings

LLC

/

Mileage

Plus

Intellectual

Property

Assets

Ltd

6.50%,

06/20/2027

(f)

115‌

119‌

Southwest

Airlines

Co

4.75%,

05/04/2023

435‌

457‌

5.13%,

06/15/2027

530‌

557‌

5.25%,

05/04/2025

880‌

937‌

United

Airlines

2014-2

Class

A

Pass

Through

Trust

3.75%,

03/03/2028

917‌

847‌

United

Airlines

2018-1

Class

A

Pass

Through

Trust

3.70%,

09/01/2031

746‌

619‌

United

Airlines

2018-1

Class

AA

Pass

Through

Trust

3.50%,

09/01/2031

397‌

372‌

$

7,342‌

Automobile

Asset

Backed

Securities

-

1.66%

CarMax

Auto

Owner

Trust

2020-3

0.41%,

06/15/2023

780‌

780‌

1.00

x

1

Month

USD

LIBOR

+

0.25%

Drive

Auto

Receivables

Trust

2020-2

0.70%,

07/17/2023

1,000‌

1,001‌

1.00

x

1

Month

USD

LIBOR

+

0.53%

Ford

Credit

Auto

Lease

Trust

2020-B

0.44%,

12/15/2022

1,520‌

1,520‌

1.00

x

1

Month

USD

LIBOR

+

0.26%

0.50%,

12/15/2022

815‌

815‌

Hyundai

Auto

Receivables

Trust

2020-B

0.38%,

03/15/2023

1,500‌

1,501‌

Santander

Drive

Auto

Receivables

Trust

2020-2

0.53%,

05/15/2023

1,400‌

1,400‌

1.00

x

1

Month

USD

LIBOR

+

0.35%

Santander

Retail

Auto

Lease

Trust

2019-A

2.72%,

01/20/2022

(f)

1,685‌

1,699‌

Tesla

Auto

Lease

Trust

2019-A

2.13%,

04/20/2022

(f)

1,595‌

1,613‌

World

Omni

Auto

Receivables

Trust

1.05%,

03/15/2021

540‌

541‌

$

10,870‌

Automobile

Manufacturers

-

0.95%

BMW

US

Capital

LLC

3.80%,

04/06/2023

(f)

695‌

749‌

3.90%,

04/09/2025

(f)

1,250‌

1,403‌

Ford

Motor

Co

8.50%,

04/21/2023

255‌

283‌

9.00%,

04/22/2025

250‌

295‌

9.63%,

04/22/2030

(g)

45‌

59‌

Ford

Motor

Credit

Co

LLC

3.34%,

03/28/2022

500‌

503‌

4.14%,

02/15/2023

450‌

458‌

General

Motors

Co

6.25%,

10/02/2043

525‌

625‌

General

Motors

Financial

Co

Inc

3.45%,

01/14/2022

730‌

749‌

3.95%,

04/13/2024

670‌

715‌

Schedule

of

Investments

Core

Plus

Bond

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

13

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Automobile

Manufacturers

(continued)

Navistar

International

Corp

6.63%,

11/01/2025

(f)

$

243‌

$

249‌

9.50%,

05/01/2025

(f)

100‌

114‌

$

6,202‌

Automobile

Parts

&

Equipment

-

0.04%

American

Axle

&

Manufacturing

Inc

6.88%,

07/01/2028

100‌

102‌

Dana

Inc

5.38%,

11/15/2027

90‌

95‌

5.63%,

06/15/2028

65‌

68‌

$

265‌

Banks

-

9.84%

ANZ

New

Zealand

Int'l

Ltd/London

2.55%,

02/13/2030

(f)

700‌

773‌

Banco

Mercantil

del

Norte

SA/Grand

Cayman

8.38%,

12/31/2049

(e),(f),(h)

375‌

379‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

7.76%

Banco

Santander

Mexico

SA

Institucion

de

Banca

Multiple

Grupo

Financiero

Santand

5.38%,

04/17/2025

(f)

205‌

227‌

Banco

Santander

SA

2.75%,

05/28/2025

3,800‌

4,014‌

Bancolombia

SA

3.00%,

01/29/2025

200‌

199‌

Bank

of

America

Corp

2.68%,

06/19/2041

(h)

1,635‌

1,741‌

United

States

Secured

Overnight

Financing

Rate

+

1.93%

2.88%,

10/22/2030

(h)

425‌

467‌

3

Month

USD

LIBOR

+

1.19%

3.19%,

07/23/2030

(h)

440‌

491‌

3

Month

USD

LIBOR

+

1.18%

3.46%,

03/15/2025

(h)

260‌

284‌

3

Month

USD

LIBOR

+

0.97%

4.20%,

08/26/2024

1,585‌

1,776‌

4.25%,

10/22/2026

915‌

1,054‌

4.30%,

12/31/2099

(e),(h)

400‌

378‌

3

Month

USD

LIBOR

+

2.66%

Bank

of

Montreal

3.80%,

12/15/2032

(h)

455‌

506‌

USD

Swap

Semi-Annual

5

Year

+

1.43%

Barclays

PLC

2.85%,

05/07/2026

(h)

1,100‌

1,166‌

3

Month

USD

LIBOR

+

2.45%

5.09%,

06/20/2030

(h)

400‌

470‌

3

Month

USD

LIBOR

+

3.05%

5.20%,

05/12/2026

500‌

568‌

BNP

Paribas

SA

2.22%,

06/09/2026

(f),(h)

2,200‌

2,291‌

United

States

Secured

Overnight

Financing

Rate

+

2.07%

4.50%,

12/31/2049

(e),(f),(h)

710‌

661‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.94%

CIT

Group

Inc

5.00%,

08/15/2022

190‌

196‌

5.80%,

12/31/2049

(e),(h)

310‌

240‌

3

Month

USD

LIBOR

+

3.97%

Citigroup

Inc

3.11%,

04/08/2026

(h)

1,125‌

1,223‌

United

States

Secured

Overnight

Financing

Rate

+

2.75%

3.52%,

10/27/2028

(h)

95‌

107‌

3

Month

USD

LIBOR

+

1.15%

4.65%,

07/23/2048

185‌

260‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Citigroup

Inc  

(continued)

4.70%,

12/31/2049

(e),(h)

$

175‌

$

168‌

United

States

Secured

Overnight

Financing

Rate

+

3.23%

Cooperatieve

Rabobank

UA

3.95%,

11/09/2022

820‌

872‌

Credicorp

Ltd

2.75%,

06/17/2025

(f)

200‌

201‌

Credit

Suisse

AG/New

York

NY

2.95%,

04/09/2025

2,235‌

2,452‌

Credit

Suisse

Group

AG

2.19%,

06/05/2026

(f),(h)

2,500‌

2,571‌

United

States

Secured

Overnight

Financing

Rate

+

2.04%

4.19%,

04/01/2031

(f),(h)

250‌

292‌

United

States

Secured

Overnight

Financing

Rate

+

3.73%

5.10%,

12/31/2049

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

400‌

395‌

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

528‌

Danske

Bank

A/S

3.00%,

09/20/2022

(f),(h)

2,250‌

2,295‌

3

Month

USD

LIBOR

+

1.25%

Deutsche

Bank

AG

4.30%,

05/24/2028

(h)

375‌

366‌

USD

Swap

Semi-Annual

5

Year

+

2.25%

Discover

Bank

2.70%,

02/06/2030

250‌

259‌

First

Republic

Bank/CA

4.38%,

08/01/2046

500‌

615‌

4.63%,

02/13/2047

1,200‌

1,544‌

Goldman

Sachs

Group

Inc

/The

3.63%,

02/20/2024

405‌

443‌

3.85%,

01/26/2027

1,153‌

1,312‌

5.75%,

01/24/2022

750‌

807‌

6.75%,

10/01/2037

465‌

699‌

HSBC

Holdings

PLC

2.63%,

11/07/2025

(h)

500‌

523‌

3

Month

USD

LIBOR

+

1.14%

4.25%,

03/14/2024

840‌

917‌

JPMorgan

Chase

&

Co

2.08%,

04/22/2026

(h)

1,435‌

1,507‌

United

States

Secured

Overnight

Financing

Rate

+

1.85%

3.96%,

11/15/2048

(h)

105‌

136‌

3

Month

USD

LIBOR

+

1.38%

4.60%,

12/31/2049

(e),(h)

1,680‌

1,626‌

United

States

Secured

Overnight

Financing

Rate

+

3.13%

4.95%,

06/01/2045

335‌

486‌

5.50%,

10/15/2040

345‌

517‌

Lloyds

Banking

Group

PLC

3.87%,

07/09/2025

(h)

1,900‌

2,093‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.50%

Morgan

Stanley

2.19%,

04/28/2026

(h)

335‌

353‌

United

States

Secured

Overnight

Financing

Rate

+

1.99%

3.62%,

04/01/2031

(h)

380‌

445‌

United

States

Secured

Overnight

Financing

Rate

+

3.12%

4.08%,

12/31/2049

(e)

1,401‌

1,345‌

3

Month

USD

LIBOR

+

3.81%

5.00%,

11/24/2025

995‌

1,186‌

6.38%,

07/24/2042

130‌

217‌

Schedule

of

Investments

Core

Plus

Bond

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

14

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Natwest

Group

PLC

5.13%,

05/28/2024

$

3,164‌

$

3,497‌

6.00%,

12/31/2049

(e),(h)

1,020‌

1,071‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.63%

7.50%,

12/31/2049

(e),(h)

1,291‌

1,291‌

USD

Swap

Semi-Annual

5

Year

+

5.80%

NatWest

Markets

PLC

2.38%,

05/21/2023

(f)

475‌

491‌

Popular

Inc

6.13%,

09/14/2023

145‌

154‌

Santander

UK

PLC

5.00%,

11/07/2023

(f)

594‌

652‌

Standard

Chartered

PLC

2.82%,

01/30/2026

(f),(h)

1,020‌

1,052‌

3

Month

USD

LIBOR

+

1.21%

6.00%,

12/31/2099

(e),(f),(h)

1,620‌

1,641‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.66%

Synchrony

Bank

3.00%,

06/15/2022

1,415‌

1,458‌

UBS

Group

AG

1.01%,

07/30/2024

(f),(h)

710‌

714‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.83%

1.36%,

01/30/2027

(f),(h)

460‌

464‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.08%

6.88%,

12/31/2049

(e),(h)

1,115‌

1,132‌

USD

Swap

Semi-Annual

(VS

6

Month)

5

Year

+

5.50%

US

Bancorp

3.00%,

07/30/2029

175‌

195‌

Wells

Fargo

&

Co

2.39%,

06/02/2028

(h)

1,500‌

1,571‌

United

States

Secured

Overnight

Financing

Rate

+

2.10%

3.07%,

04/30/2041

(h)

240‌

262‌

United

States

Secured

Overnight

Financing

Rate

+

2.53%

3.75%,

01/24/2024

360‌

395‌

4.40%,

06/14/2046

465‌

582‌

Westpac

Banking

Corp

4.11%,

07/24/2034

(h)

125‌

142‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.00%

4.42%,

07/24/2039

760‌

962‌

$

64,367‌

Beverages

-

1.06%

Anheuser-Busch

Cos

LLC

/

Anheuser-Busch

InBev

Worldwide

Inc

3.65%,

02/01/2026

850‌

970‌

4.90%,

02/01/2046

1,320‌

1,686‌

Anheuser-Busch

InBev

Worldwide

Inc

4.38%,

04/15/2038

1,260‌

1,516‌

Central

American

Bottling

Corp

5.75%,

01/31/2027

(f)

210‌

220‌

Constellation

Brands

Inc

2.88%,

05/01/2030

200‌

218‌

3.15%,

08/01/2029

975‌

1,079‌

3.70%,

12/06/2026

390‌

450‌

4.40%,

11/15/2025

660‌

776‌

Corp

Lindley

SA

6.75%,

11/23/2021

(f)

11‌

11‌

6.75%,

11/23/2021

11‌

11‌

$

6,937‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Biotechnology

-

0.06%

Amgen

Inc

2.20%,

02/21/2027

$

390‌

$

416‌

Building

Materials

-

0.24%

Boise

Cascade

Co

4.88%,

07/01/2030

(f)

85‌

90‌

Builders

FirstSource

Inc

5.00%,

03/01/2030

(f)

145‌

152‌

6.75%,

06/01/2027

(f)

242‌

266‌

Carrier

Global

Corp

2.24%,

02/15/2025

(f)

630‌

658‌

Martin

Marietta

Materials

Inc

2.50%,

03/15/2030

255‌

268‌

Norbord

Inc

5.75%,

07/15/2027

(f)

100‌

107‌

$

1,541‌

Chemicals

-

0.73%

Aruba

Investments

Inc

8.75%,

02/15/2023

(f)

445‌

457‌

Avient

Corp

5.75%,

05/15/2025

(f)

50‌

54‌

Blue

Cube

Spinco

LLC

9.75%,

10/15/2023

125‌

130‌

Braskem

Netherlands

Finance

BV

4.50%,

01/31/2030

(f)

250‌

232‌

CF

Industries

Inc

4.95%,

06/01/2043

310‌

363‌

CNAC

HK

Finbridge

Co

Ltd

4.63%,

03/14/2023

350‌

374‌

Consolidated

Energy

Finance

SA

4.06%,

06/15/2022

(f)

250‌

230‌

3

Month

USD

LIBOR

+

3.75%

6.88%,

06/15/2025

(f)

390‌

369‌

DuPont

de

Nemours

Inc

5.32%,

11/15/2038

525‌

699‌

5.42%,

11/15/2048

100‌

141‌

EI

du

Pont

de

Nemours

and

Co

1.70%,

07/15/2025

280‌

293‌

2.30%,

07/15/2030

80‌

85‌

Equate

Petrochemical

BV

3.00%,

03/03/2022

375‌

381‌

LYB

International

Finance

III

LLC

2.88%,

05/01/2025

575‌

622‌

NOVA

Chemicals

Corp

5.25%,

08/01/2023

(f)

130‌

130‌

Valvoline

Inc

4.25%,

02/15/2030

(f)

70‌

74‌

4.38%,

08/15/2025

(f)

30‌

31‌

Westlake

Chemical

Corp

3.38%,

06/15/2030

90‌

96‌

$

4,761‌

Commercial

Mortgage

Backed

Securities

-

1.89%

Citigroup

Commercial

Mortgage

Trust

2019-C7

3.10%,

12/15/2072

1,000‌

1,128‌

COMM

2013-CCRE6

Mortgage

Trust

4.09%,

03/10/2046

(f),(

i

)

500‌

358‌

Credit

Suisse

Commercial

Mortgage

Trust

Series

2006-C5

0.88%,

12/15/2039

(

i

),(j)

640‌

9‌

GS

Mortgage

Securities

Trust

2012-GCJ7

2.16%,

05/10/2045

(

i

),(j)

10,600‌

184‌

GS

Mortgage

Securities

Trust

2013-GC16

5.31%,

11/10/2046

(

i

)

800‌

759‌

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2011-C5

5.42%,

08/15/2046

(f),(

i

)

800‌

781‌

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2012-LC9

1.50%,

12/15/2047

(

i

),(j)

10,052‌

275‌

Schedule

of

Investments

Core

Plus

Bond

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

15

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Commercial

Mortgage

Backed

Securities

(continued)

JPMBB

Commercial

Mortgage

Securities

Trust

2014-C18

4.81%,

02/15/2047

(

i

)

$

2,700‌

$

2,519‌

JPMBB

Commercial

Mortgage

Securities

Trust

2014-C19

0.75%,

04/15/2047

(

i

),(j)

23,696‌

417‌

JPMBB

Commercial

Mortgage

Securities

Trust

2014-C24

0.92%,

11/15/2047

(

i

),(j)

7,646‌

193‌

3.91%,

11/15/2047

(f),(

i

)

1,000‌

803‌

LB-UBS

Commercial

Mortgage

Trust

2005-C3

0.63%,

07/15/2040

(f),(

i

),(j)

1,221‌

—‌

LB-UBS

Commercial

Mortgage

Trust

2007-C1

0.21%,

02/15/2040

(

i

),(j)

253‌

—‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

2013-C11

0.30%,

08/15/2046

(

i

),(j)

18,624‌

128‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

2014-C16

1.00%,

06/15/2047

(

i

),(j)

20,097‌

567‌

4.77%,

06/15/2047

(

i

)

4,250‌

3,333‌

MSBAM

Commercial

Mortgage

Securities

Trust

2012-CKSV

1.05%,

10/15/2030

(f),(

i

),(j)

21,678‌

383‌

UBS-Barclays

Commercial

Mortgage

Trust

2012-C4

1.61%,

12/10/2045

(f),(

i

),(j)

18,956‌

516‌

$

12,353‌

Commercial

Services

-

0.49%

Ahern

Rentals

Inc

7.38%,

05/15/2023

(f)

360‌

160‌

Brink's

Co/The

5.50%,

07/15/2025

(f)

260‌

276‌

CoStar

Group

Inc

2.80%,

07/15/2030

(f)

340‌

359‌

Garda

World

Security

Corp

9.50%,

11/01/2027

(f)

233‌

254‌

Global

Payments

Inc

2.65%,

02/15/2025

500‌

536‌

PayPal

Holdings

Inc

2.65%,

10/01/2026

330‌

365‌

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc

6.25%,

01/15/2028

(f)

180‌

188‌

Refinitiv

US

Holdings

Inc

8.25%,

11/15/2026

(f)

335‌

370‌

Tms

International

Holding

Corp

7.25%,

08/15/2025

(f)

335‌

278‌

United

Rentals

North

America

Inc

3.88%,

02/15/2031

(k),(l)

70‌

70‌

4.63%,

10/15/2025

175‌

180‌

4.88%,

01/15/2028

55‌

59‌

5.88%,

09/15/2026

95‌

101‌

$

3,196‌

Computers

-

0.62%

Apple

Inc

4.65%,

02/23/2046

555‌

805‌

Dell

International

LLC

/

EMC

Corp

4.42%,

06/15/2021

(f)

529‌

544‌

4.90%,

10/01/2026

(f)

615‌

694‌

5.45%,

06/15/2023

(f)

920‌

1,014‌

NetApp

Inc

1.88%,

06/22/2025

690‌

715‌

Seagate

HDD

Cayman

4.13%,

01/15/2031

(f)

235‌

252‌

$

4,024‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Credit

Card

Asset

Backed

Securities

-

0.96%

Barclays

Dryrock

Issuance

Trust

0.50%,

07/15/2024

$

3,250‌

$

3,253‌

1.00

x

1

Month

USD

LIBOR

+

0.33%

Chase

Issuance

Trust

0.37%,

04/17/2023

1,247‌

1,248‌

1.00

x

1

Month

USD

LIBOR

+

0.20%

0.72%,

06/15/2023

1,750‌

1,756‌

1.00

x

1

Month

USD

LIBOR

+

0.55%

$

6,257‌

Distribution

&

Wholesale

-

0.07%

American

Builders

&

Contractors

Supply

Co

Inc

4.00%,

01/15/2028

(f)

110‌

114‌

5.88%,

05/15/2026

(f)

305‌

323‌

$

437‌

Diversified

Financial

Services

-

1.64%

AerCap

Holdings

NV

5.88%,

10/10/2079

(h)

340‌

261‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.54%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

4.50%,

09/15/2023

1,670‌

1,698‌

Air

Lease

Corp

3.38%,

07/01/2025

890‌

904‌

Ally

Financial

Inc

4.63%,

03/30/2025

650‌

720‌

5.80%,

05/01/2025

750‌

869‌

Avation

Capital

SA

6.50%,

05/15/2021

(f)

200‌

147‌

Blackstone

Holdings

Finance

Co

LLC

3.50%,

09/10/2049

(f)

85‌

96‌

Brookfield

Finance

Inc

4.00%,

04/01/2024

1,138‌

1,244‌

Brookfield

Finance

LLC

3.45%,

04/15/2050

800‌

833‌

Credit

Acceptance

Corp

5.13%,

12/31/2024

(f)

155‌

158‌

6.63%,

03/15/2026

360‌

376‌

GE

Capital

Funding

LLC

4.40%,

05/15/2030

(f)

430‌

453‌

GE

Capital

International

Funding

Co

Unlimited

Co

4.42%,

11/15/2035

500‌

516‌

Global

Aircraft

Leasing

Co

Ltd

6.50%,

PIK

7.25%,

09/15/2024

(f),(

i

),(m)

165‌

103‌

ILFC

E-Capital

Trust

II

3.27%,

12/21/2065

(f),(

i

)

155‌

82‌

Navient

Corp

5.00%,

03/15/2027

10‌

10‌

6.63%,

07/26/2021

175‌

179‌

6.75%,

06/15/2026

250‌

260‌

Nuveen

Finance

LLC

4.13%,

11/01/2024

(f)

505‌

574‌

OneMain

Finance

Corp

5.63%,

03/15/2023

190‌

201‌

6.63%,

01/15/2028

290‌

332‌

6.88%,

03/15/2025

340‌

380‌

8.88%,

06/01/2025

55‌

62‌

Visa

Inc

1.90%,

04/15/2027

220‌

235‌

$

10,693‌

Electric

-

2.95%

Alabama

Power

Co

3.45%,

10/01/2049

655‌

802‌

Avangrid

Inc

3.20%,

04/15/2025

1,115‌

1,235‌

Centrais

Eletricas

Brasileiras

SA

3.63%,

02/04/2025

(f)

200‌

199‌

Schedule

of

Investments

Core

Plus

Bond

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

16

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Electric

(continued)

CMS

Energy

Corp

3.00%,

05/15/2026

$

275‌

$

300‌

4.70%,

03/31/2043

110‌

141‌

Commonwealth

Edison

Co

4.00%,

03/01/2049

405‌

540‌

Dominion

Energy

Inc

4.25%,

06/01/2028

475‌

570‌

DTE

Electric

Co

3.95%,

03/01/2049

100‌

133‌

DTE

Energy

Co

3.40%,

06/15/2029

700‌

778‌

6.38%,

04/15/2033

81‌

113‌

Duke

Energy

Florida

LLC

3.80%,

07/15/2028

855‌

1,019‌

Elwood

Energy

LLC

8.16%,

07/05/2026

93‌

101‌

Enel

Chile

SA

4.88%,

06/12/2028

260‌

307‌

Evergy

Inc

2.90%,

09/15/2029

1,085‌

1,200‌

Exelon

Corp

3.50%,

06/01/2022

465‌

487‌

FirstEnergy

Corp

1.60%,

01/15/2026

345‌

340‌

2.25%,

09/01/2030

115‌

114‌

3.40%,

03/01/2050

550‌

564‌

Fortis

Inc

/Canada

3.06%,

10/04/2026

174‌

191‌

Georgia

Power

Co

3.70%,

01/30/2050

105‌

126‌

4.30%,

03/15/2043

130‌

164‌

Indiantown

Cogeneration

LP

9.77%,

12/15/2020

56‌

56‌

Louisville

Gas

and

Electric

Co

4.25%,

04/01/2049

180‌

240‌

MidAmerican

Energy

Co

3.15%,

04/15/2050

130‌

158‌

National

Rural

Utilities

Cooperative

Finance

Corp

4.75%,

04/30/2043

(h)

355‌

357‌

3

Month

USD

LIBOR

+

2.91%

NextEra

Energy

Capital

Holdings

Inc

2.75%,

05/01/2025

845‌

924‌

NextEra

Energy

Operating

Partners

LP

4.25%,

07/15/2024

(f)

270‌

288‌

NRG

Energy

Inc

5.25%,

06/15/2029

(f)

390‌

431‌

7.25%,

05/15/2026

180‌

194‌

Pacific

Gas

and

Electric

Co

1.75%,

06/16/2022

1,760‌

1,766‌

Pattern

Energy

Operations

LP

/

Pattern

Energy

Operations

Inc

4.50%,

08/15/2028

(f)

70‌

74‌

PPL

WEM

Ltd

/

Western

Power

Distribution

PLC

5.38%,

05/01/2021

(f)

2,660‌

2,716‌

Southern

California

Edison

Co

4.20%,

03/01/2029

460‌

543‌

4.88%,

03/01/2049

500‌

661‌

Southern

Co/The

5.50%,

03/15/2057

(h)

180‌

185‌

3

Month

USD

LIBOR

+

3.63%

State

Grid

Overseas

Investment

2016

Ltd

3.50%,

05/04/2027

250‌

280‌

Tucson

Electric

Power

Co

4.85%,

12/01/2048

100‌

139‌

Virginia

Electric

and

Power

Co

3.80%,

04/01/2028

200‌

238‌

4.60%,

12/01/2048

95‌

138‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Electric

(continued)

Vistra

Operations

Co

LLC

5.00%,

07/31/2027

(f)

$

200‌

$

213‌

5.63%,

02/15/2027

(f)

230‌

247‌

$

19,272‌

Electrical

Components

&

Equipment

-

0.12%

Energizer

Holdings

Inc

4.75%,

06/15/2028

(f)

285‌

306‌

6.38%,

07/15/2026

(f)

70‌

74‌

WESCO

Distribution

Inc

7.13%,

06/15/2025

(f)

270‌

296‌

7.25%,

06/15/2028

(f)

105‌

115‌

$

791‌

Engineering

&

Construction

-

0.06%

MasTec

Inc

4.50%,

08/15/2028

(f),(k)

255‌

267‌

4.88%,

03/15/2023

130‌

131‌

$

398‌

Entertainment

-

0.38%

Boyne

USA

Inc

7.25%,

05/01/2025

(f)

365‌

390‌

Caesars

Resort

Collection

LLC

/

CRC

Finco

Inc

5.25%,

10/15/2025

(f)

205‌

185‌

CCM

Merger

Inc

6.00%,

03/15/2022

(f)

195‌

191‌

Colt

Merger

Sub

Inc

6.25%,

07/01/2025

(f)

300‌

313‌

8.13%,

07/01/2027

(f)

305‌

311‌

Enterprise

Development

Authority/The

12.00%,

07/15/2024

(f)

175‌

173‌

International

Game

Technology

PLC

5.25%,

01/15/2029

(f)

380‌

388‌

Lions

Gate

Capital

Holdings

LLC

5.88%,

11/01/2024

(f)

190‌

189‌

Scientific

Games

International

Inc

8.63%,

07/01/2025

(f)

125‌

126‌

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp

7.75%,

04/15/2025

(f)

240‌

252‌

$

2,518‌

Environmental

Control

-

0.05%

Republic

Services

Inc

2.30%,

03/01/2030

315‌

339‌

Food

-

0.54%

Albertsons

Cos

Inc

/

Safeway

Inc

/

New

Albertsons

LP

/

Albertsons

LLC

3.50%,

02/15/2023

(f)

120‌

123‌

4.63%,

01/15/2027

(f)

140‌

148‌

5.75%,

03/15/2025

55‌

57‌

5.88%,

02/15/2028

(f)

75‌

82‌

6.63%,

06/15/2024

125‌

130‌

7.50%,

03/15/2026

(f)

235‌

264‌

Ingles

Markets

Inc

5.75%,

06/15/2023

109‌

111‌

JBS

USA

LUX

SA

/

JBS

USA

Finance

Inc

5.75%,

06/15/2025

(f)

475‌

488‌

Kraft

Heinz

Foods

Co

4.38%,

06/01/2046

275‌

289‌

Mars

Inc

2.38%,

07/16/2040

(f)

815‌

840‌

McCormick

&

Co

Inc

/MD

3.15%,

08/15/2024

250‌

274‌

Post

Holdings

Inc

4.63%,

04/15/2030

(f)

180‌

189‌

5.00%,

08/15/2026

(f)

410‌

430‌

TreeHouse

Foods

Inc

4.88%,

03/15/2022

135‌

135‌

$

3,560‌

Schedule

of

Investments

Core

Plus

Bond

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

17

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Gas

-

0.25%

Dominion

Energy

Gas

Holdings

LLC

3.00%,

11/15/2029

$

200‌

$

223‌

Piedmont

Natural

Gas

Co

Inc

3.50%,

06/01/2029

615‌

718‌

Southern

California

Gas

Co

2.55%,

02/01/2030

300‌

332‌

Southern

Co

Gas

Capital

Corp

4.40%,

05/30/2047

295‌

379‌

$

1,652‌

Healthcare

-

Products

-

0.37%

Abbott

Laboratories

4.90%,

11/30/2046

200‌

304‌

Boston

Scientific

Corp

3.45%,

03/01/2024

785‌

856‌

4.55%,

03/01/2039

605‌

791‌

4.70%,

03/01/2049

335‌

473‌

$

2,424‌

Healthcare

-

Services

-

0.83%

Centene

Corp

3.38%,

02/15/2030

340‌

360‌

4.25%,

12/15/2027

35‌

37‌

4.63%,

12/15/2029

230‌

257‌

4.75%,

05/15/2022

130‌

132‌

5.25%,

04/01/2025

(f)

500‌

521‌

5.38%,

06/01/2026

(f)

420‌

449‌

CHS/Community

Health

Systems

Inc

6.25%,

03/31/2023

420‌

423‌

8.00%,

03/15/2026

(f)

255‌

261‌

DaVita

Inc

4.63%,

06/01/2030

(f)

250‌

266‌

HCA

Inc

5.88%,

05/01/2023

330‌

362‌

5.88%,

02/01/2029

640‌

779‌

Tenet

Healthcare

Corp

4.63%,

09/01/2024

(f)

110‌

113‌

4.63%,

06/15/2028

(f)

90‌

95‌

5.13%,

11/01/2027

(f)

300‌

319‌

7.50%,

04/01/2025

(f)

190‌

210‌

8.13%,

04/01/2022

70‌

76‌

UnitedHealth

Group

Inc

2.75%,

05/15/2040

530‌

594‌

3.50%,

08/15/2039

150‌

184‌

$

5,438‌

Home

Builders

-

0.24%

Forestar

Group

Inc

5.00%,

03/01/2028

(f)

120‌

120‌

8.00%,

04/15/2024

(f)

560‌

601‌

KB

Home

7.63%,

05/15/2023

110‌

121‌

Lennar

Corp

4.88%,

12/15/2023

125‌

134‌

LGI

Homes

Inc

6.88%,

07/15/2026

(f)

325‌

346‌

Picasso

Finance

Sub

Inc

6.13%,

06/15/2025

(f)

220‌

234‌

$

1,556‌

Home

Equity

Asset

Backed

Securities

-

0.11%

First

NLC

Trust

2005-1

0.67%,

05/25/2035

222‌

204‌

1.00

x

1

Month

USD

LIBOR

+

0.50%

JP

Morgan

Mortgage

Acquisition

Trust

2006-CW2

0.32%,

08/25/2036

29‌

29‌

1.00

x

1

Month

USD

LIBOR

+

0.15%

Saxon

Asset

Securities

Trust

2004-1

1.87%,

03/25/2035

264‌

174‌

1.00

x

1

Month

USD

LIBOR

+

1.70%

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Home

Equity

Asset

Backed

Securities

(continued)

Specialty

Underwriting

&

Residential

Finance

Trust

Series

2004-BC1

0.94%,

02/25/2035

$

303‌

$

283‌

1.00

x

1

Month

USD

LIBOR

+

0.77%

$

690‌

Insurance

-

2.61%

American

International

Group

Inc

3.90%,

04/01/2026

500‌

576‌

4.50%,

07/16/2044

478‌

590‌

Arch

Capital

Finance

LLC

5.03%,

12/15/2046

105‌

142‌

Arch

Capital

Group

Ltd

3.64%,

06/30/2050

900‌

1,023‌

Markel

Corp

3.35%,

09/17/2029

65‌

71‌

4.30%,

11/01/2047

350‌

424‌

Massachusetts

Mutual

Life

Insurance

Co

3.38%,

04/15/2050

(f)

240‌

266‌

New

York

Life

Insurance

Co

3.75%,

05/15/2050

(f)

270‌

328‌

Pricoa

Global

Funding

I

3.45%,

09/01/2023

(f)

1,275‌

1,389‌

Progressive

Corp/The

3.95%,

03/26/2050

185‌

253‌

Swiss

Re

Finance

Luxembourg

SA

5.00%,

04/02/2049

(f),(h)

200‌

226‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.58%

Voya

Financial

Inc

5.65%,

05/15/2053

(h)

935‌

971‌

3

Month

USD

LIBOR

+

3.58%

XLIT

Ltd

4.45%,

03/31/2025

6,080‌

6,861‌

5.50%,

03/31/2045

2,770‌

3,968‌

$

17,088‌

Internet

-

0.59%

Alibaba

Group

Holding

Ltd

3.60%,

11/28/2024

250‌

277‌

Amazon.com

Inc

2.50%,

06/03/2050

300‌

327‌

2.70%,

06/03/2060

265‌

293‌

Baidu

Inc

3.08%,

04/07/2025

300‌

320‌

4.38%,

05/14/2024

375‌

415‌

Expedia

Group

Inc

3.60%,

12/15/2023

(f)

495‌

501‌

4.63%,

08/01/2027

(f)

565‌

581‌

Netflix

Inc

4.38%,

11/15/2026

455‌

505‌

Prosus

NV

3.68%,

01/21/2030

(f)

325‌

348‌

Tencent

Holdings

Ltd

3.80%,

02/11/2025

(f)

250‌

277‌

$

3,844‌

Investment

Companies

-

0.13%

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp

4.75%,

09/15/2024

105‌

107‌

6.25%,

02/01/2022

130‌

133‌

6.25%,

05/15/2026

580‌

613‌

$

853‌

Iron

&

Steel

-

0.72%

Cleveland-Cliffs

Inc

4.88%,

01/15/2024

(f)

125‌

121‌

6.38%,

10/15/2025

(f)

85‌

69‌

6.75%,

03/15/2026

(f)

50‌

50‌

CSN

Islands

XI

Corp

6.75%,

01/28/2028

(f)

235‌

217‌

Schedule

of

Investments

Core

Plus

Bond

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

18

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Iron

&

Steel

(continued)

Evraz

PLC

5.25%,

04/02/2024

(f)

$

350‌

$

381‌

Nucor

Corp

2.00%,

06/01/2025

320‌

337‌

2.70%,

06/01/2030

75‌

81‌

Steel

Dynamics

Inc

2.40%,

06/15/2025

530‌

557‌

2.80%,

12/15/2024

1,550‌

1,648‌

3.25%,

01/15/2031

120‌

131‌

3.45%,

04/15/2030

225‌

252‌

Vale

Overseas

Ltd

3.75%,

07/08/2030

645‌

693‌

6.88%,

11/21/2036

129‌

176‌

$

4,713‌

Leisure

Products

&

Services

-

0.01%

NCL

Corp

Ltd

3.63%,

12/15/2024

(f)

85‌

56‌

Lodging

-

0.04%

Hilton

Domestic

Operating

Co

Inc

5.38%,

05/01/2025

(f)

25‌

26‌

5.75%,

05/01/2028

(f)

23‌

25‌

MGM

Resorts

International

6.00%,

03/15/2023

150‌

157‌

Wyndham

Destinations

Inc

6.63%,

07/31/2026

(f)

60‌

62‌

$

270‌

Machinery

-

Diversified

-

0.13%

Maxim

Crane

Works

Holdings

Capital

LLC

10.13%,

08/01/2024

(f)

475‌

465‌

Westinghouse

Air

Brake

Technologies

Corp

3.20%,

06/15/2025

355‌

371‌

$

836‌

Media

-

2.79%

Altice

Financing

SA

5.00%,

01/15/2028

(f)

200‌

205‌

7.50%,

05/15/2026

(f)

285‌

307‌

AMC

Networks

Inc

4.75%,

12/15/2022

86‌

87‌

4.75%,

08/01/2025

305‌

313‌

Cable

Onda

SA

4.50%,

01/30/2030

(f)

200‌

210‌

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

4.50%,

08/15/2030

(f)

355‌

376‌

5.38%,

06/01/2029

(f)

320‌

350‌

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

3.70%,

04/01/2051

415‌

435‌

3.75%,

02/15/2028

290‌

325‌

4.46%,

07/23/2022

695‌

741‌

4.80%,

03/01/2050

440‌

533‌

4.91%,

07/23/2025

485‌

563‌

6.48%,

10/23/2045

200‌

279‌

Comcast

Corp

1.95%,

01/15/2031

300‌

313‌

3.75%,

04/01/2040

380‌

474‌

3.97%,

11/01/2047

580‌

743‌

4.60%,

10/15/2038

1,240‌

1,677‌

4.60%,

08/15/2045

630‌

880‌

CSC

Holdings

LLC

6.50%,

02/01/2029

(f)

420‌

481‌

6.63%,

10/15/2025

(f)

235‌

246‌

Diamond

Sports

Group

LLC

/

Diamond

Sports

Finance

Co

5.38%,

08/15/2026

(f)

185‌

143‌

Discovery

Communications

LLC

5.00%,

09/20/2037

645‌

791‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Media

(continued)

DISH

DBS

Corp

5.88%,

07/15/2022

$

85‌

$

90‌

6.75%,

06/01/2021

85‌

88‌

7.38%,

07/01/2028

(f)

425‌

450‌

7.75%,

07/01/2026

120‌

135‌

Fox

Corp

3.05%,

04/07/2025

235‌

258‌

5.48%,

01/25/2039

200‌

276‌

5.58%,

01/25/2049

285‌

416‌

Meredith

Corp

6.88%,

02/01/2026

440‌

382‌

Radiate

Holdco

LLC

/

Radiate

Finance

Inc

6.63%,

02/15/2025

(f)

95‌

97‌

Time

Warner

Cable

LLC

5.50%,

09/01/2041

735‌

920‌

5.88%,

11/15/2040

780‌

1,013‌

UPC

Holding

BV

5.50%,

01/15/2028

(f)

505‌

513‌

ViacomCBS

Inc

2.90%,

01/15/2027

810‌

873‌

4.38%,

03/15/2043

120‌

132‌

4.75%,

05/15/2025

490‌

564‌

4.95%,

05/19/2050

270‌

326‌

Walt

Disney

Co/The

2.65%,

01/13/2031

65‌

71‌

3.50%,

05/13/2040

660‌

758‌

Ziggo

Bond

Co

BV

6.00%,

01/15/2027

(f)

150‌

159‌

Ziggo

BV

5.50%,

01/15/2027

(f)

220‌

232‌

$

18,225‌

Metal

Fabrication

&

Hardware

-

0.06%

Advanced

Drainage

Systems

Inc

5.00%,

09/30/2027

(f)

210‌

216‌

Park-Ohio

Industries

Inc

6.63%,

04/15/2027

225‌

198‌

$

414‌

Mining

-

1.08%

BHP

Billiton

Finance

USA

Ltd

6.75%,

10/19/2075

(f),(h)

385‌

455‌

USD

Swap

Semi-Annual

5

Year

+

5.09%

First

Quantum

Minerals

Ltd

7.25%,

04/01/2023

(f)

200‌

201‌

7.50%,

04/01/2025

(f)

390‌

394‌

FMG

Resources

August

2006

Pty

Ltd

4.75%,

05/15/2022

(f)

130‌

136‌

Freeport-McMoRan

Inc

4.25%,

03/01/2030

175‌

183‌

4.63%,

08/01/2030

110‌

118‌

Glencore

Funding

LLC

3.00%,

10/27/2022

(f)

800‌

824‌

Gold

Fields

Orogen

Holdings

BVI

Ltd

6.13%,

05/15/2029

(f)

300‌

351‌

Hudbay

Minerals

Inc

7.25%,

01/15/2023

(f)

130‌

132‌

7.63%,

01/15/2025

(f)

225‌

228‌

IAMGOLD

Corp

7.00%,

04/15/2025

(f)

265‌

276‌

Indonesia

Asahan

Aluminium

Persero

PT

6.53%,

11/15/2028

(f)

300‌

370‌

Joseph

T

Ryerson

&

Son

Inc

8.50%,

08/01/2028

(f)

75‌

82‌

New

Gold

Inc

7.50%,

07/15/2027

(f)

280‌

304‌

Newmont

Corp

2.25%,

10/01/2030

590‌

623‌

Novelis

Corp

4.75%,

01/30/2030

(f)

370‌

386‌

Schedule

of

Investments

Core

Plus

Bond

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

19

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Mining

(continued)

Taseko

Mines

Ltd

8.75%,

06/15/2022

(f)

$

215‌

$

183‌

Teck

Resources

Ltd

3.90%,

07/15/2030

(f)

400‌

414‌

5.40%,

02/01/2043

690‌

716‌

6.13%,

10/01/2035

580‌

679‌

$

7,055‌

Miscellaneous

Manufacturers

-

0.20%

General

Electric

Co

3.45%,

05/01/2027

190‌

200‌

5.55%,

01/05/2026

535‌

621‌

5.88%,

01/14/2038

215‌

256‌

6.88%,

01/10/2039

200‌

260‌

$

1,337‌

Mortgage

Backed

Securities

-

3.55%

Fannie

Mae

REMIC

Trust

2005-W2

0.37%,

05/25/2035

125‌

125‌

1.00

x

1

Month

USD

LIBOR

+

0.20%

Fannie

Mae

REMICS

2.25%,

07/25/2040

73‌

76‌

3.00%,

04/25/2027

(j)

1,911‌

118‌

3.50%,

09/25/2027

(j)

3,090‌

231‌

3.50%,

11/25/2027

(j)

810‌

56‌

3.50%,

05/25/2028

(j)

1,031‌

63‌

3.50%,

03/25/2031

(j)

1,750‌

65‌

4.00%,

04/25/2043

(j)

488‌

49‌

6.33%,

12/25/2021

(j)

34‌

1‌

(1.00)

x

1

Month

USD

LIBOR

+

6.50%

6.33%,

03/25/2022

(j)

55‌

2‌

(1.00)

x

1

Month

USD

LIBOR

+

6.50%

38.28%,

08/25/2035

(j)

1‌

—‌

(10.00)

x

1

Month

USD

LIBOR

+

40.00%

Freddie

Mac

REMICS

0.62%,

05/15/2049

5,398‌

5,415‌

1.00

x

1

Month

USD

LIBOR

+

0.45%

2.00%,

02/15/2036

354‌

364‌

3.00%,

09/15/2025

(j)

173‌

—‌

3.00%,

05/15/2027

(j)

1,871‌

104‌

3.00%,

10/15/2027

(j)

505‌

33‌

3.00%,

02/15/2029

(j)

3,024‌

168‌

3.50%,

02/15/2028

(j)

1,853‌

126‌

3.50%,

01/15/2040

(j)

2,547‌

132‌

3.50%,

03/15/2041

(j)

3,439‌

289‌

4.00%,

04/15/2025

(j)

446‌

3‌

6.48%,

05/15/2026

(j)

1,279‌

117‌

(1.00)

x

1

Month

USD

LIBOR

+

6.65%

6.58%,

09/15/2034

(j)

149‌

6‌

(1.00)

x

1

Month

USD

LIBOR

+

6.75%

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

3.02%,

04/25/2028

54‌

54‌

1.00

x

1

Month

USD

LIBOR

+

2.85%

Ginnie

Mae

1.75%,

10/16/2037

45‌

45‌

3.50%,

02/20/2040

(j)

2,025‌

87‌

3.50%,

01/20/2043

(j)

3,733‌

567‌

4.00%,

03/16/2039

(j)

1,666‌

99‌

4.00%,

09/20/2040

(j)

2,122‌

218‌

4.50%,

05/16/2043

(j)

1,653‌

259‌

5.86%,

11/20/2040

(j)

2,314‌

497‌

(1.00)

x

1

Month

USD

LIBOR

+

6.05%

5.86%,

05/20/2046

(j)

594‌

131‌

(1.00)

x

1

Month

USD

LIBOR

+

6.05%

5.92%,

07/16/2042

(j)

5,521‌

1,260‌

(1.00)

x

1

Month

USD

LIBOR

+

6.10%

5.96%,

08/20/2044

(j)

2,158‌

502‌

(1.00)

x

1

Month

USD

LIBOR

+

6.15%

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Mortgage

Backed

Securities

(continued)

Ginnie

Mae  

(continued)

5.96%,

03/20/2047

(j)

$

3,247‌

$

684‌

(1.00)

x

1

Month

USD

LIBOR

+

6.15%

6.01%,

08/20/2042

(j)

2,390‌

412‌

(1.00)

x

1

Month

USD

LIBOR

+

6.20%

6.01%,

08/20/2047

(j)

2,952‌

658‌

(1.00)

x

1

Month

USD

LIBOR

+

6.20%

6.01%,

08/20/2047

(j)

6,056‌

1,917‌

(1.00)

x

1

Month

USD

LIBOR

+

6.20%

6.01%,

08/20/2047

(j)

1,183‌

266‌

(1.00)

x

1

Month

USD

LIBOR

+

6.20%

6.06%,

10/20/2047

(j)

2,572‌

631‌

(1.00)

x

1

Month

USD

LIBOR

+

6.25%

6.41%,

07/20/2042

(j)

6,184‌

1,739‌

(1.00)

x

1

Month

USD

LIBOR

+

6.60%

6.47%,

04/16/2042

(j)

2,711‌

658‌

(1.00)

x

1

Month

USD

LIBOR

+

6.65%

6.89%,

04/20/2041

(j)

1,199‌

286‌

(1.10)

x

1

Month

USD

LIBOR

+

7.10%

JP

Morgan

Mortgage

Trust

2016-2

2.82%,

06/25/2046

(f),(

i

)

4,470‌

4,626‌

Merrill

Lynch

Mortgage

Investors

Trust

Series

2005-A8

0.52%,

08/25/2036

50‌

49‌

1.00

x

1

Month

USD

LIBOR

+

0.35%

$

23,188‌

Office

&

Business

Equipment

-

0.02%

Xerox

Corp

4.12%,

03/15/2023

120‌

123‌

Oil

&

Gas

-

2.92%

Ascent

Resources

Utica

Holdings

LLC

/

ARU

Finance

Corp

7.00%,

11/01/2026

(f)

165‌

106‌

10.00%,

04/01/2022

(f)

191‌

158‌

BP

Capital

Markets

America

Inc

2.94%,

04/06/2023

1,800‌

1,910‌

3.19%,

04/06/2025

1,250‌

1,370‌

3.59%,

04/14/2027

435‌

493‌

4.23%,

11/06/2028

85‌

102‌

Canadian

Natural

Resources

Ltd

4.95%,

06/01/2047

(g)

210‌

254‌

Chesapeake

Oil

Op/Fin

Escrow

Shares

0.00%,

11/15/2019

(d),(l),(n)

1,385‌

—‌

CNOOC

Finance

2013

Ltd

3.00%,

05/09/2023

1,100‌

1,155‌

Comstock

Resources

Inc

7.50%,

05/15/2025

(f)

120‌

113‌

9.75%,

08/15/2026

395‌

395‌

Continental

Resources

Inc

/OK

3.80%,

06/01/2024

1,278‌

1,237‌

Ecopetrol

SA

6.88%,

04/29/2030

355‌

428‌

Endeavor

Energy

Resources

LP

/

EER

Finance

Inc

6.63%,

07/15/2025

(f)

190‌

200‌

EP

Energy

LLC

/

Everest

Acquisition

Finance

Inc

0.00%,

05/15/2026

(d),(f)

800‌

214‌

Exxon

Mobil

Corp

2.44%,

08/16/2029

255‌

279‌

3.00%,

08/16/2039

160‌

177‌

Laredo

Petroleum

Inc

9.50%,

01/15/2025

135‌

98‌

10.13%,

01/15/2028

205‌

145‌

Marathon

Oil

Corp

4.40%,

07/15/2027

370‌

375‌

6.60%,

10/01/2037

555‌

582‌

Schedule

of

Investments

Core

Plus

Bond

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

20

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Oil

&

Gas

(continued)

MEG

Energy

Corp

6.50%,

01/15/2025

(f)

$

30‌

$

29‌

7.00%,

03/31/2024

(f)

255‌

243‌

7.13%,

02/01/2027

(f)

135‌

120‌

Mesquite

Energy

Corp

-

Escrow

0.00%,

02/15/2023

(d)

115‌

1‌

Nabors

Industries

Inc

5.75%,

02/01/2025

390‌

154‌

Oasis

Petroleum

Inc

6.25%,

05/01/2026

(f)

305‌

54‌

6.88%,

01/15/2023

210‌

40‌

Occidental

Petroleum

Corp

2.60%,

08/13/2021

840‌

829‌

2.70%,

08/15/2022

280‌

270‌

2.90%,

08/15/2024

475‌

447‌

3.20%,

08/15/2026

535‌

487‌

3.40%,

04/15/2026

75‌

68‌

4.30%,

08/15/2039

315‌

255‌

4.40%,

04/15/2046

325‌

265‌

8.00%,

07/15/2025

(g)

210‌

229‌

Parsley

Energy

LLC

/

Parsley

Finance

Corp

5.63%,

10/15/2027

(f)

135‌

141‌

Petrobras

Global

Finance

BV

5.09%,

01/15/2030

(f)

200‌

206‌

5.30%,

01/27/2025

300‌

324‌

Petroleos

Mexicanos

6.50%,

01/23/2029

860‌

795‌

Petronas

Capital

Ltd

3.50%,

04/21/2030

(f)

200‌

227‌

Shelf

Drilling

Holdings

Ltd

8.25%,

02/15/2025

(f)

165‌

63‌

Shell

International

Finance

BV

3.13%,

11/07/2049

500‌

555‌

Sinopec

Group

Overseas

Development

2017

Ltd

2.50%,

09/13/2022

(f),(g)

500‌

513‌

SM

Energy

Co

5.00%,

01/15/2024

190‌

104‌

6.63%,

01/15/2027

120‌

59‌

Southwestern

Energy

Co

7.75%,

10/01/2027

(g)

370‌

348‌

Sunoco

LP

/

Sunoco

Finance

Corp

4.88%,

01/15/2023

180‌

183‌

5.50%,

02/15/2026

80‌

82‌

Tengizchevroil

Finance

Co

International

Ltd

4.00%,

08/15/2026

(f)

275‌

294‌

Total

Capital

International

SA

2.83%,

01/10/2030

280‌

315‌

Valero

Energy

Corp

2.85%,

04/15/2025

1,200‌

1,276‌

WPX

Energy

Inc

4.50%,

01/15/2030

130‌

121‌

5.25%,

09/15/2024

20‌

21‌

5.25%,

10/15/2027

60‌

59‌

5.75%,

06/01/2026

40‌

41‌

5.88%,

06/15/2028

65‌

67‌

$

19,076‌

Other

Asset

Backed

Securities

-

0.51%

Chase

Funding

Trust

Series

2003-5

0.77%,

07/25/2033

612‌

567‌

1.00

x

1

Month

USD

LIBOR

+

0.60%

Chase

Funding

Trust

Series

2004-1

0.63%,

12/25/2033

22‌

20‌

1.00

x

1

Month

USD

LIBOR

+

0.46%

John

Deere

Owner

Trust

2020-B

0.41%,

03/15/2023

1,000‌

1,000‌

Verizon

Owner

Trust

2018-A

3.23%,

04/20/2023

1,735‌

1,771‌

$

3,358‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Packaging

&

Containers

-

0.46%

Ardagh

Packaging

Finance

PLC

/

Ardagh

Holdings

USA

Inc

4.13%,

08/15/2026

(f)

$

390‌

$

405‌

6.00%,

02/15/2025

(f)

200‌

209‌

Bemis

Co

Inc

2.63%,

06/19/2030

430‌

457‌

Cascades

Inc

/Cascades

USA

Inc

5.38%,

01/15/2028

(f)

185‌

191‌

Crown

Cork

&

Seal

Co

Inc

7.38%,

12/15/2026

555‌

655‌

Flex

Acquisition

Co

Inc

6.88%,

01/15/2025

(f)

140‌

142‌

7.88%,

07/15/2026

(f)

95‌

99‌

Mauser

Packaging

Solutions

Holding

Co

7.25%,

04/15/2025

(f)

365‌

350‌

Reynolds

Group

Issuer

Inc

/

Reynolds

Group

Issuer

LLC

/

Reynolds

Group

Issuer

(Luxembourg)

S.A.

5.13%,

07/15/2023

(f)

90‌

91‌

Sealed

Air

Corp

4.88%,

12/01/2022

(f)

190‌

199‌

WRKCo

Inc

3.00%,

06/15/2033

175‌

191‌

$

2,989‌

Pharmaceuticals

-

2.42%

AbbVie

Inc

2.30%,

11/21/2022

(f)

500‌

519‌

2.60%,

11/21/2024

(f)

380‌

406‌

4.05%,

11/21/2039

(f)

110‌

135‌

Bausch

Health

Americas

Inc

8.50%,

01/31/2027

(f)

300‌

334‌

Bausch

Health

Cos

Inc

5.00%,

01/30/2028

(f)

80‌

80‌

Bayer

US

Finance

II

LLC

3.38%,

07/15/2024

(f)

300‌

325‌

3.88%,

12/15/2023

(f)

1,770‌

1,936‌

4.25%,

12/15/2025

(f)

1,015‌

1,164‌

4.38%,

12/15/2028

(f)

1,195‌

1,413‌

Becton

Dickinson

and

Co

3.36%,

06/06/2024

690‌

751‌

3.70%,

06/06/2027

504‌

577‌

4.67%,

06/06/2047

275‌

368‌

4.69%,

12/15/2044

553‌

732‌

Bristol-Myers

Squibb

Co

4.13%,

06/15/2039

650‌

870‌

4.25%,

10/26/2049

445‌

638‌

Cigna

Corp

3.75%,

07/15/2023

160‌

174‌

4.13%,

11/15/2025

225‌

261‌

4.38%,

10/15/2028

340‌

412‌

4.80%,

08/15/2038

395‌

523‌

4.90%,

12/15/2048

165‌

232‌

CVS

Health

Corp

3.63%,

04/01/2027

350‌

401‌

4.30%,

03/25/2028

445‌

529‌

4.88%,

07/20/2035

570‌

741‌

Endo

Dac

/

Endo

Finance

LLC

/

Endo

Finco

Inc

6.00%,

06/30/2028

(f)

25‌

19‌

Pfizer

Inc

2.55%,

05/28/2040

290‌

319‌

Upjohn

Inc

1.65%,

06/22/2025

(f)

175‌

180‌

2.30%,

06/22/2027

(f)

260‌

273‌

Zoetis

Inc

3.25%,

02/01/2023

545‌

577‌

4.45%,

08/20/2048

685‌

951‌

$

15,840‌

Schedule

of

Investments

Core

Plus

Bond

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

21

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Pipelines

-

2.13%

Abu

Dhabi

Crude

Oil

Pipeline

LLC

3.65%,

11/02/2029

(f)

$

300‌

$

347‌

Buckeye

Partners

LP

3.95%,

12/01/2026

205‌

203‌

Crestwood

Midstream

Partners

LP

/

Crestwood

Midstream

Finance

Corp

5.63%,

05/01/2027

(f)

185‌

173‌

Energy

Transfer

Operating

LP

3.75%,

05/15/2030

840‌

831‌

4.50%,

04/15/2024

1,075‌

1,145‌

5.15%,

03/15/2045

355‌

344‌

6.25%,

04/15/2049

300‌

322‌

Enterprise

Products

Operating

LLC

3.13%,

07/31/2029

355‌

390‌

3.95%,

01/31/2060

185‌

203‌

4.20%,

01/31/2050

335‌

389‌

5.38%,

02/15/2078

(h)

460‌

405‌

3

Month

USD

LIBOR

+

2.57%

Hess

Midstream

Operations

LP

5.63%,

02/15/2026

(f)

505‌

524‌

Kinder

Morgan

Energy

Partners

LP

4.70%,

11/01/2042

245‌

280‌

MPLX

LP

4.00%,

03/15/2028

140‌

153‌

4.88%,

12/01/2024

200‌

225‌

5.50%,

02/15/2049

315‌

377‌

NuStar

Logistics

LP

6.00%,

06/01/2026

190‌

195‌

6.75%,

02/01/2021

130‌

132‌

Rattler

Midstream

LP

5.63%,

07/15/2025

(f)

65‌

69‌

Sabine

Pass

Liquefaction

LLC

4.20%,

03/15/2028

465‌

512‌

4.50%,

05/15/2030

(f)

185‌

213‌

5.00%,

03/15/2027

275‌

315‌

5.75%,

05/15/2024

3,250‌

3,703‌

Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp

6.50%,

07/15/2027

391‌

418‌

Western

Midstream

Operating

LP

3.10%,

02/01/2025

705‌

700‌

Williams

Cos

Inc

/The

4.55%,

06/24/2024

1,225‌

1,363‌

$

13,931‌

Real

Estate

-

0.02%

Cushman

&

Wakefield

US

Borrower

LLC

6.75%,

05/15/2028

(f)

155‌

166‌

REITs

-

0.95%

Alexandria

Real

Estate

Equities

Inc

3.45%,

04/30/2025

520‌

584‌

4.70%,

07/01/2030

395‌

498‌

American

Campus

Communities

Operating

Partnership

LP

3.88%,

01/30/2031

980‌

1,060‌

American

Tower

Corp

1.30%,

09/15/2025

445‌

453‌

CC

Holdings

GS

V

LLC

/

Crown

Castle

GS

III

Corp

3.85%,

04/15/2023

670‌

724‌

CyrusOne

LP

/

CyrusOne

Finance

Corp

2.90%,

11/15/2024

585‌

630‌

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC

6.00%,

04/15/2025

(f)

125‌

134‌

Healthcare

Trust

of

America

Holdings

LP

3.10%,

02/15/2030

200‌

211‌

Healthpeak

Properties

Inc

2.88%,

01/15/2031

395‌

419‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

REITs

(continued)

Iron

Mountain

Inc

5.00%,

07/15/2028

(f)

$

105‌

$

109‌

Park

Intermediate

Holdings

LLC

/

PK

Domestic

Property

LLC

/

PK

Finance

Co-Issuer

7.50%,

06/01/2025

(f)

110‌

117‌

Prologis

LP

3.00%,

04/15/2050

235‌

271‌

VEREIT

Operating

Partnership

LP

3.10%,

12/15/2029

100‌

101‌

VICI

Properties

LP

/

VICI

Note

Co

Inc

3.50%,

02/15/2025

(f)

130‌

132‌

Welltower

Inc

2.75%,

01/15/2031

775‌

791‌

$

6,234‌

Retail

-

0.26%

Claire's

Stores

Escrow

-

GCB

0.00%,

03/15/2019

(d),(l),(n)

400‌

—‌

Home

Depot

Inc

/The

3.30%,

04/15/2040

150‌

180‌

5.88%,

12/16/2036

300‌

465‌

IRB

Holding

Corp

6.75%,

02/15/2026

(f)

140‌

141‌

7.00%,

06/15/2025

(f)

30‌

33‌

L

Brands

Inc

6.88%,

07/01/2025

(f)

90‌

97‌

9.38%,

07/01/2025

(f)

80‌

89‌

Nordstrom

Inc

8.75%,

05/15/2025

(f)

35‌

38‌

PetSmart

Inc

5.88%,

06/01/2025

(f)

370‌

379‌

7.13%,

03/15/2023

(f)

125‌

126‌

Yum!

Brands

Inc

7.75%,

04/01/2025

(f)

115‌

129‌

$

1,677‌

Semiconductors

-

1.57%

Analog

Devices

Inc

2.95%,

04/01/2025

680‌

747‌

Applied

Materials

Inc

1.75%,

06/01/2030

1,000‌

1,056‌

2.75%,

06/01/2050

295‌

331‌

Broadcom

Inc

3.15%,

11/15/2025

(f)

600‌

647‌

4.70%,

04/15/2025

(f)

1,445‌

1,653‌

Lam

Research

Corp

1.90%,

06/15/2030

35‌

37‌

Microchip

Technology

Inc

4.25%,

09/01/2025

(f)

65‌

68‌

Micron

Technology

Inc

2.50%,

04/24/2023

605‌

632‌

4.19%,

02/15/2027

945‌

1,085‌

NVIDIA

Corp

3.50%,

04/01/2040

595‌

715‌

NXP

BV

/

NXP

Funding

LLC

4.63%,

06/15/2022

(f)

745‌

796‌

4.63%,

06/01/2023

(f)

500‌

550‌

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA

Inc

2.70%,

05/01/2025

(f)

135‌

145‌

3.15%,

05/01/2027

(f)

140‌

152‌

Sensata

Technologies

UK

Financing

Co

PLC

6.25%,

02/15/2026

(f)

475‌

500‌

Xilinx

Inc

2.38%,

06/01/2030

875‌

948‌

2.95%,

06/01/2024

205‌

223‌

$

10,285‌

Software

-

0.76%

Adobe

Inc

2.30%,

02/01/2030

170‌

187‌

Schedule

of

Investments

Core

Plus

Bond

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

22

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Software

(continued)

Epicor

Software

Corp

7.56%,

06/30/2023

(f)

$

110‌

$

110‌

3

Month

USD

LIBOR

+

7.25%

Fiserv

Inc

4.40%,

07/01/2049

925‌

1,242‌

Intuit

Inc

1.35%,

07/15/2027

505‌

517‌

Microsoft

Corp

2.53%,

06/01/2050

715‌

785‌

Open

Text

Corp

3.88%,

02/15/2028

(f)

275‌

286‌

5.88%,

06/01/2026

(f)

195‌

207‌

Oracle

Corp

2.50%,

04/01/2025

270‌

292‌

2.80%,

04/01/2027

525‌

583‌

4.00%,

11/15/2047

110‌

138‌

salesforce.com

Inc

3.70%,

04/11/2028

505‌

600‌

$

4,947‌

Sovereign

-

1.56%

Abu

Dhabi

Government

International

Bond

2.13%,

09/30/2024

(f)

450‌

471‌

CoBank

ACB

6.25%,

12/31/2049

(e),(h)

670‌

683‌

3

Month

USD

LIBOR

+

4.66%

Colombia

Government

International

Bond

3.00%,

01/30/2030

375‌

386‌

Dominican

Republic

International

Bond

4.50%,

01/30/2030

(f)

250‌

242‌

Egypt

Government

International

Bond

5.58%,

02/21/2023

(f)

200‌

205‌

Guatemala

Government

Bond

5.38%,

04/24/2032

(f)

200‌

229‌

Honduras

Government

International

Bond

7.50%,

03/15/2024

350‌

383‌

Hungary

Government

International

Bond

5.38%,

02/21/2023

176‌

194‌

Indonesia

Government

International

Bond

5.38%,

10/17/2023

(f)

800‌

899‌

Israel

Government

International

Bond

2.75%,

07/03/2030

425‌

470‌

Mexico

Government

International

Bond

4.15%,

03/28/2027

665‌

731‌

5.00%,

04/27/2051

335‌

392‌

Morocco

Government

International

Bond

4.25%,

12/11/2022

390‌

409‌

Panama

Government

International

Bond

3.88%,

03/17/2028

200‌

232‌

Qatar

Government

International

Bond

3.25%,

06/02/2026

600‌

666‌

4.40%,

04/16/2050

(f)

400‌

543‌

Republic

of

Belarus

Ministry

of

Finance

6.38%,

02/24/2031

(f)

200‌

192‌

Romanian

Government

International

Bond

4.88%,

01/22/2024

170‌

188‌

Russian

Foreign

Bond

-

Eurobond

5.10%,

03/28/2035

(f)

600‌

750‌

Saudi

Government

International

Bond

4.00%,

04/17/2025

(f)

725‌

811‌

Turkey

Government

International

Bond

6.35%,

08/10/2024

700‌

683‌

Ukraine

Government

International

Bond

9.75%,

11/01/2028

(f)

375‌

418‌

$

10,177‌

Student

Loan

Asset

Backed

Securities

-

0.27%

SMB

Private

Education

Loan

Trust

2020-A

0.47%,

03/15/2027

(f)

1,778‌

1,769‌

1.00

x

1

Month

USD

LIBOR

+

0.30%

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Telecommunications

-

2.45%

Altice

France

Holding

SA

10.50%,

05/15/2027

(f)

$

265‌

$

303‌

AT&T

Inc

2.30%,

06/01/2027

545‌

577‌

2.75%,

06/01/2031

315‌

337‌

3.10%,

02/01/2043

(k)

370‌

381‌

3.50%,

06/01/2041

500‌

543‌

3.50%,

02/01/2061

(k)

465‌

482‌

3.60%,

07/15/2025

335‌

377‌

4.05%,

12/15/2023

785‌

879‌

5.35%,

09/01/2040

1,205‌

1,594‌

5.45%,

03/01/2047

240‌

324‌

Axtel

SAB

de

CV

6.38%,

11/14/2024

200‌

209‌

CenturyLink

Inc

4.00%,

02/15/2027

(f)

75‌

78‌

Colombia

Telecomunicaciones

SA

ESP

4.95%,

07/17/2030

(f)

400‌

411‌

CommScope

Inc

8.25%,

03/01/2027

(f)

450‌

485‌

Embarq

Corp

8.00%,

06/01/2036

210‌

246‌

Level

3

Financing

Inc

4.25%,

07/01/2028

(f)

255‌

266‌

5.13%,

05/01/2023

135‌

136‌

Rogers

Communications

Inc

3.70%,

11/15/2049

305‌

362‌

Sprint

Communications

Inc

6.00%,

11/15/2022

150‌

162‌

Sprint

Corp

7.13%,

06/15/2024

350‌

408‌

7.25%,

09/15/2021

40‌

42‌

7.63%,

03/01/2026

240‌

300‌

7.88%,

09/15/2023

125‌

145‌

Telecom

Italia

Capital

SA

6.38%,

11/15/2033

185‌

226‌

Telecom

Italia

SpA

/Milano

5.30%,

05/30/2024

(f)

235‌

263‌

T-Mobile

USA

Inc

2.05%,

02/15/2028

(f)

515‌

529‌

3.50%,

04/15/2025

(f)

715‌

789‌

3.88%,

04/15/2030

(f)

285‌

326‌

4.00%,

04/15/2022

260‌

272‌

4.50%,

02/01/2026

225‌

232‌

5.13%,

04/15/2025

185‌

190‌

6.50%,

01/15/2026

330‌

348‌

Verizon

Communications

Inc

3.88%,

02/08/2029

1,290‌

1,555‌

5.25%,

03/16/2037

795‌

1,122‌

Vodafone

Group

PLC

4.88%,

06/19/2049

350‌

457‌

VTR

Comunicaciones

SpA

5.13%,

01/15/2028

(f)

310‌

329‌

Zayo

Group

Holdings

Inc

4.00%,

03/01/2027

(f)

185‌

185‌

6.13%,

03/01/2028

(f)

115‌

119‌

$

15,989‌

Textiles

-

0.02%

Delta

Merlin

Dunia

Tekstil

PT

0.00%,

03/12/2024

(d),(f)

1,000‌

112‌

Transportation

-

0.18%

Burlington

Northern

Santa

Fe

LLC

4.38%,

09/01/2042

90‌

120‌

Eletson

Holdings

Inc

/

Eletson

Finance

US

LLC

/

Agathonissos

Finance

LLC

0.00%,

01/15/2022

(d),(l),(n)

1,749‌

332‌

Schedule

of

Investments

Core

Plus

Bond

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

23

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)

$

365‌

$

221‌

Navios

Maritime

Holdings

Inc

/

Navios

Maritime

Finance

II

US

Inc

7.38%,

01/15/2022

(f)

130‌

53‌

11.25%,

08/15/2022

(f)

110‌

77‌

Navios

South

American

Logistics

Inc

/

Navios

Logistics

Finance

US

Inc

10.75%,

07/01/2025

(f)

125‌

134‌

Union

Pacific

Corp

4.38%,

11/15/2065

35‌

48‌

Watco

Cos

LLC

/

Watco

Finance

Corp

6.50%,

06/15/2027

(f)

210‌

224‌

$

1,209‌

Trucking

&

Leasing

-

0.06%

DAE

Funding

LLC

4.50%,

08/01/2022

(f)

130‌

127‌

5.75%,

11/15/2023

(f)

295‌

290‌

$

417‌

TOTAL

BONDS

$

379,292‌

SENIOR

FLOATING

RATE

INTERESTS

-

0.84%

Principal

Amount

(000's)

Value

(000's)

Automobile

Manufacturers

-

0.05%

Navistar

Inc

3.69%,

11/06/2024

(o)

$

356‌

$

343‌

3

Month

USD

LIBOR

+

3.00%

Commercial

Services

-

0.06%

Garda

World

Security

Corp

4.93%,

10/23/2026

(o)

141‌

139‌

1

Month

USD

LIBOR

+

4.75%

Refinitiv

US

Holdings

Inc

3.41%,

10/01/2025

(o)

254‌

252‌

3

Month

USD

LIBOR

+

3.00%

$

391‌

Computers

-

0.07%

McAfee

LLC

9.50%,

09/29/2025

(o)

476‌

482‌

3

Month

USD

LIBOR

+

3.25%

Diversified

Financial

Services

-

0.07%

Russell

Investments

US

Institutional

Holdco

Inc

3.82%,

06/01/2023

(o)

438‌

431‌

1

Month

USD

LIBOR

+

2.75%

Electrical

Components

&

Equipment

-

0.01%

Energizer

Holdings

Inc

2.43%,

12/17/2025

(o)

66‌

65‌

1

Month

USD

LIBOR

+

4.50%

Entertainment

-

0.02%

Lions

Gate

Capital

Holdings

LLC

2.41%,

03/24/2025

(o)

124‌

119‌

3

Month

USD

LIBOR

+

2.00%

Food

-

0.02%

Bellring

Brands

LLC

6.00%,

10/21/2024

(o)

127‌

127‌

1

Month

USD

LIBOR

+

5.00%

Forest

Products

&

Paper

-

0.03%

Pixelle

Specialty

Solutions

LLC

7.50%,

10/31/2024

(o)

178‌

171‌

1

Month

USD

LIBOR

+

6.50%

Insurance

-

0.10%

AssuredPartners

Inc

5.50%,

02/12/2027

(o)

244‌

242‌

1

Month

USD

LIBOR

+

4.50%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Insurance

(continued)

Asurion

LLC

3.16%,

11/03/2023

(o)

$

201‌

$

197‌

1

Month

USD

LIBOR

+

7.25%

6.66%,

08/04/2025

(o)

230‌

232‌

3

Month

USD

LIBOR

+

3.25%

$

671‌

Lodging

-

0.08%

Golden

Nugget

LLC

3.25%,

10/04/2023

(o)

441‌

367‌

1

Month

USD

LIBOR

+

2.50%

Spectacle

Gary

Holdings

LLC

11.00%,

12/23/2025

(o)

159‌

147‌

1

Month

USD

LIBOR

+

9.00%

$

514‌

Media

-

0.03%

CSC

Holdings

LLC

2.67%,

04/15/2027

(o)

193‌

186‌

1

Month

USD

LIBOR

+

2.50%

Oil

&

Gas

-

0.00%

Mesquite

Energy

Inc

8.25%,

05/15/2020

(l),(n),(o)

15‌

11‌

1

Month

USD

LIBOR

+

8.00%

12.00%,

05/20/2020

(o)

16‌

16‌

1

Month

USD

LIBOR

+

8.00%

$

27‌

Pharmaceuticals

-

0.17%

Bausch

Health

Americas

Inc

3.18%,

05/19/2025

(o)

601‌

591‌

3

Month

USD

LIBOR

+

7.50%

Endo

International

PLC

5.00%,

04/29/2024

(o)

515‌

491‌

3

Month

USD

LIBOR

+

4.00%

$

1,082‌

Pipelines

-

0.03%

Buckeye

Partners

LP

2.92%,

11/01/2026

(o)

185‌

180‌

1

Month

USD

LIBOR

+

2.75%

Retail

-

0.03%

IRB

Holding

Corp

3.75%,

02/05/2025

(o)

205‌

192‌

1

Month

USD

LIBOR

+

2.75%

Telecommunications

-

0.07%

Level

3

Financing

Inc

1.88%,

03/01/2027

(o)

30‌

29‌

1

Month

USD

LIBOR

+

1.75%

Maxar

Technologies

Ltd

2.91%,

10/05/2024

(o)

280‌

269‌

3

Month

USD

LIBOR

+

4.25%

Zayo

Group

Holdings

Inc

3.16%,

02/19/2027

(o)

195‌

189‌

1

Month

USD

LIBOR

+

3.00%

$

487‌

TOTAL

SENIOR

FLOATING

RATE

INTERESTS

$

5,468‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

41.14%

Principal

Amount

(000's)

Value

(000's)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

-

3.41%

3.00%,

01/01/2043

$

2,448‌

$

2,676‌

3.00%,

02/01/2043

961‌

1,045‌

3.00%,

03/01/2043

429‌

472‌

3.99%,

01/01/2034

39‌

39‌

1.00

x

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.37%

4.00%,

02/01/2046

8,498‌

9,188‌

4.50%,

04/01/2031

601‌

659‌

4.50%,

04/01/2041

3,930‌

4,372‌

5.00%,

06/01/2031

452‌

507‌

5.50%,

08/01/2023

124‌

129‌

Schedule

of

Investments

Core

Plus

Bond

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

24

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

(continued)

5.50%,

05/01/2033

$

42‌

$

49‌

5.50%,

10/01/2033

40‌

44‌

5.50%,

12/01/2033

568‌

659‌

5.50%,

11/01/2036

456‌

517‌

5.50%,

04/01/2038

152‌

174‌

5.50%,

08/01/2038

319‌

372‌

6.00%,

03/01/2022

3‌

4‌

6.00%,

07/01/2023

54‌

60‌

6.00%,

06/01/2028

2‌

2‌

6.00%,

12/01/2031

20‌

23‌

6.00%,

12/01/2032

20‌

24‌

6.00%,

02/01/2033

95‌

106‌

6.00%,

12/01/2033

26‌

30‌

6.00%,

10/01/2036

160‌

189‌

6.00%,

01/01/2038

11‌

12‌

6.00%,

07/01/2038

645‌

738‌

6.50%,

03/01/2029

3‌

4‌

6.50%,

05/01/2029

5‌

6‌

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

7‌

8‌

6.50%,

04/01/2035

60‌

72‌

6.50%,

10/01/2035

43‌

51‌

7.00%,

12/01/2029

4‌

4‌

7.00%,

06/01/2030

10‌

12‌

7.00%,

12/01/2030

3‌

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

43‌

45‌

$

22,316‌

Federal

National

Mortgage

Association

(FNMA)

-

0.44%

2.66%,

10/01/2034

30‌

31‌

1.00

x

6

Month

USD

LIBOR

+

1.08%

3.05%,

07/01/2033

420‌

436‌

1.00

x

12

Month

USD

LIBOR

+

1.54%

3.53%,

04/01/2036

18‌

18‌

1.00

x

12

Month

USD

LIBOR

+

1.54%

3.61%,

02/01/2036

4‌

4‌

1.00

x

12

Month

USD

LIBOR

+

1.61%

3.76%,

01/01/2033

43‌

43‌

1.00

x

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.14%

3.88%,

04/01/2033

68‌

69‌

1.00

x

6

Month

USD

LIBOR

+

2.26%

4.36%,

08/01/2035

88‌

89‌

1.00

x

12

Month

USD

LIBOR

+

1.74%

5.00%,

07/01/2044

1,969‌

2,201‌

$

2,891‌

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

-

16.46%

2.00%,

08/01/2035

(p)

2,500‌

2,601‌

2.00%,

09/01/2050

(p)

4,000‌

4,138‌

2.50%,

04/01/2028

1,720‌

1,828‌

2.50%,

06/01/2028

125‌

132‌

2.50%,

09/01/2029

489‌

521‌

2.50%,

08/01/2035

(p)

5,800‌

6,088‌

2.50%,

09/01/2050

(p)

14,600‌

15,317‌

3.00%,

10/01/2029

81‌

86‌

3.00%,

09/01/2032

158‌

169‌

3.00%,

08/01/2035

(p)

2,000‌

2,099‌

3.00%,

12/01/2040

171‌

184‌

3.00%,

04/01/2043

484‌

520‌

3.00%,

05/01/2043

633‌

692‌

3.00%,

08/01/2043

3,093‌

3,325‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

3.00%,

03/01/2048

$

5,894‌

$

6,241‌

3.00%,

12/01/2048

175‌

185‌

3.00%,

09/01/2050

(p)

17,000‌

17,944‌

3.50%,

02/01/2033

33‌

35‌

3.50%,

05/01/2034

1,648‌

1,776‌

3.50%,

01/01/2041

207‌

224‌

3.50%,

01/01/2044

1,232‌

1,362‌

3.50%,

11/01/2044

3,393‌

3,713‌

3.50%,

08/01/2045

5,074‌

5,558‌

3.50%,

11/01/2046

10,455‌

11,632‌

3.50%,

04/01/2047

185‌

205‌

3.50%,

10/01/2047

73‌

80‌

3.50%,

11/01/2047

4,834‌

5,311‌

3.50%,

03/01/2048

70‌

74‌

4.00%,

08/01/2020

1‌

1‌

4.00%,

02/01/2031

222‌

239‌

4.00%,

03/01/2034

608‌

669‌

4.00%,

05/01/2047

7,769‌

8,325‌

4.00%,

06/01/2048

31‌

32‌

4.50%,

04/01/2024

507‌

533‌

4.50%,

06/01/2044

772‌

865‌

5.00%,

06/01/2048

1,590‌

1,799‌

5.50%,

09/01/2020

9‌

9‌

5.50%,

02/01/2023

11‌

13‌

5.50%,

06/01/2023

38‌

42‌

5.50%,

07/01/2023

1‌

1‌

5.50%,

07/01/2033

91‌

106‌

5.50%,

09/01/2033

125‌

146‌

5.50%,

05/01/2040

445‌

507‌

6.00%,

02/01/2023

5‌

5‌

6.00%,

02/01/2038

327‌

366‌

6.00%,

05/01/2038

31‌

35‌

6.00%,

08/01/2038

212‌

237‌

6.00%,

08/01/2038

140‌

156‌

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

1‌

2‌

6.50%,

04/01/2032

6‌

7‌

6.50%,

08/01/2032

5‌

6‌

6.50%,

07/01/2037

120‌

136‌

6.50%,

07/01/2037

251‌

303‌

6.50%,

12/01/2037

197‌

236‌

6.50%,

02/01/2038

296‌

347‌

6.50%,

03/01/2038

66‌

76‌

6.50%,

09/01/2038

310‌

362‌

7.00%,

03/01/2032

19‌

22‌

7.50%,

08/01/2032

5‌

5‌

$

107,634‌

Government

National

Mortgage

Association

(GNMA)

-

6.11%

2.50%,

08/01/2050

6,500‌

6,868‌

3.00%,

06/20/2043

2,353‌

2,512‌

3.00%,

01/20/2045

1,111‌

1,183‌

3.00%,

06/20/2046

601‌

637‌

3.00%,

07/20/2046

2,587‌

2,748‌

3.00%,

08/01/2050

5,000‌

5,287‌

3.50%,

03/15/2042

1,025‌

1,122‌

3.50%,

04/15/2042

1,018‌

1,103‌

3.50%,

09/20/2044

74‌

84‌

3.50%,

09/20/2047

1,484‌

1,638‌

3.50%,

06/20/2048

2,883‌

3,060‌

4.00%,

01/20/2048

5,164‌

5,663‌

4.50%,

06/20/2025

1,406‌

1,500‌

4.50%,

09/15/2039

298‌

340‌

4.50%,

03/15/2040

1,603‌

1,766‌

5.00%,

11/15/2033

1,327‌

1,522‌

5.00%,

06/15/2034

24‌

28‌

Schedule

of

Investments

Core

Plus

Bond

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

25

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Government

National

Mortgage

Association

(GNMA)

(continued)

5.00%,

10/20/2039

$

105‌

$

119‌

5.00%,

07/20/2040

159‌

173‌

5.00%,

02/15/2042

964‌

1,106‌

5.50%,

10/15/2033

506‌

592‌

5.50%,

05/20/2035

50‌

58‌

5.50%,

02/15/2038

462‌

541‌

6.00%,

07/20/2028

20‌

22‌

6.00%,

11/20/2028

18‌

20‌

6.00%,

01/20/2029

20‌

22‌

6.00%,

07/20/2029

4‌

5‌

6.00%,

08/15/2031

17‌

19‌

6.00%,

01/15/2032

2‌

3‌

6.00%,

02/15/2032

9‌

10‌

6.00%,

02/15/2033

28‌

32‌

6.00%,

12/15/2033

30‌

34‌

6.50%,

03/20/2028

4‌

5‌

6.50%,

05/20/2029

4‌

4‌

6.50%,

10/15/2032

13‌

15‌

6.50%,

12/15/2032

45‌

50‌

7.00%,

06/15/2031

8‌

9‌

7.00%,

07/15/2031

1‌

1‌

7.00%,

06/15/2032

45‌

51‌

8.00%,

01/20/2031

3‌

4‌

$

39,956‌

U.S.

Treasury

-

9.98%

0.50%,

06/30/2027

7,000‌

7,053‌

1.63%,

08/15/2029

6,000‌

6,599‌

3.13%,

05/15/2048

20,000‌

29,268‌

3.88%,

08/15/2040

14,545‌

22,302‌

$

65,222‌

U.S.

Treasury

Bill

-

4.74%

0.11%,

10/15/2020

(q)

13,500‌

13,497‌

0.12%,

09/17/2020

(q)

17,510‌

17,508‌

$

31,005‌

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

269,024‌

Total

Investments

$

713,425‌

Other

Assets

and

Liabilities

-  (9.11)%

(59,594‌)

TOTAL

NET

ASSETS

-

100.00%

$

653,831‌

(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

$1,819

or

0.28%

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

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(d)

Non-income

producing

security

(e)

Perpetual

security.

Perpetual

securities

pay

an

indefinite

stream

of

interest,

but

they

may

be

called

by

the

issuer

at

an

earlier

date.

Date

shown,

if

any,

reflects

the

next

call

date

or

final

legal

maturity

date.

Rate

shown

is

as

of

period

end.

(f)

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

$98,515

or

15.07%

of

net

assets.

(g)

Security

or

a

portion

of

the

security

was

on

loan

at

the

end

of

the

period.

(h)

Rate

shown

is

as

of

period

end.

The

rate

may

be

a

variable

or

floating

rate

or

a

fixed

rate

which

may

convert

to

a

variable

or

floating

rate

in

the

future.

(

i

)

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(j)

Security

is

an

Interest

Only

Strip.

(k)

Security

purchased

on

a

when-issued

basis.

(l)

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

$413

or

0.06%

of

net

assets.

(m)

Payment

in

kind;

the

issuer

has

the

option

of

paying

additional

securities

in

lieu

of

cash.

(n)

The

value

of

these

investments

was

determined

using

significant

unobservable

inputs.

(o)

Rate

information

disclosed

is

based

on

an

average

weighted

rate

of

the

underlying

tranches

as

of

period

end.

(p)

Security

was

purchased

in

a

"to-be-announced"

("TBA")

transaction.  See

Notes

to

Financial

Statements

for

additional

information.

(q)

Rate

shown

is

the

discount

rate

of

the

original

purchase.

Portfolio

Summary  (unaudited)

Sector

Percent

Mortgage

Securities

31.86‌%

Government

16.84‌%

Financial

15.36‌%

Consumer,

Non-cyclical

6.62‌%

Communications

5.93‌%

Energy

5.08‌%

Money

Market

Funds

5.07‌%

Asset

Backed

Securities

3.51‌%

Investment

Companies

3.48‌%

Consumer,

Cyclical

3.32‌%

Industrial

3.24‌%

Utilities

3.20‌%

Technology

3.04‌%

Basic

Materials

2.56‌%

Other

Assets

and

Liabilities

(9.11‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

61,205‌

$

551,426‌

$

581,278‌

$

31,353‌

$

61,205‌

$

551,426‌

$

581,278‌

$

31,353‌

Income

(a)

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

153‌

$

—‌

$

—‌

$

—‌

$

153‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Core

Plus

Bond

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

26

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

US

10

Year

Note;

September

2020

Long

134‌

$

18,770‌

$

166‌

US

10

Year

Ultra

Note;

September

2020

Short

17‌

2,707‌

(42‌)

US

2

Year

Note;

September

2020

Long

50‌

11,049‌

9‌

US

5

Year

Note;

September

2020

Long

37‌

4,667‌

10‌

US

Long

Bond;

September

2020

Long

37‌

6,744‌

100‌

Total

$

243‌

Amounts

in

thousands

except

contracts.

Exchange

Cleared

Credit

Default

Swaps

Buy

Protection

Reference

Entity

Implied

Credit

Spread

as

of

July

31,

2020

(a)

(Pay)/

Receive

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

Upfront

Payments/

(Receipts)

Unrealized

Appreciation/

(Depreciation)

Fair

Value

CDX.EM.32

N/A

(1.00)%

Quarterly

12/20/2024

$

13,485‌

$

800‌

$

(373‌)

$

427‌

Total

$

800‌

$

(373‌)

$

427‌

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

July

31,

2020

(unaudited)

See

accompanying

notes.

27

INVESTMENT

COMPANIES

-

1.23%

Shares

Held

Value

(000's)

Money

Market

Funds

-

1.23%

BlackRock

Liquidity

FedFund

-

Institutional

Class

0.06%

(a),(b)

2,643,872‌

$

2,644‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

(a),(b),(c),(d)

155,773,841‌

155,774‌

$

158,418‌

TOTAL

INVESTMENT

COMPANIES

$

158,418‌

COMMON

STOCKS

-

98.42%

Shares

Held

Value

(000's)

Apparel

-

1.40%

Adidas

AG

(d)

234,221‌

$

64,593‌

boohoo

Group

PLC

(d)

45,144‌

153‌

LVMH

Moet

Hennessy

Louis

Vuitton

SE

267,054‌

116,127‌

$

180,873‌

Automobile

Manufacturers

-

3.50%

Ferrari

NV

531,012‌

94,953‌

Honda

Motor

Co

Ltd

1,853,700‌

45,193‌

Kia

Motors

Corp

1,083,260‌

36,870‌

Maruti

Suzuki

India

Ltd

584,500‌

48,853‌

Toyota

Motor

Corp

3,032,600‌

180,027‌

Volvo

AB

-

B

Shares

(d)

2,705,002‌

46,747‌

$

452,643‌

Automobile

Parts

&

Equipment

-

0.54%

Toyota

Industries

Corp

1,366,200‌

69,407‌

Banks

-

5.73%

Bank

Leumi

Le-Israel

BM

8,234,193‌

41,742‌

Canadian

Imperial

Bank

of

Commerce

763,200‌

52,836‌

Credicorp

Ltd

501,714‌

63,803‌

DBS

Group

Holdings

Ltd

6,405,800‌

92,536‌

DNB

ASA

(d)

4,639,893‌

71,266‌

Erste

Group

Bank

AG

(d)

1,687,925‌

37,781‌

Grupo

Financiero

Banorte

SAB

de

CV

(d)

10,606,030‌

37,987‌

HDFC

Bank

Ltd

ADR

(d)

888,459‌

41,536‌

ICICI

Bank

Ltd

ADR

(d)

3,073,212‌

28,858‌

Kotak

Mahindra

Bank

Ltd

(d)

1,356,463‌

24,721‌

Mediobanca

Banca

di

Credito

Finanziario

SpA

6,718,526‌

54,259‌

PT

Bank

Central

Asia

Tbk

32,324,300‌

69,238‌

Toronto-Dominion

Bank/The

2,103,000‌

93,057‌

United

Overseas

Bank

Ltd

2,231,000‌

31,411‌

$

741,031‌

Beverages

-

0.67%

Carlsberg

AS

588,965‌

86,984‌

Biotechnology

-

1.22%

CSL

Ltd

812,730‌

158,078‌

Building

Materials

-

1.89%

Anhui

Conch

Cement

Co

Ltd

3,751,125‌

33,017‌

China

Lesso

Group

Holdings

Ltd

16,080,000‌

31,110‌

Cie

de

Saint-Gobain

(d)

1,651,308‌

61,090‌

CRH

PLC

2,770,951‌

100,887‌

HeidelbergCement

AG

336,005‌

18,647‌

$

244,751‌

Chemicals

-

1.55%

BASF

SE

915,361‌

50,497‌

Evonik

Industries

AG

1,449,819‌

39,169‌

Koninklijke

DSM

NV

(e)

514,098‌

78,691‌

Nutrien

Ltd

1,004,000‌

32,696‌

$

201,053‌

Commercial

Services

-

1.71%

Adecco

Group

AG

686,220‌

32,427‌

Adyen

NV

(d),(f)

61,926‌

103,913‌

Aggreko

PLC

678,394‌

3,404‌

Dai

Nippon

Printing

Co

Ltd

1,443,100‌

31,352‌

New

Oriental

Education

&

Technology

Group

Inc

ADR

(d)

353,646‌

49,581‌

$

220,677‌

Computers

-

2.69%

Capgemini

SE

602,584‌

78,152‌

Logitech

International

SA

2,157,609‌

157,394‌

Nomura

Research

Institute

Ltd

2,109,100‌

55,666‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Computers

(continued)

Obic

Co

Ltd

318,100‌

$

57,045‌

$

348,257‌

Consumer

Products

-

0.45%

Hindustan

Unilever

Ltd

1,974,490‌

58,246‌

Cosmetics

&

Personal

Care

-

0.44%

Unilever

NV

954,927‌

56,427‌

Distribution

&

Wholesale

-

1.91%

Bunzl

PLC

1,464,392‌

41,949‌

Ferguson

PLC

1,212,016‌

106,844‌

ITOCHU

Corp

4,501,700‌

98,706‌

$

247,499‌

Diversified

Financial

Services

-

2.02%

B3

SA

-

Brasil

Bolsa

Balcao

5,218,400‌

63,782‌

Housing

Development

Finance

Corp

Ltd

2,514,917‌

59,811‌

KB

Financial

Group

Inc

1,332,847‌

39,446‌

London

Stock

Exchange

Group

PLC

412,548‌

45,570‌

ORIX

Corp

3,406,718‌

36,844‌

Tisco

Financial

Group

PCL

7,614,500‌

15,912‌

$

261,365‌

Electric

-

2.49%

Enel

SpA

14,752,220‌

135,139‌

Iberdrola

SA

11,846,852‌

153,124‌

Northland

Power

Inc

1,226,303‌

33,600‌

$

321,863‌

Electrical

Components

&

Equipment

-

0.46%

Delta

Electronics

Inc

8,812,000‌

60,234‌

Electronics

-

1.61%

Halma

PLC

1,784,343‌

50,683‌

Hoya

Corp

1,596,704‌

157,466‌

$

208,149‌

Energy

-

Alternate

Sources

-

0.82%

Vestas

Wind

Systems

A/S

828,031‌

106,141‌

Entertainment

-

0.38%

Flutter

Entertainment

PLC

324,000‌

49,092‌

Food

-

3.54%

Dino

Polska

SA

(d),(f)

514,183‌

28,466‌

Koninklijke

Ahold

Delhaize

NV

1,515,222‌

43,640‌

Nestle

India

Ltd

148,648‌

32,740‌

Nestle

SA

2,678,722‌

318,558‌

Seven

&

i

Holdings

Co

Ltd

1,128,900‌

34,115‌

$

457,519‌

Forest

Products

&

Paper

-

0.15%

Mondi

PLC

1,083,841‌

19,198‌

Hand

&

Machine

Tools

-

1.06%

Techtronic

Industries

Co

Ltd

13,175,000‌

137,798‌

Healthcare

-

Products

-

1.96%

Ambu

A/S

970,244‌

33,875‌

Carl

Zeiss

Meditec

AG

207,121‌

21,677‌

GN

Store

Nord

A/S

465,697‌

28,638‌

Koninklijke

Philips

NV

(d)

2,266,902‌

117,133‌

Sartorius

Stedim

Biotech

165,286‌

51,699‌

$

253,022‌

Healthcare

-

Services

-

2.00%

ICON

PLC

(d)

526,654‌

97,673‌

Lonza

Group

AG

257,238‌

160,860‌

$

258,533‌

Holding

Companies

-

Diversified

-

0.00%

Swire

Pacific

Ltd

21,000‌

103‌

Home

Builders

-

0.92%

Persimmon

PLC

2,328,928‌

72,710‌

Taylor

Wimpey

PLC

30,094,367‌

46,421‌

$

119,131‌

Home

Furnishings

-

1.53%

Howden

Joinery

Group

PLC

7,581,862‌

48,383‌

Sony

Corp

1,919,000‌

149,097‌

$

197,480‌

Schedule

of

Investments

Diversified

International

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

28

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Insurance

-

5.52%

AIA

Group

Ltd

9,978,400‌

$

89,975‌

ASR

Nederland

NV

1,125,420‌

36,359‌

AXA

SA

(e)

3,582,931‌

71,887‌

Fairfax

Financial

Holdings

Ltd

126,000‌

39,479‌

Hannover

Rueck

SE

499,252‌

84,459‌

ICICI

Lombard

General

Insurance

Co

Ltd

(f)

1,537,926‌

26,760‌

Legal

&

General

Group

PLC

27,427,807‌

75,928‌

NN

Group

NV

1,238,036‌

45,315‌

PICC

Property

&

Casualty

Co

Ltd

32,320,000‌

25,540‌

Prudential

PLC

4,249,075‌

60,723‌

Sompo

Holdings

Inc

1,447,800‌

47,711‌

Tokio

Marine

Holdings

Inc

1,960,500‌

82,782‌

Unipol

Gruppo

SpA

(d)

6,465,546‌

27,163‌

$

714,081‌

Internet

-

8.28%

Alibaba

Group

Holding

Ltd

(d)

10,601,944‌

332,647‌

MercadoLibre

Inc

(d)

35,738‌

40,192‌

Naspers

Ltd

427,149‌

77,720‌

NCSoft

Corp

56,889‌

38,764‌

Shopify

Inc

(d)

152,095‌

155,745‌

Tencent

Holdings

Ltd

4,907,632‌

336,655‌

Vipshop

Holdings

Ltd

ADR

(d)

3,922,445‌

89,314‌

$

1,071,037‌

Investment

Companies

-

0.40%

Kinnevik

AB

1,480,841‌

52,126‌

Machinery

-

Construction

&

Mining

-

0.37%

Komatsu

Ltd

2,421,100‌

47,567‌

Machinery

-

Diversified

-

1.90%

Daifuku

Co

Ltd

524,100‌

47,759‌

Ebara

Corp

1,148,600‌

27,285‌

Keyence

Corp

263,100‌

110,946‌

Miura

Co

Ltd

536,500‌

20,400‌

Valmet

Oyj

1,421,292‌

39,819‌

$

246,209‌

Metal

Fabrication

&

Hardware

-

0.91%

NSK

Ltd

3,391,800‌

22,832‌

SKF

AB

5,102,916‌

94,470‌

$

117,302‌

Mining

-

3.15%

Anglo

American

PLC

2,178,198‌

52,730‌

Antofagasta

PLC

3,089,383‌

41,076‌

Barrick

Gold

Corp

1,498,645‌

43,311‌

Franco-Nevada

Corp

(e)

789,357‌

126,179‌

Rio

Tinto

Ltd

1,964,051‌

143,746‌

$

407,042‌

Miscellaneous

Manufacturers

-

1.62%

JSR

Corp

2,124,600‌

46,328‌

Pidilite

Industries

Ltd

1,487,617‌

26,924‌

Siemens

AG

796,026‌

101,443‌

Trelleborg

AB

(d)

2,281,631‌

35,435‌

$

210,130‌

Oil

&

Gas

-

3.00%

LUKOIL

PJSC

ADR

764,410‌

51,854‌

Neste

Oyj

3,315,883‌

152,304‌

Parkland

Corp/Canada

1,129,400‌

29,739‌

Petrobras

Distribuidora

SA

5,805,700‌

25,375‌

Reliance

Industries

Ltd

3,289,233‌

90,966‌

Suncor

Energy

Inc

2,381,400‌

37,460‌

$

387,698‌

Pharmaceuticals

-

5.11%

Galapagos

NV

(d)

159,692‌

29,658‌

Merck

KGaA

2,805‌

358‌

Novartis

AG

1,830,384‌

150,764‌

Novo

Nordisk

A/S

2,404,702‌

157,779‌

Recordati

SpA

538,608‌

28,929‌

Roche

Holding

AG

846,348‌

293,138‌

$

660,626‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Pipelines

-

1.35%

Pembina

Pipeline

Corp

3,626,100‌

$

88,118‌

TC

Energy

Corp

1,911,100‌

87,105‌

$

175,223‌

Private

Equity

-

2.43%

3i

Group

PLC

11,346,555‌

130,605‌

Brookfield

Asset

Management

Inc

4,366,053‌

141,010‌

Intermediate

Capital

Group

PLC

2,430,640‌

42,546‌

$

314,161‌

Real

Estate

-

1.39%

CK

Asset

Holdings

Ltd

8,248,500‌

45,801‌

PSP

Swiss

Property

AG

4,348‌

483‌

Sun

Hung

Kai

Properties

Ltd

3,032,000‌

36,875‌

Tokyo

Tatemono

Co

Ltd

(e)

1,898,700‌

20,293‌

Vonovia

SE

1,189,601‌

76,891‌

$

180,343‌

Retail

-

4.43%

Alimentation

Couche-Tard

Inc

4,725,792‌

164,236‌

ANTA

Sports

Products

Ltd

3,327,000‌

31,583‌

Hennes

&

Mauritz

AB

2,064,139‌

32,175‌

Home

Product

Center

PCL

80,150,200‌

40,109‌

JD

Sports

Fashion

PLC

5,904,283‌

46,676‌

Li

Ning

Co

Ltd

13,076,500‌

42,148‌

Lojas

Renner

SA

1,021,500‌

8,042‌

Magazine

Luiza

SA

3,169,300‌

48,822‌

Pan

Pacific

International

Holdings

Corp

4,492,100‌

101,814‌

Wal-Mart

de

Mexico

SAB

de

CV

24,511,178‌

57,690‌

$

573,295‌

Semiconductors

-

8.39%

ASM

International

NV

201,489‌

30,822‌

ASML

Holding

NV

560,358‌

199,229‌

MediaTek

Inc

2,735,000‌

65,306‌

NXP

Semiconductors

NV

528,517‌

62,117‌

Samsung

Electronics

Co

Ltd

5,118,545‌

250,163‌

SK

Hynix

Inc

1,228,793‌

86,035‌

Taiwan

Semiconductor

Manufacturing

Co

Ltd

26,920,544‌

391,791‌

$

1,085,463‌

Software

-

1.61%

Capcom

Co

Ltd

1,437,400‌

56,491‌

Dassault

Systemes

SE

425,002‌

77,390‌

Nemetschek

SE

412,796‌

30,261‌

NetEase

Inc

2,415,600‌

43,884‌

$

208,026‌

Telecommunications

-

3.92%

Deutsche

Telekom

AG

4,358,208‌

72,760‌

Nice

Ltd

ADR

(d)

508,543‌

104,373‌

Nippon

Telegraph

&

Telephone

Corp

5,227,900‌

121,347‌

Orange

SA

2,938,791‌

34,445‌

SoftBank

Group

Corp

2,772,400‌

174,864‌

$

507,789‌

Toys,

Games

&

Hobbies

-

0.99%

Nintendo

Co

Ltd

290,200‌

127,633‌

Transportation

-

1.01%

Canadian

National

Railway

Co

1,340,048‌

130,898‌

TOTAL

COMMON

STOCKS

$

12,732,203‌

PREFERRED

STOCKS

-

0.44%

Shares

Held

Value

(000's)

Investment

Companies

-

0.24%

Itausa

SA

0.08%

14,949,589‌

$

30,578‌

Telecommunications

-

0.20%

Telefonica

Brasil

SA

2.68%

2,573,600‌

26,167‌

TOTAL

PREFERRED

STOCKS

$

56,745‌

Total

Investments

$

12,947,366‌

Other

Assets

and

Liabilities

-  (0.09)%

(11,247‌)

TOTAL

NET

ASSETS

-

100.00%

$

12,936,119‌

Schedule

of

Investments

Diversified

International

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

29

(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

$26,904

or

0.21%

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

5.00%

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)

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

$159,139

or

1.23%

of

net

assets.

Portfolio

Summary  (unaudited)

Location

Percent

Japan

15.26‌%

Canada

9.70‌%

Switzerland

8.61‌%

United

Kingdom

8.09‌%

China

7.84‌%

Netherlands

5.56‌%

Germany

4.31‌%

Taiwan

3.99‌%

France

3.79‌%

Korea,

Republic

Of

3.50‌%

India

3.39‌%

Denmark

3.19‌%

Italy

2.63‌%

Hong

Kong

2.39‌%

Sweden

2.01‌%

Ireland

1.92‌%

Brazil

1.57‌%

Finland

1.49‌%

United

States

1.23‌%

Australia

1.22‌%

Spain

1.18‌%

Israel

1.13‌%

Singapore

0.96‌%

Mexico

0.75‌%

South

Africa

0.60‌%

Norway

0.55‌%

Indonesia

0.54‌%

Peru

0.49‌%

Thailand

0.43‌%

Russian

Federation

0.40‌%

Chile

0.32‌%

Argentina

0.31‌%

Austria

0.29‌%

Belgium

0.23‌%

Poland

0.22‌%

Other

Assets

and

Liabilities

(0.09‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

120,902‌

$

3,480,611‌

$

3,445,739‌

$

155,774‌

$

120,902‌

$

3,480,611‌

$

3,445,739‌

$

155,774‌

Income

(a)

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

1,420‌

$

—‌

$

—‌

$

—‌

$

1,420‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Equity

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

30

INVESTMENT

COMPANIES

-

4.89%

Shares

Held

Value

(000's)

Money

Market

Funds

-

4.89%

BlackRock

Liquidity

FedFund

-

Institutional

Class

0.06%

(a),(b)

6,580,421‌

$

6,580‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

(a),(b),(c),(d)

376,704,591‌

376,705‌

$

383,285‌

TOTAL

INVESTMENT

COMPANIES

$

383,285‌

COMMON

STOCKS

-

97.26%

Shares

Held

Value

(000's)

Apparel

-

1.46%

NIKE

Inc

1,173,880‌

$

114,582‌

Automobile

Manufacturers

-

2.66%

PACCAR

Inc

2,451,014‌

208,532‌

Automobile

Parts

&

Equipment

-

1.66%

Magna

International

Inc

2,817,624‌

130,090‌

Banks

-

8.02%

First

Republic

Bank/CA

1,211,104‌

136,225‌

JPMorgan

Chase

&

Co

1,953,793‌

188,815‌

Morgan

Stanley

1,885,525‌

92,164‌

PNC

Financial

Services

Group

Inc

/The

1,230,825‌

131,292‌

Truist

Financial

Corp

1,064,333‌

39,870‌

US

Bancorp

1,068,821‌

39,375‌

$

627,741‌

Beverages

-

1.84%

Coca-Cola

Co/The

3,054,947‌

144,316‌

Biotechnology

-

1.27%

Corteva

Inc

3,470,695‌

99,123‌

Chemicals

-

2.80%

Air

Products

and

Chemicals

Inc

456,695‌

130,903‌

PPG

Industries

Inc

822,759‌

88,570‌

$

219,473‌

Computers

-

1.98%

Apple

Inc

364,472‌

154,915‌

Diversified

Financial

Services

-

4.15%

BlackRock

Inc

372,571‌

214,232‌

Discover

Financial

Services

2,241,312‌

110,788‌

$

325,020‌

Electric

-

6.70%

Eversource

Energy

1,126,789‌

101,490‌

NextEra

Energy

Inc

451,474‌

126,729‌

Sempra

Energy

542,932‌

67,573‌

WEC

Energy

Group

Inc

1,239,913‌

118,114‌

Xcel

Energy

Inc

1,601,484‌

110,567‌

$

524,473‌

Electronics

-

0.77%

Honeywell

International

Inc

403,364‌

60,250‌

Food

-

3.84%

Hormel

Foods

Corp

3,471,954‌

176,583‌

Tyson

Foods

Inc

2,019,880‌

124,122‌

$

300,705‌

Healthcare

-

Products

-

4.68%

Abbott

Laboratories

2,050,437‌

206,356‌

Medtronic

PLC

1,663,603‌

160,504‌

$

366,860‌

Insurance

-

4.33%

Allstate

Corp/The

341,062‌

32,193‌

Chubb

Ltd

1,024,148‌

130,312‌

Fidelity

National

Financial

Inc

3,079,604‌

99,656‌

Swiss

Re

AG

ADR

(e)

3,916,562‌

76,569‌

$

338,730‌

Machinery

-

Construction

&

Mining

-

0.19%

Caterpillar

Inc

114,075‌

15,158‌

Machinery

-

Diversified

-

2.68%

Deere

&

Co

1,192,200‌

210,197‌

Media

-

2.46%

Walt

Disney

Co/The

1,644,149‌

192,267‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Miscellaneous

Manufacturers

-

3.19%

3M

Co

179,415‌

$

26,997‌

Parker-Hannifin

Corp

936,829‌

167,617‌

Trane

Technologies

PLC

493,372‌

55,194‌

$

249,808‌

Oil

&

Gas

-

4.17%

Chevron

Corp

1,162,280‌

97,562‌

EOG

Resources

Inc

1,867,770‌

87,505‌

Exxon

Mobil

Corp

441,045‌

18,559‌

Marathon

Petroleum

Corp

2,675,884‌

102,219‌

Royal

Dutch

Shell

PLC

-

B

shares

ADR

732,457‌

20,728‌

$

326,573‌

Pharmaceuticals

-

9.68%

Becton

Dickinson

and

Co

573,156‌

161,252‌

Merck

&

Co

Inc

2,180,036‌

174,926‌

Novartis

AG

ADR

1,397,619‌

114,800‌

Pfizer

Inc

2,999,351‌

115,415‌

Roche

Holding

AG

ADR

4,454,050‌

191,970‌

$

758,363‌

Pipelines

-

1.21%

Enterprise

Products

Partners

LP

5,363,523‌

94,398‌

Private

Equity

-

2.35%

KKR

&

Co

Inc

5,205,912‌

184,133‌

REITs

-

5.28%

Alexandria

Real

Estate

Equities

Inc

850,394‌

150,987‌

Digital

Realty

Trust

Inc

1,060,525‌

170,257‌

Realty

Income

Corp

1,530,633‌

91,915‌

$

413,159‌

Retail

-

3.68%

Costco

Wholesale

Corp

624,519‌

203,300‌

Starbucks

Corp

1,111,467‌

85,060‌

$

288,360‌

Semiconductors

-

3.52%

Microchip

Technology

Inc

1,316,808‌

133,959‌

Taiwan

Semiconductor

Manufacturing

Co

Ltd

ADR

1,797,390‌

141,796‌

$

275,755‌

Software

-

4.00%

Fidelity

National

Information

Services

Inc

749,581‌

109,671‌

Microsoft

Corp

438,500‌

89,897‌

SAP

SE

ADR

(e)

715,608‌

113,939‌

$

313,507‌

Telecommunications

-

4.97%

BCE

Inc

4,301,311‌

180,354‌

Verizon

Communications

Inc

3,632,864‌

208,817‌

$

389,171‌

Toys,

Games

&

Hobbies

-

1.68%

Hasbro

Inc

1,810,838‌

131,757‌

Transportation

-

2.04%

Union

Pacific

Corp

923,447‌

160,080‌

TOTAL

COMMON

STOCKS

$

7,617,496‌

Total

Investments

$

8,000,781‌

Other

Assets

and

Liabilities

-  (2.15)%

(168,586‌)

TOTAL

NET

ASSETS

-

100.00%

$

7,832,195‌

(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

$67,230

or

0.86%

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

5.00%

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

Equity

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

31

Portfolio

Summary  (unaudited)

Sector

Percent

Financial

24.13‌%

Consumer,

Non-cyclical

21.31‌%

Consumer,

Cyclical

11.14‌%

Technology

9.50‌%

Industrial

8.87‌%

Communications

7.43‌%

Utilities

6.70‌%

Energy

5.38‌%

Money

Market

Funds

4.89‌%

Basic

Materials

2.80‌%

Other

Assets

and

Liabilities

(2.15‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

189,995‌

$

1,961,231‌

$

1,774,521‌

$

376,705‌

$

189,995‌

$

1,961,231‌

$

1,774,521‌

$

376,705‌

Income

(a)

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

1,197‌

$

—‌

$

—‌

$

—‌

$

1,197‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Finisterre

Unconstrained

Emerging

Markets

Bond

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

32

INVESTMENT

COMPANIES

-

4.10%

Shares

Held

Value

(000's)

Money

Market

Funds

-

4.10%

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

(a),(b),(c)

9,269,772‌

$

9,270‌

TOTAL

INVESTMENT

COMPANIES

$

9,270‌

BONDS

-

86.98%

Principal

Amount

(000's)

Value

(000's)

Agriculture

-

0.91%

JBS

Investments

II

GmbH

7.00%,

01/15/2026

(d)

$

1,925‌

$

2,069‌

Banks

-

1.34%

International

Bank

of

Azerbaijan

OJSC

3.50%,

09/01/2024

3,350‌

3,024‌

Chemicals

-

2.43%

MEGlobal

Canada

ULC

5.00%,

05/18/2025

(d)

2,675‌

2,923‌

5.88%,

05/18/2030

2,175‌

2,567‌

$

5,490‌

Commercial

Services

-

1.09%

Adani

Ports

&

Special

Economic

Zone

Ltd

4.20%,

08/04/2027

(d),(e)

2,450‌

2,457‌

Diversified

Financial

Services

-

1.70%

Power

Finance

Corp

Ltd

5.25%,

08/10/2028

3,610‌

3,849‌

Electric

-

1.64%

Adani

Electricity

Mumbai

Ltd

3.95%,

02/12/2030

(d)

2,700‌

2,667‌

3.95%,

02/12/2030

1,050‌

1,037‌

$

3,704‌

Food

-

1.85%

MARB

BondCo

PLC

7.00%,

03/15/2024

4,025‌

4,188‌

Iron

&

Steel

-

0.14%

Metinvest

BV

8.50%,

04/23/2026

325‌

318‌

Metal

Fabrication

&

Hardware

-

1.14%

HTA

Group

Ltd/Mauritius

7.00%,

12/18/2025

(d)

2,500‌

2,580‌

Mining

-

2.17%

Indonesia

Asahan

Aluminium

Persero

PT

4.75%,

05/15/2025

(d)

3,175‌

3,489‌

4.75%,

05/15/2025

1,300‌

1,428‌

$

4,917‌

Oil

&

Gas

-

9.78%

Odebrecht

Drilling

Norbe

VIII/IX

Ltd

6.35%,

12/01/2021

1,698‌

1,528‌

Odebrecht

Offshore

Drilling

Finance

Ltd

6.72%,

12/01/2022

832‌

724‌

Petrobras

Global

Finance

BV

5.09%,

01/15/2030

1,625‌

1,674‌

6.00%,

01/27/2028

2,925‌

3,221‌

Petroleos

Mexicanos

6.50%,

03/13/2027

2,700‌

2,572‌

6.84%,

01/23/2030

(d)

2,050‌

1,907‌

6.84%,

01/23/2030

200‌

186‌

Petronas

Capital

Ltd

3.50%,

04/21/2030

(d)

1,625‌

1,844‌

Tengizchevroil

Finance

Co

International

Ltd

2.63%,

08/15/2025

(d)

3,200‌

3,225‌

3.25%,

08/15/2030

(d)

2,025‌

2,053‌

Tullow

Oil

PLC

6.25%,

04/15/2022

1,575‌

1,103‌

7.00%,

03/01/2025

3,500‌

2,083‌

$

22,120‌

Real

Estate

-

5.35%

Arabian

Centres

Sukuk

Ltd

5.38%,

11/26/2024

(d)

2,150‌

1,911‌

Country

Garden

Holdings

Co

Ltd

4.75%,

07/25/2022

1,175‌

1,197‌

4.75%,

09/28/2023

1,050‌

1,067‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Real

Estate

(continued)

Kaisa

Group

Holdings

Ltd

8.50%,

06/30/2022

$

2,198‌

$

2,201‌

Sunac

China

Holdings

Ltd

7.25%,

06/14/2022

325‌

332‌

7.88%,

02/15/2022

2,325‌

2,389‌

Yuzhou

Group

Holdings

Co

Ltd

6.00%,

01/25/2022

750‌

755‌

8.50%,

02/04/2023

2,150‌

2,266‌

$

12,118‌

Sovereign

-

53.89%

1MDB

Global

Investments

Ltd

4.40%,

03/09/2023

3,900‌

3,829‌

Abu

Dhabi

Government

International

Bond

2.50%,

04/16/2025

(d)

1,250‌

1,331‌

3.13%,

04/16/2030

(d)

1,900‌

2,140‌

3.88%,

04/16/2050

(d)

1,900‌

2,406‌

Argentine

Republic

Government

International

Bond

0.00%,

04/22/2026

(b)

1,400‌

602‌

0.00%,

07/06/2036

(b)

2,400‌

1,020‌

0.00%,

04/22/2046

(b)

1,850‌

786‌

Brazilian

Government

International

Bond

2.88%,

06/06/2025

1,675‌

1,697‌

Colombia

Government

International

Bond

3.88%,

04/25/2027

3,800‌

4,127‌

4.50%,

03/15/2029

575‌

653‌

Dominican

Republic

International

Bond

5.50%,

01/27/2025

2,225‌

2,311‌

5.95%,

01/25/2027

1,175‌

1,247‌

Ghana

Government

International

Bond

8.13%,

01/18/2026

2,175‌

2,185‌

Hungary

Government

International

Bond

6.38%,

03/29/2021

5,000‌

5,185‌

Indonesia

Treasury

Bond

7.00%,

09/15/2030

IDR

110,950,000‌

7,698‌

Israel

Government

International

Bond

2.75%,

07/03/2030

$

3,700‌

4,088‌

3.88%,

07/03/2050

1,975‌

2,458‌

4.50%,

04/03/2120

1,325‌

1,927‌

Ivory

Coast

Government

International

Bond

5.25%,

03/22/2030

EUR

1,950‌

2,120‌

Malaysia

Government

Bond

4.07%,

06/15/2050

MYR

5,900‌

1,520‌

Mexican

Bonos

5.75%,

03/05/2026

MXN

47,900‌

2,211‌

7.75%,

11/13/2042

46,300‌

2,318‌

Mexico

Government

International

Bond

4.75%,

04/27/2032

$

2,900‌

3,323‌

Peru

Government

Bond

6.15%,

08/12/2032

(d)

PEN

15,150‌

5,087‌

Peruvian

Government

International

Bond

6.35%,

08/12/2028

16,700‌

5,801‌

Qatar

Government

International

Bond

3.40%,

04/16/2025

(d)

$

2,250‌

2,481‌

3.75%,

04/16/2030

(d)

1,875‌

2,203‌

4.40%,

04/16/2050

(d)

1,500‌

2,036‌

Republic

of

Belarus

Ministry

of

Finance

5.88%,

02/24/2026

(d)

1,225‌

1,185‌

Republic

of

Poland

Government

International

Bond

5.13%,

04/21/2021

5,000‌

5,176‌

Republic

of

South

Africa

Government

Bond

8.88%,

02/28/2035

ZAR

121,700‌

6,089‌

Romanian

Government

International

Bond

2.00%,

01/28/2032

EUR

2,875‌

3,230‌

2.12%,

07/16/2031

1,900‌

2,183‌

3.62%,

05/26/2030

(d)

1,200‌

1,563‌

3.88%,

10/29/2035

1,575‌

2,055‌

Schedule

of

Investments

Finisterre

Unconstrained

Emerging

Markets

Bond

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

33

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Sovereign

(continued)

Russian

Federal

Bond

-

OFZ

7.25%,

05/10/2034

RUB

375,500‌

$

5,609‌

Serbia

International

Bond

3.13%,

05/15/2027

(d)

EUR

3,425‌

4,292‌

Sri

Lanka

Government

International

Bond

6.85%,

11/03/2025

$

3,975‌

3,041‌

Ukraine

Government

International

Bond

0.00%,

05/31/2040

(b),(f)

3,670‌

3,219‌

4.38%,

01/27/2030

(d)

EUR

1,150‌

1,136‌

7.25%,

03/15/2033

(d)

$

2,350‌

2,268‌

7.75%,

09/01/2023

2,800‌

2,905‌

Zambia

Government

International

Bond

5.38%,

09/20/2022

1,475‌

826‌

8.50%,

04/14/2024

2,750‌

1,539‌

8.97%,

07/30/2027

1,475‌

834‌

$

121,940‌

Supranational

Bank

-

0.65%

Eastern

&

Southern

African

Trade

&

Development

Bank

4.88%,

05/23/2024

1,450‌

1,465‌

Telecommunications

-

2.90%

C&W

Senior

Financing

DAC

7.50%,

10/15/2026

(d)

900‌

958‌

7.50%,

10/15/2026

1,425‌

1,518‌

MTN

Mauritius

Investments

Ltd

5.37%,

02/13/2022

3,995‌

4,082‌

$

6,558‌

TOTAL

BONDS

$

196,797‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

2.24%

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

-

2.24%

1.13%,

02/28/2022

$

5,000‌

$

5,079‌

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

5,079‌

Total

Investments

$

211,146‌

Other

Assets

and

Liabilities

-  6.68%

15,123‌

TOTAL

NET

ASSETS

-

100.00%

$

226,269‌

(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

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(b)

Non-income

producing

security

(c)

Current

yield

shown

is

as

of

period

end.

(d)

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$56,211

or

24.84%

of

net

assets.

(e)

Security

purchased

on

a

when-issued

basis.

(f)

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.

Portfolio

Summary  (unaudited)

Location

Percent

Cayman

Islands

6.35‌%

United

States

6.34‌%

Indonesia

5.57‌%

Mexico

5.53‌%

Peru

4.81‌%

India

4.43‌%

Ukraine

4.20‌%

Romania

3.99‌%

Israel

3.75‌%

United

Kingdom

3.26‌%

Qatar

2.97‌%

Mauritius

2.95‌%

South

Africa

2.69‌%

United

Arab

Emirates

2.60‌%

Russian

Federation

2.48‌%

Canada

2.43‌%

Bermuda

2.34‌%

Netherlands

2.30‌%

Poland

2.29‌%

Hungary

2.29‌%

Colombia

2.11‌%

Serbia

1.90‌%

Virgin

Islands,

British

1.69‌%

Dominican

Republic

1.57‌%

Malaysia

1.48‌%

Zambia

1.42‌%

Azerbaijan

1.34‌%

Sri

Lanka

1.34‌%

Ireland

1.09‌%

Argentina

1.07‌%

Ghana

0.97‌%

Cote

d'Ivoire

0.94‌%

Austria

0.91‌%

Brazil

0.75‌%

Supranational

0.65‌%

Belarus

0.52‌%

Other

Assets

and

Liabilities

6.68‌%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

—‌

$

124,396‌

$

115,126‌

$

9,270‌

$

—‌

$

124,396‌

$

115,126‌

$

9,270‌

Income

(a)

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Finisterre

Unconstrained

Emerging

Markets

Bond

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

34

Foreign

Currency

Contracts

Unrealized

Appreciation/(Depreciation)

Counterparty

Settlement

Date

Currency

to

Accept

Currency

to

Deliver

Asset

Liability

Citigroup

Inc

08/17/2020

$

53‌

EUR

46‌

$

—‌

$

(1‌)

HSBC

Securities

Inc

08/14/2020

BRL

36,150‌

$

6,717‌

210‌

—‌

HSBC

Securities

Inc

08/14/2020

$

4,532‌

BRL

23,400‌

48‌

—‌

HSBC

Securities

Inc

08/14/2020

$

4,468‌

CLP

3,550,000‌

—‌

(222‌)

HSBC

Securities

Inc

08/14/2020

CLP

3,550,000‌

$

4,526‌

164‌

—‌

HSBC

Securities

Inc

08/14/2020

PEN

19,250‌

$

5,490‌

—‌

(42‌)

HSBC

Securities

Inc

08/14/2020

$

5,421‌

PEN

19,250‌

—‌

(27‌)

HSBC

Securities

Inc

08/14/2020

RUB

612,700‌

$

8,511‌

—‌

(267‌)

HSBC

Securities

Inc

08/14/2020

$

17,571‌

RUB

1,273,500‌

436‌

—‌

HSBC

Securities

Inc

08/14/2020

$

2,301‌

ZAR

38,200‌

68‌

—‌

HSBC

Securities

Inc

08/14/2020

$

4,218‌

TRY

29,500‌

33‌

—‌

HSBC

Securities

Inc

08/17/2020

$

9,519‌

EUR

8,359‌

—‌

(330‌)

JPMorgan

Chase

08/14/2020

$

2,271‌

BRL

11,900‌

—‌

(9‌)

JPMorgan

Chase

08/14/2020

BRL

11,700‌

$

2,270‌

—‌

(28‌)

JPMorgan

Chase

08/14/2020

BRL

12,100‌

$

2,304‌

15‌

—‌

JPMorgan

Chase

08/14/2020

CZK

104,400‌

$

4,504‌

184‌

—‌

JPMorgan

Chase

08/14/2020

MXN

101,500‌

$

4,532‌

23‌

—‌

JPMorgan

Chase

08/14/2020

$

4,641‌

MXN

102,600‌

36‌

—‌

JPMorgan

Chase

08/14/2020

$

4,484‌

MXN

101,500‌

—‌

(71‌)

JPMorgan

Chase

08/14/2020

PLN

17,400‌

$

4,478‌

169‌

—‌

JPMorgan

Chase

08/14/2020

RUB

238,600‌

$

3,359‌

—‌

(149‌)

JPMorgan

Chase

08/14/2020

$

8,957‌

ZAR

154,132‌

—‌

(51‌)

JPMorgan

Chase

08/14/2020

$

2,293‌

ZAR

38,500‌

43‌

—‌

JPMorgan

Chase

08/14/2020

ZAR

47,100‌

$

2,856‌

—‌

(103‌)

JPMorgan

Chase

08/14/2020

TRY

2,500‌

$

364‌

—‌

(9‌)

JPMorgan

Chase

08/14/2020

$

4,444‌

TRY

31,100‌

32‌

—‌

JPMorgan

Chase

08/17/2020

EUR

1,837‌

$

2,159‌

5‌

—‌

Total

$

1,466‌

$

(1,309‌)

Amounts

in

thousands.

Credit

Default

Swaps

Buy

Protection

Counterparty

Reference

Entity

Implied

Credit

Spread

as

of

July

31,

2020

(a)

(Pay)/

Receive

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

Upfront

Payments/

(Receipts)

Unrealized

Appreciation/

(Depreciation)

Fair

Value

Asset

----

Liability

Barclays

Bank

PLC

CDX.33.EM.100

N/A

(1.00)%

Quarterly

06/20/2025

$

998‌

$

96‌

$

(54‌)

$

42‌

$

—‌

Barclays

Bank

PLC

CDX.33.EM.100

N/A

(1.00)%

Quarterly

06/20/2025

618‌

60‌

(34‌)

26‌

—‌

Barclays

Bank

PLC

CDX.33.EM.100

N/A

(1.00)%

Quarterly

06/20/2025

95‌

10‌

(6‌)

4‌

—‌

Barclays

Bank

PLC

CDX.33.EM.100

N/A

(1.00)%

Quarterly

06/20/2025

4,370‌

323‌

(138‌)

185‌

—‌

Barclays

Bank

PLC

Republic

of

South

Africa,

5.87%,

09/16/2025

3.10%

(1.00)%

Quarterly

06/20/2025

3,750‌

311‌

45‌

356‌

—‌

Citigroup

Inc

CDX.33.EM.100

N/A

(1.00)%

Quarterly

06/20/2025

2,803‌

282‌

(163‌)

119‌

—‌

JPMorgan

Chase

Republic

of

South

Africa,

5.87%,

09/16/2025

3.10%

(1.00)%

Quarterly

06/20/2025

1,700‌

143‌

19‌

162‌

—‌

JPMorgan

Chase

Republic

of

South

Africa,

5.87%,

09/16/2025

3.10%

(1.00)%

Quarterly

06/20/2025

750‌

73‌

(2‌)

71‌

—‌

Total

$

1,298‌

$

(333‌)

$

965‌

$

—‌

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

Finisterre

Unconstrained

Emerging

Markets

Bond

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

35

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

JPMorgan

Chase

Brazil

Cetip

DI

Interbank

Deposit

Rate

Receive

3.03%

Annual

Annual

N/A

01/03/2022

BRL

321,000‌

$

(351‌)

$

—‌

$

—‌

$

(351‌)

JPMorgan

Chase

Brazil

Cetip

DI

Interbank

Deposit

Rate

Pay

5.46%

Annual

Annual

N/A

01/02/2025

128,500‌

487‌

—‌

487‌

—‌

Total

$

136‌

$

—‌

$

487‌

$

(351‌)

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

$

1,477‌

$

106‌

$

1,583‌

6

Month

Warsaw

Interbank

Offered

Rate

Receive

2.02%

Annual

Semiannual

N/A

01/28/2030

51,650‌

(1,469‌)

(107‌)

(1,576‌)

6

Month

Warsaw

Interbank

Offered

Rate

Receive

1.85%

Annual

Semiannual

N/A

01/28/2022

19,000‌

(113‌)

(11‌)

(124‌)

6

Month

Warsaw

Interbank

Offered

Rate

Pay

2.02%

Semiannual

Annual

N/A

01/28/2030

4,000‌

111‌

11‌

122‌

6

Month

Warsaw

Interbank

Offered

Rate

Receive

1.85%

Annual

Semiannual

N/A

01/28/2022

110,000‌

(687‌)

(29‌)

(716‌)

6

Month

Warsaw

Interbank

Offered

Rate

Pay

2.02%

Semiannual

Annual

N/A

01/28/2030

24,000‌

762‌

(30‌)

732‌

China

Foreign

Exchange

Trade

System

Fixing

Repo

Rates

7

Day

Pay

2.26%

Annual

Annual

N/A

06/11/2025

$

150,000‌

(249‌)

1‌

(248‌)

China

Foreign

Exchange

Trade

System

Fixing

Repo

Rates

7

Day

Pay

2.26%

Annual

Annual

N/A

06/11/2025

77,000‌

29‌

(180‌)

(151‌)

Total

$

(139‌)

$

(239‌)

$

(378‌)

Amounts

in

thousands.

(a)    

Forward

swap.

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%,

10/06/2020

33,450,000

Receive

3

Month

USD

LIBOR

+

0.90%

Annual

10/07/2020

$

2,038‌

$

—‌

$

9‌

$

—‌

HSBC

Securities

Inc

Egypt

Treasury

Bills,

0.00%,

10/13/2020

33,450,000

Receive

3

Month

USD

LIBOR

+

0.90%

Quarterly

10/14/2020

2,033‌

—‌

7‌

—‌

HSBC

Securities

Inc

Egypt

Treasury

Bills,

0.00%,

10/13/2020

50,150,000

Receive

3

Month

USD

LIBOR

+

0.80%

Quarterly

10/14/2020

3,055‌

—‌

4‌

—‌

Total

$

—‌

$

20‌

$

—‌

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

Global

Diversified

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

36

INVESTMENT

COMPANIES

-

2.76%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

0.19%

Invesco

Preferred

ETF

81,179‌

$

1,195‌

iShares

Preferred

&

Income

Securities

ETF

(a)

47,641‌

1,724‌

SPDR

Bloomberg

Barclays

High

Yield

Bond

ETF

23,650‌

2,509‌

WisdomTree

Trust

-

WisdomTree

International

High

Dividend

Fund

ETP

96,390‌

3,201‌

WisdomTree

US

High

Dividend

Fund

ETP

27,776‌

1,767‌

$

10,396‌

Money

Market

Funds

-

2.57%

BlackRock

Liquidity

FedFund

-

Institutional

Class

0.06%

(b),(c)

3,538,332‌

3,538‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

(b),(c),(d),(e)

133,958,984‌

133,959‌

$

137,497‌

TOTAL

INVESTMENT

COMPANIES

$

147,893‌

COMMON

STOCKS

-

19.69%

Shares

Held

Value

(000's)

Advertising

-

0.06%

Interpublic

Group

of

Cos

Inc

/The

109,438‌

$

1,975‌

Publicis

Groupe

SA

38,353‌

1,227‌

$

3,202‌

Aerospace

&

Defense

-

0.08%

CAE

Inc

50,500‌

754‌

Elbit

Systems

Ltd

347‌

49‌

HEICO

Corp

8,719‌

837‌

HEICO

Corp

-

Class

A

987‌

76‌

Hexcel

Corp

8,203‌

306‌

Meggitt

PLC

289,317‌

1,011‌

MTU

Aero

Engines

AG

1,305‌

226‌

Spirit

AeroSystems

Holdings

Inc

8,925‌

175‌

TransDigm

Group

Inc

1,936‌

836‌

$

4,270‌

Agriculture

-

0.06%

Imperial

Brands

PLC

117,408‌

1,956‌

Japan

Tobacco

Inc

63,900‌

1,092‌

$

3,048‌

Airlines

-

0.06%

Alaska

Air

Group

Inc

29,094‌

1,002‌

Delta

Air

Lines

Inc

38,062‌

951‌

Japan

Airlines

Co

Ltd

29,100‌

471‌

Qantas

Airways

Ltd

209,091‌

479‌

Southwest

Airlines

Co

17,052‌

527‌

$

3,430‌

Apparel

-

0.11%

Adidas

AG

(e)

1,192‌

329‌

Carter's

Inc

12,423‌

978‌

Gildan

Activewear

Inc

31,900‌

566‌

Hanesbrands

Inc

178,030‌

2,515‌

Ralph

Lauren

Corp

19,224‌

1,371‌

Tapestry

Inc

30,181‌

403‌

$

6,162‌

Automobile

Manufacturers

-

0.10%

Cummins

Inc

11,532‌

2,229‌

Fiat

Chrysler

Automobiles

NV

(e)

113,849‌

1,157‌

Peugeot

SA

(e)

56,347‌

906‌

Volvo

AB

-

B

Shares

(e)

67,968‌

1,174‌

$

5,466‌

Automobile

Parts

&

Equipment

-

0.24%

Allison

Transmission

Holdings

Inc

18,920‌

707‌

BorgWarner

Inc

35,411‌

1,296‌

Cie

Generale

des

Etablissements

Michelin

SCA

8,852‌

917‌

Continental

AG

10,188‌

984‌

Denso

Corp

26,500‌

980‌

Faurecia

SE

(e)

16,559‌

640‌

Goodyear

Tire

&

Rubber

Co/The

354,902‌

3,198‌

Koito

Manufacturing

Co

Ltd

10,900‌

427‌

Lear

Corp

12,701‌

1,402‌

Magna

International

Inc

24,800‌

1,146‌

Toyota

Industries

Corp

9,300‌

472‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Automobile

Parts

&

Equipment

(continued)

Yokohama

Rubber

Co

Ltd/The

39,400‌

$

504‌

$

12,673‌

Banks

-

1.04%

AIB

Group

PLC

(a)

854,965‌

1,072‌

Associated

Banc-Corp

127,023‌

1,631‌

Bank

Hapoalim

BM

15,503‌

94‌

Bank

Leumi

Le-Israel

BM

20,213‌

102‌

Bank

of

America

Corp

42,255‌

1,051‌

Bank

of

Ireland

Group

PLC

(e)

314,465‌

653‌

Bank

of

New

York

Mellon

Corp/The

39,520‌

1,417‌

Bank

OZK

79,060‌

1,901‌

Bankinter

SA

185,169‌

963‌

BankUnited

Inc

49,521‌

997‌

Cathay

General

Bancorp

30,585‌

740‌

Chiba

Bank

Ltd/The

107,300‌

492‌

Citizens

Financial

Group

Inc

113,332‌

2,811‌

Comerica

Inc

66,016‌

2,543‌

Credicorp

Ltd

5,509‌

701‌

Credit

Agricole

SA

(e)

130,707‌

1,258‌

Cullen/Frost

Bankers

Inc

17,923‌

1,291‌

DBS

Group

Holdings

Ltd

25,600‌

370‌

DNB

ASA

(e)

19,593‌

301‌

East

West

Bancorp

Inc

38,111‌

1,321‌

First

Citizens

BancShares

Inc

/NC

406‌

173‌

First

Horizon

National

Corp

163,920‌

1,520‌

Fukuoka

Financial

Group

Inc

59,800‌

870‌

Goldman

Sachs

Group

Inc

/The

5,935‌

1,175‌

ICICI

Bank

Ltd

ADR

(e)

79,961‌

751‌

ING

Groep

NV

203,102‌

1,416‌

Israel

Discount

Bank

Ltd

15,896‌

49‌

KeyCorp

138,149‌

1,659‌

M&T

Bank

Corp

11,087‌

1,175‌

Macquarie

Group

Ltd

5,524‌

485‌

Mediobanca

Banca

di

Credito

Finanziario

SpA

126,137‌

1,019‌

Mizrahi

Tefahot

Bank

Ltd

1,985‌

42‌

Morgan

Stanley

34,619‌

1,692‌

Northern

Trust

Corp

17,544‌

1,375‌

Oversea-Chinese

Banking

Corp

Ltd

42,500‌

266‌

PacWest

Bancorp

21,219‌

388‌

Paragon

Banking

Group

PLC

266,465‌

1,092‌

Pinnacle

Financial

Partners

Inc

12,005‌

476‌

PNC

Financial

Services

Group

Inc

/The

14,321‌

1,528‌

PT

Bank

Central

Asia

Tbk

244,500‌

524‌

Regions

Financial

Corp

280,139‌

3,042‌

Resona

Holdings

Inc

279,700‌

917‌

Signature

Bank/New

York

NY

7,444‌

763‌

State

Street

Corp

22,190‌

1,415‌

Synovus

Financial

Corp

74,110‌

1,493‌

TCF

Financial

Corp

41,388‌

1,138‌

Toronto-Dominion

Bank/The

29,400‌

1,301‌

UBS

Group

AG

(e)

263,106‌

3,100‌

United

Overseas

Bank

Ltd

20,900‌

294‌

Western

Alliance

Bancorp

18,391‌

661‌

Zions

Bancorp

NA

64,371‌

2,090‌

$

55,598‌

Beverages

-

0.05%

Asahi

Group

Holdings

Ltd

11,100‌

362‌

Carlsberg

AS

4,229‌

625‌

Coca-Cola

Amatil

Ltd

90,970‌

531‌

Coca-Cola

European

Partners

PLC

4,119‌

170‌

Kirin

Holdings

Co

Ltd

28,300‌

545‌

Treasury

Wine

Estates

Ltd

79,883‌

613‌

$

2,846‌

Biotechnology

-

0.02%

Mirati

Therapeutics

Inc

(e)

9,095‌

1,103‌

Building

Materials

-

0.19%

AGC

Inc

/Japan

23,800‌

669‌

Buzzi

Unicem

SpA

62,243‌

1,416‌

China

Lesso

Group

Holdings

Ltd

490,000‌

948‌

Schedule

of

Investments

Global

Diversified

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

37

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Building

Materials

(continued)

Fletcher

Building

Ltd

11,698‌

$

26‌

Ibstock

PLC

(f)

332,483‌

688‌

Lennox

International

Inc

2,949‌

791‌

Martin

Marietta

Materials

Inc

5,976‌

1,238‌

Masco

Corp

44,097‌

2,521‌

Vulcan

Materials

Co

10,795‌

1,268‌

Xinyi

Glass

Holdings

Ltd

358,000‌

525‌

$

10,090‌

Chemicals

-

0.33%

Arkema

SA

20,381‌

2,121‌

BASF

SE

25,147‌

1,387‌

Brenntag

AG

16,274‌

1,004‌

Celanese

Corp

14,667‌

1,426‌

CF

Industries

Holdings

Inc

45,930‌

1,439‌

Denka

Co

Ltd

36,100‌

868‌

Eastman

Chemical

Co

34,628‌

2,584‌

EMS-

Chemie

Holding

AG

2,633‌

2,274‌

ICL

Group

Ltd

9,934‌

31‌

Lintec

Corp

60,200‌

1,405‌

Nissan

Chemical

Corp

7,700‌

408‌

PPG

Industries

Inc

9,571‌

1,030‌

Showa

Denko

KK

45,500‌

943‌

Sumitomo

Bakelite

Co

Ltd

26,800‌

650‌

$

17,570‌

Commercial

Services

-

0.40%

Adecco

Group

AG

39,999‌

1,890‌

ADT

Inc

178,347‌

1,536‌

Ashtead

Group

PLC

56,260‌

1,792‌

ATD

New

Holdings

Inc

(e),(g),(h)

385,347‌

6,304‌

Cengage

Learning

Holdings

II

Inc

(e)

34,465‌

86‌

Global

Payments

Inc

350‌

62‌

H&R

Block

Inc

121,735‌

1,765‌

ManpowerGroup

Inc

19,652‌

1,352‌

Persol

Holdings

Co

Ltd

27,600‌

349‌

QinetiQ

Group

PLC

277,616‌

1,111‌

Randstad

NV

23,031‌

1,109‌

Robert

Half

International

Inc

25,979‌

1,322‌

Sabre

Corp

157,136‌

1,188‌

SGS

SA

576‌

1,509‌

Sohgo

Security

Services

Co

Ltd

5,300‌

250‌

$

21,625‌

Computers

-

0.16%

Appen

Ltd

18,878‌

481‌

Atos

SE

(e)

8,315‌

711‌

DXC

Technology

Co

73,359‌

1,314‌

Fujitsu

Ltd

2,400‌

321‌

HP

Inc

79,039‌

1,389‌

NetApp

Inc

43,837‌

1,942‌

Nomura

Research

Institute

Ltd

10,300‌

272‌

Obic

Co

Ltd

8,000‌

1,435‌

Wiwynn

Corp

36,000‌

965‌

$

8,830‌

Consumer

Products

-

0.01%

Henkel

AG

&

Co

KGaA

6,863‌

596‌

Cosmetics

&

Personal

Care

-

0.01%

Kao

Corp

4,000‌

290‌

Distribution

&

Wholesale

-

0.12%

Bunzl

PLC

19,842‌

569‌

Fastenal

Co

36,348‌

1,710‌

ITOCHU

Corp

27,700‌

607‌

Marubeni

Corp

127,900‌

589‌

Mitsubishi

Corp

33,600‌

677‌

Seven

Group

Holdings

Ltd

(a)

54,311‌

657‌

Toromont

Industries

Ltd

16,200‌

883‌

Toyota

Tsusho

Corp

19,600‌

497‌

$

6,189‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Diversified

Financial

Services

-

0.38%

Alliance

Data

Systems

Corp

17,757‌

$

788‌

Ameriprise

Financial

Inc

10,111‌

1,553‌

Charles

Schwab

Corp/The

21,604‌

716‌

Discover

Financial

Services

20,789‌

1,028‌

Eaton

Vance

Corp

43,523‌

1,573‌

Evercore

Inc

-

Class

A

27,177‌

1,503‌

Hana

Financial

Group

Inc

20,823‌

517‌

Jefferies

Financial

Group

Inc

70,288‌

1,139‌

Mastercard

Inc

858‌

265‌

Mebuki

Financial

Group

Inc

819,400‌

1,823‌

Navient

Corp

263,972‌

2,101‌

Nomura

Holdings

Inc

149,100‌

702‌

Omni

Bridgeway

Ltd

309,272‌

1,012‌

OneMain

Holdings

Inc

41,581‌

1,193‌

ORIX

Corp

50,900‌

550‌

Raymond

James

Financial

Inc

10,327‌

717‌

SBI

Holdings

Inc

/Japan

40,100‌

844‌

Synchrony

Financial

53,428‌

1,182‌

Tisco

Financial

Group

PCL

268,000‌

560‌

Visa

Inc

1,736‌

331‌

$

20,097‌

Electric

-

3.73%

AGL

Energy

Ltd

77,500‌

918‌

Alliant

Energy

Corp

333,206‌

17,943‌

Ameren

Corp

11,767‌

944‌

CMS

Energy

Corp

287,209‌

18,433‌

Duke

Energy

Corp

76,000‌

6,440‌

Edison

International

317,738‌

17,689‌

Emera

Inc

(a)

184,000‌

7,658‌

Enel

SpA

675,000‌

6,183‌

Entergy

Corp

12,530‌

1,317‌

Eversource

Energy

206,320‌

18,583‌

FirstEnergy

Corp

18,108‌

525‌

Fortis

Inc

/Canada

441,500‌

17,980‌

Hera

SpA

220,004‌

846‌

Mercury

NZ

Ltd

9,331‌

29‌

Meridian

Energy

Ltd

17,003‌

55‌

NextEra

Energy

Inc

64,350‌

18,063‌

Orsted

A/S

(f)

38,000‌

5,434‌

PG&E

Corp

(e)

350,000‌

3,273‌

PNM

Resources

Inc

24,154‌

1,020‌

Portland

General

Electric

Co

20,528‌

906‌

Public

Service

Enterprise

Group

Inc

379,952‌

21,255‌

Sempra

Energy

54,800‌

6,821‌

WEC

Energy

Group

Inc

149,090‌

14,202‌

Xcel

Energy

Inc

196,520‌

13,568‌

$

200,085‌

Electrical

Components

&

Equipment

-

0.03%

Acuity

Brands

Inc

2,546‌

253‌

AMETEK

Inc

10,126‌

944‌

Brother

Industries

Ltd

30,900‌

481‌

$

1,678‌

Electronics

-

0.20%

Assa

Abloy

AB

11,405‌

252‌

Avnet

Inc

45,300‌

1,210‌

FLEXium

Interconnect

Inc

195,000‌

944‌

FLIR

Systems

Inc

19,596‌

816‌

Gentex

Corp

95,678‌

2,583‌

ITEQ

Corp

161,063‌

735‌

Mycronic

AB

69,699‌

1,327‌

Roper

Technologies

Inc

2,086‌

902‌

Taiwan

Union

Technology

Corp

189,000‌

876‌

Yageo

Corp

64,000‌

850‌

$

10,495‌

Engineering

&

Construction

-

0.19%

ACS

Actividades

de

Construccion

y

Servicios

SA

84,975‌

1,971‌

Auckland

International

Airport

Ltd

150,945‌

644‌

CIMIC

Group

Ltd

70,654‌

1,087‌

Eiffage

SA

(e)

8,259‌

722‌

Schedule

of

Investments

Global

Diversified

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

38

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Engineering

&

Construction

(continued)

Frontken

Corp

Bhd

1,110,600‌

$

927‌

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

123,100‌

829‌

HOCHTIEF

AG

13,939‌

1,138‌

Kyowa

Exeo

Corp

20,700‌

489‌

SATS

Ltd

233,300‌

468‌

SPIE

SA

67,870‌

1,105‌

Sydney

Airport

147,730‌

553‌

$

9,933‌

Entertainment

-

0.06%

Aristocrat

Leisure

Ltd

13,068‌

245‌

Genting

Singapore

Ltd

527,000‌

283‌

GVC

Holdings

PLC

215,636‌

1,866‌

Vail

Resorts

Inc

4,778‌

917‌

$

3,311‌

Food

-

0.09%

Calbee

Inc

12,000‌

381‌

Dairy

Farm

International

Holdings

Ltd

5,962‌

26‌

Empire

Co

Ltd

24,800‌

637‌

Jardine

Strategic

Holdings

Ltd

3,798‌

76‌

Koninklijke

Ahold

Delhaize

NV

49,351‌

1,421‌

METRO

AG

140,949‌

1,286‌

Seven

&

i

Holdings

Co

Ltd

13,300‌

402‌

Sonae

SGPS

SA

761,997‌

533‌

$

4,762‌

Forest

Products

&

Paper

-

0.15%

Domtar

Corp

113,109‌

2,374‌

International

Paper

Co

76,619‌

2,666‌

Oji

Holdings

Corp

93,400‌

392‌

Stora

Enso

Oyj

96,493‌

1,210‌

West

Fraser

Timber

Co

Ltd

25,800‌

1,277‌

$

7,919‌

Gas

-

1.47%

Atmos

Energy

Corp

198,323‌

21,020‌

Naturgy

Energy

Group

SA

54,206‌

1,009‌

New

Jersey

Resources

Corp

488,988‌

15,188‌

NiSource

Inc

1,002,447‌

24,510‌

Southwest

Gas

Holdings

Inc

247,442‌

17,232‌

$

78,959‌

Hand

&

Machine

Tools

-

0.08%

Amada

Co

Ltd

91,700‌

616‌

Lincoln

Electric

Holdings

Inc

14,727‌

1,331‌

Snap-on

Inc

10,078‌

1,470‌

Techtronic

Industries

Co

Ltd

97,000‌

1,015‌

$

4,432‌

Healthcare

-

Products

-

0.04%

Carl

Zeiss

Meditec

AG

10,746‌

1,125‌

Fisher

&

Paykel

Healthcare

Corp

Ltd

7,619‌

183‌

Olympus

Corp

3,300‌

59‌

STERIS

PLC

6,397‌

1,021‌

$

2,388‌

Healthcare

-

Services

-

0.09%

Encompass

Health

Corp

16,539‌

1,126‌

Fresenius

SE

&

Co

KGaA

9,848‌

491‌

Humana

Inc

1,121‌

440‌

NMC

Health

PLC

(e),(g),(h)

9,858‌

—‌

Quest

Diagnostics

Inc

10,943‌

1,390‌

Ryman

Healthcare

Ltd

5,389‌

48‌

UnitedHealth

Group

Inc

3,316‌

1,004‌

Universal

Health

Services

Inc

2,380‌

262‌

$

4,761‌

Holding

Companies

-

Diversified

-

0.02%

CK

Hutchison

Holdings

Ltd

80,000‌

522‌

Jardine

Matheson

Holdings

Ltd

3,805‌

156‌

Swire

Pacific

Ltd

73,000‌

359‌

$

1,037‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Home

Builders

-

0.13%

Daiwa

House

Industry

Co

Ltd

25,500‌

$

563‌

DR

Horton

Inc

11,900‌

787‌

Persimmon

PLC

49,495‌

1,545‌

PulteGroup

Inc

55,510‌

2,420‌

Sekisui

Chemical

Co

Ltd

34,000‌

463‌

Taylor

Wimpey

PLC

256,738‌

396‌

Toll

Brothers

Inc

22,484‌

859‌

$

7,033‌

Home

Furnishings

-

0.02%

Hoshizaki

Corp

2,500‌

190‌

SEB

SA

3,347‌

553‌

Sony

Corp

1,800‌

140‌

Targus

Group

International

Inc

(e),(g),(h)

75,880‌

4‌

$

887‌

Insurance

-

0.62%

Ageas

SA/NV

19,440‌

728‌

Allstate

Corp/The

9,583‌

905‌

American

Financial

Group

Inc

/OH

14,463‌

879‌

Arthur

J

Gallagher

&

Co

16,084‌

1,729‌

ASR

Nederland

NV

44,899‌

1,451‌

Assurant

Inc

8,692‌

934‌

Aviva

PLC

337,732‌

1,161‌

Dai-ichi

Life

Holdings

Inc

50,800‌

599‌

Fidelity

National

Financial

Inc

49,983‌

1,617‌

First

American

Financial

Corp

26,789‌

1,367‌

Hannover

Rueck

SE

5,375‌

909‌

Hanover

Insurance

Group

Inc

/The

9,432‌

961‌

Hartford

Financial

Services

Group

Inc

/The

25,523‌

1,080‌

iA

Financial

Corp

Inc

21,300‌

748‌

Manulife

Financial

Corp

95,200‌

1,276‌

Mercury

General

Corp

69,658‌

2,989‌

MGIC

Investment

Corp

64,686‌

535‌

NN

Group

NV

71,169‌

2,605‌

Power

Corp

of

Canada

85,500‌

1,517‌

Primerica

Inc

5,960‌

713‌

Progressive

Corp/The

3,878‌

350‌

Prudential

Financial

Inc

37,450‌

2,373‌

Reinsurance

Group

of

America

Inc

9,429‌

804‌

Swiss

Life

Holding

AG

2,451‌

896‌

T&D

Holdings

Inc

73,900‌

608‌

Travelers

Cos

Inc

/The

11,703‌

1,339‌

Unum

Group

104,338‌

1,798‌

Voya

Financial

Inc

8,622‌

426‌

$

33,297‌

Internet

-

0.08%

CDW

Corp/DE

5,392‌

627‌

E*TRADE

Financial

Corp

13,883‌

705‌

Expedia

Group

Inc

7,049‌

571‌

Kakaku.com

Inc

13,300‌

321‌

TD

Ameritrade

Holding

Corp

35,569‌

1,276‌

VeriSign

Inc

(e)

3,816‌

808‌

$

4,308‌

Investment

Companies

-

0.01%

EXOR

NV

2,325‌

131‌

Wendel

SE

5,064‌

475‌

$

606‌

Iron

&

Steel

-

0.43%

ArcelorMittal

SA

(e)

20,384‌

226‌

BlueScope

Steel

Ltd

25,628‌

205‌

Fortescue

Metals

Group

Ltd

286,980‌

3,572‌

Nucor

Corp

48,736‌

2,044‌

Reliance

Steel

&

Aluminum

Co

24,680‌

2,425‌

Specialty

Steel

Holdings,

Inc.

(e),(g),(h)

87‌

11,849‌

Steel

Dynamics

Inc

91,330‌

2,504‌

$

22,825‌

Leisure

Products

&

Services

-

0.02%

Yamaha

Motor

Co

Ltd

57,500‌

838‌

Schedule

of

Investments

Global

Diversified

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

39

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Lodging

-

0.03%

Choice

Hotels

International

Inc

4,566‌

$

384‌

City

Developments

Ltd

113,400‌

679‌

Melco

Resorts

&

Entertainment

Ltd

ADR

3,741‌

61‌

NagaCorp

Ltd

430,000‌

460‌

$

1,584‌

Machinery

-

Construction

&

Mining

-

0.04%

Hitachi

Ltd

12,700‌

380‌

Mitsubishi

Electric

Corp

40,200‌

525‌

Oshkosh

Corp

11,380‌

896‌

Sandvik

AB

(e)

25,491‌

476‌

$

2,277‌

Machinery

-

Diversified

-

0.14%

AGCO

Corp

8,960‌

588‌

ANDRITZ

AG

33,676‌

1,131‌

Dover

Corp

16,016‌

1,649‌

GrafTech

International

Ltd

265,601‌

1,612‌

IDEX

Corp

4,756‌

784‌

KION

Group

AG

11,441‌

874‌

Sumitomo

Heavy

Industries

Ltd

40,500‌

789‌

$

7,427‌

Media

-

0.65%

Altice

USA

Inc

(e)

570,022‌

15,385‌

Charter

Communications

Inc

(e)

2,923‌

1,695‌

Cogeco

Communications

Inc

196,700‌

14,994‌

Fox

Corp

-

B

Shares

25,791‌

665‌

Quebecor

Inc

18,600‌

424‌

Sinclair

Broadcast

Group

Inc

(a)

77,232‌

1,591‌

Telenet

Group

Holding

NV

7,432‌

288‌

$

35,042‌

Metal

Fabrication

&

Hardware

-

0.01%

NSK

Ltd

111,100‌

748‌

Mining

-

0.51%

Alumina

Ltd

821,338‌

890‌

Anglo

American

PLC

38,676‌

936‌

Antofagasta

PLC

90,740‌

1,206‌

BHP

Group

Ltd

43,454‌

1,144‌

BHP

Group

PLC

71,902‌

1,555‌

Glencore

PLC

(e)

579,678‌

1,327‌

Impala

Platinum

Holdings

Ltd

115,934‌

1,035‌

Kirkland

Lake

Gold

Ltd

5,600‌

306‌

Lundin

Mining

Corp

180,400‌

1,010‌

Newcrest

Mining

Ltd

12,092‌

308‌

OZ

Minerals

Ltd

131,550‌

1,277‌

Polymetal

International

PLC

42,645‌

1,055‌

Real

Alloy

Holding

Inc

(e),(g),(h)

362‌

12,259‌

Rio

Tinto

Ltd

15,790‌

1,156‌

Rio

Tinto

PLC

27,372‌

1,666‌

$

27,130‌

Miscellaneous

Manufacturers

-

0.06%

A

O

Smith

Corp

30,583‌

1,473‌

Carlisle

Cos

Inc

4,688‌

558‌

Elite

Material

Co

Ltd

140,000‌

846‌

ITT

Inc

8,440‌

487‌

$

3,364‌

Office

&

Business

Equipment

-

0.02%

FUJIFILM

Holdings

Corp

6,000‌

268‌

Sato

Holdings

Corp

35,000‌

727‌

$

995‌

Oil

&

Gas

-

0.55%

Aker

BP

ASA

55,985‌

1,066‌

BP

PLC

283,602‌

1,027‌

Cabot

Oil

&

Gas

Corp

101,848‌

1,905‌

Canadian

Natural

Resources

Ltd

59,300‌

1,046‌

ConocoPhillips

32,156‌

1,202‌

DCC

PLC

14,826‌

1,318‌

ENEOS

Holdings

Inc

222,400‌

780‌

Eni

SpA

149,351‌

1,330‌

EOG

Resources

Inc

14,052‌

658‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Oil

&

Gas

(continued)

Frontera

Energy

Corp

71,984‌

$

151‌

Galp

Energia

SGPS

SA

97,467‌

1,021‌

Helmerich

&

Payne

Inc

23,370‌

417‌

HollyFrontier

Corp

62,356‌

1,715‌

Imperial

Oil

Ltd

46,300‌

724‌

Inpex

Corp

65,300‌

373‌

Kosmos

Energy

Ltd

1,011,019‌

1,628‌

Lundin

Energy

AB

28,946‌

675‌

Marathon

Oil

Corp

107,621‌

591‌

Marathon

Petroleum

Corp

50,181‌

1,917‌

Milagro

Oil

&

Gas

Inc

(e),(g),(h)

1,874‌

191‌

OMV

AG

27,041‌

854‌

Patterson-UTI

Energy

Inc

253,488‌

982‌

Phillips

66

33,400‌

2,071‌

PTT

Exploration

&

Production

PCL

273,900‌

803‌

Royal

Dutch

Shell

PLC

-

A

Shares

72,861‌

1,065‌

Royal

Dutch

Shell

PLC

-

B

Shares

73,033‌

1,025‌

Santos

Ltd

169,764‌

634‌

Suncor

Energy

Inc

57,900‌

911‌

TOTAL

SE

39,074‌

1,479‌

$

29,559‌

Packaging

&

Containers

-

0.07%

DS

Smith

PLC

116,331‌

393‌

Graphic

Packaging

Holding

Co

41,470‌

578‌

Packaging

Corp

of

America

20,004‌

1,923‌

Westrock

Co

41,537‌

1,116‌

$

4,010‌

Pharmaceuticals

-

0.16%

AbbVie

Inc

31,073‌

2,949‌

Alfresa

Holdings

Corp

25,900‌

530‌

Ipsen

SA

6,452‌

619‌

Kyowa

Kirin

Co

Ltd

12,100‌

299‌

Medipal

Holdings

Corp

19,600‌

359‌

Nippon

Shinyaku

Co

Ltd

2,500‌

193‌

Novartis

AG

18,241‌

1,503‌

Ono

Pharmaceutical

Co

Ltd

17,400‌

489‌

Reata

Pharmaceuticals

Inc

(e)

4,618‌

682‌

Shionogi

&

Co

Ltd

5,600‌

333‌

Ship

Healthcare

Holdings

Inc

19,000‌

818‌

$

8,774‌

Pipelines

-

0.02%

ONEOK

Inc

28,861‌

806‌

Private

Equity

-

0.05%

Intermediate

Capital

Group

PLC

63,140‌

1,105‌

KKR

&

Co

Inc

48,123‌

1,702‌

$

2,807‌

Real

Estate

-

0.62%

A-Living

Services

Co

Ltd

(f)

153,500‌

867‌

Azrieli

Group

Ltd

605‌

29‌

CA

Immobilien

Anlagen

AG

30,652‌

961‌

Castellum

AB

90,641‌

1,949‌

CBRE

Group

Inc

(e)

18,095‌

793‌

CK

Asset

Holdings

Ltd

94,000‌

522‌

Daito

Trust

Construction

Co

Ltd

9,700‌

761‌

Echo

Investment

SA

(a)

163,424‌

164‌

Entra

ASA

(f)

49,365‌

697‌

ESR

Cayman

Ltd

(e),(f)

76,800‌

189‌

Fabege

AB

53,377‌

685‌

Hongkong

Land

Holdings

Ltd

20,697‌

79‌

Kerry

Properties

Ltd

317,000‌

754‌

LEG

Immobilien

AG

11,329‌

1,580‌

Midea

Real

Estate

Holding

Ltd

(f)

737,200‌

1,886‌

Mitsubishi

Estate

Co

Ltd

169,900‌

2,441‌

Mitsui

Fudosan

Co

Ltd

52,370‌

819‌

New

World

Development

Co

Ltd

789,395‌

3,854‌

Nomura

Real

Estate

Holdings

Inc

27,300‌

451‌

Sino

Land

Co

Ltd

566,000‌

686‌

Sun

Hung

Kai

Properties

Ltd

248,000‌

3,016‌

Swire

Properties

Ltd

186,000‌

430‌

Schedule

of

Investments

Global

Diversified

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

40

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Real

Estate

(continued)

TAG

Immobilien

AG

(e)

76,124‌

$

2,002‌

UOL

Group

Ltd

201,700‌

977‌

Vonovia

SE

72,900‌

4,712‌

Wihlborgs

Fastigheter

AB

45,578‌

768‌

Zhongliang

Holdings

Group

Co

Ltd

1,945,000‌

1,383‌

$

33,455‌

REITs

-

3.49%

AIMS

APAC

REIT

1,330,890‌

1,171‌

Alexandria

Real

Estate

Equities

Inc

18,976‌

3,369‌

American

Assets

Trust

Inc

13,851‌

374‌

American

Homes

4

Rent

117,388‌

3,404‌

American

Tower

Corp

8,710‌

2,277‌

Americold

Realty

Trust

36,406‌

1,469‌

Apartment

Investment

and

Management

Co

81,584‌

3,167‌

Apple

Hospitality

REIT

Inc

365,338‌

3,222‌

Arena

REIT

568,005‌

911‌

Assura

PLC

643,177‌

663‌

AvalonBay

Communities

Inc

24,778‌

3,794‌

Big

Yellow

Group

PLC

54,637‌

728‌

Blackstone

Mortgage

Trust

Inc

53,344‌

1,284‌

Brandywine

Realty

Trust

316,481‌

3,427‌

British

Land

Co

PLC/The

172,238‌

822‌

Camden

Property

Trust

30,263‌

2,748‌

CareTrust

REIT

Inc

66,289‌

1,195‌

Centuria

Industrial

REIT

162,214‌

379‌

Centuria

Office

REIT

96,669‌

129‌

Charter

Hall

Group

65,101‌

485‌

City

Office

REIT

Inc

41,631‌

360‌

CoreSite

Realty

Corp

78,578‌

10,140‌

Cousins

Properties

Inc

22,969‌

706‌

Covivio

11,082‌

796‌

Cromwell

European

Real

Estate

Investment

Trust

1,575,500‌

802‌

Crown

Castle

International

Corp

2,305‌

384‌

CubeSmart

80,914‌

2,401‌

CyrusOne

Inc

19,580‌

1,633‌

Daiwa

Office

Investment

Corp

185‌

970‌

Dexus

164,129‌

996‌

Dream

Industrial

Real

Estate

Investment

Trust

310,530‌

2,550‌

Duke

Realty

Corp

41,743‌

1,678‌

Equinix

Inc

6,661‌

5,232‌

Essential

Properties

Realty

Trust

Inc

34,572‌

557‌

Essex

Property

Trust

Inc

9,447‌

2,085‌

Far

East

Hospitality

Trust

900,030‌

323‌

First

Industrial

Realty

Trust

Inc

34,383‌

1,510‌

Gecina

SA

7,365‌

955‌

GLP

J-

Reit

(e)

697‌

1,163‌

Goodman

Group

322,682‌

3,923‌

Granite

Real

Estate

Investment

Trust

17,400‌

1,012‌

Healthcare

Trust

of

America

Inc

86,701‌

2,394‌

Healthpeak

Properties

Inc

118,958‌

3,247‌

Highwoods

Properties

Inc

13,280‌

509‌

Host

Hotels

&

Resorts

Inc

198,460‌

2,139‌

Independence

Realty

Trust

Inc

429,199‌

4,936‌

Industrial

&

Infrastructure

Fund

Investment

Corp

932‌

1,753‌

Industrial

Logistics

Properties

Trust

220,946‌

4,664‌

Ingenia

Communities

Group

320,452‌

1,083‌

Inmobiliaria

Colonial

Socimi

SA

89,459‌

767‌

Investec

Australia

Property

Fund

489,868‌

425‌

Invitation

Homes

Inc

184,924‌

5,514‌

Irish

Residential

Properties

REIT

PLC

587,495‌

1,003‌

Japan

Hotel

REIT

Investment

Corp

1,566‌

568‌

Kenedix

Office

Investment

Corp

116‌

631‌

Keppel

DC

REIT

461,400‌

1,003‌

Kilroy

Realty

Corp

16,915‌

986‌

Klepierre

SA

63,674‌

1,103‌

Land

Securities

Group

PLC

91,029‌

686‌

Lendlease

Global

Commercial

REIT

569,700‌

260‌

Link

REIT

274,100‌

2,127‌

Mapletree

Industrial

Trust

362,700‌

867‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

REITs

(continued)

Mapletree

Logistics

Trust

1,404,230‌

$

2,188‌

MCUBS

MidCity

Investment

Corp

2,946‌

1,920‌

Merlin

Properties

Socimi

SA

125,207‌

1,036‌

MGM

Growth

Properties

LLC

77,837‌

2,128‌

Minto

Apartment

Real

Estate

Investment

Trust

71,416‌

994‌

Mitsui

Fudosan

Logistics

Park

Inc

450‌

2,456‌

Mori

Hills

REIT

Investment

Corp

462‌

599‌

New

Residential

Investment

Corp

137,016‌

1,087‌

NewRiver

REIT

PLC

333,343‌

266‌

NexPoint

Residential

Trust

Inc

35,484‌

1,357‌

Nippon

Accommodations

Fund

Inc

191‌

1,233‌

Nomura

Real

Estate

Master

Fund

Inc

1,719‌

2,132‌

Northview

Apartment

Real

Estate

Investment

Trust

38,100‌

997‌

NSI

NV

32,140‌

1,144‌

Park

Hotels

&

Resorts

Inc

103,312‌

854‌

Physicians

Realty

Trust

46,467‌

838‌

Primary

Health

Properties

PLC

316,619‌

638‌

Prologis

Inc

116,996‌

12,334‌

Rexford

Industrial

Realty

Inc

32,872‌

1,543‌

Sabra

Health

Care

REIT

Inc

91,706‌

1,352‌

Segro

PLC

211,083‌

2,673‌

Sekisui

House

Reit

Inc

2,643‌

1,729‌

Simon

Property

Group

Inc

37,677‌

2,349‌

STAG

Industrial

Inc

51,711‌

1,686‌

STORE

Capital

Corp

182,851‌

4,332‌

Summit

Industrial

Income

REIT

129,049‌

1,161‌

Sun

Communities

Inc

25,060‌

3,757‌

Taubman

Centers

Inc

7,110‌

275‌

Terreno

Realty

Corp

18,137‌

1,102‌

Tritax

Big

Box

REIT

PLC

807,243‌

1,596‌

UNITE

Group

PLC/The

92,763‌

1,139‌

United

Urban

Investment

Corp

1,717‌

1,670‌

Ventas

Inc

38,189‌

1,465‌

VICI

Properties

Inc

141,655‌

3,075‌

Vicinity

Centres

423,793‌

391‌

Welltower

Inc

60,219‌

3,225‌

Weyerhaeuser

Co

43,937‌

1,222‌

WPT

Industrial

Real

Estate

Investment

Trust

369,998‌

5,013‌

$

186,815‌

Retail

-

0.38%

Alimentation

Couche-Tard

Inc

7,300‌

254‌

Best

Buy

Co

Inc

31,904‌

3,178‌

Canadian

Tire

Corp

Ltd

(a)

11,500‌

1,060‌

China

Meidong

Auto

Holdings

Ltd

216,000‌

604‌

Darden

Restaurants

Inc

5,479‌

416‌

Dufry

AG

(e)

34,258‌

875‌

FamilyMart

Co

Ltd

13,200‌

296‌

Foot

Locker

Inc

60,160‌

1,768‌

Home

Depot

Inc

/The

5,962‌

1,583‌

J

Front

Retailing

Co

Ltd

51,800‌

300‌

Kohl's

Corp

90,939‌

1,731‌

Magazine

Luiza

SA

52,500‌

809‌

Moncler

SpA

(e)

7,140‌

276‌

Pandora

A/S

36,086‌

2,295‌

Penske

Automotive

Group

Inc

39,778‌

1,783‌

Ross

Stores

Inc

4,477‌

401‌

Tractor

Supply

Co

9,299‌

1,327‌

Tsuruha

Holdings

Inc

6,400‌

887‌

USS

Co

Ltd

33,800‌

501‌

$

20,344‌

Savings

&

Loans

-

0.01%

Sterling

Bancorp/DE

52,966‌

596‌

Semiconductors

-

0.28%

Applied

Materials

Inc

12,922‌

831‌

ASPEED

Technology

Inc

9,000‌

359‌

Broadcom

Inc

7,836‌

2,482‌

Cabot

Microelectronics

Corp

9,535‌

1,437‌

Entegris

Inc

24,502‌

1,762‌

Schedule

of

Investments

Global

Diversified

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

41

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Semiconductors

(continued)

Intel

Corp

21,507‌

$

1,027‌

Lam

Research

Corp

2,720‌

1,026‌

Microchip

Technology

Inc

15,253‌

1,552‌

NXP

Semiconductors

NV

4,970‌

584‌

Powertech

Technology

Inc

338,000‌

1,129‌

SiTime

Corp

(e)

16,388‌

871‌

Texas

Instruments

Inc

13,336‌

1,701‌

$

14,761‌

Shipbuilding

-

0.01%

Yangzijiang

Shipbuilding

Holdings

Ltd

560,700‌

376‌

Software

-

0.08%

Micro

Focus

International

PLC

385,762‌

1,389‌

Oracle

Corp

20,401‌

1,131‌

Synopsys

Inc

(e)

7,546‌

1,503‌

WiseTech

Global

Ltd

3,926‌

58‌

$

4,081‌

Storage

&

Warehousing

-

0.03%

Safestore

Holdings

PLC

147,380‌

1,482‌

Telecommunications

-

0.94%

Accton

Technology

Corp

152,000‌

1,191‌

BCE

Inc

154,975‌

6,498‌

Cisco

Systems

Inc

45,657‌

2,150‌

KDDI

Corp

22,400‌

712‌

Millicom

International

Cellular

SA

19,654‌

592‌

Motorola

Solutions

Inc

10,194‌

1,425‌

NTT

DOCOMO

Inc

25,500‌

702‌

Softbank

Corp

76,500‌

1,024‌

Spark

New

Zealand

Ltd

24,366‌

80‌

Tele2

AB

34,051‌

483‌

TELUS

Corp

1,160,500‌

20,127‌

T-Mobile

US

Inc

(e)

138,675‌

14,891‌

Ubiquiti

Inc

3,110‌

576‌

$

50,451‌

Toys,

Games

&

Hobbies

-

0.04%

Hasbro

Inc

23,696‌

1,724‌

Nintendo

Co

Ltd

1,300‌

572‌

$

2,296‌

Transportation

-

0.26%

AP

Moller

-

Maersk

A/S

-

A

682‌

810‌

Aurizon

Holdings

Ltd

260,932‌

832‌

Canadian

Pacific

Railway

Ltd

1,300‌

358‌

CH

Robinson

Worldwide

Inc

22,012‌

2,063‌

CSX

Corp

10,259‌

732‌

Deutsche

Post

AG

34,614‌

1,405‌

Expeditors

International

of

Washington

Inc

10,473‌

885‌

Kamigumi

Co

Ltd

20,400‌

372‌

Kuehne

+

Nagel

International

AG

12,839‌

2,213‌

Landstar

System

Inc

3,676‌

448‌

Norfolk

Southern

Corp

5,761‌

1,107‌

Poste

Italiane

SpA

(f)

60,022‌

552‌

Sankyu

Inc

29,300‌

1,010‌

SITC

International

Holdings

Co

Ltd

659,000‌

661‌

Yamato

Holdings

Co

Ltd

19,000‌

490‌

$

13,938‌

Water

-

0.36%

American

Water

Works

Co

Inc

125,400‌

18,468‌

Pennon

Group

PLC

44,744‌

618‌

$

19,086‌

TOTAL

COMMON

STOCKS

$

1,054,843‌

CONVERTIBLE

PREFERRED

STOCKS

-

0.03%

Shares

Held

Value

(000's)

Banks

-

0.03%

Wells

Fargo

&

Co

7.50%

(

i

)

1,100‌

$

1,487‌

TOTAL

CONVERTIBLE

PREFERRED

STOCKS

$

1,487‌

PREFERRED

STOCKS

-

1.32%

Shares

Held

Value

(000's)

Banks

-

0.39%

AgriBank

FCB

6.88%,

01/01/2024

(

i

)

33,000‌

$

3,465‌

3

Month

USD

LIBOR

+

4.23%

Bank

of

America

Corp

6.00%,

04/25/2021

(

i

)

64,419‌

1,681‌

Citigroup

Inc

6.88%,

11/15/2023

(

i

)

1,531‌

43‌

3

Month

USD

LIBOR

+

4.13%

Citizens

Financial

Group

Inc

6.35%,

04/06/2024

(

i

)

2,569‌

69‌

3

Month

USD

LIBOR

+

3.64%

Fifth

Third

Bancorp

6.63%,

12/31/2023

(

i

)

66,578‌

1,826‌

3

Month

USD

LIBOR

+

3.71%

Goldman

Sachs

Group

Inc

/The

5.50%,

05/10/2023

(a),(

i

)

32,200‌

867‌

3

Month

USD

LIBOR

+

3.64%

Huntington

Bancshares

Inc

/OH

6.25%,

04/15/2021

(

i

)

62,796‌

1,604‌

KeyCorp

6.13%,

12/15/2026

(

i

)

40,000‌

1,127‌

3

Month

USD

LIBOR

+

3.89%

Morgan

Stanley

5.85%,

04/15/2027

(a),(

i

)

60,000‌

1,717‌

3

Month

USD

LIBOR

+

3.49%

Northern

Trust

Corp

4.70%,

01/01/2025

(a),(

i

)

3,727‌

101‌

PNC

Financial

Services

Group

Inc

/The

6.13%,

05/01/2022

(

i

)

26,986‌

732‌

3

Month

USD

LIBOR

+

4.07%

Regions

Financial

Corp

5.70%,

05/15/2029

(

i

)

37,100‌

981‌

3

Month

USD

LIBOR

+

3.15%

State

Street

Corp

5.35%,

03/15/2026

(

i

)

3,704‌

105‌

3

Month

USD

LIBOR

+

3.71%

State

Street

Corp

5.90%,

03/15/2024

(

i

)

65,000‌

1,780‌

3

Month

USD

LIBOR

+

3.11%

Synovus

Financial

Corp

5.88%,

07/01/2024

(

i

)

7,437‌

181‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.13%

US

Bancorp

6.50%,

01/15/2022

(

i

)

3,000‌

80‌

3

Month

USD

LIBOR

+

4.47%

Valley

National

Bancorp

6.25%,

06/30/2025

(

i

)

119,724‌

3,291‌

3

Month

USD

LIBOR

+

3.85%

Wells

Fargo

&

Co

5.63%,

06/15/2022

(

i

)

8,227‌

213‌

Wells

Fargo

&

Co

5.85%,

09/15/2023

(

i

)

26,786‌

676‌

3

Month

USD

LIBOR

+

3.09%

Wells

Fargo

&

Co

6.63%,

03/15/2024

(

i

)

14,460‌

387‌

3

Month

USD

LIBOR

+

3.69%

$

20,926‌

Consumer

Products

-

0.01%

Henkel

AG

&

Co

KGaA

1.85%

5,855‌

576‌

Diversified

Financial

Services

-

0.03%

Affiliated

Managers

Group

Inc

5.88%,

03/30/2059

5,000‌

139‌

Charles

Schwab

Corp/The

6.00%,

12/01/2020

(

i

)

55,283‌

1,424‌

$

1,563‌

Electric

-

0.34%

Alabama

Power

Co

5.00%,

10/01/2022

(

i

)

70,493‌

1,880‌

Algonquin

Power

&

Utilities

Corp

6.20%,

07/01/2079

50,000‌

1,353‌

3

Month

USD

LIBOR

+

4.01%

CMS

Energy

Corp

5.88%,

03/01/2079

190,290‌

5,248‌

Dominion

Energy

Inc

5.25%,

07/30/2076

76,841‌

2,000‌

DTE

Energy

Co

5.25%,

12/01/2077

35,000‌

931‌

Duke

Energy

Corp

5.75%,

06/15/2024

(

i

)

6,645‌

190‌

Entergy

Louisiana

LLC

4.70%,

06/01/2063

89,253‌

2,281‌

National

Rural

Utilities

Cooperative

Finance

Corp

5.50%,

05/15/2064

6,271‌

169‌

NextEra

Energy

Capital

Holdings

Inc

5.65%,

03/01/2079

114,700‌

3,193‌

Southern

Co/The

5.25%,

12/01/2077

30,863‌

832‌

$

18,077‌

Food

-

0.02%

Dairy

Farmers

of

America

Inc

7.88%,

12/01/2025

(f),(

i

)

10,000‌

880‌

Schedule

of

Investments

Global

Diversified

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

42

PREFERRED

STOCKS

(continued)

Shares

Held

Value

(000’s)

Gas

-

0.01%

Entergy

New

Orleans

LLC

5.00%,

12/01/2052

(a)

14,194‌

$

364‌

Insurance

-

0.09%

Arch

Capital

Group

Ltd

5.25%,

09/29/2021

(

i

)

30,800‌

785‌

Hartford

Financial

Services

Group

Inc

/The

7.88%,

04/15/2042

68,767‌

1,966‌

3

Month

USD

LIBOR

+

5.60%

MetLife

Inc

4.75%,

03/15/2025

(

i

)

1,795‌

46‌

Reinsurance

Group

of

America

Inc

5.75%,

06/15/2056

2,147‌

59‌

3

Month

USD

LIBOR

+

4.04%

Voya

Financial

Inc

5.35%,

09/15/2029

(

i

)

77,800‌

2,193‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.21%

W

R

Berkley

Corp

5.70%,

03/30/2058

629‌

17‌

$

5,066‌

Pipelines

-

0.02%

Enbridge

Inc

6.38%,

04/15/2078

37,405‌

931‌

3

Month

USD

LIBOR

+

3.59%

REITs

-

0.17%

Equity

Residential

8.29%,

12/10/2026

(

i

)

20,702‌

1,315‌

Kimco

Realty

Corp

5.25%,

12/20/2022

(

i

)

20,619‌

505‌

Prologis

Inc

8.54%,

11/13/2026

(

i

)

86,965‌

6,417‌

Public

Storage

5.60%,

03/11/2024

(

i

)

40,000‌

1,141‌

$

9,378‌

Savings

&

Loans

-

0.01%

People's

United

Financial

Inc

5.63%,

12/15/2026

(

i

)

21,629‌

576‌

3

Month

USD

LIBOR

+

4.02%

Sovereign

-

0.20%

CoBank

ACB

1.45%,

07/10/2022

(f),(

i

)

8,000‌

4,880‌

3

Month

USD

LIBOR

+

1.18%

CoBank

ACB

6.20%,

01/01/2025

(

i

)

7,000‌

739‌

3

Month

USD

LIBOR

+

3.74%

CoBank

ACB

6.25%,

10/01/2022

(

i

)

51,000‌

5,227‌

3

Month

USD

LIBOR

+

4.56%

$

10,846‌

Telecommunications

-

0.03%

Telephone

and

Data

Systems

Inc

6.88%,

11/15/2059

5,409‌

137‌

Telephone

and

Data

Systems

Inc

7.00%,

03/15/2060

52,304‌

1,322‌

$

1,459‌

TOTAL

PREFERRED

STOCKS

$

70,642‌

BONDS

-

67.86%

Principal

Amount

(000's)

Value

(000's)

Advertising

-

0.22%

Lamar

Media

Corp

4.88%,

01/15/2029

(f)

$

6,175‌

$

6,468‌

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp

4.63%,

03/15/2030

(f)

475‌

444‌

5.00%,

08/15/2027

(f)

4,725‌

4,627‌

$

11,539‌

Aerospace

&

Defense

-

0.61%

Leonardo

SpA

4.88%,

03/24/2025

EUR

500‌

661‌

TransDigm

Inc

5.50%,

11/15/2027

$

13,650‌

12,950‌

6.25%,

03/15/2026

(f)

6,475‌

6,831‌

6.38%,

06/15/2026

8,370‌

8,206‌

7.50%,

03/15/2027

2,950‌

2,987‌

TransDigm

UK

Holdings

PLC

6.88%,

05/15/2026

1,025‌

1,022‌

$

32,657‌

Agriculture

-

0.28%

Cargill

Inc

1.38%,

07/23/2023

(f)

2,350‌

2,404‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Agriculture

(continued)

JBS

Investments

II

GmbH

7.00%,

01/15/2026

$

4,567‌

$

4,910‌

Kernel

Holding

SA

8.75%,

01/31/2022

1,145‌

1,179‌

Philip

Morris

International

Inc

6.38%,

05/16/2038

1,500‌

2,379‌

Reynolds

American

Inc

4.00%,

06/12/2022

1,800‌

1,907‌

Tereos

Finance

Groupe

I

SA

4.13%,

06/16/2023

EUR

600‌

658‌

Vector

Group

Ltd

6.13%,

02/01/2025

(f)

$

1,500‌

1,491‌

$

14,928‌

Apparel

-

0.00%

Levi

Strauss

&

Co

3.38%,

03/15/2027

EUR

200‌

239‌

Automobile

Manufacturers

-

1.13%

Ford

Motor

Co

7.45%,

07/16/2031

$

8,740‌

10,360‌

9.00%,

04/22/2025

3,320‌

3,911‌

9.63%,

04/22/2030

(a)

14,650‌

19,301‌

Ford

Motor

Credit

Co

LLC

3.09%,

01/09/2023

200‌

199‌

3.81%,

01/09/2024

850‌

857‌

3.82%,

11/02/2027

500‌

491‌

4.06%,

11/01/2024

5,975‌

6,108‌

4.13%,

08/04/2025

600‌

615‌

4.27%,

01/09/2027

1,600‌

1,624‌

4.38%,

08/06/2023

1,183‌

1,224‌

4.54%,

08/01/2026

7,250‌

7,468‌

4.69%,

06/09/2025

300‌

313‌

5.11%,

05/03/2029

925‌

989‌

5.13%,

06/16/2025

2,800‌

2,985‌

5.58%,

03/18/2024

3,150‌

3,347‌

Tesla

Inc

5.30%,

08/15/2025

(f)

600‌

621‌

$

60,413‌

Automobile

Parts

&

Equipment

-

0.39%

Cie

Generale

des

Etablissements

Michelin

SCA

1.75%,

09/03/2030

EUR

1,800‌

2,461‌

Clarios

Global

LP

/

Clarios

US

Finance

Co

6.25%,

05/15/2026

(f)

$

5,325‌

5,698‌

Goodyear

Tire

&

Rubber

Co/The

5.00%,

05/31/2026

500‌

500‌

LKQ

European

Holdings

BV

3.63%,

04/01/2026

EUR

600‌

717‌

Truck

Hero

Inc

8.50%,

04/21/2024

(f)

$

5,440‌

5,685‌

Weichai

International

Hong

Kong

Energy

Group

Co

Ltd

3.75%,

12/31/2049

(

i

),(j)

3,100‌

3,133‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

6.08%

ZF

North

America

Capital

Inc

4.75%,

04/29/2025

(f)

2,400‌

2,532‌

$

20,726‌

Banks

-

7.47%

Australia

&

New

Zealand

Banking

Group

Ltd/

United

Kingdom

6.75%,

12/31/2049

(f),(

i

),(j)

2,600‌

2,907‌

USD

Swap

Rate

NY

5

Year

+

5.17%

Banco

BPM

SpA

1.63%,

02/18/2025

EUR

1,000‌

1,103‌

Banco

de

Credito

del

Peru

3.13%,

07/01/2030

(f),(j)

$

475‌

471‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.00%

Schedule

of

Investments

Global

Diversified

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

43

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Banco

de

Sabadell

SA

5.38%,

12/12/2028

(j)

EUR

1,700‌

$

2,022‌

EUR

Swap

Annual

(VS

6

Month)

5

Year

+

5.10%

Banco

do

Brasil

SA/Cayman

6.25%,

12/31/2049

(f),(

i

),(j)

$

900‌

844‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

4.40%

6.25%,

12/31/2049

(

i

),(j)

6,050‌

5,672‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

4.40%

Banco

Mercantil

del

Norte

SA/Grand

Cayman

6.75%,

12/31/2049

(f),(

i

),(j)

2,150‌

2,048‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.97%

6.75%,

12/31/2049

(

i

),(j)

3,000‌

2,857‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.97%

6.88%,

12/31/2049

(f),(

i

),(j)

430‌

414‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.04%

7.50%,

12/31/2099

(f),(

i

),(j)

1,115‌

1,063‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

5.47%

Banco

Santander

SA

2.75%,

05/28/2025

2,200‌

2,324‌

Banco

Votorantim

SA

4.38%,

07/29/2025

(f)

570‌

572‌

Bancolombia

SA

4.63%,

12/18/2029

(j)

3,831‌

3,639‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.94%

Banistmo

SA

4.25%,

07/31/2027

(f)

1,250‌

1,240‌

Bank

of

America

Corp

6.30%,

12/31/2049

(

i

),(j)

12,800‌

14,718‌

3

Month

USD

LIBOR

+

4.55%

Bank

of

Montreal

1.61%,

10/28/2021

CAD

825‌

624‌

Bank

of

New

York

Mellon

Corp/The

4.70%,

12/31/2049

(

i

),(j)

$

7,150‌

7,742‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.36%

Banque

Centrale

de

Tunisie

International

Bond

5.63%,

02/17/2024

EUR

5,850‌

6,284‌

Barclays

Bank

PLC

6.28%,

12/31/2049

(

i

),(j)

$

9,500‌

10,377‌

3

Month

USD

LIBOR

+

1.55%

Barclays

PLC

7.88%,

12/31/2049

(

i

),(j)

5,500‌

5,640‌

USD

Swap

Semi-Annual

5

Year

+

6.77%

BBVA

Bancomer

SA/Texas

5.88%,

09/13/2034

(f),(j)

850‌

835‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.31%

BNP

Paribas

SA

7.37%,

12/31/2049

(f),(

i

),(j)

13,000‌

14,446‌

USD

Swap

Semi-Annual

5

Year

+

5.15%

7.63%,

12/31/2049

(f),(

i

),(j)

5,600‌

5,727‌

USD

Swap

Semi-Annual

5

Year

+

6.31%

BOS

Funding

Ltd

4.00%,

09/18/2024

4,600‌

4,653‌

CaixaBank

SA

3.50%,

02/15/2027

(j)

EUR

1,500‌

1,812‌

EUR

Swap

Annual

(VS

6

Month)

5

Year

+

3.35%

Canadian

Imperial

Bank

of

Commerce

3.30%,

05/26/2025

CAD

3,325‌

2,757‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

CIT

Group

Inc

5.00%,

08/15/2022

$

1,125‌

$

1,162‌

6.13%,

03/09/2028

720‌

813‌

Citigroup

Capital

III

7.63%,

12/01/2036

4,600‌

6,698‌

Citigroup

Inc

5.90%,

12/31/2049

(

i

),(j)

5,043‌

5,283‌

3

Month

USD

LIBOR

+

4.23%

5.95%,

12/31/2049

(

i

),(j)

13,000‌

13,512‌

3

Month

USD

LIBOR

+

4.07%

5.95%,

12/31/2049

(

i

),(j)

2,500‌

2,669‌

3

Month

USD

LIBOR

+

3.91%

Citizens

Financial

Group

Inc

4.26%,

12/31/2049

(

i

)

10,000‌

9,100‌

3

Month

USD

LIBOR

+

3.96%

6.38%,

12/31/2049

(a),(

i

),(j)

10,930‌

10,540‌

3

Month

USD

LIBOR

+

3.16%

Credit

Agricole

SA

7.88%,

12/31/2049

(f),(

i

),(j)

6,000‌

6,584‌

USD

Swap

Semi-Annual

5

Year

+

4.90%

8.13%,

12/31/2049

(f),(

i

),(j)

4,300‌

5,009‌

USD

Swap

Semi-Annual

5

Year

+

6.19%

Credit

Bank

of

Moscow

Via

CBOM

Finance

PLC

8.88%,

12/31/2049

(

i

),(j)

600‌

557‌

USD

Swap

Semi-Annual

5

Year

+

6.94%

Credit

Suisse

AG/New

York

NY

2.95%,

04/09/2025

2,200‌

2,413‌

Credit

Suisse

Group

AG

6.25%,

12/31/2049

(f),(

i

),(j)

6,600‌

7,029‌

USD

Swap

Semi-Annual

5

Year

+

3.46%

6.38%,

12/31/2099

(f),(

i

),(j)

500‌

527‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.82%

7.50%,

12/31/2049

(f),(

i

),(j)

8,300‌

9,099‌

USD

Swap

Semi-Annual

5

Year

+

4.60%

7.50%,

12/31/2049

(

i

),(j)

3,000‌

3,289‌

USD

Swap

Semi-Annual

5

Year

+

4.60%

DNB

Bank

ASA

6.50%,

12/31/2049

(

i

),(j)

3,000‌

3,094‌

USD

Swap

Semi-Annual

5

Year

+

5.08%

Ecobank

Transnational

Inc

9.50%,

04/18/2024

2,600‌

2,705‌

Emirates

Development

Bank

PJSC

3.52%,

03/06/2024

4,000‌

4,245‌

Fifth

Third

Bancorp

5.10%,

12/31/2049

(

i

),(j)

2,492‌

2,298‌

3

Month

USD

LIBOR

+

3.03%

8.25%,

03/01/2038

900‌

1,520‌

FirstRand

Bank

Ltd

6.25%,

04/23/2028

(j)

550‌

566‌

USD

Swap

Semi-Annual

5

Year

+

3.56%

Goldman

Sachs

Group

Inc

/The

4.22%,

05/01/2029

(j)

1,750‌

2,071‌

3

Month

USD

LIBOR

+

1.30%

4.95%,

12/31/2049

(

i

),(j)

16,889‌

16,941‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.22%

5.50%,

12/31/2049

(a),(

i

),(j)

1,000‌

1,072‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.62%

HBOS

Capital

Funding

LP

6.85%,

12/31/2049

(

i

)

3,000‌

3,039‌

HSBC

Capital

Funding

Dollar

1

LP

10.18%,

12/31/2049

(

i

),(j)

4,300‌

6,849‌

3

Month

USD

LIBOR

+

4.98%

HSBC

Holdings

PLC

4.38%,

11/23/2026

1,800‌

2,031‌

Schedule

of

Investments

Global

Diversified

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

44

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Huntington

Bancshares

Inc

/OH

5.63%,

12/31/2049

(

i

),(j)

$

1,400‌

$

1,545‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

4.95%

ING

Groep

NV

2.95%,

04/11/2028

(j)

EUR

1,000‌

1,243‌

EUR

Swap

Annual

(VS

6

Month)

5

Year

+

2.85%

6.50%,

12/31/2049

(

i

),(j)

$

2,500‌

2,598‌

USD

Swap

Semi-Annual

5

Year

+

4.45%

6.87%,

12/31/2049

(

i

),(j)

5,000‌

5,227‌

USD

Swap

Semi-Annual

5

Year

+

5.12%

International

Bank

of

Azerbaijan

OJSC

3.50%,

09/01/2024

6,132‌

5,535‌

Itau

Unibanco

Holding

SA/Cayman

Island

4.63%,

12/31/2099

(f),(

i

),(j)

770‌

656‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.22%

6.13%,

12/31/2049

(

i

),(j)

2,750‌

2,629‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.98%

6.13%,

12/31/2049

(f),(

i

),(j)

2,500‌

2,390‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.98%

JPMorgan

Chase

&

Co

1.09%,

03/11/2027

(j)

EUR

2,000‌

2,436‌

3

Month

Euro

Interbank

Offered

Rate

+

0.76%

4.49%,

12/31/2099

(

i

)

$

7,745‌

7,646‌

3

Month

USD

LIBOR

+

3.80%

6.75%,

12/31/2049

(

i

),(j)

6,200‌

6,872‌

3

Month

USD

LIBOR

+

3.78%

KeyCorp

Capital

III

7.75%,

07/15/2029

795‌

1,044‌

Lloyds

Bank

PLC

12.00%,

12/31/2049

(f),(

i

),(j)

4,100‌

4,770‌

3

Month

USD

LIBOR

+

11.76%

13.00%,

12/31/2049

(

i

),(j)

GBP

400‌

898‌

Generic

Britain

5

Year

Government

Bond

+

13.40%

Lloyds

Banking

Group

PLC

0.63%,

01/15/2024

(j)

EUR

1,600‌

1,889‌

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

),(j)

$

3,500‌

3,911‌

3

Month

USD

LIBOR

+

1.50%

6.66%,

12/31/2049

(f),(

i

),(j)

2,700‌

3,078‌

3

Month

USD

LIBOR

+

1.27%

7.50%,

12/31/2049

(

i

),(j)

5,000‌

5,312‌

USD

Swap

Semi-Annual

5

Year

+

4.50%

M&T

Bank

Corp

5.00%,

12/31/2049

(

i

),(j)

2,710‌

2,768‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.17%

6.45%,

12/31/2049

(

i

),(j)

535‌

572‌

3

Month

USD

LIBOR

+

3.61%

Morgan

Stanley

2.63%,

03/09/2027

GBP

1,700‌

2,428‌

National

Australia

Bank

Ltd/New

York

2.50%,

07/12/2026

$

2,000‌

2,186‌

Natwest

Group

PLC

7.50%,

12/31/2049

(

i

),(j)

4,400‌

4,400‌

USD

Swap

Semi-Annual

5

Year

+

5.80%

8.62%,

12/31/2049

(

i

),(j)

6,000‌

6,269‌

USD

Swap

Semi-Annual

5

Year

+

7.60%

Noor

Sukuk

Co

Ltd

4.47%,

04/24/2023

700‌

741‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Nordea

Bank

Abp

0.50%,

05/14/2027

EUR

1,000‌

$

1,212‌

Provident

Funding

Associates

LP

/

PFG

Finance

Corp

6.38%,

06/15/2025

(f)

$

13,130‌

12,539‌

QNB

Finansbank

AS

4.88%,

05/19/2022

(f)

990‌

972‌

4.88%,

05/19/2022

2,000‌

1,965‌

6.88%,

09/07/2024

(f)

800‌

810‌

Santander

UK

Group

Holdings

PLC

3.82%,

11/03/2028

(j)

1,600‌

1,794‌

3

Month

USD

LIBOR

+

1.40%

Societe

Generale

SA

7.88%,

12/31/2049

(a),(f),(

i

),(j)

6,000‌

6,382‌

USD

Swap

Semi-Annual

5

Year

+

4.98%

Standard

Chartered

PLC

4.25%,

01/20/2023

(f),(j)

5,000‌

5,197‌

3

Month

USD

LIBOR

+

1.15%

5.70%,

03/26/2044

(f)

1,500‌

1,916‌

7.75%,

12/31/2049

(f),(

i

),(j)

8,000‌

8,440‌

USD

Swap

Semi-Annual

5

Year

+

5.72%

Swedbank

AB

6.00%,

12/31/2049

(

i

),(j)

8,000‌

8,160‌

USD

Swap

Semi-Annual

5

Year

+

4.11%

Truist

Financial

Corp

4.80%,

12/31/2099

(

i

),(j)

12,300‌

12,400‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.00%

4.95%,

12/31/2099

(

i

),(j)

1,900‌

2,028‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.61%

UBS

AG/London

1.25%,

09/03/2021

EUR

1,500‌

1,795‌

UBS

Group

AG

6.88%,

12/31/2049

(

i

),(j)

$

3,000‌

3,225‌

USD

Swap

Semi-Annual

(VS

6

Month)

5

Year

+

4.59%

United

Bank

for

Africa

PLC

7.75%,

06/08/2022

2,800‌

2,772‌

Wachovia

Capital

Trust

III

5.57%,

12/31/2049

(

i

)

5,400‌

5,372‌

3

Month

USD

LIBOR

+

0.93%

Wells

Fargo

&

Co

5.87%,

12/31/2049

(

i

),(j)

7,100‌

7,686‌

3

Month

USD

LIBOR

+

3.99%

Wells

Fargo

Bank

NA

6.60%,

01/15/2038

1,500‌

2,280‌

$

400,039‌

Beverages

-

0.15%

Anheuser-Busch

InBev

SA/NV

1.50%,

04/18/2030

EUR

700‌

887‌

2.00%,

03/17/2028

1,000‌

1,305‌

Constellation

Brands

Inc

3.75%,

05/01/2050

$

1,750‌

2,065‌

Diageo

Capital

PLC

1.38%,

09/29/2025

1,000‌

1,034‌

Fomento

Economico

Mexicano

SAB

de

CV

3.50%,

01/16/2050

800‌

897‌

Molson

Coors

Beverage

Co

2.10%,

07/15/2021

1,900‌

1,924‌

$

8,112‌

Building

Materials

-

0.09%

Cemex

SAB

de

CV

5.70%,

01/11/2025

1,000‌

1,007‌

7.38%,

06/05/2027

(f)

800‌

853‌

HeidelbergCement

AG

2.25%,

03/30/2023

EUR

1,600‌

1,964‌

Schedule

of

Investments

Global

Diversified

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

45

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Building

Materials

(continued)

Standard

Industries

Inc

/NJ

4.75%,

01/15/2028

(f)

$

1,015‌

$

1,084‌

$

4,908‌

Chemicals

-

0.75%

Axalta

Coating

Systems

Dutch

Holding

B

BV

3.75%,

01/15/2025

EUR

400‌

470‌

Braskem

Idesa

SAPI

7.45%,

11/15/2029

(f)

$

7,650‌

6,732‌

Braskem

Netherlands

Finance

BV

4.50%,

01/31/2030

(f)

1,700‌

1,575‌

5.88%,

01/31/2050

(f)

450‌

406‌

8.50%,

01/23/2081

(f),(j)

875‌

886‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

8.22%

CF

Industries

Inc

5.15%,

03/15/2034

1,640‌

1,886‌

Cornerstone

Chemical

Co

6.75%,

08/15/2024

(f)

6,632‌

6,101‌

DuPont

de

Nemours

Inc

4.21%,

11/15/2023

700‌

773‌

ICL

Group

Ltd

6.38%,

05/31/2038

(f)

800‌

973‌

INEOS

Finance

PLC

2.88%,

05/01/2026

EUR

2,000‌

2,285‌

Kronos

International

Inc

3.75%,

09/15/2025

200‌

228‌

MEGlobal

Canada

ULC

5.00%,

05/18/2025

(f)

$

3,875‌

4,234‌

5.88%,

05/18/2030

(f)

815‌

962‌

OCI

NV

5.00%,

04/15/2023

EUR

400‌

481‌

6.63%,

04/15/2023

(f)

$

800‌

830‌

OCP

SA

5.63%,

04/25/2024

2,200‌

2,366‌

Orbia

Advance

Corp

SAB

de

CV

5.88%,

09/17/2044

500‌

580‌

Petkim

Petrokimya

Holding

AS

5.88%,

01/26/2023

1,800‌

1,775‌

Sasol

Financing

International

Ltd

4.50%,

11/14/2022

775‌

735‌

Sasol

Financing

USA

LLC

5.88%,

03/27/2024

3,000‌

2,805‌

6.50%,

09/27/2028

850‌

767‌

Sociedad

Quimica

y

Minera

de

Chile

SA

4.25%,

01/22/2050

(f)

935‌

956‌

Solvay

Finance

SACA

5.87%,

12/31/2049

(

i

),(j)

EUR

400‌

525‌

EUR

Swap

Annual

(VS

6

Month)

5

Year

+

5.22%

TPC

Group

Inc

10.50%,

08/01/2024

(f)

$

700‌

623‌

$

39,954‌

Coal

-

0.04%

Alliance

Resource

Operating

Partners

LP

/

Alliance

Resource

Finance

Corp

7.50%,

05/01/2025

(a),(f)

3,085‌

2,144‌

Commercial

Mortgage

Backed

Securities

-

15.13%

Banc

of

America

Merrill

Lynch

Commercial

Mortgage

Inc

5.48%,

11/10/2042

(k)

2,336‌

2,287‌

BANK

2017-BNK4

0.81%,

05/15/2050

(k),(l)

13,843‌

695‌

BANK

2017-BNK5

1.18%,

06/15/2060

(f),(k),(l)

42,403‌

2,920‌

3.08%,

06/15/2060

(f),(k)

18,288‌

13,920‌

4.25%,

06/15/2060

(f),(k)

8,356‌

4,476‌

BANK

2017-BNK9

1.42%,

11/15/2054

(f),(k),(l)

15,200‌

1,352‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Commercial

Mortgage

Backed

Securities

(continued)

BANK

2018-BNK10

1.74%,

02/15/2061

(f),(k),(l)

$

31,334‌

$

3,560‌

BANK

2018-BNK12

1.42%,

05/15/2061

(f),(k),(l)

18,728‌

1,742‌

3.00%,

05/15/2061

(f)

6,000‌

3,676‌

BANK

2018-BNK13

1.55%,

08/15/2061

(f),(k),(l)

41,485‌

4,471‌

BANK

2018-BNK14

1.60%,

09/15/2060

(f),(k),(l)

11,466‌

1,230‌

BANK

2019-BNK16

1.83%,

02/15/2052

(f),(k),(l)

13,120‌

1,682‌

BANK

2019-BNK17

1.60%,

04/15/2052

(f),(k),(l)

11,541‌

1,306‌

BANK

2019-BNK18

1.35%,

05/15/2062

(f),(k),(l)

17,647‌

1,739‌

Bank

2019-BNK19

1.03%,

08/15/2061

(f),(k),(l)

17,014‌

1,297‌

BANK

2019-BNK20

1.21%,

09/15/2062

(f),(k)

15,674‌

1,402‌

BANK

2019-BNK22

0.96%,

11/15/2062

(f),(k),(l)

18,082‌

1,319‌

1.50%,

11/15/2062

(f),(k),(l)

11,840‌

1,263‌

1.96%,

11/15/2062

(f),(k)

7,340‌

2,816‌

2.50%,

11/15/2062

(f)

5,000‌

3,774‌

BANK

2019-BNK23

1.01%,

12/15/2052

(f),(k),(l)

9,170‌

703‌

2.50%,

12/15/2052

(f)

1,500‌

1,004‌

BANK

2019-BNK24

1.13%,

11/15/2062

(f),(k),(l)

26,932‌

2,105‌

2.50%,

11/15/2062

(f)

5,000‌

3,917‌

BANK

2020-BNK25

0.92%,

01/15/2063

(f),(k),(l)

9,704‌

686‌

1.50%,

01/15/2063

(f),(k),(l)

10,561‌

1,144‌

1.92%,

01/15/2063

(f),(k)

10,561‌

4,406‌

2.50%,

01/15/2063

(f)

1,250‌

850‌

Barclays

Commercial

Mortgage

Trust

2019-C3

1.79%,

05/15/2052

(f),(k),(l)

6,117‌

786‌

Barclays

Commercial

Mortgage

Trust

2019-C4

1.17%,

08/15/2052

(f),(k),(l)

13,091‌

1,112‌

3.25%,

08/15/2052

(f)

4,090‌

3,085‌

Barclays

Commercial

Mortgage

Trust

2019-C5

1.35%,

11/15/2052

(f),(k),(l)

14,866‌

1,464‌

2.50%,

11/15/2052

(f)

5,000‌

3,744‌

2.60%,

11/15/2052

(f),(k)

7,386‌

3,025‌

BBCMS

Mortgage

Trust

2020-C6

1.20%,

02/15/2053

(f),(k),(l)

7,424‌

679‌

2.40%,

02/15/2053

(f)

3,000‌

1,718‌

Benchmark

2018-B1

Mortgage

Trust

1.12%,

01/15/2051

(f),(k),(l)

12,667‌

912‌

1.37%,

01/15/2051

(f),(k),(l)

30,260‌

2,715‌

Benchmark

2018-B3

Mortgage

Trust

1.50%,

04/10/2051

(f),(k),(l)

5,520‌

527‌

Benchmark

2018-B5

Mortgage

Trust

0.49%,

07/15/2051

(k),(l)

96,759‌

2,890‌

3.11%,

07/15/2051

(f),(k)

4,500‌

2,952‌

Benchmark

2018-B6

Mortgage

Trust

1.50%,

10/10/2051

(f),(k),(l)

37,790‌

3,710‌

3.12%,

10/10/2051

(f),(k)

3,801‌

2,243‌

3.12%,

10/10/2051

(f),(k)

11,720‌

7,880‌

Benchmark

2018-B7

Mortgage

Trust

1.86%,

05/15/2053

(f),(k)

16,962‌

2,194‌

3.00%,

05/15/2053

(f),(k)

5,000‌

3,650‌

Benchmark

2018-B8

Mortgage

Trust

1.87%,

01/15/2052

(f),(k),(l)

6,900‌

878‌

3.00%,

01/15/2052

(f)

9,250‌

5,960‌

Schedule

of

Investments

Global

Diversified

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

46

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Commercial

Mortgage

Backed

Securities

(continued)

Benchmark

2019-B10

Mortgage

Trust

1.23%,

03/15/2062

(k),(l)

$

47,857‌

$

3,896‌

1.87%,

03/15/2062

(f),(k),(l)

12,985‌

1,728‌

3.00%,

03/15/2062

(f)

3,250‌

2,819‌

3.00%,

03/15/2062

(f)

5,236‌

3,645‌

3.62%,

03/15/2062

(f),(k)

2,500‌

1,209‌

Benchmark

2019-B11

Mortgage

Trust

1.52%,

05/15/2052

(f),(k),(l)

13,924‌

1,508‌

3.00%,

05/15/2052

(f)

2,000‌

1,543‌

Benchmark

2019-B12

Mortgage

Trust

1.13%,

08/15/2052

(f),(k),(l)

13,870‌

1,136‌

3.00%,

08/15/2052

(f)

12,000‌

9,370‌

Benchmark

2019-B13

Mortgage

Trust

1.14%,

08/15/2057

(f),(k),(l)

6,500‌

474‌

1.27%,

08/15/2057

(k),(l)

57,851‌

4,462‌

1.64%,

08/15/2057

(f),(k),(l)

4,000‌

441‌

2.50%,

08/15/2057

(f)

7,500‌

5,353‌

2.50%,

08/15/2057

(f)

4,000‌

2,544‌

3.00%,

08/15/2057

(f)

6,500‌

2,598‌

Benchmark

2019-B14

Mortgage

Trust

1.28%,

12/15/2062

(f),(k),(l)

14,908‌

1,439‌

Benchmark

2019-B15

Mortgage

Trust

0.97%,

12/15/2072

(f),(k),(l)

24,552‌

1,806‌

Benchmark

2019-B9

Mortgage

Trust

2.00%,

03/15/2052

(f),(k),(l)

11,550‌

1,603‌

Benchmark

2020-B16

Mortgage

Trust

1.09%,

02/15/2053

(f),(k),(l)

7,615‌

642‌

2.50%,

02/15/2053

(f)

2,000‌

1,570‌

2.50%,

02/15/2053

(f)

1,583‌

1,062‌

Benchmark

2020-B17

Mortgage

Trust

1.41%,

03/15/2053

(f),(k),(l)

12,580‌

1,320‌

2.25%,

03/15/2053

(f)

6,752‌

5,194‌

Cantor

Commercial

Real

Estate

Lending

2019-CF2

1.60%,

11/15/2052

(f),(k),(l)

10,105‌

981‌

2.50%,

11/15/2052

(f)

5,000‌

3,710‌

Cantor

Commercial

Real

Estate

Lending

2019-CF3

1.11%,

01/15/2053

(f),(k),(l)

11,514‌

973‌

CD

2017-CD5

Mortgage

Trust

3.35%,

08/15/2050

(f)

7,000‌

4,303‌

CD

2018-CD7

Mortgage

Trust

1.75%,

08/15/2051

(f),(k),(l)

20,444‌

2,294‌

CFCRE

Commercial

Mortgage

Trust

2016-C6

1.13%,

11/10/2049

(k),(l)

43,469‌

2,424‌

Citigroup

Commercial

Mortgage

Trust

2012-GC8

4.88%,

09/10/2045

(f),(k)

1,875‌

1,465‌

Citigroup

Commercial

Mortgage

Trust

2013-GC15

4.25%,

09/10/2046

(f),(k)

16,492‌

12,133‌

5.21%,

09/10/2046

(f),(k)

7,700‌

6,993‌

Citigroup

Commercial

Mortgage

Trust

2016-C1

1.87%,

05/10/2049

(k),(l)

35,991‌

3,019‌

Citigroup

Commercial

Mortgage

Trust

2016-GC37

1.74%,

04/10/2049

(k),(l)

14,641‌

1,099‌

Citigroup

Commercial

Mortgage

Trust

2018-B2

1.50%,

03/10/2051

(f),(k),(l)

13,247‌

1,212‌

3.17%,

03/10/2051

(f),(k)

2,500‌

1,620‌

Citigroup

Commercial

Mortgage

Trust

2018-C5

3.22%,

06/10/2051

(f),(k)

1,000‌

723‌

Citigroup

Commercial

Mortgage

Trust

2019-C7

1.20%,

12/15/2072

(f),(k),(l)

15,766‌

1,439‌

Citigroup

Commercial

Mortgage

Trust

2019-GC41

0.85%,

08/10/2056

(f),(k),(l)

13,007‌

799‌

3.00%,

08/10/2056

(f)

15,500‌

12,858‌

3.00%,

08/10/2056

(f)

4,000‌

2,425‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Commercial

Mortgage

Backed

Securities

(continued)

Citigroup

Commercial

Mortgage

Trust

2019-

GC41  

(continued)

3.00%,

08/10/2056

(f)

$

9,330‌

$

3,992‌

Citigroup

Commercial

Mortgage

Trust

2019-GC43

0.62%,

11/10/2052

(f),(k),(l)

11,280‌

536‌

0.62%,

11/10/2052

(f),(k),(l)

2,528‌

120‌

0.62%,

11/10/2052

(f),(k),(l)

1,750‌

82‌

3.00%,

11/10/2052

(f)

5,000‌

3,091‌

3.00%,

11/10/2052

(f)

3,787‌

1,989‌

3.00%,

11/10/2052

(f),(k)

2,528‌

1,013‌

3.00%,

11/10/2052

(f),(k)

1,750‌

615‌

Citigroup

Commercial

Mortgage

Trust

2020-GC46

1.07%,

02/15/2053

(f),(k),(l)

21,133‌

1,765‌

2.60%,

02/15/2053

(f)

6,000‌

4,668‌

COMM

2012-CCRE1

Mortgage

Trust

2.46%,

05/15/2045

(f)

13,993‌

7,211‌

5.32%,

05/15/2045

(f),(k)

8,889‌

5,860‌

COMM

2012-CCRE4

Mortgage

Trust

4.59%,

10/15/2045

(f),(k)

5,000‌

1,478‌

COMM

2012-CCRE5

Mortgage

Trust

4.32%,

12/10/2045

(f),(k)

3,475‌

3,092‌

4.32%,

12/10/2045

(f),(k)

7,500‌

4,923‌

Comm

2013-CCRE13

Mortgage

Trust

4.89%,

11/10/2046

(f),(k)

6,421‌

4,361‌

4.89%,

11/10/2046

(f),(k)

4,110‌

2,361‌

COMM

2013-CCRE6

Mortgage

Trust

1.02%,

03/10/2046

(k),(l)

45,763‌

826‌

4.09%,

03/10/2046

(f),(k)

13,215‌

9,457‌

4.09%,

03/10/2046

(f),(k)

13,750‌

7,925‌

COMM

2013-CCRE9

Mortgage

Trust

4.24%,

07/10/2045

(f),(k)

3,500‌

3,239‌

COMM

2014-CCRE15

Mortgage

Trust

4.24%,

02/10/2047

(f),(k)

5,414‌

3,971‌

COMM

2014-CCRE17

Mortgage

Trust

0.33%,

05/10/2047

(f),(k),(l)

44,717‌

463‌

4.85%,

05/10/2047

(f),(k)

12,469‌

8,640‌

Comm

2014-UBS2

Mortgage

Trust

5.00%,

03/10/2047

(f),(k)

13,690‌

10,929‌

COMM

2014-UBS3

Mortgage

Trust

4.77%,

06/10/2047

(f),(k)

11,861‌

10,181‌

COMM

2014-UBS5

Mortgage

Trust

3.50%,

09/10/2047

(f)

6,500‌

3,356‌

COMM

2015-LC19

Mortgage

Trust

4.24%,

02/10/2048

(f),(k)

8,000‌

5,227‌

COMM

2016-COR1

Mortgage

Trust

1.42%,

10/10/2049

(k),(l)

44,225‌

2,651‌

COMM

2017-COR2

Mortgage

Trust

1.17%,

09/10/2050

(k),(l)

75,526‌

4,890‌

COMM

2018-COR3

Mortgage

Trust

1.75%,

05/10/2051

(f),(k),(l)

15,800‌

1,732‌

2.81%,

05/10/2051

(f),(k)

8,500‌

5,587‌

COMM

2019-GC44

Mortgage

Trust

1.03%,

08/15/2057

(f),(k),(l)

5,500‌

431‌

2.50%,

08/15/2057

(f)

5,000‌

3,370‌

2.50%,

08/15/2057

(f)

5,000‌

2,838‌

CSAIL

2018-CX12

Commercial

Mortgage

Trust

1.50%,

08/15/2051

(f),(k),(l)

8,985‌

866‌

3.27%,

08/15/2051

(f),(k)

3,500‌

2,337‌

CSAIL

2019-C15

Commercial

Mortgage

Trust

1.05%,

03/15/2052

(k),(l)

55,844‌

3,766‌

1.98%,

03/15/2052

(f),(k),(l)

3,981‌

550‌

CSAIL

2019-C17

Commercial

Mortgage

Trust

1.37%,

09/15/2052

(k),(l)

29,901‌

2,833‌

DBGS

2018-BIOD

Mortgage

Trust

1.75%,

10/15/2051

(f),(k),(l)

9,496‌

1,087‌

Schedule

of

Investments

Global

Diversified

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

47

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Commercial

Mortgage

Backed

Securities

(continued)

DBUBS

2011-LC1

Mortgage

Trust

0.30%,

11/10/2046

(f),(k),(l)

$

142,384‌

$

89‌

DBUBS

2011-LC2

Mortgage

Trust

1.01%,

07/10/2044

(f),(k),(l)

8,286‌

34‌

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

1.48%,

01/25/2043

(k),(l)

79,054‌

4,640‌

1.63%,

11/25/2042

(k),(l)

83,688‌

1,262‌

1.65%,

11/25/2040

(k),(l)

16,936‌

533‌

1.66%,

06/25/2041

(k),(l)

20,000‌

819‌

1.66%,

10/25/2041

(k),(l)

43,000‌

1,963‌

1.77%,

01/25/2048

(k),(l)

38,129‌

3,534‌

1.97%,

11/25/2044

(k),(l)

16,293‌

1,187‌

2.01%,

09/25/2047

(k),(l)

41,400‌

4,257‌

2.02%,

02/25/2041

(k),(l)

33,968‌

432‌

2.03%,

02/25/2045

(k),(l)

27,900‌

2,170‌

2.17%,

07/25/2026

(k),(l)

39,161‌

4,038‌

2.17%,

05/25/2046

(k),(l)

75,770‌

7,003‌

2.19%,

01/25/2026

(k),(l)

70,234‌

6,719‌

2.20%,

12/25/2039

(k),(l)

25,654‌

606‌

2.21%,

10/25/2028

(k),(l)

17,800‌

2,528‌

2.27%,

08/25/2045

(k),(l)

37,838‌

5,477‌

3.61%,

06/25/2041

(k),(l)

4,400‌

91‌

4.57%,

11/25/2044

(k),(l)

1,800‌

23‌

GS

Mortgage

Securities

Corp

II

1.41%,

07/10/2051

(f),(k),(l)

8,017‌

790‌

GS

Mortgage

Securities

Trust

2010-C2

5.18%,

12/10/2043

(f),(k)

5,000‌

4,942‌

GS

Mortgage

Securities

Trust

2011-GC5

5.39%,

08/10/2044

(f),(k)

3,660‌

2,650‌

GS

Mortgage

Securities

Trust

2012-GCJ7

5.70%,

05/10/2045

(f),(k)

7,429‌

6,368‌

GS

Mortgage

Securities

Trust

2012-GCJ9

4.74%,

11/10/2045

(f),(k)

5,000‌

4,394‌

4.74%,

11/10/2045

(f),(k)

8,500‌

6,101‌

GS

Mortgage

Securities

Trust

2013-GC16

3.50%,

11/10/2046

(f)

2,500‌

1,553‌

GS

Mortgage

Securities

Trust

2013-GCJ14

4.74%,

08/10/2046

(f),(k)

10,460‌

7,774‌

4.74%,

08/10/2046

(f),(k)

7,742‌

4,630‌

4.74%,

08/10/2046

(f),(k)

2,500‌

1,382‌

GS

Mortgage

Securities

Trust

2014-GC26

1.21%,

11/10/2047

(f),(k),(l)

29,811‌

1,357‌

GS

Mortgage

Securities

Trust

2017-GS7

1.13%,

08/10/2050

(k),(l)

28,823‌

1,683‌

GS

Mortgage

Securities

Trust

2018-GS9

1.36%,

03/10/2051

(f),(k),(l)

8,353‌

727‌

GS

Mortgage

Securities

Trust

2019-GC38

3.00%,

02/10/2052

(f)

2,500‌

1,698‌

GS

Mortgage

Securities

Trust

2019-GC39

1.63%,

05/10/2052

(f),(k),(l)

16,430‌

1,918‌

3.00%,

05/10/2052

(f)

4,864‌

3,285‌

GS

Mortgage

Securities

Trust

2019-GC40

1.16%,

07/10/2052

(f),(k),(l)

4,941‌

439‌

1.16%,

07/10/2052

(f),(k),(l)

16,500‌

1,383‌

GS

Mortgage

Securities

Trust

2019-GC42

0.94%,

09/01/2052

(f),(k),(l)

13,000‌

942‌

2.80%,

09/01/2052

(f)

8,500‌

6,090‌

2.80%,

09/01/2052

(f)

3,500‌

1,990‌

GS

Mortgage

Securities

Trust

2019-GSA1

1.01%,

11/10/2052

(f),(k),(l)

21,600‌

1,658‌

2.80%,

11/10/2052

(f)

5,000‌

3,605‌

GS

Mortgage

Securities

Trust

2020-GC45

0.69%,

02/13/2053

(f),(k),(l)

25,009‌

1,334‌

2.85%,

02/13/2053

(f),(k)

5,000‌

4,169‌

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2006-CIBC17

5.49%,

12/12/2043

(k)

8,919‌

6,227‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Commercial

Mortgage

Backed

Securities

(continued)

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2006-LDP9

5.34%,

05/15/2047

$

764‌

$

652‌

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2011-C5

4.00%,

08/15/2046

(f),(k)

6,000‌

4,624‌

5.42%,

08/15/2046

(f),(k)

4,844‌

3,966‌

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2012-C6

2.97%,

05/15/2045

(f),(k)

3,750‌

1,128‌

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2012-C8

2.75%,

10/15/2045

(f),(k)

8,553‌

4,227‌

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2013-C16

3.74%,

12/15/2046

(f),(k)

10,000‌

7,062‌

JPMBB

Commercial

Mortgage

Securities

Trust

2013-C12

4.10%,

07/15/2045

(k)

7,286‌

6,211‌

JPMBB

Commercial

Mortgage

Securities

Trust

2013-C15

3.50%,

11/15/2045

(f)

9,191‌

6,510‌

5.20%,

11/15/2045

(f),(k)

5,250‌

4,620‌

JPMBB

Commercial

Mortgage

Securities

Trust

2014-C18

0.83%,

02/15/2047

(k),(l)

43,984‌

1,024‌

4.81%,

02/15/2047

(f),(k)

7,850‌

3,614‌

JPMBB

Commercial

Mortgage

Securities

Trust

2014-C19

4.68%,

04/15/2047

(f),(k)

1,359‌

1,134‌

JPMBB

Commercial

Mortgage

Securities

Trust

2014-C21

1.00%,

08/15/2047

(k),(l)

38,002‌

1,167‌

JPMBB

Commercial

Mortgage

Securities

Trust

2014-C24

3.91%,

11/15/2047

(f),(k)

20,500‌

16,465‌

JPMBB

Commercial

Mortgage

Securities

Trust

2015-C28

0.50%,

10/15/2048

(f),(k),(l)

54,005‌

1,075‌

0.97%,

10/15/2048

(k),(l)

47,373‌

1,677‌

JPMBB

Commercial

Mortgage

Securities

Trust

2015-C29

3.71%,

05/15/2048

(k)

5,270‌

3,475‌

JPMBB

Commercial

Mortgage

Securities

Trust

2015-C30

0.51%,

07/15/2048

(k),(l)

71,149‌

1,543‌

JPMBB

Commercial

Mortgage

Securities

Trust

2015-C31

0.50%,

08/15/2048

(f),(k),(l)

42,377‌

893‌

JPMCC

Commercial

Mortgage

Securities

Trust

2017-JP6

1.14%,

07/15/2050

(k),(l)

19,819‌

1,024‌

JPMCC

Commercial

Mortgage

Securities

Trust

2017-JP7

4.40%,

09/15/2050

(f),(k)

14,734‌

12,008‌

JPMCC

Commercial

Mortgage

Securities

Trust

2019-COR4

1.12%,

03/10/2052

(k),(l)

34,292‌

2,622‌

2.01%,

03/10/2052

(f),(k),(l)

18,869‌

2,644‌

3.00%,

03/10/2052

(f)

7,000‌

4,516‌

3.00%,

03/10/2052

(f)

1,000‌

553‌

JPMCC

Commercial

Mortgage

Securities

Trust

2019-COR5

1.78%,

06/13/2052

(f),(k),(l)

8,500‌

1,084‌

LB

Commercial

Mortgage

Trust

2007-C3

5.91%,

07/15/2044

(k)

242‌

239‌

5.91%,

07/15/2044

(k)

6,369‌

6,146‌

Schedule

of

Investments

Global

Diversified

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

48

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

$

10,449‌

$

5,728‌

LB-UBS

Commercial

Mortgage

Trust

2007-C6

6.28%,

07/15/2040

(k)

13,250‌

12,707‌

6.28%,

07/15/2040

(k)

8,841‌

7,515‌

ML-CFC

Commercial

Mortgage

Trust

2007-5

5.45%,

08/12/2048

(k)

2,797‌

1,617‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

2012-C5

4.68%,

08/15/2045

(f),(k)

3,037‌

2,652‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

2013-C8

4.06%,

12/15/2048

(f),(k)

10,000‌

7,984‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

2014-C14

4.95%,

02/15/2047

(f),(k)

5,331‌

3,928‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

2014-C16

4.27%,

06/15/2047

(f),(k)

17,104‌

8,844‌

4.77%,

06/15/2047

(f),(k)

10,598‌

6,888‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

2015-C20

1.31%,

02/15/2048

(k),(l)

47,831‌

1,981‌

1.39%,

02/15/2048

(f),(k),(l)

41,500‌

2,254‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

2015-C21

0.88%,

03/15/2048

(k),(l)

30,641‌

989‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

2015-C26

3.06%,

10/15/2048

(f)

2,185‌

1,665‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

2016-C29

1.58%,

05/15/2049

(k),(l)

41,234‌

2,659‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

2016-C31

1.31%,

11/15/2049

(f),(k),(l)

21,213‌

1,394‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

2016-C32

0.72%,

12/15/2049

(k),(l)

74,074‌

2,630‌

Morgan

Stanley

Capital

I

Trust

2011-C3

0.62%,

07/15/2049

(f),(k),(l)

13,379‌

50‌

Morgan

Stanley

Capital

I

Trust

2018-H3

1.85%,

07/15/2051

(f),(k),(l)

7,682‌

922‌

Morgan

Stanley

Capital

I

Trust

2018-L1

3.00%,

10/15/2051

(f)

5,000‌

3,247‌

Morgan

Stanley

Capital

I

Trust

2019-H6

1.58%,

06/15/2052

(f),(k),(l)

4,693‌

522‌

3.00%,

06/15/2052

(f)

2,122‌

1,448‌

Morgan

Stanley

Capital

I

Trust

2019-L3

1.16%,

11/15/2052

(f),(k),(l)

15,090‌

1,311‌

2.50%,

11/15/2052

(f),(k)

1,300‌

659‌

Morgan

Stanley

Capital

I

Trust

2020-L4

1.17%,

02/15/2053

(f),(k),(l)

13,626‌

1,237‌

2.50%,

02/15/2053

(f)

3,000‌

1,903‌

2.50%,

02/15/2053

(f)

2,250‌

1,098‌

SG

Commercial

Mortgage

Securities

Trust

2016-C5

0.91%,

10/10/2048

(k),(l)

17,960‌

886‌

UBS

Commercial

Mortgage

Trust

1.90%,

10/15/2052

(f),(k),(l)

12,767‌

1,666‌

UBS

Commercial

Mortgage

Trust

2012-C1

5.00%,

05/10/2045

(f),(k)

8,000‌

2,729‌

UBS

Commercial

Mortgage

Trust

2019-C18

1.45%,

12/15/2052

(f),(k)

11,574‌

1,220‌

2.50%,

12/15/2052

(f)

2,500‌

1,640‌

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),(k)

$

20,994‌

$

17,207‌

5.03%,

08/10/2049

(f),(k)

15,827‌

14,465‌

Wells

Fargo

Commercial

Mortgage

Trust

2010-C1

0.58%,

11/15/2043

(f),(k),(l)

13,501‌

3‌

Wells

Fargo

Commercial

Mortgage

Trust

2014-LC18

1.04%,

12/15/2047

(k),(l)

72,064‌

2,560‌

Wells

Fargo

Commercial

Mortgage

Trust

2015-C28

4.10%,

05/15/2048

(k)

5,000‌

3,661‌

Wells

Fargo

Commercial

Mortgage

Trust

2015-NXS1

0.41%,

05/15/2048

(k),(l)

24,936‌

538‌

4.16%,

05/15/2048

(k)

3,580‌

2,857‌

Wells

Fargo

Commercial

Mortgage

Trust

2015-NXS3

1.06%,

09/15/2057

(k),(l)

20,946‌

754‌

Wells

Fargo

Commercial

Mortgage

Trust

2016-C34

2.11%,

06/15/2049

(k),(l)

34,575‌

2,688‌

Wells

Fargo

Commercial

Mortgage

Trust

2016-C35

1.94%,

07/15/2048

(k),(l)

37,925‌

3,213‌

Wells

Fargo

Commercial

Mortgage

Trust

2016-C36

4.18%,

11/15/2059

(k)

4,000‌

3,231‌

Wells

Fargo

Commercial

Mortgage

Trust

2016-NXS5

4.97%,

01/15/2059

(k)

4,254‌

3,202‌

Wells

Fargo

Commercial

Mortgage

Trust

2017-C40

4.33%,

10/15/2050

(k)

5,000‌

4,474‌

Wells

Fargo

Commercial

Mortgage

Trust

2017-C42

1.57%,

12/15/2050

(f),(k),(l)

20,343‌

1,930‌

Wells

Fargo

Commercial

Mortgage

Trust

2018-C43

1.62%,

03/15/2051

(f),(k),(l)

6,614‌

683‌

Wells

Fargo

Commercial

Mortgage

Trust

2018-C44

1.83%,

05/15/2051

(f),(k),(l)

8,022‌

938‌

3.00%,

05/15/2051

(f)

5,000‌

3,766‌

Wells

Fargo

Commercial

Mortgage

Trust

2018-C45

1.88%,

06/15/2051

(f),(k),(l)

2,647‌

326‌

3.00%,

06/15/2051

(f)

1,250‌

825‌

Wells

Fargo

Commercial

Mortgage

Trust

2018-C47

1.94%,

09/15/2061

(f),(k),(l)

14,133‌

1,852‌

Wells

Fargo

Commercial

Mortgage

Trust

2018-C48

0.95%,

01/15/2052

(k),(l)

68,458‌

4,278‌

Wells

Fargo

Commercial

Mortgage

Trust

2019-C49

2.14%,

03/15/2052

(f),(k),(l)

4,336‌

645‌

3.00%,

03/15/2052

(f)

2,500‌

1,617‌

Wells

Fargo

Commercial

Mortgage

Trust

2019-C50

2.01%,

05/15/2052

(f),(k),(l)

14,851‌

2,123‌

Wells

Fargo

Commercial

Mortgage

Trust

2019-C53

1.44%,

10/15/2052

(f),(k),(l)

8,777‌

955‌

2.50%,

10/15/2052

(f)

3,000‌

2,335‌

Wells

Fargo

Commercial

Mortgage

Trust

2019-C54

1.37%,

12/15/2052

(f),(k),(l)

6,363‌

667‌

Schedule

of

Investments

Global

Diversified

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

49

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Commercial

Mortgage

Backed

Securities

(continued)

Wells

Fargo

Commercial

Mortgage

Trust

2020-C55

1.43%,

02/15/2053

(f),(k),(l)

$

14,583‌

$

1,591‌

2.50%,

02/15/2053

(f)

5,000‌

3,513‌

WFRBS

Commercial

Mortgage

Trust

2014-C20

3.99%,

05/15/2047

(f)

8,600‌

4,872‌

4.51%,

05/15/2047

(k)

1,000‌

871‌

WFRBS

Commercial

Mortgage

Trust

2014-C22

3.90%,

09/15/2057

(f),(k)

10,000‌

7,502‌

WFRBS

Commercial

Mortgage

Trust

2014-C24

3.69%,

11/15/2047

(f)

3,047‌

1,552‌

3.93%,

11/15/2047

2,370‌

2,550‌

$

810,621‌

Commercial

Services

-

0.80%

Adani

Ports

&

Special

Economic

Zone

Ltd

4.20%,

08/04/2027

(f),(m)

725‌

727‌

4.38%,

07/03/2029

(f)

1,605‌

1,612‌

ASGN

Inc

4.63%,

05/15/2028

(f)

6,975‌

7,132‌

GEMS

MENASA

Cayman

Ltd

/

GEMS

Education

Delaware

LLC

7.13%,

07/31/2026

(f)

800‌

776‌

Loxam

SAS

6.00%,

04/15/2025

EUR

500‌

544‌

MPH

Acquisition

Holdings

LLC

7.13%,

06/01/2024

(f)

$

9,900‌

10,160‌

Nielsen

Finance

LLC

/

Nielsen

Finance

Co

5.00%,

04/15/2022

(f)

4,875‌

4,896‌

Refinitiv

US

Holdings

Inc

6.25%,

05/15/2026

(f)

7,375‌

7,974‌

ServiceMaster

Co

LLC/The

5.13%,

11/15/2024

(f)

2,025‌

2,086‌

Sotheby's

7.38%,

10/15/2027

(a),(f)

7,075‌

7,146‌

$

43,053‌

Computers

-

0.07%

International

Business

Machines

Corp

5.60%,

11/30/2039

800‌

1,193‌

Presidio

Holdings

Inc

4.88%,

02/01/2027

(f)

2,225‌

2,270‌

$

3,463‌

Consumer

Products

-

0.03%

Kimberly-Clark

de

Mexico

SAB

de

CV

2.43%,

07/01/2031

(f)

1,540‌

1,561‌

Cosmetics

&

Personal

Care

-

0.12%

High

Ridge

Brands

Co

0.00%,

03/15/2025

(e),(f)

15,607‌

468‌

Procter

&

Gamble

Co/The

1.13%,

11/02/2023

EUR

750‌

923‌

Walnut

Bidco

PLC

9.13%,

08/01/2024

(f)

$

4,700‌

4,756‌

$

6,147‌

Distribution

&

Wholesale

-

0.27%

IAA

Inc

5.50%,

06/15/2027

(f)

4,364‌

4,653‌

Performance

Food

Group

Inc

5.50%,

06/01/2024

(f)

400‌

403‌

5.50%,

10/15/2027

(f)

5,650‌

5,834‌

6.88%,

05/01/2025

(f)

3,375‌

3,637‌

$

14,527‌

Diversified

Financial

Services

-

3.35%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

6.50%,

07/15/2025

1,100‌

1,180‌

Aircastle

Ltd

4.25%,

06/15/2026

1,200‌

1,128‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Diversified

Financial

Services

(continued)

Alliance

Data

Systems

Corp

4.75%,

12/15/2024

(f)

$

8,750‌

$

8,094‌

Ally

Financial

Inc

5.75%,

11/20/2025

2,115‌

2,388‌

8.00%,

11/01/2031

3,575‌

4,945‌

8.00%,

11/01/2031

700‌

943‌

Capital

One

Financial

Corp

4.15%,

12/31/2049

(

i

)

16,366‌

14,238‌

3

Month

USD

LIBOR

+

3.80%

Charles

Schwab

Corp/The

7.00%,

12/31/2049

(

i

),(j)

4,198‌

4,471‌

3

Month

USD

LIBOR

+

4.82%

Coastal

Emerald

Ltd

4.30%,

12/31/2049

(

i

),(j)

4,600‌

4,694‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

7.45%

Credit

Acceptance

Corp

6.63%,

03/15/2026

1,900‌

1,983‌

Credito

Real

SAB

de

CV

SOFOM

ER

5.00%,

02/01/2027

(f)

EUR

4,000‌

4,021‌

Curo

Group

Holdings

Corp

8.25%,

09/01/2025

(f)

$

2,000‌

1,595‌

Garfunkelux

Holdco

3

SA

8.50%,

11/01/2022

GBP

2,100‌

2,547‌

Intrum

AB

2.75%,

07/15/2022

EUR

850‌

1,000‌

Lincoln

Financing

SARL

3.63%,

04/01/2024

(f)

4,900‌

5,668‌

Mastercard

Inc

3.35%,

03/26/2030

$

2,000‌

2,390‌

Mongolian

Mortgage

Corp

Hfc

LLC

9.75%,

01/29/2022

(f)

1,620‌

1,444‌

Muthoot

Finance

Ltd

4.40%,

09/02/2023

(f)

265‌

260‌

6.13%,

10/31/2022

(f)

790‌

807‌

Nationstar

Mortgage

Holdings

Inc

6.00%,

01/15/2027

(f)

5,650‌

5,763‌

8.13%,

07/15/2023

(f)

9,680‌

10,065‌

NFP

Corp

6.88%,

07/15/2025

(f)

12,043‌

12,438‌

6.88%,

08/15/2028

(f),(m)

28,170‌

28,205‌

8.00%,

07/15/2025

(f)

2,000‌

2,087‌

OneMain

Finance

Corp

6.63%,

01/15/2028

10,675‌

12,233‌

6.88%,

03/15/2025

1,795‌

2,006‌

7.13%,

03/15/2026

2,900‌

3,400‌

Oxford

Finance

LLC

/

Oxford

Finance

Co-Issuer

II

Inc

6.38%,

12/15/2022

(f)

5,375‌

4,999‌

Power

Finance

Corp

Ltd

4.50%,

06/18/2029

5,550‌

5,658‌

Quicken

Loans

LLC

5.25%,

01/15/2028

(f)

7,750‌

8,371‌

5.75%,

05/01/2025

(f)

4,764‌

4,911‌

Swiss

Insured

Brazil

Power

Finance

Sarl

9.85%,

07/16/2032

(f)

BRL

22,530‌

4,956‌

Unifin

Financiera

SAB

de

CV

8.38%,

01/27/2028

(f)

$

5,650‌

4,280‌

Vertex

Capital

Investment

Ltd

4.75%,

04/03/2024

3,600‌

3,743‌

Visa

Inc

3.15%,

12/14/2025

2,000‌

2,256‌

$

179,167‌

Electric

-

1.45%

Acwa

Power

Management

And

Investments

One

Ltd

5.95%,

12/15/2039

(f)

840‌

937‌

Schedule

of

Investments

Global

Diversified

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

50

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Electric

(continued)

Adani

Electricity

Mumbai

Ltd

3.95%,

02/12/2030

(f)

$

8,023‌

$

7,924‌

Bi

Hai

Co

Ltd

6.25%,

03/05/2022

2,800‌

2,860‌

Cometa

Energia

SA

de

CV

6.38%,

04/24/2035

5,415‌

5,710‌

Dominion

Energy

Inc

4.65%,

12/31/2099

(

i

),(j)

14,597‌

14,866‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.99%

Duke

Energy

Corp

3.75%,

09/01/2046

1,000‌

1,233‌

4.88%,

12/31/2099

(

i

),(j)

6,850‌

7,073‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.39%

E.ON

SE

0.38%,

09/29/2027

EUR

1,700‌

2,029‌

Emera

US

Finance

LP

4.75%,

06/15/2046

$

800‌

1,039‌

Empresas

Publicas

de

Medellin

ESP

4.38%,

02/15/2031

(f)

630‌

644‌

Enel

Chile

SA

4.88%,

06/12/2028

2,000‌

2,362‌

Enel

SpA

8.75%,

09/24/2073

(f),(j)

2,500‌

2,900‌

USD

Swap

Semi-Annual

5

Year

+

5.88%

Eskom

Holdings

SOC

Ltd

7.85%,

04/02/2026

ZAR

31,500‌

1,779‌

FirstEnergy

Corp

7.38%,

11/15/2031

$

1,250‌

1,794‌

Fortis

Inc

/Canada

3.06%,

10/04/2026

1,239‌

1,358‌

Lamar

Funding

Ltd

3.96%,

05/07/2025

1,500‌

1,399‌

LLPL

Capital

Pte

Ltd

6.88%,

02/04/2039

(f)

1,384‌

1,578‌

Minejesa

Capital

BV

4.63%,

08/10/2030

(f)

790‌

831‌

4.63%,

08/10/2030

600‌

631‌

Mong

Duong

Finance

Holdings

BV

5.13%,

05/07/2029

(f)

1,750‌

1,755‌

National

Rural

Utilities

Cooperative

Finance

Corp

5.25%,

04/20/2046

(j)

500‌

540‌

3

Month

USD

LIBOR

+

3.63%

Naturgy

Finance

BV

3.37%,

12/31/2049

(

i

),(j)

EUR

300‌

362‌

EUR

Swap

Annual

(VS

6

Month)

9

Year

+

3.08%

NextEra

Energy

Operating

Partners

LP

4.25%,

09/15/2024

(f)

$

1,750‌

1,864‌

Pampa

Energia

SA

7.50%,

01/24/2027

(f)

1,800‌

1,544‌

7.50%,

01/24/2027

3,000‌

2,572‌

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

4.13%,

05/15/2027

1,800‌

1,962‌

RWE

AG

3.50%,

04/21/2075

(j)

EUR

500‌

620‌

EUR

Swap

Annual

(VS

6

Month)

5

Year

+

3.25%

Southern

Co/The

2.95%,

07/01/2023

$

1,800‌

1,912‌

5.50%,

03/15/2057

(j)

2,500‌

2,570‌

3

Month

USD

LIBOR

+

3.63%

Star

Energy

Geothermal

Wayang

Windu

Ltd

6.75%,

04/24/2033

1,814‌

1,946‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Electric

(continued)

Vistra

Operations

Co

LLC

5.50%,

09/01/2026

(f)

$

890‌

$

938‌

$

77,532‌

Electrical

Components

&

Equipment

-

0.08%

Belden

Inc

2.88%,

09/15/2025

EUR

500‌

567‌

Energizer

Gamma

Acquisition

BV

4.63%,

07/15/2026

550‌

666‌

Energizer

Holdings

Inc

6.38%,

07/15/2026

(f)

$

610‌

650‌

WESCO

Distribution

Inc

7.13%,

06/15/2025

(f)

2,100‌

2,304‌

$

4,187‌

Energy

-

Alternate

Sources

-

0.13%

Azure

Power

Energy

Ltd

5.50%,

11/03/2022

551‌

561‌

Azure

Power

Solar

Energy

Pvt

Ltd

5.65%,

12/24/2024

(f)

800‌

816‌

Enviva

Partners

LP

/

Enviva

Partners

Finance

Corp

6.50%,

01/15/2026

(f)

4,375‌

4,714‌

Greenko

Solar

Mauritius

Ltd

5.55%,

01/29/2025

(a)

900‌

907‌

$

6,998‌

Engineering

&

Construction

-

0.22%

Bioceanico

Sovereign

Certificate

Ltd

0.00%,

06/05/2034

(e),(f)

1,471‌

1,057‌

IHS

Netherlands

Holdco

BV

7.13%,

03/18/2025

(f)

5,850‌

5,924‌

8.00%,

09/18/2027

(f)

1,580‌

1,608‌

MasTec

Inc

4.88%,

03/15/2023

1,220‌

1,231‌

Mexico

City

Airport

Trust

5.50%,

07/31/2047

(f)

990‌

831‌

Tutor

Perini

Corp

6.88%,

05/01/2025

(f)

1,240‌

1,237‌

$

11,888‌

Entertainment

-

0.70%

Caesars

Resort

Collection

LLC

/

CRC

Finco

Inc

5.25%,

10/15/2025

(f)

8,004‌

7,216‌

Cinemark

USA

Inc

4.88%,

06/01/2023

5,575‌

4,739‌

8.75%,

05/01/2025

(f)

2,700‌

2,788‌

Colt

Merger

Sub

Inc

5.75%,

07/01/2025

(f)

2,625‌

2,730‌

International

Game

Technology

PLC

6.50%,

02/15/2025

(f)

2,365‌

2,548‌

Lions

Gate

Capital

Holdings

LLC

5.88%,

11/01/2024

(f)

1,315‌

1,312‌

Live

Nation

Entertainment

Inc

5.63%,

03/15/2026

(f)

1,550‌

1,473‌

6.50%,

05/15/2027

(f)

6,000‌

6,450‌

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital

Inc

4.63%,

04/16/2029

1,500‌

1,482‌

Sisal

Group

SpA

7.00%,

07/31/2023

EUR

344‌

410‌

Speedway

Motorsports

LLC

/

Speedway

Funding

II

Inc

4.88%,

11/01/2027

(f)

$

5,500‌

5,005‌

Stars

Group

Holdings

BV

/

Stars

Group

US

Co-

Borrower

LLC

7.00%,

07/15/2026

(f)

1,200‌

1,295‌

$

37,448‌

Environmental

Control

-

0.30%

Covanta

Holding

Corp

5.88%,

07/01/2025

4,425‌

4,580‌

6.00%,

01/01/2027

6,750‌

6,986‌

Schedule

of

Investments

Global

Diversified

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

51

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Environmental

Control

(continued)

GFL

Environmental

Inc

5.13%,

12/15/2026

(f)

$

875‌

$

929‌

7.00%,

06/01/2026

(f)

2,544‌

2,697‌

8.50%,

05/01/2027

(f)

890‌

997‌

$

16,189‌

Food

-

0.59%

Alicorp

SAA

6.88%,

04/17/2027

(f)

PEN

5,949‌

1,892‌

BRF

SA

4.88%,

01/24/2030

(f)

$

785‌

785‌

Casino

Guichard

Perrachon

SA

4.50%,

03/07/2024

EUR

1,700‌

1,677‌

Grupo

Bimbo

SAB

de

CV

5.95%,

12/31/2099

(f),(

i

),(j)

$

1,290‌

1,355‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.28%

Ingles

Markets

Inc

5.75%,

06/15/2023

1,506‌

1,528‌

Kraft

Heinz

Foods

Co

5.00%,

07/15/2035

1,700‌

1,992‌

MARB

BondCo

PLC

6.88%,

01/19/2025

480‌

502‌

6.88%,

01/19/2025

(f)

3,850‌

4,023‌

Minerva

Luxembourg

SA

5.88%,

01/19/2028

(f)

950‌

990‌

Mondelez

International

Inc

2.13%,

04/13/2023

1,300‌

1,354‌

Nestle

Holdings

Inc

4.00%,

09/24/2048

(f)

1,600‌

2,245‌

Post

Holdings

Inc

5.00%,

08/15/2026

(f)

4,460‌

4,674‌

Simmons

Foods

Inc

5.75%,

11/01/2024

(f)

3,670‌

3,688‌

US

Foods

Inc

5.88%,

06/15/2024

(f)

5,018‌

5,009‌

$

31,714‌

Food

Service

-

0.16%

Aramark

Services

Inc

5.00%,

02/01/2028

(f)

5,585‌

5,620‌

6.38%,

05/01/2025

(f)

2,850‌

3,007‌

$

8,627‌

Forest

Products

&

Paper

-

0.01%

Celulosa

Arauco

y

Constitucion

SA

4.25%,

04/30/2029

(f)

600‌

631‌

Gas

-

0.13%

NiSource

Inc

5.65%,

12/31/2049

(

i

),(j)

7,000‌

6,825‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.84%

Hand

&

Machine

Tools

-

0.37%

Apex

Tool

Group

LLC

/

BC

Mountain

Finance

Inc

9.00%,

02/15/2023

(f)

17,280‌

13,824‌

Stanley

Black

&

Decker

Inc

4.00%,

03/15/2060

(j)

5,566‌

5,796‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.66%

$

19,620‌

Healthcare

-

Products

-

0.07%

Avantor

Funding

Inc

4.63%,

07/15/2028

(f)

3,000‌

3,170‌

Medtronic

Global

Holdings

SCA

1.75%,

07/02/2049

EUR

500‌

626‌

$

3,796‌

Healthcare

-

Services

-

2.72%

Acadia

Healthcare

Co

Inc

5.50%,

07/01/2028

(f)

$

2,050‌

2,160‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Healthcare

-

Services

(continued)

Anthem

Inc

3.65%,

12/01/2027

$

1,700‌

$

1,960‌

Centene

Corp

5.25%,

04/01/2025

(f)

1,210‌

1,262‌

Encompass

Health

Corp

4.50%,

02/01/2028

3,400‌

3,553‌

5.75%,

09/15/2025

1,550‌

1,604‌

Envision

Healthcare

Corp

8.75%,

10/15/2026

(f)

15,900‌

6,360‌

Fresenius

SE

&

Co

KGaA

0.75%,

01/15/2028

EUR

800‌

941‌

IQVIA

Inc

3.25%,

03/15/2025

700‌

836‌

LifePoint

Health

Inc

4.38%,

02/15/2027

(f)

$

2,375‌

2,427‌

MEDNAX

Inc

6.25%,

01/15/2027

(f)

2,000‌

2,115‌

One

Call

Corp

8.25%,

PIK

11.50%,

07/01/2024

(f),(k),(n)

77,900‌

70,110‌

Polaris

Intermediate

Corp

8.50%,

PIK

9.25%,

12/01/2022

(a),(f),(k),(n)

7,025‌

7,148‌

Radiology

Partners

Inc

9.25%,

02/01/2028

(f)

6,275‌

6,291‌

Surgery

Center

Holdings

Inc

6.75%,

07/01/2025

(f)

6,488‌

6,277‌

10.00%,

04/15/2027

(f)

9,637‌

10,218‌

Tenet

Healthcare

Corp

4.63%,

07/15/2024

2,650‌

2,696‌

4.63%,

09/01/2024

(f)

2,550‌

2,607‌

5.13%,

05/01/2025

5,800‌

5,967‌

5.13%,

11/01/2027

(f)

200‌

212‌

8.13%,

04/01/2022

4,375‌

4,714‌

UnitedHealth

Group

Inc

6.88%,

02/15/2038

1,250‌

2,070‌

West

Street

Merger

Sub

Inc

6.38%,

09/01/2025

(f)

4,350‌

4,415‌

$

145,943‌

Holding

Companies

-

Diversified

-

0.08%

CK

Hutchison

Finance

16

Ltd

1.25%,

04/06/2023

EUR

2,100‌

2,520‌

ProGroup

AG

3.00%,

03/31/2026

1,550‌

1,792‌

$

4,312‌

Home

Builders

-

0.04%

Taylor

Morrison

Communities

Inc

/

Taylor

Morrison

Holdings

II

Inc

5.63%,

03/01/2024

(f)

$

1,755‌

1,869‌

Insurance

-

3.29%

Acrisure

LLC

/

Acrisure

Finance

Inc

7.00%,

11/15/2025

(f)

19,032‌

19,224‌

8.13%,

02/15/2024

(f)

4,110‌

4,367‌

AIG

Life

Holdings

Inc

8.50%,

07/01/2030

4,995‌

6,562‌

Allstate

Corp/The

5.75%,

08/15/2053

(j)

4,808‌

5,114‌

3

Month

USD

LIBOR

+

2.94%

6.50%,

05/15/2067

(j)

7,232‌

8,948‌

3

Month

USD

LIBOR

+

2.12%

American

International

Group

Inc

5.75%,

04/01/2048

(j)

1,350‌

1,480‌

3

Month

USD

LIBOR

+

2.87%

8.18%,

05/15/2068

(j)

3,850‌

5,313‌

3

Month

USD

LIBOR

+

4.20%

Argentum

Netherlands

BV

for

Swiss

Re

Ltd

5.63%,

08/15/2052

(j)

9,500‌

10,533‌

3

Month

USD

LIBOR

+

3.78%

5.75%,

08/15/2050

(j)

1,000‌

1,098‌

3

Month

USD

LIBOR

+

3.59%

Schedule

of

Investments

Global

Diversified

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

52

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Insurance

(continued)

Argentum

Netherlands

BV

for

Zurich

Insurance

Co

Ltd

5.13%,

06/01/2048

(j)

$

2,000‌

$

2,243‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.27%

AssuredPartners

Inc

7.00%,

08/15/2025

(f)

14,223‌

14,436‌

AXA

SA

6.38%,

12/31/2049

(f),(

i

),(j)

3,000‌

3,982‌

3

Month

USD

LIBOR

+

2.26%

8.60%,

12/15/2030

1,000‌

1,490‌

Caisse

Nationale

de

Reassurance

Mutuelle

Agricole

Groupama

6.38%,

12/31/2049

(

i

),(j)

EUR

1,500‌

1,979‌

3

Month

Euro

Interbank

Offered

Rate

+

5.77%

CCB

Life

Insurance

Co

Ltd

4.50%,

04/21/2077

(j)

$

2,700‌

2,647‌

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

(j)

2,000‌

2,296‌

3

Month

USD

LIBOR

+

4.92%

GTCR

AP

Finance

Inc

8.00%,

05/15/2027

(f)

4,790‌

5,053‌

Heungkuk

Life

Insurance

Co

Ltd

4.48%,

12/31/2049

(

i

),(j)

600‌

595‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.47%

Liberty

Mutual

Group

Inc

3.95%,

10/15/2050

(f)

1,500‌

1,746‌

7.80%,

03/07/2087

(f)

7,361‌

8,850‌

3

Month

USD

LIBOR

+

3.58%

Liberty

Mutual

Insurance

Co

7.70%,

10/15/2097

(f)

946‌

1,606‌

Lincoln

National

Corp

2.31%,

04/20/2067

5,584‌

3,797‌

3

Month

USD

LIBOR

+

2.04%

2.74%,

05/17/2066

600‌

420‌

3

Month

USD

LIBOR

+

2.36%

M&G

PLC

6.50%,

10/20/2048

(j)

3,200‌

3,728‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.41%

Mapfre

SA

1.63%,

05/19/2026

EUR

1,600‌

2,036‌

Massachusetts

Mutual

Life

Insurance

Co

3.38%,

04/15/2050

(f)

$

2,300‌

2,550‌

Meiji

Yasuda

Life

Insurance

Co

5.20%,

10/20/2045

(f),(j)

1,850‌

2,104‌

USD

Swap

Semi-Annual

5

Year

+

4.23%

MetLife

Inc

9.25%,

04/08/2068

(f)

8,000‌

11,880‌

3

Month

USD

LIBOR

+

5.54%

10.75%,

08/01/2069

900‌

1,477‌

3

Month

USD

LIBOR

+

7.55%

Mitsui

Sumitomo

Insurance

Co

Ltd

7.00%,

03/15/2072

(f),(j)

7,500‌

8,100‌

3

Month

USD

LIBOR

+

5.90%

Nippon

Life

Insurance

Co

5.10%,

10/16/2044

(f),(j)

5,000‌

5,650‌

USD

Swap

Rate

NY

5

Year

+

3.65%

Prudential

Financial

Inc

5.88%,

09/15/2042

2,879‌

3,085‌

3

Month

USD

LIBOR

+

8.35%

QBE

Insurance

Group

Ltd

6.75%,

12/02/2044

(j)

6,000‌

6,632‌

USD

Swap

Semi-Annual

10

Year

+

4.30%

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Insurance

(continued)

Societa

Cattolica

di

Assicurazioni

SC

4.25%,

12/14/2047

(j)

EUR

800‌

$

938‌

3

Month

Euro

Interbank

Offered

Rate

+

4.46%

Sumitomo

Life

Insurance

Co

6.50%,

09/20/2073

(f),(j)

$

6,985‌

7,937‌

3

Month

USD

LIBOR

+

4.44%

Swiss

Re

Finance

Luxembourg

SA

5.00%,

04/02/2049

(f),(j)

1,200‌

1,354‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.58%

Talanx

AG

2.25%,

12/05/2047

(j)

EUR

200‌

245‌

3

Month

Euro

Interbank

Offered

Rate

+

2.45%

Voya

Financial

Inc

5.65%,

05/15/2053

(j)

$

3,300‌

3,429‌

3

Month

USD

LIBOR

+

3.58%

6.13%,

12/31/2049

(

i

),(j)

1,500‌

1,551‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.36%

$

176,475‌

Internet

-

0.35%

Alibaba

Group

Holding

Ltd

3.40%,

12/06/2027

2,000‌

2,273‌

Alphabet

Inc

2.00%,

08/15/2026

2,200‌

2,382‌

Booking

Holdings

Inc

3.60%,

06/01/2026

1,200‌

1,352‌

JD.com

Inc

4.13%,

01/14/2050

1,340‌

1,589‌

Netflix

Inc

3.63%,

05/15/2027

EUR

500‌

638‌

4.38%,

11/15/2026

$

1,885‌

2,093‌

Prosus

NV

4.03%,

08/03/2050

(f),(m)

770‌

802‌

Tencent

Holdings

Ltd

2.39%,

06/03/2030

(f)

1,455‌

1,512‌

3.98%,

04/11/2029

(f)

3,940‌

4,589‌

Uber

Technologies

Inc

8.00%,

11/01/2026

(f)

1,500‌

1,574‌

$

18,804‌

Investment

Companies

-

0.02%

Huarong

Finance

2017

Co

Ltd

4.50%,

12/31/2049

(

i

),(j)

600‌

610‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

7.77%

PTT

Treasury

Center

Co

Ltd

3.70%,

07/16/2070

(f)

625‌

694‌

$

1,304‌

Iron

&

Steel

-

2.30%

Allegheny

Technologies

Inc

5.88%,

12/01/2027

3,380‌

3,203‌

7.88%,

08/15/2023

1,820‌

1,916‌

Baffinland

Iron

Mines

Corp

/

Baffinland

Iron

Mines

LP

8.75%,

07/15/2026

(f)

18,230‌

18,920‌

Big

River

Steel

LLC

/

BRS

Finance

Corp

7.25%,

09/01/2025

(f)

6,098‌

6,155‌

Cleveland-Cliffs

Inc

6.75%,

03/15/2026

(f)

3,560‌

3,578‌

CSN

Islands

XI

Corp

6.75%,

01/28/2028

(f)

5,760‌

5,328‌

GTL

Trade

Finance

Inc

7.25%,

04/16/2044

(a)

1,800‌

2,259‌

GTL

Trade

Finance

Inc

/

Gerdau

Holdings

Inc

5.89%,

04/29/2024

(f)

385‌

419‌

Schedule

of

Investments

Global

Diversified

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

53

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Iron

&

Steel

(continued)

JSW

Steel

Ltd

5.25%,

04/13/2022

$

2,850‌

$

2,840‌

Material

Sciences

Corp

0.00%,

PIK

9.75%,

01/09/2024

(e),(g),(h),(k),(n),(o)

22,692‌

22,465‌

Metinvest

BV

5.63%,

06/17/2025

(f)

EUR

4,950‌

5,236‌

7.75%,

04/23/2023

$

4,213‌

4,143‌

Samarco

Mineracao

SA

0.00%,

11/01/2022

(e),(f)

2,300‌

1,196‌

Specialty

Steel

10.68%,

11/15/2022

(g),(h),(k),(o)

41,564‌

41,564‌

Vale

Overseas

Ltd

3.75%,

07/08/2030

890‌

955‌

6.25%,

08/10/2026

270‌

325‌

6.88%,

11/10/2039

325‌

447‌

Vale

SA

3.75%,

01/10/2023

EUR

1,600‌

1,978‌

$

122,927‌

Lodging

-

0.65%

Boyd

Gaming

Corp

4.75%,

12/01/2027

(f)

$

4,975‌

4,782‌

6.00%,

08/15/2026

3,675‌

3,704‌

Gohl

Capital

Ltd

4.25%,

01/24/2027

4,000‌

4,071‌

Melco

Resorts

Finance

Ltd

4.88%,

06/06/2025

4,500‌

4,557‌

Station

Casinos

LLC

5.00%,

10/01/2025

(f)

12,023‌

11,377‌

Studio

City

Finance

Ltd

7.25%,

02/11/2024

4,500‌

4,791‌

Wynn

Las

Vegas

LLC

/

Wynn

Las

Vegas

Capital

Corp

5.25%,

05/15/2027

(f)

1,840‌

1,639‌

$

34,921‌

Machinery

-

Diversified

-

0.39%

JPW

Industries

Holding

Corp

9.00%,

10/01/2024

(f)

17,080‌

14,347‌

Mueller

Water

Products

Inc

5.50%,

06/15/2026

(f)

1,175‌

1,235‌

Titan

Acquisition

Ltd

/

Titan

Co-Borrower

LLC

7.75%,

04/15/2026

(f)

5,440‌

5,372‌

$

20,954‌

Media

-

2.35%

Altice

Finco

SA

4.75%,

01/15/2028

EUR

300‌

328‌

AMC

Networks

Inc

4.75%,

08/01/2025

$

2,045‌

2,096‌

5.00%,

04/01/2024

3,875‌

3,938‌

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

4.50%,

08/15/2030

(f)

5,675‌

6,015‌

4.50%,

05/01/2032

(f)

2,975‌

3,139‌

4.75%,

03/01/2030

(f)

1,925‌

2,049‌

5.38%,

06/01/2029

(f)

4,800‌

5,256‌

5.50%,

05/01/2026

(f)

2,105‌

2,227‌

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

3.70%,

04/01/2051

500‌

524‌

4.46%,

07/23/2022

1,450‌

1,545‌

Comcast

Corp

4.15%,

10/15/2028

2,000‌

2,458‌

CSC

Holdings

LLC

4.63%,

12/01/2030

(f)

1,850‌

1,942‌

5.25%,

06/01/2024

4,615‌

5,076‌

5.38%,

02/01/2028

(f)

4,676‌

5,062‌

5.75%,

01/15/2030

(f)

4,700‌

5,210‌

7.50%,

04/01/2028

(f)

2,150‌

2,473‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Media

(continued)

Diamond

Sports

Group

LLC

/

Diamond

Sports

Finance

Co

5.38%,

08/15/2026

(f)

$

6,000‌

$

4,620‌

6.63%,

08/15/2027

(f)

11,250‌

6,159‌

DISH

DBS

Corp

5.88%,

11/15/2024

1,565‌

1,632‌

7.75%,

07/01/2026

610‌

688‌

Grupo

Televisa

SAB

5.00%,

05/13/2045

1,400‌

1,617‌

Meredith

Corp

6.88%,

02/01/2026

1,130‌

982‌

Midcontinent

Communications

/

Midcontinent

Finance

Corp

5.38%,

08/15/2027

(f)

3,414‌

3,544‌

Nexstar

Broadcasting

Inc

5.63%,

07/15/2027

(f)

7,850‌

8,402‌

Shaw

Communications

Inc

6.75%,

11/09/2039

CAD

1,100‌

1,199‌

Sinclair

Television

Group

Inc

5.50%,

03/01/2030

(f)

$

4,175‌

4,174‌

SportsNet

New

York

10.25%,

01/15/2025

(g),(h),(o)

20,090‌

20,944‌

UPC

Holding

BV

3.88%,

06/15/2029

EUR

500‌

561‌

Urban

One

Inc

7.38%,

04/15/2022

(f)

$

2,960‌

2,627‌

Virgin

Media

Finance

PLC

5.00%,

07/15/2030

(f)

4,500‌

4,702‌

Virgin

Media

Secured

Finance

PLC

5.50%,

08/15/2026

(f)

1,350‌

1,434‌

VTR

Finance

NV

6.38%,

07/15/2028

(f)

575‌

613‌

Ziggo

Bond

Co

BV

6.00%,

01/15/2027

(f)

4,900‌

5,194‌

Ziggo

BV

5.50%,

01/15/2027

(f)

7,025‌

7,411‌

$

125,841‌

Metal

Fabrication

&

Hardware

-

0.30%

HTA

Group

Ltd/Mauritius

7.00%,

12/18/2025

(f)

515‌

531‌

Optimas

OE

Solutions

Holding

LLC

/

Optimas

OE

Solutions

Inc

8.63%,

06/01/2021

(f)

29,884‌

14,942‌

Park-Ohio

Industries

Inc

6.63%,

04/15/2027

885‌

777‌

$

16,250‌

Mining

-

1.37%

Arconic

Corp

6.13%,

02/15/2028

(f)

8,375‌

8,909‌

Century

Aluminum

Co

12.00%,

07/01/2025

(f)

8,850‌

9,116‌

Constellium

SE

5.63%,

06/15/2028

(f)

850‌

892‌

First

Quantum

Minerals

Ltd

6.88%,

03/01/2026

(f)

750‌

752‌

Hudbay

Minerals

Inc

7.63%,

01/15/2025

(f)

955‌

967‌

Indonesia

Asahan

Aluminium

Persero

PT

4.75%,

05/15/2025

(f)

2,950‌

3,241‌

Industrias

Penoles

SAB

de

CV

4.15%,

09/12/2029

2,800‌

3,010‌

4.75%,

08/06/2050

(f),(m)

675‌

699‌

5.65%,

09/12/2049

(f)

790‌

920‌

Joseph

T

Ryerson

&

Son

Inc

8.50%,

08/01/2028

(f)

7,230‌

7,875‌

Kaiser

Aluminum

Corp

6.50%,

05/01/2025

(f)

2,000‌

2,120‌

Schedule

of

Investments

Global

Diversified

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

54

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Mining

(continued)

Newmont

Corp

4.88%,

03/15/2042

$

1,000‌

$

1,382‌

Northwest

Acquisitions

ULC

/

Dominion

Finco

Inc

0.00%,

11/01/2022

(e),(f)

19,888‌

249‌

Novelis

Corp

4.75%,

01/30/2030

(f)

9,325‌

9,728‌

5.88%,

09/30/2026

(f)

700‌

747‌

Petropavlovsk

2016

Ltd

8.13%,

11/14/2022

1,500‌

1,574‌

Real

Alloy

Holding

Inc

0.00%,

PIK

13.00%,

11/30/2023

(e),(g),(h),(k),(n),(o)

19,795‌

19,795‌

Rusal

Capital

DAC

5.13%,

02/02/2022

1,600‌

1,610‌

$

73,586‌

Miscellaneous

Manufacturers

-

0.02%

Illinois

Tool

Works

Inc

3.90%,

09/01/2042

1,000‌

1,313‌

Oil

&

Gas

-

3.29%

BP

Capital

Markets

America

Inc

3.00%,

02/24/2050

1,500‌

1,616‌

Cenovus

Energy

Inc

5.38%,

07/15/2025

5,440‌

5,441‌

CNOOC

Finance

2013

Ltd

2.88%,

09/30/2029

2,500‌

2,710‌

Cosan

Luxembourg

SA

7.00%,

01/20/2027

(a)

1,800‌

1,928‌

Ecopetrol

SA

6.88%,

04/29/2030

1,280‌

1,542‌

Endeavor

Energy

Resources

LP

/

EER

Finance

Inc

5.75%,

01/30/2028

(f)

4,775‌

4,900‌

Energy

Ventures

Gom

LLC

/

EnVen

Finance

Corp

11.00%,

02/15/2023

(f)

4,270‌

3,587‌

Exxon

Mobil

Corp

4.23%,

03/19/2040

1,000‌

1,283‌

Gran

Tierra

Energy

Inc

7.75%,

05/23/2027

(f)

1,285‌

606‌

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co

5.75%,

10/01/2025

(f)

8,391‌

7,956‌

HollyFrontier

Corp

5.88%,

04/01/2026

1,500‌

1,646‌

Jagged

Peak

Energy

LLC

5.88%,

05/01/2026

7,730‌

7,885‌

KazMunayGas

National

Co

JSC

4.75%,

04/19/2027

335‌

375‌

Kosmos

Energy

Ltd

7.13%,

04/04/2026

(f)

650‌

579‌

Medco

Bell

Pte

Ltd

6.38%,

01/30/2027

(f)

1,590‌

1,448‌

MEG

Energy

Corp

6.50%,

01/15/2025

(f)

1,050‌

1,032‌

7.13%,

02/01/2027

(f)

8,525‌

7,587‌

Moss

Creek

Resources

Holdings

Inc

7.50%,

01/15/2026

(f)

700‌

408‌

NAK

Naftogaz

Ukraine

via

Kondor

Finance

PLC

7.13%,

07/19/2024

EUR

4,000‌

4,599‌

Nexen

Inc

5.88%,

03/10/2035

$

500‌

722‌

Occidental

Petroleum

Corp

2.90%,

08/15/2024

3,225‌

3,035‌

3.00%,

02/15/2027

3,450‌

3,045‌

3.20%,

08/15/2026

4,556‌

4,147‌

3.40%,

04/15/2026

7,956‌

7,200‌

3.50%,

08/15/2029

1,650‌

1,466‌

4.10%,

02/15/2047

700‌

549‌

5.55%,

03/15/2026

400‌

401‌

6.45%,

09/15/2036

2,300‌

2,314‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Oil

&

Gas

(continued)

Occidental

Petroleum

Corp  

(continued)

8.88%,

07/15/2030

$

3,470‌

$

3,904‌

Odebrecht

Drilling

Norbe

VIII/IX

Ltd

6.35%,

12/01/2021

4,138‌

3,724‌

Odebrecht

Offshore

Drilling

Finance

Ltd

6.72%,

12/01/2022

4,293‌

3,735‌

Oil

India

Ltd

5.13%,

02/04/2029

2,200‌

2,362‌

PDC

Energy

Inc

5.75%,

05/15/2026

7,575‌

7,592‌

Pertamina

Persero

PT

5.63%,

05/20/2043

(f)

1,190‌

1,492‌

Petroamazonas

EP

4.63%,

12/06/2021

117‌

90‌

4.63%,

12/06/2021

(f)

1,899‌

1,472‌

Petrobras

Global

Finance

BV

5.09%,

01/15/2030

(f)

5,300‌

5,459‌

5.60%,

01/03/2031

490‌

516‌

6.75%,

06/03/2050

785‌

854‌

7.25%,

03/17/2044

1,500‌

1,725‌

Petroleos

de

Venezuela

SA

0.00%,

10/27/2020

(e)

1,028‌

103‌

0.00%,

11/17/2021

(e)

17,250‌

431‌

0.00%,

05/16/2024

(e)

38,002‌

950‌

0.00%,

11/15/2026

(e)

12,045‌

301‌

0.00%,

04/12/2027

(e)

425‌

11‌

0.00%,

05/17/2035

(e)

536‌

13‌

0.00%,

04/12/2037

(e)

12,840‌

321‌

Petroleos

Mexicanos

5.95%,

01/28/2031

(f)

1,095‌

942‌

5.95%,

01/28/2031

340‌

292‌

6.50%,

03/13/2027

5,950‌

5,667‌

6.84%,

01/23/2030

(f)

6,150‌

5,719‌

7.19%,

09/12/2024

MXN

46,500‌

1,813‌

7.69%,

01/23/2050

(f)

$

1,425‌

1,253‌

9.50%,

09/15/2027

1,204‌

1,265‌

Petron

Corp

4.60%,

12/31/2049

(

i

),(j)

750‌

709‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.77%

Petronas

Capital

Ltd

4.55%,

04/21/2050

(f)

510‌

698‌

Phillips

66

3.85%,

04/09/2025

1,200‌

1,346‌

Repsol

International

Finance

BV

4.50%,

03/25/2075

(j)

EUR

300‌

368‌

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

4.38%,

04/16/2049

(f)

1,500‌

1,882‌

SEPLAT

Petroleum

Development

Co

Plc

9.25%,

04/01/2023

(f)

890‌

897‌

Southwestern

Energy

Co

7.75%,

10/01/2027

1,030‌

968‌

Sunoco

LP

/

Sunoco

Finance

Corp

4.88%,

01/15/2023

3,020‌

3,069‌

5.50%,

02/15/2026

4,845‌

4,966‌

5.88%,

03/15/2028

1,200‌

1,254‌

6.00%,

04/15/2027

4,450‌

4,695‌

Tecpetrol

SA

4.88%,

12/12/2022

800‌

778‌

Tengizchevroil

Finance

Co

International

Ltd

3.25%,

08/15/2030

(f)

800‌

811‌

Schedule

of

Investments

Global

Diversified

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

55

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Oil

&

Gas

(continued)

TOTAL

SE

2.63%,

12/31/2049

(

i

),(j)

EUR

2,000‌

$

2,436‌

EUR

Swap

Annual

(VS

6

Month)

5

Year

+

2.15%

Transocean

Inc

7.25%,

11/01/2025

(f)

$

11,380‌

5,576‌

Tullow

Oil

PLC

7.00%,

03/01/2025

8,000‌

4,760‌

Tupras

Turkiye

Petrol

Rafinerileri

AS

4.50%,

10/18/2024

2,000‌

1,848‌

Valero

Energy

Corp

6.63%,

06/15/2037

900‌

1,243‌

W&T

Offshore

Inc

9.75%,

11/01/2023

(f)

2,500‌

1,667‌

WPX

Energy

Inc

5.25%,

10/15/2027

1,500‌

1,479‌

5.75%,

06/01/2026

2,925‌

2,965‌

$

176,428‌

Oil

&

Gas

Services

-

0.02%

USA

Compression

Partners

LP

/

USA

Compression

Finance

Corp

6.88%,

04/01/2026

1,180‌

1,209‌

Packaging

&

Containers

-

1.16%

Ardagh

Packaging

Finance

PLC

/

Ardagh

Holdings

USA

Inc

6.00%,

02/15/2025

(f)

1,161‌

1,213‌

Ball

Corp

4.38%,

12/15/2023

EUR

800‌

1,030‌

Berry

Global

Inc

4.50%,

02/15/2026

(f)

$

2,575‌

2,640‌

4.88%,

07/15/2026

(f)

2,400‌

2,535‌

5.63%,

07/15/2027

(f)

5,050‌

5,404‌

Crown

Americas

LLC

/

Crown

Americas

Capital

Corp

VI

4.75%,

02/01/2026

325‌

339‌

Crown

Cork

&

Seal

Co

Inc

7.38%,

12/15/2026

1,385‌

1,634‌

Crown

European

Holdings

SA

3.38%,

05/15/2025

EUR

300‌

374‌

Klabin

Austria

GmbH

7.00%,

04/03/2049

$

250‌

274‌

Plastipak

Holdings

Inc

6.25%,

10/15/2025

(f)

6,248‌

6,240‌

Reynolds

Group

Issuer

Inc

/

Reynolds

Group

Issuer

LLC

/

Reynolds

Group

Issuer

(Luxembourg)

S.A.

5.13%,

07/15/2023

(f)

8,500‌

8,630‌

Silgan

Holdings

Inc

3.25%,

03/15/2025

EUR

600‌

716‌

4.13%,

02/01/2028

$

1,125‌

1,153‌

Smurfit

Kappa

Treasury

ULC

1.50%,

09/15/2027

EUR

1,700‌

1,965‌

Trident

TPI

Holdings

Inc

6.63%,

11/01/2025

(f)

$

11,936‌

11,727‌

9.25%,

08/01/2024

(f)

8,420‌

8,936‌

Trivium

Packaging

Finance

BV

5.50%,

08/15/2026

(f)

7,100‌

7,564‌

$

62,374‌

Pharmaceuticals

-

0.48%

AbbVie

Inc

3.85%,

06/15/2024

(f)

1,800‌

1,991‌

AstraZeneca

PLC

4.00%,

01/17/2029

1,150‌

1,406‌

Bausch

Health

Americas

Inc

8.50%,

01/31/2027

(f)

2,330‌

2,592‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Pharmaceuticals

(continued)

Bausch

Health

Cos

Inc

5.00%,

01/30/2028

(f)

$

1,800‌

$

1,809‌

5.25%,

01/30/2030

(f)

3,875‌

3,957‌

5.88%,

05/15/2023

(f)

160‌

160‌

7.00%,

01/15/2028

(f)

3,450‌

3,752‌

Bayer

Capital

Corp

BV

1.50%,

06/26/2026

EUR

1,600‌

1,984‌

Bristol-Myers

Squibb

Co

4.63%,

05/15/2044

$

1,700‌

2,410‌

Eli

Lilly

and

Co

1.70%,

11/01/2049

EUR

425‌

558‌

Mylan

NV

3.95%,

06/15/2026

$

1,775‌

2,024‌

Teva

Pharmaceutical

Finance

Netherlands

II

BV

1.88%,

03/31/2027

EUR

900‌

920‌

Teva

Pharmaceutical

Finance

Netherlands

III

BV

3.15%,

10/01/2026

$

1,100‌

1,003‌

7.13%,

01/31/2025

(f)

790‌

867‌

$

25,433‌

Pipelines

-

1.07%

Antero

Midstream

Partners

LP

/

Antero

Midstream

Finance

Corp

5.38%,

09/15/2024

7,240‌

6,568‌

5.75%,

03/01/2027

(f)

950‌

830‌

5.75%,

01/15/2028

(f)

1,550‌

1,322‌

Buckeye

Partners

LP

4.13%,

03/01/2025

(f)

1,800‌

1,809‌

4.50%,

03/01/2028

(f)

4,600‌

4,577‌

Enbridge

Inc

6.25%,

03/01/2078

(j)

5,600‌

5,544‌

3

Month

USD

LIBOR

+

3.64%

Enterprise

Products

Operating

LLC

5.25%,

08/16/2077

(j)

11,000‌

10,313‌

3

Month

USD

LIBOR

+

3.03%

EQM

Midstream

Partners

LP

6.50%,

07/01/2027

(f)

1,800‌

1,985‌

Hess

Midstream

Operations

LP

5.63%,

02/15/2026

(f)

3,810‌

3,952‌

Holly

Energy

Partners

LP

/

Holly

Energy

Finance

Corp

5.00%,

02/01/2028

(f)

5,800‌

5,731‌

NuStar

Logistics

LP

6.00%,

06/01/2026

1,375‌

1,409‌

Rockies

Express

Pipeline

LLC

4.80%,

05/15/2030

(f)

1,900‌

1,798‌

4.95%,

07/15/2029

(f)

325‌

317‌

Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp

5.50%,

03/01/2030

(f)

4,625‌

4,879‌

Transcanada

Trust

5.87%,

08/15/2076

(j)

4,230‌

4,552‌

3

Month

USD

LIBOR

+

4.64%

Williams

Cos

Inc

/The

3.60%,

03/15/2022

1,000‌

1,041‌

6.30%,

04/15/2040

700‌

899‌

$

57,526‌

Real

Estate

-

0.66%

Arabian

Centres

Sukuk

Ltd

5.38%,

11/26/2024

(f)

3,784‌

3,364‌

China

Evergrande

Group

9.50%,

04/11/2022

6,850‌

6,602‌

Country

Garden

Holdings

Co

Ltd

5.13%,

01/17/2025

4,950‌

5,095‌

8.00%,

01/27/2024

2,600‌

2,822‌

Easy

Tactic

Ltd

8.13%,

02/27/2023

1,400‌

1,293‌

Kaisa

Group

Holdings

Ltd

11.25%,

04/09/2022

6,100‌

6,390‌

Schedule

of

Investments

Global

Diversified

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

56

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Real

Estate

(continued)

MAF

Global

Securities

Ltd

6.37%,

12/31/2049

(

i

),(j)

$

5,610‌

$

5,385‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.54%

Scenery

Journey

Ltd

13.00%,

11/06/2022

1,200‌

1,197‌

Shimao

Group

Holdings

Ltd

6.13%,

02/21/2024

1,500‌

1,588‌

Wanda

Properties

International

Co

Ltd

7.25%,

01/29/2024

1,500‌

1,468‌

$

35,204‌

REITs

-

0.53%

CoreCivic

Inc

4.63%,

05/01/2023

8,000‌

7,780‌

ESH

Hospitality

Inc

5.25%,

05/01/2025

(f)

7,640‌

7,804‌

Iron

Mountain

Inc

5.25%,

03/15/2028

(f)

2,165‌

2,273‌

MGM

Growth

Properties

Operating

Partnership

LP

/

MGP

Finance

Co-Issuer

Inc

5.75%,

02/01/2027

2,300‌

2,490‌

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp

4.75%,

10/15/2027

1,775‌

1,656‌

VICI

Properties

LP

/

VICI

Note

Co

Inc

3.75%,

02/15/2027

(f)

3,100‌

3,123‌

4.13%,

08/15/2030

(f)

1,300‌

1,316‌

Welltower

Inc

4.00%,

06/01/2025

1,800‌

2,013‌

$

28,455‌

Retail

-

0.70%

1011778

BC

ULC

/

New

Red

Finance

Inc

4.38%,

01/15/2028

(f)

6,800‌

7,073‌

5.00%,

10/15/2025

(f)

7,068‌

7,227‌

Carvana

Co

8.88%,

10/01/2023

(f)

1,300‌

1,352‌

Dollar

Tree

Inc

4.20%,

05/15/2028

1,700‌

2,023‌

DriveTime

Automotive

Group

Inc

/

Bridgecrest

Acceptance

Corp

8.00%,

06/01/2021

(f)

7,063‌

6,856‌

IRB

Holding

Corp

7.00%,

06/15/2025

(f)

5,225‌

5,694‌

L

Brands

Inc

6.75%,

07/01/2036

1,095‌

1,057‌

Reliance

Intermediate

Holdings

LP

6.50%,

04/01/2023

(f)

855‌

870‌

Staples

Inc

10.75%,

04/15/2027

(f)

1,700‌

1,079‌

Walmart

Inc

5.63%,

03/27/2034

GBP

500‌

1,038‌

Yum!

Brands

Inc

7.75%,

04/01/2025

(f)

$

2,900‌

3,255‌

$

37,524‌

Semiconductors

-

0.07%

Micron

Technology

Inc

2.50%,

04/24/2023

2,000‌

2,088‌

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA

Inc

2.70%,

05/01/2025

(f)

1,500‌

1,608‌

$

3,696‌

Software

-

1.43%

ACI

Worldwide

Inc

5.75%,

08/15/2026

(f)

3,425‌

3,570‌

Ascend

Learning

LLC

6.88%,

08/01/2025

(f)

10,873‌

11,199‌

6.88%,

08/01/2025

(f)

1,375‌

1,409‌

Camelot

Finance

SA

4.50%,

11/01/2026

(f)

3,000‌

3,105‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Software

(continued)

Change

Healthcare

Holdings

LLC

/

Change

Healthcare

Finance

Inc

5.75%,

03/01/2025

(f)

$

12,944‌

$

13,235‌

Genesys

Telecommunications

Laboratories

Inc

/

Greeneden

Lux

3

Sarl

10.00%,

11/30/2024

(f)

16,945‌

18,089‌

Microsoft

Corp

3.13%,

12/06/2028

EUR

1,550‌

2,312‌

Open

Text

Corp

3.88%,

02/15/2028

(f)

$

1,300‌

1,352‌

Oracle

Corp

4.13%,

05/15/2045

1,400‌

1,776‌

Sophia

LP

/

Sophia

Finance

Inc

9.00%,

09/30/2023

(f)

6,875‌

6,927‌

SS&C

Technologies

Inc

5.50%,

09/30/2027

(f)

12,625‌

13,556‌

$

76,530‌

Sovereign

-

5.77%

1MDB

Global

Investments

Ltd

4.40%,

03/09/2023

6,600‌

6,479‌

Abu

Dhabi

Government

International

Bond

2.50%,

04/16/2025

(f)

890‌

948‌

3.13%,

10/11/2027

(f)

500‌

559‌

3.13%,

10/11/2027

600‌

671‌

3.13%,

09/30/2049

(f)

2,900‌

3,246‌

Angolan

Government

International

Bond

8.00%,

11/26/2029

(f)

3,700‌

3,080‌

9.50%,

11/12/2025

790‌

719‌

Argentina

Bonar

Bonds

0.00%,

05/07/2024

(e)

1,458‌

562‌

Argentine

Republic

Government

International

Bond

0.00%,

04/22/2021

(e)

2,370‌

1,064‌

0.00%,

04/22/2026

(e)

2,365‌

1,017‌

0.00%,

01/15/2027

(e)

EUR

3,570‌

1,671‌

0.00%,

01/26/2027

(e)

$

400‌

169‌

0.00%,

12/31/2033

(e)

329‌

167‌

0.00%,

12/31/2033

(e)

2,426‌

1,220‌

0.00%,

12/15/2035

(e)

23,615‌

26‌

0.00%,

07/06/2036

(e)

1,275‌

542‌

Brazil

Notas

do

Tesouro

Nacional

Serie

F

10.00%,

01/01/2025

BRL

5,410‌

1,232‌

10.00%,

01/01/2031

15,074‌

3,593‌

Chile

Government

International

Bond

2.45%,

01/31/2031

$

1,000‌

1,074‌

3.24%,

02/06/2028

3,600‌

4,041‌

Colombia

Government

International

Bond

4.00%,

02/26/2024

970‌

1,034‌

4.13%,

05/15/2051

755‌

840‌

Colombian

TES

6.00%,

04/28/2028

COP

3,652,400‌

1,024‌

6.25%,

11/26/2025

5,703,900‌

1,683‌

7.25%,

10/18/2034

4,514,600‌

1,279‌

Costa

Rica

Government

International

Bond

6.13%,

02/19/2031

(f)

$

6,100‌

5,530‌

Dominican

Republic

International

Bond

5.88%,

01/30/2060

(f)

1,020‌

974‌

5.95%,

01/25/2027

6,250‌

6,631‌

6.40%,

06/05/2049

(f)

4,500‌

4,545‌

6.50%,

02/15/2048

1,400‌

1,426‌

6.88%,

01/29/2026

(f)

200‌

220‌

Egypt

Government

International

Bond

5.75%,

05/29/2024

(a),(f)

800‌

806‌

6.13%,

01/31/2022

1,700‌

1,744‌

6.38%,

04/11/2031

EUR

7,150‌

7,794‌

8.88%,

05/29/2050

(f)

$

1,750‌

1,750‌

Schedule

of

Investments

Global

Diversified

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

57

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Sovereign

(continued)

El

Salvador

Government

International

Bond

5.88%,

01/30/2025

$

840‌

$

759‌

7.75%,

01/24/2023

530‌

519‌

Export-Import

Bank

of

India

3.88%,

02/01/2028

3,200‌

3,368‌

Export-Import

Bank

of

Korea

6.20%,

08/07/2021

(f)

INR

99,100‌

1,335‌

8.00%,

05/15/2024

(f)

IDR

25,800,000‌

1,812‌

Finance

Department

Government

of

Sharjah

4.00%,

07/28/2050

(f)

$

2,480‌

2,606‌

Gabon

Government

International

Bond

6.38%,

12/12/2024

(f)

440‌

431‌

6.95%,

06/16/2025

(f)

775‌

760‌

6.95%,

06/16/2025

5,178‌

5,075‌

Ghana

Government

International

Bond

8.13%,

03/26/2032

2,000‌

1,868‌

8.63%,

06/16/2049

5,150‌

4,558‌

8.75%,

03/11/2061

(f)

630‌

557‌

Guatemala

Government

Bond

6.13%,

06/01/2050

900‌

1,096‌

Honduras

Government

International

Bond

6.25%,

01/19/2027

1,750‌

1,894‌

Indonesia

Government

International

Bond

3.50%,

01/11/2028

830‌

911‌

4.35%,

01/08/2027

(f)

500‌

574‌

4.45%,

04/15/2070

400‌

498‌

4.63%,

04/15/2043

(f)

990‌

1,215‌

4.75%,

07/18/2047

(f)

725‌

916‌

4.75%,

07/18/2047

400‌

506‌

Indonesia

Treasury

Bond

7.00%,

09/15/2030

IDR

13,935,000‌

967‌

7.50%,

08/15/2032

17,835,000‌

1,240‌

8.38%,

03/15/2034

53,405,000‌

3,966‌

Israel

Government

International

Bond

4.50%,

01/30/2043

$

3,050‌

4,056‌

Ivory

Coast

Government

International

Bond

5.75%,

12/31/2032

(k)

7,470‌

7,218‌

6.88%,

10/17/2040

(f)

EUR

2,190‌

2,393‌

Jordan

Government

International

Bond

5.85%,

07/07/2030

(f)

$

980‌

980‌

Kenya

Government

International

Bond

7.00%,

05/22/2027

(f)

3,217‌

3,165‌

8.00%,

05/22/2032

4,409‌

4,347‌

8.25%,

02/28/2048

2,000‌

1,956‌

Malaysia

Government

Bond

3.76%,

05/22/2040

MYR

6,184‌

1,579‌

3.83%,

07/05/2034

5,973‌

1,544‌

Mexican

Bonos

7.50%,

06/03/2027

MXN

20,398‌

1,026‌

7.75%,

05/29/2031

61,540‌

3,165‌

8.00%,

11/07/2047

19,017‌

973‌

8.50%,

05/31/2029

50,258‌

2,695‌

10.00%,

12/05/2024

15,868‌

854‌

10.00%,

11/20/2036

34,490‌

2,115‌

Mexico

Government

International

Bond

4.75%,

04/27/2032

$

1,105‌

1,266‌

4.75%,

03/08/2044

2,350‌

2,670‌

Mongolia

Government

International

Bond

5.13%,

12/05/2022

885‌

887‌

Morocco

Government

International

Bond

4.25%,

12/11/2022

1,400‌

1,470‌

Mozambique

International

Bond

5.00%,

09/15/2031

(f)

6,450‌

5,478‌

Nigeria

Government

International

Bond

6.50%,

11/28/2027

9,400‌

8,940‌

7.14%,

02/23/2030

(f)

1,040‌

997‌

7.63%,

11/21/2025

(f)

890‌

917‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Sovereign

(continued)

Oman

Government

International

Bond

6.75%,

01/17/2048

$

2,375‌

$

2,102‌

Oman

Sovereign

Sukuk

Co

4.40%,

06/01/2024

1,100‌

1,088‌

Panama

Government

International

Bond

4.50%,

04/01/2056

615‌

830‌

Peru

Government

Bond

5.94%,

02/12/2029

(f)

PEN

24,020‌

8,154‌

6.15%,

08/12/2032

(f)

24,200‌

8,127‌

Perusahaan

Penerbit

SBSN

Indonesia

III

4.55%,

03/29/2026

$

1,150‌

1,308‌

Peruvian

Government

International

Bond

2.39%,

01/23/2026

860‌

914‌

2.78%,

01/23/2031

1,315‌

1,464‌

5.63%,

11/18/2050

1,200‌

2,046‌

6.35%,

08/12/2028

(f)

PEN

4,689‌

1,629‌

6.90%,

08/12/2037

(f)

3,933‌

1,378‌

Qatar

Government

International

Bond

3.40%,

04/16/2025

(f)

$

745‌

822‌

3.75%,

04/16/2030

(f)

2,125‌

2,497‌

4.40%,

04/16/2050

(f)

725‌

984‌

Republic

of

Belarus

International

Bond

6.88%,

02/28/2023

1,600‌

1,616‌

Republic

of

Belarus

Ministry

of

Finance

5.88%,

02/24/2026

(f)

4,675‌

4,521‌

Republic

of

Poland

Government

International

Bond

3.25%,

04/06/2026

3,500‌

3,946‌

Republic

of

South

Africa

Government

Bond

8.00%,

01/31/2030

ZAR

83,940‌

4,533‌

Romania

Government

Bond

3.65%,

09/24/2031

RON

9,650‌

2,207‌

5.00%,

02/12/2029

6,085‌

1,586‌

Romanian

Government

International

Bond

2.00%,

01/28/2032

(f)

EUR

5,750‌

6,460‌

3.00%,

02/14/2031

(a),(f)

$

930‌

946‌

3.62%,

05/26/2030

(f)

EUR

815‌

1,061‌

5.13%,

06/15/2048

$

2,500‌

3,094‌

Russian

Federal

Bond

-

OFZ

6.90%,

05/23/2029

RUB

120,733‌

1,753‌

7.07%,

01/19/2028

615,967‌

9,043‌

7.10%,

10/16/2024

120,143‌

1,754‌

7.40%,

12/07/2022

122,298‌

1,755‌

7.65%,

04/10/2030

91,758‌

1,398‌

7.70%,

03/23/2033

174,167‌

2,685‌

Russian

Foreign

Bond

-

Eurobond

4.38%,

03/21/2029

$

3,400‌

3,897‌

4.50%,

04/04/2022

200‌

212‌

4.75%,

05/27/2026

800‌

923‌

5.25%,

06/23/2047

400‌

546‌

Saudi

Government

International

Bond

3.25%,

10/26/2026

(f)

1,200‌

1,317‌

3.25%,

10/22/2030

(f)

1,290‌

1,426‌

4.50%,

10/26/2046

3,000‌

3,795‌

Senegal

Government

International

Bond

4.75%,

03/13/2028

EUR

6,100‌

6,901‌

Serbia

International

Bond

3.13%,

05/15/2027

(f)

560‌

702‌

Sri

Lanka

Government

International

Bond

7.55%,

03/28/2030

$

5,900‌

4,337‌

Trinidad

&

Tobago

Government

International

Bond

4.50%,

08/04/2026

(a)

1,700‌

1,738‌

Turkey

Government

International

Bond

5.25%,

03/13/2030

1,090‌

938‌

5.75%,

05/11/2047

1,595‌

1,262‌

Schedule

of

Investments

Global

Diversified

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

58

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Sovereign

(continued)

Ukraine

Government

Bond

16.00%,

08/11/2021

UAH

86,000‌

$

3,232‌

17.00%,

05/11/2022

101,000‌

3,894‌

Ukraine

Government

International

Bond

0.00%,

05/31/2040

(e),(k)

$

3,245‌

2,846‌

4.38%,

01/27/2030

(f)

EUR

7,905‌

7,807‌

6.75%,

06/20/2026

1,200‌

1,419‌

7.25%,

03/15/2033

(f)

$

1,275‌

1,230‌

7.75%,

09/01/2026

5,000‌

5,113‌

Ukreximbank

Via

Biz

Finance

PLC

9.75%,

01/22/2025

1,240‌

1,273‌

Venezuela

Government

International

Bond

0.00%,

10/13/2019

(e)

15,701‌

1,076‌

0.00%,

05/07/2023

(e)

9,395‌

644‌

0.00%,

09/15/2027

(e)

6,190‌

424‌

0.00%,

08/05/2031

(e)

6,825‌

468‌

Vietnam

Government

International

Bond

4.80%,

11/19/2024

1,400‌

1,547‌

Zambia

Government

International

Bond

8.50%,

04/14/2024

1,640‌

918‌

$

309,068‌

Supranational

Bank

-

0.30%

African

Export-Import

Bank/The

3.99%,

09/21/2029

(f)

6,185‌

6,270‌

Banque

Ouest

Africaine

de

Developpement

4.70%,

10/22/2031

(f)

1,430‌

1,452‌

Eastern

&

Southern

African

Trade

&

Development

Bank

4.88%,

05/23/2024

7,269‌

7,346‌

5.38%,

03/14/2022

1,140‌

1,154‌

$

16,222‌

Telecommunications

-

3.06%

Altice

France

SA/France

7.38%,

05/01/2026

(f)

5,950‌

6,347‌

AT&T

Inc

2.45%,

03/15/2035

EUR

250‌

326‌

4.38%,

09/14/2029

GBP

850‌

1,357‌

7.00%,

04/30/2040

200‌

439‌

Axtel

SAB

de

CV

6.38%,

11/14/2024

$

9,400‌

9,824‌

6.38%,

11/14/2024

(f)

400‌

418‌

C&W

Senior

Financing

DAC

6.88%,

09/15/2027

(f)

8,565‌

9,146‌

Colombia

Telecomunicaciones

SA

ESP

4.95%,

07/17/2030

(f)

680‌

699‌

CommScope

Inc

6.00%,

03/01/2026

(f)

6,750‌

7,201‌

8.25%,

03/01/2027

(f)

3,250‌

3,505‌

CommScope

Technologies

LLC

5.00%,

03/15/2027

(f)

2,150‌

2,077‌

6.00%,

06/15/2025

(f)

9,110‌

9,308‌

Comunicaciones

Celulares

SA

Via

Comcel

Trust

6.88%,

02/06/2024

(f)

790‌

810‌

6.88%,

02/06/2024

6,950‌

7,124‌

Connect

Finco

SARL

/

Connect

US

Finco

LLC

6.75%,

10/01/2026

(f)

5,185‌

5,316‌

Digicel

Group

0.5

Ltd

10.00%,

PIK

0.00%,

04/01/2024

(k),(n)

2,512‌

1,897‌

Digicel

International

Finance

Ltd

/

Digicel

Holdings

Bermuda

Ltd

8.75%,

05/25/2024

(f)

450‌

453‌

8.75%,

05/25/2024

(f)

1,000‌

1,006‌

8.75%,

05/25/2024

5,175‌

5,207‌

Digicel

Ltd

6.75%,

03/01/2023

(f)

2,600‌

1,768‌

Embarq

Corp

8.00%,

06/01/2036

755‌

885‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Telecommunications

(continued)

GTT

Communications

Inc

7.88%,

12/31/2024

(f)

$

27,763‌

$

15,686‌

Kenbourne

Invest

SA

6.88%,

11/26/2024

(f)

800‌

816‌

Koninklijke

KPN

NV

5.75%,

09/17/2029

GBP

1,200‌

2,007‌

7.00%,

03/28/2073

(f),(j)

$

400‌

438‌

USD

Swap

Semi-Annual

10

Year

+

5.21%

Level

3

Financing

Inc

5.13%,

05/01/2023

5,300‌

5,322‌

MTN

Mauritius

Investments

Ltd

4.76%,

11/11/2024

7,090‌

7,191‌

Nokia

Oyj

2.00%,

03/15/2024

EUR

400‌

484‌

Oi

SA

8.00%,

PIK

4.00%,

07/27/2025

(k),(n)

$

1,165‌

1,126‌

Sprint

Capital

Corp

8.75%,

03/15/2032

1,130‌

1,743‌

Sprint

Corp

7.13%,

06/15/2024

6,100‌

7,116‌

Telecom

Italia

SpA

/Milano

5.30%,

05/30/2024

(f)

1,815‌

2,028‌

Telefonica

Celular

del

Paraguay

SA

5.88%,

04/15/2027

(f)

700‌

741‌

Telefonica

Europe

BV

3.75%,

12/31/2049

(

i

),(j)

EUR

1,000‌

1,190‌

EUR

Swap

Annual

(VS

6

Month)

5

Year

+

3.86%

T-Mobile

USA

Inc

5.13%,

04/15/2025

$

1,575‌

1,614‌

Turk

Telekomunikasyon

AS

4.88%,

06/19/2024

1,200‌

1,170‌

Turkcell

Iletisim

Hizmetleri

AS

5.80%,

04/11/2028

2,000‌

1,953‌

Verizon

Communications

Inc

2.50%,

05/16/2030

CAD

1,000‌

789‌

4.86%,

08/21/2046

$

400‌

573‌

ViaSat

Inc

5.63%,

09/15/2025

(f)

11,775‌

11,863‌

5.63%,

04/15/2027

(f)

4,100‌

4,345‌

6.50%,

07/15/2028

(f)

3,400‌

3,492‌

Vodafone

Group

PLC

5.00%,

05/30/2038

950‌

1,232‌

VTR

Comunicaciones

SpA

5.13%,

01/15/2028

(f)

325‌

345‌

Zayo

Group

Holdings

Inc

4.00%,

03/01/2027

(f)

12,325‌

12,352‌

6.13%,

03/01/2028

(f)

2,950‌

3,046‌

$

163,775‌

Transportation

-

0.26%

BNSF

Funding

Trust

I

6.61%,

12/15/2055

(j)

3,510‌

3,852‌

3

Month

USD

LIBOR

+

2.35%

Burlington

Northern

Santa

Fe

LLC

4.15%,

04/01/2045

950‌

1,262‌

Empresa

de

Transporte

de

Pasajeros

Metro

SA

3.65%,

05/07/2030

(f)

600‌

664‌

4.70%,

05/07/2050

(f)

615‌

770‌

JSL

Europe

SA

7.75%,

07/26/2024

1,900‌

1,905‌

Lima

Metro

Line

2

Finance

Ltd

4.35%,

04/05/2036

(f)

1,500‌

1,656‌

MV24

Capital

BV

6.75%,

06/01/2034

(f)

600‌

598‌

Pelabuhan

Indonesia

II

PT

4.25%,

05/05/2025

(f)

300‌

323‌

5.38%,

05/05/2045

(f)

850‌

952‌

Schedule

of

Investments

Global

Diversified

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

59

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Transportation

(continued)

Rumo

Luxembourg

Sarl

7.38%,

02/09/2024

(a)

$

1,800‌

$

1,896‌

$

13,878‌

Trucking

&

Leasing

-

0.01%

DAE

Funding

LLC

5.00%,

08/01/2024

750‌

694‌

Water

-

0.06%

American

Water

Capital

Corp

2.80%,

05/01/2030

800‌

902‌

Essential

Utilities

Inc

2.70%,

04/15/2030

1,950‌

2,130‌

$

3,032‌

TOTAL

BONDS

$

3,635,200‌

CONVERTIBLE

BONDS

-

0.01%

Principal

Amount

(000's)

Value

(000's)

Mining

-

0.01%

Mirabela

Nickel

Ltd

0.00%,

06/24/2019

(e),(f)

$

6,966‌

$

348‌

TOTAL

CONVERTIBLE

BONDS

$

348‌

SENIOR

FLOATING

RATE

INTERESTS

-

8.20%

Principal

Amount

(000's)

Value

(000's)

Automobile

Parts

&

Equipment

-

0.85%

Clarios

Global

LP

3.66%,

04/30/2026

(p)

$

6,823‌

$

6,651‌

3

Month

USD

LIBOR

+

3.50%

Dexko

Global

Inc

9.25%,

07/24/2025

(p)

21,140‌

18,868‌

3

Month

USD

LIBOR

+

8.25%

Truck

Hero

Inc

9.25%,

05/16/2025

(p)

22,010‌

20,084‌

3

Month

USD

LIBOR

+

8.25%

$

45,603‌

Commercial

Services

-

0.67%

KUEHG

Corp

9.25%,

08/22/2025

(p)

16,360‌

13,252‌

3

Month

USD

LIBOR

+

8.25%

Learning

Care

Group

US

No

2

Inc

4.25%,

03/06/2025

(p)

2,437‌

2,142‌

3

Month

USD

LIBOR

+

3.25%

8.50%,

03/13/2026

(p)

16,300‌

13,040‌

3

Month

USD

LIBOR

+

7.50%

PAREXEL

International

Corp

2.92%,

08/09/2024

(p)

4,525‌

4,341‌

3

Month

USD

LIBOR

+

2.75%

Refinitiv

US

Holdings

Inc

3.42%,

10/01/2025

(p)

3,127‌

3,102‌

1

Month

USD

LIBOR

+

3.25%

$

35,877‌

Computers

-

0.18%

Flexential

Intermediate

Corp

7.59%,

07/24/2025

(p)

21,350‌

9,434‌

3

Month

USD

LIBOR

+

7.25%

Cosmetics

&

Personal

Care

-

0.31%

Wellness

Merger

Sub

Inc

9.75%,

06/27/2025

(p)

19,410‌

16,498‌

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

-

0.28%

Deliver

Buyer

Inc

6.00%,

05/01/2024

(p)

15,756‌

15,073‌

3

Month

USD

LIBOR

+

5.00%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Entertainment

-

0.40%

18

Fremont

Street

Acquisition

LLC

9.50%,

08/09/2025

(p)

$

17,870‌

$

15,690‌

1

Month

USD

LIBOR

+

8.00%

Playtika

Holding

Corp

7.71%,

12/03/2024

(p)

5,838‌

5,881‌

1

Month

USD

LIBOR

+

6.00%

$

21,571‌

Healthcare

-

Services

-

0.88%

ATI

Holdings

Acquisition

Inc

4.57%,

05/10/2023

(p)

1,380‌

1,271‌

3

Month

USD

LIBOR

+

3.50%

Aveanna

Healthcare

LLC

9.00%,

03/16/2025

(p)

23,880‌

20,776‌

3

Month

USD

LIBOR

+

8.00%

Dental

Corp

of

Canada

Inc

8.50%,

06/01/2026

(p)

17,170‌

14,594‌

3

Month

USD

LIBOR

+

7.50%

Dentalcorp

Health

Services

ULC

4.75%,

06/01/2025

(p)

2,671‌

2,395‌

3

Month

USD

LIBOR

+

3.75%

Sound

Inpatient

Physicians

Holdings

LLC

6.93%,

06/26/2026

(p)

8,525‌

8,163‌

3

Month

USD

LIBOR

+

6.75%

$

47,199‌

Insurance

-

0.77%

Asurion

LLC

6.67%,

08/04/2025

(p)

22,019‌

22,178‌

3

Month

USD

LIBOR

+

6.50%

6.67%,

08/04/2025

(p)

19,070‌

19,207‌

3

Month

USD

LIBOR

+

6.50%

Internet

-

1.06%

MH

Sub

I

LLC

8.57%,

09/15/2025

(p)

22,223‌

21,584‌

3

Month

USD

LIBOR

+

7.50%

Ten-X

LLC

9.00%,

09/29/2025

(g),(h),(p)

35,440‌

35,440‌

1

Month

USD

LIBOR

+

8.00%

$

57,024‌

Investment

Companies

-

0.40%

Masergy

Holdings

Inc

8.56%,

12/16/2024

(p)

13,674‌

12,717‌

3

Month

USD

LIBOR

+

7.50%

Zest

Acquisition

Corp

8.66%,

03/06/2026

(p)

11,260‌

8,895‌

3

Month

USD

LIBOR

+

7.50%

$

21,612‌

Lodging

-

0.03%

Caesers

Resort

4.72%,

06/19/2025

(p)

1,825‌

1,756‌

1

Month

USD

LIBOR

+

4.50%

Machinery

-

Diversified

-

0.49%

Engineered

Machinery

Holdings

Inc

8.25%,

07/25/2025

(p)

22,333‌

20,770‌

3

Month

USD

LIBOR

+

7.25%

Granite

US

Holdings

Corp

6.39%,

09/30/2026

(p)

6,343‌

5,566‌

1

Month

USD

LIBOR

+

5.25%

$

26,336‌

Miscellaneous

Manufacturers

-

0.10%

UTEX

Industries

Inc

5.16%,

05/22/2021

(p)

11,628‌

3,036‌

3

Month

USD

LIBOR

+

4.00%

7.43%,

05/22/2022

(p)

21,490‌

2,445‌

1

Month

USD

LIBOR

+

7.25%

$

5,481‌

Schedule

of

Investments

Global

Diversified

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

60

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Oil

&

Gas

-

0.08%

Encino

Acquisition

7.75%,

10/29/2025

(p)

$

5,860‌

$

4,014‌

3

Month

USD

LIBOR

+

6.75%

Pharmaceuticals

-

0.77%

Lanai

Holdings

III

Inc

1.00%,

PIK

10.50%,

08/14/2023

(n),(p)

26,421‌

17,174‌

3

Month

USD

LIBOR

+

8.50%

Packaging

Coordinators

Midco

Inc

9.83%,

06/29/2024

(p)

24,050‌

23,809‌

3

Month

USD

LIBOR

+

8.75%

$

40,983‌

REITs

-

0.06%

CoreCivic

Inc

5.50%,

12/12/2024

(p)

3,291‌

3,225‌

1

Month

USD

LIBOR

+

4.50%

Software

-

0.87%

Applied

Systems

Inc

8.00%,

09/19/2025

(p)

5,425‌

5,461‌

3

Month

USD

LIBOR

+

7.00%

Evergreen

Skills

Lux

Sarl

0.00%,

04/28/2021

(e),(p)

13,162‌

8,378‌

3

Month

USD

LIBOR

+

4.75%

Greeneden

US

Holdings

II

LLC

3.42%,

12/01/2023

(p)

2,896‌

2,847‌

3

Month

USD

LIBOR

+

3.25%

Informatica

LLC

7.13%,

02/14/2025

(p)

7,950‌

8,016‌

Sophia

LP

4.25%,

09/30/2022

(p)

1,493‌

1,481‌

3

Month

USD

LIBOR

+

3.25%

Ultimate

Software

7.50%,

05/03/2027

(p)

1,950‌

1,982‌

3

Month

USD

LIBOR

+

6.75%

Vertafore

Inc

3.43%,

07/02/2025

(p)

298‌

283‌

3

Month

USD

LIBOR

+

3.25%

7.43%,

06/04/2026

(p)

18,400‌

18,085‌

3

Month

USD

LIBOR

+

7.25%

$

46,533‌

TOTAL

SENIOR

FLOATING

RATE

INTERESTS

$

439,604‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

0.10%

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

-

0.10%

0.50%,

06/30/2027

$

3,000‌

$

3,023‌

0.63%,

05/15/2030

1,600‌

1,613‌

1.25%,

05/15/2050

800‌

811‌

$

5,447‌

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

5,447‌

Total

Investments

$

5,355,464‌

Other

Assets

and

Liabilities

-  0.03%

1,508‌

TOTAL

NET

ASSETS

-

100.00%

$

5,356,972‌

(a)

Security

or

a

portion

of

the

security

was

on

loan

at

the

end

of

the

period.

(b)

Current

yield

shown

is

as

of

period

end.

(c)

Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$36,047

or

0.67%

of

net

assets.

(d)

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

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(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

$2,058,519

or

38.43%

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

$170,815

or

3.19%

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)

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)

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(l)

Security

is

an

Interest

Only

Strip.

(m)

Security

purchased

on

a

when-issued

basis.

(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

additional

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

July

31,

2020

(unaudited)

See

accompanying

notes.

61

Portfolio

Summary  (unaudited)

Location

Percent

United

States

69.85‌%

Canada

3.86‌%

United

Kingdom

2.50‌%

Netherlands

1.97‌%

Japan

1.70‌%

Cayman

Islands

1.60‌%

Mexico

1.59‌%

France

1.42‌%

Supranational

0.85‌%

Switzerland

0.80‌%

Australia

0.71‌%

Luxembourg

0.70‌%

Virgin

Islands,

British

0.65‌%

Germany

0.52‌%

Peru

0.51‌%

India

0.48‌%

Ukraine

0.47‌%

Russian

Federation

0.44‌%

Brazil

0.43‌%

Indonesia

0.39‌%

Ireland

0.38‌%

Italy

0.37‌%

Hong

Kong

0.33‌%

Jersey,

Channel

Islands

0.31‌%

Sweden

0.30‌%

Romania

0.29‌%

Nigeria

0.28‌%

Singapore

0.27‌%

Dominican

Republic

0.26‌%

Spain

0.26‌%

United

Arab

Emirates

0.25‌%

Turkey

0.24‌%

Egypt

0.23‌%

Colombia

0.23‌%

Chile

0.22‌%

Argentina

0.20‌%

Kenya

0.18‌%

Mauritius

0.18‌%

China

0.17‌%

Cote

d'Ivoire

0.17‌%

Denmark

0.16‌%

Saudi

Arabia

0.15‌%

Austria

0.15‌%

Taiwan

0.15‌%

Ghana

0.14‌%

South

Africa

0.14‌%

Senegal

0.13‌%

Isle

of

Man

0.12‌%

Bermuda

0.12‌%

Tunisia

0.12‌%

Gabon

0.11‌%

Belarus

0.11‌%

Mozambique

0.10‌%

Azerbaijan

0.10‌%

Costa

Rica

0.10‌%

Venezuela

0.10‌%

Norway

0.10‌%

Israel

0.10‌%

Qatar

0.09‌%

Malaysia

0.09‌%

Sri

Lanka

0.08‌%

Korea,

Republic

Of

0.08‌%

Poland

0.07‌%

Angola

0.07‌%

Morocco

0.07‌%

Oman

0.06‌%

Belgium

0.05‌%

Mongolia

0.05‌%

Finland

0.05‌%

Togo

0.05‌%

Portfolio

Summary  (unaudited)

(continued)

Location

Percent

Panama

0.04‌%

Honduras

0.04‌%

Thailand

0.04‌%

Vietnam

0.03‌%

Portugal

0.03‌%

Ecuador

0.03‌%

Trinidad

And

Tobago

0.03‌%

Cyprus

0.02‌%

Guatemala

0.02‌%

El

Salvador

0.02‌%

Jordan

0.02‌%

Zambia

0.02‌%

Philippines

0.01‌%

Serbia

0.01‌%

New

Zealand

0.01‌%

Cambodia

0.01‌%

Paraguay

0.01‌%

Kazakhstan

0.01‌%

Other

Assets

and

Liabilities

0.03‌%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

Global

Diversified

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

62

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

225,082‌

$

5,233,178‌

$

5,324,301‌

$

133,959‌

$

225,082‌

$

5,233,178‌

$

5,324,301‌

$

133,959‌

Income

(a)

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

1,380‌

$

—‌

$

—‌

$

—‌

$

1,380‌

$

—‌

$

—‌

$

—‌

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  

0.00%,

01/09/2024

12/22/2016

-

06/30/2020

$

23,518‌

$

22,465‌

0.42%

Real

Alloy

Holding

Inc

0.00%,

11/30/2023

05/31/2018-06/30/2020

19,795‌

19,795‌

0.37%

Specialty

Steel  

10.68%,

11/15/2022

11/15/2017

41,148‌

41,564‌

0.78%

SportsNet

New

York  

10.25%,

01/15/2025

12/27/2017

19,789‌

20,944‌

0.39%

Total

$

104,768‌

1.96%

Amounts

in

thousands.

Foreign

Currency

Contracts

Unrealized

Appreciation/(Depreciation)

Counterparty

Settlement

Date

Currency

to

Accept

Currency

to

Deliver

Asset

Liability

Bank

of

New

York

Mellon

08/31/2020

$

6,091‌

EUR

5,525‌

$

—‌

$

(420‌)

Bank

of

New

York

Mellon

08/31/2020

EUR

820‌

$

935‌

31‌

—‌

Barclays

Bank

PLC

08/31/2020

CZK

72,813‌

$

3,247‌

24‌

—‌

Barclays

Bank

PLC

08/31/2020

HUF

878,976‌

$

2,967‌

43‌

—‌

Barclays

Bank

PLC

08/31/2020

PLN

8,850‌

$

2,347‌

18‌

—‌

Citigroup

Inc

08/17/2020

EUR

6,856‌

$

7,980‌

98‌

—‌

Citigroup

Inc

08/17/2020

$

215‌

EUR

185‌

—‌

(3‌)

Goldman

Sachs

&

Co

08/14/2020

$

4,846‌

BRL

25,800‌

—‌

(98‌)

Goldman

Sachs

&

Co

08/14/2020

$

4,607‌

RUB

330,000‌

167‌

—‌

Goldman

Sachs

&

Co

08/14/2020

RUB

28,300‌

$

393‌

—‌

(12‌)

Goldman

Sachs

&

Co

08/14/2020

$

4,077‌

ZAR

70,000‌

—‌

(14‌)

HSBC

Securities

Inc

08/14/2020

PEN

29,975‌

$

8,548‌

—‌

(65‌)

HSBC

Securities

Inc

08/14/2020

$

8,440‌

PEN

29,975‌

—‌

(43‌)

HSBC

Securities

Inc

08/14/2020

RUB

744,400‌

$

10,304‌

—‌

(288‌)

HSBC

Securities

Inc

08/14/2020

$

14,497‌

RUB

1,060,200‌

232‌

—‌

HSBC

Securities

Inc

08/14/2020

ZAR

3,500‌

$

209‌

—‌

(4‌)

HSBC

Securities

Inc

08/17/2020

$

55,613‌

EUR

48,857‌

—‌

(1,951‌)

HSBC

Securities

Inc

08/31/2020

$

1,315‌

CLP

995,497‌

—‌

(1‌)

HSBC

Securities

Inc

08/31/2020

COP

4,880,233‌

$

1,314‌

—‌

(9‌)

JPMorgan

Chase

08/04/2020

$

6,312‌

BRL

32,527‌

77‌

—‌

JPMorgan

Chase

08/04/2020

BRL

22,345‌

$

4,334‌

—‌

(51‌)

JPMorgan

Chase

08/14/2020

BRL

25,800‌

$

4,913‌

31‌

—‌

JPMorgan

Chase

08/14/2020

$

3,860‌

ZAR

64,800‌

73‌

—‌

JPMorgan

Chase

08/17/2020

EUR

986‌

$

1,170‌

—‌

(8‌)

JPMorgan

Chase

08/17/2020

$

552‌

EUR

478‌

—‌

(12‌)

JPMorgan

Chase

08/17/2020

EUR

86‌

$

100‌

2‌

—‌

JPMorgan

Chase

08/31/2020

$

1,491‌

MXN

32,778‌

23‌

—‌

JPMorgan

Chase

08/31/2020

$

2,513‌

ZAR

41,615‌

85‌

—‌

JPMorgan

Chase

09/02/2020

BRL

30,852‌

$

5,982‌

—‌

(74‌)

JPMorgan

Chase

09/03/2020

RUB

120,335‌

$

1,620‌

—‌

(5‌)

Standard

Chartered

Bank,

Hong

Kong

08/04/2020

BRL

37,608‌

$

7,085‌

124‌

—‌

Standard

Chartered

Bank,

Hong

Kong

08/04/2020

$

5,016‌

BRL

27,234‌

—‌

(205‌)

Toronto

Dominion

Bank

08/31/2020

$

2,637‌

EUR

2,247‌

—‌

(11‌)

Toronto

Dominion

Bank

08/31/2020

$

300‌

HUF

87,534‌

—‌

—‌

Total

$

1,028‌

$

(3,274‌)

Amounts

in

thousands.

Schedule

of

Investments

Global

Real

Estate

Securities

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

63

INVESTMENT

COMPANIES

-

0.76%

Shares

Held

Value

(000's)

Money

Market

Funds

-

0.76%

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

(a),(b),(c)

21,793,294‌

$

21,793‌

TOTAL

INVESTMENT

COMPANIES

$

21,793‌

COMMON

STOCKS

-

99.08%

Shares

Held

Value

(000's)

Engineering

&

Construction

-

0.70%

Lendlease

Corp

Ltd

2,469,230‌

$

20,059‌

Lodging

-

1.21%

Choice

Hotels

International

Inc

71,968‌

6,048‌

City

Developments

Ltd

2,932,800‌

17,563‌

Hilton

Worldwide

Holdings

Inc

149,347‌

11,209‌

$

34,820‌

Real

Estate

-

16.11%

Castellum

AB

1,053,429‌

22,656‌

Entra

ASA

(d)

1,697,641‌

23,965‌

ESR

Cayman

Ltd

(b),(d)

1,346,800‌

3,321‌

Fabege

AB

1,753,693‌

22,491‌

Hang

Lung

Properties

Ltd

4,768,000‌

11,698‌

LEG

Immobilien

AG

209,001‌

29,142‌

Mitsubishi

Estate

Co

Ltd

3,818,200‌

54,850‌

Mitsui

Fudosan

Co

Ltd

1,847,593‌

28,885‌

New

World

Development

Co

Ltd

10,531,250‌

51,422‌

Sun

Hung

Kai

Properties

Ltd

4,247,000‌

51,651‌

Sunac

China

Holdings

Ltd

2,347,000‌

11,067‌

Vonovia

SE

2,143,885‌

138,572‌

Wihlborgs

Fastigheter

AB

822,441‌

13,860‌

$

463,580‌

REITs

-

79.43%

Alexandria

Real

Estate

Equities

Inc

364,722‌

64,756‌

Allied

Properties

Real

Estate

Investment

Trust

1,121,104‌

33,572‌

American

Homes

4

Rent

2,193,833‌

63,621‌

American

Tower

Corp

184,233‌

48,157‌

Apartment

Investment

and

Management

Co

922,327‌

35,805‌

Ascendas

Real

Estate

Investment

Trust

11,759,700‌

30,440‌

AvalonBay

Communities

Inc

685,377‌

104,945‌

Big

Yellow

Group

PLC

910,519‌

12,140‌

Boston

Properties

Inc

195,015‌

17,374‌

Brandywine

Realty

Trust

971,348‌

10,520‌

Camden

Property

Trust

269,983‌

24,517‌

Canadian

Apartment

Properties

REIT

879,716‌

31,899‌

CapitaLand

Commercial

Trust

11,027,700‌

13,004‌

Charter

Hall

Group

1,109,082‌

8,268‌

CoreSite

Realty

Corp

153,353‌

19,790‌

Cousins

Properties

Inc

964,924‌

29,642‌

CubeSmart

1,243,374‌

36,891‌

CyrusOne

Inc

368,696‌

30,757‌

Daiwa

Office

Investment

Corp

5,605‌

29,385‌

Dexus

3,933,477‌

23,878‌

Equinix

Inc

78,656‌

61,783‌

Equity

LifeStyle

Properties

Inc

456,311‌

31,175‌

Equity

Residential

443,830‌

23,803‌

Essential

Properties

Realty

Trust

Inc

562,479‌

9,056‌

Essex

Property

Trust

Inc

252,665‌

55,773‌

Extra

Space

Storage

Inc

407,689‌

42,131‌

Federal

Realty

Investment

Trust

83,432‌

6,366‌

First

Industrial

Realty

Trust

Inc

572,413‌

25,140‌

Gecina

SA

230,560‌

29,909‌

Goodman

Group

5,371,807‌

65,314‌

Great

Portland

Estates

PLC

1,638,257‌

12,633‌

Healthcare

Trust

of

America

Inc

1,782,824‌

49,224‌

Healthpeak

Properties

Inc

425,670‌

11,616‌

Industrial

&

Infrastructure

Fund

Investment

Corp

20,728‌

38,984‌

Inmobiliaria

Colonial

Socimi

SA

3,458,303‌

29,644‌

InterRent

Real

Estate

Investment

Trust

1,237,450‌

12,620‌

Invitation

Homes

Inc

3,299,473‌

98,390‌

Japan

Hotel

REIT

Investment

Corp

38,447‌

13,946‌

Japan

Retail

Fund

Investment

Corp

8,583‌

10,320‌

Kilroy

Realty

Corp

367,700‌

21,426‌

Klepierre

SA

611,153‌

10,584‌

Link

REIT

6,194,800‌

48,066‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

REITs

(continued)

Mapletree

Industrial

Trust

2,415,700‌

$

5,776‌

Merlin

Properties

Socimi

SA

2,460,991‌

20,361‌

MGM

Growth

Properties

LLC

386,181‌

10,558‌

Mori

Hills

REIT

Investment

Corp

10,600‌

13,745‌

Nippon

Prologis

REIT

Inc

(b)

6,723‌

23,208‌

Nomura

Real

Estate

Master

Fund

Inc

35,095‌

43,524‌

Park

Hotels

&

Resorts

Inc

924,515‌

7,646‌

Prologis

Inc

1,759,956‌

185,535‌

Prologis

Property

Mexico

SA

de

CV

4,227,382‌

8,320‌

Regency

Centers

Corp

615,297‌

25,246‌

Rexford

Industrial

Realty

Inc

1,444,189‌

67,776‌

Sabra

Health

Care

REIT

Inc

926,755‌

13,660‌

Saul

Centers

Inc

229,063‌

7,034‌

Segro

PLC

8,457,001‌

107,102‌

Sekisui

House

Reit

Inc

28,225‌

18,463‌

Simon

Property

Group

Inc

288,850‌

18,010‌

STORE

Capital

Corp

1,738,936‌

41,195‌

Summit

Industrial

Income

REIT

1,496,837‌

13,466‌

Sun

Communities

Inc

408,691‌

61,275‌

Taubman

Centers

Inc

95,462‌

3,696‌

Terreno

Realty

Corp

335,314‌

20,374‌

UNITE

Group

PLC/The

2,572,209‌

31,570‌

United

Urban

Investment

Corp

28,044‌

27,272‌

Ventas

Inc

637,152‌

24,441‌

VICI

Properties

Inc

1,388,131‌

30,136‌

Vicinity

Centres

7,404,442‌

6,840‌

Welltower

Inc

1,169,034‌

62,613‌

Weyerhaeuser

Co

315,727‌

8,780‌

$

2,284,886‌

Storage

&

Warehousing

-

0.83%

Safestore

Holdings

PLC

2,384,663‌

23,971‌

Telecommunications

-

0.80%

NEXTDC

Ltd

(b)

2,833,204‌

22,934‌

TOTAL

COMMON

STOCKS

$

2,850,250‌

Total

Investments

$

2,872,043‌

Other

Assets

and

Liabilities

-  0.16%

4,546‌

TOTAL

NET

ASSETS

-

100.00%

$

2,876,589‌

(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

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(b)

Non-income

producing

security

(c)

Current

yield

shown

is

as

of

period

end.

(d)

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$27,286

or

0.95%

of

net

assets.

Schedule

of

Investments

Global

Real

Estate

Securities

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

64

Portfolio

Summary  (unaudited)

Location

Percent

United

States

53.86‌%

Japan

10.52‌%

United

Kingdom

6.51‌%

Germany

5.83‌%

Hong

Kong

5.78‌%

Australia

5.13‌%

Canada

3.19‌%

Singapore

2.32‌%

Sweden

2.05‌%

Spain

1.74‌%

France

1.41‌%

Norway

0.83‌%

China

0.38‌%

Mexico

0.29‌%

Other

Assets

and

Liabilities

0.16‌%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

6,414‌

$

720,646‌

$

705,267‌

$

21,793‌

$

6,414‌

$

720,646‌

$

705,267‌

$

21,793‌

Income

(a)

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

237‌

$

—‌

$

—‌

$

—‌

$

237‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Government

&

High

Quality

Bond

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

65

INVESTMENT

COMPANIES

-

12.21%

Shares

Held

Value

(000's)

Money

Market

Funds

-

12.21%

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

(a),(b),(c)

205,105,653‌

$

205,106‌

TOTAL

INVESTMENT

COMPANIES

$

205,106‌

BONDS

-

18.67%

Principal

Amount

(000's)

Value

(000's)

Commercial

Mortgage

Backed

Securities

-

5.65%

Citigroup

Commercial

Mortgage

Trust

2016-GC36

4.76%,

02/10/2049

(d)

$

4,400‌

$

4,111‌

COMM

2013-CCRE9

Mortgage

Trust

4.24%,

07/10/2045

(d),(e)

2,400‌

2,221‌

COMM

2014-CCRE19

Mortgage

Trust

4.73%,

08/10/2047

(d)

3,700‌

3,743‌

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

2.37%,

05/25/2022

7,700‌

7,912‌

3.30%,

04/25/2023

(d)

13,000‌

13,914‌

3.46%,

08/25/2023

(d)

12,400‌

13,402‌

3.53%,

10/25/2023

(d)

5,800‌

6,305‌

Ginnie

Mae

0.37%,

10/16/2053

(d),(f)

10,868‌

289‌

0.43%,

10/16/2054

(d),(f)

37,413‌

720‌

0.46%,

06/16/2052

(d),(f)

21,527‌

304‌

0.52%,

10/16/2054

(d),(f)

35,414‌

734‌

0.55%,

04/16/2047

(d),(f)

61,122‌

1,784‌

0.56%,

12/16/2053

(d),(f)

24,634‌

770‌

0.58%,

03/16/2060

(d),(f)

22,398‌

1,200‌

0.60%,

06/16/2054

(d),(f)

45,723‌

835‌

0.60%,

10/16/2054

(d),(f)

44,408‌

1,088‌

0.60%,

07/16/2060

(d),(f)

20,374‌

1,286‌

0.61%,

08/16/2051

(d),(f)

60,017‌

1,577‌

0.68%,

11/16/2052

(d),(f)

40,878‌

1,309‌

0.71%,

01/16/2056

(d),(f)

14,841‌

550‌

0.73%,

06/16/2057

(d),(f)

9,856‌

453‌

0.74%,

02/16/2053

(d),(f)

31,414‌

1,255‌

0.77%,

09/16/2053

(d),(f)

37,878‌

1,257‌

0.83%,

02/16/2053

(d),(f)

91,011‌

3,072‌

2.60%,

05/16/2059

3,542‌

3,730‌

2.60%,

03/16/2060

6,669‌

7,018‌

GS

Mortgage

Securities

Trust

2013-GC13

4.08%,

07/10/2046

(d),(e)

5,000‌

3,566‌

Wells

Fargo

Commercial

Mortgage

Trust

2014-LC16

4.46%,

08/15/2050

5,250‌

4,912‌

Wells

Fargo

Commercial

Mortgage

Trust

2015-C31

4.61%,

11/15/2048

(d)

6,000‌

5,577‌

$

94,894‌

Credit

Card

Asset

Backed

Securities

-

1.78%

Barclays

Dryrock

Issuance

Trust

0.50%,

07/15/2024

12,745‌

12,758‌

1.00

x

1

Month

USD

LIBOR

+

0.33%

Chase

Issuance

Trust

0.37%,

04/17/2023

17,208‌

17,226‌

1.00

x

1

Month

USD

LIBOR

+

0.20%

$

29,984‌

Mortgage

Backed

Securities

-

10.43%

Citigroup

Mortgage

Loan

Trust

2015-PS1

5.25%,

09/25/2042

(d),(e)

6,720‌

7,096‌

CSMC

Trust

2015-1

3.94%,

01/25/2045

(d),(e)

6,611‌

6,745‌

Fannie

Mae

Interest

Strip

3.50%,

12/25/2043

(d),(f)

3,616‌

539‌

7.00%,

04/25/2024

(f)

16‌

1‌

Fannie

Mae

REMICS

0.77%,

04/25/2027

5‌

5‌

1.00

x

1

Month

USD

LIBOR

+

0.60%

2.50%,

02/25/2028

(f)

8,840‌

472‌

3.00%,

07/25/2032

(f)

8,636‌

703‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Mortgage

Backed

Securities

(continued)

Fannie

Mae

REMICS  

(continued)

3.00%,

10/25/2040

(f)

$

20,009‌

$

929‌

3.00%,

04/25/2042

5,277‌

5,418‌

3.00%,

08/25/2042

3,073‌

3,137‌

3.00%,

02/25/2043

3,801‌

3,938‌

3.00%,

03/25/2046

4,898‌

5,076‌

3.00%,

05/25/2048

1,788‌

1,879‌

3.18%,

06/25/2045

(f)

12,711‌

689‌

1.00

x

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.00%

3.50%,

02/25/2036

(f)

6,502‌

689‌

3.50%,

01/25/2040

(f)

8,191‌

364‌

3.50%,

11/25/2042

9,708‌

10,569‌

3.50%,

02/25/2043

(f)

11,844‌

827‌

3.50%,

02/25/2043

714‌

752‌

3.50%,

07/25/2043

(f)

8,962‌

691‌

3.50%,

08/25/2045

2,931‌

3,231‌

4.00%,

06/25/2039

7,667‌

7,894‌

4.00%,

12/25/2039

(f)

3,837‌

155‌

4.50%,

04/25/2045

(f)

17,025‌

2,896‌

5.83%,

10/25/2046

(f)

4,160‌

970‌

(1.00)

x

1

Month

USD

LIBOR

+

6.00%

7.00%,

04/25/2032

680‌

804‌

Freddie

Mac

REMICS

2.50%,

11/15/2032

3,564‌

3,781‌

2.50%,

02/15/2043

1,963‌

2,083‌

3.00%,

11/15/2030

(f)

3,041‌

70‌

3.00%,

06/15/2040

3,196‌

3,287‌

3.00%,

10/15/2041

1,638‌

1,680‌

3.00%,

10/15/2042

1,122‌

1,190‌

3.00%,

04/15/2046

2,158‌

2,337‌

3.00%,

11/15/2046

2,911‌

3,104‌

3.50%,

03/15/2029

3,617‌

3,791‌

3.50%,

04/15/2040

(f)

4,159‌

160‌

3.50%,

07/15/2042

2,972‌

3,016‌

3.50%,

05/15/2043

3,361‌

3,461‌

3.50%,

09/15/2043

7,680‌

7,893‌

4.00%,

05/15/2039

4,825‌

4,988‌

4.00%,

11/15/2042

(f)

6,065‌

740‌

4.00%,

11/15/2045

553‌

617‌

6.50%,

08/15/2027

60‌

64‌

Ginnie

Mae

3.00%,

05/16/2037

9,483‌

9,643‌

3.50%,

08/20/2039

(f)

12,739‌

595‌

3.50%,

01/20/2043

(f)

12,444‌

1,909‌

3.50%,

10/20/2044

(f)

15,563‌

1,668‌

3.50%,

11/20/2045

4,500‌

4,756‌

4.00%,

11/16/2038

222‌

230‌

4.00%,

04/20/2044

(f)

4,656‌

393‌

4.00%,

01/20/2046

(f)

7,695‌

592‌

5.00%,

11/20/2039

2,396‌

2,746‌

5.86%,

08/20/2042

(f)

5,627‌

1,250‌

(1.00)

x

1

Month

USD

LIBOR

+

6.05%

5.91%,

06/20/2046

(f)

4,316‌

902‌

(1.00)

x

1

Month

USD

LIBOR

+

6.10%

6.01%,

08/20/2042

(f)

7,463‌

1,288‌

(1.00)

x

1

Month

USD

LIBOR

+

6.20%

6.01%,

11/20/2045

(f)

4,229‌

904‌

(1.00)

x

1

Month

USD

LIBOR

+

6.20%

6.01%,

09/20/2047

(f)

5,210‌

956‌

(1.00)

x

1

Month

USD

LIBOR

+

6.20%

6.01%,

09/20/2047

(f)

5,958‌

1,277‌

(1.00)

x

1

Month

USD

LIBOR

+

6.20%

6.06%,

06/20/2044

(f)

11,241‌

1,490‌

(1.00)

x

1

Month

USD

LIBOR

+

6.25%

6.07%,

08/16/2045

(f)

2,891‌

661‌

(1.00)

x

1

Month

USD

LIBOR

+

6.25%

Schedule

of

Investments

Government

&

High

Quality

Bond

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

66

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Mortgage

Backed

Securities

(continued)

Ginnie

Mae  

(continued)

6.56%,

11/20/2045

(f)

$

3,991‌

$

958‌

(1.00)

x

1

Month

USD

LIBOR

+

6.75%

JP

Morgan

Mortgage

Trust

2016-4

3.50%,

10/25/2046

(d),(e)

3,166‌

3,249‌

JP

Morgan

Mortgage

Trust

2018-8

4.00%,

01/25/2049

(d),(e)

2,098‌

2,150‌

JP

Morgan

Mortgage

Trust

2019-9

3.50%,

05/25/2050

(d),(e)

2,995‌

3,089‌

New

Residential

Mortgage

Loan

Trust

2015-2

5.53%,

08/25/2055

(d),(e)

5,229‌

5,577‌

NRP

Mortgage

Trust

2013-1

3.31%,

07/25/2043

(d),(e)

6,016‌

5,963‌

Sequoia

Mortgage

Trust

2013-2

3.64%,

02/25/2043

(d)

5,813‌

5,929‌

Sequoia

Mortgage

Trust

2017-2

3.62%,

02/25/2047

(d),(e)

2,291‌

2,269‌

Sequoia

Mortgage

Trust

2017-3

3.79%,

04/25/2047

(d),(e)

2,298‌

2,410‌

Sequoia

Mortgage

Trust

2017-5

3.50%,

08/25/2047

(d),(e)

963‌

999‌

Sequoia

Mortgage

Trust

2018-5

3.50%,

05/25/2048

(d),(e)

2,540‌

2,635‌

$

175,219‌

Other

Asset

Backed

Securities

-

0.81%

CNH

Equipment

Trust

2016-C

1.76%,

09/15/2023

1,456‌

1,461‌

TAL

Advantage

V

LLC

3.33%,

05/20/2039

(e)

1,714‌

1,705‌

Towd

Point

Mortgage

Trust

4.25%,

10/25/2053

(d),(e)

5,000‌

5,420‌

Verizon

Owner

Trust

2018-A

3.23%,

04/20/2023

4,834‌

4,934‌

$

13,520‌

TOTAL

BONDS

$

313,617‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

77.61%

Principal

Amount

(000's)

Value

(000's)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

-

10.72%

2.50%,

08/01/2027

$

907‌

$

954‌

2.50%,

02/01/2028

2,791‌

2,975‌

3.00%,

02/01/2027

2,351‌

2,481‌

3.00%,

02/01/2032

5,953‌

6,411‌

3.00%,

01/01/2033

4,025‌

4,326‌

3.00%,

04/01/2035

1,771‌

1,895‌

3.00%,

03/01/2037

4,149‌

4,398‌

3.00%,

10/01/2042

5,884‌

6,353‌

3.00%,

10/01/2042

5,269‌

5,798‌

3.00%,

05/01/2043

2,035‌

2,225‌

3.00%,

07/01/2045

5,822‌

6,330‌

3.00%,

10/01/2046

7,109‌

7,821‌

3.00%,

01/01/2047

5,740‌

6,315‌

3.50%,

11/01/2026

1,276‌

1,342‌

3.50%,

02/01/2032

2,956‌

3,193‌

3.50%,

04/01/2032

2,668‌

2,882‌

3.50%,

12/01/2041

2,103‌

2,341‌

3.50%,

04/01/2042

5,448‌

5,901‌

3.50%,

07/01/2042

6,892‌

7,504‌

3.50%,

08/01/2043

4,764‌

5,269‌

3.50%,

02/01/2044

5,091‌

5,511‌

3.50%,

07/01/2046

7,758‌

8,633‌

3.50%,

11/01/2046

4,803‌

5,260‌

3.50%,

01/01/2048

8,478‌

9,428‌

3.50%,

04/01/2049

11,393‌

12,423‌

3.85%,

10/01/2032

1‌

1‌

1.00

x

12

Month

USD

LIBOR

+

1.98%

4.00%,

12/01/2041

3,402‌

3,860‌

4.00%,

07/01/2042

2,588‌

2,939‌

4.00%,

09/15/2042

1,681‌

1,945‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

(continued)

4.00%,

07/01/2043

$

3,154‌

$

3,584‌

4.00%,

10/01/2045

6,640‌

7,482‌

4.00%,

11/01/2047

2,210‌

2,508‌

4.00%,

01/01/2048

6,775‌

7,687‌

4.50%,

04/01/2041

3,632‌

4,189‌

4.50%,

11/01/2043

3,343‌

3,855‌

5.00%,

10/01/2025

31‌

34‌

5.00%,

12/01/2032

25‌

28‌

5.00%,

02/01/2033

308‌

349‌

5.00%,

01/01/2034

3,038‌

3,488‌

5.00%,

05/01/2034

82‌

94‌

5.00%,

07/01/2035

2‌

2‌

5.00%,

07/01/2035

28‌

32‌

5.00%,

10/01/2035

6‌

7‌

5.00%,

11/01/2035

246‌

283‌

5.00%,

07/01/2044

2,339‌

2,687‌

5.00%,

03/01/2048

3,982‌

4,622‌

5.50%,

03/01/2029

1‌

1‌

5.50%,

05/01/2033

6‌

7‌

5.50%,

10/01/2033

11‌

13‌

5.50%,

12/01/2033

230‌

269‌

5.50%,

07/01/2037

13‌

15‌

5.50%,

04/01/2038

3‌

4‌

5.50%,

05/01/2038

26‌

29‌

6.00%,

01/01/2021

3‌

3‌

6.00%,

06/01/2028

5‌

5‌

6.00%,

05/01/2031

61‌

71‌

6.00%,

10/01/2031

2‌

2‌

6.00%,

02/01/2032

14‌

16‌

6.00%,

11/01/2033

266‌

300‌

6.00%,

11/01/2033

78‌

86‌

6.00%,

09/01/2034

49‌

58‌

6.00%,

02/01/2035

44‌

52‌

6.00%,

10/01/2036

32‌

38‌

6.00%,

03/01/2037

72‌

82‌

6.00%,

05/01/2037

86‌

102‌

6.00%,

01/01/2038

10‌

11‌

6.00%,

03/01/2038

30‌

33‌

6.00%,

04/01/2038

57‌

64‌

6.00%,

07/01/2038

131‌

148‌

6.00%,

10/01/2038

73‌

85‌

6.50%,

12/01/2021

26‌

26‌

6.50%,

04/01/2022

35‌

36‌

6.50%,

05/01/2022

22‌

22‌

6.50%,

08/01/2022

11‌

12‌

6.50%,

05/01/2023

23‌

23‌

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

25‌

28‌

6.50%,

04/01/2031

110‌

123‌

6.50%,

10/01/2031

42‌

48‌

6.50%,

02/01/2032

6‌

7‌

6.50%,

04/01/2032

5‌

6‌

6.50%,

04/01/2035

4‌

5‌

6.50%,

02/01/2037

27‌

31‌

7.00%,

07/01/2024

1‌

1‌

7.00%,

01/01/2028

162‌

177‌

7.00%,

06/01/2029

54‌

63‌

7.00%,

04/01/2031

40‌

45‌

7.00%,

10/01/2031

74‌

86‌

7.00%,

04/01/2032

98‌

115‌

7.50%,

12/01/2030

3‌

3‌

7.50%,

02/01/2031

1‌

1‌

7.50%,

02/01/2031

10‌

10‌

8.50%,

07/01/2029

66‌

70‌

$

180,081‌

Schedule

of

Investments

Government

&

High

Quality

Bond

Fund

July

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)

-

0.45%

3.00%,

04/01/2043

$

5,588‌

$

5,940‌

3.65%,

12/01/2033

44‌

45‌

1.00

x

12

Month

USD

LIBOR

+

1.65%

5.50%,

05/01/2033

70‌

74‌

6.00%,

01/01/2032

98‌

106‌

6.00%,

04/01/2033

156‌

171‌

6.00%,

09/01/2034

340‌

384‌

6.50%,

06/01/2031

57‌

67‌

6.50%,

11/01/2032

321‌

358‌

6.50%,

11/01/2032

88‌

97‌

7.00%,

08/01/2028

39‌

44‌

7.00%,

12/01/2028

38‌

42‌

7.00%,

07/01/2029

44‌

51‌

7.00%,

07/01/2032

53‌

58‌

7.50%,

12/01/2024

45‌

47‌

7.50%,

02/01/2030

49‌

52‌

$

7,536‌

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

-

44.67%

2.00%,

08/01/2028

1,735‌

1,814‌

2.00%,

07/01/2030

4,644‌

4,855‌

2.00%,

08/01/2035

(g)

8,000‌

8,324‌

2.00%,

09/01/2050

(g)

17,100‌

17,688‌

2.50%,

06/01/2027

3,315‌

3,526‌

2.50%,

05/01/2028

1,486‌

1,572‌

2.50%,

08/01/2028

1,964‌

2,098‌

2.50%,

03/01/2030

4,584‌

4,896‌

2.50%,

07/01/2030

6,520‌

6,938‌

2.50%,

12/01/2031

6,278‌

6,691‌

2.50%,

08/01/2035

(g)

12,495‌

13,115‌

2.50%,

04/01/2050

13,839‌

14,545‌

2.50%,

06/01/2050

12,568‌

13,215‌

2.50%,

09/01/2050

(g)

49,005‌

51,411‌

3.00%,

04/01/2027

2,291‌

2,421‌

3.00%,

05/01/2029

4,065‌

4,340‌

3.00%,

01/01/2030

342‌

363‌

3.00%,

08/01/2031

6,756‌

7,272‌

3.00%,

06/01/2033

9,025‌

9,602‌

3.00%,

12/01/2034

5,457‌

5,726‌

3.00%,

10/01/2036

5,073‌

5,536‌

3.00%,

11/01/2042

6,115‌

6,714‌

3.00%,

12/01/2042

4,701‌

5,161‌

3.00%,

12/01/2042

4,704‌

5,141‌

3.00%,

01/01/2043

4,421‌

4,832‌

3.00%,

02/01/2043

4,852‌

5,339‌

3.00%,

06/01/2043

8,477‌

9,307‌

3.00%,

08/01/2043

5,477‌

6,011‌

3.00%,

07/01/2045

2,165‌

2,365‌

3.00%,

01/01/2046

4,479‌

4,916‌

3.00%,

07/01/2046

6,233‌

6,729‌

3.00%,

09/01/2046

5,201‌

5,714‌

3.00%,

10/01/2046

6,038‌

6,565‌

3.00%,

11/01/2046

9,494‌

10,507‌

3.00%,

12/01/2046

4,933‌

5,414‌

3.00%,

12/01/2046

7,067‌

7,629‌

3.00%,

01/01/2047

5,596‌

6,156‌

3.00%,

01/01/2047

8,742‌

9,611‌

3.00%,

01/01/2047

7,937‌

8,726‌

3.00%,

10/01/2049

12,198‌

12,915‌

3.00%,

12/01/2049

9,232‌

9,775‌

3.00%,

01/01/2050

14,122‌

14,951‌

3.00%,

02/01/2050

13,904‌

14,721‌

3.50%,

08/01/2031

3,317‌

3,579‌

3.50%,

02/01/2033

6,987‌

7,536‌

3.50%,

09/01/2033

6,992‌

7,544‌

3.50%,

06/01/2039

3,490‌

3,775‌

3.50%,

02/01/2042

4,940‌

5,532‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

3.50%,

06/01/2042

$

2,511‌

$

2,734‌

3.50%,

07/01/2042

3,687‌

4,073‌

3.50%,

09/01/2042

6,658‌

7,362‌

3.50%,

11/01/2042

3,835‌

4,241‌

3.50%,

02/01/2043

1,608‌

1,801‌

3.50%,

05/01/2043

2,198‌

2,462‌

3.50%,

05/01/2043

4,000‌

4,452‌

3.50%,

09/01/2044

11,597‌

12,973‌

3.50%,

10/01/2044

5,044‌

5,645‌

3.50%,

11/01/2044

4,513‌

5,051‌

3.50%,

03/01/2045

2,471‌

2,716‌

3.50%,

03/01/2045

4,199‌

4,671‌

3.50%,

06/01/2045

4,968‌

5,560‌

3.50%,

08/01/2045

4,631‌

5,183‌

3.50%,

09/01/2045

4,103‌

4,535‌

3.50%,

10/01/2045

4,725‌

5,289‌

3.50%,

11/01/2045

8,192‌

9,114‌

3.50%,

01/01/2046

4,160‌

4,656‌

3.50%,

03/01/2046

5,807‌

6,500‌

3.50%,

04/01/2046

6,035‌

6,754‌

3.50%,

10/01/2047

4,326‌

4,840‌

3.50%,

11/01/2048

11,434‌

12,788‌

3.50%,

05/01/2049

7,620‌

8,472‌

4.00%,

01/01/2034

950‌

1,025‌

4.00%,

10/01/2037

4,703‌

5,067‌

4.00%,

09/01/2040

2,028‌

2,242‌

4.00%,

02/01/2042

1,681‌

1,891‌

4.00%,

01/01/2043

1,669‌

1,896‌

4.00%,

03/01/2043

2,951‌

3,263‌

4.00%,

08/01/2043

5,676‌

6,448‌

4.00%,

04/01/2044

2,160‌

2,454‌

4.00%,

08/01/2044

7,840‌

8,904‌

4.00%,

08/01/2044

2,985‌

3,391‌

4.00%,

11/01/2044

2,350‌

2,669‌

4.00%,

12/01/2044

4,940‌

5,611‌

4.00%,

02/01/2045

3,951‌

4,487‌

4.00%,

07/01/2045

4,369‌

4,899‌

4.00%,

08/01/2045

4,694‌

5,331‌

4.00%,

01/01/2046

6,432‌

7,297‌

4.00%,

07/01/2046

6,166‌

7,003‌

4.00%,

08/01/2046

8,221‌

9,112‌

4.00%,

07/01/2047

6,487‌

7,363‌

4.00%,

10/01/2047

5,379‌

6,056‌

4.00%,

12/01/2047

4,515‌

5,124‌

4.00%,

02/01/2048

6,336‌

7,130‌

4.50%,

09/01/2025

747‌

799‌

4.50%,

08/01/2039

2,224‌

2,520‌

4.50%,

03/01/2041

2,795‌

3,112‌

4.50%,

03/01/2042

6,032‌

6,938‌

4.50%,

09/01/2043

2,944‌

3,394‌

4.50%,

09/01/2043

5,061‌

5,835‌

4.50%,

11/01/2043

4,644‌

5,354‌

4.50%,

10/01/2044

2,624‌

2,992‌

4.50%,

12/01/2044

6,475‌

7,465‌

4.50%,

05/01/2045

2,905‌

3,349‌

4.50%,

09/01/2045

4,130‌

4,691‌

4.50%,

10/01/2045

5,474‌

6,306‌

4.50%,

11/01/2045

6,858‌

7,788‌

4.50%,

08/01/2048

5,471‌

6,207‌

4.50%,

09/01/2048

10,132‌

11,663‌

4.50%,

11/01/2048

6,479‌

7,227‌

4.50%,

12/01/2048

7,006‌

7,842‌

5.00%,

01/01/2026

34‌

38‌

5.00%,

04/01/2035

106‌

121‌

5.00%,

05/01/2035

53‌

61‌

5.00%,

07/01/2035

18‌

20‌

5.00%,

02/01/2038

1,553‌

1,780‌

Schedule

of

Investments

Government

&

High

Quality

Bond

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

68

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

5.00%,

03/01/2038

$

995‌

$

1,141‌

5.00%,

02/01/2040

4,910‌

5,656‌

5.00%,

05/01/2040

2,063‌

2,392‌

5.00%,

07/01/2040

1,203‌

1,376‌

5.00%,

07/01/2041

5,735‌

6,661‌

5.00%,

02/01/2044

2,569‌

2,985‌

5.00%,

06/01/2044

2,480‌

2,854‌

5.00%,

05/01/2048

4,346‌

5,042‌

5.50%,

06/01/2026

37‌

41‌

5.50%,

07/01/2033

463‌

542‌

5.50%,

02/01/2037

3‌

3‌

5.50%,

12/01/2037

689‌

795‌

5.50%,

03/01/2038

143‌

165‌

6.00%,

12/01/2022

3‌

4‌

6.00%,

03/01/2029

28‌

31‌

6.00%,

12/01/2031

1‌

1‌

6.00%,

12/01/2031

2‌

2‌

6.00%,

11/01/2032

6‌

7‌

6.00%,

11/01/2037

11‌

12‌

6.00%,

02/01/2038

40‌

46‌

6.00%,

03/01/2038

44‌

52‌

6.00%,

04/01/2039

410‌

468‌

6.50%,

09/01/2024

70‌

78‌

6.50%,

08/01/2028

15‌

17‌

6.50%,

02/01/2029

3‌

3‌

6.50%,

03/01/2029

22‌

24‌

6.50%,

04/01/2029

20‌

22‌

6.50%,

06/01/2031

58‌

65‌

6.50%,

12/01/2031

2‌

2‌

6.50%,

01/01/2032

28‌

31‌

6.50%,

04/01/2032

18‌

21‌

6.50%,

04/01/2032

18‌

21‌

6.50%,

08/01/2032

59‌

67‌

6.50%,

02/01/2033

61‌

70‌

6.50%,

04/01/2036

2‌

3‌

6.50%,

08/01/2036

23‌

27‌

6.50%,

08/01/2036

51‌

59‌

6.50%,

10/01/2036

25‌

30‌

6.50%,

11/01/2036

18‌

22‌

6.50%,

07/01/2037

9‌

10‌

6.50%,

07/01/2037

18‌

22‌

6.50%,

08/01/2037

314‌

374‌

6.50%,

08/01/2037

27‌

31‌

6.50%,

02/01/2038

21‌

25‌

6.50%,

05/01/2038

3‌

3‌

7.00%,

05/01/2022

2‌

2‌

7.00%,

11/01/2031

115‌

131‌

7.50%,

08/01/2032

6‌

7‌

8.50%,

09/01/2025

1‌

1‌

9.00%,

09/01/2030

1‌

1‌

$

750,595‌

Government

National

Mortgage

Association

(GNMA)

-

15.97%

2.50%,

08/01/2050

36,500‌

38,565‌

3.00%,

11/15/2042

3,306‌

3,501‌

3.00%,

12/15/2042

3,450‌

3,656‌

3.00%,

02/15/2043

4,186‌

4,586‌

3.00%,

07/20/2045

14,015‌

14,896‌

3.00%,

07/20/2046

5,113‌

5,430‌

3.00%,

08/20/2046

11,155‌

11,867‌

3.00%,

09/20/2046

13,462‌

14,270‌

3.00%,

09/20/2046

5,798‌

6,367‌

3.00%,

11/20/2046

3,894‌

4,191‌

3.00%,

12/20/2046

6,712‌

7,120‌

3.00%,

02/20/2047

8,021‌

8,494‌

3.00%,

08/20/2047

5,566‌

5,897‌

3.00%,

11/15/2047

6,678‌

7,193‌

3.00%,

08/01/2050

16,055‌

16,977‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Government

National

Mortgage

Association

(GNMA)

(continued)

3.50%,

08/20/2042

$

3,564‌

$

3,927‌

3.50%,

05/15/2043

5,929‌

6,459‌

3.50%,

06/20/2043

4,248‌

4,688‌

3.50%,

08/15/2043

4,997‌

5,456‌

3.50%,

04/20/2045

3,386‌

3,620‌

3.50%,

02/20/2047

1,955‌

2,157‌

3.50%,

04/20/2047

9,995‌

10,635‌

3.50%,

05/20/2047

11,816‌

12,729‌

3.50%,

10/20/2047

4,004‌

4,312‌

3.50%,

11/20/2047

4,071‌

4,344‌

3.50%,

02/20/2048

11,463‌

12,174‌

4.00%,

08/15/2041

3,093‌

3,387‌

4.00%,

09/15/2041

4,933‌

5,528‌

4.00%,

03/15/2044

3,368‌

3,784‌

4.00%,

10/20/2044

2,968‌

3,248‌

4.00%,

01/20/2048

20,456‌

22,435‌

5.00%,

02/15/2034

88‌

101‌

5.00%,

10/15/2039

2,021‌

2,322‌

5.50%,

07/20/2033

744‌

859‌

5.50%,

03/20/2034

786‌

909‌

5.50%,

05/20/2035

80‌

93‌

6.00%,

10/15/2023

39‌

43‌

6.00%,

11/15/2023

4‌

4‌

6.00%,

11/15/2023

6‌

7‌

6.00%,

12/15/2023

2‌

2‌

6.00%,

04/20/2026

21‌

24‌

6.00%,

10/20/2028

3‌

4‌

6.00%,

02/20/2029

41‌

46‌

6.00%,

09/15/2032

46‌

51‌

6.00%,

02/15/2033

16‌

18‌

6.00%,

07/20/2033

589‌

674‌

6.00%,

08/15/2038

64‌

71‌

6.50%,

09/15/2023

1‌

1‌

6.50%,

09/15/2023

8‌

9‌

6.50%,

09/15/2023

3‌

3‌

6.50%,

10/15/2023

6‌

6‌

6.50%,

12/15/2023

1‌

1‌

6.50%,

12/15/2023

7‌

8‌

6.50%,

12/15/2023

8‌

9‌

6.50%,

12/15/2023

1‌

1‌

6.50%,

01/15/2024

1‌

1‌

6.50%,

01/15/2024

14‌

15‌

6.50%,

01/15/2024

3‌

3‌

6.50%,

01/15/2024

1‌

1‌

6.50%,

01/15/2024

7‌

8‌

6.50%,

04/15/2024

5‌

5‌

6.50%,

04/20/2024

3‌

3‌

6.50%,

07/15/2024

12‌

13‌

6.50%,

01/15/2026

4‌

4‌

6.50%,

03/15/2026

3‌

3‌

6.50%,

07/20/2026

1‌

1‌

6.50%,

10/20/2028

5‌

5‌

6.50%,

03/20/2031

40‌

47‌

6.50%,

04/20/2031

33‌

39‌

6.50%,

07/15/2031

1‌

1‌

6.50%,

10/15/2031

9‌

10‌

6.50%,

07/15/2032

2‌

2‌

6.50%,

05/20/2034

410‌

466‌

6.80%,

04/20/2025

1‌

1‌

7.00%,

11/15/2022

1‌

1‌

7.00%,

12/15/2022

6‌

6‌

7.00%,

01/15/2023

1‌

1‌

7.00%,

01/15/2023

3‌

3‌

7.00%,

02/15/2023

9‌

9‌

7.00%,

07/15/2023

3‌

3‌

7.00%,

07/15/2023

1‌

1‌

7.00%,

08/15/2023

4‌

4‌

7.00%,

12/15/2023

2‌

3‌

Schedule

of

Investments

Government

&

High

Quality

Bond

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

69

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Government

National

Mortgage

Association

(GNMA)

(continued)

7.00%,

12/15/2023

$

7‌

$

8‌

7.00%,

01/15/2026

5‌

5‌

7.00%,

01/15/2027

9‌

9‌

7.00%,

10/15/2027

1‌

1‌

7.00%,

10/15/2027

6‌

6‌

7.00%,

10/15/2027

1‌

1‌

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

84‌

94‌

7.00%,

12/15/2028

45‌

50‌

7.00%,

01/15/2029

32‌

36‌

7.00%,

03/15/2029

19‌

19‌

7.00%,

04/15/2029

129‌

144‌

7.00%,

05/15/2031

4‌

5‌

7.00%,

07/15/2031

1‌

1‌

7.00%,

09/15/2031

1‌

1‌

7.50%,

12/15/2021

2‌

2‌

7.50%,

03/15/2022

2‌

2‌

7.50%,

08/15/2022

1‌

1‌

7.50%,

08/15/2022

1‌

1‌

7.50%,

08/15/2022

5‌

5‌

7.50%,

02/15/2023

1‌

1‌

7.50%,

05/15/2023

1‌

1‌

7.50%,

05/15/2023

3‌

3‌

7.50%,

06/15/2023

1‌

1‌

7.50%,

03/15/2024

6‌

7‌

7.50%,

08/15/2024

1‌

1‌

7.50%,

05/15/2027

4‌

4‌

7.50%,

06/15/2027

6‌

7‌

7.50%,

08/15/2029

21‌

22‌

7.50%,

10/15/2029

14‌

14‌

7.50%,

11/15/2029

38‌

39‌

8.00%,

02/15/2022

1‌

1‌

8.00%,

12/15/2030

5‌

6‌

9.00%,

11/15/2021

3‌

3‌

9.50%,

08/15/2021

1‌

1‌

$

268,325‌

U.S.

Treasury

-

1.10%

2.13%,

12/31/2022

4,920‌

5,157‌

3.13%,

05/15/2021

13,000‌

13,305‌

$

18,462‌

U.S.

Treasury

Bill

-

4.70%

0.11%,

10/15/2020

(h)

79,000‌

78,984‌

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

1,303,983‌

Total

Investments

$

1,822,706‌

Other

Assets

and

Liabilities

-  (8.49)%

(142,625‌)

TOTAL

NET

ASSETS

-

100.00%

$

1,680,081‌

(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

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(b)

Non-income

producing

security

(c)

Current

yield

shown

is

as

of

period

end.

(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

$55,094

or

3.28%

of

net

assets.

(f)

Security

is

an

Interest

Only

Strip.

(g)

Security

was

purchased

in

a

"to-be-announced"

("TBA")

transaction.  See

Notes

to

Financial

Statements

for

additional

information.

(h)

Rate

shown

is

the

discount

rate

of

the

original

purchase.

Portfolio

Summary  (unaudited)

Sector

Percent

Mortgage

Securities

87.89‌%

Money

Market

Funds

12.21‌%

Government

5.80‌%

Asset

Backed

Securities

2.59‌%

Other

Assets

and

Liabilities

(8.49‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

61,450‌

$

701,558‌

$

557,902‌

$

205,106‌

$

61,450‌

$

701,558‌

$

557,902‌

$

205,106‌

Income

(a)

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

404‌

$

—‌

$

—‌

$

—‌

$

404‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Government

&

High

Quality

Bond

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

70

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

US

10

Year

Note;

September

2020

Short

439‌

$

61,494‌

$

(557‌)

US

Long

Bond;

September

2020

Short

130‌

23,696‌

(520‌)

US

Ultra

Bond;

September

2020

Short

11‌

2,505‌

(84‌)

Total

$

(1,161‌)

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

High

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

71

INVESTMENT

COMPANIES

-

3.86%

Shares

Held

Value

(000's)

Money

Market

Funds

-

3.86%

BlackRock

Liquidity

FedFund

-

Institutional

Class

0.06%

(a),(b)

2,831,015‌

$

2,831‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

(a),(b),(c),(d)

110,079,827‌

110,080‌

$

112,911‌

TOTAL

INVESTMENT

COMPANIES

$

112,911‌

COMMON

STOCKS

-

0.06%

Shares

Held

Value

(000's)

Automobile

Manufacturers

-

0.00%

Motors

Liquidation

Co

GUC

Trust

(d)

270‌

$

—‌

Commercial

Services

-

0.06%

ATD

New

Holdings

Inc

(d),(e),(f)

101,514‌

1,661‌

Electric

-

0.00%

Vistra

Energy

Corp

-

Rights

(d),(e),(f)

164,087‌

—‌

Telecommunications

-

0.00%

Goodman

Networks

Inc

(d),(e),(f)

15,207‌

—‌

TOTAL

COMMON

STOCKS

$

1,661‌

PREFERRED

STOCKS

-

0.00%

Shares

Held

Value

(000's)

Telecommunications

-

0.00%

Goodman

Networks

Inc

0.00%

(d),(e),(f)

18,092‌

$

—‌

TOTAL

PREFERRED

STOCKS

$

—‌

BONDS

-

84.68%

Principal

Amount

(000's)

Value

(000's)

Advertising

-

0.43%

Clear

Channel

International

BV

6.63%,

08/01/2025

(g),(h)

$

326‌

$

333‌

Lamar

Media

Corp

3.75%,

02/15/2028

(h)

1,000‌

1,009‌

5.75%,

02/01/2026

601‌

631‌

MDC

Partners

Inc

6.50%,

05/01/2024

(h)

1,260‌

1,194‌

National

CineMedia

LLC

5.88%,

04/15/2028

(h)

900‌

718‌

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp

4.63%,

03/15/2030

(h)

575‌

538‌

5.00%,

08/15/2027

(h)

7,180‌

7,030‌

5.63%,

02/15/2024

124‌

125‌

Terrier

Media

Buyer

Inc

8.88%,

12/15/2027

(h)

830‌

851‌

$

12,429‌

Aerospace

&

Defense

-

2.16%

Bombardier

Inc

5.75%,

03/15/2022

(h)

300‌

285‌

6.00%,

10/15/2022

(h)

890‌

819‌

6.13%,

01/15/2023

(h)

782‌

672‌

7.45%,

05/01/2034

(h)

200‌

140‌

7.50%,

12/01/2024

(h)

400‌

324‌

7.50%,

03/15/2025

(h)

1,123‌

907‌

7.88%,

04/15/2027

(h)

1,455‌

1,157‌

8.75%,

12/01/2021

(h)

800‌

800‌

F-

Brasile

SpA

/

F-

Brasile

US

LLC

7.38%,

08/15/2026

(h)

500‌

401‌

Leonardo

US

Holdings

Inc

6.25%,

01/15/2040

(h)

140‌

158‌

Rolls-Royce

PLC

3.63%,

10/14/2025

(h)

1,500‌

1,551‌

Signature

Aviation

US

Holdings

Inc

4.00%,

03/01/2028

(h)

655‌

619‌

5.38%,

05/01/2026

(h)

395‌

410‌

Spirit

AeroSystems

Inc

3.95%,

06/15/2023

1,460‌

1,232‌

4.60%,

06/15/2028

560‌

437‌

7.50%,

04/15/2025

(h)

1,000‌

983‌

SSL

Robotics

LLC

9.75%,

12/31/2023

(h)

875‌

971‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Aerospace

&

Defense

(continued)

TransDigm

Inc

5.50%,

11/15/2027

$

15,070‌

$

14,297‌

6.25%,

03/15/2026

(h)

13,335‌

14,068‌

6.38%,

06/15/2026

10,208‌

10,008‌

6.50%,

07/15/2024

1,120‌

1,123‌

6.50%,

05/15/2025

1,054‌

1,033‌

7.50%,

03/15/2027

8,005‌

8,105‌

8.00%,

12/15/2025

(h)

989‌

1,073‌

TransDigm

UK

Holdings

PLC

6.88%,

05/15/2026

235‌

234‌

Triumph

Group

Inc

5.25%,

06/01/2022

755‌

614‌

6.25%,

09/15/2024

(h)

250‌

221‌

7.75%,

08/15/2025

(

i

)

631‌

409‌

$

63,051‌

Agriculture

-

0.10%

JBS

Investments

II

GmbH

5.75%,

01/15/2028

(h)

730‌

775‌

7.00%,

01/15/2026

(h)

785‌

844‌

Vector

Group

Ltd

6.13%,

02/01/2025

(h)

906‌

900‌

10.50%,

11/01/2026

(h)

415‌

425‌

$

2,944‌

Airlines

-

0.34%

American

Airlines

2013-2

Class

A

Pass

Through

Trust

4.95%,

07/15/2024

239‌

194‌

American

Airlines

Group

Inc

3.75%,

03/01/2025

(h)

405‌

180‌

5.00%,

06/01/2022

(h)

605‌

338‌

American

Airlines

Inc

11.75%,

07/15/2025

(h)

2,020‌

1,761‌

Delta

Air

Lines

Inc

2.90%,

10/28/2024

1,405‌

1,219‌

3.63%,

03/15/2022

1,400‌

1,375‌

3.75%,

10/28/2029

830‌

677‌

3.80%,

04/19/2023

685‌

638‌

4.38%,

04/19/2028

730‌

628‌

7.38%,

01/15/2026

2,250‌

2,230‌

UAL

2007-1

Pass

Through

Trust

6.64%,

01/02/2024

178‌

157‌

United

Airlines

Holdings

Inc

4.25%,

10/01/2022

(

i

)

450‌

402‌

5.00%,

02/01/2024

(

i

)

242‌

202‌

$

10,001‌

Apparel

-

0.09%

Hanesbrands

Inc

4.63%,

05/15/2024

(h)

1,045‌

1,105‌

4.88%,

05/15/2026

(h)

715‌

779‌

Levi

Strauss

&

Co

5.00%,

05/01/2025

150‌

154‌

Under

Armour

Inc

3.25%,

06/15/2026

420‌

392‌

Wolverine

World

Wide

Inc

5.00%,

09/01/2026

(h)

80‌

79‌

$

2,509‌

Automobile

Manufacturers

-

2.93%

Allison

Transmission

Inc

4.75%,

10/01/2027

(h)

25‌

26‌

5.00%,

10/01/2024

(h)

630‌

642‌

5.88%,

06/01/2029

(h)

465‌

514‌

Aston

Martin

Capital

Holdings

Ltd

6.50%,

04/15/2022

(h),(

i

)

324‌

283‌

BCD

Acquisition

Inc

9.63%,

09/15/2023

(h)

800‌

784‌

Fiat

Chrysler

Automobiles

NV

5.25%,

04/15/2023

1,323‌

1,402‌

Schedule

of

Investments

High

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

72

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Automobile

Manufacturers

(continued)

Ford

Motor

Co

4.35%,

12/08/2026

$

740‌

$

751‌

4.75%,

01/15/2043

1,446‌

1,323‌

5.29%,

12/08/2046

1,145‌

1,088‌

6.63%,

10/01/2028

720‌

783‌

7.45%,

07/16/2031

4,040‌

4,788‌

8.50%,

04/21/2023

1,330‌

1,476‌

9.00%,

04/22/2025

3,588‌

4,227‌

9.63%,

04/22/2030

(

i

)

10,110‌

13,320‌

Ford

Motor

Credit

Co

LLC

3.09%,

01/09/2023

930‌

926‌

3.10%,

05/04/2023

1,700‌

1,683‌

3.22%,

01/09/2022

500‌

494‌

3.34%,

03/28/2022

415‌

417‌

3.35%,

11/01/2022

1,050‌

1,057‌

3.55%,

10/07/2022

290‌

291‌

3.66%,

09/08/2024

845‌

851‌

3.81%,

10/12/2021

750‌

758‌

3.81%,

01/09/2024

1,900‌

1,915‌

3.82%,

11/02/2027

775‌

760‌

4.06%,

11/01/2024

4,739‌

4,844‌

4.13%,

08/04/2025

3,000‌

3,075‌

4.27%,

01/09/2027

1,910‌

1,940‌

4.38%,

08/06/2023

2,025‌

2,095‌

4.39%,

01/08/2026

1,300‌

1,335‌

4.54%,

08/01/2026

8,580‌

8,838‌

4.69%,

06/09/2025

1,875‌

1,956‌

5.11%,

05/03/2029

3,725‌

3,985‌

5.13%,

06/16/2025

4,525‌

4,824‌

5.58%,

03/18/2024

6,900‌

7,331‌

5.60%,

01/07/2022

680‌

706‌

General

Motors

Co

0.00%,

12/01/2020

(d),(e),(f),(j)

25‌

—‌

0.00%,

12/01/2020

(d),(e),(f),(j)

50‌

—‌

0.00%,

07/15/2023

(d),(e),(f),(j)

1,000‌

—‌

0.00%,

09/01/2025

(d),(e),(f),(j)

700‌

—‌

0.00%,

05/01/2028

(d),(e),(f),(j)

150‌

—‌

0.00%,

03/06/2032

(d),(e),(f),(j)

75‌

—‌

0.00%,

07/15/2033

(d),(e),(f),(j)

100‌

—‌

0.00%,

07/15/2033

(d),(e),(f),(j)

5,050‌

—‌

0.00%,

03/15/2036

(d),(e),(f),(j)

725‌

—‌

Jaguar

Land

Rover

Automotive

PLC

4.50%,

10/01/2027

(h)

405‌

323‌

5.63%,

02/01/2023

(h)

405‌

381‌

JB

Poindexter

&

Co

Inc

7.13%,

04/15/2026

(h)

115‌

121‌

Navistar

International

Corp

6.63%,

11/01/2025

(h)

1,505‌

1,543‌

Tesla

Inc

5.30%,

08/15/2025

(h)

1,090‌

1,128‌

Wabash

National

Corp

5.50%,

10/01/2025

(h)

792‌

770‌

$

85,754‌

Automobile

Parts

&

Equipment

-

1.13%

Adient

Global

Holdings

Ltd

4.88%,

08/15/2026

(h)

1,250‌

1,167‌

Adient

US

LLC

7.00%,

05/15/2026

(h)

250‌

268‌

9.00%,

04/15/2025

(h)

650‌

722‌

American

Axle

&

Manufacturing

Inc

6.25%,

04/01/2025

(

i

)

280‌

289‌

6.25%,

03/15/2026

649‌

654‌

6.50%,

04/01/2027

802‌

822‌

6.88%,

07/01/2028

1,700‌

1,734‌

Clarios

Global

LP

6.75%,

05/15/2025

(h)

405‌

435‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Automobile

Parts

&

Equipment

(continued)

Clarios

Global

LP

/

Clarios

US

Finance

Co

6.25%,

05/15/2026

(h)

$

12,315‌

$

13,179‌

8.50%,

05/15/2027

(h)

1,490‌

1,566‌

Cooper-Standard

Automotive

Inc

5.63%,

11/15/2026

(h)

626‌

344‌

Dana

Financing

Luxembourg

Sarl

5.75%,

04/15/2025

(h)

910‌

951‌

6.50%,

06/01/2026

(h)

537‌

565‌

Dealer

Tire

LLC

/

DT

Issuer

LLC

8.00%,

02/01/2028

(h)

1,000‌

982‌

Delphi

Technologies

PLC

5.00%,

10/01/2025

(h)

650‌

717‌

Goodyear

Tire

&

Rubber

Co/The

4.88%,

03/15/2027

585‌

578‌

5.00%,

05/31/2026

700‌

700‌

5.13%,

11/15/2023

600‌

599‌

9.50%,

05/31/2025

2,430‌

2,741‌

IHO

Verwaltungs

GmbH

4.75%,

PIK

5.50%,

09/15/2026

(h),(k),(l)

950‌

967‌

Meritor

Inc

6.25%,

02/15/2024

69‌

71‌

Tenneco

Inc

5.00%,

07/15/2026

434‌

291‌

5.38%,

12/15/2024

42‌

28‌

Truck

Hero

Inc

8.50%,

04/21/2024

(h)

300‌

314‌

ZF

North

America

Capital

Inc

4.50%,

04/29/2022

(h)

975‌

1,019‌

4.75%,

04/29/2025

(h)

1,400‌

1,477‌

$

33,180‌

Banks

-

1.21%

CIT

Group

Inc

4.75%,

02/16/2024

795‌

823‌

5.00%,

08/15/2022

2,471‌

2,551‌

5.00%,

08/01/2023

905‌

947‌

5.25%,

03/07/2025

515‌

551‌

6.13%,

03/09/2028

650‌

735‌

Commerzbank

AG

8.13%,

09/19/2023

(h)

985‌

1,138‌

Deutsche

Bank

AG

4.30%,

05/24/2028

(m)

750‌

733‌

USD

Swap

Semi-Annual

5

Year

+

2.25%

4.50%,

04/01/2025

1,255‌

1,273‌

Deutsche

Bank

AG/New

York

NY

4.88%,

12/01/2032

(m)

645‌

617‌

USD

Swap

Rate

NY

5

Year

+

2.55%

Dresdner

Funding

Trust

I

8.15%,

06/30/2031

(h)

795‌

1,113‌

Freedom

Mortgage

Corp

8.13%,

11/15/2024

(h)

580‌

571‌

8.25%,

04/15/2025

(h)

900‌

898‌

10.75%,

04/01/2024

(h)

300‌

309‌

Intesa

Sanpaolo

SpA

5.02%,

06/26/2024

(h)

1,645‌

1,731‌

5.71%,

01/15/2026

(h)

1,200‌

1,306‌

Natwest

Group

PLC

7.65%,

12/31/2049

(m),(n)

605‌

903‌

3

Month

USD

LIBOR

+

2.50%

Provident

Funding

Associates

LP

/

PFG

Finance

Corp

6.38%,

06/15/2025

(h)

14,033‌

13,401‌

RBS

Capital

Trust

II

6.43%,

12/31/2049

(m),(n)

150‌

225‌

3

Month

USD

LIBOR

+

1.94%

Standard

Chartered

PLC

7.01%,

12/31/2049

(h),(m),(n)

600‌

680‌

3

Month

USD

LIBOR

+

1.46%

Schedule

of

Investments

High

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

73

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Synovus

Financial

Corp

5.90%,

02/07/2029

(m)

$

900‌

$

919‌

USD

Swap

Semi-Annual

5

Year

+

3.38%

UniCredit

SpA

5.46%,

06/30/2035

(h),(m)

1,210‌

1,244‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.75%

5.86%,

06/19/2032

(h),(m)

1,000‌

1,065‌

USD

Swap

Rate

NY

5

Year

+

3.70%

7.30%,

04/02/2034

(h),(m)

1,465‌

1,703‌

USD

Swap

Rate

NY

5

Year

+

4.91%

$

35,436‌

Beverages

-

0.02%

Cott

Holdings

Inc

5.50%,

04/01/2025

(h)

585‌

608‌

Building

Materials

-

0.41%

American

Woodmark

Corp

4.88%,

03/15/2026

(h)

300‌

301‌

BMC

East

LLC

5.50%,

10/01/2024

(h)

235‌

240‌

Boise

Cascade

Co

4.88%,

07/01/2030

(h)

325‌

344‌

Builders

FirstSource

Inc

5.00%,

03/01/2030

(h)

640‌

671‌

6.75%,

06/01/2027

(h)

725‌

798‌

Cornerstone

Building

Brands

Inc

8.00%,

04/15/2026

(h)

1,175‌

1,212‌

Forterra

Finance

LLC

/

FRTA

Finance

Corp

6.50%,

07/15/2025

(h)

405‌

429‌

James

Hardie

International

Finance

DAC

5.00%,

01/15/2028

(h)

300‌

320‌

JELD-WEN

Inc

4.63%,

12/15/2025

(h)

1,280‌

1,293‌

4.88%,

12/15/2027

(h)

371‌

377‌

Louisiana-Pacific

Corp

4.88%,

09/15/2024

6‌

6‌

Masonite

International

Corp

5.38%,

02/01/2028

(h)

395‌

421‌

5.75%,

09/15/2026

(h)

220‌

231‌

Norbord

Inc

5.75%,

07/15/2027

(h)

300‌

320‌

6.25%,

04/15/2023

(h)

2‌

2‌

Patrick

Industries

Inc

7.50%,

10/15/2027

(h)

435‌

463‌

Standard

Industries

Inc

/NJ

4.38%,

07/15/2030

(h)

900‌

972‌

4.75%,

01/15/2028

(h)

870‌

930‌

5.00%,

02/15/2027

(h)

675‌

717‌

6.00%,

10/15/2025

(h)

765‌

797‌

Summit

Materials

LLC

/

Summit

Materials

Finance

Corp

5.13%,

06/01/2025

(h)

238‌

243‌

5.25%,

01/15/2029

(g),(h)

565‌

586‌

US

Concrete

Inc

6.38%,

06/01/2024

248‌

253‌

$

11,926‌

Chemicals

-

0.93%

Aruba

Investments

Inc

8.75%,

02/15/2023

(h)

179‌

184‌

Ashland

LLC

4.75%,

08/15/2022

120‌

126‌

6.88%,

05/15/2043

250‌

299‌

Avient

Corp

5.25%,

03/15/2023

355‌

390‌

5.75%,

05/15/2025

(h)

525‌

570‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Chemicals

(continued)

CF

Industries

Inc

3.45%,

06/01/2023

$

625‌

$

655‌

4.95%,

06/01/2043

515‌

603‌

5.15%,

03/15/2034

517‌

595‌

5.38%,

03/15/2044

621‌

758‌

Chemours

Co/The

5.38%,

05/15/2027

375‌

367‌

6.63%,

05/15/2023

497‌

497‌

7.00%,

05/15/2025

(

i

)

575‌

584‌

Consolidated

Energy

Finance

SA

6.88%,

06/15/2025

(h)

300‌

284‌

Cornerstone

Chemical

Co

6.75%,

08/15/2024

(h)

6,853‌

6,305‌

CVR

Partners

LP

/

CVR

Nitrogen

Finance

Corp

9.25%,

06/15/2023

(h)

300‌

294‌

Element

Solutions

Inc

5.88%,

12/01/2025

(h)

800‌

826‌

GCP

Applied

Technologies

Inc

5.50%,

04/15/2026

(h)

600‌

612‌

HB

Fuller

Co

4.00%,

02/15/2027

750‌

735‌

Hexion

Inc

7.88%,

07/15/2027

(h)

325‌

323‌

INEOS

Group

Holdings

SA

5.63%,

08/01/2024

(h)

430‌

432‌

Innophos

Holdings

Inc

9.38%,

02/15/2028

(h)

440‌

449‌

Kraton

Polymers

LLC

/

Kraton

Polymers

Capital

Corp

7.00%,

04/15/2025

(h)

900‌

931‌

Methanex

Corp

4.25%,

12/01/2024

275‌

266‌

5.25%,

12/15/2029

625‌

605‌

Nouryon

Holding

BV

8.00%,

10/01/2026

(h),(

i

)

525‌

559‌

Nufarm

Australia

Ltd

/

Nufarm

Americas

Inc

5.75%,

04/30/2026

(h)

600‌

597‌

OCI

NV

5.25%,

11/01/2024

(h)

485‌

487‌

6.63%,

04/15/2023

(h)

545‌

565‌

Olin

Corp

5.00%,

02/01/2030

520‌

489‌

5.13%,

09/15/2027

477‌

461‌

5.50%,

08/15/2022

190‌

194‌

5.63%,

08/01/2029

500‌

478‌

9.50%,

06/01/2025

(h)

375‌

428‌

Rain

CII

Carbon

LLC

/

CII

Carbon

Corp

7.25%,

04/01/2025

(h)

432‌

424‌

Rayonier

AM

Products

Inc

5.50%,

06/01/2024

(h),(

i

)

790‌

478‌

SPCM

SA

4.88%,

09/15/2025

(h)

395‌

406‌

TPC

Group

Inc

10.50%,

08/01/2024

(h)

705‌

627‌

Trinseo

Materials

Operating

SCA

/

Trinseo

Materials

Finance

Inc

5.38%,

09/01/2025

(h)

1,018‌

1,005‌

Tronox

Finance

PLC

5.75%,

10/01/2025

(h)

880‌

871‌

Tronox

Inc

6.50%,

04/15/2026

(h)

575‌

576‌

Valvoline

Inc

4.25%,

02/15/2030

(h)

525‌

552‌

4.38%,

08/15/2025

318‌

329‌

Venator

Finance

Sarl

/

Venator

Materials

LLC

5.75%,

07/15/2025

(h)

15‌

11‌

Schedule

of

Investments

High

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

74

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Chemicals

(continued)

WR

Grace

&

Co-Conn

5.63%,

10/01/2024

(h)

$

60‌

$

65‌

$

27,292‌

Coal

-

0.10%

Alliance

Resource

Operating

Partners

LP

/

Alliance

Resource

Finance

Corp

7.50%,

05/01/2025

(h)

1,061‌

737‌

CONSOL

Energy

Inc

11.00%,

11/15/2025

(h)

295‌

122‌

Natural

Resource

Partners

LP

/

NRP

Finance

Corp

9.13%,

06/30/2025

(h)

1,000‌

844‌

Peabody

Energy

Corp

6.00%,

03/31/2022

(h)

236‌

155‌

SunCoke

Energy

Partners

LP

/

SunCoke

Energy

Partners

Finance

Corp

7.50%,

06/15/2025

(h)

340‌

313‌

Warrior

Met

Coal

Inc

8.00%,

11/01/2024

(h)

585‌

602‌

$

2,773‌

Commercial

Services

-

3.17%

ACE

Cash

Express

Inc

12.00%,

12/15/2022

(h)

3‌

2‌

Adani

Abbot

Point

Terminal

Pty

Ltd

4.45%,

12/15/2022

(h)

1,085‌

971‌

ADT

Security

Corp/The

3.50%,

07/15/2022

560‌

575‌

4.13%,

06/15/2023

315‌

330‌

4.88%,

07/15/2032

(h)

540‌

543‌

Ahern

Rentals

Inc

7.38%,

05/15/2023

(h)

545‌

243‌

Algeco

Global

Finance

Plc

8.00%,

02/15/2023

(h)

600‌

597‌

Allied

Universal

Holdco

LLC

/

Allied

Universal

Finance

Corp

6.63%,

07/15/2026

(h)

1,635‌

1,749‌

9.75%,

07/15/2027

(h)

1,005‌

1,117‌

AMN

Healthcare

Inc

5.13%,

10/01/2024

(h)

253‌

257‌

Aptim

Corp

7.75%,

06/15/2025

(h)

300‌

124‌

APX

Group

Inc

6.75%,

02/15/2027

(h)

485‌

484‌

7.88%,

12/01/2022

508‌

512‌

ASGN

Inc

4.63%,

05/15/2028

(h)

7,020‌

7,178‌

Atento

Luxco

1

SA

6.13%,

08/10/2022

(h)

100‌

93‌

Avis

Budget

Car

Rental

LLC

/

Avis

Budget

Finance

Inc

6.38%,

04/01/2024

(h)

118‌

113‌

Brink's

Co/The

4.63%,

10/15/2027

(h)

1,100‌

1,119‌

Capitol

Investment

Merger

Sub

2

LLC

10.00%,

08/01/2024

(h)

360‌

372‌

Carriage

Services

Inc

6.63%,

06/01/2026

(h)

8‌

8‌

Cimpress

PLC

7.00%,

06/15/2026

(h)

626‌

634‌

Emeco

Pty

Ltd

9.25%,

03/31/2022

255‌

257‌

Garda

World

Security

Corp

4.63%,

02/15/2027

(h)

460‌

473‌

8.75%,

05/15/2025

(h)

140‌

144‌

9.50%,

11/01/2027

(h)

795‌

867‌

Gartner

Inc

5.13%,

04/01/2025

(h)

440‌

455‌

Graham

Holdings

Co

5.75%,

06/01/2026

(h)

1,029‌

1,091‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Commercial

Services

(continued)

Herc

Holdings

Inc

5.50%,

07/15/2027

(h)

$

155‌

$

164‌

Jaguar

Holding

Co

II

/

PPD

Development

LP

4.63%,

06/15/2025

(h)

1,380‌

1,442‌

5.00%,

06/15/2028

(h)

3,540‌

3,769‌

Midas

Intermediate

Holdco

II

LLC

/

Midas

Intermediate

Holdco

II

Finance

Inc

7.88%,

10/01/2022

(h),(

i

)

220‌

171‌

MPH

Acquisition

Holdings

LLC

7.13%,

06/01/2024

(h)

22,154‌

22,736‌

Nielsen

Co

Luxembourg

SARL/The

5.00%,

02/01/2025

(h),(

i

)

775‌

795‌

5.50%,

10/01/2021

(h)

131‌

131‌

Nielsen

Finance

LLC

/

Nielsen

Finance

Co

5.00%,

04/15/2022

(h)

4,299‌

4,318‌

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc

5.25%,

04/15/2024

(h)

1,385‌

1,489‌

5.75%,

04/15/2026

(h)

950‌

1,055‌

6.25%,

01/15/2028

(h)

1,015‌

1,058‌

Refinitiv

US

Holdings

Inc

6.25%,

05/15/2026

(h)

10,170‌

10,996‌

8.25%,

11/15/2026

(h)

1,255‌

1,385‌

Ritchie

Bros

Auctioneers

Inc

5.38%,

01/15/2025

(h)

405‌

419‌

Service

Corp

International/US

5.13%,

06/01/2029

565‌

624‌

5.38%,

05/15/2024

475‌

484‌

8.00%,

11/15/2021

370‌

393‌

ServiceMaster

Co

LLC/The

5.13%,

11/15/2024

(h)

2,260‌

2,328‌

Sotheby's

7.38%,

10/15/2027

(h),(

i

)

8,665‌

8,752‌

Team

Health

Holdings

Inc

6.38%,

02/01/2025

(h),(

i

)

654‌

379‌

United

Rentals

North

America

Inc

3.88%,

11/15/2027

605‌

635‌

4.00%,

07/15/2030

780‌

807‌

4.63%,

10/15/2025

939‌

966‌

4.88%,

01/15/2028

1,965‌

2,110‌

5.25%,

01/15/2030

200‌

219‌

5.50%,

07/15/2025

452‌

465‌

5.50%,

05/15/2027

905‌

974‌

5.88%,

09/15/2026

1,060‌

1,132‌

6.50%,

12/15/2026

1,075‌

1,193‌

Verscend

Escrow

Corp

9.75%,

08/15/2026

(h)

890‌

985‌

WEX

Inc

4.75%,

02/01/2023

(h)

130‌

130‌

WW

International

Inc

8.63%,

12/01/2025

(h)

17‌

18‌

$

92,830‌

Computers

-

0.49%

Banff

Merger

Sub

Inc

9.75%,

09/01/2026

(h)

1,450‌

1,535‌

Booz

Allen

Hamilton

Inc

5.13%,

05/01/2025

(h)

174‌

178‌

Dell

Inc

5.40%,

09/10/2040

150‌

157‌

6.50%,

04/15/2038

314‌

346‌

Diebold

Nixdorf

Inc

8.50%,

04/15/2024

(

i

)

300‌

275‌

9.38%,

07/15/2025

(h)

565‌

598‌

EMC

Corp

3.38%,

06/01/2023

415‌

435‌

Everi

Payments

Inc

7.50%,

12/15/2025

(h)

7‌

7‌

Schedule

of

Investments

High

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

75

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Computers

(continued)

Exela

Intermediate

LLC

/

Exela

Finance

Inc

10.00%,

07/15/2023

(h)

$

735‌

$

184‌

MTS

Systems

Corp

5.75%,

08/15/2027

(h)

510‌

496‌

NCR

Corp

5.75%,

09/01/2027

(h)

875‌

903‌

6.13%,

09/01/2029

(h)

835‌

915‌

6.38%,

12/15/2023

480‌

494‌

Presidio

Holdings

Inc

4.88%,

02/01/2027

(h)

4,400‌

4,488‌

8.25%,

02/01/2028

(h)

330‌

343‌

Tempo

Acquisition

LLC

/

Tempo

Acquisition

Finance

Corp

6.75%,

06/01/2025

(h)

994‌

1,026‌

Western

Digital

Corp

4.75%,

02/15/2026

1,883‌

2,046‌

$

14,426‌

Consumer

Products

-

0.10%

ACCO

Brands

Corp

5.25%,

12/15/2024

(h)

316‌

324‌

Central

Garden

&

Pet

Co

5.13%,

02/01/2028

642‌

679‌

Kronos

Acquisition

Holdings

Inc

9.00%,

08/15/2023

(h)

721‌

734‌

Prestige

Brands

Inc

6.38%,

03/01/2024

(h)

228‌

236‌

Spectrum

Brands

Inc

5.75%,

07/15/2025

785‌

808‌

$

2,781‌

Cosmetics

&

Personal

Care

-

0.09%

Avon

International

Capital

PLC

6.50%,

08/15/2022

(h)

878‌

874‌

Avon

Products

Inc

7.00%,

03/15/2023

84‌

86‌

8.95%,

03/15/2043

240‌

271‌

Coty

Inc

6.50%,

04/15/2026

(h)

1,033‌

806‌

Edgewell

Personal

Care

Co

4.70%,

05/24/2022

405‌

426‌

High

Ridge

Brands

Co

0.00%,

03/15/2025

(d),(h)

4,938‌

148‌

$

2,611‌

Distribution

&

Wholesale

-

0.95%

American

Builders

&

Contractors

Supply

Co

Inc

4.00%,

01/15/2028

(h)

565‌

588‌

5.88%,

05/15/2026

(h)

450‌

476‌

Core

&

Main

Holdings

LP

8.63%,

PIK

9.38%,

09/15/2024

(h),(k),(l)

300‌

303‌

Core

&

Main

LP

6.13%,

08/15/2025

(h)

580‌

598‌

H&E

Equipment

Services

Inc

5.63%,

09/01/2025

493‌

513‌

HD

Supply

Inc

5.38%,

10/15/2026

(h)

595‌

624‌

IAA

Inc

5.50%,

06/15/2027

(h)

6,403‌

6,827‌

KAR

Auction

Services

Inc

5.13%,

06/01/2025

(h)

932‌

937‌

Performance

Food

Group

Inc

5.50%,

06/01/2024

(h)

4,260‌

4,297‌

5.50%,

10/15/2027

(h)

7,590‌

7,837‌

6.88%,

05/01/2025

(h)

2,225‌

2,397‌

Resideo

Funding

Inc

6.13%,

11/01/2026

(h)

703‌

717‌

Univar

Solutions

USA

Inc

/Washington

5.13%,

12/01/2027

(h)

405‌

428‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Distribution

&

Wholesale

(continued)

Wolverine

Escrow

LLC

8.50%,

11/15/2024

(h)

$

517‌

$

375‌

9.00%,

11/15/2026

(h)

715‌

518‌

13.13%,

11/15/2027

(h)

420‌

277‌

$

27,712‌

Diversified

Financial

Services

-

5.47%

AerCap

Holdings

NV

5.88%,

10/10/2079

(m)

700‌

537‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.54%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

6.50%,

07/15/2025

1,350‌

1,449‌

AG

Issuer

LLC

6.25%,

03/01/2028

(h)

49‌

50‌

Aircastle

Ltd

4.25%,

06/15/2026

1,345‌

1,264‌

Alliance

Data

Systems

Corp

4.75%,

12/15/2024

(h)

8,875‌

8,209‌

Ally

Financial

Inc

5.75%,

11/20/2025

2,025‌

2,286‌

8.00%,

11/01/2031

5,340‌

7,386‌

8.00%,

11/01/2031

1,237‌

1,666‌

Credit

Acceptance

Corp

5.13%,

12/31/2024

(h)

900‌

916‌

6.63%,

03/15/2026

1,209‌

1,262‌

Curo

Group

Holdings

Corp

8.25%,

09/01/2025

(h)

650‌

518‌

Enova

International

Inc

8.50%,

09/01/2024

(h)

635‌

575‌

8.50%,

09/15/2025

(h)

170‌

153‌

Global

Aircraft

Leasing

Co

Ltd

6.50%,

PIK

7.25%,

09/15/2024

(h),(k),(l)

830‌

517‌

goeasy

Ltd

5.38%,

12/01/2024

(h)

445‌

461‌

Lincoln

Financing

SARL

3.63%,

04/01/2024

(h)

EUR

5,500‌

6,362‌

LPL

Holdings

Inc

4.63%,

11/15/2027

(h)

$

160‌

165‌

5.75%,

09/15/2025

(h)

859‌

893‌

Nationstar

Mortgage

Holdings

Inc

6.00%,

01/15/2027

(h)

9,300‌

9,486‌

8.13%,

07/15/2023

(h)

11,655‌

12,119‌

9.13%,

07/15/2026

(h)

595‌

647‌

Navient

Corp

5.00%,

03/15/2027

575‌

551‌

5.50%,

01/25/2023

100‌

102‌

5.63%,

08/01/2033

122‌

104‌

5.88%,

10/25/2024

763‌

782‌

6.13%,

03/25/2024

455‌

471‌

6.50%,

06/15/2022

1,000‌

1,045‌

6.75%,

06/25/2025

550‌

575‌

6.75%,

06/15/2026

510‌

530‌

7.25%,

01/25/2022

625‌

656‌

7.25%,

09/25/2023

140‌

148‌

NFP

Corp

6.88%,

07/15/2025

(h)

18,741‌

19,355‌

6.88%,

08/15/2028

(g),(h)

24,120‌

24,150‌

8.00%,

07/15/2025

(h)

4,278‌

4,464‌

Ocwen

Loan

Servicing

LLC

8.38%,

11/15/2022

(h)

223‌

196‌

OneMain

Finance

Corp

5.38%,

11/15/2029

1,335‌

1,409‌

5.63%,

03/15/2023

950‌

1,005‌

6.13%,

05/15/2022

500‌

526‌

6.13%,

03/15/2024

850‌

925‌

6.63%,

01/15/2028

14,145‌

16,210‌

6.88%,

03/15/2025

1,400‌

1,565‌

Schedule

of

Investments

High

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

76

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Diversified

Financial

Services

(continued)

OneMain

Finance

Corp  

(continued)

7.13%,

03/15/2026

$

3,724‌

$

4,366‌

7.75%,

10/01/2021

548‌

578‌

Oxford

Finance

LLC

/

Oxford

Finance

Co-Issuer

II

Inc

6.38%,

12/15/2022

(h)

2,500‌

2,324‌

Quicken

Loans

LLC

5.25%,

01/15/2028

(h)

9,850‌

10,639‌

5.75%,

05/01/2025

(h)

8,693‌

8,962‌

SLM

Corp

5.13%,

04/05/2022

1,200‌

1,224‌

Voyager

Aviation

Holdings

LLC

/

Voyager

Finance

Co

8.50%,

08/15/2021

(h)

397‌

290‌

$

160,073‌

Electric

-

0.84%

AES

Corp/The

5.13%,

09/01/2027

402‌

435‌

5.50%,

04/15/2025

177‌

182‌

6.00%,

05/15/2026

919‌

972‌

Calpine

Corp

4.50%,

02/15/2028

(h)

995‌

1,027‌

4.63%,

02/01/2029

(g),(h)

525‌

530‌

5.00%,

02/01/2031

(g),(h)

685‌

702‌

5.13%,

03/15/2028

(h)

1,050‌

1,092‌

5.25%,

06/01/2026

(h)

1,150‌

1,196‌

5.50%,

02/01/2024

800‌

812‌

5.75%,

01/15/2025

890‌

916‌

Clearway

Energy

Operating

LLC

4.75%,

03/15/2028

(h)

280‌

299‌

5.00%,

09/15/2026

100‌

105‌

Drax

Finco

PLC

6.63%,

11/01/2025

(h)

400‌

417‌

InterGen

NV

7.00%,

06/30/2023

(h)

750‌

729‌

Midland

Cogeneration

Venture

LP

6.00%,

03/15/2025

(h)

400‌

411‌

NextEra

Energy

Operating

Partners

LP

4.25%,

09/15/2024

(h)

600‌

639‌

4.50%,

09/15/2027

(h)

273‌

297‌

NRG

Energy

Inc

5.25%,

06/15/2029

(h)

1,340‌

1,482‌

5.75%,

01/15/2028

1,155‌

1,270‌

6.63%,

01/15/2027

1,193‌

1,271‌

7.25%,

05/15/2026

1,299‌

1,401‌

Pattern

Energy

Operations

LP

/

Pattern

Energy

Operations

Inc

4.50%,

08/15/2028

(h)

565‌

599‌

PG&E

Corp

5.25%,

07/01/2030

825‌

858‌

Talen

Energy

Supply

LLC

6.50%,

06/01/2025

475‌

318‌

6.63%,

01/15/2028

(h)

345‌

346‌

7.25%,

05/15/2027

(h)

505‌

525‌

10.50%,

01/15/2026

(h)

528‌

409‌

TransAlta

Corp

4.50%,

11/15/2022

751‌

759‌

6.50%,

03/15/2040

275‌

275‌

Vistra

Operations

Co

LLC

5.00%,

07/31/2027

(h)

1,225‌

1,308‌

5.50%,

09/01/2026

(h)

1,250‌

1,317‌

5.63%,

02/15/2027

(h)

1,570‌

1,685‌

$

24,584‌

Electrical

Components

&

Equipment

-

0.27%

Energizer

Holdings

Inc

6.38%,

07/15/2026

(h)

755‌

804‌

7.75%,

01/15/2027

(h)

640‌

710‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Electrical

Components

&

Equipment

(continued)

EnerSys

5.00%,

04/30/2023

(h)

$

838‌

$

858‌

WESCO

Distribution

Inc

5.38%,

12/15/2021

405‌

408‌

5.38%,

06/15/2024

11‌

11‌

7.13%,

06/15/2025

(h)

3,660‌

4,017‌

7.25%,

06/15/2028

(h)

1,070‌

1,169‌

$

7,977‌

Electronics

-

0.10%

Ingram

Micro

Inc

5.00%,

08/10/2022

200‌

203‌

5.45%,

12/15/2024

393‌

405‌

Sensata

Technologies

BV

4.88%,

10/15/2023

(h)

675‌

710‌

5.00%,

10/01/2025

(h)

681‌

735‌

5.63%,

11/01/2024

(h)

890‌

970‌

$

3,023‌

Energy

-

Alternate

Sources

-

0.26%

Enviva

Partners

LP

/

Enviva

Partners

Finance

Corp

6.50%,

01/15/2026

(h)

5,525‌

5,953‌

Pattern

Energy

Group

Inc

5.88%,

02/01/2024

(h)

94‌

97‌

TerraForm

Power

Operating

LLC

5.00%,

01/31/2028

(h)

720‌

794‌

Topaz

Solar

Farms

LLC

4.88%,

09/30/2039

(h)

149‌

164‌

5.75%,

09/30/2039

(h)

536‌

639‌

$

7,647‌

Engineering

&

Construction

-

0.18%

AECOM

5.13%,

03/15/2027

750‌

824‌

5.88%,

10/15/2024

16‌

18‌

AECOM

Global

II

LLC

/

URS

Fox

US

LP

5.00%,

04/01/2022

337‌

345‌

Brand

Industrial

Services

Inc

8.50%,

07/15/2025

(h)

640‌

592‌

Fluor

Corp

3.50%,

12/15/2024

420‌

345‌

4.25%,

09/15/2028

505‌

429‌

frontdoor

Inc

6.75%,

08/15/2026

(h)

215‌

232‌

MasTec

Inc

4.50%,

08/15/2028

(g),(h)

485‌

507‌

4.88%,

03/15/2023

137‌

138‌

New

Enterprise

Stone

&

Lime

Co

Inc

6.25%,

03/15/2026

(h)

569‌

586‌

PowerTeam

Services

LLC

9.03%,

12/04/2025

(h)

595‌

630‌

TopBuild

Corp

5.63%,

05/01/2026

(h)

258‌

267‌

Tutor

Perini

Corp

6.88%,

05/01/2025

(h)

431‌

430‌

Weekley

Homes

LLC

/

Weekley

Finance

Corp

6.00%,

02/01/2023

25‌

25‌

6.63%,

08/15/2025

27‌

28‌

$

5,396‌

Entertainment

-

2.32%

Allen

Media

LLC

/

Allen

Media

Co-Issuer

Inc

10.50%,

02/15/2028

(h)

250‌

231‌

Boyne

USA

Inc

7.25%,

05/01/2025

(h)

2,128‌

2,275‌

Caesars

Resort

Collection

LLC

/

CRC

Finco

Inc

5.25%,

10/15/2025

(h)

7,575‌

6,829‌

Cedar

Fair

LP

5.25%,

07/15/2029

405‌

383‌

Schedule

of

Investments

High

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

77

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Entertainment

(continued)

Cedar

Fair

LP

/

Canada's

Wonderland

Co

/

Magnum

Management

Corp

5.38%,

06/01/2024

$

100‌

$

98‌

Cedar

Fair

LP

/

Canada's

Wonderland

Co

/

Magnum

Management

Corp

/

Millennium

Op

5.38%,

04/15/2027

925‌

893‌

5.50%,

05/01/2025

(h)

105‌

107‌

Churchill

Downs

Inc

4.75%,

01/15/2028

(h)

1,255‌

1,280‌

5.50%,

04/01/2027

(h)

660‌

691‌

Cinemark

USA

Inc

4.88%,

06/01/2023

7,850‌

6,672‌

8.75%,

05/01/2025

(h)

2,575‌

2,659‌

Cirsa

Finance

International

Sarl

7.88%,

12/20/2023

(h)

400‌

370‌

Colt

Merger

Sub

Inc

5.75%,

07/01/2025

(h)

4,550‌

4,732‌

6.25%,

07/01/2025

(h)

2,790‌

2,910‌

Downstream

Development

Authority

of

the

Quapaw

Tribe

of

Oklahoma

10.50%,

02/15/2023

(h)

475‌

378‌

Enterprise

Development

Authority/The

12.00%,

07/15/2024

(h)

80‌

79‌

Gateway

Casinos

&

Entertainment

Ltd

8.25%,

03/01/2024

(h)

210‌

164‌

Golden

Entertainment

Inc

7.63%,

04/15/2026

(h)

50‌

43‌

International

Game

Technology

PLC

5.25%,

01/15/2029

(h)

625‌

639‌

6.25%,

02/15/2022

(h)

586‌

612‌

6.25%,

01/15/2027

(h)

475‌

506‌

6.50%,

02/15/2025

(h)

660‌

711‌

Jacobs

Entertainment

Inc

7.88%,

02/01/2024

(h)

310‌

281‌

Lions

Gate

Capital

Holdings

LLC

5.88%,

11/01/2024

(h)

495‌

494‌

6.38%,

02/01/2024

(h)

550‌

555‌

Live

Nation

Entertainment

Inc

4.75%,

10/15/2027

(h)

1,300‌

1,201‌

4.88%,

11/01/2024

(h)

650‌

614‌

5.63%,

03/15/2026

(h)

2,250‌

2,138‌

6.50%,

05/15/2027

(h)

10,175‌

10,938‌

Merlin

Entertainments

Ltd

5.75%,

06/15/2026

(h)

325‌

309‌

Mohegan

Gaming

&

Entertainment

7.88%,

10/15/2024

(h)

1,025‌

866‌

Motion

Bondco

DAC

6.63%,

11/15/2027

(h)

173‌

148‌

Penn

National

Gaming

Inc

5.63%,

01/15/2027

(h)

250‌

247‌

Powdr

Corp

6.00%,

08/01/2025

(h)

240‌

245‌

Scientific

Games

International

Inc

5.00%,

10/15/2025

(h)

1,205‌

1,194‌

7.00%,

05/15/2028

(h)

575‌

529‌

8.25%,

03/15/2026

(h)

900‌

901‌

SeaWorld

Parks

&

Entertainment

Inc

9.50%,

08/01/2025

(g),(h)

3,310‌

3,356‌

Six

Flags

Entertainment

Corp

4.88%,

07/31/2024

(h)

1,341‌

1,274‌

5.50%,

04/15/2027

(h),(

i

)

890‌

841‌

Six

Flags

Theme

Parks

Inc

7.00%,

07/01/2025

(h)

95‌

102‌

Speedway

Motorsports

LLC

/

Speedway

Funding

II

Inc

4.88%,

11/01/2027

(h)

6,225‌

5,665‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Entertainment

(continued)

Stars

Group

Holdings

BV

/

Stars

Group

US

Co-

Borrower

LLC

7.00%,

07/15/2026

(h)

$

630‌

$

680‌

Vail

Resorts

Inc

6.25%,

05/15/2025

(h)

485‌

523‌

WMG

Acquisition

Corp

3.88%,

07/15/2030

(h)

430‌

460‌

5.50%,

04/15/2026

(h)

21‌

22‌

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp

5.13%,

10/01/2029

(h)

585‌

560‌

7.75%,

04/15/2025

(h)

485‌

509‌

$

67,914‌

Environmental

Control

-

1.03%

Clean

Harbors

Inc

4.88%,

07/15/2027

(h)

440‌

466‌

5.13%,

07/15/2029

(h)

300‌

321‌

Covanta

Holding

Corp

5.88%,

03/01/2024

850‌

872‌

5.88%,

07/01/2025

12,217‌

12,645‌

6.00%,

01/01/2027

4,888‌

5,059‌

GFL

Environmental

Inc

4.25%,

06/01/2025

(h)

405‌

421‌

5.13%,

12/15/2026

(h)

615‌

653‌

7.00%,

06/01/2026

(h)

3,262‌

3,457‌

8.50%,

05/01/2027

(h)

4,285‌

4,801‌

Harsco

Corp

5.75%,

07/31/2027

(h)

595‌

624‌

Stericycle

Inc

5.38%,

07/15/2024

(h)

80‌

84‌

Tervita

Corp

7.63%,

12/01/2021

(h)

275‌

217‌

Waste

Pro

USA

Inc

5.50%,

02/15/2026

(h)

431‌

438‌

$

30,058‌

Food

-

2.35%

Albertsons

Cos

Inc

/

Safeway

Inc

/

New

Albertsons

LP

/

Albertsons

LLC

3.50%,

02/15/2023

(h)

445‌

455‌

4.63%,

01/15/2027

(h)

1,155‌

1,221‌

4.88%,

02/15/2030

(h)

800‌

866‌

5.75%,

03/15/2025

980‌

1,014‌

5.88%,

02/15/2028

(h)

612‌

670‌

7.50%,

03/15/2026

(h)

725‌

816‌

B&G

Foods

Inc

5.25%,

04/01/2025

589‌

616‌

5.25%,

09/15/2027

575‌

611‌

Chobani

LLC

/

Chobani

Finance

Corp

Inc

7.50%,

04/15/2025

(h)

755‌

787‌

Dole

Food

Co

Inc

7.25%,

06/15/2025

(h)

656‌

646‌

FAGE

International

SA

/

FAGE

USA

Dairy

Industry

Inc

5.63%,

08/15/2026

(h)

375‌

367‌

Fresh

Market

Inc

/The

9.75%,

05/01/2023

(h)

743‌

609‌

Ingles

Markets

Inc

5.75%,

06/15/2023

56‌

57‌

JBS

USA

LUX

SA

/

JBS

USA

Finance

Inc

5.88%,

07/15/2024

(h)

777‌

792‌

6.75%,

02/15/2028

(h)

1,455‌

1,626‌

JBS

USA

LUX

SA

/

JBS

USA

Food

Co

/

JBS

USA

Finance

Inc

5.50%,

01/15/2030

(h)

1,020‌

1,125‌

6.50%,

04/15/2029

(h)

1,145‌

1,297‌

KeHE

Distributors

LLC

/

KeHE

Finance

Corp

8.63%,

10/15/2026

(h)

40‌

43‌

Schedule

of

Investments

High

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

78

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Food

(continued)

Kraft

Heinz

Foods

Co

3.00%,

06/01/2026

$

1,615‌

$

1,708‌

3.75%,

04/01/2030

(h)

1,280‌

1,387‌

3.88%,

05/15/2027

(h)

1,065‌

1,147‌

3.95%,

07/15/2025

1,334‌

1,466‌

4.25%,

03/01/2031

(h)

765‌

844‌

4.38%,

06/01/2046

2,385‌

2,508‌

4.63%,

01/30/2029

1,355‌

1,544‌

4.63%,

10/01/2039

(h)

825‌

866‌

4.88%,

10/01/2049

(h)

1,750‌

1,934‌

5.00%,

07/15/2035

1,265‌

1,482‌

5.00%,

06/04/2042

1,648‌

1,850‌

5.20%,

07/15/2045

2,205‌

2,515‌

5.50%,

06/01/2050

(h)

630‌

739‌

6.50%,

02/09/2040

1,040‌

1,314‌

6.75%,

03/15/2032

305‌

405‌

6.88%,

01/26/2039

1,110‌

1,488‌

7.13%,

08/01/2039

(h)

1,050‌

1,421‌

Lamb

Weston

Holdings

Inc

4.63%,

11/01/2024

(h)

835‌

875‌

4.88%,

11/01/2026

(h)

1,235‌

1,297‌

Pilgrim's

Pride

Corp

5.75%,

03/15/2025

(h)

920‌

943‌

5.88%,

09/30/2027

(h)

690‌

730‌

Post

Holdings

Inc

5.00%,

08/15/2026

(h)

7,013‌

7,350‌

5.50%,

12/15/2029

(h)

665‌

730‌

5.63%,

01/15/2028

(h)

1,755‌

1,918‌

5.75%,

03/01/2027

(h)

1,789‌

1,905‌

Safeway

Inc

7.25%,

02/01/2031

125‌

140‌

Sigma

Holdco

BV

7.88%,

05/15/2026

(h),(

i

)

1,075‌

1,083‌

Simmons

Foods

Inc

5.75%,

11/01/2024

(h)

600‌

603‌

7.75%,

01/15/2024

(h)

195‌

205‌

US

Foods

Inc

5.88%,

06/15/2024

(h)

985‌

983‌

6.25%,

04/15/2025

(h)

11,000‌

11,798‌

$

68,796‌

Food

Service

-

0.53%

Aramark

Services

Inc

4.75%,

06/01/2026

580‌

577‌

5.00%,

04/01/2025

(h)

550‌

565‌

5.00%,

02/01/2028

(h)

3,625‌

3,648‌

6.38%,

05/01/2025

(h)

10,100‌

10,655‌

$

15,445‌

Forest

Products

&

Paper

-

0.08%

Cascades

Inc

5.75%,

07/15/2023

(h)

160‌

162‌

Mercer

International

Inc

5.50%,

01/15/2026

703‌

665‌

6.50%,

02/01/2024

1,275‌

1,256‌

Smurfit

Kappa

Treasury

Funding

DAC

7.50%,

11/20/2025

150‌

181‌

$

2,264‌

Gas

-

0.08%

AmeriGas

Partners

LP

/

AmeriGas

Finance

Corp

5.50%,

05/20/2025

247‌

267‌

5.63%,

05/20/2024

671‌

721‌

5.75%,

05/20/2027

421‌

461‌

5.88%,

08/20/2026

818‌

903‌

$

2,352‌

Hand

&

Machine

Tools

-

0.32%

Apex

Tool

Group

LLC

/

BC

Mountain

Finance

Inc

9.00%,

02/15/2023

(h)

10,575‌

8,460‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Hand

&

Machine

Tools

(continued)

Colfax

Corp

6.00%,

02/15/2024

(h)

$

140‌

$

147‌

6.38%,

02/15/2026

(h)

317‌

342‌

Werner

FinCo

LP

/

Werner

FinCo

Inc

8.75%,

07/15/2025

(h)

375‌

323‌

$

9,272‌

Healthcare

-

Products

-

0.41%

Avantor

Funding

Inc

4.63%,

07/15/2028

(h)

7,930‌

8,378‌

Hologic

Inc

4.38%,

10/15/2025

(h)

490‌

502‌

Immucor

Inc

11.13%,

02/15/2022

(h)

289‌

290‌

Ortho-Clinical

Diagnostics

Inc

/

Ortho-Clinical

Diagnostics

SA

7.25%,

02/01/2028

(h)

1,280‌

1,339‌

Teleflex

Inc

4.63%,

11/15/2027

565‌

611‌

4.88%,

06/01/2026

800‌

840‌

$

11,960‌

Healthcare

-

Services

-

6.41%

Acadia

Healthcare

Co

Inc

5.50%,

07/01/2028

(h)

4,000‌

4,215‌

5.63%,

02/15/2023

1,052‌

1,069‌

6.50%,

03/01/2024

429‌

441‌

AHP

Health

Partners

Inc

9.75%,

07/15/2026

(h)

1,000‌

1,062‌

Air

Medical

Group

Holdings

Inc

6.38%,

05/15/2023

(h)

274‌

260‌

Air

Methods

Corp

8.00%,

05/15/2025

(h),(

i

)

470‌

330‌

Catalent

Pharma

Solutions

Inc

4.88%,

01/15/2026

(h)

339‌

348‌

5.00%,

07/15/2027

(h)

570‌

607‌

Centene

Corp

4.25%,

12/15/2027

2,300‌

2,444‌

4.63%,

12/15/2029

4,000‌

4,461‌

4.75%,

05/15/2022

425‌

432‌

4.75%,

01/15/2025

1,190‌

1,233‌

5.25%,

04/01/2025

(h)

1,060‌

1,105‌

5.38%,

06/01/2026

(h)

2,250‌

2,406‌

5.38%,

08/15/2026

(h)

400‌

428‌

Charles

River

Laboratories

International

Inc

4.25%,

05/01/2028

(h)

900‌

952‌

5.50%,

04/01/2026

(h)

480‌

507‌

CHS/Community

Health

Systems

Inc

6.25%,

03/31/2023

2,158‌

2,174‌

6.63%,

02/15/2025

(h)

950‌

960‌

6.88%,

02/01/2022

188‌

145‌

8.00%,

03/15/2026

(h)

1,374‌

1,407‌

8.00%,

12/15/2027

(h)

570‌

573‌

8.13%,

06/30/2024

(h)

1,040‌

659‌

8.63%,

01/15/2024

(h)

855‌

881‌

9.88%,

06/30/2023

(h),(

i

),(k)

2,000‌

1,580‌

DaVita

Inc

4.63%,

06/01/2030

(h)

1,415‌

1,507‌

5.00%,

05/01/2025

330‌

339‌

Encompass

Health

Corp

4.50%,

02/01/2028

3,630‌

3,793‌

4.75%,

02/01/2030

570‌

602‌

5.13%,

03/15/2023

900‌

905‌

5.75%,

11/01/2024

25‌

25‌

5.75%,

09/15/2025

2,642‌

2,734‌

Envision

Healthcare

Corp

8.75%,

10/15/2026

(h)

14,950‌

5,980‌

Schedule

of

Investments

High

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

79

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Healthcare

-

Services

(continued)

HCA

Inc

3.50%,

09/01/2030

$

2,000‌

$

2,102‌

5.38%,

02/01/2025

2,682‌

3,024‌

5.38%,

09/01/2026

800‌

914‌

5.63%,

09/01/2028

1,105‌

1,318‌

5.88%,

05/01/2023

978‌

1,073‌

5.88%,

02/15/2026

1,210‌

1,416‌

5.88%,

02/01/2029

810‌

986‌

7.50%,

11/06/2033

413‌

557‌

7.69%,

06/15/2025

225‌

265‌

IQVIA

Inc

5.00%,

10/15/2026

(h)

1,062‌

1,120‌

5.00%,

05/15/2027

(h)

900‌

960‌

LifePoint

Health

Inc

4.38%,

02/15/2027

(h)

3,660‌

3,741‌

6.75%,

04/15/2025

(h)

485‌

523‌

Magellan

Health

Inc

4.90%,

09/22/2024

325‌

328‌

MEDNAX

Inc

5.25%,

12/01/2023

(h)

611‌

619‌

6.25%,

01/15/2027

(h)

810‌

857‌

Molina

Healthcare

Inc

4.88%,

06/15/2025

(h)

483‌

494‌

5.38%,

11/15/2022

775‌

814‌

One

Call

Corp

8.25%,

PIK

11.50%,

07/01/2024

(h),(k),(l)

58,703‌

52,833‌

Polaris

Intermediate

Corp

8.50%,

PIK

9.25%,

12/01/2022

(h),(

i

),(k),(l)

13,984‌

14,228‌

Radiology

Partners

Inc

9.25%,

02/01/2028

(h)

6,600‌

6,616‌

RegionalCare

Hospital

Partners

Holdings

Inc

/

LifePoint

Health

Inc

9.75%,

12/01/2026

(h)

1,700‌

1,887‌

Select

Medical

Corp

6.25%,

08/15/2026

(h)

500‌

539‌

Surgery

Center

Holdings

Inc

6.75%,

07/01/2025

(h),(

i

)

6,119‌

5,920‌

10.00%,

04/15/2027

(h)

680‌

721‌

Tenet

Healthcare

Corp

4.63%,

07/15/2024

3,775‌

3,841‌

4.63%,

09/01/2024

(h)

2,170‌

2,219‌

4.63%,

06/15/2028

(h)

4,000‌

4,207‌

4.88%,

01/01/2026

(h)

8,042‌

8,412‌

5.13%,

05/01/2025

1,120‌

1,152‌

5.13%,

11/01/2027

(h)

1,833‌

1,946‌

6.25%,

02/01/2027

(h)

1,295‌

1,376‌

6.75%,

06/15/2023

1,168‌

1,232‌

6.88%,

11/15/2031

285‌

272‌

7.50%,

04/01/2025

(h)

570‌

631‌

8.13%,

04/01/2022

8,073‌

8,699‌

US

Renal

Care

Inc

10.63%,

07/15/2027

(h)

414‌

441‌

West

Street

Merger

Sub

Inc

6.38%,

09/01/2025

(h)

2,531‌

2,568‌

$

187,415‌

Holding

Companies

-

Diversified

-

0.05%

Stena

AB

7.00%,

02/01/2024

(h),(

i

)

425‌

414‌

Stena

International

SA

5.75%,

03/01/2024

(h)

285‌

270‌

6.13%,

02/01/2025

(h)

285‌

275‌

VistaJet

Malta

Finance

PLC

/

XO

Management

Holding

Inc

10.50%,

06/01/2024

(h)

488‌

439‌

$

1,398‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Home

Builders

-

0.91%

Ashton

Woods

USA

LLC

/

Ashton

Woods

Finance

Co

6.63%,

01/15/2028

(h)

$

900‌

$

907‌

Beazer

Homes

USA

Inc

5.88%,

10/15/2027

245‌

246‌

6.75%,

03/15/2025

151‌

155‌

Brookfield

Residential

Properties

Inc

/

Brookfield

Residential

US

Corp

4.88%,

02/15/2030

(h)

405‌

367‌

6.25%,

09/15/2027

(h)

485‌

485‌

6.38%,

05/15/2025

(h)

591‌

600‌

Century

Communities

Inc

5.88%,

07/15/2025

538‌

554‌

6.75%,

06/01/2027

800‌

854‌

KB

Home

4.80%,

11/15/2029

144‌

150‌

7.00%,

12/15/2021

340‌

356‌

7.50%,

09/15/2022

226‌

247‌

7.63%,

05/15/2023

30‌

33‌

Lennar

Corp

4.13%,

01/15/2022

580‌

594‌

4.50%,

04/30/2024

490‌

530‌

4.75%,

11/15/2022

1,200‌

1,266‌

4.75%,

05/30/2025

485‌

533‌

4.75%,

11/29/2027

500‌

571‌

4.88%,

12/15/2023

600‌

647‌

5.00%,

06/15/2027

457‌

514‌

5.25%,

06/01/2026

232‌

260‌

5.38%,

10/01/2022

(

i

)

73‌

78‌

5.88%,

11/15/2024

882‌

1,000‌

6.25%,

12/15/2021

187‌

194‌

M/I

Homes

Inc

5.63%,

08/01/2025

231‌

240‌

Mattamy

Group

Corp

4.63%,

03/01/2030

(h)

485‌

492‌

5.25%,

12/15/2027

(h)

405‌

420‌

MDC

Holdings

Inc

5.50%,

01/15/2024

263‌

283‌

6.00%,

01/15/2043

400‌

460‌

Meritage

Homes

Corp

6.00%,

06/01/2025

1,208‌

1,387‌

New

Home

Co

Inc

/The

7.25%,

04/01/2022

625‌

591‌

Picasso

Finance

Sub

Inc

6.13%,

06/15/2025

(h)

525‌

558‌

PulteGroup

Inc

5.00%,

01/15/2027

985‌

1,129‌

5.50%,

03/01/2026

185‌

214‌

6.00%,

02/15/2035

212‌

251‌

6.38%,

05/15/2033

320‌

400‌

7.88%,

06/15/2032

179‌

238‌

Shea

Homes

LP

/

Shea

Homes

Funding

Corp

4.75%,

02/15/2028

(h)

365‌

383‌

Taylor

Morrison

Communities

Inc

5.13%,

08/01/2030

(h)

405‌

442‌

5.75%,

01/15/2028

(h)

795‌

893‌

6.63%,

07/15/2027

(h)

90‌

98‌

Taylor

Morrison

Communities

Inc

/

Taylor

Morrison

Holdings

II

Inc

5.63%,

03/01/2024

(h)

670‌

714‌

5.88%,

04/15/2023

(h)

566‌

597‌

Toll

Brothers

Finance

Corp

3.80%,

11/01/2029

320‌

333‌

4.35%,

02/15/2028

740‌

801‌

4.38%,

04/15/2023

811‌

852‌

4.88%,

03/15/2027

345‌

386‌

5.63%,

01/15/2024

383‌

421‌

5.88%,

02/15/2022

430‌

449‌

Schedule

of

Investments

High

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

80

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Home

Builders

(continued)

TRI

Pointe

Group

Inc

5.25%,

06/01/2027

$

795‌

$

835‌

TRI

Pointe

Group

Inc

/

TRI

Pointe

Homes

Inc

5.88%,

06/15/2024

901‌

971‌

Williams

Scotsman

International

Inc

6.88%,

08/15/2023

(h)

385‌

398‌

Winnebago

Industries

Inc

6.25%,

07/15/2028

(h)

240‌

254‌

$

26,631‌

Home

Furnishings

-

0.02%

Tempur

Sealy

International

Inc

5.50%,

06/15/2026

533‌

558‌

Housewares

-

0.21%

CD&R

Smokey

Buyer

Inc

6.75%,

07/15/2025

(h)

505‌

540‌

Newell

Brands

Inc

4.00%,

06/15/2022

200‌

206‌

4.00%,

12/01/2024

200‌

205‌

4.35%,

04/01/2023

1,125‌

1,195‌

4.70%,

04/01/2026

1,550‌

1,678‌

4.88%,

06/01/2025

400‌

435‌

5.50%,

04/01/2046

697‌

769‌

5.87%,

04/01/2036

375‌

424‌

Scotts

Miracle-

Gro

Co/The

4.50%,

10/15/2029

500‌

530‌

5.25%,

12/15/2026

187‌

200‌

$

6,182‌

Insurance

-

1.86%

Acrisure

LLC

/

Acrisure

Finance

Inc

7.00%,

11/15/2025

(h)

14,925‌

15,076‌

8.13%,

02/15/2024

(h)

10,515‌

11,172‌

10.13%,

08/01/2026

(h)

847‌

936‌

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

6.75%,

10/15/2027

(h)

74‌

79‌

AmWINS

Group

Inc

7.75%,

07/01/2026

(h)

440‌

485‌

Assurant

Inc

7.00%,

03/27/2048

(m)

425‌

444‌

3

Month

USD

LIBOR

+

4.14%

AssuredPartners

Inc

7.00%,

08/15/2025

(h)

17,237‌

17,495‌

Genworth

Holdings

Inc

4.80%,

02/15/2024

383‌

337‌

4.90%,

08/15/2023

625‌

556‌

6.50%,

06/15/2034

150‌

124‌

7.63%,

09/24/2021

(

i

)

250‌

251‌

GTCR

AP

Finance

Inc

8.00%,

05/15/2027

(h)

1,910‌

2,015‌

HUB

International

Ltd

7.00%,

05/01/2026

(h)

1,347‌

1,432‌

MGIC

Investment

Corp

5.75%,

08/15/2023

1,335‌

1,402‌

Radian

Group

Inc

4.50%,

10/01/2024

1,353‌

1,360‌

4.88%,

03/15/2027

800‌

775‌

USI

Inc

/NY

6.88%,

05/01/2025

(h)

532‌

545‌

$

54,484‌

Internet

-

0.97%

Cogent

Communications

Group

Inc

5.38%,

03/01/2022

(h)

575‌

599‌

E*TRADE

Financial

Corp

5.88%,

12/31/2049

(m),(n)

290‌

315‌

3

Month

USD

LIBOR

+

4.44%

EIG

Investors

Corp

10.88%,

02/01/2024

1,000‌

1,022‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Internet

(continued)

Getty

Images

Inc

9.75%,

03/01/2027

(h)

$

250‌

$

233‌

Go

Daddy

Operating

Co

LLC

/

GD

Finance

Co

Inc

5.25%,

12/01/2027

(h)

695‌

741‌

GrubHub

Holdings

Inc

5.50%,

07/01/2027

(h)

621‌

648‌

Match

Group

Holdings

II

LLC

4.13%,

08/01/2030

(h)

945‌

973‌

5.00%,

12/15/2027

(h)

785‌

824‌

5.63%,

02/15/2029

(h)

695‌

754‌

Netflix

Inc

3.63%,

06/15/2025

(h)

487‌

516‌

4.38%,

11/15/2026

1,656‌

1,839‌

4.88%,

04/15/2028

1,926‌

2,239‌

5.38%,

11/15/2029

(h)

699‌

847‌

5.50%,

02/15/2022

540‌

570‌

5.75%,

03/01/2024

1,125‌

1,263‌

5.88%,

02/15/2025

725‌

834‌

5.88%,

11/15/2028

2,600‌

3,211‌

6.38%,

05/15/2029

1,000‌

1,270‌

NortonLifeLock

Inc

3.95%,

06/15/2022

250‌

258‌

5.00%,

04/15/2025

(h)

699‌

718‌

Photo

Holdings

Merger

Sub

Inc

8.50%,

10/01/2026

(h)

825‌

764‌

TripAdvisor

Inc

7.00%,

07/15/2025

(h)

405‌

424‌

Twitter

Inc

3.88%,

12/15/2027

(h)

565‌

604‌

Uber

Technologies

Inc

7.50%,

11/01/2023

(h)

900‌

934‌

7.50%,

05/15/2025

(h)

990‌

1,044‌

7.50%,

09/15/2027

(h)

1,200‌

1,256‌

8.00%,

11/01/2026

(h)

1,793‌

1,882‌

VeriSign

Inc

4.75%,

07/15/2027

1,035‌

1,124‌

5.25%,

04/01/2025

635‌

724‌

$

28,430‌

Investment

Companies

-

0.15%

Compass

Group

Diversified

Holdings

LLC

8.00%,

05/01/2026

(h)

265‌

280‌

FS

Energy

and

Power

Fund

7.50%,

08/15/2023

(h)

155‌

136‌

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp

4.75%,

09/15/2024

495‌

505‌

5.25%,

05/15/2027

770‌

793‌

6.25%,

05/15/2026

1,200‌

1,268‌

6.38%,

12/15/2025

1,225‌

1,274‌

$

4,256‌

Iron

&

Steel

-

1.78%

Allegheny

Technologies

Inc

5.88%,

12/01/2027

2,040‌

1,933‌

7.88%,

08/15/2023

1,364‌

1,436‌

ArcelorMittal

SA

3.60%,

07/16/2024

890‌

931‌

4.25%,

07/16/2029

465‌

493‌

4.55%,

03/11/2026

915‌

993‌

6.13%,

06/01/2025

690‌

800‌

7.00%,

03/01/2041

570‌

715‌

7.25%,

10/15/2039

773‌

1,013‌

Baffinland

Iron

Mines

Corp

/

Baffinland

Iron

Mines

LP

8.75%,

07/15/2026

(h)

13,520‌

14,032‌

Big

River

Steel

LLC

/

BRS

Finance

Corp

7.25%,

09/01/2025

(h)

8,202‌

8,279‌

Schedule

of

Investments

High

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

81

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Iron

&

Steel

(continued)

Carpenter

Technology

Corp

6.38%,

07/15/2028

$

325‌

$

341‌

Cleveland-Cliffs

Inc

4.88%,

01/15/2024

(h)

1,380‌

1,332‌

5.75%,

03/01/2025

375‌

323‌

5.88%,

06/01/2027

566‌

487‌

6.25%,

10/01/2040

300‌

195‌

6.75%,

03/15/2026

(h)

6,025‌

6,055‌

9.88%,

10/17/2025

(h)

600‌

656‌

Commercial

Metals

Co

4.88%,

05/15/2023

766‌

800‌

5.38%,

07/15/2027

154‌

161‌

Infrabuild

Australia

Pty

Ltd

12.00%,

10/01/2024

(h)

295‌

277‌

Mineral

Resources

Ltd

8.13%,

05/01/2027

(h)

1,075‌

1,187‌

Specialty

Steel

10.68%,

11/15/2022

(e),(f),(j),(k)

8,680‌

8,680‌

United

States

Steel

Corp

6.25%,

03/15/2026

(

i

)

537‌

358‌

6.88%,

08/15/2025

(

i

)

614‌

430‌

$

51,907‌

Leisure

Products

&

Services

-

0.63%

Carlson

Travel

Inc

9.50%,

12/15/2024

(h),(

i

)

12,676‌

6,829‌

Carnival

Corp

10.50%,

02/01/2026

(h)

625‌

647‌

11.50%,

04/01/2023

(h)

3,270‌

3,556‌

Constellation

Merger

Sub

Inc

8.50%,

09/15/2025

(h),(

i

)

315‌

262‌

LTF

Merger

Sub

Inc

8.50%,

06/15/2023

(h)

100‌

83‌

NCL

Corp

Ltd

10.25%,

02/01/2026

(h)

605‌

597‌

Royal

Caribbean

Cruises

Ltd

3.70%,

03/15/2028

1,340‌

938‌

5.25%,

11/15/2022

1,175‌

999‌

7.50%,

10/15/2027

(

i

)

565‌

475‌

Sabre

GLBL

Inc

5.25%,

11/15/2023

(h)

581‌

570‌

5.38%,

04/15/2023

(h)

610‌

599‌

9.25%,

04/15/2025

(h)

775‌

853‌

Viking

Cruises

Ltd

5.88%,

09/15/2027

(h)

1,075‌

707‌

13.00%,

05/15/2025

(h)

545‌

593‌

Vista

Outdoor

Inc

5.88%,

10/01/2023

125‌

125‌

VOC

Escrow

Ltd

5.00%,

02/15/2028

(h)

545‌

444‌

$

18,277‌

Lodging

-

1.69%

Boyd

Gaming

Corp

4.75%,

12/01/2027

(h)

825‌

793‌

6.00%,

08/15/2026

5,725‌

5,770‌

6.38%,

04/01/2026

5,710‌

5,839‌

8.63%,

06/01/2025

(h)

500‌

551‌

Diamond

Resorts

International

Inc

7.75%,

09/01/2023

(h)

300‌

291‌

10.75%,

09/01/2024

(h)

935‌

830‌

Hilton

Domestic

Operating

Co

Inc

4.25%,

09/01/2024

92‌

93‌

4.88%,

01/15/2030

1,510‌

1,582‌

5.13%,

05/01/2026

1,000‌

1,035‌

Hilton

Grand

Vacations

Borrower

LLC

/

Hilton

Grand

Vacations

Borrower

Inc

6.13%,

12/01/2024

369‌

373‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Lodging

(continued)

Hilton

Worldwide

Finance

LLC

/

Hilton

Worldwide

Finance

Corp

4.63%,

04/01/2025

$

553‌

$

562‌

4.88%,

04/01/2027

1,117‌

1,160‌

Marriott

Ownership

Resorts

Inc

6.13%,

09/15/2025

(h)

405‌

432‌

Marriott

Ownership

Resorts

Inc

/

ILG

LLC

6.50%,

09/15/2026

875‌

897‌

Melco

Resorts

Finance

Ltd

5.38%,

12/04/2029

(h)

845‌

849‌

5.75%,

07/21/2028

(h)

405‌

411‌

MGM

China

Holdings

Ltd

5.25%,

06/18/2025

(h)

405‌

416‌

5.38%,

05/15/2024

(h)

730‌

750‌

5.88%,

05/15/2026

(h)

730‌

772‌

MGM

Resorts

International

5.50%,

04/15/2027

653‌

656‌

5.75%,

06/15/2025

1,788‌

1,847‌

6.00%,

03/15/2023

1,045‌

1,092‌

6.75%,

05/01/2025

1,000‌

1,040‌

7.75%,

03/15/2022

713‌

758‌

Station

Casinos

LLC

4.50%,

02/15/2028

(h)

625‌

559‌

5.00%,

10/01/2025

(h)

13,063‌

12,361‌

Studio

City

Finance

Ltd

6.00%,

07/15/2025

(h)

405‌

411‌

6.50%,

01/15/2028

(h)

405‌

419‌

Wyndham

Destinations

Inc

3.90%,

03/01/2023

82‌

80‌

4.25%,

03/01/2022

440‌

437‌

5.40%,

04/01/2024

266‌

265‌

5.75%,

04/01/2027

280‌

277‌

6.63%,

07/31/2026

(h)

525‌

544‌

Wyndham

Hotels

&

Resorts

Inc

5.38%,

04/15/2026

(h)

465‌

474‌

Wynn

Las

Vegas

LLC

/

Wynn

Las

Vegas

Capital

Corp

4.25%,

05/30/2023

(h)

300‌

281‌

5.25%,

05/15/2027

(h)

595‌

530‌

5.50%,

03/01/2025

(h)

1,735‌

1,631‌

Wynn

Macau

Ltd

4.88%,

10/01/2024

(h)

425‌

422‌

5.13%,

12/15/2029

(h)

810‌

790‌

5.50%,

01/15/2026

(h)

605‌

607‌

5.50%,

10/01/2027

(h)

565‌

564‌

$

49,451‌

Machinery

-

Construction

&

Mining

-

0.16%

BWX

Technologies

Inc

4.13%,

06/30/2028

(h)

1,020‌

1,061‌

5.38%,

07/15/2026

(h)

1,006‌

1,051‌

Manitowoc

Co

Inc

/The

9.00%,

04/01/2026

(h)

1,535‌

1,571‌

Terex

Corp

5.63%,

02/01/2025

(h)

998‌

1,012‌

$

4,695‌

Machinery

-

Diversified

-

0.73%

ATS

Automation

Tooling

Systems

Inc

6.50%,

06/15/2023

(h)

201‌

204‌

Cleaver-Brooks

Inc

7.88%,

03/01/2023

(h)

416‌

398‌

JPW

Industries

Holding

Corp

9.00%,

10/01/2024

(h)

5,945‌

4,994‌

Maxim

Crane

Works

Holdings

Capital

LLC

10.13%,

08/01/2024

(h)

203‌

199‌

Mueller

Water

Products

Inc

5.50%,

06/15/2026

(h)

2,524‌

2,652‌

RBS

Global

Inc

/

Rexnord

LLC

4.88%,

12/15/2025

(h)

1,242‌

1,276‌

Schedule

of

Investments

High

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

82

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Machinery

-

Diversified

(continued)

SPX

FLOW

Inc

5.63%,

08/15/2024

(h)

$

284‌

$

292‌

5.88%,

08/15/2026

(h)

3,010‌

3,152‌

Stevens

Holding

Co

Inc

6.13%,

10/01/2026

(h)

1,265‌

1,354‌

Tennant

Co

5.63%,

05/01/2025

239‌

247‌

Titan

Acquisition

Ltd

/

Titan

Co-Borrower

LLC

7.75%,

04/15/2026

(h)

4,806‌

4,746‌

Vertical

Holdco

GmbH

7.63%,

07/15/2028

(h)

360‌

383‌

Vertical

US

Newco

Inc

5.25%,

07/15/2027

(h)

1,260‌

1,336‌

$

21,233‌

Media

-

7.44%

Altice

Financing

SA

5.00%,

01/15/2028

(h)

1,000‌

1,027‌

7.50%,

05/15/2026

(h)

2,181‌

2,345‌

AMC

Networks

Inc

4.75%,

08/01/2025

1,177‌

1,206‌

5.00%,

04/01/2024

4,648‌

4,723‌

Belo

Corp

7.25%,

09/15/2027

170‌

185‌

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

4.00%,

03/01/2023

(h)

405‌

411‌

4.25%,

02/01/2031

(h)

2,425‌

2,531‌

4.50%,

08/15/2030

(h)

4,470‌

4,738‌

4.50%,

05/01/2032

(h)

3,800‌

4,009‌

4.75%,

03/01/2030

(h)

7,720‌

8,217‌

5.00%,

02/01/2028

(h)

6,300‌

6,679‌

5.13%,

05/01/2027

(h)

1,769‌

1,877‌

5.38%,

05/01/2025

(h)

411‌

424‌

5.38%,

06/01/2029

(h)

1,305‌

1,429‌

5.50%,

05/01/2026

(h)

1,080‌

1,142‌

5.75%,

02/15/2026

(h)

11,157‌

11,687‌

5.88%,

05/01/2027

(h)

1,380‌

1,459‌

Cengage

Learning

Inc

9.50%,

06/15/2024

(h)

718‌

470‌

Clear

Channel

Worldwide

Holdings

Inc

9.25%,

02/15/2024

1,421‌

1,279‌

CSC

Holdings

LLC

4.63%,

12/01/2030

(h)

9,750‌

10,238‌

5.25%,

06/01/2024

1,630‌

1,793‌

5.38%,

02/01/2028

(h)

1,100‌

1,191‌

5.50%,

05/15/2026

(h)

2,953‌

3,097‌

5.50%,

04/15/2027

(h)

3,381‌

3,626‌

5.75%,

01/15/2030

(h)

4,551‌

5,045‌

5.88%,

09/15/2022

603‌

650‌

6.50%,

02/01/2029

(h)

3,850‌

4,409‌

6.63%,

10/15/2025

(h)

2,635‌

2,753‌

6.75%,

11/15/2021

1,184‌

1,255‌

7.50%,

04/01/2028

(h)

6,770‌

7,787‌

10.88%,

10/15/2025

(h)

1,130‌

1,211‌

Cumulus

Media

New

Holdings

Inc

6.75%,

07/01/2026

(h)

355‌

322‌

Diamond

Sports

Group

LLC

/

Diamond

Sports

Finance

Co

5.38%,

08/15/2026

(h)

8,490‌

6,538‌

6.63%,

08/15/2027

(h)

13,000‌

7,117‌

DISH

DBS

Corp

5.00%,

03/15/2023

1,779‌

1,855‌

5.88%,

07/15/2022

2,555‌

2,689‌

5.88%,

11/15/2024

2,114‌

2,204‌

7.75%,

07/01/2026

1,181‌

1,332‌

Entercom

Media

Corp

6.50%,

05/01/2027

(h)

345‌

308‌

7.25%,

11/01/2024

(h)

322‌

265‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Media

(continued)

EW

Scripps

Co/The

5.13%,

05/15/2025

(h)

$

142‌

$

140‌

GCI

LLC

6.63%,

06/15/2024

(h)

260‌

274‌

6.88%,

04/15/2025

85‌

88‌

Gray

Television

Inc

5.13%,

10/15/2024

(h)

165‌

170‌

5.88%,

07/15/2026

(h)

400‌

414‌

7.00%,

05/15/2027

(h)

735‌

803‌

Houghton

Mifflin

Harcourt

Publishers

Inc

9.00%,

02/15/2025

(h)

245‌

236‌

iHeartCommunications

Inc

4.75%,

01/15/2028

(h)

405‌

402‌

5.25%,

08/15/2027

(h)

390‌

394‌

6.38%,

05/01/2026

775‌

816‌

8.38%,

05/01/2027

1,405‌

1,403‌

LCPR

Senior

Secured

Financing

DAC

6.75%,

10/15/2027

(h)

1,200‌

1,297‌

Liberty

Interactive

LLC

8.25%,

02/01/2030

435‌

459‌

8.50%,

07/15/2029

175‌

183‌

McGraw-Hill

Global

Education

Holdings

LLC

/

McGraw-Hill

Global

Education

Finance

7.88%,

05/15/2024

(h)

500‌

300‌

Meredith

Corp

6.88%,

02/01/2026

1,020‌

886‌

Nexstar

Broadcasting

Inc

5.63%,

08/01/2024

(h)

469‌

482‌

5.63%,

07/15/2027

(h)

13,250‌

14,181‌

Quebecor

Media

Inc

5.75%,

01/15/2023

685‌

747‌

Radiate

Holdco

LLC

/

Radiate

Finance

Inc

6.63%,

02/15/2025

(h)

323‌

331‌

Scripps

Escrow

Inc

5.88%,

07/15/2027

(h)

1,000‌

1,005‌

Sinclair

Television

Group

Inc

5.13%,

02/15/2027

(h)

278‌

272‌

5.50%,

03/01/2030

(h)

8,450‌

8,447‌

5.63%,

08/01/2024

(h)

184‌

186‌

5.88%,

03/15/2026

(h)

270‌

271‌

Sirius

XM

Radio

Inc

3.88%,

08/01/2022

(h)

808‌

823‌

4.63%,

07/15/2024

(h)

1,330‌

1,401‌

5.00%,

08/01/2027

(h)

956‌

1,019‌

5.38%,

07/15/2026

(h)

5,820‌

6,133‌

5.50%,

07/01/2029

(h)

1,388‌

1,546‌

SportsNet

New

York

10.25%,

01/15/2025

(e),(f),(j)

4,130‌

4,306‌

TEGNA

Inc

4.88%,

09/15/2021

(h)

95‌

95‌

5.00%,

09/15/2029

(h)

2,100‌

2,117‌

Telenet

Finance

Luxembourg

Notes

Sarl

5.50%,

03/01/2028

(h)

2,200‌

2,310‌

Univision

Communications

Inc

5.13%,

02/15/2025

(h)

1,929‌

1,871‌

6.63%,

06/01/2027

(h)

1,225‌

1,228‌

UPC

Holding

BV

5.50%,

01/15/2028

(h)

430‌

436‌

Urban

One

Inc

7.38%,

04/15/2022

(h)

2,540‌

2,254‌

ViacomCBS

Inc

5.87%,

02/28/2057

(m)

218‌

228‌

3

Month

USD

LIBOR

+

3.90%

6.25%,

02/28/2057

(m)

352‌

391‌

3

Month

USD

LIBOR

+

3.90%

Schedule

of

Investments

High

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

83

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Media

(continued)

Videotron

Ltd

5.00%,

07/15/2022

$

400‌

$

419‌

5.13%,

04/15/2027

(h)

664‌

702‌

5.38%,

06/15/2024

(h)

617‌

669‌

Virgin

Media

Finance

PLC

5.00%,

07/15/2030

(h)

6,976‌

7,288‌

Virgin

Media

Secured

Finance

PLC

4.50%,

08/15/2030

(h)

525‌

559‌

5.50%,

08/15/2026

(h)

9,020‌

9,582‌

5.50%,

05/15/2029

(h)

1,215‌

1,324‌

Virgin

Media

Vendor

Financing

Notes

IV

DAC

5.00%,

07/15/2028

(h)

405‌

423‌

Ziggo

Bond

Co

BV

5.13%,

02/28/2030

(h)

4,705‌

5,012‌

6.00%,

01/15/2027

(h)

2,600‌

2,756‌

Ziggo

BV

4.88%,

01/15/2030

(h)

565‌

601‌

5.50%,

01/15/2027

(h)

6,010‌

6,340‌

$

217,543‌

Metal

Fabrication

&

Hardware

-

0.39%

Advanced

Drainage

Systems

Inc

5.00%,

09/30/2027

(h)

5,000‌

5,150‌

Grinding

Media

Inc

/

Moly-Cop

AltaSteel

Ltd

7.38%,

12/15/2023

(h)

640‌

650‌

Hillman

Group

Inc

/The

6.38%,

07/15/2022

(h)

898‌

880‌

Optimas

OE

Solutions

Holding

LLC

/

Optimas

OE

Solutions

Inc

8.63%,

06/01/2021

(h)

9,626‌

4,813‌

$

11,493‌

Mining

-

2.59%

Alcoa

Nederland

Holding

BV

5.50%,

12/15/2027

(h)

605‌

652‌

6.13%,

05/15/2028

(h)

430‌

464‌

6.75%,

09/30/2024

(h)

393‌

410‌

7.00%,

09/30/2026

(h)

700‌

749‌

Arconic

Corp

6.00%,

05/15/2025

(h)

565‌

609‌

6.13%,

02/15/2028

(h)

11,772‌

12,523‌

Century

Aluminum

Co

12.00%,

07/01/2025

(h)

6,980‌

7,189‌

Coeur

Mining

Inc

5.88%,

06/01/2024

78‌

79‌

Compass

Minerals

International

Inc

4.88%,

07/15/2024

(h)

1,260‌

1,285‌

6.75%,

12/01/2027

(h)

353‌

383‌

Constellium

SE

5.63%,

06/15/2028

(h)

1,650‌

1,731‌

5.75%,

05/15/2024

(h)

466‌

475‌

5.88%,

02/15/2026

(h)

500‌

515‌

6.63%,

03/01/2025

(h)

3,087‌

3,187‌

Ferroglobe

PLC

/

Globe

Specialty

Metals

Inc

9.38%,

03/01/2022

(h)

325‌

140‌

FMG

Resources

August

2006

Pty

Ltd

4.50%,

09/15/2027

(h)

485‌

528‌

4.75%,

05/15/2022

(h)

593‌

621‌

5.13%,

03/15/2023

(h)

300‌

316‌

5.13%,

05/15/2024

(h)

1,242‌

1,326‌

Freeport-McMoRan

Inc

3.55%,

03/01/2022

430‌

446‌

3.88%,

03/15/2023

805‌

851‌

4.13%,

03/01/2028

250‌

263‌

4.25%,

03/01/2030

485‌

507‌

4.38%,

08/01/2028

525‌

557‌

4.55%,

11/14/2024

590‌

643‌

4.63%,

08/01/2030

685‌

734‌

5.00%,

09/01/2027

200‌

213‌

5.25%,

09/01/2029

485‌

534‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Mining

(continued)

Freeport-McMoRan

Inc  

(continued)

5.40%,

11/14/2034

$

605‌

$

679‌

5.45%,

03/15/2043

1,510‌

1,680‌

Joseph

T

Ryerson

&

Son

Inc

8.50%,

08/01/2028

(h)

4,515‌

4,918‌

11.00%,

05/15/2022

(h)

5,064‌

5,222‌

JW

Aluminum

Continuous

Cast

Co

10.25%,

06/01/2026

(h)

435‌

453‌

Kaiser

Aluminum

Corp

6.50%,

05/01/2025

(h)

2,325‌

2,464‌

Northwest

Acquisitions

ULC

/

Dominion

Finco

Inc

0.00%,

11/01/2022

(d),(h)

15,820‌

198‌

Novelis

Corp

4.75%,

01/30/2030

(h)

9,300‌

9,703‌

5.88%,

09/30/2026

(h)

7,205‌

7,687‌

Real

Alloy

Holding

Inc

0.00%,

PIK

13.00%,

11/30/2023

(d),(e),(f),(j),(k),(l)

4,697‌

4,697‌

Taseko

Mines

Ltd

8.75%,

06/15/2022

(h)

100‌

85‌

$

75,716‌

Miscellaneous

Manufacturers

-

0.15%

Amsted

Industries

Inc

5.63%,

07/01/2027

(h)

495‌

522‌

FXI

Holdings

Inc

7.88%,

11/01/2024

(h)

543‌

472‌

12.25%,

11/15/2026

(h)

693‌

680‌

Gates

Global

LLC

/

Gates

Corp

6.25%,

01/15/2026

(h)

680‌

712‌

Hillenbrand

Inc

4.50%,

09/15/2026

1,260‌

1,354‌

Koppers

Inc

6.00%,

02/15/2025

(h)

139‌

143‌

LSB

Industries

Inc

9.63%,

05/01/2023

(h),(

i

)

345‌

336‌

Trinity

Industries

Inc

4.55%,

10/01/2024

133‌

134‌

$

4,353‌

Office

&

Business

Equipment

-

0.14%

CDW

LLC

/

CDW

Finance

Corp

4.13%,

05/01/2025

300‌

317‌

4.25%,

04/01/2028

485‌

519‌

5.00%,

09/01/2025

230‌

238‌

5.50%,

12/01/2024

920‌

1,033‌

Pitney

Bowes

Inc

4.63%,

03/15/2024

(

i

)

351‌

295‌

5.70%,

04/01/2023

(

i

)

250‌

219‌

Xerox

Corp

3.80%,

05/15/2024

(

i

)

215‌

216‌

4.12%,

03/15/2023

715‌

735‌

4.80%,

03/01/2035

180‌

169‌

6.75%,

12/15/2039

280‌

308‌

$

4,049‌

Oil

&

Gas

-

6.61%

Aker

BP

ASA

5.88%,

03/31/2025

(h)

365‌

384‌

Antero

Resources

Corp

5.00%,

03/01/2025

(

i

)

450‌

285‌

5.13%,

12/01/2022

581‌

465‌

5.38%,

11/01/2021

(

i

)

405‌

388‌

5.63%,

06/01/2023

(

i

)

570‌

409‌

Apache

Corp

3.25%,

04/15/2022

705‌

709‌

4.25%,

01/15/2030

755‌

727‌

4.25%,

01/15/2044

915‌

819‌

4.38%,

10/15/2028

948‌

947‌

4.75%,

04/15/2043

1,387‌

1,321‌

5.10%,

09/01/2040

1,570‌

1,523‌

Schedule

of

Investments

High

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

84

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Oil

&

Gas

(continued)

Apache

Corp  

(continued)

5.25%,

02/01/2042

$

660‌

$

629‌

5.35%,

07/01/2049

580‌

560‌

6.00%,

01/15/2037

735‌

731‌

Ascent

Resources

Utica

Holdings

LLC

/

ARU

Finance

Corp

7.00%,

11/01/2026

(h)

900‌

576‌

10.00%,

04/01/2022

(h)

540‌

446‌

Athabasca

Oil

Corp

9.88%,

02/24/2022

(h)

165‌

65‌

Baytex

Energy

Corp

5.63%,

06/01/2024

(h)

438‌

267‌

8.75%,

04/01/2027

(h)

375‌

194‌

Berry

Petroleum

Co

LLC

7.00%,

02/15/2026

(h)

315‌

252‌

Callon

Petroleum

Co

6.13%,

10/01/2024

643‌

198‌

6.38%,

07/01/2026

430‌

133‌

8.25%,

07/15/2025

125‌

37‌

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp

7.63%,

01/15/2022

280‌

283‌

7.75%,

04/15/2023

(

i

)

365‌

333‌

11.00%,

04/15/2025

(h),(

i

)

440‌

426‌

Cenovus

Energy

Inc

3.00%,

08/15/2022

420‌

424‌

3.80%,

09/15/2023

1,600‌

1,604‌

4.25%,

04/15/2027

1,245‌

1,184‌

5.25%,

06/15/2037

800‌

734‌

5.38%,

07/15/2025

8,235‌

8,236‌

5.40%,

06/15/2047

855‌

770‌

6.75%,

11/15/2039

1,350‌

1,409‌

CNX

Resources

Corp

5.88%,

04/15/2022

408‌

404‌

7.25%,

03/14/2027

(h)

250‌

245‌

Comstock

Resources

Inc

7.50%,

05/15/2025

(h)

625‌

587‌

9.75%,

08/15/2026

460‌

460‌

9.75%,

08/15/2026

685‌

685‌

Continental

Resources

Inc

/OK

3.80%,

06/01/2024

1,300‌

1,258‌

4.38%,

01/15/2028

(

i

)

825‌

770‌

4.50%,

04/15/2023

1,000‌

1,000‌

4.90%,

06/01/2044

575‌

495‌

5.00%,

09/15/2022

1,081‌

1,081‌

CrownRock

LP

/

CrownRock

Finance

Inc

5.63%,

10/15/2025

(h)

859‌

842‌

CVR

Energy

Inc

5.25%,

02/15/2025

(h)

485‌

443‌

5.75%,

02/15/2028

(h)

300‌

269‌

Endeavor

Energy

Resources

LP

/

EER

Finance

Inc

5.50%,

01/30/2026

(h)

757‌

761‌

5.75%,

01/30/2028

(h)

7,110‌

7,297‌

6.63%,

07/15/2025

(h)

485‌

510‌

Energy

Ventures

Gom

LLC

/

EnVen

Finance

Corp

11.00%,

02/15/2023

(h)

2,180‌

1,831‌

Ensign

Drilling

Inc

9.25%,

04/15/2024

(h)

900‌

360‌

EQT

Corp

3.00%,

10/01/2022

1,500‌

1,488‌

3.90%,

10/01/2027

1,116‌

1,052‌

6.13%,

02/01/2025

1,000‌

1,096‌

7.00%,

02/01/2030

725‌

839‌

Global

Marine

Inc

7.00%,

06/01/2028

65‌

27‌

Gran

Tierra

Energy

Inc

7.75%,

05/23/2027

(h)

295‌

139‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Oil

&

Gas

(continued)

Great

Western

Petroleum

LLC

/

Great

Western

Finance

Corp

9.00%,

09/30/2021

(h)

$

150‌

$

85‌

Gulfport

Energy

Corp

6.00%,

10/15/2024

655‌

343‌

6.38%,

05/15/2025

540‌

259‌

6.38%,

01/15/2026

440‌

220‌

HighPoint

Operating

Corp

7.00%,

10/15/2022

895‌

224‌

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co

5.75%,

10/01/2025

(h)

6,100‌

5,784‌

6.25%,

11/01/2028

(h)

485‌

446‌

Indigo

Natural

Resources

LLC

6.88%,

02/15/2026

(h)

325‌

313‌

Ithaca

Energy

North

Sea

PLC

9.38%,

07/15/2024

(h)

325‌

283‌

Jagged

Peak

Energy

LLC

5.88%,

05/01/2026

9,625‌

9,817‌

Laredo

Petroleum

Inc

9.50%,

01/15/2025

350‌

253‌

10.13%,

01/15/2028

300‌

213‌

Magnolia

Oil

&

Gas

Operating

LLC

/

Magnolia

Oil

&

Gas

Finance

Corp

6.00%,

08/01/2026

(h)

285‌

275‌

Matador

Resources

Co

5.88%,

09/15/2026

1,400‌

1,064‌

MEG

Energy

Corp

6.50%,

01/15/2025

(h)

2,387‌

2,345‌

7.00%,

03/31/2024

(h)

648‌

617‌

7.13%,

02/01/2027

(h)

10,005‌

8,904‌

Montage

Resources

Corp

8.88%,

07/15/2023

375‌

307‌

Moss

Creek

Resources

Holdings

Inc

7.50%,

01/15/2026

(h)

809‌

471‌

10.50%,

05/15/2027

(h),(

i

)

600‌

360‌

Murphy

Oil

Corp

4.95%,

12/01/2022

11‌

11‌

5.75%,

08/15/2025

31‌

29‌

6.37%,

12/01/2042

245‌

195‌

Nabors

Industries

Inc

4.63%,

09/15/2021

26‌

21‌

5.75%,

02/01/2025

725‌

286‌

Neptune

Energy

Bondco

PLC

6.63%,

05/15/2025

(h)

800‌

700‌

Oasis

Petroleum

Inc

6.25%,

05/01/2026

(h)

205‌

36‌

6.88%,

03/15/2022

1,304‌

242‌

Occidental

Petroleum

Corp

2.60%,

08/13/2021

1,703‌

1,682‌

2.60%,

04/15/2022

1,000‌

967‌

2.70%,

08/15/2022

7,889‌

7,621‌

2.70%,

02/15/2023

2,585‌

2,475‌

2.90%,

08/15/2024

6,685‌

6,292‌

3.00%,

02/15/2027

8,220‌

7,254‌

3.13%,

02/15/2022

1,410‌

1,388‌

3.20%,

08/15/2026

3,425‌

3,118‌

3.40%,

04/15/2026

7,315‌

6,620‌

3.50%,

06/15/2025

1,465‌

1,384‌

3.50%,

08/15/2029

4,725‌

4,200‌

4.20%,

03/15/2048

1,410‌

1,146‌

4.30%,

08/15/2039

1,000‌

810‌

4.40%,

04/15/2046

1,925‌

1,568‌

4.40%,

08/15/2049

95‌

77‌

4.50%,

07/15/2044

1,090‌

894‌

5.55%,

03/15/2026

200‌

201‌

6.45%,

09/15/2036

3,425‌

3,446‌

6.95%,

07/01/2024

1,245‌

1,304‌

7.50%,

05/01/2031

1,505‌

1,592‌

Schedule

of

Investments

High

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

85

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Oil

&

Gas

(continued)

Occidental

Petroleum

Corp  

(continued)

7.88%,

09/15/2031

$

1,045‌

$

1,112‌

7.95%,

06/15/2039

740‌

743‌

8.88%,

07/15/2030

1,920‌

2,160‌

Par

Petroleum

LLC

/

Par

Petroleum

Finance

Corp

7.75%,

12/15/2025

(h)

195‌

168‌

Parkland

Corp/Canada

5.88%,

07/15/2027

(h)

405‌

429‌

6.00%,

04/01/2026

(h)

245‌

260‌

Parsley

Energy

LLC

/

Parsley

Finance

Corp

4.13%,

02/15/2028

(h)

570‌

561‌

5.25%,

08/15/2025

(h)

630‌

639‌

5.38%,

01/15/2025

(h)

473‌

487‌

5.63%,

10/15/2027

(h)

565‌

592‌

Patterson-UTI

Energy

Inc

3.95%,

02/01/2028

440‌

345‌

5.15%,

11/15/2029

1,255‌

981‌

PBF

Holding

Co

LLC

/

PBF

Finance

Corp

6.00%,

02/15/2028

(h)

1,000‌

802‌

7.25%,

06/15/2025

595‌

538‌

9.25%,

05/15/2025

(h)

725‌

810‌

PDC

Energy

Inc

5.75%,

05/15/2026

6,250‌

6,264‌

6.13%,

09/15/2024

595‌

602‌

Precision

Drilling

Corp

5.25%,

11/15/2024

213‌

150‌

7.13%,

01/15/2026

(h),(

i

)

250‌

172‌

Puma

International

Financing

SA

5.00%,

01/24/2026

(h)

730‌

644‌

5.13%,

10/06/2024

(h)

400‌

356‌

QEP

Resources

Inc

5.25%,

05/01/2023

232‌

162‌

5.38%,

10/01/2022

450‌

360‌

5.63%,

03/01/2026

375‌

218‌

Range

Resources

Corp

4.88%,

05/15/2025

550‌

461‌

5.00%,

08/15/2022

500‌

480‌

5.00%,

03/15/2023

(

i

)

620‌

575‌

Seven

Generations

Energy

Ltd

5.38%,

09/30/2025

(h)

1,630‌

1,516‌

6.75%,

05/01/2023

(h)

125‌

127‌

SM

Energy

Co

6.63%,

01/15/2027

375‌

185‌

6.75%,

09/15/2026

375‌

187‌

10.00%,

01/15/2025

(h)

962‌

950‌

Southwestern

Energy

Co

6.45%,

01/23/2025

685‌

633‌

7.50%,

04/01/2026

235‌

220‌

7.75%,

10/01/2027

(

i

)

90‌

85‌

Suncor

Energy

Ventures

Corp

4.50%,

04/01/2022

(h)

700‌

711‌

Sunoco

LP

/

Sunoco

Finance

Corp

4.88%,

01/15/2023

500‌

508‌

5.50%,

02/15/2026

3,200‌

3,279‌

5.88%,

03/15/2028

8,316‌

8,690‌

6.00%,

04/15/2027

3,450‌

3,640‌

Teine

Energy

Ltd

6.88%,

09/30/2022

(h)

255‌

252‌

Transocean

Guardian

Ltd

5.88%,

01/15/2024

(h)

792‌

697‌

Transocean

Inc

6.80%,

03/15/2038

1,252‌

321‌

7.25%,

11/01/2025

(h)

7,215‌

3,536‌

7.50%,

01/15/2026

(h)

550‌

270‌

7.50%,

04/15/2031

690‌

185‌

8.00%,

02/01/2027

(h)

550‌

268‌

9.35%,

12/15/2041

200‌

56‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Oil

&

Gas

(continued)

Transocean

Pontus

Ltd

6.13%,

08/01/2025

(h),(

i

)

$

752‌

$

693‌

Transocean

Sentry

Ltd

5.38%,

05/15/2023

(h)

205‌

180‌

Vantage

Drilling

International

9.25%,

11/15/2023

(h)

400‌

258‌

Vermilion

Energy

Inc

5.63%,

03/15/2025

(h)

179‌

150‌

Vine

Oil

&

Gas

LP

/

Vine

Oil

&

Gas

Finance

Corp

8.75%,

04/15/2023

(h)

425‌

239‌

Viper

Energy

Partners

LP

5.38%,

11/01/2027

(h)

405‌

421‌

W&T

Offshore

Inc

9.75%,

11/01/2023

(h)

445‌

297‌

WPX

Energy

Inc

5.25%,

09/15/2024

207‌

213‌

5.75%,

06/01/2026

3,869‌

3,922‌

$

193,309‌

Oil

&

Gas

Services

-

0.18%

Archrock

Partners

LP

/

Archrock

Partners

Finance

Corp

6.25%,

04/01/2028

(h)

110‌

111‌

6.88%,

04/01/2027

(h)

435‌

445‌

CGG

Holding

US

Inc

9.00%,

05/01/2023

(h)

124‌

125‌

ChampionX

Corp

6.38%,

05/01/2026

500‌

469‌

Exterran

Energy

Solutions

LP

/

EES

Finance

Corp

8.13%,

05/01/2025

301‌

255‌

FTS

International

Inc

6.25%,

05/01/2022

325‌

92‌

Oceaneering

International

Inc

4.65%,

11/15/2024

113‌

76‌

6.00%,

02/01/2028

225‌

142‌

SESI

LLC

7.13%,

12/15/2021

(h)

55‌

22‌

Telford

Offshore

Ltd

12.00%,

PIK

12.00%,

12/31/2049

(k),(l),(n)

320‌

74‌

Transocean

Phoenix

2

Ltd

7.75%,

10/15/2024

(h),(

i

)

390‌

371‌

Transocean

Proteus

Ltd

6.25%,

12/01/2024

(h)

534‌

499‌

USA

Compression

Partners

LP

/

USA

Compression

Finance

Corp

6.88%,

04/01/2026

800‌

820‌

6.88%,

09/01/2027

270‌

276‌

Weatherford

International

Ltd

11.00%,

12/01/2024

(h),(

i

)

1,695‌

1,229‌

Welltec

A/S

9.50%,

12/01/2022

(h)

335‌

301‌

$

5,307‌

Packaging

&

Containers

-

2.83%

ARD

Finance

SA

6.50%,

PIK

7.25%,

06/30/2027

(h),(k),(l)

1,150‌

1,176‌

Ardagh

Packaging

Finance

PLC

/

Ardagh

Holdings

USA

Inc

4.13%,

08/15/2026

(h)

980‌

1,017‌

5.25%,

04/30/2025

(h)

780‌

827‌

5.25%,

08/15/2027

(h)

450‌

471‌

5.25%,

08/15/2027

(h)

810‌

848‌

6.00%,

02/15/2025

(h)

636‌

665‌

Ball

Corp

4.00%,

11/15/2023

830‌

884‌

4.88%,

03/15/2026

1,140‌

1,296‌

5.00%,

03/15/2022

983‌

1,030‌

5.25%,

07/01/2025

246‌

280‌

Schedule

of

Investments

High

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

86

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Packaging

&

Containers

(continued)

Berry

Global

Inc

4.50%,

02/15/2026

(h)

$

8,840‌

$

9,065‌

4.88%,

07/15/2026

(h)

6,250‌

6,601‌

5.63%,

07/15/2027

(h)

3,500‌

3,745‌

6.00%,

10/15/2022

160‌

161‌

Crown

Americas

LLC

/

Crown

Americas

Capital

Corp

IV

4.50%,

01/15/2023

1,030‌

1,087‌

Crown

Americas

LLC

/

Crown

Americas

Capital

Corp

V

4.25%,

09/30/2026

650‌

689‌

Crown

Americas

LLC

/

Crown

Americas

Capital

Corp

VI

4.75%,

02/01/2026

625‌

652‌

Flex

Acquisition

Co

Inc

6.88%,

01/15/2025

(h)

818‌

830‌

7.88%,

07/15/2026

(h)

560‌

580‌

GPC

Merger

Sub

Inc

7.13%,

08/15/2028

(g),(h)

410‌

426‌

Graphic

Packaging

International

LLC

4.88%,

11/15/2022

363‌

377‌

LABL

Escrow

Issuer

LLC

6.75%,

07/15/2026

(h)

695‌

751‌

10.50%,

07/15/2027

(h)

715‌

781‌

Matthews

International

Corp

5.25%,

12/01/2025

(h)

255‌

234‌

Mauser

Packaging

Solutions

Holding

Co

5.50%,

04/15/2024

(h)

1,179‌

1,202‌

7.25%,

04/15/2025

(h)

1,280‌

1,229‌

Owens-Brockway

Glass

Container

Inc

5.38%,

01/15/2025

(h)

205‌

211‌

5.88%,

08/15/2023

(h)

608‌

642‌

6.38%,

08/15/2025

(h)

83‌

89‌

Pactiv

LLC

7.95%,

12/15/2025

400‌

432‌

8.38%,

04/15/2027

(

i

)

330‌

361‌

Plastipak

Holdings

Inc

6.25%,

10/15/2025

(h)

7,037‌

7,028‌

Reynolds

Group

Issuer

Inc

/

Reynolds

Group

Issuer

LLC

/

Reynolds

Group

Issuer

(Luxembourg)

S.A.

5.13%,

07/15/2023

(h)

3,255‌

3,305‌

7.00%,

07/15/2024

(h)

646‌

658‌

Sealed

Air

Corp

5.13%,

12/01/2024

(h)

80‌

88‌

5.25%,

04/01/2023

(h)

385‌

409‌

5.50%,

09/15/2025

(h)

808‌

893‌

6.88%,

07/15/2033

(h)

355‌

431‌

Silgan

Holdings

Inc

4.13%,

02/01/2028

3,590‌

3,679‌

Trident

TPI

Holdings

Inc

6.63%,

11/01/2025

(h)

9,030‌

8,872‌

9.25%,

08/01/2024

(h)

3,150‌

3,343‌

TriMas

Corp

4.88%,

10/15/2025

(h)

200‌

205‌

Trivium

Packaging

Finance

BV

5.50%,

08/15/2026

(h)

13,681‌

14,575‌

8.50%,

08/15/2027

(h)

680‌

745‌

$

82,870‌

Pharmaceuticals

-

1.14%

AdaptHealth

LLC

6.13%,

08/01/2028

(h)

285‌

297‌

Bausch

Health

Americas

Inc

8.50%,

01/31/2027

(h)

2,280‌

2,536‌

9.25%,

04/01/2026

(h)

1,720‌

1,935‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Pharmaceuticals

(continued)

Bausch

Health

Cos

Inc

5.00%,

01/30/2028

(h)

$

4,553‌

$

4,576‌

5.25%,

01/30/2030

(h)

4,857‌

4,960‌

5.50%,

03/01/2023

(h)

212‌

212‌

5.50%,

11/01/2025

(h)

1,910‌

1,982‌

5.88%,

05/15/2023

(h)

88‌

88‌

6.13%,

04/15/2025

(h)

2,440‌

2,519‌

6.25%,

02/15/2029

(h)

1,225‌

1,301‌

7.00%,

03/15/2024

(h)

1,352‌

1,413‌

7.00%,

01/15/2028

(h)

4,100‌

4,459‌

7.25%,

05/30/2029

(h)

930‌

1,023‌

9.00%,

12/15/2025

(h)

1,470‌

1,624‌

Elanco

Animal

Health

Inc

4.90%,

08/28/2028

150‌

174‌

5.02%,

08/28/2023

400‌

441‌

Herbalife

Nutrition

Ltd

/

HLF

Financing

Inc

7.88%,

09/01/2025

(h)

1,000‌

1,088‌

HLF

Financing

Sarl

LLC

/

Herbalife

International

Inc

7.25%,

08/15/2026

(h)

318‌

334‌

Horizon

Therapeutics

USA

Inc

5.50%,

08/01/2027

(h)

875‌

951‌

Mallinckrodt

International

Finance

SA

/

Mallinckrodt

CB

LLC

5.50%,

04/15/2025

(h)

965‌

169‌

5.63%,

10/15/2023

(h)

389‌

62‌

5.75%,

08/01/2022

(h)

43‌

7‌

Par

Pharmaceutical

Inc

7.50%,

04/01/2027

(h)

1,125‌

1,197‌

$

33,348‌

Pipelines

-

2.94%

AI

Candelaria

Spain

SLU

7.50%,

12/15/2028

(h)

565‌

602‌

American

Midstream

Partners

LP

/

American

Midstream

Finance

Corp

9.50%,

12/15/2021

(h)

345‌

321‌

Antero

Midstream

Partners

LP

/

Antero

Midstream

Finance

Corp

5.38%,

09/15/2024

7,241‌

6,568‌

5.75%,

03/01/2027

(h)

525‌

459‌

5.75%,

01/15/2028

(h)

1,275‌

1,087‌

Blue

Racer

Midstream

LLC

/

Blue

Racer

Finance

Corp

6.13%,

11/15/2022

(h)

320‌

318‌

6.63%,

07/15/2026

(h)

200‌

176‌

Buckeye

Partners

LP

4.13%,

03/01/2025

(h)

1,875‌

1,884‌

4.13%,

12/01/2027

395‌

385‌

4.15%,

07/01/2023

495‌

497‌

4.35%,

10/15/2024

295‌

296‌

4.50%,

03/01/2028

(h)

3,725‌

3,706‌

5.60%,

10/15/2044

1,257‌

1,125‌

5.85%,

11/15/2043

395‌

363‌

6.37%,

01/22/2078

(m)

390‌

269‌

3

Month

USD

LIBOR

+

4.02%

Cheniere

Energy

Partners

LP

4.50%,

10/01/2029

3,509‌

3,712‌

5.25%,

10/01/2025

1,321‌

1,354‌

5.63%,

10/01/2026

875‌

924‌

CNX

Midstream

Partners

LP

/

CNX

Midstream

Finance

Corp

6.50%,

03/15/2026

(h)

970‌

947‌

Crestwood

Midstream

Partners

LP

/

Crestwood

Midstream

Finance

Corp

5.63%,

05/01/2027

(h)

368‌

344‌

5.75%,

04/01/2025

424‌

404‌

6.25%,

04/01/2023

565‌

547‌

Schedule

of

Investments

High

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

87

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Pipelines

(continued)

DCP

Midstream

Operating

LP

3.88%,

03/15/2023

$

458‌

$

459‌

4.75%,

09/30/2021

(h)

381‌

388‌

4.95%,

04/01/2022

298‌

304‌

5.13%,

05/15/2029

740‌

745‌

5.38%,

07/15/2025

475‌

500‌

6.45%,

11/03/2036

(h)

170‌

163‌

6.75%,

09/15/2037

(h)

315‌

306‌

8.13%,

08/16/2030

220‌

257‌

Delek

Logistics

Partners

LP

/

Delek

Logistics

Finance

Corp

6.75%,

05/15/2025

665‌

604‌

EnLink

Midstream

LLC

5.38%,

06/01/2029

110‌

88‌

EnLink

Midstream

Partners

LP

4.15%,

06/01/2025

550‌

441‌

4.40%,

04/01/2024

450‌

387‌

4.85%,

07/15/2026

480‌

372‌

5.05%,

04/01/2045

250‌

135‌

EQM

Midstream

Partners

LP

4.00%,

08/01/2024

460‌

461‌

4.13%,

12/01/2026

828‌

805‌

4.75%,

07/15/2023

510‌

518‌

5.50%,

07/15/2028

923‌

957‌

6.50%,

07/01/2027

(h)

2,225‌

2,453‌

6.50%,

07/15/2048

960‌

956‌

Genesis

Energy

LP

/

Genesis

Energy

Finance

Corp

5.63%,

06/15/2024

669‌

618‌

6.00%,

05/15/2023

355‌

334‌

6.25%,

05/15/2026

360‌

338‌

6.50%,

10/01/2025

361‌

334‌

7.75%,

02/01/2028

890‌

858‌

Global

Partners

LP

/

GLP

Finance

Corp

7.00%,

06/15/2023

90‌

89‌

Hess

Midstream

Operations

LP

5.13%,

06/15/2028

(h)

445‌

451‌

5.63%,

02/15/2026

(h)

641‌

665‌

Holly

Energy

Partners

LP

/

Holly

Energy

Finance

Corp

5.00%,

02/01/2028

(h)

4,715‌

4,659‌

NGL

Energy

Partners

LP

/

NGL

Energy

Finance

Corp

6.13%,

03/01/2025

1,076‌

737‌

7.50%,

11/01/2023

1,064‌

841‌

7.50%,

04/15/2026

85‌

59‌

NuStar

Logistics

LP

4.75%,

02/01/2022

150‌

149‌

5.63%,

04/28/2027

7,390‌

7,214‌

6.00%,

06/01/2026

405‌

415‌

Rattler

Midstream

LP

5.63%,

07/15/2025

(h)

405‌

427‌

Rockies

Express

Pipeline

LLC

3.60%,

05/15/2025

(h)

400‌

388‌

4.80%,

05/15/2030

(h)

2,825‌

2,673‌

4.95%,

07/15/2029

(h)

849‌

829‌

6.88%,

04/15/2040

(h)

500‌

503‌

7.50%,

07/15/2038

(h)

250‌

255‌

Tallgrass

Energy

Partners

LP

/

Tallgrass

Energy

Finance

Corp

4.75%,

10/01/2023

(h)

30‌

29‌

5.50%,

09/15/2024

(h)

440‌

422‌

5.50%,

01/15/2028

(h)

872‌

776‌

Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp

4.25%,

11/15/2023

1,525‌

1,536‌

5.00%,

01/15/2028

1,065‌

1,086‌

5.13%,

02/01/2025

2,410‌

2,446‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Pipelines

(continued)

Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp  

(continued)

5.25%,

05/01/2023

$

405‌

$

408‌

5.38%,

02/01/2027

94‌

97‌

5.50%,

03/01/2030

(h)

4,765‌

5,027‌

5.88%,

04/15/2026

725‌

771‌

6.50%,

07/15/2027

615‌

658‌

6.75%,

03/15/2024

2,695‌

2,759‌

6.88%,

01/15/2029

550‌

620‌

Western

Midstream

Operating

LP

3.10%,

02/01/2025

1,350‌

1,340‌

3.95%,

06/01/2025

730‌

726‌

4.00%,

07/01/2022

1,045‌

1,078‌

4.05%,

02/01/2030

1,615‌

1,635‌

4.50%,

03/01/2028

758‌

760‌

4.65%,

07/01/2026

735‌

752‌

4.75%,

08/15/2028

720‌

725‌

5.25%,

02/01/2050

1,225‌

1,210‌

5.45%,

04/01/2044

885‌

808‌

$

86,092‌

Real

Estate

-

0.26%

Cushman

&

Wakefield

US

Borrower

LLC

6.75%,

05/15/2028

(h)

525‌

562‌

Five

Point

Operating

Co

LP

/

Five

Point

Capital

Corp

7.88%,

11/15/2025

(h)

1,236‌

1,194‌

Greystar

Real

Estate

Partners

LLC

5.75%,

12/01/2025

(h)

361‌

364‌

Howard

Hughes

Corp/The

5.38%,

03/15/2025

(h)

1,250‌

1,262‌

Hunt

Cos

Inc

6.25%,

02/15/2026

(h)

1,170‌

1,094‌

Kennedy-Wilson

Inc

5.88%,

04/01/2024

1,525‌

1,531‌

Newmark

Group

Inc

6.13%,

11/15/2023

310‌

318‌

Realogy

Group

LLC

/

Realogy

Co-Issuer

Corp

4.88%,

06/01/2023

(h)

845‌

836‌

WeWork

Cos

Inc

7.88%,

05/01/2025

(h)

640‌

429‌

$

7,590‌

REITs

-

2.30%

Brookfield

Property

REIT

Inc

/

BPR

Cumulus

LLC

/

BPR

Nimbus

LLC

/

GGSI

Sellco

LL

5.75%,

05/15/2026

(h)

806‌

677‌

CoreCivic

Inc

4.63%,

05/01/2023

3,263‌

3,174‌

5.00%,

10/15/2022

6,475‌

6,316‌

Diversified

Healthcare

Trust

4.75%,

05/01/2024

170‌

156‌

4.75%,

02/15/2028

340‌

296‌

6.75%,

12/15/2021

199‌

201‌

ESH

Hospitality

Inc

4.63%,

10/01/2027

(h)

3,325‌

3,200‌

5.25%,

05/01/2025

(h)

7,454‌

7,615‌

FelCor

Lodging

LP

6.00%,

06/01/2025

100‌

99‌

GEO

Group

Inc

/The

5.13%,

04/01/2023

640‌

546‌

5.88%,

01/15/2022

700‌

665‌

5.88%,

10/15/2024

1,000‌

792‌

6.00%,

04/15/2026

300‌

231‌

Iron

Mountain

Inc

4.88%,

09/15/2027

(h)

1,546‌

1,606‌

4.88%,

09/15/2029

(h)

600‌

625‌

5.25%,

03/15/2028

(h)

2,050‌

2,152‌

Iron

Mountain

US

Holdings

Inc

5.38%,

06/01/2026

(h)

720‌

745‌

Schedule

of

Investments

High

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

88

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

REITs

(continued)

iStar

Inc

4.75%,

10/01/2024

$

1,000‌

$

987‌

5.25%,

09/15/2022

500‌

500‌

Ladder

Capital

Finance

Holdings

LLLP

/

Ladder

Capital

Finance

Corp

5.25%,

03/15/2022

(h)

503‌

493‌

5.25%,

10/01/2025

(h)

324‌

298‌

5.88%,

08/01/2021

(h)

353‌

351‌

Mack-Cali

Realty

LP

3.15%,

05/15/2023

320‌

287‌

MGM

Growth

Properties

Operating

Partnership

LP

/

MGP

Finance

Co-Issuer

Inc

4.50%,

09/01/2026

900‌

936‌

4.63%,

06/15/2025

(h)

645‌

678‌

5.63%,

05/01/2024

1,215‌

1,318‌

5.75%,

02/01/2027

605‌

655‌

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp

4.63%,

08/01/2029

835‌

882‌

5.00%,

10/15/2027

1,130‌

1,212‌

Park

Intermediate

Holdings

LLC

/

PK

Domestic

Property

LLC

/

PK

Finance

Co-Issuer

7.50%,

06/01/2025

(h)

525‌

559‌

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp

4.75%,

10/15/2027

5,265‌

4,911‌

SBA

Communications

Corp

4.00%,

10/01/2022

1,350‌

1,368‌

Service

Properties

Trust

3.95%,

01/15/2028

715‌

593‌

4.35%,

10/01/2024

1,025‌

918‌

4.38%,

02/15/2030

720‌

588‌

4.50%,

06/15/2023

750‌

712‌

4.50%,

03/15/2025

645‌

582‌

4.65%,

03/15/2024

640‌

586‌

4.75%,

10/01/2026

740‌

651‌

4.95%,

02/15/2027

700‌

634‌

4.95%,

10/01/2029

740‌

633‌

5.00%,

08/15/2022

745‌

736‌

5.25%,

02/15/2026

650‌

585‌

Starwood

Property

Trust

Inc

4.75%,

03/15/2025

406‌

391‌

5.00%,

12/15/2021

715‌

723‌

Uniti

Group

LP

/

Uniti

Fiber

Holdings

Inc

/

CSL

Capital

LLC

7.13%,

12/15/2024

(h)

190‌

179‌

7.88%,

02/15/2025

(h)

1,499‌

1,578‌

Uniti

Group

LP

/

Uniti

Group

Finance

Inc

/

CSL

Capital

LLC

6.00%,

04/15/2023

(h)

1,422‌

1,429‌

8.25%,

10/15/2023

685‌

664‌

VICI

Properties

LP

/

VICI

Note

Co

Inc

3.50%,

02/15/2025

(h)

550‌

557‌

3.75%,

02/15/2027

(h)

2,975‌

2,997‌

4.13%,

08/15/2030

(h)

3,650‌

3,693‌

4.25%,

12/01/2026

(h)

1,750‌

1,803‌

4.63%,

12/01/2029

(h)

750‌

786‌

Washington

Prime

Group

LP

6.45%,

08/15/2024

(

i

)

1,970‌

768‌

$

67,317‌

Retail

-

2.99%

1011778

BC

ULC

/

New

Red

Finance

Inc

3.88%,

01/15/2028

(h)

605‌

629‌

4.25%,

05/15/2024

(h)

1,126‌

1,149‌

4.38%,

01/15/2028

(h)

2,705‌

2,813‌

5.00%,

10/15/2025

(h)

19,150‌

19,581‌

5.75%,

04/15/2025

(h)

375‌

401‌

Asbury

Automotive

Group

Inc

4.75%,

03/01/2030

(h)

78‌

80‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Retail

(continued)

Beacon

Roofing

Supply

Inc

4.88%,

11/01/2025

(h)

$

1,305‌

$

1,277‌

Bed

Bath

&

Beyond

Inc

4.92%,

08/01/2034

(

i

)

290‌

195‌

5.17%,

08/01/2044

1,124‌

716‌

Brinker

International

Inc

5.00%,

10/01/2024

(h)

235‌

222‌

Caleres

Inc

6.25%,

08/15/2023

3‌

3‌

Carvana

Co

8.88%,

10/01/2023

(h)

763‌

794‌

Conn's

Inc

7.25%,

07/15/2022

285‌

242‌

DriveTime

Automotive

Group

Inc

/

Bridgecrest

Acceptance

Corp

8.00%,

06/01/2021

(h)

12,510‌

12,143‌

eG

Global

Finance

PLC

6.75%,

02/07/2025

(h)

605‌

632‌

8.50%,

10/30/2025

(h)

515‌

563‌

Ferrellgas

LP

/

Ferrellgas

Finance

Corp

6.75%,

01/15/2022

(

i

)

450‌

388‌

6.75%,

06/15/2023

(

i

)

385‌

333‌

FirstCash

Inc

5.38%,

06/01/2024

(h)

114‌

117‌

GameStop

Corp

10.00%,

03/15/2023

(h)

175‌

156‌

Gap

Inc

/The

8.38%,

05/15/2023

(h),(

i

)

405‌

446‌

8.63%,

05/15/2025

(h),(

i

)

605‌

667‌

8.88%,

05/15/2027

(h),(

i

)

810‌

905‌

Golden

Nugget

Inc

6.75%,

10/15/2024

(h)

681‌

472‌

8.75%,

10/01/2025

(h)

530‌

278‌

Guitar

Center

Inc

9.50%,

10/15/2021

(h)

535‌

376‌

IRB

Holding

Corp

6.75%,

02/15/2026

(h)

160‌

161‌

7.00%,

06/15/2025

(h)

5,980‌

6,517‌

KFC

Holding

Co/Pizza

Hut

Holdings

LLC/Taco

Bell

of

America

LLC

4.75%,

06/01/2027

(h)

717‌

766‌

5.25%,

06/01/2026

(h)

800‌

840‌

L

Brands

Inc

5.25%,

02/01/2028

90‌

84‌

5.63%,

02/15/2022

538‌

550‌

5.63%,

10/15/2023

706‌

716‌

6.75%,

07/01/2036

450‌

434‌

6.88%,

11/01/2035

744‌

712‌

6.95%,

03/01/2033

(

i

)

320‌

275‌

7.50%,

06/15/2029

358‌

368‌

7.60%,

07/15/2037

(

i

)

200‌

170‌

Macy's

Retail

Holdings

LLC

2.88%,

02/15/2023

1,333‌

1,112‌

3.63%,

06/01/2024

(

i

)

420‌

328‌

3.88%,

01/15/2022

380‌

357‌

4.30%,

02/15/2043

265‌

162‌

4.38%,

09/01/2023

175‌

141‌

4.50%,

12/15/2034

385‌

229‌

5.13%,

01/15/2042

265‌

166‌

Marks

&

Spencer

PLC

7.13%,

12/01/2037

(h)

200‌

200‌

Michaels

Stores

Inc

8.00%,

07/15/2027

(h),(

i

)

400‌

378‌

Murphy

Oil

USA

Inc

4.75%,

09/15/2029

500‌

529‌

5.63%,

05/01/2027

695‌

737‌

Schedule

of

Investments

High

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

89

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Retail

(continued)

Penske

Automotive

Group

Inc

5.50%,

05/15/2026

$

786‌

$

821‌

5.75%,

10/01/2022

67‌

68‌

PetSmart

Inc

5.88%,

06/01/2025

(h)

859‌

880‌

7.13%,

03/15/2023

(h)

1,535‌

1,550‌

8.88%,

06/01/2025

(h)

650‌

673‌

PriSo

Acquisition

Corp

9.00%,

05/15/2023

(h)

136‌

128‌

QVC

Inc

4.38%,

03/15/2023

1,015‌

1,058‌

4.45%,

02/15/2025

920‌

947‌

4.75%,

02/15/2027

900‌

923‌

4.85%,

04/01/2024

910‌

957‌

5.13%,

07/02/2022

820‌

853‌

5.45%,

08/15/2034

850‌

803‌

5.95%,

03/15/2043

810‌

763‌

Rite

Aid

Corp

7.50%,

07/01/2025

(h)

165‌

168‌

8.00%,

11/15/2026

(h)

685‌

705‌

Sally

Holdings

LLC

/

Sally

Capital

Inc

5.63%,

12/01/2025

755‌

775‌

Sonic

Automotive

Inc

6.13%,

03/15/2027

801‌

829‌

SRS

Distribution

Inc

8.25%,

07/01/2026

(h),(

i

)

5,410‌

5,626‌

Staples

Inc

7.50%,

04/15/2026

(h)

1,615‌

1,417‌

10.75%,

04/15/2027

(h)

830‌

527‌

Suburban

Propane

Partners

LP/Suburban

Energy

Finance

Corp

5.50%,

06/01/2024

1,073‌

1,093‌

5.88%,

03/01/2027

750‌

763‌

Yum!

Brands

Inc

3.75%,

11/01/2021

295‌

300‌

3.88%,

11/01/2023

275‌

285‌

4.75%,

01/15/2030

(h)

800‌

868‌

5.35%,

11/01/2043

208‌

216‌

6.88%,

11/15/2037

300‌

348‌

7.75%,

04/01/2025

(h)

1,275‌

1,431‌

$

87,285‌

Semiconductors

-

0.14%

Advanced

Micro

Devices

Inc

7.50%,

08/15/2022

250‌

279‌

Amkor

Technology

Inc

6.63%,

09/15/2027

(h)

500‌

550‌

ams

AG

7.00%,

07/31/2025

(h)

365‌

375‌

Entegris

Inc

4.63%,

02/10/2026

(h)

431‌

448‌

Qorvo

Inc

4.38%,

10/15/2029

(h)

860‌

926‌

5.50%,

07/15/2026

475‌

510‌

Sensata

Technologies

UK

Financing

Co

PLC

6.25%,

02/15/2026

(h)

868‌

914‌

$

4,002‌

Software

-

3.36%

ACI

Worldwide

Inc

5.75%,

08/15/2026

(h)

3,200‌

3,336‌

Ascend

Learning

LLC

6.88%,

08/01/2025

(h)

3,343‌

3,443‌

6.88%,

08/01/2025

(h)

4,750‌

4,869‌

Blackboard

Inc

10.38%,

11/15/2024

(h)

195‌

192‌

Boxer

Parent

Co

Inc

7.13%,

10/02/2025

(h)

485‌

532‌

BY

Crown

Parent

LLC

/

BY

Bond

Finance

Inc

4.25%,

01/31/2026

(h)

605‌

627‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Software

(continued)

Camelot

Finance

SA

4.50%,

11/01/2026

(h)

$

3,905‌

$

4,042‌

Castle

US

Holding

Corp

9.50%,

02/15/2028

(h)

100‌

92‌

CDK

Global

Inc

4.88%,

06/01/2027

984‌

1,052‌

5.00%,

10/15/2024

266‌

300‌

5.25%,

05/15/2029

(h)

1,775‌

1,944‌

Change

Healthcare

Holdings

LLC

/

Change

Healthcare

Finance

Inc

5.75%,

03/01/2025

(h)

20,122‌

20,575‌

Dun

&

Bradstreet

Corp/The

6.88%,

08/15/2026

(h)

565‌

617‌

10.25%,

02/15/2027

(h)

360‌

409‌

Fair

Isaac

Corp

5.25%,

05/15/2026

(h)

75‌

84‌

Genesys

Telecommunications

Laboratories

Inc

/

Greeneden

Lux

3

Sarl

10.00%,

11/30/2024

(h)

19,879‌

21,220‌

Granite

Merger

Sub

2

Inc

11.00%,

07/15/2027

(h)

90‌

94‌

j2

Cloud

Services

LLC

/

j2

Cloud

Co-Obligor

Inc

6.00%,

07/15/2025

(h)

744‌

776‌

MSCI

Inc

3.63%,

09/01/2030

(h)

300‌

317‌

3.88%,

02/15/2031

(h)

810‌

880‌

4.00%,

11/15/2029

(h)

825‌

887‌

4.75%,

08/01/2026

(h)

565‌

593‌

5.38%,

05/15/2027

(h)

650‌

709‌

Nuance

Communications

Inc

5.63%,

12/15/2026

430‌

458‌

Open

Text

Corp

5.88%,

06/01/2026

(h)

1,584‌

1,683‌

PTC

Inc

4.00%,

02/15/2028

(h)

381‌

400‌

Rackspace

Hosting

Inc

8.63%,

11/15/2024

(h),(

i

)

705‌

737‌

Riverbed

Technology

Inc

8.88%,

03/01/2023

(h)

300‌

184‌

Solera

LLC

/

Solera

Finance

Inc

10.50%,

03/01/2024

(h)

1,260‌

1,333‌

Sophia

LP

/

Sophia

Finance

Inc

9.00%,

09/30/2023

(h)

5,100‌

5,138‌

SS&C

Technologies

Inc

5.50%,

09/30/2027

(h)

18,345‌

19,698‌

Veritas

US

Inc

/

Veritas

Bermuda

Ltd

7.50%,

02/01/2023

(h)

350‌

350‌

10.50%,

02/01/2024

(h)

714‌

653‌

$

98,224‌

Storage

&

Warehousing

-

0.01%

LBC

Tank

Terminals

Holding

Netherlands

BV

6.88%,

05/15/2023

(h)

325‌

326‌

Telecommunications

-

6.39%

Altice

France

Holding

SA

6.00%,

02/15/2028

(h)

1,450‌

1,448‌

10.50%,

05/15/2027

(h)

1,000‌

1,144‌

Altice

France

SA/France

5.50%,

01/15/2028

(h)

1,100‌

1,156‌

7.38%,

05/01/2026

(h)

10,831‌

11,553‌

8.13%,

02/01/2027

(h)

1,415‌

1,580‌

C&W

Senior

Financing

DAC

6.88%,

09/15/2027

(h)

797‌

851‌

7.50%,

10/15/2026

(h)

405‌

431‌

CenturyLink

Inc

4.00%,

02/15/2027

(h)

850‌

888‌

5.13%,

12/15/2026

(h)

950‌

995‌

5.63%,

04/01/2025

345‌

368‌

5.80%,

03/15/2022

1,005‌

1,053‌

Schedule

of

Investments

High

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

90

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Telecommunications

(continued)

CenturyLink

Inc  

(continued)

6.75%,

12/01/2023

$

455‌

$

505‌

6.88%,

01/15/2028

202‌

220‌

7.50%,

04/01/2024

770‌

870‌

7.60%,

09/15/2039

395‌

453‌

7.65%,

03/15/2042

380‌

433‌

Cincinnati

Bell

Inc

7.00%,

07/15/2024

(h)

419‌

434‌

8.00%,

10/15/2025

(h)

140‌

148‌

CommScope

Inc

5.50%,

03/01/2024

(h)

1,660‌

1,724‌

6.00%,

03/01/2026

(h)

10,420‌

11,117‌

7.13%,

07/01/2028

(h)

425‌

450‌

8.25%,

03/01/2027

(h)

3,720‌

4,012‌

CommScope

Technologies

LLC

5.00%,

03/15/2027

(h)

5,390‌

5,206‌

6.00%,

06/15/2025

(h)

11,318‌

11,564‌

Connect

Finco

SARL

/

Connect

US

Finco

LLC

6.75%,

10/01/2026

(h)

4,435‌

4,547‌

Consolidated

Communications

Inc

6.50%,

10/01/2022

(

i

)

1,275‌

1,245‌

DKT

Finance

ApS

9.38%,

06/17/2023

(h)

125‌

126‌

Embarq

Corp

8.00%,

06/01/2036

1,067‌

1,251‌

Gogo

Intermediate

Holdings

LLC

/

Gogo

Finance

Co

Inc

9.88%,

05/01/2024

(h)

325‌

300‌

GTT

Communications

Inc

7.88%,

12/31/2024

(h)

17,840‌

10,080‌

Hughes

Satellite

Systems

Corp

5.25%,

08/01/2026

1,039‌

1,141‌

6.63%,

08/01/2026

1,115‌

1,240‌

Intrado

Corp

8.50%,

10/15/2025

(h)

1,405‌

1,187‌

Koninklijke

KPN

NV

7.00%,

03/28/2073

(h),(

i

),(m)

405‌

443‌

USD

Swap

Semi-Annual

10

Year

+

5.21%

Level

3

Financing

Inc

4.25%,

07/01/2028

(h)

975‌

1,016‌

4.63%,

09/15/2027

(h)

825‌

867‌

5.13%,

05/01/2023

3,585‌

3,600‌

5.25%,

03/15/2026

480‌

501‌

5.38%,

01/15/2024

4,235‌

4,308‌

5.38%,

05/01/2025

383‌

395‌

Metropolitan

Light

Co

Ltd

5.50%,

11/21/2022

(h)

500‌

507‌

Nokia

Oyj

3.38%,

06/12/2022

405‌

418‌

4.38%,

06/12/2027

495‌

528‌

6.63%,

05/15/2039

416‌

530‌

ORBCOMM

Inc

8.00%,

04/01/2024

(h)

1,113‌

1,069‌

Plantronics

Inc

5.50%,

05/31/2023

(h)

432‌

408‌

Qwest

Corp

6.75%,

12/01/2021

730‌

779‌

Sprint

Capital

Corp

6.88%,

11/15/2028

2,262‌

2,933‌

8.75%,

03/15/2032

1,588‌

2,450‌

Sprint

Communications

Inc

6.00%,

11/15/2022

2,215‌

2,395‌

11.50%,

11/15/2021

459‌

515‌

Sprint

Corp

7.13%,

06/15/2024

7,608‌

8,875‌

7.25%,

09/15/2021

1,038‌

1,096‌

7.63%,

02/15/2025

1,927‌

2,340‌

7.63%,

03/01/2026

1,945‌

2,431‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Telecommunications

(continued)

Sprint

Corp  

(continued)

7.88%,

09/15/2023

$

2,540‌

$

2,946‌

Telecom

Italia

Capital

SA

6.00%,

09/30/2034

809‌

981‌

6.38%,

11/15/2033

805‌

982‌

7.20%,

07/18/2036

807‌

1,060‌

7.72%,

06/04/2038

550‌

764‌

Telecom

Italia

SpA

/Milano

5.30%,

05/30/2024

(h)

1,210‌

1,352‌

Telefonaktiebolaget

LM

Ericsson

4.13%,

05/15/2022

1,100‌

1,164‌

Telesat

Canada

/

Telesat

LLC

6.50%,

10/15/2027

(h)

445‌

457‌

T-Mobile

USA

Inc

4.50%,

02/01/2026

1,685‌

1,736‌

4.75%,

02/01/2028

1,320‌

1,430‌

5.13%,

04/15/2025

130‌

133‌

5.38%,

04/15/2027

731‌

798‌

6.00%,

04/15/2024

607‌

621‌

6.50%,

01/15/2026

2,152‌

2,269‌

Trilogy

International

Partners

LLC

/

Trilogy

International

Finance

Inc

8.88%,

05/01/2022

(h)

100‌

91‌

United

States

Cellular

Corp

6.70%,

12/15/2033

300‌

376‌

VEON

Holdings

BV

4.00%,

04/09/2025

(h)

810‌

845‌

ViaSat

Inc

5.63%,

09/15/2025

(h)

20,076‌

20,227‌

5.63%,

04/15/2027

(h)

4,575‌

4,848‌

6.50%,

07/15/2028

(h)

835‌

858‌

Vodafone

Group

PLC

7.00%,

04/04/2079

(m)

2,050‌

2,466‌

USD

Swap

Semi-Annual

5

Year

+

4.87%

Zayo

Group

Holdings

Inc

4.00%,

03/01/2027

(h)

15,375‌

15,409‌

6.13%,

03/01/2028

(h)

6,550‌

6,763‌

$

186,700‌

Toys,

Games

&

Hobbies

-

0.12%

Mattel

Inc

3.15%,

03/15/2023

1,000‌

977‌

5.45%,

11/01/2041

810‌

725‌

5.88%,

12/15/2027

(h)

650‌

705‌

6.20%,

10/01/2040

150‌

139‌

6.75%,

12/31/2025

(h)

953‌

1,021‌

$

3,567‌

Transportation

-

0.17%

Altera

Infrastructure

LP/

Teekay

Offshore

Finance

Corp

8.50%,

07/15/2023

(h)

775‌

682‌

Cargo

Aircraft

Management

Inc

4.75%,

02/01/2028

(h)

405‌

414‌

Kenan

Advantage

Group

Inc

/The

7.88%,

07/31/2023

(h),(

i

)

662‌

602‌

Navios

Maritime

Acquisition

Corp

/

Navios

Acquisition

Finance

US

Inc

8.13%,

11/15/2021

(h)

350‌

212‌

Teekay

Corp

9.25%,

11/15/2022

(h)

250‌

245‌

XPO

CNW

Inc

6.70%,

05/01/2034

237‌

245‌

XPO

Logistics

Inc

6.13%,

09/01/2023

(h)

420‌

428‌

6.25%,

05/01/2025

(h)

1,000‌

1,081‌

6.75%,

08/15/2024

(h)

970‌

1,043‌

$

4,952‌

Schedule

of

Investments

High

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

91

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Trucking

&

Leasing

-

0.07%

AerCap

Global

Aviation

Trust

6.50%,

06/15/2045

(h),(m)

$

400‌

$

318‌

3

Month

USD

LIBOR

+

4.30%

Fortress

Transportation

and

Infrastructure

Investors

LLC

6.50%,

10/01/2025

(h)

360‌

339‌

6.75%,

03/15/2022

(h)

1,150‌

1,167‌

9.75%,

08/01/2027

(h)

325‌

336‌

$

2,160‌

TOTAL

BONDS

$

2,476,144‌

SENIOR

FLOATING

RATE

INTERESTS

-

10.98%

Principal

Amount

(000's)

Value

(000's)

Automobile

Parts

&

Equipment

-

1.09%

Clarios

Global

LP

3.66%,

04/30/2026

(o)

$

2,970‌

$

2,895‌

3

Month

USD

LIBOR

+

3.50%

Dexko

Global

Inc

9.25%,

07/24/2025

(o)

13,518‌

12,065‌

3

Month

USD

LIBOR

+

8.25%

Truck

Hero

Inc

9.25%,

05/16/2025

(o)

18,532‌

16,910‌

3

Month

USD

LIBOR

+

8.25%

$

31,870‌

Commercial

Services

-

0.91%

KUEHG

Corp

4.75%,

02/21/2025

(o)

2,085‌

1,805‌

3

Month

USD

LIBOR

+

3.75%

9.25%,

08/22/2025

(o)

12,738‌

10,318‌

3

Month

USD

LIBOR

+

8.25%

Learning

Care

Group

US

No

2

Inc

4.25%,

03/06/2025

(o)

2,085‌

1,832‌

3

Month

USD

LIBOR

+

3.25%

8.50%,

03/13/2026

(o)

6,500‌

5,200‌

3

Month

USD

LIBOR

+

7.50%

PAREXEL

International

Corp

2.92%,

08/09/2024

(o)

4,816‌

4,621‌

3

Month

USD

LIBOR

+

2.75%

Refinitiv

US

Holdings

Inc

3.42%,

10/01/2025

(o)

2,970‌

2,945‌

1

Month

USD

LIBOR

+

3.25%

$

26,721‌

Computers

-

0.15%

Flexential

Intermediate

Corp

7.59%,

07/24/2025

(o)

9,715‌

4,293‌

3

Month

USD

LIBOR

+

7.25%

TierPoint

LLC

4.75%,

05/05/2024

(o)

11‌

11‌

3

Month

USD

LIBOR

+

3.75%

$

4,304‌

Cosmetics

&

Personal

Care

-

0.40%

Wellness

Merger

Sub

Inc

9.75%,

06/27/2025

(o)

13,700‌

11,645‌

3

Month

USD

LIBOR

+

8.75%

Distribution

&

Wholesale

-

0.11%

American

Tire

Distributors

Inc

7.20%,

09/01/2023

(o)

2,297‌

2,151‌

3

Month

USD

LIBOR

+

6.00%

8.50%,

08/30/2024

(o)

1,508‌

1,182‌

3

Month

USD

LIBOR

+

7.50%

$

3,333‌

Electronics

-

0.41%

Deliver

Buyer

Inc

6.00%,

05/01/2024

(o)

12,638‌

12,090‌

3

Month

USD

LIBOR

+

5.00%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Entertainment

-

0.72%

18

Fremont

Street

Acquisition

LLC

9.50%,

08/09/2025

(o)

$

13,420‌

$

11,783‌

1

Month

USD

LIBOR

+

8.00%

Playtika

Holding

Corp

7.71%,

12/03/2024

(o)

9,154‌

9,222‌

1

Month

USD

LIBOR

+

6.00%

$

21,005‌

Environmental

Control

-

0.18%

Packers

Holdings

LLC

4.00%,

12/04/2024

(o)

5,417‌

5,312‌

3

Month

USD

LIBOR

+

3.25%

Healthcare

-

Services

-

1.00%

ATI

Holdings

Acquisition

Inc

4.57%,

05/10/2023

(o)

2,184‌

2,012‌

3

Month

USD

LIBOR

+

3.50%

Aveanna

Healthcare

LLC

9.00%,

03/16/2025

(o)

6,940‌

6,038‌

3

Month

USD

LIBOR

+

8.00%

Dental

Corp

of

Canada

Inc

8.50%,

06/01/2026

(o)

17,346‌

14,744‌

3

Month

USD

LIBOR

+

7.50%

Dentalcorp

Health

Services

ULC

4.75%,

06/01/2025

(o)

3,960‌

3,551‌

3

Month

USD

LIBOR

+

3.75%

Sound

Inpatient

Physicians

Holdings

LLC

6.93%,

06/26/2026

(o)

2,875‌

2,753‌

3

Month

USD

LIBOR

+

6.75%

$

29,098‌

Insurance

-

1.50%

Asurion

LLC

6.67%,

08/04/2025

(o)

18,445‌

18,578‌

3

Month

USD

LIBOR

+

6.50%

6.67%,

08/04/2025

(o)

25,129‌

25,309‌

3

Month

USD

LIBOR

+

6.50%

Internet

-

0.54%

MH

Sub

I

LLC

8.57%,

09/15/2025

(o)

16,119‌

15,656‌

3

Month

USD

LIBOR

+

7.50%

Investment

Companies

-

0.24%

Masergy

Holdings

Inc

8.56%,

12/16/2024

(o)

5,393‌

5,015‌

3

Month

USD

LIBOR

+

7.50%

Zest

Acquisition

Corp

8.66%,

03/06/2026

(o)

2,580‌

2,038‌

3

Month

USD

LIBOR

+

7.50%

$

7,053‌

Lodging

-

0.18%

Caesers

Resort

4.72%,

06/19/2025

(o)

5,525‌

5,316‌

1

Month

USD

LIBOR

+

4.50%

Machinery

-

Diversified

-

0.62%

Engineered

Machinery

Holdings

Inc

8.25%,

07/25/2025

(o)

16,681‌

15,514‌

3

Month

USD

LIBOR

+

7.25%

Granite

US

Holdings

Corp

6.39%,

09/30/2026

(o)

2,967‌

2,603‌

1

Month

USD

LIBOR

+

5.25%

$

18,117‌

Miscellaneous

Manufacturers

-

0.18%

UTEX

Industries

Inc

5.16%,

05/22/2021

(o)

10,615‌

2,772‌

3

Month

USD

LIBOR

+

4.00%

7.43%,

05/22/2022

(o)

20,650‌

2,349‌

1

Month

USD

LIBOR

+

7.25%

$

5,121‌

Schedule

of

Investments

High

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

92

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Pharmaceuticals

-

0.56%

Change

Healthcare

Holdings

LLC

3.50%,

03/01/2024

(o)

$

1,868‌

$

1,824‌

1

Month

USD

LIBOR

+

2.50%

Lanai

Holdings

III

Inc

1.00%,

PIK

10.50%,

08/14/2023

(l),(o)

5,423‌

3,525‌

3

Month

USD

LIBOR

+

8.50%

Packaging

Coordinators

Midco

Inc

9.83%,

06/29/2024

(o)

11,090‌

10,979‌

3

Month

USD

LIBOR

+

8.75%

$

16,328‌

REITs

-

0.10%

CoreCivic

Inc

5.50%,

12/12/2024

(o)

3,096‌

3,034‌

1

Month

USD

LIBOR

+

4.50%

Software

-

2.09%

Applied

Systems

Inc

8.00%,

09/19/2025

(o)

4,450‌

4,479‌

3

Month

USD

LIBOR

+

7.00%

Ascend

Learning

LLC

4.00%,

07/12/2024

(o)

8,035‌

7,854‌

3

Month

USD

LIBOR

+

3.00%

Evergreen

Skills

Lux

Sarl

0.00%,

04/28/2021

(d),(o)

10,798‌

6,873‌

3

Month

USD

LIBOR

+

4.75%

Greeneden

US

Holdings

II

LLC

3.42%,

12/01/2023

(o)

5,366‌

5,277‌

3

Month

USD

LIBOR

+

3.25%

Informatica

LLC

7.13%,

02/14/2025

(o)

6,972‌

7,030‌

Sophia

LP

4.25%,

09/30/2022

(o)

3,802‌

3,772‌

3

Month

USD

LIBOR

+

3.25%

Ultimate

Software

7.50%,

05/03/2027

(o)

3,175‌

3,228‌

3

Month

USD

LIBOR

+

6.75%

Vertafore

Inc

3.43%,

07/02/2025

(o)

5,446‌

5,170‌

3

Month

USD

LIBOR

+

3.25%

7.43%,

06/04/2026

(o)

17,665‌

17,362‌

3

Month

USD

LIBOR

+

7.25%

$

61,045‌

TOTAL

SENIOR

FLOATING

RATE

INTERESTS

$

320,935‌

Total

Investments

$

2,911,651‌

Other

Assets

and

Liabilities

-  0.42%

12,407‌

TOTAL

NET

ASSETS

-

100.00%

$

2,924,058‌

(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

$28,821

or

0.99%

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

5.00%

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

$19,344

or

0.66%

of

net

assets.

(g)

Security

purchased

on

a

when-issued

basis.

(h)

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$1,667,512

or

57.03%

of

net

assets.

(

i

)

Security

or

a

portion

of

the

security

was

on

loan

at

the

end

of

the

period.

(j)

Restricted

Security.

Please

see

Restricted

Security

sub-schedule

for

additional

information.

(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)

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.

(n)

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.

(o)

Rate

information

disclosed

is

based

on

an

average

weighted

rate

of

the

underlying

tranches

as

of

period

end.

Portfolio

Summary  (unaudited)

Sector

Percent

Consumer,

Cyclical

16.97‌%

Consumer,

Non-cyclical

16.72‌%

Communications

15.77‌%

Financial

13.09‌%

Industrial

10.36‌%

Energy

10.09‌%

Technology

6.37‌%

Basic

Materials

5.38‌%

Money

Market

Funds

3.86‌%

Utilities

0.92‌%

Diversified

0.05‌%

Other

Assets

and

Liabilities

0.42‌%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

150,593‌

$

1,396,408‌

$

1,436,921‌

$

110,080‌

$

150,593‌

$

1,396,408‌

$

1,436,921‌

$

110,080‌

Income

(a)

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

735‌

$

—‌

$

—‌

$

—‌

$

735‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

Schedule

of

Investments

High

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

93

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

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

0.00%,

11/30/2023

05/31/2018-06/30/2020

4,697‌

4,697‌

0.16%

Specialty

Steel  

10.68%,

11/15/2022

11/15/2017

8,680‌

8,680‌

0.30%

SportsNet

New

York  

10.25%,

01/15/2025

12/27/2017

4,068‌

4,306‌

0.15%

Total

$

17,683‌

0.61%

Amounts

in

thousands.

Foreign

Currency

Contracts

Unrealized

Appreciation/(Depreciation)

Counterparty

Settlement

Date

Currency

to

Accept

Currency

to

Deliver

Asset

Liability

Bank

of

New

York

Mellon

08/31/2020

$

5,946‌

EUR

5,381‌

$

—‌

$

(395‌)

Total

$

—‌

$

(395‌)

Amounts

in

thousands.

Exchange

Cleared

Credit

Default

Swaps

Sell

Protection

Reference

Entity

Implied

Credit

Spread

as

of

July

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.34

N/A

5.00%

Quarterly

06/20/2025

$

1,880‌

$

(37‌)

$

86‌

$

49‌

Total

$

(37‌)

$

86‌

$

49‌

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

$1,880.

(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

July

31,

2020

(unaudited)

See

accompanying

notes.

94

INVESTMENT

COMPANIES

-

6.48%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

0.81%

iShares

iBoxx

High

Yield

Corporate

Bond

ETF

300,000‌

$

25,617‌

Money

Market

Funds

-

5.67%

BlackRock

Liquidity

FedFund

-

Institutional

Class

0.06%

(a),(b)

967,539‌

967‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

(a),(b),(c),(d)

178,145,832‌

178,146‌

$

179,113‌

TOTAL

INVESTMENT

COMPANIES

$

204,730‌

COMMON

STOCKS

-

0.03%

Shares

Held

Value

(000's)

Energy

-

Alternate

Sources

-

0.00%

Ogden

Corp

(d),(e),(f)

5,000,000‌

$

—‌

Retail

-

0.03%

Claire's

Holdings

LLC

(d)

4,036‌

1,060‌

TOTAL

COMMON

STOCKS

$

1,060‌

BONDS

-

87.73%

Principal

Amount

(000's)

Value

(000's)

Aerospace

&

Defense

-

1.84%

Air

2

US

8.63%,

10/01/2020

(g)

$

17‌

$

17‌

Signature

Aviation

US

Holdings

Inc

4.00%,

03/01/2028

(g)

8,250‌

7,796‌

5.38%,

05/01/2026

(g)

5,200‌

5,397‌

SSL

Robotics

LLC

9.75%,

12/31/2023

(g)

6,695‌

7,434‌

TransDigm

Inc

5.50%,

11/15/2027

9,945‌

9,435‌

6.25%,

03/15/2026

(g)

12,880‌

13,588‌

7.50%,

03/15/2027

3,875‌

3,924‌

8.00%,

12/15/2025

(g)

1,065‌

1,156‌

Triumph

Group

Inc

6.25%,

09/15/2024

(g)

175‌

154‌

7.75%,

08/15/2025

(h)

14,190‌

9,193‌

$

58,094‌

Airlines

-

0.46%

American

Airlines

2015-1

Class

B

Pass

Through

Trust

3.70%,

11/01/2024

1,558‌

1,090‌

Delta

Air

Lines

Inc

7.00%,

05/01/2025

(g)

4,540‌

4,848‌

Mileage

Plus

Holdings

LLC

/

Mileage

Plus

Intellectual

Property

Assets

Ltd

6.50%,

06/20/2027

(g)

4,910‌

5,082‌

United

Airlines

2016-1

Class

B

Pass

Through

Trust

3.65%,

07/07/2027

4,838‌

3,600‌

$

14,620‌

Automobile

Manufacturers

-

3.06%

Ford

Motor

Co

8.50%,

04/21/2023

13,895‌

15,423‌

9.00%,

04/22/2025

13,685‌

16,123‌

9.63%,

04/22/2030

(h)

2,225‌

2,931‌

Ford

Motor

Credit

Co

LLC

4.14%,

02/15/2023

14,373‌

14,625‌

4.39%,

01/08/2026

5,025‌

5,162‌

4.54%,

08/01/2026

9,495‌

9,780‌

5.13%,

06/16/2025

5,430‌

5,789‌

Navistar

International

Corp

6.63%,

11/01/2025

(g)

21,843‌

22,389‌

9.50%,

05/01/2025

(g)

3,875‌

4,422‌

$

96,644‌

Automobile

Parts

&

Equipment

-

0.87%

American

Axle

&

Manufacturing

Inc

6.25%,

04/01/2025

(h)

8,240‌

8,513‌

6.25%,

03/15/2026

3,480‌

3,507‌

6.88%,

07/01/2028

2,760‌

2,815‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Automobile

Parts

&

Equipment

(continued)

Dana

Inc

5.38%,

11/15/2027

$

10,100‌

$

10,645‌

5.63%,

06/15/2028

1,970‌

2,069‌

$

27,549‌

Banks

-

3.34%

Barclays

PLC

4.84%,

05/09/2028

2,865‌

3,227‌

5.09%,

06/20/2030

(

i

)

6,395‌

7,518‌

3

Month

USD

LIBOR

+

3.05%

7.75%,

12/31/2049

(

i

),(j)

9,830‌

10,014‌

USD

Swap

Semi-Annual

5

Year

+

4.84%

CIT

Group

Inc

5.80%,

12/31/2049

(

i

),(j)

10,154‌

7,863‌

3

Month

USD

LIBOR

+

3.97%

Citigroup

Inc

4.70%,

12/31/2049

(

i

),(j)

10,165‌

9,771‌

United

States

Secured

Overnight

Financing

Rate

+

3.23%

Deutsche

Bank

AG

4.30%,

05/24/2028

(

i

)

7,350‌

7,183‌

USD

Swap

Semi-Annual

5

Year

+

2.25%

6.00%,

12/31/2049

(

i

),(j)

7,955‌

6,923‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.52%

Deutsche

Bank

AG/New

York

NY

3.96%,

11/26/2025

(

i

)

7,695‌

8,208‌

United

States

Secured

Overnight

Financing

Rate

+

2.58%

Intesa

Sanpaolo

SpA

5.02%,

06/26/2024

(g)

8,175‌

8,603‌

JPMorgan

Chase

&

Co

4.60%,

12/31/2049

(

i

),(j)

22,005‌

21,292‌

United

States

Secured

Overnight

Financing

Rate

+

3.13%

Lloyds

Banking

Group

PLC

7.50%,

12/31/2049

(

i

),(j)

4,450‌

4,728‌

USD

Swap

Semi-Annual

5

Year

+

4.50%

Popular

Inc

6.13%,

09/14/2023

9,720‌

10,303‌

$

105,633‌

Building

Materials

-

2.10%

BMC

East

LLC

5.50%,

10/01/2024

(g)

14,620‌

14,949‌

Boise

Cascade

Co

4.88%,

07/01/2030

(g)

5,035‌

5,337‌

Builders

FirstSource

Inc

5.00%,

03/01/2030

(g)

4,065‌

4,263‌

6.75%,

06/01/2027

(g)

6,205‌

6,826‌

Cemex

SAB

de

CV

7.38%,

06/05/2027

(g)

4,250‌

4,531‌

Griffon

Corp

5.75%,

03/01/2028

8,265‌

8,637‌

5.75%,

03/01/2028

(g)

3,810‌

3,981‌

Norbord

Inc

5.75%,

07/15/2027

(g)

8,250‌

8,786‌

Summit

Materials

LLC

/

Summit

Materials

Finance

Corp

5.25%,

01/15/2029

(g),(k)

8,710‌

9,037‌

$

66,347‌

Chemicals

-

2.34%

Aruba

Investments

Inc

8.75%,

02/15/2023

(g)

15,278‌

15,698‌

Avient

Corp

5.75%,

05/15/2025

(g)

11,475‌

12,456‌

CF

Industries

Inc

4.95%,

06/01/2043

5,555‌

6,500‌

5.15%,

03/15/2034

6,510‌

7,487‌

Schedule

of

Investments

High

Yield

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

95

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Chemicals

(continued)

Consolidated

Energy

Finance

SA

6.50%,

05/15/2026

(g)

$

13,785‌

$

12,458‌

6.88%,

06/15/2025

(g)

12,285‌

11,640‌

Olin

Corp

9.50%,

06/01/2025

(g)

3,000‌

3,420‌

Valvoline

Inc

4.38%,

08/15/2025

(g)

4,315‌

4,461‌

$

74,120‌

Commercial

Services

-

3.01%

Ahern

Rentals

Inc

7.38%,

05/15/2023

(g)

17,324‌

7,709‌

Brink's

Co/The

4.63%,

10/15/2027

(g)

2,800‌

2,848‌

5.50%,

07/15/2025

(g)

6,240‌

6,630‌

Garda

World

Security

Corp

9.50%,

11/01/2027

(g)

8,886‌

9,686‌

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc

6.25%,

01/15/2028

(g)

11,145‌

11,619‌

Refinitiv

US

Holdings

Inc

6.25%,

05/15/2026

(g)

11,680‌

12,629‌

8.25%,

11/15/2026

(g)

4,745‌

5,237‌

Tms

International

Holding

Corp

7.25%,

08/15/2025

(g)

11,135‌

9,242‌

United

Rentals

North

America

Inc

3.88%,

02/15/2031

(f),(k)

12,050‌

12,050‌

4.63%,

10/15/2025

6,135‌

6,311‌

4.88%,

01/15/2028

2,815‌

3,023‌

5.25%,

01/15/2030

2,595‌

2,841‌

5.88%,

09/15/2026

2,720‌

2,904‌

6.50%,

12/15/2026

2,225‌

2,470‌

$

95,199‌

Computers

-

1.05%

Dell

International

LLC

/

EMC

Corp

4.90%,

10/01/2026

(g)

23,975‌

27,049‌

7.13%,

06/15/2024

(g)

5,880‌

6,108‌

$

33,157‌

Consumer

Products

-

0.61%

Prestige

Brands

Inc

5.13%,

01/15/2028

(g)

2,615‌

2,744‌

6.38%,

03/01/2024

(g)

9,095‌

9,413‌

Spectrum

Brands

Inc

5.00%,

10/01/2029

(g)

3,805‌

3,919‌

5.75%,

07/15/2025

3,095‌

3,188‌

$

19,264‌

Distribution

&

Wholesale

-

0.78%

American

Builders

&

Contractors

Supply

Co

Inc

4.00%,

01/15/2028

(g)

16,585‌

17,248‌

5.88%,

05/15/2026

(g)

6,930‌

7,329‌

$

24,577‌

Diversified

Financial

Services

-

2.42%

AerCap

Holdings

NV

5.88%,

10/10/2079

(

i

)

11,870‌

9,102‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.54%

Avation

Capital

SA

6.50%,

05/15/2021

(g)

5,900‌

4,351‌

Credit

Acceptance

Corp

5.13%,

12/31/2024

(g)

7,605‌

7,742‌

6.63%,

03/15/2026

3,410‌

3,559‌

Global

Aircraft

Leasing

Co

Ltd

6.50%,

PIK

7.25%,

09/15/2024

(g),(l),(m)

6,730‌

4,190‌

Navient

Corp

6.13%,

03/25/2024

5,490‌

5,682‌

6.63%,

07/26/2021

4,245‌

4,351‌

6.75%,

06/15/2026

4,905‌

5,101‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Diversified

Financial

Services

(continued)

OneMain

Finance

Corp

5.38%,

11/15/2029

$

5,775‌

$

6,093‌

6.63%,

01/15/2028

2,730‌

3,129‌

6.88%,

03/15/2025

14,400‌

16,092‌

7.13%,

03/15/2026

3,140‌

3,681‌

8.88%,

06/01/2025

3,095‌

3,490‌

$

76,563‌

Electric

-

2.19%

Clearway

Energy

Operating

LLC

4.75%,

03/15/2028

(g)

8,920‌

9,533‌

Elwood

Energy

LLC

8.16%,

07/05/2026

4,617‌

4,986‌

Indiantown

Cogeneration

LP

9.77%,

12/15/2020

200‌

201‌

NextEra

Energy

Operating

Partners

LP

4.25%,

07/15/2024

(g)

7,190‌

7,657‌

NRG

Energy

Inc

5.25%,

06/15/2029

(g)

3,570‌

3,947‌

6.63%,

01/15/2027

3,460‌

3,685‌

7.25%,

05/15/2026

8,070‌

8,704‌

Pattern

Energy

Operations

LP

/

Pattern

Energy

Operations

Inc

4.50%,

08/15/2028

(g)

3,960‌

4,198‌

Vistra

Operations

Co

LLC

5.00%,

07/31/2027

(g)

5,765‌

6,154‌

5.50%,

09/01/2026

(g)

10,735‌

11,312‌

5.63%,

02/15/2027

(g)

8,335‌

8,943‌

$

69,320‌

Electrical

Components

&

Equipment

-

0.80%

Energizer

Holdings

Inc

4.75%,

06/15/2028

(g)

7,495‌

8,039‌

6.38%,

07/15/2026

(g)

8,557‌

9,113‌

WESCO

Distribution

Inc

7.13%,

06/15/2025

(g)

1,235‌

1,356‌

7.25%,

06/15/2028

(g)

6,165‌

6,735‌

$

25,243‌

Electronics

-

0.30%

Sensata

Technologies

BV

5.00%,

10/01/2025

(g)

6,405‌

6,917‌

Sensata

Technologies

Inc

4.38%,

02/15/2030

(g)

2,440‌

2,608‌

$

9,525‌

Engineering

&

Construction

-

0.50%

MasTec

Inc

4.50%,

08/15/2028

(g),(k)

15,010‌

15,685‌

Entertainment

-

4.65%

Boyne

USA

Inc

7.25%,

05/01/2025

(g)

12,390‌

13,242‌

Caesars

Resort

Collection

LLC

/

CRC

Finco

Inc

5.25%,

10/15/2025

(g)

15,665‌

14,124‌

CCM

Merger

Inc

6.00%,

03/15/2022

(g)

14,575‌

14,283‌

Colt

Merger

Sub

Inc

6.25%,

07/01/2025

(g)

7,915‌

8,256‌

8.13%,

07/01/2027

(g)

18,080‌

18,419‌

Enterprise

Development

Authority/The

12.00%,

07/15/2024

(g)

14,220‌

14,045‌

International

Game

Technology

PLC

5.25%,

01/15/2029

(g)

6,590‌

6,734‌

6.25%,

01/15/2027

(g)

2,030‌

2,162‌

6.50%,

02/15/2025

(g)

11,815‌

12,731‌

Lions

Gate

Capital

Holdings

LLC

5.88%,

11/01/2024

(g)

3,005‌

2,997‌

6.38%,

02/01/2024

(g)

6,795‌

6,859‌

Motion

Bondco

DAC

6.63%,

11/15/2027

(g)

855‌

730‌

Schedule

of

Investments

High

Yield

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

96

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Entertainment

(continued)

Scientific

Games

International

Inc

5.00%,

10/15/2025

(g)

$

5,995‌

$

5,943‌

7.25%,

11/15/2029

(g)

3,770‌

3,450‌

8.63%,

07/01/2025

(g)

7,100‌

7,135‌

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp

5.13%,

10/01/2029

(g)

13,670‌

13,089‌

7.75%,

04/15/2025

(g)

2,800‌

2,941‌

$

147,140‌

Food

-

4.00%

Albertsons

Cos

Inc

/

Safeway

Inc

/

New

Albertsons

LP

/

Albertsons

LLC

4.63%,

01/15/2027

(g)

2,710‌

2,866‌

5.75%,

03/15/2025

2,710‌

2,805‌

5.88%,

02/15/2028

(g)

905‌

991‌

6.63%,

06/15/2024

1,500‌

1,561‌

7.50%,

03/15/2026

(g)

17,225‌

19,378‌

Ingles

Markets

Inc

5.75%,

06/15/2023

8,970‌

9,104‌

JBS

USA

LUX

SA

/

JBS

USA

Finance

Inc

5.75%,

06/15/2025

(g)

14,775‌

15,163‌

JBS

USA

LUX

SA

/

JBS

USA

Food

Co

/

JBS

USA

Finance

Inc

6.50%,

04/15/2029

(g)

15,915‌

18,024‌

Kraft

Heinz

Foods

Co

4.38%,

06/01/2046

25,245‌

26,544‌

Post

Holdings

Inc

4.63%,

04/15/2030

(g)

11,739‌

12,355‌

5.00%,

08/15/2026

(g)

16,840‌

17,648‌

$

126,439‌

Forest

Products

&

Paper

-

0.14%

Sappi

Papier

Holding

GmbH

7.50%,

06/15/2032

(g)

4,886‌

4,510‌

Healthcare

-

Products

-

0.24%

Avantor

Funding

Inc

4.63%,

07/15/2028

(g),(h)

7,045‌

7,443‌

Healthcare

-

Services

-

4.66%

AHP

Health

Partners

Inc

9.75%,

07/15/2026

(g)

7,155‌

7,602‌

Centene

Corp

3.38%,

02/15/2030

12,025‌

12,731‌

4.25%,

12/15/2027

3,395‌

3,607‌

4.63%,

12/15/2029

6,015‌

6,708‌

5.25%,

04/01/2025

(g)

20,745‌

21,631‌

5.38%,

06/01/2026

(g)

1,455‌

1,556‌

Charles

River

Laboratories

International

Inc

4.25%,

05/01/2028

(g)

2,660‌

2,813‌

CHS/Community

Health

Systems

Inc

6.25%,

03/31/2023

12,365‌

12,458‌

8.00%,

03/15/2026

(g)

5,515‌

5,649‌

DaVita

Inc

4.63%,

06/01/2030

(g)

10,580‌

11,268‌

HCA

Inc

3.50%,

09/01/2030

5,920‌

6,222‌

5.50%,

06/15/2047

6,070‌

8,168‌

5.88%,

02/01/2029

9,215‌

11,219‌

LifePoint

Health

Inc

6.75%,

04/15/2025

(g)

3,375‌

3,637‌

Tenet

Healthcare

Corp

4.63%,

07/15/2024

13,860‌

14,103‌

4.63%,

06/15/2028

(g)

4,185‌

4,401‌

5.13%,

11/01/2027

(g)

9,650‌

10,241‌

7.50%,

04/01/2025

(g)

2,930‌

3,241‌

$

147,255‌

Home

Builders

-

2.91%

Century

Communities

Inc

5.88%,

07/15/2025

6,775‌

6,972‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Home

Builders

(continued)

Forestar

Group

Inc

5.00%,

03/01/2028

(g)

$

8,370‌

$

8,370‌

8.00%,

04/15/2024

(g)

10,685‌

11,464‌

KB

Home

7.63%,

05/15/2023

6,670‌

7,337‌

Lennar

Corp

4.50%,

04/30/2024

4,537‌

4,911‌

4.75%,

11/15/2022

7,061‌

7,449‌

4.88%,

12/15/2023

6,661‌

7,179‌

LGI

Homes

Inc

6.88%,

07/15/2026

(g)

13,710‌

14,601‌

Picasso

Finance

Sub

Inc

6.13%,

06/15/2025

(g)

4,800‌

5,100‌

Taylor

Morrison

Communities

Inc

5.75%,

01/15/2028

(g)

5,305‌

5,956‌

Taylor

Morrison

Communities

Inc

/

Taylor

Morrison

Holdings

II

Inc

5.63%,

03/01/2024

(g)

8,500‌

9,053‌

Williams

Scotsman

International

Inc

6.88%,

08/15/2023

(g)

3,500‌

3,614‌

$

92,006‌

Insurance

-

1.86%

Acrisure

LLC

/

Acrisure

Finance

Inc

8.13%,

02/15/2024

(g)

8,020‌

8,521‌

AssuredPartners

Inc

7.00%,

08/15/2025

(g)

6,800‌

6,902‌

Voya

Financial

Inc

5.65%,

05/15/2053

(

i

)

41,717‌

43,345‌

3

Month

USD

LIBOR

+

3.58%

$

58,768‌

Internet

-

0.60%

Netflix

Inc

4.38%,

11/15/2026

14,505‌

16,106‌

5.38%,

11/15/2029

(g)

2,440‌

2,956‌

$

19,062‌

Investment

Companies

-

0.49%

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp

6.25%,

05/15/2026

8,515‌

8,998‌

6.38%,

12/15/2025

6,240‌

6,490‌

$

15,488‌

Iron

&

Steel

-

0.60%

Cleveland-Cliffs

Inc

6.38%,

10/15/2025

(g),(h)

9,710‌

7,865‌

6.75%,

03/15/2026

(g)

1,125‌

1,131‌

Commercial

Metals

Co

4.88%,

05/15/2023

9,523‌

9,951‌

$

18,947‌

Leisure

Products

&

Services

-

0.08%

Viking

Cruises

Ltd

13.00%,

05/15/2025

(g)

2,460‌

2,676‌

Lodging

-

0.63%

Boyd

Gaming

Corp

8.63%,

06/01/2025

(g)

6,445‌

7,105‌

Hilton

Domestic

Operating

Co

Inc

5.38%,

05/01/2025

(g)

3,940‌

4,119‌

5.75%,

05/01/2028

(g)

2,626‌

2,803‌

Marriott

Ownership

Resorts

Inc

6.13%,

09/15/2025

(g)

2,100‌

2,240‌

Wyndham

Destinations

Inc

6.63%,

07/31/2026

(g)

3,365‌

3,490‌

$

19,757‌

Machinery

-

Diversified

-

0.41%

Maxim

Crane

Works

Holdings

Capital

LLC

10.13%,

08/01/2024

(g)

13,355‌

13,071‌

Schedule

of

Investments

High

Yield

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

97

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Media

-

7.93%

Altice

Financing

SA

5.00%,

01/15/2028

(g)

$

12,005‌

$

12,324‌

7.50%,

05/15/2026

(g)

14,435‌

15,521‌

AMC

Networks

Inc

4.75%,

08/01/2025

13,775‌

14,119‌

5.00%,

04/01/2024

2,750‌

2,795‌

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

4.25%,

02/01/2031

(g)

1,850‌

1,930‌

4.50%,

08/15/2030

(g)

15,960‌

16,916‌

4.75%,

03/01/2030

(g)

17,645‌

18,781‌

5.38%,

06/01/2029

(g)

9,270‌

10,151‌

CSC

Holdings

LLC

4.63%,

12/01/2030

(g)

3,400‌

3,570‌

5.50%,

04/15/2027

(g)

3,195‌

3,427‌

6.50%,

02/01/2029

(g)

22,203‌

25,422‌

6.63%,

10/15/2025

(g)

4,225‌

4,415‌

7.50%,

04/01/2028

(g)

2,872‌

3,304‌

Diamond

Sports

Group

LLC

/

Diamond

Sports

Finance

Co

5.38%,

08/15/2026

(g)

8,570‌

6,599‌

DISH

DBS

Corp

5.88%,

07/15/2022

7,915‌

8,331‌

5.88%,

11/15/2024

5,000‌

5,213‌

7.38%,

07/01/2028

(g)

6,725‌

7,118‌

7.75%,

07/01/2026

1,785‌

2,013‌

LCPR

Senior

Secured

Financing

DAC

6.75%,

10/15/2027

(g)

9,580‌

10,351‌

Meredith

Corp

6.88%,

02/01/2026

16,710‌

14,516‌

Radiate

Holdco

LLC

/

Radiate

Finance

Inc

6.63%,

02/15/2025

(g)

3,925‌

4,024‌

6.88%,

02/15/2023

(g)

4,515‌

4,583‌

Sirius

XM

Radio

Inc

4.13%,

07/01/2030

(g)

7,500‌

7,915‌

UPC

Holding

BV

5.50%,

01/15/2028

(g)

21,570‌

21,894‌

Ziggo

Bond

Co

BV

5.13%,

02/28/2030

(g)

11,620‌

12,379‌

6.00%,

01/15/2027

(g)

5,225‌

5,538‌

Ziggo

BV

5.50%,

01/15/2027

(g)

7,245‌

7,643‌

$

250,792‌

Metal

Fabrication

&

Hardware

-

0.37%

Advanced

Drainage

Systems

Inc

5.00%,

09/30/2027

(g)

5,810‌

5,984‌

Park-Ohio

Industries

Inc

6.63%,

04/15/2027

6,640‌

5,827‌

$

11,811‌

Mining

-

3.26%

ACN

113

874

712

Pty

Ltd

0.00%,

02/15/2018

(d),(g)

10,465‌

18‌

Constellium

SE

5.63%,

06/15/2028

(g)

4,260‌

4,469‌

First

Quantum

Minerals

Ltd

7.25%,

04/01/2023

(g)

4,650‌

4,671‌

7.50%,

04/01/2025

(g)

7,470‌

7,545‌

Freeport-McMoRan

Inc

4.25%,

03/01/2030

11,955‌

12,490‌

4.63%,

08/01/2030

6,475‌

6,937‌

Hudbay

Minerals

Inc

7.63%,

01/15/2025

(g)

9,985‌

10,110‌

IAMGOLD

Corp

7.00%,

04/15/2025

(g)

11,195‌

11,643‌

Joseph

T

Ryerson

&

Son

Inc

8.50%,

08/01/2028

(g)

4,330‌

4,716‌

New

Gold

Inc

7.50%,

07/15/2027

(g)

15,565‌

16,927‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Mining

(continued)

Novelis

Corp

4.75%,

01/30/2030

(g)

$

14,955‌

$

15,602‌

Taseko

Mines

Ltd

8.75%,

06/15/2022

(g)

9,405‌

8,018‌

$

103,146‌

Oil

&

Gas

-

7.07%

Ascent

Resources

Utica

Holdings

LLC

/

ARU

Finance

Corp

7.00%,

11/01/2026

(g)

7,220‌

4,621‌

10.00%,

04/01/2022

(g)

4,826‌

3,989‌

Cenovus

Energy

Inc

5.38%,

07/15/2025

6,685‌

6,686‌

Chesapeake

Oil

Op/Fin

Escrow

Shares

0.00%,

11/15/2019

(d),(e),(f)

11,835‌

—‌

Comstock

Resources

Inc

7.50%,

05/15/2025

(g)

5,775‌

5,429‌

9.75%,

08/15/2026

15,175‌

15,170‌

CrownRock

LP

/

CrownRock

Finance

Inc

5.63%,

10/15/2025

(g)

9,680‌

9,486‌

Endeavor

Energy

Resources

LP

/

EER

Finance

Inc

5.50%,

01/30/2026

(g)

7,665‌

7,703‌

6.63%,

07/15/2025

(g)

5,520‌

5,800‌

EP

Energy

LLC

/

Everest

Acquisition

Finance

Inc

0.00%,

05/15/2026

(d),(g)

14,700‌

3,932‌

Laredo

Petroleum

Inc

10.13%,

01/15/2028

8,165‌

5,797‌

MEG

Energy

Corp

6.50%,

01/15/2025

(g)

6,001‌

5,896‌

7.00%,

03/31/2024

(g)

5,790‌

5,515‌

7.13%,

02/01/2027

(g)

4,035‌

3,591‌

Mesquite

Energy

Corp

-

Escrow

0.00%,

02/15/2023

(d)

4,268‌

21‌

Nabors

Industries

Inc

5.75%,

02/01/2025

8,415‌

3,324‌

Nabors

Industries

Ltd

7.50%,

01/15/2028

(g)

3,570‌

2,268‌

Oasis

Petroleum

Inc

6.25%,

05/01/2026

(g)

14,740‌

2,616‌

6.88%,

01/15/2023

235‌

45‌

Occidental

Petroleum

Corp

2.60%,

08/13/2021

7,400‌

7,308‌

2.70%,

08/15/2022

12,410‌

11,989‌

2.70%,

02/15/2023

2,429‌

2,326‌

3.40%,

04/15/2026

4,475‌

4,050‌

4.40%,

04/15/2046

15,320‌

12,481‌

8.00%,

07/15/2025

(h)

12,055‌

13,170‌

Parkland

Corp/Canada

5.88%,

07/15/2027

(g)

10,780‌

11,427‌

Parsley

Energy

LLC

/

Parsley

Finance

Corp

5.63%,

10/15/2027

(g)

7,615‌

7,977‌

Shelf

Drilling

Holdings

Ltd

8.25%,

02/15/2025

(g)

7,970‌

3,029‌

SM

Energy

Co

5.00%,

01/15/2024

13,775‌

7,576‌

Southwestern

Energy

Co

7.75%,

10/01/2027

(h)

22,220‌

20,893‌

Sunoco

LP

/

Sunoco

Finance

Corp

4.88%,

01/15/2023

2,130‌

2,165‌

5.50%,

02/15/2026

5,575‌

5,714‌

Transocean

Inc

8.00%,

02/01/2027

(g)

4,525‌

2,207‌

Unit

Corp

0.00%,

05/15/2021

(d)

8,600‌

1,183‌

WPX

Energy

Inc

4.50%,

01/15/2030

7,555‌

7,033‌

5.25%,

09/15/2024

1,125‌

1,160‌

5.25%,

10/15/2027

3,140‌

3,097‌

Schedule

of

Investments

High

Yield

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

98

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Oil

&

Gas

(continued)

WPX

Energy

Inc  

(continued)

5.75%,

06/01/2026

$

2,177‌

$

2,207‌

5.88%,

06/15/2028

4,490‌

4,599‌

$

223,480‌

Packaging

&

Containers

-

3.44%

ARD

Finance

SA

6.50%,

PIK

7.25%,

06/30/2027

(g),(l),(m)

7,255‌

7,418‌

Ardagh

Packaging

Finance

PLC

/

Ardagh

Holdings

USA

Inc

4.13%,

08/15/2026

(g)

5,015‌

5,205‌

5.25%,

08/15/2027

(g)

4,725‌

4,946‌

6.00%,

02/15/2025

(g)

9,265‌

9,682‌

Cascades

Inc

/Cascades

USA

Inc

5.38%,

01/15/2028

(g)

6,310‌

6,531‌

Crown

Americas

LLC

/

Crown

Americas

Capital

Corp

VI

4.75%,

02/01/2026

8,490‌

8,859‌

Crown

Cork

&

Seal

Co

Inc

7.38%,

12/15/2026

16,099‌

18,997‌

Flex

Acquisition

Co

Inc

6.88%,

01/15/2025

(g)

8,590‌

8,719‌

7.88%,

07/15/2026

(g)

5,705‌

5,914‌

Mauser

Packaging

Solutions

Holding

Co

7.25%,

04/15/2025

(g)

16,030‌

15,389‌

Reynolds

Group

Issuer

Inc

/

Reynolds

Group

Issuer

LLC

/

Reynolds

Group

Issuer

(Luxembourg)

S.A.

3.77%,

07/15/2021

(g)

6,620‌

6,620‌

3

Month

USD

LIBOR

+

3.50%

5.13%,

07/15/2023

(g)

8,460‌

8,589‌

7.00%,

07/15/2024

(g)

1,950‌

1,986‌

$

108,855‌

Pharmaceuticals

-

0.89%

Bausch

Health

Americas

Inc

8.50%,

01/31/2027

(g)

12,710‌

14,140‌

Bausch

Health

Cos

Inc

5.00%,

01/30/2028

(g)

5,065‌

5,090‌

Endo

Dac

/

Endo

Finance

LLC

/

Endo

Finco

Inc

6.00%,

06/30/2028

(g)

6,027‌

4,595‌

9.50%,

07/31/2027

(g)

814‌

876‌

Par

Pharmaceutical

Inc

7.50%,

04/01/2027

(g)

3,217‌

3,422‌

$

28,123‌

Pipelines

-

3.60%

Antero

Midstream

Partners

LP

/

Antero

Midstream

Finance

Corp

5.38%,

09/15/2024

5,790‌

5,252‌

5.75%,

03/01/2027

(g)

9,965‌

8,704‌

Buckeye

Partners

LP

3.95%,

12/01/2026

6,905‌

6,853‌

4.13%,

12/01/2027

6,220‌

6,065‌

5.85%,

11/15/2043

1,860‌

1,711‌

Crestwood

Midstream

Partners

LP

/

Crestwood

Midstream

Finance

Corp

5.63%,

05/01/2027

(g)

14,640‌

13,688‌

EQM

Midstream

Partners

LP

6.00%,

07/01/2025

(g)

3,500‌

3,712‌

6.50%,

07/01/2027

(g)

8,050‌

8,876‌

Global

Partners

LP

/

GLP

Finance

Corp

7.00%,

06/15/2023

9,225‌

9,089‌

Hess

Midstream

Operations

LP

5.63%,

02/15/2026

(g)

10,520‌

10,912‌

NuStar

Logistics

LP

5.63%,

04/28/2027

10,009‌

9,771‌

6.00%,

06/01/2026

2,835‌

2,906‌

Rattler

Midstream

LP

5.63%,

07/15/2025

(g)

4,495‌

4,741‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Pipelines

(continued)

Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp

5.88%,

04/15/2026

$

6,382‌

$

6,783‌

6.50%,

07/15/2027

9,712‌

10,392‌

6.88%,

01/15/2029

3,867‌

4,363‌

$

113,818‌

Real

Estate

-

0.21%

Cushman

&

Wakefield

US

Borrower

LLC

6.75%,

05/15/2028

(g)

6,295‌

6,736‌

REITs

-

0.75%

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC

6.00%,

04/15/2025

(g)

4,095‌

4,407‌

Iron

Mountain

Inc

5.00%,

07/15/2028

(g)

6,360‌

6,583‌

Park

Intermediate

Holdings

LLC

/

PK

Domestic

Property

LLC

/

PK

Finance

Co-Issuer

7.50%,

06/01/2025

(g)

6,180‌

6,579‌

VICI

Properties

LP

/

VICI

Note

Co

Inc

4.63%,

12/01/2029

(g)

5,765‌

6,040‌

$

23,609‌

Retail

-

3.16%

1011778

BC

ULC

/

New

Red

Finance

Inc

5.00%,

10/15/2025

(g)

8,195‌

8,379‌

5.75%,

04/15/2025

(g)

2,160‌

2,311‌

Abercrombie

&

Fitch

Management

Co

8.75%,

07/15/2025

(g)

7,430‌

7,411‌

Claire's

Stores

Escrow

-

GCB

0.00%,

03/15/2019

(d),(e),(f)

6,962‌

—‌

Golden

Nugget

Inc

6.75%,

10/15/2024

(g)

8,229‌

5,699‌

IRB

Holding

Corp

6.75%,

02/15/2026

(g)

10,450‌

10,502‌

7.00%,

06/15/2025

(g)

6,015‌

6,555‌

L

Brands

Inc

6.75%,

07/01/2036

8,725‌

8,421‌

6.88%,

07/01/2025

(g)

2,535‌

2,730‌

9.38%,

07/01/2025

(g)

4,345‌

4,845‌

Nordstrom

Inc

4.00%,

03/15/2027

6,340‌

5,416‌

8.75%,

05/15/2025

(g)

1,990‌

2,179‌

PetSmart

Inc

5.88%,

06/01/2025

(g)

7,095‌

7,272‌

7.13%,

03/15/2023

(g)

7,200‌

7,272‌

Yum!

Brands

Inc

4.75%,

01/15/2030

(g)

14,555‌

15,792‌

7.75%,

04/01/2025

(g)

4,650‌

5,220‌

$

100,004‌

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

-

0.51%

Microchip

Technology

Inc

4.25%,

09/01/2025

(g)

3,805‌

4,000‌

Sensata

Technologies

UK

Financing

Co

PLC

6.25%,

02/15/2026

(g)

11,500‌

12,105‌

$

16,105‌

Software

-

0.77%

Epicor

Software

Corp

7.56%,

06/30/2023

(g)

5,658‌

5,657‌

3

Month

USD

LIBOR

+

7.25%

Schedule

of

Investments

High

Yield

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

99

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Software

(continued)

Open

Text

Corp

3.88%,

02/15/2028

(g)

$

11,250‌

$

11,697‌

5.88%,

06/01/2026

(g)

6,635‌

7,048‌

$

24,402‌

Telecommunications

-

6.62%

Altice

France

Holding

SA

6.00%,

02/15/2028

(g)

9,470‌

9,459‌

10.50%,

05/15/2027

(g)

7,205‌

8,241‌

Altice

France

SA/France

5.50%,

01/15/2028

(g)

6,670‌

7,012‌

8.13%,

02/01/2027

(g)

6,375‌

7,116‌

CenturyLink

Inc

4.00%,

02/15/2027

(g)

4,120‌

4,303‌

CommScope

Inc

7.13%,

07/01/2028

(g)

6,510‌

6,892‌

8.25%,

03/01/2027

(g)

22,580‌

24,350‌

Embarq

Corp

8.00%,

06/01/2036

14,230‌

16,678‌

Level

3

Financing

Inc

4.25%,

07/01/2028

(g)

5,660‌

5,901‌

5.13%,

05/01/2023

4,440‌

4,459‌

5.38%,

01/15/2024

6,895‌

7,013‌

Sprint

Communications

Inc

6.00%,

11/15/2022

13,755‌

14,871‌

Sprint

Corp

7.13%,

06/15/2024

8,840‌

10,312‌

7.88%,

09/15/2023

14,995‌

17,394‌

Telecom

Italia

Capital

SA

6.38%,

11/15/2033

3,120‌

3,807‌

Telecom

Italia

SpA

/Milano

5.30%,

05/30/2024

(g)

13,065‌

14,600‌

T-Mobile

USA

Inc

5.13%,

04/15/2025

13,770‌

14,114‌

6.50%,

01/15/2026

11,120‌

11,722‌

Zayo

Group

Holdings

Inc

4.00%,

03/01/2027

(g)

13,795‌

13,825‌

6.13%,

03/01/2028

(g)

6,885‌

7,109‌

$

209,178‌

Transportation

-

1.80%

Eletson

Holdings

Inc

/

Eletson

Finance

US

LLC

/

Agathonissos

Finance

LLC

0.00%,

01/15/2022

(d),(e),(f)

18,905‌

3,592‌

Navios

Maritime

Acquisition

Corp

/

Navios

Acquisition

Finance

US

Inc

8.13%,

11/15/2021

(g)

23,475‌

14,202‌

Navios

Maritime

Holdings

Inc

/

Navios

Maritime

Finance

II

US

Inc

7.38%,

01/15/2022

(g)

9,350‌

3,833‌

11.25%,

08/15/2022

(g)

5,870‌

4,109‌

Navios

South

American

Logistics

Inc

/

Navios

Logistics

Finance

US

Inc

10.75%,

07/01/2025

(g)

6,805‌

7,281‌

Watco

Cos

LLC

/

Watco

Finance

Corp

6.50%,

06/15/2027

(g)

9,505‌

10,147‌

XPO

Logistics

Inc

6.25%,

05/01/2025

(g)

12,610‌

13,635‌

$

56,799‌

Trucking

&

Leasing

-

0.41%

DAE

Funding

LLC

4.50%,

08/01/2022

(g)

4,235‌

4,160‌

5.75%,

11/15/2023

(g)

8,890‌

8,734‌

$

12,894‌

TOTAL

BONDS

$

2,773,854‌

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

-

6.10%

Principal

Amount

(000's)

Value

(000's)

Automobile

Manufacturers

-

0.13%

Navistar

Inc

3.69%,

11/06/2024

(n)

$

4,361‌

$

4,212‌

3

Month

USD

LIBOR

+

3.00%

Chemicals

-

0.26%

Aruba

Investments

Inc

5.25%,

07/01/2025

(n)

4,000‌

3,985‌

1

Month

USD

LIBOR

+

4.25%

Chemours

Co/The

1.92%,

04/03/2025

(n)

4,402‌

4,166‌

3

Month

USD

LIBOR

+

1.75%

$

8,151‌

Commercial

Services

-

0.26%

Garda

World

Security

Corp

4.93%,

10/23/2026

(n)

2,899‌

2,867‌

1

Month

USD

LIBOR

+

4.75%

Prime

Security

Services

Borrower

LLC

4.25%,

09/23/2026

(n)

3,491‌

3,427‌

1

Month

USD

LIBOR

+

3.25%

Refinitiv

US

Holdings

Inc

3.41%,

10/01/2025

(n)

2,048‌

2,031‌

3

Month

USD

LIBOR

+

3.00%

$

8,325‌

Computers

-

0.41%

McAfee

LLC

9.50%,

09/29/2025

(n)

12,667‌

12,825‌

3

Month

USD

LIBOR

+

3.25%

Consumer

Products

-

0.15%

Prestige

Brands

Inc

2.16%,

01/26/2024

(n)

2,902‌

2,859‌

3

Month

USD

LIBOR

+

2.00%

Reynolds

Consumer

Products

LLC

1.91%,

01/29/2027

(n)

1,995‌

1,954‌

1

Month

USD

LIBOR

+

1.75%

$

4,813‌

Diversified

Financial

Services

-

0.22%

Russell

Investments

US

Institutional

Holdco

Inc

3.82%,

06/01/2023

(n)

7,163‌

7,045‌

1

Month

USD

LIBOR

+

2.75%

Engineering

&

Construction

-

0.02%

Landry's

Finance

Acquisition

Co

13.00%,

10/06/2023

(n)

500‌

562‌

1

Month

USD

LIBOR

+

12.00%

Entertainment

-

0.13%

Lions

Gate

Capital

Holdings

LLC

2.41%,

03/24/2025

(n)

4,272‌

4,093‌

3

Month

USD

LIBOR

+

2.00%

Environmental

Control

-

0.12%

Filtration

Group

Corp

3.16%,

03/31/2025

(n)

4,027‌

3,931‌

3

Month

USD

LIBOR

+

1.75%

Food

-

0.44%

Bellring

Brands

LLC

6.00%,

10/21/2024

(n)

13,771‌

13,805‌

1

Month

USD

LIBOR

+

5.00%

Forest

Products

&

Paper

-

0.11%

Pixelle

Specialty

Solutions

LLC

7.50%,

10/31/2024

(n)

3,515‌

3,379‌

1

Month

USD

LIBOR

+

6.50%

Schedule

of

Investments

High

Yield

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

100

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Healthcare

-

Services

-

0.28%

LifePoint

Health

Inc

3.91%,

11/16/2025

(n)

$

9,221‌

$

8,999‌

1

Month

USD

LIBOR

+

3.75%

Insurance

-

0.75%

Acrisure

LLC

3.66%,

02/15/2027

(n)

3,229‌

3,101‌

1

Month

USD

LIBOR

+

3.50%

AssuredPartners

Inc

5.50%,

02/12/2027

(n)

7,172‌

7,100‌

1

Month

USD

LIBOR

+

4.50%

Asurion

LLC

6.66%,

08/04/2025

(n)

13,268‌

13,364‌

3

Month

USD

LIBOR

+

3.25%

$

23,565‌

Lodging

-

0.36%

Golden

Nugget

LLC

3.25%,

10/04/2023

(n)

4,972‌

4,148‌

1

Month

USD

LIBOR

+

2.50%

Spectacle

Gary

Holdings

LLC

11.00%,

12/23/2025

(n)

7,949‌

7,353‌

1

Month

USD

LIBOR

+

9.00%

$

11,501‌

Media

-

0.28%

CSC

Holdings

LLC

2.67%,

04/15/2027

(n)

2,184‌

2,108‌

1

Month

USD

LIBOR

+

2.50%

Diamond

Sports

Group

LLC

3.42%,

08/24/2026

(n)

3,221‌

2,565‌

1

Month

USD

LIBOR

+

3.50%

Radiate

Holdco

LLC

3.75%,

02/01/2024

(n)

4,229‌

4,143‌

3

Month

USD

LIBOR

+

3.00%

$

8,816‌

Oil

&

Gas

-

0.03%

Mesquite

Energy

Inc

8.25%,

05/15/2020

(e),(f),(n)

572‌

425‌

1

Month

USD

LIBOR

+

8.00%

12.00%,

05/20/2020

(n)

579‌

576‌

1

Month

USD

LIBOR

+

8.00%

$

1,001‌

Packaging

&

Containers

-

0.16%

Mauser

Packaging

Solutions

Holding

Co

3.52%,

04/03/2024

(n)

5,422‌

5,051‌

3

Month

USD

LIBOR

+

8.50%

Pharmaceuticals

-

0.84%

Bausch

Health

Americas

Inc

2.93%,

11/14/2025

(n)

5,973‌

5,841‌

3

Month

USD

LIBOR

+

8.75%

3.18%,

05/19/2025

(n)

10,889‌

10,701‌

3

Month

USD

LIBOR

+

7.50%

Endo

International

PLC

5.00%,

04/29/2024

(n)

10,332‌

9,864‌

3

Month

USD

LIBOR

+

4.00%

$

26,406‌

Pipelines

-

0.19%

Buckeye

Partners

LP

2.92%,

11/01/2026

(n)

6,030‌

5,885‌

1

Month

USD

LIBOR

+

2.75%

Retail

-

0.20%

IRB

Holding

Corp

3.75%,

02/05/2025

(n)

4,574‌

4,285‌

1

Month

USD

LIBOR

+

2.75%

Sally

Holdings

LLC

0.00%,

07/05/2024

(n),(o)

2,000‌

1,990‌

$

6,275‌

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Telecommunications

-

0.76%

GTT

Communications

Inc

2.91%,

05/31/2025

(n)

$

7,877‌

$

5,836‌

3

Month

USD

LIBOR

+

2.75%

Level

3

Financing

Inc

1.88%,

03/01/2027

(n)

2,458‌

2,378‌

1

Month

USD

LIBOR

+

1.75%

Maxar

Technologies

Ltd

2.91%,

10/05/2024

(n)

8,955‌

8,591‌

3

Month

USD

LIBOR

+

4.25%

Zayo

Group

Holdings

Inc

3.16%,

02/19/2027

(n)

7,566‌

7,339‌

1

Month

USD

LIBOR

+

3.00%

$

24,144‌

TOTAL

SENIOR

FLOATING

RATE

INTERESTS

$

192,784‌

Total

Investments

$

3,172,428‌

Other

Assets

and

Liabilities

-  (0.34)%

(10,677‌)

TOTAL

NET

ASSETS

-

100.00%

$

3,161,751‌

(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

$9,817

or

0.31%

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

5.00%

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

$16,067

or

0.51%

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

$1,765,890

or

55.85%

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)

Security

purchased

on

a

when-issued

basis.

(l)

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(m)

Payment

in

kind;

the

issuer

has

the

option

of

paying

additional

securities

in

lieu

of

cash.

(n)

Rate

information

disclosed

is

based

on

an

average

weighted

rate

of

the

underlying

tranches

as

of

period

end.

(o)

This

Senior

Floating

Rate

Note

will

settle

after

July

31,

2020,

at

which

time

the

interest

rate

will

be

determined.

Schedule

of

Investments

High

Yield

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

101

Portfolio

Summary  (unaudited)

Sector

Percent

Consumer,

Cyclical

17.45‌%

Communications

16.19‌%

Consumer,

Non-cyclical

15.38‌%

Industrial

12.27‌%

Energy

10.89‌%

Financial

10.04‌%

Basic

Materials

6.71‌%

Money

Market

Funds

5.67‌%

Technology

2.74‌%

Utilities

2.19‌%

Investment

Companies

0.81‌%

Other

Assets

and

Liabilities

(0.34‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

145,374‌

$

1,369,632‌

$

1,336,860‌

$

178,146‌

$

145,374‌

$

1,369,632‌

$

1,336,860‌

$

178,146‌

Income

(a)

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

594‌

$

—‌

$

—‌

$

—‌

$

594‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Inflation

Protection

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

102

INVESTMENT

COMPANIES

-

2.47%

Shares

Held

Value

(000's)

Money

Market

Funds

-

2.47%

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

(a),(b),(c)

41,519,804‌

$

41,520‌

TOTAL

INVESTMENT

COMPANIES

$

41,520‌

BONDS

-

8.53%

Principal

Amount

(000's)

Value

(000's)

Commercial

Mortgage

Backed

Securities

-

0.00%

CD

2007-CD4

Commercial

Mortgage

Trust

1.30%,

12/11/2049

(d),(e),(f)

$

4‌

$

—‌

Commercial

Mortgage

Trust

2007-GG9

0.63%,

03/10/2039

(d),(e),(f)

305‌

1‌

Ginnie

Mae

1.46%,

03/16/2047

(d),(e)

151‌

5‌

ML-CFC

Commercial

Mortgage

Trust

2006-3

0.78%,

07/12/2046

(d),(e),(f)

64‌

—‌

$

6‌

Home

Equity

Asset

Backed

Securities

-

0.00%

Option

One

Mortgage

Loan

Trust

2005-1

1.67%,

02/25/2035

23‌

15‌

1.00

x

1

Month

USD

LIBOR

+

1.50%

Mortgage

Backed

Securities

-

0.07%

Chase

Mortgage

Finance

Trust

Series

2007-A2

3.51%,

06/25/2035

(e)

26‌

25‌

Fannie

Mae

REMIC

Trust

2004-W5

0.62%,

02/25/2047

18‌

18‌

1.00

x

1

Month

USD

LIBOR

+

0.45%

Fannie

Mae

REMIC

Trust

2005-W2

0.37%,

05/25/2035

6‌

6‌

1.00

x

1

Month

USD

LIBOR

+

0.20%

Impac

CMB

Trust

Series

2004-5

2.50%,

10/25/2034

8‌

8‌

1.00

x

1

Month

USD

LIBOR

+

2.33%

Impac

CMB

Trust

Series

2004-6

1.15%,

10/25/2034

6‌

6‌

1.00

x

1

Month

USD

LIBOR

+

0.98%

Impac

CMB

Trust

Series

2005-1

0.79%,

04/25/2035

64‌

61‌

1.00

x

1

Month

USD

LIBOR

+

0.62%

Impac

CMB

Trust

Series

2005-5

0.94%,

08/25/2035

12‌

11‌

1.00

x

1

Month

USD

LIBOR

+

0.77%

Merrill

Lynch

Alternative

Note

Asset

Trust

Series

2007-A3

0.38%,

04/25/2037

1,720‌

923‌

1.00

x

1

Month

USD

LIBOR

+

0.21%

WaMu

Mortgage

Pass-Through

Certificates

Series

2005-AR2

Trust

0.54%,

01/25/2045

30‌

29‌

1.00

x

1

Month

USD

LIBOR

+

0.37%

$

1,087‌

Other

Asset

Backed

Securities

-

0.00%

Argent

Securities

Trust

2006-W3

0.29%,

04/25/2036

27‌

11‌

1.00

x

1

Month

USD

LIBOR

+

0.12%

Countrywide

Asset-Backed

Certificates

1.30%,

12/25/2032

15‌

14‌

1.00

x

1

Month

USD

LIBOR

+

1.13%

Fannie

Mae

REMIC

Trust

2003-W16

0.48%,

11/25/2033

1‌

1‌

1.00

x

1

Month

USD

LIBOR

+

0.15%

Long

Beach

Mortgage

Loan

Trust

2004-2

0.97%,

06/25/2034

28‌

27‌

1.00

x

1

Month

USD

LIBOR

+

0.80%

$

53‌

Sovereign

-

8.46%

Australia

Government

Bond

3.00%,

03/21/2047

AUD

7,145‌

6,572‌

Colombia

Government

International

Bond

3.00%,

01/30/2030

$

2,970‌

3,058‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Sovereign

(continued)

Hungary

Government

International

Bond

1.63%,

04/28/2032

EUR

715‌

$

887‌

Italy

Buoni

Poliennali

Del

Tesoro

1.30%,

05/15/2028

(f)

11,639‌

14,601‌

Japanese

Government

CPI

Linked

Bond

0.10%,

03/10/2028

JPY

1,762,416‌

16,594‌

0.10%,

03/10/2029

4,618,982‌

43,513‌

Mexico

Government

International

Bond

3.25%,

04/16/2030

$

2,030‌

2,078‌

4.50%,

04/22/2029

1,020‌

1,144‌

New

Zealand

Government

Bond

1.75%,

05/15/2041

NZD

12,525‌

8,845‌

New

Zealand

Government

Inflation

Linked

Bond

2.00%,

09/20/2025

23,374‌

17,161‌

2.50%,

09/20/2035

7,747‌

7,021‌

2.50%,

09/20/2040

3,624‌

3,436‌

Spain

Government

Bond

0.50%,

04/30/2030

(f)

EUR

11,535‌

13,895‌

1.00%,

10/31/2050

(f)

3,155‌

3,596‌

$

142,401‌

TOTAL

BONDS

$

143,562‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

90.32%

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

Inflation-Indexed

Obligations

-

90.32%

0.13%,

01/15/2022

$

56,275‌

$

57,251‌

0.13%,

04/15/2022

146,705‌

149,526‌

0.13%,

07/15/2022

19,484‌

20,022‌

0.13%,

01/15/2023

48,462‌

49,951‌

0.13%,

07/15/2024

32,815‌

34,684‌

0.13%,

10/15/2024

32,083‌

34,023‌

0.13%,

04/15/2025

56,758‌

60,412‌

0.13%,

07/15/2026

49,750‌

53,832‌

0.13%,

01/15/2030

28,421‌

31,501‌

0.13%,

07/15/2030

27,010‌

30,205‌

0.25%,

01/15/2025

61,233‌

65,270‌

0.25%,

07/15/2029

18,022‌

20,175‌

0.25%,

02/15/2050

3,141‌

3,828‌

0.38%,

07/15/2023

25,950‌

27,249‌

0.38%,

07/15/2025

63,251‌

68,583‌

0.38%,

01/15/2027

42,925‌

47,169‌

0.38%,

07/15/2027

43,493‌

48,250‌

0.50%,

01/15/2028

55,598‌

62,232‌

0.63%,

04/15/2023

59,056‌

61,842‌

0.63%,

01/15/2024

34,922‌

37,117‌

0.63%,

01/15/2026

(g)

36,558‌

40,220‌

0.63%,

02/15/2043

26,302‌

32,958‌

0.75%,

07/15/2028

(g)

74,950‌

86,323‌

0.75%,

02/15/2042

27,773‌

35,445‌

0.75%,

02/15/2045

(h)

31,264‌

40,750‌

0.88%,

01/15/2029

23,266‌

27,105‌

0.88%,

02/15/2047

6,883‌

9,398‌

1.00%,

02/15/2046

24,396‌

33,746‌

1.00%,

02/15/2048

25,931‌

36,744‌

1.00%,

02/15/2049

18,432‌

26,443‌

1.38%,

02/15/2044

15,800‌

22,934‌

1.75%,

01/15/2028

18,266‌

22,220‌

2.00%,

01/15/2026

16,296‌

19,203‌

2.13%,

02/15/2040

12,747‌

19,775‌

2.13%,

02/15/2041

13,287‌

20,917‌

2.38%,

01/15/2025

3,757‌

4,369‌

2.38%,

01/15/2027

28,931‌

35,730‌

2.50%,

01/15/2029

12,705‌

16,626‌

3.38%,

04/15/2032

9,325‌

14,233‌

Schedule

of

Investments

Inflation

Protection

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

103

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

U.S.

Treasury

Inflation-Indexed

Obligations

(continued)

3.88%,

04/15/2029

$

8,450‌

$

12,193‌

$

1,520,454‌

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

1,520,454‌

TOTAL

PURCHASED

OPTIONS

-

0.03%

$

439‌

TOTAL

PURCHASED

INTEREST

RATE

SWAPTIONS

-

0.54%

$

9,135‌

TOTAL

PURCHASED

CAPPED

OPTIONS

-

0.02%

$

353‌

Total

Investments

$

1,715,463‌

Other

Assets

and

Liabilities

-  (1.91)%

(32,125‌)

TOTAL

NET

ASSETS

-

100.00%

$

1,683,338‌

(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

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(b)

Non-income

producing

security

(c)

Current

yield

shown

is

as

of

period

end.

(d)

Security

is

an

Interest

Only

Strip.

(e)

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(f)

Security

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

$32,093

or

1.91%

of

net

assets.

(g)

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

$4,311

or

0.26%

of

net

assets.

(h)

Security

or

a

portion

of

the

security

was

pledged

to

cover

margin

requirements

for

futures

contracts.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$2,147

or

0.13%

of

net

assets.

Portfolio

Summary  (unaudited)

Sector

Percent

Government

98.78‌%

Money

Market

Funds

2.47‌%

Purchased

Interest

Rate

Swaptions

0.54‌%

Mortgage

Securities

0.07‌%

Purchased

Options

0.03‌%

Purchased

Capped

Options

0.02‌%

Asset

Backed

Securities

0.00‌%

Other

Assets

and

Liabilities

(1.91‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

38,171‌

$

611,822‌

$

608,473‌

$

41,520‌

$

38,171‌

$

611,822‌

$

608,473‌

$

41,520‌

Income

(a)

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

156‌

$

—‌

$

—‌

$

—‌

$

156‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

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-0.30%)

Receive

$

109,200‌

0.30%

02/15/2022

$

193‌

$

353‌

$

160‌

Total

$

193‌

$

353‌

$

160‌

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-0.55%)

Receive

$

54,600‌

0.55%

02/15/2022

$

(45‌)

$

(99‌)

$

(54‌)

Put

-

5Y-30Y

CMS

Index

Cap

Barclays

Bank

PLC

Max

(0,

5Y

CMS-0.55%)

Receive

54,600‌

0.55%

02/15/2022

(56‌)

(99‌)

(43‌)

Total

$

(101‌)

$

(198‌)

$

(97‌)

Amounts

in

thousands.

Schedule

of

Investments

Inflation

Protection

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

104

Options

Purchased

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Upfront

Payments/

(Premiums)

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Call

-

EUR

versus

GBP

Citigroup

Inc

1

EUR

7,365‌

EUR

0.90‌

11/03/2020

$

118‌

$

136‌

$

18‌

Call

-

90

Day

Eurodollar

Future;

December

2021

N/A

638‌

$

1,595‌

$

99.75‌

12/14/2021

113‌

275‌

162‌

Call

-

US

10

Year

Note

Future;

September

2020

N/A

36‌

36‌

$

140.00‌

08/24/2020

12‌

16‌

4‌

Put

-

US

Long

Bond

Future;

September

2020

N/A

44‌

44‌

$

178.00‌

08/24/2020

18‌

12‌

(6‌)

Total

$

261‌

$

439‌

$

178‌

Written

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Upfront

Payments/

(Premiums)

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Call

-

90

Day

Eurodollar

Future;

December

2021

N/A

319‌

$

798‌

$

99.38‌

12/14/2021

$

(139‌)

$

(393‌)

$

(254‌)

Call

-

US

10

Year

Note

Future;

September

2020

N/A

36‌

36‌

$

141.00‌

08/24/2020

(5‌)

(4‌)

1‌

Total

$

(144‌)

$

(397‌)

$

(253‌)

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)

Call

-

1

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

$

18,530‌

0.39%

05/23/2023

$

56‌

$

66‌

$

10‌

Call

-

1

Year

Interest

Rate

Swap

JPMorgan

Chase

3

Month

USD

LIBOR

Pay

33,110‌

1.77%

11/06/2024

179‌

458‌

279‌

Call

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

3,705‌

3.09%

12/07/2038

173‌

822‌

649‌

Call

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

1,410‌

3.05%

01/11/2029

80‌

297‌

217‌

Call

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

1,420‌

3.08%

01/30/2029

81‌

303‌

222‌

Call

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

5,740‌

1.46%

08/17/2021

205‌

501‌

296‌

Call

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

3,470‌

1.50%

02/26/2025

182‌

310‌

128‌

Call

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

4,872‌

2.98%

03/08/2024

224‌

1,045‌

821‌

Call

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

4,870‌

2.95%

03/13/2024

220‌

1,032‌

812‌

Call

-

10

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Pay

1,475‌

1.42%

06/06/2025

79‌

125‌

46‌

Call

-

10

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Pay

1,475‌

1.28%

06/05/2025

80‌

112‌

32‌

Call

-

10

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Pay

2,130‌

0.89%

05/01/2025

115‌

115‌

—‌

Call

-

10

Year

Interest

Rate

Swap

JPMorgan

Chase

3

Month

USD

LIBOR

Receive

1,310‌

2.99%

04/28/2038

62‌

280‌

218‌

Call

-

10

Year

Interest

Rate

Swap

JPMorgan

Chase

3

Month

USD

LIBOR

Pay

1,295‌

2.86%

02/23/2039

64‌

266‌

202‌

Call

-

10

Year

Interest

Rate

Swap

Morgan

Stanley

&

Co

3

Month

USD

LIBOR

Pay

1,410‌

3.04%

01/12/2029

80‌

295‌

215‌

Call

-

2

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

56,710‌

1.20%

09/24/2020

178‌

1,170‌

992‌

Call

-

2

Year

Interest

Rate

Swap

JPMorgan

Chase

3

Month

USD

LIBOR

Pay

37,540‌

1.25%

08/11/2020

179‌

806‌

627‌

Call

-

20

Year

Interest

Rate

Swap

JPMorgan

Chase

6

Month

JPY

LIBOR

Receive

JPY

151,300‌

0.78%

04/19/2021

48‌

164‌

116‌

Call

-

30

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Pay

$

1,610‌

0.83%

11/24/2020

111‌

79‌

(32‌)

Put

-

1

Year

Interest

Rate

Swap

JPMorgan

Chase

3

Month

USD

LIBOR

Receive

33,110‌

1.77%

11/06/2024

179‌

35‌

(144‌)

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

4,870‌

2.95%

03/13/2024

219‌

21‌

(198‌)

Schedule

of

Investments

Inflation

Protection

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

105

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

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

$

3,470‌

1.50%

02/26/2025

$

182‌

$

103‌

$

(79‌)

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

3,705‌

3.09%

12/07/2038

172‌

105‌

(67‌)

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

1,410‌

3.05%

01/11/2029

80‌

22‌

(58‌)

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

5,740‌

1.46%

08/17/2021

205‌

22‌

(183‌)

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

1,420‌

3.08%

01/30/2029

80‌

21‌

(59‌)

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

6

Month

JPY

LIBOR

Pay

JPY

2,357,900‌

1.10%

06/30/2022

321‌

4‌

(317‌)

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

$

4,872‌

2.98%

03/08/2024

224‌

21‌

(203‌)

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

5,610‌

2.25%

08/09/2022

133‌

17‌

(116‌)

Put

-

10

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Receive

2,130‌

0.89%

05/01/2025

115‌

115‌

—‌

Put

-

10

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Receive

1,475‌

1.28%

06/05/2025

80‌

57‌

(23‌)

Put

-

10

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Receive

1,475‌

1.42%

06/06/2025

79‌

50‌

(29‌)

Put

-

10

Year

Interest

Rate

Swap

JPMorgan

Chase

3

Month

USD

LIBOR

Receive

1,295‌

2.86%

02/23/2039

64‌

41‌

(23‌)

Put

-

10

Year

Interest

Rate

Swap

JPMorgan

Chase

3

Month

USD

LIBOR

Receive

5,530‌

2.25%

08/03/2022

150‌

17‌

(133‌)

Put

-

10

Year

Interest

Rate

Swap

JPMorgan

Chase

3

Month

USD

LIBOR

Receive

1,310‌

2.99%

04/28/2038

62‌

39‌

(23‌)

Put

-

10

Year

Interest

Rate

Swap

Morgan

Stanley

&

Co

3

Month

USD

LIBOR

Receive

5,390‌

2.50%

06/21/2024

218‌

45‌

(173‌)

Put

-

10

Year

Interest

Rate

Swap

Morgan

Stanley

&

Co

3

Month

USD

LIBOR

Receive

5,390‌

2.50%

06/14/2024

242‌

44‌

(198‌)

Put

-

10

Year

Interest

Rate

Swap

Morgan

Stanley

&

Co

3

Month

USD

LIBOR

Receive

1,410‌

3.04%

01/12/2029

80‌

22‌

(58‌)

Put

-

20

Year

Interest

Rate

Swap

JPMorgan

Chase

6

Month

JPY

LIBOR

Receive

JPY

151,300‌

0.78%

04/19/2021

47‌

1‌

(46‌)

Put

-

30

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

$

5,130‌

3.80%

06/08/2021

200‌

1‌

(199‌)

Put

-

30

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

6,520‌

2.85%

05/10/2022

379‌

27‌

(352‌)

Put

-

30

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Receive

1,445‌

1.35%

09/07/2020

58‌

—‌

(58‌)

Put

-

30

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Receive

1,610‌

0.83%

11/24/2020

111‌

59‌

(52‌)

Total

$

6,076‌

$

9,135‌

$

3,059‌

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

-

1

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Receive

$

18,530‌

0.69%

04/12/2023

$

(71‌)

$

(104‌)

$

(33‌)

Call

-

1

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Receive

11,540‌

0.61%

04/07/2023

(43‌)

(58‌)

(15‌)

Call

-

1

Year

Interest

Rate

Swap

JPMorgan

Chase

3

Month

USD

LIBOR

Receive

33,110‌

1.58%

11/06/2020

(79‌)

(463‌)

(384‌)

Call

-

1

Year

Interest

Rate

Swap

Morgan

Stanley

&

Co

3

Month

USD

LIBOR

Receive

33,110‌

0.41%

03/18/2021

(56‌)

(88‌)

(32‌)

Call

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

7,307‌

2.79%

03/09/2021

(218‌)

(1,599‌)

(1,381‌)

Call

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

3,930‌

3.05%

03/13/2029

(208‌)

(827‌)

(619‌)

Call

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

3,370‌

0.71%

04/07/2021

(95‌)

(90‌)

5‌

Call

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

1,690‌

0.69%

04/07/2021

(47‌)

(43‌)

4‌

Schedule

of

Investments

Inflation

Protection

Fund

July

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)

Call

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

$

7,450‌

1.74%

11/20/2020

$

(179‌)

$

(878‌)

$

(699‌)

Call

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

5,740‌

1.42%

08/18/2020

(149‌)

(501‌)

(352‌)

Call

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

1,630‌

0.88%

04/15/2021

(44‌)

(62‌)

(18‌)

Call

-

10

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Receive

1,680‌

0.69%

04/07/2021

(45‌)

(42‌)

3‌

Call

-

10

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Receive

3,300‌

0.74%

05/03/2022

(114‌)

(118‌)

(4‌)

Call

-

10

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Receive

1,535‌

0.72%

04/19/2021

(43‌)

(42‌)

1‌

Call

-

10

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Receive

1,535‌

0.77%

04/16/2021

(42‌)

(46‌)

(4‌)

Call

-

10

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Receive

1,800‌

0.79%

04/16/2021

(48‌)

(57‌)

(9‌)

Call

-

10

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Receive

3,300‌

0.67%

07/15/2021

(84‌)

(87‌)

(3‌)

Call

-

10

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Receive

3,210‌

0.74%

06/28/2021

(85‌)

(98‌)

(13‌)

Call

-

10

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Receive

3,190‌

0.69%

05/14/2021

(81‌)

(83‌)

(2‌)

Call

-

10

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Receive

6,370‌

0.75%

06/03/2021

(160‌)

(192‌)

(32‌)

Call

-

10

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Receive

3,210‌

0.72%

06/30/2021

(84‌)

(93‌)

(9‌)

Call

-

10

Year

Interest

Rate

Swap

JPMorgan

Chase

3

Month

USD

LIBOR

Receive

7,180‌

1.20%

08/18/2020

(134‌)

(473‌)

(339‌)

Call

-

10

Year

Interest

Rate

Swap

Morgan

Stanley

&

Co

3

Month

USD

LIBOR

Receive

3,270‌

0.87%

04/12/2021

(88‌)

(122‌)

(34‌)

Call

-

10

Year

Interest

Rate

Swap

Morgan

Stanley

&

Co

3

Month

USD

LIBOR

Receive

3,370‌

0.71%

04/02/2021

(95‌)

(88‌)

7‌

Call

-

10

Year

Interest

Rate

Swap

Morgan

Stanley

&

Co

3

Month

USD

LIBOR

Receive

1,350‌

0.85%

04/08/2021

(35‌)

(48‌)

(13‌)

Call

-

10

Year

Interest

Rate

Swap

Morgan

Stanley

&

Co

3

Month

USD

LIBOR

Receive

4,920‌

0.74%

04/20/2021

(137‌)

(142‌)

(5‌)

Call

-

10

Year

Interest

Rate

Swap

Morgan

Stanley

&

Co

3

Month

USD

LIBOR

Receive

2,020‌

0.73%

04/07/2021

(53‌)

(56‌)

(3‌)

Call

-

2

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

113,410‌

0.70%

09/24/2020

(125‌)

(1,205‌)

(1,080‌)

Call

-

2

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

17,665‌

1.53%

12/14/2020

(85‌)

(484‌)

(399‌)

Call

-

2

Year

Interest

Rate

Swap

JPMorgan

Chase

3

Month

USD

LIBOR

Receive

75,070‌

0.75%

08/11/2020

(143‌)

(862‌)

(719‌)

Call

-

2

Year

Interest

Rate

Swap

Morgan

Stanley

&

Co

3

Month

USD

LIBOR

Receive

17,665‌

1.51%

12/15/2020

(84‌)

(475‌)

(391‌)

Call

-

30

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Receive

7,295‌

1.39%

08/24/2020

(234‌)

(1,241‌)

(1,007‌)

Call

-

5

Year

Interest

Rate

Swap

Barclays

Bank

PLC

6

Month

Euro

Interbank

Offered

Rate

Receive

EUR

3,540‌

0.04%

09/14/2022

(55‌)

(83‌)

(28‌)

Call

-

5

Year

Interest

Rate

Swap

Barclays

Bank

PLC

6

Month

Euro

Interbank

Offered

Rate

Receive

3,535‌

0.14%

09/13/2022

(53‌)

(68‌)

(15‌)

Call

-

5

Year

Interest

Rate

Swap

Barclays

Bank

PLC

6

Month

Euro

Interbank

Offered

Rate

Receive

7,120‌

0.12%

04/05/2022

(90‌)

(138‌)

(48‌)

Call

-

5

Year

Interest

Rate

Swap

Barclays

Bank

PLC

6

Month

Euro

Interbank

Offered

Rate

Receive

8,140‌

0.02%

04/08/2022

(104‌)

(192‌)

(88‌)

Call

-

5

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Receive

$

3,620‌

0.20%

09/23/2020

(5‌)

(4‌)

1‌

Call

-

5

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Receive

4,530‌

0.15%

10/14/2020

(5‌)

(4‌)

1‌

Call

-

5

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Receive

3,620‌

0.20%

09/25/2020

(4‌)

(4‌)

—‌

Call

-

5

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Receive

29,470‌

0.25%

06/30/2021

(186‌)

(193‌)

(7‌)

Call

-

5

Year

Interest

Rate

Swap

Morgan

Stanley

&

Co

3

Month

USD

LIBOR

Receive

8,930‌

0.61%

06/16/2022

(134‌)

(163‌)

(29‌)

Schedule

of

Investments

Inflation

Protection

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

107

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

-

1

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

$

86,280‌

2.15%

05/28/2021

$

(242‌)

$

—‌

$

242‌

Put

-

1

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

63,350‌

2.35%

05/18/2021

(129‌)

—‌

129‌

Put

-

1

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Pay

11,540‌

0.61%

04/07/2023

(43‌)

(17‌)

26‌

Put

-

1

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Pay

18,530‌

0.69%

04/12/2023

(71‌)

(24‌)

47‌

Put

-

1

Year

Interest

Rate

Swap

JPMorgan

Chase

3

Month

USD

LIBOR

Pay

33,110‌

1.58%

11/06/2020

(78‌)

—‌

78‌

Put

-

1

Year

Interest

Rate

Swap

Morgan

Stanley

&

Co

3

Month

USD

LIBOR

Pay

106,820‌

2.40%

06/02/2021

(193‌)

—‌

193‌

Put

-

1

Year

Interest

Rate

Swap

Morgan

Stanley

&

Co

3

Month

USD

LIBOR

Pay

33,110‌

0.41%

03/18/2021

(56‌)

(3‌)

53‌

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

5,740‌

1.42%

08/18/2020

(149‌)

—‌

149‌

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

2,660‌

1.75%

08/10/2020

(44‌)

—‌

44‌

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

5,610‌

2.75%

08/09/2022

(68‌)

(8‌)

60‌

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

10,870‌

3.87%

06/08/2021

(213‌)

—‌

213‌

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

3,370‌

0.71%

04/07/2021

(95‌)

(47‌)

48‌

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

5,610‌

3.25%

08/09/2022

(33‌)

(4‌)

29‌

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

1,690‌

0.69%

04/07/2021

(48‌)

(25‌)

23‌

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

3,130‌

1.05%

06/14/2021

(45‌)

(24‌)

21‌

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

2,990‌

2.00%

08/04/2020

(45‌)

—‌

45‌

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

7,450‌

1.74%

11/20/2020

(180‌)

(1‌)

179‌

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

1,630‌

0.88%

04/15/2021

(44‌)

(15‌)

29‌

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

4,030‌

1.85%

02/23/2022

(69‌)

(15‌)

54‌

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

7,307‌

2.79%

03/09/2021

(218‌)

(1‌)

217‌

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

3,930‌

3.05%

03/13/2029

(209‌)

(62‌)

147‌

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

2,030‌

1.10%

07/15/2021

(21‌)

(15‌)

6‌

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

3,771‌

1.60%

03/07/2022

(62‌)

(23‌)

39‌

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

5,520‌

2.15%

01/11/2022

(129‌)

(11‌)

118‌

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

5,590‌

2.10%

01/07/2022

(129‌)

(12‌)

117‌

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

14,210‌

2.75%

05/10/2022

(412‌)

(16‌)

396‌

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

3,740‌

1.62%

11/03/2020

(91‌)

—‌

91‌

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

13,570‌

1.00%

06/02/2021

(205‌)

(111‌)

94‌

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

2,080‌

1.10%

07/19/2021

(21‌)

(16‌)

5‌

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

6,970‌

1.76%

09/17/2020

(175‌)

—‌

175‌

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

3,740‌

1.64%

11/03/2020

(90‌)

—‌

90‌

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

3,490‌

1.62%

09/15/2020

(87‌)

—‌

87‌

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

4,030‌

1.85%

02/23/2022

(71‌)

(15‌)

56‌

Schedule

of

Investments

Inflation

Protection

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

108

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

$

6,010‌

1.60%

03/07/2022

$

(101‌)

$

(36‌)

$

65‌

Put

-

10

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Pay

3,300‌

0.67%

07/15/2021

(84‌)

(68‌)

16‌

Put

-

10

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Pay

3,190‌

0.69%

05/14/2021

(81‌)

(53‌)

28‌

Put

-

10

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Pay

3,210‌

0.72%

06/30/2021

(84‌)

(57‌)

27‌

Put

-

10

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Pay

3,210‌

0.74%

06/28/2021

(84‌)

(53‌)

31‌

Put

-

10

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Pay

1,860‌

1.15%

01/11/2022

(28‌)

(22‌)

6‌

Put

-

10

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Pay

6,370‌

0.75%

06/03/2021

(160‌)

(98‌)

62‌

Put

-

10

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Pay

1,800‌

0.79%

04/16/2021

(49‌)

(21‌)

28‌

Put

-

10

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Pay

1,535‌

0.72%

04/19/2021

(43‌)

(22‌)

21‌

Put

-

10

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Pay

3,810‌

1.60%

03/04/2022

(68‌)

(23‌)

45‌

Put

-

10

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Pay

1,535‌

0.77%

04/16/2021

(42‌)

(19‌)

23‌

Put

-

10

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Pay

3,300‌

0.74%

05/03/2022

(114‌)

(96‌)

18‌

Put

-

10

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Pay

3,810‌

1.60%

03/01/2022

(70‌)

(23‌)

47‌

Put

-

10

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Pay

1,680‌

0.69%

04/07/2021

(46‌)

(25‌)

21‌

Put

-

10

Year

Interest

Rate

Swap

JPMorgan

Chase

3

Month

USD

LIBOR

Pay

7,180‌

1.60%

08/18/2020

(134‌)

—‌

134‌

Put

-

10

Year

Interest

Rate

Swap

JPMorgan

Chase

3

Month

USD

LIBOR

Pay

5,530‌

2.75%

08/03/2022

(76‌)

(8‌)

68‌

Put

-

10

Year

Interest

Rate

Swap

JPMorgan

Chase

3

Month

USD

LIBOR

Pay

5,530‌

3.25%

08/03/2022

(36‌)

(4‌)

32‌

Put

-

10

Year

Interest

Rate

Swap

Morgan

Stanley

&

Co

3

Month

USD

LIBOR

Pay

1,350‌

0.85%

04/08/2021

(35‌)

(13‌)

22‌

Put

-

10

Year

Interest

Rate

Swap

Morgan

Stanley

&

Co

3

Month

USD

LIBOR

Pay

4,920‌

0.74%

04/20/2021

(137‌)

(66‌)

71‌

Put

-

10

Year

Interest

Rate

Swap

Morgan

Stanley

&

Co

3

Month

USD

LIBOR

Pay

2,020‌

0.73%

04/07/2021

(53‌)

(27‌)

26‌

Put

-

10

Year

Interest

Rate

Swap

Morgan

Stanley

&

Co

3

Month

USD

LIBOR

Pay

3,370‌

0.71%

04/02/2021

(96‌)

(47‌)

49‌

Put

-

10

Year

Interest

Rate

Swap

Morgan

Stanley

&

Co

3

Month

USD

LIBOR

Pay

5,500‌

1.95%

01/31/2022

(128‌)

(16‌)

112‌

Put

-

10

Year

Interest

Rate

Swap

Morgan

Stanley

&

Co

3

Month

USD

LIBOR

Pay

5,390‌

3.00%

06/21/2024

(132‌)

(26‌)

106‌

Put

-

10

Year

Interest

Rate

Swap

Morgan

Stanley

&

Co

3

Month

USD

LIBOR

Pay

5,730‌

2.25%

08/21/2024

(170‌)

(67‌)

103‌

Put

-

10

Year

Interest

Rate

Swap

Morgan

Stanley

&

Co

3

Month

USD

LIBOR

Pay

5,390‌

3.00%

06/14/2024

(148‌)

(25‌)

123‌

Put

-

10

Year

Interest

Rate

Swap

Morgan

Stanley

&

Co

3

Month

USD

LIBOR

Pay

5,390‌

3.50%

06/14/2024

(90‌)

(15‌)

75‌

Put

-

10

Year

Interest

Rate

Swap

Morgan

Stanley

&

Co

3

Month

USD

LIBOR

Pay

3,270‌

0.87%

04/12/2021

(89‌)

(30‌)

59‌

Put

-

10

Year

Interest

Rate

Swap

Morgan

Stanley

&

Co

3

Month

USD

LIBOR

Pay

5,390‌

3.50%

06/21/2024

(79‌)

(15‌)

64‌

Put

-

2

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

36,220‌

2.00%

11/30/2020

(49‌)

—‌

49‌

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)

(1‌)

65‌

Put

-

2

Year

Interest

Rate

Swap

Barclays

Bank

PLC

6

Month

Euro

Interbank

Offered

Rate

Pay

25,030‌

0.10%

03/30/2021

(87‌)

(2‌)

85‌

Put

-

2

Year

Interest

Rate

Swap

Barclays

Bank

PLC

6

Month

Euro

Interbank

Offered

Rate

Pay

19,480‌

0.10%

04/13/2021

(66‌)

(2‌)

64‌

Put

-

2

Year

Interest

Rate

Swap

Barclays

Bank

PLC

6

Month

Euro

Interbank

Offered

Rate

Pay

38,710‌

0.12%

04/09/2021

(147‌)

(3‌)

144‌

Schedule

of

Investments

Inflation

Protection

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

109

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

-

2

Year

Interest

Rate

Swap

Barclays

Bank

PLC

6

Month

Euro

Interbank

Offered

Rate

Pay

EUR

5,880‌

0.00%

06/15/2021

$

(16‌)

$

(1‌)

$

15‌

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

6

Month

Euro

Interbank

Offered

Rate

Pay

EUR

13,390‌

0.05%

06/11/2021

(34‌)

(3‌)

31‌

Put

-

2

Year

Interest

Rate

Swap

Barclays

Bank

PLC

6

Month

Euro

Interbank

Offered

Rate

Pay

6,630‌

0.00%

06/28/2021

(15‌)

(2‌)

13‌

Put

-

2

Year

Interest

Rate

Swap

Barclays

Bank

PLC

6

Month

Euro

Interbank

Offered

Rate

Pay

6,030‌

0.00%

06/15/2021

(16‌)

(1‌)

15‌

Put

-

2

Year

Interest

Rate

Swap

Barclays

Bank

PLC

6

Month

Euro

Interbank

Offered

Rate

Pay

6,060‌

0.00%

06/21/2021

(14‌)

(1‌)

13‌

Put

-

2

Year

Interest

Rate

Swap

Barclays

Bank

PLC

6

Month

Euro

Interbank

Offered

Rate

Pay

7,080‌

0.00%

06/22/2021

(18‌)

(2‌)

16‌

Put

-

2

Year

Interest

Rate

Swap

Barclays

Bank

PLC

6

Month

Euro

Interbank

Offered

Rate

Pay

7,190‌

0.00%

07/20/2021

(13‌)

(2‌)

11‌

Put

-

2

Year

Interest

Rate

Swap

Barclays

Bank

PLC

6

Month

Euro

Interbank

Offered

Rate

Pay

7,060‌

0.00%

07/02/2021

(15‌)

(2‌)

13‌

Put

-

2

Year

Interest

Rate

Swap

Barclays

Bank

PLC

6

Month

Euro

Interbank

Offered

Rate

Pay

6,870‌

0.05%

07/06/2021

(14‌)

(2‌)

12‌

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

Pay

EUR

9,180‌

0.15%

08/10/2021

(12‌)

(5‌)

7‌

Put

-

2

Year

Interest

Rate

Swap

Barclays

Bank

PLC

6

Month

Euro

Interbank

Offered

Rate

Pay

16,230‌

0.15%

08/10/2021

(23‌)

(10‌)

13‌

Put

-

2

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

$

16,180‌

1.05%

10/05/2020

(28‌)

—‌

28‌

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)

(30‌)

18‌

Put

-

2

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

$

17,665‌

1.53%

12/14/2020

(84‌)

—‌

84‌

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)

(2‌)

41‌

Put

-

2

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Pay

$

16,180‌

1.05%

10/05/2020

(21‌)

—‌

21‌

Put

-

2

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Pay

15,025‌

1.00%

10/06/2020

(16‌)

—‌

16‌

Put

-

2

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Pay

29,770‌

0.60%

09/25/2020

(35‌)

—‌

35‌

Put

-

2

Year

Interest

Rate

Swap

Morgan

Stanley

&

Co

6

Month

Euro

Interbank

Offered

Rate

Pay

EUR

8,670‌

0.08%

06/01/2021

(25‌)

(1‌)

24‌

Put

-

2

Year

Interest

Rate

Swap

Morgan

Stanley

&

Co

3

Month

USD

LIBOR

Pay

$

17,665‌

1.51%

12/15/2020

(84‌)

—‌

84‌

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)

(2‌)

68‌

Put

-

5

Year

Interest

Rate

Swap

Barclays

Bank

PLC

6

Month

Euro

Interbank

Offered

Rate

Pay

3,540‌

0.04%

09/14/2022

(55‌)

(29‌)

26‌

Put

-

5

Year

Interest

Rate

Swap

Barclays

Bank

PLC

6

Month

Euro

Interbank

Offered

Rate

Pay

8,140‌

0.02%

04/08/2022

(105‌)

(46‌)

59‌

Put

-

5

Year

Interest

Rate

Swap

Barclays

Bank

PLC

6

Month

Euro

Interbank

Offered

Rate

Pay

3,535‌

0.14%

09/13/2022

(53‌)

(36‌)

17‌

Put

-

5

Year

Interest

Rate

Swap

Barclays

Bank

PLC

6

Month

Euro

Interbank

Offered

Rate

Pay

7,120‌

0.12%

04/05/2022

(90‌)

(50‌)

40‌

Put

-

5

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Pay

$

3,620‌

0.50%

09/23/2020

(6‌)

—‌

6‌

Put

-

5

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Pay

3,620‌

0.50%

09/25/2020

(8‌)

—‌

8‌

Put

-

5

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Pay

9,060‌

0.45%

10/14/2020

(15‌)

(4‌)

11‌

Put

-

5

Year

Interest

Rate

Swap

Morgan

Stanley

&

Co

3

Month

USD

LIBOR

Pay

8,930‌

0.61%

06/16/2022

(134‌)

(93‌)

41‌

Total

$

(11,721‌)

$

(13,388‌)

$

(1,667‌)

Amounts

in

thousands.

Schedule

of

Investments

Inflation

Protection

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

110

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

Australia

10

Year

Bond;

September

2020

Short

155‌

$

16,550‌

$

(122‌)

Canada

10

Year

Bond;

September

2020

Long

136‌

15,707‌

100‌

Euro

Bond

10

Year

Bond;

September

2020

Short

96‌

20,075‌

(340‌)

Euro

Buxl

30

Year

Bond;

September

2020

Short

16‌

4,238‌

(150‌)

Euro-BTP;

September

2020

Short

31‌

5,367‌

(260‌)

Japan

10

Year

Bond

TSE;

September

2020

Short

28‌

40,304‌

(87‌)

US

10

Year

Note;

September

2020

Short

257‌

36,000‌

(279‌)

US

10

Year

Ultra

Note;

September

2020

Short

194‌

30,894‌

(280‌)

US

2

Year

Note;

September

2020

Long

635‌

140,325‌

130‌

US

5

Year

Note;

September

2020

Long

367‌

46,288‌

165‌

US

Long

Bond;

September

2020

Long

5‌

911‌

5‌

US

Ultra

Bond;

September

2020

Long

44‌

10,018‌

283‌

Total

$

(835‌)

Amounts

in

thousands

except

contracts.

Foreign

Currency

Contracts

Unrealized

Appreciation/(Depreciation)

Counterparty

Settlement

Date

Currency

to

Accept

Currency

to

Deliver

Asset

Liability

Barclays

Bank

PLC

08/05/2020

GBP

4,861‌

$

6,013‌

$

350‌

$

—‌

Barclays

Bank

PLC

08/05/2020

$

6,013‌

EUR

5,390‌

—‌

(336‌)

BNP

Paribas

08/05/2020

$

6,462‌

AUD

9,039‌

4‌

—‌

BNP

Paribas

08/05/2020

JPY

6,421,034‌

$

61,153‌

—‌

(493‌)

BNP

Paribas

09/03/2020

$

61,172‌

JPY

6,421,034‌

482‌

—‌

Citigroup

Inc

08/05/2020

$

2,500‌

CAD

3,362‌

—‌

(10‌)

Citigroup

Inc

08/05/2020

CAD

3,363‌

$

2,500‌

11‌

—‌

Citigroup

Inc

08/05/2020

EUR

9,191‌

$

10,768‌

59‌

—‌

Citigroup

Inc

08/05/2020

$

59,821‌

JPY

6,421,713‌

—‌

(845‌)

Citigroup

Inc

08/05/2020

$

16,633‌

NZD

25,725‌

—‌

(428‌)

Citigroup

Inc

09/16/2020

$

2,500‌

CAD

3,363‌

—‌

(11‌)

Deutsche

Bank

AG

08/05/2020

$

1,908‌

GBP

1,575‌

—‌

(154‌)

Deutsche

Bank

AG

08/05/2020

EUR

1,725‌

$

1,908‌

124‌

—‌

Goldman

Sachs

&

Co

08/05/2020

GBP

2,962‌

$

3,434‌

443‌

—‌

Goldman

Sachs

&

Co

08/05/2020

$

37,994‌

EUR

34,010‌

—‌

(2,069‌)

Goldman

Sachs

&

Co

11/02/2020

GBP

2,607‌

$

3,264‌

149‌

—‌

Goldman

Sachs

&

Co

11/02/2020

$

3,264‌

EUR

2,870‌

—‌

(123‌)

HSBC

Securities

Inc

08/05/2020

EUR

89‌

$

105‌

—‌

—‌

HSBC

Securities

Inc

08/05/2020

$

8,385‌

NZD

12,807‌

—‌

(108‌)

HSBC

Securities

Inc

09/03/2020

$

105‌

EUR

89‌

—‌

—‌

JPMorgan

Chase

08/05/2020

$

7,538‌

GBP

6,556‌

—‌

(1,043‌)

JPMorgan

Chase

08/05/2020

EUR

6,985‌

$

7,538‌

690‌

—‌

Morgan

Stanley

&

Co

08/05/2020

AUD

9,039‌

$

6,451‌

7‌

—‌

Morgan

Stanley

&

Co

08/05/2020

$

5,806‌

EUR

5,142‌

—‌

(251‌)

Morgan

Stanley

&

Co

09/03/2020

$

6,452‌

AUD

9,039‌

—‌

(5‌)

Royal

Bank

of

Scotland

08/05/2020

NZD

54,111‌

$

35,927‌

—‌

(41‌)

Royal

Bank

of

Scotland

09/03/2020

$

35,928‌

NZD

54,111‌

52‌

—‌

Standard

Chartered

Bank,

Hong

Kong

08/05/2020

$

10,019‌

NZD

15,579‌

—‌

(313‌)

Standard

Chartered

Bank,

Hong

Kong

09/03/2020

$

847‌

EUR

718‌

1‌

—‌

Standard

Chartered

Bank,

Hong

Kong

09/16/2020

CAD

13,278‌

$

9,801‌

115‌

—‌

UBS

AG

08/05/2020

GBP

308‌

$

405‌

—‌

(2‌)

UBS

AG

08/05/2020

EUR

26,573‌

$

31,422‌

—‌

(120‌)

UBS

AG

09/03/2020

$

405‌

GBP

308‌

2‌

—‌

UBS

AG

09/03/2020

$

31,441‌

EUR

26,573‌

124‌

—‌

Westpac

Banking

Corporation

08/05/2020

$

24‌

EUR

21‌

—‌

(1‌)

Total

$

2,613‌

$

(6,353‌)

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

Johannesburg

Interbank

Agreed

Rate

Receive

1.08%

Semiannual

Quarterly

N/A

09/16/2030

NZD

22,950‌

$

(610‌)

$

(56‌)

$

(666‌)

3

Month

USD

LIBOR

Receive

0.55%

Semiannual

Quarterly

N/A

03/12/2021

$

35,890‌

(66‌)

—‌

(66‌)

3

Month

USD

LIBOR

Pay

0.62%

Quarterly

Semiannual

N/A

05/04/2030

2,290‌

21‌

—‌

21‌

3

Month

USD

LIBOR

Pay

0.35%

Quarterly

Semiannual

N/A

10/02/2022

8,420‌

31‌

—‌

31‌

3

Month

USD

LIBOR

Pay

0.64%

Quarterly

Semiannual

N/A

05/05/2030

920‌

10‌

1‌

11‌

3

Month

USD

LIBOR

Pay

0.64%

Quarterly

Semiannual

N/A

04/07/2030

3,410‌

39‌

—‌

39‌

Schedule

of

Investments

Inflation

Protection

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

111

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

Receive

0.63%

Semiannual

Quarterly

N/A

04/14/2025

$

6,490‌

$

(118‌)

$

—‌

$

(118‌)

3

Month

USD

LIBOR

Pay

0.82%

Quarterly

Semiannual

N/A

04/14/2030

3,390‌

97‌

1‌

98‌

3

Month

USD

LIBOR

Receive

2.89%

Semiannual

Quarterly

N/A

04/16/2022

24,070‌

(1,114‌)

1‌

(1,113‌)

3

Month

USD

LIBOR

Receive

2.88%

Semiannual

Quarterly

N/A

04/16/2022

3,940‌

(182‌)

—‌

(182‌)

3

Month

USD

LIBOR

Receive

0.65%

Semiannual

Quarterly

N/A

04/20/2027

710‌

(8‌)

—‌

(8‌)

3

Month

USD

LIBOR

Receive

0.70%

Semiannual

Quarterly

N/A

07/22/2030

3,170‌

(52‌)

—‌

(52‌)

3

Month

USD

LIBOR

Pay

0.66%

Quarterly

Semiannual

N/A

04/29/2030

1,610‌

19‌

—‌

19‌

3

Month

USD

LIBOR

Pay

0.30%

Quarterly

Semiannual

N/A

07/30/2022

3,710‌

9‌

—‌

9‌

3

Month

USD

LIBOR

Pay

0.65%

Quarterly

Semiannual

N/A

04/30/2030

1,630‌

21‌

—‌

21‌

3

Month

USD

LIBOR

Receive

0.76%

Semiannual

Quarterly

N/A

05/03/2032

4,950‌

(41‌)

—‌

(41‌)

3

Month

USD

LIBOR

Pay

0.59%

Quarterly

Semiannual

N/A

05/01/2030

1,630‌

11‌

—‌

11‌

3

Month

USD

LIBOR

Receive

0.77%

Semiannual

Quarterly

N/A

05/04/2032

5,060‌

(45‌)

1‌

(44‌)

3

Month

USD

LIBOR

Pay

0.30%

Quarterly

Semiannual

N/A

05/05/2023

7,190‌

21‌

—‌

21‌

3

Month

USD

LIBOR

Receive

0.77%

Semiannual

Quarterly

N/A

05/06/2032

4,660‌

(43‌)

—‌

(43‌)

3

Month

USD

LIBOR

Pay

0.79%

Quarterly

Semiannual

N/A

05/09/2032

3,890‌

43‌

—‌

43‌

3

Month

USD

LIBOR

Pay

0.34%

Quarterly

Semiannual

N/A

09/29/2022

16,880‌

59‌

—‌

59‌

3

Month

USD

LIBOR

Pay

0.36%

Quarterly

Semiannual

N/A

09/29/2022

4,210‌

16‌

—‌

16‌

3

Month

USD

LIBOR

Pay

0.37%

Quarterly

Semiannual

N/A

09/29/2022

7,420‌

30‌

—‌

30‌

3

Month

USD

LIBOR

Pay

0.43%

Quarterly

Semiannual

N/A

09/29/2022

3,960‌

20‌

—‌

20‌

3

Month

USD

LIBOR

Pay

1.10%

Quarterly

Semiannual

N/A

03/01/2023

18,070‌

341‌

1‌

342‌

3

Month

USD

LIBOR

Pay

2.52%

Quarterly

Semiannual

N/A

02/28/2025

13,420‌

1,401‌

—‌

1,401‌

3

Month

USD

LIBOR

Pay

1.24%

Quarterly

Semiannual

N/A

03/02/2030

1,870‌

129‌

—‌

129‌

3

Month

USD

LIBOR

Pay

0.88%

Quarterly

Semiannual

N/A

03/02/2023

580‌

8‌

—‌

8‌

3

Month

USD

LIBOR

Pay

0.88%

Quarterly

Semiannual

N/A

03/02/2023

9,060‌

132‌

—‌

132‌

3

Month

USD

LIBOR

Pay

0.73%

Quarterly

Semiannual

N/A

09/04/2022

17,950‌

200‌

—‌

200‌

3

Month

USD

LIBOR

Pay

0.73%

Quarterly

Semiannual

N/A

09/04/2022

7,360‌

83‌

—‌

83‌

3

Month

USD

LIBOR

Pay

1.02%

Quarterly

Semiannual

N/A

09/08/2030

2,540‌

120‌

—‌

120‌

3

Month

USD

LIBOR

Receive

1.11%

Semiannual

Quarterly

N/A

03/08/2032

1,695‌

(75‌)

—‌

(75‌)

3

Month

USD

LIBOR

Pay

0.29%

Quarterly

Semiannual

N/A

08/10/2022

10,500‌

25‌

—‌

25‌

3

Month

USD

LIBOR

Pay

0.68%

Quarterly

Semiannual

N/A

03/06/2022

4,160‌

32‌

—‌

32‌

3

Month

USD

LIBOR

Pay

1.25%

Quarterly

Semiannual

N/A

09/08/2050

591‌

77‌

—‌

77‌

3

Month

USD

LIBOR

Pay

0.76%

Quarterly

Semiannual

N/A

09/08/2025

1,791‌

45‌

—‌

45‌

3

Month

USD

LIBOR

Pay

0.69%

Quarterly

Semiannual

N/A

03/11/2050

340‌

(8‌)

—‌

(8‌)

3

Month

USD

LIBOR

Receive

0.66%

Semiannual

Quarterly

N/A

03/11/2030

960‌

(13‌)

—‌

(13‌)

3

Month

USD

LIBOR

Pay

0.53%

Quarterly

Semiannual

N/A

08/04/2030

835‌

—‌

—‌

—‌

3

Month

USD

LIBOR

Pay

0.85%

Quarterly

Semiannual

N/A

03/12/2040

3,690‌

(46‌)

—‌

(46‌)

3

Month

USD

LIBOR

Pay

1.10%

Quarterly

Semiannual

N/A

08/21/2050

1,235‌

111‌

—‌

111‌

3

Month

USD

LIBOR

Pay

0.71%

Quarterly

Semiannual

N/A

03/25/2030

1,990‌

36‌

—‌

36‌

3

Month

USD

LIBOR

Pay

0.38%

Quarterly

Semiannual

N/A

09/28/2022

3,280‌

14‌

—‌

14‌

3

Month

USD

LIBOR

Receive

0.82%

Semiannual

Quarterly

N/A

09/08/2025

3,440‌

(96‌)

—‌

(96‌)

3

Month

USD

LIBOR

Pay

0.60%

Quarterly

Semiannual

N/A

05/18/2030

1,630‌

12‌

—‌

12‌

3

Month

USD

LIBOR

Receive

0.81%

Semiannual

Quarterly

N/A

05/18/2050

580‌

(4‌)

—‌

(4‌)

3

Month

USD

LIBOR

Pay

0.92%

Quarterly

Semiannual

N/A

05/16/2035

1,690‌

5‌

—‌

5‌

3

Month

USD

LIBOR

Pay

0.25%

Quarterly

Semiannual

N/A

07/08/2023

6,930‌

6‌

—‌

6‌

3

Month

USD

LIBOR

Receive

0.67%

Semiannual

Quarterly

N/A

10/09/2030

3,800‌

(47‌)

—‌

(47‌)

3

Month

USD

LIBOR

Pay

0.64%

Quarterly

Semiannual

N/A

07/10/2030

1,030‌

11‌

—‌

11‌

3

Month

USD

LIBOR

Receive

0.21%

Semiannual

Quarterly

N/A

06/15/2022

26,240‌

(17‌)

—‌

(17‌)

3

Month

USD

LIBOR

Pay

0.63%

Quarterly

Semiannual

N/A

07/10/2030

1,650‌

15‌

—‌

15‌

3

Month

USD

LIBOR

Pay

0.61%

Quarterly

Semiannual

N/A

02/15/2030

2,610‌

24‌

—‌

24‌

3

Month

USD

LIBOR

Pay

0.58%

Quarterly

Semiannual

N/A

07/14/2030

825‌

4‌

—‌

4‌

3

Month

USD

LIBOR

Pay

0.65%

Quarterly

Semiannual

N/A

07/12/2028

5,240‌

17‌

—‌

17‌

3

Month

USD

LIBOR

Receive

0.88%

Semiannual

Quarterly

N/A

07/12/2053

960‌

(11‌)

—‌

(11‌)

3

Month

USD

LIBOR

Receive

0.68%

Semiannual

Quarterly

N/A

07/06/2030

840‌

(12‌)

—‌

(12‌)

3

Month

USD

LIBOR

Pay

0.61%

Quarterly

Semiannual

N/A

07/15/2030

480‌

4‌

—‌

4‌

3

Month

USD

LIBOR

Pay

0.58%

Quarterly

Semiannual

N/A

07/24/2030

230‌

1‌

—‌

1‌

3

Month

USD

LIBOR

Receive

0.27%

Semiannual

Quarterly

N/A

11/30/2024

5,890‌

(12‌)

—‌

(12‌)

3

Month

USD

LIBOR

Pay

0.57%

Quarterly

Semiannual

N/A

07/27/2030

1,660‌

6‌

—‌

6‌

3

Month

USD

LIBOR

Pay

0.57%

Quarterly

Semiannual

N/A

07/28/2030

500‌

2‌

—‌

2‌

3

Month

USD

LIBOR

Pay

0.58%

Quarterly

Semiannual

N/A

07/28/2030

2,550‌

11‌

—‌

11‌

3

Month

USD

LIBOR

Pay

0.57%

Quarterly

Semiannual

N/A

07/29/2030

380‌

1‌

—‌

1‌

3

Month

USD

LIBOR

Pay

0.58%

Quarterly

Semiannual

N/A

07/31/2030

2,320‌

9‌

1‌

10‌

3

Month

USD

LIBOR

Pay

0.56%

Quarterly

Semiannual

N/A

08/03/2030

830‌

2‌

—‌

2‌

3

Month

USD

LIBOR

Pay

0.54%

Quarterly

Semiannual

N/A

08/03/2030

830‌

—‌

—‌

—‌

3

Month

USD

LIBOR

Receive

0.84%

Semiannual

Quarterly

N/A

07/20/2050

3,080‌

(51‌)

—‌

(51‌)

3

Month

USD

LIBOR

Receive

0.69%

Semiannual

Quarterly

N/A

07/06/2030

840‌

(13‌)

—‌

(13‌)

3

Month

USD

LIBOR

Receive

0.66%

Semiannual

Quarterly

N/A

07/03/2030

1,030‌

(13‌)

—‌

(13‌)

3

Month

USD

LIBOR

Pay

0.64%

Quarterly

Semiannual

N/A

07/02/2030

1,700‌

18‌

—‌

18‌

Schedule

of

Investments

Inflation

Protection

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

112

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

Receive

0.65%

Semiannual

Quarterly

N/A

06/02/2030

$

2,580‌

$

(30‌)

$

—‌

$

(30‌)

3

Month

USD

LIBOR

Pay

0.36%

Quarterly

Semiannual

N/A

06/02/2025

5,050‌

27‌

—‌

27‌

3

Month

USD

LIBOR

Receive

1.00%

Semiannual

Quarterly

N/A

06/03/2022

40,635‌

(609‌)

1‌

(608‌)

3

Month

USD

LIBOR

Receive

0.76%

Semiannual

Quarterly

N/A

06/03/2031

4,646‌

(75‌)

—‌

(75‌)

3

Month

USD

LIBOR

Pay

0.67%

Quarterly

Semiannual

N/A

06/03/2030

2,380‌

32‌

—‌

32‌

3

Month

USD

LIBOR

Pay

0.31%

Quarterly

Semiannual

N/A

06/14/2023

6,180‌

19‌

1‌

20‌

3

Month

USD

LIBOR

Pay

0.29%

Quarterly

Semiannual

N/A

06/14/2023

6,180‌

18‌

—‌

18‌

3

Month

USD

LIBOR

Pay

0.70%

Quarterly

Semiannual

N/A

06/16/2030

1,610‌

27‌

—‌

27‌

3

Month

USD

LIBOR

Pay

0.66%

Quarterly

Semiannual

N/A

06/17/2030

710‌

9‌

—‌

9‌

3

Month

USD

LIBOR

Receive

0.67%

Semiannual

Quarterly

N/A

07/17/2030

2,150‌

(29‌)

—‌

(29‌)

3

Month

USD

LIBOR

Receive

0.25%

Semiannual

Quarterly

N/A

06/15/2022

12,280‌

(16‌)

—‌

(16‌)

3

Month

USD

LIBOR

Receive

1.14%

Semiannual

Quarterly

N/A

06/20/2052

920‌

(80‌)

—‌

(80‌)

3

Month

USD

LIBOR

Pay

0.68%

Quarterly

Semiannual

N/A

06/20/2027

5,060‌

58‌

—‌

58‌

3

Month

USD

LIBOR

Receive

1.09%

Semiannual

Quarterly

N/A

06/20/2052

920‌

(69‌)

—‌

(69‌)

3

Month

USD

LIBOR

Pay

0.65%

Quarterly

Semiannual

N/A

06/20/2027

5,060‌

51‌

—‌

51‌

3

Month

USD

LIBOR

Pay

0.70%

Quarterly

Semiannual

N/A

06/23/2030

1,150‌

19‌

—‌

19‌

3

Month

USD

LIBOR

Pay

0.68%

Quarterly

Semiannual

N/A

02/15/2030

5,060‌

78‌

—‌

78‌

3

Month

USD

LIBOR

Receive

0.68%

Semiannual

Quarterly

N/A

09/16/2030

3,580‌

(49‌)

—‌

(49‌)

3

Month

USD

LIBOR

Pay

0.66%

Quarterly

Semiannual

N/A

06/30/2030

510‌

7‌

—‌

7‌

3

Month

USD

LIBOR

Pay

0.64%

Quarterly

Semiannual

N/A

07/01/2030

760‌

8‌

—‌

8‌

3

Month

USD

LIBOR

Receive

0.65%

Semiannual

Quarterly

N/A

11/04/2030

3,820‌

(38‌)

1‌

(37‌)

3

Month

USD

LIBOR

Receive

1.31%

Semiannual

Quarterly

N/A

02/27/2030

3,740‌

(283‌)

—‌

(283‌)

3

Month

USD

LIBOR

Receive

1.32%

Semiannual

Quarterly

N/A

08/27/2030

5,710‌

(439‌)

—‌

(439‌)

3

Month

USD

LIBOR

Pay

0.53%

Quarterly

Semiannual

N/A

08/04/2030

835‌

(1‌)

—‌

(1‌)

3

Month

USD

LIBOR

Pay

1.31%

Quarterly

Semiannual

N/A

02/26/2030

2,080‌

158‌

—‌

158‌

3

Month

USD

LIBOR

Receive

1.67%

Semiannual

Quarterly

N/A

08/17/2049

600‌

(42‌)

—‌

(42‌)

3

Month

USD

LIBOR

Pay

1.57%

Quarterly

Semiannual

N/A

04/29/2030

2,270‌

226‌

1‌

227‌

3

Month

USD

LIBOR

Pay

1.57%

Quarterly

Semiannual

N/A

01/29/2030

1,760‌

176‌

—‌

176‌

3

Month

USD

LIBOR

Pay

1.53%

Quarterly

Semiannual

N/A

11/22/2020

16,060‌

63‌

—‌

63‌

3

Month

USD

LIBOR

Pay

1.58%

Quarterly

Semiannual

N/A

01/29/2030

1,880‌

190‌

—‌

190‌

3

Month

USD

LIBOR

Pay

1.69%

Quarterly

Semiannual

N/A

01/28/2030

1,870‌

209‌

—‌

209‌

3

Month

USD

LIBOR

Receive

1.65%

Semiannual

Quarterly

N/A

08/22/2034

1,765‌

(136‌)

—‌

(136‌)

3

Month

USD

LIBOR

Pay

1.75%

Quarterly

Semiannual

N/A

01/23/2030

1,590‌

186‌

—‌

186‌

3

Month

USD

LIBOR

Pay

1.36%

Quarterly

Semiannual

N/A

09/28/2021

8,610‌

100‌

—‌

100‌

3

Month

USD

LIBOR

Receive

1.56%

Semiannual

Quarterly

N/A

03/27/2021

19,930‌

(172‌)

—‌

(172‌)

3

Month

USD

LIBOR

Receive

1.76%

Semiannual

Quarterly

N/A

07/09/2030

1,690‌

(205‌)

—‌

(205‌)

3

Month

USD

LIBOR

Receive

2.11%

Semiannual

Quarterly

N/A

11/12/2034

2,060‌

(249‌)

—‌

(249‌)

3

Month

USD

LIBOR

Pay

1.73%

Quarterly

Semiannual

N/A

01/08/2030

1,890‌

216‌

—‌

216‌

3

Month

USD

LIBOR

Receive

1.91%

Semiannual

Quarterly

N/A

10/21/2034

1,660‌

(169‌)

—‌

(169‌)

3

Month

USD

LIBOR

Receive

1.93%

Semiannual

Quarterly

N/A

10/22/2034

1,940‌

(202‌)

—‌

(202‌)

3

Month

USD

LIBOR

Receive

1.98%

Semiannual

Quarterly

N/A

10/23/2034

850‌

(92‌)

—‌

(92‌)

3

Month

USD

LIBOR

Receive

1.98%

Semiannual

Quarterly

N/A

10/23/2034

850‌

(92‌)

—‌

(92‌)

3

Month

USD

LIBOR

Receive

2.10%

Semiannual

Quarterly

N/A

10/23/2039

1,100‌

(115‌)

—‌

(115‌)

3

Month

USD

LIBOR

Pay

3.21%

Quarterly

Semiannual

N/A

10/29/2024

1,345‌

171‌

—‌

171‌

3

Month

USD

LIBOR

Receive

2.00%

Semiannual

Quarterly

N/A

11/07/2034

2,040‌

(224‌)

—‌

(224‌)

3

Month

USD

LIBOR

Receive

2.40%

Semiannual

Quarterly

N/A

02/26/2022

186,030‌

(6,460‌)

2‌

(6,458‌)

3

Month

USD

LIBOR

Pay

3.09%

Quarterly

Semiannual

N/A

11/29/2024

27,160‌

3,374‌

—‌

3,374‌

3

Month

USD

LIBOR

Pay

1.93%

Quarterly

Semiannual

N/A

12/01/2056

150‌

43‌

—‌

43‌

3

Month

USD

LIBOR

Receive

2.11%

Semiannual

Quarterly

N/A

11/15/2044

2,490‌

(261‌)

—‌

(261‌)

3

Month

USD

LIBOR

Pay

1.80%

Quarterly

Semiannual

N/A

01/07/2030

1,910‌

231‌

—‌

231‌

3

Month

USD

LIBOR

Pay

1.71%

Quarterly

Semiannual

N/A

07/13/2022

53,710‌

843‌

1‌

844‌

3

Month

USD

LIBOR

Receive

1.71%

Semiannual

Quarterly

N/A

08/16/2049

780‌

(57‌)

—‌

(57‌)

3

Month

USD

LIBOR

Receive

2.38%

Semiannual

Quarterly

N/A

07/05/2049

840‌

(110‌)

—‌

(110‌)

3

Month

USD

LIBOR

Pay

1.32%

Quarterly

Semiannual

N/A

02/26/2030

1,860‌

142‌

—‌

142‌

3

Month

USD

LIBOR

Pay

1.43%

Quarterly

Semiannual

N/A

02/25/2030

1,865‌

162‌

—‌

162‌

3

Month

USD

LIBOR

Receive

2.57%

Semiannual

Quarterly

N/A

02/07/2025

13,710‌

(1,463‌)

12‌

(1,451‌)

3

Month

USD

LIBOR

Pay

2.53%

Semiannual

Semiannual

N/A

02/07/2022

157,520‌

5,523‌

(61‌)

5,462‌

3

Month

USD

LIBOR

Pay

2.60%

Quarterly

Semiannual

N/A

03/26/2029

2,830‌

519‌

—‌

519‌

3

Month

USD

LIBOR

Pay

1.83%

Quarterly

Semiannual

N/A

02/10/2050

730‌

210‌

—‌

210‌

3

Month

USD

LIBOR

Receive

1.63%

Semiannual

Quarterly

N/A

02/10/2030

1,870‌

(198‌)

—‌

(198‌)

3

Month

USD

LIBOR

Pay

2.25%

Quarterly

Semiannual

N/A

04/27/2022

29,060‌

1,043‌

1‌

1,044‌

3

Month

USD

LIBOR

Receive

2.35%

Semiannual

Quarterly

N/A

04/27/2025

7,830‌

(784‌)

—‌

(784‌)

3

Month

USD

LIBOR

Receive

1.77%

Semiannual

Quarterly

N/A

07/12/2023

54,580‌

(881‌)

1‌

(880‌)

3

Month

USD

LIBOR

Pay

2.45%

Quarterly

Semiannual

N/A

05/18/2031

1,190‌

218‌

—‌

218‌

3

Month

USD

LIBOR

Receive

1.87%

Semiannual

Quarterly

N/A

06/03/2022

33,170‌

(573‌)

1‌

(572‌)

3

Month

USD

LIBOR

Pay

1.61%

Quarterly

Semiannual

N/A

01/30/2030

1,860‌

192‌

—‌

192‌

3

Month

USD

LIBOR

Receive

2.37%

Semiannual

Quarterly

N/A

06/15/2050

910‌

(401‌)

—‌

(401‌)

Schedule

of

Investments

Inflation

Protection

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

113

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

2.32%

Quarterly

Semiannual

N/A

10/25/2021

$

34,020‌

$

889‌

$

(1‌)

$

888‌

3

Month

USD

LIBOR

Pay

1.74%

Quarterly

Semiannual

N/A

06/16/2022

10,650‌

311‌

—‌

311‌

3

Month

USD

LIBOR

Pay

2.10%

Quarterly

Semiannual

N/A

06/22/2031

590‌

87‌

—‌

87‌

3

Month

USD

LIBOR

Receive

2.33%

Semiannual

Quarterly

N/A

06/24/2034

420‌

(61‌)

—‌

(61‌)

3

Month

USD

LIBOR

Pay

1.58%

Quarterly

Semiannual

N/A

01/30/2030

2,570‌

259‌

—‌

259‌

6

Month

Euro

Interbank

Offered

Rate

Receive

(0.29)%

Annual

Semiannual

N/A

07/26/2023

EUR

19,820‌

(66‌)

(2‌)

(68‌)

6

Month

Euro

Interbank

Offered

Rate

Receive

(0.30)%

Annual

Semiannual

N/A

07/25/2023

18,090‌

(56‌)

(1‌)

(57‌)

6

Month

Euro

Interbank

Offered

Rate

Pay

(0.42)%

Semiannual

Annual

N/A

07/02/2023

3,190‌

1‌

—‌

1‌

6

Month

Euro

Interbank

Offered

Rate

Pay

(0.40)%

Semiannual

Annual

N/A

06/25/2023

3,540‌

3‌

—‌

3‌

6

Month

Euro

Interbank

Offered

Rate

Pay

(0.41)%

Semiannual

Annual

N/A

07/27/2023

3,560‌

(313‌)

—‌

(313‌)

6

Month

Euro

Interbank

Offered

Rate

Pay

(0.38)%

Semiannual

Annual

N/A

05/04/2023

4,460‌

6‌

—‌

6‌

6

Month

Euro

Interbank

Offered

Rate

Pay

(0.37)%

Semiannual

Annual

N/A

05/06/2023

3,760‌

6‌

—‌

6‌

6

Month

Euro

Interbank

Offered

Rate

Pay

(0.45)%

Semiannual

Annual

N/A

08/11/2023

2,280‌

(1‌)

—‌

(1‌)

6

Month

Euro

Interbank

Offered

Rate

Pay

(0.42)%

Semiannual

Annual

N/A

06/24/2023

3,550‌

1‌

1‌

2‌

6

Month

Euro

Interbank

Offered

Rate

Pay

(0.40)%

Semiannual

Annual

N/A

07/08/2023

3,470‌

3‌

—‌

3‌

6

Month

Euro

Interbank

Offered

Rate

Pay

(0.34)%

Semiannual

Annual

N/A

07/20/2026

2,850‌

3‌

—‌

3‌

6

Month

Euro

Interbank

Offered

Rate

Pay

(0.41)%

Semiannual

Annual

N/A

07/20/2023

7,900‌

4‌

—‌

4‌

6

Month

Euro

Interbank

Offered

Rate

Pay

(0.44)%

Semiannual

Annual

N/A

10/06/2023

1,880‌

—‌

—‌

—‌

6

Month

Euro

Interbank

Offered

Rate

Receive

0.06%

Annual

Semiannual

N/A

06/23/2050

2,400‌

(89‌)

(3‌)

(92‌)

6

Month

Euro

Interbank

Offered

Rate

Pay

(0.15)%

Semiannual

Annual

N/A

06/23/2030

7,375‌

66‌

2‌

68‌

6

Month

Euro

Interbank

Offered

Rate

Receive

(0.01)%

Annual

Semiannual

N/A

07/14/2050

2,405‌

(33‌)

1‌

(32‌)

6

Month

Euro

Interbank

Offered

Rate

Pay

(0.19)%

Semiannual

Annual

N/A

07/14/2030

7,160‌

27‌

1‌

28‌

6

Month

Euro

Interbank

Offered

Rate

Pay

(0.45)%

Semiannual

Annual

N/A

09/28/2023

1,580‌

(1‌)

—‌

(1‌)

6

Month

Euro

Interbank

Offered

Rate

Pay

(0.43)%

Semiannual

Annual

N/A

09/14/2023

1,830‌

—‌

—‌

—‌

6

Month

Euro

Interbank

Offered

Rate

Pay

(0.50)%

Semiannual

Annual

N/A

09/14/2023

2,350‌

(4‌)

—‌

(4‌)

6

Month

Euro

Interbank

Offered

Rate

Pay

(0.58)%

Semiannual

Annual

N/A

08/17/2023

2,290‌

(7‌)

(1‌)

(8‌)

6

Month

Euro

Interbank

Offered

Rate

Receive

(0.40)%

Annual

Semiannual

N/A

07/21/2022

7,220‌

(3‌)

—‌

(3‌)

6

Month

Euro

Interbank

Offered

Rate

Pay

(0.35)%

Semiannual

Annual

N/A

11/02/2022

4,490‌

9‌

—‌

9‌

6

Month

Euro

Interbank

Offered

Rate

Receive

(0.17)%

Annual

Semiannual

N/A

11/11/2024

1,640‌

(17‌)

(1‌)

(18‌)

6

Month

Euro

Interbank

Offered

Rate

Receive

(0.17)%

Annual

Semiannual

N/A

12/13/2023

7,310‌

(43‌)

(2‌)

(45‌)

6

Month

Euro

Interbank

Offered

Rate

Pay

(0.28)%

Semiannual

Annual

N/A

06/26/2022

1,341‌

4‌

—‌

4‌

6

Month

Euro

Interbank

Offered

Rate

Pay

(0.29)%

Semiannual

Annual

N/A

06/25/2022

1,341‌

3‌

—‌

3‌

6

Month

Euro

Interbank

Offered

Rate

Pay

(0.25)%

Semiannual

Annual

N/A

06/24/2022

3,576‌

11‌

1‌

12‌

6

Month

Euro

Interbank

Offered

Rate

Receive

(0.18)%

Annual

Semiannual

N/A

03/24/2023

14,740‌

(86‌)

(4‌)

(90‌)

6

Month

Euro

Interbank

Offered

Rate

Receive

(0.18)%

Annual

Semiannual

N/A

03/24/2023

14,780‌

(87‌)

(5‌)

(92‌)

6

Month

Euro

Interbank

Offered

Rate

Receive

(0.17)%

Annual

Semiannual

N/A

03/24/2023

14,780‌

(89‌)

(5‌)

(94‌)

6

Month

Euro

Interbank

Offered

Rate

Receive

(0.26)%

Annual

Semiannual

N/A

09/22/2022

7,300‌

(29‌)

(1‌)

(30‌)

6

Month

Euro

Interbank

Offered

Rate

Pay

(0.34)%

Semiannual

Annual

N/A

05/03/2023

4,480‌

10‌

—‌

10‌

6

Month

Euro

Interbank

Offered

Rate

Receive

(0.34)%

Annual

Semiannual

N/A

03/20/2022

3,740‌

(6‌)

—‌

(6‌)

6

Month

Euro

Interbank

Offered

Rate

Receive

(0.35)%

Annual

Semiannual

N/A

03/20/2022

3,730‌

(5‌)

—‌

(5‌)

6

Month

Euro

Interbank

Offered

Rate

Receive

(0.38)%

Annual

Semiannual

N/A

06/19/2022

6,190‌

(3‌)

1‌

(2‌)

6

Month

Euro

Interbank

Offered

Rate

Pay

(0.49)%

Semiannual

Annual

N/A

03/09/2022

5,370‌

(6‌)

(1‌)

(7‌)

6

Month

Euro

Interbank

Offered

Rate

Pay

(0.48)%

Semiannual

Annual

N/A

03/06/2022

3,200‌

(2‌)

(1‌)

(3‌)

6

Month

Euro

Interbank

Offered

Rate

Pay

(0.48)%

Semiannual

Annual

N/A

03/05/2022

7,950‌

(7‌)

(1‌)

(8‌)

6

Month

Euro

Interbank

Offered

Rate

Pay

(0.47)%

Semiannual

Annual

N/A

03/04/2023

3,990‌

(3‌)

(1‌)

(4‌)

6

Month

Euro

Interbank

Offered

Rate

Pay

(0.41)%

Semiannual

Annual

N/A

03/02/2023

7,490‌

5‌

(1‌)

4‌

6

Month

Euro

Interbank

Offered

Rate

Pay

(0.33)%

Semiannual

Annual

N/A

02/12/2023

2,440‌

6‌

—‌

6‌

6

Month

Euro

Interbank

Offered

Rate

Pay

(0.28)%

Semiannual

Annual

N/A

06/30/2022

1,341‌

4‌

—‌

4‌

6

Month

Euro

Interbank

Offered

Rate

Receive

0.19%

Annual

Semiannual

N/A

01/16/2030

3,190‌

(149‌)

(8‌)

(157‌)

6

Month

Euro

Interbank

Offered

Rate

Receive

(0.30)%

Annual

Semiannual

N/A

03/23/2022

14,130‌

(33‌)

—‌

(33‌)

6

Month

Euro

Interbank

Offered

Rate

Pay

(0.34)%

Semiannual

Annual

N/A

10/02/2022

6,920‌

14‌

1‌

15‌

6

Month

Euro

Interbank

Offered

Rate

Pay

(0.30)%

Semiannual

Annual

N/A

07/20/2022

7,480‌

19‌

1‌

20‌

6

Month

Euro

Interbank

Offered

Rate

Receive

(0.45)%

Annual

Semiannual

N/A

12/16/2021

7,070‌

8‌

2‌

10‌

6

Month

Euro

Interbank

Offered

Rate

Pay

(0.30)%

Semiannual

Annual

N/A

07/20/2022

5,910‌

15‌

1‌

16‌

6

Month

Euro

Interbank

Offered

Rate

Receive

(0.18)%

Annual

Semiannual

N/A

03/18/2025

375‌

(4‌)

(1‌)

(5‌)

6

Month

Euro

Interbank

Offered

Rate

Pay

(0.31)%

Semiannual

Annual

N/A

04/29/2023

8,020‌

24‌

1‌

25‌

6

Month

Euro

Interbank

Offered

Rate

Pay

(0.30)%

Semiannual

Annual

N/A

07/16/2022

7,460‌

19‌

1‌

20‌

6

Month

Euro

Interbank

Offered

Rate

Pay

(0.32)%

Semiannual

Annual

N/A

09/29/2022

4,420‌

12‌

—‌

12‌

6

Month

Euro

Interbank

Offered

Rate

Receive

(0.05)%

Annual

Semiannual

N/A

01/03/2024

3,855‌

(33‌)

(2‌)

(35‌)

6

Month

Euro

Interbank

Offered

Rate

Pay

(0.33)%

Semiannual

Annual

N/A

10/02/2022

6,270‌

15‌

1‌

16‌

6

Month

Euro

Interbank

Offered

Rate

Receive

(0.06)%

Annual

Semiannual

N/A

01/03/2024

3,855‌

(32‌)

(2‌)

(34‌)

6

Month

Euro

Interbank

Offered

Rate

Pay

(0.30)%

Semiannual

Annual

N/A

01/16/2022

15,460‌

27‌

—‌

27‌

6

Month

JPY

LIBOR

Receive

0.34%

Semiannual

Semiannual

N/A

02/08/2034

JPY

38,580‌

(12‌)

—‌

(12‌)

6

Month

JPY

LIBOR

Receive

0.20%

Semiannual

Semiannual

N/A

08/28/2044

12,400‌

2‌

—‌

2‌

6

Month

JPY

LIBOR

Receive

0.30%

Semiannual

Semiannual

N/A

06/17/2039

33,410‌

(7‌)

—‌

(7‌)

6

Month

JPY

LIBOR

Receive

0.17%

Semiannual

Semiannual

N/A

08/08/2039

24,710‌

—‌

1‌

1‌

6

Month

JPY

LIBOR

Receive

0.72%

Semiannual

Semiannual

N/A

03/21/2044

24,090‌

(20‌)

—‌

(20‌)

Schedule

of

Investments

Inflation

Protection

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

114

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

6

Month

JPY

LIBOR

Receive

0.37%

Semiannual

Semiannual

N/A

01/30/2045

JPY

18,410‌

$

(2‌)

$

—‌

$

(2‌)

Canada

Bankers

Acceptances

3

Month

Pay

1.35%

Semiannual

Semiannual

N/A

07/16/2050

CAD

4,385‌

65‌

1‌

66‌

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

1.92%

Annual

Annual

N/A

05/08/2021

$

35,952‌

(553‌)

1‌

(552‌)

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

1.29%

Annual

Annual

N/A

05/05/2030

13,930‌

481‌

1‌

482‌

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

1.82%

Annual

Annual

N/A

02/03/2030

16,775‌

(442‌)

1‌

(441‌)

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

1.33%

Annual

Annual

N/A

05/04/2030

16,200‌

474‌

—‌

474‌

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

1.96%

Annual

Annual

N/A

12/12/2049

4,480‌

(378‌)

—‌

(378‌)

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

1.78%

Annual

Annual

N/A

07/17/2050

1,603‌

25‌

—‌

25‌

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.25%

Annual

Annual

N/A

10/30/2028

7,950‌

(603‌)

1‌

(602‌)

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

1.50%

Annual

Annual

N/A

03/10/2030

24,845‌

224‌

1‌

225‌

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

1.25%

Annual

Annual

N/A

03/11/2030

8,300‌

305‌

1‌

306‌

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

0.85%

Annual

Annual

N/A

03/24/2030

6,700‌

534‌

—‌

534‌

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

0.82%

Annual

Annual

N/A

03/23/2030

4,500‌

372‌

—‌

372‌

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

1.71%

Annual

Annual

N/A

08/12/2024

15,060‌

(289‌)

—‌

(289‌)

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

1.85%

Annual

Annual

N/A

08/01/2024

24,120‌

(663‌)

1‌

(662‌)

Harmonised

Indices

of

Consumer

Prices

Excluding

Food

and

Energy

Pay

1.37%

Annual

Annual

N/A

07/15/2050

EUR

1,585‌

(11‌)

—‌

(11‌)

Harmonised

Indices

of

Consumer

Prices

Excluding

Food

and

Energy

Receive

1.29%

Annual

Annual

N/A

03/15/2029

12,460‌

(680‌)

(39‌)

(719‌)

Harmonised

Indices

of

Consumer

Prices

Excluding

Food

and

Energy

Receive

1.13%

Annual

Annual

N/A

02/15/2030

2,645‌

(84‌)

(6‌)

(90‌)

United

Kingdom

Retail

Prices

Index

Pay

3.51%

Annual

Annual

N/A

10/15/2028

GBP

9,490‌

636‌

(25‌)

611‌

United

Kingdom

Retail

Prices

Index

Receive

3.46%

Annual

Annual

N/A

12/15/2029

5,125‌

(146‌)

7‌

(139‌)

United

Kingdom

Retail

Prices

Index

Pay

3.45%

Annual

Annual

N/A

02/15/2030

2,135‌

43‌

(3‌)

40‌

United

Kingdom

Retail

Prices

Index

Pay

3.49%

Annual

Annual

N/A

03/15/2029

8,890‌

408‌

(20‌)

388‌

United

Kingdom

Retail

Prices

Index

Receive

3.42%

Annual

Annual

N/A

10/15/2034

12,690‌

(793‌)

94‌

(699‌)

United

Kingdom

Retail

Prices

Index

Receive

3.13%

Annual

Annual

N/A

01/15/2050

4,000‌

(564‌)

37‌

(527‌)

United

Kingdom

Retail

Prices

Index

Pay

3.36%

Annual

Annual

N/A

10/15/2039

12,690‌

1,126‌

(106‌)

1,020‌

United

Kingdom

Retail

Prices

Index

Receive

3.16%

Annual

Annual

N/A

10/15/2049

9,745‌

(1,637‌)

(11‌)

(1,648‌)

United

Kingdom

Retail

Prices

Index

Receive

3.11%

Annual

Annual

N/A

01/15/2050

4,100‌

(500‌)

39‌

(461‌)

United

Kingdom

Retail

Prices

Index

Pay

3.27%

Annual

Annual

N/A

10/15/2044

9,745‌

1,294‌

(55‌)

1,239‌

United

Kingdom

Retail

Prices

Index

Pay

3.29%

Annual

Annual

N/A

03/15/2030

10,270‌

(59‌)

(17‌)

(76‌)

United

Kingdom

Retail

Prices

Index

Pay

3.22%

Annual

Annual

N/A

01/15/2045

4,100‌

363‌

(31‌)

332‌

United

Kingdom

Retail

Prices

Index

Receive

3.36%

Annual

Annual

N/A

01/15/2035

5,400‌

(153‌)

23‌

(130‌)

United

Kingdom

Retail

Prices

Index

Pay

3.31%

Annual

Annual

N/A

01/15/2040

5,400‌

267‌

(34‌)

233‌

United

Kingdom

Retail

Prices

Index

Pay

3.24%

Annual

Annual

N/A

01/15/2045

4,000‌

404‌

(29‌)

375‌

United

Kingdom

Retail

Prices

Index

Pay

3.34%

Annual

Annual

N/A

01/15/2040

5,200‌

332‌

(32‌)

300‌

United

Kingdom

Retail

Prices

Index

Receive

3.39%

Annual

Annual

N/A

01/15/2035

5,200‌

(195‌)

22‌

(173‌)

United

Kingdom

Retail

Prices

Index

Pay

3.40%

Annual

Annual

N/A

08/15/2028

21,695‌

1,034‌

(146‌)

888‌

Total

$

1,797‌

$

(441‌)

$

1,356‌

Amounts

in

thousands.

(a)    

Forward

swap.

Schedule

of

Investments

International

Emerging

Markets

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

115

INVESTMENT

COMPANIES

-

0.64%

Shares

Held

Value

(000's)

Money

Market

Funds

-

0.64%

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

(a),(b),(c)

1,663,840‌

$

1,664‌

TOTAL

INVESTMENT

COMPANIES

$

1,664‌

COMMON

STOCKS

-

96.99%

Shares

Held

Value

(000's)

Automobile

Manufacturers

-

3.33%

Ashok

Leyland

Ltd

1,718,598‌

$

1,114‌

Eicher

Motors

Ltd

2,904‌

800‌

Hyundai

Motor

Co

20,948‌

2,234‌

Kia

Motors

Corp

62,992‌

2,144‌

Maruti

Suzuki

India

Ltd

21,539‌

1,800‌

Tofas

Turk

Otomobil

Fabrikasi

AS

144,930‌

527‌

$

8,619‌

Automobile

Parts

&

Equipment

-

0.42%

Weichai

Power

Co

Ltd

506,000‌

1,084‌

Banks

-

8.55%

Banco

do

Brasil

SA

269,200‌

1,741‌

Bank

Rakyat

Indonesia

Persero

Tbk

PT

4,243,300‌

922‌

Commercial

International

Bank

Egypt

SAE

234,122‌

903‌

Credicorp

Ltd

22,304‌

2,836‌

Grupo

Financiero

Banorte

SAB

de

CV

(b)

487,500‌

1,746‌

HDFC

Bank

Ltd

146,504‌

2,024‌

ICICI

Bank

Ltd

(b)

326,143‌

1,518‌

Kotak

Mahindra

Bank

Ltd

(b)

43,812‌

798‌

Postal

Savings

Bank

of

China

Co

Ltd

(d)

1,100,000‌

606‌

PT

Bank

Central

Asia

Tbk

1,721,000‌

3,686‌

Sberbank

of

Russia

PJSC

ADR

(b)

294,674‌

3,497‌

Shinhan

Financial

Group

Co

Ltd

74,631‌

1,873‌

$

22,150‌

Beverages

-

1.73%

Arca

Continental

SAB

de

CV

184,600‌

926‌

Kweichow

Moutai

Co

Ltd

11,800‌

2,838‌

Thai

Beverage

PCL

1,512,200‌

709‌

$

4,473‌

Building

Materials

-

3.10%

Anhui

Conch

Cement

Co

Ltd

315,564‌

2,778‌

China

Lesso

Group

Holdings

Ltd

1,006,000‌

1,946‌

Huaxin

Cement

Co

Ltd

481,405‌

1,891‌

UltraTech

Cement

Ltd

25,724‌

1,413‌

$

8,028‌

Chemicals

-

0.64%

Asian

Paints

Ltd

72,783‌

1,666‌

Commercial

Services

-

1.66%

China

New

Higher

Education

Group

Ltd

(d)

301,000‌

209‌

New

Oriental

Education

&

Technology

Group

Inc

ADR

(b)

20,463‌

2,869‌

NICE

Information

Service

Co

Ltd

71,764‌

1,223‌

$

4,301‌

Computers

-

0.23%

Wiwynn

Corp

22,000‌

590‌

Consumer

Products

-

0.97%

Hindustan

Unilever

Ltd

84,971‌

2,507‌

Cosmetics

&

Personal

Care

-

0.24%

Colgate-Palmolive

India

Ltd

32,887‌

625‌

Distribution

&

Wholesale

-

0.39%

LG

Corp

16,458‌

1,022‌

Diversified

Financial

Services

-

4.04%

B3

SA

-

Brasil

Bolsa

Balcao

163,277‌

1,996‌

Fubon

Financial

Holding

Co

Ltd

904,000‌

1,287‌

Housing

Development

Finance

Corp

Ltd

160,844‌

3,825‌

KB

Financial

Group

Inc

63,410‌

1,877‌

Tisco

Financial

Group

PCL

701,200‌

1,465‌

$

10,450‌

Electrical

Components

&

Equipment

-

0.76%

Delta

Electronics

Inc

286,000‌

1,955‌

Electronics

-

0.28%

Taiwan

Union

Technology

Corp

157,000‌

728‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Energy

-

Alternate

Sources

-

0.55%

Sao

Martinho

SA

346,529‌

$

1,435‌

Engineering

&

Construction

-

0.61%

Frontken

Corp

Bhd

726,100‌

606‌

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

143,400‌

967‌

$

1,573‌

Food

-

2.92%

Dino

Polska

SA

(b),(d)

23,382‌

1,295‌

Indofood

Sukses

Makmur

Tbk

PT

2,416,500‌

1,071‌

Minerva

SA/Brazil

(b)

520,000‌

1,356‌

Nestle

India

Ltd

2,953‌

650‌

Tingyi

Cayman

Islands

Holding

Corp

1,222,000‌

2,278‌

X5

Retail

Group

NV

24,092‌

904‌

$

7,554‌

Gas

-

1.22%

China

Resources

Gas

Group

Ltd

164,000‌

809‌

ENN

Energy

Holdings

Ltd

194,800‌

2,361‌

$

3,170‌

Healthcare

-

Services

-

0.31%

Pharmaron

Beijing

Co

Ltd

(d)

72,700‌

791‌

Holding

Companies

-

Diversified

-

0.57%

KOC

Holding

AS

144,778‌

336‌

Swire

Pacific

Ltd

233,000‌

1,147‌

$

1,483‌

Home

Furnishings

-

0.55%

Gree

Electric

Appliances

Inc

of

Zhuhai

174,683‌

1,424‌

Insurance

-

2.32%

AIA

Group

Ltd

139,000‌

1,253‌

ICICI

Lombard

General

Insurance

Co

Ltd

(d)

72,594‌

1,263‌

ICICI

Prudential

Life

Insurance

Co

Ltd

(d)

110,371‌

667‌

PICC

Property

&

Casualty

Co

Ltd

2,336,000‌

1,846‌

Qualitas

Controladora

SAB

de

CV

243,900‌

987‌

$

6,016‌

Internet

-

24.69%

AfreecaTV

Co

Ltd

9,845‌

521‌

Alibaba

Group

Holding

Ltd

(b)

675,324‌

21,189‌

JD.com

Inc

ADR

(b)

57,342‌

3,658‌

Meituan

Dianping

(b)

199,000‌

4,925‌

MercadoLibre

Inc

(b)

2,580‌

2,902‌

Naspers

Ltd

28,723‌

5,226‌

NCSoft

Corp

2,610‌

1,778‌

Tencent

Holdings

Ltd

295,500‌

20,271‌

Tencent

Music

Entertainment

Group

ADR

(b)

68,850‌

1,111‌

Vipshop

Holdings

Ltd

ADR

(b)

103,017‌

2,346‌

$

63,927‌

Iron

&

Steel

-

1.33%

Eregli

Demir

ve

Celik

Fabrikalari

TAS

1,092,025‌

1,193‌

Severstal

PAO

133,522‌

1,626‌

Ternium

SA

ADR

(b)

44,226‌

637‌

$

3,456‌

Lodging

-

0.57%

Galaxy

Entertainment

Group

Ltd

97,000‌

661‌

NagaCorp

Ltd

752,000‌

804‌

$

1,465‌

Metal

Fabrication

&

Hardware

-

0.03%

Astral

Poly

Technik

Ltd

5,704‌

73‌

Mining

-

2.46%

Anglo

American

PLC

42,313‌

1,024‌

Antofagasta

PLC

28,705‌

382‌

Impala

Platinum

Holdings

Ltd

144,415‌

1,289‌

Polymetal

International

PLC

41,875‌

1,036‌

Polyus

PJSC

23,188‌

2,651‌

$

6,382‌

Miscellaneous

Manufacturers

-

1.97%

Elite

Material

Co

Ltd

141,000‌

852‌

Escorts

Ltd

41,061‌

622‌

Lens

Technology

Co

Ltd

237,100‌

1,114‌

Pidilite

Industries

Ltd

59,913‌

1,084‌

Schedule

of

Investments

International

Emerging

Markets

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

116

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Miscellaneous

Manufacturers

(continued)

Sunny

Optical

Technology

Group

Co

Ltd

76,300‌

$

1,433‌

$

5,105‌

Oil

&

Gas

-

4.18%

LUKOIL

PJSC

ADR

43,816‌

2,972‌

Petrobras

Distribuidora

SA

188,100‌

822‌

Reliance

Industries

Ltd

254,470‌

7,038‌

$

10,832‌

Pharmaceuticals

-

0.44%

Sino

Biopharmaceutical

Ltd

873,000‌

1,140‌

Real

Estate

-

2.04%

A-Living

Services

Co

Ltd

(d)

280,000‌

1,581‌

Shenzhen

Overseas

Chinese

Town

Co

Ltd

1,017,990‌

1,046‌

Shimao

Group

Holdings

Ltd

623,000‌

2,644‌

$

5,271‌

Retail

-

3.68%

China

Meidong

Auto

Holdings

Ltd

316,000‌

883‌

Home

Product

Center

PCL

4,208,100‌

2,106‌

Li

Ning

Co

Ltd

327,000‌

1,054‌

Lojas

Renner

SA

191,040‌

1,504‌

Magazine

Luiza

SA

72,800‌

1,121‌

Wal-Mart

de

Mexico

SAB

de

CV

1,210,400‌

2,849‌

$

9,517‌

Semiconductors

-

16.99%

ASPEED

Technology

Inc

21,000‌

838‌

Keystone

Microtech

Corp

79,000‌

935‌

MediaTek

Inc

152,000‌

3,629‌

Powertech

Technology

Inc

234,000‌

782‌

Realtek

Semiconductor

Corp

(b)

166,000‌

2,118‌

Samsung

Electronics

Co

Ltd

257,720‌

12,596‌

SK

Hynix

Inc

46,928‌

3,286‌

Taiwan

Semiconductor

Manufacturing

Co

Ltd

1,360,685‌

19,803‌

$

43,987‌

Software

-

1.93%

Bilibili

Inc

ADR

(b)

27,003‌

1,177‌

NetEase

Inc

ADR

8,357‌

3,831‌

$

5,008‌

Telecommunications

-

0.71%

Accton

Technology

Corp

234,000‌

1,833‌

Transportation

-

0.58%

Hyundai

Glovis

Co

Ltd

15,934‌

1,494‌

TOTAL

COMMON

STOCKS

$

251,134‌

PREFERRED

STOCKS

-

0.89%

Shares

Held

Value

(000's)

Semiconductors

-

0.21%

Samsung

Electronics

Co

Ltd

1417.00%

13,335‌

$

557‌

Telecommunications

-

0.68%

Telefonica

Brasil

SA

2.68%

172,200‌

1,751‌

TOTAL

PREFERRED

STOCKS

$

2,308‌

Total

Investments

$

255,106‌

Other

Assets

and

Liabilities

-  1.48%

3,829‌

TOTAL

NET

ASSETS

-

100.00%

$

258,935‌

(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

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(b)

Non-income

producing

security

(c)

Current

yield

shown

is

as

of

period

end.

(d)

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$6,412

or

2.48%

of

net

assets.

Portfolio

Summary  (unaudited)

Location

Percent

China

34.19‌%

Taiwan

13.66‌%

Korea,

Republic

Of

11.81‌%

India

11.41‌%

Brazil

4.52‌%

Russian

Federation

4.50‌%

Hong

Kong

2.95‌%

Mexico

2.88‌%

South

Africa

2.52‌%

Indonesia

2.19‌%

Thailand

1.66‌%

Argentina

1.12‌%

Peru

1.10‌%

Turkey

0.79‌%

United

States

0.64‌%

Poland

0.50‌%

Cyprus

0.40‌%

United

Kingdom

0.39‌%

Egypt

0.35‌%

Cambodia

0.31‌%

Luxembourg

0.24‌%

Malaysia

0.24‌%

Chile

0.15‌%

Other

Assets

and

Liabilities

1.48‌%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

1,949‌

$

83,327‌

$

83,612‌

$

1,664‌

$

1,949‌

$

83,327‌

$

83,612‌

$

1,664‌

Income

(a)

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

17‌

$

—‌

$

—‌

$

—‌

$

17‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

International

Fund

I

July

31,

2020

(unaudited)

See

accompanying

notes.

117

INVESTMENT

COMPANIES

-

0.00%

Shares

Held

Value

(000's)

Money

Market

Funds

-

0.00%

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

(a),(b),(c)

100‌

$

—‌

TOTAL

INVESTMENT

COMPANIES

$

—‌

COMMON

STOCKS

-

99.73%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

0.53%

Aselsan

Elektronik

Sanayi

Ve

Ticaret

AS

328,000‌

$

1,652‌

Agriculture

-

0.57%

British

American

Tobacco

PLC

54,000‌

1,785‌

Apparel

-

2.53%

Kering

SA

5,211‌

2,953‌

LVMH

Moet

Hennessy

Louis

Vuitton

SE

11,378‌

4,948‌

$

7,901‌

Automobile

Manufacturers

-

0.63%

Toyota

Motor

Corp

33,000‌

1,959‌

Automobile

Parts

&

Equipment

-

0.57%

Weichai

Power

Co

Ltd

831,000‌

1,780‌

Banks

-

7.59%

Banca

Generali

SpA

59,000‌

1,765‌

China

Merchants

Bank

Co

Ltd

942,500‌

4,399‌

DBS

Group

Holdings

Ltd

144,900‌

2,093‌

Macquarie

Group

Ltd

27,346‌

2,403‌

National

Bank

of

Canada

80,000‌

3,777‌

OTP

Bank

Nyrt

(b)

36,000‌

1,289‌

Royal

Bank

of

Canada

29,800‌

2,056‌

Sberbank

of

Russia

PJSC

ADR

(b)

194,243‌

2,305‌

Svenska

Handelsbanken

AB

(b)

382,000‌

3,603‌

$

23,690‌

Biotechnology

-

0.52%

Genmab

A/S

(b)

4,700‌

1,618‌

Building

Materials

-

2.32%

Anhui

Conch

Cement

Co

Ltd

418,400‌

3,164‌

China

Resources

Cement

Holdings

Ltd

970,000‌

1,328‌

Sika

AG

12,460‌

2,738‌

$

7,230‌

Chemicals

-

0.70%

Soulbrain

Holdings

Co

Ltd

(d)

27,000‌

2,173‌

Commercial

Services

-

1.48%

Ashtead

Group

PLC

90,137‌

2,870‌

QinetiQ

Group

PLC

439,000‌

1,757‌

$

4,627‌

Computers

-

5.23%

BayCurrent

Consulting

Inc

17,400‌

2,108‌

Bechtle

AG

13,000‌

2,530‌

Gigabyte

Technology

Co

Ltd

710,000‌

2,034‌

Itochu

Techno-Solutions

Corp

67,500‌

2,741‌

Nomura

Research

Institute

Ltd

67,900‌

1,792‌

Otsuka

Corp

31,500‌

1,642‌

Teleperformance

6,822‌

1,997‌

Wiwynn

Corp

55,000‌

1,475‌

$

16,319‌

Cosmetics

&

Personal

Care

-

1.40%

L'Oreal

SA

13,000‌

4,363‌

Diversified

Financial

Services

-

3.77%

Amundi

SA

(b),(e)

19,500‌

1,484‌

Azimut

Holding

SpA

152,892‌

2,913‌

Deutsche

Boerse

AG

8,500‌

1,546‌

E.Sun

Financial

Holding

Co

Ltd

2,675,969‌

2,476‌

Euronext

NV

(e)

17,000‌

1,964‌

IG

Group

Holdings

PLC

144,000‌

1,376‌

$

11,759‌

Electric

-

2.21%

Enel

SpA

192,000‌

1,759‌

Iberdrola

SA

399,000‌

5,157‌

$

6,916‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Electrical

Components

&

Equipment

-

1.19%

LG

Innotek

Co

Ltd

13,000‌

$

1,765‌

Schneider

Electric

SE

17,000‌

1,949‌

$

3,714‌

Electronics

-

3.08%

Compeq

Manufacturing

Co

Ltd

1,012,000‌

1,677‌

FLEXium

Interconnect

Inc

423,000‌

2,048‌

Halma

PLC

72,800‌

2,068‌

Micro-Star

International

Co

Ltd

436,000‌

1,940‌

Tripod

Technology

Corp

433,000‌

1,880‌

$

9,613‌

Energy

-

Alternate

Sources

-

0.67%

SolarEdge

Technologies

Inc

(b)

12,000‌

2,101‌

Engineering

&

Construction

-

1.23%

HomeServe

PLC

142,000‌

2,458‌

Obayashi

Corp

156,000‌

1,393‌

$

3,851‌

Entertainment

-

1.00%

Evolution

Gaming

Group

AB

(e)

46,000‌

3,122‌

Food

-

4.41%

a2

Milk

Co

Ltd

(b)

113,000‌

1,574‌

Coles

Group

Ltd

118,000‌

1,530‌

Magnit

PJSC

121,000‌

1,793‌

Metro

Inc

/CN

67,500‌

2,961‌

Nestle

SA

25,000‌

2,973‌

WH

Group

Ltd

(e)

1,223,000‌

1,089‌

X5

Retail

Group

NV

49,000‌

1,839‌

$

13,759‌

Gas

-

1.24%

ENN

Energy

Holdings

Ltd

319,400‌

3,872‌

Home

Builders

-

1.28%

Berkeley

Group

Holdings

PLC

45,783‌

2,656‌

Open

House

Co

Ltd

47,000‌

1,327‌

$

3,983‌

Home

Furnishings

-

0.55%

Sony

Corp

22,000‌

1,709‌

Insurance

-

7.33%

Allianz

SE

8,123‌

1,685‌

Assicurazioni

Generali

SpA

128,000‌

1,922‌

BB

Seguridade

Participacoes

SA

191,000‌

1,020‌

Japan

Post

Insurance

Co

Ltd

137,114‌

1,823‌

Legal

&

General

Group

PLC

1,156,230‌

3,201‌

Manulife

Financial

Corp

191,000‌

2,560‌

Ping

An

Insurance

Group

Co

of

China

Ltd

165,670‌

1,748‌

Power

Corp

of

Canada

70,350‌

1,248‌

Sun

Life

Financial

Inc

85,500‌

3,333‌

Swiss

Life

Holding

AG

5,764‌

2,106‌

Tokio

Marine

Holdings

Inc

53,037‌

2,239‌

$

22,885‌

Internet

-

7.44%

Alibaba

Group

Holding

Ltd

ADR

(b)

34,600‌

8,685‌

JD.com

Inc

ADR

(b)

30,200‌

1,927‌

Masmovil

Ibercom

SA

(b)

58,000‌

1,551‌

NCSoft

Corp

2,600‌

1,772‌

Tencent

Holdings

Ltd

107,500‌

7,374‌

Vipshop

Holdings

Ltd

ADR

(b)

85,000‌

1,935‌

$

23,244‌

Iron

&

Steel

-

1.63%

Fortescue

Metals

Group

Ltd

248,000‌

3,087‌

Mineral

Resources

Ltd

109,500‌

2,016‌

$

5,103‌

Machinery

-

Diversified

-

1.19%

Atlas

Copco

AB

-

A

Shares

84,000‌

3,729‌

Media

-

0.44%

Wolters

Kluwer

NV

17,500‌

1,381‌

Schedule

of

Investments

International

Fund

I

July

31,

2020

(unaudited)

See

accompanying

notes.

118

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Mining

-

6.49%

Anglo

American

PLC

95,500‌

$

2,312‌

BHP

Group

PLC

73,000‌

1,579‌

Centamin

PLC

680,000‌

1,820‌

Centerra

Gold

Inc

155,000‌

1,944‌

Kirkland

Lake

Gold

Ltd

33,500‌

1,829‌

Polymetal

International

PLC

141,000‌

3,488‌

Regis

Resources

Ltd

853,000‌

3,476‌

Rio

Tinto

Ltd

22,000‌

1,610‌

Saracen

Mineral

Holdings

Ltd

(b)

508,000‌

2,214‌

$

20,272‌

Miscellaneous

Manufacturers

-

1.35%

Elite

Material

Co

Ltd

446,000‌

2,695‌

Siemens

AG

12,000‌

1,529‌

$

4,224‌

Oil

&

Gas

-

1.49%

Beach

Energy

Ltd

1,542,000‌

1,545‌

Reliance

Industries

Ltd

(e)

57,000‌

3,123‌

$

4,668‌

Pharmaceuticals

-

9.23%

Astellas

Pharma

Inc

184,000‌

2,870‌

AstraZeneca

PLC

14,000‌

1,547‌

Chugai

Pharmaceutical

Co

Ltd

63,000‌

2,844‌

Hikma

Pharmaceuticals

PLC

41,000‌

1,149‌

Novo

Nordisk

A/S

29,000‌

1,903‌

Roche

Holding

AG

24,140‌

8,361‌

Sanofi

29,000‌

3,045‌

Sawai

Pharmaceutical

Co

Ltd

33,000‌

1,567‌

Shionogi

&

Co

Ltd

29,000‌

1,725‌

Sino

Biopharmaceutical

Ltd

1,269,000‌

1,658‌

UCB

SA

16,800‌

2,159‌

$

28,828‌

Private

Equity

-

0.56%

Partners

Group

Holding

AG

1,820‌

1,763‌

Real

Estate

-

0.55%

TAG

Immobilien

AG

(b)

65,000‌

1,709‌

Retail

-

2.36%

Alimentation

Couche-Tard

Inc

58,000‌

2,016‌

ANTA

Sports

Products

Ltd

192,600‌

1,828‌

B&M

European

Value

Retail

SA

288,000‌

1,732‌

JB

Hi-Fi

Ltd

55,000‌

1,801‌

$

7,377‌

Semiconductors

-

8.44%

Lasertec

Corp

28,500‌

2,516‌

Novatek

Microelectronics

Corp

421,000‌

4,173‌

Realtek

Semiconductor

Corp

(b)

315,000‌

4,019‌

Samsung

Electronics

Co

Ltd

91,000‌

4,448‌

Taiwan

Semiconductor

Manufacturing

Co

Ltd

233,854‌

3,403‌

Taiwan

Semiconductor

Manufacturing

Co

Ltd

ADR

70,700‌

5,578‌

Tokyo

Electron

Ltd

8,000‌

2,214‌

$

26,351‌

Software

-

3.48%

Constellation

Software

Inc

/Canada

1,650‌

1,952‌

NetEase

Inc

ADR

7,471‌

3,425‌

Nexon

Co

Ltd

86,000‌

2,210‌

Open

Text

Corp

38,000‌

1,710‌

TIS

Inc

73,000‌

1,563‌

$

10,860‌

Telecommunications

-

3.05%

Accton

Technology

Corp

201,000‌

1,575‌

KDDI

Corp

138,000‌

4,388‌

Nice

Ltd

(b)

8,300‌

1,705‌

Telefonaktiebolaget

LM

Ericsson

160,000‌

1,861‌

$

9,529‌

TOTAL

COMMON

STOCKS

$

311,419‌

Total

Investments

$

311,419‌

Other

Assets

and

Liabilities

-  0.27%

855‌

TOTAL

NET

ASSETS

-

100.00%

$

312,274‌

(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

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(b)

Non-income

producing

security

(c)

Current

yield

shown

is

as

of

period

end.

(d)

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

$2,173

or

0.70%

of

net

assets.

(e)

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$10,782

or

3.45%

of

net

assets.

Portfolio

Summary  (unaudited)

Location

Percent

Japan

13.01‌%

China

12.85‌%

Taiwan

11.20‌%

Canada

8.14‌%

United

Kingdom

8.11‌%

France

6.64‌%

Australia

6.29‌%

Switzerland

5.74‌%

Sweden

3.94‌%

Korea,

Republic

Of

3.26‌%

Germany

2.89‌%

Italy

2.68‌%

Spain

2.14‌%

Russian

Federation

1.91‌%

Hong

Kong

1.31‌%

Israel

1.22‌%

Denmark

1.13‌%

Cyprus

1.12‌%

Netherlands

1.07‌%

India

1.00‌%

Belgium

0.69‌%

Singapore

0.67‌%

Jersey,

Channel

Islands

0.58‌%

Turkey

0.53‌%

New

Zealand

0.50‌%

Hungary

0.41‌%

Jordan

0.37‌%

Brazil

0.33‌%

United

States

0.00‌%

Other

Assets

and

Liabilities

0.27‌%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

International

Fund

I

July

31,

2020

(unaudited)

See

accompanying

notes.

119

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

3,998‌

$

87,779‌

$

91,777‌

$

—‌

$

3,998‌

$

87,779‌

$

91,777‌

$

—‌

Income

(a)

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

14‌

$

—‌

$

—‌

$

—‌

$

14‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

LargeCap

Growth

Fund

I

July

31,

2020

(unaudited)

See

accompanying

notes.

120

INVESTMENT

COMPANIES

-

2.43%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

0.87%

Technology

Select

Sector

SPDR

Fund

ETP

533,664‌

$

58,932‌

Vanguard

Mega

Cap

Growth

ETF

254,778‌

44,849‌

$

103,781‌

Money

Market

Funds

-

1.56%

BlackRock

Liquidity

FedFund

-

Institutional

Class

0.06%

(a),(b)

3,445,962‌

3,446‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

(a),(c),(d)

181,438,174‌

181,438‌

$

184,884‌

TOTAL

INVESTMENT

COMPANIES

$

288,665‌

COMMON

STOCKS

-

97.09%

Shares

Held

Value

(000's)

Advertising

-

0.01%

Trade

Desk

Inc

/The

(d)

3,569‌

$

1,611‌

Aerospace

&

Defense

-

1.12%

HEICO

Corp

3,164‌

304‌

HEICO

Corp

-

Class

A

5,511‌

422‌

L3Harris

Technologies

Inc

705,681‌

118,787‌

Lockheed

Martin

Corp

22,718‌

8,610‌

Mercury

Systems

Inc

(d)

3,916‌

303‌

Northrop

Grumman

Corp

13,632‌

4,431‌

TransDigm

Group

Inc

1,020‌

440‌

$

133,297‌

Agriculture

-

0.03%

Altria

Group

Inc

77,022‌

3,169‌

Apparel

-

0.13%

NIKE

Inc

161,070‌

15,722‌

VF

Corp

1,668‌

101‌

$

15,823‌

Automobile

Manufacturers

-

0.16%

Tesla

Inc

(d)

13,574‌

19,421‌

Automobile

Parts

&

Equipment

-

0.41%

Allison

Transmission

Holdings

Inc

6,434‌

241‌

Aptiv

PLC

623,554‌

48,481‌

$

48,722‌

Banks

-

0.22%

Goldman

Sachs

Group

Inc

/The

131,353‌

26,003‌

Beverages

-

1.40%

Boston

Beer

Co

Inc

/The

(d)

762‌

618‌

Brown-Forman

Corp

-

A

Shares

3,387‌

214‌

Brown-Forman

Corp

-

B

Shares

2,018,227‌

139,944‌

Coca-Cola

Co/The

215,583‌

10,184‌

Monster

Beverage

Corp

(d)

32,573‌

2,556‌

PepsiCo

Inc

96,786‌

13,324‌

$

166,840‌

Biotechnology

-

2.40%

ACADIA

Pharmaceuticals

Inc

(d)

9,640‌

401‌

Acceleron

Pharma

Inc

(d)

3,803‌

377‌

Alexion

Pharmaceuticals

Inc

(d)

2,887‌

296‌

Alnylam

Pharmaceuticals

Inc

(d)

10,076‌

1,469‌

Amgen

Inc

55,920‌

13,682‌

Biogen

Inc

(d)

4,349‌

1,194‌

BioMarin

Pharmaceutical

Inc

(d)

14,444‌

1,730‌

Bluebird

Bio

Inc

(d)

2,550‌

155‌

Exact

Sciences

Corp

(d)

11,389‌

1,079‌

Exelixis

Inc

(d)

9,718‌

224‌

Guardant

Health

Inc

(d)

6,547‌

558‌

Illumina

Inc

(d)

378,871‌

144,790‌

Immunomedics

Inc

(d)

18,158‌

767‌

Incyte

Corp

(d)

331,082‌

32,698‌

Ionis

Pharmaceuticals

Inc

(d)

5,664‌

326‌

Iovance

Biotherapeutics

Inc

(d)

11,924‌

346‌

Livongo

Health

Inc

(d),(e)

4,748‌

604‌

Moderna

Inc

(d)

23,692‌

1,755‌

Regeneron

Pharmaceuticals

Inc

(d)

8,869‌

5,606‌

Sage

Therapeutics

Inc

(d)

356‌

16‌

Seattle

Genetics

Inc

(d)

10,730‌

1,784‌

Vertex

Pharmaceuticals

Inc

(d)

274,476‌

74,658‌

$

284,515‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Building

Materials

-

0.01%

Armstrong

World

Industries

Inc

1,551‌

$

111‌

Carrier

Global

Corp

27,498‌

749‌

Trex

Co

Inc

(d)

5,097‌

710‌

$

1,570‌

Chemicals

-

1.61%

Air

Products

and

Chemicals

Inc

2,474‌

709‌

Ecolab

Inc

4,374‌

818‌

FMC

Corp

2,247‌

238‌

NewMarket

Corp

500‌

188‌

RPM

International

Inc

9,421‌

769‌

Sherwin-Williams

Co/The

290,511‌

188,228‌

W

R

Grace

&

Co

1,894‌

87‌

$

191,037‌

Commercial

Services

-

6.76%

2U

Inc

(d)

1,881‌

89‌

Automatic

Data

Processing

Inc

30,425‌

4,044‌

Avalara

Inc

(d)

6,781‌

912‌

Booz

Allen

Hamilton

Holding

Corp

12,133‌

992‌

Bright

Horizons

Family

Solutions

Inc

(d)

3,526‌

378‌

Chegg

Inc

(d)

10,674‌

864‌

Cintas

Corp

554,889‌

167,505‌

CoreLogic

Inc

/United

States

380‌

26‌

CoStar

Group

Inc

(d)

52,922‌

44,971‌

Equifax

Inc

7,915‌

1,287‌

FleetCor

Technologies

Inc

(d)

7,272‌

1,880‌

Gartner

Inc

(d)

7,628‌

951‌

Global

Payments

Inc

789,213‌

140,496‌

H&R

Block

Inc

11,936‌

173‌

IHS

Markit

Ltd

19,083‌

1,541‌

MarketAxess

Holdings

Inc

3,250‌

1,679‌

Moody's

Corp

14,893‌

4,189‌

Morningstar

Inc

1,597‌

268‌

Paylocity

Holding

Corp

(d)

3,049‌

406‌

PayPal

Holdings

Inc

(d)

1,941,856‌

380,740‌

Quanta

Services

Inc

2,433‌

97‌

Rollins

Inc

11,435‌

599‌

S&P

Global

Inc

113,603‌

39,789‌

Square

Inc

(d)

33,728‌

4,380‌

StoneCo

Ltd

(d)

13,683‌

653‌

TransUnion

15,262‌

1,367‌

Verisk

Analytics

Inc

15,041‌

2,838‌

WEX

Inc

(d)

350‌

55‌

$

803,169‌

Computers

-

4.60%

Accenture

PLC

-

Class

A

53,476‌

12,020‌

Apple

Inc

824,264‌

350,345‌

CACI

International

Inc

(d)

376‌

78‌

Crowdstrike

Holdings

Inc

(d)

164,289‌

18,598‌

Dell

Technologies

Inc

(d)

879‌

53‌

EPAM

Systems

Inc

(d)

4,685‌

1,359‌

Fortinet

Inc

(d)

11,724‌

1,621‌

Genpact

Ltd

4,005,809‌

159,511‌

Globant

SA

(d)

3,187‌

551‌

Leidos

Holdings

Inc

1,149‌

109‌

Lumentum

Holdings

Inc

(d)

753‌

70‌

NetApp

Inc

10,580‌

469‌

Pure

Storage

Inc

(d)

12,183‌

218‌

Science

Applications

International

Corp

704‌

56‌

Zscaler

Inc

(d)

6,198‌

805‌

$

545,863‌

Consumer

Products

-

0.04%

Avery

Dennison

Corp

3,021‌

342‌

Church

&

Dwight

Co

Inc

21,683‌

2,089‌

Clorox

Co/The

7,888‌

1,865‌

Reynolds

Consumer

Products

Inc

1,254‌

43‌

$

4,339‌

Schedule

of

Investments

LargeCap

Growth

Fund

I

July

31,

2020

(unaudited)

See

accompanying

notes.

121

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Cosmetics

&

Personal

Care

-

1.28%

Estee

Lauder

Cos

Inc

/The

703,149‌

$

138,900‌

Procter

&

Gamble

Co/The

103,488‌

13,569‌

$

152,469‌

Distribution

&

Wholesale

-

0.05%

Copart

Inc

(d)

17,916‌

1,671‌

Fastenal

Co

40,962‌

1,927‌

IAA

Inc

(d)

2,815‌

122‌

Pool

Corp

3,416‌

1,082‌

WW

Grainger

Inc

2,880‌

983‌

$

5,785‌

Diversified

Financial

Services

-

3.98%

Ares

Management

Corp

8,646‌

345‌

Cboe

Global

Markets

Inc

2,102‌

184‌

Charles

Schwab

Corp/The

472,866‌

15,676‌

Credit

Acceptance

Corp

(d),(e)

63‌

29‌

Intercontinental

Exchange

Inc

16,783‌

1,624‌

LendingTree

Inc

(d),(e)

658‌

228‌

LPL

Financial

Holdings

Inc

584‌

46‌

Mastercard

Inc

723,401‌

223,191‌

SLM

Corp

8,138‌

55‌

T

Rowe

Price

Group

Inc

5,068‌

700‌

Tradeweb

Markets

Inc

6,150‌

333‌

Virtu

Financial

Inc

4,916‌

122‌

Visa

Inc

1,155,712‌

220,048‌

Western

Union

Co/The

7,009‌

170‌

XP

Inc

(d)

209,185‌

9,727‌

$

472,478‌

Electric

-

0.68%

NextEra

Energy

Inc

204,737‌

57,470‌

NRG

Energy

Inc

7,439‌

251‌

Sempra

Energy

181,787‌

22,625‌

$

80,346‌

Electrical

Components

&

Equipment

-

0.01%

Energizer

Holdings

Inc

4,339‌

217‌

Generac

Holdings

Inc

(d)

4,911‌

774‌

Universal

Display

Corp

3,783‌

660‌

$

1,651‌

Electronics

-

3.63%

Agilent

Technologies

Inc

2,345‌

226‌

Allegion

plc

5,278‌

525‌

Amphenol

Corp

820,526‌

86,779‌

Coherent

Inc

(d)

1,755‌

244‌

Fortive

Corp

2,130,240‌

149,521‌

Jabil

Inc

2,629‌

92‌

Keysight

Technologies

Inc

(d)

5,542‌

553‌

Mettler

-Toledo

International

Inc

(d)

1,953‌

1,826‌

PerkinElmer

Inc

1,902‌

226‌

Roper

Technologies

Inc

442,371‌

191,303‌

Waters

Corp

(d)

426‌

91‌

$

431,386‌

Energy

-

Alternate

Sources

-

0.01%

Enphase

Energy

Inc

(d)

9,313‌

562‌

SolarEdge

Technologies

Inc

(d)

4,306‌

754‌

$

1,316‌

Engineering

&

Construction

-

0.00%

frontdoor

Inc

(d)

1,354‌

57‌

Entertainment

-

0.20%

DraftKings

Inc

(d),(e)

685,746‌

22,887‌

Live

Nation

Entertainment

Inc

(d)

12,505‌

585‌

Vail

Resorts

Inc

301‌

58‌

$

23,530‌

Environmental

Control

-

0.00%

Waste

Management

Inc

4,807‌

527‌

Food

-

0.05%

Beyond

Meat

Inc

(d)

3,623‌

456‌

Campbell

Soup

Co

7,706‌

382‌

Grocery

Outlet

Holding

Corp

(d)

3,272‌

144‌

Hershey

Co/The

10,044‌

1,460‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Food

(continued)

Kellogg

Co

7,503‌

$

518‌

Lamb

Weston

Holdings

Inc

2,944‌

177‌

McCormick

&

Co

Inc

/MD

6,112‌

1,191‌

Pilgrim's

Pride

Corp

(d)

1,554‌

24‌

Sprouts

Farmers

Market

Inc

(d)

8,755‌

231‌

Sysco

Corp

30,461‌

1,610‌

$

6,193‌

Hand

&

Machine

Tools

-

0.00%

Lincoln

Electric

Holdings

Inc

2,141‌

194‌

MSA

Safety

Inc

760‌

90‌

$

284‌

Healthcare

-

Products

-

8.69%

10X

Genomics

Inc

(d)

4,795‌

472‌

Abbott

Laboratories

63,056‌

6,346‌

ABIOMED

Inc

(d)

3,901‌

1,170‌

Adaptive

Biotechnologies

Corp

(d)

6,269‌

234‌

Align

Technology

Inc

(d)

6,884‌

2,023‌

Avantor

Inc

(d)

1,368,706‌

30,221‌

Baxter

International

Inc

18,839‌

1,627‌

Bio-

Techne

Corp

3,146‌

866‌

Bruker

Corp

3,866‌

172‌

Cooper

Cos

Inc

/The

517‌

146‌

Danaher

Corp

978,536‌

199,426‌

Edwards

Lifesciences

Corp

(d)

1,794,592‌

140,714‌

Haemonetics

Corp

(d)

4,094‌

359‌

Hill-Rom

Holdings

Inc

734‌

71‌

Hologic

Inc

(d)

15,783‌

1,101‌

ICU

Medical

Inc

(d)

492‌

90‌

IDEXX

Laboratories

Inc

(d)

7,978‌

3,173‌

Insulet

Corp

(d)

5,556‌

1,130‌

Intuitive

Surgical

Inc

(d)

447,662‌

306,845‌

Masimo

Corp

(d)

4,241‌

934‌

Novocure

Ltd

(d)

8,762‌

664‌

Penumbra

Inc

(d)

2,821‌

626‌

Quidel

Corp

(d)

3,274‌

925‌

Repligen

Corp

(d)

4,602‌

694‌

ResMed

Inc

13,594‌

2,753‌

STERIS

PLC

419‌

67‌

Stryker

Corp

466,303‌

90,137‌

Tandem

Diabetes

Care

Inc

(d)

4,592‌

480‌

Teleflex

Inc

2,574‌

960‌

Thermo

Fisher

Scientific

Inc

569,461‌

235,729‌

Varian

Medical

Systems

Inc

(d)

1,005‌

143‌

West

Pharmaceutical

Services

Inc

6,471‌

1,740‌

$

1,032,038‌

Healthcare

-

Services

-

2.31%

Amedisys

Inc

(d)

2,783‌

652‌

Anthem

Inc

106,781‌

29,237‌

Centene

Corp

(d)

470,996‌

30,733‌

Charles

River

Laboratories

International

Inc

(d)

3,813‌

759‌

Chemed

Corp

1,364‌

671‌

DaVita

Inc

(d)

1,218‌

106‌

Encompass

Health

Corp

3,880‌

264‌

HCA

Healthcare

Inc

423,367‌

53,615‌

Humana

Inc

106,719‌

41,881‌

IQVIA

Holdings

Inc

(d)

6,355‌

1,007‌

Laboratory

Corp

of

America

Holdings

(d)

468‌

90‌

Molina

Healthcare

Inc

(d)

3,480‌

643‌

PPD

Inc

(d)

4,611‌

135‌

Syneos

Health

Inc

(d)

630‌

39‌

Teladoc

Health

Inc

(d)

5,885‌

1,399‌

UnitedHealth

Group

Inc

372,304‌

112,727‌

$

273,958‌

Home

Builders

-

0.00%

NVR

Inc

(d)

28‌

110‌

Home

Furnishings

-

0.00%

Dolby

Laboratories

Inc

700‌

48‌

Tempur

Sealy

International

Inc

(d)

3,085‌

250‌

$

298‌

Schedule

of

Investments

LargeCap

Growth

Fund

I

July

31,

2020

(unaudited)

See

accompanying

notes.

122

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Housewares

-

0.01%

Scotts

Miracle-

Gro

Co/The

3,345‌

$

530‌

Toro

Co/The

8,489‌

606‌

$

1,136‌

Insurance

-

0.09%

Alleghany

Corp

122‌

64‌

Aon

PLC

20,247‌

4,155‌

Axis

Capital

Holdings

Ltd

695‌

28‌

Brown

&

Brown

Inc

1,176‌

53‌

Erie

Indemnity

Co

1,265‌

266‌

Lincoln

National

Corp

2,248‌

84‌

Marsh

&

McLennan

Cos

Inc

34,723‌

4,049‌

Primerica

Inc

2,186‌

261‌

Progressive

Corp/The

14,865‌

1,343‌

RenaissanceRe

Holdings

Ltd

1,456‌

263‌

$

10,566‌

Internet

-

21.76%

Alibaba

Group

Holding

Ltd

ADR

(d)

808,378‌

202,919‌

Alphabet

Inc

-

A

Shares

(d)

171,776‌

255,594‌

Alphabet

Inc

-

C

Shares

(d)

233,264‌

345,921‌

Amazon.com

Inc

(d)

290,003‌

917,766‌

Anaplan

Inc

(d)

11,489‌

522‌

Booking

Holdings

Inc

(d)

30,648‌

50,941‌

CDW

Corp/DE

12,510‌

1,454‌

eBay

Inc

57,905‌

3,201‌

Etsy

Inc

(d)

10,406‌

1,232‌

Expedia

Group

Inc

1,333‌

108‌

Facebook

Inc

(d)

1,364,185‌

346,053‌

FireEye

Inc

(d)

4,663‌

70‌

GoDaddy

Inc

(d)

14,597‌

1,026‌

Grubhub

Inc

(d)

831‌

60‌

IAC/InterActiveCorp

(d)

166,413‌

22,037‌

Match

Group

Inc

(d)

390,736‌

40,129‌

Netflix

Inc

(d)

260,983‌

127,589‌

NortonLifeLock

Inc

49,180‌

1,055‌

Okta

Inc

(d)

10,905‌

2,410‌

Palo

Alto

Networks

Inc

(d)

8,620‌

2,206‌

Pinterest

Inc

(d)

29,405‌

1,008‌

Proofpoint

Inc

(d)

4,990‌

577‌

Roku

Inc

(d)

8,968‌

1,389‌

Snap

Inc

Class

A

(d)

2,104,847‌

47,191‌

Spotify

Technology

SA

(d)

309,788‌

79,869‌

Tencent

Holdings

Ltd

ADR

1,479,146‌

101,307‌

Uber

Technologies

Inc

(d)

92,625‌

2,803‌

VeriSign

Inc

(d)

5,346‌

1,132‌

Wayfair

Inc

(d)

5,291‌

1,408‌

Wix.com

Ltd

(d)

84,488‌

24,542‌

Zendesk

Inc

(d)

9,964‌

908‌

Zillow

Group

Inc

-

A

Shares

(d)

596‌

41‌

Zillow

Group

Inc

-

C

Shares

(d)

1,403‌

96‌

$

2,584,564‌

Leisure

Products

&

Services

-

0.00%

Peloton

Interactive

Inc

(d)

2,093‌

143‌

Planet

Fitness

Inc

(d)

4,012‌

210‌

Polaris

Inc

563‌

58‌

Virgin

Galactic

Holdings

Inc

(d),(e)

4,560‌

102‌

$

513‌

Lodging

-

0.24%

Hilton

Worldwide

Holdings

Inc

319,440‌

23,974‌

Las

Vegas

Sands

Corp

12,506‌

546‌

Wynn

Resorts

Ltd

50,048‌

3,625‌

$

28,145‌

Machinery

-

Construction

&

Mining

-

0.00%

BWX

Technologies

Inc

5,374‌

293‌

Vertiv

Holdings

Co

(d)

17,539‌

254‌

$

547‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Machinery

-

Diversified

-

0.29%

Cognex

Corp

14,523‌

$

971‌

Graco

Inc

7,278‌

387‌

Ingersoll

Rand

Inc

(d)

982,844‌

31,048‌

Nordson

Corp

4,136‌

801‌

Rockwell

Automation

Inc

4,967‌

1,084‌

$

34,291‌

Media

-

0.09%

Altice

USA

Inc

(d)

28,527‌

770‌

Cable

One

Inc

446‌

813‌

Charter

Communications

Inc

(d)

12,334‌

7,154‌

FactSet

Research

Systems

Inc

3,272‌

1,133‌

Liberty

Media

Corp-Liberty

SiriusXM

-

A

Shares

(d)

906‌

31‌

Liberty

Media

Corp-Liberty

SiriusXM

-

C

Shares

(d)

1,894‌

66‌

Nexstar

Media

Group

Inc

2,574‌

226‌

Sirius

XM

Holdings

Inc

62,503‌

367‌

World

Wrestling

Entertainment

Inc

4,045‌

189‌

$

10,749‌

Mining

-

0.01%

Royal

Gold

Inc

4,136‌

579‌

Miscellaneous

Manufacturers

-

0.07%

3M

Co

35,232‌

5,301‌

Axon

Enterprise

Inc

(d)

5,456‌

454‌

Donaldson

Co

Inc

1,231‌

59‌

Illinois

Tool

Works

Inc

12,314‌

2,278‌

$

8,092‌

Office

&

Business

Equipment

-

0.01%

Zebra

Technologies

Corp

(d)

4,228‌

1,187‌

Oil

&

Gas

-

0.12%

Concho

Resources

Inc

274,255‌

14,409‌

Packaging

&

Containers

-

0.02%

Amcor

PLC

21,179‌

218‌

Ball

Corp

26,341‌

1,939‌

Berry

Global

Group

Inc

(d)

3,978‌

199‌

Crown

Holdings

Inc

(d)

1,257‌

90‌

Graphic

Packaging

Holding

Co

5,704‌

80‌

$

2,526‌

Pharmaceuticals

-

5.17%

AbbVie

Inc

157,321‌

14,931‌

Agios

Pharmaceuticals

Inc

(d)

555‌

25‌

AmerisourceBergen

Corp

6,166‌

618‌

Becton

Dickinson

and

Co

163,876‌

46,105‌

Bristol-Myers

Squibb

Co

72,609‌

4,259‌

Cardinal

Health

Inc

25,798‌

1,409‌

Cigna

Corp

532,964‌

92,037‌

DexCom

Inc

(d)

445,722‌

194,130‌

Eli

Lilly

and

Co

80,021‌

12,026‌

Global

Blood

Therapeutics

Inc

(d)

5,158‌

348‌

Herbalife

Nutrition

Ltd

(d)

1,279‌

66‌

Horizon

Therapeutics

Plc

(d)

14,996‌

918‌

Johnson

&

Johnson

33,567‌

4,893‌

McKesson

Corp

10,617‌

1,594‌

Merck

&

Co

Inc

209,766‌

16,832‌

Neurocrine

Biosciences

Inc

(d)

8,109‌

976‌

PRA

Health

Sciences

Inc

(d)

4,736‌

505‌

Reata

Pharmaceuticals

Inc

(d)

1,868‌

276‌

Sarepta

Therapeutics

Inc

(d)

6,561‌

1,007‌

Zoetis

Inc

1,457,780‌

221,116‌

$

614,071‌

Pipelines

-

0.01%

Cheniere

Energy

Inc

(d)

20,403‌

1,010‌

Equitrans

Midstream

Corp

3,534‌

34‌

$

1,044‌

Private

Equity

-

0.00%

Apollo

Global

Management

Inc

7,458‌

366‌

Carlyle

Group

Inc

/The

1,030‌

30‌

$

396‌

Schedule

of

Investments

LargeCap

Growth

Fund

I

July

31,

2020

(unaudited)

See

accompanying

notes.

123

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

REITs

-

1.97%

American

Tower

Corp

40,450‌

$

10,573‌

Americold

Realty

Trust

1,866‌

75‌

Brookfield

Property

REIT

Inc

4,838‌

56‌

CoreSite

Realty

Corp

2,386‌

308‌

Crown

Castle

International

Corp

35,455‌

5,910‌

Equinix

Inc

8,066‌

6,336‌

Equity

LifeStyle

Properties

Inc

6,283‌

429‌

Extra

Space

Storage

Inc

7,826‌

809‌

Iron

Mountain

Inc

14,773‌

417‌

Public

Storage

8,685‌

1,736‌

SBA

Communications

Corp

661,499‌

206,083‌

Simon

Property

Group

Inc

21,122‌

1,317‌

$

234,049‌

Retail

-

5.40%

AutoZone

Inc

(d)

1,215‌

1,467‌

Best

Buy

Co

Inc

3,642‌

363‌

Burlington

Stores

Inc

(d)

5,121‌

963‌

CarMax

Inc

(d)

238,853‌

23,161‌

Carvana

Co

(d)

435,347‌

67,457‌

Chipotle

Mexican

Grill

Inc

(d)

26,420‌

30,520‌

Costco

Wholesale

Corp

424,153‌

138,074‌

Dollar

General

Corp

390,822‌

74,412‌

Dollar

Tree

Inc

(d)

9,893‌

924‌

Domino's

Pizza

Inc

3,433‌

1,327‌

Dunkin'

Brands

Group

Inc

6,156‌

423‌

Five

Below

Inc

(d)

4,811‌

524‌

Floor

&

Decor

Holdings

Inc

(d)

7,158‌

472‌

Home

Depot

Inc

/The

47,453‌

12,598‌

Lowe's

Cos

Inc

69,271‌

10,315‌

Lululemon

Athletica

Inc

(d)

569,146‌

185,309‌

McDonald's

Corp

7,642‌

1,485‌

Ollie's

Bargain

Outlet

Holdings

Inc

(d)

4,142‌

435‌

O'Reilly

Automotive

Inc

(d)

6,455‌

3,081‌

Ross

Stores

Inc

845,242‌

75,793‌

Starbucks

Corp

59,580‌

4,560‌

TJX

Cos

Inc

/The

85,734‌

4,457‌

Tractor

Supply

Co

10,191‌

1,455‌

Ulta

Beauty

Inc

(d)

4,414‌

852‌

Wendy's

Co/The

15,804‌

366‌

Williams-Sonoma

Inc

1,102‌

96‌

Yum

China

Holdings

Inc

2,191‌

112‌

Yum!

Brands

Inc

1,992‌

181‌

$

641,182‌

Semiconductors

-

2.60%

Advanced

Micro

Devices

Inc

(d)

588,854‌

45,594‌

Analog

Devices

Inc

131‌

15‌

Applied

Materials

Inc

76,729‌

4,936‌

ASML

Holding

NV

-

NY

Reg

Shares

171,630‌

60,709‌

Broadcom

Inc

30,799‌

9,756‌

Entegris

Inc

11,055‌

795‌

Inphi

Corp

(d)

4,212‌

550‌

IPG

Photonics

Corp

(d)

213‌

38‌

KLA

Corp

13,693‌

2,736‌

Lam

Research

Corp

12,150‌

4,583‌

Marvell

Technology

Group

Ltd

747,164‌

27,249‌

Maxim

Integrated

Products

Inc

7,774‌

529‌

Microchip

Technology

Inc

15,531‌

1,580‌

MKS

Instruments

Inc

3,621‌

461‌

Monolithic

Power

Systems

Inc

3,836‌

1,017‌

NVIDIA

Corp

49,363‌

20,959‌

NXP

Semiconductors

NV

927,980‌

109,066‌

QUALCOMM

Inc

99,434‌

10,501‌

Teradyne

Inc

14,586‌

1,298‌

Texas

Instruments

Inc

33,012‌

4,211‌

Xilinx

Inc

21,547‌

2,313‌

$

308,896‌

Shipbuilding

-

0.00%

Huntington

Ingalls

Industries

Inc

354‌

61‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Software

-

19.04%

Activision

Blizzard

Inc

26,630‌

$

2,200‌

Adobe

Inc

(d)

311,408‌

138,365‌

Akamai

Technologies

Inc

(d)

11,618‌

1,306‌

Alteryx

Inc

(d)

4,641‌

814‌

ANSYS

Inc

(d)

7,555‌

2,347‌

Aspen

Technology

Inc

(d)

5,553‌

540‌

Atlassian

Corp

PLC

(d)

11,021‌

1,947‌

Autodesk

Inc

(d)

795,643‌

188,114‌

Bill.com

Holdings

Inc

(d)

1,415‌

132‌

Black

Knight

Inc

(d)

12,734‌

954‌

Broadridge

Financial

Solutions

Inc

10,090‌

1,355‌

Cadence

Design

Systems

Inc

(d)

24,320‌

2,657‌

CDK

Global

Inc

1,456‌

66‌

Ceridian

HCM

Holding

Inc

(d)

6,577‌

515‌

Cerner

Corp

26,839‌

1,864‌

Change

Healthcare

Inc

(d)

15,670‌

183‌

Citrix

Systems

Inc

2,955‌

422‌

Cloudflare

Inc

(d)

9,612‌

400‌

Coupa

Software

Inc

(d)

5,855‌

1,794‌

Datadog

Inc

(d)

13,443‌

1,262‌

DocuSign

Inc

(d)

16,721‌

3,626‌

Dropbox

Inc

-

A

Shares

(d)

21,635‌

492‌

Dynatrace

Inc

(d)

13,388‌

560‌

Elastic

NV

(d)

4,817‌

463‌

Electronic

Arts

Inc

(d)

1,837,981‌

260,294‌

Everbridge

Inc

(d)

3,021‌

431‌

Fair

Isaac

Corp

(d)

2,466‌

1,083‌

Fastly

Inc

(d)

6,421‌

620‌

Fidelity

National

Information

Services

Inc

341,839‌

50,014‌

Fiserv

Inc

(d)

9,249‌

923‌

Five9

Inc

(d)

5,439‌

657‌

Guidewire

Software

Inc

(d)

1,389‌

163‌

HubSpot

Inc

(d)

3,647‌

856‌

Intuit

Inc

976,799‌

299,262‌

Jack

Henry

&

Associates

Inc

5,262‌

938‌

Manhattan

Associates

Inc

(d)

4,972‌

476‌

Medallia

Inc

(d)

7,218‌

222‌

Microsoft

Corp

3,810,228‌

781,134‌

MongoDB

Inc

(d)

73,083‌

16,742‌

MSCI

Inc

7,849‌

2,951‌

New

Relic

Inc

(d)

4,437‌

315‌

Nutanix

Inc

(d)

15,707‌

349‌

Oracle

Corp

147,968‌

8,205‌

Paychex

Inc

22,363‌

1,608‌

Paycom

Software

Inc

(d)

4,343‌

1,235‌

Pegasystems

Inc

3,122‌

365‌

Pluralsight

Inc

(d)

8,266‌

175‌

PTC

Inc

(d)

9,198‌

787‌

RealPage

Inc

(d)

6,767‌

426‌

RingCentral

Inc

(d)

6,737‌

1,956‌

salesforce.com

Inc

(d)

1,293,494‌

252,038‌

ServiceNow

Inc

(d)

153,846‌

67,569‌

Slack

Technologies

Inc

(d)

547,306‌

16,173‌

Smartsheet

Inc

(d)

9,737‌

465‌

Snowflake

Inc

-

Class

B

(d),(f),(g)

10,583‌

410‌

Splunk

Inc

(d)

360,228‌

75,583‌

SS&C

Technologies

Holdings

Inc

4,138‌

238‌

Stripe

Inc

-

Class

B

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

114,126‌

1,791‌

Synopsys

Inc

(d)

170,743‌

34,015‌

Take-Two

Interactive

Software

Inc

(d)

9,169‌

1,504‌

Teradata

Corp

(d)

7,411‌

156‌

Twilio

Inc

(d)

10,136‌

2,812‌

Tyler

Technologies

Inc

(d)

3,453‌

1,234‌

Veeva

Systems

Inc

(d)

12,669‌

3,352‌

VMware

Inc

(d)

6,966‌

977‌

Workday

Inc

(d)

78,367‌

14,179‌

Zoom

Video

Communications

Inc

(d)

15,861‌

4,027‌

Zynga

Inc

(d)

64,328‌

632‌

$

2,261,720‌

Schedule

of

Investments

LargeCap

Growth

Fund

I

July

31,

2020

(unaudited)

See

accompanying

notes.

124

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Telecommunications

-

0.01%

Arista

Networks

Inc

(d)

4,253‌

$

1,105‌

CommScope

Holding

Co

Inc

(d)

1,128‌

10‌

LogMeIn

Inc

379‌

33‌

Motorola

Solutions

Inc

318‌

44‌

PagerDuty

Inc

(d)

6,036‌

184‌

Switch

Inc

7,767‌

140‌

Ubiquiti

Inc

610‌

113‌

$

1,629‌

Toys,

Games

&

Hobbies

-

0.00%

Mattel

Inc

(d)

17,957‌

200‌

Transportation

-

0.39%

CH

Robinson

Worldwide

Inc

1,832‌

172‌

Expeditors

International

of

Washington

Inc

8,971‌

758‌

JB

Hunt

Transport

Services

Inc

93,450‌

12,092‌

Landstar

System

Inc

2,728‌

332‌

Norfolk

Southern

Corp

104,025‌

19,995‌

Old

Dominion

Freight

Line

Inc

7,414‌

1,355‌

Union

Pacific

Corp

30,588‌

5,303‌

United

Parcel

Service

Inc

41,117‌

5,870‌

XPO

Logistics

Inc

(d)

427‌

32‌

$

45,909‌

TOTAL

COMMON

STOCKS

$

11,534,266‌

CONVERTIBLE

PREFERRED

STOCKS

-

0.12%

Shares

Held

Value

(000's)

Automobile

Manufacturers

-

0.04%

Waymo

LLC

Series

A-2

0.00%

(d),(f),(g)

48,770‌

$

4,188‌

Internet

-

0.08%

Airbnb

Inc

-

Series

D

0.00%

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

121,527‌

7,951‌

Airbnb

Inc

-

Series

E

0.00%

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

29,361‌

1,921‌

$

9,872‌

TOTAL

CONVERTIBLE

PREFERRED

STOCKS

$

14,060‌

PREFERRED

STOCKS

-

0.50%

Shares

Held

Value

(000's)

Automobile

Manufacturers

-

0.39%

Rivian

Automotive

Series

D

0.00%

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

1,213,721‌

18,801‌

Rivian

Automotive

Series

E

0.00%

(d),(f),(g)

1,774,321‌

27,484‌

$

46,285‌

Internet

-

0.01%

Doordash

0.00%

(d),(f),(g)

7,400‌

$

1,699‌

Software

-

0.07%

Magic

Leap

Inc

-

Series

C

0.00%

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

168,788‌

778‌

Magic

Leap

Inc

-

Series

D

0.00%

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

48,744‌

263‌

UIPATH

Inc

Series

D-1

0.00%

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

345,675‌

6,427‌

UIPATH

Inc

Series

D-2

0.00%

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

58,044‌

1,079‌

UIPATH

Inc

Series

E

0.00%

(d),(f),(g)

9,487‌

176‌

$

8,723‌

Telecommunications

-

0.03%

Aurora

Innovation

0.00%

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

327,430‌

3,026‌

TOTAL

PREFERRED

STOCKS

$

59,733‌

Total

Investments

$

11,896,724‌

Other

Assets

and

Liabilities

-  (0.14)%

(16,578‌)

TOTAL

NET

ASSETS

-

100.00%

$

11,880,146‌

(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

$3,446

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

5.00%

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)

Restricted

Security.

Please

see

Restricted

Security

sub-schedule

for

additional

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

$75,994

or

0.64%

of

net

assets.

(h)

The

value

of

these

investments

was

determined

using

significant

unobservable

inputs.

Portfolio

Summary  (unaudited)

Sector

Percent

Consumer,

Non-cyclical

28.13‌%

Technology

26.32‌%

Communications

21.99‌%

Consumer,

Cyclical

7.03‌%

Financial

6.26‌%

Industrial

5.54‌%

Basic

Materials

1.62‌%

Money

Market

Funds

1.56‌%

Investment

Companies

0.87‌%

Utilities

0.68‌%

Energy

0.14‌%

Other

Assets

and

Liabilities

(0.14‌)%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

LargeCap

Growth

Fund

I

July

31,

2020

(unaudited)

See

accompanying

notes.

125

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

99,165‌

$

3,012,948‌

$

2,930,675‌

$

181,438‌

Principal

Millennials

Index

ETF

474‌

—‌

507‌

—‌

Principal

Price

Setters

Index

ETF

159‌

—‌

163‌

—‌

Principal

Sustainable

Momentum

Index

ETF

53‌

—‌

53‌

—‌

Principal

U.S.

Mega-Cap

Multi-Factor

Index

ETF

398‌

—‌

391‌

—‌

$

100,249‌

$

3,012,948‌

$

2,931,789‌

$

181,438‌

Income

(a)

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

852‌

$

—‌

$

—‌

$

—‌

Principal

Millennials

Index

ETF

3‌

94‌

—‌

(61‌)

Principal

Price

Setters

Index

ETF

2‌

26‌

—‌

(22‌)

Principal

Sustainable

Momentum

Index

ETF

—‌

3‌

—‌

(3‌)

Principal

U.S.

Mega-Cap

Multi-Factor

Index

ETF

4‌

30‌

—‌

(37‌)

$

861‌

$

153‌

$

—‌

$

(123‌)

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Restricted

Securities

Security

Name

Acquisition

Date

Cost

Value

Percent

of

Net

Assets

Airbnb

Inc

-

Series

D  

0.00%

04/16/2014

$

4,948‌

$

7,951‌

0.07%

Airbnb

Inc

-

Series

E  

0.00%

07/14/2015

2,733‌

1,921‌

0.01%

Aurora

Innovation  

0.00%

03/01/2019

3,026‌

3,026‌

0.03%

Doordash

0.00%

06/17/2020

1,699‌

1,699‌

0.01%

Magic

Leap

Inc

-

Series

C  

0.00%

01/20/2016

3,888‌

778‌

0.01%

Magic

Leap

Inc

-

Series

D  

0.00%

10/12/2017

1,316‌

263‌

0.00%

Rivian

Automotive

Series

D  

0.00%

12/23/2019

13,040‌

18,801‌

0.16%

Rivian

Automotive

Series

E  

0.00%

07/10/2020

27,484‌

27,484‌

0.23%

Snowflake

Inc

-

Class

B

03/17/2020

410‌

410‌

0.00%

Stripe

Inc

-

Class

B

12/17/2019

1,791‌

1,791‌

0.02%

UIPATH

Inc

Series

D-1  

0.00%

04/26/2019

4,534‌

6,427‌

0.05%

UIPATH

Inc

Series

D-2  

0.00%

04/26/2019

761‌

1,079‌

0.01%

UIPATH

Inc

Series

E  

0.00%

07/09/2020

176‌

176‌

0.00%

Waymo

LLC

Series

A-2  

0.00%

05/08/2020

4,188‌

4,188‌

0.04%

Total

$

75,994‌

0.64%

Amounts

in

thousands.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

S&P

500

Emini

;

September

2020

Long

545‌

$

88,930‌

$

2,147‌

Total

$

2,147‌

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

LargeCap

S&P

500

Index

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

126

INVESTMENT

COMPANIES

-

1.88%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

0.25%

iShares

Core

S&P

500

ETF

47,300‌

$

15,506‌

Money

Market

Funds

-

1.63%

BlackRock

Liquidity

FedFund

-

Institutional

Class

0.06%

(a),(b)

2,804,349‌

2,804‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

(a),(c),(d)

97,736,926‌

97,737‌

$

100,541‌

TOTAL

INVESTMENT

COMPANIES

$

116,047‌

COMMON

STOCKS

-

97.99%

Shares

Held

Value

(000's)

Advertising

-

0.07%

Interpublic

Group

of

Cos

Inc/The

86,945‌

$

1,570‌

Omnicom

Group

Inc

47,819‌

2,569‌

$

4,139‌

Aerospace

&

Defense

-

1.52%

Boeing

Co/The

119,637‌

18,903‌

General

Dynamics

Corp

51,854‌

7,609‌

Howmet

Aerospace

Inc

85,642‌

1,266‌

L3Harris

Technologies

Inc

48,173‌

8,109‌

Lockheed

Martin

Corp

55,072‌

20,871‌

Northrop

Grumman

Corp

34,598‌

11,245‌

Raytheon

Technologies

Corp

328,217‌

18,603‌

Teledyne

Technologies

Inc

(d)

8,183‌

2,510‌

TransDigm

Group

Inc

11,223‌

4,843‌

$

93,959‌

Agriculture

-

0.80%

Altria

Group

Inc

414,710‌

17,065‌

Archer-Daniels-Midland

Co

123,963‌

5,309‌

Philip

Morris

International

Inc

347,487‌

26,691‌

$

49,065‌

Airlines

-

0.18%

Alaska

Air

Group

Inc

27,356‌

942‌

American

Airlines

Group

Inc

(e)

110,909‌

1,233‌

Delta

Air

Lines

Inc

126,679‌

3,163‌

Southwest

Airlines

Co

119,689‌

3,697‌

United

Airlines

Holdings

Inc

(d)

56,386‌

1,770‌

$

10,805‌

Apparel

-

0.58%

Hanesbrands

Inc

77,667‌

1,098‌

NIKE

Inc

276,720‌

27,011‌

PVH

Corp

15,830‌

770‌

Ralph

Lauren

Corp

10,661‌

760‌

Tapestry

Inc

61,614‌

823‌

Under

Armour

Inc

-

Class

A

(d)

42,054‌

442‌

Under

Armour

Inc

-

Class

C

(d)

43,852‌

416‌

VF

Corp

71,156‌

4,295‌

$

35,615‌

Automobile

Manufacturers

-

0.42%

Cummins

Inc

32,921‌

6,362‌

Ford

Motor

Co

871,697‌

5,762‌

General

Motors

Co

281,034‌

6,995‌

PACCAR

Inc

77,152‌

6,564‌

$

25,683‌

Automobile

Parts

&

Equipment

-

0.10%

Aptiv

PLC

59,818‌

4,651‌

BorgWarner

Inc

46,263‌

1,693‌

$

6,344‌

Banks

-

4.09%

Bank

of

America

Corp

1,742,430‌

43,352‌

Bank

of

New

York

Mellon

Corp/The

179,810‌

6,446‌

Citigroup

Inc

464,572‌

23,233‌

Citizens

Financial

Group

Inc

95,204‌

2,362‌

Comerica

Inc

31,027‌

1,195‌

Fifth

Third

Bancorp

158,869‌

3,155‌

First

Republic

Bank/CA

38,265‌

4,304‌

Goldman

Sachs

Group

Inc/The

69,067‌

13,673‌

Huntington

Bancshares

Inc/OH

226,330‌

2,098‌

JPMorgan

Chase

&

Co

679,968‌

65,712‌

KeyCorp

217,670‌

2,614‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Banks

(continued)

M&T

Bank

Corp

28,625‌

$

3,033‌

Morgan

Stanley

267,232‌

13,062‌

Northern

Trust

Corp

46,429‌

3,638‌

PNC

Financial

Services

Group

Inc/The

94,677‌

10,099‌

Regions

Financial

Corp

213,562‌

2,319‌

State

Street

Corp

78,542‌

5,010‌

SVB

Financial

Group

(d)

11,495‌

2,578‌

Truist

Financial

Corp

300,698‌

11,264‌

US

Bancorp

305,888‌

11,269‌

Wells

Fargo

&

Co

832,603‌

20,199‌

Zions

Bancorp

NA

36,567‌

1,188‌

$

251,803‌

Beverages

-

1.64%

Brown-Forman

Corp

-

B

Shares

40,697‌

2,822‌

Coca-Cola

Co/The

862,596‌

40,749‌

Constellation

Brands

Inc

37,480‌

6,679‌

Molson

Coors

Beverage

Co

41,966‌

1,575‌

Monster

Beverage

Corp

(d)

83,428‌

6,547‌

PepsiCo

Inc

309,632‌

42,624‌

$

100,996‌

Biotechnology

-

1.95%

Alexion

Pharmaceuticals

Inc

(d)

49,279‌

5,051‌

Amgen

Inc

131,273‌

32,118‌

Biogen

Inc

(d)

36,418‌

10,004‌

Bio-Rad

Laboratories

Inc

(d)

4,771‌

2,504‌

Corteva

Inc

167,004‌

4,770‌

Gilead

Sciences

Inc

279,840‌

19,457‌

Illumina

Inc

(d)

32,805‌

12,537‌

Incyte

Corp

(d)

40,262‌

3,976‌

Regeneron

Pharmaceuticals

Inc

(d)

22,511‌

14,228‌

Vertex

Pharmaceuticals

Inc

(d)

57,860‌

15,738‌

$

120,383‌

Building

Materials

-

0.38%

Carrier

Global

Corp

181,693‌

4,949‌

Fortune

Brands

Home

&

Security

Inc

31,177‌

2,385‌

Johnson

Controls

International

plc

165,999‌

6,388‌

Martin

Marietta

Materials

Inc

13,890‌

2,878‌

Masco

Corp

58,859‌

3,364‌

Vulcan

Materials

Co

29,554‌

3,470‌

$

23,434‌

Chemicals

-

1.71%

Air

Products

and

Chemicals

Inc

49,287‌

14,127‌

Albemarle

Corp

23,726‌

1,956‌

Celanese

Corp

26,384‌

2,565‌

CF

Industries

Holdings

Inc

47,711‌

1,495‌

Dow

Inc

165,300‌

6,787‌

DuPont

de

Nemours

Inc

163,753‌

8,758‌

Eastman

Chemical

Co

30,326‌

2,263‌

Ecolab

Inc

55,185‌

10,324‌

FMC

Corp

28,888‌

3,064‌

International

Flavors

&

Fragrances

Inc

23,845‌

3,003‌

Linde

PLC

117,200‌

28,727‌

LyondellBasell

Industries

NV

57,342‌

3,585‌

Mosaic

Co/The

77,815‌

1,048‌

PPG

Industries

Inc

52,648‌

5,668‌

Sherwin-Williams

Co/The

18,035‌

11,685‌

$

105,055‌

Commercial

Services

-

2.42%

Automatic

Data

Processing

Inc

95,908‌

12,747‌

Cintas

Corp

18,809‌

5,678‌

Equifax

Inc

27,088‌

4,403‌

FleetCor

Technologies

Inc

(d)

18,702‌

4,836‌

Gartner

Inc

(d)

19,900‌

2,480‌

Global

Payments

Inc

66,748‌

11,882‌

H&R

Block

Inc

42,952‌

623‌

IHS

Markit

Ltd

89,022‌

7,187‌

MarketAxess

Holdings

Inc

8,461‌

4,372‌

Moody's

Corp

35,985‌

10,123‌

Nielsen

Holdings

PLC

79,550‌

1,148‌

Schedule

of

Investments

LargeCap

S&P

500

Index

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

127

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Commercial

Services

(continued)

PayPal

Holdings

Inc

(d)

262,024‌

$

51,375‌

Quanta

Services

Inc

30,717‌

1,228‌

Robert

Half

International

Inc

25,575‌

1,301‌

Rollins

Inc

31,451‌

1,648‌

S&P

Global

Inc

53,760‌

18,829‌

United

Rentals

Inc

(d)

16,078‌

2,498‌

Verisk

Analytics

Inc

36,210‌

6,833‌

$

149,191‌

Computers

-

7.71%

Accenture

PLC

-

Class

A

142,158‌

31,954‌

Apple

Inc

909,209‌

386,450‌

Cognizant

Technology

Solutions

Corp

120,635‌

8,242‌

DXC

Technology

Co

56,627‌

1,014‌

Fortinet

Inc

(d)

29,941‌

4,141‌

Hewlett

Packard

Enterprise

Co

286,703‌

2,830‌

HP

Inc

319,107‌

5,610‌

International

Business

Machines

Corp

198,140‌

24,359‌

Leidos

Holdings

Inc

29,796‌

2,835‌

NetApp

Inc

49,358‌

2,187‌

Seagate

Technology

PLC

50,395‌

2,279‌

Western

Digital

Corp

66,881‌

2,883‌

$

474,784‌

Consumer

Products

-

0.41%

Avery

Dennison

Corp

18,588‌

2,107‌

Church

&

Dwight

Co

Inc

54,873‌

5,286‌

Clorox

Co/The

27,917‌

6,603‌

Kimberly-Clark

Corp

75,996‌

11,554‌

$

25,550‌

Cosmetics

&

Personal

Care

-

1.58%

Colgate-Palmolive

Co

191,141‌

14,756‌

Coty

Inc

66,410‌

246‌

Estee

Lauder

Cos

Inc/The

50,158‌

9,908‌

Procter

&

Gamble

Co/The

552,460‌

72,439‌

$

97,349‌

Distribution

&

Wholesale

-

0.25%

Copart

Inc

(d)

46,106‌

4,300‌

Fastenal

Co

127,829‌

6,013‌

LKQ

Corp

(d)

67,833‌

1,912‌

WW

Grainger

Inc

9,666‌

3,301‌

$

15,526‌

Diversified

Financial

Services

-

3.82%

American

Express

Co

147,301‌

13,746‌

Ameriprise

Financial

Inc

27,300‌

4,194‌

BlackRock

Inc

34,426‌

19,795‌

Capital

One

Financial

Corp

101,607‌

6,483‌

Cboe

Global

Markets

Inc

24,485‌

2,147‌

Charles

Schwab

Corp/The

255,694‌

8,476‌

CME

Group

Inc

80,021‌

13,298‌

Discover

Financial

Services

68,354‌

3,379‌

Franklin

Resources

Inc

61,898‌

1,303‌

Intercontinental

Exchange

Inc

122,117‌

11,819‌

Invesco

Ltd

83,972‌

843‌

Mastercard

Inc

197,229‌

60,851‌

Nasdaq

Inc

25,630‌

3,366‌

Raymond

James

Financial

Inc

27,216‌

1,891‌

Synchrony

Financial

119,839‌

2,652‌

T

Rowe

Price

Group

Inc

50,779‌

7,013‌

Visa

Inc

376,493‌

71,684‌

Western

Union

Co/The

91,697‌

2,226‌

$

235,166‌

Electric

-

2.89%

AES

Corp/The

148,379‌

2,260‌

Alliant

Energy

Corp

55,679‌

2,998‌

Ameren

Corp

55,096‌

4,421‌

American

Electric

Power

Co

Inc

110,594‌

9,608‌

CenterPoint

Energy

Inc

121,553‌

2,311‌

CMS

Energy

Corp

63,872‌

4,099‌

Consolidated

Edison

Inc

74,558‌

5,728‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Electric

(continued)

Dominion

Energy

Inc

187,285‌

$

15,176‌

DTE

Energy

Co

42,983‌

4,970‌

Duke

Energy

Corp

163,989‌

13,896‌

Edison

International

84,340‌

4,695‌

Entergy

Corp

44,668‌

4,696‌

Evergy

Inc

50,599‌

3,280‌

Eversource

Energy

75,080‌

6,762‌

Exelon

Corp

217,447‌

8,396‌

FirstEnergy

Corp

120,897‌

3,506‌

NextEra

Energy

Inc

109,226‌

30,660‌

NRG

Energy

Inc

54,470‌

1,842‌

Pinnacle

West

Capital

Corp

25,104‌

2,086‌

PPL

Corp

171,556‌

4,567‌

Public

Service

Enterprise

Group

Inc

112,835‌

6,312‌

Sempra

Energy

65,281‌

8,125‌

Southern

Co/The

235,645‌

12,869‌

WEC

Energy

Group

Inc

70,392‌

6,706‌

Xcel

Energy

Inc

117,165‌

8,089‌

$

178,058‌

Electrical

Components

&

Equipment

-

0.21%

AMETEK

Inc

51,200‌

4,774‌

Emerson

Electric

Co

133,331‌

8,268‌

$

13,042‌

Electronics

-

1.30%

Agilent

Technologies

Inc

68,906‌

6,638‌

Allegion

plc

20,580‌

2,047‌

Amphenol

Corp

66,031‌

6,984‌

FLIR

Systems

Inc

29,199‌

1,216‌

Fortive

Corp

66,151‌

4,643‌

Garmin

Ltd

32,397‌

3,194‌

Honeywell

International

Inc

156,623‌

23,395‌

Keysight

Technologies

Inc

(d)

41,739‌

4,169‌

Mettler-Toledo

International

Inc

(d)

5,336‌

4,989‌

PerkinElmer

Inc

24,857‌

2,956‌

Roper

Technologies

Inc

23,298‌

10,075‌

TE

Connectivity

Ltd

73,608‌

6,556‌

Waters

Corp

(d)

13,816‌

2,945‌

$

79,807‌

Engineering

&

Construction

-

0.04%

Jacobs

Engineering

Group

Inc

29,033‌

2,478‌

Entertainment

-

0.02%

Live

Nation

Entertainment

Inc

(d)

31,704‌

1,484‌

Environmental

Control

-

0.25%

Pentair

PLC

36,983‌

1,585‌

Republic

Services

Inc

46,882‌

4,090‌

Waste

Management

Inc

86,644‌

9,496‌

$

15,171‌

Food

-

1.22%

Campbell

Soup

Co

37,761‌

1,872‌

Conagra

Brands

Inc

108,695‌

4,070‌

General

Mills

Inc

135,265‌

8,558‌

Hershey

Co/The

32,893‌

4,783‌

Hormel

Foods

Corp

62,541‌

3,181‌

J

M

Smucker

Co/The

25,449‌

2,783‌

Kellogg

Co

55,822‌

3,851‌

Kraft

Heinz

Co/The

139,057‌

4,781‌

Kroger

Co/The

175,444‌

6,104‌

Lamb

Weston

Holdings

Inc

32,590‌

1,958‌

McCormick

&

Co

Inc/MD

27,592‌

5,378‌

Mondelez

International

Inc

318,550‌

17,676‌

Sysco

Corp

113,280‌

5,987‌

Tyson

Foods

Inc

65,678‌

4,036‌

$

75,018‌

Forest

Products

&

Paper

-

0.05%

International

Paper

Co

87,710‌

3,051‌

Schedule

of

Investments

LargeCap

S&P

500

Index

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

128

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Gas

-

0.08%

Atmos

Energy

Corp

27,295‌

$

2,893‌

NiSource

Inc

85,424‌

2,089‌

$

4,982‌

Hand

&

Machine

Tools

-

0.11%

Snap-on

Inc

12,129‌

1,769‌

Stanley

Black

&

Decker

Inc

34,394‌

5,274‌

$

7,043‌

Healthcare

-

Products

-

4.09%

Abbott

Laboratories

394,732‌

39,726‌

ABIOMED

Inc

(d)

10,033‌

3,009‌

Align

Technology

Inc

(d)

15,996‌

4,700‌

Baxter

International

Inc

113,551‌

9,808‌

Boston

Scientific

Corp

(d)

318,824‌

12,297‌

Cooper

Cos

Inc/The

10,966‌

3,103‌

Danaher

Corp

140,422‌

28,618‌

DENTSPLY

SIRONA

Inc

48,889‌

2,180‌

Edwards

Lifesciences

Corp

(d)

138,284‌

10,843‌

Henry

Schein

Inc

(d)

31,857‌

2,189‌

Hologic

Inc

(d)

57,621‌

4,021‌

IDEXX

Laboratories

Inc

(d)

18,954‌

7,539‌

Intuitive

Surgical

Inc

(d)

26,025‌

17,839‌

Medtronic

PLC

299,272‌

28,874‌

ResMed

Inc

32,283‌

6,538‌

STERIS

PLC

18,957‌

3,026‌

Stryker

Corp

71,936‌

13,905‌

Teleflex

Inc

10,361‌

3,866‌

Thermo

Fisher

Scientific

Inc

88,138‌

36,485‌

Varian

Medical

Systems

Inc

(d)

20,266‌

2,892‌

West

Pharmaceutical

Services

Inc

16,426‌

4,416‌

Zimmer

Biomet

Holdings

Inc

46,150‌

6,224‌

$

252,098‌

Healthcare

-

Services

-

2.02%

Anthem

Inc

56,262‌

15,404‌

Centene

Corp

(d)

129,237‌

8,433‌

DaVita

Inc

(d)

19,027‌

1,663‌

HCA

Healthcare

Inc

58,767‌

7,442‌

Humana

Inc

29,504‌

11,579‌

IQVIA

Holdings

Inc

(d)

39,632‌

6,277‌

Laboratory

Corp

of

America

Holdings

(d)

21,691‌

4,185‌

Quest

Diagnostics

Inc

29,844‌

3,792‌

UnitedHealth

Group

Inc

211,639‌

64,080‌

Universal

Health

Services

Inc

17,333‌

1,905‌

$

124,760‌

Home

Builders

-

0.24%

DR

Horton

Inc

73,825‌

4,884‌

Lennar

Corp

-

A

Shares

61,284‌

4,434‌

NVR

Inc

(d)

772‌

3,034‌

PulteGroup

Inc

56,250‌

2,453‌

$

14,805‌

Home

Furnishings

-

0.06%

Leggett

&

Platt

Inc

29,524‌

1,183‌

Whirlpool

Corp

13,872‌

2,263‌

$

3,446‌

Housewares

-

0.02%

Newell

Brands

Inc

85,177‌

1,397‌

Insurance

-

3.26%

Aflac

Inc

160,118‌

5,695‌

Allstate

Corp/The

70,098‌

6,617‌

American

International

Group

Inc

192,204‌

6,177‌

Aon

PLC

51,569‌

10,583‌

Arthur

J

Gallagher

&

Co

42,315‌

4,548‌

Assurant

Inc

13,312‌

1,431‌

Berkshire

Hathaway

Inc

-

Class

B

(d)

433,826‌

84,934‌

Chubb

Ltd

100,724‌

12,816‌

Cincinnati

Financial

Corp

33,672‌

2,624‌

Everest

Re

Group

Ltd

8,924‌

1,952‌

Globe

Life

Inc

21,852‌

1,739‌

Hartford

Financial

Services

Group

Inc/The

79,908‌

3,382‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Insurance

(continued)

Lincoln

National

Corp

43,119‌

$

1,607‌

Loews

Corp

54,011‌

1,967‌

Marsh

&

McLennan

Cos

Inc

113,860‌

13,276‌

MetLife

Inc

172,155‌

6,516‌

Principal

Financial

Group

Inc

56,837‌

2,412‌

Progressive

Corp/The

130,614‌

11,800‌

Prudential

Financial

Inc

88,148‌

5,586‌

Travelers

Cos

Inc/The

56,422‌

6,456‌

Unum

Group

45,395‌

782‌

W

R

Berkley

Corp

31,509‌

1,946‌

Willis

Towers

Watson

PLC

28,728‌

6,033‌

$

200,879‌

Internet

-

11.75%

Alphabet

Inc

-

A

Shares

(d)

66,960‌

99,633‌

Alphabet

Inc

-

C

Shares

(d)

65,266‌

96,787‌

Amazon.com

Inc

(d)

93,498‌

295,891‌

Booking

Holdings

Inc

(d)

9,135‌

15,184‌

CDW

Corp/DE

31,760‌

3,692‌

E*TRADE

Financial

Corp

49,328‌

2,504‌

eBay

Inc

147,400‌

8,148‌

Expedia

Group

Inc

30,229‌

2,449‌

F5

Networks

Inc

(d)

13,589‌

1,847‌

Facebook

Inc

(d)

536,596‌

136,118‌

Netflix

Inc

(d)

98,147‌

47,982‌

NortonLifeLock

Inc

120,931‌

2,594‌

Twitter

Inc

(d)

175,096‌

6,374‌

VeriSign

Inc

(d)

22,690‌

4,803‌

$

724,006‌

Iron

&

Steel

-

0.05%

Nucor

Corp

67,201‌

2,819‌

Leisure

Products

&

Services

-

0.07%

Carnival

Corp

(e)

105,723‌

1,468‌

Norwegian

Cruise

Line

Holdings

Ltd

(d)

60,923‌

831‌

Royal

Caribbean

Cruises

Ltd

38,315‌

1,866‌

$

4,165‌

Lodging

-

0.26%

Hilton

Worldwide

Holdings

Inc

61,873‌

4,644‌

Las

Vegas

Sands

Corp

74,991‌

3,273‌

Marriott

International

Inc/MD

60,059‌

5,034‌

MGM

Resorts

International

110,066‌

1,771‌

Wynn

Resorts

Ltd

21,665‌

1,569‌

$

16,291‌

Machinery

-

Construction

&

Mining

-

0.26%

Caterpillar

Inc

120,782‌

16,050‌

Machinery

-

Diversified

-

0.62%

Deere

&

Co

69,817‌

12,310‌

Dover

Corp

32,123‌

3,306‌

Flowserve

Corp

29,038‌

809‌

IDEX

Corp

16,825‌

2,773‌

Ingersoll

Rand

Inc

(d)

77,162‌

2,438‌

Otis

Worldwide

Corp

90,846‌

5,700‌

Rockwell

Automation

Inc

25,847‌

5,638‌

Westinghouse

Air

Brake

Technologies

Corp

40,341‌

2,509‌

Xylem

Inc/NY

40,149‌

2,930‌

$

38,413‌

Media

-

1.97%

Charter

Communications

Inc

(d)

33,634‌

19,508‌

Comcast

Corp

-

Class

A

1,016,421‌

43,503‌

Discovery

Inc

-

A

Shares

(d)

35,710‌

753‌

Discovery

Inc

-

C

Shares

(d)

70,597‌

1,338‌

DISH

Network

Corp

(d)

57,385‌

1,843‌

Fox

Corp

-

A

Shares

76,464‌

1,970‌

Fox

Corp

-

B

Shares

35,539‌

916‌

News

Corp

-

A

Shares

86,777‌

1,104‌

News

Corp

-

B

Shares

27,174‌

347‌

ViacomCBS

Inc

120,635‌

3,145‌

Walt

Disney

Co/The

403,083‌

47,136‌

$

121,563‌

Schedule

of

Investments

LargeCap

S&P

500

Index

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

129

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Mining

-

0.27%

Freeport-McMoRan

Inc

324,020‌

$

4,186‌

Newmont

Corp

179,104‌

12,394‌

$

16,580‌

Miscellaneous

Manufacturers

-

1.07%

3M

Co

128,360‌

19,314‌

A

O

Smith

Corp

30,148‌

1,451‌

Eaton

Corp

PLC

89,263‌

8,313‌

General

Electric

Co

1,951,984‌

11,849‌

Illinois

Tool

Works

Inc

64,158‌

11,869‌

Parker-Hannifin

Corp

28,645‌

5,125‌

Textron

Inc

50,801‌

1,775‌

Trane

Technologies

PLC

53,382‌

5,972‌

$

65,668‌

Office

&

Business

Equipment

-

0.06%

Xerox

Holdings

Corp

40,866‌

680‌

Zebra

Technologies

Corp

(d)

11,849‌

3,327‌

$

4,007‌

Oil

&

Gas

-

2.06%

Apache

Corp

84,226‌

1,293‌

Cabot

Oil

&

Gas

Corp

88,945‌

1,663‌

Chevron

Corp

416,632‌

34,972‌

Concho

Resources

Inc

43,895‌

2,306‌

ConocoPhillips

239,321‌

8,948‌

Devon

Energy

Corp

85,403‌

896‌

Diamondback

Energy

Inc

35,218‌

1,404‌

EOG

Resources

Inc

129,888‌

6,085‌

Exxon

Mobil

Corp

943,560‌

39,705‌

Hess

Corp

58,260‌

2,867‌

HollyFrontier

Corp

33,236‌

914‌

Marathon

Oil

Corp

176,364‌

968‌

Marathon

Petroleum

Corp

145,111‌

5,543‌

Noble

Energy

Inc

107,049‌

1,070‌

Occidental

Petroleum

Corp

200,847‌

3,161‌

Occidental

Petroleum

Corp

-

Warrants

(d)

25,875‌

145‌

Phillips

66

97,448‌

6,044‌

Pioneer

Natural

Resources

Co

36,791‌

3,566‌

Valero

Energy

Corp

90,981‌

5,116‌

$

126,666‌

Oil

&

Gas

Services

-

0.20%

Baker

Hughes

Co

146,177‌

2,264‌

Halliburton

Co

195,772‌

2,806‌

National

Oilwell

Varco

Inc

86,635‌

997‌

Schlumberger

Ltd

309,702‌

5,618‌

TechnipFMC

PLC

93,859‌

754‌

$

12,439‌

Packaging

&

Containers

-

0.22%

Amcor

PLC

351,348‌

3,619‌

Ball

Corp

72,750‌

5,357‌

Packaging

Corp

of

America

21,165‌

2,034‌

Sealed

Air

Corp

34,736‌

1,239‌

Westrock

Co

57,854‌

1,554‌

$

13,803‌

Pharmaceuticals

-

5.94%

AbbVie

Inc

393,281‌

37,326‌

AmerisourceBergen

Corp

33,135‌

3,320‌

Becton

Dickinson

and

Co

65,805‌

18,513‌

Bristol-Myers

Squibb

Co

504,938‌

29,620‌

Cardinal

Health

Inc

65,159‌

3,559‌

Cigna

Corp

82,342‌

14,220‌

CVS

Health

Corp

291,689‌

18,359‌

DexCom

Inc

(d)

20,599‌

8,972‌

Eli

Lilly

and

Co

187,942‌

28,246‌

Johnson

&

Johnson

587,931‌

85,697‌

McKesson

Corp

36,119‌

5,423‌

Merck

&

Co

Inc

563,274‌

45,197‌

Mylan

NV

(d)

115,361‌

1,858‌

Perrigo

Co

PLC

30,420‌

1,613‌

Pfizer

Inc

1,239,606‌

47,700‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Pharmaceuticals

(continued)

Zoetis

Inc

105,987‌

$

16,076‌

$

365,699‌

Pipelines

-

0.23%

Kinder

Morgan

Inc

434,015‌

6,120‌

ONEOK

Inc

98,168‌

2,740‌

Williams

Cos

Inc/The

270,735‌

5,179‌

$

14,039‌

Real

Estate

-

0.05%

CBRE

Group

Inc

(d)

74,795‌

3,277‌

REITs

-

2.69%

Alexandria

Real

Estate

Equities

Inc

28,161‌

5,000‌

American

Tower

Corp

98,929‌

25,859‌

Apartment

Investment

and

Management

Co

33,221‌

1,290‌

AvalonBay

Communities

Inc

31,405‌

4,809‌

Boston

Properties

Inc

32,245‌

2,873‌

Crown

Castle

International

Corp

93,001‌

15,503‌

Digital

Realty

Trust

Inc

59,876‌

9,613‌

Duke

Realty

Corp

82,208‌

3,304‌

Equinix

Inc

19,754‌

15,516‌

Equity

Residential

78,061‌

4,186‌

Essex

Property

Trust

Inc

14,599‌

3,223‌

Extra

Space

Storage

Inc

28,807‌

2,977‌

Federal

Realty

Investment

Trust

15,696‌

1,198‌

Healthpeak

Properties

Inc

120,119‌

3,278‌

Host

Hotels

&

Resorts

Inc

157,316‌

1,696‌

Iron

Mountain

Inc

64,243‌

1,811‌

Kimco

Realty

Corp

96,521‌

1,076‌

Mid-America

Apartment

Communities

Inc

25,518‌

3,041‌

Prologis

Inc

164,820‌

17,375‌

Public

Storage

33,546‌

6,705‌

Realty

Income

Corp

76,636‌

4,602‌

Regency

Centers

Corp

37,854‌

1,553‌

SBA

Communications

Corp

24,911‌

7,761‌

Simon

Property

Group

Inc

68,230‌

4,254‌

SL

Green

Realty

Corp

17,081‌

794‌

UDR

Inc

65,806‌

2,382‌

Ventas

Inc

83,254‌

3,194‌

Vornado

Realty

Trust

35,397‌

1,222‌

Welltower

Inc

93,164‌

4,990‌

Weyerhaeuser

Co

166,522‌

4,631‌

$

165,716‌

Retail

-

5.35%

Advance

Auto

Parts

Inc

15,421‌

2,315‌

AutoZone

Inc

(d)

5,211‌

6,292‌

Best

Buy

Co

Inc

50,726‌

5,052‌

CarMax

Inc

(d)

36,318‌

3,522‌

Chipotle

Mexican

Grill

Inc

(d)

5,727‌

6,616‌

Costco

Wholesale

Corp

98,531‌

32,075‌

Darden

Restaurants

Inc

28,983‌

2,200‌

Dollar

General

Corp

56,174‌

10,696‌

Dollar

Tree

Inc

(d)

52,941‌

4,942‌

Domino's

Pizza

Inc

8,731‌

3,375‌

Gap

Inc/The

47,506‌

635‌

Genuine

Parts

Co

32,193‌

2,902‌

Home

Depot

Inc/The

240,013‌

63,721‌

Kohl's

Corp

35,201‌

670‌

L

Brands

Inc

52,080‌

1,271‌

Lowe's

Cos

Inc

168,485‌

25,089‌

McDonald's

Corp

165,931‌

32,237‌

O'Reilly

Automotive

Inc

(d)

16,565‌

7,908‌

Ross

Stores

Inc

79,307‌

7,111‌

Starbucks

Corp

260,671‌

19,949‌

Target

Corp

111,582‌

14,046‌

Tiffany

&

Co

24,371‌

3,055‌

TJX

Cos

Inc/The

267,316‌

13,898‌

Tractor

Supply

Co

25,804‌

3,683‌

Ulta

Beauty

Inc

(d)

12,566‌

2,425‌

Walgreens

Boots

Alliance

Inc

164,437‌

6,694‌

Walmart

Inc

315,987‌

40,889‌

Schedule

of

Investments

LargeCap

S&P

500

Index

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

130

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Retail

(continued)

Yum!

Brands

Inc

67,167‌

$

6,116‌

$

329,384‌

Savings

&

Loans

-

0.02%

People's

United

Financial

Inc

94,766‌

1,023‌

Semiconductors

-

4.61%

Advanced

Micro

Devices

Inc

(d)

261,361‌

20,237‌

Analog

Devices

Inc

82,218‌

9,443‌

Applied

Materials

Inc

204,520‌

13,157‌

Broadcom

Inc

89,218‌

28,260‌

Intel

Corp

944,851‌

45,098‌

IPG

Photonics

Corp

(d)

7,928‌

1,419‌

KLA

Corp

34,600‌

6,914‌

Lam

Research

Corp

32,395‌

12,218‌

Maxim

Integrated

Products

Inc

59,500‌

4,051‌

Microchip

Technology

Inc

54,748‌

5,570‌

Micron

Technology

Inc

(d)

248,193‌

12,423‌

NVIDIA

Corp

137,273‌

58,285‌

Qorvo

Inc

(d)

25,604‌

3,281‌

QUALCOMM

Inc

251,037‌

26,512‌

Skyworks

Solutions

Inc

37,231‌

5,420‌

Texas

Instruments

Inc

204,809‌

26,123‌

Xilinx

Inc

54,264‌

5,825‌

$

284,236‌

Shipbuilding

-

0.03%

Huntington

Ingalls

Industries

Inc

9,032‌

1,569‌

Software

-

10.14%

Activision

Blizzard

Inc

171,940‌

14,207‌

Adobe

Inc

(d)

107,519‌

47,773‌

Akamai

Technologies

Inc

(d)

36,213‌

4,072‌

ANSYS

Inc

(d)

19,173‌

5,955‌

Autodesk

Inc

(d)

48,916‌

11,565‌

Broadridge

Financial

Solutions

Inc

25,623‌

3,442‌

Cadence

Design

Systems

Inc

(d)

62,303‌

6,807‌

Cerner

Corp

67,918‌

4,717‌

Citrix

Systems

Inc

25,896‌

3,697‌

Electronic

Arts

Inc

(d)

64,423‌

9,124‌

Fidelity

National

Information

Services

Inc

137,875‌

20,172‌

Fiserv

Inc

(d)

125,497‌

12,523‌

Intuit

Inc

58,194‌

17,829‌

Jack

Henry

&

Associates

Inc

17,097‌

3,048‌

Microsoft

Corp

1,692,307‌

346,940‌

MSCI

Inc

18,973‌

7,133‌

Oracle

Corp

464,474‌

25,755‌

Paychex

Inc

71,245‌

5,124‌

Paycom

Software

Inc

(d)

10,767‌

3,062‌

salesforce.com

Inc

(d)

201,065‌

39,178‌

ServiceNow

Inc

(d)

42,558‌

18,691‌

Synopsys

Inc

(d)

33,650‌

6,704‌

Take-Two

Interactive

Software

Inc

(d)

25,427‌

4,171‌

Tyler

Technologies

Inc

(d)

8,874‌

3,170‌

$

624,859‌

Telecommunications

-

2.86%

Arista

Networks

Inc

(d)

11,994‌

3,115‌

AT&T

Inc

1,590,002‌

47,032‌

CenturyLink

Inc

220,424‌

2,127‌

Cisco

Systems

Inc

946,387‌

44,575‌

Corning

Inc

169,377‌

5,251‌

Juniper

Networks

Inc

73,944‌

1,877‌

Motorola

Solutions

Inc

37,952‌

5,306‌

T-Mobile

US

Inc

(d)

129,929‌

13,952‌

Verizon

Communications

Inc

923,427‌

53,078‌

$

176,313‌

Textiles

-

0.02%

Mohawk

Industries

Inc

(d)

13,275‌

1,060‌

Toys,

Games

&

Hobbies

-

0.03%

Hasbro

Inc

28,435‌

2,069‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Transportation

-

1.57%

CH

Robinson

Worldwide

Inc

30,040‌

$

2,815‌

CSX

Corp

170,820‌

12,186‌

Expeditors

International

of

Washington

Inc

37,139‌

3,139‌

FedEx

Corp

53,636‌

9,032‌

JB

Hunt

Transport

Services

Inc

18,827‌

2,436‌

Kansas

City

Southern

21,204‌

3,644‌

Norfolk

Southern

Corp

57,168‌

10,988‌

Old

Dominion

Freight

Line

Inc

21,056‌

3,850‌

Union

Pacific

Corp

151,428‌

26,250‌

United

Parcel

Service

Inc

157,129‌

22,432‌

$

96,772‌

Water

-

0.10%

American

Water

Works

Co

Inc

40,397‌

5,949‌

TOTAL

COMMON

STOCKS

$

6,036,801‌

Total

Investments

$

6,152,848‌

Other

Assets

and

Liabilities

-  0.13%

8,109‌

TOTAL

NET

ASSETS

-

100.00%

$

6,160,957‌

(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

$2,804

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

5.00%

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

Technology

22.52‌%

Consumer,

Non-cyclical

22.07‌%

Communications

16.65‌%

Financial

13.93‌%

Consumer,

Cyclical

7.60‌%

Industrial

7.58‌%

Utilities

3.07‌%

Energy

2.49‌%

Basic

Materials

2.08‌%

Money

Market

Funds

1.63‌%

Investment

Companies

0.25‌%

Other

Assets

and

Liabilities

0.13‌%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

LargeCap

S&P

500

Index

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

131

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

20,673‌

$

1,239,099‌

$

1,162,035‌

$

97,737‌

$

20,673‌

$

1,239,099‌

$

1,162,035‌

$

97,737‌

Income

(a)

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

509‌

$

—‌

$

—‌

$

—‌

$

509‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

S&P

500

Emini;

September

2020

Long

653‌

$

106,553‌

$

2,528‌

Total

$

2,528‌

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

LargeCap

Value

Fund

III

July

31,

2020

(unaudited)

See

accompanying

notes.

132

INVESTMENT

COMPANIES

-

2.91%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

0.18%

iShares

Russell

1000

Value

ETF

28,591‌

$

3,349‌

Money

Market

Funds

-

2.73%

BlackRock

Liquidity

FedFund

-

Institutional

Class

0.06%

(a),(b)

554,863‌

555‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

(a),(c),(d)

51,656,120‌

51,656‌

$

52,211‌

TOTAL

INVESTMENT

COMPANIES

$

55,560‌

COMMON

STOCKS

-

97.10%

Shares

Held

Value

(000's)

Advertising

-

0.02%

Interpublic

Group

of

Cos

Inc

/The

8,110‌

$

146‌

Omnicom

Group

Inc

4,437‌

239‌

$

385‌

Aerospace

&

Defense

-

2.30%

Boeing

Co/The

11,168‌

1,764‌

General

Dynamics

Corp

66,956‌

9,825‌

HEICO

Corp

194‌

19‌

HEICO

Corp

-

Class

A

338‌

26‌

Hexcel

Corp

1,737‌

65‌

Howmet

Aerospace

Inc

8,238‌

122‌

L3Harris

Technologies

Inc

78,698‌

13,247‌

Mercury

Systems

Inc

(d)

225‌

17‌

Northrop

Grumman

Corp

263‌

85‌

Raytheon

Technologies

Corp

319,655‌

18,118‌

Spirit

AeroSystems

Holdings

Inc

2,185‌

43‌

Teledyne

Technologies

Inc

(d)

757‌

232‌

TransDigm

Group

Inc

847‌

366‌

$

43,929‌

Agriculture

-

0.21%

Altria

Group

Inc

21,936‌

903‌

Archer-Daniels-Midland

Co

11,570‌

495‌

Bunge

Ltd

2,881‌

125‌

Philip

Morris

International

Inc

32,546‌

2,500‌

$

4,023‌

Airlines

-

0.06%

Alaska

Air

Group

Inc

2,501‌

86‌

American

Airlines

Group

Inc

(e)

10,309‌

115‌

Copa

Holdings

SA

698‌

29‌

Delta

Air

Lines

Inc

13,312‌

332‌

JetBlue

Airways

Corp

(d)

5,615‌

58‌

Southwest

Airlines

Co

12,306‌

380‌

United

Airlines

Holdings

Inc

(d)

6,056‌

190‌

$

1,190‌

Apparel

-

0.05%

Capri

Holdings

Ltd

(d)

2,959‌

44‌

Carter's

Inc

892‌

70‌

Columbia

Sportswear

Co

598‌

46‌

Hanesbrands

Inc

7,234‌

102‌

PVH

Corp

1,465‌

71‌

Ralph

Lauren

Corp

996‌

71‌

Skechers

USA

Inc

(d)

2,789‌

82‌

Tapestry

Inc

5,771‌

77‌

Under

Armour

Inc

-

Class

A

(d)

3,926‌

41‌

Under

Armour

Inc

-

Class

C

(d)

3,944‌

38‌

VF

Corp

6,423‌

388‌

$

1,030‌

Automobile

Manufacturers

-

0.12%

Cummins

Inc

3,079‌

595‌

Ford

Motor

Co

81,410‌

538‌

General

Motors

Co

26,117‌

650‌

PACCAR

Inc

7,084‌

603‌

$

2,386‌

Automobile

Parts

&

Equipment

-

0.04%

Allison

Transmission

Holdings

Inc

825‌

31‌

Aptiv

PLC

5,592‌

435‌

BorgWarner

Inc

4,319‌

158‌

Lear

Corp

1,250‌

138‌

$

762‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Banks

-

9.20%

Associated

Banc-Corp

3,162‌

$

41‌

Bank

of

America

Corp

740,330‌

18,419‌

Bank

of

Hawaii

Corp

822‌

47‌

Bank

of

New

York

Mellon

Corp/The

16,686‌

598‌

Bank

OZK

2,548‌

61‌

BOK

Financial

Corp

654‌

36‌

Citigroup

Inc

257,964‌

12,901‌

Citizens

Financial

Group

Inc

8,897‌

221‌

Comerica

Inc

2,902‌

112‌

Commerce

Bancshares

Inc

/MO

2,099‌

120‌

Cullen/Frost

Bankers

Inc

1,168‌

84‌

East

West

Bancorp

Inc

2,942‌

102‌

Fifth

Third

Bancorp

14,850‌

295‌

First

Citizens

BancShares

Inc

/NC

137‌

58‌

First

Hawaiian

Inc

2,705‌

47‌

First

Horizon

National

Corp

11,359‌

105‌

First

Republic

Bank/CA

3,555‌

400‌

FNB

Corp/PA

6,690‌

50‌

Goldman

Sachs

Group

Inc

/The

103,819‌

20,552‌

Huntington

Bancshares

Inc

/OH

21,064‌

195‌

JPMorgan

Chase

&

Co

491,740‌

47,522‌

KeyCorp

20,282‌

244‌

M&T

Bank

Corp

2,673‌

283‌

Morgan

Stanley

23,055‌

1,127‌

Northern

Trust

Corp

173,928‌

13,627‌

PacWest

Bancorp

2,435‌

45‌

Pinnacle

Financial

Partners

Inc

1,541‌

61‌

PNC

Financial

Services

Group

Inc

/The

8,866‌

946‌

Popular

Inc

1,811‌

67‌

Prosperity

Bancshares

Inc

1,863‌

104‌

Regions

Financial

Corp

20,054‌

218‌

Signature

Bank/New

York

NY

1,083‌

111‌

State

Street

Corp

7,349‌

469‌

SVB

Financial

Group

(d)

1,074‌

241‌

Synovus

Financial

Corp

3,051‌

61‌

TCF

Financial

Corp

3,146‌

86‌

Truist

Financial

Corp

28,160‌

1,055‌

Umpqua

Holdings

Corp

4,585‌

50‌

US

Bancorp

591,187‌

21,779‌

Webster

Financial

Corp

1,866‌

51‌

Wells

Fargo

&

Co

1,358,748‌

32,963‌

Western

Alliance

Bancorp

2,039‌

73‌

Wintrust

Financial

Corp

1,191‌

51‌

Zions

Bancorp

NA

3,369‌

109‌

$

175,787‌

Beverages

-

1.90%

Brown-Forman

Corp

-

A

Shares

149‌

9‌

Brown-Forman

Corp

-

B

Shares

556‌

39‌

Coca-Cola

Co/The

33,394‌

1,577‌

Coca-Cola

European

Partners

PLC

405,472‌

16,693‌

Constellation

Brands

Inc

3,332‌

594‌

Keurig

Dr

Pepper

Inc

7,129‌

218‌

Molson

Coors

Beverage

Co

3,642‌

137‌

PepsiCo

Inc

123,750‌

17,036‌

$

36,303‌

Biotechnology

-

1.37%

Acceleron

Pharma

Inc

(d)

60‌

6‌

Alexion

Pharmaceuticals

Inc

(d)

3,756‌

385‌

Biogen

Inc

(d)

2,371‌

651‌

BioMarin

Pharmaceutical

Inc

(d)

349‌

42‌

Bio-Rad

Laboratories

Inc

(d)

441‌

232‌

Bluebird

Bio

Inc

(d)

744‌

45‌

Corteva

Inc

791,842‌

22,615‌

Exact

Sciences

Corp

(d)

404‌

38‌

Exelixis

Inc

(d)

4,039‌

93‌

Gilead

Sciences

Inc

26,263‌

1,826‌

Ionis

Pharmaceuticals

Inc

(d)

1,383‌

80‌

Nektar

Therapeutics

(d)

3,614‌

80‌

Sage

Therapeutics

Inc

(d)

987‌

45‌

Schedule

of

Investments

LargeCap

Value

Fund

III

July

31,

2020

(unaudited)

See

accompanying

notes.

133

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Biotechnology

(continued)

United

Therapeutics

Corp

(d)

905‌

$

101‌

$

26,239‌

Building

Materials

-

0.13%

Armstrong

World

Industries

Inc

623‌

44‌

Carrier

Global

Corp

11,625‌

317‌

Eagle

Materials

Inc

858‌

69‌

Fortune

Brands

Home

&

Security

Inc

2,872‌

220‌

Johnson

Controls

International

plc

15,556‌

599‌

Lennox

International

Inc

720‌

193‌

Martin

Marietta

Materials

Inc

1,296‌

268‌

Masco

Corp

5,486‌

313‌

MDU

Resources

Group

Inc

4,160‌

87‌

Owens

Corning

2,231‌

135‌

Vulcan

Materials

Co

2,757‌

324‌

$

2,569‌

Chemicals

-

2.49%

Air

Products

and

Chemicals

Inc

85,885‌

24,617‌

Albemarle

Corp

2,203‌

182‌

Ashland

Global

Holdings

Inc

1,154‌

87‌

Axalta

Coating

Systems

Ltd

(d)

4,394‌

98‌

Cabot

Corp

1,162‌

42‌

Celanese

Corp

2,459‌

239‌

CF

Industries

Holdings

Inc

4,456‌

140‌

Chemours

Co/The

3,408‌

63‌

Dow

Inc

15,509‌

637‌

DuPont

de

Nemours

Inc

298,315‌

15,954‌

Eastman

Chemical

Co

2,831‌

211‌

Ecolab

Inc

4,170‌

780‌

Element

Solutions

Inc

(d)

4,524‌

49‌

FMC

Corp

2,170‌

230‌

Huntsman

Corp

4,179‌

77‌

International

Flavors

&

Fragrances

Inc

2,231‌

281‌

Linde

PLC

10,986‌

2,693‌

LyondellBasell

Industries

NV

5,355‌

335‌

Mosaic

Co/The

7,207‌

97‌

NewMarket

Corp

26‌

10‌

Olin

Corp

(e)

2,974‌

33‌

PPG

Industries

Inc

4,926‌

530‌

RPM

International

Inc

438‌

36‌

Valvoline

Inc

3,867‌

79‌

W

R

Grace

&

Co

750‌

35‌

Westlake

Chemical

Corp

707‌

39‌

$

47,574‌

Commercial

Services

-

2.38%

2U

Inc

(d)

860‌

41‌

ADT

Inc

2,490‌

21‌

AMERCO

186‌

59‌

Aramark

974,862‌

20,589‌

Automatic

Data

Processing

Inc

1,257‌

167‌

Bright

Horizons

Family

Solutions

Inc

(d)

365‌

39‌

Cintas

Corp

209‌

63‌

CoreLogic

Inc

/United

States

1,568‌

107‌

Equifax

Inc

97,285‌

15,815‌

Euronet

Worldwide

Inc

(d)

1,047‌

101‌

FTI

Consulting

Inc

(d)

760‌

91‌

Global

Payments

Inc

6,222‌

1,108‌

Graham

Holdings

Co

87‌

35‌

Grand

Canyon

Education

Inc

(d)

973‌

86‌

H&R

Block

Inc

1,275‌

19‌

IHS

Markit

Ltd

3,770‌

304‌

Macquarie

Infrastructure

Corp

1,533‌

46‌

ManpowerGroup

Inc

1,207‌

83‌

Morningstar

Inc

77‌

13‌

Nielsen

Holdings

PLC

7,435‌

107‌

Quanta

Services

Inc

125,799‌

5,028‌

Robert

Half

International

Inc

2,328‌

118‌

Rollins

Inc

411‌

22‌

S&P

Global

Inc

2,063‌

723‌

Sabre

Corp

5,720‌

43‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Commercial

Services

(continued)

Service

Corp

International/US

3,627‌

$

157‌

ServiceMaster

Global

Holdings

Inc

(d)

2,760‌

113‌

TransUnion

351‌

31‌

United

Rentals

Inc

(d)

1,502‌

233‌

WEX

Inc

(d)

825‌

131‌

$

45,493‌

Computers

-

3.21%

Amdocs

Ltd

2,768‌

172‌

Apple

Inc

47,085‌

20,013‌

CACI

International

Inc

(d)

65,454‌

13,602‌

Cognizant

Technology

Solutions

Corp

338,115‌

23,101‌

Crowdstrike

Holdings

Inc

(d)

657‌

74‌

Dell

Technologies

Inc

(d)

2,998‌

179‌

DXC

Technology

Co

5,292‌

95‌

Genpact

Ltd

2,390‌

95‌

Hewlett

Packard

Enterprise

Co

26,923‌

266‌

HP

Inc

29,893‌

526‌

International

Business

Machines

Corp

18,580‌

2,284‌

Leidos

Holdings

Inc

2,536‌

241‌

Lumentum

Holdings

Inc

(d)

1,392‌

129‌

NCR

Corp

(d)

2,650‌

49‌

NetApp

Inc

2,115‌

94‌

Pure

Storage

Inc

(d)

2,149‌

38‌

Science

Applications

International

Corp

1,052‌

84‌

Western

Digital

Corp

6,263‌

270‌

$

61,312‌

Consumer

Products

-

0.95%

Avery

Dennison

Corp

1,020‌

115‌

Church

&

Dwight

Co

Inc

173,640‌

16,727‌

Clorox

Co/The

765‌

181‌

Kimberly-Clark

Corp

7,101‌

1,080‌

Reynolds

Consumer

Products

Inc

794‌

27‌

Spectrum

Brands

Holdings

Inc

884‌

48‌

$

18,178‌

Cosmetics

&

Personal

Care

-

1.30%

Colgate-Palmolive

Co

271,378‌

20,950‌

Coty

Inc

6,410‌

24‌

Estee

Lauder

Cos

Inc

/The

489‌

97‌

Procter

&

Gamble

Co/The

28,187‌

3,696‌

$

24,767‌

Distribution

&

Wholesale

-

0.04%

Fastenal

Co

2,258‌

106‌

HD

Supply

Holdings

Inc

(d)

3,358‌

118‌

IAA

Inc

(d)

2,133‌

92‌

LKQ

Corp

(d)

6,322‌

178‌

Univar

Solutions

Inc

(d)

3,480‌

62‌

Watsco

Inc

681‌

161‌

WW

Grainger

Inc

245‌

84‌

$

801‌

Diversified

Financial

Services

-

1.80%

Affiliated

Managers

Group

Inc

978‌

67‌

Air

Lease

Corp

2,223‌

58‌

Alliance

Data

Systems

Corp

974‌

43‌

Ally

Financial

Inc

7,799‌

157‌

American

Express

Co

127,956‌

11,941‌

Ameriprise

Financial

Inc

2,569‌

395‌

BlackRock

Inc

3,077‌

1,769‌

Capital

One

Financial

Corp

9,457‌

603‌

Cboe

Global

Markets

Inc

1,787‌

157‌

Charles

Schwab

Corp/The

439,586‌

14,573‌

CME

Group

Inc

7,420‌

1,233‌

Credit

Acceptance

Corp

(d),(e)

196‌

92‌

Discover

Financial

Services

6,397‌

316‌

Eaton

Vance

Corp

2,311‌

83‌

Evercore

Inc

-

Class

A

824‌

46‌

Franklin

Resources

Inc

5,654‌

119‌

Interactive

Brokers

Group

Inc

-

A

Shares

1,503‌

74‌

Intercontinental

Exchange

Inc

7,313‌

708‌

Invesco

Ltd

7,864‌

79‌

Schedule

of

Investments

LargeCap

Value

Fund

III

July

31,

2020

(unaudited)

See

accompanying

notes.

134

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Diversified

Financial

Services

(continued)

Jefferies

Financial

Group

Inc

4,732‌

$

77‌

Lazard

Ltd

2,104‌

62‌

LendingTree

Inc

(d),(e)

9‌

3‌

LPL

Financial

Holdings

Inc

1,507‌

119‌

Nasdaq

Inc

2,389‌

314‌

OneMain

Holdings

Inc

1,355‌

39‌

Raymond

James

Financial

Inc

2,560‌

178‌

Santander

Consumer

USA

Holdings

Inc

(e)

1,680‌

31‌

SEI

Investments

Co

2,405‌

126‌

SLM

Corp

5,961‌

40‌

Synchrony

Financial

12,170‌

269‌

T

Rowe

Price

Group

Inc

3,522‌

486‌

Tradeweb

Markets

Inc

273‌

15‌

Virtu

Financial

Inc

147‌

4‌

Western

Union

Co/The

6,899‌

167‌

$

34,443‌

Electric

-

4.80%

AES

Corp/The

13,801‌

210‌

Alliant

Energy

Corp

5,214‌

281‌

Ameren

Corp

5,139‌

412‌

American

Electric

Power

Co

Inc

10,378‌

902‌

Avangrid

Inc

1,183‌

59‌

CenterPoint

Energy

Inc

10,515‌

200‌

CMS

Energy

Corp

5,963‌

383‌

Consolidated

Edison

Inc

6,997‌

538‌

Dominion

Energy

Inc

17,534‌

1,421‌

DTE

Energy

Co

134,676‌

15,573‌

Duke

Energy

Corp

15,361‌

1,302‌

Edison

International

161,207‌

8,975‌

Entergy

Corp

4,194‌

441‌

Evergy

Inc

4,725‌

306‌

Eversource

Energy

7,039‌

634‌

Exelon

Corp

506,808‌

19,567‌

FirstEnergy

Corp

11,319‌

328‌

Hawaiian

Electric

Industries

Inc

2,233‌

81‌

IDACORP

Inc

1,051‌

98‌

NextEra

Energy

Inc

69,592‌

19,534‌

NRG

Energy

Inc

3,315‌

112‌

OGE

Energy

Corp

4,171‌

137‌

PG&E

Corp

(d)

19,865‌

186‌

Pinnacle

West

Capital

Corp

2,348‌

195‌

PPL

Corp

16,093‌

428‌

Public

Service

Enterprise

Group

Inc

10,552‌

590‌

Sempra

Energy

6,124‌

762‌

Southern

Co/The

22,083‌

1,206‌

Vistra

Corp

10,184‌

190‌

WEC

Energy

Group

Inc

167,183‌

15,926‌

Xcel

Energy

Inc

10,976‌

758‌

$

91,735‌

Electrical

Components

&

Equipment

-

0.07%

Acuity

Brands

Inc

821‌

81‌

AMETEK

Inc

4,784‌

446‌

Emerson

Electric

Co

12,440‌

772‌

Energizer

Holdings

Inc

285‌

14‌

Generac

Holdings

Inc

(d)

119‌

19‌

Littelfuse

Inc

491‌

87‌

$

1,419‌

Electronics

-

1.96%

Agilent

Technologies

Inc

5,903‌

569‌

Allegion

plc

671‌

67‌

Amphenol

Corp

2,452‌

259‌

Arrow

Electronics

Inc

(d)

1,627‌

116‌

Avnet

Inc

2,045‌

55‌

Coherent

Inc

(d)

93‌

13‌

FLIR

Systems

Inc

2,722‌

113‌

Fortive

Corp

229,949‌

16,140‌

Garmin

Ltd

3,122‌

308‌

Gentex

Corp

5,120‌

138‌

Honeywell

International

Inc

114,535‌

17,108‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Electronics

(continued)

Hubbell

Inc

1,126‌

$

152‌

Jabil

Inc

2,485‌

87‌

Keysight

Technologies

Inc

(d)

2,591‌

259‌

Mettler

-Toledo

International

Inc

(d)

31‌

29‌

National

Instruments

Corp

2,689‌

95‌

nVent

Electric

PLC

3,242‌

59‌

PerkinElmer

Inc

1,873‌

223‌

Roper

Technologies

Inc

1,874‌

810‌

Sensata

Technologies

Holding

PLC

(d)

3,219‌

122‌

SYNNEX

Corp

866‌

108‌

Trimble

Inc

(d)

5,206‌

232‌

Waters

Corp

(d)

1,182‌

252‌

Woodward

Inc

1,159‌

87‌

$

37,401‌

Energy

-

Alternate

Sources

-

0.01%

First

Solar

Inc

(d)

1,735‌

103‌

Engineering

&

Construction

-

0.87%

AECOM

(d)

276,043‌

9,990‌

frontdoor

Inc

(d)

1,486‌

62‌

Jacobs

Engineering

Group

Inc

75,886‌

6,477‌

$

16,529‌

Entertainment

-

0.01%

Lions

Gate

Entertainment

Corp

-

A

shares

(d),(e)

1,322‌

10‌

Lions

Gate

Entertainment

Corp

-

B

shares

(d)

2,546‌

18‌

Madison

Square

Garden

Sports

Corp

(d)

392‌

60‌

Six

Flags

Entertainment

Corp

1,591‌

28‌

Vail

Resorts

Inc

765‌

147‌

$

263‌

Environmental

Control

-

0.08%

Clean

Harbors

Inc

(d)

1,074‌

64‌

Pentair

PLC

3,445‌

148‌

Republic

Services

Inc

4,381‌

382‌

Stericycle

Inc

(d)

1,904‌

115‌

Waste

Management

Inc

7,686‌

842‌

$

1,551‌

Food

-

1.17%

Beyond

Meat

Inc

(d)

231‌

29‌

Campbell

Soup

Co

1,839‌

91‌

Conagra

Brands

Inc

10,179‌

381‌

Flowers

Foods

Inc

4,067‌

93‌

General

Mills

Inc

12,683‌

802‌

Grocery

Outlet

Holding

Corp

(d)

720‌

32‌

Hain

Celestial

Group

Inc

/The

(d)

1,695‌

58‌

Hershey

Co/The

703‌

102‌

Hormel

Foods

Corp

322,296‌

16,392‌

Ingredion

Inc

1,401‌

121‌

J

M

Smucker

Co/The

2,305‌

252‌

Kellogg

Co

3,463‌

239‌

Kraft

Heinz

Co/The

13,524‌

465‌

Kroger

Co/The

16,169‌

563‌

Lamb

Weston

Holdings

Inc

2,348‌

141‌

McCormick

&

Co

Inc

/MD

1,141‌

222‌

Mondelez

International

Inc

29,531‌

1,639‌

Pilgrim's

Pride

Corp

(d)

807‌

12‌

Post

Holdings

Inc

(d)

1,327‌

118‌

Seaboard

Corp

5‌

13‌

Sprouts

Farmers

Market

Inc

(d)

412‌

11‌

Sysco

Corp

2,914‌

154‌

TreeHouse

Foods

Inc

(d)

1,172‌

51‌

Tyson

Foods

Inc

6,004‌

369‌

US

Foods

Holding

Corp

(d)

4,586‌

93‌

$

22,443‌

Forest

Products

&

Paper

-

0.02%

International

Paper

Co

8,211‌

286‌

Gas

-

0.04%

Atmos

Energy

Corp

2,529‌

268‌

National

Fuel

Gas

Co

1,725‌

70‌

NiSource

Inc

7,991‌

195‌

Schedule

of

Investments

LargeCap

Value

Fund

III

July

31,

2020

(unaudited)

See

accompanying

notes.

135

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Gas

(continued)

UGI

Corp

4,341‌

$

145‌

$

678‌

Hand

&

Machine

Tools

-

1.30%

Colfax

Corp

(d)

2,067‌

60‌

Lincoln

Electric

Holdings

Inc

682‌

62‌

MSA

Safety

Inc

589‌

70‌

Regal

Beloit

Corp

844‌

78‌

Snap-on

Inc

1,124‌

164‌

Stanley

Black

&

Decker

Inc

159,319‌

24,426‌

$

24,860‌

Healthcare

-

Products

-

4.19%

Abbott

Laboratories

263,962‌

26,565‌

Baxter

International

Inc

6,183‌

534‌

Bio-

Techne

Corp

50‌

14‌

Boston

Scientific

Corp

(d)

29,220‌

1,127‌

Bruker

Corp

1,236‌

55‌

Cooper

Cos

Inc

/The

892‌

252‌

Danaher

Corp

13,093‌

2,668‌

DENTSPLY

SIRONA

Inc

4,563‌

203‌

Envista

Holdings

Corp

(d)

3,328‌

73‌

Globus

Medical

Inc

(d)

1,545‌

74‌

Haemonetics

Corp

(d)

73‌

6‌

Henry

Schein

Inc

(d)

2,976‌

205‌

Hill-Rom

Holdings

Inc

1,226‌

119‌

Hologic

Inc

(d)

1,614‌

113‌

ICU

Medical

Inc

(d)

297‌

55‌

Integra

LifeSciences

Holdings

Corp

(d)

1,489‌

71‌

Medtronic

PLC

458,181‌

44,206‌

QIAGEN

NV

(d)

4,693‌

232‌

STERIS

PLC

1,662‌

265‌

Stryker

Corp

4,881‌

943‌

Tandem

Diabetes

Care

Inc

(d)

140‌

15‌

Teleflex

Inc

358‌

134‌

Thermo

Fisher

Scientific

Inc

3,411‌

1,412‌

Varian

Medical

Systems

Inc

(d)

1,654‌

236‌

Zimmer

Biomet

Holdings

Inc

4,324‌

583‌

$

80,160‌

Healthcare

-

Services

-

3.19%

Acadia

Healthcare

Co

Inc

(d)

1,833‌

55‌

Anthem

Inc

71,337‌

19,532‌

Catalent

Inc

(d)

3,203‌

280‌

Centene

Corp

(d)

8,461‌

552‌

Charles

River

Laboratories

International

Inc

(d)

123‌

24‌

DaVita

Inc

(d)

1,441‌

126‌

Encompass

Health

Corp

1,113‌

76‌

HCA

Healthcare

Inc

2,668‌

338‌

Humana

Inc

1,711‌

671‌

IQVIA

Holdings

Inc

(d)

2,465‌

390‌

Laboratory

Corp

of

America

Holdings

(d)

1,912‌

369‌

Molina

Healthcare

Inc

(d)

403‌

74‌

PPD

Inc

(d)

213‌

6‌

Quest

Diagnostics

Inc

2,790‌

355‌

Syneos

Health

Inc

(d)

1,164‌

73‌

Teladoc

Health

Inc

(d)

156‌

37‌

UnitedHealth

Group

Inc

124,962‌

37,836‌

Universal

Health

Services

Inc

1,538‌

169‌

$

60,963‌

Home

Builders

-

1.27%

DR

Horton

Inc

6,903‌

457‌

Lennar

Corp

-

A

Shares

318,349‌

23,033‌

Lennar

Corp

-

B

Shares

350‌

19‌

NVR

Inc

(d)

62‌

244‌

PulteGroup

Inc

5,583‌

243‌

Thor

Industries

Inc

1,151‌

131‌

Toll

Brothers

Inc

2,416‌

92‌

$

24,219‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Home

Furnishings

-

0.02%

Dolby

Laboratories

Inc

1,159‌

$

81‌

Leggett

&

Platt

Inc

2,755‌

110‌

Tempur

Sealy

International

Inc

(d)

271‌

22‌

Whirlpool

Corp

1,274‌

208‌

$

421‌

Housewares

-

0.01%

Newell

Brands

Inc

8,015‌

131‌

Scotts

Miracle-

Gro

Co/The

56‌

9‌

Toro

Co/The

235‌

17‌

$

157‌

Insurance

-

6.67%

Aflac

Inc

14,835‌

528‌

Alleghany

Corp

263‌

137‌

Allstate

Corp/The

6,551‌

618‌

American

Financial

Group

Inc

/OH

1,538‌

93‌

American

International

Group

Inc

1,369,871‌

44,028‌

American

National

Group

Inc

165‌

12‌

Arch

Capital

Group

Ltd

(d)

8,209‌

252‌

Arthur

J

Gallagher

&

Co

3,929‌

422‌

Assurant

Inc

136,045‌

14,621‌

Assured

Guaranty

Ltd

1,751‌

38‌

Athene

Holding

Ltd

(d)

2,410‌

78‌

Axis

Capital

Holdings

Ltd

1,576‌

63‌

Berkshire

Hathaway

Inc

-

Class

B

(d)

40,779‌

7,984‌

Brighthouse

Financial

Inc

(d)

2,051‌

58‌

Brown

&

Brown

Inc

4,658‌

212‌

Chubb

Ltd

304,750‌

38,776‌

Cincinnati

Financial

Corp

3,124‌

243‌

CNA

Financial

Corp

625‌

21‌

Equitable

Holdings

Inc

8,487‌

174‌

Erie

Indemnity

Co

224‌

47‌

Everest

Re

Group

Ltd

834‌

182‌

Fidelity

National

Financial

Inc

5,737‌

186‌

First

American

Financial

Corp

2,264‌

116‌

Globe

Life

Inc

2,189‌

174‌

Hanover

Insurance

Group

Inc

/The

790‌

81‌

Hartford

Financial

Services

Group

Inc

/The

7,464‌

316‌

Kemper

Corp

1,288‌

101‌

Lincoln

National

Corp

3,521‌

131‌

Loews

Corp

5,000‌

182‌

Markel

Corp

(d)

283‌

296‌

Marsh

&

McLennan

Cos

Inc

2,357‌

275‌

Mercury

General

Corp

608‌

26‌

MetLife

Inc

16,076‌

608‌

MGIC

Investment

Corp

7,019‌

58‌

Old

Republic

International

Corp

5,906‌

95‌

Primerica

Inc

315‌

38‌

Progressive

Corp/The

8,700‌

786‌

Prudential

Financial

Inc

8,263‌

524‌

Reinsurance

Group

of

America

Inc

1,414‌

121‌

RenaissanceRe

Holdings

Ltd

677‌

122‌

Travelers

Cos

Inc

/The

5,283‌

604‌

Unum

Group

4,243‌

73‌

Voya

Financial

Inc

2,622‌

130‌

W

R

Berkley

Corp

2,906‌

179‌

White

Mountains

Insurance

Group

Ltd

62‌

55‌

Willis

Towers

Watson

PLC

64,631‌

13,573‌

$

127,437‌

Internet

-

1.23%

Alphabet

Inc

-

A

Shares

(d)

12,765‌

18,994‌

Alphabet

Inc

-

C

Shares

(d)

1,387‌

2,057‌

E*TRADE

Financial

Corp

4,617‌

234‌

eBay

Inc

1,197‌

66‌

Expedia

Group

Inc

2,504‌

203‌

F5

Networks

Inc

(d)

1,270‌

173‌

FireEye

Inc

(d)

3,537‌

53‌

Grubhub

Inc

(d)

1,733‌

125‌

Lyft

Inc

(d)

4,974‌

145‌

Pinterest

Inc

(d)

1,424‌

49‌

Schedule

of

Investments

LargeCap

Value

Fund

III

July

31,

2020

(unaudited)

See

accompanying

notes.

136

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Internet

(continued)

TD

Ameritrade

Holding

Corp

5,418‌

$

195‌

TripAdvisor

Inc

2,096‌

42‌

Twitter

Inc

(d)

16,062‌

585‌

Uber

Technologies

Inc

(d)

6,586‌

199‌

VeriSign

Inc

(d)

869‌

184‌

Wayfair

Inc

(d)

127‌

34‌

Zillow

Group

Inc

-

A

Shares

(d)

1,069‌

73‌

Zillow

Group

Inc

-

C

Shares

(d)

2,516‌

172‌

$

23,583‌

Iron

&

Steel

-

0.03%

Nucor

Corp

6,292‌

264‌

Reliance

Steel

&

Aluminum

Co

1,323‌

130‌

Steel

Dynamics

Inc

4,230‌

116‌

$

510‌

Leisure

Products

&

Services

-

0.04%

Brunswick

Corp/DE

1,646‌

110‌

Carnival

Corp

(e)

9,824‌

136‌

Harley-Davidson

Inc

3,192‌

83‌

Norwegian

Cruise

Line

Holdings

Ltd

(d),(e)

5,342‌

73‌

Peloton

Interactive

Inc

(d)

1,543‌

105‌

Planet

Fitness

Inc

(d)

720‌

38‌

Polaris

Inc

1,085‌

113‌

Royal

Caribbean

Cruises

Ltd

3,572‌

174‌

Virgin

Galactic

Holdings

Inc

(d),(e)

187‌

4‌

$

836‌

Lodging

-

0.08%

Choice

Hotels

International

Inc

723‌

61‌

Extended

Stay

America

Inc

3,691‌

42‌

Hilton

Worldwide

Holdings

Inc

5,699‌

428‌

Hyatt

Hotels

Corp

729‌

35‌

Las

Vegas

Sands

Corp

3,971‌

173‌

Marriott

International

Inc

/MD

5,610‌

470‌

MGM

Resorts

International

9,823‌

158‌

Wyndham

Destinations

Inc

1,752‌

47‌

Wyndham

Hotels

&

Resorts

Inc

1,911‌

84‌

Wynn

Resorts

Ltd

1,537‌

111‌

$

1,609‌

Machinery

-

Construction

&

Mining

-

0.09%

BWX

Technologies

Inc

711‌

39‌

Caterpillar

Inc

11,324‌

1,505‌

Oshkosh

Corp

1,414‌

111‌

$

1,655‌

Machinery

-

Diversified

-

2.14%

AGCO

Corp

1,289‌

85‌

Crane

Co

1,015‌

57‌

Curtiss-Wright

Corp

866‌

77‌

Deere

&

Co

117,177‌

20,660‌

Dover

Corp

2,998‌

309‌

Flowserve

Corp

2,715‌

76‌

Gates

Industrial

Corp

PLC

(d)

993‌

10‌

Graco

Inc

1,721‌

92‌

GrafTech

International

Ltd

1,512‌

9‌

IDEX

Corp

1,570‌

259‌

Ingersoll

Rand

Inc

(d)

7,232‌

228‌

Middleby

Corp/The

(d)

1,147‌

95‌

Nordson

Corp

218‌

42‌

Otis

Worldwide

Corp

8,521‌

535‌

Rockwell

Automation

Inc

1,243‌

271‌

Westinghouse

Air

Brake

Technologies

Corp

286,907‌

17,843‌

Xylem

Inc

/NY

3,732‌

272‌

$

40,920‌

Media

-

3.35%

Charter

Communications

Inc

(d)

304‌

176‌

Comcast

Corp

-

Class

A

593,224‌

25,390‌

Discovery

Inc

-

A

Shares

(d)

3,257‌

69‌

Discovery

Inc

-

C

Shares

(d)

6,797‌

129‌

DISH

Network

Corp

(d)

5,129‌

165‌

Fox

Corp

-

A

Shares

7,080‌

183‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Media

(continued)

Fox

Corp

-

B

Shares

3,339‌

$

86‌

John

Wiley

&

Sons

Inc

900‌

31‌

Liberty

Broadband

Corp

-

A

Shares

(d)

516‌

70‌

Liberty

Broadband

Corp

-

C

Shares

(d)

123,531‌

16,957‌

Liberty

Media

Corp-Liberty

Formula

One

-

A

Shares

(d)

557‌

18‌

Liberty

Media

Corp-Liberty

Formula

One

-

C

Shares

(d)

4,135‌

147‌

Liberty

Media

Corp-Liberty

SiriusXM

-

A

Shares

(d)

1,531‌

53‌

Liberty

Media

Corp-Liberty

SiriusXM

-

C

Shares

(d)

3,201‌

112‌

Madison

Square

Garden

Entertainment

Corp

(d)

415‌

29‌

New

York

Times

Co/The

3,397‌

157‌

News

Corp

-

A

Shares

8,097‌

103‌

News

Corp

-

B

Shares

2,529‌

32‌

Nexstar

Media

Group

Inc

322‌

28‌

Sirius

XM

Holdings

Inc

9,732‌

57‌

ViacomCBS

Inc

-

Class

B

11,327‌

295‌

ViacomCBS

Inc

-

Class

A

241‌

7‌

Walt

Disney

Co/The

168,098‌

19,657‌

$

63,951‌

Metal

Fabrication

&

Hardware

-

0.01%

Timken

Co/The

1,321‌

60‌

Valmont

Industries

Inc

437‌

53‌

$

113‌

Mining

-

0.09%

Freeport-McMoRan

Inc

30,280‌

391‌

Newmont

Corp

16,781‌

1,162‌

Royal

Gold

Inc

387‌

54‌

Southern

Copper

Corp

1,720‌

75‌

$

1,682‌

Miscellaneous

Manufacturers

-

1.08%

3M

Co

3,994‌

601‌

A

O

Smith

Corp

2,769‌

133‌

AptarGroup

Inc

1,338‌

154‌

Carlisle

Cos

Inc

1,126‌

134‌

Donaldson

Co

Inc

2,375‌

115‌

Eaton

Corp

PLC

176,147‌

16,405‌

General

Electric

Co

181,693‌

1,103‌

Illinois

Tool

Works

Inc

3,665‌

678‌

ITT

Inc

1,803‌

104‌

Parker-Hannifin

Corp

2,672‌

478‌

Textron

Inc

4,754‌

166‌

Trane

Technologies

PLC

4,987‌

558‌

Trinity

Industries

Inc

1,894‌

37‌

$

20,666‌

Office

&

Business

Equipment

-

0.00%

Xerox

Holdings

Corp

3,774‌

63‌

Zebra

Technologies

Corp

(d)

100‌

28‌

$

91‌

Oil

&

Gas

-

5.38%

Apache

Corp

7,879‌

121‌

Cabot

Oil

&

Gas

Corp

8,182‌

153‌

Chevron

Corp

370,693‌

31,115‌

Cimarex

Energy

Co

2,096‌

51‌

Concho

Resources

Inc

4,073‌

214‌

ConocoPhillips

292,351‌

10,931‌

Continental

Resources

Inc

/OK

(e)

1,664‌

29‌

Devon

Energy

Corp

7,964‌

83‌

Diamondback

Energy

Inc

3,288‌

131‌

EOG

Resources

Inc

241,341‌

11,307‌

EQT

Corp

5,319‌

77‌

Exxon

Mobil

Corp

88,525‌

3,725‌

Helmerich

&

Payne

Inc

2,179‌

39‌

Hess

Corp

202,356‌

9,958‌

HollyFrontier

Corp

3,115‌

86‌

Marathon

Oil

Corp

16,357‌

90‌

Marathon

Petroleum

Corp

13,517‌

516‌

Schedule

of

Investments

LargeCap

Value

Fund

III

July

31,

2020

(unaudited)

See

accompanying

notes.

137

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Oil

&

Gas

(continued)

Murphy

Oil

Corp

3,033‌

$

40‌

Noble

Energy

Inc

9,932‌

99‌

Occidental

Petroleum

Corp

16,961‌

267‌

Occidental

Petroleum

Corp

-

Warrants

(d)

2,259‌

13‌

Parsley

Energy

Inc

6,276‌

69‌

Phillips

66

368,121‌

22,831‌

Pioneer

Natural

Resources

Co

3,428‌

332‌

Valero

Energy

Corp

186,846‌

10,507‌

WPX

Energy

Inc

(d)

8,321‌

50‌

$

102,834‌

Oil

&

Gas

Services

-

0.06%

Baker

Hughes

Co

13,704‌

212‌

Halliburton

Co

18,287‌

262‌

National

Oilwell

Varco

Inc

8,096‌

93‌

Schlumberger

Ltd

29,015‌

527‌

$

1,094‌

Packaging

&

Containers

-

0.07%

Amcor

PLC

28,471‌

293‌

Ardagh

Group

SA

412‌

6‌

Ball

Corp

424‌

31‌

Berry

Global

Group

Inc

(d)

1,828‌

91‌

Crown

Holdings

Inc

(d)

2,425‌

174‌

Graphic

Packaging

Holding

Co

4,536‌

63‌

Packaging

Corp

of

America

1,955‌

188‌

Sealed

Air

Corp

3,243‌

116‌

Silgan

Holdings

Inc

1,641‌

63‌

Sonoco

Products

Co

2,090‌

108‌

Westrock

Co

5,355‌

144‌

$

1,277‌

Pharmaceuticals

-

5.78%

AbbVie

Inc

2,210‌

210‌

Agios

Pharmaceuticals

Inc

(d)

1,158‌

53‌

Alkermes

PLC

(d)

3,293‌

59‌

AmerisourceBergen

Corp

1,580‌

158‌

Becton

Dickinson

and

Co

89,617‌

25,213‌

Bristol-Myers

Squibb

Co

30,162‌

1,769‌

Cigna

Corp

5,526‌

954‌

CVS

Health

Corp

732,658‌

46,114‌

Elanco

Animal

Health

Inc

(d)

8,345‌

197‌

Herbalife

Nutrition

Ltd

(d)

1,832‌

94‌

Horizon

Therapeutics

Plc

(d)

303‌

19‌

Jazz

Pharmaceuticals

PLC

(d)

1,126‌

122‌

Johnson

&

Johnson

205,178‌

29,907‌

McKesson

Corp

861‌

129‌

Merck

&

Co

Inc

6,658‌

534‌

Mylan

NV

(d)

10,763‌

173‌

Perrigo

Co

PLC

2,851‌

151‌

Pfizer

Inc

116,315‌

4,476‌

PRA

Health

Sciences

Inc

(d)

208‌

22‌

Premier

Inc

1,284‌

45‌

Reata

Pharmaceuticals

Inc

(d)

54‌

8‌

Zoetis

Inc

944‌

143‌

$

110,550‌

Pipelines

-

0.08%

Antero

Midstream

Corp

5,922‌

33‌

Equitrans

Midstream

Corp

7,716‌

74‌

Kinder

Morgan

Inc

40,645‌

573‌

ONEOK

Inc

9,158‌

256‌

Targa

Resources

Corp

4,807‌

88‌

Williams

Cos

Inc

/The

25,393‌

486‌

$

1,510‌

Private

Equity

-

0.69%

Apollo

Global

Management

Inc

1,792‌

88‌

Brookfield

Asset

Management

Inc

389,952‌

12,607‌

Carlyle

Group

Inc

/The

2,199‌

63‌

KKR

&

Co

Inc

11,123‌

393‌

$

13,151‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Real

Estate

-

0.02%

CBRE

Group

Inc

(d)

6,964‌

$

305‌

Howard

Hughes

Corp/The

(d)

814‌

44‌

Jones

Lang

LaSalle

Inc

1,074‌

106‌

$

455‌

REITs

-

3.34%

AGNC

Investment

Corp

11,852‌

161‌

Alexandria

Real

Estate

Equities

Inc

2,614‌

464‌

American

Campus

Communities

Inc

2,857‌

102‌

American

Homes

4

Rent

5,416‌

157‌

Americold

Realty

Trust

3,763‌

152‌

Annaly

Capital

Management

Inc

29,841‌

221‌

Apartment

Investment

and

Management

Co

3,090‌

120‌

Apple

Hospitality

REIT

Inc

4,357‌

38‌

AvalonBay

Communities

Inc

2,940‌

450‌

Boston

Properties

Inc

3,246‌

289‌

Brandywine

Realty

Trust

3,513‌

38‌

Brixmor

Property

Group

Inc

6,181‌

71‌

Brookfield

Property

REIT

Inc

124‌

2‌

Camden

Property

Trust

1,968‌

179‌

CoreSite

Realty

Corp

273‌

35‌

Corporate

Office

Properties

Trust

2,343‌

62‌

Cousins

Properties

Inc

3,089‌

95‌

Crown

Castle

International

Corp

581‌

97‌

CubeSmart

4,032‌

120‌

CyrusOne

Inc

2,399‌

200‌

Digital

Realty

Trust

Inc

5,583‌

896‌

Douglas

Emmett

Inc

3,472‌

101‌

Duke

Realty

Corp

7,691‌

309‌

Empire

State

Realty

Trust

Inc

3,254‌

22‌

EPR

Properties

1,627‌

47‌

Equity

Commonwealth

2,436‌

77‌

Equity

LifeStyle

Properties

Inc

2,140‌

146‌

Equity

Residential

7,675‌

412‌

Essex

Property

Trust

Inc

1,362‌

301‌

Extra

Space

Storage

Inc

776‌

80‌

Federal

Realty

Investment

Trust

1,569‌

120‌

First

Industrial

Realty

Trust

Inc

2,632‌

116‌

Gaming

and

Leisure

Properties

Inc

4,310‌

156‌

Healthcare

Trust

of

America

Inc

4,537‌

125‌

Healthpeak

Properties

Inc

11,259‌

307‌

Highwoods

Properties

Inc

2,147‌

82‌

Host

Hotels

&

Resorts

Inc

14,588‌

157‌

Hudson

Pacific

Properties

Inc

3,134‌

74‌

Invitation

Homes

Inc

11,362‌

339‌

Iron

Mountain

Inc

2,471‌

70‌

JBG

SMITH

Properties

2,542‌

74‌

Kilroy

Realty

Corp

2,397‌

140‌

Kimco

Realty

Corp

8,618‌

96‌

Lamar

Advertising

Co

1,791‌

118‌

Life

Storage

Inc

973‌

96‌

Medical

Properties

Trust

Inc

10,855‌

219‌

MGM

Growth

Properties

LLC

588,475‌

16,089‌

Mid-America

Apartment

Communities

Inc

2,377‌

283‌

National

Retail

Properties

Inc

3,574‌

127‌

New

Residential

Investment

Corp

8,618‌

68‌

Omega

Healthcare

Investors

Inc

4,695‌

152‌

Outfront

Media

Inc

2,999‌

43‌

Paramount

Group

Inc

4,209‌

30‌

Park

Hotels

&

Resorts

Inc

4,971‌

41‌

Prologis

Inc

183,340‌

19,327‌

Public

Storage

78,210‌

15,633‌

Rayonier

Inc

2,848‌

79‌

Realty

Income

Corp

7,182‌

431‌

Regency

Centers

Corp

3,517‌

144‌

Rexford

Industrial

Realty

Inc

2,420‌

114‌

SBA

Communications

Corp

1,996‌

622‌

Simon

Property

Group

Inc

1,353‌

84‌

SL

Green

Realty

Corp

1,614‌

75‌

Spirit

Realty

Capital

Inc

2,147‌

74‌

Schedule

of

Investments

LargeCap

Value

Fund

III

July

31,

2020

(unaudited)

See

accompanying

notes.

138

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

REITs

(continued)

Starwood

Property

Trust

Inc

5,702‌

$

85‌

STORE

Capital

Corp

4,691‌

111‌

Sun

Communities

Inc

2,017‌

302‌

Taubman

Centers

Inc

1,251‌

48‌

UDR

Inc

6,112‌

221‌

Ventas

Inc

7,793‌

299‌

VEREIT

Inc

22,486‌

146‌

VICI

Properties

Inc

9,799‌

213‌

Vornado

Realty

Trust

3,662‌

126‌

Weingarten

Realty

Investors

2,530‌

43‌

Welltower

Inc

8,732‌

468‌

Weyerhaeuser

Co

15,599‌

434‌

WP

Carey

Inc

3,572‌

255‌

$

63,900‌

Retail

-

6.13%

Advance

Auto

Parts

Inc

181,166‌

27,201‌

AutoNation

Inc

(d)

1,227‌

63‌

AutoZone

Inc

(d)

198‌

239‌

Best

Buy

Co

Inc

3,903‌

389‌

Burlington

Stores

Inc

(d)

152‌

29‌

CarMax

Inc

(d)

3,138‌

304‌

Casey's

General

Stores

Inc

769‌

122‌

Costco

Wholesale

Corp

1,078‌

351‌

Darden

Restaurants

Inc

2,713‌

206‌

Dick's

Sporting

Goods

Inc

1,287‌

59‌

Dollar

General

Corp

59,792‌

11,384‌

Dollar

Tree

Inc

(d)

2,558‌

239‌

Dunkin'

Brands

Group

Inc

268‌

18‌

Foot

Locker

Inc

2,159‌

63‌

Gap

Inc

/The

3,808‌

51‌

Genuine

Parts

Co

2,933‌

264‌

Home

Depot

Inc

/The

79,017‌

20,978‌

Kohl's

Corp

3,232‌

62‌

L

Brands

Inc

4,786‌

117‌

Lowe's

Cos

Inc

190,082‌

28,305‌

McDonald's

Corp

93,677‌

18,199‌

MSC

Industrial

Direct

Co

Inc

932‌

61‌

Nordstrom

Inc

(e)

2,274‌

31‌

Nu

Skin

Enterprises

Inc

1,070‌

48‌

Ollie's

Bargain

Outlet

Holdings

Inc

(d)

134‌

14‌

Penske

Automotive

Group

Inc

664‌

30‌

Qurate

Retail

Inc

(d)

7,940‌

87‌

Ross

Stores

Inc

1,391‌

125‌

Starbucks

Corp

10,338‌

791‌

Target

Corp

10,451‌

1,316‌

Tiffany

&

Co

2,526‌

317‌

TJX

Cos

Inc

/The

4,759‌

247‌

Ulta

Beauty

Inc

(d)

83‌

16‌

Walgreens

Boots

Alliance

Inc

15,316‌

623‌

Walmart

Inc

29,147‌

3,772‌

Williams-Sonoma

Inc

1,341‌

117‌

Yum

China

Holdings

Inc

7,006‌

359‌

Yum!

Brands

Inc

5,821‌

530‌

$

117,127‌

Savings

&

Loans

-

0.69%

New

York

Community

Bancorp

Inc

1,236,236‌

13,018‌

People's

United

Financial

Inc

8,824‌

95‌

Sterling

Bancorp/DE

4,030‌

45‌

TFS

Financial

Corp

1,087‌

16‌

$

13,174‌

Semiconductors

-

4.69%

Advanced

Micro

Devices

Inc

(d)

1,705‌

132‌

Analog

Devices

Inc

6,757‌

776‌

Broadcom

Inc

72,248‌

22,884‌

Cirrus

Logic

Inc

(d)

1,217‌

83‌

Cree

Inc

(d)

2,257‌

155‌

Entegris

Inc

190‌

14‌

Intel

Corp

88,661‌

4,232‌

IPG

Photonics

Corp

(d)

691‌

124‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Semiconductors

(continued)

Marvell

Technology

Group

Ltd

13,764‌

$

502‌

Maxim

Integrated

Products

Inc

3,701‌

252‌

Microchip

Technology

Inc

1,225‌

125‌

Micron

Technology

Inc

(d)

172,987‌

8,659‌

MKS

Instruments

Inc

281‌

36‌

ON

Semiconductor

Corp

(d)

8,471‌

174‌

Qorvo

Inc

(d)

2,411‌

309‌

QUALCOMM

Inc

155,977‌

16,473‌

Skyworks

Solutions

Inc

3,480‌

507‌

Texas

Instruments

Inc

268,431‌

34,238‌

$

89,675‌

Shipbuilding

-

0.01%

Huntington

Ingalls

Industries

Inc

746‌

129‌

Software

-

2.58%

Activision

Blizzard

Inc

201,418‌

16,643‌

Akamai

Technologies

Inc

(d)

588‌

66‌

Aspen

Technology

Inc

(d)

102‌

10‌

Autodesk

Inc

(d)

1,530‌

362‌

CDK

Global

Inc

2,217‌

101‌

Ceridian

HCM

Holding

Inc

(d)

655‌

51‌

Change

Healthcare

Inc

(d)

1,429‌

17‌

Citrix

Systems

Inc

1,872‌

267‌

Electronic

Arts

Inc

(d)

5,133‌

727‌

Fidelity

National

Information

Services

Inc

12,911‌

1,889‌

Fiserv

Inc

(d)

8,225‌

821‌

Guidewire

Software

Inc

(d)

1,402‌

165‌

Jack

Henry

&

Associates

Inc

346‌

62‌

Manhattan

Associates

Inc

(d)

151‌

14‌

Microsoft

Corp

87,082‌

17,853‌

Nuance

Communications

Inc

(d)

5,867‌

160‌

Oracle

Corp

166,675‌

9,243‌

Paychex

Inc

1,405‌

101‌

Pegasystems

Inc

88‌

10‌

RealPage

Inc

(d)

246‌

15‌

salesforce.com

Inc

(d)

1,321‌

257‌

SolarWinds

Corp

(d)

1,036‌

19‌

SS&C

Technologies

Holdings

Inc

3,708‌

213‌

Synopsys

Inc

(d)

224‌

45‌

Take-Two

Interactive

Software

Inc

(d)

189‌

31‌

Teradata

Corp

(d)

571‌

12‌

Twilio

Inc

(d)

450‌

125‌

Zynga

Inc

(d)

3,266‌

32‌

$

49,311‌

Telecommunications

-

3.72%

Arista

Networks

Inc

(d)

217‌

56‌

AT&T

Inc

698,323‌

20,656‌

CenturyLink

Inc

22,830‌

220‌

Ciena

Corp

(d)

3,190‌

190‌

Cisco

Systems

Inc

590,462‌

27,810‌

CommScope

Holding

Co

Inc

(d)

3,760‌

35‌

Corning

Inc

15,656‌

485‌

EchoStar

Corp

(d)

1,070‌

29‌

GCI

Liberty

Inc

(d)

2,056‌

161‌

Juniper

Networks

Inc

6,862‌

174‌

LogMeIn

Inc

928‌

80‌

Motorola

Solutions

Inc

106,197‌

14,847‌

Telephone

and

Data

Systems

Inc

2,099‌

41‌

T-Mobile

US

Inc

(d)

11,488‌

1,234‌

Ubiquiti

Inc

34‌

6‌

United

States

Cellular

Corp

(d)

321‌

10‌

Verizon

Communications

Inc

86,670‌

4,982‌

ViaSat

Inc

(d)

1,202‌

46‌

$

71,062‌

Textiles

-

0.01%

Mohawk

Industries

Inc

(d)

1,212‌

97‌

Toys,

Games

&

Hobbies

-

0.01%

Hasbro

Inc

2,652‌

193‌

Mattel

Inc

(d)

2,910‌

32‌

$

225‌

Schedule

of

Investments

LargeCap

Value

Fund

III

July

31,

2020

(unaudited)

See

accompanying

notes.

139

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Transportation

-

2.41%

CH

Robinson

Worldwide

Inc

2,330‌

$

218‌

CSX

Corp

15,944‌

1,137‌

Expeditors

International

of

Washington

Inc

1,339‌

113‌

FedEx

Corp

5,051‌

851‌

JB

Hunt

Transport

Services

Inc

172,828‌

22,364‌

Kansas

City

Southern

1,979‌

340‌

Kirby

Corp

(d)

1,243‌

58‌

Knight-Swift

Transportation

Holdings

Inc

2,608‌

113‌

Landstar

System

Inc

160‌

20‌

Norfolk

Southern

Corp

5,350‌

1,028‌

Old

Dominion

Freight

Line

Inc

281‌

51‌

Ryder

System

Inc

1,093‌

40‌

Schneider

National

Inc

1,312‌

33‌

Union

Pacific

Corp

108,414‌

18,794‌

United

Parcel

Service

Inc

5,013‌

716‌

XPO

Logistics

Inc

(d)

1,798‌

135‌

$

46,011‌

Water

-

0.04%

American

Water

Works

Co

Inc

3,783‌

557‌

Essential

Utilities

Inc

4,666‌

212‌

$

769‌

TOTAL

COMMON

STOCKS

$

1,855,763‌

Total

Investments

$

1,911,323‌

Other

Assets

and

Liabilities

-  (0.01)%

(140‌)

TOTAL

NET

ASSETS

-

100.00%

$

1,911,183‌

(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

$555

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

5.00%

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

22.44‌%

Financial

22.41‌%

Industrial

12.52‌%

Technology

10.48‌%

Communications

8.32‌%

Consumer,

Cyclical

7.89‌%

Energy

5.53‌%

Utilities

4.88‌%

Money

Market

Funds

2.73‌%

Basic

Materials

2.63‌%

Investment

Companies

0.18‌%

Other

Assets

and

Liabilities

(0.01‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

63,693‌

$

520,841‌

$

532,878‌

$

51,656‌

Principal

Shareholder

Yield

Index

ETF

140‌

—‌

113‌

—‌

Principal

Sustainable

Momentum

Index

ETF

151‌

—‌

141‌

—‌

Principal

U.S.

Mega-Cap

Multi-Factor

Index

ETF

454‌

—‌

426‌

—‌

$

64,438‌

$

520,841‌

$

533,558‌

$

51,656‌

Income

(a)

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

320‌

$

—‌

$

—‌

$

—‌

Principal

Shareholder

Yield

Index

ETF

1‌

(22‌)

—‌

(5‌)

Principal

Sustainable

Momentum

Index

ETF

1‌

(1‌)

—‌

(9‌)

Principal

U.S.

Mega-Cap

Multi-Factor

Index

ETF

5‌

14‌

—‌

(42‌)

$

327‌

$

(9‌)

$

—‌

$

(56‌)

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

S&P

500

Emini

;

September

2020

Long

121‌

$

19,744‌

$

304‌

Total

$

304‌

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

MidCap

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

140

INVESTMENT

COMPANIES

-

0.13%

Shares

Held

Value

(000's)

Money

Market

Funds

-

0.13%

BlackRock

Liquidity

FedFund

-

Institutional

Class

0.06%

(a),(b)

2,444,463‌

$

2,444‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

(a),(b),(c),(d)

22,494,794‌

22,495‌

$

24,939‌

TOTAL

INVESTMENT

COMPANIES

$

24,939‌

COMMON

STOCKS

-

99.95%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

4.80%

HEICO

Corp

-

Class

A

2,271,145‌

$

173,856‌

TransDigm

Group

Inc

1,711,831‌

738,792‌

$

912,648‌

Banks

-

1.17%

First

Republic

Bank/CA

1,539,677‌

173,183‌

M&T

Bank

Corp

470,779‌

49,879‌

$

223,062‌

Beverages

-

0.56%

Brown-Forman

Corp

-

B

Shares

1,524,637‌

105,718‌

Building

Materials

-

3.50%

Martin

Marietta

Materials

Inc

967,172‌

200,379‌

Summit

Materials

Inc

(d)

4,403,603‌

64,821‌

Vulcan

Materials

Co

3,407,338‌

400,089‌

$

665,289‌

Chemicals

-

0.74%

Air

Products

and

Chemicals

Inc

491,481‌

140,873‌

Commercial

Services

-

10.55%

CoStar

Group

Inc

(d)

514,337‌

437,063‌

Everarc

Holdings

Ltd

(c),(d)

2,883,826‌

37,482‌

Everarc

Holdings

Ltd

-

Warrants

(d)

2,883,826‌

735‌

Gartner

Inc

(d)

2,515,667‌

313,553‌

IHS

Markit

Ltd

3,323,055‌

268,270‌

Moody's

Corp

709,420‌

199,560‌

S&P

Global

Inc

245,966‌

86,149‌

Square

Inc

(d)

676,329‌

87,821‌

TransUnion

3,273,940‌

293,247‌

Verisk

Analytics

Inc

1,504,042‌

283,828‌

$

2,007,708‌

Distribution

&

Wholesale

-

4.14%

Copart

Inc

(d)

5,547,203‌

517,277‌

Fastenal

Co

5,740,813‌

270,048‌

$

787,325‌

Diversified

Financial

Services

-

2.03%

Credit

Acceptance

Corp

(d)

824,536‌

385,834‌

Electric

-

2.06%

Brookfield

Infrastructure

Partners

LP

7,336,070‌

306,941‌

Brookfield

Renewable

Partners

LP

1,990,326‌

85,763‌

$

392,704‌

Electronics

-

3.51%

Mettler

-Toledo

International

Inc

(d)

295,597‌

276,383‌

Roper

Technologies

Inc

907,669‌

392,522‌

$

668,905‌

Entertainment

-

2.82%

Liberty

Media

Corp-Liberty

Braves

-

A

Shares

(d)

146,140‌

2,764‌

Liberty

Media

Corp-Liberty

Braves

-

C

Shares

(d)

587,859‌

10,964‌

Live

Nation

Entertainment

Inc

(d)

5,637,524‌

263,892‌

Vail

Resorts

Inc

1,348,416‌

258,936‌

$

536,556‌

Hand

&

Machine

Tools

-

0.64%

Colfax

Corp

(d)

4,222,220‌

122,782‌

Healthcare

-

Products

-

1.41%

IDEXX

Laboratories

Inc

(d)

674,721‌

268,370‌

Home

Builders

-

2.44%

Lennar

Corp

-

A

Shares

2,896,409‌

209,555‌

Lennar

Corp

-

B

Shares

37,905‌

2,042‌

NVR

Inc

(d)

64,292‌

252,677‌

$

464,274‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Insurance

-

8.29%

Aon

PLC

722,605‌

$

148,293‌

Arch

Capital

Group

Ltd

(d)

8,810,293‌

270,916‌

Brown

&

Brown

Inc

6,144,327‌

279,383‌

Fidelity

National

Financial

Inc

6,975,335‌

225,722‌

Markel

Corp

(d)

475,714‌

496,902‌

Progressive

Corp/The

1,727,736‌

156,084‌

$

1,577,300‌

Internet

-

5.04%

VeriSign

Inc

(d)

1,775,478‌

375,833‌

Wix.com

Ltd

(d)

2,006,768‌

582,926‌

$

958,759‌

Investment

Companies

-

0.33%

Brookfield

Business

Partners

LP

459,540‌

12,215‌

Brookfield

Infrastructure

Corp

(e)

614,692‌

28,055‌

Brookfield

Renewable

Corp

497,581‌

22,361‌

$

62,631‌

Lodging

-

2.56%

Hilton

Worldwide

Holdings

Inc

5,185,964‌

389,207‌

Hyatt

Hotels

Corp

2,031,612‌

97,517‌

$

486,724‌

Machinery

-

Diversified

-

0.14%

Cognex

Corp

409,708‌

27,397‌

Media

-

3.88%

Liberty

Broadband

Corp

-

A

Shares

(d)

688,662‌

92,976‌

Liberty

Broadband

Corp

-

C

Shares

(d)

2,179,444‌

299,172‌

Liberty

Media

Corp-Liberty

Formula

One

-

A

Shares

(d)

513,920‌

17,006‌

Liberty

Media

Corp-Liberty

Formula

One

-

C

Shares

(d)

4,440,662‌

157,377‌

Liberty

Media

Corp-Liberty

SiriusXM

-

A

Shares

(d)

1,022,267‌

35,565‌

Liberty

Media

Corp-Liberty

SiriusXM

-

C

Shares

(d)

3,876,541‌

135,640‌

$

737,736‌

Private

Equity

-

6.98%

Brookfield

Asset

Management

Inc

22,073,576‌

713,639‌

Kennedy-Wilson

Holdings

Inc

5,215,351‌

77,396‌

KKR

&

Co

Inc

11,468,252‌

405,632‌

Onex

Corp

2,950,983‌

131,909‌

$

1,328,576‌

Real

Estate

-

2.38%

Brookfield

Property

Partners

LP

2,697,665‌

30,187‌

CBRE

Group

Inc

(d)

7,003,694‌

306,832‌

Howard

Hughes

Corp/The

(d)

2,182,672‌

116,096‌

$

453,115‌

REITs

-

3.76%

Equinix

Inc

160,389‌

125,982‌

SBA

Communications

Corp

1,776,720‌

553,519‌

Vornado

Realty

Trust

1,052,133‌

36,320‌

$

715,821‌

Retail

-

10.64%

CarMax

Inc

(d)

6,724,032‌

652,030‌

Dollar

General

Corp

515,254‌

98,104‌

Domino's

Pizza

Inc

726,133‌

280,730‌

O'Reilly

Automotive

Inc

(d)

1,151,629‌

549,765‌

Restaurant

Brands

International

Inc

6,100,506‌

344,801‌

Ross

Stores

Inc

1,099,179‌

98,563‌

$

2,023,993‌

Semiconductors

-

1.50%

Microchip

Technology

Inc

2,802,754‌

285,124‌

Software

-

12.17%

ANSYS

Inc

(d)

1,188,160‌

369,043‌

Autodesk

Inc

(d)

2,177,284‌

514,775‌

Black

Knight

Inc

(d)

6,501,660‌

487,104‌

Guidewire

Software

Inc

(d)

2,602,075‌

306,160‌

MSCI

Inc

471,371‌

177,226‌

RealPage

Inc

(d)

3,456,593‌

217,800‌

Slack

Technologies

Inc

(d)

3,409,526‌

100,752‌

Schedule

of

Investments

MidCap

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

141

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Software

(continued)

Tyler

Technologies

Inc

(d)

398,075‌

$

142,212‌

$

2,315,072‌

Telecommunications

-

1.91%

GCI

Liberty

Inc

(d)

2,431,372‌

190,595‌

Motorola

Solutions

Inc

1,238,045‌

173,079‌

$

363,674‌

TOTAL

COMMON

STOCKS

$

19,017,970‌

Total

Investments

$

19,042,909‌

Other

Assets

and

Liabilities

-  (0.08)%

(15,365‌)

TOTAL

NET

ASSETS

-

100.00%

$

19,027,544‌

(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

$24,934

or

0.13%

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

5.00%

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

24.94‌%

Consumer,

Cyclical

22.60‌%

Technology

13.67‌%

Industrial

12.59‌%

Consumer,

Non-cyclical

12.52‌%

Communications

10.83‌%

Utilities

2.06‌%

Basic

Materials

0.74‌%

Money

Market

Funds

0.13‌%

Other

Assets

and

Liabilities

(0.08‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Everarc

Holdings

Ltd

$

—‌

$

28,83

8‌

$

—‌

$

37,482‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

67,193‌

2,053,095‌

2,097,793‌

22,495‌

$

67,193‌

$

2,081,93

3‌

$

2,097,793‌

$

59,977‌

Income

(a)

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Everarc

Holdings

Ltd

$

—‌

$

—‌

$

—‌

$

8,64

4‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

125‌

—‌

—‌

—‌

$

125‌

$

—‌

$

—‌

$

8,64

4‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

MidCap

Growth

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

142

INVESTMENT

COMPANIES

-

0.63%

Shares

Held

Value

(000's)

Money

Market

Funds

-

0.63%

BlackRock

Liquidity

FedFund

-

Institutional

Class

0.06%

(a),(b)

3‌

$

—‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

(a),(c),(d)

1,149,800‌

1,150‌

$

1,150‌

TOTAL

INVESTMENT

COMPANIES

$

1,150‌

COMMON

STOCKS

-

100.07%

Shares

Held

Value

(000's)

Apparel

-

3.59%

Crocs

Inc

(d)

86,171‌

$

3,097‌

Deckers

Outdoor

Corp

(d)

16,833‌

3,522‌

$

6,619‌

Automobile

Manufacturers

-

1.30%

Cummins

Inc

12,433‌

2,403‌

Automobile

Parts

&

Equipment

-

1.77%

Visteon

Corp

(d)

44,853‌

3,257‌

Banks

-

1.36%

SVB

Financial

Group

(d)

11,174‌

2,506‌

Biotechnology

-

7.60%

ACADIA

Pharmaceuticals

Inc

(d)

64,215‌

2,670‌

Biohaven

Pharmaceutical

Holding

Co

Ltd

(d)

46,289‌

2,964‌

Bio-Rad

Laboratories

Inc

(d)

6,781‌

3,559‌

Exact

Sciences

Corp

(d)

28,812‌

2,730‌

Seattle

Genetics

Inc

(d)

12,505‌

2,079‌

$

14,002‌

Building

Materials

-

1.60%

Masco

Corp

51,621‌

2,951‌

Commercial

Services

-

3.67%

CoStar

Group

Inc

(d)

3,259‌

2,769‌

Square

Inc

(d)

16,138‌

2,096‌

TransUnion

21,235‌

1,902‌

$

6,767‌

Computers

-

2.14%

Crowdstrike

Holdings

Inc

(d)

34,884‌

3,949‌

Diversified

Financial

Services

-

1.41%

Tradeweb

Markets

Inc

47,948‌

2,593‌

Energy

-

Alternate

Sources

-

1.38%

Enphase

Energy

Inc

(d)

42,130‌

2,543‌

Engineering

&

Construction

-

1.35%

TopBuild

Corp

(d)

18,788‌

2,478‌

Healthcare

-

Products

-

11.49%

Align

Technology

Inc

(d)

5,662‌

1,664‌

Inspire

Medical

Systems

Inc

(d)

48,518‌

4,821‌

Insulet

Corp

(d)

20,440‌

4,157‌

Penumbra

Inc

(d)

13,170‌

2,922‌

Tandem

Diabetes

Care

Inc

(d)

43,374‌

4,531‌

Teleflex

Inc

8,280‌

3,089‌

$

21,184‌

Healthcare

-

Services

-

1.06%

Molina

Healthcare

Inc

(d)

10,543‌

1,947‌

Internet

-

9.72%

Chewy

Inc

(d)

37,906‌

1,990‌

MercadoLibre

Inc

(d)

4,617‌

5,192‌

Okta

Inc

(d)

8,459‌

1,869‌

Snap

Inc

Class

A

(d)

196,930‌

4,415‌

Zendesk

Inc

(d)

48,783‌

4,447‌

$

17,913‌

Leisure

Products

&

Services

-

3.83%

Brunswick

Corp/DE

45,591‌

3,054‌

Fox

Factory

Holding

Corp

(d)

44,936‌

3,999‌

$

7,053‌

Machinery

-

Diversified

-

1.46%

Rockwell

Automation

Inc

12,331‌

2,690‌

Metal

Fabrication

&

Hardware

-

1.06%

Timken

Co/The

42,833‌

1,956‌

Office

&

Business

Equipment

-

1.31%

Zebra

Technologies

Corp

(d)

8,620‌

2,420‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Pharmaceuticals

-

5.79%

DexCom

Inc

(d)

13,083‌

$

5,698‌

Horizon

Therapeutics

Plc

(d)

81,353‌

4,978‌

$

10,676‌

Retail

-

4.92%

Chipotle

Mexican

Grill

Inc

(d)

2,708‌

3,128‌

Floor

&

Decor

Holdings

Inc

(d)

34,916‌

2,301‌

Lululemon

Athletica

Inc

(d)

11,187‌

3,642‌

$

9,071‌

Semiconductors

-

10.48%

Advanced

Micro

Devices

Inc

(d)

47,067‌

3,644‌

Cree

Inc

(d)

46,066‌

3,175‌

Lam

Research

Corp

5,732‌

2,162‌

Marvell

Technology

Group

Ltd

123,439‌

4,502‌

Microchip

Technology

Inc

24,680‌

2,511‌

MKS

Instruments

Inc

26,103‌

3,326‌

$

19,320‌

Software

-

18.68%

Activision

Blizzard

Inc

44,505‌

3,677‌

DocuSign

Inc

(d)

11,870‌

2,574‌

Nuance

Communications

Inc

(d)

122,841‌

3,360‌

RingCentral

Inc

(d)

16,140‌

4,685‌

Sea

Ltd

ADR

(d)

21,519‌

2,630‌

ServiceNow

Inc

(d)

13,486‌

5,923‌

Splunk

Inc

(d)

12,360‌

2,593‌

Synopsys

Inc

(d)

23,535‌

4,689‌

Twilio

Inc

(d)

7,930‌

2,200‌

Tyler

Technologies

Inc

(d)

5,891‌

2,104‌

$

34,435‌

Transportation

-

3.10%

Kansas

City

Southern

15,851‌

2,724‌

Knight-Swift

Transportation

Holdings

Inc

68,753‌

2,990‌

$

5,714‌

TOTAL

COMMON

STOCKS

$

184,447‌

Total

Investments

$

185,597‌

Other

Assets

and

Liabilities

-  (0.70)%

(1,282‌)

TOTAL

NET

ASSETS

-

100.00%

$

184,315‌

(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

5.00%

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

32.61‌%

Consumer,

Non-cyclical

29.61‌%

Consumer,

Cyclical

15.41‌%

Communications

9.72‌%

Industrial

8.57‌%

Financial

2.77‌%

Energy

1.38‌%

Money

Market

Funds

0.63‌%

Other

Assets

and

Liabilities

(0.70‌)%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

MidCap

Growth

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

143

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

1,467‌

$

76,651‌

$

76,968‌

$

1,150‌

$

1,467‌

$

76,651‌

$

76,968‌

$

1,150‌

Income

(a)

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

15‌

$

—‌

$

—‌

$

—‌

$

15‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

MidCap

Growth

Fund

III

July

31,

2020

(unaudited)

See

accompanying

notes.

144

INVESTMENT

COMPANIES

-

3.02%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

0.12%

iShares

Russell

Mid-Cap

Growth

ETF

8,287‌

$

1,416‌

Money

Market

Funds

-

2.90%

BlackRock

Liquidity

FedFund

-

Institutional

Class

0.06%

(a),(b)

3,977,313‌

3,977‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

(a),(c),(d)

31,145,490‌

31,146‌

$

35,123‌

TOTAL

INVESTMENT

COMPANIES

$

36,539‌

COMMON

STOCKS

-

97.45%

Shares

Held

Value

(000's)

Advertising

-

0.07%

Trade

Desk

Inc/The

(d)

1,934‌

$

873‌

Aerospace

&

Defense

-

1.48%

HEICO

Corp

62,433‌

6,001‌

HEICO

Corp

-

Class

A

2,984‌

228‌

L3Harris

Technologies

Inc

30,562‌

5,145‌

Mercury

Systems

Inc

(d)

80,978‌

6,270‌

TransDigm

Group

Inc

555‌

240‌

$

17,884‌

Apparel

-

0.00%

VF

Corp

902‌

54‌

Automobile

Parts

&

Equipment

-

0.29%

Allison

Transmission

Holdings

Inc

3,485‌

130‌

Aptiv

PLC

43,942‌

3,417‌

$

3,547‌

Banks

-

0.41%

Pinnacle

Financial

Partners

Inc

124,049‌

4,915‌

Beverages

-

0.92%

Boston

Beer

Co

Inc/The

(d)

413‌

335‌

Brown-Forman

Corp

-

A

Shares

1,833‌

116‌

Brown-Forman

Corp

-

B

Shares

7,345‌

509‌

Constellation

Brands

Inc

23,503‌

4,188‌

Monster

Beverage

Corp

(d)

76,993‌

6,043‌

$

11,191‌

Biotechnology

-

2.69%

ACADIA

Pharmaceuticals

Inc

(d)

5,219‌

217‌

Acceleron

Pharma

Inc

(d)

31,909‌

3,165‌

Alexion

Pharmaceuticals

Inc

(d)

1,562‌

160‌

Alnylam

Pharmaceuticals

Inc

(d)

21,983‌

3,204‌

BioMarin

Pharmaceutical

Inc

(d)

44,239‌

5,300‌

Bluebird

Bio

Inc

(d)

1,379‌

84‌

Corteva

Inc

142,897‌

4,081‌

Exact

Sciences

Corp

(d)

6,165‌

584‌

Exelixis

Inc

(d)

5,260‌

121‌

Guardant

Health

Inc

(d)

31,006‌

2,641‌

Immunomedics

Inc

(d)

9,830‌

415‌

Incyte

Corp

(d)

8,693‌

859‌

Ionis

Pharmaceuticals

Inc

(d)

3,068‌

177‌

Iovance

Biotherapeutics

Inc

(d)

6,456‌

188‌

Livongo

Health

Inc

(d),(e)

2,571‌

327‌

Moderna

Inc

(d)

57,640‌

4,271‌

Sage

Therapeutics

Inc

(d)

193‌

9‌

Seattle

Genetics

Inc

(d)

40,767‌

6,778‌

$

32,581‌

Building

Materials

-

1.88%

Armstrong

World

Industries

Inc

841‌

60‌

Carrier

Global

Corp

14,886‌

406‌

Fortune

Brands

Home

&

Security

Inc

96,625‌

7,392‌

Martin

Marietta

Materials

Inc

22,823‌

4,728‌

Trex

Co

Inc

(d)

73,099‌

10,185‌

$

22,771‌

Chemicals

-

0.31%

Albemarle

Corp

37,323‌

3,078‌

FMC

Corp

1,216‌

129‌

NewMarket

Corp

271‌

102‌

RPM

International

Inc

5,100‌

416‌

W

R

Grace

&

Co

960‌

44‌

$

3,769‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Commercial

Services

-

9.02%

2U

Inc

(d)

952‌

$

45‌

Avalara

Inc

(d)

3,670‌

493‌

Booz

Allen

Hamilton

Holding

Corp

6,570‌

537‌

Bright

Horizons

Family

Solutions

Inc

(d)

1,910‌

205‌

Chegg

Inc

(d)

5,778‌

468‌

Cintas

Corp

3,734‌

1,127‌

CoreLogic

Inc/United

States

205‌

14‌

CoStar

Group

Inc

(d)

9,038‌

7,680‌

Equifax

Inc

4,284‌

696‌

Euronet

Worldwide

Inc

(d)

69,657‌

6,697‌

FleetCor

Technologies

Inc

(d)

25,473‌

6,587‌

Gartner

Inc

(d)

4,130‌

515‌

Global

Payments

Inc

48,647‌

8,660‌

H&R

Block

Inc

6,464‌

94‌

IHS

Markit

Ltd

108,176‌

8,733‌

MarketAxess

Holdings

Inc

38,183‌

19,729‌

Moody's

Corp

18,118‌

5,097‌

Morningstar

Inc

864‌

145‌

Paylocity

Holding

Corp

(d)

1,649‌

220‌

Quanta

Services

Inc

1,318‌

53‌

Ritchie

Bros

Auctioneers

Inc

109,507‌

5,068‌

Rollins

Inc

6,191‌

324‌

StoneCo

Ltd

(d)

7,408‌

354‌

TransUnion

222,111‌

19,894‌

United

Rentals

Inc

(d)

26,166‌

4,065‌

Verisk

Analytics

Inc

61,824‌

11,667‌

WEX

Inc

(d)

189‌

30‌

$

109,197‌

Computers

-

2.69%

CACI

International

Inc

(d)

189‌

39‌

Crowdstrike

Holdings

Inc

(d)

95,537‌

10,814‌

EPAM

Systems

Inc

(d)

52,924‌

15,352‌

Fortinet

Inc

(d)

6,349‌

878‌

Genpact

Ltd

3,483‌

139‌

Globant

SA

(d)

1,724‌

298‌

Leidos

Holdings

Inc

621‌

59‌

Lumentum

Holdings

Inc

(d)

405‌

38‌

NetApp

Inc

5,729‌

254‌

Perspecta

Inc

192,966‌

4,130‌

Pure

Storage

Inc

(d)

6,599‌

118‌

Science

Applications

International

Corp

378‌

30‌

Zscaler

Inc

(d)

3,355‌

436‌

$

32,585‌

Consumer

Products

-

0.19%

Avery

Dennison

Corp

1,637‌

185‌

Church

&

Dwight

Co

Inc

11,739‌

1,131‌

Clorox

Co/The

4,271‌

1,010‌

Reynolds

Consumer

Products

Inc

674‌

23‌

$

2,349‌

Distribution

&

Wholesale

-

4.81%

Copart

Inc

(d)

118,576‌

11,057‌

Fastenal

Co

180,331‌

8,483‌

IAA

Inc

(d)

92,308‌

4,002‌

Pool

Corp

86,431‌

27,372‌

WW

Grainger

Inc

21,456‌

7,328‌

$

58,242‌

Diversified

Financial

Services

-

0.38%

Ares

Management

Corp

4,680‌

187‌

Cboe

Global

Markets

Inc

1,139‌

100‌

Credit

Acceptance

Corp

(d),(e)

34‌

16‌

LendingTree

Inc

(d),(e)

358‌

124‌

LPL

Financial

Holdings

Inc

42,749‌

3,378‌

SLM

Corp

4,378‌

29‌

T

Rowe

Price

Group

Inc

2,742‌

379‌

Tradeweb

Markets

Inc

3,328‌

180‌

Virtu

Financial

Inc

2,662‌

66‌

Western

Union

Co/The

3,795‌

92‌

$

4,551‌

Schedule

of

Investments

MidCap

Growth

Fund

III

July

31,

2020

(unaudited)

See

accompanying

notes.

145

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Electric

-

0.01%

NRG

Energy

Inc

4,027‌

$

136‌

Electrical

Components

&

Equipment

-

1.24%

Energizer

Holdings

Inc

2,348‌

118‌

Generac

Holdings

Inc

(d)

91,899‌

14,481‌

Universal

Display

Corp

2,047‌

357‌

$

14,956‌

Electronics

-

1.82%

Agilent

Technologies

Inc

1,268‌

122‌

Allegion

plc

2,858‌

284‌

Amphenol

Corp

8,177‌

865‌

Coherent

Inc

(d)

31,460‌

4,368‌

Jabil

Inc

1,331‌

46‌

Keysight

Technologies

Inc

(d)

152,203‌

15,204‌

Mettler-Toledo

International

Inc

(d)

1,059‌

990‌

PerkinElmer

Inc

1,029‌

122‌

Waters

Corp

(d)

216‌

46‌

$

22,047‌

Energy

-

Alternate

Sources

-

0.06%

Enphase

Energy

Inc

(d)

5,042‌

304‌

SolarEdge

Technologies

Inc

(d)

2,330‌

408‌

$

712‌

Engineering

&

Construction

-

0.00%

frontdoor

Inc

(d)

727‌

31‌

Entertainment

-

0.96%

Caesars

Entertainment

Inc

(d)

124,788‌

3,874‌

DraftKings

Inc

(d),(e)

60,949‌

2,034‌

Lions

Gate

Entertainment

Corp

-

A

shares

(d),(e)

192,255‌

1,473‌

Live

Nation

Entertainment

Inc

(d)

6,770‌

317‌

Vail

Resorts

Inc

20,570‌

3,950‌

$

11,648‌

Environmental

Control

-

0.99%

Waste

Connections

Inc

116,999‌

11,977‌

Food

-

0.89%

Beyond

Meat

Inc

(d)

1,961‌

247‌

Campbell

Soup

Co

4,174‌

207‌

Grocery

Outlet

Holding

Corp

(d)

1,770‌

78‌

Hershey

Co/The

5,437‌

790‌

Kellogg

Co

4,063‌

280‌

Lamb

Weston

Holdings

Inc

139,296‌

8,369‌

McCormick

&

Co

Inc/MD

3,310‌

645‌

Pilgrim's

Pride

Corp

(d)

838‌

13‌

Sprouts

Farmers

Market

Inc

(d)

4,739‌

125‌

$

10,754‌

Hand

&

Machine

Tools

-

0.01%

Lincoln

Electric

Holdings

Inc

1,160‌

105‌

MSA

Safety

Inc

383‌

45‌

$

150‌

Healthcare

-

Products

-

10.07%

10X

Genomics

Inc

(d)

2,595‌

255‌

ABIOMED

Inc

(d)

2,113‌

634‌

Adaptive

Biotechnologies

Corp

(d)

3,392‌

127‌

Align

Technology

Inc

(d)

58,333‌

17,140‌

Avantor

Inc

(d)

19,655‌

434‌

Bio-Techne

Corp

1,704‌

469‌

Bruker

Corp

2,094‌

93‌

Cooper

Cos

Inc/The

30,870‌

8,734‌

Haemonetics

Corp

(d)

2,216‌

194‌

Hill-Rom

Holdings

Inc

372‌

36‌

Hologic

Inc

(d)

8,546‌

596‌

ICU

Medical

Inc

(d)

250‌

46‌

IDEXX

Laboratories

Inc

(d)

60,522‌

24,073‌

Insulet

Corp

(d)

78,688‌

16,002‌

Masimo

Corp

(d)

28,206‌

6,208‌

Novocure

Ltd

(d)

4,742‌

359‌

Penumbra

Inc

(d)

1,526‌

339‌

Quidel

Corp

(d)

19,592‌

5,534‌

Repligen

Corp

(d)

56,519‌

8,529‌

ResMed

Inc

90,920‌

18,412‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Healthcare

-

Products

(continued)

STERIS

PLC

212‌

$

34‌

Tandem

Diabetes

Care

Inc

(d)

27,696‌

2,894‌

Teleflex

Inc

14,234‌

5,311‌

Varian

Medical

Systems

Inc

(d)

545‌

78‌

West

Pharmaceutical

Services

Inc

20,089‌

5,401‌

$

121,932‌

Healthcare

-

Services

-

3.52%

Amedisys

Inc

(d)

20,575‌

4,818‌

Catalent

Inc

(d)

138,988‌

12,139‌

Charles

River

Laboratories

International

Inc

(d)

2,065‌

411‌

Chemed

Corp

739‌

364‌

DaVita

Inc

(d)

659‌

58‌

Encompass

Health

Corp

2,101‌

143‌

ICON

PLC

(d)

63,170‌

11,716‌

IQVIA

Holdings

Inc

(d)

36,575‌

5,793‌

Laboratory

Corp

of

America

Holdings

(d)

254‌

49‌

Molina

Healthcare

Inc

(d)

1,885‌

348‌

PPD

Inc

(d)

2,495‌

73‌

Syneos

Health

Inc

(d)

338‌

21‌

Teladoc

Health

Inc

(d)

27,964‌

6,645‌

$

42,578‌

Home

Builders

-

1.11%

DR

Horton

Inc

122,609‌

8,112‌

Lennar

Corp

-

A

Shares

72,602‌

5,252‌

NVR

Inc

(d)

16‌

63‌

$

13,427‌

Home

Furnishings

-

0.60%

Dolby

Laboratories

Inc

101,886‌

7,091‌

Tempur

Sealy

International

Inc

(d)

1,671‌

136‌

$

7,227‌

Housewares

-

0.05%

Scotts

Miracle-Gro

Co/The

1,810‌

287‌

Toro

Co/The

4,596‌

328‌

$

615‌

Insurance

-

0.82%

Alleghany

Corp

66‌

35‌

Arthur

J

Gallagher

&

Co

86,885‌

9,339‌

Axis

Capital

Holdings

Ltd

375‌

15‌

Brown

&

Brown

Inc

634‌

29‌

Erie

Indemnity

Co

685‌

144‌

Lincoln

National

Corp

1,138‌

42‌

Primerica

Inc

1,182‌

141‌

RenaissanceRe

Holdings

Ltd

787‌

142‌

$

9,887‌

Internet

-

4.90%

Anaplan

Inc

(d)

6,220‌

282‌

CDW

Corp/DE

102,475‌

11,912‌

Etsy

Inc

(d)

5,633‌

667‌

Expedia

Group

Inc

722‌

59‌

FireEye

Inc

(d)

2,510‌

38‌

GoDaddy

Inc

(d)

7,902‌

555‌

Grubhub

Inc

(d)

448‌

32‌

IAC/InterActiveCorp

(d)

3,579‌

474‌

Match

Group

Inc

(d)

10,452‌

1,073‌

NortonLifeLock

Inc

26,629‌

571‌

Okta

Inc

(d)

5,491‌

1,213‌

Palo

Alto

Networks

Inc

(d)

4,668‌

1,195‌

Pinterest

Inc

(d)

270,722‌

9,283‌

Proofpoint

Inc

(d)

2,702‌

313‌

Roku

Inc

(d)

4,854‌

752‌

Shopify

Inc

(d)

4,433‌

4,539‌

Spotify

Technology

SA

(d)

16,318‌

4,208‌

Twitter

Inc

(d)

184,066‌

6,700‌

VeriSign

Inc

(d)

39,479‌

8,357‌

Wayfair

Inc

(d)

2,865‌

762‌

Zendesk

Inc

(d)

68,533‌

6,247‌

Zillow

Group

Inc

-

A

Shares

(d)

319‌

22‌

Schedule

of

Investments

MidCap

Growth

Fund

III

July

31,

2020

(unaudited)

See

accompanying

notes.

146

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Internet

(continued)

Zillow

Group

Inc

-

C

Shares

(d)

709‌

$

49‌

$

59,303‌

Leisure

Products

&

Services

-

0.75%

Peloton

Interactive

Inc

(d)

101,648‌

6,934‌

Planet

Fitness

Inc

(d)

39,223‌

2,048‌

Polaris

Inc

304‌

32‌

Virgin

Galactic

Holdings

Inc

(d),(e)

2,465‌

55‌

$

9,069‌

Lodging

-

0.01%

Wynn

Resorts

Ltd

1,154‌

84‌

Machinery

-

Construction

&

Mining

-

0.02%

BWX

Technologies

Inc

2,908‌

158‌

Vertiv

Holdings

Co

(d)

9,493‌

138‌

$

296‌

Machinery

-

Diversified

-

3.24%

Cognex

Corp

137,649‌

9,205‌

Graco

Inc

151,925‌

8,089‌

IDEX

Corp

51,297‌

8,455‌

Nordson

Corp

2,239‌

433‌

Rockwell

Automation

Inc

41,397‌

9,030‌

Westinghouse

Air

Brake

Technologies

Corp

63,847‌

3,970‌

$

39,182‌

Media

-

1.21%

Altice

USA

Inc

(d)

15,443‌

417‌

Cable

One

Inc

5,946‌

10,837‌

FactSet

Research

Systems

Inc

1,772‌

613‌

Liberty

Media

Corp-Liberty

SiriusXM

-

A

Shares

(d)

486‌

17‌

Liberty

Media

Corp-Liberty

SiriusXM

-

C

Shares

(d)

958‌

33‌

Nexstar

Media

Group

Inc

1,392‌

122‌

Sirius

XM

Holdings

Inc

422,035‌

2,482‌

World

Wrestling

Entertainment

Inc

2,189‌

102‌

$

14,623‌

Mining

-

0.03%

Royal

Gold

Inc

2,238‌

313‌

Miscellaneous

Manufacturers

-

0.42%

AptarGroup

Inc

41,287‌

4,756‌

Axon

Enterprise

Inc

(d)

2,953‌

246‌

Donaldson

Co

Inc

663‌

32‌

$

5,034‌

Office

&

Business

Equipment

-

0.05%

Zebra

Technologies

Corp

(d)

2,292‌

644‌

Oil

&

Gas

Services

-

0.30%

Baker

Hughes

Co

156,929‌

2,431‌

National

Oilwell

Varco

Inc

107,406‌

1,236‌

$

3,667‌

Packaging

&

Containers

-

0.48%

Amcor

PLC

11,463‌

118‌

Ball

Corp

73,952‌

5,445‌

Berry

Global

Group

Inc

(d)

2,153‌

108‌

Crown

Holdings

Inc

(d)

638‌

46‌

Graphic

Packaging

Holding

Co

2,877‌

40‌

$

5,757‌

Pharmaceuticals

-

3.16%

Agios

Pharmaceuticals

Inc

(d)

297‌

14‌

AmerisourceBergen

Corp

3,340‌

335‌

Cardinal

Health

Inc

13,966‌

763‌

DexCom

Inc

(d)

36,469‌

15,883‌

Global

Blood

Therapeutics

Inc

(d)

2,792‌

188‌

Herbalife

Nutrition

Ltd

(d)

689‌

35‌

Horizon

Therapeutics

Plc

(d)

96,438‌

5,901‌

Jazz

Pharmaceuticals

PLC

(d)

40,304‌

4,363‌

McKesson

Corp

5,748‌

863‌

Neurocrine

Biosciences

Inc

(d)

4,389‌

528‌

PRA

Health

Sciences

Inc

(d)

2,563‌

273‌

Reata

Pharmaceuticals

Inc

(d)

1,011‌

149‌

Sarepta

Therapeutics

Inc

(d)

26,919‌

4,133‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Pharmaceuticals

(continued)

Zoetis

Inc

31,728‌

$

4,813‌

$

38,241‌

Pipelines

-

0.05%

Cheniere

Energy

Inc

(d)

11,046‌

547‌

Equitrans

Midstream

Corp

1,900‌

18‌

$

565‌

Private

Equity

-

0.02%

Apollo

Global

Management

Inc

4,037‌

198‌

Carlyle

Group

Inc/The

554‌

16‌

$

214‌

REITs

-

1.03%

Americold

Realty

Trust

947‌

38‌

Brookfield

Property

REIT

Inc

2,602‌

30‌

CoreSite

Realty

Corp

1,291‌

167‌

Equity

LifeStyle

Properties

Inc

3,403‌

232‌

Extra

Space

Storage

Inc

4,236‌

438‌

Iron

Mountain

Inc

7,999‌

225‌

SBA

Communications

Corp

33,927‌

10,570‌

Simon

Property

Group

Inc

11,435‌

713‌

$

12,413‌

Retail

-

8.60%

AutoZone

Inc

(d)

5,706‌

6,889‌

Best

Buy

Co

Inc

1,972‌

196‌

Burlington

Stores

Inc

(d)

93,544‌

17,587‌

CarMax

Inc

(d)

582‌

56‌

Carvana

Co

(d)

2,606‌

404‌

Chipotle

Mexican

Grill

Inc

(d)

19,384‌

22,392‌

Dollar

Tree

Inc

(d)

5,358‌

500‌

Domino's

Pizza

Inc

1,860‌

719‌

Dunkin'

Brands

Group

Inc

3,332‌

229‌

Five

Below

Inc

(d)

70,939‌

7,726‌

Floor

&

Decor

Holdings

Inc

(d)

3,875‌

255‌

Lululemon

Athletica

Inc

(d)

36,410‌

11,854‌

Ollie's

Bargain

Outlet

Holdings

Inc

(d)

75,194‌

7,903‌

O'Reilly

Automotive

Inc

(d)

36,838‌

17,586‌

Tractor

Supply

Co

63,075‌

9,004‌

Ulta

Beauty

Inc

(d)

2,392‌

462‌

Wendy's

Co/The

8,555‌

198‌

Williams-Sonoma

Inc

597‌

52‌

Yum

China

Holdings

Inc

1,188‌

61‌

$

104,073‌

Semiconductors

-

5.76%

Advanced

Micro

Devices

Inc

(d)

121,726‌

9,425‌

Entegris

Inc

5,984‌

430‌

Inphi

Corp

(d)

2,280‌

298‌

IPG

Photonics

Corp

(d)

33,592‌

6,013‌

KLA

Corp

7,414‌

1,482‌

Marvell

Technology

Group

Ltd

143,948‌

5,250‌

Maxim

Integrated

Products

Inc

89,636‌

6,104‌

Microchip

Technology

Inc

179,067‌

18,216‌

MKS

Instruments

Inc

1,960‌

250‌

Monolithic

Power

Systems

Inc

55,143‌

14,613‌

Teradyne

Inc

7,896‌

703‌

Xilinx

Inc

64,909‌

6,968‌

$

69,752‌

Shipbuilding

-

0.00%

Huntington

Ingalls

Industries

Inc

191‌

33‌

Software

-

18.94%

Akamai

Technologies

Inc

(d)

6,291‌

707‌

Alteryx

Inc

(d)

68,789‌

12,072‌

ANSYS

Inc

(d)

4,090‌

1,270‌

Aspen

Technology

Inc

(d)

75,810‌

7,373‌

Bill.com

Holdings

Inc

(d)

765‌

71‌

Black

Knight

Inc

(d)

6,896‌

517‌

Broadridge

Financial

Solutions

Inc

47,705‌

6,409‌

Cadence

Design

Systems

Inc

(d)

13,166‌

1,438‌

CDK

Global

Inc

784‌

36‌

Ceridian

HCM

Holding

Inc

(d)

3,559‌

279‌

Schedule

of

Investments

MidCap

Growth

Fund

III

July

31,

2020

(unaudited)

See

accompanying

notes.

147

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Software

(continued)

Cerner

Corp

14,530‌

$

1,009‌

Change

Healthcare

Inc

(d)

8,481‌

99‌

Citrix

Systems

Inc

22,941‌

3,276‌

Cloudflare

Inc

(d)

5,203‌

217‌

Coupa

Software

Inc

(d)

3,170‌

971‌

Datadog

Inc

(d)

7,278‌

683‌

DocuSign

Inc

(d)

30,809‌

6,680‌

Dropbox

Inc

-

A

Shares

(d)

11,713‌

266‌

Dynatrace

Inc

(d)

7,247‌

303‌

Elastic

NV

(d)

51,895‌

4,992‌

Everbridge

Inc

(d)

1,635‌

233‌

Fair

Isaac

Corp

(d)

16,797‌

7,377‌

Fastly

Inc

(d)

3,475‌

335‌

Fidelity

National

Information

Services

Inc

40,103‌

5,867‌

Five9

Inc

(d)

2,944‌

356‌

Guidewire

Software

Inc

(d)

753‌

89‌

HubSpot

Inc

(d)

1,975‌

463‌

Jack

Henry

&

Associates

Inc

33,281‌

5,934‌

Manhattan

Associates

Inc

(d)

2,692‌

258‌

Medallia

Inc

(d)

3,906‌

120‌

MongoDB

Inc

(d)

1,995‌

457‌

MSCI

Inc

27,282‌

10,257‌

New

Relic

Inc

(d)

2,402‌

170‌

Nutanix

Inc

(d)

8,504‌

189‌

Paychex

Inc

12,107‌

871‌

Paycom

Software

Inc

(d)

29,559‌

8,406‌

Pegasystems

Inc

1,689‌

197‌

Pluralsight

Inc

(d)

4,475‌

95‌

PTC

Inc

(d)

122,121‌

10,449‌

RealPage

Inc

(d)

131,917‌

8,312‌

RingCentral

Inc

(d)

42,596‌

12,364‌

ServiceNow

Inc

(d)

5,216‌

2,291‌

Slack

Technologies

Inc

(d)

17,902‌

529‌

Smartsheet

Inc

(d)

5,271‌

252‌

Splunk

Inc

(d)

69,005‌

14,479‌

SS&C

Technologies

Holdings

Inc

2,242‌

129‌

Synopsys

Inc

(d)

143,105‌

28,510‌

Take-Two

Interactive

Software

Inc

(d)

90,673‌

14,872‌

Teradata

Corp

(d)

4,015‌

84‌

Twilio

Inc

(d)

5,104‌

1,416‌

Tyler

Technologies

Inc

(d)

55,358‌

19,777‌

Veeva

Systems

Inc

(d)

80,317‌

21,249‌

Workday

Inc

(d)

21,131‌

3,823‌

Zynga

Inc

(d)

34,822‌

342‌

$

229,220‌

Telecommunications

-

0.08%

Arista

Networks

Inc

(d)

2,304‌

598‌

CommScope

Holding

Co

Inc

(d)

605‌

6‌

LogMeIn

Inc

203‌

17‌

Motorola

Solutions

Inc

828‌

116‌

PagerDuty

Inc

(d)

3,265‌

99‌

Switch

Inc

4,206‌

76‌

Ubiquiti

Inc

329‌

61‌

$

973‌

Toys,

Games

&

Hobbies

-

0.01%

Mattel

Inc

(d)

9,717‌

108‌

Transportation

-

1.10%

CH

Robinson

Worldwide

Inc

993‌

93‌

Expeditors

International

of

Washington

Inc

4,858‌

410‌

JB

Hunt

Transport

Services

Inc

42,660‌

5,520‌

Landstar

System

Inc

1,476‌

180‌

Old

Dominion

Freight

Line

Inc

39,051‌

7,140‌

XPO

Logistics

Inc

(d)

231‌

17‌

$

13,360‌

TOTAL

COMMON

STOCKS

$

1,179,510‌

Total

Investments

$

1,216,049‌

Other

Assets

and

Liabilities

-  (0.47)%

(5,636‌)

TOTAL

NET

ASSETS

-

100.00%

$

1,210,413‌

(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

$3,977

or

0.33%

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

5.00%

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

30.46‌%

Technology

27.44‌%

Consumer,

Cyclical

17.19‌%

Industrial

12.68‌%

Communications

6.26‌%

Money

Market

Funds

2.90‌%

Financial

2.66‌%

Energy

0.41‌%

Basic

Materials

0.34‌%

Investment

Companies

0.12‌%

Utilities

0.01‌%

Other

Assets

and

Liabilities

(0.47‌)%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

MidCap

Growth

Fund

III

July

31,

2020

(unaudited)

See

accompanying

notes.

148

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

19,809‌

$

459,341‌

$

448,004‌

$

31,146‌

Principal

Healthcare

Innovators

Index

ETF

171‌

—‌

218‌

—‌

Principal

Shareholder

Yield

Index

ETF

306‌

—‌

260‌

—‌

Principal

Sustainable

Momentum

Index

ETF

56‌

—‌

56‌

—‌

$

20,342‌

$

459,341‌

$

448,538‌

$

31,146‌

Income

(a)

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

145‌

$

—‌

$

—‌

$

—‌

Principal

Healthcare

Innovators

Index

ETF

—‌

56‌

—‌

(9‌)

Principal

Shareholder

Yield

Index

ETF

3‌

(36‌)

—‌

(10‌)

Principal

Sustainable

Momentum

Index

ETF

—‌

3‌

—‌

(3‌)

$

148‌

$

23‌

$

—‌

$

(22‌)

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

S&P

Mid

400

Emini;

September

2020

Long

35‌

$

6,512‌

$

119‌

Total

$

119‌

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

MidCap

S&P

400

Index

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

149

INVESTMENT

COMPANIES

-

1.67%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

0.17%

iShares

Core

S&P

Mid-Cap

ETF

9,100‌

$

1,692‌

Money

Market

Funds

-

1.50%

BlackRock

Liquidity

FedFund

-

Institutional

Class

0.06%

(a),(b)

4,497,298‌

4,497‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

(a),(c),(d)

10,859,950‌

10,860‌

$

15,357‌

TOTAL

INVESTMENT

COMPANIES

$

17,049‌

COMMON

STOCKS

-

99.23%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

0.45%

Hexcel

Corp

51,425‌

$

1,918‌

Mercury

Systems

Inc

(d)

34,246‌

2,652‌

$

4,570‌

Agriculture

-

0.28%

Darling

Ingredients

Inc

(d)

101,039‌

2,822‌

Airlines

-

0.17%

JetBlue

Airways

Corp

(d)

166,127‌

1,718‌

Apparel

-

0.93%

Carter's

Inc

26,862‌

2,115‌

Columbia

Sportswear

Co

17,512‌

1,328‌

Deckers

Outdoor

Corp

(d)

17,247‌

3,609‌

Skechers

USA

Inc

(d)

83,876‌

2,456‌

$

9,508‌

Automobile

Parts

&

Equipment

-

0.88%

Adient

PLC

(d)

53,776‌

895‌

Dana

Inc

88,993‌

1,017‌

Delphi

Technologies

PLC

(d)

53,187‌

797‌

Goodyear

Tire

&

Rubber

Co/The

143,324‌

1,291‌

Lear

Corp

33,587‌

3,707‌

Visteon

Corp

(d)

17,138‌

1,245‌

$

8,952‌

Banks

-

5.51%

Associated

Banc-Corp

94,656‌

1,215‌

BancorpSouth

Bank

59,874‌

1,253‌

Bank

of

Hawaii

Corp

24,645‌

1,396‌

Bank

OZK

74,458‌

1,791‌

Cathay

General

Bancorp

46,552‌

1,126‌

CIT

Group

Inc

60,588‌

1,149‌

Commerce

Bancshares

Inc/MO

61,829‌

3,540‌

Cullen/Frost

Bankers

Inc

35,061‌

2,526‌

East

West

Bancorp

Inc

87,149‌

3,020‌

First

Financial

Bankshares

Inc

87,496‌

2,618‌

First

Horizon

National

Corp

340,292‌

3,154‌

FNB

Corp/PA

198,990‌

1,474‌

Fulton

Financial

Corp

99,658‌

967‌

Glacier

Bancorp

Inc

54,648‌

1,930‌

Hancock

Whitney

Corp

53,146‌

1,013‌

Home

BancShares

Inc/AR

94,603‌

1,545‌

International

Bancshares

Corp

34,295‌

1,043‌

PacWest

Bancorp

71,746‌

1,311‌

Pinnacle

Financial

Partners

Inc

43,915‌

1,740‌

Prosperity

Bancshares

Inc

57,075‌

3,171‌

Signature

Bank/New

York

NY

32,996‌

3,383‌

Synovus

Financial

Corp

90,721‌

1,828‌

TCF

Financial

Corp

93,692‌

2,576‌

Texas

Capital

Bancshares

Inc

(d)

31,059‌

1,032‌

Trustmark

Corp

39,063‌

880‌

UMB

Financial

Corp

26,092‌

1,299‌

Umpqua

Holdings

Corp

135,642‌

1,472‌

United

Bankshares

Inc/WV

78,338‌

2,062‌

Valley

National

Bancorp

241,261‌

1,802‌

Webster

Financial

Corp

55,541‌

1,515‌

Wintrust

Financial

Corp

35,459‌

1,518‌

$

56,349‌

Beverages

-

0.47%

Boston

Beer

Co

Inc/The

(d)

5,948‌

4,821‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Biotechnology

-

1.64%

Arrowhead

Pharmaceuticals

Inc

(d)

62,687‌

$

2,700‌

Emergent

BioSolutions

Inc

(d)

27,454‌

3,054‌

Exelixis

Inc

(d)

188,887‌

4,361‌

Ligand

Pharmaceuticals

Inc

(d)

9,887‌

1,159‌

Nektar

Therapeutics

(d)

109,632‌

2,429‌

United

Therapeutics

Corp

(d)

27,110‌

3,022‌

$

16,725‌

Building

Materials

-

2.11%

Eagle

Materials

Inc

25,632‌

2,056‌

Lennox

International

Inc

21,440‌

5,749‌

Louisiana-Pacific

Corp

69,113‌

2,189‌

MDU

Resources

Group

Inc

123,511‌

2,591‌

Owens

Corning

66,424‌

4,017‌

Trex

Co

Inc

(d)

35,637‌

4,965‌

$

21,567‌

Chemicals

-

2.22%

Ashland

Global

Holdings

Inc

37,236‌

2,811‌

Avient

Corp

56,295‌

1,345‌

Cabot

Corp

34,771‌

1,268‌

Chemours

Co/The

101,149‌

1,874‌

Ingevity

Corp

(d)

25,382‌

1,484‌

Minerals

Technologies

Inc

21,011‌

985‌

NewMarket

Corp

4,448‌

1,667‌

Olin

Corp

97,229‌

1,093‌

RPM

International

Inc

79,759‌

6,508‌

Sensient

Technologies

Corp

26,089‌

1,362‌

Valvoline

Inc

113,970‌

2,339‌

$

22,736‌

Commercial

Services

-

4.04%

Aaron's

Inc

41,616‌

2,171‌

Adtalem

Global

Education

Inc

(d)

31,908‌

1,096‌

ASGN

Inc

(d)

32,337‌

2,214‌

Avis

Budget

Group

Inc

(d),(e)

32,989‌

854‌

Brink's

Co/The

31,096‌

1,379‌

CoreLogic

Inc/United

States

48,911‌

3,334‌

FTI

Consulting

Inc

(d)

22,852‌

2,729‌

Graham

Holdings

Co

2,634‌

1,049‌

Grand

Canyon

Education

Inc

(d)

29,142‌

2,586‌

HealthEquity

Inc

(d)

46,803‌

2,413‌

Insperity

Inc

22,445‌

1,501‌

LiveRamp

Holdings

Inc

(d)

40,248‌

1,834‌

ManpowerGroup

Inc

35,755‌

2,460‌

Paylocity

Holding

Corp

(d)

22,157‌

2,951‌

Sabre

Corp

169,709‌

1,283‌

Service

Corp

International/US

109,728‌

4,758‌

Strategic

Education

Inc

13,684‌

1,727‌

WEX

Inc

(d)

26,802‌

4,245‌

WW

International

Inc

(d)

28,702‌

740‌

$

41,324‌

Computers

-

1.91%

CACI

International

Inc

(d)

15,453‌

3,211‌

Lumentum

Holdings

Inc

(d)

46,135‌

4,283‌

MAXIMUS

Inc

37,766‌

2,802‌

NCR

Corp

(d)

78,718‌

1,451‌

NetScout

Systems

Inc

(d)

39,146‌

997‌

Perspecta

Inc

84,076‌

1,799‌

Qualys

Inc

(d)

20,635‌

2,548‌

Science

Applications

International

Corp

30,428‌

2,434‌

$

19,525‌

Consumer

Products

-

0.29%

Helen

of

Troy

Ltd

(d)

15,550‌

2,927‌

Cosmetics

&

Personal

Care

-

0.10%

Edgewell

Personal

Care

Co

(d)

33,469‌

1,000‌

Distribution

&

Wholesale

-

1.84%

IAA

Inc

(d)

82,502‌

3,577‌

KAR

Auction

Services

Inc

79,589‌

1,204‌

Pool

Corp

24,600‌

7,791‌

Univar

Solutions

Inc

(d)

85,308‌

1,507‌

Schedule

of

Investments

MidCap

S&P

400

Index

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

150

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Distribution

&

Wholesale

(continued)

Watsco

Inc

20,179‌

$

4,764‌

$

18,843‌

Diversified

Financial

Services

-

2.47%

Affiliated

Managers

Group

Inc

29,096‌

2,002‌

Alliance

Data

Systems

Corp

26,108‌

1,158‌

Eaton

Vance

Corp

70,174‌

2,536‌

Evercore

Inc

-

Class

A

24,967‌

1,381‌

Federated

Hermes

Inc

59,064‌

1,557‌

Interactive

Brokers

Group

Inc

-

A

Shares

47,276‌

2,345‌

Janus

Henderson

Group

PLC

94,536‌

1,975‌

Jefferies

Financial

Group

Inc

139,093‌

2,253‌

LendingTree

Inc

(d),(e)

4,749‌

1,645‌

Navient

Corp

105,054‌

836‌

SEI

Investments

Co

76,540‌

4,005‌

SLM

Corp

231,042‌

1,564‌

Stifel

Financial

Corp

42,199‌

2,046‌

$

25,303‌

Electric

-

1.70%

ALLETE

Inc

31,897‌

1,891‌

Black

Hills

Corp

38,649‌

2,236‌

Hawaiian

Electric

Industries

Inc

67,227‌

2,438‌

IDACORP

Inc

31,076‌

2,898‌

NorthWestern

Corp

31,100‌

1,750‌

OGE

Energy

Corp

123,294‌

4,056‌

PNM

Resources

Inc

49,062‌

2,072‌

$

17,341‌

Electrical

Components

&

Equipment

-

1.97%

Acuity

Brands

Inc

24,415‌

2,419‌

Belden

Inc

23,568‌

745‌

Energizer

Holdings

Inc

39,214‌

1,966‌

EnerSys

26,147‌

1,759‌

Generac

Holdings

Inc

(d)

38,608‌

6,084‌

Littelfuse

Inc

14,954‌

2,656‌

Universal

Display

Corp

26,114‌

4,556‌

$

20,185‌

Electronics

-

3.91%

Arrow

Electronics

Inc

(d)

48,455‌

3,470‌

Avnet

Inc

60,832‌

1,625‌

Coherent

Inc

(d)

14,939‌

2,074‌

Gentex

Corp

150,830‌

4,071‌

Hubbell

Inc

33,386‌

4,506‌

II-VI

Inc

(d)

59,443‌

3,015‌

Jabil

Inc

84,480‌

2,945‌

National

Instruments

Corp

72,396‌

2,570‌

nVent

Electric

PLC

96,249‌

1,748‌

SYNNEX

Corp

25,365‌

3,164‌

Trimble

Inc

(d)

153,841‌

6,848‌

Vishay

Intertechnology

Inc

81,642‌

1,281‌

Woodward

Inc

34,913‌

2,616‌

$

39,933‌

Energy

-

Alternate

Sources

-

1.27%

Enphase

Energy

Inc

(d)

50,130‌

3,025‌

First

Solar

Inc

(d)

46,968‌

2,797‌

SolarEdge

Technologies

Inc

(d)

30,571‌

5,353‌

Sunrun

Inc

(d)

48,915‌

1,795‌

$

12,970‌

Engineering

&

Construction

-

1.34%

AECOM

(d)

98,604‌

3,568‌

Dycom

Industries

Inc

(d)

19,485‌

835‌

EMCOR

Group

Inc

33,782‌

2,314‌

Fluor

Corp

86,339‌

880‌

KBR

Inc

87,648‌

1,949‌

MasTec

Inc

(d)

35,888‌

1,428‌

TopBuild

Corp

(d)

20,546‌

2,710‌

$

13,684‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Entertainment

-

1.25%

Caesars

Entertainment

Inc

(d)

94,331‌

$

2,929‌

Churchill

Downs

Inc

21,619‌

2,995‌

Cinemark

Holdings

Inc

65,911‌

780‌

Marriott

Vacations

Worldwide

Corp

22,505‌

1,905‌

Penn

National

Gaming

Inc

(d)

79,560‌

2,693‌

Scientific

Games

Corp

(d)

33,750‌

593‌

Six

Flags

Entertainment

Corp

48,510‌

843‌

$

12,738‌

Environmental

Control

-

0.80%

Clean

Harbors

Inc

(d)

31,495‌

1,877‌

Stericycle

Inc

(d)

56,308‌

3,403‌

Tetra

Tech

Inc

33,278‌

2,950‌

$

8,230‌

Food

-

2.02%

Flowers

Foods

Inc

118,590‌

2,698‌

Grocery

Outlet

Holding

Corp

(d)

39,145‌

1,722‌

Hain

Celestial

Group

Inc/The

(d)

48,354‌

1,643‌

Ingredion

Inc

41,252‌

3,568‌

Lancaster

Colony

Corp

12,203‌

1,935‌

Pilgrim's

Pride

Corp

(d)

31,915‌

490‌

Post

Holdings

Inc

(d)

39,473‌

3,503‌

Sanderson

Farms

Inc

12,193‌

1,360‌

Sprouts

Farmers

Market

Inc

(d)

72,549‌

1,914‌

Tootsie

Roll

Industries

Inc

(e)

10,533‌

334‌

TreeHouse

Foods

Inc

(d)

34,759‌

1,523‌

$

20,690‌

Food

Service

-

0.12%

Healthcare

Services

Group

Inc

45,836‌

1,200‌

Forest

Products

&

Paper

-

0.07%

Domtar

Corp

33,995‌

714‌

Gas

-

1.48%

National

Fuel

Gas

Co

55,657‌

2,258‌

New

Jersey

Resources

Corp

58,977‌

1,832‌

ONE

Gas

Inc

32,562‌

2,465‌

Southwest

Gas

Holdings

Inc

33,949‌

2,364‌

Spire

Inc

31,557‌

1,946‌

UGI

Corp

128,282‌

4,277‌

$

15,142‌

Hand

&

Machine

Tools

-

1.08%

Colfax

Corp

(d)

51,746‌

1,505‌

Kennametal

Inc

51,070‌

1,377‌

Lincoln

Electric

Holdings

Inc

36,580‌

3,306‌

MSA

Safety

Inc

22,015‌

2,609‌

Regal

Beloit

Corp

24,959‌

2,296‌

$

11,093‌

Healthcare

-

Products

-

4.75%

Avanos

Medical

Inc

(d)

29,414‌

902‌

Bio-Techne

Corp

23,544‌

6,478‌

Cantel

Medical

Corp

22,849‌

1,080‌

Globus

Medical

Inc

(d)

46,605‌

2,245‌

Haemonetics

Corp

(d)

31,036‌

2,721‌

Hill-Rom

Holdings

Inc

40,996‌

3,986‌

ICU

Medical

Inc

(d)

11,934‌

2,193‌

Integra

LifeSciences

Holdings

Corp

(d)

43,375‌

2,071‌

LivaNova

PLC

(d)

29,924‌

1,393‌

Masimo

Corp

(d)

30,667‌

6,750‌

NuVasive

Inc

(d)

31,566‌

1,804‌

Patterson

Cos

Inc

53,110‌

1,410‌

Penumbra

Inc

(d)

20,366‌

4,519‌

Quidel

Corp

(d)

23,541‌

6,650‌

Repligen

Corp

(d)

28,997‌

4,376‌

$

48,578‌

Healthcare

-

Services

-

4.46%

Acadia

Healthcare

Co

Inc

(d)

54,783‌

1,633‌

Amedisys

Inc

(d)

19,945‌

4,670‌

Catalent

Inc

(d)

100,181‌

8,750‌

Charles

River

Laboratories

International

Inc

(d)

30,482‌

6,066‌

Chemed

Corp

9,780‌

4,814‌

Schedule

of

Investments

MidCap

S&P

400

Index

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

151

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Healthcare

-

Services

(continued)

Encompass

Health

Corp

61,227‌

$

4,168‌

LHC

Group

Inc

(d)

18,291‌

3,569‌

MEDNAX

Inc

(d)

52,607‌

1,051‌

Molina

Healthcare

Inc

(d)

36,466‌

6,735‌

Syneos

Health

Inc

(d)

38,496‌

2,402‌

Tenet

Healthcare

Corp

(d)

64,498‌

1,705‌

$

45,563‌

Home

Builders

-

1.14%

KB

Home

53,594‌

1,803‌

Taylor

Morrison

Home

Corp

(d)

79,828‌

1,872‌

Thor

Industries

Inc

34,000‌

3,876‌

Toll

Brothers

Inc

71,191‌

2,719‌

TRI

Pointe

Group

Inc

(d)

80,219‌

1,341‌

$

11,611‌

Home

Furnishings

-

0.21%

Tempur

Sealy

International

Inc

(d)

26,666‌

2,159‌

Housewares

-

0.84%

Scotts

Miracle-Gro

Co/The

24,275‌

3,849‌

Toro

Co/The

66,013‌

4,710‌

$

8,559‌

Insurance

-

4.77%

Alleghany

Corp

8,816‌

4,605‌

American

Financial

Group

Inc/OH

45,930‌

2,791‌

Brighthouse

Financial

Inc

(d)

57,803‌

1,638‌

Brown

&

Brown

Inc

144,887‌

6,588‌

CNO

Financial

Group

Inc

88,461‌

1,336‌

Essent

Group

Ltd

68,137‌

2,441‌

First

American

Financial

Corp

68,630‌

3,501‌

Genworth

Financial

Inc

(d)

310,017‌

632‌

Hanover

Insurance

Group

Inc/The

23,405‌

2,385‌

Kemper

Corp

37,781‌

2,967‌

Mercury

General

Corp

16,706‌

717‌

Old

Republic

International

Corp

176,010‌

2,829‌

Primerica

Inc

25,120‌

3,006‌

Reinsurance

Group

of

America

Inc

41,774‌

3,561‌

RenaissanceRe

Holdings

Ltd

30,984‌

5,589‌

RLI

Corp

24,626‌

2,170‌

Selective

Insurance

Group

Inc

36,776‌

1,998‌

$

48,754‌

Internet

-

1.47%

Etsy

Inc

(d)

73,101‌

8,654‌

Grubhub

Inc

(d)

56,639‌

4,092‌

TripAdvisor

Inc

62,060‌

1,255‌

Yelp

Inc

(d)

40,294‌

1,006‌

$

15,007‌

Iron

&

Steel

-

1.03%

Allegheny

Technologies

Inc

(d)

77,997‌

678‌

Commercial

Metals

Co

73,335‌

1,517‌

Reliance

Steel

&

Aluminum

Co

39,200‌

3,852‌

Steel

Dynamics

Inc

129,555‌

3,551‌

United

States

Steel

Corp

(e)

135,658‌

903‌

$

10,501‌

Leisure

Products

&

Services

-

0.92%

Brunswick

Corp/DE

48,739‌

3,264‌

Harley-Davidson

Inc

94,347‌

2,456‌

Polaris

Inc

35,462‌

3,675‌

$

9,395‌

Lodging

-

0.66%

Boyd

Gaming

Corp

49,337‌

1,168‌

Choice

Hotels

International

Inc

19,435‌

1,633‌

Wyndham

Destinations

Inc

52,438‌

1,395‌

Wyndham

Hotels

&

Resorts

Inc

57,340‌

2,532‌

$

6,728‌

Machinery

-

Construction

&

Mining

-

0.39%

Oshkosh

Corp

41,927‌

3,301‌

Terex

Corp

39,270‌

740‌

$

4,041‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Machinery

-

Diversified

-

2.74%

AGCO

Corp

38,276‌

$

2,512‌

Cognex

Corp

105,751‌

7,072‌

Crane

Co

30,355‌

1,717‌

Curtiss-Wright

Corp

25,655‌

2,286‌

Graco

Inc

102,616‌

5,463‌

Middleby

Corp/The

(d)

34,233‌

2,843‌

Nordson

Corp

31,620‌

6,123‌

$

28,016‌

Media

-

2.20%

AMC

Networks

Inc

(d)

24,980‌

577‌

Cable

One

Inc

3,241‌

5,907‌

FactSet

Research

Systems

Inc

23,328‌

8,078‌

John

Wiley

&

Sons

Inc

26,905‌

910‌

New

York

Times

Co/The

88,881‌

4,101‌

TEGNA

Inc

134,603‌

1,586‌

World

Wrestling

Entertainment

Inc

28,528‌

1,330‌

$

22,489‌

Metal

Fabrication

&

Hardware

-

0.42%

Timken

Co/The

41,612‌

1,900‌

Valmont

Industries

Inc

13,156‌

1,595‌

Worthington

Industries

Inc

22,581‌

845‌

$

4,340‌

Mining

-

0.66%

Compass

Minerals

International

Inc

20,882‌

1,064‌

Royal

Gold

Inc

40,395‌

5,652‌

$

6,716‌

Miscellaneous

Manufacturers

-

1.93%

AptarGroup

Inc

39,536‌

4,555‌

Axon

Enterprise

Inc

(d)

38,696‌

3,217‌

Carlisle

Cos

Inc

33,826‌

4,028‌

Donaldson

Co

Inc

77,688‌

3,755‌

ITT

Inc

53,156‌

3,069‌

Trinity

Industries

Inc

58,064‌

1,134‌

$

19,758‌

Office

Furnishings

-

0.16%

Herman

Miller

Inc

36,198‌

848‌

HNI

Corp

26,267‌

780‌

$

1,628‌

Oil

&

Gas

-

1.09%

Cimarex

Energy

Co

62,889‌

1,538‌

CNX

Resources

Corp

(d)

115,219‌

1,112‌

EQT

Corp

157,407‌

2,286‌

Murphy

Oil

Corp

89,969‌

1,188‌

Murphy

USA

Inc

(d)

16,896‌

2,237‌

PBF

Energy

Inc

62,820‌

545‌

Transocean

Ltd

(d),(e)

355,839‌

726‌

WPX

Energy

Inc

(d)

251,535‌

1,502‌

$

11,134‌

Oil

&

Gas

Services

-

0.11%

ChampionX

Corp

(d)

114,418‌

1,088‌

Packaging

&

Containers

-

0.64%

Greif

Inc

-

Class

A

16,286‌

567‌

O-I

Glass

Inc

96,440‌

1,007‌

Silgan

Holdings

Inc

47,802‌

1,828‌

Sonoco

Products

Co

61,797‌

3,197‌

$

6,599‌

Pharmaceuticals

-

0.52%

PRA

Health

Sciences

Inc

(d)

39,191‌

4,176‌

Prestige

Consumer

Healthcare

Inc

(d)

30,848‌

1,147‌

$

5,323‌

Pipelines

-

0.33%

Antero

Midstream

Corp

173,165‌

982‌

Equitrans

Midstream

Corp

250,340‌

2,416‌

$

3,398‌

Real

Estate

-

0.31%

Jones

Lang

LaSalle

Inc

31,802‌

3,146‌

Schedule

of

Investments

MidCap

S&P

400

Index

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

152

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

REITs

-

9.52%

American

Campus

Communities

Inc

84,756‌

$

3,021‌

Brixmor

Property

Group

Inc

182,598‌

2,102‌

Camden

Property

Trust

59,981‌

5,447‌

CoreCivic

Inc

73,684‌

657‌

CoreSite

Realty

Corp

24,828‌

3,204‌

Corporate

Office

Properties

Trust

69,090‌

1,829‌

Cousins

Properties

Inc

91,492‌

2,811‌

CyrusOne

Inc

70,957‌

5,919‌

Douglas

Emmett

Inc

101,540‌

2,959‌

EastGroup

Properties

Inc

24,057‌

3,191‌

EPR

Properties

47,724‌

1,366‌

First

Industrial

Realty

Trust

Inc

78,353‌

3,441‌

GEO

Group

Inc/The

74,752‌

795‌

Healthcare

Realty

Trust

Inc

83,111‌

2,435‌

Highwoods

Properties

Inc

63,988‌

2,453‌

Hudson

Pacific

Properties

Inc

94,424‌

2,226‌

JBG

SMITH

Properties

72,415‌

2,101‌

Kilroy

Realty

Corp

65,208‌

3,800‌

Lamar

Advertising

Co

53,180‌

3,496‌

Life

Storage

Inc

28,894‌

2,835‌

Macerich

Co/The

71,617‌

546‌

Mack-Cali

Realty

Corp

55,802‌

805‌

Medical

Properties

Trust

Inc

325,428‌

6,551‌

National

Retail

Properties

Inc

105,920‌

3,755‌

Omega

Healthcare

Investors

Inc

139,760‌

4,525‌

Park

Hotels

&

Resorts

Inc

145,115‌

1,200‌

Pebblebrook

Hotel

Trust

80,539‌

854‌

Physicians

Realty

Trust

124,766‌

2,251‌

PotlatchDeltic

Corp

41,238‌

1,765‌

PS

Business

Parks

Inc

12,357‌

1,705‌

Rayonier

Inc

85,287‌

2,369‌

Rexford

Industrial

Realty

Inc

75,564‌

3,546‌

Sabra

Health

Care

REIT

Inc

126,614‌

1,866‌

Service

Properties

Trust

101,364‌

679‌

Spirit

Realty

Capital

Inc

63,405‌

2,185‌

STORE

Capital

Corp

137,049‌

3,247‌

Taubman

Centers

Inc

37,946‌

1,469‌

Urban

Edge

Properties

68,190‌

715‌

Weingarten

Realty

Investors

74,170‌

1,265‌

$

97,386‌

Retail

-

4.70%

American

Eagle

Outfitters

Inc

95,825‌

958‌

AutoNation

Inc

(d)

35,455‌

1,820‌

BJ's

Wholesale

Club

Holdings

Inc

(d)

75,983‌

3,043‌

Casey's

General

Stores

Inc

22,664‌

3,608‌

Cracker

Barrel

Old

Country

Store

Inc

14,595‌

1,612‌

Dick's

Sporting

Goods

Inc

40,131‌

1,831‌

Dunkin'

Brands

Group

Inc

50,577‌

3,476‌

FirstCash

Inc

25,525‌

1,471‌

Five

Below

Inc

(d)

34,329‌

3,739‌

Foot

Locker

Inc

64,176‌

1,886‌

Jack

in

the

Box

Inc

13,964‌

1,147‌

MSC

Industrial

Direct

Co

Inc

27,979‌

1,847‌

Nordstrom

Inc

(e)

66,725‌

913‌

Nu

Skin

Enterprises

Inc

31,966‌

1,434‌

Ollie's

Bargain

Outlet

Holdings

Inc

(d)

34,829‌

3,661‌

Papa

John's

International

Inc

13,720‌

1,299‌

RH

(d)

10,219‌

2,937‌

Sally

Beauty

Holdings

Inc

(d)

69,523‌

807‌

Texas

Roadhouse

Inc

40,129‌

2,255‌

Urban

Outfitters

Inc

(d)

43,361‌

717‌

Wendy's

Co/The

109,735‌

2,544‌

Williams-Sonoma

Inc

47,894‌

4,172‌

World

Fuel

Services

Corp

39,001‌

918‌

$

48,095‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Savings

&

Loans

-

0.53%

New

York

Community

Bancorp

Inc

285,764‌

$

3,009‌

Sterling

Bancorp/DE

119,776‌

1,348‌

Washington

Federal

Inc

46,631‌

1,088‌

$

5,445‌

Semiconductors

-

3.57%

Cabot

Microelectronics

Corp

17,902‌

2,698‌

Cirrus

Logic

Inc

(d)

35,955‌

2,464‌

Cree

Inc

(d)

66,621‌

4,592‌

MKS

Instruments

Inc

33,799‌

4,307‌

Monolithic

Power

Systems

Inc

25,630‌

6,792‌

Semtech

Corp

(d)

40,129‌

2,236‌

Silicon

Laboratories

Inc

(d)

26,907‌

2,705‌

Synaptics

Inc

(d)

20,964‌

1,678‌

Teradyne

Inc

102,105‌

9,083‌

$

36,555‌

Software

-

3.26%

ACI

Worldwide

Inc

(d)

71,416‌

1,913‌

Blackbaud

Inc

30,563‌

1,911‌

CDK

Global

Inc

74,854‌

3,403‌

Ceridian

HCM

Holding

Inc

(d)

62,528‌

4,895‌

CommVault

Systems

Inc

(d)

26,162‌

1,153‌

Fair

Isaac

Corp

(d)

17,866‌

7,847‌

J2

Global

Inc

(d)

27,920‌

1,584‌

Manhattan

Associates

Inc

(d)

39,111‌

3,747‌

PTC

Inc

(d)

64,135‌

5,487‌

Teradata

Corp

(d)

66,832‌

1,404‌

$

33,344‌

Telecommunications

-

1.16%

Ciena

Corp

(d)

94,636‌

5,632‌

InterDigital

Inc

18,941‌

1,137‌

LogMeIn

Inc

30,040‌

2,578‌

Telephone

and

Data

Systems

Inc

60,127‌

1,167‌

ViaSat

Inc

(d)

35,982‌

1,366‌

$

11,880‌

Toys,

Games

&

Hobbies

-

0.23%

Mattel

Inc

(d)

213,672‌

2,374‌

Transportation

-

1.45%

Kirby

Corp

(d)

36,979‌

1,710‌

Knight-Swift

Transportation

Holdings

Inc

75,313‌

3,275‌

Landstar

System

Inc

23,636‌

2,879‌

Ryder

System

Inc

33,097‌

1,212‌

Werner

Enterprises

Inc

35,324‌

1,554‌

XPO

Logistics

Inc

(d)

56,129‌

4,211‌

$

14,841‌

Trucking

&

Leasing

-

0.13%

GATX

Corp

21,496‌

1,311‌

Water

-

0.61%

Essential

Utilities

Inc

137,348‌

6,229‌

TOTAL

COMMON

STOCKS

$

1,014,601‌

Total

Investments

$

1,031,650‌

Other

Assets

and

Liabilities

-  (0.90)%

(9,206‌)

TOTAL

NET

ASSETS

-

100.00%

$

1,022,444‌

(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

$4,497

or

0.44%

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

5.00%

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

July

31,

2020

(unaudited)

See

accompanying

notes.

153

Portfolio

Summary  (unaudited)

Sector

Percent

Financial

23.11‌%

Industrial

19.36‌%

Consumer,

Non-cyclical

18.57‌%

Consumer,

Cyclical

14.05‌%

Technology

8.74‌%

Communications

4.83‌%

Basic

Materials

3.98‌%

Utilities

3.79‌%

Energy

2.80‌%

Money

Market

Funds

1.50‌%

Investment

Companies

0.17‌%

Other

Assets

and

Liabilities

(0.90‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

10,157‌

$

316,355‌

$

315,652‌

$

10,860‌

$

10,157‌

$

316,355‌

$

315,652‌

$

10,860‌

Income

(a)

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

87‌

$

—‌

$

—‌

$

—‌

$

87‌

$

—‌

$

—‌

$

—‌

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;

September

2020

Long

36‌

$

6,698‌

$

458‌

Total

$

458‌

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

MidCap

Value

Fund

I

July

31,

2020

(unaudited)

See

accompanying

notes.

154

INVESTMENT

COMPANIES

-

1.71%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

0.14%

iShares

Russell

Mid-Cap

Value

ETF

37,733‌

$

3,021‌

Money

Market

Funds

-

1.57%

BlackRock

Liquidity

FedFund

-

Institutional

Class

0.06%

(a),(b)

1,652,657‌

1,653‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

(a),(c),(d)

33,101,601‌

33,101‌

$

34,754‌

TOTAL

INVESTMENT

COMPANIES

$

37,775‌

COMMON

STOCKS

-

98.63%

Shares

Held

Value

(000's)

Advertising

-

1.01%

Interpublic

Group

of

Cos

Inc/The

1,207,095‌

$

21,788‌

Omnicom

Group

Inc

12,230‌

657‌

$

22,445‌

Aerospace

&

Defense

-

0.26%

HEICO

Corp

534‌

51‌

HEICO

Corp

-

Class

A

874‌

67‌

Hexcel

Corp

91,760‌

3,423‌

Howmet

Aerospace

Inc

22,701‌

335‌

Mercury

Systems

Inc

(d)

619‌

48‌

Spirit

AeroSystems

Holdings

Inc

6,024‌

118‌

Teledyne

Technologies

Inc

(d)

2,083‌

639‌

TransDigm

Group

Inc

2,335‌

1,008‌

$

5,689‌

Agriculture

-

1.81%

Archer-Daniels-Midland

Co

927,879‌

39,741‌

Bunge

Ltd

7,938‌

345‌

$

40,086‌

Airlines

-

0.48%

Alaska

Air

Group

Inc

146,845‌

5,057‌

American

Airlines

Group

Inc

(e)

28,409‌

316‌

Copa

Holdings

SA

1,801‌

75‌

Delta

Air

Lines

Inc

36,680‌

916‌

JetBlue

Airways

Corp

(d)

15,493‌

160‌

Southwest

Airlines

Co

117,949‌

3,643‌

United

Airlines

Holdings

Inc

(d)

16,690‌

524‌

$

10,691‌

Apparel

-

0.31%

Capri

Holdings

Ltd

(d)

8,157‌

122‌

Carter's

Inc

2,461‌

194‌

Columbia

Sportswear

Co

1,652‌

125‌

Hanesbrands

Inc

305,337‌

4,315‌

PVH

Corp

4,037‌

197‌

Ralph

Lauren

Corp

2,745‌

196‌

Skechers

USA

Inc

(d)

7,689‌

225‌

Tapestry

Inc

15,901‌

212‌

Under

Armour

Inc

-

Class

A

(d),(e)

10,821‌

114‌

Under

Armour

Inc

-

Class

C

(d)

10,885‌

103‌

VF

Corp

17,699‌

1,068‌

$

6,871‌

Automobile

Manufacturers

-

0.38%

Cummins

Inc

8,483‌

1,639‌

Ford

Motor

Co

776,751‌

5,134‌

PACCAR

Inc

19,519‌

1,661‌

$

8,434‌

Automobile

Parts

&

Equipment

-

2.05%

Allison

Transmission

Holdings

Inc

2,278‌

85‌

Aptiv

PLC

138,809‌

10,792‌

BorgWarner

Inc

929,599‌

34,024‌

Lear

Corp

3,445‌

380‌

$

45,281‌

Banks

-

4.09%

Associated

Banc-Corp

8,713‌

112‌

Bank

of

Hawaii

Corp

38,938‌

2,205‌

Bank

OZK

7,019‌

169‌

BOK

Financial

Corp

1,800‌

100‌

Citizens

Financial

Group

Inc

24,512‌

608‌

Comerica

Inc

8,001‌

308‌

Commerce

Bancshares

Inc/MO

5,782‌

331‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Banks

(continued)

Cullen/Frost

Bankers

Inc

3,216‌

$

232‌

East

West

Bancorp

Inc

8,106‌

281‌

Fifth

Third

Bancorp

40,913‌

813‌

First

Citizens

BancShares

Inc/NC

376‌

160‌

First

Hawaiian

Inc

7,450‌

130‌

First

Horizon

National

Corp

31,256‌

290‌

First

Republic

Bank/CA

9,797‌

1,102‌

FNB

Corp/PA

18,519‌

137‌

Huntington

Bancshares

Inc/OH

58,087‌

538‌

KeyCorp

55,882‌

671‌

M&T

Bank

Corp

7,365‌

780‌

Northern

Trust

Corp

11,047‌

866‌

PacWest

Bancorp

6,708‌

123‌

Pinnacle

Financial

Partners

Inc

4,246‌

168‌

Popular

Inc

110,850‌

4,113‌

Prosperity

Bancshares

Inc

392,230‌

21,792‌

Regions

Financial

Corp

55,266‌

600‌

Signature

Bank/New

York

NY

2,991‌

307‌

State

Street

Corp

92,158‌

5,879‌

SVB

Financial

Group

(d)

27,714‌

6,216‌

Synovus

Financial

Corp

8,406‌

169‌

TCF

Financial

Corp

561,373‌

15,432‌

Umpqua

Holdings

Corp

12,645‌

137‌

Webster

Financial

Corp

5,145‌

140‌

Western

Alliance

Bancorp

121,778‌

4,378‌

Wintrust

Financial

Corp

3,279‌

140‌

Zions

Bancorp

NA

647,585‌

21,028‌

$

90,455‌

Beverages

-

0.02%

Brown-Forman

Corp

-

A

Shares

407‌

26‌

Brown-Forman

Corp

-

B

Shares

1,535‌

106‌

Molson

Coors

Beverage

Co

10,037‌

377‌

$

509‌

Biotechnology

-

0.33%

Acceleron

Pharma

Inc

(d)

167‌

17‌

Alexion

Pharmaceuticals

Inc

(d)

10,353‌

1,061‌

BioMarin

Pharmaceutical

Inc

(d)

964‌

115‌

Bio-Rad

Laboratories

Inc

(d)

1,214‌

637‌

Bluebird

Bio

Inc

(d)

48,578‌

2,948‌

Corteva

Inc

43,165‌

1,233‌

Exact

Sciences

Corp

(d)

1,118‌

106‌

Exelixis

Inc

(d)

11,128‌

257‌

Ionis

Pharmaceuticals

Inc

(d)

3,814‌

220‌

Nektar

Therapeutics

(d)

9,961‌

221‌

Sage

Therapeutics

Inc

(d)

2,722‌

124‌

United

Therapeutics

Corp

(d)

2,495‌

278‌

$

7,217‌

Building

Materials

-

1.99%

Armstrong

World

Industries

Inc

1,723‌

123‌

Carrier

Global

Corp

32,027‌

872‌

Eagle

Materials

Inc

2,370‌

190‌

Fortune

Brands

Home

&

Security

Inc

7,920‌

606‌

Johnson

Controls

International

plc

42,860‌

1,649‌

Lennox

International

Inc

1,986‌

533‌

Martin

Marietta

Materials

Inc

15,614‌

3,235‌

Masco

Corp

15,116‌

864‌

MDU

Resources

Group

Inc

259,831‌

5,451‌

Owens

Corning

434,247‌

26,259‌

Vulcan

Materials

Co

35,735‌

4,196‌

$

43,978‌

Chemicals

-

2.96%

Albemarle

Corp

6,071‌

501‌

Ashland

Global

Holdings

Inc

3,179‌

240‌

Axalta

Coating

Systems

Ltd

(d)

12,108‌

269‌

Cabot

Corp

3,201‌

117‌

Celanese

Corp

6,777‌

659‌

CF

Industries

Holdings

Inc

12,279‌

385‌

Chemours

Co/The

9,389‌

174‌

Eastman

Chemical

Co

359,799‌

26,852‌

Schedule

of

Investments

MidCap

Value

Fund

I

July

31,

2020

(unaudited)

See

accompanying

notes.

155

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Chemicals

(continued)

Element

Solutions

Inc

(d)

12,474‌

$

135‌

FMC

Corp

5,981‌

634‌

Huntsman

Corp

219,901‌

4,068‌

International

Flavors

&

Fragrances

Inc

6,152‌

775‌

LyondellBasell

Industries

NV

14,753‌

922‌

Mosaic

Co/The

19,862‌

267‌

NewMarket

Corp

71‌

27‌

Olin

Corp

(e)

8,196‌

92‌

PPG

Industries

Inc

13,574‌

1,461‌

RPM

International

Inc

1,204‌

98‌

Valvoline

Inc

328,693‌

6,745‌

W

R

Grace

&

Co

2,071‌

95‌

Westlake

Chemical

Corp

387,448‌

21,116‌

$

65,632‌

Commercial

Services

-

2.48%

2U

Inc

(d)

2,373‌

112‌

ADT

Inc

6,423‌

55‌

AMERCO

513‌

163‌

Aramark

13,124‌

277‌

Bright

Horizons

Family

Solutions

Inc

(d)

1,012‌

108‌

Cintas

Corp

28,934‌

8,734‌

CoreLogic

Inc/United

States

4,320‌

294‌

Equifax

Inc

1,794‌

292‌

Euronet

Worldwide

Inc

(d)

2,889‌

278‌

FTI

Consulting

Inc

(d)

2,098‌

251‌

Graham

Holdings

Co

237‌

94‌

Grand

Canyon

Education

Inc

(d)

81,694‌

7,250‌

H&R

Block

Inc

246,310‌

3,572‌

IHS

Markit

Ltd

10,390‌

839‌

Macquarie

Infrastructure

Corp

4,222‌

126‌

ManpowerGroup

Inc

287,328‌

19,765‌

Morningstar

Inc

212‌

36‌

Nielsen

Holdings

PLC

20,490‌

296‌

Quanta

Services

Inc

72,367‌

2,893‌

Robert

Half

International

Inc

6,418‌

326‌

Rollins

Inc

1,131‌

59‌

Sabre

Corp

15,844‌

120‌

Service

Corp

International/US

9,998‌

433‌

ServiceMaster

Global

Holdings

Inc

(d)

7,606‌

311‌

TransUnion

970‌

87‌

United

Rentals

Inc

(d)

50,139‌

7,790‌

WEX

Inc

(d)

2,274‌

360‌

$

54,921‌

Computers

-

4.33%

Amdocs

Ltd

7,627‌

474‌

CACI

International

Inc

(d)

1,197‌

249‌

Crowdstrike

Holdings

Inc

(d)

1,815‌

205‌

DXC

Technology

Co

514,581‌

9,216‌

Genpact

Ltd

632,889‌

25,201‌

Hewlett

Packard

Enterprise

Co

1,369,211‌

13,514‌

HP

Inc

82,362‌

1,448‌

Leidos

Holdings

Inc

209,988‌

19,983‌

Lumentum

Holdings

Inc

(d)

3,838‌

356‌

MAXIMUS

Inc

320,300‌

23,770‌

NCR

Corp

(d)

7,306‌

135‌

NetApp

Inc

5,830‌

258‌

Pure

Storage

Inc

(d)

5,926‌

106‌

Science

Applications

International

Corp

2,903‌

232‌

Western

Digital

Corp

17,257‌

744‌

$

95,891‌

Consumer

Products

-

1.55%

Avery

Dennison

Corp

259,813‌

29,447‌

Clorox

Co/The

20,215‌

4,781‌

Reynolds

Consumer

Products

Inc

2,050‌

70‌

Spectrum

Brands

Holdings

Inc

2,437‌

132‌

$

34,430‌

Cosmetics

&

Personal

Care

-

0.00%

Coty

Inc

16,496‌

61‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Distribution

&

Wholesale

-

0.10%

Fastenal

Co

6,224‌

$

293‌

HD

Supply

Holdings

Inc

(d)

9,253‌

325‌

IAA

Inc

(d)

5,881‌

255‌

LKQ

Corp

(d)

17,416‌

491‌

Univar

Solutions

Inc

(d)

9,589‌

169‌

Watsco

Inc

1,871‌

442‌

WW

Grainger

Inc

678‌

231‌

$

2,206‌

Diversified

Financial

Services

-

1.49%

Affiliated

Managers

Group

Inc

2,695‌

185‌

Air

Lease

Corp

6,122‌

161‌

Alliance

Data

Systems

Corp

2,689‌

119‌

Ally

Financial

Inc

21,487‌

432‌

Ameriprise

Financial

Inc

7,076‌

1,087‌

Cboe

Global

Markets

Inc

98,154‌

8,608‌

Credit

Acceptance

Corp

(d),(e)

541‌

253‌

Discover

Financial

Services

17,628‌

871‌

Eaton

Vance

Corp

6,367‌

230‌

Evercore

Inc

-

Class

A

2,268‌

125‌

Franklin

Resources

Inc

15,578‌

328‌

Interactive

Brokers

Group

Inc

-

A

Shares

4,143‌

206‌

Invesco

Ltd

21,682‌

218‌

Jefferies

Financial

Group

Inc

13,035‌

211‌

Lazard

Ltd

5,797‌

170‌

LendingTree

Inc

(d),(e)

24‌

8‌

LPL

Financial

Holdings

Inc

4,156‌

328‌

Nasdaq

Inc

6,581‌

864‌

Navient

Corp

220,295‌

1,754‌

OneMain

Holdings

Inc

3,736‌

107‌

Raymond

James

Financial

Inc

7,059‌

491‌

Santander

Consumer

USA

Holdings

Inc

(e)

4,336‌

80‌

SEI

Investments

Co

6,633‌

347‌

SLM

Corp

16,523‌

112‌

Synchrony

Financial

234,884‌

5,198‌

T

Rowe

Price

Group

Inc

73,046‌

10,087‌

Tradeweb

Markets

Inc

751‌

41‌

Virtu

Financial

Inc

408‌

10‌

Western

Union

Co/The

19,007‌

462‌

$

33,093‌

Electric

-

4.24%

AES

Corp/The

38,029‌

579‌

Alliant

Energy

Corp

449,365‌

24,199‌

Ameren

Corp

14,165‌

1,137‌

Avangrid

Inc

3,258‌

162‌

CenterPoint

Energy

Inc

28,972‌

551‌

CMS

Energy

Corp

16,433‌

1,055‌

Consolidated

Edison

Inc

19,279‌

1,481‌

DTE

Energy

Co

11,053‌

1,278‌

Edison

International

20,580‌

1,146‌

Entergy

Corp

11,558‌

1,215‌

Evergy

Inc

13,020‌

844‌

Eversource

Energy

19,398‌

1,747‌

FirstEnergy

Corp

31,185‌

904‌

Hawaiian

Electric

Industries

Inc

6,151‌

223‌

IDACORP

Inc

72,521‌

6,763‌

NRG

Energy

Inc

312,947‌

10,581‌

OGE

Energy

Corp

11,491‌

378‌

PG&E

Corp

(d)

54,653‌

511‌

Pinnacle

West

Capital

Corp

6,471‌

538‌

PPL

Corp

136,645‌

3,637‌

Public

Service

Enterprise

Group

Inc

29,074‌

1,626‌

Vistra

Corp

352,360‌

6,575‌

WEC

Energy

Group

Inc

18,175‌

1,731‌

Xcel

Energy

Inc

363,245‌

25,078‌

$

93,939‌

Electrical

Components

&

Equipment

-

0.20%

Acuity

Brands

Inc

2,260‌

224‌

AMETEK

Inc

40,628‌

3,789‌

Energizer

Holdings

Inc

782‌

39‌

Schedule

of

Investments

MidCap

Value

Fund

I

July

31,

2020

(unaudited)

See

accompanying

notes.

156

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Electrical

Components

&

Equipment

(continued)

Generac

Holdings

Inc

(d)

327‌

$

51‌

Littelfuse

Inc

1,354‌

241‌

$

4,344‌

Electronics

-

5.00%

Agilent

Technologies

Inc

16,271‌

1,567‌

Allegion

plc

1,852‌

184‌

Amphenol

Corp

108,460‌

11,471‌

Arrow

Electronics

Inc

(d)

4,483‌

321‌

Avnet

Inc

5,634‌

151‌

Coherent

Inc

(d)

158,257‌

21,971‌

Flex

Ltd

(d)

2,211,800‌

25,414‌

FLIR

Systems

Inc

7,498‌

312‌

Fortive

Corp

17,113‌

1,201‌

Garmin

Ltd

133,197‌

13,132‌

Gentex

Corp

14,105‌

381‌

Hubbell

Inc

157,105‌

21,204‌

Jabil

Inc

171,166‌

5,967‌

Keysight

Technologies

Inc

(d)

7,144‌

714‌

Mettler-Toledo

International

Inc

(d)

79‌

74‌

National

Instruments

Corp

7,407‌

263‌

nVent

Electric

PLC

8,933‌

162‌

PerkinElmer

Inc

5,157‌

613‌

Sensata

Technologies

Holding

PLC

(d)

8,873‌

337‌

SYNNEX

Corp

29,908‌

3,731‌

Trimble

Inc

(d)

14,343‌

638‌

Waters

Corp

(d)

3,257‌

694‌

Woodward

Inc

3,196‌

239‌

$

110,741‌

Energy

-

Alternate

Sources

-

0.01%

First

Solar

Inc

(d)

4,780‌

285‌

Engineering

&

Construction

-

0.05%

AECOM

(d)

8,787‌

318‌

frontdoor

Inc

(d)

4,095‌

172‌

Jacobs

Engineering

Group

Inc

7,201‌

615‌

$

1,105‌

Entertainment

-

0.22%

Lions

Gate

Entertainment

Corp

-

A

shares

(d),(e)

3,628‌

28‌

Lions

Gate

Entertainment

Corp

-

B

shares

(d)

6,993‌

50‌

Madison

Square

Garden

Sports

Corp

(d)

28,233‌

4,339‌

Six

Flags

Entertainment

Corp

4,385‌

76‌

Vail

Resorts

Inc

2,111‌

405‌

$

4,898‌

Environmental

Control

-

1.14%

Clean

Harbors

Inc

(d)

45,717‌

2,724‌

Pentair

PLC

9,492‌

407‌

Republic

Services

Inc

248,755‌

21,705‌

Stericycle

Inc

(d)

5,251‌

317‌

$

25,153‌

Food

-

5.23%

Beyond

Meat

Inc

(d)

598‌

75‌

Campbell

Soup

Co

5,065‌

251‌

Conagra

Brands

Inc

28,043‌

1,050‌

Flowers

Foods

Inc

11,205‌

255‌

Grocery

Outlet

Holding

Corp

(d)

1,861‌

82‌

Hain

Celestial

Group

Inc/The

(d)

4,677‌

159‌

Hershey

Co/The

127,433‌

18,530‌

Hormel

Foods

Corp

255,253‌

12,982‌

Ingredion

Inc

3,858‌

334‌

J

M

Smucker

Co/The

6,352‌

695‌

Kellogg

Co

9,542‌

658‌

Kroger

Co/The

669,450‌

23,290‌

Lamb

Weston

Holdings

Inc

6,468‌

389‌

McCormick

&

Co

Inc/MD

3,144‌

613‌

Pilgrim's

Pride

Corp

(d)

118,755‌

1,823‌

Post

Holdings

Inc

(d)

3,662‌

325‌

Seaboard

Corp

16‌

43‌

Sprouts

Farmers

Market

Inc

(d)

373,227‌

9,846‌

Sysco

Corp

412,200‌

21,785‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Food

(continued)

TreeHouse

Foods

Inc

(d)

3,230‌

$

141‌

Tyson

Foods

Inc

362,542‌

22,278‌

US

Foods

Holding

Corp

(d)

12,632‌

256‌

$

115,860‌

Forest

Products

&

Paper

-

0.04%

International

Paper

Co

22,621‌

787‌

Gas

-

0.20%

Atmos

Energy

Corp

6,969‌

739‌

National

Fuel

Gas

Co

66,113‌

2,682‌

NiSource

Inc

22,015‌

538‌

UGI

Corp

11,960‌

399‌

$

4,358‌

Hand

&

Machine

Tools

-

0.40%

Colfax

Corp

(d)

5,696‌

166‌

Lincoln

Electric

Holdings

Inc

1,881‌

170‌

MSA

Safety

Inc

1,626‌

193‌

Regal

Beloit

Corp

2,328‌

214‌

Snap-on

Inc

3,094‌

451‌

Stanley

Black

&

Decker

Inc

49,479‌

7,586‌

$

8,780‌

Healthcare

-

Products

-

3.08%

Bio-Techne

Corp

139‌

38‌

Bruker

Corp

53,741‌

2,398‌

Cooper

Cos

Inc/The

2,460‌

696‌

DENTSPLY

SIRONA

Inc

12,574‌

561‌

Envista

Holdings

Corp

(d)

209,974‌

4,592‌

Globus

Medical

Inc

(d)

4,259‌

205‌

Haemonetics

Corp

(d)

203‌

18‌

Henry

Schein

Inc

(d)

8,198‌

563‌

Hill-Rom

Holdings

Inc

250,083‌

24,313‌

Hologic

Inc

(d)

4,451‌

311‌

ICU

Medical

Inc

(d)

818‌

150‌

Integra

LifeSciences

Holdings

Corp

(d)

4,102‌

196‌

QIAGEN

NV

(d)

231,932‌

11,469‌

STERIS

PLC

70,449‌

11,246‌

Tandem

Diabetes

Care

Inc

(d)

388‌

40‌

Teleflex

Inc

989‌

369‌

Varian

Medical

Systems

Inc

(d)

4,560‌

651‌

West

Pharmaceutical

Services

Inc

17,918‌

4,818‌

Zimmer

Biomet

Holdings

Inc

40,640‌

5,481‌

$

68,115‌

Healthcare

-

Services

-

2.44%

Acadia

Healthcare

Co

Inc

(d)

5,051‌

151‌

Catalent

Inc

(d)

8,828‌

771‌

Charles

River

Laboratories

International

Inc

(d)

318‌

63‌

DaVita

Inc

(d)

3,970‌

347‌

Encompass

Health

Corp

3,069‌

209‌

IQVIA

Holdings

Inc

(d)

27,532‌

4,361‌

Laboratory

Corp

of

America

Holdings

(d)

5,270‌

1,017‌

Molina

Healthcare

Inc

(d)

84,106‌

15,534‌

PPD

Inc

(d)

583‌

17‌

Quest

Diagnostics

Inc

242,188‌

30,775‌

Syneos

Health

Inc

(d)

3,210‌

200‌

Teladoc

Health

Inc

(d)

405‌

96‌

Universal

Health

Services

Inc

4,235‌

466‌

$

54,007‌

Home

Builders

-

0.87%

DR

Horton

Inc

107,515‌

7,113‌

Lennar

Corp

-

A

Shares

15,567‌

1,126‌

Lennar

Corp

-

B

Shares

960‌

52‌

NVR

Inc

(d)

171‌

672‌

PulteGroup

Inc

222,646‌

9,708‌

Thor

Industries

Inc

3,171‌

361‌

Toll

Brothers

Inc

6,656‌

254‌

$

19,286‌

Schedule

of

Investments

MidCap

Value

Fund

I

July

31,

2020

(unaudited)

See

accompanying

notes.

157

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Home

Furnishings

-

0.05%

Dolby

Laboratories

Inc

3,195‌

$

223‌

Leggett

&

Platt

Inc

7,591‌

304‌

Tempur

Sealy

International

Inc

(d)

701‌

57‌

Whirlpool

Corp

3,508‌

572‌

$

1,156‌

Housewares

-

0.02%

Newell

Brands

Inc

22,086‌

362‌

Scotts

Miracle-Gro

Co/The

155‌

25‌

Toro

Co/The

646‌

46‌

$

433‌

Insurance

-

9.21%

Aflac

Inc

540,000‌

19,208‌

Alleghany

Corp

58,922‌

30,776‌

American

Financial

Group

Inc/OH

351,239‌

21,345‌

American

National

Group

Inc

452‌

33‌

Arch

Capital

Group

Ltd

(d)

22,619‌

696‌

Arthur

J

Gallagher

&

Co

243,204‌

26,142‌

Assurant

Inc

3,428‌

368‌

Assured

Guaranty

Ltd

4,824‌

105‌

Athene

Holding

Ltd

(d)

6,640‌

214‌

Axis

Capital

Holdings

Ltd

4,345‌

174‌

Brighthouse

Financial

Inc

(d)

88,380‌

2,504‌

Brown

&

Brown

Inc

12,835‌

584‌

Cincinnati

Financial

Corp

8,609‌

671‌

CNA

Financial

Corp

1,612‌

54‌

Equitable

Holdings

Inc

23,384‌

478‌

Erie

Indemnity

Co

618‌

130‌

Everest

Re

Group

Ltd

113,199‌

24,767‌

Fidelity

National

Financial

Inc

179,806‌

5,818‌

First

American

Financial

Corp

142,874‌

7,288‌

Globe

Life

Inc

6,031‌

480‌

Hanover

Insurance

Group

Inc/The

2,177‌

222‌

Hartford

Financial

Services

Group

Inc/The

20,565‌

870‌

Kemper

Corp

36,418‌

2,860‌

Lincoln

National

Corp

9,702‌

362‌

Loews

Corp

13,775‌

502‌

Markel

Corp

(d)

5,126‌

5,355‌

Mercury

General

Corp

1,569‌

67‌

MGIC

Investment

Corp

318,198‌

2,631‌

Old

Republic

International

Corp

918,174‌

14,756‌

Primerica

Inc

867‌

104‌

Prudential

Financial

Inc

22,771‌

1,443‌

Reinsurance

Group

of

America

Inc

3,894‌

332‌

RenaissanceRe

Holdings

Ltd

36,649‌

6,611‌

Unum

Group

11,690‌

201‌

Voya

Financial

Inc

7,223‌

357‌

W

R

Berkley

Corp

384,008‌

23,712‌

White

Mountains

Insurance

Group

Ltd

174‌

153‌

Willis

Towers

Watson

PLC

7,401‌

1,554‌

$

203,927‌

Internet

-

1.76%

E*TRADE

Financial

Corp

391,723‌

19,888‌

Expedia

Group

Inc

6,904‌

559‌

F5

Networks

Inc

(d)

36,843‌

5,007‌

FireEye

Inc

(d)

9,752‌

147‌

Grubhub

Inc

(d)

4,777‌

345‌

Lyft

Inc

(d)

13,708‌

401‌

Pinterest

Inc

(d)

3,925‌

135‌

TD

Ameritrade

Holding

Corp

14,931‌

536‌

TripAdvisor

Inc

5,776‌

117‌

Twitter

Inc

(d)

44,258‌

1,611‌

VeriSign

Inc

(d)

45,199‌

9,567‌

Wayfair

Inc

(d)

331‌

88‌

Zillow

Group

Inc

-

A

Shares

(d)

2,944‌

201‌

Zillow

Group

Inc

-

C

Shares

(d)

6,935‌

474‌

$

39,076‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Iron

&

Steel

-

2.18%

Nucor

Corp

17,335‌

$

727‌

Reliance

Steel

&

Aluminum

Co

266,237‌

26,161‌

Steel

Dynamics

Inc

783,654‌

21,480‌

$

48,368‌

Leisure

Products

&

Services

-

0.10%

Brunswick

Corp/DE

4,534‌

304‌

Carnival

Corp

(e)

27,068‌

376‌

Harley-Davidson

Inc

8,795‌

229‌

Norwegian

Cruise

Line

Holdings

Ltd

(d),(e)

14,718‌

201‌

Peloton

Interactive

Inc

(d)

4,255‌

290‌

Planet

Fitness

Inc

(d)

1,988‌

104‌

Polaris

Inc

2,994‌

310‌

Royal

Caribbean

Cruises

Ltd

9,838‌

479‌

Virgin

Galactic

Holdings

Inc

(d),(e)

514‌

11‌

$

2,304‌

Lodging

-

1.50%

Choice

Hotels

International

Inc

1,997‌

168‌

Extended

Stay

America

Inc

10,170‌

116‌

Hilton

Worldwide

Holdings

Inc

78,708‌

5,907‌

Hyatt

Hotels

Corp

2,008‌

96‌

Las

Vegas

Sands

Corp

249,000‌

10,866‌

Marriott

International

Inc/MD

178,500‌

14,963‌

MGM

Resorts

International

27,070‌

436‌

Wyndham

Destinations

Inc

4,829‌

128‌

Wyndham

Hotels

&

Resorts

Inc

5,270‌

233‌

Wynn

Resorts

Ltd

4,236‌

307‌

$

33,220‌

Machinery

-

Construction

&

Mining

-

0.02%

BWX

Technologies

Inc

1,960‌

107‌

Oshkosh

Corp

3,893‌

306‌

$

413‌

Machinery

-

Diversified

-

2.82%

AGCO

Corp

428,951‌

28,152‌

Crane

Co

2,797‌

158‌

Curtiss-Wright

Corp

78,076‌

6,958‌

Dover

Corp

8,265‌

851‌

Flowserve

Corp

7,480‌

208‌

Gates

Industrial

Corp

PLC

(d)

2,725‌

29‌

Graco

Inc

4,746‌

253‌

GrafTech

International

Ltd

4,149‌

25‌

IDEX

Corp

4,331‌

714‌

Ingersoll

Rand

Inc

(d)

19,931‌

630‌

Middleby

Corp/The

(d)

3,164‌

263‌

Nordson

Corp

602‌

117‌

Otis

Worldwide

Corp

151,940‌

9,532‌

Rockwell

Automation

Inc

3,426‌

747‌

Westinghouse

Air

Brake

Technologies

Corp

10,409‌

647‌

Xylem

Inc/NY

179,286‌

13,085‌

$

62,369‌

Media

-

0.94%

Discovery

Inc

-

A

Shares

(d)

8,973‌

189‌

Discovery

Inc

-

C

Shares

(d)

18,726‌

355‌

DISH

Network

Corp

(d)

14,131‌

454‌

Fox

Corp

-

A

Shares

19,506‌

503‌

Fox

Corp

-

B

Shares

9,199‌

237‌

John

Wiley

&

Sons

Inc

2,479‌

84‌

Liberty

Broadband

Corp

-

A

Shares

(d)

1,422‌

192‌

Liberty

Broadband

Corp

-

C

Shares

(d)

6,036‌

828‌

Liberty

Media

Corp-Liberty

Formula

One

-

A

Shares

(d)

1,529‌

51‌

Liberty

Media

Corp-Liberty

Formula

One

-

C

Shares

(d)

11,396‌

404‌

Liberty

Media

Corp-Liberty

SiriusXM

-

A

Shares

(d)

4,217‌

147‌

Liberty

Media

Corp-Liberty

SiriusXM

-

C

Shares

(d)

8,817‌

308‌

Madison

Square

Garden

Entertainment

Corp

(d)

1,069‌

76‌

New

York

Times

Co/The

9,360‌

432‌

News

Corp

-

A

Shares

22,313‌

284‌

Schedule

of

Investments

MidCap

Value

Fund

I

July

31,

2020

(unaudited)

See

accompanying

notes.

158

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Media

(continued)

News

Corp

-

B

Shares

6,971‌

$

89‌

Nexstar

Media

Group

Inc

834‌

73‌

Sirius

XM

Holdings

Inc

567,502‌

3,336‌

ViacomCBS

Inc

-

Class

A

659‌

18‌

ViacomCBS

Inc

-

Class

B

489,212‌

12,754‌

$

20,814‌

Metal

Fabrication

&

Hardware

-

0.01%

Timken

Co/The

3,641‌

166‌

Valmont

Industries

Inc

1,204‌

146‌

$

312‌

Mining

-

0.51%

Freeport-McMoRan

Inc

83,430‌

1,078‌

Newmont

Corp

67,173‌

4,648‌

Royal

Gold

Inc

39,255‌

5,493‌

$

11,219‌

Miscellaneous

Manufacturers

-

3.86%

A

O

Smith

Corp

200,694‌

9,661‌

AptarGroup

Inc

175,692‌

20,239‌

Carlisle

Cos

Inc

3,105‌

370‌

Donaldson

Co

Inc

6,546‌

316‌

ITT

Inc

59,309‌

3,424‌

Parker-Hannifin

Corp

134,667‌

24,095‌

Textron

Inc

737,995‌

25,786‌

Trane

Technologies

PLC

13,744‌

1,538‌

Trinity

Industries

Inc

5,218‌

102‌

$

85,531‌

Office

&

Business

Equipment

-

0.37%

Xerox

Holdings

Corp

10,399‌

173‌

Zebra

Technologies

Corp

(d)

28,657‌

8,046‌

$

8,219‌

Oil

&

Gas

-

2.67%

Apache

Corp

21,713‌

333‌

Cabot

Oil

&

Gas

Corp

22,545‌

422‌

Cimarex

Energy

Co

425,572‌

10,409‌

Concho

Resources

Inc

11,222‌

590‌

Continental

Resources

Inc/OK

(e)

4,298‌

74‌

Devon

Energy

Corp

962,653‌

10,098‌

Diamondback

Energy

Inc

9,060‌

361‌

EQT

Corp

14,658‌

213‌

Helmerich

&

Payne

Inc

6,006‌

107‌

Hess

Corp

15,795‌

777‌

HollyFrontier

Corp

8,584‌

236‌

Marathon

Oil

Corp

45,267‌

249‌

Marathon

Petroleum

Corp

37,241‌

1,423‌

Murphy

Oil

Corp

8,359‌

110‌

Noble

Energy

Inc

27,373‌

273‌

Occidental

Petroleum

Corp

46,730‌

736‌

Occidental

Petroleum

Corp

-

Warrants

(d)

6,205‌

35‌

Parsley

Energy

Inc

937,302‌

10,292‌

Pioneer

Natural

Resources

Co

62,000‌

6,009‌

Valero

Energy

Corp

287,700‌

16,177‌

WPX

Energy

Inc

(d)

23,081‌

138‌

$

59,062‌

Oil

&

Gas

Services

-

0.07%

Baker

Hughes

Co

37,759‌

585‌

Halliburton

Co

50,387‌

722‌

National

Oilwell

Varco

Inc

22,310‌

257‌

$

1,564‌

Packaging

&

Containers

-

1.12%

Amcor

PLC

78,458‌

808‌

Ardagh

Group

SA

1,129‌

15‌

Ball

Corp

1,171‌

86‌

Berry

Global

Group

Inc

(d)

5,040‌

252‌

Crown

Holdings

Inc

(d)

6,686‌

479‌

Graphic

Packaging

Holding

Co

12,498‌

174‌

Packaging

Corp

of

America

205,882‌

19,790‌

Sealed

Air

Corp

8,936‌

319‌

Silgan

Holdings

Inc

4,521‌

173‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Packaging

&

Containers

(continued)

Sonoco

Products

Co

44,669‌

$

2,311‌

Westrock

Co

14,754‌

396‌

$

24,803‌

Pharmaceuticals

-

1.66%

Agios

Pharmaceuticals

Inc

(d)

3,192‌

145‌

Alkermes

PLC

(d)

9,074‌

163‌

AmerisourceBergen

Corp

148,156‌

14,843‌

Cardinal

Health

Inc

61,985‌

3,386‌

Elanco

Animal

Health

Inc

(d)

22,989‌

543‌

Herbalife

Nutrition

Ltd

(d),(e)

174,052‌

8,919‌

Horizon

Therapeutics

Plc

(d)

832‌

51‌

Jazz

Pharmaceuticals

PLC

(d)

3,108‌

336‌

McKesson

Corp

2,371‌

356‌

Mylan

NV

(d)

29,656‌

478‌

Perrigo

Co

PLC

7,855‌

417‌

PRA

Health

Sciences

Inc

(d)

539‌

57‌

Premier

Inc

199,882‌

6,990‌

Reata

Pharmaceuticals

Inc

(d)

151‌

22‌

$

36,706‌

Pipelines

-

0.12%

Antero

Midstream

Corp

16,445‌

93‌

Equitrans

Midstream

Corp

21,297‌

206‌

ONEOK

Inc

25,233‌

704‌

Targa

Resources

Corp

13,246‌

242‌

Williams

Cos

Inc/The

69,971‌

1,339‌

$

2,584‌

Private

Equity

-

0.07%

Apollo

Global

Management

Inc

4,942‌

243‌

Carlyle

Group

Inc/The

6,064‌

172‌

KKR

&

Co

Inc

30,651‌

1,084‌

$

1,499‌

Real

Estate

-

0.16%

CBRE

Group

Inc

(d)

72,520‌

3,177‌

Howard

Hughes

Corp/The

(d)

2,242‌

119‌

Jones

Lang

LaSalle

Inc

2,961‌

293‌

$

3,589‌

REITs

-

8.25%

AGNC

Investment

Corp

32,658‌

444‌

Alexandria

Real

Estate

Equities

Inc

7,202‌

1,279‌

American

Campus

Communities

Inc

7,871‌

280‌

American

Homes

4

Rent

553,924‌

16,064‌

Americold

Realty

Trust

10,373‌

419‌

Annaly

Capital

Management

Inc

82,303‌

610‌

Apartment

Investment

and

Management

Co

8,513‌

330‌

Apple

Hospitality

REIT

Inc

12,045‌

106‌

AvalonBay

Communities

Inc

28,721‌

4,398‌

Boston

Properties

Inc

32,607‌

2,905‌

Brandywine

Realty

Trust

9,685‌

105‌

Brixmor

Property

Group

Inc

17,033‌

196‌

Brookfield

Property

REIT

Inc

340‌

4‌

Camden

Property

Trust

5,424‌

493‌

CoreSite

Realty

Corp

753‌

97‌

Corporate

Office

Properties

Trust

6,453‌

171‌

Cousins

Properties

Inc

8,510‌

261‌

CubeSmart

11,108‌

330‌

CyrusOne

Inc

6,609‌

551‌

Douglas

Emmett

Inc

9,565‌

279‌

Duke

Realty

Corp

21,189‌

852‌

Empire

State

Realty

Trust

Inc

8,384‌

55‌

EPR

Properties

4,481‌

128‌

Equity

Commonwealth

177,888‌

5,616‌

Equity

LifeStyle

Properties

Inc

5,897‌

403‌

Equity

Residential

21,148‌

1,134‌

Essex

Property

Trust

Inc

13,689‌

3,022‌

Extra

Space

Storage

Inc

2,145‌

222‌

Federal

Realty

Investment

Trust

4,326‌

330‌

First

Industrial

Realty

Trust

Inc

7,256‌

319‌

Gaming

and

Leisure

Properties

Inc

11,937‌

432‌

Healthcare

Trust

of

America

Inc

830,321‌

22,925‌

Schedule

of

Investments

MidCap

Value

Fund

I

July

31,

2020

(unaudited)

See

accompanying

notes.

159

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

REITs

(continued)

Healthpeak

Properties

Inc

31,023‌

$

847‌

Highwoods

Properties

Inc

728,843‌

27,944‌

Host

Hotels

&

Resorts

Inc

40,207‌

433‌

Hudson

Pacific

Properties

Inc

8,634‌

203‌

Invitation

Homes

Inc

31,308‌

934‌

Iron

Mountain

Inc

6,808‌

192‌

JBG

SMITH

Properties

7,001‌

203‌

Kilroy

Realty

Corp

6,605‌

385‌

Kimco

Realty

Corp

23,752‌

265‌

Lamar

Advertising

Co

366,539‌

24,093‌

Life

Storage

Inc

96,973‌

9,516‌

Medical

Properties

Trust

Inc

29,906‌

602‌

Mid-America

Apartment

Communities

Inc

6,552‌

781‌

National

Retail

Properties

Inc

497,847‌

17,649‌

New

Residential

Investment

Corp

23,797‌

189‌

Omega

Healthcare

Investors

Inc

12,938‌

419‌

Outfront

Media

Inc

8,264‌

119‌

Paramount

Group

Inc

343,315‌

2,447‌

Park

Hotels

&

Resorts

Inc

13,762‌

114‌

Public

Storage

87,100‌

17,410‌

Rayonier

Inc

7,841‌

218‌

Realty

Income

Corp

19,787‌

1,188‌

Regency

Centers

Corp

9,688‌

397‌

Rexford

Industrial

Realty

Inc

6,671‌

313‌

Simon

Property

Group

Inc

3,726‌

232‌

SL

Green

Realty

Corp

4,444‌

207‌

Spirit

Realty

Capital

Inc

5,913‌

204‌

Starwood

Property

Trust

Inc

15,712‌

235‌

STORE

Capital

Corp

12,924‌

306‌

Sun

Communities

Inc

5,558‌

833‌

Taubman

Centers

Inc

3,447‌

133‌

UDR

Inc

16,846‌

610‌

Ventas

Inc

21,473‌

824‌

VEREIT

Inc

62,066‌

404‌

VICI

Properties

Inc

27,001‌

586‌

Vornado

Realty

Trust

10,089‌

348‌

Weingarten

Realty

Investors

175,332‌

2,991‌

Welltower

Inc

24,060‌

1,289‌

Weyerhaeuser

Co

42,979‌

1,195‌

WP

Carey

Inc

9,838‌

702‌

$

182,720‌

Retail

-

3.69%

Advance

Auto

Parts

Inc

3,830‌

575‌

AutoNation

Inc

(d)

3,381‌

174‌

AutoZone

Inc

(d)

2,658‌

3,210‌

Best

Buy

Co

Inc

41,348‌

4,118‌

Burlington

Stores

Inc

(d)

394‌

74‌

CarMax

Inc

(d)

8,653‌

839‌

Casey's

General

Stores

Inc

2,114‌

336‌

Darden

Restaurants

Inc

357,979‌

27,171‌

Dick's

Sporting

Goods

Inc

3,545‌

162‌

Dollar

Tree

Inc

(d)

7,049‌

658‌

Dunkin'

Brands

Group

Inc

91,847‌

6,313‌

Foot

Locker

Inc

5,948‌

175‌

Gap

Inc/The

10,495‌

140‌

Genuine

Parts

Co

8,082‌

729‌

Kohl's

Corp

8,905‌

169‌

L

Brands

Inc

13,188‌

322‌

MSC

Industrial

Direct

Co

Inc

40,192‌

2,652‌

Nordstrom

Inc

(e)

6,272‌

86‌

Nu

Skin

Enterprises

Inc

2,948‌

132‌

Ollie's

Bargain

Outlet

Holdings

Inc

(d)

373‌

39‌

Penske

Automotive

Group

Inc

1,829‌

82‌

Qurate

Retail

Inc

(d)

21,889‌

239‌

Tiffany

&

Co

6,965‌

873‌

Ulta

Beauty

Inc

(d)

230‌

44‌

Williams-Sonoma

Inc

3,695‌

322‌

Yum

China

Holdings

Inc

139,936‌

7,170‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Retail

(continued)

Yum!

Brands

Inc

274,000‌

$

24,948‌

$

81,752‌

Savings

&

Loans

-

0.03%

New

York

Community

Bancorp

Inc

25,861‌

272‌

People's

United

Financial

Inc

24,319‌

263‌

Sterling

Bancorp/DE

11,109‌

125‌

TFS

Financial

Corp

2,985‌

43‌

$

703‌

Semiconductors

-

2.15%

Analog

Devices

Inc

20,928‌

2,403‌

Cirrus

Logic

Inc

(d)

3,356‌

230‌

Cree

Inc

(d)

6,221‌

429‌

Entegris

Inc

523‌

38‌

IPG

Photonics

Corp

(d)

1,904‌

341‌

KLA

Corp

28,500‌

5,695‌

Marvell

Technology

Group

Ltd

37,930‌

1,383‌

Maxim

Integrated

Products

Inc

10,204‌

695‌

Microchip

Technology

Inc

31,715‌

3,226‌

MKS

Instruments

Inc

775‌

99‌

ON

Semiconductor

Corp

(d)

23,334‌

481‌

Qorvo

Inc

(d)

90,825‌

11,639‌

Skyworks

Solutions

Inc

119,595‌

17,411‌

Teradyne

Inc

38,595‌

3,433‌

$

47,503‌

Shipbuilding

-

0.02%

Huntington

Ingalls

Industries

Inc

2,057‌

357‌

Software

-

1.64%

Akamai

Technologies

Inc

(d)

1,617‌

182‌

Aspen

Technology

Inc

(d)

280‌

27‌

CDK

Global

Inc

6,112‌

278‌

Ceridian

HCM

Holding

Inc

(d)

1,809‌

142‌

Change

Healthcare

Inc

(d)

3,925‌

46‌

Citrix

Systems

Inc

70,459‌

10,058‌

Guidewire

Software

Inc

(d)

3,868‌

455‌

Jack

Henry

&

Associates

Inc

949‌

169‌

Manhattan

Associates

Inc

(d)

417‌

40‌

Nuance

Communications

Inc

(d)

848,167‌

23,197‌

Paychex

Inc

3,874‌

279‌

Pegasystems

Inc

242‌

28‌

RealPage

Inc

(d)

675‌

43‌

SolarWinds

Corp

(d)

2,845‌

52‌

SS&C

Technologies

Holdings

Inc

10,220‌

588‌

Synopsys

Inc

(d)

617‌

123‌

Take-Two

Interactive

Software

Inc

(d)

484‌

79‌

Teradata

Corp

(d)

1,570‌

33‌

Twilio

Inc

(d)

1,239‌

344‌

Zynga

Inc

(d)

9,025‌

89‌

$

36,252‌

Telecommunications

-

1.41%

Arista

Networks

Inc

(d)

599‌

156‌

CenturyLink

Inc

62,930‌

607‌

Ciena

Corp

(d)

132,535‌

7,887‌

CommScope

Holding

Co

Inc

(d)

10,410‌

97‌

Corning

Inc

43,141‌

1,337‌

EchoStar

Corp

(d)

2,762‌

75‌

GCI

Liberty

Inc

(d)

5,671‌

445‌

Juniper

Networks

Inc

18,906‌

480‌

LogMeIn

Inc

2,557‌

219‌

Motorola

Solutions

Inc

139,746‌

19,536‌

Telephone

and

Data

Systems

Inc

5,782‌

112‌

Ubiquiti

Inc

96‌

18‌

United

States

Cellular

Corp

(d)

879‌

26‌

ViaSat

Inc

(d)

3,310‌

126‌

$

31,121‌

Textiles

-

0.32%

Mohawk

Industries

Inc

(d)

89,240‌

7,126‌

Schedule

of

Investments

MidCap

Value

Fund

I

July

31,

2020

(unaudited)

See

accompanying

notes.

160

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Toys,

Games

&

Hobbies

-

0.03%

Hasbro

Inc

7,313‌

$

532‌

Mattel

Inc

(d)

8,022‌

89‌

$

621‌

Transportation

-

3.01%

CH

Robinson

Worldwide

Inc

6,425‌

602‌

Expeditors

International

of

Washington

Inc

94,691‌

8,002‌

JB

Hunt

Transport

Services

Inc

167,519‌

21,677‌

Kansas

City

Southern

5,453‌

937‌

Kirby

Corp

(d)

3,425‌

158‌

Knight-Swift

Transportation

Holdings

Inc

106,257‌

4,622‌

Landstar

System

Inc

246,437‌

30,011‌

Old

Dominion

Freight

Line

Inc

774‌

142‌

Ryder

System

Inc

3,012‌

110‌

Schneider

National

Inc

3,387‌

85‌

XPO

Logistics

Inc

(d)

4,959‌

372‌

$

66,718‌

Water

-

0.10%

American

Water

Works

Co

Inc

10,426‌

1,536‌

Essential

Utilities

Inc

12,861‌

583‌

$

2,119‌

TOTAL

COMMON

STOCKS

$

2,183,708‌

Total

Investments

$

2,221,483‌

Other

Assets

and

Liabilities

-  (0.34)%

(7,539‌)

TOTAL

NET

ASSETS

-

100.00%

$

2,213,944‌

(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

$1,653

or

0.07%

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

5.00%

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

23.30‌%

Industrial

19.90‌%

Consumer,

Non-cyclical

18.60‌%

Consumer,

Cyclical

10.12‌%

Technology

8.49‌%

Basic

Materials

5.69‌%

Communications

5.12‌%

Utilities

4.54‌%

Energy

2.87‌%

Money

Market

Funds

1.57‌%

Investment

Companies

0.14‌%

Other

Assets

and

Liabilities

(0.34‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

87,362‌

$

556,561‌

$

610,822‌

$

33,101‌

Principal

Shareholder

Yield

Index

ETF

170‌

—‌

137‌

—‌

Principal

Sustainable

Momentum

Index

ETF

144‌

—‌

135‌

—‌

Principal

U.S.

Small-Cap

Multi-Factor

Index

ETF

13‌

—‌

10‌

—‌

$

87,689‌

$

556,561‌

$

611,104‌

$

33,101‌

Income

(a)

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

324‌

$

—‌

$

—‌

$

—‌

Principal

Shareholder

Yield

Index

ETF

2‌

(28‌)

—‌

(5‌)

Principal

Sustainable

Momentum

Index

ETF

1‌

—‌

—‌

(9‌)

Principal

U.S.

Small-Cap

Multi-Factor

Index

ETF

—‌

(3‌)

—‌

—‌

$

327‌

$

(31‌)

$

—‌

$

(14‌)

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;

September

2020

Long

28‌

$

5,209‌

$

232‌

Total

$

232‌

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

Overseas

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

161

INVESTMENT

COMPANIES

-

3.21%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

0.14%

iShares

MSCI

EAFE

Value

ETF

96,000‌

$

3,830‌

Money

Market

Funds

-

3.07%

BlackRock

Liquidity

FedFund

-

Institutional

Class

0.06%

(a),(b)

2,588,760‌

2,589‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

(a),(b),(c),(d)

78,819,540‌

78,819‌

$

81,408‌

TOTAL

INVESTMENT

COMPANIES

$

85,238‌

COMMON

STOCKS

-

95.30%

Shares

Held

Value

(000's)

Advertising

-

0.05%

Dentsu

Group

Inc

11,600‌

$

259‌

JCDecaux

SA

(d)

4,585‌

77‌

Publicis

Groupe

SA

11,655‌

373‌

WPP

PLC

66,642‌

494‌

$

1,203‌

Aerospace

&

Defense

-

2.44%

Airbus

SE

(d)

411,109‌

30,092‌

BAE

Systems

PLC

172,659‌

1,106‌

Elbit

Systems

Ltd

1,426‌

201‌

Kawasaki

Heavy

Industries

Ltd

7,600‌

104‌

Leonardo

SpA

21,795‌

140‌

MTU

Aero

Engines

AG

2,858‌

495‌

Rolls-Royce

Holdings

PLC

(d)

6,982,599‌

20,947‌

Safran

SA

(d)

106,089‌

11,283‌

Thales

SA

5,739‌

415‌

$

64,783‌

Agriculture

-

2.22%

British

American

Tobacco

PLC

1,000,543‌

33,067‌

Imperial

Brands

PLC

50,970‌

849‌

Japan

Tobacco

Inc

1,469,600‌

25,119‌

$

59,035‌

Airlines

-

1.24%

ANA

Holdings

Inc

(e)

6,200‌

128‌

Deutsche

Lufthansa

AG

(d),(e)

16,116‌

141‌

International

Consolidated

Airlines

Group

SA

2,294,752‌

4,946‌

Japan

Airlines

Co

Ltd

6,100‌

99‌

Ryanair

Holdings

PLC

ADR

(d)

366,272‌

27,471‌

Singapore

Airlines

Ltd

72,500‌

181‌

$

32,966‌

Apparel

-

0.22%

Gildan

Activewear

Inc

325,300‌

5,773‌

Automobile

Manufacturers

-

2.75%

Bayerische

Motoren

Werke

AG

17,832‌

1,140‌

Daimler

AG

548,513‌

23,983‌

Fiat

Chrysler

Automobiles

NV

(d)

59,094‌

601‌

Hino

Motors

Ltd

15,500‌

90‌

Honda

Motor

Co

Ltd

1,094,700‌

26,689‌

Isuzu

Motors

Ltd

29,700‌

242‌

Mazda

Motor

Corp

30,700‌

177‌

Mitsubishi

Motors

Corp

36,200‌

71‌

Nissan

Motor

Co

Ltd

124,900‌

427‌

Peugeot

SA

(d)

31,675‌

509‌

Renault

SA

(d)

70,134‌

1,667‌

Subaru

Corp

33,200‌

627‌

Suzuki

Motor

Corp

19,800‌

650‌

Toyota

Motor

Corp

114,310‌

6,786‌

Volkswagen

AG

1,748‌

272‌

Volvo

AB

-

B

Shares

(d)

534,558‌

9,238‌

$

73,169‌

Automobile

Parts

&

Equipment

-

1.10%

Aisin

Seiki

Co

Ltd

8,600‌

248‌

Bridgestone

Corp

28,800‌

848‌

Cie

Generale

des

Etablissements

Michelin

SCA

9,139‌

946‌

Continental

AG

5,924‌

572‌

Denso

Corp

23,200‌

858‌

Faurecia

SE

(d)

4,091‌

158‌

JTEKT

Corp

11,200‌

75‌

Koito

Manufacturing

Co

Ltd

5,700‌

223‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Automobile

Parts

&

Equipment

(continued)

NGK

Insulators

Ltd

14,000‌

$

174‌

NGK

Spark

Plug

Co

Ltd

8,500‌

114‌

Pirelli

&

C

SpA

(d),(f)

21,542‌

85‌

Rheinmetall

AG

187,290‌

17,708‌

Stanley

Electric

Co

Ltd

7,000‌

168‌

Sumitomo

Electric

Industries

Ltd

40,700‌

455‌

Sumitomo

Rubber

Industries

Ltd

9,200‌

77‌

Toyoda

Gosei

Co

Ltd

2,300‌

45‌

Toyota

Industries

Corp

8,000‌

406‌

Valeo

SA

232,682‌

5,972‌

Yokohama

Rubber

Co

Ltd/The

6,400‌

82‌

$

29,214‌

Banks

-

11.35%

ABN

AMRO

Bank

NV

(f)

22,781‌

189‌

Aozora

Bank

Ltd

6,400‌

102‌

Australia

&

New

Zealand

Banking

Group

Ltd

152,744‌

1,940‌

Banco

Bilbao

Vizcaya

Argentaria

SA

5,054,322‌

15,738‌

Banco

Santander

SA

894,974‌

1,919‌

Bank

Hapoalim

BM

30,559‌

184‌

Bank

Leumi

Le-Israel

BM

78,973‌

400‌

Bank

Mandiri

Persero

Tbk

PT

5,376,300‌

2,137‌

Bank

of

East

Asia

Ltd/The

70,200‌

160‌

Bank

of

Kyoto

Ltd/The

3,000‌

110‌

Bankinter

SA

36,305‌

189‌

Banque

Cantonale

Vaudoise

810‌

85‌

Barclays

PLC

20,277,515‌

26,290‌

BNP

Paribas

SA

(d)

738,483‌

29,793‌

BOC

Hong

Kong

Holdings

Ltd

5,827,300‌

16,247‌

CaixaBank

SA

5,773,165‌

12,419‌

Chiba

Bank

Ltd/The

28,600‌

131‌

Commerzbank

AG

(d)

53,955‌

277‌

Commonwealth

Bank

of

Australia

95,336‌

4,850‌

Concordia

Financial

Group

Ltd

57,000‌

169‌

Credit

Agricole

SA

(d)

62,142‌

598‌

Credit

Suisse

Group

AG

85,002‌

907‌

Danske

Bank

A/S

(d)

37,146‌

602‌

DBS

Group

Holdings

Ltd

96,500‌

1,394‌

Deutsche

Bank

AG

(d)

37,008‌

333‌

DNB

ASA

(d)

51,063‌

784‌

Erste

Group

Bank

AG

(d)

15,045‌

337‌

Fukuoka

Financial

Group

Inc

9,300‌

135‌

Grupo

Financiero

Banorte

SAB

de

CV

(d)

7,209,406‌

25,822‌

Hang

Seng

Bank

Ltd

41,100‌

647‌

HSBC

Holdings

PLC

1,093,999‌

4,926‌

ING

Groep

NV

4,315,172‌

30,089‌

Intesa

Sanpaolo

SpA

(d)

801,545‌

1,634‌

Israel

Discount

Bank

Ltd

40,748‌

125‌

Japan

Post

Bank

Co

Ltd

21,900‌

163‌

KBC

Group

NV

13,455‌

767‌

Lloyds

Banking

Group

PLC

3,785,246‌

1,290‌

Macquarie

Group

Ltd

18,131‌

1,593‌

Mediobanca

Banca

di

Credito

Finanziario

SpA

33,449‌

270‌

Mitsubishi

UFJ

Financial

Group

Inc

658,400‌

2,467‌

Mizrahi

Tefahot

Bank

Ltd

7,594‌

159‌

Mizuho

Financial

Group

Inc

1,299,100‌

1,584‌

National

Australia

Bank

Ltd

172,131‌

2,149‌

Natixis

SA

(d)

50,944‌

125‌

Natwest

Group

PLC

260,530‌

359‌

Nordea

Bank

Abp

(d)

174,488‌

1,348‌

Oversea-Chinese

Banking

Corp

Ltd

178,100‌

1,116‌

Raiffeisen

Bank

International

AG

7,973‌

137‌

Resona

Holdings

Inc

112,700‌

369‌

Seven

Bank

Ltd

31,600‌

78‌

Shinsei

Bank

Ltd

8,400‌

95‌

Shizuoka

Bank

Ltd/The

22,600‌

147‌

Skandinaviska

Enskilda

Banken

AB

(d)

87,649‌

848‌

Societe

Generale

SA

(d)

43,661‌

672‌

Standard

Chartered

PLC

146,313‌

732‌

Sumitomo

Mitsui

Financial

Group

Inc

651,400‌

17,357‌

Schedule

of

Investments

Overseas

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

162

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Banks

(continued)

Sumitomo

Mitsui

Trust

Holdings

Inc

18,207‌

$

467‌

Svenska

Handelsbanken

AB

(d)

83,788‌

790‌

Swedbank

AB

(d)

363,569‌

5,904‌

UBS

Group

AG

(d)

197,438‌

2,326‌

UniCredit

SpA

(d)

5,076,918‌

46,596‌

United

Overseas

Bank

Ltd

1,962,600‌

27,632‌

Westpac

Banking

Corp

194,509‌

2,336‌

$

301,538‌

Beverages

-

1.25%

Anheuser-Busch

InBev

SA/NV

41,035‌

2,228‌

Asahi

Group

Holdings

Ltd

20,800‌

678‌

Coca-Cola

Amatil

Ltd

17,741‌

104‌

Coca-Cola

European

Partners

PLC

729,450‌

30,032‌

Suntory

Beverage

&

Food

Ltd

3,800‌

143‌

$

33,185‌

Biotechnology

-

0.01%

BeiGene

Ltd

ADR

(d)

1,351‌

282‌

Building

Materials

-

1.18%

AGC

Inc/Japan

10,400‌

292‌

Cie

de

Saint-Gobain

(d)

27,869‌

1,031‌

CRH

PLC

42,290‌

1,540‌

HeidelbergCement

AG

8,016‌

445‌

LafargeHolcim

Ltd

(d)

577,270‌

27,311‌

LIXIL

Group

Corp

14,400‌

192‌

Rinnai

Corp

1,000‌

82‌

Taiheiyo

Cement

Corp

6,500‌

141‌

TOTO

Ltd

4,900‌

185‌

$

31,219‌

Chemicals

-

6.53%

Air

Water

Inc

9,900‌

128‌

Akzo

Nobel

NV

257,787‌

24,290‌

Arkema

SA

3,714‌

386‌

Asahi

Kasei

Corp

67,600‌

486‌

BASF

SE

808,137‌

44,582‌

Brenntag

AG

632,130‌

39,011‌

Clariant

AG

10,725‌

203‌

Covestro

AG

(f)

9,365‌

364‌

Daicel

Corp

13,500‌

90‌

EMS-Chemie

Holding

AG

155‌

134‌

Evonik

Industries

AG

11,293‌

305‌

ICL

Group

Ltd

37,927‌

118‌

Johnson

Matthey

PLC

354,512‌

10,352‌

Kuraray

Co

Ltd

8,500‌

83‌

LANXESS

AG

4,476‌

232‌

Linde

PLC

205,621‌

50,044‌

Mitsubishi

Chemical

Holdings

Corp

69,000‌

371‌

Mitsubishi

Gas

Chemical

Co

Inc

8,500‌

135‌

Mitsui

Chemicals

Inc

9,900‌

189‌

Nitto

Denko

Corp

8,600‌

488‌

Showa

Denko

KK

7,200‌

149‌

Solvay

SA

3,993‌

310‌

Sumitomo

Chemical

Co

Ltd

80,300‌

232‌

Toray

Industries

Inc

74,700‌

323‌

Tosoh

Corp

14,100‌

189‌

Yara

International

ASA

9,537‌

402‌

$

173,596‌

Commercial

Services

-

1.77%

Adecco

Group

AG

8,359‌

395‌

Amadeus

IT

Group

SA

234,182‌

11,694‌

Atlantia

SpA

(d)

245,736‌

3,937‌

Dai

Nippon

Printing

Co

Ltd

13,100‌

285‌

ISS

A/S

(d)

1,167,663‌

18,020‌

Randstad

NV

6,419‌

309‌

RELX

PLC

547,805‌

11,533‌

Secom

Co

Ltd

4,000‌

346‌

Securitas

AB

(d)

16,863‌

251‌

Toppan

Printing

Co

Ltd

14,100‌

211‌

$

46,981‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Computers

-

0.10%

Atos

SE

(d)

2,648‌

$

227‌

Capgemini

SE

8,662‌

1,123‌

Fujitsu

Ltd

10,600‌

1,419‌

$

2,769‌

Consumer

Products

-

0.07%

Henkel

AG

&

Co

KGaA

5,596‌

486‌

Reckitt

Benckiser

Group

PLC

13,378‌

1,342‌

$

1,828‌

Cosmetics

&

Personal

Care

-

0.00%

Pola

Orbis

Holdings

Inc

3,100‌

51‌

Distribution

&

Wholesale

-

1.79%

Bunzl

PLC

711,715‌

20,388‌

Ferguson

PLC

12,141‌

1,070‌

ITOCHU

Corp

36,300‌

796‌

Jardine

Cycle

&

Carriage

Ltd

5,300‌

78‌

Marubeni

Corp

89,000‌

410‌

Mitsubishi

Corp

47,400‌

955‌

Mitsui

&

Co

Ltd

89,200‌

1,334‌

Sumitomo

Corp

64,000‌

711‌

Toyota

Tsusho

Corp

11,400‌

289‌

Travis

Perkins

PLC

1,491,276‌

21,569‌

$

47,600‌

Diversified

Financial

Services

-

1.87%

AerCap

Holdings

NV

(d)

7,091‌

191‌

Amundi

SA

(d),(f)

3,267‌

249‌

Daiwa

Securities

Group

Inc

77,700‌

345‌

Japan

Exchange

Group

Inc

9,500‌

226‌

Julius

Baer

Group

Ltd

616,138‌

27,048‌

Mebuki

Financial

Group

Inc

50,900‌

113‌

Mitsubishi

UFJ

Lease

&

Finance

Co

Ltd

21,800‌

93‌

Nomura

Holdings

Inc

169,400‌

797‌

ORIX

Corp

1,807,400‌

19,547‌

SBI

Holdings

Inc/Japan

12,700‌

267‌

Schroders

PLC

6,694‌

259‌

Standard

Life

Aberdeen

PLC

125,403‌

408‌

Tokyo

Century

Corp

2,400‌

135‌

$

49,678‌

Electric

-

3.62%

AGL

Energy

Ltd

34,414‌

408‌

AusNet

Services

100,355‌

128‌

Chubu

Electric

Power

Co

Inc

34,700‌

413‌

Chugoku

Electric

Power

Co

Inc/The

15,500‌

189‌

CLP

Holdings

Ltd

88,500‌

837‌

E.ON

SE

120,911‌

1,419‌

EDP

-

Energias

de

Portugal

SA

137,018‌

689‌

EDP

-

Energias

de

Portugal

SA

-

Rights

(d)

147,575‌

15‌

Electric

Power

Development

Co

Ltd

7,400‌

101‌

Electricite

de

France

SA

33,430‌

339‌

Endesa

SA

17,107‌

488‌

Enel

SpA

3,428,562‌

31,408‌

Engie

SA

(d)

1,760,799‌

23,456‌

Fortum

Oyj

934,086‌

18,959‌

HK

Electric

Investments

&

HK

Electric

Investments

Ltd

143,000‌

148‌

Iberdrola

SA

319,913‌

4,135‌

Kansai

Electric

Power

Co

Inc/The

38,000‌

361‌

Kyushu

Electric

Power

Co

Inc

20,300‌

170‌

Mercury

NZ

Ltd

36,681‌

114‌

Meridian

Energy

Ltd

69,016‌

224‌

Origin

Energy

Ltd

94,851‌

363‌

Orsted

A/S

(f)

3,564‌

510‌

Power

Assets

Holdings

Ltd

74,500‌

415‌

Red

Electrica

Corp

SA

23,312‌

454‌

RWE

AG

218,751‌

8,246‌

SSE

PLC

55,466‌

941‌

Terna

Rete

Elettrica

Nazionale

SpA

75,773‌

565‌

Tohoku

Electric

Power

Co

Inc

23,100‌

218‌

Tokyo

Electric

Power

Co

Holdings

Inc

(d)

77,900‌

208‌

Schedule

of

Investments

Overseas

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

163

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Electric

(continued)

Uniper

SE

10,841‌

$

374‌

$

96,295‌

Electrical

Components

&

Equipment

-

0.15%

Brother

Industries

Ltd

12,000‌

187‌

Casio

Computer

Co

Ltd

5,100‌

82‌

Prysmian

SpA

12,999‌

332‌

Schneider

Electric

SE

29,774‌

3,414‌

$

4,015‌

Electronics

-

2.38%

ABB

Ltd

1,668,647‌

41,906‌

Hirose

Electric

Co

Ltd

1,700‌

178‌

Kyocera

Corp

17,300‌

964‌

Murata

Manufacturing

Co

Ltd

294,800‌

18,935‌

Omron

Corp

5,000‌

360‌

TDK

Corp

7,000‌

779‌

Yokogawa

Electric

Corp

12,300‌

189‌

$

63,311‌

Energy

-

Alternate

Sources

-

0.01%

Siemens

Gamesa

Renewable

Energy

SA

8,345‌

197‌

Engineering

&

Construction

-

2.18%

ACS

Actividades

de

Construccion

y

Servicios

SA

14,620‌

339‌

Aena

SME

SA

(d),(f)

85,270‌

11,118‌

Aeroports

de

Paris

1,599‌

151‌

Auckland

International

Airport

Ltd

65,444‌

279‌

Balfour

Beatty

PLC

3,157,414‌

9,910‌

Beijing

Capital

International

Airport

Co

Ltd

8,660,000‌

5,705‌

Bouygues

SA

12,275‌

434‌

CK

Infrastructure

Holdings

Ltd

36,000‌

188‌

Eiffage

SA

(d)

4,487‌

392‌

Fraport

AG

Frankfurt

Airport

Services

Worldwide

(d)

2,240‌

88‌

HOCHTIEF

AG

467‌

38‌

JGC

Holdings

Corp

11,900‌

120‌

Kajima

Corp

24,200‌

266‌

Keppel

Corp

Ltd

(e)

27,300‌

108‌

Lendlease

Corp

Ltd

23,154‌

188‌

NWS

Holdings

Ltd

85,000‌

66‌

Obayashi

Corp

35,100‌

313‌

Shimizu

Corp

29,700‌

213‌

Taisei

Corp

10,200‌

350‌

Vinci

SA

321,867‌

27,701‌

$

57,967‌

Entertainment

-

0.04%

Flutter

Entertainment

PLC

5,401‌

818‌

Tabcorp

Holdings

Ltd

109,073‌

276‌

$

1,094‌

Environmental

Control

-

0.01%

Kurita

Water

Industries

Ltd

5,300‌

142‌

Food

-

3.30%

Associated

British

Foods

PLC

872,510‌

19,984‌

Carrefour

SA

960,706‌

15,268‌

Casino

Guichard

Perrachon

SA

(d),(e)

2,336‌

65‌

Colruyt

SA

1,490‌

87‌

Dairy

Farm

International

Holdings

Ltd

11,838‌

51‌

Danone

SA

270,388‌

18,098‌

ICA

Gruppen

AB

2,707‌

133‌

J

Sainsbury

PLC

95,340‌

232‌

Jardine

Strategic

Holdings

Ltd

11,937‌

241‌

Koninklijke

Ahold

Delhaize

NV

59,281‌

1,707‌

METRO

AG

9,695‌

89‌

Mowi

ASA

8,284‌

150‌

NH

Foods

Ltd

4,400‌

193‌

Nisshin

Seifun

Group

Inc

6,900‌

106‌

Ocado

Group

PLC

(d)

12,445‌

333‌

Orkla

ASA

14,156‌

139‌

Seven

&

i

Holdings

Co

Ltd

933,400‌

28,207‌

Tesco

PLC

527,431‌

1,489‌

Toyo

Suisan

Kaisha

Ltd

2,500‌

152‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Food

(continued)

WH

Group

Ltd

(f)

515,000‌

$

458‌

Wm

Morrison

Supermarkets

PLC

129,520‌

314‌

Yamazaki

Baking

Co

Ltd

3,200‌

54‌

$

87,550‌

Food

Service

-

1.09%

Compass

Group

PLC

2,080,456‌

28,625‌

Sodexo

SA

4,766‌

329‌

$

28,954‌

Forest

Products

&

Paper

-

0.08%

Mondi

PLC

26,148‌

463‌

Oji

Holdings

Corp

46,500‌

195‌

Smurfit

Kappa

Group

PLC

12,173‌

411‌

Stora

Enso

Oyj

31,330‌

393‌

UPM-Kymmene

Oyj

28,744‌

768‌

$

2,230‌

Gas

-

0.88%

Enagas

SA

13,404‌

338‌

National

Grid

PLC

188,940‌

2,217‌

Naturgy

Energy

Group

SA

15,901‌

296‌

Osaka

Gas

Co

Ltd

20,300‌

376‌

Snam

SpA

3,705,488‌

19,726‌

Toho

Gas

Co

Ltd

2,700‌

118‌

Tokyo

Gas

Co

Ltd

20,200‌

429‌

$

23,500‌

Hand

&

Machine

Tools

-

0.02%

Amada

Co

Ltd

17,900‌

120‌

Disco

Corp

500‌

121‌

Fuji

Electric

Co

Ltd

6,900‌

188‌

Makita

Corp

5,900‌

227‌

$

656‌

Healthcare

-

Products

-

1.27%

Alcon

Inc

(d)

9,268‌

560‌

EssilorLuxottica

SA

(d)

5,359‌

714‌

Koninklijke

Philips

NV

(d)

626,459‌

32,370‌

$

33,644‌

Healthcare

-

Services

-

0.07%

Fresenius

Medical

Care

AG

&

Co

KGaA

5,739‌

506‌

Fresenius

SE

&

Co

KGaA

22,513‌

1,123‌

Ryman

Healthcare

Ltd

21,542‌

191‌

$

1,820‌

Holding

Companies

-

Diversified

-

0.06%

CK

Hutchison

Holdings

Ltd

145,500‌

950‌

Jardine

Matheson

Holdings

Ltd

11,839‌

484‌

Swire

Pacific

Ltd

27,500‌

136‌

$

1,570‌

Home

Builders

-

0.12%

Barratt

Developments

PLC

54,841‌

364‌

Berkeley

Group

Holdings

PLC

6,781‌

394‌

Daiwa

House

Industry

Co

Ltd

30,600‌

675‌

Iida

Group

Holdings

Co

Ltd

7,900‌

122‌

Persimmon

PLC

17,177‌

536‌

Sekisui

Chemical

Co

Ltd

19,700‌

268‌

Sekisui

House

Ltd

33,600‌

614‌

Taylor

Wimpey

PLC

196,238‌

303‌

$

3,276‌

Home

Furnishings

-

0.04%

Panasonic

Corp

119,000‌

1,031‌

Insurance

-

6.42%

Admiral

Group

PLC

10,283‌

321‌

Aegon

NV

96,367‌

282‌

Ageas

SA/NV

9,617‌

360‌

Allianz

SE

48,354‌

10,033‌

AMP

Ltd

185,079‌

193‌

Assicurazioni

Generali

SpA

59,179‌

889‌

Aviva

PLC

5,028,212‌

17,292‌

AXA

SA

(e)

1,813,485‌

36,386‌

Baloise

Holding

AG

2,497‌

381‌

CNP

Assurances

(d)

9,245‌

112‌

Schedule

of

Investments

Overseas

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

164

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Insurance

(continued)

Dai-ichi

Life

Holdings

Inc

58,100‌

$

685‌

Direct

Line

Insurance

Group

PLC

74,052‌

287‌

Hannover

Rueck

SE

3,246‌

549‌

Hiscox

Ltd

984,920‌

10,050‌

Japan

Post

Holdings

Co

Ltd

84,900‌

580‌

Japan

Post

Insurance

Co

Ltd

12,100‌

161‌

Legal

&

General

Group

PLC

321,272‌

889‌

M&G

PLC

140,019‌

293‌

Mapfre

SA

58,048‌

105‌

Medibank

Pvt

Ltd

96,406‌

193‌

MS&AD

Insurance

Group

Holdings

Inc

15,500‌

389‌

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

7,771‌

2,060‌

NN

Group

NV

15,728‌

576‌

Prudential

PLC

3,022,332‌

43,192‌

QBE

Insurance

Group

Ltd

78,137‌

547‌

RSA

Insurance

Group

PLC

55,560‌

310‌

Sampo

Oyj

698,043‌

25,230‌

SCOR

SE

(d)

8,539‌

220‌

Sompo

Holdings

Inc

118,100‌

3,891‌

Suncorp

Group

Ltd

67,909‌

415‌

Swiss

Life

Holding

AG

1,719‌

628‌

Swiss

Re

AG

5,555‌

438‌

T&D

Holdings

Inc

29,000‌

239‌

Zurich

Insurance

Group

AG

33,478‌

12,380‌

$

170,556‌

Internet

-

1.21%

Baidu

Inc

ADR

(d)

265,101‌

31,653‌

Delivery

Hero

SE

(d),(f)

2,412‌

277‌

Trend

Micro

Inc/Japan

2,600‌

152‌

$

32,082‌

Investment

Companies

-

0.05%

BGP

Holdings

PLC

(d),(g),(h)

738,711‌

—‌

Eurazeo

SE

(d)

740‌

39‌

EXOR

NV

3,796‌

213‌

Groupe

Bruxelles

Lambert

SA

6,066‌

526‌

Industrivarden

AB

(d)

8,544‌

211‌

L

E

Lundbergforetagen

AB

(d)

4,095‌

192‌

Melrose

Industries

PLC

170,069‌

188‌

Wendel

SE

937‌

88‌

$

1,457‌

Iron

&

Steel

-

0.32%

ArcelorMittal

SA

(d)

573,300‌

6,347‌

BlueScope

Steel

Ltd

27,226‌

218‌

Evraz

PLC

13,684‌

51‌

Fortescue

Metals

Group

Ltd

91,196‌

1,135‌

Hitachi

Metals

Ltd

11,400‌

149‌

JFE

Holdings

Inc

26,600‌

174‌

Nippon

Steel

Corp

43,500‌

357‌

voestalpine

AG

6,251‌

139‌

$

8,570‌

Leisure

Products

&

Services

-

0.02%

Shimano

Inc

1,400‌

304‌

Yamaha

Motor

Co

Ltd

15,100‌

220‌

$

524‌

Lodging

-

1.73%

Accor

SA

(d)

475,670‌

11,974‌

City

Developments

Ltd

24,300‌

146‌

Crown

Resorts

Ltd

20,059‌

128‌

Melco

Resorts

&

Entertainment

Ltd

ADR

11,767‌

194‌

Sands

China

Ltd

928,800‌

3,541‌

SJM

Holdings

Ltd

26,069,083‌

29,415‌

Whitbread

PLC

10,853‌

308‌

Wynn

Macau

Ltd

84,400‌

148‌

$

45,854‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Machinery

-

Construction

&

Mining

-

1.87%

Hitachi

Construction

Machinery

Co

Ltd

5,600‌

$

162‌

Hitachi

Ltd

787,260‌

23,582‌

Komatsu

Ltd

289,500‌

5,688‌

Mitsubishi

Electric

Corp

98,300‌

1,283‌

Mitsubishi

Heavy

Industries

Ltd

17,200‌

400‌

Sandvik

AB

(d)

60,798‌

1,136‌

Weir

Group

PLC/The

1,114,695‌

17,333‌

$

49,584‌

Machinery

-

Diversified

-

3.58%

CNH

Industrial

NV

(d)

27,556‌

187‌

FANUC

Corp

225,100‌

37,979‌

Husqvarna

AB

22,504‌

215‌

KION

Group

AG

367,779‌

28,108‌

Kone

Oyj

6,406‌

509‌

Kubota

Corp

19,500‌

278‌

Nabtesco

Corp

900,700‌

27,403‌

Sumitomo

Heavy

Industries

Ltd

5,900‌

115‌

THK

Co

Ltd

2,200‌

52‌

Yaskawa

Electric

Corp

4,400‌

146‌

$

94,992‌

Media

-

0.04%

Bollore

SA

47,525‌

159‌

Informa

PLC

80,896‌

384‌

ITV

PLC

195,111‌

144‌

Pearson

PLC

41,346‌

284‌

$

971‌

Metal

Fabrication

&

Hardware

-

0.03%

Maruichi

Steel

Tube

Ltd

3,000‌

71‌

NSK

Ltd

19,200‌

129‌

SKF

AB

20,501‌

380‌

Tenaris

SA

25,430‌

150‌

$

730‌

Mining

-

1.83%

Anglo

American

PLC

66,143‌

1,601‌

Antofagasta

PLC

21,237‌

282‌

BHP

Group

Ltd

158,642‌

4,177‌

BHP

Group

PLC

113,740‌

2,460‌

Boliden

AB

14,729‌

402‌

Fresnillo

PLC

2,080,572‌

33,789‌

Glencore

PLC

(d)

538,166‌

1,232‌

Mitsubishi

Materials

Corp

6,000‌

123‌

Norsk

Hydro

ASA

(d)

72,428‌

205‌

Rio

Tinto

PLC

60,407‌

3,677‌

South32

Ltd

263,875‌

387‌

Sumitomo

Metal

Mining

Co

Ltd

12,500‌

376‌

$

48,711‌

Miscellaneous

Manufacturers

-

2.99%

Alfa

Laval

AB

(d)

16,944‌

401‌

JSR

Corp

11,000‌

240‌

Nikon

Corp

16,300‌

114‌

Siemens

AG

615,075‌

78,383‌

Smiths

Group

PLC

21,337‌

376‌

$

79,514‌

Office

&

Business

Equipment

-

0.08%

Canon

Inc

53,800‌

866‌

FUJIFILM

Holdings

Corp

19,300‌

863‌

Ricoh

Co

Ltd

36,200‌

233‌

Seiko

Epson

Corp

15,200‌

161‌

$

2,123‌

Oil

&

Gas

-

4.02%

BP

PLC

6,130,154‌

22,200‌

DCC

PLC

5,299‌

471‌

Ecopetrol

SA

ADR

2,152,533‌

25,055‌

ENEOS

Holdings

Inc

165,310‌

580‌

Eni

SpA

137,005‌

1,220‌

Equinor

ASA

53,940‌

809‌

Galp

Energia

SGPS

SA

26,994‌

283‌

Idemitsu

Kosan

Co

Ltd

10,600‌

221‌

Schedule

of

Investments

Overseas

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

165

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Oil

&

Gas

(continued)

Inpex

Corp

55,200‌

$

315‌

Lundin

Energy

AB

1,041,264‌

24,288‌

Oil

Search

Ltd

106,269‌

219‌

OMV

AG

7,933‌

251‌

Repsol

SA

80,123‌

632‌

Royal

Dutch

Shell

PLC

-

A

Shares

221,664‌

3,240‌

Royal

Dutch

Shell

PLC

-

B

Shares

200,560‌

2,815‌

Santos

Ltd

47,679‌

178‌

TOTAL

SE

(e)

614,428‌

23,253‌

Woodside

Petroleum

Ltd

50,746‌

722‌

$

106,752‌

Pharmaceuticals

-

5.54%

Alfresa

Holdings

Corp

10,100‌

207‌

AstraZeneca

PLC

106,802‌

11,799‌

Bayer

AG

279,736‌

18,584‌

GlaxoSmithKline

PLC

270,161‌

5,382‌

Hisamitsu

Pharmaceutical

Co

Inc

1,900‌

84‌

Kyowa

Kirin

Co

Ltd

9,500‌

235‌

Medipal

Holdings

Corp

9,900‌

181‌

Novartis

AG

510,254‌

42,029‌

Otsuka

Holdings

Co

Ltd

13,600‌

564‌

Roche

Holding

AG

44,085‌

15,269‌

Sanofi

183,804‌

19,299‌

Sumitomo

Dainippon

Pharma

Co

Ltd

9,700‌

121‌

Suzuken

Co

Ltd/Aichi

Japan

1,300‌

46‌

Taisho

Pharmaceutical

Holdings

Co

Ltd

1,800‌

102‌

Takeda

Pharmaceutical

Co

Ltd

901,100‌

32,680‌

Teva

Pharmaceutical

Industries

Ltd

ADR

(d)

58,858‌

679‌

$

147,261‌

Pipelines

-

1.65%

Enbridge

Inc

735,100‌

23,527‌

Koninklijke

Vopak

NV

372,614‌

20,370‌

$

43,897‌

Private

Equity

-

0.02%

3i

Group

PLC

52,405‌

603‌

Real

Estate

-

1.35%

Aeon

Mall

Co

Ltd

5,400‌

64‌

Azrieli

Group

Ltd

2,285‌

111‌

CK

Asset

Holdings

Ltd

139,500‌

775‌

Daito

Trust

Construction

Co

Ltd

3,500‌

274‌

Deutsche

Wohnen

SE

11,962‌

582‌

Hang

Lung

Properties

Ltd

108,000‌

265‌

Henderson

Land

Development

Co

Ltd

79,438‌

297‌

Hongkong

Land

Holdings

Ltd

3,880,848‌

14,783‌

Kerry

Properties

Ltd

35,500‌

84‌

Mitsubishi

Estate

Co

Ltd

22,200‌

319‌

New

World

Development

Co

Ltd

82,451‌

403‌

Nomura

Real

Estate

Holdings

Inc

6,200‌

103‌

Sino

Land

Co

Ltd

86,000‌

104‌

Sumitomo

Realty

&

Development

Co

Ltd

16,700‌

426‌

Sun

Hung

Kai

Properties

Ltd

70,383‌

856‌

Swire

Properties

Ltd

5,976,400‌

13,812‌

Swiss

Prime

Site

AG

4,092‌

373‌

Tokyu

Fudosan

Holdings

Corp

33,000‌

126‌

Vonovia

SE

27,743‌

1,793‌

Wharf

Real

Estate

Investment

Co

Ltd

89,000‌

315‌

$

35,865‌

REITs

-

0.24%

British

Land

Co

PLC/The

47,411‌

226‌

CapitaLand

Commercial

Trust

94,400‌

111‌

CapitaLand

Mall

Trust

48,500‌

67‌

Covivio

2,586‌

186‌

Daiwa

House

REIT

Investment

Corp

106‌

276‌

Dexus

59,048‌

358‌

Gecina

SA

2,469‌

320‌

GLP

J-Reit

(d)

196‌

327‌

GPT

Group/The

104,905‌

290‌

ICADE

1,606‌

106‌

Japan

Prime

Realty

Investment

Corp

43‌

113‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

REITs

(continued)

Japan

Real

Estate

Investment

Corp

71‌

$

362‌

Japan

Retail

Fund

Investment

Corp

141‌

170‌

Klepierre

SA

10,596‌

183‌

Land

Securities

Group

PLC

37,936‌

286‌

Mirvac

Group

211,865‌

315‌

Nippon

Building

Fund

Inc

69‌

386‌

Nippon

Prologis

REIT

Inc

(d)

73‌

252‌

Nomura

Real

Estate

Master

Fund

Inc

228‌

283‌

Orix

JREIT

Inc

142‌

183‌

Scentre

Group

282,135‌

409‌

Stockland

128,411‌

290‌

Suntec

Real

Estate

Investment

Trust

105,900‌

104‌

Unibail-Rodamco-Westfield

7,452‌

391‌

United

Urban

Investment

Corp

160‌

156‌

Vicinity

Centres

209,113‌

193‌

$

6,343‌

Retail

-

2.73%

B&M

European

Value

Retail

SA

5,189,907‌

31,203‌

Cie

Financiere

Richemont

SA

432,210‌

26,832‌

E-MART

Inc

121,349‌

11,618‌

Isetan

Mitsukoshi

Holdings

Ltd

18,000‌

82‌

Kingfisher

PLC

113,643‌

359‌

Marui

Group

Co

Ltd

10,100‌

147‌

Next

PLC

7,162‌

505‌

Pandora

A/S

1,886‌

120‌

Ryohin

Keikaku

Co

Ltd

12,700‌

153‌

Shimamura

Co

Ltd

1,300‌

90‌

Swatch

Group

AG/The

-

BR

1,559‌

327‌

Swatch

Group

AG/The

-

REG

2,834‌

113‌

USS

Co

Ltd

7,600‌

113‌

Wesfarmers

Ltd

21,373‌

711‌

Yamada

Denki

Co

Ltd

38,900‌

169‌

$

72,542‌

Semiconductors

-

3.66%

Infineon

Technologies

AG

1,076,653‌

27,450‌

MediaTek

Inc

1,383,667‌

33,039‌

Rohm

Co

Ltd

1,700‌

109‌

Samsung

Electronics

Co

Ltd

747,428‌

36,530‌

$

97,128‌

Shipbuilding

-

0.01%

Wartsila

OYJ

Abp

23,901‌

200‌

Yangzijiang

Shipbuilding

Holdings

Ltd

139,100‌

93‌

$

293‌

Software

-

1.01%

Micro

Focus

International

PLC

850,749‌

3,063‌

SAP

SE

149,766‌

23,641‌

$

26,704‌

Telecommunications

-

1.81%

BT

Group

PLC

478,989‌

615‌

Deutsche

Telekom

AG

179,501‌

2,997‌

Elisa

Oyj

3,829‌

227‌

HKT

Trust

&

HKT

Ltd

205,000‌

302‌

KDDI

Corp

88,800‌

2,824‌

Nippon

Telegraph

&

Telephone

Corp

69,400‌

1,611‌

NTT

DOCOMO

Inc

62,900‌

1,732‌

Orange

SA

107,445‌

1,259‌

PCCW

Ltd

229,000‌

129‌

Proximus

SADP

8,192‌

169‌

SES

SA

20,652‌

146‌

Singapore

Telecommunications

Ltd

285,600‌

518‌

SK

Telecom

Co

Ltd

25,917‌

4,800‌

Softbank

Corp

103,300‌

1,383‌

SoftBank

Group

Corp

42,200‌

2,662‌

Spark

New

Zealand

Ltd

98,936‌

324‌

Swisscom

AG

1,395‌

742‌

Telecom

Italia

SpA/Milano

450,323‌

183‌

Telecom

Italia

SpA/Milano

-

RSP

324,629‌

130‌

Telefonaktiebolaget

LM

Ericsson

55,015‌

640‌

Telefonica

Deutschland

Holding

AG

28,039‌

76‌

Schedule

of

Investments

Overseas

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

166

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Telecommunications

(continued)

Telefonica

SA

262,146‌

$

1,098‌

Telenor

ASA

38,843‌

600‌

Telia

Co

AB

136,024‌

530‌

Telstra

Corp

Ltd

224,182‌

537‌

TPG

Telecom

Ltd

(d)

12,991‌

75‌

Vodafone

Group

PLC

14,465,245‌

21,739‌

$

48,048‌

Textiles

-

0.01%

Teijin

Ltd

9,600‌

139‌

Transportation

-

1.20%

AP

Moller

-

Maersk

A/S

-

A

62‌

74‌

Central

Japan

Railway

Co

7,800‌

946‌

Deutsche

Post

AG

668,625‌

27,139‌

East

Japan

Railway

Co

16,400‌

945‌

Hankyu

Hanshin

Holdings

Inc

12,300‌

352‌

Kamigumi

Co

Ltd

5,300‌

97‌

Kuehne

+

Nagel

International

AG

1,453‌

250‌

Kyushu

Railway

Co

8,100‌

160‌

MTR

Corp

Ltd

83,000‌

413‌

Nagoya

Railroad

Co

Ltd

3,400‌

86‌

Nippon

Express

Co

Ltd

4,100‌

195‌

Nippon

Yusen

KK

8,300‌

108‌

Odakyu

Electric

Railway

Co

Ltd

5,500‌

115‌

Poste

Italiane

SpA

(f)

28,137‌

259‌

West

Japan

Railway

Co

8,800‌

380‌

Yamato

Holdings

Co

Ltd

10,800‌

279‌

$

31,798‌

Water

-

0.62%

Severn

Trent

PLC

12,814‌

408‌

Suez

SA

18,613‌

245‌

United

Utilities

Group

PLC

36,722‌

431‌

Veolia

Environnement

SA

667,627‌

15,294‌

$

16,378‌

TOTAL

COMMON

STOCKS

$

2,531,541‌

PREFERRED

STOCKS

-

2.03%

Shares

Held

Value

(000's)

Automobile

Manufacturers

-

1.99%

Bayerische

Motoren

Werke

AG

2.52%

3,064‌

$

156‌

Porsche

Automobil

Holding

SE

2.21%

8,246‌

467‌

Volkswagen

AG

4.86%

357,562‌

52,339‌

$

52,962‌

Chemicals

-

0.00%

FUCHS

PETROLUB

SE

0.97%

2,433‌

106‌

Consumer

Products

-

0.04%

Henkel

AG

&

Co

KGaA

1.85%

9,594‌

943‌

TOTAL

PREFERRED

STOCKS

$

54,011‌

Total

Investments

$

2,670,790‌

Other

Assets

and

Liabilities

-  (0.54)%

(14,428‌)

TOTAL

NET

ASSETS

-

100.00%

$

2,656,362‌

(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

$26,409

or

0.99%

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

5.00%

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)

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$13,509

or

0.51%

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

$0

or

0.00%

of

net

assets.

Portfolio

Summary  (unaudited)

Location

Percent

United

Kingdom

18.61‌%

Germany

15.72‌%

Japan

12.86‌%

France

10.76‌%

Switzerland

7.59‌%

Netherlands

4.39‌%

Italy

4.04‌%

United

States

3.21‌%

Hong

Kong

3.14‌%

Spain

2.30‌%

Mexico

2.25‌%

Korea,

Republic

Of

2.00‌%

Finland

1.80‌%

Sweden

1.71‌%

China

1.42‌%

Taiwan

1.24‌%

Singapore

1.17‌%

Ireland

1.16‌%

Canada

1.10‌%

Australia

1.07‌%

Colombia

0.94‌%

Denmark

0.72‌%

Bermuda

0.38‌%

Luxembourg

0.26‌%

Belgium

0.16‌%

Macao

0.14‌%

Norway

0.12‌%

Indonesia

0.08‌%

Israel

0.08‌%

New

Zealand

0.04‌%

Portugal

0.04‌%

Austria

0.03‌%

Chile

0.01‌%

Russian

Federation

0.00‌%

Other

Assets

and

Liabilities

(0.54‌)%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

Overseas

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

167

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

42,278‌

$

1,445,239‌

$

1,408,698‌

$

78,819‌

Principal

International

Multi-Factor

Core

Index

ETF

485‌

—‌

449‌

—‌

$

42,763‌

$

1,445,239‌

$

1,409,147‌

$

78,819‌

Income

(a)

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

305‌

$

—‌

$

—‌

$

—‌

Principal

International

Multi-Factor

Core

Index

ETF

5‌

(14‌)

—‌

(22‌)

$

310‌

$

(14‌)

$

—‌

$

(22‌)

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

eMini

MSCI

EAFE;

September

2020

Long

259‌

$

23,486‌

$

(801‌)

Total

$

(801‌)

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

Principal

Capital

Appreciation

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

168

INVESTMENT

COMPANIES

-

1.36%

Shares

Held

Value

(000's)

Money

Market

Funds

-

1.36%

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

(a),(b),(c)

24,760,888‌

$

24,761‌

TOTAL

INVESTMENT

COMPANIES

$

24,761‌

COMMON

STOCKS

-

98.88%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

0.94%

Northrop

Grumman

Corp

34,565‌

$

11,234‌

Teledyne

Technologies

Inc

(b)

19,519‌

5,986‌

$

17,220‌

Apparel

-

1.92%

Deckers

Outdoor

Corp

(b)

114,231‌

23,903‌

NIKE

Inc

114,942‌

11,219‌

$

35,122‌

Automobile

Manufacturers

-

0.95%

PACCAR

Inc

204,870‌

17,430‌

Banks

-

3.12%

JPMorgan

Chase

&

Co

389,695‌

37,660‌

PNC

Financial

Services

Group

Inc

/The

180,959‌

19,303‌

$

56,963‌

Beverages

-

2.49%

Keurig

Dr

Pepper

Inc

324,139‌

9,915‌

PepsiCo

Inc

258,795‌

35,626‌

$

45,541‌

Chemicals

-

1.14%

FMC

Corp

196,955‌

20,887‌

Commercial

Services

-

0.74%

PayPal

Holdings

Inc

(b)

69,127‌

13,554‌

Computers

-

5.54%

Apple

Inc

238,055‌

101,183‌

Consumer

Products

-

1.55%

Church

&

Dwight

Co

Inc

293,727‌

28,295‌

Diversified

Financial

Services

-

4.93%

Ameriprise

Financial

Inc

94,704‌

14,549‌

BlackRock

Inc

24,126‌

13,873‌

Charles

Schwab

Corp/The

270,013‌

8,951‌

Discover

Financial

Services

195,399‌

9,659‌

Nasdaq

Inc

93,743‌

12,309‌

Visa

Inc

161,362‌

30,723‌

$

90,064‌

Electric

-

3.58%

NextEra

Energy

Inc

127,254‌

35,720‌

Xcel

Energy

Inc

429,481‌

29,652‌

$

65,372‌

Electronics

-

1.93%

Honeywell

International

Inc

130,147‌

19,440‌

Roper

Technologies

Inc

36,383‌

15,734‌

$

35,174‌

Environmental

Control

-

1.06%

Republic

Services

Inc

200,261‌

17,473‌

Waste

Connections

Inc

18,146‌

1,857‌

$

19,330‌

Food

-

1.06%

McCormick

&

Co

Inc

/MD

90,285‌

17,596‌

Tyson

Foods

Inc

28,003‌

1,721‌

$

19,317‌

Hand

&

Machine

Tools

-

0.50%

Snap-on

Inc

62,431‌

9,107‌

Healthcare

-

Products

-

5.05%

Abbott

Laboratories

177,716‌

17,886‌

Edwards

Lifesciences

Corp

(b)

159,102‌

12,475‌

Medtronic

PLC

170,181‌

16,419‌

Thermo

Fisher

Scientific

Inc

81,360‌

33,679‌

Varian

Medical

Systems

Inc

(b)

82,176‌

11,728‌

$

92,187‌

Healthcare

-

Services

-

1.97%

UnitedHealth

Group

Inc

76,432‌

23,142‌

Universal

Health

Services

Inc

117,700‌

12,935‌

$

36,077‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Insurance

-

3.31%

Chubb

Ltd

85,666‌

$

10,900‌

Fidelity

National

Financial

Inc

396,708‌

12,838‌

Marsh

&

McLennan

Cos

Inc

202,379‌

23,597‌

Progressive

Corp/The

145,295‌

13,126‌

$

60,461‌

Internet

-

10.11%

Alphabet

Inc

-

A

Shares

(b)

36,542‌

54,373‌

Amazon.com

Inc

(b)

27,927‌

88,380‌

Facebook

Inc

(b)

121,142‌

30,730‌

Netflix

Inc

(b)

22,776‌

11,135‌

$

184,618‌

Machinery

-

Diversified

-

1.15%

Deere

&

Co

119,167‌

21,010‌

Media

-

1.87%

Comcast

Corp

-

Class

A

459,367‌

19,661‌

Nexstar

Media

Group

Inc

45,145‌

3,957‌

Walt

Disney

Co/The

90,340‌

10,564‌

$

34,182‌

Miscellaneous

Manufacturers

-

0.47%

3M

Co

56,693‌

8,531‌

Oil

&

Gas

-

1.93%

Chevron

Corp

295,711‌

24,822‌

Valero

Energy

Corp

184,761‌

10,389‌

$

35,211‌

Packaging

&

Containers

-

1.07%

Ball

Corp

264,736‌

19,493‌

Pharmaceuticals

-

7.46%

Becton

Dickinson

and

Co

105,024‌

29,547‌

Bristol-Myers

Squibb

Co

355,824‌

20,873‌

DexCom

Inc

(b)

15,116‌

6,584‌

Johnson

&

Johnson

157,409‌

22,944‌

Merck

&

Co

Inc

386,147‌

30,984‌

Pfizer

Inc

327,967‌

12,620‌

Roche

Holding

AG

ADR

295,533‌

12,738‌

$

136,290‌

REITs

-

3.41%

Alexandria

Real

Estate

Equities

Inc

174,958‌

31,064‌

American

Tower

Corp

16,493‌

4,311‌

Extra

Space

Storage

Inc

119,808‌

12,381‌

Prologis

Inc

137,915‌

14,539‌

$

62,295‌

Retail

-

5.85%

Costco

Wholesale

Corp

80,740‌

26,283‌

Home

Depot

Inc

/The

120,135‌

31,895‌

Lululemon

Athletica

Inc

(b)

76,575‌

24,932‌

Starbucks

Corp

104,084‌

7,965‌

Target

Corp

125,324‌

15,776‌

$

106,851‌

Semiconductors

-

5.35%

Broadcom

Inc

58,318‌

18,472‌

Lam

Research

Corp

62,543‌

23,589‌

Microchip

Technology

Inc

149,893‌

15,249‌

NVIDIA

Corp

38,976‌

16,549‌

Taiwan

Semiconductor

Manufacturing

Co

Ltd

ADR

303,061‌

23,908‌

$

97,767‌

Software

-

12.48%

Adobe

Inc

(b)

96,200‌

42,744‌

Fair

Isaac

Corp

(b)

58,996‌

25,910‌

Fidelity

National

Information

Services

Inc

201,308‌

29,453‌

Microsoft

Corp

479,902‌

98,385‌

salesforce.com

Inc

(b)

65,954‌

12,851‌

ServiceNow

Inc

(b)

42,193‌

18,531‌

$

227,874‌

Schedule

of

Investments

Principal

Capital

Appreciation

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

169

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Telecommunications

-

4.16%

Cisco

Systems

Inc

339,367‌

$

15,984‌

T-Mobile

US

Inc

(b)

289,084‌

31,042‌

Verizon

Communications

Inc

503,530‌

28,943‌

$

75,969‌

Toys,

Games

&

Hobbies

-

0.09%

Hasbro

Inc

23,431‌

1,705‌

Transportation

-

1.70%

Expeditors

International

of

Washington

Inc

157,002‌

13,268‌

Union

Pacific

Corp

102,398‌

17,751‌

$

31,019‌

TOTAL

COMMON

STOCKS

$

1,806,099‌

Total

Investments

$

1,830,860‌

Other

Assets

and

Liabilities

-  (0.24)%

(4,374‌)

TOTAL

NET

ASSETS

-

100.00%

$

1,826,486‌

(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

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(b)

Non-income

producing

security

(c)

Current

yield

shown

is

as

of

period

end.

Portfolio

Summary  (unaudited)

Sector

Percent

Technology

23.37‌%

Consumer,

Non-cyclical

20.32‌%

Communications

16.14‌%

Financial

14.77‌%

Industrial

8.82‌%

Consumer,

Cyclical

8.81‌%

Utilities

3.58‌%

Energy

1.93‌%

Money

Market

Funds

1.36‌%

Basic

Materials

1.14‌%

Other

Assets

and

Liabilities

(0.24‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

48,465‌

$

332,958‌

$

356,662‌

$

24,761‌

$

48,465‌

$

332,958‌

$

356,662‌

$

24,761‌

Income

(a)

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

228‌

$

—‌

$

—‌

$

—‌

$

228‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Principal

LifeTime

2010

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

170

INVESTMENT

COMPANIES

-

100.01%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

42.98%

Blue

Chip

Fund

(a)

804,601‌

$

25,401‌

Core

Fixed

Income

Fund

(a)

16,522,265‌

171,171‌

Diversified

International

Fund

(a)

2,462,497‌

30,683‌

Diversified

Real

Asset

Fund

(a)

1,083,299‌

11,765‌

International

Small

Company

Fund

(a)

875,718‌

8,801‌

LargeCap

Growth

Fund

I

(a)

1,321,868‌

25,182‌

MidCap

Fund

(a)

567,844‌

17,688‌

MidCap

Value

Fund

I

(a)

783,250‌

9,845‌

SmallCap

Growth

Fund

I

(a),(b)

468,812‌

6,966‌

SmallCap

Value

Fund

II

(a)

411,221‌

3,545‌

$

311,047‌

Principal

Funds,

Inc.

Institutional

Class

-

57.03%

Bond

Market

Index

Fund

(a)

8,785,080‌

106,563‌

Equity

Income

Fund

(a)

492,706‌

14,983‌

High

Income

Fund

(a)

5,022,638‌

45,405‌

Inflation

Protection

Fund

(a)

3,464,860‌

32,258‌

LargeCap

S&P

500

Index

Fund

(a)

2,008,759‌

40,356‌

LargeCap

Value

Fund

III

(a)

971,589‌

14,477‌

Overseas

Fund

(a)

3,194,933‌

26,709‌

Short-Term

Income

Fund

(a)

10,512,351‌

132,035‌

$

412,786‌

TOTAL

INVESTMENT

COMPANIES

$

723,833‌

Total

Investments

$

723,833‌

Other

Assets

and

Liabilities

-  (0.01)%

(107‌)

TOTAL

NET

ASSETS

-

100.00%

$

723,726‌

(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

5.00%

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

71.58‌%

Domestic

Equity

Funds

21.89‌%

International

Equity

Funds

4.91‌%

Specialty

Funds

1.63‌%

Other

Assets

and

Liabilities

(0.01‌)%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

Principal

LifeTime

2010

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

171

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

20,395‌

$

6,245‌

$

6,743‌

$

25,401‌

Bond

Market

Index

Fund

112,773‌

7,829‌

19,107‌

106,563‌

Core

Fixed

Income

Fund

174,104‌

14,566‌

26,570‌

171,171‌

Diversified

International

Fund

27,188‌

5,986‌

2,519‌

30,683‌

Diversified

Real

Asset

Fund

12,123‌

1,484‌

1,217‌

11,765‌

Equity

Income

Fund

16,807‌

1,752‌

2,376‌

14,983‌

High

Income

Fund

47,714‌

4,998‌

5,769‌

45,405‌

Inflation

Protection

Fund

32,844‌

2,173‌

5,145‌

32,258‌

International

Small

Company

Fund

8,793‌

1,561‌

682‌

8,801‌

LargeCap

Growth

Fund

I

19,700‌

6,738‌

6,310‌

25,182‌

LargeCap

S&P

500

Index

Fund

35,494‌

10,583‌

9,588‌

40,356‌

LargeCap

Value

Fund

III

17,136‌

2,154‌

2,676‌

14,477‌

MidCap

Fund

18,122‌

1,876‌

2,629‌

17,688‌

MidCap

Value

Fund

I

10,933‌

1,305‌

1,143‌

9,845‌

Overseas

Fund

26,704‌

6,506‌

2,522‌

26,709‌

Short-Term

Income

Fund

135,541‌

15,015‌

21,024‌

132,035‌

SmallCap

Growth

Fund

I

5,812‌

775‌

341‌

6,966‌

SmallCap

Value

Fund

II

4,964‌

357‌

1,081‌

3,545‌

$

727,147‌

$

91,903‌

$

117,442‌

$

723,833‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Blue

Chip

Fund

$

166‌

$

1,646‌

$

796‌

$

3,858‌

Bond

Market

Index

Fund

2,578‌

187‌

—‌

4,881‌

Core

Fixed

Income

Fund

3,399‌

—‌

—‌

9,071‌

Diversified

International

Fund

623‌

(508‌)

—‌

536‌

Diversified

Real

Asset

Fund

288‌

39‌

—‌

(664‌)

Equity

Income

Fund

241‌

568‌

459‌

(1,768‌)

High

Income

Fund

2,153‌

(440‌)

—‌

(1,098‌)

Inflation

Protection

Fund

193‌

252‌

—‌

2,134‌

International

Small

Company

Fund

257‌

(13‌)

—‌

(858‌)

LargeCap

Growth

Fund

I

53‌

1,359‌

1,513‌

3,695‌

LargeCap

S&P

500

Index

Fund

737‌

1,817‌

656‌

2,050‌

LargeCap

Value

Fund

III

397‌

227‌

705‌

(2,364‌)

MidCap

Fund

122‌

691‌

750‌

(372‌)

MidCap

Value

Fund

I

242‌

(26‌)

321‌

(1,224‌)

Overseas

Fund

819‌

(25‌)

—‌

(3,954‌)

Short-Term

Income

Fund

2,047‌

20‌

—‌

2,483‌

SmallCap

Growth

Fund

I

—‌

36‌

434‌

684‌

SmallCap

Value

Fund

II

46‌

252‌

—‌

(947‌)

$

14,361‌

$

6,082‌

$

5,634‌

$

16,143‌

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

2015

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

172

INVESTMENT

COMPANIES

-

100.01%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

46.22%

Blue

Chip

Fund

(a)

476,123‌

$

15,031‌

Core

Fixed

Income

Fund

(a)

7,883,114‌

81,669‌

Diversified

International

Fund

(a)

1,605,329‌

20,003‌

Diversified

Real

Asset

Fund

(a)

502,883‌

5,461‌

International

Small

Company

Fund

(a)

567,599‌

5,704‌

LargeCap

Growth

Fund

I

(a)

814,759‌

15,521‌

MidCap

Fund

(a)

373,105‌

11,622‌

MidCap

Value

Fund

I

(a)

517,010‌

6,499‌

SmallCap

Growth

Fund

I

(a),(b)

322,126‌

4,787‌

SmallCap

Value

Fund

II

(a)

309,747‌

2,670‌

$

168,967‌

Principal

Funds,

Inc.

Institutional

Class

-

53.79%

Bond

Market

Index

Fund

(a)

3,908,301‌

47,408‌

Equity

Income

Fund

(a)

320,606‌

9,750‌

High

Income

Fund

(a)

2,233,291‌

20,189‌

Inflation

Protection

Fund

(a)

1,654,257‌

15,401‌

LargeCap

S&P

500

Index

Fund

(a)

1,218,341‌

24,476‌

LargeCap

Value

Fund

III

(a)

631,819‌

9,414‌

Overseas

Fund

(a)

2,075,793‌

17,354‌

Short-Term

Income

Fund

(a)

4,191,474‌

52,645‌

$

196,637‌

TOTAL

INVESTMENT

COMPANIES

$

365,604‌

Total

Investments

$

365,604‌

Other

Assets

and

Liabilities

-  (0.01)%

(46‌)

TOTAL

NET

ASSETS

-

100.00%

$

365,558‌

(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

5.00%

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

64.91‌%

Domestic

Equity

Funds

27.30‌%

International

Equity

Funds

6.31‌%

Specialty

Funds

1.49‌%

Other

Assets

and

Liabilities

(0.01‌)%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

Principal

LifeTime

2015

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

173

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

13,123‌

$

3,787‌

$

5,131‌

$

15,031‌

Bond

Market

Index

Fund

52,956‌

6,668‌

14,522‌

47,408‌

Core

Fixed

Income

Fund

88,012‌

11,597‌

22,330‌

81,669‌

Diversified

International

Fund

17,948‌

4,780‌

2,664‌

20,003‌

Diversified

Real

Asset

Fund

5,933‌

1,084‌

1,234‌

5,461‌

Equity

Income

Fund

11,165‌

1,521‌

2,087‌

9,750‌

High

Income

Fund

22,411‌

3,621‌

5,043‌

20,189‌

Inflation

Protection

Fund

16,509‌

2,040‌

4,318‌

15,401‌

International

Small

Company

Fund

5,822‌

1,383‌

888‌

5,704‌

LargeCap

Growth

Fund

I

12,820‌

5,052‌

5,407‌

15,521‌

LargeCap

S&P

500

Index

Fund

24,006‌

6,724‌

8,378‌

24,476‌

LargeCap

Value

Fund

III

11,333‌

1,788‌

2,235‌

9,414‌

MidCap

Fund

11,927‌

1,592‌

2,059‌

11,622‌

MidCap

Value

Fund

I

7,425‌

1,139‌

1,182‌

6,499‌

Overseas

Fund

17,724‌

5,029‌

2,664‌

17,354‌

Short-Term

Income

Fund

56,609‌

9,594‌

14,554‌

52,645‌

SmallCap

Growth

Fund

I

4,097‌

673‌

468‌

4,787‌

SmallCap

Value

Fund

II

3,723‌

392‌

882‌

2,670‌

$

383,543‌

$

68,464‌

$

96,046‌

$

365,604‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Blue

Chip

Fund

$

107‌

$

1,097‌

$

514‌

$

2,155‌

Bond

Market

Index

Fund

1,216‌

153‌

—‌

2,153‌

Core

Fixed

Income

Fund

1,679‌

45‌

—‌

4,345‌

Diversified

International

Fund

423‌

(9‌)

—‌

(52‌)

Diversified

Real

Asset

Fund

143‌

(106‌)

—‌

(216‌)

Equity

Income

Fund

160‌

328‌

307‌

(1,177‌)

High

Income

Fund

995‌

(390‌)

—‌

(410‌)

Inflation

Protection

Fund

98‌

(80‌)

—‌

1,250‌

International

Small

Company

Fund

172‌

(34‌)

—‌

(579‌)

LargeCap

Growth

Fund

I

37‌

706‌

1,050‌

2,350‌

LargeCap

S&P

500

Index

Fund

503‌

1,767‌

447‌

357‌

LargeCap

Value

Fund

III

265‌

116‌

470‌

(1,588‌)

MidCap

Fund

80‌

323‌

496‌

(161‌)

MidCap

Value

Fund

I

166‌

(36‌)

220‌

(847‌)

Overseas

Fund

559‌

(206‌)

—‌

(2,529‌)

Short-Term

Income

Fund

842‌

23‌

—‌

973‌

SmallCap

Growth

Fund

I

—‌

25‌

309‌

460‌

SmallCap

Value

Fund

II

35‌

149‌

—‌

(712‌)

$

7,480‌

$

3,871‌

$

3,813‌

$

5,772‌

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

2020

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

174

Er

ar

INVESTMENT

COMPANIES

-

100.01%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

49.42%

Blue

Chip

Fund

(a)

6,037,270‌

$

190,597‌

Core

Fixed

Income

Fund

(a)

75,289,689‌

780,001‌

Diversified

International

Fund

(a)

20,282,045‌

252,714‌

Diversified

Real

Asset

Fund

(a)

5,229,736‌

56,795‌

International

Small

Company

Fund

(a)

6,834,135‌

68,683‌

LargeCap

Growth

Fund

I

(a)

10,292,715‌

196,076‌

MidCap

Fund

(a)

4,501,993‌

140,237‌

MidCap

Value

Fund

I

(a)

6,608,636‌

83,071‌

SmallCap

Growth

Fund

I

(a),(b)

3,833,653‌

56,968‌

SmallCap

Value

Fund

II

(a)

3,749,322‌

32,319‌

$

1,857,461‌

Principal

Funds,

Inc.

Institutional

Class

-

50.59%

Bond

Market

Index

Fund

(a)

36,088,219‌

437,750‌

Equity

Income

Fund

(a)

4,053,877‌

123,278‌

High

Income

Fund

(a)

19,398,197‌

175,360‌

Inflation

Protection

Fund

(a)

16,400,465‌

152,688‌

LargeCap

S&P

500

Index

Fund

(a)

15,567,624‌

312,754‌

LargeCap

Value

Fund

III

(a)

7,983,814‌

118,959‌

Overseas

Fund

(a)

26,105,322‌

218,240‌

Short-Term

Income

Fund

(a)

28,878,316‌

362,712‌

$

1,901,741‌

TOTAL

INVESTMENT

COMPANIES

$

3,759,202‌

Total

Investments

$

3,759,202‌

Other

Assets

and

Liabilities

-  (0.01)%

(435‌)

TOTAL

NET

ASSETS

-

100.00%

$

3,758,767‌

(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

5.00%

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

57.49‌%

Domestic

Equity

Funds

33.37‌%

International

Equity

Funds

7.64‌%

Specialty

Funds

1.51‌%

Other

Assets

and

Liabilities

(0.01‌)%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

Principal

LifeTime

2020

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

175

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

166,529‌

$

29,826‌

$

44,569‌

$

190,597‌

Bond

Market

Index

Fund

477,486‌

38,510‌

99,027‌

437,750‌

Core

Fixed

Income

Fund

839,402‌

62,603‌

163,020‌

780,001‌

Diversified

International

Fund

248,544‌

32,007‌

26,258‌

252,714‌

Diversified

Real

Asset

Fund

65,640‌

2,350‌

7,393‌

56,795‌

Equity

Income

Fund

144,998‌

7,135‌

17,288‌

123,278‌

High

Income

Fund

194,904‌

17,796‌

30,618‌

175,360‌

Inflation

Protection

Fund

162,314‌

11,073‌

32,035‌

152,688‌

International

Small

Company

Fund

77,513‌

5,463‌

6,358‌

68,683‌

LargeCap

Growth

Fund

I

167,999‌

38,101‌

46,479‌

196,076‌

LargeCap

S&P

500

Index

Fund

307,006‌

50,584‌

68,943‌

312,754‌

LargeCap

Value

Fund

III

146,160‌

10,268‌

18,015‌

118,959‌

MidCap

Fund

150,763‌

8,227‌

20,053‌

140,237‌

MidCap

Value

Fund

I

99,079‌

5,913‌

9,880‌

83,071‌

Overseas

Fund

239,219‌

40,768‌

25,257‌

218,240‌

Short-Term

Income

Fund

389,904‌

45,163‌

79,005‌

362,712‌

SmallCap

Growth

Fund

I

50,921‌

4,166‌

3,759‌

56,968‌

SmallCap

Value

Fund

II

45,945‌

792‌

7,134‌

32,319‌

$

3,974,326‌

$

410,745‌

$

705,091‌

$

3,759,202‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Blue

Chip

Fund

$

1,353‌

$

11,430‌

$

6,503‌

$

27,381‌

Bond

Market

Index

Fund

11,193‌

542‌

—‌

20,239‌

Core

Fixed

Income

Fund

15,904‌

(301‌)

—‌

41,317‌

Diversified

International

Fund

5,658‌

(4,169‌)

—‌

2,590‌

Diversified

Real

Asset

Fund

1,559‌

(549‌)

—‌

(3,253‌)

Equity

Income

Fund

2,055‌

4,490‌

3,956‌

(16,057‌)

High

Income

Fund

8,529‌

(2,421‌)

—‌

(4,301‌)

Inflation

Protection

Fund

962‌

(151‌)

—‌

11,487‌

International

Small

Company

Fund

2,270‌

(308‌)

—‌

(7,627‌)

LargeCap

Growth

Fund

I

459‌

9,497‌

13,079‌

26,958‌

LargeCap

S&P

500

Index

Fund

6,351‌

15,538‌

5,651‌

8,569‌

LargeCap

Value

Fund

III

3,294‌

1,373‌

5,850‌

(20,827‌)

MidCap

Fund

1,000‌

4,312‌

6,182‌

(3,012‌)

MidCap

Value

Fund

I

2,196‌

(523‌)

2,910‌

(11,518‌)

Overseas

Fund

7,306‌

(1,227‌)

—‌

(35,263‌)

Short-Term

Income

Fund

5,739‌

41‌

—‌

6,609‌

SmallCap

Growth

Fund

I

—‌

385‌

3,802‌

5,255‌

SmallCap

Value

Fund

II

428‌

1,630‌

—‌

(8,914‌)

$

76,256‌

$

39,589‌

$

47,933‌

$

39,633‌

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

2025

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

176

INVESTMENT

COMPANIES

-

100.01%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

53.49%

Blue

Chip

Fund

(a)

3,066,510‌

$

96,810‌

Core

Fixed

Income

Fund

(a)

28,735,715‌

297,702‌

Diversified

International

Fund

(a)

10,338,311‌

128,815‌

Diversified

Real

Asset

Fund

(a)

2,397,419‌

26,036‌

International

Small

Company

Fund

(a)

3,508,374‌

35,259‌

LargeCap

Growth

Fund

I

(a)

5,216,602‌

99,376‌

MidCap

Fund

(a)

2,268,122‌

70,652‌

MidCap

Value

Fund

I

(a)

3,441,919‌

43,265‌

SmallCap

Growth

Fund

I

(a),(b)

1,974,169‌

29,336‌

SmallCap

Value

Fund

II

(a)

2,055,271‌

17,717‌

$

844,968‌

Principal

Funds,

Inc.

Institutional

Class

-

46.52%

Bond

Market

Index

Fund

(a)

12,664,332‌

153,618‌

Equity

Income

Fund

(a)

2,086,224‌

63,442‌

High

Income

Fund

(a)

7,240,354‌

65,453‌

Inflation

Protection

Fund

(a)

4,859,549‌

45,242‌

LargeCap

S&P

500

Index

Fund

(a)

7,849,273‌

157,692‌

LargeCap

Value

Fund

III

(a)

4,113,568‌

61,292‌

Overseas

Fund

(a)

13,399,977‌

112,024‌

Short-Term

Income

Fund

(a)

6,051,724‌

76,010‌

$

734,773‌

TOTAL

INVESTMENT

COMPANIES

$

1,579,741‌

Total

Investments

$

1,579,741‌

Other

Assets

and

Liabilities

-  (0.01)%

(128‌)

TOTAL

NET

ASSETS

-

100.00%

$

1,579,613‌

(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

5.00%

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

48.55‌%

Domestic

Equity

Funds

40.49‌%

International

Equity

Funds

9.32‌%

Specialty

Funds

1.65‌%

Other

Assets

and

Liabilities

(0.01‌)%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

Principal

LifeTime

2025

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

177

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

80,463‌

$

19,533‌

$

21,613‌

$

96,810‌

Bond

Market

Index

Fund

158,943‌

19,883‌

32,573‌

153,618‌

Core

Fixed

Income

Fund

260,698‌

79,460‌

58,230‌

297,702‌

Diversified

International

Fund

110,142‌

26,660‌

7,588‌

128,815‌

Diversified

Real

Asset

Fund

25,304‌

4,208‌

1,976‌

26,036‌

Equity

Income

Fund

67,862‌

8,994‌

7,935‌

63,442‌

High

Income

Fund

66,032‌

10,612‌

8,793‌

65,453‌

Inflation

Protection

Fund

44,987‌

5,202‌

8,289‌

45,242‌

International

Small

Company

Fund

32,612‌

8,336‌

1,936‌

35,259‌

LargeCap

Growth

Fund

I

89,235‌

20,751‌

28,242‌

99,376‌

LargeCap

S&P

500

Index

Fund

143,097‌

33,256‌

30,024‌

157,692‌

LargeCap

Value

Fund

III

67,259‌

10,462‌

7,154‌

61,292‌

MidCap

Fund

76,321‌

9,037‌

15,550‌

70,652‌

MidCap

Value

Fund

I

44,182‌

7,285‌

2,450‌

43,265‌

Overseas

Fund

110,797‌

28,300‌

9,760‌

112,024‌

Short-Term

Income

Fund

72,728‌

14,388‌

12,505‌

76,010‌

SmallCap

Growth

Fund

I

24,457‌

3,886‌

1,928‌

29,336‌

SmallCap

Value

Fund

II

20,388‌

3,126‌

2,033‌

17,717‌

$

1,495,507‌

$

313,379‌

$

258,579‌

$

1,579,741‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Blue

Chip

Fund

$

614‌

$

4,148‌

$

2,943‌

$

14,279‌

Bond

Market

Index

Fund

3,765‌

249‌

—‌

7,116‌

Core

Fixed

Income

Fund

5,929‌

(133‌)

—‌

15,907‌

Diversified

International

Fund

2,608‌

(317‌)

—‌

(82‌)

Diversified

Real

Asset

Fund

622‌

(149‌)

—‌

(1,351‌)

Equity

Income

Fund

1,000‌

336‌

1,825‌

(5,815‌)

High

Income

Fund

3,093‌

(766‌)

—‌

(1,632‌)

Inflation

Protection

Fund

275‌

(77‌)

—‌

3,419‌

International

Small

Company

Fund

980‌

(123‌)

—‌

(3,630‌)

LargeCap

Growth

Fund

I

211‌

6,442‌

6,024‌

11,190‌

LargeCap

S&P

500

Index

Fund

2,860‌

2,785‌

2,544‌

8,578‌

LargeCap

Value

Fund

III

1,547‌

234‌

2,747‌

(9,509‌)

MidCap

Fund

462‌

2,245‌

2,839‌

(1,401‌)

MidCap

Value

Fund

I

1,002‌

(211‌)

1,327‌

(5,541‌)

Overseas

Fund

3,447‌

(867‌)

—‌

(16,446‌)

Short-Term

Income

Fund

1,161‌

3‌

—‌

1,396‌

SmallCap

Growth

Fund

I

—‌

134‌

1,803‌

2,787‌

SmallCap

Value

Fund

II

202‌

(194‌)

—‌

(3,570‌)

$

29,778‌

$

13,739‌

$

22,052‌

$

15,695‌

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

2030

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

178

INVESTMENT

COMPANIES

-

100.01%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

57.27%

Blue

Chip

Fund

(a)

6,665,387‌

$

210,426‌

Core

Fixed

Income

Fund

(a)

91,611,791‌

949,098‌

Diversified

International

Fund

(a)

36,780,309‌

458,283‌

Diversified

Real

Asset

Fund

(a)

8,076,956‌

87,716‌

International

Small

Company

Fund

(a)

13,929,495‌

139,991‌

LargeCap

Growth

Fund

I

(a)

29,792,683‌

567,551‌

MidCap

Fund

(a)

8,898,304‌

277,182‌

MidCap

Value

Fund

I

(a)

13,733,528‌

172,630‌

Origin

Emerging

Markets

Fund

(a)

9,746,330‌

119,393‌

SmallCap

Growth

Fund

I

(a),(b)

7,754,073‌

115,225‌

SmallCap

Value

Fund

II

(a)

7,742,757‌

66,743‌

$

3,164,238‌

Principal

Funds,

Inc.

Institutional

Class

-

42.74%

Bond

Market

Index

Fund

(a)

40,520,893‌

491,519‌

Equity

Income

Fund

(a)

4,169,653‌

126,799‌

High

Income

Fund

(a)

24,848,488‌

224,630‌

Inflation

Protection

Fund

(a)

13,340,096‌

124,196‌

LargeCap

S&P

500

Index

Fund

(a)

31,625,139‌

635,349‌

LargeCap

Value

Fund

III

(a)

24,315,646‌

362,303‌

Overseas

Fund

(a)

47,450,217‌

396,684‌

$

2,361,480‌

TOTAL

INVESTMENT

COMPANIES

$

5,525,718‌

Total

Investments

$

5,525,718‌

Other

Assets

and

Liabilities

-  (0.01)%

(535‌)

TOTAL

NET

ASSETS

-

100.00%

$

5,525,183‌

(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

5.00%

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

45.87‌%

Fixed

Income

Funds

40.68‌%

International

Equity

Funds

11.87‌%

Specialty

Funds

1.59‌%

Other

Assets

and

Liabilities

(0.01‌)%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

Principal

LifeTime

2030

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

179

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

163,232‌

$

36,821‌

$

27,707‌

$

210,426‌

Bond

Market

Index

Fund

506,270‌

49,488‌

87,993‌

491,519‌

Core

Fixed

Income

Fund

488,684‌

573,484‌

165,045‌

949,098‌

Core

Plus

Bond

Fund

319,186‌

—‌

317,689‌

—‌

Diversified

International

Fund

441,157‌

56,687‌

37,510‌

458,283‌

Diversified

Real

Asset

Fund

94,218‌

5,027‌

5,932‌

87,716‌

Equity

Income

Fund

145,341‌

8,700‌

15,685‌

126,799‌

High

Income

Fund

232,314‌

25,332‌

25,202‌

224,630‌

Inflation

Protection

Fund

128,198‌

8,522‌

21,769‌

124,196‌

International

Small

Company

Fund

152,605‌

16,060‌

12,996‌

139,991‌

LargeCap

Growth

Fund

I

509,847‌

86,750‌

128,760‌

567,551‌

LargeCap

S&P

500

Index

Fund

626,098‌

83,576‌

119,116‌

635,349‌

LargeCap

Value

Fund

III

420,861‌

34,574‌

35,605‌

362,303‌

MidCap

Fund

328,343‌

18,762‌

73,287‌

277,182‌

MidCap

Value

Fund

I

189,596‌

17,022‌

9,689‌

172,630‌

Origin

Emerging

Markets

Fund

107,313‌

12,860‌

11,471‌

119,393‌

Overseas

Fund

433,854‌

65,189‌

38,178‌

396,684‌

SmallCap

Growth

Fund

I

104,443‌

9,629‌

10,391‌

115,225‌

SmallCap

Value

Fund

II

87,833‌

2,565‌

8,851‌

66,743‌

$

5,479,393‌

$

1,111,048‌

$

1,152,876‌

$

5,525,718‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Blue

Chip

Fund

$

1,222‌

$

6,311‌

$

5,867‌

$

31,769‌

Bond

Market

Index

Fund

12,116‌

605‌

—‌

23,149‌

Core

Fixed

Income

Fund

18,852‌

(225‌)

—‌

52,200‌

Core

Plus

Bond

Fund

161‌

9,935‌

—‌

(11,432‌)

Diversified

International

Fund

10,000‌

(3,380‌)

—‌

1,329‌

Diversified

Real

Asset

Fund

2,277‌

(533‌)

—‌

(5,064‌)

Equity

Income

Fund

2,068‌

1,674‌

3,883‌

(13,231‌)

High

Income

Fund

10,682‌

(2,179‌)

—‌

(5,635‌)

Inflation

Protection

Fund

775‌

12‌

—‌

9,233‌

International

Small

Company

Fund

4,348‌

(13‌)

—‌

(15,665‌)

LargeCap

Growth

Fund

I

1,273‌

20,088‌

36,280‌

79,626‌

LargeCap

S&P

500

Index

Fund

12,263‌

18,914‌

10,906‌

25,877‌

LargeCap

Value

Fund

III

9,526‌

(1,286‌)

16,910‌

(56,241‌)

MidCap

Fund

1,921‌

14,837‌

11,836‌

(11,473‌)

MidCap

Value

Fund

I

4,246‌

(837‌)

5,624‌

(23,462‌)

Origin

Emerging

Markets

Fund

1,855‌

208‌

—‌

10,483‌

Overseas

Fund

13,162‌

(2,459‌)

—‌

(61,722‌)

SmallCap

Growth

Fund

I

—‌

1,599‌

7,386‌

9,945‌

SmallCap

Value

Fund

II

804‌

(675‌)

—‌

(14,129‌)

$

107,551‌

$

62,596‌

$

98,692‌

$

25,557‌

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

2035

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

180

INVESTMENT

COMPANIES

-

100.01%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

52.97%

Blue

Chip

Fund

(a)

1,621,926‌

$

51,204‌

Core

Fixed

Income

Fund

(a)

16,825,720‌

174,315‌

Diversified

International

Fund

(a)

9,724,582‌

121,168‌

International

Small

Company

Fund

(a)

3,758,148‌

37,769‌

LargeCap

Growth

Fund

I

(a)

7,664,787‌

146,014‌

MidCap

Value

Fund

I

(a)

3,949,964‌

49,651‌

Origin

Emerging

Markets

Fund

(a)

2,973,193‌

36,422‌

Real

Estate

Securities

Fund

(a)

1,140,296‌

28,644‌

SmallCap

Growth

Fund

I

(a),(b)

1,898,324‌

28,209‌

SmallCap

Value

Fund

II

(a)

2,121,807‌

18,290‌

$

691,686‌

Principal

Funds,

Inc.

Institutional

Class

-

47.04%

Bond

Market

Index

Fund

(a)

7,920,529‌

96,076‌

Equity

Income

Fund

(a)

1,086,539‌

33,042‌

High

Income

Fund

(a)

5,232,797‌

47,304‌

LargeCap

S&P

500

Index

Fund

(a)

8,251,533‌

165,773‌

LargeCap

Value

Fund

III

(a)

6,463,335‌

96,304‌

MidCap

Growth

Fund

III

(a),(b)

5,307,867‌

70,382‌

Overseas

Fund

(a)

12,605,453‌

105,382‌

$

614,263‌

TOTAL

INVESTMENT

COMPANIES

$

1,305,949‌

Total

Investments

$

1,305,949‌

Other

Assets

and

Liabilities

-  (0.01)%

(99‌)

TOTAL

NET

ASSETS

-

100.00%

$

1,305,850‌

(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

5.00%

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

52.65‌%

Fixed

Income

Funds

33.61‌%

International

Equity

Funds

13.75‌%

Other

Assets

and

Liabilities

(0.01‌)%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

Principal

LifeTime

2035

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

181

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

36,998‌

$

9,825‌

$

5,116‌

$

51,204‌

Bond

Market

Index

Fund

80,174‌

31,679‌

20,472‌

96,076‌

Core

Fixed

Income

Fund

112,988‌

101,314‌

49,437‌

174,315‌

Core

Plus

Bond

Fund

79,899‌

284‌

79,537‌

—‌

Diversified

International

Fund

101,704‌

25,564‌

5,633‌

121,168‌

Equity

Income

Fund

34,886‌

4,523‌

3,506‌

33,042‌

High

Income

Fund

44,876‌

8,823‌

4,795‌

47,304‌

International

Small

Company

Fund

35,314‌

8,377‌

1,896‌

37,769‌

LargeCap

Growth

Fund

I

118,018‌

29,531‌

27,281‌

146,014‌

LargeCap

S&P

500

Index

Fund

149,568‌

31,629‌

27,444‌

165,773‌

LargeCap

Value

Fund

III

101,611‌

15,768‌

6,427‌

96,304‌

MidCap

Growth

Fund

III

58,314‌

9,674‌

4,178‌

70,382‌

MidCap

Value

Fund

I

50,268‌

8,569‌

2,569‌

49,651‌

Origin

Emerging

Markets

Fund

28,076‌

6,560‌

1,459‌

36,422‌

Overseas

Fund

102,082‌

25,298‌

5,632‌

105,382‌

Real

Estate

Securities

Fund

30,409‌

3,437‌

1,459‌

28,644‌

SmallCap

Growth

Fund

I

23,185‌

3,737‌

1,560‌

28,209‌

SmallCap

Value

Fund

II

21,120‌

2,185‌

1,088‌

18,290‌

$

1,209,490‌

$

326,777‌

$

249,489‌

$

1,305,949‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Blue

Chip

Fund

$

313‌

$

268‌

$

1,500‌

$

9,229‌

Bond

Market

Index

Fund

2,311‌

201‌

—‌

4,494‌

Core

Fixed

Income

Fund

3,467‌

(128‌)

—‌

9,578‌

Core

Plus

Bond

Fund

92‌

4,843‌

—‌

(5,489‌)

Diversified

International

Fund

2,409‌

(200‌)

—‌

(267‌)

Equity

Income

Fund

526‌

(5‌)

965‌

(2,856‌)

High

Income

Fund

2,166‌

(758‌)

—‌

(842‌)

International

Small

Company

Fund

1,056‌

(176‌)

—‌

(3,850‌)

LargeCap

Growth

Fund

I

313‌

3,781‌

8,925‌

21,965‌

LargeCap

S&P

500

Index

Fund

3,067‌

2,447‌

2,726‌

9,573‌

LargeCap

Value

Fund

III

2,386‌

(443‌)

4,233‌

(14,205‌)

MidCap

Growth

Fund

III

—‌

(13‌)

4,769‌

6,585‌

MidCap

Value

Fund

I

1,131‌

(349‌)

1,497‌

(6,268‌)

Origin

Emerging

Markets

Fund

524‌

(23‌)

—‌

3,268‌

Overseas

Fund

3,252‌

(1,007‌)

—‌

(15,359‌)

Real

Estate

Securities

Fund

420‌

(107‌)

260‌

(3,636‌)

SmallCap

Growth

Fund

I

—‌

14‌

1,752‌

2,833‌

SmallCap

Value

Fund

II

200‌

(246‌)

—‌

(3,681‌)

$

23,633‌

$

8,099‌

$

26,627‌

$

11,072‌

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

2040

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

182

INVESTMENT

COMPANIES

-

100.01%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

52.92%

Blue

Chip

Fund

(a)

5,198,861‌

$

164,128‌

Core

Fixed

Income

Fund

(a)

38,058,583‌

394,287‌

Diversified

International

Fund

(a)

31,360,587‌

390,753‌

International

Small

Company

Fund

(a)

11,123,338‌

111,789‌

LargeCap

Growth

Fund

I

(a)

24,349,163‌

463,851‌

MidCap

Value

Fund

I

(a)

13,045,533‌

163,982‌

Origin

Emerging

Markets

Fund

(a)

10,281,279‌

125,946‌

Real

Estate

Securities

Fund

(a)

3,523,834‌

88,519‌

SmallCap

Growth

Fund

I

(a),(b)

6,289,285‌

93,459‌

SmallCap

Value

Fund

II

(a)

6,791,760‌

58,545‌

$

2,055,259‌

Principal

Funds,

Inc.

Institutional

Class

-

47.09%

Bond

Market

Index

Fund

(a)

16,894,181‌

204,926‌

Equity

Income

Fund

(a)

3,521,389‌

107,085‌

High

Income

Fund

(a)

12,419,763‌

112,275‌

LargeCap

S&P

500

Index

Fund

(a)

26,085,249‌

524,053‌

LargeCap

Value

Fund

III

(a)

20,812,943‌

310,113‌

MidCap

Growth

Fund

III

(a),(b)

17,465,721‌

231,596‌

Overseas

Fund

(a)

40,508,764‌

338,653‌

$

1,828,701‌

TOTAL

INVESTMENT

COMPANIES

$

3,883,960‌

Total

Investments

$

3,883,960‌

Other

Assets

and

Liabilities

-  (0.01)%

(424‌)

TOTAL

NET

ASSETS

-

100.00%

$

3,883,536‌

(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

5.00%

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

56.79‌%

Fixed

Income

Funds

28.38‌%

International

Equity

Funds

14.84‌%

Other

Assets

and

Liabilities

(0.01‌)%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

Principal

LifeTime

2040

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

183

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

133,767‌

$

16,447‌

$

15,703‌

$

164,128‌

Bond

Market

Index

Fund

199,242‌

45,766‌

49,968‌

204,926‌

Core

Fixed

Income

Fund

68,645‌

387,450‌

83,822‌

394,287‌

Core

Plus

Bond

Fund

325,975‌

147‌

324,147‌

—‌

Diversified

International

Fund

360,388‌

55,039‌

22,502‌

390,753‌

Equity

Income

Fund

122,315‌

7,348‌

12,908‌

107,085‌

High

Income

Fund

100,865‌

30,192‌

14,868‌

112,275‌

International

Small

Company

Fund

116,785‌

15,559‌

8,043‌

111,789‌

LargeCap

Growth

Fund

I

402,150‌

60,180‌

76,773‌

463,851‌

LargeCap

S&P

500

Index

Fund

516,283‌

55,647‌

81,811‌

524,053‌

LargeCap

Value

Fund

III

355,842‌

29,360‌

26,186‌

310,113‌

MidCap

Growth

Fund

III

211,597‌

20,632‌

21,966‌

231,596‌

MidCap

Value

Fund

I

176,883‌

16,672‌

6,605‌

163,982‌

Origin

Emerging

Markets

Fund

104,360‌

16,489‌

6,001‌

125,946‌

Overseas

Fund

354,908‌

67,053‌

28,469‌

338,653‌

Real

Estate

Securities

Fund

94,338‌

9,630‌

3,365‌

88,519‌

SmallCap

Growth

Fund

I

81,683‌

7,563‌

5,075‌

93,459‌

SmallCap

Value

Fund

II

72,641‌

2,545‌

3,597‌

58,545‌

$

3,798,667‌

$

843,719‌

$

791,809‌

$

3,883,960‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Blue

Chip

Fund

$

1,065‌

$

2,678‌

$

5,110‌

$

26,939‌

Bond

Market

Index

Fund

5,384‌

462‌

—‌

9,424‌

Core

Fixed

Income

Fund

7,730‌

(79‌)

—‌

22,093‌

Core

Plus

Bond

Fund

492‌

7,270‌

—‌

(9,245‌)

Diversified

International

Fund

8,304‌

(2,121‌)

—‌

(51‌)

Equity

Income

Fund

1,736‌

1,359‌

3,247‌

(11,029‌)

High

Income

Fund

5,383‌

(1,530‌)

—‌

(2,384‌)

International

Small

Company

Fund

3,362‌

(570‌)

—‌

(11,942‌)

LargeCap

Growth

Fund

I

1,055‌

18,227‌

30,075‌

60,067‌

LargeCap

S&P

500

Index

Fund

10,316‌

12,910‌

9,174‌

21,024‌

LargeCap

Value

Fund

III

8,024‌

(911‌)

14,242‌

(47,992‌)

MidCap

Growth

Fund

III

—‌

1,168‌

16,768‌

20,165‌

MidCap

Value

Fund

I

3,979‌

(589‌)

5,271‌

(22,379‌)

Origin

Emerging

Markets

Fund

1,896‌

58‌

—‌

11,040‌

Overseas

Fund

10,776‌

(996‌)

—‌

(53,843‌)

Real

Estate

Securities

Fund

1,335‌

(191‌)

852‌

(11,893‌)

SmallCap

Growth

Fund

I

—‌

655‌

5,987‌

8,633‌

SmallCap

Value

Fund

II

675‌

(317‌)

—‌

(12,727‌)

$

71,512‌

$

37,483‌

$

90,726‌

$

(4,100‌)

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

2045

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

184

INVESTMENT

COMPANIES

-

100.01%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

52.74%

Blue

Chip

Fund

(a)

1,348,391‌

$

42,569‌

Core

Fixed

Income

Fund

(a)

7,113,548‌

73,696‌

Diversified

International

Fund

(a)

8,495,803‌

105,858‌

International

Small

Company

Fund

(a)

3,022,352‌

30,375‌

LargeCap

Growth

Fund

I

(a)

6,427,421‌

122,442‌

MidCap

Value

Fund

I

(a)

3,581,538‌

45,020‌

Origin

Emerging

Markets

Fund

(a)

2,745,584‌

33,633‌

Real

Estate

Securities

Fund

(a)

895,350‌

22,491‌

SmallCap

Growth

Fund

I

(a),(b)

1,709,512‌

25,403‌

SmallCap

Value

Fund

II

(a)

1,883,576‌

16,237‌

$

517,724‌

Principal

Funds,

Inc.

Institutional

Class

-

47.27%

Bond

Market

Index

Fund

(a)

2,697,900‌

32,726‌

Equity

Income

Fund

(a)

943,451‌

28,690‌

High

Income

Fund

(a)

2,549,093‌

23,044‌

LargeCap

S&P

500

Index

Fund

(a)

6,948,453‌

139,594‌

LargeCap

Value

Fund

III

(a)

5,669,510‌

84,476‌

MidCap

Growth

Fund

III

(a),(b)

4,767,851‌

63,222‌

Overseas

Fund

(a)

11,036,049‌

92,261‌

$

464,013‌

TOTAL

INVESTMENT

COMPANIES

$

981,737‌

Total

Investments

$

981,737‌

Other

Assets

and

Liabilities

-  (0.01)%

(82‌)

TOTAL

NET

ASSETS

-

100.00%

$

981,655‌

(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

5.00%

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

60.12‌%

Fixed

Income

Funds

23.97‌%

International

Equity

Funds

15.92‌%

Other

Assets

and

Liabilities

(0.01‌)%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

Principal

LifeTime

2045

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

185

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

32,466‌

$

7,047‌

$

4,420‌

$

42,569‌

Bond

Market

Index

Fund

24,825‌

16,913‌

10,577‌

32,726‌

Core

Fixed

Income

Fund

15,142‌

83,226‌

28,569‌

73,696‌

Core

Plus

Bond

Fund

61,703‌

299‌

61,837‌

—‌

Diversified

International

Fund

90,599‌

20,815‌

5,503‌

105,858‌

Equity

Income

Fund

30,431‌

3,864‌

3,230‌

28,690‌

High

Income

Fund

21,545‌

6,257‌

3,962‌

23,044‌

International

Small

Company

Fund

27,941‌

6,846‌

1,316‌

30,375‌

LargeCap

Growth

Fund

I

99,484‌

21,605‌

18,856‌

122,442‌

LargeCap

S&P

500

Index

Fund

127,529‌

22,375‌

18,920‌

139,594‌

LargeCap

Value

Fund

III

88,885‌

13,582‌

5,602‌

84,476‌

MidCap

Growth

Fund

III

53,566‌

8,584‌

4,959‌

63,222‌

MidCap

Value

Fund

I

44,826‌

7,482‌

1,499‌

45,020‌

Origin

Emerging

Markets

Fund

26,118‌

5,830‌

1,359‌

33,633‌

Overseas

Fund

89,423‌

23,337‌

6,700‌

92,261‌

Real

Estate

Securities

Fund

20,179‌

5,856‌

712‌

22,491‌

SmallCap

Growth

Fund

I

20,988‌

3,316‌

1,505‌

25,403‌

SmallCap

Value

Fund

II

18,359‌

2,018‌

767‌

16,237‌

$

894,009‌

$

259,252‌

$

180,293‌

$

981,737‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Blue

Chip

Fund

$

264‌

$

729‌

$

1,269‌

$

6,747‌

Bond

Market

Index

Fund

881‌

118‌

—‌

1,447‌

Core

Fixed

Income

Fund

1,431‌

3‌

—‌

3,894‌

Core

Plus

Bond

Fund

131‌

1,927‌

—‌

(2,092‌)

Diversified

International

Fund

2,125‌

(134‌)

—‌

81‌

Equity

Income

Fund

448‌

160‌

812‌

(2,535‌)

High

Income

Fund

1,097‌

(626‌)

—‌

(170‌)

International

Small

Company

Fund

827‌

(113‌)

—‌

(2,983‌)

LargeCap

Growth

Fund

I

261‌

2,234‌

7,432‌

17,975‌

LargeCap

S&P

500

Index

Fund

2,584‌

539‌

2,298‌

8,071‌

LargeCap

Value

Fund

III

2,036‌

(229‌)

3,614‌

(12,160‌)

MidCap

Growth

Fund

III

—‌

63‌

4,205‌

5,968‌

MidCap

Value

Fund

I

1,017‌

(247‌)

1,347‌

(5,542‌)

Origin

Emerging

Markets

Fund

480‌

(7‌)

—‌

3,051‌

Overseas

Fund

2,775‌

(608‌)

—‌

(13,191‌)

Real

Estate

Securities

Fund

326‌

(58‌)

202‌

(2,774‌)

SmallCap

Growth

Fund

I

—‌

61‌

1,540‌

2,543‌

SmallCap

Value

Fund

II

173‌

(150‌)

—‌

(3,223‌)

$

16,856‌

$

3,662‌

$

22,719‌

$

5,107‌

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

2050

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

186

INVESTMENT

COMPANIES

-

100.01%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

52.66%

Blue

Chip

Fund

(a)

3,387,700‌

$

106,950‌

Core

Fixed

Income

Fund

(a)

12,649,667‌

131,051‌

Diversified

International

Fund

(a)

21,173,387‌

263,820‌

International

Small

Company

Fund

(a)

7,517,370‌

75,550‌

LargeCap

Growth

Fund

I

(a)

16,090,726‌

306,528‌

MidCap

Value

Fund

I

(a)

8,923,208‌

112,165‌

Origin

Emerging

Markets

Fund

(a)

6,911,696‌

84,668‌

Real

Estate

Securities

Fund

(a)

2,138,715‌

53,724‌

SmallCap

Growth

Fund

I

(a),(b)

4,294,380‌

63,814‌

SmallCap

Value

Fund

II

(a)

4,787,220‌

41,266‌

$

1,239,536‌

Principal

Funds,

Inc.

Institutional

Class

-

47.35%

Bond

Market

Index

Fund

(a)

4,467,684‌

54,193‌

Equity

Income

Fund

(a)

2,357,599‌

71,695‌

High

Income

Fund

(a)

4,573,596‌

41,345‌

LargeCap

S&P

500

Index

Fund

(a)

17,408,023‌

349,727‌

LargeCap

Value

Fund

III

(a)

14,148,661‌

210,815‌

MidCap

Growth

Fund

III

(a),(b)

11,888,601‌

157,643‌

Overseas

Fund

(a)

27,383,193‌

228,924‌

$

1,114,342‌

TOTAL

INVESTMENT

COMPANIES

$

2,353,878‌

Total

Investments

$

2,353,878‌

Other

Assets

and

Liabilities

-  (0.01)%

(277‌)

TOTAL

NET

ASSETS

-

100.00%

$

2,353,601‌

(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

5.00%

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

62.63‌%

Fixed

Income

Funds

20.84‌%

International

Equity

Funds

16.54‌%

Other

Assets

and

Liabilities

(0.01‌)%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

Principal

LifeTime

2050

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

187

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

87,868‌

$

10,796‌

$

10,257‌

$

106,950‌

Bond

Market

Index

Fund

54,252‌

18,697‌

21,290‌

54,193‌

Core

Fixed

Income

Fund

40,379‌

150,994‌

67,371‌

131,051‌

Core

Plus

Bond

Fund

84,377‌

360‌

84,511‌

—‌

Diversified

International

Fund

236,706‌

42,304‌

14,479‌

263,820‌

Equity

Income

Fund

79,909‌

7,389‌

9,329‌

71,695‌

High

Income

Fund

37,420‌

14,249‌

8,882‌

41,345‌

International

Small

Company

Fund

75,254‌

13,569‌

5,076‌

75,550‌

LargeCap

Growth

Fund

I

264,606‌

37,686‌

45,472‌

306,528‌

LargeCap

S&P

500

Index

Fund

335,991‌

35,540‌

41,899‌

349,727‌

LargeCap

Value

Fund

III

234,837‌

25,301‌

16,872‌

210,815‌

MidCap

Growth

Fund

III

141,280‌

16,073‌

14,492‌

157,643‌

MidCap

Value

Fund

I

116,498‌

15,604‌

4,647‌

112,165‌

Origin

Emerging

Markets

Fund

70,257‌

10,774‌

4,017‌

84,668‌

Overseas

Fund

233,080‌

49,542‌

17,617‌

228,924‌

Real

Estate

Securities

Fund

56,155‌

6,836‌

2,110‌

53,724‌

SmallCap

Growth

Fund

I

55,186‌

6,172‌

3,986‌

63,814‌

SmallCap

Value

Fund

II

49,634‌

2,886‌

2,309‌

41,266‌

$

2,253,689‌

$

464,772‌

$

374,616‌

$

2,353,878‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Blue

Chip

Fund

$

680‌

$

2,582‌

$

3,262‌

$

15,961‌

Bond

Market

Index

Fund

1,613‌

37‌

—‌

2,497‌

Core

Fixed

Income

Fund

2,646‌

(10‌)

—‌

7,059‌

Core

Plus

Bond

Fund

178‌

2,139‌

—‌

(2,365‌)

Diversified

International

Fund

5,663‌

(1,316‌)

—‌

605‌

Equity

Income

Fund

1,153‌

634‌

2,150‌

(6,908‌)

High

Income

Fund

2,044‌

(619‌)

—‌

(823‌)

International

Small

Company

Fund

2,185‌

(333‌)

—‌

(7,864‌)

LargeCap

Growth

Fund

I

675‌

9,111‌

19,237‌

40,597‌

LargeCap

S&P

500

Index

Fund

6,722‌

4,410‌

5,977‌

15,685‌

LargeCap

Value

Fund

III

5,372‌

(554‌)

9,534‌

(31,897‌)

MidCap

Growth

Fund

III

—‌

329‌

10,933‌

14,453‌

MidCap

Value

Fund

I

2,677‌

(391‌)

3,545‌

(14,899‌)

Origin

Emerging

Markets

Fund

1,286‌

21‌

—‌

7,633‌

Overseas

Fund

7,394‌

(1,375‌)

—‌

(34,706‌)

Real

Estate

Securities

Fund

802‌

(113‌)

508‌

(7,044‌)

SmallCap

Growth

Fund

I

—‌

334‌

4,013‌

6,108‌

SmallCap

Value

Fund

II

472‌

(333‌)

—‌

(8,612‌)

$

41,562‌

$

14,553‌

$

59,159‌

$

(4,520‌)

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

2055

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

188

INVESTMENT

COMPANIES

-

100.01%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

52.50%

Blue

Chip

Fund

(a)

782,543‌

$

24,705‌

Core

Fixed

Income

Fund

(a)

2,215,769‌

22,955‌

Diversified

International

Fund

(a)

4,965,943‌

61,876‌

International

Small

Company

Fund

(a)

1,779,229‌

17,881‌

LargeCap

Growth

Fund

I

(a)

3,632,278‌

69,195‌

MidCap

Value

Fund

I

(a)

2,137,498‌

26,868‌

Origin

Emerging

Markets

Fund

(a)

1,675,789‌

20,528‌

Real

Estate

Securities

Fund

(a)

486,202‌

12,213‌

SmallCap

Growth

Fund

I

(a),(b)

1,011,200‌

15,027‌

SmallCap

Value

Fund

II

(a)

1,126,672‌

9,712‌

$

280,960‌

Principal

Funds,

Inc.

Institutional

Class

-

47.51%

Bond

Market

Index

Fund

(a)

753,598‌

9,141‌

Equity

Income

Fund

(a)

570,089‌

17,336‌

High

Income

Fund

(a)

938,684‌

8,486‌

LargeCap

S&P

500

Index

Fund

(a)

3,908,605‌

78,524‌

LargeCap

Value

Fund

III

(a)

3,325,312‌

49,547‌

MidCap

Growth

Fund

III

(a),(b)

2,799,468‌

37,121‌

Overseas

Fund

(a)

6,467,065‌

54,065‌

$

254,220‌

TOTAL

INVESTMENT

COMPANIES

$

535,180‌

Total

Investments

$

535,180‌

Other

Assets

and

Liabilities

-  (0.01)%

(44‌)

TOTAL

NET

ASSETS

-

100.00%

$

535,136‌

(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

5.00%

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

63.58‌%

Fixed

Income

Funds

19.15‌%

International

Equity

Funds

17.28‌%

Other

Assets

and

Liabilities

(0.01‌)%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

Principal

LifeTime

2055

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

189

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

20,175‌

$

3,898‌

$

3,590‌

$

24,705‌

Bond

Market

Index

Fund

4,066‌

9,378‌

4,698‌

9,141‌

Core

Fixed

Income

Fund

—‌

25,456‌

3,751‌

22,955‌

Core

Plus

Bond

Fund

13,886‌

162‌

14,011‌

—‌

Diversified

International

Fund

51,345‌

13,506‌

3,167‌

61,876‌

Equity

Income

Fund

17,728‌

3,106‌

2,145‌

17,336‌

High

Income

Fund

9,468‌

1,292‌

2,061‌

8,486‌

International

Small

Company

Fund

15,901‌

4,854‌

1,161‌

17,881‌

LargeCap

Growth

Fund

I

57,016‌

12,330‌

11,128‌

69,195‌

LargeCap

S&P

500

Index

Fund

70,290‌

12,997‌

9,056‌

78,524‌

LargeCap

Value

Fund

III

50,541‌

10,221‌

4,259‌

49,547‌

MidCap

Growth

Fund

III

30,029‌

6,326‌

2,848‌

37,121‌

MidCap

Value

Fund

I

25,358‌

5,961‌

1,160‌

26,868‌

Origin

Emerging

Markets

Fund

15,368‌

4,231‌

966‌

20,528‌

Overseas

Fund

50,171‌

15,471‌

3,850‌

54,065‌

Real

Estate

Securities

Fund

10,732‌

3,453‌

504‌

12,213‌

SmallCap

Growth

Fund

I

11,917‌

2,578‌

1,031‌

15,027‌

SmallCap

Value

Fund

II

10,663‌

1,655‌

680‌

9,712‌

$

464,654‌

$

136,875‌

$

70,066‌

$

535,180‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Blue

Chip

Fund

$

157‌

$

386‌

$

751‌

$

3,836‌

Bond

Market

Index

Fund

257‌

(27‌)

—‌

422‌

Core

Fixed

Income

Fund

408‌

7‌

—‌

1,243‌

Core

Plus

Bond

Fund

30‌

333‌

—‌

(370‌)

Diversified

International

Fund

1,222‌

(239‌)

—‌

431‌

Equity

Income

Fund

266‌

(31‌)

478‌

(1,322‌)

High

Income

Fund

399‌

(54‌)

—‌

(159‌)

International

Small

Company

Fund

472‌

(129‌)

—‌

(1,584‌)

LargeCap

Growth

Fund

I

147‌

558‌

4,196‌

10,419‌

LargeCap

S&P

500

Index

Fund

1,436‌

136‌

1,276‌

4,157‌

LargeCap

Value

Fund

III

1,166‌

(249‌)

2,068‌

(6,707‌)

MidCap

Growth

Fund

III

—‌

(56‌)

2,361‌

3,670‌

MidCap

Value

Fund

I

595‌

(247‌)

787‌

(3,044‌)

Origin

Emerging

Markets

Fund

287‌

(39‌)

—‌

1,934‌

Overseas

Fund

1,583‌

(581‌)

—‌

(7,146‌)

Real

Estate

Securities

Fund

174‌

(54‌)

107‌

(1,414‌)

SmallCap

Growth

Fund

I

—‌

(40‌)

874‌

1,603‌

SmallCap

Value

Fund

II

101‌

(154‌)

—‌

(1,772‌)

$

8,700‌

$

(480‌)

$

12,898‌

$

4,197‌

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

2060

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

190

INVESTMENT

COMPANIES

-

100.01%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

52.24%

Blue

Chip

Fund

(a)

643,932‌

$

20,329‌

Core

Fixed

Income

Fund

(a)

1,265,377‌

13,109‌

Diversified

International

Fund

(a)

4,175,824‌

52,031‌

International

Small

Company

Fund

(a)

1,507,980‌

15,155‌

LargeCap

Growth

Fund

I

(a)

3,034,387‌

57,805‌

MidCap

Value

Fund

I

(a)

1,802,499‌

22,658‌

Origin

Emerging

Markets

Fund

(a)

1,495,937‌

18,325‌

Real

Estate

Securities

Fund

(a)

402,398‌

10,108‌

SmallCap

Growth

Fund

I

(a),(b)

850,601‌

12,640‌

SmallCap

Value

Fund

II

(a)

977,136‌

8,423‌

$

230,583‌

Principal

Funds,

Inc.

Institutional

Class

-

47.77%

Bond

Market

Index

Fund

(a)

552,008‌

6,696‌

Equity

Income

Fund

(a)

471,748‌

14,346‌

High

Income

Fund

(a)

614,910‌

5,558‌

LargeCap

S&P

500

Index

Fund

(a)

3,284,017‌

65,976‌

LargeCap

Value

Fund

III

(a)

2,792,296‌

41,605‌

MidCap

Growth

Fund

III

(a),(b)

2,346,746‌

31,118‌

Overseas

Fund

(a)

5,451,061‌

45,571‌

$

210,870‌

TOTAL

INVESTMENT

COMPANIES

$

441,453‌

Total

Investments

$

441,453‌

Other

Assets

and

Liabilities

-  (0.01)%

(42‌)

TOTAL

NET

ASSETS

-

100.00%

$

441,411‌

(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

5.00%

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

64.57‌%

International

Equity

Funds

17.90‌%

Fixed

Income

Funds

17.54‌%

Other

Assets

and

Liabilities

(0.01‌)%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

Principal

LifeTime

2060

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

191

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

15,781‌

$

3,558‌

$

2,436‌

$

20,329‌

Bond

Market

Index

Fund

3,328‌

6,477‌

3,402‌

6,696‌

Core

Fixed

Income

Fund

—‌

15,328‌

2,935‌

13,109‌

Core

Plus

Bond

Fund

7,858‌

106‌

7,943‌

—‌

Diversified

International

Fund

41,985‌

12,727‌

2,944‌

52,031‌

Equity

Income

Fund

14,005‌

3,119‌

1,686‌

14,346‌

High

Income

Fund

6,454‌

1,074‌

1,829‌

5,558‌

International

Small

Company

Fund

12,798‌

4,622‌

863‌

15,155‌

LargeCap

Growth

Fund

I

45,234‌

11,549‌

8,070‌

57,805‌

LargeCap

S&P

500

Index

Fund

56,270‌

12,776‌

6,639‌

65,976‌

LargeCap

Value

Fund

III

40,452‌

10,180‌

3,329‌

41,605‌

MidCap

Growth

Fund

III

23,857‌

6,255‌

2,024‌

31,118‌

MidCap

Value

Fund

I

20,704‌

5,757‌

1,116‌

22,658‌

Origin

Emerging

Markets

Fund

13,346‌

4,221‌

955‌

18,325‌

Overseas

Fund

41,073‌

14,308‌

3,512‌

45,571‌

Real

Estate

Securities

Fund

8,750‌

3,016‌

477‌

10,108‌

SmallCap

Growth

Fund

I

9,542‌

2,577‌

787‌

12,640‌

SmallCap

Value

Fund

II

8,655‌

1,903‌

506‌

8,423‌

$

370,092‌

$

119,553‌

$

51,453‌

$

441,453‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Blue

Chip

Fund

$

123‌

$

90‌

$

589‌

$

3,336‌

Bond

Market

Index

Fund

184‌

(12‌)

—‌

305‌

Core

Fixed

Income

Fund

237‌

8‌

—‌

708‌

Core

Plus

Bond

Fund

17‌

154‌

—‌

(175‌)

Diversified

International

Fund

1,000‌

(218‌)

—‌

481‌

Equity

Income

Fund

217‌

(39‌)

381‌

(1,053‌)

High

Income

Fund

264‌

(35‌)

—‌

(106‌)

International

Small

Company

Fund

388‌

(114‌)

—‌

(1,288‌)

LargeCap

Growth

Fund

I

118‌

135‌

3,367‌

8,957‌

LargeCap

S&P

500

Index

Fund

1,160‌

3‌

1,029‌

3,566‌

LargeCap

Value

Fund

III

945‌

(209‌)

1,673‌

(5,489‌)

MidCap

Growth

Fund

III

—‌

(29‌)

1,912‌

3,059‌

MidCap

Value

Fund

I

484‌

(219‌)

640‌

(2,468‌)

Origin

Emerging

Markets

Fund

251‌

(35‌)

—‌

1,748‌

Overseas

Fund

1,306‌

(483‌)

—‌

(5,815‌)

Real

Estate

Securities

Fund

142‌

(46‌)

85‌

(1,135‌)

SmallCap

Growth

Fund

I

—‌

(37‌)

709‌

1,345‌

SmallCap

Value

Fund

II

84‌

(138‌)

—‌

(1,491‌)

$

6,920‌

$

(1,224‌)

$

10,385‌

$

4,485‌

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

2065

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

192

INVESTMENT

COMPANIES

-

100.05%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

51.95%

Blue

Chip

Fund

(a)

42,988‌

$

1,357‌

Core

Fixed

Income

Fund

(a)

54,914‌

569‌

Diversified

International

Fund

(a)

297,089‌

3,702‌

International

Small

Company

Fund

(a)

108,128‌

1,087‌

LargeCap

Growth

Fund

I

(a)

208,745‌

3,976‌

MidCap

Value

Fund

I

(a)

129,476‌

1,627‌

Origin

Emerging

Markets

Fund

(a)

103,406‌

1,267‌

Real

Estate

Securities

Fund

(a)

28,559‌

717‌

SmallCap

Growth

Fund

I

(a),(b)

58,486‌

869‌

SmallCap

Value

Fund

II

(a)

71,200‌

614‌

$

15,785‌

Principal

Funds,

Inc.

Institutional

Class

-

48.10%

Bond

Market

Index

Fund

(a)

26,013‌

316‌

Equity

Income

Fund

(a)

33,326‌

1,013‌

High

Income

Fund

(a)

28,297‌

256‌

LargeCap

S&P

500

Index

Fund

(a)

228,685‌

4,594‌

LargeCap

Value

Fund

III

(a)

199,461‌

2,972‌

MidCap

Growth

Fund

III

(a),(b)

162,420‌

2,154‌

Overseas

Fund

(a)

395,692‌

3,308‌

$

14,613‌

TOTAL

INVESTMENT

COMPANIES

$

30,398‌

Total

Investments

$

30,398‌

Other

Assets

and

Liabilities

-  (0.05)%

(16‌)

TOTAL

NET

ASSETS

-

100.00%

$

30,382‌

(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

5.00%

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

65.48‌%

International

Equity

Funds

18.64‌%

Fixed

Income

Funds

15.93‌%

Other

Assets

and

Liabilities

(0.05‌)%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

Principal

LifeTime

2065

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

193

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

640‌

$

755‌

$

280‌

$

1,357‌

Bond

Market

Index

Fund

201‌

390‌

292‌

316‌

Core

Fixed

Income

Fund

—‌

892‌

357‌

569‌

Core

Plus

Bond

Fund

356‌

46‌

401‌

—‌

Diversified

International

Fund

1,827‌

2,673‌

935‌

3,702‌

Equity

Income

Fund

584‌

754‌

291‌

1,013‌

High

Income

Fund

253‌

238‌

223‌

256‌

International

Small

Company

Fund

560‌

851‌

287‌

1,087‌

LargeCap

Growth

Fund

I

1,858‌

2,351‌

931‌

3,976‌

LargeCap

S&P

500

Index

Fund

2,355‌

3,015‌

1,131‌

4,594‌

LargeCap

Value

Fund

III

1,714‌

2,313‌

817‌

2,972‌

MidCap

Growth

Fund

III

997‌

1,316‌

442‌

2,154‌

MidCap

Value

Fund

I

885‌

1,271‌

435‌

1,627‌

Origin

Emerging

Markets

Fund

576‌

841‌

293‌

1,267‌

Overseas

Fund

1,782‌

2,757‌

965‌

3,308‌

Real

Estate

Securities

Fund

398‌

546‌

185‌

717‌

SmallCap

Growth

Fund

I

391‌

540‌

178‌

869‌

SmallCap

Value

Fund

II

363‌

506‌

178‌

614‌

$

15,740‌

$

22,055‌

$

8,621‌

$

30,398‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Blue

Chip

Fund

$

6‌

$

(2‌)

$

25‌

$

244‌

Bond

Market

Index

Fund

8‌

2‌

—‌

15‌

Core

Fixed

Income

Fund

11‌

2‌

—‌

32‌

Core

Plus

Bond

Fund

1‌

13‌

—‌

(14‌)

Diversified

International

Fund

48‌

(122‌)

—‌

259‌

Equity

Income

Fund

13‌

(31‌)

18‌

(3‌)

High

Income

Fund

13‌

(12‌)

—‌

—‌

International

Small

Company

Fund

19‌

(56‌)

—‌

19‌

LargeCap

Growth

Fund

I

6‌

(4‌)

155‌

702‌

LargeCap

S&P

500

Index

Fund

53‌

(45‌)

47‌

400‌

LargeCap

Value

Fund

III

44‌

(126‌)

78‌

(112‌)

MidCap

Growth

Fund

III

—‌

(13‌)

89‌

296‌

MidCap

Value

Fund

I

22‌

(103‌)

30‌

9‌

Origin

Emerging

Markets

Fund

12‌

(17‌)

—‌

160‌

Overseas

Fund

65‌

(250‌)

—‌

(16‌)

Real

Estate

Securities

Fund

9‌

(24‌)

4‌

(18‌)

SmallCap

Growth

Fund

I

—‌

(15‌)

33‌

131‌

SmallCap

Value

Fund

II

4‌

(67‌)

—‌

(10‌)

$

334‌

$

(870‌)

$

479‌

$

2,094‌

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2015

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

194

INVESTMENT

COMPANIES

-

100.02%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

18.79%

Diversified

International

Fund

(a)

950,209‌

$

11,839‌

Diversified

Real

Asset

Fund

(a)

184,511‌

2,004‌

International

Small

Company

Fund

(a)

170,774‌

1,716‌

MidCap

S&P

400

Index

Fund

(a)

148,505‌

2,734‌

SmallCap

S&P

600

Index

Fund

(a)

96,065‌

2,036‌

$

20,329‌

Principal

Funds,

Inc.

Institutional

Class

-

81.23%

Bond

Market

Index

Fund

(a)

3,046,110‌

36,949‌

High

Income

Fund

(a)

657,791‌

5,947‌

Inflation

Protection

Fund

(a)

481,131‌

4,479‌

LargeCap

S&P

500

Index

Fund

(a)

1,225,875‌

24,628‌

Short-Term

Income

Fund

(a)

1,263,153‌

15,865‌

$

87,868‌

TOTAL

INVESTMENT

COMPANIES

$

108,197‌

Total

Investments

$

108,197‌

Other

Assets

and

Liabilities

-  (0.02)%

(24‌)

TOTAL

NET

ASSETS

-

100.00%

$

108,173‌

(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

5.00%

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

69.40‌%

Domestic

Equity

Funds

27.18‌%

Specialty

Funds

1.85‌%

International

Equity

Funds

1.59‌%

Other

Assets

and

Liabilities

(0.02‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

36,367‌

$

7,518‌

$

8,672‌

$

36,949‌

Diversified

International

Fund

10,702‌

2,681‌

1,715‌

11,839‌

Diversified

Real

Asset

Fund

2,191‌

603‌

714‌

2,004‌

High

Income

Fund

5,967‌

1,405‌

1,215‌

5,947‌

Inflation

Protection

Fund

4,336‌

883‌

1,063‌

4,479‌

International

Small

Company

Fund

1,816‌

450‌

411‌

1,716‌

LargeCap

S&P

500

Index

Fund

19,619‌

7,522‌

4,379‌

24,628‌

MidCap

S&P

400

Index

Fund

4,962‌

1,345‌

3,414‌

2,734‌

Short-Term

Income

Fund

14,601‌

4,403‌

3,422‌

15,865‌

SmallCap

S&P

600

Index

Fund

2,014‌

564‌

257‌

2,036‌

$

102,575‌

$

27,374‌

$

25,262‌

$

108,197‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Bond

Market

Index

Fund

$

850‌

$

119‌

$

—‌

$

1,617‌

Diversified

International

Fund

253‌

(182‌)

—‌

353‌

Diversified

Real

Asset

Fund

53‌

(11‌)

—‌

(65‌)

High

Income

Fund

274‌

(75‌)

—‌

(135‌)

Inflation

Protection

Fund

26‌

12‌

—‌

311‌

International

Small

Company

Fund

54‌

(57‌)

—‌

(82‌)

LargeCap

S&P

500

Index

Fund

412‌

(17‌)

366‌

1,883‌

MidCap

S&P

400

Index

Fund

79‌

31‌

232‌

(190‌)

Short-Term

Income

Fund

234‌

1‌

—‌

282‌

SmallCap

S&P

600

Index

Fund

28‌

(33‌)

118‌

(252‌)

$

2,263‌

$

(212‌)

$

716‌

$

3,722‌

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2020

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

195

INVESTMENT

COMPANIES

-

100.01%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

22.48%

Diversified

International

Fund

(a)

3,840,762‌

$

47,856‌

Diversified

Real

Asset

Fund

(a)

562,259‌

6,106‌

International

Small

Company

Fund

(a)

656,591‌

6,599‌

MidCap

S&P

400

Index

Fund

(a)

539,959‌

9,940‌

SmallCap

S&P

600

Index

Fund

(a)

368,038‌

7,799‌

$

78,300‌

Principal

Funds,

Inc.

Institutional

Class

-

77.53%

Bond

Market

Index

Fund

(a)

9,004,620‌

109,226‌

High

Income

Fund

(a)

1,802,957‌

16,299‌

Inflation

Protection

Fund

(a)

1,496,450‌

13,932‌

LargeCap

S&P

500

Index

Fund

(a)

4,866,875‌

97,776‌

Short-Term

Income

Fund

(a)

2,609,263‌

32,772‌

$

270,005‌

TOTAL

INVESTMENT

COMPANIES

$

348,305‌

Total

Investments

$

348,305‌

Other

Assets

and

Liabilities

-  (0.01)%

(37‌)

TOTAL

NET

ASSETS

-

100.00%

$

348,268‌

(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

5.00%

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

63.19‌%

Domestic

Equity

Funds

33.17‌%

International

Equity

Funds

1.90‌%

Specialty

Funds

1.75‌%

Other

Assets

and

Liabilities

(0.01‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

105,469‌

$

20,431‌

$

21,686‌

$

109,226‌

Diversified

International

Fund

44,030‌

8,393‌

5,111‌

47,856‌

Diversified

Real

Asset

Fund

7,202‌

1,469‌

2,298‌

6,106‌

High

Income

Fund

16,158‌

3,284‌

2,645‌

16,299‌

Inflation

Protection

Fund

13,343‌

2,355‌

2,754‌

13,932‌

International

Small

Company

Fund

7,080‌

1,324‌

1,246‌

6,599‌

LargeCap

S&P

500

Index

Fund

80,226‌

23,667‌

12,831‌

97,776‌

MidCap

S&P

400

Index

Fund

19,806‌

4,276‌

13,405‌

9,940‌

Real

Estate

Securities

Fund

—‌

—‌

—‌

—‌

Short-Term

Income

Fund

30,893‌

7,403‌

6,108‌

32,772‌

SmallCap

S&P

600

Index

Fund

7,709‌

2,108‌

858‌

7,799‌

$

331,916‌

$

74,710‌

$

68,942‌

$

348,305‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Bond

Market

Index

Fund

$

2,468‌

$

185‌

$

—‌

$

4,827‌

Diversified

International

Fund

1,043‌

(84‌)

—‌

628‌

Diversified

Real

Asset

Fund

175‌

19‌

—‌

(286‌)

High

Income

Fund

739‌

(94‌)

—‌

(404‌)

Inflation

Protection

Fund

80‌

17‌

—‌

971‌

International

Small

Company

Fund

210‌

(43‌)

—‌

(516‌)

LargeCap

S&P

500

Index

Fund

1,687‌

(47‌)

1,501‌

6,761‌

MidCap

S&P

400

Index

Fund

317‌

333‌

928‌

(1,070‌)

Real

Estate

Securities

Fund

—‌

—‌

—‌

—‌

Short-Term

Income

Fund

482‌

(1‌)

—‌

585‌

SmallCap

S&P

600

Index

Fund

109‌

(36‌)

452‌

(1,124‌)

$

7,310‌

$

249‌

$

2,881‌

$

10,372‌

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2025

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

196

INVESTMENT

COMPANIES

-

100.01%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

27.03%

Diversified

International

Fund

(a)

3,984,022‌

$

49,641‌

Diversified

Real

Asset

Fund

(a)

528,508‌

5,740‌

International

Small

Company

Fund

(a)

682,276‌

6,857‌

MidCap

S&P

400

Index

Fund

(a)

619,520‌

11,405‌

SmallCap

S&P

600

Index

Fund

(a)

381,416‌

8,082‌

$

81,725‌

Principal

Funds,

Inc.

Institutional

Class

-

72.98%

Bond

Market

Index

Fund

(a)

6,868,301‌

83,313‌

High

Income

Fund

(a)

1,378,797‌

12,464‌

Inflation

Protection

Fund

(a)

896,604‌

8,347‌

LargeCap

S&P

500

Index

Fund

(a)

5,084,970‌

102,157‌

Short-Term

Income

Fund

(a)

1,139,785‌

14,316‌

$

220,597‌

TOTAL

INVESTMENT

COMPANIES

$

302,322‌

Total

Investments

$

302,322‌

Other

Assets

and

Liabilities

-  (0.01)%

(34‌)

TOTAL

NET

ASSETS

-

100.00%

$

302,288‌

(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

5.00%

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

55.60‌%

Domestic

Equity

Funds

40.24‌%

International

Equity

Funds

2.27‌%

Specialty

Funds

1.90‌%

Other

Assets

and

Liabilities

(0.01‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

70,349‌

$

20,903‌

$

11,923‌

$

83,313‌

Diversified

International

Fund

38,588‌

12,931‌

2,192‌

49,641‌

Diversified

Real

Asset

Fund

5,160‌

1,849‌

1,002‌

5,740‌

High

Income

Fund

10,739‌

3,303‌

1,169‌

12,464‌

Inflation

Protection

Fund

8,774‌

1,669‌

2,705‌

8,347‌

International

Small

Company

Fund

5,921‌

1,900‌

365‌

6,857‌

LargeCap

S&P

500

Index

Fund

69,429‌

30,630‌

4,101‌

102,157‌

MidCap

S&P

400

Index

Fund

17,329‌

6,002‌

11,072‌

11,405‌

Real

Estate

Securities

Fund

1‌

—‌

1‌

—‌

Short-Term

Income

Fund

9,952‌

5,992‌

1,880‌

14,316‌

SmallCap

S&P

600

Index

Fund

7,068‌

2,583‌

384‌

8,082‌

$

243,310‌

$

87,762‌

$

36,794‌

$

302,322‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Bond

Market

Index

Fund

$

1,707‌

$

73‌

$

—‌

$

3,911‌

Diversified

International

Fund

948‌

(192‌)

—‌

506‌

Diversified

Real

Asset

Fund

132‌

(18‌)

—‌

(249‌)

High

Income

Fund

550‌

(88‌)

—‌

(321‌)

Inflation

Protection

Fund

53‌

25‌

—‌

584‌

International

Small

Company

Fund

184‌

(48‌)

—‌

(551‌)

LargeCap

S&P

500

Index

Fund

1,505‌

(121‌)

1,339‌

6,320‌

MidCap

S&P

400

Index

Fund

287‌

(345‌)

841‌

(509‌)

Real

Estate

Securities

Fund

—‌

—‌

—‌

—‌

Short-Term

Income

Fund

194‌

—‌

—‌

252‌

SmallCap

S&P

600

Index

Fund

104‌

(79‌)

429‌

(1,106‌)

$

5,664‌

$

(793‌)

$

2,609‌

$

8,837‌

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2030

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

197

INVESTMENT

COMPANIES

-

100.01%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

30.65%

Diversified

International

Fund

(a)

4,764,920‌

$

59,371‌

Diversified

Real

Asset

Fund

(a)

553,360‌

6,010‌

International

Small

Company

Fund

(a)

854,478‌

8,588‌

MidCap

S&P

400

Index

Fund

(a)

704,262‌

12,965‌

Origin

Emerging

Markets

Fund

(a)

255,289‌

3,127‌

SmallCap

S&P

600

Index

Fund

(a)

475,422‌

10,074‌

$

100,135‌

Principal

Funds,

Inc.

Institutional

Class

-

69.36%

Bond

Market

Index

Fund

(a)

6,699,386‌

81,263‌

High

Income

Fund

(a)

1,389,814‌

12,564‌

Inflation

Protection

Fund

(a)

737,499‌

6,866‌

LargeCap

S&P

500

Index

Fund

(a)

6,264,509‌

125,854‌

$

226,547‌

TOTAL

INVESTMENT

COMPANIES

$

326,682‌

Total

Investments

$

326,682‌

Other

Assets

and

Liabilities

-  (0.01)%

(40‌)

TOTAL

NET

ASSETS

-

100.00%

$

326,642‌

(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

5.00%

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

49.00‌%

Domestic

Equity

Funds

45.58‌%

International

Equity

Funds

3.59‌%

Specialty

Funds

1.84‌%

Other

Assets

and

Liabilities

(0.01‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

78,120‌

$

20,114‌

$

20,778‌

$

81,263‌

Diversified

International

Fund

51,273‌

13,909‌

6,411‌

59,371‌

Diversified

Real

Asset

Fund

6,171‌

1,680‌

1,572‌

6,010‌

High

Income

Fund

12,411‌

3,083‌

2,528‌

12,564‌

Inflation

Protection

Fund

6,498‌

1,649‌

1,767‌

6,866‌

International

Small

Company

Fund

8,426‌

2,056‌

1,159‌

8,588‌

LargeCap

S&P

500

Index

Fund

96,211‌

35,227‌

13,421‌

125,854‌

MidCap

S&P

400

Index

Fund

24,099‌

6,519‌

16,695‌

12,965‌

Origin

Emerging

Markets

Fund

2,530‌

608‌

318‌

3,127‌

SmallCap

S&P

600

Index

Fund

9,566‌

3,143‌

1,147‌

10,074‌

$

295,305‌

$

87,988‌

$

65,796‌

$

326,682‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Bond

Market

Index

Fund

$

1,869‌

$

144‌

$

—‌

$

3,663‌

Diversified

International

Fund

1,242‌

(124‌)

—‌

724‌

Diversified

Real

Asset

Fund

154‌

(14‌)

—‌

(255‌)

High

Income

Fund

573‌

(92‌)

—‌

(310‌)

Inflation

Protection

Fund

40‌

12‌

—‌

474‌

International

Small

Company

Fund

257‌

(55‌)

—‌

(680‌)

LargeCap

S&P

500

Index

Fund

2,062‌

(59‌)

1,834‌

7,896‌

MidCap

S&P

400

Index

Fund

394‌

(467‌)

1,153‌

(491‌)

Origin

Emerging

Markets

Fund

48‌

(6‌)

—‌

313‌

SmallCap

S&P

600

Index

Fund

138‌

(65‌)

573‌

(1,423‌)

$

6,777‌

$

(726‌)

$

3,560‌

$

9,911‌

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2035

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

198

INVESTMENT

COMPANIES

-

100.01%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

35.33%

Diversified

International

Fund

(a)

3,728,860‌

$

46,462‌

International

Small

Company

Fund

(a)

686,212‌

6,896‌

MidCap

S&P

400

Index

Fund

(a)

612,696‌

11,280‌

Origin

Emerging

Markets

Fund

(a)

299,727‌

3,672‌

Real

Estate

Securities

Fund

(a)

208,213‌

5,230‌

SmallCap

S&P

600

Index

Fund

(a)

368,003‌

7,798‌

$

81,338‌

Principal

Funds,

Inc.

Institutional

Class

-

64.68%

Bond

Market

Index

Fund

(a)

3,728,515‌

45,227‌

High

Income

Fund

(a)

847,030‌

7,657‌

LargeCap

S&P

500

Index

Fund

(a)

4,780,242‌

96,035‌

$

148,919‌

TOTAL

INVESTMENT

COMPANIES

$

230,257‌

Total

Investments

$

230,257‌

Other

Assets

and

Liabilities

-  (0.01)%

(31‌)

TOTAL

NET

ASSETS

-

100.00%

$

230,226‌

(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

5.00%

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

52.27‌%

Fixed

Income

Funds

43.15‌%

International

Equity

Funds

4.59‌%

Other

Assets

and

Liabilities

(0.01‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

38,663‌

$

11,210‌

$

6,794‌

$

45,227‌

Diversified

International

Fund

34,684‌

12,578‌

1,370‌

46,462‌

High

Income

Fund

6,654‌

1,910‌

647‌

7,657‌

International

Small

Company

Fund

5,618‌

2,029‌

220‌

6,896‌

LargeCap

S&P

500

Index

Fund

64,797‌

27,767‌

2,241‌

96,035‌

MidCap

S&P

400

Index

Fund

15,786‌

5,653‌

9,527‌

11,280‌

Origin

Emerging

Markets

Fund

2,561‌

848‌

100‌

3,672‌

Real

Estate

Securities

Fund

4,510‌

1,417‌

169‌

5,230‌

SmallCap

S&P

600

Index

Fund

6,356‌

2,716‌

243‌

7,798‌

$

179,629‌

$

66,128‌

$

21,311‌

$

230,257‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Bond

Market

Index

Fund

$

932‌

$

31‌

$

—‌

$

2,117‌

Diversified

International

Fund

846‌

(146‌)

—‌

716‌

High

Income

Fund

336‌

(64‌)

—‌

(196‌)

International

Small

Company

Fund

173‌

(39‌)

—‌

(492‌)

LargeCap

S&P

500

Index

Fund

1,397‌

(59‌)

1,243‌

5,771‌

MidCap

S&P

400

Index

Fund

260‌

(263‌)

760‌

(369‌)

Origin

Emerging

Markets

Fund

49‌

(8‌)

—‌

371‌

Real

Estate

Securities

Fund

68‌

(18‌)

40‌

(510‌)

SmallCap

S&P

600

Index

Fund

93‌

(60‌)

383‌

(971‌)

$

4,154‌

$

(626‌)

$

2,426‌

$

6,437‌

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2040

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

199

INVESTMENT

COMPANIES

-

100.01%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

36.80%

Diversified

International

Fund

(a)

3,942,988‌

$

49,130‌

International

Small

Company

Fund

(a)

663,391‌

6,667‌

MidCap

S&P

400

Index

Fund

(a)

562,001‌

10,346‌

Origin

Emerging

Markets

Fund

(a)

354,942‌

4,348‌

Real

Estate

Securities

Fund

(a)

201,471‌

5,061‌

SmallCap

S&P

600

Index

Fund

(a)

389,647‌

8,257‌

$

83,809‌

Principal

Funds,

Inc.

Institutional

Class

-

63.21%

Bond

Market

Index

Fund

(a)

2,732,687‌

33,148‌

High

Income

Fund

(a)

690,031‌

6,238‌

LargeCap

S&P

500

Index

Fund

(a)

5,204,798‌

104,564‌

$

143,950‌

TOTAL

INVESTMENT

COMPANIES

$

227,759‌

Total

Investments

$

227,759‌

Other

Assets

and

Liabilities

-  (0.01)%

(31‌)

TOTAL

NET

ASSETS

-

100.00%

$

227,728‌

(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

5.00%

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

56.31‌%

Fixed

Income

Funds

38.86‌%

International

Equity

Funds

4.84‌%

Other

Assets

and

Liabilities

(0.01‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

33,137‌

$

7,605‌

$

9,242‌

$

33,148‌

Diversified

International

Fund

42,969‌

10,781‌

4,964‌

49,130‌

Diversified

Real

Asset

Fund

—‌

—‌

—‌

—‌

High

Income

Fund

6,214‌

1,390‌

1,153‌

6,238‌

Inflation

Protection

Fund

78‌

—‌

79‌

—‌

International

Small

Company

Fund

6,626‌

1,440‌

786‌

6,667‌

LargeCap

S&P

500

Index

Fund

79,693‌

26,922‌

8,141‌

104,564‌

MidCap

S&P

400

Index

Fund

20,009‌

4,915‌

13,708‌

10,346‌

Origin

Emerging

Markets

Fund

3,548‌

784‌

406‌

4,348‌

Real

Estate

Securities

Fund

5,173‌

1,040‌

565‌

5,061‌

SmallCap

S&P

600

Index

Fund

7,977‌

2,464‌

893‌

8,257‌

$

205,424‌

$

57,341‌

$

39,937‌

$

227,759‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Bond

Market

Index

Fund

$

803‌

$

77‌

$

—‌

$

1,571‌

Diversified

International

Fund

1,052‌

(128‌)

—‌

472‌

Diversified

Real

Asset

Fund

—‌

—‌

—‌

—‌

High

Income

Fund

296‌

(73‌)

—‌

(140‌)

Inflation

Protection

Fund

—‌

1‌

—‌

—‌

International

Small

Company

Fund

204‌

(38‌)

—‌

(575‌)

LargeCap

S&P

500

Index

Fund

1,725‌

57‌

1,534‌

6,033‌

MidCap

S&P

400

Index

Fund

330‌

(392‌)

968‌

(478‌)

Origin

Emerging

Markets

Fund

68‌

(11‌)

—‌

433‌

Real

Estate

Securities

Fund

72‌

(5‌)

46‌

(582‌)

SmallCap

S&P

600

Index

Fund

117‌

(48‌)

482‌

(1,243‌)

$

4,667‌

$

(560‌)

$

3,030‌

$

5,491‌

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2045

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

200

INVESTMENT

COMPANIES

-

100.02%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

40.15%

Diversified

International

Fund

(a)

2,647,786‌

$

32,991‌

International

Small

Company

Fund

(a)

447,463‌

4,497‌

MidCap

S&P

400

Index

Fund

(a)

427,178‌

7,864‌

Origin

Emerging

Markets

Fund

(a)

249,727‌

3,059‌

Real

Estate

Securities

Fund

(a)

128,125‌

3,219‌

SmallCap

S&P

600

Index

Fund

(a)

264,510‌

5,605‌

$

57,235‌

Principal

Funds,

Inc.

Institutional

Class

-

59.87%

Bond

Market

Index

Fund

(a)

1,191,120‌

14,449‌

High

Income

Fund

(a)

338,280‌

3,058‌

LargeCap

S&P

500

Index

Fund

(a)

3,376,763‌

67,839‌

$

85,346‌

TOTAL

INVESTMENT

COMPANIES

$

142,581‌

Total

Investments

$

142,581‌

Other

Assets

and

Liabilities

-  (0.02)%

(25‌)

TOTAL

NET

ASSETS

-

100.00%

$

142,556‌

(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

5.00%

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

59.30‌%

Fixed

Income

Funds

35.42‌%

International

Equity

Funds

5.30‌%

Other

Assets

and

Liabilities

(0.02‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

13,268‌

$

4,019‌

$

3,550‌

$

14,449‌

Diversified

International

Fund

25,278‌

8,496‌

992‌

32,991‌

Diversified

Real

Asset

Fund

—‌

—‌

—‌

—‌

High

Income

Fund

2,974‌

808‌

583‌

3,058‌

International

Small

Company

Fund

3,710‌

1,326‌

143‌

4,497‌

LargeCap

S&P

500

Index

Fund

46,507‌

19,509‌

1,627‌

67,839‌

MidCap

S&P

400

Index

Fund

11,909‌

3,973‌

7,440‌

7,864‌

Origin

Emerging

Markets

Fund

2,173‌

679‌

84‌

3,059‌

Real

Estate

Securities

Fund

2,852‌

825‌

106‌

3,219‌

SmallCap

S&P

600

Index

Fund

4,763‌

1,839‌

181‌

5,605‌

$

113,434‌

$

41,474‌

$

14,706‌

$

142,581‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Bond

Market

Index

Fund

$

326‌

$

33‌

$

—‌

$

679‌

Diversified

International

Fund

626‌

(70‌)

—‌

279‌

Diversified

Real

Asset

Fund

—‌

—‌

—‌

—‌

High

Income

Fund

144‌

(77‌)

—‌

(64‌)

International

Small

Company

Fund

116‌

(18‌)

—‌

(378‌)

LargeCap

S&P

500

Index

Fund

1,018‌

(25‌)

904‌

3,475‌

MidCap

S&P

400

Index

Fund

199‌

(165‌)

582‌

(413‌)

Origin

Emerging

Markets

Fund

43‌

(4‌)

—‌

295‌

Real

Estate

Securities

Fund

43‌

(8‌)

26‌

(344‌)

SmallCap

S&P

600

Index

Fund

70‌

(32‌)

291‌

(784‌)

$

2,585‌

$

(366‌)

$

1,803‌

$

2,745‌

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2050

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

201

INVESTMENT

COMPANIES

-

100.02%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

41.12%

Diversified

International

Fund

(a)

2,195,386‌

$

27,355‌

International

Small

Company

Fund

(a)

370,078‌

3,719‌

MidCap

S&P

400

Index

Fund

(a)

316,736‌

5,831‌

Origin

Emerging

Markets

Fund

(a)

195,345‌

2,393‌

Real

Estate

Securities

Fund

(a)

100,062‌

2,514‌

SmallCap

S&P

600

Index

Fund

(a)

219,655‌

4,654‌

$

46,466‌

Principal

Funds,

Inc.

Institutional

Class

-

58.90%

Bond

Market

Index

Fund

(a)

713,608‌

8,656‌

High

Income

Fund

(a)

206,454‌

1,866‌

LargeCap

S&P

500

Index

Fund

(a)

2,788,727‌

56,026‌

$

66,548‌

TOTAL

INVESTMENT

COMPANIES

$

113,014‌

Total

Investments

$

113,014‌

Other

Assets

and

Liabilities

-  (0.02)%

(24‌)

TOTAL

NET

ASSETS

-

100.00%

$

112,990‌

(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

5.00%

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

61.09‌%

Fixed

Income

Funds

33.52‌%

International

Equity

Funds

5.41‌%

Other

Assets

and

Liabilities

(0.02‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

8,916‌

$

2,763‌

$

3,428‌

$

8,656‌

Diversified

International

Fund

23,933‌

7,232‌

4,196‌

27,355‌

High

Income

Fund

2,100‌

600‌

757‌

1,866‌

International

Small

Company

Fund

3,599‌

1,050‌

628‌

3,719‌

LargeCap

S&P

500

Index

Fund

43,999‌

16,577‌

7,755‌

56,026‌

MidCap

S&P

400

Index

Fund

11,260‌

3,280‌

8,335‌

5,831‌

Origin

Emerging

Markets

Fund

1,962‌

533‌

344‌

2,393‌

Real

Estate

Securities

Fund

2,572‌

638‌

431‌

2,514‌

SmallCap

S&P

600

Index

Fund

4,599‌

1,499‌

774‌

4,654‌

$

102,940‌

$

34,172‌

$

26,648‌

$

113,014‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Bond

Market

Index

Fund

$

215‌

$

24‌

$

—‌

$

381‌

Diversified

International

Fund

584‌

(48‌)

—‌

434‌

High

Income

Fund

91‌

(62‌)

—‌

(15‌)

International

Small

Company

Fund

110‌

(19‌)

—‌

(283‌)

LargeCap

S&P

500

Index

Fund

950‌

31‌

844‌

3,174‌

MidCap

S&P

400

Index

Fund

185‌

(189‌)

543‌

(185‌)

Origin

Emerging

Markets

Fund

38‌

(4‌)

—‌

246‌

Real

Estate

Securities

Fund

35‌

3‌

23‌

(268‌)

SmallCap

S&P

600

Index

Fund

67‌

(29‌)

277‌

(641‌)

$

2,275‌

$

(293‌)

$

1,687‌

$

2,843‌

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2055

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

202

INVESTMENT

COMPANIES

-

100.04%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

42.97%

Diversified

International

Fund

(a)

964,298‌

$

12,015‌

International

Small

Company

Fund

(a)

164,131‌

1,650‌

MidCap

S&P

400

Index

Fund

(a)

161,514‌

2,973‌

Origin

Emerging

Markets

Fund

(a)

91,891‌

1,126‌

Real

Estate

Securities

Fund

(a)

43,250‌

1,086‌

SmallCap

S&P

600

Index

Fund

(a)

96,983‌

2,055‌

$

20,905‌

Principal

Funds,

Inc.

Institutional

Class

-

57.07%

Bond

Market

Index

Fund

(a)

232,290‌

2,818‌

High

Income

Fund

(a)

87,555‌

791‌

LargeCap

S&P

500

Index

Fund

(a)

1,202,435‌

24,157‌

$

27,766‌

TOTAL

INVESTMENT

COMPANIES

$

48,671‌

Total

Investments

$

48,671‌

Other

Assets

and

Liabilities

-  (0.04)%

(19‌)

TOTAL

NET

ASSETS

-

100.00%

$

48,652‌

(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

5.00%

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

62.21‌%

Fixed

Income

Funds

32.12‌%

International

Equity

Funds

5.71‌%

Other

Assets

and

Liabilities

(0.04‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

2,147‌

$

735‌

$

196‌

$

2,818‌

Diversified

International

Fund

8,783‌

3,772‌

647‌

12,015‌

Diversified

Real

Asset

Fund

—‌

—‌

—‌

—‌

High

Income

Fund

684‌

226‌

97‌

791‌

International

Small

Company

Fund

1,314‌

566‌

96‌

1,650‌

LargeCap

S&P

500

Index

Fund

15,996‌

8,046‌

1,064‌

24,157‌

MidCap

S&P

400

Index

Fund

4,169‌

1,755‌

2,766‌

2,973‌

Origin

Emerging

Markets

Fund

765‌

309‌

56‌

1,126‌

Real

Estate

Securities

Fund

918‌

344‌

64‌

1,086‌

SmallCap

S&P

600

Index

Fund

1,688‌

767‌

119‌

2,055‌

$

36,464‌

$

16,520‌

$

5,105‌

$

48,671‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Bond

Market

Index

Fund

$

53‌

$

1‌

$

—‌

$

131‌

Diversified

International

Fund

219‌

(82‌)

—‌

189‌

Diversified

Real

Asset

Fund

—‌

—‌

—‌

—‌

High

Income

Fund

34‌

(4‌)

—‌

(18‌)

International

Small

Company

Fund

42‌

(18‌)

—‌

(116‌)

LargeCap

S&P

500

Index

Fund

353‌

(56‌)

314‌

1,235‌

MidCap

S&P

400

Index

Fund

70‌

(75‌)

205‌

(110‌)

Origin

Emerging

Markets

Fund

15‌

(6‌)

—‌

114‌

Real

Estate

Securities

Fund

14‌

(7‌)

8‌

(105‌)

SmallCap

S&P

600

Index

Fund

25‌

(30‌)

104‌

(251‌)

$

825‌

$

(277‌)

$

631‌

$

1,069‌

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2060

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

203

INVESTMENT

COMPANIES

-

100.11%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

44.27%

Diversified

International

Fund

(a)

331,751‌

$

4,134‌

International

Small

Company

Fund

(a)

56,714‌

570‌

MidCap

S&P

400

Index

Fund

(a)

57,314‌

1,055‌

Origin

Emerging

Markets

Fund

(a)

33,635‌

412‌

Real

Estate

Securities

Fund

(a)

14,664‌

368‌

SmallCap

S&P

600

Index

Fund

(a)

33,545‌

711‌

$

7,250‌

Principal

Funds,

Inc.

Institutional

Class

-

55.84%

Bond

Market

Index

Fund

(a)

57,389‌

696‌

High

Income

Fund

(a)

23,968‌

217‌

LargeCap

S&P

500

Index

Fund

(a)

409,830‌

8,233‌

$

9,146‌

TOTAL

INVESTMENT

COMPANIES

$

16,396‌

Total

Investments

$

16,396‌

Other

Assets

and

Liabilities

-  (0.11)%

(18‌)

TOTAL

NET

ASSETS

-

100.00%

$

16,378‌

(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

5.00%

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

63.30‌%

Fixed

Income

Funds

30.81‌%

International

Equity

Funds

6.00‌%

Other

Assets

and

Liabilities

(0.11‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

549‌

$

272‌

$

156‌

$

696‌

Diversified

International

Fund

3,093‌

1,717‌

751‌

4,134‌

Diversified

Real

Asset

Fund

—‌

—‌

—‌

—‌

High

Income

Fund

200‌

85‌

63‌

217‌

International

Small

Company

Fund

453‌

265‌

110‌

570‌

LargeCap

S&P

500

Index

Fund

5,562‌

3,432‌

1,228‌

8,233‌

MidCap

S&P

400

Index

Fund

1,450‌

798‌

1,155‌

1,055‌

Origin

Emerging

Markets

Fund

287‌

154‌

71‌

412‌

Real

Estate

Securities

Fund

316‌

159‌

74‌

368‌

SmallCap

S&P

600

Index

Fund

594‌

340‌

139‌

711‌

$

12,504‌

$

7,222‌

$

3,747‌

$

16,396‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Bond

Market

Index

Fund

$

13‌

$

—‌

$

—‌

$

31‌

Diversified

International

Fund

73‌

(51‌)

—‌

126‌

Diversified

Real

Asset

Fund

—‌

—‌

—‌

—‌

High

Income

Fund

9‌

(2‌)

—‌

(3‌)

International

Small

Company

Fund

14‌

(12‌)

—‌

(26‌)

LargeCap

S&P

500

Index

Fund

116‌

(24‌)

103‌

491‌

MidCap

S&P

400

Index

Fund

23‌

(38‌)

67‌

—‌

Origin

Emerging

Markets

Fund

5‌

(4‌)

—‌

46‌

Real

Estate

Securities

Fund

5‌

(4‌)

3‌

(29‌)

SmallCap

S&P

600

Index

Fund

8‌

(23‌)

35‌

(61‌)

$

266‌

$

(158‌)

$

208‌

$

575‌

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2065

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

204

INVESTMENT

COMPANIES

-

100.33%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

45.65%

Diversified

International

Fund

(a)

62,316‌

$

777‌

International

Small

Company

Fund

(a)

10,666‌

107‌

MidCap

S&P

400

Index

Fund

(a)

11,280‌

208‌

Origin

Emerging

Markets

Fund

(a)

6,290‌

77‌

Real

Estate

Securities

Fund

(a)

2,823‌

71‌

SmallCap

S&P

600

Index

Fund

(a)

6,341‌

134‌

$

1,374‌

Principal

Funds,

Inc.

Institutional

Class

-

54.68%

Bond

Market

Index

Fund

(a)

7,591‌

92‌

High

Income

Fund

(a)

3,528‌

32‌

LargeCap

S&P

500

Index

Fund

(a)

75,762‌

1,522‌

$

1,646‌

TOTAL

INVESTMENT

COMPANIES

$

3,020‌

Total

Investments

$

3,020‌

Other

Assets

and

Liabilities

-  (0.33)%

(10‌)

TOTAL

NET

ASSETS

-

100.00%

$

3,010‌

(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

5.00%

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

64.28‌%

Fixed

Income

Funds

29.93‌%

International

Equity

Funds

6.12‌%

Other

Assets

and

Liabilities

(0.33‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

55‌

$

97‌

$

65‌

$

92‌

Diversified

International

Fund

336‌

704‌

286‌

777‌

High

Income

Fund

21‌

33‌

20‌

32‌

International

Small

Company

Fund

49‌

105‌

42‌

107‌

LargeCap

S&P

500

Index

Fund

612‌

1,289‌

468‌

1,522‌

MidCap

S&P

400

Index

Fund

157‌

323‌

272‌

208‌

Origin

Emerging

Markets

Fund

30‌

65‌

26‌

77‌

Real

Estate

Securities

Fund

35‌

67‌

27‌

71‌

SmallCap

S&P

600

Index

Fund

65‌

135‌

55‌

134‌

$

1,360‌

$

2,818‌

$

1,261‌

$

3,020‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Bond

Market

Index

Fund

$

2‌

$

—‌

$

—‌

$

5‌

Diversified

International

Fund

11‌

(1‌)

—‌

24‌

High

Income

Fund

2‌

—‌

—‌

(2‌)

International

Small

Company

Fund

2‌

—‌

—‌

(5‌)

LargeCap

S&P

500

Index

Fund

17‌

—‌

15‌

89‌

MidCap

S&P

400

Index

Fund

3‌

(2‌)

10‌

2‌

Origin

Emerging

Markets

Fund

1‌

—‌

—‌

8‌

Real

Estate

Securities

Fund

1‌

—‌

—‌

(4‌)

SmallCap

S&P

600

Index

Fund

1‌

—‌

5‌

(11‌)

$

40‌

$

(3‌)

$

30‌

$

106‌

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

Hybrid

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

205

INVESTMENT

COMPANIES

-

100.04%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

12.29%

Diversified

International

Fund

(a)

294,414‌

$

3,668‌

Diversified

Real

Asset

Fund

(a)

129,056‌

1,401‌

International

Small

Company

Fund

(a)

54,004‌

543‌

MidCap

S&P

400

Index

Fund

(a)

63,421‌

1,168‌

SmallCap

S&P

600

Index

Fund

(a)

35,712‌

757‌

$

7,537‌

Principal

Funds,

Inc.

Institutional

Class

-

87.75%

Bond

Market

Index

Fund

(a)

2,105,361‌

25,538‌

High

Income

Fund

(a)

476,728‌

4,310‌

Inflation

Protection

Fund

(a)

305,456‌

2,844‌

LargeCap

S&P

500

Index

Fund

(a)

377,950‌

7,593‌

Short-Term

Income

Fund

(a)

1,077,915‌

13,538‌

$

53,823‌

TOTAL

INVESTMENT

COMPANIES

$

61,360‌

Total

Investments

$

61,360‌

Other

Assets

and

Liabilities

-  (0.04)%

(22‌)

TOTAL

NET

ASSETS

-

100.00%

$

61,338‌

(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

5.00%

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

81.35‌%

Domestic

Equity

Funds

15.52‌%

Specialty

Funds

2.28‌%

International

Equity

Funds

0.89‌%

Other

Assets

and

Liabilities

(0.04‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

24,370‌

$

4,953‌

$

4,922‌

$

25,538‌

Diversified

International

Fund

3,341‌

1,414‌

1,227‌

3,668‌

Diversified

Real

Asset

Fund

1,239‌

586‌

411‌

1,401‌

High

Income

Fund

4,218‌

1,009‌

780‌

4,310‌

Inflation

Protection

Fund

2,698‌

513‌

562‌

2,844‌

International

Small

Company

Fund

563‌

239‌

231‌

543‌

LargeCap

S&P

500

Index

Fund

6,297‌

3,330‌

2,757‌

7,593‌

MidCap

S&P

400

Index

Fund

1,576‌

678‌

1,088‌

1,168‌

Short-Term

Income

Fund

12,196‌

3,550‌

2,443‌

13,538‌

SmallCap

S&P

600

Index

Fund

610‌

281‌

65‌

757‌

$

57,108‌

$

16,553‌

$

14,486‌

$

61,360‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Bond

Market

Index

Fund

$

570‌

$

37‌

$

—‌

$

1,100‌

Diversified

International

Fund

79‌

(64‌)

—‌

204‌

Diversified

Real

Asset

Fund

30‌

(8‌)

—‌

(5‌)

High

Income

Fund

192‌

(47‌)

—‌

(90‌)

Inflation

Protection

Fund

16‌

3‌

—‌

192‌

International

Small

Company

Fund

17‌

(18‌)

—‌

(10‌)

LargeCap

S&P

500

Index

Fund

132‌

95‌

118‌

628‌

MidCap

S&P

400

Index

Fund

25‌

15‌

74‌

(13‌)

Short-Term

Income

Fund

192‌

—‌

—‌

235‌

SmallCap

S&P

600

Index

Fund

9‌

(8‌)

35‌

(61‌)

$

1,262‌

$

5‌

$

227‌

$

2,180‌

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

Strategic

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

206

INVESTMENT

COMPANIES

-

100.02%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

40.48%

Blue

Chip

Fund

(a)

631,676‌

$

19,942‌

Core

Fixed

Income

Fund

(a)

10,937,291‌

113,310‌

Diversified

International

Fund

(a)

993,362‌

12,377‌

Diversified

Real

Asset

Fund

(a)

684,651‌

7,435‌

International

Small

Company

Fund

(a)

355,017‌

3,568‌

MidCap

Fund

(a)

400,016‌

12,461‌

SmallCap

Growth

Fund

I

(a),(b)

205,954‌

3,061‌

SmallCap

Value

Fund

II

(a)

190,829‌

1,645‌

$

173,799‌

Principal

Funds,

Inc.

Institutional

Class

-

59.54%

Bond

Market

Index

Fund

(a)

5,789,287‌

70,224‌

Equity

Income

Fund

(a)

425,960‌

12,953‌

High

Income

Fund

(a)

3,434,272‌

31,046‌

Inflation

Protection

Fund

(a)

2,193,704‌

20,423‌

LargeCap

S&P

500

Index

Fund

(a)

846,969‌

17,016‌

Overseas

Fund

(a)

1,292,726‌

10,807‌

Short-Term

Income

Fund

(a)

7,417,022‌

93,158‌

$

255,627‌

TOTAL

INVESTMENT

COMPANIES

$

429,426‌

Total

Investments

$

429,426‌

Other

Assets

and

Liabilities

-  (0.02)%

(72‌)

TOTAL

NET

ASSETS

-

100.00%

$

429,354‌

(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

5.00%

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

79.31‌%

Domestic

Equity

Funds

15.63‌%

International

Equity

Funds

3.35‌%

Specialty

Funds

1.73‌%

Other

Assets

and

Liabilities

(0.02‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

16,284‌

$

7,216‌

$

8,383‌

$

19,942‌

Bond

Market

Index

Fund

70,971‌

8,683‌

12,681‌

70,224‌

Core

Fixed

Income

Fund

110,221‌

14,324‌

17,052‌

113,310‌

Diversified

International

Fund

11,234‌

2,645‌

1,505‌

12,377‌

Diversified

Real

Asset

Fund

7,095‌

1,413‌

699‌

7,435‌

Equity

Income

Fund

13,974‌

2,152‌

2,183‌

12,953‌

High

Income

Fund

31,020‌

4,961‌

3,903‌

31,046‌

Inflation

Protection

Fund

19,721‌

2,403‌

3,164‌

20,423‌

International

Small

Company

Fund

3,611‌

797‌

474‌

3,568‌

LargeCap

S&P

500

Index

Fund

14,765‌

6,535‌

6,149‌

17,016‌

MidCap

Fund

12,324‌

1,887‌

1,982‌

12,461‌

Overseas

Fund

10,881‌

3,019‌

1,447‌

10,807‌

Short-Term

Income

Fund

90,468‌

14,781‌

13,789‌

93,158‌

SmallCap

Growth

Fund

I

2,399‌

493‌

140‌

3,061‌

SmallCap

Value

Fund

II

2,242‌

270‌

559‌

1,645‌

$

417,210‌

$

71,579‌

$

74,110‌

$

429,426‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Blue

Chip

Fund

$

132‌

$

1,803‌

$

637‌

$

3,022‌

Bond

Market

Index

Fund

1,615‌

88‌

—‌

3,163‌

Core

Fixed

Income

Fund

2,176‌

(111‌)

—‌

5,928‌

Diversified

International

Fund

262‌

(403‌)

—‌

406‌

Diversified

Real

Asset

Fund

169‌

(22‌)

—‌

(352‌)

Equity

Income

Fund

204‌

497‌

381‌

(1,487‌)

High

Income

Fund

1,425‌

(280‌)

—‌

(752‌)

Inflation

Protection

Fund

117‌

(78‌)

—‌

1,541‌

International

Small

Company

Fund

106‌

(41‌)

—‌

(325‌)

LargeCap

S&P

500

Index

Fund

307‌

813‌

273‌

1,052‌

MidCap

Fund

82‌

491‌

511‌

(259‌)

Overseas

Fund

339‌

(166‌)

—‌

(1,480‌)

Short-Term

Income

Fund

1,395‌

(11‌)

—‌

1,709‌

SmallCap

Growth

Fund

I

—‌

15‌

179‌

294‌

SmallCap

Value

Fund

II

21‌

69‌

—‌

(377‌)

$

8,350‌

$

2,664‌

$

1,981‌

$

12,083‌

Amounts

in

thousands.

Schedule

of

Investments

Real

Estate

Securities

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

207

INVESTMENT

COMPANIES

-

1.54%

Shares

Held

Value

(000's)

Money

Market

Funds

-

1.54%

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

(a),(b),(c)

73,959,802‌

$

73,960‌

TOTAL

INVESTMENT

COMPANIES

$

73,960‌

COMMON

STOCKS

-

98.63%

Shares

Held

Value

(000's)

Lodging

-

0.44%

Choice

Hotels

International

Inc

131,470‌

$

11,049‌

Hilton

Worldwide

Holdings

Inc

136,221‌

10,223‌

$

21,272‌

REITs

-

98.19%

Alexandria

Real

Estate

Equities

Inc

946,550‌

168,060‌

American

Assets

Trust

Inc

986,682‌

26,640‌

American

Campus

Communities

Inc

388,905‌

13,861‌

American

Homes

4

Rent

6,704,870‌

194,441‌

American

Tower

Corp

522,784‌

136,651‌

Apartment

Investment

and

Management

Co

2,630,543‌

102,118‌

AvalonBay

Communities

Inc

1,879,777‌

287,831‌

Boston

Properties

Inc

1,005,586‌

89,588‌

Brandywine

Realty

Trust

2,317,197‌

25,095‌

Camden

Property

Trust

817,170‌

74,207‌

CoreSite

Realty

Corp

568,900‌

73,417‌

Cousins

Properties

Inc

2,999,973‌

92,159‌

CubeSmart

2,430,134‌

72,102‌

CyrusOne

Inc

998,032‌

83,256‌

DiamondRock

Hospitality

Co

3,223,735‌

14,894‌

Digital

Realty

Trust

Inc

247,623‌

39,753‌

Equinix

Inc

636,524‌

499,977‌

Equity

LifeStyle

Properties

Inc

1,571,796‌

107,385‌

Equity

Residential

1,108,539‌

59,451‌

Essential

Properties

Realty

Trust

Inc

2,475,377‌

39,854‌

Essex

Property

Trust

Inc

700,382‌

154,602‌

Extra

Space

Storage

Inc

1,101,833‌

113,863‌

First

Industrial

Realty

Trust

Inc

1,181,208‌

51,879‌

Healthcare

Trust

of

America

Inc

5,471,546‌

151,069‌

Healthpeak

Properties

Inc

1,115,942‌

30,454‌

Invitation

Homes

Inc

9,396,141‌

280,193‌

Kilroy

Realty

Corp

1,020,087‌

59,440‌

Park

Hotels

&

Resorts

Inc

3,665,548‌

30,314‌

Prologis

Inc

5,204,648‌

548,674‌

PS

Business

Parks

Inc

82,223‌

11,343‌

Public

Storage

221,997‌

44,373‌

Regency

Centers

Corp

1,669,049‌

68,481‌

Rexford

Industrial

Realty

Inc

1,582,346‌

74,260‌

Sabra

Health

Care

REIT

Inc

3,946,300‌

58,168‌

Saul

Centers

Inc

460,406‌

14,139‌

Simon

Property

Group

Inc

675,289‌

42,104‌

STORE

Capital

Corp

5,041,913‌

119,443‌

Sun

Communities

Inc

1,098,646‌

164,720‌

Taubman

Centers

Inc

239,808‌

9,285‌

Terreno

Realty

Corp

1,850,208‌

112,419‌

Ventas

Inc

1,737,447‌

66,648‌

VICI

Properties

Inc

3,673,539‌

79,753‌

Welltower

Inc

3,931,522‌

210,572‌

Weyerhaeuser

Co

1,159,185‌

32,237‌

$

4,729,173‌

TOTAL

COMMON

STOCKS

$

4,750,445‌

Total

Investments

$

4,824,405‌

Other

Assets

and

Liabilities

-  (0.17)%

(8,207‌)

TOTAL

NET

ASSETS

-

100.00%

$

4,816,198‌

(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

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(b)

Non-income

producing

security

(c)

Current

yield

shown

is

as

of

period

end.

Portfolio

Summary  (unaudited)

Sector

Percent

Financial

98.19‌%

Money

Market

Funds

1.54‌%

Consumer,

Cyclical

0.44‌%

Other

Assets

and

Liabilities

(0.17‌)%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

Real

Estate

Securities

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

208

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

98,955‌

$

781,603‌

$

806,598‌

$

73,960‌

$

98,955‌

$

781,603‌

$

806,598‌

$

73,960‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

556‌

$

—‌

$

—‌

$

—‌

$

556‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

Schedule

of

Investments

SAM

Balanced

Portfolio

July

31,

2020

(unaudited)

See

accompanying

notes.

209

INVESTMENT

COMPANIES

-

99.43%

Shares

Held

Value

(000's)

Money

Market

Funds

-

1.95%

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

(a),(b),(c)

85,032,164‌

$

85,032‌

Principal

Exchange-Traded

Funds

-

17.55%

Principal

Active

Global

Dividend

Income

ETF

(a)

7,864,100‌

216,687‌

Principal

Active

Income

ETF

(a)

535,210‌

20,044‌

Principal

U.S.

Mega-Cap

Multi-Factor

Index

ETF

(a)

13,609,257‌

429,780‌

Principal

U.S.

Small-Cap

Multi-Factor

Index

ETF

(a)

3,542,700‌

99,908‌

$

766,419‌

Principal

Funds,

Inc.

Class

R-6

-

50.71%

Blue

Chip

Fund

(a)

13,556,589‌

427,982‌

Core

Fixed

Income

Fund

(a)

50,863,729‌

526,948‌

Diversified

International

Fund

(a)

40,213,874‌

501,065‌

Diversified

Real

Asset

Fund

(a)

9,967,387‌

108,246‌

Edge

MidCap

Fund

(a)

12,163,697‌

176,617‌

Global

Diversified

Income

Fund

(a)

1,768,421‌

21,840‌

Global

Real

Estate

Securities

Fund

(a)

14,565,937‌

131,093‌

High

Yield

Fund

(a)

11,088,824‌

77,400‌

International

Small

Company

Fund

(a)

5,411,802‌

54,389‌

Origin

Emerging

Markets

Fund

(a)

5,490,890‌

67,263‌

Spectrum

Preferred

and

Capital

Securities

Income

Fund

(a)

12,024,123‌

121,323‌

$

2,214,166‌

Principal

Funds,

Inc.

Institutional

Class

-

29.22%

Equity

Income

Fund

(a)

20,185,789‌

613,850‌

Government

&

High

Quality

Bond

Fund

(a)

24,603,321‌

261,533‌

Inflation

Protection

Fund

(a)

7,313,276‌

68,087‌

Short-Term

Income

Fund

(a)

26,438,455‌

332,067‌

$

1,275,537‌

TOTAL

INVESTMENT

COMPANIES

$

4,341,154‌

Total

Investments

$

4,341,154‌

Other

Assets

and

Liabilities

-  0.57%

25,077‌

TOTAL

NET

ASSETS

-

100.00%

$

4,366,231‌

(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

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(b)

Non-income

producing

security

(c)

Current

yield

shown

is

as

of

period

end.

Portfolio

Summary  (unaudited)

Fund

Type

Percent

Fixed

Income

Funds

43.72‌%

Domestic

Equity

Funds

40.03‌%

International

Equity

Funds

10.75‌%

Specialty

Funds

2.98‌%

Money

Market

Funds

1.95‌%

Other

Assets

and

Liabilities

0.57‌%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

SAM

Balanced

Portfolio

July

31,

2020

(unaudited)

See

accompanying

notes.

210

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

406,108‌

$

19,500‌

$

72,229‌

$

427,982‌

Core

Fixed

Income

Fund

565,998‌

34,157‌

98,461‌

526,948‌

Diversified

International

Fund

531,670‌

16,128‌

44,446‌

501,065‌

Diversified

Real

Asset

Fund

145,693‌

4,671‌

33,378‌

108,246‌

Edge

MidCap

Fund

190,950‌

9,420‌

13,454‌

176,617‌

Equity

Income

Fund

593,088‌

100,126‌

28,493‌

613,850‌

Global

Diversified

Income

Fund

—‌

21,840‌

—‌

21,840‌

Global

Real

Estate

Securities

Fund

138,105‌

23,711‌

6,716‌

131,093‌

Government

&

High

Quality

Bond

Fund

311,045‌

9,123‌

61,149‌

261,533‌

High

Yield

Fund

69,618‌

15,642‌

6,628‌

77,400‌

Inflation

Protection

Fund

70,713‌

3,655‌

11,230‌

68,087‌

International

Small

Company

Fund

67,892‌

2,597‌

9,602‌

54,389‌

Origin

Emerging

Markets

Fund

67,284‌

1,763‌

7,816‌

67,263‌

Principal

Active

Global

Dividend

Income

ETF

222,837‌

—‌

—‌

216,687‌

Principal

Active

Income

ETF

62,826‌

3,576‌

41,545‌

20,044‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

7,829‌

159,504‌

82,301‌

85,032‌

Principal

Investment

Grade

Corporate

Active

ETF

35,425‌

—‌

36,240‌

—‌

Principal

U.S.

Mega-Cap

Multi-Factor

Index

ETF

450,514‌

—‌

48,795‌

429,780‌

Principal

U.S.

Small-Cap

Multi-Factor

Index

ETF

110,709‌

—‌

—‌

99,908‌

Short-Term

Income

Fund

357,830‌

8,152‌

40,401‌

332,067‌

Spectrum

Preferred

and

Capital

Securities

Income

Fund

123,636‌

6,370‌

5,227‌

121,323‌

$

4,529,770‌

$

439,935‌

$

648,111‌

$

4,341,154‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Blue

Chip

Fund

$

3,292‌

$

10,702‌

$

15,833‌

$

63,901‌

Core

Fixed

Income

Fund

10,579‌

(21‌)

—‌

25,275‌

Diversified

International

Fund

12,379‌

(161‌)

—‌

(2,126‌)

Diversified

Real

Asset

Fund

3,467‌

(445‌)

—‌

(8,295‌)

Edge

MidCap

Fund

1,988‌

(644‌)

5,765‌

(9,655‌)

Equity

Income

Fund

8,720‌

(452‌)

16,171‌

(50,419‌)

Global

Diversified

Income

Fund

—‌

—‌

—‌

—‌

Global

Real

Estate

Securities

Fund

1,726‌

(308‌)

3,901‌

(23,699‌)

Government

&

High

Quality

Bond

Fund

5,698‌

291‌

—‌

2,223‌

High

Yield

Fund

2,915‌

(466‌)

—‌

(766‌)

Inflation

Protection

Fund

409‌

182‌

—‌

4,767‌

International

Small

Company

Fund

1,974‌

(127‌)

—‌

(6,371‌)

Origin

Emerging

Markets

Fund

1,224‌

(173‌)

—‌

6,205‌

Principal

Active

Global

Dividend

Income

ETF

3,995‌

—‌

—‌

(6,150‌)

Principal

Active

Income

ETF

2,303‌

(2,466‌)

—‌

(2,347‌)

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

92‌

—‌

—‌

—‌

Principal

Investment

Grade

Corporate

Active

ETF

1,664‌

3,733‌

292‌

(2,918‌)

Principal

U.S.

Mega-Cap

Multi-Factor

Index

ETF

6,741‌

6,869‌

—‌

21,192‌

Principal

U.S.

Small-Cap

Multi-Factor

Index

ETF

1,207‌

—‌

—‌

(10,801‌)

Short-Term

Income

Fund

5,309‌

(6‌)

—‌

6,492‌

Spectrum

Preferred

and

Capital

Securities

Income

Fund

4,468‌

(574‌)

—‌

(2,882‌)

$

80,150‌

$

15,934‌

$

41,962‌

$

3,626‌

Amounts

in

thousands.

Schedule

of

Investments

SAM

Conservative

Balanced

Portfolio

July

31,

2020

(unaudited)

See

accompanying

notes.

211

INVESTMENT

COMPANIES

-

98.23%

Shares

Held

Value

(000's)

Money

Market

Funds

-

1.75%

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

(a),(b),(c)

29,128,320‌

$

29,128‌

Principal

Exchange-Traded

Funds

-

10.76%

Principal

Active

Global

Dividend

Income

ETF

(a)

1,207,000‌

33,258‌

Principal

Active

Income

ETF

(a)

391,412‌

14,658‌

Principal

U.S.

Mega-Cap

Multi-Factor

Index

ETF

(a)

3,430,648‌

108,340‌

Principal

U.S.

Small-Cap

Multi-Factor

Index

ETF

(a)

827,700‌

23,342‌

$

179,598‌

Principal

Funds,

Inc.

Class

R-6

-

52.76%

Blue

Chip

Fund

(a)

3,786,169‌

119,530‌

Core

Fixed

Income

Fund

(a)

29,992,841‌

310,726‌

Diversified

International

Fund

(a)

10,869,425‌

135,433‌

Diversified

Real

Asset

Fund

(a)

3,438,878‌

37,346‌

Edge

MidCap

Fund

(a)

3,301,706‌

47,941‌

Global

Diversified

Income

Fund

(a)

2,920,002‌

36,062‌

Global

Real

Estate

Securities

Fund

(a)

5,187,691‌

46,689‌

High

Yield

Fund

(a)

6,499,038‌

45,363‌

International

Small

Company

Fund

(a)

1,235,329‌

12,415‌

Origin

Emerging

Markets

Fund

(a)

1,479,680‌

18,126‌

Spectrum

Preferred

and

Capital

Securities

Income

Fund

(a)

6,972,482‌

70,352‌

$

879,983‌

Principal

Funds,

Inc.

Institutional

Class

-

32.96%

Equity

Income

Fund

(a)

5,388,384‌

163,861‌

Government

&

High

Quality

Bond

Fund

(a)

14,645,409‌

155,681‌

Inflation

Protection

Fund

(a)

4,555,287‌

42,410‌

Short-Term

Income

Fund

(a)

14,955,272‌

187,838‌

$

549,790‌

TOTAL

INVESTMENT

COMPANIES

$

1,638,499‌

Total

Investments

$

1,638,499‌

Other

Assets

and

Liabilities

-  1.77%

29,449‌

TOTAL

NET

ASSETS

-

100.00%

$

1,667,948‌

(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

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(b)

Non-income

producing

security

(c)

Current

yield

shown

is

as

of

period

end.

Portfolio

Summary  (unaudited)

Fund

Type

Percent

Fixed

Income

Funds

57.70‌%

Domestic

Equity

Funds

27.76‌%

International

Equity

Funds

6.62‌%

Specialty

Funds

4.40‌%

Money

Market

Funds

1.75‌%

Other

Assets

and

Liabilities

1.77‌%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

SAM

Conservative

Balanced

Portfolio

July

31,

2020

(unaudited)

See

accompanying

notes.

212

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

108,151‌

$

6,108‌

$

15,300‌

$

119,530‌

Core

Fixed

Income

Fund

315,737‌

22,827‌

43,087‌

310,726‌

Diversified

International

Fund

140,205‌

6,288‌

10,821‌

135,433‌

Diversified

Real

Asset

Fund

49,575‌

1,915‌

11,206‌

37,346‌

Edge

MidCap

Fund

49,778‌

3,320‌

2,749‌

47,941‌

Equity

Income

Fund

151,370‌

33,564‌

8,331‌

163,861‌

Global

Diversified

Income

Fund

46,347‌

2,973‌

8,852‌

36,062‌

Global

Real

Estate

Securities

Fund

40,405‌

15,370‌

2,171‌

46,689‌

Government

&

High

Quality

Bond

Fund

179,835‌

6,400‌

32,034‌

155,681‌

High

Yield

Fund

39,478‌

9,760‌

3,225‌

45,363‌

Inflation

Protection

Fund

44,080‌

741‌

5,589‌

42,410‌

International

Small

Company

Fund

17,731‌

659‌

4,310‌

12,415‌

Origin

Emerging

Markets

Fund

17,660‌

493‌

1,674‌

18,126‌

Principal

Active

Global

Dividend

Income

ETF

34,202‌

—‌

—‌

33,258‌

Principal

Active

Income

ETF

46,182‌

2,376‌

30,384‌

14,658‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

4,221‌

49,713‌

24,806‌

29,128‌

Principal

Investment

Grade

Corporate

Active

ETF

17,606‌

—‌

18,075‌

—‌

Principal

U.S.

Mega-Cap

Multi-Factor

Index

ETF

106,540‌

—‌

4,876‌

108,340‌

Principal

U.S.

Small-Cap

Multi-Factor

Index

ETF

25,866‌

—‌

—‌

23,342‌

Short-Term

Income

Fund

196,132‌

5,791‌

17,774‌

187,838‌

Spectrum

Preferred

and

Capital

Securities

Income

Fund

71,103‌

4,637‌

3,451‌

70,352‌

$

1,702,204‌

$

172,935‌

$

248,715‌

$

1,638,499‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Blue

Chip

Fund

$

881‌

$

800‌

$

4,231‌

$

19,771‌

Core

Fixed

Income

Fund

6,074‌

(343‌)

—‌

15,592‌

Diversified

International

Fund

3,282‌

(12‌)

—‌

(227‌)

Diversified

Real

Asset

Fund

1,181‌

(133‌)

—‌

(2,805‌)

Edge

MidCap

Fund

521‌

(9‌)

1,508‌

(2,399‌)

Equity

Income

Fund

2,232‌

(3‌)

4,133‌

(12,739‌)

Global

Diversified

Income

Fund

1,715‌

(905‌)

—‌

(3,501‌)

Global

Real

Estate

Securities

Fund

507‌

(200‌)

1,143‌

(6,715‌)

Government

&

High

Quality

Bond

Fund

3,339‌

(310‌)

—‌

1,790‌

High

Yield

Fund

1,667‌

(215‌)

—‌

(435‌)

Inflation

Protection

Fund

258‌

89‌

—‌

3,089‌

International

Small

Company

Fund

518‌

(3‌)

—‌

(1,662‌)

Origin

Emerging

Markets

Fund

322‌

(38‌)

—‌

1,685‌

Principal

Active

Global

Dividend

Income

ETF

613‌

—‌

—‌

(944‌)

Principal

Active

Income

ETF

1,689‌

(1,426‌)

—‌

(2,090‌)

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

40‌

—‌

—‌

—‌

Principal

Investment

Grade

Corporate

Active

ETF

846‌

1,919‌

145‌

(1,450‌)

Principal

U.S.

Mega-Cap

Multi-Factor

Index

ETF

1,594‌

638‌

—‌

6,038‌

Principal

U.S.

Small-Cap

Multi-Factor

Index

ETF

282‌

—‌

—‌

(2,524‌)

Short-Term

Income

Fund

2,954‌

11‌

—‌

3,678‌

Spectrum

Preferred

and

Capital

Securities

Income

Fund

2,575‌

(288‌)

—‌

(1,649‌)

$

33,090‌

$

(428‌)

$

11,160‌

$

12,503‌

Amounts

in

thousands.

Schedule

of

Investments

SAM

Conservative

Growth

Portfolio

July

31,

2020

(unaudited)

See

accompanying

notes.

213

INVESTMENT

COMPANIES

-

100.06%

Shares

Held

Value

(000's)

Money

Market

Funds

-

2.69%

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

(a),(b),(c)

77,934,511‌

$

77,935‌

Principal

Exchange-Traded

Funds

-

20.14%

Principal

Active

Global

Dividend

Income

ETF

(a)

3,580,000‌

98,643‌

Principal

Active

Income

ETF

(a)

359,266‌

13,454‌

Principal

U.S.

Mega-Cap

Multi-Factor

Index

ETF

(a)

11,991,445‌

378,690‌

Principal

U.S.

Small-Cap

Multi-Factor

Index

ETF

(a)

3,294,800‌

92,917‌

$

583,704‌

Principal

Funds,

Inc.

Class

R-6

-

52.10%

Blue

Chip

Fund

(a)

12,515,318‌

395,109‌

Core

Fixed

Income

Fund

(a)

13,479,426‌

139,647‌

Diversified

International

Fund

(a)

39,389,972‌

490,799‌

Diversified

Real

Asset

Fund

(a)

7,401,695‌

80,382‌

Edge

MidCap

Fund

(a)

11,666,923‌

169,404‌

Global

Real

Estate

Securities

Fund

(a)

9,693,163‌

87,238‌

International

Small

Company

Fund

(a)

5,017,965‌

50,431‌

Origin

Emerging

Markets

Fund

(a)

4,643,455‌

56,882‌

Spectrum

Preferred

and

Capital

Securities

Income

Fund

(a)

3,928,996‌

39,644‌

$

1,509,536‌

Principal

Funds,

Inc.

Institutional

Class

-

25.13%

Equity

Income

Fund

(a)

17,220,038‌

523,661‌

Government

&

High

Quality

Bond

Fund

(a)

7,407,276‌

78,739‌

Short-Term

Income

Fund

(a)

10,008,411‌

125,706‌

$

728,106‌

TOTAL

INVESTMENT

COMPANIES

$

2,899,281‌

Total

Investments

$

2,899,281‌

Other

Assets

and

Liabilities

-  (0.06)%

(1,765‌)

TOTAL

NET

ASSETS

-

100.00%

$

2,897,516‌

(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

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(b)

Non-income

producing

security

(c)

Current

yield

shown

is

as

of

period

end.

Portfolio

Summary  (unaudited)

Fund

Type

Percent

Domestic

Equity

Funds

53.84‌%

Fixed

Income

Funds

30.65‌%

International

Equity

Funds

10.11‌%

Specialty

Funds

2.77‌%

Money

Market

Funds

2.69‌%

Other

Assets

and

Liabilities

(0.06‌)%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

SAM

Conservative

Growth

Portfolio

July

31,

2020

(unaudited)

See

accompanying

notes.

214

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

375,472‌

$

18,096‌

$

65,245‌

$

395,109‌

Core

Fixed

Income

Fund

150,120‌

14,914‌

31,553‌

139,647‌

Diversified

International

Fund

522,917‌

13,629‌

43,079‌

490,799‌

Diversified

Real

Asset

Fund

108,274‌

2,861‌

24,120‌

80,382‌

Edge

MidCap

Fund

183,785‌

8,072‌

12,478‌

169,404‌

Equity

Income

Fund

525,258‌

73,867‌

30,021‌

523,661‌

Global

Real

Estate

Securities

Fund

106,781‌

6,155‌

6,639‌

87,238‌

Government

&

High

Quality

Bond

Fund

94,691‌

2,642‌

19,363‌

78,739‌

International

Small

Company

Fund

58,855‌

1,939‌

4,629‌

50,431‌

Origin

Emerging

Markets

Fund

61,517‌

1,174‌

10,738‌

56,882‌

Principal

Active

Global

Dividend

Income

ETF

101,443‌

—‌

—‌

98,643‌

Principal

Active

Income

ETF

40,782‌

3,809‌

27,889‌

13,454‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

7,808‌

108,765‌

38,638‌

77,935‌

Principal

Investment

Grade

Corporate

Active

ETF

15,564‌

—‌

15,889‌

—‌

Principal

U.S.

Mega-Cap

Multi-Factor

Index

ETF

395,274‌

—‌

36,044‌

378,690‌

Principal

U.S.

Small-Cap

Multi-Factor

Index

ETF

102,963‌

—‌

—‌

92,917‌

Short-Term

Income

Fund

137,658‌

2,781‌

17,241‌

125,706‌

Spectrum

Preferred

and

Capital

Securities

Income

Fund

47,789‌

1,652‌

8,413‌

39,644‌

$

3,036,951‌

$

260,356‌

$

391,979‌

$

2,899,281‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Blue

Chip

Fund

$

3,041‌

$

8,151‌

$

14,633‌

$

58,635‌

Core

Fixed

Income

Fund

2,769‌

(51‌)

—‌

6,217‌

Diversified

International

Fund

12,172‌

(1,007‌)

—‌

(1,661‌)

Diversified

Real

Asset

Fund

2,586‌

(644‌)

—‌

(5,989‌)

Edge

MidCap

Fund

1,914‌

(358‌)

5,549‌

(9,617‌)

Equity

Income

Fund

7,677‌

(866‌)

14,272‌

(44,577‌)

Global

Real

Estate

Securities

Fund

1,334‌

(690‌)

3,022‌

(18,369‌)

Government

&

High

Quality

Bond

Fund

1,753‌

145‌

—‌

624‌

International

Small

Company

Fund

1,715‌

(33‌)

—‌

(5,701‌)

Origin

Emerging

Markets

Fund

1,115‌

1,378‌

—‌

3,551‌

Principal

Active

Global

Dividend

Income

ETF

1,819‌

—‌

—‌

(2,800‌)

Principal

Active

Income

ETF

1,523‌

(1,756‌)

—‌

(1,492‌)

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

73‌

—‌

—‌

—‌

Principal

Investment

Grade

Corporate

Active

ETF

721‌

1,609‌

128‌

(1,284‌)

Principal

U.S.

Mega-Cap

Multi-Factor

Index

ETF

5,743‌

1,116‌

—‌

18,344‌

Principal

U.S.

Small-Cap

Multi-Factor

Index

ETF

1,123‌

—‌

—‌

(10,046‌)

Short-Term

Income

Fund

2,047‌

112‌

—‌

2,396‌

Spectrum

Preferred

and

Capital

Securities

Income

Fund

1,567‌

(264‌)

—‌

(1,120‌)

$

50,692‌

$

6,842‌

$

37,604‌

$

(12,889‌)

Amounts

in

thousands.

Schedule

of

Investments

SAM

Flexible

Income

Portfolio

July

31,

2020

(unaudited)

See

accompanying

notes.

215

INVESTMENT

COMPANIES

-

102.47%

Shares

Held

Value

(000's)

Money

Market

Funds

-

4.89%

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

(a),(b),(c)

131,927,993‌

$

131,928‌

Principal

Exchange-Traded

Funds

-

18.19%

Principal

Active

Global

Dividend

Income

ETF

(a)

4,307,100‌

118,678‌

Principal

Active

Income

ETF

(a)

4,689,042‌

175,603‌

Principal

Investment

Grade

Corporate

Active

ETF

(a)

3,703,702‌

102,156‌

Principal

U.S.

Mega-Cap

Multi-Factor

Index

ETF

(a)

2,980,095‌

94,111‌

$

490,548‌

Principal

Funds,

Inc.

Class

R-6

-

39.61%

Blue

Chip

Fund

(a)

1,647,163‌

52,001‌

Core

Fixed

Income

Fund

(a)

54,386,924‌

563,449‌

Edge

MidCap

Fund

(a)

2,936,728‌

42,641‌

Global

Diversified

Income

Fund

(a)

5,250,571‌

64,845‌

Global

Real

Estate

Securities

Fund

(a)

8,977,613‌

80,798‌

High

Yield

Fund

(a)

16,847,466‌

117,595‌

Spectrum

Preferred

and

Capital

Securities

Income

Fund

(a)

14,534,122‌

146,649‌

$

1,067,978‌

Principal

Funds,

Inc.

Institutional

Class

-

39.78%

Equity

Income

Fund

(a)

6,090,848‌

185,223‌

Government

&

High

Quality

Bond

Fund

(a)

36,650,258‌

389,592‌

Inflation

Protection

Fund

(a)

17,083,995‌

159,052‌

Short-Term

Income

Fund

(a)

26,958,435‌

338,598‌

$

1,072,465‌

TOTAL

INVESTMENT

COMPANIES

$

2,762,919‌

Total

Investments

$

2,762,919‌

Other

Assets

and

Liabilities

-  (2.47)%

(66,575‌)

TOTAL

NET

ASSETS

-

100.00%

$

2,696,344‌

(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

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(b)

Non-income

producing

security

(c)

Current

yield

shown

is

as

of

period

end.

Portfolio

Summary  (unaudited)

Fund

Type

Percent

Fixed

Income

Funds

73.91‌%

Domestic

Equity

Funds

13.87‌%

International

Equity

Funds

7.40‌%

Money

Market

Funds

4.89‌%

Specialty

Funds

2.40‌%

Other

Assets

and

Liabilities

(2.47‌)%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

SAM

Flexible

Income

Portfolio

July

31,

2020

(unaudited)

See

accompanying

notes.

216

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

46,364‌

$

4,122‌

$

7,518‌

$

52,001‌

Core

Fixed

Income

Fund

662,002‌

38,467‌

169,783‌

563,449‌

Edge

MidCap

Fund

41,613‌

4,551‌

1,495‌

42,641‌

Equity

Income

Fund

187,990‌

21,119‌

7,950‌

185,223‌

Global

Diversified

Income

Fund

133,754‌

11,166‌

67,368‌

64,845‌

Global

Real

Estate

Securities

Fund

103,279‌

9,508‌

13,818‌

80,798‌

Government

&

High

Quality

Bond

Fund

338,748‌

72,702‌

24,732‌

389,592‌

High

Yield

Fund

118,071‌

9,114‌

7,562‌

117,595‌

Inflation

Protection

Fund

171,714‌

4,905‌

29,457‌

159,052‌

Principal

Active

Global

Dividend

Income

ETF

206,205‌

—‌

81,909‌

118,678‌

Principal

Active

Income

ETF

71,724‌

109,030‌

—‌

175,603‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

4,990‌

227,720‌

100,782‌

131,928‌

Principal

Investment

Grade

Corporate

Active

ETF

41,326‌

61,485‌

1,597‌

102,156‌

Principal

U.S.

Mega-Cap

Multi-Factor

Index

ETF

92,879‌

—‌

4,586‌

94,111‌

Short-Term

Income

Fund

341,851‌

17,162‌

26,926‌

338,598‌

Spectrum

Preferred

and

Capital

Securities

Income

Fund

141,989‌

12,700‌

4,523‌

146,649‌

$

2,704,499‌

$

603,751‌

$

550,006‌

$

2,762,919‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Blue

Chip

Fund

$

379‌

$

388‌

$

1,814‌

$

8,645‌

Core

Fixed

Income

Fund

12,933‌

4,735‌

—‌

28,028‌

Edge

MidCap

Fund

438‌

(6‌)

1,270‌

(2,022‌)

Equity

Income

Fund

2,861‌

(404‌)

5,170‌

(15,532‌)

Global

Diversified

Income

Fund

5,068‌

(6,551‌)

—‌

(6,156‌)

Global

Real

Estate

Securities

Fund

1,272‌

(512‌)

2,901‌

(17,659‌)

Government

&

High

Quality

Bond

Fund

6,480‌

(773‌)

—‌

3,647‌

High

Yield

Fund

5,114‌

(541‌)

—‌

(1,487‌)

Inflation

Protection

Fund

1,004‌

331‌

—‌

11,559‌

Principal

Active

Global

Dividend

Income

ETF

3,697‌

(1,932‌)

—‌

(3,686‌)

Principal

Active

Income

ETF

2,613‌

—‌

—‌

(5,151‌)

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

60‌

—‌

—‌

—‌

Principal

Investment

Grade

Corporate

Active

ETF

2,013‌

120‌

340‌

822‌

Principal

U.S.

Mega-Cap

Multi-Factor

Index

ETF

1,390‌

760‌

—‌

5,058‌

Short-Term

Income

Fund

5,232‌

(194‌)

—‌

6,705‌

Spectrum

Preferred

and

Capital

Securities

Income

Fund

5,254‌

(141‌)

—‌

(3,376‌)

$

55,808‌

$

(4,720‌)

$

11,495‌

$

9,395‌

Amounts

in

thousands.

Schedule

of

Investments

SAM

Strategic

Growth

Portfolio

July

31,

2020

(unaudited)

See

accompanying

notes.

217

INVESTMENT

COMPANIES

-

100.07%

Shares

Held

Value

(000's)

Money

Market

Funds

-

1.60%

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

(a),(b),(c)

29,202,408‌

$

29,202‌

Principal

Exchange-Traded

Funds

-

18.89%

Principal

Active

Global

Dividend

Income

ETF

(a)

2,287,000‌

63,016‌

Principal

U.S.

Mega-Cap

Multi-Factor

Index

ETF

(a)

6,647,800‌

209,937‌

Principal

U.S.

Small-Cap

Multi-Factor

Index

ETF

(a)

2,534,500‌

71,476‌

$

344,429‌

Principal

Funds,

Inc.

Class

R-6

-

59.58%

Blue

Chip

Fund

(a)

9,391,421‌

296,487‌

Diversified

International

Fund

(a)

29,891,959‌

372,454‌

Edge

MidCap

Fund

(a)

8,086,677‌

117,419‌

Global

Real

Estate

Securities

Fund

(a)

7,138,327‌

64,245‌

International

Small

Company

Fund

(a)

3,619,357‌

36,375‌

LargeCap

Growth

Fund

I

(a)

5,205,626‌

99,167‌

Origin

Emerging

Markets

Fund

(a)

8,181,078‌

100,218‌

$

1,086,365‌

Principal

Funds,

Inc.

Institutional

Class

-

20.00%

Equity

Income

Fund

(a)

10,699,300‌

325,366‌

LargeCap

Value

Fund

III

(a)

2,636,238‌

39,280‌

$

364,646‌

TOTAL

INVESTMENT

COMPANIES

$

1,824,642‌

Total

Investments

$

1,824,642‌

Other

Assets

and

Liabilities

-  (0.07)%

(1,216‌)

TOTAL

NET

ASSETS

-

100.00%

$

1,823,426‌

(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

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(b)

Non-income

producing

security

(c)

Current

yield

shown

is

as

of

period

end.

Portfolio

Summary  (unaudited)

Fund

Type

Percent

Domestic

Equity

Funds

63.57‌%

Fixed

Income

Funds

20.43‌%

International

Equity

Funds

14.47‌%

Money

Market

Funds

1.60‌%

Other

Assets

and

Liabilities

(0.07‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

285,159‌

$

14,233‌

$

52,120‌

$

296,487‌

Diversified

International

Fund

403,207‌

12,865‌

41,694‌

372,454‌

Edge

MidCap

Fund

124,535‌

6,687‌

7,218‌

117,419‌

Equity

Income

Fund

352,436‌

20,082‌

16,482‌

325,366‌

Global

Real

Estate

Securities

Fund

99,188‌

6,003‌

23,171‌

64,245‌

International

Small

Company

Fund

47,362‌

2,229‌

8,747‌

36,375‌

LargeCap

Growth

Fund

I

92,613‌

8,038‌

16,768‌

99,167‌

LargeCap

Value

Fund

III

45,138‌

3,621‌

3,015‌

39,280‌

Origin

Emerging

Markets

Fund

100,810‌

2,464‌

12,141‌

100,218‌

Principal

Active

Global

Dividend

Income

ETF

109,292‌

—‌

43,298‌

63,016‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

6,346‌

88,002‌

65,146‌

29,202‌

Principal

U.S.

Mega-Cap

Multi-Factor

Index

ETF

134,670‌

77,376‌

7,972‌

209,937‌

Principal

U.S.

Small-Cap

Multi-Factor

Index

ETF

79,203‌

—‌

—‌

71,476‌

$

1,879,959‌

$

241,600‌

$

297,772‌

$

1,824,642‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Blue

Chip

Fund

$

2,321‌

$

2,117‌

$

11,164‌

$

47,098‌

Diversified

International

Fund

9,429‌

(970‌)

—‌

(954‌)

Edge

MidCap

Fund

1,304‌

(425‌)

3,777‌

(6,160‌)

Equity

Income

Fund

5,230‌

(1,534‌)

9,664‌

(29,136‌)

Global

Real

Estate

Securities

Fund

1,248‌

(1,299‌)

2,814‌

(16,476‌)

International

Small

Company

Fund

1,345‌

(306‌)

—‌

(4,163‌)

LargeCap

Growth

Fund

I

250‌

170‌

7,119‌

15,114‌

LargeCap

Value

Fund

III

1,045‌

(361‌)

1,856‌

(6,103‌)

Origin

Emerging

Markets

Fund

1,828‌

93‌

—‌

8,992‌

Principal

Active

Global

Dividend

Income

ETF

1,960‌

2,372‌

—‌

(5,350‌)

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

52‌

—‌

—‌

—‌

Principal

U.S.

Mega-Cap

Multi-Factor

Index

ETF

1,916‌

(1,053‌)

—‌

6,916‌

Principal

U.S.

Small-Cap

Multi-Factor

Index

ETF

864‌

—‌

—‌

(7,727‌)

$

28,792‌

$

(1,196‌)

$

36,394‌

$

2,051‌

Amounts

in

thousands.

Schedule

of

Investments

Short-Term

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

218

INVESTMENT

COMPANIES

-

0.68%

Shares

Held

Value

(000's)

Money

Market

Funds

-

0.68%

BlackRock

Liquidity

FedFund

-

Institutional

Class

0.06%

(a),(b)

587,801‌

$

588‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

(a),(b),(c),(d)

37,652,414‌

37,652‌

$

38,240‌

TOTAL

INVESTMENT

COMPANIES

$

38,240‌

BONDS

-

88.23%

Principal

Amount

(000's)

Value

(000's)

Aerospace

&

Defense

-

0.51%

General

Dynamics

Corp

3.00%,

05/11/2021

$

9,750‌

$

9,952‌

3.25%,

04/01/2025

5,400‌

6,035‌

Northrop

Grumman

Corp

2.08%,

10/15/2020

4,850‌

4,867‌

Raytheon

Technologies

Corp

3.20%,

03/15/2024

(e)

6,750‌

7,321‌

$

28,175‌

Agriculture

-

0.18%

Cargill

Inc

1.38%,

07/23/2023

(e)

9,800‌

10,026‌

Airlines

-

0.27%

Alaska

Airlines

2020-1

Class

A

Pass

Through

Trust

4.80%,

02/15/2029

(e)

7,800‌

8,082‌

American

Airlines

2013-2

Class

A

Pass

Through

Trust

4.95%,

07/15/2024

8,791‌

7,132‌

$

15,214‌

Automobile

Asset

Backed

Securities

-

6.02%

AmeriCredit

Automobile

Receivables

2015-4

3.72%,

12/08/2021

4,467‌

4,470‌

Americredit

Automobile

Receivables

Trust

2018-1

3.07%,

12/19/2022

5,158‌

5,204‌

Americredit

Automobile

Receivables

Trust

2018-2

3.15%,

03/20/2023

5,489‌

5,560‌

Americredit

Automobile

Receivables

Trust

2019-1

2.93%,

06/20/2022

2,513‌

2,522‌

2.97%,

11/20/2023

7,300‌

7,456‌

Americredit

Automobile

Receivables

Trust

2019-2

2.28%,

01/18/2024

14,600‌

14,901‌

2.43%,

09/19/2022

4,677‌

4,700‌

AmeriCredit

Automobile

Receivables

Trust

2019-3

2.17%,

01/18/2023

7,311‌

7,363‌

AmeriCredit

Automobile

Receivables

Trust

2020-1

1.10%,

03/20/2023

8,900‌

8,936‌

AmeriCredit

Automobile

Receivables

Trust

2020-2

0.60%,

12/18/2023

13,500‌

13,511‌

Bank

of

The

West

Auto

Trust

2019-1

2.40%,

10/17/2022

(e)

3,808‌

3,832‌

Capital

Auto

Receivables

Asset

Trust

2018-2

3.27%,

06/20/2023

(e)

6,455‌

6,499‌

CPS

Auto

Receivables

Trust

2019-A

3.18%,

06/15/2022

(e)

806‌

808‌

CPS

Auto

Receivables

Trust

2019-B

2.89%,

05/16/2022

(e)

1,444‌

1,448‌

CPS

Auto

Receivables

Trust

2019-C

2.55%,

09/15/2022

(e)

3,543‌

3,558‌

CPS

Auto

Receivables

Trust

2019-D

2.17%,

12/15/2022

(e)

5,587‌

5,620‌

CPS

Auto

Receivables

Trust

2020-A

2.09%,

05/15/2023

(e)

8,272‌

8,341‌

CPS

Auto

Receivables

Trust

2020-B

1.15%,

07/17/2023

(e)

6,780‌

6,801‌

Ford

Credit

Auto

Owner

Trust

2016-REV2

2.03%,

12/15/2027

(e)

14,000‌

14,171‌

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

(e)

$

11,500‌

$

11,851‌

Ford

Credit

Auto

Owner

Trust

2018-REV2

3.47%,

01/15/2030

(e)

14,600‌

15,571‌

Ford

Credit

Auto

Owner

Trust

2019-REV1

3.52%,

07/15/2030

(e)

11,700‌

12,642‌

Ford

Credit

Auto

Owner

Trust

2020-REV1

2.04%,

08/15/2031

(e)

13,000‌

13,457‌

OneMain

Direct

Auto

Receivables

Trust

2018-1

3.43%,

12/16/2024

(e)

16,000‌

16,191‌

OneMain

Direct

Auto

Receivables

Trust

2019-1

3.63%,

09/14/2027

(e)

16,750‌

18,049‌

Santander

Drive

Auto

Receivables

Trust

2019-2

2.63%,

07/15/2022

247‌

247‌

Santander

Drive

Auto

Receivables

Trust

2019-3

2.28%,

02/15/2022

3,577‌

3,581‌

Santander

Drive

Auto

Receivables

Trust

2020-2

0.62%,

05/15/2023

12,000‌

12,006‌

TCF

Auto

Receivables

Owner

Trust

2016-PT1

1.93%,

06/15/2022

(e)

1,152‌

1,154‌

Toyota

Auto

Loan

Extended

Note

Trust

2019-1

2.56%,

11/25/2031

(e)

17,000‌

18,161‌

Toyota

Auto

Loan

Extended

Note

Trust

2020-1

1.35%,

05/25/2033

(e)

6,100‌

6,262‌

Westlake

Automobile

Receivables

Trust

2018-2

3.20%,

01/16/2024

(e)

331‌

331‌

Westlake

Automobile

Receivables

Trust

2018-3

3.32%,

10/16/2023

(e)

10,687‌

10,737‌

Westlake

Automobile

Receivables

Trust

2019-1

3.06%,

05/16/2022

(e)

3,024‌

3,038‌

3.26%,

10/17/2022

(e)

13,150‌

13,342‌

Westlake

Automobile

Receivables

Trust

2019-2

2.57%,

02/15/2023

(e)

6,552‌

6,605‌

2.62%,

07/15/2024

(e)

8,800‌

8,925‌

Westlake

Automobile

Receivables

Trust

2019-3

2.15%,

02/15/2023

(e)

12,162‌

12,262‌

Westlake

Automobile

Receivables

Trust

2020-2

0.93%,

02/15/2024

(e)

11,000‌

11,053‌

World

Omni

Select

Auto

Trust

2019-A

2.06%,

08/15/2023

14,133‌

14,247‌

$

335,413‌

Automobile

Floor

Plan

Asset

Backed

Securities

-

1.40%

Ally

Master

Owner

Trust

2.70%,

01/17/2023

14,250‌

14,373‌

3.29%,

05/15/2023

19,500‌

19,892‌

Ford

Credit

Floorplan

Master

Owner

Trust

A

0.57%,

10/15/2023

8,750‌

8,728‌

1.00

x

1

Month

USD

LIBOR

+

0.40%

Navistar

Financial

Dealer

Note

Master

Owner

Trust

II

0.80%,

09/25/2023

(e)

11,500‌

11,496‌

1.00

x

1

Month

USD

LIBOR

+

0.63%

Volvo

Financial

Equipment

Master

Owner

Trust

0.67%,

11/15/2022

(e)

8,750‌

8,757‌

1.00

x

1

Month

USD

LIBOR

+

0.50%

0.69%,

07/17/2023

(e)

14,600‌

14,554‌

1.00

x

1

Month

USD

LIBOR

+

0.52%

$

77,800‌

Automobile

Manufacturers

-

0.62%

Ford

Motor

Credit

Co

LLC

1.58%,

03/28/2022

5,000‌

4,800‌

3

Month

USD

LIBOR

+

1.27%

General

Motors

Financial

Co

Inc

1.12%,

04/09/2021

9,700‌

9,678‌

3

Month

USD

LIBOR

+

0.85%

PACCAR

Financial

Corp

3.10%,

05/10/2021

9,750‌

9,962‌

Schedule

of

Investments

Short-Term

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

219

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Automobile

Manufacturers

(continued)

Toyota

Motor

Credit

Corp

2.60%,

01/11/2022

$

9,600‌

$

9,910‌

$

34,350‌

Banks

-

18.49%

Bank

of

America

Corp

1.32%,

06/19/2026

(f)

19,400‌

19,636‌

United

States

Secured

Overnight

Financing

Rate

+

1.15%

1.43%,

01/20/2023

28,400‌

28,689‌

3

Month

USD

LIBOR

+

1.16%

2.50%,

10/21/2022

12,000‌

12,306‌

2.63%,

10/19/2020

15,750‌

15,828‌

3.00%,

12/20/2023

(f)

10,347‌

10,904‌

3

Month

USD

LIBOR

+

0.79%

4.20%,

08/26/2024

24,500‌

27,458‌

Bank

of

New

York

Mellon

Corp/The

1.32%,

10/30/2023

24,500‌

24,854‌

3

Month

USD

LIBOR

+

1.05%

2.10%,

10/24/2024

9,750‌

10,360‌

2.50%,

04/15/2021

5,700‌

5,781‌

BNP

Paribas

SA

3.50%,

03/01/2023

(e)

9,750‌

10,390‌

Capital

One

NA

1.42%,

01/30/2023

14,400‌

14,463‌

3

Month

USD

LIBOR

+

1.15%

Citigroup

Inc

1.20%,

04/25/2022

19,800‌

19,998‌

3

Month

USD

LIBOR

+

0.96%

1.78%,

09/01/2023

10,000‌

10,156‌

3

Month

USD

LIBOR

+

1.43%

2.70%,

03/30/2021

28,900‌

29,348‌

3.50%,

05/15/2023

9,750‌

10,454‌

4.00%,

08/05/2024

10,750‌

11,870‌

4.04%,

06/01/2024

(f)

4,750‌

5,168‌

3

Month

USD

LIBOR

+

1.02%

Credit

Suisse

AG/New

York

NY

2.10%,

11/12/2021

9,750‌

9,967‌

Credit

Suisse

Group

AG

2.59%,

09/11/2025

(e),(f)

5,000‌

5,242‌

United

States

Secured

Overnight

Financing

Rate

+

1.56%

4.21%,

06/12/2024

(e),(f)

17,900‌

19,427‌

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

13,892‌

3.65%,

01/25/2024

9,800‌

10,744‌

4.30%,

01/16/2024

15,700‌

17,359‌

Fifth

Third

Bank

NA

2.25%,

06/14/2021

7,700‌

7,816‌

First

Republic

Bank/CA

1.91%,

02/12/2024

(f)

11,000‌

11,321‌

United

States

Secured

Overnight

Financing

Rate

+

0.62%

Goldman

Sachs

Group

Inc/The

1.35%,

04/26/2022

10,450‌

10,502‌

3

Month

USD

LIBOR

+

1.11%

2.13%,

02/25/2021

9,600‌

9,690‌

3

Month

USD

LIBOR

+

1.77%

3.00%,

04/26/2022

24,050‌

24,489‌

3.20%,

02/23/2023

10,000‌

10,638‌

HSBC

Holdings

PLC

2.63%,

11/07/2025

(f)

9,300‌

9,732‌

3

Month

USD

LIBOR

+

1.14%

3.95%,

05/18/2024

(f)

9,750‌

10,513‌

3

Month

USD

LIBOR

+

0.99%

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Huntington

Bancshares

Inc/OH

2.63%,

08/06/2024

$

9,800‌

$

10,479‌

ING

Groep

NV

3.15%,

03/29/2022

6,800‌

7,079‌

JPMorgan

Chase

&

Co

1.14%,

04/25/2023

38,500‌

38,806‌

3

Month

USD

LIBOR

+

0.90%

1.49%,

10/24/2023

15,000‌

15,231‌

3

Month

USD

LIBOR

+

1.23%

1.51%,

06/01/2024

(f)

14,700‌

15,054‌

United

States

Secured

Overnight

Financing

Rate

+

1.46%

2.30%,

08/15/2021

9,500‌

9,505‌

3.88%,

09/10/2024

5,249‌

5,876‌

4.25%,

10/15/2020

22,250‌

22,426‌

KeyBank

NA/Cleveland

OH

1.25%,

03/10/2023

13,200‌

13,465‌

2.40%,

06/09/2022

9,600‌

9,937‌

3.30%,

02/01/2022

4,750‌

4,955‌

KeyCorp

5.10%,

03/24/2021

21,000‌

21,641‌

Morgan

Stanley

0.80%,

01/20/2023

9,800‌

9,817‌

United

States

Secured

Overnight

Financing

Rate

+

0.70%

1.66%,

10/24/2023

38,600‌

39,208‌

3

Month

USD

LIBOR

+

1.40%

1.67%,

04/21/2021

20,700‌

20,869‌

3

Month

USD

LIBOR

+

1.40%

4.10%,

05/22/2023

10,200‌

11,091‌

MUFG

Union

Bank

NA

2.10%,

12/09/2022

14,750‌

15,273‌

Natwest

Group

PLC

4.27%,

03/22/2025

(f)

9,750‌

10,737‌

3

Month

USD

LIBOR

+

1.76%

PNC

Bank

NA

0.74%,

07/27/2022

9,600‌

9,663‌

3

Month

USD

LIBOR

+

0.50%

2.70%,

11/01/2022

10,965‌

11,490‌

PNC

Financial

Services

Group

Inc/The

3.90%,

04/29/2024

9,850‌

10,987‌

Societe

Generale

SA

2.63%,

01/22/2025

(e)

9,700‌

10,028‌

State

Street

Corp

2.35%,

11/01/2025

(f)

9,800‌

10,510‌

United

States

Secured

Overnight

Financing

Rate

+

0.94%

3.10%,

05/15/2023

24,100‌

25,868‌

Truist

Bank

1.15%,

08/02/2022

9,750‌

9,791‌

3

Month

USD

LIBOR

+

0.59%

2.45%,

08/01/2022

15,500‌

16,086‌

2.63%,

01/15/2022

14,400‌

14,852‌

Truist

Financial

Corp

2.05%,

05/10/2021

9,500‌

9,617‌

2.70%,

01/27/2022

3,832‌

3,955‌

2.90%,

03/03/2021

12,500‌

12,664‌

UBS

AG/London

1.75%,

04/21/2022

(e)

11,750‌

11,996‌

UBS

Group

AG

1.01%,

07/30/2024

(e),(f)

7,000‌

7,035‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.83%

3.49%,

05/23/2023

(e)

11,450‌

11,998‌

US

Bancorp

0.90%,

01/24/2022

(g)

5,751‌

5,789‌

3

Month

USD

LIBOR

+

0.64%

3.60%,

09/11/2024

14,400‌

16,095‌

Schedule

of

Investments

Short-Term

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

220

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

US

Bank

NA/Cincinnati

OH

1.95%,

01/09/2023

$

14,750‌

$

15,318‌

2.05%,

10/23/2020

9,700‌

9,725‌

2.65%,

05/23/2022

10,000‌

10,402‌

Wells

Fargo

&

Co

1.65%,

06/02/2024

(f)

19,600‌

19,979‌

United

States

Secured

Overnight

Financing

Rate

+

1.60%

2.16%,

02/11/2026

(f)

9,800‌

10,217‌

3

Month

USD

LIBOR

+

0.75%

2.19%,

04/30/2026

(f)

14,600‌

15,254‌

United

States

Secured

Overnight

Financing

Rate

+

2.00%

2.41%,

10/30/2025

(f)

10,000‌

10,523‌

3

Month

USD

LIBOR

+

0.83%

3.07%,

01/24/2023

19,000‌

19,670‌

$

1,030,663‌

Beverages

-

1.19%

Anheuser-Busch

InBev

Finance

Inc

3.65%,

02/01/2026

8,700‌

9,878‌

Anheuser-Busch

InBev

Worldwide

Inc

4.15%,

01/23/2025

19,250‌

21,967‌

Diageo

Capital

PLC

1.38%,

09/29/2025

7,800‌

8,065‌

Keurig

Dr

Pepper

Inc

3.55%,

05/25/2021

16,250‌

16,657‌

PepsiCo

Inc

2.15%,

10/14/2020

9,500‌

9,520‌

$

66,087‌

Biotechnology

-

0.65%

Amgen

Inc

2.20%,

02/21/2027

14,750‌

15,742‌

2.65%,

05/11/2022

9,600‌

9,969‌

Biogen

Inc

3.63%,

09/15/2022

8,000‌

8,529‌

4.05%,

09/15/2025

1,500‌

1,735‌

$

35,975‌

Building

Materials

-

0.30%

Martin

Marietta

Materials

Inc

4.25%,

07/02/2024

15,415‌

16,941‌

Chemicals

-

0.95%

Air

Liquide

Finance

SA

1.75%,

09/27/2021

(e)

6,750‌

6,845‌

Celanese

US

Holdings

LLC

3.50%,

05/08/2024

9,800‌

10,448‌

Chevron

Phillips

Chemical

Co

LLC

/

Chevron

Phillips

Chemical

Co

LP

3.30%,

05/01/2023

(e)

7,300‌

7,720‌

DuPont

de

Nemours

Inc

4.21%,

11/15/2023

10,475‌

11,567‌

International

Flavors

&

Fragrances

Inc

3.40%,

09/25/2020

4,900‌

4,916‌

Westlake

Chemical

Corp

3.60%,

07/15/2022

9,272‌

9,641‌

3.60%,

08/15/2026

1,925‌

2,106‌

$

53,243‌

Commercial

Mortgage

Backed

Securities

-

2.81%

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

0.53%,

01/25/2025

9,800‌

9,817‌

0.80%,

02/25/2030

29,500‌

29,598‌

0.81%,

10/25/2029

(h),(i)

39,000‌

38,998‌

0.83%,

10/25/2029

19,600‌

19,651‌

1.02%,

09/25/2029

35,574‌

35,936‌

Ginnie

Mae

0.42%,

09/16/2055

(j),(k)

17,214‌

403‌

0.57%,

10/16/2054

(j),(k)

37,550‌

837‌

0.58%,

01/16/2054

(j),(k)

35,331‌

812‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Commercial

Mortgage

Backed

Securities

(continued)

Ginnie

Mae  

(continued)

0.69%,

02/16/2048

(j),(k)

$

20,869‌

$

509‌

0.72%,

02/16/2055

(j),(k)

57,490‌

960‌

0.79%,

01/16/2055

(j),(k)

79,040‌

2,266‌

0.91%,

06/16/2045

(j),(k)

34,990‌

1,473‌

1.07%,

08/16/2042

(j),(k)

21,436‌

625‌

1.22%,

10/16/2051

(j),(k)

2,705‌

157‌

1.23%,

02/16/2046

(j),(k)

41,558‌

1,963‌

1.26%,

12/16/2036

(j),(k)

14,115‌

393‌

GS

Mortgage

Securities

Trust

2017-GS6

1.95%,

05/10/2050

7,536‌

7,583‌

JPMDB

Commercial

Mortgage

Securities

Trust

2016-C4

1.54%,

12/15/2049

4,410‌

4,417‌

$

156,398‌

Commercial

Services

-

0.27%

PayPal

Holdings

Inc

1.35%,

06/01/2023

14,600‌

14,962‌

Computers

-

0.90%

Apple

Inc

0.75%,

05/11/2023

9,800‌

9,911‌

1.13%,

05/11/2025

13,000‌

13,359‌

Dell

International

LLC

/

EMC

Corp

5.45%,

06/15/2023

(e)

9,800‌

10,798‌

Hewlett

Packard

Enterprise

Co

4.45%,

10/02/2023

14,700‌

16,136‌

$

50,204‌

Consumer

Products

-

0.17%

Reckitt

Benckiser

Treasury

Services

PLC

0.86%,

06/24/2022

(e)

9,600‌

9,596‌

3

Month

USD

LIBOR

+

0.56%

Credit

Card

Asset

Backed

Securities

-

0.68%

BA

Credit

Card

Trust

1.74%,

01/15/2025

37,000‌

38,045‌

Diversified

Financial

Services

-

1.49%

American

Express

Co

2.75%,

05/20/2022

9,800‌

10,202‌

3.00%,

02/22/2021

18,594‌

18,828‌

3.70%,

11/05/2021

6,850‌

7,115‌

Capital

One

Bank

USA

NA

2.01%,

01/27/2023

(f)

19,750‌

20,112‌

United

States

Secured

Overnight

Financing

Rate

+

0.62%

Capital

One

Financial

Corp

3.90%,

01/29/2024

7,900‌

8,649‌

USAA

Capital

Corp

1.50%,

05/01/2023

(e)

3,000‌

3,090‌

2.45%,

08/01/2020

(e)

4,990‌

4,990‌

2.63%,

06/01/2021

(e)

9,800‌

9,991‌

$

82,977‌

Electric

-

5.55%

Alabama

Power

Co

2.45%,

03/30/2022

14,250‌

14,708‌

Alliant

Energy

Finance

LLC

3.75%,

06/15/2023

(e)

17,100‌

18,447‌

Berkshire

Hathaway

Energy

Co

4.05%,

04/15/2025

(e)

5,000‌

5,751‌

Black

Hills

Corp

4.25%,

11/30/2023

27,000‌

29,545‌

CenterPoint

Energy

Inc

3.60%,

11/01/2021

14,700‌

15,268‌

Dominion

Energy

Inc

2.72%,

08/15/2021

(k)

9,800‌

10,007‌

3.07%,

08/15/2024

(k)

9,800‌

10,644‌

Schedule

of

Investments

Short-Term

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

221

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Electric

(continued)

DTE

Energy

Co

2.25%,

11/01/2022

$

9,750‌

$

10,095‌

2.53%,

10/01/2024

10,000‌

10,659‌

2.60%,

06/15/2022

9,800‌

10,144‌

Duke

Energy

Florida

LLC

3.10%,

08/15/2021

5,750‌

5,872‌

Emera

US

Finance

LP

2.70%,

06/15/2021

6,700‌

6,814‌

Evergy

Inc

2.45%,

09/15/2024

9,300‌

9,943‌

Exelon

Corp

3.50%,

06/01/2022

22,500‌

23,561‌

Florida

Power

&

Light

Co

2.85%,

04/01/2025

3,500‌

3,853‌

Fortis

Inc/Canada

3.06%,

10/04/2026

4,600‌

5,042‌

Indiantown

Cogeneration

LP

9.77%,

12/15/2020

774‌

777‌

LG&E

and

KU

Energy

LLC

4.38%,

10/01/2021

15,000‌

15,483‌

NextEra

Energy

Capital

Holdings

Inc

2.40%,

09/01/2021

10,000‌

10,224‌

2.90%,

04/01/2022

14,162‌

14,753‌

3.15%,

04/01/2024

5,600‌

6,102‌

Public

Service

Enterprise

Group

Inc

2.88%,

06/15/2024

7,900‌

8,590‌

San

Diego

Gas

&

Electric

Co

1.91%,

02/01/2022

2,085‌

2,100‌

Sempra

Energy

0.78%,

01/15/2021

14,500‌

14,504‌

3

Month

USD

LIBOR

+

0.50%

Southern

California

Edison

Co

1.85%,

02/01/2022

3,345‌

3,340‌

Tucson

Electric

Power

Co

3.05%,

03/15/2025

4,400‌

4,762‌

Vistra

Operations

Co

LLC

3.70%,

01/30/2027

(e)

19,500‌

20,628‌

WEC

Energy

Group

Inc

3.38%,

06/15/2021

17,600‌

18,061‌

$

309,677‌

Electronics

-

0.57%

Fortive

Corp

2.35%,

06/15/2021

11,700‌

11,885‌

Honeywell

International

Inc

1.85%,

11/01/2021

9,600‌

9,778‌

2.15%,

08/08/2022

9,800‌

10,154‌

$

31,817‌

Environmental

Control

-

0.11%

Republic

Services

Inc

2.50%,

08/15/2024

5,650‌

6,056‌

Finance

-

Mortgage

Loan/Banker

-

7.11%

Fannie

Mae

0.50%,

06/17/2025

52,000‌

52,256‌

1.75%,

07/02/2024

(g)

24,600‌

26,019‌

1.88%,

09/24/2026

74,400‌

80,499‌

2.00%,

01/05/2022

24,000‌

24,634‌

2.13%,

04/24/2026

61,600‌

67,320‌

2.50%,

02/05/2024

(g)

35,250‌

37,997‌

Freddie

Mac

0.25%,

06/26/2023

22,600‌

22,600‌

1.50%,

02/12/2025

58,650‌

61,611‌

2.75%,

06/19/2023

21,650‌

23,229‌

$

396,165‌

Food

-

0.98%

Conagra

Brands

Inc

3.80%,

10/22/2021

19,346‌

20,117‌

Mars

Inc

0.88%,

07/16/2026

(e)

24,000‌

24,008‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Food

(continued)

Tyson

Foods

Inc

0.82%,

08/21/2020

$

4,800‌

$

4,800‌

3

Month

USD

LIBOR

+

0.45%

2.25%,

08/23/2021

5,750‌

5,840‌

$

54,765‌

Forest

Products

&

Paper

-

0.32%

Georgia-Pacific

LLC

1.75%,

09/30/2025

(e)

17,000‌

17,832‌

Gas

-

0.07%

NiSource

Inc

2.65%,

11/17/2022

4,000‌

4,182‌

Healthcare

-

Services

-

0.40%

HCA

Inc

5.25%,

06/15/2026

8,950‌

10,515‌

Humana

Inc

2.50%,

12/15/2020

4,900‌

4,940‌

UnitedHealth

Group

Inc

1.95%,

10/15/2020

6,750‌

6,773‌

$

22,228‌

Home

Builders

-

0.19%

DR

Horton

Inc

2.50%,

10/15/2024

9,800‌

10,427‌

Home

Furnishings

-

0.28%

Panasonic

Corp

2.54%,

07/19/2022

(e)

9,800‌

10,111‌

2.68%,

07/19/2024

(e)

5,000‌

5,370‌

$

15,481‌

Insurance

-

4.78%

Allstate

Corp/The

0.94%,

03/29/2023

12,500‌

12,591‌

3

Month

USD

LIBOR

+

0.63%

3.15%,

06/15/2023

11,450‌

12,306‌

Berkshire

Hathaway

Inc

2.75%,

03/15/2023

5,500‌

5,829‌

Five

Corners

Funding

Trust

4.42%,

11/15/2023

(e)

26,875‌

30,116‌

Guardian

Life

Global

Funding

1.10%,

06/23/2025

(e)

9,250‌

9,347‌

MassMutual

Global

Funding

II

0.85%,

06/09/2023

(e)

19,500‌

19,725‌

2.00%,

04/15/2021

(e)

31,938‌

32,330‌

2.75%,

06/22/2024

(e)

13,000‌

14,013‌

Metropolitan

Life

Global

Funding

I

0.67%,

09/07/2020

(e)

9,750‌

9,754‌

United

States

Secured

Overnight

Financing

Rate

+

0.57%

0.90%,

06/08/2023

(e)

13,400‌

13,561‌

1.95%,

09/15/2021

(e)

28,175‌

28,681‌

3.60%,

01/11/2024

(e)

5,000‌

5,524‌

New

York

Life

Global

Funding

0.83%,

06/10/2022

(e)

24,000‌

24,137‌

3

Month

USD

LIBOR

+

0.52%

1.70%,

09/14/2021

(e)

750‌

761‌

2.00%,

04/13/2021

(e)

9,600‌

9,718‌

2.00%,

01/22/2025

(e)

9,800‌

10,406‌

2.30%,

06/10/2022

(e)

13,200‌

13,688‌

Prudential

Financial

Inc

1.50%,

03/10/2026

13,700‌

14,165‌

$

266,652‌

Internet

-

0.36%

Amazon.com

Inc

1.20%,

06/03/2027

19,500‌

20,044‌

Iron

&

Steel

-

0.09%

Nucor

Corp

2.00%,

06/01/2025

4,500‌

4,741‌

Schedule

of

Investments

Short-Term

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

222

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Machinery

-

Construction

&

Mining

-

0.18%

Caterpillar

Financial

Services

Corp

2.55%,

11/29/2022

$

9,700‌

$

10,181‌

Machinery

-

Diversified

-

0.51%

John

Deere

Capital

Corp

1.20%,

04/06/2023

6,100‌

6,238‌

2.65%,

01/06/2022

7,212‌

7,457‌

Otis

Worldwide

Corp

0.75%,

04/05/2023

(e)

14,750‌

14,701‌

3

Month

USD

LIBOR

+

0.45%

$

28,396‌

Media

-

1.14%

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

4.91%,

07/23/2025

14,700‌

17,068‌

Discovery

Communications

LLC

4.90%,

03/11/2026

4,000‌

4,690‌

Sky

Ltd

3.13%,

11/26/2022

(e)

8,900‌

9,447‌

ViacomCBS

Inc

4.75%,

05/15/2025

14,850‌

17,100‌

Walt

Disney

Co/The

1.75%,

01/13/2026

14,350‌

14,998‌

$

63,303‌

Mining

-

0.20%

Anglo

American

Capital

PLC

5.38%,

04/01/2025

(e)

9,600‌

11,065‌

Miscellaneous

Manufacturers

-

0.26%

Trane

Technologies

Global

Holding

Co

Ltd

2.90%,

02/21/2021

14,500‌

14,685‌

Mortgage

Backed

Securities

-

5.24%

Banc

of

America

Funding

2004-1

Trust

5.25%,

02/25/2019

9‌

10‌

Chase

Home

Lending

Mortgage

Trust

2019-1

3.50%,

03/25/2050

(e),(k)

9,435‌

9,640‌

CHL

Mortgage

Pass-Through

Trust

2003-46

4.02%,

01/19/2034

(k)

300‌

290‌

Credit

Suisse

First

Boston

Mortgage

Securities

Corp

5.00%,

09/25/2019

5‌

4‌

CSMC

2017-HL1

Trust

3.50%,

06/25/2047

(e),(k)

8,071‌

8,180‌

CSMC

2017-HL2

Trust

3.50%,

10/25/2047

(e),(k)

7,174‌

7,327‌

GS

Mortage-Backed

Securities

Trust

2020-PJ1

3.50%,

05/25/2050

(e),(k)

7,770‌

7,838‌

GS

Mortgage-Backed

Securities

Corp

Trust

2020-PJ3

3.00%,

10/25/2050

(e),(k)

8,202‌

8,315‌

JP

Morgan

Mortgage

Trust

3.00%,

12/25/2050

(e),(k)

5,100‌

5,226‌

JP

Morgan

Mortgage

Trust

2004-A3

3.29%,

07/25/2034

(k)

390‌

368‌

JP

Morgan

Mortgage

Trust

2004-S1

5.00%,

09/25/2034

141‌

143‌

JP

Morgan

Mortgage

Trust

2016-4

3.50%,

10/25/2046

(e),(k)

7,034‌

7,111‌

JP

Morgan

Mortgage

Trust

2017-2

3.50%,

05/25/2047

(e),(k)

5,501‌

5,587‌

JP

Morgan

Mortgage

Trust

2017-4

3.50%,

11/25/2048

(e),(k)

11,336‌

11,417‌

JP

Morgan

Mortgage

Trust

2017-6

3.50%,

12/25/2048

(e),(k)

4,935‌

5,004‌

JP

Morgan

Mortgage

Trust

2018-3

3.50%,

09/25/2048

(e),(k)

7,249‌

7,356‌

JP

Morgan

Mortgage

Trust

2018-4

3.50%,

10/25/2048

(e),(k)

5,171‌

5,280‌

JP

Morgan

Mortgage

Trust

2018-6

3.50%,

12/25/2048

(e),(k)

3,656‌

3,695‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Mortgage

Backed

Securities

(continued)

JP

Morgan

Mortgage

Trust

2018-9

4.00%,

02/25/2049

(e),(k)

$

3,004‌

$

3,019‌

JP

Morgan

Mortgage

Trust

2019-2

4.00%,

08/25/2049

(e),(k)

756‌

758‌

JP

Morgan

Mortgage

Trust

2019-5

4.00%,

11/25/2049

(e),(k)

4,920‌

4,964‌

Metlife

Securitization

Trust

2019-1

3.75%,

04/25/2058

(e),(k)

5,596‌

5,914‌

PHH

Mortgage

Trust

Series

2008-CIM1

2.42%,

06/25/2038

1,190‌

1,142‌

1.00

x

1

Month

USD

LIBOR

+

2.25%

PSMC

2018-1

Trust

3.50%,

02/25/2048

(e),(k)

9,790‌

9,902‌

PSMC

2018-2

Trust

3.50%,

06/25/2048

(e),(k)

7,383‌

7,475‌

PSMC

2018-3

Trust

4.00%,

08/25/2048

(e),(k)

2,150‌

2,158‌

PSMC

2018-4

Trust

4.00%,

11/25/2048

(e),(k)

690‌

690‌

PSMC

2019-1

Trust

4.00%,

07/25/2049

(e),(k)

2,601‌

2,616‌

PSMC

2020-1

Trust

3.50%,

01/25/2050

(e),(k)

15,828‌

16,144‌

PSMC

2020-2

Trust

3.00%,

05/25/2050

(e),(k)

11,531‌

11,748‌

RBSSP

Resecuritization

Trust

2009-7

0.58%,

06/26/2037

(e)

77‌

77‌

1.00

x

1

Month

USD

LIBOR

+

0.40%

Sequoia

Mortgage

Trust

2013-4

1.55%,

04/25/2043

(k)

4,447‌

4,427‌

Sequoia

Mortgage

Trust

2013-8

2.25%,

06/25/2043

(k)

1,249‌

1,249‌

Sequoia

Mortgage

Trust

2017-1

3.50%,

02/25/2047

(e),(k)

7,321‌

7,394‌

Sequoia

Mortgage

Trust

2017-2

3.50%,

02/25/2047

(e),(k)

3,512‌

3,588‌

Sequoia

Mortgage

Trust

2017-3

3.50%,

04/25/2047

(e),(k)

5,428‌

5,507‌

Sequoia

Mortgage

Trust

2018-3

3.50%,

03/25/2048

(e),(k)

5,255‌

5,339‌

Sequoia

Mortgage

Trust

2018-5

3.50%,

05/25/2048

(e),(k)

5,245‌

5,291‌

Sequoia

Mortgage

Trust

2018-6

4.00%,

07/25/2048

(e),(k)

1,764‌

1,778‌

Sequoia

Mortgage

Trust

2018-7

4.00%,

09/25/2048

(e),(k)

1,278‌

1,286‌

Sequoia

Mortgage

Trust

2018-8

4.00%,

11/25/2048

(e),(k)

3,233‌

3,250‌

Sequoia

Mortgage

Trust

2018-CH3

4.00%,

08/25/2048

(e),(k)

2,085‌

2,102‌

Sequoia

Mortgage

Trust

2019-1

4.00%,

02/25/2049

(e),(k)

826‌

831‌

Sequoia

Mortgage

Trust

2019-2

4.00%,

06/25/2049

(e),(k)

6,859‌

6,927‌

Sequoia

Mortgage

Trust

2019-3

3.50%,

09/25/2049

(e),(k)

5,818‌

5,902‌

Sequoia

Mortgage

Trust

2020-1

3.50%,

02/25/2050

(e),(k)

3,868‌

3,924‌

Wells

Fargo

Mortgage

Backed

Securities

2018-1

3.50%,

07/25/2047

(e),(k)

9,220‌

9,323‌

Wells

Fargo

Mortgage

Backed

Securities

2019-1

Trust

4.00%,

11/25/2048

(e),(k)

1,728‌

1,742‌

4.00%,

11/25/2048

(e),(k)

702‌

703‌

Wells

Fargo

Mortgage

Backed

Securities

2019-2

Trust

4.00%,

04/25/2049

(e),(k)

2,855‌

2,860‌

Schedule

of

Investments

Short-Term

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

223

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Mortgage

Backed

Securities

(continued)

Wells

Fargo

Mortgage

Backed

Securities

2019-3

Trust

3.00%,

07/25/2049

(e),(k)

$

6,839‌

$

6,874‌

Wells

Fargo

Mortgage

Backed

Securities

2019-4

Trust

3.50%,

09/25/2049

(e),(k)

15,560‌

15,839‌

Wells

Fargo

Mortgage

Backed

Securities

2020-1

Trust

3.00%,

12/25/2049

(e),(k)

16,355‌

16,578‌

Wells

Fargo

Mortgage

Backed

Securities

2020-2

Trust

3.00%,

12/25/2049

(e),(k)

14,105‌

14,441‌

Wells

Fargo

Mortgage

Backed

Securities

2020-3

Trust

3.00%,

06/25/2050

(e),(i),(k)

5,560‌

5,689‌

$

292,242‌

Oil

&

Gas

-

1.90%

BP

Capital

Markets

America

Inc

2.94%,

04/06/2023

7,250‌

7,695‌

BP

Capital

Markets

PLC

3.81%,

02/10/2024

5,000‌

5,523‌

Cimarex

Energy

Co

4.38%,

06/01/2024

12,500‌

13,335‌

Exxon

Mobil

Corp

1.57%,

04/15/2023

6,850‌

7,062‌

2.99%,

03/19/2025

9,800‌

10,781‌

Marathon

Petroleum

Corp

4.50%,

05/01/2023

9,800‌

10,619‌

Occidental

Petroleum

Corp

1.68%,

08/13/2021

15,000‌

14,518‌

3

Month

USD

LIBOR

+

1.25%

Phillips

66

0.96%,

02/26/2021

700‌

700‌

3

Month

USD

LIBOR

+

0.60%

3.70%,

04/06/2023

6,850‌

7,358‌

Shell

International

Finance

BV

2.38%,

08/21/2022

11,700‌

12,169‌

Suncor

Energy

Inc

2.80%,

05/15/2023

7,400‌

7,781‌

3.10%,

05/15/2025

7,900‌

8,580‌

$

106,121‌

Oil

&

Gas

Services

-

0.18%

Baker

Hughes

a

GE

Co

LLC

/

Baker

Hughes

Co-

Obligor

Inc

2.77%,

12/15/2022

9,750‌

10,201‌

Other

Asset

Backed

Securities

-

5.72%

CCG

Receivables

Trust

2.80%,

09/14/2026

(e)

11,441‌

11,639‌

CCG

Receivables

Trust

2018-1

2.50%,

06/16/2025

(e)

854‌

858‌

CCG

Receivables

Trust

2018-2

3.09%,

12/15/2025

(e)

7,882‌

7,984‌

CCG

Receivables

Trust

2019-2

2.11%,

03/15/2027

(e)

18,921‌

19,181‌

Daimler

Trucks

Retail

Trust

2019-1

2.77%,

04/15/2021

(e)

1,890‌

1,893‌

Drug

Royalty

III

LP

1

1.87%,

10/15/2031

(e)

2,441‌

2,399‌

1.00

x

3

Month

USD

LIBOR

+

1.60%

2.77%,

04/15/2027

(e)

1,020‌

1,019‌

1.00

x

3

Month

USD

LIBOR

+

2.50%

3.60%,

04/15/2027

(e)

1,020‌

1,024‌

4.27%,

10/15/2031

(e)

2,964‌

3,057‌

MMAF

Equipment

Finance

LLC

2018-A

2.92%,

07/12/2021

(e)

551‌

551‌

MMAF

Equipment

Finance

LLC

2019-A

2.84%,

01/10/2022

(e)

6,228‌

6,275‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Other

Asset

Backed

Securities

(continued)

MMAF

Equipment

Finance

LLC

2020-A

0.74%,

04/09/2024

(e)

$

7,500‌

$

7,525‌

MVW

Owner

Trust

2015-1

2.52%,

12/20/2032

(e)

3,920‌

3,935‌

MVW

Owner

Trust

2016-1

2.25%,

12/20/2033

(e)

2,540‌

2,539‌

MVW

Owner

Trust

2018-1

3.45%,

01/21/2036

(e)

7,519‌

7,805‌

PFS

Financing

Corp

2.23%,

10/15/2024

(e)

29,250‌

29,963‌

2.40%,

10/17/2022

(e)

11,700‌

11,743‌

2.86%,

04/15/2024

(e)

9,750‌

10,040‌

3.19%,

04/17/2023

(e)

8,750‌

8,910‌

3.52%,

10/15/2023

(e)

6,750‌

6,944‌

Trafigura

Securitisation

Finance

PLC

2018-1

3.73%,

03/15/2022

(e)

22,000‌

22,312‌

Verizon

Owner

Trust

2017-2

1.92%,

12/20/2021

(e)

139‌

139‌

Verizon

Owner

Trust

2017-3

2.06%,

04/20/2022

(e)

2,855‌

2,862‌

Verizon

Owner

Trust

2018-1

2.82%,

09/20/2022

(e)

9,486‌

9,569‌

Verizon

Owner

Trust

2018-A

3.23%,

04/20/2023

23,400‌

23,882‌

Verizon

Owner

Trust

2019-A

2.93%,

09/20/2023

13,500‌

13,874‌

Verizon

Owner

Trust

2019-B

2.33%,

12/20/2023

19,500‌

20,023‌

Verizon

Owner

Trust

2019-C

1.94%,

04/22/2024

23,000‌

23,578‌

Verizon

Owner

Trust

2020-A

1.85%,

07/22/2024

22,000‌

22,589‌

Volvo

Financial

Equipment

LLC

Series

2018-1

2.76%,

10/17/2022

(e)

4,900‌

4,980‌

Volvo

Financial

Equipment

LLC

Series

2019-1

3.00%,

03/15/2023

(e)

12,900‌

13,159‌

Volvo

Financial

Equipment

LLC

Series

2019-2

2.02%,

08/15/2022

(e)

9,750‌

9,827‌

VSE

2018-A

VOI

Mortgage

LLC

3.56%,

02/20/2036

(e)

6,567‌

6,758‌

$

318,836‌

Pharmaceuticals

-

2.68%

AbbVie

Inc

2.15%,

11/19/2021

(e)

19,500‌

19,910‌

2.30%,

05/14/2021

14,800‌

14,997‌

Bayer

US

Finance

II

LLC

3.50%,

06/25/2021

(e)

4,750‌

4,865‌

3.88%,

12/15/2023

(e)

5,800‌

6,343‌

Bristol-Myers

Squibb

Co

2.90%,

07/26/2024

8,350‌

9,090‌

3.25%,

08/15/2022

9,750‌

10,310‌

3.63%,

05/15/2024

8,100‌

8,970‌

Cigna

Corp

3.40%,

09/17/2021

9,600‌

9,917‌

CVS

Health

Corp

2.63%,

08/15/2024

10,500‌

11,291‌

3.35%,

03/09/2021

14,216‌

14,472‌

Mead

Johnson

Nutrition

Co

3.00%,

11/15/2020

4,750‌

4,784‌

Merck

&

Co

Inc

0.75%,

02/24/2026

8,800‌

8,934‌

Novartis

Capital

Corp

1.75%,

02/14/2025

14,700‌

15,490‌

Pfizer

Inc

2.80%,

03/11/2022

9,750‌

10,149‌

$

149,522‌

Schedule

of

Investments

Short-Term

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

224

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Pipelines

-

1.82%

Buckeye

Partners

LP

4.15%,

07/01/2023

$

11,300‌

$

11,356‌

Enterprise

Products

Operating

LLC

3.50%,

02/01/2022

19,500‌

20,333‌

Florida

Gas

Transmission

Co

LLC

3.88%,

07/15/2022

(e)

12,550‌

13,104‌

Kinder

Morgan

Inc

1.55%,

01/15/2023

14,500‌

14,511‌

3

Month

USD

LIBOR

+

1.28%

ONEOK

Partners

LP

5.00%,

09/15/2023

13,600‌

14,733‌

Southeast

Supply

Header

LLC

4.25%,

06/15/2024

(e)

11,634‌

11,520‌

TransCanada

PipeLines

Ltd

2.60%,

05/15/2067

23,657‌

16,028‌

3

Month

USD

LIBOR

+

2.21%

$

101,585‌

REITs

-

1.85%

Alexandria

Real

Estate

Equities

Inc

3.90%,

06/15/2023

9,750‌

10,634‌

American

Tower

Corp

2.40%,

03/15/2025

9,600‌

10,273‌

American

Tower

Trust

#1

3.07%,

03/15/2048

(e)

7,100‌

7,297‌

Crown

Castle

International

Corp

1.35%,

07/15/2025

8,750‌

8,934‌

CubeSmart

LP

4.00%,

11/15/2025

1,615‌

1,810‌

4.38%,

12/15/2023

4,000‌

4,410‌

Healthcare

Realty

Trust

Inc

3.75%,

04/15/2023

12,000‌

12,643‌

Omega

Healthcare

Investors

Inc

4.50%,

01/15/2025

7,250‌

7,576‌

4.95%,

04/01/2024

4,750‌

5,040‌

SBA

Tower

Trust

1.88%,

07/15/2050

(e)

5,250‌

5,283‌

3.17%,

04/09/2047

(e)

9,600‌

9,758‌

Ventas

Realty

LP

3.50%,

04/15/2024

9,400‌

9,920‌

Welltower

Inc

3.75%,

03/15/2023

4,920‌

5,219‌

3.95%,

09/01/2023

4,237‌

4,569‌

$

103,366‌

Retail

-

0.39%

McDonald's

Corp

2.75%,

12/09/2020

8,256‌

8,309‌

Walmart

Inc

1.90%,

12/15/2020

6,850‌

6,891‌

2.85%,

07/08/2024

6,000‌

6,546‌

$

21,746‌

Savings

&

Loans

-

0.00%

Washington

Mutual

Bank

/

Henderson

NV

0.00%,

01/15/2013

(d)

1,200‌

—‌

Semiconductors

-

1.21%

Broadcom

Inc

2.25%,

11/15/2023

(e)

6,850‌

7,131‌

4.70%,

04/15/2025

(e)

10,300‌

11,780‌

Microchip

Technology

Inc

4.33%,

06/01/2023

9,800‌

10,563‌

Micron

Technology

Inc

2.50%,

04/24/2023

11,100‌

11,589‌

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA

Inc

2.70%,

05/01/2025

(e)

5,300‌

5,680‌

3.15%,

05/01/2027

(e)

9,800‌

10,671‌

QUALCOMM

Inc

2.60%,

01/30/2023

9,750‌

10,269‌

$

67,683‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Software

-

0.25%

Intuit

Inc

0.65%,

07/15/2023

$

8,800‌

$

8,856‌

Oracle

Corp

1.90%,

09/15/2021

4,800‌

4,881‌

$

13,737‌

Student

Loan

Asset

Backed

Securities

-

4.24%

Commonbond

Student

Loan

Trust

2018-BGS

3.56%,

09/25/2045

(e)

7,446‌

7,716‌

Commonbond

Student

Loan

Trust

2018-C-GS

3.87%,

02/25/2046

(e)

12,012‌

12,521‌

Commonbond

Student

Loan

Trust

2019-A-GS

2.54%,

01/25/2047

(e)

17,500‌

18,227‌

Commonbond

Student

Loan

Trust

2020-A-GS

1.98%,

08/25/2050

(e)

7,800‌

7,894‌

KeyCorp

Student

Loan

Trust

2000-A

0.68%,

05/25/2029

600‌

599‌

1.00

x

3

Month

USD

LIBOR

+

0.32%

Keycorp

Student

Loan

Trust

2000-b

0.55%,

07/25/2029

7,557‌

7,444‌

1.00

x

3

Month

USD

LIBOR

+

0.31%

KeyCorp

Student

Loan

Trust

2003-A

0.77%,

01/25/2037

15,739‌

15,589‌

1.00

x

3

Month

USD

LIBOR

+

0.53%

Laurel

Road

Prime

Student

Loan

Trust

2019-A

2.34%,

10/25/2048

(e)

2,466‌

2,471‌

Navient

Private

Education

Refi

Loan

Trust

2018-C

3.01%,

06/16/2042

(e)

365‌

365‌

Navient

Private

Education

Refi

Loan

Trust

2018-D

0.47%,

12/15/2059

(e)

819‌

819‌

1.00

x

1

Month

USD

LIBOR

+

0.30%

Navient

Private

Education

Refi

Loan

Trust

2019-A

3.03%,

01/15/2043

(e)

270‌

270‌

3.42%,

01/15/2043

(e)

4,900‌

5,019‌

Navient

Private

Education

Refi

Loan

Trust

2019-C

2.82%,

02/15/2068

(e)

6,887‌

6,929‌

Navient

Private

Education

Refi

Loan

Trust

2019-D

0.57%,

12/15/2059

(e)

3,655‌

3,646‌

1.00

x

1

Month

USD

LIBOR

+

0.40%

Navient

Private

Education

Refi

Loan

Trust

2019-E

2.39%,

05/15/2068

(e)

5,151‌

5,184‌

Navient

Private

Education

Refi

Loan

Trust

2019-F

2.18%,

08/15/2068

(e)

7,332‌

7,370‌

Navient

Private

Education

Refi

Loan

Trust

2019-G

2.40%,

10/15/2068

(e)

16,741‌

17,131‌

Navient

Private

Education

Refi

Loan

Trust

2020-A

0.52%,

11/15/2068

(e)

6,081‌

6,062‌

1.00

x

1

Month

USD

LIBOR

+

0.35%

Navient

Private

Education

Refi

Loan

Trust

2020-B

1.80%,

01/15/2069

(e)

12,267‌

12,327‌

Navient

Private

Education

Refi

Loan

Trust

2020-D

1.69%,

05/15/2069

(e)

17,800‌

17,926‌

Navient

Private

Education

Refi

Loan

Trust

2020-F

1.22%,

07/15/2069

(e)

12,500‌

12,525‌

Navient

Student

Loan

Trust

2018-EA

3.43%,

12/15/2059

(e)

2,998‌

3,012‌

Navient

Student

Loan

Trust

2019-B

0.57%,

12/15/2059

(e)

2,700‌

2,692‌

1.00

x

1

Month

USD

LIBOR

+

0.40%

Schedule

of

Investments

Short-Term

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

225

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Student

Loan

Asset

Backed

Securities

(continued)

SLM

Private

Credit

Student

Loan

Trust

2004-A

0.71%,

06/15/2033

$

1,083‌

$

1,050‌

1.00

x

3

Month

USD

LIBOR

+

0.40%

SLM

Private

Credit

Student

Loan

Trust

2004-B

0.64%,

03/15/2024

9,273‌

9,154‌

1.00

x

3

Month

USD

LIBOR

+

0.33%

SLM

Private

Credit

Student

Loan

Trust

2006-A

0.60%,

06/15/2039

21,640‌

19,855‌

1.00

x

3

Month

USD

LIBOR

+

0.29%

SLM

Private

Credit

Student

Loan

Trust

2006-B

0.51%,

12/15/2039

12,588‌

12,027‌

1.00

x

3

Month

USD

LIBOR

+

0.20%

SMB

Private

Education

Loan

Trust

2019-A

0.52%,

02/16/2026

(e)

1,567‌

1,566‌

1.00

x

1

Month

USD

LIBOR

+

0.35%

SMB

Private

Education

Loan

Trust

2019-B

0.52%,

07/15/2026

(e)

5,075‌

5,062‌

1.00

x

1

Month

USD

LIBOR

+

0.35%

SMB

Private

Education

Loan

Trust

2020-A

0.47%,

03/15/2027

(e)

13,940‌

13,870‌

1.00

x

1

Month

USD

LIBOR

+

0.30%

$

236,322‌

Telecommunications

-

2.33%

AT&T

Inc

1.10%,

06/01/2021

3,500‌

3,515‌

3

Month

USD

LIBOR

+

0.75%

1.31%,

02/15/2023

8,525‌

8,534‌

3

Month

USD

LIBOR

+

0.89%

2.30%,

06/01/2027

24,500‌

25,949‌

3.60%,

02/17/2023

4,800‌

5,149‌

Cisco

Systems

Inc

2.20%,

02/28/2021

4,750‌

4,787‌

Crown

Castle

Towers

LLC

3.22%,

05/15/2022

(e)

14,500‌

14,740‌

3.72%,

07/15/2043

(e)

1,263‌

1,320‌

Sprint

Spectrum

Co

LLC

/

Sprint

Spectrum

Co

II

LLC

/

Sprint

Spectrum

Co

III

LLC

3.36%,

03/20/2023

(e)

11,984‌

12,134‌

4.74%,

03/20/2025

(e)

39,800‌

43,282‌

Vodafone

Group

PLC

3.75%,

01/16/2024

9,750‌

10,706‌

$

130,116‌

Transportation

-

0.23%

Ryder

System

Inc

2.25%,

09/01/2021

4,800‌

4,874‌

3.75%,

06/09/2023

7,300‌

7,857‌

$

12,731‌

Trucking

&

Leasing

-

0.19%

Penske

Truck

Leasing

Co

Lp

/

PTL

Finance

Corp

3.45%,

07/01/2024

(e)

9,800‌

10,676‌

TOTAL

BONDS

$

4,918,650‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

11.19%

Principal

Amount

(000's)

Value

(000's)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

-

0.00%

3.81%,

09/01/2035

$

38‌

$

40‌

1.00

x

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.25%

7.00%,

12/01/2022

39‌

40‌

$

80‌

Federal

National

Mortgage

Association

(FNMA)

-

0.01%

3.22%,

07/01/2034

39‌

39‌

1.00

x

12

Month

USD

LIBOR

+

1.64%

3.30%,

07/01/2034

11‌

11‌

1.00

x

12

Month

USD

LIBOR

+

1.64%

3.40%,

08/01/2034

26‌

27‌

1.00

x

12

Month

USD

LIBOR

+

1.63%

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Federal

National

Mortgage

Association

(FNMA)

(continued)

3.41%,

02/01/2037

$

56‌

$

57‌

1.00

x

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.13%

3.59%,

02/01/2035

13‌

13‌

1.00

x

6

Month

USD

LIBOR

+

2.07%

3.64%,

12/01/2032

13‌

13‌

1.00

x

12

Month

USD

LIBOR

+

1.64%

3.75%,

01/01/2035

26‌

27‌

1.00

x

12

Month

USD

LIBOR

+

1.75%

3.92%,

10/01/2035

83‌

83‌

1.00

x

12

Month

USD

LIBOR

+

1.67%

4.04%,

11/01/2032

24‌

24‌

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%

4.83%,

11/01/2035

1‌

1‌

1.00

x

Cost

of

funds

for

the

11th

District

of

San

Francisco

+

1.25%

$

296‌

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

-

0.00%

7.50%,

10/01/2029

2‌

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

-

3.94%

1.50%,

11/30/2021

19,600‌

19,957‌

1.63%,

06/30/2021

83,000‌

84,135‌

1.63%,

08/31/2022

14,750‌

15,211‌

1.75%,

07/31/2021

98,750‌

100,331‌

$

219,634‌

U.S.

Treasury

Bill

-

7.24%

0.10%,

08/13/2020

(l)

30,000‌

29,999‌

0.12%,

12/24/2020

(l)

29,500‌

29,488‌

0.13%,

09/10/2020

(l)

24,000‌

23,998‌

0.13%,

09/24/2020

(l)

25,000‌

24,996‌

0.13%,

10/15/2020

(l)

24,500‌

24,495‌

0.13%,

11/05/2020

(l)

29,400‌

29,393‌

0.14%,

08/27/2020

(l)

24,500‌

24,498‌

0.14%,

11/19/2020

(l)

29,500‌

29,491‌

0.14%,

01/07/2021

(l)

29,500‌

29,485‌

0.15%,

09/03/2020

(l)

29,000‌

28,998‌

0.15%,

11/12/2020

(l)

25,000‌

24,993‌

0.15%,

01/28/2021

(l)

29,500‌

29,485‌

0.16%,

10/01/2020

(l)

24,500‌

24,496‌

0.16%,

12/03/2020

(l)

50,000‌

49,982‌

$

403,797‌

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

623,811‌

Total

Investments

$

5,580,701‌

Other

Assets

and

Liabilities

-  (0.10)%

(5,646‌)

TOTAL

NET

ASSETS

-

100.00%

$

5,575,055‌

(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

$5,978

or

0.11%

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

5.00%

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

Short-Term

Income

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

226

(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

$1,644,809

or

29.50%

of

net

assets.

(f)

Rate

shown

is

as

of

period

end.

The

rate

may

be

a

variable

or

floating

rate

or

a

fixed

rate

which

may

convert

to

a

variable

or

floating

rate

in

the

future.

(g)

Security

or

a

portion

of

the

security

was

on

loan

at

the

end

of

the

period.

(h)

Security

purchased

on

a

when-issued

basis.

(i)

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

$44,687

or

0.80%

of

net

assets.

(j)

Security

is

an

Interest

Only

Strip.

(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)

Rate

shown

is

the

discount

rate

of

the

original

purchase.

Portfolio

Summary  (unaudited)

Sector

Percent

Financial

26.61‌%

Government

18.29‌%

Asset

Backed

Securities

18.06‌%

Mortgage

Securities

8.06‌%

Consumer,

Non-cyclical

6.52‌%

Utilities

5.62‌%

Energy

3.90‌%

Communications

3.83‌%

Industrial

2.86‌%

Technology

2.36‌%

Consumer,

Cyclical

1.75‌%

Basic

Materials

1.56‌%

Money

Market

Funds

0.68‌%

Other

Assets

and

Liabilities

(0.10‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

38,952‌

$

2,198,343‌

$

2,199,643‌

$

37,652‌

$

38,952‌

$

2,198,343‌

$

2,199,643‌

$

37,652‌

Income

(a)

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

406‌

$

—‌

$

—‌

$

—‌

$

406‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

SmallCap

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

227

INVESTMENT

COMPANIES

-

3.22%

Shares

Held

Value

(000's)

Money

Market

Funds

-

3.22%

BlackRock

Liquidity

FedFund

-

Institutional

Class

0.06%

(a),(b)

1,235,404‌

$

1,235‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

(a),(b),(c),(d)

19,090,870‌

19,091‌

$

20,326‌

TOTAL

INVESTMENT

COMPANIES

$

20,326‌

COMMON

STOCKS

-

99.37%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

0.91%

Aerojet

Rocketdyne

Holdings

Inc

(d)

139,700‌

$

5,763‌

Agriculture

-

2.30%

Darling

Ingredients

Inc

(d)

375,200‌

10,479‌

Vital

Farms

Inc

(d)

114,800‌

4,048‌

$

14,527‌

Automobile

Parts

&

Equipment

-

0.75%

Modine

Manufacturing

Co

(d)

198,100‌

1,078‌

Visteon

Corp

(d)

50,700‌

3,681‌

$

4,759‌

Banks

-

4.94%

BancFirst

Corp

37,500‌

1,634‌

First

Foundation

Inc

110,000‌

1,691‌

First

Horizon

National

Corp

365,344‌

3,387‌

First

Interstate

BancSystem

Inc

143,400‌

4,174‌

First

Merchants

Corp

122,200‌

2,985‌

First

Midwest

Bancorp

Inc

/IL

256,400‌

3,111‌

Flagstar

Bancorp

Inc

127,600‌

4,004‌

Independent

Bank

Corp/MI

86,400‌

1,207‌

Lakeland

Bancorp

Inc

91,500‌

931‌

United

Community

Banks

Inc

/GA

288,550‌

5,174‌

WesBanco

Inc

144,500‌

2,865‌

$

31,163‌

Biotechnology

-

6.09%

Acceleron

Pharma

Inc

(d)

53,700‌

5,325‌

ADC

Therapeutics

SA

(d),(e)

35,410‌

1,647‌

Allogene

Therapeutics

Inc

(d)

58,000‌

2,127‌

Bellicum

Pharmaceuticals

Inc

(d),(e)

38,499‌

258‌

Bluebird

Bio

Inc

(d)

31,200‌

1,894‌

Denali

Therapeutics

Inc

(d)

134,400‌

3,148‌

FibroGen

Inc

(d)

89,500‌

3,622‌

Immunomedics

Inc

(d)

70,200‌

2,965‌

Insmed

Inc

(d)

197,200‌

5,151‌

Iovance

Biotherapeutics

Inc

(d)

118,800‌

3,453‌

MacroGenics

Inc

(d)

120,400‌

3,058‌

Magenta

Therapeutics

Inc

(d)

174,600‌

1,226‌

Seattle

Genetics

Inc

(d)

27,500‌

4,572‌

$

38,446‌

Building

Materials

-

1.42%

Builders

FirstSource

Inc

(d)

261,700‌

6,200‌

JELD-WEN

Holding

Inc

(d)

141,100‌

2,765‌

$

8,965‌

Chemicals

-

1.06%

Cabot

Corp

132,400‌

4,830‌

Koppers

Holdings

Inc

(d)

56,200‌

1,415‌

Kraton

Corp

(d)

33,244‌

437‌

$

6,682‌

Commercial

Services

-

6.61%

AMN

Healthcare

Services

Inc

(d)

84,600‌

4,648‌

BrightView

Holdings

Inc

(d)

257,300‌

3,118‌

Brink's

Co/The

92,100‌

4,085‌

FTI

Consulting

Inc

(d)

24,900‌

2,974‌

HMS

Holdings

Corp

(d)

266,700‌

8,668‌

ICF

International

Inc

61,500‌

4,158‌

K12

Inc

(d)

186,800‌

8,554‌

Medifast

Inc

27,400‌

4,579‌

Nesco

Holdings

Inc

(d),(e)

275,600‌

926‌

$

41,710‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Computers

-

4.85%

CACI

International

Inc

(d)

27,700‌

$

5,757‌

ExlService

Holdings

Inc

(d)

78,000‌

4,997‌

Parsons

Corp

(d)

197,900‌

6,893‌

Perspecta

Inc

333,200‌

7,130‌

Ping

Identity

Holding

Corp

(d)

169,100‌

5,810‌

$

30,587‌

Consumer

Products

-

0.77%

Central

Garden

&

Pet

Co

-

A

Shares

(d)

139,580‌

4,836‌

Diversified

Financial

Services

-

4.14%

Federated

Hermes

Inc

109,700‌

2,892‌

Hamilton

Lane

Inc

81,090‌

5,858‌

LPL

Financial

Holdings

Inc

43,800‌

3,461‌

Piper

Sandler

Cos

72,740‌

4,503‌

PJT

Partners

Inc

28,567‌

1,529‌

Stifel

Financial

Corp

162,111‌

7,859‌

$

26,102‌

Electric

-

2.30%

PNM

Resources

Inc

174,680‌

7,377‌

Portland

General

Electric

Co

161,300‌

7,118‌

$

14,495‌

Electrical

Components

&

Equipment

-

1.53%

EnerSys

119,200‌

8,017‌

nLight

Inc

(d)

70,864‌

1,642‌

$

9,659‌

Electronics

-

4.06%

Advanced

Energy

Industries

Inc

(d)

109,400‌

8,049‌

Atkore

International

Group

Inc

(d)

174,900‌

4,665‌

SYNNEX

Corp

63,300‌

7,896‌

Vishay

Intertechnology

Inc

319,400‌

5,011‌

$

25,621‌

Engineering

&

Construction

-

1.90%

Great

Lakes

Dredge

&

Dock

Corp

(d)

391,700‌

3,275‌

MasTec

Inc

(d)

192,200‌

7,646‌

Tutor

Perini

Corp

(d)

90,268‌

1,062‌

$

11,983‌

Entertainment

-

2.05%

Caesars

Entertainment

Inc

(d)

206,600‌

6,415‌

Golden

Entertainment

Inc

(d)

185,900‌

1,590‌

Vail

Resorts

Inc

25,700‌

4,935‌

$

12,940‌

Environmental

Control

-

1.03%

Tetra

Tech

Inc

73,200‌

6,489‌

Food

-

0.72%

Performance

Food

Group

Co

(d)

162,618‌

4,557‌

Forest

Products

&

Paper

-

0.24%

P

H

Glatfelter

Co

95,400‌

1,520‌

Gas

-

1.09%

Southwest

Gas

Holdings

Inc

98,790‌

6,880‌

Healthcare

-

Products

-

3.60%

Adaptive

Biotechnologies

Corp

(d)

87,500‌

3,266‌

Castle

Biosciences

Inc

(d)

11,554‌

447‌

Natera

Inc

(d)

174,415‌

8,375‌

Nevro

Corp

(d)

46,600‌

6,196‌

Precision

BioSciences

Inc

(d)

254,700‌

1,620‌

RA

Medical

Systems

Inc

(d)

226,500‌

66‌

STAAR

Surgical

Co

(d)

47,000‌

2,735‌

$

22,705‌

Healthcare

-

Services

-

5.05%

Accolade

Inc

(d),(e)

40,055‌

1,299‌

Addus

HomeCare

Corp

(d)

84,700‌

8,166‌

Encompass

Health

Corp

99,800‌

6,794‌

Syneos

Health

Inc

(d)

131,900‌

8,229‌

Teladoc

Health

Inc

(d)

31,000‌

7,367‌

$

31,855‌

Holding

Companies

-

Diversified

-

1.10%

GS

Acquisition

Holdings

Corp

II

(d)

665,700‌

6,923‌

Schedule

of

Investments

SmallCap

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

228

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Home

Builders

-

1.45%

Taylor

Morrison

Home

Corp

(d)

390,300‌

$

9,152‌

Home

Furnishings

-

0.76%

Purple

Innovation

Inc

(d)

197,514‌

4,813‌

Insurance

-

3.87%

Essent

Group

Ltd

130,000‌

4,658‌

First

American

Financial

Corp

66,100‌

3,372‌

Hanover

Insurance

Group

Inc

/The

66,300‌

6,755‌

Kemper

Corp

80,070‌

6,287‌

NMI

Holdings

Inc

(d)

100,650‌

1,562‌

Trean

Insurance

Group

Inc

(d)

112,700‌

1,758‌

$

24,392‌

Internet

-

0.60%

Eventbrite

Inc

(d)

283,000‌

2,411‌

Revolve

Group

Inc

(d),(e)

85,092‌

1,393‌

$

3,804‌

Iron

&

Steel

-

0.63%

Cleveland-Cliffs

Inc

(e)

773,100‌

4,005‌

Leisure

Products

&

Services

-

0.91%

Lindblad

Expeditions

Holdings

Inc

(d)

124,000‌

899‌

Planet

Fitness

Inc

(d)

93,000‌

4,855‌

$

5,754‌

Lodging

-

0.90%

Extended

Stay

America

Inc

498,650‌

5,690‌

Machinery

-

Diversified

-

0.55%

Columbus

McKinnon

Corp/NY

105,200‌

3,485‌

Media

-

0.65%

World

Wrestling

Entertainment

Inc

(e)

87,400‌

4,074‌

Metal

Fabrication

&

Hardware

-

1.75%

Advanced

Drainage

Systems

Inc

84,262‌

4,129‌

Rexnord

Corp

238,600‌

6,912‌

$

11,041‌

Mining

-

0.27%

Alcoa

Corp

(d)

132,690‌

1,725‌

Miscellaneous

Manufacturers

-

1.42%

Hillenbrand

Inc

276,100‌

8,071‌

Trinseo

SA

40,800‌

885‌

$

8,956‌

Oil

&

Gas

-

0.98%

Delek

US

Holdings

Inc

86,500‌

1,512‌

Parsley

Energy

Inc

154,600‌

1,698‌

PDC

Energy

Inc

(d)

59,500‌

848‌

Talos

Energy

Inc

(d)

90,600‌

617‌

WPX

Energy

Inc

(d)

253,900‌

1,516‌

$

6,191‌

Oil

&

Gas

Services

-

0.61%

ChampionX

Corp

(d)

143,000‌

1,360‌

Matrix

Service

Co

(d)

84,900‌

743‌

Select

Energy

Services

Inc

(d)

389,600‌

1,730‌

$

3,833‌

Packaging

&

Containers

-

0.82%

Graphic

Packaging

Holding

Co

370,000‌

5,158‌

Pharmaceuticals

-

3.39%

AdaptHealth

Corp

(d)

194,366‌

3,786‌

DexCom

Inc

(d)

10,000‌

4,355‌

Horizon

Therapeutics

Plc

(d)

118,400‌

7,245‌

Revance

Therapeutics

Inc

(d)

256,600‌

6,025‌

$

21,411‌

REITs

-

7.27%

Agree

Realty

Corp

117,900‌

7,896‌

Brandywine

Realty

Trust

560,500‌

6,070‌

Cousins

Properties

Inc

225,801‌

6,937‌

First

Industrial

Realty

Trust

Inc

197,040‌

8,654‌

Ladder

Capital

Corp

394,800‌

3,067‌

Pebblebrook

Hotel

Trust

403,736‌

4,280‌

Rexford

Industrial

Realty

Inc

157,300‌

7,382‌

Two

Harbors

Investment

Corp

288,475‌

1,566‌

$

45,852‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Retail

-

4.34%

BJ's

Wholesale

Club

Holdings

Inc

(d)

247,051‌

$

9,894‌

Bloomin

'

Brands

Inc

108,500‌

1,250‌

Brinker

International

Inc

70,000‌

1,882‌

Caleres

Inc

435,900‌

2,751‌

Carvana

Co

(d)

51,400‌

7,964‌

Children's

Place

Inc

/The

(e)

26,200‌

640‌

Ruth's

Hospitality

Group

Inc

169,700‌

1,136‌

World

Fuel

Services

Corp

78,200‌

1,840‌

$

27,357‌

Savings

&

Loans

-

0.56%

Meridian

Bancorp

Inc

31,400‌

358‌

Sterling

Bancorp/DE

283,900‌

3,194‌

$

3,552‌

Semiconductors

-

2.52%

Entegris

Inc

118,940‌

8,553‌

SiTime

Corp

(d)

138,000‌

7,335‌

$

15,888‌

Software

-

6.37%

Aspen

Technology

Inc

(d)

57,600‌

5,602‌

Ceridian

HCM

Holding

Inc

(d)

28,200‌

2,208‌

Cloudflare

Inc

(d)

121,400‌

5,053‌

Dynatrace

Inc

(d)

72,900‌

3,049‌

Jamf

Holding

Corp

(d),(e)

91,900‌

3,731‌

Manhattan

Associates

Inc

(d)

79,200‌

7,587‌

SolarWinds

Corp

(d)

366,003‌

6,720‌

Sprout

Social

Inc

(d)

177,500‌

5,128‌

Vertex

Inc

(d)

46,100‌

1,086‌

$

40,164‌

Telecommunications

-

0.24%

Switch

Inc

82,900‌

1,491‌

TOTAL

COMMON

STOCKS

$

626,955‌

Total

Investments

$

647,281‌

Other

Assets

and

Liabilities

-  (2.59)%

(16,370‌)

TOTAL

NET

ASSETS

-

100.00%

$

630,911‌

(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

$12,795

or

2.03%

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

5.00%

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

28.53‌%

Financial

20.78‌%

Industrial

15.39‌%

Technology

13.74‌%

Consumer,

Cyclical

11.16‌%

Utilities

3.39‌%

Money

Market

Funds

3.22‌%

Basic

Materials

2.20‌%

Energy

1.59‌%

Communications

1.49‌%

Diversified

1.10‌%

Other

Assets

and

Liabilities

(2.59‌)%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

SmallCap

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

229

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

35,326‌

$

276,994‌

$

293,229‌

$

19,091‌

$

35,326‌

$

276,994‌

$

293,229‌

$

19,091‌

Income

(a)

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

80‌

$

—‌

$

—‌

$

—‌

$

80‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

SmallCap

Growth

Fund

I

July

31,

2020

(unaudited)

See

accompanying

notes.

230

INVESTMENT

COMPANIES

-

5.29%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

0.05%

iShares

Russell

2000

Growth

ETF

(a)

4,892‌

$

1,047‌

Money

Market

Funds

-

5.24%

BlackRock

Liquidity

FedFund

-

Institutional

Class

0.06%

(b),(c)

4,207,370‌

$

4,208‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

(b),(c),(d),(e)

105,597,651‌

105,597‌

$

109,805‌

TOTAL

INVESTMENT

COMPANIES

$

110,852‌

COMMON

STOCKS

-

96.19%

Shares

Held

Value

(000's)

Advertising

-

0.00%

Quotient

Technology

Inc

(e)

7,455‌

60‌

Aerospace

&

Defense

-

1.54%

Aerojet

Rocketdyne

Holdings

Inc

(e)

106,772‌

4,404‌

AeroVironment

Inc

(e)

3,355‌

257‌

Hexcel

Corp

41,990‌

1,566‌

Kaman

Corp

440‌

17‌

Kratos

Defense

&

Security

Solutions

Inc

(e)

444,624‌

8,008‌

Mercury

Systems

Inc

(e)

231,800‌

17,948‌

National

Presto

Industries

Inc

54‌

5‌

$

32,205‌

Agriculture

-

0.22%

Cadiz

Inc

(a),(e)

1,740‌

18‌

Greenlane

Holdings

Inc

(e)

1,696‌

7‌

Limoneira

Co

590‌

8‌

Phibro

Animal

Health

Corp

2,927‌

68‌

Turning

Point

Brands

Inc

(a)

1,331‌

44‌

Vector

Group

Ltd

2,425‌

21‌

Vital

Farms

Inc

(e)

123,226‌

4,345‌

$

4,511‌

Airlines

-

0.00%

Allegiant

Travel

Co

241‌

27‌

Apparel

-

0.07%

Crocs

Inc

(e)

10,347‌

372‌

Deckers

Outdoor

Corp

(e)

4,337‌

907‌

Steven

Madden

Ltd

5,605‌

119‌

Superior

Group

of

Cos

Inc

304‌

6‌

$

1,404‌

Automobile

Manufacturers

-

0.00%

Blue

Bird

Corp

(e)

919‌

11‌

REV

Group

Inc

546‌

4‌

$

15‌

Automobile

Parts

&

Equipment

-

0.06%

Dorman

Products

Inc

(e)

4,128‌

337‌

Douglas

Dynamics

Inc

3,223‌

114‌

Gentherm

Inc

(e)

5,076‌

197‌

Meritor

Inc

(e)

8,236‌

187‌

Methode

Electronics

Inc

975‌

28‌

Motorcar

Parts

of

America

Inc

(e)

390‌

6‌

Shyft

Group

Inc/The

5,283‌

100‌

Standard

Motor

Products

Inc

495‌

23‌

Telenav

Inc

(e)

2,116‌

11‌

Visteon

Corp

(e)

4,294‌

312‌

XPEL

Inc

(e)

2,583‌

43‌

$

1,358‌

Banks

-

0.55%

Altabancorp

137‌

3‌

Bank

First

Corp

(a)

900‌

56‌

Bank7

Corp

196‌

2‌

Baycom

Corp

(e)

506‌

5‌

Cambridge

Bancorp

217‌

12‌

Century

Bancorp

Inc/MA

53‌

4‌

Coastal

Financial

Corp/WA

(e)

133‌

2‌

CrossFirst

Bankshares

Inc

(e)

34,000‌

312‌

Customers

Bancorp

Inc

(e)

340‌

4‌

Esquire

Financial

Holdings

Inc

(e)

324‌

5‌

First

Financial

Bankshares

Inc

20,008‌

599‌

First

Foundation

Inc

1,422‌

22‌

Franklin

Financial

Network

Inc

171‌

4‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Banks

(continued)

Glacier

Bancorp

Inc

1,558‌

$

55‌

Hanmi

Financial

Corp

408‌

4‌

Independent

Bank

Corp

347‌

22‌

Kearny

Financial

Corp/MD

2,718‌

22‌

Lakeland

Financial

Corp

237‌

10‌

Luther

Burbank

Corp

174‌

2‌

Meridian

Corp

157‌

2‌

National

Bank

Holdings

Corp

1,089‌

30‌

Northeast

Bank

88‌

2‌

Pinnacle

Financial

Partners

Inc

59,033‌

2,339‌

Prosperity

Bancshares

Inc

139,249‌

7,737‌

Reliant

Bancorp

Inc

130‌

2‌

ServisFirst

Bancshares

Inc

5,609‌

205‌

Stock

Yards

Bancorp

Inc

458‌

18‌

Unity

Bancorp

Inc

78‌

1‌

Walker

&

Dunlop

Inc

379‌

19‌

West

BanCorp

Inc

398‌

6‌

Westamerica

BanCorp

536‌

32‌

$

11,538‌

Beverages

-

0.02%

Celsius

Holdings

Inc

(a),(e)

5,321‌

78‌

Coca-Cola

Consolidated

Inc

730‌

168‌

Craft

Brew

Alliance

Inc

(e)

113‌

2‌

MGP

Ingredients

Inc

1,494‌

54‌

National

Beverage

Corp

(a),(e)

1,830‌

117‌

New

Age

Beverages

Corp

(a),(e)

6,515‌

15‌

$

434‌

Biotechnology

-

11.52%

Abeona

Therapeutics

Inc

(e)

3,219‌

9‌

Acceleron

Pharma

Inc

(e)

50,282‌

4,986‌

ADC

Therapeutics

SA

(a),(e)

76,261‌

3,546‌

ADMA

Biologics

Inc

(a),(e)

8,091‌

29‌

Aduro

Biotech

Inc

(e)

8,812‌

25‌

Adverum

Biotechnologies

Inc

(e)

9,743‌

163‌

Affimed

NV

(e)

11,374‌

40‌

Agenus

Inc

(e)

21,454‌

65‌

Akero

Therapeutics

Inc

(e)

1,730‌

61‌

Albireo

Pharma

Inc

(e)

1,432‌

40‌

Alder

Biopharmaceuticals

Inc

(a),(e),(f),(g)

9,847‌

12‌

Allakos

Inc

(a),(e)

75,391‌

5,659‌

Allogene

Therapeutics

Inc

(a),(e)

144,038‌

5,282‌

Amicus

Therapeutics

Inc

(e)

39,411‌

570‌

Anavex

Life

Sciences

Corp

(a),(e)

7,927‌

33‌

ANI

Pharmaceuticals

Inc

(e)

766‌

23‌

Annexon

Inc

(e)

75,059‌

1,368‌

Apellis

Pharmaceuticals

Inc

(e)

9,306‌

241‌

Applied

Therapeutics

Inc

(e)

108,307‌

2,794‌

Aprea

Therapeutics

Inc

(e)

1,112‌

31‌

Aravive

Inc

(e)

1,881‌

11‌

Arcturus

Therapeutics

Holdings

Inc

(e)

2,018‌

105‌

Arcus

Biosciences

Inc

(e)

5,100‌

100‌

Arcutis

Biotherapeutics

Inc

(a),(e)

1,466‌

39‌

Ardelyx

Inc

(e)

11,320‌

64‌

Arena

Pharmaceuticals

Inc

(e)

74,339‌

4,564‌

Arrowhead

Pharmaceuticals

Inc

(e)

15,557‌

670‌

Ascendis

Pharma

A/S

ADR

(e)

31,568‌

4,344‌

Aspira

Women's

Health

Inc

(e)

6,915‌

31‌

Assembly

Biosciences

Inc

(e)

85,249‌

1,892‌

Atara

Biotherapeutics

Inc

(e)

6,594‌

82‌

Athersys

Inc

(a),(e)

26,871‌

69‌

Atreca

Inc

(a),(e)

3,061‌

40‌

AVEO

Pharmaceuticals

Inc

(e)

1,332‌

6‌

Avid

Bioservices

Inc

(e)

7,869‌

58‌

Avrobio

Inc

(e)

166,563‌

2,823‌

Beam

Therapeutics

Inc

(a),(e)

1,906‌

37‌

BioCryst

Pharmaceuticals

Inc

(e)

18,839‌

77‌

Biohaven

Pharmaceutical

Holding

Co

Ltd

(e)

236,325‌

15,134‌

Black

Diamond

Therapeutics

Inc

(a),(e)

1,902‌

53‌

Blueprint

Medicines

Corp

(e)

275,029‌

20,126‌

Schedule

of

Investments

SmallCap

Growth

Fund

I

July

31,

2020

(unaudited)

See

accompanying

notes.

231

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Biotechnology

(continued)

BrainStorm

Cell

Therapeutics

Inc

(e)

4,130‌

$

56‌

Bridgebio

Pharma

Inc

(a),(e)

11,286‌

318‌

Calithera

Biosciences

Inc

(e)

10,191‌

48‌

Cara

Therapeutics

Inc

(e)

6,377‌

105‌

CASI

Pharmaceuticals

Inc

(e)

7,208‌

14‌

Catabasis

Pharmaceuticals

Inc

(e)

1,997‌

12‌

CEL-SCI

Corp

(a),(e)

4,349‌

54‌

Centogene

NV

(e)

673‌

9‌

Cerecor

Inc

(e)

4,765‌

13‌

Champions

Oncology

Inc

(e)

1,191‌

10‌

ChemoCentryx

Inc

(e)

85,307‌

4,496‌

ChromaDex

Corp

(a),(e)

6,317‌

32‌

Cohbar

Inc

(e)

4,040‌

6‌

Constellation

Pharmaceuticals

Inc

(e)

4,187‌

113‌

ContraFect

Corp

(e)

2,086‌

12‌

Cortexyme

Inc

(e)

2,272‌

91‌

Crinetics

Pharmaceuticals

Inc

(e)

4,191‌

58‌

Cue

Biopharma

Inc

(e)

4,295‌

81‌

CytomX

Therapeutics

Inc

(e)

6,995‌

49‌

Deciphera

Pharmaceuticals

Inc

(e)

161,525‌

7,491‌

Denali

Therapeutics

Inc

(e)

9,744‌

228‌

DermTech

Inc

(e)

1,252‌

13‌

Dicerna

Pharmaceuticals

Inc

(e)

95,806‌

2,059‌

Dyadic

International

Inc

(a),(e)

2,466‌

21‌

Dynavax

Technologies

Corp

(e)

11,726‌

95‌

Editas

Medicine

Inc

(e)

8,595‌

252‌

Eiger

BioPharmaceuticals

Inc

(e)

3,648‌

37‌

Emergent

BioSolutions

Inc

(e)

6,918‌

770‌

Epizyme

Inc

(e)

8,707‌

121‌

Esperion

Therapeutics

Inc

(a),(e)

4,010‌

151‌

Evelo

Biosciences

Inc

(a),(e)

2,313‌

9‌

Evolus

Inc

(a),(e)

1,513‌

5‌

Exagen

Inc

(e)

788‌

10‌

Exicure

Inc

(e)

7,859‌

18‌

Fate

Therapeutics

Inc

(e)

9,707‌

304‌

FibroGen

Inc

(e)

11,046‌

447‌

Frequency

Therapeutics

Inc

(a),(e)

4,365‌

92‌

Galera

Therapeutics

Inc

(e)

1,443‌

10‌

Genprex

Inc

(e)

4,414‌

15‌

Gossamer

Bio

Inc

(a),(e)

164,095‌

1,956‌

Guardant

Health

Inc

(e)

108,940‌

9,280‌

Halozyme

Therapeutics

Inc

(e)

21,050‌

572‌

Homology

Medicines

Inc

(e)

5,266‌

69‌

iBio

Inc

(e)

6,462‌

29‌

IGM

Biosciences

Inc

(a),(e)

1,098‌

55‌

Immunic

Inc

(e)

338‌

6‌

ImmunoGen

Inc

(e)

11,451‌

47‌

Immunovant

Inc

(e)

2,960‌

67‌

Innoviva

Inc

(e)

9,831‌

133‌

Inovio

Pharmaceuticals

Inc

(a),(e)

22,299‌

434‌

Insmed

Inc

(e)

270,232‌

7,059‌

Intercept

Pharmaceuticals

Inc

(e)

4,015‌

183‌

Iovance

Biotherapeutics

Inc

(e)

266,543‌

7,748‌

iTeos

Therapeutics

Inc

(a),(e)

90,391‌

1,779‌

Kaleido

Biosciences

Inc

(a),(e)

1,639‌

10‌

Karuna

Therapeutics

Inc

(e)

2,402‌

197‌

Karyopharm

Therapeutics

Inc

(e)

251,733‌

4,040‌

Keros

Therapeutics

Inc

(e)

1,006‌

32‌

Kindred

Biosciences

Inc

(e)

4,756‌

16‌

Kiniksa

Pharmaceuticals

Ltd

(e)

2,708‌

53‌

Kodiak

Sciences

Inc

(e)

4,469‌

207‌

Krystal

Biotech

Inc

(e)

1,849‌

76‌

Legend

Biotech

Corp

ADR

(e)

98,353‌

3,466‌

Lexicon

Pharmaceuticals

Inc

(a),(e)

6,328‌

12‌

Ligand

Pharmaceuticals

Inc

(e)

2,234‌

262‌

Liquidia

Technologies

Inc

(e)

3,153‌

17‌

LogicBio

Therapeutics

Inc

(e)

1,862‌

15‌

Lyra

Therapeutics

Inc

(e)

633‌

9‌

MacroGenics

Inc

(e)

2,643‌

67‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Biotechnology

(continued)

Magenta

Therapeutics

Inc

(e)

2,167‌

$

15‌

Marker

Therapeutics

Inc

(a),(e)

3,567‌

7‌

MEI

Pharma

Inc

(e)

13,608‌

38‌

MeiraGTx

Holdings

plc

(e)

2,880‌

37‌

Menlo

Therapeutics

Inc

(e)

2,445‌

4‌

Mersana

Therapeutics

Inc

(e)

7,107‌

141‌

Mirati

Therapeutics

Inc

(e)

43,148‌

5,234‌

Molecular

Templates

Inc

(e)

3,755‌

41‌

Mustang

Bio

Inc

(e)

4,432‌

14‌

NantKwest

Inc

(a),(e)

3,800‌

43‌

NeoGenomics

Inc

(e)

776,746‌

29,696‌

NextCure

Inc

(e)

2,380‌

21‌

NGM

Biopharmaceuticals

Inc

(e)

3,394‌

62‌

Novavax

Inc

(a),(e)

2,437‌

349‌

Omeros

Corp

(a),(e)

8,127‌

104‌

Oncocyte

Corp

(e)

7,144‌

10‌

Oncternal

Therapeutics

Inc

(e),(f),(g)

139‌

—‌

Organogenesis

Holdings

Inc

(e)

3,342‌

12‌

Orgenesis

Inc

(e)

572‌

3‌

Osmotica

Pharmaceuticals

PLC

(e)

1,396‌

7‌

Ovid

therapeutics

Inc

(e)

6,633‌

43‌

Oyster

Point

Pharma

Inc

(e)

91,319‌

2,042‌

Pacific

Biosciences

of

California

Inc

(e)

19,756‌

74‌

Pfenex

Inc

(e)

5,341‌

38‌

Phathom

Pharmaceuticals

Inc

(e)

1,662‌

55‌

Pieris

Pharmaceuticals

Inc

(e)

7,681‌

20‌

Poseida

Therapeutics

Inc

(e)

185,867‌

2,413‌

Precigen

Inc

(a),(e)

8,179‌

34‌

Prevail

Therapeutics

Inc

(e)

2,211‌

33‌

Protara

Therapeutics

Inc

(e)

332‌

8‌

Provention

Bio

Inc

(e)

6,566‌

68‌

PTC

Therapeutics

Inc

(e)

134,806‌

6,246‌

Puma

Biotechnology

Inc

(e)

4,732‌

49‌

Radius

Health

Inc

(e)

181,182‌

2,273‌

RAPT

Therapeutics

Inc

(e)

1,697‌

37‌

REGENXBIO

Inc

(e)

5,275‌

175‌

Relay

Therapeutics

Inc

(e)

99,912‌

3,543‌

Replimune

Group

Inc

(e)

186,475‌

3,724‌

Retrophin

Inc

(e)

6,425‌

128‌

REVOLUTION

Medicines

Inc

(e)

2,268‌

55‌

Rigel

Pharmaceuticals

Inc

(e)

26,233‌

60‌

Rocket

Pharmaceuticals

Inc

(e)

5,277‌

124‌

Rubius

Therapeutics

Inc

(a),(e)

1,048‌

5‌

Sangamo

Therapeutics

Inc

(e)

17,846‌

193‌

Satsuma

Pharmaceuticals

Inc

(e)

1,421‌

34‌

Scholar

Rock

Holding

Corp

(e)

3,518‌

40‌

Selecta

Biosciences

Inc

(e)

4,946‌

12‌

Solid

Biosciences

Inc

(e)

476‌

1‌

Sorrento

Therapeutics

Inc

(a),(e)

27,180‌

242‌

SpringWorks

Therapeutics

Inc

(e)

3,282‌

140‌

Stoke

Therapeutics

Inc

(e)

1,891‌

48‌

Strongbridge

Biopharma

PLC

(e)

5,088‌

17‌

Sutro

Biopharma

Inc

(e)

2,226‌

17‌

Syndax

Pharmaceuticals

Inc

(e)

4,172‌

59‌

TCR2

Therapeutics

Inc

(e)

172‌

3‌

Tela

Bio

Inc

(e)

895‌

10‌

Theravance

Biopharma

Inc

(e)

6,129‌

119‌

Tobira

Therapeutics

Inc

-

Rights

(e),(f),(g)

1,559‌

2‌

Translate

Bio

Inc

(e)

7,842‌

119‌

TransMedics

Group

Inc

(e)

123,126‌

2,223‌

Turning

Point

Therapeutics

Inc

(e)

139,503‌

8,262‌

Twist

Bioscience

Corp

(e)

228,195‌

12,788‌

Tyme

Technologies

Inc

(e)

9,936‌

12‌

Ultragenyx

Pharmaceutical

Inc

(e)

117,621‌

9,193‌

United

Therapeutics

Corp

(e)

37,056‌

4,131‌

UNITY

Biotechnology

Inc

(a),(e)

5,098‌

48‌

Vaxart

Inc

(e)

5,864‌

55‌

VBI

Vaccines

Inc

(e)

21,636‌

88‌

Veracyte

Inc

(e)

7,745‌

276‌

Schedule

of

Investments

SmallCap

Growth

Fund

I

July

31,

2020

(unaudited)

See

accompanying

notes.

232

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Biotechnology

(continued)

Verastem

Inc

(e)

10,266‌

$

14‌

Vericel

Corp

(e)

6,150‌

101‌

Veru

Inc

(e)

7,675‌

22‌

Viela

Bio

Inc

(a),(e)

3,098‌

113‌

Viking

Therapeutics

Inc

(e)

785‌

6‌

Vir

Biotechnology

Inc

(e)

148,916‌

7,113‌

VolitionRX

Ltd

(e)

3,660‌

12‌

WaVe

Life

Sciences

Ltd

(e)

3,179‌

28‌

Xencor

Inc

(e)

8,110‌

244‌

XOMA

Corp

(a),(e)

776‌

13‌

Y-mAbs

Therapeutics

Inc

(e)

127,043‌

4,463‌

Zentalis

Pharmaceuticals

Inc

(a),(e)

95,355‌

3,290‌

ZIOPHARM

Oncology

Inc

(a),(e)

22,233‌

66‌

$

241,625‌

Building

Materials

-

2.53%

AAON

Inc

6,363‌

377‌

Apogee

Enterprises

Inc

596‌

13‌

Armstrong

World

Industries

Inc

84,609‌

6,028‌

AZEK

Co

Inc/The

(e)

312,589‌

10,784‌

Boise

Cascade

Co

1,035‌

48‌

Builders

FirstSource

Inc

(e)

16,260‌

385‌

Cornerstone

Building

Brands

Inc

(e)

2,762‌

16‌

Forterra

Inc

(e)

2,940‌

38‌

Gibraltar

Industries

Inc

(e)

1,139‌

59‌

Louisiana-Pacific

Corp

17,484‌

554‌

Masonite

International

Corp

(e)

45,358‌

3,826‌

Patrick

Industries

Inc

3,267‌

209‌

PGT

Innovations

Inc

(e)

3,360‌

57‌

Research

Frontiers

Inc

(e)

4,105‌

14‌

Simpson

Manufacturing

Co

Inc

131,283‌

12,677‌

SPX

Corp

(e)

4,937‌

207‌

Trex

Co

Inc

(e)

124,866‌

17,397‌

UFP

Industries

Inc

7,816‌

455‌

$

53,144‌

Chemicals

-

0.69%

AgroFresh

Solutions

Inc

(e)

245‌

—‌

American

Vanguard

Corp

895‌

12‌

Amyris

Inc

(e)

1,077‌

5‌

Avient

Corp

57,650‌

1,378‌

Balchem

Corp

4,576‌

459‌

Codexis

Inc

(e)

8,308‌

98‌

Ferro

Corp

(e)

9,389‌

110‌

GCP

Applied

Technologies

Inc

(e)

5,915‌

135‌

Hawkins

Inc

807‌

41‌

HB

Fuller

Co

5,177‌

235‌

Ingevity

Corp

(e)

6,436‌

376‌

Innospec

Inc

3,069‌

231‌

Koppers

Holdings

Inc

(e)

1,936‌

49‌

Marrone

Bio

Innovations

Inc

(e)

10,295‌

11‌

Orion

Engineered

Carbons

SA

5,204‌

53‌

PQ

Group

Holdings

Inc

(e)

116,690‌

1,432‌

Quaker

Chemical

Corp

49,243‌

9,553‌

Rogers

Corp

(e)

502‌

60‌

Sensient

Technologies

Corp

2,688‌

140‌

Stepan

Co

265‌

29‌

Tronox

Holdings

PLC

4,840‌

37‌

$

14,444‌

Commercial

Services

-

5.94%

Aaron's

Inc

1,336‌

70‌

AMN

Healthcare

Services

Inc

(e)

7,232‌

397‌

ASGN

Inc

(e)

6,524‌

447‌

Aspen

Group

Inc/CO

(e)

2,872‌

25‌

Avalara

Inc

(e)

34,507‌

4,639‌

Avis

Budget

Group

Inc

(a),(e)

8,160‌

211‌

Barrett

Business

Services

Inc

91‌

5‌

Bright

Horizons

Family

Solutions

Inc

(e)

113,688‌

12,192‌

Brink's

Co/The

7,789‌

345‌

CAI

International

Inc

493‌

8‌

Cardtronics

PLC

(e)

4,055‌

91‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Commercial

Services

(continued)

Cass

Information

Systems

Inc

2,203‌

$

79‌

CBIZ

Inc

(e)

1,309‌

32‌

Chegg

Inc

(e)

461,735‌

37,387‌

Cimpress

PLC

(e)

895‌

90‌

Collectors

Universe

Inc

1,281‌

49‌

CorVel

Corp

(e)

1,374‌

109‌

CRA

International

Inc

878‌

37‌

Cross

Country

Healthcare

Inc

(e)

627‌

4‌

EVERTEC

Inc

9,332‌

290‌

Evo

Payments

Inc

(e)

564,159‌

12,800‌

Forrester

Research

Inc

(e)

1,693‌

59‌

Franchise

Group

Inc

357‌

9‌

Franklin

Covey

Co

(e)

1,937‌

35‌

Genasys

Inc

(a),(e)

5,095‌

21‌

Green

Dot

Corp

(e)

31,804‌

1,612‌

GreenSky

Inc

(a),(e)

9,628‌

54‌

Hackett

Group

Inc/The

3,380‌

47‌

HealthEquity

Inc

(e)

257,263‌

13,264‌

Herc

Holdings

Inc

(e)

222‌

7‌

HMS

Holdings

Corp

(e)

13,656‌

444‌

Huron

Consulting

Group

Inc

(e)

315‌

15‌

ICF

International

Inc

1,401‌

95‌

Insperity

Inc

2,800‌

187‌

Kforce

Inc

3,056‌

88‌

LiveRamp

Holdings

Inc

(e)

8,200‌

374‌

Medifast

Inc

1,750‌

292‌

Monro

Inc

2,515‌

142‌

National

Research

Corp

2,089‌

119‌

Nesco

Holdings

Inc

(a),(e)

476,475‌

1,601‌

Perdoceo

Education

Corp

(e)

10,730‌

155‌

PFSweb

Inc

(e)

1,655‌

13‌

Priority

Technology

Holdings

Inc

(e)

1,191‌

3‌

Progyny

Inc

(e)

149,243‌

3,974‌

R1

RCM

Inc

(e)

16,565‌

226‌

Rent-A-Center

Inc/TX

6,672‌

193‌

Repay

Holdings

Corp

(e)

5,670‌

125‌

Shift4

Payments

Inc

(e)

168,892‌

6,469‌

ShotSpotter

Inc

(e)

1,245‌

29‌

Strategic

Education

Inc

78,765‌

9,941‌

TriNet

Group

Inc

(e)

81,149‌

5,356‌

United

Rentals

Inc

(e)

38,480‌

5,979‌

Universal

Technical

Institute

Inc

(e)

4,205‌

31‌

Vectrus

Inc

(e)

26,730‌

1,176‌

Vivint

Smart

Home

Inc

(e)

2,267‌

35‌

WEX

Inc

(e)

19,177‌

3,037‌

Willdan

Group

Inc

(e)

1,108‌

27‌

WW

International

Inc

(e)

1,752‌

45‌

$

124,586‌

Computers

-

3.24%

Cubic

Corp

548‌

23‌

Diebold

Nixdorf

Inc

(e)

4,340‌

30‌

ExlService

Holdings

Inc

(e)

5,205‌

333‌

ExOne

Co/The

(a),(e)

1,417‌

12‌

Forescout

Technologies

Inc

(e)

7,446‌

216‌

Genpact

Ltd

525,050‌

20,908‌

iCAD

Inc

(e)

3,114‌

29‌

Insight

Enterprises

Inc

(e)

1,465‌

73‌

Lumentum

Holdings

Inc

(e)

14,647‌

1,360‌

Mastech

Digital

Inc

(e)

602‌

13‌

MAXIMUS

Inc

42,764‌

3,173‌

Mitek

Systems

Inc

(e)

6,203‌

64‌

OneSpan

Inc

(e)

5,171‌

161‌

PAE

Inc

(e)

9,153‌

72‌

PAR

Technology

Corp

(e)

2,488‌

77‌

Parsons

Corp

(e)

2,518‌

88‌

Perspecta

Inc

17,870‌

382‌

Ping

Identity

Holding

Corp

(e)

373,032‌

12,817‌

PlayAGS

Inc

(e)

160,839‌

544‌

Qualys

Inc

(e)

5,275‌

651‌

Schedule

of

Investments

SmallCap

Growth

Fund

I

July

31,

2020

(unaudited)

See

accompanying

notes.

233

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Computers

(continued)

Quantum

Corp

(e)

873‌

$

4‌

Rapid7

Inc

(e)

147,900‌

8,811‌

Rimini

Street

Inc

(e)

3,181‌

17‌

Science

Applications

International

Corp

60,975‌

4,877‌

SecureWorks

Corp

(e)

104‌

1‌

Super

Micro

Computer

Inc

(e)

35,058‌

1,062‌

Sykes

Enterprises

Inc

(e)

354‌

10‌

Tenable

Holdings

Inc

(e)

9,436‌

320‌

TTEC

Holdings

Inc

2,808‌

133‌

Unisys

Corp

(e)

993‌

12‌

USA

Technologies

Inc

(e)

217,718‌

1,552‌

Varonis

Systems

Inc

(e)

89,436‌

9,690‌

Virtusa

Corp

(e)

4,458‌

181‌

Vocera

Communications

Inc

(e)

4,923‌

152‌

$

67,848‌

Consumer

Products

-

0.06%

Central

Garden

&

Pet

Co

(e)

447‌

17‌

Central

Garden

&

Pet

Co

-

A

Shares

(e)

1,841‌

64‌

Helen

of

Troy

Ltd

(e)

3,921‌

738‌

WD-40

Co

1,980‌

389‌

$

1,208‌

Cosmetics

&

Personal

Care

-

0.01%

elf

Beauty

Inc

(e)

4,081‌

73‌

Inter

Parfums

Inc

2,751‌

113‌

Revlon

Inc

(a),(e)

57‌

—‌

$

186‌

Distribution

&

Wholesale

-

2.52%

Core-Mark

Holding

Co

Inc

6,445‌

171‌

EVI

Industries

Inc

(a),(e)

749‌

19‌

IAA

Inc

(e)

375,298‌

16,269‌

Pool

Corp

10,690‌

3,385‌

SiteOne

Landscape

Supply

Inc

(e)

257,295‌

32,942‌

Systemax

Inc

1,280‌

29‌

$

52,815‌

Diversified

Financial

Services

-

2.11%

Altisource

Portfolio

Solutions

SA

(e)

49‌

1‌

Ares

Management

Corp

267,400‌

10,680‌

Artisan

Partners

Asset

Management

Inc

3,503‌

127‌

Assetmark

Financial

Holdings

Inc

(e)

1,069‌

30‌

Atlanticus

Holdings

Corp

(e)

833‌

7‌

Brightsphere

Investment

Group

Inc

9,608‌

129‌

Cohen

&

Steers

Inc

3,787‌

228‌

Columbia

Financial

Inc

(e)

2,169‌

26‌

Cowen

Inc

1,461‌

24‌

Curo

Group

Holdings

Corp

2,833‌

20‌

Federal

Agricultural

Mortgage

Corp

309‌

18‌

Federated

Hermes

Inc

4,370‌

115‌

Focus

Financial

Partners

Inc

(e)

4,873‌

180‌

GAMCO

Investors

Inc

794‌

9‌

Greenhill

&

Co

Inc

2,194‌

26‌

Hamilton

Lane

Inc

180,598‌

13,047‌

Hannon

Armstrong

Sustainable

Infrastructure

Capital

Inc

566‌

20‌

Houlihan

Lokey

Inc

145,159‌

7,955‌

I3

Verticals

Inc

(e)

2,288‌

55‌

International

Money

Express

Inc

(e)

2,053‌

28‌

Moelis

&

Co

139,091‌

4,143‌

Paysign

Inc

(e)

4,770‌

44‌

PennyMac

Financial

Services

Inc

868‌

42‌

PJT

Partners

Inc

3,646‌

195‌

Pzena

Investment

Management

Inc

2,666‌

14‌

Siebert

Financial

Corp

(a),(e)

1,678‌

6‌

Silvercrest

Asset

Management

Group

Inc

805‌

9‌

Stifel

Financial

Corp

143,764‌

6,970‌

StoneX

Group

Inc

(e)

199‌

10‌

Virtus

Investment

Partners

Inc

112‌

15‌

$

44,173‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Electric

-

0.04%

Ameresco

Inc

(e)

3,781‌

$

105‌

Atlantic

Power

Corp

(e)

1,139‌

2‌

Clearway

Energy

Inc

-

Class

A

1,072‌

24‌

Clearway

Energy

Inc

-

Class

C

2,457‌

60‌

Genie

Energy

Ltd

2,039‌

17‌

MGE

Energy

Inc

1,450‌

96‌

Ormat

Technologies

Inc

6,200‌

369‌

Otter

Tail

Corp

2,068‌

79‌

Spark

Energy

Inc

1,834‌

14‌

$

766‌

Electrical

Components

&

Equipment

-

1.40%

EnerSys

606‌

41‌

Littelfuse

Inc

79,718‌

14,161‌

nLight

Inc

(e)

5,344‌

124‌

Novanta

Inc

(e)

115,172‌

11,941‌

Orion

Energy

Systems

Inc

(e)

4,135‌

16‌

Vicor

Corp

(e)

37,798‌

3,080‌

$

29,363‌

Electronics

-

1.38%

Advanced

Energy

Industries

Inc

(e)

5,888‌

433‌

Akoustis

Technologies

Inc

(a),(e)

4,807‌

38‌

Alarm.com

Holdings

Inc

(e)

68,207‌

4,777‌

Allied

Motion

Technologies

Inc

1,008‌

38‌

Atkore

International

Group

Inc

(e)

7,338‌

196‌

Badger

Meter

Inc

4,519‌

283‌

Brady

Corp

5,626‌

259‌

CyberOptics

Corp

(e)

1,086‌

43‌

Digimarc

Corp

(e)

1,712‌

24‌

FARO

Technologies

Inc

(e)

2,544‌

152‌

Fitbit

Inc

(e)

24,910‌

163‌

Fluidigm

Corp

(e)

944‌

7‌

GoPro

Inc

(e)

17,827‌

94‌

II-VI

Inc

(e)

321,105‌

16,287‌

Itron

Inc

(e)

6,216‌

432‌

Mesa

Laboratories

Inc

627‌

149‌

Napco

Security

Technologies

Inc

(e)

1,800‌

48‌

NVE

Corp

671‌

36‌

OSI

Systems

Inc

(e)

20,695‌

1,468‌

Plexus

Corp

(e)

3,623‌

269‌

SMART

Global

Holdings

Inc

(e)

2,072‌

58‌

Transcat

Inc

(e)

1,074‌

30‌

Watts

Water

Technologies

Inc

1,885‌

158‌

Woodward

Inc

45,854‌

3,436‌

Wrap

Technologies

Inc

(a),(e)

1,769‌

17‌

$

28,895‌

Energy

-

Alternate

Sources

-

0.07%

FuelCell

Energy

Inc

(a),(e)

21,899‌

49‌

Plug

Power

Inc

(a),(e)

50,245‌

387‌

Sunnova

Energy

International

Inc

(e)

646‌

16‌

SunPower

Corp

(e)

8,228‌

77‌

Sunrun

Inc

(e)

18,011‌

661‌

TPI

Composites

Inc

(e)

4,697‌

120‌

Vivint

Solar

Inc

(e)

7,620‌

155‌

$

1,465‌

Engineering

&

Construction

-

1.21%

Arcosa

Inc

47,730‌

2,015‌

Comfort

Systems

USA

Inc

1,619‌

81‌

Construction

Partners

Inc

(e)

1,310‌

22‌

Dycom

Industries

Inc

(e)

3,419‌

146‌

EMCOR

Group

Inc

716‌

49‌

Exponent

Inc

7,959‌

669‌

Granite

Construction

Inc

783‌

13‌

IES

Holdings

Inc

(e)

476‌

11‌

Iteris

Inc

(e)

6,246‌

29‌

KBR

Inc

2,734‌

61‌

MasTec

Inc

(e)

596‌

24‌

MYR

Group

Inc

(e)

1,602‌

59‌

NV5

Global

Inc

(e)

62,135‌

3,525‌

Primoris

Services

Corp

4,201‌

67‌

Schedule

of

Investments

SmallCap

Growth

Fund

I

July

31,

2020

(unaudited)

See

accompanying

notes.

234

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Engineering

&

Construction

(continued)

Sterling

Construction

Co

Inc

(e)

727‌

$

8‌

TopBuild

Corp

(e)

140,687‌

18,560‌

WillScot

Mobile

Mini

Holdings

Corp

(e)

8,701‌

131‌

$

25,470‌

Entertainment

-

0.72%

Accel

Entertainment

Inc

(e)

6,540‌

52‌

Caesars

Entertainment

Inc

(e)

12,378‌

384‌

Churchill

Downs

Inc

74,489‌

10,318‌

Everi

Holdings

Inc

(e)

406,158‌

2,307‌

GAN

Ltd

(e)

916‌

18‌

Golden

Entertainment

Inc

(e)

1,037‌

9‌

Liberty

Media

Corp-Liberty

Braves

-

A

Shares

(a),(e)

936‌

18‌

Liberty

Media

Corp-Liberty

Braves

-

C

Shares

(e)

3,399‌

63‌

Marriott

Vacations

Worldwide

Corp

814‌

69‌

Monarch

Casino

&

Resort

Inc

(e)

1,393‌

50‌

Penn

National

Gaming

Inc

(e)

10,415‌

353‌

Red

Rock

Resorts

Inc

7,652‌

84‌

Scientific

Games

Corp

(e)

6,355‌

112‌

SeaWorld

Entertainment

Inc

(e)

88,750‌

1,284‌

Twin

River

Worldwide

Holdings

Inc

2,822‌

61‌

$

15,182‌

Environmental

Control

-

2.15%

Advanced

Disposal

Services

Inc

(e)

10,526‌

317‌

Casella

Waste

Systems

Inc

(e)

6,187‌

343‌

Covanta

Holding

Corp

7,239‌

71‌

Energy

Recovery

Inc

(e)

5,872‌

45‌

Evoqua

Water

Technologies

Corp

(e)

13,287‌

256‌

Montrose

Environmental

Group

Inc

(e)

77,350‌

1,682‌

Pure

Cycle

Corp

(e)

3,008‌

27‌

Sharps

Compliance

Corp

(a),(e)

2,210‌

17‌

Tetra

Tech

Inc

232,992‌

20,655‌

Waste

Connections

Inc

211,539‌

21,655‌

$

45,068‌

Food

-

2.29%

B&G

Foods

Inc

(a)

8,680‌

251‌

BellRing

Brands

Inc

(e)

319,376‌

6,346‌

Bridgford

Foods

Corp

(e)

140‌

2‌

Calavo

Growers

Inc

2,548‌

147‌

Cal-Maine

Foods

Inc

(e)

1,656‌

73‌

Grocery

Outlet

Holding

Corp

(e)

233,931‌

10,291‌

Hain

Celestial

Group

Inc/The

(e)

566,400‌

19,246‌

Hostess

Brands

Inc

(e)

8,493‌

108‌

J

&

J

Snack

Foods

Corp

617‌

76‌

John

B

Sanfilippo

&

Son

Inc

1,361‌

120‌

Lancaster

Colony

Corp

2,937‌

466‌

Natural

Grocers

by

Vitamin

Cottage

Inc

941‌

15‌

Sanderson

Farms

Inc

2,423‌

270‌

Simply

Good

Foods

Co/The

(e)

440,592‌

10,591‌

Tootsie

Roll

Industries

Inc

(a)

2,085‌

66‌

$

48,068‌

Food

Service

-

0.01%

Healthcare

Services

Group

Inc

11,574‌

303‌

Gas

-

0.03%

Chesapeake

Utilities

Corp

2,353‌

199‌

Northwest

Natural

Holding

Co

497‌

27‌

ONE

Gas

Inc

924‌

70‌

RGC

Resources

Inc

578‌

13‌

South

Jersey

Industries

Inc

8,420‌

196‌

Southwest

Gas

Holdings

Inc

701‌

49‌

$

554‌

Hand

&

Machine

Tools

-

0.36%

Franklin

Electric

Co

Inc

6,629‌

359‌

Luxfer

Holdings

PLC

246‌

3‌

MSA

Safety

Inc

60,973‌

7,227‌

$

7,589‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Healthcare

-

Products

-

5.09%

10X

Genomics

Inc

(e)

98,392‌

$

9,679‌

Accelerate

Diagnostics

Inc

(a),(e)

4,725‌

69‌

Accuray

Inc

(e)

13,802‌

31‌

Alpha

Pro

Tech

Ltd

(e)

1,892‌

41‌

Alphatec

Holdings

Inc

(e)

5,983‌

30‌

Apyx

Medical

Corp

(e)

520‌

2‌

AtriCure

Inc

(e)

108,027‌

4,409‌

Atrion

Corp

219‌

136‌

Axogen

Inc

(e)

5,638‌

64‌

Axonics

Modulation

Technologies

Inc

(a),(e)

4,718‌

200‌

Bellerophon

Therapeutics

Inc

(e)

568‌

7‌

BioLife

Solutions

Inc

(e)

1,125‌

22‌

BioSig

Technologies

Inc

(e)

3,282‌

30‌

BioTelemetry

Inc

(e)

5,202‌

221‌

Bruker

Corp

143,495‌

6,403‌

Cantel

Medical

Corp

5,878‌

278‌

Cardiovascular

Systems

Inc

(e)

5,349‌

163‌

CareDx

Inc

(e)

6,633‌

221‌

Castle

Biosciences

Inc

(e)

1,586‌

61‌

Cerus

Corp

(e)

25,114‌

179‌

Chembio

Diagnostics

Inc

(a),(e)

2,854‌

16‌

Co-Diagnostics

Inc

(a),(e)

4,017‌

96‌

CONMED

Corp

4,213‌

348‌

CryoLife

Inc

(e)

4,622‌

90‌

Cutera

Inc

(e)

2,597‌

37‌

CytoSorbents

Corp

(e)

5,343‌

51‌

Electromed

Inc

(e)

1,075‌

18‌

Establishment

Labs

Holdings

Inc

(a),(e)

191,696‌

3,450‌

GenMark

Diagnostics

Inc

(e)

10,499‌

187‌

Glaukos

Corp

(e)

6,551‌

286‌

Hanger

Inc

(e)

710‌

12‌

Inari

Medical

Inc

(e)

107,460‌

6,041‌

InfuSystem

Holdings

Inc

(e)

2,239‌

27‌

Inogen

Inc

(e)

1,909‌

59‌

Inspire

Medical

Systems

Inc

(e)

4,056‌

403‌

Insulet

Corp

(e)

18,466‌

3,755‌

Integer

Holdings

Corp

(e)

67,859‌

4,463‌

Integra

LifeSciences

Holdings

Corp

(e)

53,476‌

2,553‌

Intersect

ENT

Inc

(e)

5,038‌

87‌

iRadimed

Corp

(e)

896‌

20‌

iRhythm

Technologies

Inc

(e)

96,069‌

11,959‌

Lantheus

Holdings

Inc

(e)

10,286‌

139‌

LeMaitre

Vascular

Inc

2,053‌

60‌

LivaNova

PLC

(e)

47,664‌

2,219‌

Luminex

Corp

6,581‌

239‌

Meridian

Bioscience

Inc

(e)

5,713‌

140‌

Merit

Medical

Systems

Inc

(e)

8,395‌

375‌

Milestone

Scientific

Inc

(e)

5,164‌

10‌

Misonix

Inc

(e)

1,016‌

13‌

NanoString

Technologies

Inc

(e)

5,076‌

183‌

Natera

Inc

(e)

10,151‌

487‌

Natus

Medical

Inc

(e)

1,667‌

31‌

Nemaura

Medical

Inc

(e)

1,109‌

7‌

Nevro

Corp

(e)

33,117‌

4,403‌

NuVasive

Inc

(e)

7,964‌

455‌

Nymox

Pharmaceutical

Corp

(a),(e)

5,322‌

17‌

OraSure

Technologies

Inc

(e)

5,872‌

107‌

OrthoPediatrics

Corp

(e)

131,923‌

5,566‌

PAVmed

Inc

(a),(e)

5,922‌

12‌

Penumbra

Inc

(e)

30,569‌

6,784‌

Precision

BioSciences

Inc

(e)

6,673‌

42‌

Pulse

Biosciences

Inc

(a),(e)

2,121‌

22‌

Quanterix

Corp

(e)

2,933‌

95‌

Quotient

Ltd

(e)

9,376‌

73‌

Repligen

Corp

(e)

71,032‌

10,719‌

Repro-Med

Systems

Inc

(e)

3,774‌

39‌

Retractable

Technologies

Inc

(e)

1,911‌

23‌

SeaSpine

Holdings

Corp

(e)

64,466‌

604‌

Shockwave

Medical

Inc

(e)

4,129‌

204‌

Schedule

of

Investments

SmallCap

Growth

Fund

I

July

31,

2020

(unaudited)

See

accompanying

notes.

235

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Healthcare

-

Products

(continued)

Sientra

Inc

(e)

5,744‌

$

22‌

Silk

Road

Medical

Inc

(e)

230,046‌

10,688‌

Soleno

Therapeutics

Inc

(e)

4,804‌

8‌

Soliton

Inc

(a),(e)

919‌

6‌

STAAR

Surgical

Co

(e)

6,992‌

407‌

Stereotaxis

Inc

(e)

6,849‌

26‌

Surmodics

Inc

(e)

2,049‌

97‌

Tactile

Systems

Technology

Inc

(e)

131,872‌

5,404‌

Utah

Medical

Products

Inc

415‌

34‌

Venus

Concept

Inc

(e)

1,940‌

6‌

ViewRay

Inc

(e)

6,379‌

18‌

Wright

Medical

Group

NV

(e)

19,946‌

599‌

Zynex

Inc

(a),(e)

2,567‌

49‌

$

106,636‌

Healthcare

-

Services

-

4.09%

Accolade

Inc

(a),(e)

105,639‌

3,427‌

Addus

HomeCare

Corp

(e)

42,876‌

4,133‌

American

Renal

Associates

Holdings

Inc

(e)

714‌

5‌

Apollo

Medical

Holdings

Inc

(e)

1,561‌

26‌

Avalon

GloboCare

Corp

(e)

2,629‌

4‌

Catalent

Inc

(e)

216,487‌

18,908‌

Cellular

Biomedicine

Group

Inc

(e)

1,208‌

16‌

Charles

River

Laboratories

International

Inc

(e)

124,815‌

24,837‌

Encompass

Health

Corp

109,469‌

7,453‌

Ensign

Group

Inc/The

7,927‌

365‌

Fulgent

Genetics

Inc

(e)

1,494‌

39‌

ICON

PLC

(e)

45,190‌

8,381‌

Invitae

Corp

(e)

17,889‌

522‌

Joint

Corp/The

(e)

2,055‌

30‌

LHC

Group

Inc

(e)

80,455‌

15,698‌

Magellan

Health

Inc

(e)

1,577‌

117‌

Medpace

Holdings

Inc

(e)

4,232‌

505‌

Pennant

Group

Inc/The

(e)

4,016‌

101‌

Personalis

Inc

(e)

3,027‌

53‌

Providence

Service

Corp/The

(e)

1,872‌

152‌

RadNet

Inc

(e)

6,627‌

105‌

Select

Medical

Holdings

Corp

(e)

16,836‌

320‌

SI-BONE

Inc

(e)

3,930‌

67‌

Surgery

Partners

Inc

(e)

3,489‌

53‌

Tenet

Healthcare

Corp

(e)

1,618‌

43‌

Tivity

Health

Inc

(e)

3,147‌

41‌

Triple-S

Management

Corp

(e)

311‌

6‌

US

Physical

Therapy

Inc

1,963‌

163‌

Vapotherm

Inc

(e)

2,969‌

155‌

Viemed

Healthcare

Inc

(a),(e)

5,325‌

58‌

$

85,783‌

Home

Builders

-

1.35%

Cavco

Industries

Inc

(e)

1,343‌

269‌

Installed

Building

Products

Inc

(e)

62,127‌

4,915‌

KB

Home

1,995‌

67‌

LCI

Industries

3,819‌

480‌

LGI

Homes

Inc

(e)

3,453‌

394‌

Meritage

Homes

Corp

(e)

145,017‌

14,383‌

Skyline

Champion

Corp

(e)

8,441‌

238‌

Taylor

Morrison

Home

Corp

(e)

246,300‌

5,776‌

Winnebago

Industries

Inc

28,145‌

1,701‌

$

28,223‌

Home

Furnishings

-

0.53%

Casper

Sleep

Inc

(a),(e)

277‌

2‌

Hamilton

Beach

Brands

Holding

Co

374‌

6‌

Hooker

Furniture

Corp

107‌

2‌

iRobot

Corp

(e)

4,276‌

311‌

Purple

Innovation

Inc

(e)

2,213‌

54‌

Sleep

Number

Corp

(e)

223,665‌

10,400‌

Sonos

Inc

(e)

12,306‌

197‌

Universal

Electronics

Inc

(e)

1,816‌

84‌

$

11,056‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Insurance

-

2.55%

Benefytt

Technologies

Inc

(a),(e)

1,611‌

$

50‌

BRP

Group

Inc

(e)

247,081‌

4,312‌

Crawford

&

Co

283‌

2‌

eHealth

Inc

(e)

36,279‌

2,508‌

FedNat

Holding

Co

102‌

1‌

Global

Indemnity

Ltd

172‌

4‌

Goosehead

Insurance

Inc

(e)

256‌

26‌

GWG

Holdings

Inc

(a),(e)

527‌

4‌

Hanover

Insurance

Group

Inc/The

20,140‌

2,052‌

HCI

Group

Inc

218‌

10‌

Heritage

Insurance

Holdings

Inc

328‌

4‌

Investors

Title

Co

26‌

3‌

James

River

Group

Holdings

Ltd

4,049‌

187‌

Kinsale

Capital

Group

Inc

3,225‌

629‌

Lemonade

Inc

(e)

7,023‌

409‌

National

General

Holdings

Corp

5,009‌

170‌

NMI

Holdings

Inc

(e)

608‌

9‌

Palomar

Holdings

Inc

(e)

203,153‌

18,556‌

RLI

Corp

5,360‌

472‌

Selectquote

Inc

(a),(e)

329,567‌

5,896‌

Trean

Insurance

Group

Inc

(e)

257,676‌

4,020‌

Trupanion

Inc

(a),(e)

278,609‌

14,089‌

Universal

Insurance

Holdings

Inc

1,084‌

19‌

$

53,432‌

Internet

-

3.49%

1-800-Flowers.com

Inc

(e)

3,852‌

109‌

8x8

Inc

(e)

15,750‌

250‌

Anaplan

Inc

(e)

124,711‌

5,663‌

Boingo

Wireless

Inc

(e)

48,878‌

706‌

Cardlytics

Inc

(e)

4,005‌

266‌

Cargurus

Inc

(e)

13,386‌

387‌

CarParts.com

Inc

(e)

3,008‌

41‌

ChannelAdvisor

Corp

(e)

4,225‌

86‌

Cogent

Communications

Holdings

Inc

76,463‌

6,890‌

Endurance

International

Group

Holdings

Inc

(e)

10,247‌

58‌

ePlus

Inc

(e)

1,716‌

128‌

Etsy

Inc

(e)

73,777‌

8,734‌

Eventbrite

Inc

(e)

9,845‌

84‌

EverQuote

Inc

(e)

86,425‌

4,706‌

GlobalSCAPE

Inc

2,208‌

21‌

Limelight

Networks

Inc

(e)

17,989‌

113‌

LiveXLive

Media

Inc

(a),(e)

580‌

2‌

Magnite

Inc

(e)

8,898‌

53‌

MakeMyTrip

Ltd

(e)

423,126‌

6,588‌

Meet

Group

Inc/The

(e)

10,659‌

66‌

Mimecast

Ltd

(e)

362,470‌

17,010‌

NIC

Inc

10,200‌

224‌

Overstock.com

Inc

(e)

5,100‌

386‌

Perficient

Inc

(e)

64,525‌

2,530‌

Q2

Holdings

Inc

(e)

48,598‌

4,571‌

QuinStreet

Inc

(e)

2,360‌

28‌

RealReal

Inc/The

(e)

499,538‌

6,814‌

Shutterstock

Inc

3,011‌

164‌

Stamps.com

Inc

(e)

11,972‌

3,116‌

Stitch

Fix

Inc

(a),(e)

129,575‌

2,870‌

TechTarget

Inc

(e)

3,613‌

131‌

Tucows

Inc

(a),(e)

1,448‌

88‌

Upwork

Inc

(e)

14,377‌

216‌

VirnetX

Holding

Corp

5,080‌

26‌

Yelp

Inc

(e)

2,016‌

50‌

Zix

Corp

(e)

8,468‌

60‌

$

73,235‌

Investment

Companies

-

0.01%

Brookfield

Infrastructure

Corp

2,487‌

114‌

Brookfield

Renewable

Corp

550‌

25‌

Grid

Dynamics

Holdings

Inc

(e)

3,361‌

22‌

$

161‌

Schedule

of

Investments

SmallCap

Growth

Fund

I

July

31,

2020

(unaudited)

See

accompanying

notes.

236

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Leisure

Products

&

Services

-

1.71%

Acushnet

Holdings

Corp

1,239‌

$

47‌

Camping

World

Holdings

Inc

5,084‌

186‌

Clarus

Corp

329,967‌

3,953‌

Fox

Factory

Holding

Corp

(e)

147,626‌

13,139‌

Johnson

Outdoors

Inc

400‌

35‌

Lindblad

Expeditions

Holdings

Inc

(e)

3,998‌

29‌

Malibu

Boats

Inc

(e)

3,180‌

187‌

Marine

Products

Corp

1,111‌

14‌

MasterCraft

Boat

Holdings

Inc

(e)

2,870‌

60‌

OneSpaWorld

Holdings

Ltd

291,118‌

1,619‌

OneWater

Marine

Inc

(e)

719‌

18‌

Planet

Fitness

Inc

(e)

233,147‌

12,170‌

YETI

Holdings

Inc

(e)

90,556‌

4,427‌

$

35,884‌

Lodging

-

0.22%

Choice

Hotels

International

Inc

50,698‌

4,260‌

Hilton

Grand

Vacations

Inc

(e)

13,203‌

268‌

St

Joe

Co/The

(e)

2,508‌

52‌

$

4,580‌

Machinery

-

Construction

&

Mining

-

0.46%

Bloom

Energy

Corp

(a),(e)

12,407‌

151‌

BWX

Technologies

Inc

175,994‌

9,595‌

$

9,746‌

Machinery

-

Diversified

-

1.85%

Alamo

Group

Inc

1,240‌

128‌

Albany

International

Corp

3,926‌

189‌

Applied

Industrial

Technologies

Inc

2,372‌

150‌

Cactus

Inc

115,659‌

2,616‌

Chart

Industries

Inc

(e)

215,020‌

14,736‌

CSW

Industrials

Inc

2,181‌

146‌

Gencor

Industries

Inc

(e)

166‌

2‌

Gorman-Rupp

Co/The

431‌

13‌

Ichor

Holdings

Ltd

(e)

3,427‌

112‌

IDEX

Corp

48,411‌

7,979‌

Intevac

Inc

(e)

890‌

5‌

Kadant

Inc

1,770‌

192‌

Lindsay

Corp

1,679‌

163‌

Mueller

Water

Products

Inc

-

Class

A

1,432‌

14‌

Nordson

Corp

32,200‌

6,235‌

Ranpak

Holdings

Corp

(e)

729,511‌

5,960‌

Tennant

Co

2,833‌

189‌

Welbilt

Inc

(e)

5,678‌

34‌

$

38,863‌

Media

-

0.01%

AMC

Networks

Inc

(e)

2,424‌

56‌

Central

European

Media

Enterprises

Ltd

(e)

6,611‌

26‌

Gray

Television

Inc

(e)

4,208‌

60‌

Meredith

Corp

3,109‌

45‌

Value

Line

Inc

151‌

4‌

WideOpenWest

Inc

(e)

4,052‌

22‌

$

213‌

Metal

Fabrication

&

Hardware

-

0.05%

Advanced

Drainage

Systems

Inc

7,661‌

375‌

Helios

Technologies

Inc

2,016‌

76‌

Lawson

Products

Inc/DE

(e)

415‌

13‌

Omega

Flex

Inc

449‌

55‌

RBC

Bearings

Inc

(e)

3,817‌

467‌

Rexnord

Corp

1,269‌

37‌

$

1,023‌

Mining

-

0.03%

Caledonia

Mining

Corp

PLC

(a)

605‌

14‌

Compass

Minerals

International

Inc

5,293‌

270‌

Novagold

Resources

Inc

(e)

34,336‌

313‌

United

States

Lime

&

Minerals

Inc

16‌

1‌

Uranium

Energy

Corp

(e)

10,713‌

10‌

$

608‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Miscellaneous

Manufacturers

-

2.02%

Axon

Enterprise

Inc

(e)

121,880‌

$

10,132‌

Carlisle

Cos

Inc

23,184‌

2,761‌

Chase

Corp

1,142‌

115‌

Enerpac

Tool

Group

Corp

3,150‌

60‌

ESCO

Technologies

Inc

40,140‌

3,450‌

Fabrinet

(e)

5,691‌

413‌

Federal

Signal

Corp

8,550‌

264‌

ITT

Inc

147,610‌

8,521‌

John

Bean

Technologies

Corp

168,389‌

15,787‌

Materion

Corp

956‌

55‌

Myers

Industries

Inc

2,044‌

31‌

Proto

Labs

Inc

(e)

4,143‌

498‌

Raven

Industries

Inc

490‌

11‌

Sturm

Ruger

&

Co

Inc

2,298‌

187‌

Trinseo

SA

1,853‌

40‌

$

42,325‌

Office

&

Business

Equipment

-

0.00%

Pitney

Bowes

Inc

10,285‌

34‌

Office

Furnishings

-

0.00%

Interface

Inc

1,696‌

14‌

Oil

&

Gas

-

0.11%

Contango

Oil

&

Gas

Co

(e)

2,546‌

5‌

EQT

Corp

116,200‌

1,687‌

Goodrich

Petroleum

Corp

(e)

832‌

6‌

Magnolia

Oil

&

Gas

Corp

(e)

17,774‌

106‌

Murphy

USA

Inc

(e)

4,273‌

566‌

$

2,370‌

Oil

&

Gas

Services

-

0.00%

DMC

Global

Inc

1,040‌

31‌

Packaging

&

Containers

-

0.01%

O-I

Glass

Inc

18,802‌

196‌

UFP

Technologies

Inc

(e)

86‌

4‌

$

200‌

Pharmaceuticals

-

3.51%

89bio

Inc

(a),(e)

453‌

14‌

AcelRx

Pharmaceuticals

Inc

(e)

3,224‌

4‌

Adamas

Pharmaceuticals

Inc

(e)

143,337‌

355‌

AdaptHealth

Corp

(e)

124,096‌

2,418‌

Aeglea

BioTherapeutics

Inc

(e)

5,524‌

38‌

Aerie

Pharmaceuticals

Inc

(e)

5,683‌

66‌

Agile

Therapeutics

Inc

(a),(e)

9,784‌

24‌

Aimmune

Therapeutics

Inc

(a),(e)

111,697‌

1,475‌

Akcea

Therapeutics

Inc

(e)

1,118‌

12‌

Akebia

Therapeutics

Inc

(e)

20,176‌

225‌

Alector

Inc

(e)

7,172‌

112‌

Allovir

Inc

(e)

95,872‌

2,387‌

Amneal

Pharmaceuticals

Inc

(e)

15,373‌

67‌

Amphastar

Pharmaceuticals

Inc

(e)

5,497‌

110‌

Antares

Pharma

Inc

(e)

25,457‌

66‌

Aquestive

Therapeutics

Inc

(e)

3,077‌

16‌

Artana

Therapeutics

(e),(f),(g)

6,221‌

—‌

Arvinas

Inc

(e)

4,530‌

143‌

Athenex

Inc

(e)

11,409‌

121‌

Avenue

Therapeutics

Inc

(e)

1,099‌

11‌

Axcella

Health

Inc

(e)

1,472‌

7‌

Axsome

Therapeutics

Inc

(e)

64,291‌

4,586‌

Beyond

Air

Inc

(e)

2,024‌

13‌

Beyondspring

Inc

(e)

1,956‌

22‌

BioDelivery

Sciences

International

Inc

(e)

402,750‌

1,688‌

BioSpecifics

Technologies

Corp

(e)

965‌

60‌

Bioxcel

Therapeutics

Inc

(e)

74,790‌

3,392‌

Calyxt

Inc

(e)

1,589‌

7‌

Cassava

Sciences

Inc

(a),(e)

1,362‌

4‌

Catalyst

Pharmaceuticals

Inc

(e)

15,043‌

65‌

Checkpoint

Therapeutics

Inc

(e)

6,746‌

15‌

Chiasma

Inc

(e)

5,677‌

25‌

Cidara

Therapeutics

Inc

(e)

4,079‌

15‌

Clovis

Oncology

Inc

(a),(e)

11,204‌

65‌

Schedule

of

Investments

SmallCap

Growth

Fund

I

July

31,

2020

(unaudited)

See

accompanying

notes.

237

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Pharmaceuticals

(continued)

Coherus

Biosciences

Inc

(e)

420,082‌

$

7,389‌

Collegium

Pharmaceutical

Inc

(e)

119,328‌

1,883‌

Corbus

Pharmaceuticals

Holdings

Inc

(a),(e)

10,267‌

64‌

Corcept

Therapeutics

Inc

(e)

14,879‌

222‌

CorMedix

Inc

(a),(e)

3,717‌

17‌

Cytokinetics

Inc

(e)

7,615‌

165‌

Dova

Pharmaceuticals

Inc

(e),(f),(g)

1,117‌

1‌

Durect

Corp

(e)

30,608‌

60‌

Eagle

Pharmaceuticals

Inc/DE

(e)

1,687‌

78‌

Eidos

Therapeutics

Inc

(e)

1,693‌

68‌

Eloxx

Pharmaceuticals

Inc

(e)

4,400‌

12‌

Enanta

Pharmaceuticals

Inc

(e)

253‌

12‌

Endo

International

PLC

(e)

15,092‌

53‌

Eton

Pharmaceuticals

Inc

(a),(e)

2,434‌

16‌

Evofem

Biosciences

Inc

(a),(e)

6,778‌

20‌

Fennec

Pharmaceuticals

Inc

(a),(e)

3,345‌

28‌

Flexion

Therapeutics

Inc

(e)

5,305‌

72‌

Fortress

Biotech

Inc

(e)

8,988‌

25‌

Fulcrum

Therapeutics

Inc

(e)

1,936‌

31‌

G1

Therapeutics

Inc

(e)

2,472‌

36‌

Galectin

Therapeutics

Inc

(a),(e)

5,754‌

15‌

Global

Blood

Therapeutics

Inc

(e)

67,232‌

4,537‌

Gritstone

Oncology

Inc

(e)

789‌

3‌

Harpoon

Therapeutics

Inc

(e)

1,635‌

18‌

Harrow

Health

Inc

(e)

3,465‌

19‌

Heron

Therapeutics

Inc

(e)

13,580‌

221‌

Heska

Corp

(e)

387‌

37‌

Hookipa

Pharma

Inc

(a),(e)

1,795‌

17‌

Horizon

Therapeutics

Plc

(e)

159,585‌

9,765‌

Ideaya

Biosciences

Inc

(e)

376‌

5‌

IMARA

Inc

(e)

763‌

15‌

Intellia

Therapeutics

Inc

(e)

6,791‌

121‌

Intra-Cellular

Therapies

Inc

(e)

3,236‌

64‌

Ironwood

Pharmaceuticals

Inc

(e)

24,733‌

227‌

Kadmon

Holdings

Inc

(e)

25,002‌

92‌

Kala

Pharmaceuticals

Inc

(a),(e)

6,133‌

54‌

KalVista

Pharmaceuticals

Inc

(e)

431‌

4‌

Kura

Oncology

Inc

(e)

8,219‌

135‌

La

Jolla

Pharmaceutical

Co

(a),(e)

2,791‌

11‌

Lifevantage

Corp

(e)

2,122‌

27‌

Madrigal

Pharmaceuticals

Inc

(e)

39,765‌

4,080‌

MannKind

Corp

(e)

532,307‌

830‌

Marinus

Pharmaceuticals

Inc

(e)

13,113‌

22‌

MediciNova

Inc

(a),(e)

6,528‌

41‌

Minerva

Neurosciences

Inc

(e)

5,041‌

18‌

Mirum

Pharmaceuticals

Inc

(a),(e)

332‌

7‌

Momenta

Pharmaceuticals

Inc

(e)

17,138‌

505‌

Morphic

Holding

Inc

(a),(e)

2,120‌

48‌

MyoKardia

Inc

(e)

6,739‌

607‌

Neogen

Corp

(e)

8,178‌

628‌

Neoleukin

Therapeutics

Inc

(e)

4,599‌

45‌

Neubase

Therapeutics

Inc

(e)

2,673‌

20‌

NeuroBo

Pharmaceuticals

Inc

(a),(e)

706‌

5‌

Neurocrine

Biosciences

Inc

(e)

76,966‌

9,264‌

Ocular

Therapeutix

Inc

(a),(e)

7,944‌

62‌

Odonate

Therapeutics

Inc

(e)

2,024‌

74‌

Optinose

Inc

(a),(e)

4,780‌

24‌

Option

Care

Health

Inc

(e)

4,923‌

58‌

ORIC

Pharmaceuticals

Inc

(a),(e)

38,268‌

768‌

Pacira

BioSciences

Inc

(e)

6,407‌

337‌

Paratek

Pharmaceuticals

Inc

(e)

5,907‌

26‌

Passage

Bio

Inc

(e)

72,636‌

1,136‌

PhaseBio

Pharmaceuticals

Inc

(a),(e)

2,470‌

10‌

Prestige

Consumer

Healthcare

Inc

(e)

2,750‌

102‌

Principia

Biopharma

Inc

(e)

4,163‌

348‌

Protagonist

Therapeutics

Inc

(e)

3,497‌

55‌

Reata

Pharmaceuticals

Inc

(e)

8,563‌

1,265‌

Recro

Pharma

Inc

(e)

3,003‌

12‌

Relmada

Therapeutics

Inc

(a),(e)

2,176‌

79‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Pharmaceuticals

(continued)

Revance

Therapeutics

Inc

(e)

215,010‌

$

5,049‌

Rhythm

Pharmaceuticals

Inc

(e)

5,207‌

100‌

Rockwell

Medical

Inc

(e)

9,384‌

16‌

scPharmaceuticals

Inc

(e)

887‌

7‌

Seres

Therapeutics

Inc

(e)

6,809‌

25‌

SIGA

Technologies

Inc

(e)

8,381‌

54‌

Spero

Therapeutics

Inc

(e)

1,989‌

23‌

Supernus

Pharmaceuticals

Inc

(e)

1,684‌

38‌

Synergy

Pharmaceuticals

LLC

(e),(f),(g)

28,172‌

—‌

Syros

Pharmaceuticals

Inc

(e)

6,432‌

61‌

TG

Therapeutics

Inc

(e)

12,783‌

250‌

TherapeuticsMD

Inc

(a),(e)

30,987‌

57‌

Tricida

Inc

(e)

4,380‌

59‌

UroGen

Pharma

Ltd

(a),(e)

1,831‌

40‌

USANA

Health

Sciences

Inc

(e)

1,792‌

145‌

Verrica

Pharmaceuticals

Inc

(a),(e)

1,925‌

13‌

Voyager

Therapeutics

Inc

(e)

4,003‌

44‌

vTv

Therapeutics

Inc

(e)

1,602‌

4‌

Xeris

Pharmaceuticals

Inc

(a),(e)

5,358‌

15‌

Zogenix

Inc

(e)

163,720‌

3,895‌

$

73,638‌

Pipelines

-

0.16%

New

Fortress

Energy

LLC

(a),(e)

159,192‌

3,439‌

NextDecade

Corp

(e)

351‌

—‌

$

3,439‌

Real

Estate

-

0.05%

Cushman

&

Wakefield

PLC

(e)

5,841‌

63‌

eXp

World

Holdings

Inc

(e)

3,694‌

73‌

Griffin

Industrial

Realty

Inc

261‌

13‌

Legacy

Housing

Corp

(e)

334‌

5‌

Marcus

&

Millichap

Inc

(e)

355‌

10‌

Maui

Land

&

Pineapple

Co

Inc

(e)

501‌

5‌

McGrath

RentCorp

2,120‌

123‌

Redfin

Corp

(e)

14,872‌

618‌

RMR

Group

Inc/The

2,129‌

61‌

Safehold

Inc

1,461‌

74‌

$

1,045‌

REITs

-

1.73%

Alexander's

Inc

309‌

78‌

Bluerock

Residential

Growth

REIT

Inc

1,318‌

10‌

CareTrust

REIT

Inc

2,043‌

37‌

CatchMark

Timber

Trust

Inc

836‌

8‌

CIM

Commercial

Trust

Corp

1,715‌

17‌

Clipper

Realty

Inc

1,871‌

13‌

Community

Healthcare

Trust

Inc

3,264‌

149‌

Easterly

Government

Properties

Inc

11,693‌

286‌

EastGroup

Properties

Inc

88,418‌

11,729‌

Four

Corners

Property

Trust

Inc

10,906‌

275‌

Gladstone

Commercial

Corp

1,119‌

20‌

Gladstone

Land

Corp

1,381‌

22‌

Innovative

Industrial

Properties

Inc

1,071‌

112‌

LTC

Properties

Inc

2,269‌

84‌

Monmouth

Real

Estate

Investment

Corp

174,307‌

2,516‌

National

Health

Investors

Inc

2,180‌

135‌

National

Storage

Affiliates

Trust

9,600‌

296‌

NexPoint

Residential

Trust

Inc

513‌

20‌

Plymouth

Industrial

REIT

Inc

2,280‌

30‌

PS

Business

Parks

Inc

3,115‌

430‌

QTS

Realty

Trust

Inc

262,411‌

18,880‌

Ryman

Hospitality

Properties

Inc

6,764‌

217‌

Saul

Centers

Inc

1,606‌

49‌

STAG

Industrial

Inc

1,879‌

61‌

Terreno

Realty

Corp

4,390‌

267‌

UMH

Properties

Inc

4,413‌

54‌

Uniti

Group

Inc

29,960‌

297‌

Universal

Health

Realty

Income

Trust

1,730‌

120‌

$

36,212‌

Schedule

of

Investments

SmallCap

Growth

Fund

I

July

31,

2020

(unaudited)

See

accompanying

notes.

238

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Retail

-

6.12%

America's

Car-Mart

Inc/TX

(e)

719‌

$

68‌

Asbury

Automotive

Group

Inc

(e)

1,170‌

117‌

Aspen

Aerogels

Inc

(e)

286‌

2‌

Big

Lots

Inc

477‌

19‌

BJ's

Wholesale

Club

Holdings

Inc

(e)

21,228‌

850‌

Bloomin'

Brands

Inc

13,568‌

156‌

Boot

Barn

Holdings

Inc

(e)

4,053‌

78‌

Brinker

International

Inc

4,498‌

121‌

Casey's

General

Stores

Inc

56,414‌

8,981‌

Children's

Place

Inc/The

(a)

60,341‌

1,473‌

Chuy's

Holdings

Inc

(e)

93,990‌

1,495‌

Cracker

Barrel

Old

Country

Store

Inc

1,582‌

175‌

Dave

&

Buster's

Entertainment

Inc

(a)

2,613‌

32‌

Denny's

Corp

(e)

5,484‌

49‌

Dick's

Sporting

Goods

Inc

76,290‌

3,480‌

Dine

Brands

Global

Inc

166‌

8‌

El

Pollo

Loco

Holdings

Inc

(e)

198‌

4‌

Envela

Corp

(e)

1,081‌

5‌

FirstCash

Inc

6,304‌

363‌

Five

Below

Inc

(e)

88,046‌

9,589‌

Floor

&

Decor

Holdings

Inc

(e)

119,400‌

7,868‌

Foundation

Building

Materials

Inc

(e)

719‌

10‌

Freshpet

Inc

(e)

298,982‌

28,717‌

GrowGeneration

Corp

(e)

4,445‌

38‌

Jack

in

the

Box

Inc

84,559‌

6,943‌

Lithia

Motors

Inc

30,252‌

6,932‌

Lovesac

Co/The

(a),(e)

81,554‌

2,592‌

Lumber

Liquidators

Holdings

Inc

(e)

646‌

14‌

National

Vision

Holdings

Inc

(e)

444,816‌

14,230‌

Noodles

&

Co

(e)

200,442‌

1,393‌

Ollie's

Bargain

Outlet

Holdings

Inc

(e)

73,620‌

7,737‌

OptimizeRx

Corp

(e)

2,231‌

32‌

Papa

John's

International

Inc

4,270‌

404‌

PC

Connection

Inc

120‌

5‌

PetIQ

Inc

(e)

3,186‌

116‌

PetMed

Express

Inc

(a)

3,027‌

94‌

PriceSmart

Inc

218‌

14‌

RH

(e)

2,591‌

745‌

Ruth's

Hospitality

Group

Inc

4,110‌

28‌

Shake

Shack

Inc

(e)

5,436‌

264‌

Sportsman's

Warehouse

Holdings

Inc

(e)

6,627‌

107‌

Texas

Roadhouse

Inc

189,892‌

10,670‌

Tilly's

Inc

137,784‌

828‌

Waitr

Holdings

Inc

(e)

11,768‌

63‌

Wingstop

Inc

72,899‌

11,391‌

Winmark

Corp

129‌

21‌

$

128,321‌

Savings

&

Loans

-

0.34%

Axos

Financial

Inc

(e)

724‌

16‌

FS

Bancorp

Inc

58‌

2‌

Greene

County

Bancorp

Inc

55‌

1‌

Hingham

Institution

For

Savings

The

13‌

2‌

Investors

Bancorp

Inc

10,080‌

82‌

OceanFirst

Financial

Corp

156,824‌

2,403‌

Pacific

Premier

Bancorp

Inc

224,158‌

4,710‌

Waterstone

Financial

Inc

207‌

3‌

$

7,219‌

Semiconductors

-

5.40%

Ambarella

Inc

(e)

1,540‌

70‌

Amkor

Technology

Inc

(e)

2,565‌

35‌

Atomera

Inc

(a),(e)

2,218‌

24‌

Axcelis

Technologies

Inc

(e)

4,659‌

137‌

Brooks

Automation

Inc

11,257‌

613‌

Cabot

Microelectronics

Corp

4,500‌

678‌

CEVA

Inc

(e)

3,361‌

135‌

Cohu

Inc

426‌

8‌

Cree

Inc

(e)

137,035‌

9,444‌

Diodes

Inc

(e)

1,142‌

59‌

DSP

Group

Inc

(e)

3,084‌

46‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Semiconductors

(continued)

Entegris

Inc

112,430‌

$

8,085‌

FormFactor

Inc

(e)

11,827‌

341‌

Impinj

Inc

(e)

2,608‌

62‌

Inphi

Corp

(e)

71,740‌

9,373‌

Intellicheck

Inc

(e)

2,462‌

18‌

Lattice

Semiconductor

Corp

(e)

942,621‌

29,306‌

MACOM

Technology

Solutions

Holdings

Inc

(e)

487,743‌

20,612‌

MaxLinear

Inc

(e)

6,199‌

157‌

MKS

Instruments

Inc

86,545‌

11,029‌

Monolithic

Power

Systems

Inc

8,524‌

2,259‌

Onto

Innovation

Inc

(e)

72,564‌

2,745‌

Pixelworks

Inc

(e)

5,141‌

16‌

Power

Integrations

Inc

4,567‌

557‌

Semtech

Corp

(e)

55,588‌

3,098‌

Silicon

Laboratories

Inc

(e)

136,861‌

13,756‌

SiTime

Corp

(e)

778‌

41‌

Synaptics

Inc

(e)

4,982‌

399‌

Ultra

Clean

Holdings

Inc

(e)

6,138‌

185‌

$

113,288‌

Software

-

11.08%

1Life

Healthcare

Inc

(a),(e)

3,304‌

98‌

ACI

Worldwide

Inc

(e)

17,755‌

476‌

Agilysys

Inc

(e)

2,815‌

59‌

Akerna

Corp

(e)

1,481‌

10‌

Allscripts

Healthcare

Solutions

Inc

(e)

1,415‌

13‌

Altair

Engineering

Inc

(e)

6,505‌

262‌

American

Software

Inc/GA

4,637‌

76‌

Appfolio

Inc

(e)

2,475‌

345‌

Appian

Corp

(a),(e)

5,089‌

259‌

Aspen

Technology

Inc

(e)

45,456‌

4,421‌

Avaya

Holdings

Corp

(e)

14,369‌

182‌

Avid

Technology

Inc

(e)

4,839‌

40‌

Bandwidth

Inc

(e)

2,971‌

430‌

Benefitfocus

Inc

(e)

4,493‌

53‌

Blackbaud

Inc

7,661‌

479‌

Blackline

Inc

(e)

282,755‌

25,139‌

Bottomline

Technologies

DE

Inc

(e)

6,709‌

324‌

Box

Inc

(e)

22,868‌

410‌

Brightcove

Inc

(e)

6,046‌

64‌

Broadridge

Financial

Solutions

Inc

4,826‌

648‌

Cloudera

Inc

(e)

15,461‌

174‌

CommVault

Systems

Inc

(e)

6,476‌

285‌

Cornerstone

OnDemand

Inc

(e)

9,397‌

334‌

CSG

Systems

International

Inc

5,067‌

213‌

Daily

Journal

Corp

(a),(e)

137‌

39‌

Digital

Turbine

Inc

(e)

12,765‌

177‌

Domo

Inc

(e)

3,948‌

127‌

Dynatrace

Inc

(e)

281,876‌

11,791‌

Ebix

Inc

2,256‌

50‌

eGain

Corp

(e)

1,174‌

12‌

Envestnet

Inc

(e)

32,271‌

2,620‌

Everbridge

Inc

(e)

71,140‌

10,159‌

Evolent

Health

Inc

(e)

1,883‌

22‌

Fastly

Inc

(e)

71,521‌

6,901‌

Five9

Inc

(e)

86,456‌

10,446‌

Glu

Mobile

Inc

(e)

679,211‌

6,412‌

Guidewire

Software

Inc

(e)

46,754‌

5,501‌

Health

Catalyst

Inc

(e)

231,155‌

8,067‌

HubSpot

Inc

(e)

27,582‌

6,471‌

Immersion

Corp

(e)

2,200‌

15‌

Inovalon

Holdings

Inc

(e)

11,432‌

269‌

Intelligent

Systems

Corp

(e)

1,112‌

34‌

J2

Global

Inc

(e)

7,184‌

407‌

Jamf

Holding

Corp

(e)

18,100‌

735‌

LivePerson

Inc

(e)

9,442‌

406‌

Majesco

(e)

1,237‌

16‌

Manhattan

Associates

Inc

(e)

96,230‌

9,218‌

ManTech

International

Corp/VA

31,243‌

2,174‌

MicroStrategy

Inc

(e)

759‌

94‌

Schedule

of

Investments

SmallCap

Growth

Fund

I

July

31,

2020

(unaudited)

See

accompanying

notes.

239

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Software

(continued)

MobileIron

Inc

(e)

14,919‌

$

93‌

Model

N

Inc

(e)

161,412‌

6,208‌

NantHealth

Inc

(e)

4,176‌

19‌

nCino

Inc

(e)

14,280‌

1,130‌

New

Relic

Inc

(e)

34,144‌

2,421‌

Nuance

Communications

Inc

(e)

310,960‌

8,505‌

Omnicell

Inc

(e)

6,582‌

463‌

Ontrak

Inc

(a),(e)

1,215‌

46‌

Park

City

Group

Inc

(e)

422‌

2‌

PDF

Solutions

Inc

(e)

4,142‌

102‌

Phreesia

Inc

(e)

205,703‌

6,183‌

Pluralsight

Inc

(e)

274,952‌

5,821‌

Progress

Software

Corp

6,955‌

242‌

PROS

Holdings

Inc

(e)

177,110‌

5,779‌

QAD

Inc

1,789‌

71‌

Red

Violet

Inc

(e)

1,001‌

15‌

Rosetta

Stone

Inc

(e)

442‌

12‌

Sailpoint

Technologies

Holdings

Inc

(e)

158,763‌

5,001‌

Sapiens

International

Corp

NV

3,969‌

121‌

Schrodinger

Inc/United

States

(a),(e)

2,137‌

155‌

Simulations

Plus

Inc

1,949‌

137‌

Smartsheet

Inc

(e)

118,576‌

5,661‌

Smith

Micro

Software

Inc

(e)

5,180‌

21‌

Sprout

Social

Inc

(e)

1,229‌

36‌

SPS

Commerce

Inc

(e)

5,446‌

409‌

SVMK

Inc

(e)

281,696‌

6,755‌

Tabula

Rasa

HealthCare

Inc

(a),(e)

154,026‌

8,656‌

Upland

Software

Inc

(e)

3,535‌

122‌

Verint

Systems

Inc

(e)

4,448‌

200‌

Veritone

Inc

(a),(e)

3,556‌

40‌

Verra

Mobility

Corp

(e)

20,728‌

212‌

Vertex

Inc

(e)

175,308‌

4,130‌

Workiva

Inc

(e)

279,195‌

15,607‌

Xperi

Holding

Corp

1,146‌

21‌

Yext

Inc

(e)

15,671‌

264‌

Zuora

Inc

(e)

644,023‌

7,496‌

Zynga

Inc

(e)

2,354,333‌

23,143‌

$

232,256‌

Telecommunications

-

1.91%

A10

Networks

Inc

(e)

9,561‌

77‌

Acacia

Communications

Inc

(e)

6,024‌

410‌

Anterix

Inc

(e)

2,062‌

90‌

ATN

International

Inc

99‌

6‌

CalAmp

Corp

(e)

3,415‌

27‌

Calix

Inc

(e)

7,526‌

154‌

Cambium

Networks

Corp

(e)

920‌

11‌

Casa

Systems

Inc

(e)

4,910‌

28‌

Ciena

Corp

(e)

160,411‌

9,546‌

Cincinnati

Bell

Inc

(e)

2,530‌

38‌

Clearfield

Inc

(e)

1,729‌

32‌

Consolidated

Communications

Holdings

Inc

(e)

1,152‌

9‌

Extreme

Networks

Inc

(e)

18,061‌

82‌

GCI

Liberty

Inc

(e)

262,077‌

20,544‌

Gogo

Inc

(a),(e)

8,371‌

24‌

GTT

Communications

Inc

(a),(e)

4,936‌

31‌

HC2

Holdings

Inc

(e)

6,778‌

18‌

IDT

Corp

-

Class

B

(e)

1,610‌

11‌

Infinera

Corp

(e)

12,064‌

95‌

Inseego

Corp

(a),(e)

10,564‌

142‌

InterDigital

Inc

1,496‌

90‌

Iridium

Communications

Inc

(e)

11,739‌

322‌

Loral

Space

&

Communications

Inc

457‌

8‌

Luna

Innovations

Inc

(e)

4,485‌

26‌

NeoPhotonics

Corp

(e)

5,181‌

47‌

Ooma

Inc

(e)

3,215‌

49‌

ORBCOMM

Inc

(e)

1,601‌

7‌

Plantronics

Inc

1,698‌

34‌

Resonant

Inc

(a),(e)

7,657‌

21‌

Shenandoah

Telecommunications

Co

7,467‌

375‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Telecommunications

(continued)

Viavi

Solutions

Inc

(e)

372,169‌

$

5,147‌

Vonage

Holdings

Corp

(e)

209,826‌

2,507‌

$

40,008‌

Textiles

-

0.00%

UniFirst

Corp/MA

130‌

24‌

Transportation

-

1.51%

Air

Transport

Services

Group

Inc

(e)

128,589‌

3,134‌

Ardmore

Shipping

Corp

760‌

3‌

Atlas

Air

Worldwide

Holdings

Inc

(e)

275‌

14‌

CryoPort

Inc

(a),(e)

5,196‌

172‌

Daseke

Inc

(e)

7,057‌

30‌

Dorian

LPG

Ltd

(e)

825‌

7‌

Echo

Global

Logistics

Inc

(e)

127,550‌

3,197‌

Forward

Air

Corp

2,655‌

138‌

Knight-Swift

Transportation

Holdings

Inc

303,252‌

13,189‌

Marten

Transport

Ltd

2,976‌

79‌

PAM

Transportation

Services

Inc

(e)

41‌

1‌

Saia

Inc

(e)

94,532‌

11,292‌

Universal

Logistics

Holdings

Inc

822‌

15‌

Werner

Enterprises

Inc

8,367‌

368‌

$

31,639‌

Water

-

0.06%

American

States

Water

Co

5,715‌

439‌

Artesian

Resources

Corp

76‌

3‌

California

Water

Service

Group

6,971‌

327‌

Global

Water

Resources

Inc

1,875‌

19‌

Middlesex

Water

Co

2,641‌

169‌

SJW

Group

2,161‌

135‌

York

Water

Co/The

2,010‌

93‌

$

1,185‌

TOTAL

COMMON

STOCKS

$

2,016,995‌

Total

Investments

$

2,127,847‌

Other

Assets

and

Liabilities

-  (1.48)%

(30,985‌)

TOTAL

NET

ASSETS

-

100.00%

$

2,096,862‌

(a)

Security

or

a

portion

of

the

security

was

on

loan

at

the

end

of

the

period.

(b)

Current

yield

shown

is

as

of

period

end.

(c)

Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$43,398

or

2.07%

of

net

assets.

(d)

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

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(e)

Non-income

producing

security

(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

$15

or

0.00%

of

net

assets.

Schedule

of

Investments

SmallCap

Growth

Fund

I

July

31,

2020

(unaudited)

See

accompanying

notes.

240

Portfolio

Summary  (unaudited)

Sector

Percent

Consumer,

Non-cyclical

32.75‌%

Technology

19.72‌%

Industrial

16.47‌%

Consumer,

Cyclical

13.31‌%

Financial

7.34‌%

Communications

5.41‌%

Money

Market

Funds

5.24‌%

Basic

Materials

0.72‌%

Energy

0.34‌%

Utilities

0.13‌%

Investment

Companies

0.05‌%

Other

Assets

and

Liabilities

(1.48‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

92,323‌

$

865,183‌

$

851,909‌

$

105,597‌

Principal

Healthcare

Innovators

Index

ETF

248‌

—‌

335‌

—‌

Principal

U.S.

Small-Cap

Multi-Factor

Index

ETF

868‌

—‌

704‌

—‌

$

93,439‌

$

865,183‌

$

852,948‌

$

105,597‌

Income

(a)

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

404‌

$

—‌

$

—‌

$

—‌

Principal

Healthcare

Innovators

Index

ETF

—‌

100‌

—‌

(13‌)

Principal

U.S.

Small-Cap

Multi-Factor

Index

ETF

6‌

(168‌)

—‌

4‌

$

410‌

$

(68‌)

$

—‌

$

(9‌)

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

Russell

2000

Emini;

September

2020

Long

98‌

$

7,241‌

$

285‌

Total

$

285‌

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

SmallCap

S&P

600

Index

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

241

INVESTMENT

COMPANIES

-

2.55%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

0.09%

iShares

Core

S&P

Small-Cap

ETF

14,044‌

$

1,000‌

Money

Market

Funds

-

2.46%

BlackRock

Liquidity

FedFund

-

Institutional

Class

0.06%

(a),(b)

1,917,948‌

1,918‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

(a),(b),(c),(d)

24,333,451‌

24,333‌

$

26,251‌

TOTAL

INVESTMENT

COMPANIES

$

27,251‌

COMMON

STOCKS

-

98.90%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

1.57%

AAR

Corp

52,122‌

$

897‌

Aerojet

Rocketdyne

Holdings

Inc

(d)

114,128‌

4,708‌

AeroVironment

Inc

(d)

34,116‌

2,612‌

Barnes

Group

Inc

74,903‌

2,762‌

Kaman

Corp

43,669‌

1,724‌

Moog

Inc

47,397‌

2,546‌

National

Presto

Industries

Inc

7,983‌

682‌

Park

Aerospace

Corp

30,794‌

332‌

Triumph

Group

Inc

81,906‌

555‌

$

16,818‌

Agriculture

-

0.55%

Andersons

Inc/The

51,972‌

739‌

Fresh

Del

Monte

Produce

Inc

47,492‌

1,072‌

Phibro

Animal

Health

Corp

32,050‌

744‌

Universal

Corp/VA

38,594‌

1,627‌

Vector

Group

Ltd

188,628‌

1,664‌

$

5,846‌

Airlines

-

0.49%

Allegiant

Travel

Co

20,730‌

2,322‌

Hawaiian

Holdings

Inc

72,588‌

863‌

SkyWest

Inc

79,208‌

2,084‌

$

5,269‌

Apparel

-

1.48%

Capri

Holdings

Ltd

(d)

235,955‌

3,535‌

Crocs

Inc

(d)

106,434‌

3,825‌

Kontoor

Brands

Inc

73,971‌

1,417‌

Oxford

Industries

Inc

26,503‌

1,138‌

Steven

Madden

Ltd

120,851‌

2,560‌

Unifi

Inc

(d)

23,020‌

275‌

Wolverine

World

Wide

Inc

128,253‌

3,083‌

$

15,833‌

Automobile

Manufacturers

-

0.09%

Wabash

National

Corp

83,489‌

951‌

Automobile

Parts

&

Equipment

-

1.57%

American

Axle

&

Manufacturing

Holdings

Inc

(d)

178,643‌

1,261‌

Cooper

Tire

&

Rubber

Co

79,430‌

2,467‌

Cooper-Standard

Holdings

Inc

(d)

26,673‌

286‌

Dorman

Products

Inc

(d)

45,614‌

3,729‌

Garrett

Motion

Inc

(d)

119,407‌

702‌

Gentherm

Inc

(d)

51,498‌

1,997‌

Meritor

Inc

(d)

114,149‌

2,597‌

Methode

Electronics

Inc

58,593‌

1,652‌

Motorcar

Parts

of

America

Inc

(d)

29,959‌

499‌

Standard

Motor

Products

Inc

31,724‌

1,443‌

Titan

International

Inc

79,459‌

118‌

$

16,751‌

Banks

-

7.58%

Allegiance

Bancshares

Inc

29,653‌

723‌

Ameris

Bancorp

103,112‌

2,379‌

BancFirst

Corp

28,308‌

1,233‌

Banner

Corp

55,537‌

1,968‌

Cadence

BanCorp

198,935‌

1,554‌

Central

Pacific

Financial

Corp

44,414‌

691‌

City

Holding

Co

25,512‌

1,593‌

Columbia

Banking

System

Inc

113,060‌

3,271‌

Community

Bank

System

Inc

82,296‌

4,627‌

Customers

Bancorp

Inc

(d)

45,736‌

542‌

CVB

Financial

Corp

203,366‌

3,675‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Banks

(continued)

Eagle

Bancorp

Inc

50,862‌

$

1,530‌

First

BanCorp/Puerto

Rico

344,628‌

1,875‌

First

Commonwealth

Financial

Corp

155,026‌

1,220‌

First

Financial

Bancorp

154,756‌

2,153‌

First

Hawaiian

Inc

205,095‌

3,565‌

First

Midwest

Bancorp

Inc/IL

180,424‌

2,189‌

Flagstar

Bancorp

Inc

54,666‌

1,715‌

Franklin

Financial

Network

Inc

21,445‌

566‌

Great

Western

Bancorp

Inc

86,907‌

1,130‌

Hanmi

Financial

Corp

48,366‌

446‌

Heritage

Financial

Corp/WA

56,693‌

1,072‌

HomeStreet

Inc

36,959‌

977‌

Hope

Bancorp

Inc

194,609‌

1,641‌

Independent

Bank

Corp

52,029‌

3,357‌

Independent

Bank

Group

Inc

57,794‌

2,539‌

Meta

Financial

Group

Inc

50,297‌

939‌

National

Bank

Holdings

Corp

48,280‌

1,341‌

NBT

Bancorp

Inc

68,856‌

2,051‌

OFG

Bancorp

81,105‌

1,061‌

Old

National

Bancorp/IN

260,279‌

3,641‌

Park

National

Corp

22,351‌

1,917‌

Preferred

Bank/Los

Angeles

CA

21,442‌

799‌

S&T

Bancorp

Inc

60,133‌

1,293‌

Seacoast

Banking

Corp

of

Florida

(d)

83,264‌

1,572‌

ServisFirst

Bancshares

Inc

73,150‌

2,677‌

Simmons

First

National

Corp

172,141‌

2,856‌

Southside

Bancshares

Inc

49,020‌

1,358‌

Tompkins

Financial

Corp

19,311‌

1,246‌

Triumph

Bancorp

Inc

(d)

35,022‌

918‌

TrustCo

Bank

Corp

NY

152,337‌

882‌

United

Community

Banks

Inc/GA

123,677‌

2,217‌

Veritex

Holdings

Inc

72,423‌

1,211‌

Walker

&

Dunlop

Inc

45,629‌

2,300‌

Westamerica

BanCorp

42,557‌

2,569‌

$

81,079‌

Beverages

-

0.34%

Coca-Cola

Consolidated

Inc

7,333‌

1,683‌

MGP

Ingredients

Inc

20,819‌

755‌

National

Beverage

Corp

(d),(e)

18,411‌

1,181‌

$

3,619‌

Biotechnology

-

1.35%

AMAG

Pharmaceuticals

Inc

(d),(e)

54,141‌

517‌

ANI

Pharmaceuticals

Inc

(d)

14,997‌

444‌

Innoviva

Inc

(d)

105,638‌

1,431‌

Myriad

Genetics

Inc

(d)

117,775‌

1,422‌

NeoGenomics

Inc

(d)

173,446‌

6,631‌

REGENXBIO

Inc

(d)

50,004‌

1,655‌

Xencor

Inc

(d)

78,345‌

2,357‌

$

14,457‌

Building

Materials

-

3.07%

AAON

Inc

64,114‌

3,799‌

American

Woodmark

Corp

(d)

24,599‌

1,983‌

Apogee

Enterprises

Inc

41,578‌

898‌

Boise

Cascade

Co

61,920‌

2,885‌

Gibraltar

Industries

Inc

(d)

51,196‌

2,648‌

Griffon

Corp

68,184‌

1,559‌

Patrick

Industries

Inc

34,903‌

2,232‌

PGT

Innovations

Inc

(d)

93,085‌

1,589‌

Simpson

Manufacturing

Co

Inc

62,482‌

6,033‌

SPX

Corp

(d)

70,390‌

2,956‌

UFP

Industries

Inc

96,524‌

5,620‌

US

Concrete

Inc

(d)

25,020‌

621‌

$

32,823‌

Chemicals

-

2.78%

AdvanSix

Inc

(d)

44,238‌

551‌

American

Vanguard

Corp

41,933‌

564‌

Balchem

Corp

51,052‌

5,118‌

Ferro

Corp

(d)

129,920‌

1,519‌

GCP

Applied

Technologies

Inc

(d)

85,244‌

1,945‌

Schedule

of

Investments

SmallCap

S&P

600

Index

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

242

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Chemicals

(continued)

Hawkins

Inc

14,894‌

$

768‌

HB

Fuller

Co

81,214‌

3,682‌

Innospec

Inc

38,799‌

2,917‌

Koppers

Holdings

Inc

(d)

33,145‌

834‌

Kraton

Corp

(d)

50,320‌

662‌

Quaker

Chemical

Corp

20,480‌

3,973‌

Rayonier

Advanced

Materials

Inc

(d)

78,936‌

230‌

Rogers

Corp

(d)

29,481‌

3,514‌

Stepan

Co

31,597‌

3,450‌

$

29,727‌

Coal

-

0.18%

CONSOL

Energy

Inc

(d)

41,117‌

242‌

SunCoke

Energy

Inc

130,739‌

417‌

Warrior

Met

Coal

Inc

80,830‌

1,287‌

$

1,946‌

Commercial

Services

-

3.88%

ABM

Industries

Inc

105,258‌

3,779‌

American

Public

Education

Inc

(d)

23,350‌

680‌

AMN

Healthcare

Services

Inc

(d)

74,208‌

4,077‌

Arlo

Technologies

Inc

(d)

123,260‌

520‌

Cardtronics

PLC

(d)

56,894‌

1,270‌

CorVel

Corp

(d)

13,911‌

1,106‌

Cross

Country

Healthcare

Inc

(d)

59,177‌

384‌

Deluxe

Corp

65,950‌

1,862‌

EVERTEC

Inc

94,227‌

2,926‌

Forrester

Research

Inc

(d)

16,891‌

593‌

Green

Dot

Corp

(d)

76,997‌

3,903‌

Heidrick

&

Struggles

International

Inc

30,448‌

616‌

HMS

Holdings

Corp

(d)

139,669‌

4,539‌

Kelly

Services

Inc

52,639‌

780‌

Korn

Ferry

86,954‌

2,443‌

Medifast

Inc

18,610‌

3,110‌

Monro

Inc

52,580‌

2,960‌

Perdoceo

Education

Corp

(d)

109,098‌

1,571‌

Rent-A-Center

Inc/TX

76,463‌

2,211‌

Resources

Connection

Inc

47,731‌

539‌

RR

Donnelley

&

Sons

Co

112,633‌

127‌

Team

Inc

(d)

48,383‌

191‌

TrueBlue

Inc

(d)

57,069‌

881‌

Viad

Corp

32,195‌

466‌

$

41,534‌

Computers

-

1.72%

3D

Systems

Corp

(d),(e)

187,794‌

1,238‌

Cubic

Corp

49,444‌

2,077‌

Diebold

Nixdorf

Inc

(d)

122,415‌

853‌

ExlService

Holdings

Inc

(d)

54,210‌

3,473‌

Insight

Enterprises

Inc

(d)

55,707‌

2,776‌

MTS

Systems

Corp

28,259‌

524‌

OneSpan

Inc

(d)

51,583‌

1,606‌

Sykes

Enterprises

Inc

(d)

59,506‌

1,634‌

TTEC

Holdings

Inc

27,970‌

1,327‌

Unisys

Corp

(d)

82,564‌

982‌

Virtusa

Corp

(d)

47,601‌

1,933‌

$

18,423‌

Consumer

Products

-

0.72%

Central

Garden

&

Pet

Co

(d)

15,174‌

575‌

Central

Garden

&

Pet

Co

-

A

Shares

(d)

61,939‌

2,146‌

Quanex

Building

Products

Corp

51,818‌

728‌

WD-40

Co

21,592‌

4,244‌

$

7,693‌

Cosmetics

&

Personal

Care

-

0.11%

Inter

Parfums

Inc

27,894‌

1,141‌

Distribution

&

Wholesale

-

0.62%

Core-Mark

Holding

Co

Inc

71,224‌

1,889‌

Fossil

Group

Inc

(d)

73,501‌

243‌

G-III

Apparel

Group

Ltd

(d)

68,319‌

676‌

Resideo

Technologies

Inc

(d)

194,538‌

2,583‌

ScanSource

Inc

(d)

40,039‌

919‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Distribution

&

Wholesale

(continued)

Veritiv

Corp

(d)

19,801‌

$

303‌

$

6,613‌

Diversified

Financial

Services

-

1.50%

Blucora

Inc

(d)

75,590‌

891‌

Boston

Private

Financial

Holdings

Inc

129,222‌

760‌

Brightsphere

Investment

Group

Inc

98,474‌

1,324‌

Encore

Capital

Group

Inc

(d)

43,913‌

1,604‌

Enova

International

Inc

(d)

47,453‌

764‌

EZCORP

Inc

(d)

82,301‌

471‌

Greenhill

&

Co

Inc

23,144‌

277‌

Piper

Sandler

Cos

22,912‌

1,418‌

PRA

Group

Inc

(d)

71,941‌

2,846‌

StoneX

Group

Inc

(d)

25,805‌

1,354‌

Virtus

Investment

Partners

Inc

11,459‌

1,558‌

Waddell

&

Reed

Financial

Inc

103,666‌

1,513‌

WisdomTree

Investments

Inc

187,801‌

676‌

World

Acceptance

Corp

(d)

8,305‌

617‌

$

16,073‌

Electric

-

0.37%

Avista

Corp

106,303‌

3,947‌

Electrical

Components

&

Equipment

-

0.46%

Encore

Wire

Corp

32,474‌

1,630‌

Insteel

Industries

Inc

28,906‌

539‌

Powell

Industries

Inc

13,943‌

370‌

Vicor

Corp

(d)

29,222‌

2,381‌

$

4,920‌

Electronics

-

3.91%

Advanced

Energy

Industries

Inc

(d)

60,451‌

4,447‌

Alarm.com

Holdings

Inc

(d)

67,009‌

4,693‌

Applied

Optoelectronics

Inc

(d),(e)

30,524‌

434‌

Badger

Meter

Inc

45,998‌

2,880‌

Bel

Fuse

Inc

15,988‌

195‌

Benchmark

Electronics

Inc

57,527‌

1,171‌

Brady

Corp

76,494‌

3,516‌

Comtech

Telecommunications

Corp

39,069‌

642‌

FARO

Technologies

Inc

(d)

27,991‌

1,675‌

Itron

Inc

(d)

56,464‌

3,928‌

Knowles

Corp

(d)

135,909‌

2,074‌

Mesa

Laboratories

Inc

6,391‌

1,514‌

OSI

Systems

Inc

(d)

26,461‌

1,878‌

Plexus

Corp

(d)

46,107‌

3,425‌

Sanmina

Corp

(d)

107,750‌

3,198‌

SMART

Global

Holdings

Inc

(d)

21,603‌

603‌

TTM

Technologies

Inc

(d)

156,086‌

1,921‌

Watts

Water

Technologies

Inc

43,426‌

3,643‌

$

41,837‌

Energy

-

Alternate

Sources

-

0.33%

FutureFuel

Corp

40,770‌

537‌

Green

Plains

Inc

(d)

52,706‌

682‌

Renewable

Energy

Group

Inc

(d)

61,685‌

1,701‌

REX

American

Resources

Corp

(d)

8,697‌

593‌

$

3,513‌

Engineering

&

Construction

-

1.49%

Aegion

Corp

(d)

48,473‌

747‌

Arcosa

Inc

76,160‌

3,216‌

Comfort

Systems

USA

Inc

57,614‌

2,864‌

Exponent

Inc

81,429‌

6,845‌

Granite

Construction

Inc

73,838‌

1,252‌

MYR

Group

Inc

(d)

26,358‌

967‌

$

15,891‌

Entertainment

-

0.06%

Monarch

Casino

&

Resort

Inc

(d)

18,945‌

686‌

Environmental

Control

-

0.32%

Harsco

Corp

(d)

124,615‌

1,989‌

US

Ecology

Inc

40,309‌

1,398‌

$

3,387‌

Schedule

of

Investments

SmallCap

S&P

600

Index

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

243

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Food

-

1.36%

B&G

Foods

Inc

(e)

101,287‌

$

2,928‌

Calavo

Growers

Inc

25,915‌

1,497‌

Cal-Maine

Foods

Inc

(d)

47,844‌

2,103‌

Chefs'

Warehouse

Inc/The

(d)

48,833‌

563‌

J

&

J

Snack

Foods

Corp

23,573‌

2,903‌

John

B

Sanfilippo

&

Son

Inc

14,121‌

1,245‌

Seneca

Foods

Corp

-

Class

A

(d)

10,665‌

418‌

SpartanNash

Co

56,366‌

1,185‌

United

Natural

Foods

Inc

(d)

84,700‌

1,681‌

$

14,523‌

Forest

Products

&

Paper

-

0.50%

Clearwater

Paper

Corp

(d)

26,174‌

966‌

Mercer

International

Inc

63,406‌

473‌

Neenah

Inc

26,525‌

1,183‌

P

H

Glatfelter

Co

69,999‌

1,115‌

Schweitzer-Mauduit

International

Inc

49,280‌

1,603‌

$

5,340‌

Gas

-

0.56%

Northwest

Natural

Holding

Co

48,227‌

2,579‌

South

Jersey

Industries

Inc

146,064‌

3,408‌

$

5,987‌

Hand

&

Machine

Tools

-

0.31%

Franklin

Electric

Co

Inc

60,530‌

3,272‌

Healthcare

-

Products

-

3.37%

AngioDynamics

Inc

(d)

59,547‌

492‌

BioTelemetry

Inc

(d)

53,939‌

2,296‌

Cardiovascular

Systems

Inc

(d)

55,722‌

1,698‌

CONMED

Corp

45,079‌

3,721‌

CryoLife

Inc

(d)

59,618‌

1,157‌

Cutera

Inc

(d)

27,585‌

393‌

Glaukos

Corp

(d)

62,883‌

2,748‌

Hanger

Inc

(d)

59,701‌

1,042‌

Inogen

Inc

(d)

28,907‌

887‌

Integer

Holdings

Corp

(d)

51,868‌

3,411‌

Invacare

Corp

54,371‌

383‌

Lantheus

Holdings

Inc

(d)

104,322‌

1,406‌

LeMaitre

Vascular

Inc

26,138‌

767‌

Luminex

Corp

67,271‌

2,449‌

Meridian

Bioscience

Inc

(d)

67,664‌

1,657‌

Merit

Medical

Systems

Inc

(d)

87,490‌

3,913‌

Natus

Medical

Inc

(d)

53,398‌

992‌

OraSure

Technologies

Inc

(d)

112,517‌

2,042‌

Orthofix

Medical

Inc

(d)

30,335‌

932‌

Surmodics

Inc

(d)

21,496‌

1,017‌

Tactile

Systems

Technology

Inc

(d)

30,382‌

1,245‌

Varex

Imaging

Corp

(d)

61,766‌

968‌

Zynex

Inc

(d),(e)

24,120‌

461‌

$

36,077‌

Healthcare

-

Services

-

2.22%

Addus

HomeCare

Corp

(d)

21,384‌

2,062‌

Community

Health

Systems

Inc

(d)

189,037‌

941‌

Ensign

Group

Inc/The

79,698‌

3,665‌

Magellan

Health

Inc

(d)

35,105‌

2,604‌

Medpace

Holdings

Inc

(d)

42,471‌

5,069‌

Pennant

Group

Inc/The

(d)

41,442‌

1,039‌

Providence

Service

Corp/The

(d)

18,075‌

1,464‌

RadNet

Inc

(d)

66,082‌

1,050‌

Select

Medical

Holdings

Corp

(d)

169,744‌

3,232‌

Tivity

Health

Inc

(d)

68,934‌

904‌

US

Physical

Therapy

Inc

20,290‌

1,685‌

$

23,715‌

Home

Builders

-

2.82%

Cavco

Industries

Inc

(d)

13,621‌

2,729‌

Century

Communities

Inc

(d)

45,284‌

1,613‌

Installed

Building

Products

Inc

(d)

33,417‌

2,644‌

LCI

Industries

39,708‌

4,995‌

LGI

Homes

Inc

(d)

34,462‌

3,932‌

M/I

Homes

Inc

(d)

45,057‌

1,876‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Home

Builders

(continued)

MDC

Holdings

Inc

79,685‌

$

3,572‌

Meritage

Homes

Corp

(d)

55,830‌

5,537‌

Winnebago

Industries

Inc

53,232‌

3,216‌

$

30,114‌

Home

Furnishings

-

0.65%

Daktronics

Inc

59,102‌

246‌

Ethan

Allen

Interiors

Inc

36,411‌

431‌

iRobot

Corp

(d),(e)

44,050‌

3,202‌

Sleep

Number

Corp

(d)

43,658‌

2,030‌

Universal

Electronics

Inc

(d)

21,978‌

1,013‌

$

6,922‌

Housewares

-

0.11%

Tupperware

Brands

Corp

77,428‌

1,195‌

Insurance

-

3.23%

Ambac

Financial

Group

Inc

(d)

72,317‌

926‌

American

Equity

Investment

Life

Holding

Co

144,585‌

3,680‌

AMERISAFE

Inc

30,494‌

1,935‌

eHealth

Inc

(d)

40,463‌

2,798‌

Employers

Holdings

Inc

47,982‌

1,560‌

HCI

Group

Inc

9,955‌

444‌

Horace

Mann

Educators

Corp

65,229‌

2,451‌

James

River

Group

Holdings

Ltd

48,213‌

2,233‌

Kinsale

Capital

Group

Inc

32,696‌

6,372‌

NMI

Holdings

Inc

(d)

133,871‌

2,078‌

Palomar

Holdings

Inc

(d)

27,970‌

2,555‌

ProAssurance

Corp

85,059‌

1,250‌

Safety

Insurance

Group

Inc

22,976‌

1,739‌

Stewart

Information

Services

Corp

37,412‌

1,569‌

Third

Point

Reinsurance

Ltd

(d)

127,402‌

993‌

United

Fire

Group

Inc

33,590‌

852‌

United

Insurance

Holdings

Corp

32,592‌

241‌

Universal

Insurance

Holdings

Inc

47,093‌

825‌

$

34,501‌

Internet

-

2.44%

8x8

Inc

(d)

163,724‌

2,603‌

Cogent

Communications

Holdings

Inc

66,291‌

5,973‌

ePlus

Inc

(d)

21,327‌

1,590‌

HealthStream

Inc

(d)

39,933‌

877‌

Liquidity

Services

Inc

(d)

42,994‌

221‌

NIC

Inc

105,794‌

2,319‌

Perficient

Inc

(d)

52,259‌

2,049‌

QuinStreet

Inc

(d)

73,864‌

862‌

Shutterstock

Inc

30,394‌

1,652‌

Stamps.com

Inc

(d)

25,641‌

6,674‌

TechTarget

Inc

(d)

36,095‌

1,310‌

$

26,130‌

Iron

&

Steel

-

0.46%

Carpenter

Technology

Corp

75,367‌

1,685‌

Cleveland-Cliffs

Inc

(e)

629,692‌

3,262‌

$

4,947‌

Leisure

Products

&

Services

-

1.43%

Callaway

Golf

Co

148,665‌

2,832‌

Fox

Factory

Holding

Corp

(d)

64,779‌

5,765‌

Vista

Outdoor

Inc

(d)

91,643‌

1,572‌

YETI

Holdings

Inc

(d)

105,767‌

5,171‌

$

15,340‌

Lodging

-

0.14%

Marcus

Corp/The

36,542‌

505‌

St

Joe

Co/The

(d)

49,313‌

1,016‌

$

1,521‌

Machinery

-

Construction

&

Mining

-

0.15%

Astec

Industries

Inc

35,679‌

1,587‌

Machinery

-

Diversified

-

1.90%

Alamo

Group

Inc

15,364‌

1,584‌

Albany

International

Corp

48,498‌

2,332‌

Applied

Industrial

Technologies

Inc

61,148‌

3,860‌

Chart

Industries

Inc

(d)

55,599‌

3,810‌

CIRCOR

International

Inc

(d)

31,575‌

828‌

Schedule

of

Investments

SmallCap

S&P

600

Index

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

244

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Machinery

-

Diversified

(continued)

DXP

Enterprises

Inc/TX

(d)

25,475‌

$

430‌

Ichor

Holdings

Ltd

(d)

36,029‌

1,182‌

Lindsay

Corp

17,116‌

1,660‌

SPX

FLOW

Inc

(d)

67,371‌

2,700‌

Tennant

Co

29,135‌

1,941‌

$

20,327‌

Media

-

0.31%

EW

Scripps

Co/The

86,680‌

986‌

Gannett

Co

Inc

208,676‌

309‌

Meredith

Corp

63,669‌

914‌

Scholastic

Corp

47,916‌

1,147‌

$

3,356‌

Metal

Fabrication

&

Hardware

-

0.45%

AZZ

Inc

41,324‌

1,305‌

Mueller

Industries

Inc

89,684‌

2,508‌

Olympic

Steel

Inc

14,404‌

152‌

TimkenSteel

Corp

(d)

63,219‌

232‌

Tredegar

Corp

39,174‌

622‌

$

4,819‌

Mining

-

0.58%

Arconic

Corp

(d)

151,601‌

2,470‌

Century

Aluminum

Co

(d)

79,141‌

689‌

Kaiser

Aluminum

Corp

24,944‌

1,545‌

Livent

Corp

(d),(e)

230,938‌

1,448‌

$

6,152‌

Miscellaneous

Manufacturers

-

3.39%

Enerpac

Tool

Group

Corp

84,003‌

1,588‌

EnPro

Industries

Inc

32,408‌

1,547‌

ESCO

Technologies

Inc

41,131‌

3,535‌

Fabrinet

(d)

58,012‌

4,213‌

Federal

Signal

Corp

95,168‌

2,942‌

Haynes

International

Inc

19,836‌

364‌

Hillenbrand

Inc

118,034‌

3,450‌

John

Bean

Technologies

Corp

50,026‌

4,690‌

Lydall

Inc

(d)

27,952‌

453‌

Materion

Corp

32,085‌

1,842‌

Myers

Industries

Inc

56,503‌

851‌

Proto

Labs

Inc

(d)

42,042‌

5,050‌

Raven

Industries

Inc

56,608‌

1,223‌

Standex

International

Corp

19,603‌

1,050‌

Sturm

Ruger

&

Co

Inc

26,239‌

2,135‌

Trinseo

SA

60,407‌

1,311‌

$

36,244‌

Office

&

Business

Equipment

-

0.09%

Pitney

Bowes

Inc

272,702‌

911‌

Office

Furnishings

-

0.07%

Interface

Inc

92,377‌

737‌

Oil

&

Gas

-

1.63%

Bonanza

Creek

Energy

Inc

(d)

29,533‌

537‌

Callon

Petroleum

Co

(d)

627,144‌

715‌

Gulfport

Energy

Corp

(d)

229,825‌

232‌

Helmerich

&

Payne

Inc

169,691‌

3,026‌

Laredo

Petroleum

Inc

(d)

14,370‌

218‌

Matador

Resources

Co

(d)

173,089‌

1,502‌

Nabors

Industries

Ltd

(e)

10,724‌

455‌

Oasis

Petroleum

Inc

(d)

460,704‌

295‌

Par

Pacific

Holdings

Inc

(d)

61,263‌

454‌

Patterson-UTI

Energy

Inc

294,623‌

1,142‌

PDC

Energy

Inc

(d)

150,960‌

2,153‌

Penn

Virginia

Corp

(d)

21,310‌

211‌

ProPetro

Holding

Corp

(d)

130,081‌

699‌

QEP

Resources

Inc

382,580‌

562‌

Range

Resources

Corp

335,327‌

2,166‌

Ring

Energy

Inc

(d),(e)

94,498‌

104‌

SM

Energy

Co

167,782‌

495‌

Southwestern

Energy

Co

(d)

855,719‌

2,079‌

Talos

Energy

Inc

(d)

31,998‌

218‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Oil

&

Gas

(continued)

Valaris

plc

(d),(e)

313,481‌

$

123‌

$

17,386‌

Oil

&

Gas

Services

-

1.00%

Archrock

Inc

202,927‌

1,351‌

Core

Laboratories

NV

70,229‌

1,498‌

DMC

Global

Inc

23,301‌

685‌

Dril-Quip

Inc

(d)

55,387‌

1,844‌

Exterran

Corp

(d)

43,991‌

219‌

Geospace

Technologies

Corp

(d)

21,586‌

163‌

Helix

Energy

Solutions

Group

Inc

(d)

225,117‌

943‌

Matrix

Service

Co

(d)

41,293‌

362‌

Newpark

Resources

Inc

(d)

142,015‌

268‌

NOW

Inc

(d)

172,676‌

1,361‌

Oceaneering

International

Inc

(d)

156,815‌

881‌

Oil

States

International

Inc

(d)

96,269‌

431‌

RPC

Inc

(d)

81,611‌

242‌

US

Silica

Holdings

Inc

116,594‌

412‌

$

10,660‌

Packaging

&

Containers

-

0.10%

Matthews

International

Corp

49,397‌

1,067‌

Pharmaceuticals

-

3.57%

Amphastar

Pharmaceuticals

Inc

(d)

53,276‌

1,067‌

Anika

Therapeutics

Inc

(d)

22,435‌

817‌

Coherus

Biosciences

Inc

(d)

96,339‌

1,695‌

Corcept

Therapeutics

Inc

(d)

162,934‌

2,436‌

Covetrus

Inc

(d)

153,855‌

3,409‌

Cytokinetics

Inc

(d)

105,435‌

2,279‌

Eagle

Pharmaceuticals

Inc/DE

(d)

15,998‌

742‌

Enanta

Pharmaceuticals

Inc

(d)

25,596‌

1,173‌

Endo

International

PLC

(d)

322,953‌

1,124‌

Heska

Corp

(d)

13,353‌

1,285‌

Lannett

Co

Inc

(d)

52,907‌

315‌

Momenta

Pharmaceuticals

Inc

(d)

185,946‌

5,483‌

Neogen

Corp

(d)

83,584‌

6,417‌

Owens

&

Minor

Inc

99,535‌

1,600‌

Pacira

BioSciences

Inc

(d)

66,540‌

3,501‌

Spectrum

Pharmaceuticals

Inc

(d)

181,349‌

542‌

Supernus

Pharmaceuticals

Inc

(d)

82,996‌

1,848‌

USANA

Health

Sciences

Inc

(d)

19,255‌

1,563‌

Vanda

Pharmaceuticals

Inc

(d)

85,687‌

864‌

$

38,160‌

Real

Estate

-

0.43%

Marcus

&

Millichap

Inc

(d)

37,224‌

1,014‌

RE/MAX

Holdings

Inc

28,629‌

927‌

Realogy

Holdings

Corp

182,254‌

1,651‌

Safehold

Inc

20,962‌

1,057‌

$

4,649‌

REITs

-

8.57%

Acadia

Realty

Trust

135,999‌

1,637‌

Agree

Realty

Corp

85,070‌

5,697‌

Alexander

&

Baldwin

Inc

107,372‌

1,269‌

American

Assets

Trust

Inc

75,912‌

2,050‌

Apollo

Commercial

Real

Estate

Finance

Inc

225,987‌

2,102‌

Armada

Hoffler

Properties

Inc

89,241‌

860‌

ARMOUR

Residential

REIT

Inc

102,027‌

953‌

Brandywine

Realty

Trust

269,555‌

2,919‌

Capstead

Mortgage

Corp

152,276‌

936‌

CareTrust

REIT

Inc

151,196‌

2,725‌

Chatham

Lodging

Trust

74,189‌

387‌

Community

Healthcare

Trust

Inc

32,528‌

1,488‌

DiamondRock

Hospitality

Co

314,749‌

1,454‌

Diversified

Healthcare

Trust

375,806‌

1,464‌

Easterly

Government

Properties

Inc

118,664‌

2,901‌

Essential

Properties

Realty

Trust

Inc

145,322‌

2,340‌

Four

Corners

Property

Trust

Inc

111,091‌

2,799‌

Franklin

Street

Properties

Corp

169,456‌

890‌

Getty

Realty

Corp

54,271‌

1,608‌

Global

Net

Lease

Inc

141,328‌

2,353‌

Granite

Point

Mortgage

Trust

Inc

87,100‌

591‌

Schedule

of

Investments

SmallCap

S&P

600

Index

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

245

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

REITs

(continued)

Hersha

Hospitality

Trust

56,875‌

$

271‌

Independence

Realty

Trust

Inc

149,611‌

1,721‌

Industrial

Logistics

Properties

Trust

102,975‌

2,174‌

Innovative

Industrial

Properties

Inc

33,627‌

3,505‌

Invesco

Mortgage

Capital

Inc

286,375‌

879‌

Investors

Real

Estate

Trust

19,219‌

1,390‌

iStar

Inc

114,799‌

1,333‌

Kite

Realty

Group

Trust

132,882‌

1,312‌

KKR

Real

Estate

Finance

Trust

Inc

36,809‌

613‌

Lexington

Realty

Trust

436,407‌

5,062‌

LTC

Properties

Inc

61,953‌

2,302‌

National

Storage

Affiliates

Trust

97,959‌

3,019‌

New

York

Mortgage

Trust

Inc

596,290‌

1,562‌

NexPoint

Residential

Trust

Inc

34,547‌

1,321‌

Office

Properties

Income

Trust

76,144‌

1,915‌

Pennsylvania

Real

Estate

Investment

Trust

95,943‌

113‌

PennyMac

Mortgage

Investment

Trust

157,721‌

2,973‌

Ready

Capital

Corp

59,773‌

479‌

Redwood

Trust

Inc

181,397‌

1,293‌

Retail

Opportunity

Investments

Corp

183,809‌

1,998‌

Retail

Properties

of

America

Inc

338,527‌

2,153‌

RPT

Realty

127,303‌

792‌

Saul

Centers

Inc

18,690‌

574‌

SITE

Centers

Corp

235,108‌

1,723‌

Summit

Hotel

Properties

Inc

166,822‌

864‌

Tanger

Factory

Outlet

Centers

Inc

147,649‌

949‌

Uniti

Group

Inc

306,649‌

3,036‌

Universal

Health

Realty

Income

Trust

19,996‌

1,391‌

Urstadt

Biddle

Properties

Inc

47,381‌

465‌

Washington

Prime

Group

Inc

295,977‌

217‌

Washington

Real

Estate

Investment

Trust

130,037‌

2,908‌

Whitestone

REIT

66,562‌

439‌

Xenia

Hotels

&

Resorts

Inc

179,229‌

1,427‌

$

91,596‌

Retail

-

6.16%

Abercrombie

&

Fitch

Co

97,307‌

937‌

America's

Car-Mart

Inc/TX

(d)

9,829‌

935‌

Asbury

Automotive

Group

Inc

(d)

30,474‌

3,052‌

Barnes

&

Noble

Education

Inc

(d)

61,038‌

129‌

Bed

Bath

&

Beyond

Inc

(e)

199,918‌

2,163‌

Big

Lots

Inc

61,970‌

2,438‌

BJ's

Restaurants

Inc

35,165‌

705‌

Bloomin'

Brands

Inc

138,202‌

1,592‌

Boot

Barn

Holdings

Inc

(d)

45,511‌

881‌

Brinker

International

Inc

70,927‌

1,907‌

Buckle

Inc/The

45,268‌

726‌

Caleres

Inc

63,557‌

401‌

Cato

Corp/The

33,394‌

240‌

Cheesecake

Factory

Inc/The

(e)

66,070‌

1,586‌

Chico's

FAS

Inc

190,174‌

242‌

Children's

Place

Inc/The

(e)

22,974‌

561‌

Chuy's

Holdings

Inc

(d)

26,292‌

418‌

Conn's

Inc

(d)

30,257‌

301‌

Dave

&

Buster's

Entertainment

Inc

(e)

74,854‌

924‌

Designer

Brands

Inc

85,810‌

507‌

Dine

Brands

Global

Inc

25,936‌

1,178‌

El

Pollo

Loco

Holdings

Inc

(d)

31,054‌

614‌

Express

Inc

(d)

101,828‌

103‌

Fiesta

Restaurant

Group

Inc

(d)

31,989‌

207‌

Foundation

Building

Materials

Inc

(d)

27,981‌

384‌

GameStop

Corp

(d),(e)

102,302‌

410‌

Genesco

Inc

(d)

22,035‌

343‌

GMS

Inc

(d)

66,854‌

1,566‌

Group

1

Automotive

Inc

26,991‌

2,268‌

Guess?

Inc

69,458‌

718‌

Haverty

Furniture

Cos

Inc

27,279‌

388‌

Hibbett

Sports

Inc

(d)

26,116‌

606‌

La-Z-Boy

Inc

72,719‌

2,070‌

Lithia

Motors

Inc

35,013‌

8,023‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Retail

(continued)

Lumber

Liquidators

Holdings

Inc

(d)

45,518‌

$

1,016‌

Macy's

Inc

(e)

489,192‌

2,965‌

MarineMax

Inc

(d)

33,924‌

941‌

Michaels

Cos

Inc/The

(d)

121,033‌

869‌

Movado

Group

Inc

26,098‌

252‌

ODP

Corp/The

(d)

83,146‌

1,835‌

PC

Connection

Inc

17,322‌

757‌

PetMed

Express

Inc

(e)

31,857‌

994‌

PriceSmart

Inc

35,289‌

2,307‌

Red

Robin

Gourmet

Burgers

Inc

(d),(e)

20,389‌

178‌

Regis

Corp

(d)

38,205‌

293‌

Ruth's

Hospitality

Group

Inc

49,698‌

333‌

Shake

Shack

Inc

(d)

55,478‌

2,694‌

Shoe

Carnival

Inc

14,021‌

344‌

Signet

Jewelers

Ltd

82,687‌

888‌

Sonic

Automotive

Inc

38,062‌

1,451‌

Vera

Bradley

Inc

(d)

36,301‌

159‌

Wingstop

Inc

46,733‌

7,302‌

Zumiez

Inc

(d)

31,737‌

733‌

$

65,834‌

Savings

&

Loans

-

1.09%

Axos

Financial

Inc

(d)

81,989‌

1,837‌

Banc

of

California

Inc

69,850‌

749‌

Berkshire

Hills

Bancorp

Inc

68,179‌

679‌

Brookline

Bancorp

Inc

124,670‌

1,196‌

Dime

Community

Bancshares

Inc

45,247‌

531‌

Northfield

Bancorp

Inc

68,523‌

659‌

Northwest

Bancshares

Inc

187,422‌

1,846‌

Pacific

Premier

Bancorp

Inc

127,667‌

2,682‌

Provident

Financial

Services

Inc

110,437‌

1,508‌

$

11,687‌

Semiconductors

-

3.68%

Axcelis

Technologies

Inc

(d)

51,932‌

1,528‌

Brooks

Automation

Inc

116,518‌

6,344‌

CEVA

Inc

(d)

34,761‌

1,397‌

Cohu

Inc

65,878‌

1,241‌

CTS

Corp

50,962‌

1,012‌

Diodes

Inc

(d)

65,881‌

3,390‌

DSP

Group

Inc

(d)

36,662‌

544‌

FormFactor

Inc

(d)

120,314‌

3,470‌

Kulicke

&

Soffa

Industries

Inc

98,619‌

2,337‌

MaxLinear

Inc

(d)

104,016‌

2,637‌

Onto

Innovation

Inc

(d)

75,165‌

2,843‌

Photronics

Inc

(d)

102,872‌

1,222‌

Power

Integrations

Inc

47,139‌

5,752‌

Rambus

Inc

(d)

178,942‌

2,641‌

Ultra

Clean

Holdings

Inc

(d)

63,030‌

1,897‌

Veeco

Instruments

Inc

(d)

78,082‌

1,056‌

$

39,311‌

Software

-

3.84%

Agilysys

Inc

(d)

31,792‌

666‌

Allscripts

Healthcare

Solutions

Inc

(d)

256,783‌

2,311‌

Bottomline

Technologies

DE

Inc

(d)

59,950‌

2,893‌

Computer

Programs

and

Systems

Inc

19,944‌

492‌

CSG

Systems

International

Inc

52,235‌

2,201‌

Digi

International

Inc

(d)

45,740‌

554‌

Donnelley

Financial

Solutions

Inc

(d)

48,492‌

419‌

Ebix

Inc

35,180‌

776‌

Glu

Mobile

Inc

(d)

207,893‌

1,963‌

LivePerson

Inc

(d)

97,254‌

4,180‌

ManTech

International

Corp/VA

42,769‌

2,976‌

MicroStrategy

Inc

(d)

12,210‌

1,513‌

NextGen

Healthcare

Inc

(d)

77,275‌

1,130‌

Omnicell

Inc

(d)

67,328‌

4,733‌

PDF

Solutions

Inc

(d)

44,535‌

1,095‌

Progress

Software

Corp

70,753‌

2,466‌

Simulations

Plus

Inc

19,367‌

1,363‌

SPS

Commerce

Inc

(d)

55,177‌

4,148‌

Tabula

Rasa

HealthCare

Inc

(d)

32,367‌

1,819‌

Schedule

of

Investments

SmallCap

S&P

600

Index

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

246

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Software

(continued)

Xperi

Holding

Corp

181,684‌

$

3,350‌

$

41,048‌

Telecommunications

-

2.45%

ADTRAN

Inc

75,759‌

941‌

ATN

International

Inc

17,168‌

989‌

CalAmp

Corp

(d)

54,282‌

428‌

Cincinnati

Bell

Inc

(d)

79,877‌

1,199‌

Consolidated

Communications

Holdings

Inc

(d)

115,385‌

842‌

Extreme

Networks

Inc

(d)

189,899‌

864‌

Harmonic

Inc

(d)

152,569‌

851‌

Iridium

Communications

Inc

(d)

154,573‌

4,234‌

NETGEAR

Inc

(d)

46,679‌

1,435‌

Plantronics

Inc

52,700‌

1,053‌

Shenandoah

Telecommunications

Co

74,013‌

3,721‌

Spok

Holdings

Inc

27,920‌

280‌

Viavi

Solutions

Inc

(d)

360,134‌

4,981‌

Vonage

Holdings

Corp

(d)

364,356‌

4,354‌

$

26,172‌

Textiles

-

0.42%

UniFirst

Corp/MA

24,087‌

4,492‌

Transportation

-

2.00%

ArcBest

Corp

39,907‌

1,213‌

Atlas

Air

Worldwide

Holdings

Inc

(d)

41,273‌

2,149‌

Bristow

Group

Inc

(d)

10,542‌

169‌

Dorian

LPG

Ltd

(d)

42,556‌

363‌

Echo

Global

Logistics

Inc

(d)

42,044‌

1,054‌

Forward

Air

Corp

44,193‌

2,297‌

Heartland

Express

Inc

73,252‌

1,486‌

Hub

Group

Inc

(d)

52,964‌

2,802‌

Marten

Transport

Ltd

61,530‌

1,638‌

Matson

Inc

67,992‌

2,476‌

Saia

Inc

(d)

41,188‌

4,920‌

SEACOR

Holdings

Inc

(d)

27,944‌

813‌

$

21,380‌

Trucking

&

Leasing

-

0.12%

Greenbrier

Cos

Inc/The

51,605‌

1,328‌

Water

-

0.76%

American

States

Water

Co

58,267‌

4,479‌

California

Water

Service

Group

76,954‌

3,607‌

$

8,086‌

TOTAL

COMMON

STOCKS

$

1,057,350‌

Total

Investments

$

1,084,601‌

Other

Assets

and

Liabilities

-  (1.45)%

(15,497‌)

TOTAL

NET

ASSETS

-

100.00%

$

1,069,104‌

(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

$17,978

or

1.68%

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

5.00%

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

22.40‌%

Industrial

19.24‌%

Consumer,

Non-cyclical

17.47‌%

Consumer,

Cyclical

16.11‌%

Technology

9.33‌%

Communications

5.20‌%

Basic

Materials

4.32‌%

Energy

3.14‌%

Money

Market

Funds

2.46‌%

Utilities

1.69‌%

Investment

Companies

0.09‌%

Other

Assets

and

Liabilities

(1.45‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

43,978‌

$

433,287‌

$

452,932‌

$

24,333‌

$

43,978‌

$

433,287‌

$

452,932‌

$

24,333‌

Income

(a)

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

95‌

$

—‌

$

—‌

$

—‌

$

95‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

Russell

2000

Emini;

September

2020

Long

152‌

$

11,231‌

$

546‌

Total

$

546‌

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

SmallCap

Value

Fund

II

July

31,

2020

(unaudited)

See

accompanying

notes.

247

INVESTMENT

COMPANIES

-

2.70%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

0.12%

iShares

Russell

2000

Value

ETF

10,027‌

$

998‌

Money

Market

Funds

-

2.58%

BlackRock

Liquidity

FedFund

-

Institutional

Class

0.06%

(a),(b)

824,088‌

824‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

(a),(b),(c),(d)

20,190,971‌

20,191‌

$

21,015‌

TOTAL

INVESTMENT

COMPANIES

$

22,013‌

COMMON

STOCKS

-

98.76%

Shares

Held

Value

(000's)

Advertising

-

0.03%

Boston

Omaha

Corp

(d)

1,200‌

$

19‌

Fluent

Inc

(d)

4,769‌

9‌

MDC

Partners

Inc

(d)

85,500‌

189‌

National

CineMedia

Inc

6,640‌

16‌

Quotient

Technology

Inc

(d)

4,032‌

32‌

$

265‌

Aerospace

&

Defense

-

0.58%

AAR

Corp

75,774‌

1,305‌

Astronics

Corp

(d)

2,458‌

21‌

Barnes

Group

Inc

5,013‌

185‌

Ducommun

Inc

(d)

1,146‌

41‌

Kaman

Corp

2,641‌

104‌

Mercury

Systems

Inc

(d)

5,680‌

440‌

Moog

Inc

29,560‌

1,588‌

National

Presto

Industries

Inc

11,457‌

978‌

Park

Aerospace

Corp

1,998‌

22‌

Triumph

Group

Inc

5,495‌

37‌

$

4,721‌

Agriculture

-

0.29%

Alico

Inc

553‌

17‌

Andersons

Inc/The

3,325‌

47‌

Cadiz

Inc

(d),(e)

993‌

11‌

Darling

Ingredients

Inc

(d)

36,365‌

1,016‌

Fresh

Del

Monte

Produce

Inc

3,318‌

75‌

Limoneira

Co

1,351‌

18‌

Phibro

Animal

Health

Corp

173‌

4‌

Tejon

Ranch

Co

(d)

2,231‌

32‌

Universal

Corp/VA

24,891‌

1,049‌

Vector

Group

Ltd

12,729‌

112‌

$

2,381‌

Airlines

-

0.19%

Allegiant

Travel

Co

1,225‌

137‌

Hawaiian

Holdings

Inc

41,580‌

495‌

Mesa

Air

Group

Inc

(d)

3,360‌

10‌

SkyWest

Inc

5,261‌

138‌

Spirit

Airlines

Inc

(d),(e)

48,030‌

760‌

$

1,540‌

Apparel

-

0.26%

Kontoor

Brands

Inc

5,497‌

105‌

Lakeland

Industries

Inc

(d),(e)

812‌

19‌

Oxford

Industries

Inc

1,747‌

75‌

Rocky

Brands

Inc

15,330‌

349‌

Steven

Madden

Ltd

4,931‌

104‌

Superior

Group

of

Cos

Inc

947‌

18‌

Tapestry

Inc

44,900‌

600‌

Unifi

Inc

(d)

50,862‌

609‌

Weyco

Group

Inc

641‌

12‌

Wolverine

World

Wide

Inc

8,521‌

205‌

$

2,096‌

Automobile

Manufacturers

-

0.46%

Blue

Bird

Corp

(d)

72,849‌

913‌

Navistar

International

Corp

(d)

45,385‌

1,453‌

REV

Group

Inc

2,577‌

17‌

Wabash

National

Corp

109,342‌

1,245‌

Workhorse

Group

Inc

(d),(e)

6,757‌

105‌

$

3,733‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Automobile

Parts

&

Equipment

-

1.25%

Adient

PLC

(d)

79,963‌

$

1,330‌

American

Axle

&

Manufacturing

Holdings

Inc

(d)

11,999‌

85‌

Cooper

Tire

&

Rubber

Co

45,451‌

1,412‌

Cooper-Standard

Holdings

Inc

(d)

1,784‌

19‌

Dana

Inc

15,447‌

177‌

Douglas

Dynamics

Inc

197‌

7‌

Goodyear

Tire

&

Rubber

Co/The

149,082‌

1,343‌

Meritor

Inc

(d)

57,814‌

1,315‌

Methode

Electronics

Inc

44,995‌

1,269‌

Miller

Industries

Inc/TN

23,282‌

660‌

Modine

Manufacturing

Co

(d)

5,286‌

29‌

Motorcar

Parts

of

America

Inc

(d),(e)

60,245‌

1,003‌

Standard

Motor

Products

Inc

10,795‌

491‌

Telenav

Inc

(d)

78,841‌

409‌

Tenneco

Inc

(d)

5,446‌

40‌

Visteon

Corp

(d)

8,400‌

610‌

$

10,199‌

Banks

-

10.24%

1st

Constitution

Bancorp

963‌

12‌

1st

Source

Corp

19,683‌

652‌

ACNB

Corp

900‌

19‌

Alerus

Financial

Corp

1,591‌

31‌

Allegiance

Bancshares

Inc

2,017‌

49‌

Altabancorp

1,605‌

30‌

Amalgamated

Bank

53,306‌

615‌

American

National

Bankshares

Inc

1,134‌

25‌

Ameris

Bancorp

20,877‌

481‌

Ames

National

Corp

934‌

17‌

Arrow

Financial

Corp

1,371‌

37‌

Associated

Banc-Corp

93,700‌

1,203‌

Atlantic

Capital

Bancshares

Inc

(d)

2,225‌

22‌

Atlantic

Union

Bankshares

Corp

8,317‌

188‌

Auburn

National

BanCorp

Inc

245‌

11‌

BancFirst

Corp

1,998‌

87‌

Bancorp

Inc/The

(d)

5,501‌

52‌

BancorpSouth

Bank

10,570‌

221‌

Bank

First

Corp

53‌

3‌

Bank

of

Commerce

Holdings

1,695‌

13‌

Bank

of

Marin

Bancorp

1,409‌

44‌

Bank

of

NT

Butterfield

&

Son

Ltd/The

5,550‌

144‌

Bank

of

Princeton/The

604‌

11‌

Bank7

Corp

189‌

2‌

BankUnited

Inc

78,696‌

1,585‌

Bankwell

Financial

Group

Inc

758‌

11‌

Banner

Corp

3,706‌

131‌

Bar

Harbor

Bankshares

31,435‌

625‌

Baycom

Corp

(d)

981‌

10‌

BCB

Bancorp

Inc

1,550‌

12‌

Bogota

Financial

Corp

(d)

658‌

5‌

BOK

Financial

Corp

16,900‌

941‌

Bridge

Bancorp

Inc

35,111‌

635‌

Bridgewater

Bancshares

Inc

(d)

35,749‌

332‌

Bryn

Mawr

Bank

Corp

23,900‌

623‌

Business

First

Bancshares

Inc

1,294‌

18‌

Byline

Bancorp

Inc

2,586‌

33‌

C&F

Financial

Corp

367‌

11‌

Cadence

BanCorp

165,387‌

1,292‌

California

Bancorp

Inc

(d)

862‌

11‌

Cambridge

Bancorp

534‌

29‌

Camden

National

Corp

10,461‌

332‌

Capital

Bancorp

Inc

(d)

907‌

10‌

Capital

City

Bank

Group

Inc

1,428‌

27‌

Capstar

Financial

Holdings

Inc

1,702‌

17‌

Carter

Bank

&

Trust

2,416‌

17‌

Cathay

General

Bancorp

70,023‌

1,693‌

CB

Financial

Services

Inc

562‌

10‌

CBTX

Inc

1,883‌

30‌

Central

Pacific

Financial

Corp

2,928‌

46‌

Central

Valley

Community

Bancorp

1,125‌

15‌

Schedule

of

Investments

SmallCap

Value

Fund

II

July

31,

2020

(unaudited)

See

accompanying

notes.

248

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Banks

(continued)

Century

Bancorp

Inc/MA

261‌

$

18‌

Chemung

Financial

Corp

412‌

11‌

ChoiceOne

Financial

Services

Inc

723‌

21‌

CIT

Group

Inc

77,929‌

1,479‌

Citizens

&

Northern

Corp

1,421‌

25‌

Citizens

Holding

Co

(e)

494‌

11‌

City

Holding

Co

1,680‌

105‌

Civista

Bancshares

Inc

1,683‌

22‌

CNB

Financial

Corp/PA

19,878‌

325‌

Coastal

Financial

Corp/WA

(d)

879‌

12‌

Codorus

Valley

Bancorp

Inc

996‌

12‌

Colony

Bankcorp

Inc

882‌

9‌

Columbia

Banking

System

Inc

7,664‌

222‌

Community

Bank

System

Inc

13,626‌

766‌

Community

Financial

Corp/The

552‌

12‌

Community

Trust

Bancorp

Inc

29,881‌

915‌

ConnectOne

Bancorp

Inc

68,555‌

946‌

County

Bancorp

Inc

570‌

11‌

CrossFirst

Bankshares

Inc

(d)

35,013‌

321‌

Customers

Bancorp

Inc

(d)

109,085‌

1,293‌

CVB

Financial

Corp

64,609‌

1,167‌

Delmar

Bancorp

1,125‌

7‌

Eagle

Bancorp

Inc

43,612‌

1,312‌

Enterprise

Bancorp

Inc/MA

956‌

21‌

Enterprise

Financial

Services

Corp

2,562‌

74‌

Equity

Bancshares

Inc

(d)

70,346‌

995‌

Esquire

Financial

Holdings

Inc

(d)

545‌

8‌

Evans

Bancorp

Inc

544‌

12‌

Farmers

&

Merchants

Bancorp

Inc/Archbold

OH

1,077‌

23‌

Farmers

National

Banc

Corp

2,768‌

30‌

FB

Financial

Corp

13,891‌

353‌

Fidelity

D&D

Bancorp

Inc

415‌

19‌

Financial

Institutions

Inc

41,909‌

619‌

First

Bancorp

Inc/The

1,077‌

22‌

First

BanCorp/Puerto

Rico

324,838‌

1,767‌

First

Bancorp/Southern

Pines

NC

3,059‌

63‌

First

Bancshares

Inc/The

2,204‌

44‌

First

Bank/Hamilton

NJ

1,873‌

12‌

First

Busey

Corp

5,378‌

92‌

First

Business

Financial

Services

Inc

21,215‌

316‌

First

Choice

Bancorp

1,103‌

17‌

First

Commonwealth

Financial

Corp

10,412‌

82‌

First

Community

Bankshares

Inc

1,846‌

36‌

First

Community

Corp/SC

816‌

11‌

First

Financial

Bancorp

54,749‌

762‌

First

Financial

Corp/IN

27,741‌

927‌

First

Foundation

Inc

3,225‌

50‌

First

Guaranty

Bancshares

Inc

417‌

5‌

First

Hawaiian

Inc

70,707‌

1,229‌

First

Internet

Bancorp

38,926‌

571‌

First

Interstate

BancSystem

Inc

4,535‌

132‌

First

Merchants

Corp

25,362‌

620‌

First

Mid

Bancshares

Inc

24,709‌

603‌

First

Midwest

Bancorp

Inc/IL

87,769‌

1,065‌

First

Northwest

Bancorp

1,021‌

10‌

First

of

Long

Island

Corp/The

49,129‌

732‌

First

United

Corp

765‌

8‌

Flagstar

Bancorp

Inc

3,807‌

119‌

FNB

Corp/PA

121,900‌

903‌

FNCB

Bancorp

Inc

1,951‌

11‌

Franklin

Financial

Network

Inc

25,277‌

667‌

Franklin

Financial

Services

Corp

472‌

11‌

Fulton

Financial

Corp

108,133‌

1,049‌

FVCBankcorp

Inc

(d)

1,255‌

12‌

German

American

Bancorp

Inc

2,626‌

75‌

Glacier

Bancorp

Inc

9,152‌

323‌

Great

Southern

Bancorp

Inc

24,772‌

893‌

Great

Western

Bancorp

Inc

101,799‌

1,324‌

Guaranty

Bancshares

Inc/TX

742‌

20‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Banks

(continued)

Hancock

Whitney

Corp

74,105‌

$

1,412‌

Hanmi

Financial

Corp

135,822‌

1,254‌

HarborOne

Bancorp

Inc

5,646‌

49‌

Hawthorn

Bancshares

Inc

621‌

10‌

HBT

Financial

Inc

1,041‌

12‌

Heartland

Financial

USA

Inc

23,406‌

731‌

Heritage

Commerce

Corp

6,206‌

42‌

Heritage

Financial

Corp/WA

18,840‌

357‌

Hilltop

Holdings

Inc

41,107‌

801‌

Home

BancShares

Inc/AR

81,251‌

1,327‌

HomeStreet

Inc

40,290‌

1,066‌

Hope

Bancorp

Inc

161,641‌

1,363‌

Horizon

Bancorp

Inc/IN

60,962‌

616‌

Howard

Bancorp

Inc

(d)

1,400‌

13‌

Independent

Bank

Corp

3,268‌

211‌

Independent

Bank

Corp/MI

2,250‌

31‌

Independent

Bank

Group

Inc

3,949‌

173‌

International

Bancshares

Corp

25,182‌

766‌

Investar

Holding

Corp

1,081‌

14‌

Kearny

Financial

Corp/MD

6,196‌

50‌

Lakeland

Bancorp

Inc

93,101‌

948‌

Lakeland

Financial

Corp

2,433‌

108‌

Landmark

Bancorp

Inc/Manhattan

KS

427‌

9‌

LCNB

Corp

1,295‌

16‌

Level

One

Bancorp

Inc

585‌

9‌

Limestone

Bancorp

Inc

(d)

575‌

6‌

Live

Oak

Bancshares

Inc

81,376‌

1,384‌

Luther

Burbank

Corp

64,954‌

622‌

Macatawa

Bank

Corp

2,797‌

20‌

Mackinac

Financial

Corp

1,020‌

9‌

MainStreet

Bancshares

Inc

(d)

808‌

10‌

Mercantile

Bank

Corp

1,683‌

36‌

Merchants

Bancorp/IN

37,387‌

689‌

Meridian

Corp

503‌

8‌

Meta

Financial

Group

Inc

3,552‌

66‌

Metrocity

Bankshares

Inc

(e)

1,844‌

25‌

Metropolitan

Bank

Holding

Corp

(d)

22,944‌

679‌

Mid

Penn

Bancorp

Inc

738‌

14‌

Middlefield

Banc

Corp

633‌

11‌

Midland

States

Bancorp

Inc

88,304‌

1,244‌

MidWestOne

Financial

Group

Inc

32,257‌

583‌

MVB

Financial

Corp

1,050‌

14‌

National

Bank

Holdings

Corp

17,046‌

473‌

National

Bankshares

Inc

679‌

17‌

NBT

Bancorp

Inc

4,538‌

135‌

Nicolet

Bankshares

Inc

(d)

994‌

56‌

Northeast

Bank

759‌

14‌

Northrim

BanCorp

Inc

13,898‌

320‌

Norwood

Financial

Corp

617‌

15‌

Oak

Valley

Bancorp

780‌

10‌

OFG

Bancorp

5,400‌

71‌

Ohio

Valley

Banc

Corp

490‌

10‌

Old

National

Bancorp/IN

40,175‌

562‌

Old

Second

Bancorp

Inc

3,066‌

25‌

OP

Bancorp

1,393‌

9‌

Origin

Bancorp

Inc

15,442‌

367‌

Orrstown

Financial

Services

Inc

23,381‌

318‌

PacWest

Bancorp

65,700‌

1,201‌

Park

National

Corp

5,927‌

508‌

Parke

Bancorp

Inc

1,125‌

13‌

PCB

Bancorp

1,327‌

12‌

PCSB

Financial

Corp

1,576‌

17‌

Peapack-Gladstone

Financial

Corp

56,701‌

923‌

Penns

Woods

Bancorp

Inc

728‌

15‌

Peoples

Bancorp

Inc/OH

16,767‌

336‌

Peoples

Bancorp

of

North

Carolina

Inc

511‌

8‌

Peoples

Financial

Services

Corp

742‌

27‌

Pioneer

Bancorp

Inc/NY

(d)

1,324‌

11‌

Plumas

Bancorp

(e)

529‌

11‌

Schedule

of

Investments

SmallCap

Value

Fund

II

July

31,

2020

(unaudited)

See

accompanying

notes.

249

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Banks

(continued)

Popular

Inc

32,800‌

$

1,217‌

Preferred

Bank/Los

Angeles

CA

1,466‌

55‌

Premier

Financial

Bancorp

Inc

1,389‌

15‌

Provident

Bancorp

Inc

986‌

8‌

QCR

Holdings

Inc

1,578‌

47‌

RBB

Bancorp

48,303‌

619‌

Red

River

Bancshares

Inc

524‌

21‌

Reliant

Bancorp

Inc

1,550‌

23‌

Renasant

Corp

31,509‌

732‌

Republic

Bancorp

Inc/KY

20,835‌

629‌

Republic

First

Bancorp

Inc

(d)

5,183‌

12‌

Richmond

Mutual

BanCorp

Inc

1,309‌

15‌

S&T

Bancorp

Inc

18,622‌

401‌

Salisbury

Bancorp

Inc

288‌

10‌

Sandy

Spring

Bancorp

Inc

17,869‌

413‌

SB

Financial

Group

Inc

753‌

9‌

Seacoast

Banking

Corp

of

Florida

(d)

5,509‌

104‌

Select

Bancorp

Inc

(d)

1,690‌

13‌

ServisFirst

Bancshares

Inc

1,333‌

49‌

Shore

Bancshares

Inc

1,319‌

12‌

Sierra

Bancorp

18,588‌

327‌

Silvergate

Capital

Corp

(d)

1,641‌

22‌

Simmons

First

National

Corp

63,045‌

1,047‌

SmartFinancial

Inc

1,492‌

21‌

South

Plains

Financial

Inc

23,627‌

316‌

South

State

Corp

7,469‌

356‌

Southern

First

Bancshares

Inc

(d)

771‌

19‌

Southern

National

Bancorp

of

Virginia

Inc

74,293‌

626‌

Southside

Bancshares

Inc

3,373‌

93‌

Spirit

of

Texas

Bancshares

Inc

(d)

1,443‌

17‌

Standard

AVB

Financial

Corp

439‌

9‌

Sterling

Bancorp

Inc/MI

170,138‌

519‌

Stock

Yards

Bancorp

Inc

1,863‌

73‌

Summit

Financial

Group

Inc

1,202‌

18‌

Synovus

Financial

Corp

60,000‌

1,209‌

Texas

Capital

Bancshares

Inc

(d)

49,896‌

1,657‌

Tompkins

Financial

Corp

1,524‌

98‌

Towne

Bank/Portsmouth

VA

7,143‌

126‌

TriCo

Bancshares

13,078‌

366‌

TriState

Capital

Holdings

Inc

(d)

26,139‌

346‌

Triumph

Bancorp

Inc

(d)

2,343‌

61‌

TrustCo

Bank

Corp

NY

109,879‌

637‌

Trustmark

Corp

53,126‌

1,196‌

UMB

Financial

Corp

18,654‌

929‌

Umpqua

Holdings

Corp

84,500‌

917‌

United

Bankshares

Inc/WV

32,795‌

863‌

United

Community

Banks

Inc/GA

28,550‌

511‌

United

Security

Bancshares/Fresno

CA

1,537‌

10‌

Unity

Bancorp

Inc

850‌

11‌

Univest

Financial

Corp

49,850‌

762‌

Valley

National

Bancorp

126,146‌

942‌

Veritex

Holdings

Inc

5,135‌

86‌

Walker

&

Dunlop

Inc

2,754‌

139‌

Washington

Trust

Bancorp

Inc

20,316‌

678‌

Webster

Financial

Corp

46,300‌

1,263‌

WesBanco

Inc

37,055‌

735‌

West

BanCorp

Inc

19,693‌

323‌

Westamerica

BanCorp

2,416‌

146‌

Western

New

England

Bancorp

Inc

2,431‌

12‌

Wintrust

Financial

Corp

27,400‌

1,173‌

$

83,584‌

Beverages

-

0.04%

Craft

Brew

Alliance

Inc

(d)

1,150‌

17‌

Farmer

Bros

Co

(d)

1,831‌

9‌

MGP

Ingredients

Inc

342‌

12‌

New

Age

Beverages

Corp

(d),(e)

5,543‌

13‌

Primo

Water

Corp

16,680‌

237‌

$

288‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Biotechnology

-

0.69%

Abeona

Therapeutics

Inc

(d)

4,279‌

$

12‌

Achillion

Pharamceuticals

Inc

(d),(f),(g)

8,433‌

4‌

ADMA

Biologics

Inc

(d),(e)

905‌

3‌

Aduro

Biotech

Inc

(d)

1,074‌

3‌

Adverum

Biotechnologies

Inc

(d)

1,079‌

18‌

Albireo

Pharma

Inc

(d)

461‌

13‌

AMAG

Pharmaceuticals

Inc

(d),(e)

3,292‌

31‌

AnaptysBio

Inc

(d)

2,281‌

41‌

ANI

Pharmaceuticals

Inc

(d)

471‌

14‌

Applied

Genetic

Technologies

Corp/DE

(d)

2,487‌

13‌

Aptinyx

Inc

(d)

2,617‌

10‌

Arena

Pharmaceuticals

Inc

(d)

5,515‌

339‌

Aspira

Women's

Health

Inc

(d)

284‌

1‌

Assembly

Biosciences

Inc

(d)

1,563‌

35‌

Atara

Biotherapeutics

Inc

(d)

1,582‌

20‌

Atreca

Inc

(d),(e)

173‌

2‌

AVEO

Pharmaceuticals

Inc

(d)

630‌

3‌

Avid

Bioservices

Inc

(d)

635‌

5‌

BioCryst

Pharmaceuticals

Inc

(d)

3,486‌

14‌

Cabaletta

Bio

Inc

(d)

1,374‌

16‌

CASI

Pharmaceuticals

Inc

(d)

816‌

2‌

Catabasis

Pharmaceuticals

Inc

(d)

586‌

3‌

CEL-SCI

Corp

(d),(e)

547‌

7‌

Cortexyme

Inc

(d)

119‌

5‌

Cymabay

Therapeutics

Inc

(d)

7,389‌

26‌

Dyadic

International

Inc

(d),(e)

381‌

3‌

Dynavax

Technologies

Corp

(d)

1,465‌

12‌

Emergent

BioSolutions

Inc

(d)

30,425‌

3,384‌

Enochian

Biosciences

Inc

(d),(e)

1,572‌

6‌

Enzo

Biochem

Inc

(d)

5,068‌

12‌

Epizyme

Inc

(d)

3,518‌

49‌

Evolus

Inc

(d),(e)

1,437‌

5‌

Exicure

Inc

(d)

953‌

2‌

FibroGen

Inc

(d)

1,255‌

51‌

Five

Prime

Therapeutics

Inc

(d)

2,856‌

17‌

Geron

Corp

(d)

19,774‌

31‌

GlycoMimetics

Inc

(d)

3,607‌

14‌

Gossamer

Bio

Inc

(d),(e)

3,076‌

37‌

Harvard

Bioscience

Inc

(d)

4,022‌

12‌

iBio

Inc

(d)

700‌

3‌

Immunic

Inc

(d)

157‌

3‌

ImmunoGen

Inc

(d)

10,452‌

43‌

IVERIC

bio

Inc

(d)

5,143‌

21‌

Keros

Therapeutics

Inc

(d)

51‌

2‌

Kezar

Life

Sciences

Inc

(d)

2,755‌

12‌

Kindred

Biosciences

Inc

(d)

747‌

2‌

Kiniksa

Pharmaceuticals

Ltd

(d)

172‌

3‌

Lyra

Therapeutics

Inc

(d)

30‌

—‌

MacroGenics

Inc

(d)

3,291‌

84‌

Magenta

Therapeutics

Inc

(d)

335‌

2‌

Marker

Therapeutics

Inc

(d),(e)

901‌

2‌

MEI

Pharma

Inc

(d)

1,766‌

5‌

MeiraGTx

Holdings

plc

(d)

219‌

3‌

Menlo

Therapeutics

Inc

(d)

9,706‌

16‌

Myriad

Genetics

Inc

(d)

7,598‌

92‌

NantKwest

Inc

(d),(e)

481‌

5‌

NextCure

Inc

(d)

125‌

1‌

NGM

Biopharmaceuticals

Inc

(d)

178‌

3‌

Novavax

Inc

(d),(e)

4,538‌

649‌

Orgenesis

Inc

(d)

1,664‌

9‌

Osmotica

Pharmaceuticals

PLC

(d)

399‌

2‌

Pacific

Biosciences

of

California

Inc

(d)

2,057‌

8‌

PDL

BioPharma

Inc

(d)

12,132‌

39‌

Precigen

Inc

(d),(e)

1,534‌

6‌

Prothena

Corp

PLC

(d)

3,281‌

40‌

Rubius

Therapeutics

Inc

(d),(e)

3,144‌

15‌

Savara

Inc

(d)

5,294‌

11‌

Selecta

Biosciences

Inc

(d),(e)

4,083‌

10‌

Solid

Biosciences

Inc

(d)

2,488‌

7‌

Schedule

of

Investments

SmallCap

Value

Fund

II

July

31,

2020

(unaudited)

See

accompanying

notes.

250

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Biotechnology

(continued)

Strongbridge

Biopharma

PLC

(d)

305‌

$

1‌

Sutro

Biopharma

Inc

(d)

275‌

2‌

TCR2

Therapeutics

Inc

(d)

1,623‌

27‌

Theravance

Biopharma

Inc

(d)

682‌

13‌

Turning

Point

Therapeutics

Inc

(d)

193‌

11‌

Vaxart

Inc

(d),(e)

760‌

7‌

VBI

Vaccines

Inc

(d)

3,661‌

15‌

Verastem

Inc

(d)

10,152‌

14‌

Vericel

Corp

(d)

605‌

10‌

Viking

Therapeutics

Inc

(d),(e)

6,493‌

46‌

VolitionRX

Ltd

(d)

152‌

—‌

X4

Pharmaceuticals

Inc

(d)

1,711‌

13‌

XBiotech

Inc

(d),(e)

1,518‌

22‌

Xencor

Inc

(d)

353‌

11‌

XOMA

Corp

(d)

120‌

2‌

Zentalis

Pharmaceuticals

Inc

(d),(e)

75‌

3‌

ZIOPHARM

Oncology

Inc

(d),(e)

7,436‌

22‌

$

5,592‌

Building

Materials

-

3.25%

American

Woodmark

Corp

(d)

1,802‌

145‌

Apogee

Enterprises

Inc

2,329‌

50‌

Armstrong

Flooring

Inc

(d)

208,851‌

620‌

Armstrong

World

Industries

Inc

85,300‌

6,077‌

Boise

Cascade

Co

3,455‌

161‌

Builders

FirstSource

Inc

(d)

350,595‌

8,306‌

Caesarstone

Ltd

104,264‌

1,196‌

Cornerstone

Building

Brands

Inc

(d)

2,761‌

16‌

Gibraltar

Industries

Inc

(d)

43,481‌

2,249‌

Griffon

Corp

3,929‌

90‌

JELD-WEN

Holding

Inc

(d)

7,246‌

142‌

LSI

Industries

Inc

2,732‌

16‌

Masonite

International

Corp

(d)

14,658‌

1,236‌

Patrick

Industries

Inc

141‌

9‌

PGT

Innovations

Inc

(d)

3,872‌

66‌

Simpson

Manufacturing

Co

Inc

50,350‌

4,862‌

SPX

Corp

(d)

1,184‌

50‌

Summit

Materials

Inc

(d)

40,030‌

589‌

UFP

Industries

Inc

10,629‌

619‌

US

Concrete

Inc

(d)

1,699‌

42‌

$

26,541‌

Chemicals

-

1.74%

AdvanSix

Inc

(d)

2,921‌

36‌

AgroFresh

Solutions

Inc

(d)

3,222‌

8‌

American

Vanguard

Corp

70,878‌

954‌

Amyris

Inc

(d),(e)

6,795‌

29‌

Avient

Corp

9,753‌

233‌

Axalta

Coating

Systems

Ltd

(d)

110,675‌

2,457‌

Balchem

Corp

276‌

28‌

Cabot

Corp

32,700‌

1,193‌

Element

Solutions

Inc

(d)

566,725‌

6,155‌

Ferro

Corp

(d)

2,268‌

26‌

GCP

Applied

Technologies

Inc

(d)

1,137‌

26‌

Hawkins

Inc

472‌

24‌

HB

Fuller

Co

1,926‌

87‌

Huntsman

Corp

32,200‌

596‌

Innospec

Inc

6,240‌

469‌

Intrepid

Potash

Inc

(d)

10,855‌

10‌

Koppers

Holdings

Inc

(d)

859‌

22‌

Kraton

Corp

(d)

3,326‌

44‌

Kronos

Worldwide

Inc

2,386‌

27‌

Marrone

Bio

Innovations

Inc

(d)

567‌

1‌

Minerals

Technologies

Inc

16,219‌

760‌

Oil-Dri

Corp

of

America

551‌

19‌

Orion

Engineered

Carbons

SA

2,845‌

29‌

PQ

Group

Holdings

Inc

(d)

3,435‌

42‌

Rayonier

Advanced

Materials

Inc

(d)

6,606‌

19‌

Rogers

Corp

(d)

1,638‌

195‌

Sensient

Technologies

Corp

2,672‌

139‌

Stepan

Co

2,111‌

231‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Chemicals

(continued)

Tronox

Holdings

PLC

6,216‌

$

47‌

Westlake

Chemical

Partners

LP

16,100‌

308‌

$

14,214‌

Coal

-

0.17%

Advanced

Emissions

Solutions

Inc

1,807‌

8‌

Arch

Resources

Inc

(d)

1,609‌

50‌

CONSOL

Energy

Inc

(d)

2,772‌

16‌

NACCO

Industries

Inc

428‌

9‌

Peabody

Energy

Corp

6,696‌

21‌

SunCoke

Energy

Inc

8,861‌

28‌

Warrior

Met

Coal

Inc

79,192‌

1,261‌

$

1,393‌

Commercial

Services

-

5.35%

Aaron's

Inc

6,273‌

327‌

ABM

Industries

Inc

7,153‌

257‌

Acacia

Research

Corp

(d)

5,074‌

20‌

Adtalem

Global

Education

Inc

(d)

5,552‌

191‌

Alta

Equipment

Group

Inc

(d)

1,814‌

14‌

American

Public

Education

Inc

(d)

1,537‌

45‌

AMN

Healthcare

Services

Inc

(d)

116,425‌

6,396‌

Arlo

Technologies

Inc

(d)

8,269‌

35‌

ASGN

Inc

(d)

99,336‌

6,800‌

Barrett

Business

Services

Inc

733‌

39‌

BG

Staffing

Inc

40,850‌

370‌

BrightView

Holdings

Inc

(d)

3,326‌

40‌

CAI

International

Inc

1,431‌

25‌

Cardtronics

PLC

(d)

47,159‌

1,053‌

Carriage

Services

Inc

1,756‌

39‌

Cass

Information

Systems

Inc

33,500‌

1,200‌

CBIZ

Inc

(d)

4,537‌

110‌

Cimpress

PLC

(d)

1,276‌

128‌

Collectors

Universe

Inc

96‌

4‌

CRA

International

Inc

212‌

9‌

Cross

Country

Healthcare

Inc

(d)

3,414‌

22‌

Deluxe

Corp

33,590‌

948‌

Emerald

Holding

Inc

340,188‌

926‌

Ennis

Inc

75,886‌

1,313‌

Franchise

Group

Inc

1,810‌

44‌

FTI

Consulting

Inc

(d)

51,191‌

6,115‌

GP

Strategies

Corp

(d)

72,372‌

538‌

Green

Dot

Corp

(d)

4,965‌

252‌

H&R

Block

Inc

85,100‌

1,234‌

Hackett

Group

Inc/The

366‌

5‌

Heidrick

&

Struggles

International

Inc

60,744‌

1,228‌

Herc

Holdings

Inc

(d)

2,451‌

82‌

Hertz

Global

Holdings

Inc

(d)

9,110‌

13‌

HMS

Holdings

Corp

(d)

13,000‌

422‌

Huron

Consulting

Group

Inc

(d)

2,195‌

105‌

ICF

International

Inc

972‌

66‌

Information

Services

Group

Inc

(d)

4,010‌

8‌

Insperity

Inc

1,939‌

130‌

K12

Inc

(d)

4,258‌

195‌

Kelly

Services

Inc

82,326‌

1,219‌

Kforce

Inc

21,900‌

632‌

Korn

Ferry

48,417‌

1,360‌

Laureate

Education

Inc

(d)

11,481‌

146‌

LiveRamp

Holdings

Inc

(d)

1,348‌

61‌

ManpowerGroup

Inc

13,000‌

894‌

MoneyGram

International

Inc

(d),(e)

6,614‌

23‌

Monro

Inc

1,784‌

100‌

Nesco

Holdings

Inc

(d),(e)

1,512‌

5‌

PFSweb

Inc

(d)

450‌

4‌

Priority

Technology

Holdings

Inc

(d)

49‌

—‌

Quad/Graphics

Inc

3,792‌

12‌

Rent-A-Center

Inc/TX

575‌

17‌

Resources

Connection

Inc

85,979‌

972‌

Ritchie

Bros

Auctioneers

Inc

97,250‌

4,501‌

ServiceSource

International

Inc

(d)

9,204‌

14‌

SP

Plus

Corp

(d)

2,454‌

39‌

Schedule

of

Investments

SmallCap

Value

Fund

II

July

31,

2020

(unaudited)

See

accompanying

notes.

251

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Commercial

Services

(continued)

Team

Inc

(d)

3,200‌

$

13‌

Textainer

Group

Holdings

Ltd

(d)

5,675‌

48‌

TrueBlue

Inc

(d)

90,817‌

1,401‌

Universal

Technical

Institute

Inc

(d)

193‌

1‌

Vectrus

Inc

(d)

28,277‌

1,243‌

Viad

Corp

2,150‌

31‌

Vivint

Smart

Home

Inc

(d),(e)

5,879‌

90‌

Willdan

Group

Inc

(d)

359‌

9‌

WW

International

Inc

(d)

3,826‌

99‌

$

43,682‌

Computers

-

3.28%

3D

Systems

Corp

(d),(e)

12,358‌

81‌

CACI

International

Inc

(d)

37,355‌

7,763‌

Conduent

Inc

(d)

17,585‌

34‌

Cubic

Corp

2,970‌

125‌

CyberArk

Software

Ltd

(d)

22,700‌

2,675‌

Diebold

Nixdorf

Inc

(d)

4,501‌

31‌

ExOne

Co/The

(d),(e)

302‌

3‌

Insight

Enterprises

Inc

(d)

245,617‌

12,242‌

Lumentum

Holdings

Inc

(d)

10,382‌

964‌

MTS

Systems

Corp

2,056‌

38‌

NetScout

Systems

Inc

(d)

7,563‌

192‌

Parsons

Corp

(d)

667‌

23‌

Perspecta

Inc

2,553‌

55‌

PlayAGS

Inc

(d)

2,284‌

8‌

Quantum

Corp

(d)

2,732‌

12‌

SecureWorks

Corp

(d)

948‌

11‌

StarTek

Inc

(d)

1,904‌

9‌

Super

Micro

Computer

Inc

(d)

46,870‌

1,420‌

Sykes

Enterprises

Inc

(d)

37,541‌

1,031‌

Unisys

Corp

(d)

5,961‌

71‌

$

26,788‌

Consumer

Products

-

0.18%

ACCO

Brands

Corp

188,862‌

1,232‌

Central

Garden

&

Pet

Co

(d)

717‌

27‌

Central

Garden

&

Pet

Co

-

A

Shares

(d)

2,945‌

102‌

Quanex

Building

Products

Corp

3,503‌

49‌

WD-40

Co

86‌

17‌

$

1,427‌

Cosmetics

&

Personal

Care

-

0.02%

Edgewell

Personal

Care

Co

(d)

5,818‌

174‌

Revlon

Inc

(d),(e)

744‌

5‌

$

179‌

Distribution

&

Wholesale

-

1.73%

A-Mark

Precious

Metals

Inc

(d)

558‌

13‌

Core-Mark

Holding

Co

Inc

350‌

9‌

Fossil

Group

Inc

(d)

92,237‌

305‌

G-III

Apparel

Group

Ltd

(d)

88,694‌

877‌

H&E

Equipment

Services

Inc

3,415‌

60‌

KAR

Auction

Services

Inc

13,787‌

209‌

Resideo

Technologies

Inc

(d)

104,726‌

1,391‌

ScanSource

Inc

(d)

55,277‌

1,269‌

Systemax

Inc

474‌

11‌

Titan

Machinery

Inc

(d)

2,030‌

22‌

Triton

International

Ltd/Bermuda

5,449‌

171‌

Univar

Solutions

Inc

(d)

286,650‌

5,065‌

Veritiv

Corp

(d)

1,373‌

21‌

Watsco

Inc

14,425‌

3,405‌

WESCO

International

Inc

(d)

33,372‌

1,298‌

$

14,126‌

Diversified

Financial

Services

-

5.00%

Affiliated

Managers

Group

Inc

8,900‌

612‌

AllianceBernstein

Holding

LP

21,452‌

609‌

Altisource

Portfolio

Solutions

SA

(d)

490‌

7‌

Amerant

Bancorp

Inc

(d)

2,417‌

32‌

Arlington

Asset

Investment

Corp

4,163‌

11‌

Artisan

Partners

Asset

Management

Inc

30,916‌

1,120‌

Assetmark

Financial

Holdings

Inc

(d)

1,002‌

28‌

Associated

Capital

Group

Inc

209‌

8‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Diversified

Financial

Services

(continued)

B

Riley

Financial

Inc

2,064‌

$

53‌

BGC

Partners

Inc

32,539‌

90‌

Blucora

Inc

(d)

5,138‌

61‌

Boston

Private

Financial

Holdings

Inc

213,644‌

1,257‌

Brightsphere

Investment

Group

Inc

49,098‌

660‌

Calamos

Asset

Management,

Inc

(d),(f),(g)

32,006‌

—‌

Columbia

Financial

Inc

(d)

3,751‌

45‌

Cowen

Inc

72,242‌

1,190‌

Diamond

Hill

Investment

Group

Inc

326‌

37‌

Ellington

Financial

Inc

4,403‌

52‌

Encore

Capital

Group

Inc

(d)

3,329‌

122‌

Enova

International

Inc

(d)

28,680‌

461‌

Evercore

Inc

-

Class

A

11,000‌

608‌

EZCORP

Inc

(d)

5,162‌

30‌

Federal

Agricultural

Mortgage

Corp

10,854‌

646‌

Federated

Hermes

Inc

33,996‌

896‌

First

Western

Financial

Inc

(d)

712‌

10‌

GAMCO

Investors

Inc

12,964‌

153‌

Greenhill

&

Co

Inc

85,699‌

1,027‌

Hannon

Armstrong

Sustainable

Infrastructure

Capital

Inc

7,153‌

251‌

Lazard

Ltd

42,400‌

1,243‌

LendingClub

Corp

(d)

7,359‌

38‌

LPL

Financial

Holdings

Inc

165,500‌

13,078‌

Marlin

Business

Services

Corp

955‌

7‌

MMA

Capital

Holdings

Inc

(d)

504‌

13‌

Moelis

&

Co

169,600‌

5,052‌

Mr

Cooper

Group

Inc

(d)

8,167‌

133‌

Navient

Corp

133,186‌

1,061‌

Nelnet

Inc

1,887‌

109‌

Oportun

Financial

Corp

(d)

2,070‌

30‌

Oppenheimer

Holdings

Inc

29,848‌

632‌

PennyMac

Financial

Services

Inc

32,453‌

1,566‌

Piper

Sandler

Cos

1,858‌

115‌

PRA

Group

Inc

(d)

16,273‌

643‌

Premier

Financial

Corp

78,263‌

1,384‌

Regional

Management

Corp

(d)

895‌

14‌

Sculptor

Capital

Management

Inc

6,072‌

75‌

Silvercrest

Asset

Management

Group

Inc

532‌

6‌

SLM

Corp

133,800‌

906‌

Stifel

Financial

Corp

41,892‌

2,031‌

StoneX

Group

Inc

(d)

7,212‌

379‌

Virtus

Investment

Partners

Inc

7,910‌

1,076‌

Waddell

&

Reed

Financial

Inc

46,848‌

683‌

Westwood

Holdings

Group

Inc

32,431‌

368‌

WisdomTree

Investments

Inc

15,506‌

56‌

World

Acceptance

Corp

(d)

524‌

39‌

$

40,813‌

Electric

-

1.67%

ALLETE

Inc

33,332‌

1,977‌

Atlantic

Power

Corp

(d)

8,900‌

17‌

Avista

Corp

54,455‌

2,022‌

Black

Hills

Corp

6,713‌

388‌

Clearway

Energy

Inc

-

Class

A

46,008‌

1,054‌

Clearway

Energy

Inc

-

Class

C

6,816‌

167‌

MGE

Energy

Inc

2,725‌

181‌

NorthWestern

Corp

28,248‌

1,589‌

Otter

Tail

Corp

34,252‌

1,310‌

PNM

Resources

Inc

48,768‌

2,060‌

Portland

General

Electric

Co

63,311‌

2,794‌

Unitil

Corp

1,573‌

68‌

$

13,627‌

Electrical

Components

&

Equipment

-

0.75%

Acuity

Brands

Inc

6,500‌

644‌

American

Superconductor

Corp

(d)

2,343‌

22‌

Belden

Inc

42,108‌

1,331‌

Encore

Wire

Corp

26,818‌

1,346‌

EnerSys

22,417‌

1,508‌

Graham

Corp

25,760‌

338‌

Schedule

of

Investments

SmallCap

Value

Fund

II

July

31,

2020

(unaudited)

See

accompanying

notes.

252

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Electrical

Components

&

Equipment

(continued)

Insteel

Industries

Inc

49,377‌

$

921‌

Powell

Industries

Inc

954‌

25‌

Ultralife

Corp

(d)

1,035‌

7‌

$

6,142‌

Electronics

-

2.72%

Allied

Motion

Technologies

Inc

92‌

3‌

API

Group

Corp

(d),(h)

14,947‌

208‌

Applied

Optoelectronics

Inc

(d),(e)

2,058‌

29‌

Avnet

Inc

47,600‌

1,272‌

Bel

Fuse

Inc

1,133‌

14‌

Benchmark

Electronics

Inc

3,892‌

79‌

Brady

Corp

133,494‌

6,137‌

Comtech

Telecommunications

Corp

78,792‌

1,294‌

Digimarc

Corp

(d)

100‌

1‌

FARO

Technologies

Inc

(d)

149‌

9‌

Fitbit

Inc

(d)

8,334‌

55‌

Fluidigm

Corp

(d)

6,920‌

49‌

GoPro

Inc

(d)

1,621‌

9‌

II-VI

Inc

(d)

1,261‌

64‌

IntriCon

Corp

(d)

951‌

10‌

Kimball

Electronics

Inc

(d)

48,765‌

648‌

Knowles

Corp

(d)

9,455‌

144‌

NVE

Corp

5,750‌

312‌

Plexus

Corp

(d)

564‌

42‌

Sanmina

Corp

(d)

74,759‌

2,219‌

SMART

Global

Holdings

Inc

(d)

88‌

2‌

Stoneridge

Inc

(d)

2,772‌

57‌

TTM

Technologies

Inc

(d)

10,666‌

131‌

Turtle

Beach

Corp

(d)

1,433‌

26‌

Vishay

Intertechnology

Inc

93,967‌

1,475‌

Vishay

Precision

Group

Inc

(d)

1,321‌

34‌

Watts

Water

Technologies

Inc

93,524‌

7,845‌

$

22,168‌

Energy

-

Alternate

Sources

-

0.32%

Clean

Energy

Fuels

Corp

(d)

14,005‌

33‌

FuelCell

Energy

Inc

(d),(e)

7,628‌

17‌

FutureFuel

Corp

50,258‌

662‌

Green

Plains

Inc

(d),(e)

3,645‌

47‌

Renewable

Energy

Group

Inc

(d)

27,625‌

763‌

REX

American

Resources

Corp

(d)

14,818‌

1,010‌

Sunnova

Energy

International

Inc

(d)

3,032‌

76‌

SunPower

Corp

(d)

2,496‌

23‌

$

2,631‌

Engineering

&

Construction

-

1.81%

Aegion

Corp

(d)

3,233‌

50‌

Arcosa

Inc

53,017‌

2,238‌

Comfort

Systems

USA

Inc

22,814‌

1,134‌

Concrete

Pumping

Holdings

Inc

(d)

3,056‌

12‌

Construction

Partners

Inc

(d)

1,102‌

18‌

Dycom

Industries

Inc

(d)

916‌

39‌

EMCOR

Group

Inc

13,896‌

952‌

Fluor

Corp

163,936‌

1,670‌

Granite

Construction

Inc

4,460‌

76‌

Great

Lakes

Dredge

&

Dock

Corp

(d)

99,988‌

836‌

IES

Holdings

Inc

(d)

557‌

13‌

KBR

Inc

67,820‌

1,508‌

MasTec

Inc

(d)

26,518‌

1,055‌

Mistras

Group

Inc

(d)

2,067‌

7‌

MYR

Group

Inc

(d)

28,398‌

1,041‌

NV5

Global

Inc

(d)

91‌

5‌

Primoris

Services

Corp

76,213‌

1,222‌

Star

Group

LP

66,702‌

628‌

Sterling

Construction

Co

Inc

(d)

58,880‌

607‌

Tutor

Perini

Corp

(d)

75,361‌

887‌

VSE

Corp

943‌

27‌

WillScot

Mobile

Mini

Holdings

Corp

(d)

49,282‌

743‌

$

14,768‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Entertainment

-

1.10%

AMC

Entertainment

Holdings

Inc

(e)

5,550‌

$

22‌

Caesars

Entertainment

Inc

(d)

95,672‌

2,970‌

Cinemark

Holdings

Inc

11,409‌

135‌

Eros

International

PLC

(d),(e)

7,793‌

22‌

Everi

Holdings

Inc

(d)

5,599‌

32‌

GAN

Ltd

(d)

167‌

3‌

Golden

Entertainment

Inc

(d)

1,193‌

10‌

IMAX

Corp

(d)

5,278‌

60‌

International

Game

Technology

PLC

(e)

10,610‌

105‌

Liberty

Media

Corp-Liberty

Braves

-

A

Shares

(d),(e)

451‌

9‌

Liberty

Media

Corp-Liberty

Braves

-

C

Shares

(d)

1,530‌

29‌

Marriott

Vacations

Worldwide

Corp

3,757‌

318‌

Monarch

Casino

&

Resort

Inc

(d)

380‌

14‌

Penn

National

Gaming

Inc

(d)

7,116‌

241‌

RCI

Hospitality

Holdings

Inc

916‌

11‌

Red

Rock

Resorts

Inc

1,752‌

19‌

Scientific

Games

Corp

(d)

227,889‌

4,004‌

SeaWorld

Entertainment

Inc

(d)

3,045‌

44‌

Twin

River

Worldwide

Holdings

Inc

43,500‌

938‌

$

8,986‌

Environmental

Control

-

0.11%

Advanced

Disposal

Services

Inc

(d)

626‌

19‌

Casella

Waste

Systems

Inc

(d)

648‌

36‌

CECO

Environmental

Corp

(d)

3,303‌

22‌

Covanta

Holding

Corp

7,667‌

75‌

Harsco

Corp

(d)

8,344‌

133‌

Heritage-Crystal

Clean

Inc

(d)

1,612‌

23‌

Tetra

Tech

Inc

5,730‌

508‌

US

Ecology

Inc

3,319‌

115‌

$

931‌

Food

-

1.67%

B&G

Foods

Inc

(e)

828‌

24‌

BellRing

Brands

Inc

(d)

4,245‌

84‌

Bridgford

Foods

Corp

(d)

94‌

1‌

Cal-Maine

Foods

Inc

(d)

2,236‌

98‌

Chefs'

Warehouse

Inc/The

(d)

2,642‌

30‌

HF

Foods

Group

Inc

(d),(e)

3,791‌

34‌

Hostess

Brands

Inc

(d)

137,393‌

1,742‌

Ingles

Markets

Inc

23,721‌

955‌

J

&

J

Snack

Foods

Corp

1,168‌

144‌

Lancaster

Colony

Corp

3,750‌

595‌

Landec

Corp

(d)

2,764‌

26‌

Nathan's

Famous

Inc

304‌

15‌

Natural

Grocers

by

Vitamin

Cottage

Inc

391‌

6‌

Performance

Food

Group

Co

(d)

214,361‌

6,006‌

Sanderson

Farms

Inc

477‌

53‌

Seneca

Foods

Corp

-

Class

A

(d)

691‌

27‌

Simply

Good

Foods

Co/The

(d)

9,091‌

219‌

SpartanNash

Co

45,589‌

959‌

Tootsie

Roll

Industries

Inc

298‌

9‌

United

Natural

Foods

Inc

(d)

5,706‌

113‌

Village

Super

Market

Inc

36,562‌

924‌

Weis

Markets

Inc

32,158‌

1,603‌

$

13,667‌

Forest

Products

&

Paper

-

0.28%

Clearwater

Paper

Corp

(d)

1,713‌

63‌

Domtar

Corp

63,763‌

1,338‌

Mercer

International

Inc

78,100‌

582‌

Neenah

Inc

1,785‌

80‌

P

H

Glatfelter

Co

4,674‌

74‌

Schweitzer-Mauduit

International

Inc

3,310‌

108‌

Verso

Corp

3,746‌

46‌

$

2,291‌

Gas

-

1.58%

Chesapeake

Utilities

Corp

107‌

9‌

New

Jersey

Resources

Corp

10,173‌

316‌

Northwest

Natural

Holding

Co

2,902‌

155‌

ONE

Gas

Inc

4,956‌

375‌

Schedule

of

Investments

SmallCap

Value

Fund

II

July

31,

2020

(unaudited)

See

accompanying

notes.

253

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Gas

(continued)

RGC

Resources

Inc

443‌

$

10‌

South

Jersey

Industries

Inc

56,444‌

1,317‌

Southwest

Gas

Holdings

Inc

99,360‌

6,919‌

Spire

Inc

62,150‌

3,833‌

$

12,934‌

Hand

&

Machine

Tools

-

0.11%

Franklin

Electric

Co

Inc

344‌

18‌

Hurco

Cos

Inc

676‌

19‌

Kennametal

Inc

30,564‌

824‌

Luxfer

Holdings

PLC

2,883‌

37‌

$

898‌

Healthcare

-

Products

-

2.35%

Alphatec

Holdings

Inc

(d)

674‌

3‌

AngioDynamics

Inc

(d)

3,913‌

32‌

Apyx

Medical

Corp

(d)

3,230‌

15‌

Avanos

Medical

Inc

(d)

5,079‌

156‌

Bruker

Corp

119,025‌

5,311‌

Castle

Biosciences

Inc

(d)

11,144‌

432‌

Chembio

Diagnostics

Inc

(d),(e)

250‌

1‌

CryoLife

Inc

(d)

742‌

14‌

FONAR

Corp

(d)

668‌

16‌

Hanger

Inc

(d)

99,960‌

1,745‌

Inogen

Inc

(d)

645‌

20‌

Integer

Holdings

Corp

(d)

10,341‌

681‌

Integra

LifeSciences

Holdings

Corp

(d)

108,550‌

5,183‌

Invacare

Corp

3,604‌

25‌

Lantheus

Holdings

Inc

(d)

213,432‌

2,877‌

LeMaitre

Vascular

Inc

381‌

11‌

LivaNova

PLC

(d)

1,528‌

71‌

Meridian

Bioscience

Inc

(d)

579‌

14‌

Milestone

Scientific

Inc

(d)

431‌

1‌

Misonix

Inc

(d)

947‌

12‌

NanoString

Technologies

Inc

(d)

531‌

19‌

Natera

Inc

(d)

449‌

22‌

Natus

Medical

Inc

(d)

2,438‌

45‌

Nymox

Pharmaceutical

Corp

(d),(e)

575‌

2‌

OraSure

Technologies

Inc

(d)

2,606‌

47‌

Orthofix

Medical

Inc

(d)

1,989‌

61‌

Patterson

Cos

Inc

82,958‌

2,204‌

Precision

BioSciences

Inc

(d)

296‌

2‌

Retractable

Technologies

Inc

(d)

103‌

1‌

SeaSpine

Holdings

Corp

(d)

2,791‌

26‌

Sientra

Inc

(d)

1,063‌

4‌

Soleno

Therapeutics

Inc

(d)

495‌

1‌

Surgalign

Holdings

Inc

(d)

6,056‌

17‌

Utah

Medical

Products

Inc

85‌

7‌

Varex

Imaging

Corp

(d)

4,007‌

63‌

Venus

Concept

Inc

(d)

759‌

2‌

ViewRay

Inc

(d)

7,462‌

21‌

$

19,164‌

Healthcare

-

Services

-

0.48%

American

Renal

Associates

Holdings

Inc

(d)

1,071‌

7‌

Avalon

GloboCare

Corp

(d)

381‌

1‌

Brookdale

Senior

Living

Inc

(d)

19,601‌

54‌

Cellular

Biomedicine

Group

Inc

(d)

514‌

7‌

Community

Health

Systems

Inc

(d)

9,095‌

45‌

Five

Star

Senior

Living

Inc

(d)

2,153‌

10‌

Magellan

Health

Inc

(d)

17,080‌

1,267‌

MEDNAX

Inc

(d)

72,653‌

1,452‌

National

HealthCare

Corp

1,336‌

79‌

OPKO

Health

Inc

(d),(e)

42,465‌

219‌

Tenet

Healthcare

Corp

(d)

10,038‌

265‌

Tivity

Health

Inc

(d)

2,453‌

32‌

Triple-S

Management

Corp

(d)

26,003‌

506‌

$

3,944‌

Holding

Companies

-

Diversified

-

0.00%

Morgan

Group

Holding

Co

(d)

4‌

—‌

Professional

Holding

Corp

(d)

530‌

6‌

$

6‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Home

Builders

-

1.13%

Beazer

Homes

USA

Inc

(d)

3,041‌

$

34‌

Century

Communities

Inc

(d)

29,760‌

1,060‌

Forestar

Group

Inc

(d)

1,775‌

31‌

Green

Brick

Partners

Inc

(d)

23,934‌

330‌

KB

Home

8,041‌

270‌

M/I

Homes

Inc

(d)

27,266‌

1,135‌

MDC

Holdings

Inc

5,424‌

243‌

Meritage

Homes

Corp

(d)

31,424‌

3,117‌

Taylor

Morrison

Home

Corp

(d)

63,417‌

1,487‌

TRI

Pointe

Group

Inc

(d)

88,867‌

1,486‌

$

9,193‌

Home

Furnishings

-

0.38%

Casper

Sleep

Inc

(d),(e)

768‌

7‌

Daktronics

Inc

3,939‌

16‌

Ethan

Allen

Interiors

Inc

109,429‌

1,296‌

Hamilton

Beach

Brands

Holding

Co

29,321‌

446‌

Hooker

Furniture

Corp

56,738‌

1,214‌

Sleep

Number

Corp

(d)

1,775‌

83‌

Universal

Electronics

Inc

(d)

201‌

9‌

VOXX

International

Corp

(d)

2,112‌

14‌

$

3,085‌

Housewares

-

0.01%

Lifetime

Brands

Inc

1,362‌

9‌

Tupperware

Brands

Corp

(e)

5,234‌

81‌

$

90‌

Insurance

-

6.95%

Ambac

Financial

Group

Inc

(d)

73,664‌

943‌

American

Equity

Investment

Life

Holding

Co

66,709‌

1,698‌

AMERISAFE

Inc

18,157‌

1,153‌

Argo

Group

International

Holdings

Ltd

77,864‌

2,609‌

Axis

Capital

Holdings

Ltd

30,400‌

1,220‌

Brighthouse

Financial

Inc

(d)

32,000‌

907‌

Citizens

Inc/TX

(d),(e)

5,290‌

30‌

CNO

Financial

Group

Inc

93,863‌

1,417‌

Crawford

&

Co

1,658‌

12‌

Donegal

Group

Inc

1,164‌

16‌

Employers

Holdings

Inc

40,850‌

1,329‌

Enstar

Group

Ltd

(d)

8,352‌

1,402‌

Essent

Group

Ltd

59,551‌

2,134‌

FBL

Financial

Group

Inc

1,033‌

36‌

FedNat

Holding

Co

1,247‌

12‌

First

American

Financial

Corp

175,650‌

8,960‌

Genworth

Financial

Inc

(d)

53,853‌

110‌

Global

Indemnity

Ltd

30,498‌

697‌

Goosehead

Insurance

Inc

(d)

1,196‌

124‌

Greenlight

Capital

Re

Ltd

(d)

3,082‌

20‌

Hanover

Insurance

Group

Inc/The

12,400‌

1,263‌

HCI

Group

Inc

498‌

22‌

Heritage

Insurance

Holdings

Inc

2,464‌

29‌

Horace

Mann

Educators

Corp

36,204‌

1,360‌

Independence

Holding

Co

490‌

16‌

Investors

Title

Co

119‌

14‌

James

River

Group

Holdings

Ltd

13,395‌

620‌

MBIA

Inc

(d)

7,415‌

59‌

MGIC

Investment

Corp

442,850‌

3,662‌

National

General

Holdings

Corp

20,748‌

705‌

National

Western

Life

Group

Inc

6,352‌

1,238‌

NI

Holdings

Inc

(d)

976‌

16‌

NMI

Holdings

Inc

(d)

6,734‌

105‌

Old

Republic

International

Corp

557,650‌

8,961‌

ProAssurance

Corp

88,965‌

1,308‌

ProSight

Global

Inc

(d)

1,065‌

8‌

Protective

Insurance

Corp

955‌

12‌

Radian

Group

Inc

142,073‌

2,120‌

RLI

Corp

527‌

47‌

Safety

Insurance

Group

Inc

1,563‌

118‌

Security

National

Financial

Corp

(d)

1,086‌

7‌

Selective

Insurance

Group

Inc

121,533‌

6,604‌

State

Auto

Financial

Corp

20,971‌

325‌

Schedule

of

Investments

SmallCap

Value

Fund

II

July

31,

2020

(unaudited)

See

accompanying

notes.

254

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Insurance

(continued)

Stewart

Information

Services

Corp

36,479‌

$

1,530‌

Third

Point

Reinsurance

Ltd

(d)

164,395‌

1,281‌

Tiptree

Inc

2,658‌

13‌

United

Fire

Group

Inc

16,033‌

407‌

United

Insurance

Holdings

Corp

2,168‌

16‌

Universal

Insurance

Holdings

Inc

2,253‌

40‌

Vericity

Inc

211‌

2‌

Watford

Holdings

Ltd

(d)

1,826‌

30‌

$

56,767‌

Internet

-

0.22%

CarParts.com

Inc

(d)

189‌

3‌

Cars.com

Inc

(d)

7,200‌

58‌

comScore

Inc

(d)

6,230‌

19‌

DHI

Group

Inc

(d)

5,545‌

14‌

ePlus

Inc

(d)

8,531‌

636‌

Groupon

Inc

(d)

2,449‌

38‌

HealthStream

Inc

(d)

2,751‌

60‌

Lands'

End

Inc

(d)

1,327‌

11‌

Liquidity

Services

Inc

(d)

2,963‌

15‌

LiveXLive

Media

Inc

(d),(e)

2,823‌

9‌

Magnite

Inc

(d)

4,870‌

29‌

Meet

Group

Inc/The

(d)

98,100‌

611‌

Overstock.com

Inc

(d)

771‌

58‌

QuinStreet

Inc

(d)

3,419‌

40‌

Stitch

Fix

Inc

(d),(e)

925‌

20‌

TrueCar

Inc

(d)

11,306‌

43‌

VirnetX

Holding

Corp

(e)

3,252‌

17‌

Yelp

Inc

(d)

6,079‌

152‌

$

1,833‌

Investment

Companies

-

0.04%

Brookfield

Infrastructure

Corp

1,752‌

80‌

Brookfield

Renewable

Corp

4,081‌

183‌

PDL

Community

Bancorp

(d)

855‌

8‌

Rafael

Holdings

Inc

(d)

975‌

14‌

$

285‌

Iron

&

Steel

-

0.33%

Allegheny

Technologies

Inc

(d)

13,547‌

118‌

Carpenter

Technology

Corp

5,067‌

113‌

Cleveland-Cliffs

Inc

(e)

208,589‌

1,080‌

Commercial

Metals

Co

39,507‌

817‌

Schnitzer

Steel

Industries

Inc

20,652‌

380‌

United

States

Steel

Corp

(e)

23,394‌

156‌

$

2,664‌

Leisure

Products

&

Services

-

0.14%

Acushnet

Holdings

Corp

2,798‌

106‌

Callaway

Golf

Co

9,969‌

190‌

Clarus

Corp

2,316‌

28‌

Escalade

Inc

1,098‌

17‌

Harley-Davidson

Inc

21,700‌

565‌

Johnson

Outdoors

Inc

275‌

24‌

Liberty

TripAdvisor

Holdings

Inc

(d)

7,741‌

19‌

Nautilus

Inc

(d)

3,159‌

33‌

OneSpaWorld

Holdings

Ltd

4,821‌

27‌

Vista

Outdoor

Inc

(d)

6,224‌

107‌

$

1,116‌

Lodging

-

0.30%

BBX

Capital

Corp

(d)

1,329‌

19‌

Bluegreen

Vacations

Corp

590‌

4‌

Boyd

Gaming

Corp

8,676‌

205‌

Century

Casinos

Inc

(d)

3,088‌

12‌

Hilton

Grand

Vacations

Inc

(d)

59,907‌

1,216‌

Marcus

Corp/The

2,391‌

33‌

St

Joe

Co/The

(d)

1,775‌

37‌

Target

Hospitality

Corp

(d)

3,379‌

5‌

Wyndham

Destinations

Inc

33,500‌

891‌

$

2,422‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Machinery

-

Construction

&

Mining

-

0.27%

Argan

Inc

1,568‌

$

67‌

Astec

Industries

Inc

2,391‌

106‌

Bloom

Energy

Corp

(d),(e)

572‌

7‌

Hyster-Yale

Materials

Handling

Inc

25,170‌

939‌

Manitowoc

Co

Inc/The

(d)

90,958‌

970‌

Terex

Corp

7,183‌

136‌

$

2,225‌

Machinery

-

Diversified

-

1.38%

Alamo

Group

Inc

45,494‌

4,691‌

Albany

International

Corp

573‌

28‌

Altra

Industrial

Motion

Corp

6,884‌

236‌

Applied

Industrial

Technologies

Inc

2,488‌

157‌

Cactus

Inc

30,808‌

697‌

Chart

Industries

Inc

(d)

3,850‌

264‌

CIRCOR

International

Inc

(d)

2,127‌

56‌

Columbus

McKinnon

Corp/NY

2,469‌

82‌

Crane

Co

9,900‌

560‌

DXP

Enterprises

Inc/TX

(d)

72,548‌

1,224‌

Eastman

Kodak

Co

(d),(e)

1,756‌

38‌

Flowserve

Corp

30,600‌

853‌

Gencor

Industries

Inc

(d)

930‌

11‌

Gorman-Rupp

Co/The

1,598‌

48‌

GrafTech

International

Ltd

201,800‌

1,225‌

Intevac

Inc

(d)

2,024‌

12‌

Mueller

Water

Products

Inc

-

Class

A

77,646‌

785‌

NN

Inc

(d)

4,479‌

24‌

Ranpak

Holdings

Corp

(d)

3,087‌

25‌

SPX

FLOW

Inc

(d)

4,539‌

182‌

Welbilt

Inc

(d)

10,005‌

61‌

$

11,259‌

Media

-

1.78%

AMC

Networks

Inc

(d)

2,460‌

57‌

Central

European

Media

Enterprises

Ltd

(d)

4,949‌

20‌

Entercom

Communications

Corp

12,358‌

17‌

Entravision

Communications

Corp

590,257‌

779‌

EW

Scripps

Co/The

5,981‌

68‌

Gannett

Co

Inc

13,769‌

21‌

Gray

Television

Inc

(d)

6,636‌

95‌

Hemisphere

Media

Group

Inc

(d)

1,745‌

15‌

Houghton

Mifflin

Harcourt

Co

(d)

11,162‌

33‌

iHeartMedia

Inc

(d),(e)

6,387‌

54‌

Liberty

Latin

America

Ltd

-

Class

A

(d)

4,925‌

51‌

Liberty

Latin

America

Ltd

-

Class

C

(d)

12,007‌

123‌

Media

General

Inc

-

Rights

(d),(f),(g)

15,053‌

1‌

Meredith

Corp

2,087‌

30‌

MSG

Networks

Inc

(d)

4,249‌

41‌

Nexstar

Media

Group

Inc

44,175‌

3,872‌

Saga

Communications

Inc

434‌

10‌

Scholastic

Corp

3,098‌

74‌

Sinclair

Broadcast

Group

Inc

(e)

185,994‌

3,831‌

TEGNA

Inc

453,424‌

5,341‌

Tribune

Publishing

Co

1,664‌

16‌

Value

Line

Inc

12‌

—‌

WideOpenWest

Inc

(d)

2,790‌

15‌

$

14,564‌

Metal

Fabrication

&

Hardware

-

0.77%

AZZ

Inc

41,577‌

1,313‌

Eastern

Co/The

616‌

10‌

Helios

Technologies

Inc

1,741‌

66‌

L

B

Foster

Co

(d)

1,074‌

15‌

Lawson

Products

Inc/DE

(d)

197‌

6‌

Mayville

Engineering

Co

Inc

(d)

828‌

6‌

Mueller

Industries

Inc

32,495‌

909‌

Northwest

Pipe

Co

(d)

1,023‌

26‌

Olympic

Steel

Inc

1,042‌

11‌

Park-Ohio

Holdings

Corp

918‌

13‌

Rexnord

Corp

30,581‌

886‌

Ryerson

Holding

Corp

(d)

1,825‌

10‌

TimkenSteel

Corp

(d)

4,797‌

18‌

Schedule

of

Investments

SmallCap

Value

Fund

II

July

31,

2020

(unaudited)

See

accompanying

notes.

255

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Metal

Fabrication

&

Hardware

(continued)

Tredegar

Corp

41,089‌

$

652‌

Valmont

Industries

Inc

10,355‌

1,255‌

Worthington

Industries

Inc

28,362‌

1,061‌

$

6,257‌

Mining

-

0.76%

Alcoa

Corp

(d)

81,839‌

1,064‌

Arconic

Corp

(d)

10,622‌

173‌

Caledonia

Mining

Corp

PLC

795‌

18‌

Century

Aluminum

Co

(d)

197,059‌

1,716‌

Coeur

Mining

Inc

(d)

25,853‌

205‌

Energy

Fuels

Inc/Canada

(d)

12,325‌

21‌

Gold

Resource

Corp

6,968‌

30‌

Hecla

Mining

Co

55,723‌

308‌

Kaiser

Aluminum

Corp

16,019‌

993‌

Livent

Corp

(d),(e)

191,060‌

1,198‌

Novagold

Resources

Inc

(d)

50,552‌

461‌

United

States

Lime

&

Minerals

Inc

200‌

18‌

Uranium

Energy

Corp

(d)

13,322‌

13‌

$

6,218‌

Miscellaneous

Manufacturers

-

3.42%

Enerpac

Tool

Group

Corp

3,612‌

68‌

EnPro

Industries

Inc

27,067‌

1,292‌

ESCO

Technologies

Inc

214‌

18‌

Fabrinet

(d)

93,499‌

6,791‌

Federal

Signal

Corp

141,619‌

4,377‌

Haynes

International

Inc

1,330‌

25‌

Hillenbrand

Inc

52,306‌

1,529‌

Lydall

Inc

(d)

1,823‌

30‌

Materion

Corp

66,952‌

3,844‌

Myers

Industries

Inc

2,414‌

36‌

NL

Industries

Inc

956‌

4‌

Raven

Industries

Inc

3,485‌

75‌

Smith

&

Wesson

Brands

Inc

(d)

31,409‌

750‌

Standex

International

Corp

1,309‌

70‌

Sturm

Ruger

&

Co

Inc

17,864‌

1,454‌

Trinity

Industries

Inc

327,275‌

6,392‌

Trinseo

SA

54,104‌

1,174‌

$

27,929‌

Office

&

Business

Equipment

-

0.00%

Pitney

Bowes

Inc

11,389‌

38‌

Office

Furnishings

-

0.84%

CompX

International

Inc

190‌

3‌

Herman

Miller

Inc

74,302‌

1,740‌

HNI

Corp

4,548‌

135‌

Interface

Inc

157,827‌

1,260‌

Kimball

International

Inc

3,843‌

42‌

Knoll

Inc

110,676‌

1,296‌

Steelcase

Inc

223,653‌

2,400‌

$

6,876‌

Oil

&

Gas

-

2.12%

Adams

Resources

&

Energy

Inc

249‌

5‌

Antero

Resources

Corp

(d)

25,914‌

77‌

Berry

Corp

163,027‌

767‌

Bonanza

Creek

Energy

Inc

(d)

70,005‌

1,273‌

Brigham

Minerals

Inc

3,224‌

36‌

Cimarex

Energy

Co

48,500‌

1,186‌

CNX

Resources

Corp

(d)

19,812‌

191‌

Comstock

Resources

Inc

(d)

2,282‌

12‌

Contango

Oil

&

Gas

Co

(d)

7,909‌

14‌

CVR

Energy

Inc

3,156‌

61‌

Delek

US

Holdings

Inc

6,669‌

117‌

Earthstone

Energy

Inc

(d)

314,334‌

827‌

Evolution

Petroleum

Corp

3,224‌

8‌

Falcon

Minerals

Corp

4,115‌

10‌

Goodrich

Petroleum

Corp

(d)

480‌

4‌

Gulfport

Energy

Corp

(d)

16,913‌

17‌

Kosmos

Energy

Ltd

1,287,165‌

2,072‌

Magnolia

Oil

&

Gas

Corp

(d)

203,516‌

1,217‌

Matador

Resources

Co

(d),(e)

11,777‌

102‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Oil

&

Gas

(continued)

Montage

Resources

Corp

(d)

2,445‌

$

10‌

Murphy

USA

Inc

(d)

6,492‌

860‌

Nabors

Industries

Ltd

(e)

746‌

32‌

Ovintiv

Inc

(e)

27,952‌

271‌

Par

Pacific

Holdings

Inc

(d)

4,269‌

32‌

Parsley

Energy

Inc

298,575‌

3,278‌

Patterson-UTI

Energy

Inc

19,551‌

76‌

PBF

Energy

Inc

10,306‌

89‌

PDC

Energy

Inc

(d)

71,422‌

1,019‌

Penn

Virginia

Corp

(d)

1,451‌

14‌

PrimeEnergy

Resources

Corp

(d)

59‌

4‌

ProPetro

Holding

Corp

(d)

174,052‌

935‌

Range

Resources

Corp

214,762‌

1,388‌

SM

Energy

Co

187,033‌

551‌

Southwestern

Energy

Co

(d)

215,376‌

523‌

Talos

Energy

Inc

(d)

1,259‌

9‌

Tellurian

Inc

(d),(e)

15,225‌

14‌

Transocean

Ltd

(d)

62,380‌

127‌

Trecora

Resources

(d)

2,575‌

15‌

W&T

Offshore

Inc

(d),(e)

10,042‌

23‌

Whiting

Petroleum

Corp

(d),(e)

10,262‌

8‌

$

17,274‌

Oil

&

Gas

Services

-

1.33%

Archrock

Inc

13,853‌

92‌

ChampionX

Corp

(d)

114,535‌

1,090‌

DMC

Global

Inc

831‌

24‌

Dril-Quip

Inc

(d)

12,725‌

424‌

Exterran

Corp

(d)

2,779‌

14‌

Frank's

International

NV

(d)

581,660‌

1,326‌

Helix

Energy

Solutions

Group

Inc

(d)

15,231‌

64‌

Liberty

Oilfield

Services

Inc

146,417‌

827‌

Matrix

Service

Co

(d)

77,763‌

681‌

MRC

Global

Inc

(d)

200,936‌

1,196‌

National

Energy

Services

Reunited

Corp

(d)

2,202‌

15‌

Newpark

Resources

Inc

(d)

9,436‌

18‌

NexTier

Oilfield

Solutions

Inc

(d)

374,407‌

943‌

NOW

Inc

(d)

11,693‌

92‌

Oceaneering

International

Inc

(d)

10,595‌

59‌

Oil

States

International

Inc

(d)

70,825‌

317‌

RPC

Inc

(d)

193,530‌

575‌

Select

Energy

Services

Inc

(d)

133,189‌

591‌

Seventy

Seven

Energy

Inc

(d),(f),(g)

16,216‌

—‌

Solaris

Oilfield

Infrastructure

Inc

168,170‌

1,221‌

TechnipFMC

PLC

38,500‌

309‌

Thermon

Group

Holdings

Inc

(d)

70,279‌

952‌

US

Silica

Holdings

Inc

7,867‌

28‌

$

10,858‌

Packaging

&

Containers

-

0.05%

Greif

Inc

-

Class

A

2,739‌

95‌

Greif

Inc

-

Class

B

635‌

25‌

Matthews

International

Corp

3,252‌

70‌

O-I

Glass

Inc

3,777‌

40‌

TriMas

Corp

(d)

4,615‌

108‌

UFP

Technologies

Inc

(d)

674‌

29‌

$

367‌

Pharmaceuticals

-

1.56%

AcelRx

Pharmaceuticals

Inc

(d)

6,899‌

8‌

Aeglea

BioTherapeutics

Inc

(d)

725‌

5‌

Agile

Therapeutics

Inc

(d),(e)

533‌

1‌

Akcea

Therapeutics

Inc

(d),(e)

980‌

11‌

Anika

Therapeutics

Inc

(d)

29,360‌

1,069‌

Artana

Therapeutics

(d),(f),(g)

581‌

—‌

Axcella

Health

Inc

(d)

72‌

—‌

Aytu

BioScience

Inc

(d)

2,609‌

4‌

Beyondspring

Inc

(d)

103‌

1‌

Calyxt

Inc

(d)

80‌

—‌

Cassava

Sciences

Inc

(d),(e)

1,701‌

5‌

Catalyst

Biosciences

Inc

(d)

1,987‌

10‌

Chimerix

Inc

(d)

5,161‌

16‌

Schedule

of

Investments

SmallCap

Value

Fund

II

July

31,

2020

(unaudited)

See

accompanying

notes.

256

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Pharmaceuticals

(continued)

Cidara

Therapeutics

Inc

(d)

803‌

$

3‌

Coherus

Biosciences

Inc

(d)

47,218‌

831‌

Concert

Pharmaceuticals

Inc

(d)

3,048‌

28‌

CorMedix

Inc

(d)

205‌

1‌

Covetrus

Inc

(d)

10,474‌

232‌

Cyclerion

Therapeutics

Inc

(d)

2,359‌

9‌

Cytokinetics

Inc

(d)

724‌

16‌

Enanta

Pharmaceuticals

Inc

(d)

1,853‌

85‌

Endo

International

PLC

(d)

13,782‌

48‌

Evofem

Biosciences

Inc

(d),(e)

359‌

1‌

G1

Therapeutics

Inc

(d)

1,932‌

28‌

Gritstone

Oncology

Inc

(d)

2,657‌

9‌

Heska

Corp

(d)

471‌

45‌

Hookipa

Pharma

Inc

(d),(e)

94‌

1‌

Ideaya

Biosciences

Inc

(d)

1,035‌

13‌

Intra-Cellular

Therapies

Inc

(d)

3,636‌

72‌

Jounce

Therapeutics

Inc

(d)

1,839‌

8‌

KalVista

Pharmaceuticals

Inc

(d)

1,172‌

12‌

Lannett

Co

Inc

(d)

3,395‌

20‌

Mallinckrodt

PLC

(d),(e)

9,038‌

20‌

Mirum

Pharmaceuticals

Inc

(d),(e)

363‌

8‌

Momenta

Pharmaceuticals

Inc

(d)

774‌

23‌

MyoKardia

Inc

(d)

658‌

59‌

Nature's

Sunshine

Products

Inc

(d)

1,012‌

10‌

Option

Care

Health

Inc

(d)

248‌

3‌

ORIC

Pharmaceuticals

Inc

(d),(e)

64‌

1‌

Owens

&

Minor

Inc

6,643‌

107‌

Paratek

Pharmaceuticals

Inc

(d)

302‌

1‌

Passage

Bio

Inc

(d)

552‌

9‌

PRA

Health

Sciences

Inc

(d)

71,000‌

7,566‌

Prestige

Consumer

Healthcare

Inc

(d)

3,473‌

129‌

Principia

Biopharma

Inc

(d)

264‌

22‌

Revance

Therapeutics

Inc

(d)

1,402‌

33‌

Rockwell

Medical

Inc

(d)

827‌

1‌

Spectrum

Pharmaceuticals

Inc

(d)

12,302‌

37‌

Spero

Therapeutics

Inc

(d)

176‌

2‌

Supernus

Pharmaceuticals

Inc

(d)

4,042‌

90‌

Taro

Pharmaceutical

Industries

Ltd

(d)

19,300‌

1,255‌

TG

Therapeutics

Inc

(d)

1,500‌

29‌

TherapeuticsMD

Inc

(d),(e)

4,013‌

7‌

UroGen

Pharma

Ltd

(d)

802‌

18‌

USANA

Health

Sciences

Inc

(d)

8,300‌

674‌

Vanda

Pharmaceuticals

Inc

(d)

5,733‌

58‌

Xeris

Pharmaceuticals

Inc

(d),(e)

302‌

1‌

$

12,755‌

Pipelines

-

0.00%

NextDecade

Corp

(d),(e)

2,154‌

3‌

Private

Equity

-

0.13%

Kennedy-Wilson

Holdings

Inc

13,050‌

193‌

Safeguard

Scientifics

Inc

2,081‌

12‌

Victory

Capital

Holdings

Inc

48,839‌

867‌

$

1,072‌

Real

Estate

-

1.45%

American

Realty

Investors

Inc

(d)

123‌

1‌

CTO

Realty

Growth

Inc

494‌

20‌

Cushman

&

Wakefield

PLC

(d)

546,397‌

5,846‌

FRP

Holdings

Inc

(d)

714‌

28‌

Griffin

Industrial

Realty

Inc

102‌

5‌

Legacy

Housing

Corp

(d),(e)

715‌

10‌

Marcus

&

Millichap

Inc

(d)

152,679‌

4,159‌

Maui

Land

&

Pineapple

Co

Inc

(d)

421‌

4‌

McGrath

RentCorp

1,112‌

64‌

Newmark

Group

Inc

15,247‌

62‌

RE/MAX

Holdings

Inc

18,833‌

609‌

Realogy

Holdings

Corp

12,239‌

111‌

RMR

Group

Inc/The

30,266‌

871‌

Safehold

Inc

835‌

42‌

Stratus

Properties

Inc

(d)

625‌

12‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Real

Estate

(continued)

Transcontinental

Realty

Investors

Inc

(d)

154‌

$

4‌

$

11,848‌

REITs

-

4.04%

Acadia

Realty

Trust

73,519‌

885‌

Agree

Realty

Corp

5,679‌

380‌

Alexander

&

Baldwin

Inc

7,692‌

91‌

Alexander's

Inc

3,615‌

910‌

Alpine

Income

Property

Trust

Inc

772‌

11‌

American

Assets

Trust

Inc

5,368‌

145‌

American

Finance

Trust

Inc

11,656‌

85‌

Anworth

Mortgage

Asset

Corp

10,392‌

19‌

Apollo

Commercial

Real

Estate

Finance

Inc

49,301‌

458‌

Arbor

Realty

Trust

Inc

11,007‌

112‌

Ares

Commercial

Real

Estate

Corp

38,581‌

352‌

Armada

Hoffler

Properties

Inc

5,985‌

58‌

ARMOUR

Residential

REIT

Inc

6,831‌

64‌

Blackstone

Mortgage

Trust

Inc

14,702‌

354‌

Bluerock

Residential

Growth

REIT

Inc

1,632‌

12‌

Broadmark

Realty

Capital

Inc

13,734‌

127‌

BRT

Apartments

Corp

1,134‌

12‌

Capstead

Mortgage

Corp

10,175‌

63‌

CareTrust

REIT

Inc

8,789‌

158‌

CatchMark

Timber

Trust

Inc

4,658‌

45‌

Chatham

Lodging

Trust

4,946‌

26‌

Cherry

Hill

Mortgage

Investment

Corp

1,619‌

15‌

Chimera

Investment

Corp

20,492‌

184‌

City

Office

REIT

Inc

5,008‌

43‌

Clipper

Realty

Inc

316‌

2‌

Colony

Capital

Inc

51,829‌

100‌

Colony

Credit

Real

Estate

Inc

150,306‌

947‌

Columbia

Property

Trust

Inc

12,225‌

146‌

CoreCivic

Inc

66,536‌

593‌

CorEnergy

Infrastructure

Trust

Inc

1,566‌

14‌

CorePoint

Lodging

Inc

(d)

4,188‌

23‌

DiamondRock

Hospitality

Co

21,326‌

99‌

Diversified

Healthcare

Trust

25,320‌

99‌

Dynex

Capital

Inc

2,359‌

36‌

EastGroup

Properties

Inc

205‌

27‌

Ellington

Residential

Mortgage

REIT

1,027‌

11‌

Essential

Properties

Realty

Trust

Inc

9,750‌

157‌

Farmland

Partners

Inc

2,784‌

19‌

First

Industrial

Realty

Trust

Inc

21,127‌

928‌

Franklin

Street

Properties

Corp

11,087‌

58‌

Front

Yard

Residential

Corp

5,345‌

46‌

GEO

Group

Inc/The

12,575‌

134‌

Getty

Realty

Corp

3,599‌

107‌

Gladstone

Commercial

Corp

2,814‌

51‌

Gladstone

Land

Corp

1,067‌

17‌

Global

Medical

REIT

Inc

4,381‌

52‌

Global

Net

Lease

Inc

9,624‌

160‌

Granite

Point

Mortgage

Trust

Inc

52,228‌

355‌

Great

Ajax

Corp

81,957‌

706‌

Healthcare

Realty

Trust

Inc

28,896‌

847‌

Hersha

Hospitality

Trust

3,632‌

17‌

Independence

Realty

Trust

Inc

10,116‌

116‌

Industrial

Logistics

Properties

Trust

6,930‌

146‌

Innovative

Industrial

Properties

Inc

1,039‌

108‌

Invesco

Mortgage

Capital

Inc

157,830‌

484‌

Investors

Real

Estate

Trust

1,295‌

94‌

iStar

Inc

7,921‌

92‌

Jernigan

Capital

Inc

2,382‌

33‌

Kite

Realty

Group

Trust

8,866‌

88‌

KKR

Real

Estate

Finance

Trust

Inc

3,047‌

51‌

Ladder

Capital

Corp

11,283‌

88‌

Lexington

Realty

Trust

68,768‌

798‌

LTC

Properties

Inc

37,142‌

1,380‌

Macerich

Co/The

15,149‌

116‌

Mack-Cali

Realty

Corp

9,708‌

140‌

MFA

Financial

Inc

166,250‌

437‌

Schedule

of

Investments

SmallCap

Value

Fund

II

July

31,

2020

(unaudited)

See

accompanying

notes.

257

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

REITs

(continued)

Monmouth

Real

Estate

Investment

Corp

1,172‌

$

17‌

National

Health

Investors

Inc

26,029‌

1,614‌

New

Senior

Investment

Group

Inc

8,745‌

30‌

New

York

Mortgage

Trust

Inc

163,641‌

429‌

NexPoint

Residential

Trust

Inc

1,957‌

75‌

Office

Properties

Income

Trust

20,927‌

526‌

One

Liberty

Properties

Inc

1,683‌

29‌

Orchid

Island

Capital

Inc

7,101‌

37‌

Pebblebrook

Hotel

Trust

162,381‌

1,721‌

PennyMac

Mortgage

Investment

Trust

10,582‌

199‌

Physicians

Realty

Trust

21,689‌

391‌

Piedmont

Office

Realty

Trust

Inc

101,174‌

1,640‌

PotlatchDeltic

Corp

6,993‌

299‌

Preferred

Apartment

Communities

Inc

5,076‌

37‌

QTS

Realty

Trust

Inc

353‌

25‌

Ready

Capital

Corp

3,903‌

31‌

Redwood

Trust

Inc

12,271‌

88‌

Retail

Opportunity

Investments

Corp

104,141‌

1,132‌

Retail

Properties

of

America

Inc

22,897‌

146‌

Retail

Value

Inc

1,749‌

22‌

RLJ

Lodging

Trust

17,524‌

140‌

RPT

Realty

8,613‌

54‌

Ryman

Hospitality

Properties

Inc

722‌

23‌

Sabra

Health

Care

REIT

Inc

21,934‌

323‌

Saul

Centers

Inc

179‌

6‌

Seritage

Growth

Properties

(d)

65,479‌

610‌

Service

Properties

Trust

17,504‌

117‌

SITE

Centers

Corp

16,350‌

120‌

STAG

Industrial

Inc

202,656‌

6,606‌

Summit

Hotel

Properties

Inc

11,037‌

57‌

Sunstone

Hotel

Investors

Inc

75,901‌

568‌

Tanger

Factory

Outlet

Centers

Inc

9,665‌

62‌

Terreno

Realty

Corp

4,091‌

249‌

TPG

RE

Finance

Trust

Inc

43,604‌

379‌

Two

Harbors

Investment

Corp

29,245‌

159‌

UMH

Properties

Inc

933‌

11‌

Universal

Health

Realty

Income

Trust

172‌

12‌

Urban

Edge

Properties

12,390‌

130‌

Urstadt

Biddle

Properties

Inc

3,172‌

31‌

Washington

Real

Estate

Investment

Trust

8,808‌

197‌

Western

Asset

Mortgage

Capital

Corp

5,570‌

12‌

Whitestone

REIT

4,250‌

28‌

Xenia

Hotels

&

Resorts

Inc

12,095‌

96‌

$

33,009‌

Retail

-

6.50%

Abercrombie

&

Fitch

Co

6,567‌

63‌

American

Eagle

Outfitters

Inc

106,000‌

1,060‌

America's

Car-Mart

Inc/TX

(d)

152‌

14‌

Asbury

Automotive

Group

Inc

(d)

10,518‌

1,054‌

Aspen

Aerogels

Inc

(d)

1,992‌

13‌

At

Home

Group

Inc

(d),(e)

5,125‌

64‌

AutoNation

Inc

(d)

17,600‌

904‌

Beacon

Roofing

Supply

Inc

(d)

5,826‌

182‌

Bed

Bath

&

Beyond

Inc

(e)

46,589‌

504‌

Big

Lots

Inc

19,157‌

754‌

Biglari

Holdings

Inc

(d)

5‌

2‌

Biglari

Holdings

Inc

(d)

104‌

7‌

BJ's

Restaurants

Inc

1,978‌

40‌

BJ's

Wholesale

Club

Holdings

Inc

(d)

15,460‌

619‌

BMC

Stock

Holdings

Inc

(d)

28,877‌

739‌

Boot

Barn

Holdings

Inc

(d)

273‌

5‌

Brinker

International

Inc

37,471‌

1,007‌

Buckle

Inc/The

3,091‌

50‌

Caleres

Inc

4,094‌

26‌

Cannae

Holdings

Inc

(d)

9,037‌

340‌

Carrols

Restaurant

Group

Inc

(d)

3,765‌

23‌

Cato

Corp/The

54,530‌

392‌

Cheesecake

Factory

Inc/The

(e)

4,521‌

108‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Retail

(continued)

Chico's

FAS

Inc

12,472‌

$

16‌

Children's

Place

Inc/The

442‌

11‌

Chuy's

Holdings

Inc

(d)

1,764‌

28‌

Citi

Trends

Inc

1,161‌

20‌

Conn's

Inc

(d),(e)

1,861‌

19‌

Container

Store

Group

Inc/The

(d)

1,816‌

6‌

Cracker

Barrel

Old

Country

Store

Inc

1,463‌

162‌

Dave

&

Buster's

Entertainment

Inc

(e)

3,155‌

39‌

Del

Taco

Restaurants

Inc

(d)

3,167‌

24‌

Denny's

Corp

(d)

2,011‌

18‌

Designer

Brands

Inc

149,679‌

885‌

Dillard's

Inc

(e)

38,902‌

916‌

Dine

Brands

Global

Inc

1,550‌

70‌

Duluth

Holdings

Inc

(d),(e)

83,361‌

616‌

El

Pollo

Loco

Holdings

Inc

(d)

40,546‌

801‌

Envela

Corp

(d)

133‌

1‌

Express

Inc

(d)

7,253‌

7‌

Fiesta

Restaurant

Group

Inc

(d)

1,918‌

12‌

FirstCash

Inc

91,251‌

5,260‌

Foot

Locker

Inc

20,100‌

591‌

Foundation

Building

Materials

Inc

(d)

1,710‌

23‌

Gaia

Inc

(d)

1,338‌

12‌

GameStop

Corp

(d),(e)

6,103‌

24‌

Genesco

Inc

(d)

80,268‌

1,248‌

GMS

Inc

(d)

4,441‌

104‌

Group

1

Automotive

Inc

65,514‌

5,504‌

Guess?

Inc

4,661‌

48‌

Haverty

Furniture

Cos

Inc

46,502‌

662‌

Hibbett

Sports

Inc

(d)

67,022‌

1,554‌

Hudson

Ltd

(d)

4,227‌

18‌

Jack

in

the

Box

Inc

2,143‌

176‌

Kura

Sushi

USA

Inc

(d),(e)

383‌

4‌

La-Z-Boy

Inc

37,852‌

1,077‌

Lithia

Motors

Inc

12,113‌

2,775‌

Lumber

Liquidators

Holdings

Inc

(d)

2,628‌

59‌

Macy's

Inc

(e)

33,344‌

202‌

MarineMax

Inc

(d)

2,199‌

61‌

Michaels

Cos

Inc/The

(d)

7,952‌

57‌

Movado

Group

Inc

105,993‌

1,022‌

National

Vision

Holdings

Inc

(d)

1,473‌

47‌

Noodles

&

Co

(d)

1,838‌

13‌

Nu

Skin

Enterprises

Inc

27,200‌

1,220‌

ODP

Corp/The

(d)

44,629‌

985‌

Papa

John's

International

Inc

510‌

48‌

PC

Connection

Inc

30,360‌

1,327‌

Penske

Automotive

Group

Inc

20,100‌

901‌

PriceSmart

Inc

2,273‌

149‌

Red

Robin

Gourmet

Burgers

Inc

(d),(e)

1,365‌

12‌

Regis

Corp

(d)

2,509‌

19‌

RH

(d)

2,897‌

833‌

Rite

Aid

Corp

(d)

5,840‌

89‌

Rush

Enterprises

Inc

-

Class

A

147,301‌

7,008‌

Rush

Enterprises

Inc

-

Class

B

469‌

19‌

Sally

Beauty

Holdings

Inc

(d)

64,489‌

749‌

Shoe

Carnival

Inc

990‌

24‌

Signet

Jewelers

Ltd

5,567‌

60‌

Sonic

Automotive

Inc

33,945‌

1,294‌

Suburban

Propane

Partners

LP

94,037‌

1,247‌

Tilly's

Inc

99,365‌

597‌

Urban

Outfitters

Inc

(d)

65,561‌

1,085‌

Vera

Bradley

Inc

(d)

144,240‌

632‌

Wingstop

Inc

6,376‌

996‌

Winmark

Corp

221‌

35‌

World

Fuel

Services

Corp

19,954‌

470‌

Zumiez

Inc

(d)

47,849‌

1,105‌

$

53,066‌

Schedule

of

Investments

SmallCap

Value

Fund

II

July

31,

2020

(unaudited)

See

accompanying

notes.

258

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Savings

&

Loans

-

1.94%

Axos

Financial

Inc

(d)

5,667‌

$

127‌

Banc

of

California

Inc

4,762‌

51‌

BankFinancial

Corp

1,530‌

11‌

Berkshire

Hills

Bancorp

Inc

167,028‌

1,664‌

Brookline

Bancorp

Inc

112,588‌

1,080‌

Capitol

Federal

Financial

Inc

14,165‌

137‌

Community

Bankers

Trust

Corp

2,484‌

13‌

Dime

Community

Bancshares

Inc

105,882‌

1,244‌

Eagle

Bancorp

Montana

Inc

718‌

11‌

ESSA

Bancorp

Inc

997‌

13‌

First

Capital

Inc

(e)

345‌

18‌

First

Savings

Financial

Group

Inc

212‌

9‌

Flushing

Financial

Corp

113,080‌

1,253‌

FS

Bancorp

Inc

8,468‌

322‌

Greene

County

Bancorp

Inc

309‌

7‌

Hingham

Institution

For

Savings

The

3,239‌

570‌

Home

Bancorp

Inc

823‌

19‌

HomeTrust

Bancshares

Inc

22,842‌

329‌

Investors

Bancorp

Inc

213,308‌

1,733‌

Meridian

Bancorp

Inc

31,491‌

359‌

Northfield

Bancorp

Inc

64,985‌

624‌

Northwest

Bancshares

Inc

12,512‌

123‌

OceanFirst

Financial

Corp

24,903‌

381‌

Oconee

Federal

Financial

Corp

(e)

118‌

3‌

Pacific

Premier

Bancorp

Inc

8,998‌

189‌

Provident

Financial

Holdings

Inc

684‌

8‌

Provident

Financial

Services

Inc

160,094‌

2,186‌

Prudential

Bancorp

Inc

981‌

11‌

Riverview

Bancorp

Inc

2,303‌

11‌

Southern

Missouri

Bancorp

Inc

14,636‌

319‌

Sterling

Bancorp/DE

27,200‌

306‌

Territorial

Bancorp

Inc

15,102‌

331‌

Timberland

Bancorp

Inc/WA

791‌

13‌

Washington

Federal

Inc

52,652‌

1,229‌

Waterstone

Financial

Inc

24,132‌

369‌

WSFS

Financial

Corp

27,755‌

792‌

$

15,865‌

Semiconductors

-

6.17%

Alpha

&

Omega

Semiconductor

Ltd

(d)

2,164‌

24‌

Ambarella

Inc

(d)

2,464‌

112‌

Amkor

Technology

Inc

(d)

134,241‌

1,825‌

Axcelis

Technologies

Inc

(d)

299‌

9‌

AXT

Inc

(d)

4,166‌

20‌

Cabot

Microelectronics

Corp

89,000‌

13,414‌

Cirrus

Logic

Inc

(d)

13,005‌

891‌

Cohu

Inc

4,107‌

77‌

CTS

Corp

3,394‌

67‌

Diodes

Inc

(d)

36,409‌

1,873‌

DSP

Group

Inc

(d)

229‌

3‌

GSI

Technology

Inc

(d)

1,726‌

10‌

MaxLinear

Inc

(d)

2,866‌

73‌

MKS

Instruments

Inc

56,925‌

7,255‌

Nova

Measuring

Instruments

Ltd

(d)

113,450‌

5,831‌

Onto

Innovation

Inc

(d)

168,459‌

6,371‌

Photronics

Inc

(d)

86,447‌

1,027‌

Pixelworks

Inc

(d)

535‌

2‌

Rambus

Inc

(d)

348,540‌

5,144‌

Synaptics

Inc

(d)

214‌

17‌

Tower

Semiconductor

Ltd

(d)

290,550‌

6,247‌

Veeco

Instruments

Inc

(d)

5,190‌

70‌

$

50,362‌

Software

-

0.64%

Allscripts

Healthcare

Solutions

Inc

(d)

16,355‌

147‌

Asure

Software

Inc

(d)

1,531‌

10‌

Cerence

Inc

(d)

3,920‌

155‌

Cloudera

Inc

(d)

11,217‌

126‌

Computer

Programs

and

Systems

Inc

1,369‌

34‌

Daily

Journal

Corp

(d),(e)

26‌

7‌

Digi

International

Inc

(d)

3,060‌

37‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Software

(continued)

Donnelley

Financial

Solutions

Inc

(d)

3,203‌

$

28‌

Ebix

Inc

57,756‌

1,274‌

eGain

Corp

(d)

1,410‌

14‌

Evolent

Health

Inc

(d)

6,760‌

79‌

GTY

Technology

Holdings

Inc

(d)

4,727‌

15‌

Immersion

Corp

(d)

503‌

3‌

ManTech

International

Corp/VA

1,664‌

116‌

MicroStrategy

Inc

(d)

304‌

38‌

NextGen

Healthcare

Inc

(d)

57,567‌

842‌

Park

City

Group

Inc

(d),(e)

1,113‌

5‌

PDF

Solutions

Inc

(d)

248‌

6‌

Progress

Software

Corp

11,693‌

408‌

Rosetta

Stone

Inc

(d)

2,210‌

59‌

SeaChange

International

Inc

(d)

3,437‌

5‌

SWK

Holdings

Corp

(d)

404‌

5‌

Synchronoss

Technologies

Inc

(d)

4,256‌

14‌

Verint

Systems

Inc

(d)

3,771‌

169‌

Xperi

Holding

Corp

87,149‌

1,608‌

$

5,204‌

Supranational

Bank

-

0.00%

Banco

Latinoamericano

de

Comercio

Exterior

SA

3,302‌

39‌

Telecommunications

-

0.68%

ADTRAN

Inc

5,103‌

63‌

Alaska

Communications

Systems

Group

Inc

5,530‌

13‌

ATN

International

Inc

1,125‌

65‌

CalAmp

Corp

(d)

1,309‌

10‌

Casa

Systems

Inc

(d)

63,700‌

357‌

Cincinnati

Bell

Inc

(d)

3,604‌

54‌

Consolidated

Communications

Holdings

Inc

(d)

7,020‌

51‌

DASAN

Zhone

Solutions

Inc

(d)

1,372‌

14‌

Gogo

Inc

(d)

379‌

1‌

Harmonic

Inc

(d)

10,130‌

57‌

IDT

Corp

-

Class

B

(d)

619‌

4‌

Infinera

Corp

(d)

8,309‌

66‌

InterDigital

Inc

2,250‌

135‌

Iridium

Communications

Inc

(d)

4,467‌

122‌

KVH

Industries

Inc

(d)

1,727‌

14‌

Loral

Space

&

Communications

Inc

1,071‌

20‌

Maxar

Technologies

Inc

6,443‌

115‌

NeoPhotonics

Corp

(d)

68,918‌

628‌

NETGEAR

Inc

(d)

3,106‌

96‌

ORBCOMM

Inc

(d)

6,863‌

29‌

PCTEL

Inc

(d)

1,875‌

12‌

Plantronics

Inc

2,403‌

48‌

Powerfleet

Inc

(d)

2,914‌

13‌

Preformed

Line

Products

Co

13,341‌

657‌

Ribbon

Communications

Inc

(d)

7,273‌

32‌

Spok

Holdings

Inc

1,884‌

19‌

Switch

Inc

149,550‌

2,690‌

Vonage

Holdings

Corp

(d)

10,827‌

129‌

$

5,514‌

Textiles

-

0.69%

Culp

Inc

22,400‌

249‌

UniFirst

Corp/MA

28,965‌

5,401‌

$

5,650‌

Toys,

Games

&

Hobbies

-

0.11%

Funko

Inc

(d),(e)

159,961‌

886‌

Transportation

-

1.81%

ArcBest

Corp

2,687‌

82‌

Ardmore

Shipping

Corp

3,088‌

13‌

Atlas

Air

Worldwide

Holdings

Inc

(d)

2,566‌

134‌

Bristow

Group

Inc

(d)

754‌

12‌

Costamare

Inc

5,295‌

24‌

Covenant

Logistics

Group

Inc

(d)

2,557‌

43‌

DHT

Holdings

Inc

11,899‌

68‌

Diamond

S

Shipping

Inc

(d)

2,918‌

26‌

Dorian

LPG

Ltd

(d)

3,152‌

27‌

Eagle

Bulk

Shipping

Inc

(d),(e)

5,040‌

12‌

Echo

Global

Logistics

Inc

(d)

2,794‌

70‌

Schedule

of

Investments

SmallCap

Value

Fund

II

July

31,

2020

(unaudited)

See

accompanying

notes.

259

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Transportation

(continued)

Forward

Air

Corp

1,135‌

$

59‌

Frontline

Ltd/Bermuda

(e)

12,590‌

101‌

Genco

Shipping

&

Trading

Ltd

1,951‌

13‌

Golar

LNG

Ltd

(d),(e)

9,717‌

73‌

Heartland

Express

Inc

4,842‌

98‌

Hoegh

LNG

Partners

LP

(e)

26,900‌

277‌

Hub

Group

Inc

(d)

3,494‌

185‌

International

Seaways

Inc

2,640‌

46‌

Landstar

System

Inc

42,975‌

5,233‌

Marten

Transport

Ltd

2,158‌

57‌

Matson

Inc

39,090‌

1,423‌

Nordic

American

Tankers

Ltd

(e)

15,394‌

70‌

Overseas

Shipholding

Group

Inc

(d)

7,000‌

16‌

PAM

Transportation

Services

Inc

(d)

177‌

5‌

Pangaea

Logistics

Solutions

Ltd

(d)

1,205‌

2‌

Radiant

Logistics

Inc

(d)

4,171‌

18‌

Safe

Bulkers

Inc

(d)

5,919‌

8‌

Saia

Inc

(d)

44,575‌

5,324‌

Scorpio

Bulkers

Inc

619‌

9‌

Scorpio

Tankers

Inc

5,460‌

72‌

SEACOR

Holdings

Inc

(d)

2,046‌

59‌

SFL

Corp

Ltd

9,955‌

83‌

Tidewater

Inc

(d)

4,311‌

27‌

Universal

Logistics

Holdings

Inc

51,068‌

938‌

US

Xpress

Enterprises

Inc

(d)

2,362‌

22‌

Werner

Enterprises

Inc

739‌

33‌

$

14,762‌

Trucking

&

Leasing

-

1.08%

GATX

Corp

122,940‌

7,498‌

General

Finance

Corp

(d)

1,196‌

7‌

Greenbrier

Cos

Inc/The

50,968‌

1,311‌

Willis

Lease

Finance

Corp

(d)

336‌

7‌

$

8,823‌

Water

-

0.04%

Artesian

Resources

Corp

5,711‌

200‌

California

Water

Service

Group

395‌

19‌

Consolidated

Water

Co

Ltd

1,544‌

19‌

Global

Water

Resources

Inc

76‌

1‌

PICO

Holdings

Inc

(d)

1,834‌

15‌

SJW

Group

1,321‌

82‌

$

336‌

TOTAL

COMMON

STOCKS

$

806,233‌

Total

Investments

$

828,246‌

Other

Assets

and

Liabilities

-  (1.46)%

(11,932‌)

TOTAL

NET

ASSETS

-

100.00%

$

816,314‌

(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

$9,303

or

1.14%

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

5.00%

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

$5

or

0.00%

of

net

assets.

(h)

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$208

or

0.03%

of

net

assets.

Portfolio

Summary  (unaudited)

Sector

Percent

Financial

29.79‌%

Industrial

18.11‌%

Consumer,

Cyclical

15.09‌%

Consumer,

Non-cyclical

12.63‌%

Technology

10.09‌%

Energy

3.94‌%

Utilities

3.29‌%

Basic

Materials

3.11‌%

Communications

2.71‌%

Money

Market

Funds

2.58‌%

Investment

Companies

0.12‌%

Diversified

0.00‌%

Government

0.00‌%

Other

Assets

and

Liabilities

(1.46‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

July

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

34,976‌

$

429,543‌

$

444,328‌

$

20,191‌

Principal

U.S.

Small-Cap

Multi-Factor

Index

ETF

625‌

—‌

508‌

—‌

$

35,601‌

$

429,543‌

$

444,836‌

$

20,191‌

Income

(a)

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

Loss

Principal

Government

Money

Market

Fund

-

Institutional

Class

0.00%

$

145‌

$

—‌

$

—‌

$

—‌

Principal

U.S.

Small-Cap

Multi-Factor

Index

ETF

4‌

(94‌)

—‌

(23‌)

$

149‌

$

(94‌)

$

—‌

$

(23‌)

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

SmallCap

Value

Fund

II

July

31,

2020

(unaudited)

See

accompanying

notes.

260

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

Russell

2000

Emini;

September

2020

Long

15‌

$

1,108‌

$

13‌

Total

$

13‌

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

Tax-Exempt

Bond

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

261

INVESTMENT

COMPANIES

-

2.57%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

2.57%

iShares

National

Muni

Bond

ETF

58,600‌

$

6,848‌

iShares

Short-Term

National

Muni

Bond

ETF

81,302‌

8,812‌

SPDR

Nuveen

Bloomberg

Barclays

High

Yield

Municipal

Bond

ETF

6,126‌

351‌

VanEck

Vectors

High-Yield

Municipal

Index

ETF

7,638‌

462‌

$

16,473‌

TOTAL

INVESTMENT

COMPANIES

$

16,473‌

MUNICIPAL

BONDS

-

98.07%

Principal

Amount

(000's)

Value

(000's)

Alabama

-

3.35%

Birmingham

Airport

Authority

(credit

support

from

Assured

Guaranty

Municipal

Corp

)

5.25%,

07/01/2030

(a)

$

1,000‌

$

1,001‌

Lower

Alabama

Gas

District/The

5.00%,

09/01/2034

3,500‌

4,743‌

5.00%,

09/01/2046

4,500‌

6,559‌

Phenix

City

Industrial

Development

Board

4.13%,

05/15/2035

3,000‌

3,082‌

Tuscaloosa

County

Industrial

Development

Authority

4.50%,

05/01/2032

(b)

1,000‌

1,097‌

5.25%,

05/01/2044

(b)

4,500‌

5,009‌

$

21,491‌

Arizona

-

1.73%

Arizona

Industrial

Development

Authority

5.00%,

01/01/2043

575‌

532‌

5.50%,

01/01/2054

(b)

1,500‌

1,291‌

Chandler

Industrial

Development

Authority

2.70%,

12/01/2037

(c)

1,300‌

1,370‌

Navajo

Nation

5.50%,

12/01/2030

(b)

1,240‌

1,346‌

Salt

Verde

Financial

Corp

5.00%,

12/01/2032

4,965‌

6,609‌

$

11,148‌

California

-

8.74%

Alum

Rock

Union

Elementary

School

District

5.25%,

08/01/2043

1,000‌

1,120‌

Bay

Area

Toll

Authority

0.12%,

04/01/2047

(c)

4,000‌

4,000‌

California

Health

Facilities

Financing

Authority

5.00%,

11/15/2046

(d)

1,691‌

1,983‌

California

Municipal

Finance

Authority

5.00%,

05/15/2033

1,000‌

1,176‌

5.00%,

05/15/2034

600‌

702‌

California

Municipal

Finance

Authority

(credit

support

from

Build

America

Mutual

Assurance

Corp

-

Transfer

Custodial

Receipt

)

5.00%,

05/15/2031

(a)

2,240‌

2,724‌

California

Pollution

Control

Financing

Authority

4.30%,

07/01/2040

2,000‌

2,270‌

California

Statewide

Communities

Development

Authority

(credit

support

from

Ginnie

Mae

Collateral

)

4.90%,

07/20/2039

(a)

500‌

506‌

City

of

Los

Angeles

Department

of

Airports

5.00%,

05/15/2028

2,000‌

2,577‌

5.00%,

05/15/2035

1,500‌

1,515‌

5.00%,

05/15/2037

(d)

837‌

1,058‌

5.00%,

05/15/2039

(d)

584‌

734‌

5.00%,

05/15/2042

(d)

234‌

275‌

5.00%,

05/15/2044

(d)

1,606‌

1,932‌

5.00%,

05/15/2044

(d)

720‌

894‌

5.00%,

05/15/2044

(d)

107‌

130‌

5.00%,

05/15/2047

(d)

681‌

808‌

5.25%,

05/15/2048

(d)

389‌

479‌

Golden

State

Tobacco

Securitization

Corp

5.00%,

06/01/2047

2,840‌

2,902‌

5.30%,

06/01/2037

1,000‌

1,033‌

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

California

(continued)

Oakland

Unified

School

District/Alameda

County

5.00%,

08/01/2034

$

2,210‌

$

2,586‌

Riverside

Community

Properties

Development

Inc

6.00%,

10/15/2038

1,150‌

1,362‌

Sacramento

Area

Flood

Control

Agency

(credit

support

from

Build

America

Mutual

Assurance

Corp

)

5.00%,

10/01/2039

(a)

1,340‌

1,566‌

Sacramento

County

Water

Financing

Authority

5.00%,

06/01/2027

500‌

654‌

San

Diego

County

Regional

Airport

Authority

5.00%,

07/01/2028

340‌

433‌

5.00%,

07/01/2029

410‌

532‌

5.00%,

07/01/2030

480‌

633‌

5.00%,

07/01/2031

500‌

655‌

5.00%,

07/01/2032

455‌

591‌

5.00%,

07/01/2033

500‌

645‌

5.00%,

07/01/2034

415‌

534‌

5.00%,

07/01/2035

300‌

384‌

5.00%,

07/01/2037

450‌

572‌

5.00%,

07/01/2038

500‌

634‌

5.00%,

07/01/2040

265‌

334‌

San

Diego

Unified

School

District/CA

0.00%,

07/01/2032

(e)

5,000‌

4,090‌

Southern

California

Public

Power

Authority

5.00%,

11/01/2028

2,385‌

3,040‌

5.25%,

07/01/2028

1,000‌

1,045‌

State

of

California

0.08%,

05/01/2034

(c)

1,200‌

1,200‌

0.11%,

05/01/2033

(c)

2,000‌

2,000‌

5.00%,

08/01/2028

2,000‌

2,695‌

West

Contra

Costa

Unified

School

District

5.25%,

08/01/2033

1,000‌

1,126‌

$

56,129‌

Colorado

-

3.47%

Colorado

Health

Facilities

Authority

4.00%,

11/01/2039

8,275‌

9,401‌

Cottonwood

Highlands

Metropolitan

District

No

1

5.00%,

12/01/2049

1,250‌

1,264‌

Denver

Convention

Center

Hotel

Authority

5.00%,

12/01/2036

1,000‌

1,072‌

Dominion

Water

&

Sanitation

District

5.25%,

12/01/2027

1,500‌

1,570‌

Elbert

County

Independence

Water

&

Sanitation

District

7.25%,

12/01/2038

1,000‌

1,101‌

Painted

Prairie

Public

Improvement

Authority

5.00%,

12/01/2049

1,000‌

1,035‌

Regional

Transportation

District

6.00%,

01/15/2041

450‌

451‌

6.50%,

01/15/2030

500‌

501‌

STC

Metropolitan

District

No

2

4.00%,

12/01/2029

1,000‌

999‌

Velocity

Metropolitan

District

No

3

5.13%,

12/01/2034

2,235‌

2,310‌

5.50%,

12/01/2048

2,500‌

2,583‌

$

22,287‌

Connecticut

-

1.44%

Mohegan

Tribal

Finance

Authority

7.00%,

02/01/2045

(b)

5,500‌

5,374‌

State

of

Connecticut

(credit

support

from

ACA

Financial

Guaranty

Corp

)

6.60%,

07/01/2024

(a)

860‌

863‌

State

of

Connecticut

Special

Tax

Revenue

5.00%,

05/01/2030

1,755‌

2,360‌

5.00%,

05/01/2038

500‌

643‌

$

9,240‌

Schedule

of

Investments

Tax-Exempt

Bond

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

262

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

District

of

Columbia

-

1.32%

District

of

Columbia

5.00%,

03/01/2029

$

2,000‌

$

2,732‌

5.00%,

10/15/2044

3,500‌

4,528‌

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

5.00%,

10/01/2047

1,000‌

1,200‌

$

8,460‌

Florida

-

3.21%

Canaveral

Port

Authority

5.00%,

06/01/2048

1,900‌

2,159‌

City

of

Lakeland

FL

Department

of

Electric

Utilities

5.25%,

10/01/2036

1,000‌

1,479‌

Collier

County

Health

Facilities

Authority

5.00%,

05/01/2043

3,500‌

4,123‌

Florida

Development

Finance

Corp

6.25%,

01/01/2049

(b),(c)

500‌

440‌

6.38%,

01/01/2049

(b),(c)

3,000‌

2,614‌

Greater

Orlando

Aviation

Authority

5.00%,

10/01/2047

(d)

7,001‌

8,287‌

Village

Community

Development

District

No

13

2.63%,

05/01/2024

500‌

501‌

3.00%,

05/01/2029

1,000‌

1,013‌

$

20,616‌

Georgia

-

0.49%

Atlanta

Development

Authority

The

7.00%,

01/01/2040

2,000‌

1,675‌

Development

Authority

of

Burke

County/The

0.22%,

07/01/2049

(c)

1,500‌

1,500‌

$

3,175‌

Idaho

-

0.32%

Idaho

Health

Facilities

Authority

6.65%,

02/15/2021

(c)

2,000‌

2,068‌

Illinois

-

11.08%

Chicago

O'Hare

International

Airport

5.25%,

01/01/2036

2,000‌

2,410‌

5.25%,

01/01/2037

4,000‌

4,808‌

Chicago

Transit

Authority

5.00%,

12/01/2046

6,480‌

7,308‌

City

of

Chicago

IL

5.25%,

01/01/2029

2,000‌

2,153‌

5.50%,

01/01/2049

1,000‌

1,122‌

6.00%,

01/01/2038

2,965‌

3,435‌

7.13%,

03/15/2022

100‌

100‌

7.46%,

02/15/2026

597‌

426‌

City

of

Chicago

IL

Wastewater

Transmission

Revenue

5.00%,

01/01/2030

1,000‌

1,154‌

5.00%,

01/01/2032

1,000‌

1,145‌

5.00%,

01/01/2033

2,000‌

2,282‌

City

of

Chicago

IL

Waterworks

Revenue

5.00%,

11/01/2028

1,000‌

1,143‌

County

of

Cook

IL

Sales

Tax

Revenue

5.25%,

11/15/2036

1,520‌

1,846‌

Illinois

Finance

Authority

0.00%,

12/01/2042

(e)

1,400‌

756‌

0.14%,

08/15/2042

(c)

900‌

900‌

Illinois

Sports

Facilities

Authority/The

5.00%,

06/15/2028

900‌

1,025‌

5.00%,

06/15/2029

1,000‌

1,144‌

Illinois

Sports

Facilities

Authority/The

(credit

support

from

Build

America

Mutual

Assurance

Corp

)

5.00%,

06/15/2029

(a)

2,050‌

2,575‌

Illinois

State

Toll

Highway

Authority

5.00%,

12/01/2032

5,200‌

6,183‌

5.00%,

01/01/2040

(d)

2,000‌

2,342‌

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Illinois

(continued)

Metropolitan

Pier

&

Exposition

Authority

5.00%,

06/15/2057

$

700‌

$

764‌

Metropolitan

Pier

&

Exposition

Authority

(credit

support

from

National

Public

Finance

Guarantee

Corp

)

5.50%,

06/15/2029

(a)

2,410‌

2,745‌

Metropolitan

Water

Reclamation

District

of

Greater

Chicago

5.00%,

12/01/2028

5,000‌

6,088‌

Sales

Tax

Securitization

Corp

5.00%,

01/01/2036

1,000‌

1,221‌

5.00%,

01/01/2048

3,000‌

3,429‌

Sales

Tax

Securitization

Corp

(credit

support

from

Build

America

Mutual

Assurance

Corp

)

4.00%,

01/01/2040

(a)

1,750‌

1,941‌

5.00%,

01/01/2037

(a)

2,000‌

2,447‌

State

of

Illinois

5.00%,

11/01/2028

3,500‌

4,012‌

5.50%,

07/01/2027

3,410‌

3,708‌

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

141‌

$

71,153‌

Indiana

-

0.69%

Indiana

Finance

Authority

7.00%,

03/01/2039

(b)

4,000‌

3,714‌

Town

of

Shoals

IN

7.25%,

11/01/2043

700‌

740‌

$

4,454‌

Kentucky

-

0.73%

Kentucky

Municipal

Power

Agency

5.00%,

09/01/2035

1,080‌

1,344‌

Kentucky

Public

Energy

Authority

4.00%,

01/01/2049

(c)

3,000‌

3,348‌

$

4,692‌

Louisiana

-

3.19%

Lafayette

Public

Trust

Financing

Authority

(credit

support

from

Assured

Guaranty

Municipal

Corp

)

5.25%,

10/01/2030

(a)

1,000‌

1,008‌

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

3.50%,

11/01/2032

3,000‌

3,179‌

4.40%,

11/01/2044

(b)

2,000‌

2,003‌

5.50%,

11/01/2039

(b)

2,785‌

2,972‌

Louisiana

Offshore

Terminal

Authority

1.65%,

09/01/2027

(c)

3,320‌

3,337‌

Louisiana

Public

Facilities

Authority

0.00%,

07/01/2039

(e)

417‌

—‌

0.00%,

07/01/2039

(e)

659‌

—‌

Parish

of

St

James

LA

5.85%,

08/01/2041

(b),(c)

1,000‌

1,098‌

6.10%,

12/01/2040

(b),(c)

1,000‌

1,186‌

Parish

of

St

John

the

Baptist

LA

2.00%,

06/01/2037

(c)

5,750‌

5,721‌

$

20,504‌

Maine

-

0.30%

Finance

Authority

of

Maine

4.38%,

08/01/2035

(b),(c)

1,800‌

1,916‌

Maryland

-

0.36%

Maryland

Health

&

Higher

Educational

Facilities

Authority

4.00%,

04/15/2045

1,575‌

1,804‌

6.00%,

07/01/2041

500‌

526‌

$

2,330‌

Schedule

of

Investments

Tax-Exempt

Bond

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

263

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Massachusetts

-

2.45%

Commonwealth

of

Massachusetts

5.00%,

01/01/2042

$

1,940‌

$

2,439‌

Massachusetts

Bay

Transportation

Authority

5.25%,

07/01/2028

2,000‌

2,713‌

Massachusetts

Educational

Financing

Authority

4.90%,

07/01/2028

1,245‌

1,283‌

Massachusetts

Port

Authority

5.00%,

07/01/2029

1,000‌

1,272‌

5.00%,

07/01/2035

1,000‌

1,231‌

5.00%,

07/01/2049

5,500‌

6,805‌

$

15,743‌

Michigan

-

2.20%

Detroit

City

School

District

(credit

support

from

Qualified

School

Bond

Loan

Fund

)

5.00%,

05/01/2036

(a)

1,000‌

1,288‌

5.00%,

05/01/2037

(a)

1,000‌

1,281‌

5.00%,

05/01/2038

(a)

2,000‌

2,551‌

Kalamazoo

Economic

Development

Corp

5.00%,

05/15/2032

2,835‌

2,932‌

Kentwood

Economic

Development

Corp

5.00%,

11/15/2041

1,000‌

1,048‌

Michigan

Finance

Authority

4.00%,

02/15/2044

3,400‌

3,888‌

Wayne

County

Airport

Authority

5.00%,

12/01/2045

1,000‌

1,151‌

$

14,139‌

Mississippi

-

0.16%

Mississippi

Business

Finance

Corp

2.20%,

03/01/2027

(c)

1,000‌

1,031‌

Missouri

-

0.98%

City

of

St

Louis

MO

Airport

Revenue

5.00%,

07/01/2034

1,285‌

1,608‌

5.00%,

07/01/2044

1,100‌

1,337‌

City

of

St

Louis

MO

Airport

Revenue

(credit

support

from

National

Public

Finance

Guarantee

Corp

)

5.50%,

07/01/2028

(a)

1,500‌

1,957‌

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

5.00%,

02/01/2034

1,250‌

1,366‌

$

6,268‌

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

1,991‌

Montana

Facility

Finance

Authority

4.13%,

07/01/2038

2,000‌

2,187‌

$

4,178‌

Nevada

-

2.23%

Las

Vegas

Convention

&

Visitors

Authority

5.00%,

07/01/2043

(d)

8,604‌

9,948‌

Las

Vegas

Redevelopment

Agency

5.00%,

06/15/2040

3,850‌

4,376‌

$

14,324‌

New

Hampshire

-

3.09%

New

Hampshire

Business

Finance

Authority

2.15%,

07/01/2027

(c)

6,750‌

6,937‌

4.00%,

11/01/2027

(b)

1,000‌

1,025‌

4.13%,

01/20/2034

9,935‌

10,872‌

4.88%,

11/01/2042

(b)

1,000‌

1,021‌

$

19,855‌

New

Jersey

-

5.27%

Casino

Reinvestment

Development

Authority

Inc

5.25%,

11/01/2039

750‌

771‌

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

New

Jersey

(continued)

New

Jersey

Economic

Development

Authority

0.07%,

07/01/2026

(c)

$

2,900‌

$

2,900‌

4.00%,

07/01/2032

805‌

876‌

5.75%,

04/01/2031

1,005‌

1,051‌

New

Jersey

Transportation

Trust

Fund

Authority

5.25%,

06/15/2032

2,000‌

2,235‌

5.25%,

06/15/2034

2,250‌

2,522‌

South

Jersey

Port

Corp

5.00%,

01/01/2042

5,000‌

5,463‌

5.00%,

01/01/2048

3,000‌

3,250‌

South

Jersey

Transportation

Authority

(credit

support

from

Assured

Guaranty

Municipal

Corp

)

5.00%,

11/01/2029

(a)

1,000‌

1,326‌

Tobacco

Settlement

Financing

Corp

4.00%,

06/01/2037

4,700‌

5,323‌

5.00%,

06/01/2046

7,000‌

8,166‌

$

33,883‌

New

York

-

7.48%

Hudson

Yards

Infrastructure

Corp

5.75%,

02/15/2047

1,585‌

1,632‌

5.75%,

02/15/2047

915‌

940‌

Metropolitan

Transportation

Authority

4.00%,

02/01/2022

600‌

611‌

5.00%,

11/15/2021

850‌

893‌

5.00%,

11/15/2025

400‌

446‌

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

3,872‌

New

York

City

Water

&

Sewer

System

0.14%,

06/15/2050

(c)

4,500‌

4,500‌

0.15%,

06/15/2045

(c)

1,100‌

1,100‌

4.00%,

06/15/2037

2,800‌

3,424‌

New

York

Counties

Tobacco

Trust

VI

5.00%,

06/01/2031

215‌

248‌

5.00%,

06/01/2036

740‌

829‌

5.00%,

06/01/2041

400‌

443‌

New

York

Liberty

Development

Corp

5.00%,

11/15/2031

1,000‌

1,048‌

5.00%,

09/15/2040

1,000‌

1,058‌

5.00%,

12/15/2041

1,000‌

1,049‌

New

York

State

Dormitory

Authority

4.00%,

09/01/2045

2,000‌

2,202‌

5.00%,

07/01/2033

1,200‌

1,404‌

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%,

01/01/2032

7,200‌

7,876‌

5.00%,

01/01/2036

3,200‌

3,496‌

5.25%,

01/01/2050

3,125‌

3,417‌

Port

Authority

of

New

York

&

New

Jersey

5.00%,

07/15/2035

3,000‌

3,853‌

Tompkins

County

Development

Corp

5.00%,

07/01/2027

115‌

63‌

Westchester

County

Local

Development

Corp

5.00%,

11/01/2046

2,400‌

2,554‌

$

48,027‌

North

Carolina

-

3.19%

City

of

Charlotte

NC

5.00%,

06/01/2029

5,790‌

8,001‌

City

of

Raleigh

NC

Combined

Enterprise

System

Revenue

5.00%,

03/01/2031

1,000‌

1,028‌

Schedule

of

Investments

Tax-Exempt

Bond

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

264

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

North

Carolina

(continued)

North

Carolina

Medical

Care

Commission

5.00%,

10/01/2047

$

1,000‌

$

1,037‌

North

Carolina

Turnpike

Authority

5.00%,

01/01/2040

4,100‌

4,935‌

Raleigh

Durham

Airport

Authority

5.00%,

05/01/2031

1,750‌

2,294‌

5.00%,

05/01/2034

1,150‌

1,482‌

University

of

North

Carolina

at

Chapel

Hill

5.00%,

02/01/2032

1,310‌

1,692‌

$

20,469‌

Ohio

-

3.71%

American

Municipal

Power

Inc

5.25%,

02/15/2033

2,575‌

2,776‌

Buckeye

Tobacco

Settlement

Financing

Authority

3.00%,

06/01/2048

3,000‌

3,005‌

4.00%,

06/01/2037

3,000‌

3,524‌

5.00%,

06/01/2055

4,000‌

4,408‌

City

of

Cincinnati

OH

5.00%,

12/01/2032

815‌

886‌

Cleveland

Department

of

Public

Utilities

Division

of

Public

Power

(credit

support

from

Assured

Guaranty

Municipal

Corp

)

4.00%,

11/15/2036

(a)

950‌

1,132‌

County

of

Hamilton

OH

5.00%,

01/01/2036

1,435‌

1,504‌

5.00%,

01/01/2046

2,500‌

2,581‌

Ohio

Air

Quality

Development

Authority

4.25%,

01/15/2038

(b)

1,000‌

1,063‌

4.50%,

01/15/2048

(b)

850‌

902‌

5.00%,

07/01/2049

(b)

2,000‌

2,036‌

$

23,817‌

Oklahoma

-

0.20%

Oklahoma

Development

Finance

Authority

5.25%,

08/15/2043

1,085‌

1,285‌

Oregon

-

1.14%

Medford

Hospital

Facilities

Authority

4.00%,

08/15/2039

1,000‌

1,175‌

4.00%,

08/15/2050

1,000‌

1,144‌

Oregon

State

Business

Development

Commission

0.00%,

04/01/2031

(b),(e)

1,000‌

650‌

State

of

Oregon

Housing

&

Community

Services

Department

3.55%,

07/01/2033

3,905‌

4,335‌

$

7,304‌

Pennsylvania

-

4.75%

Allegheny

County

Industrial

Development

Authority

4.88%,

11/01/2024

1,000‌

952‌

5.13%,

05/01/2030

1,030‌

930‌

City

of

Philadelphia

PA

5.00%,

02/01/2038

1,000‌

1,270‌

5.00%,

02/01/2039

1,000‌

1,267‌

Commonwealth

Financing

Authority

5.00%,

06/01/2032

3,000‌

3,766‌

5.00%,

06/01/2033

2,000‌

2,495‌

Luzerne

County

Industrial

Development

Authority

2.45%,

12/01/2039

(c)

2,000‌

2,210‌

Pennsylvania

Economic

Development

Financing

Authority

2.15%,

11/01/2021

(c)

2,250‌

2,291‌

3.25%,

08/01/2039

(b)

1,200‌

1,098‌

5.75%,

06/01/2036

(b)

1,750‌

1,720‌

Pennsylvania

Turnpike

Commission

5.00%,

12/01/2029

2,000‌

2,590‌

5.00%,

12/01/2036

1,725‌

2,069‌

5.25%,

12/01/2044

5,000‌

6,357‌

5.75%,

12/01/2028

175‌

178‌

5.75%,

12/01/2028

245‌

249‌

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Pennsylvania

(continued)

Pennsylvania

Turnpike

Commission  

(continued)

6.00%,

12/01/2034

$

65‌

$

66‌

6.00%,

12/01/2034

80‌

82‌

6.00%,

12/01/2034

355‌

362‌

Pittsburgh

Water

&

Sewer

Authority

(credit

support

from

Assured

Guaranty

Municipal

Corp

)

5.00%,

09/01/2033

(a)

400‌

571‌

$

30,523‌

South

Carolina

-

0.24%

South

Carolina

Jobs-Economic

Development

Authority

5.25%,

11/15/2052

1,500‌

1,529‌

South

Dakota

-

0.23%

Oglala

Sioux

Tribe

5.75%,

10/01/2025

(b)

1,500‌

1,500‌

Tennessee

-

2.71%

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

5.00%,

07/01/2040

5,010‌

5,767‌

Metropolitan

Nashville

Airport

Authority/The

4.00%,

07/01/2049

1,000‌

1,125‌

5.00%,

07/01/2044

5,500‌

6,852‌

5.00%,

07/01/2049

2,000‌

2,474‌

Tennergy

Corp/TN

5.00%,

02/01/2050

(c)

1,000‌

1,166‌

$

17,384‌

Texas

-

9.04%

Central

Texas

Regional

Mobility

Authority

5.00%,

01/01/2048

2,740‌

3,140‌

Central

Texas

Turnpike

System

5.00%,

08/15/2031

1,285‌

1,435‌

City

of

Dallas

TX

Waterworks

&

Sewer

System

Revenue

4.00%,

10/01/2037

5,000‌

6,255‌

City

of

Houston

TX

Airport

System

Revenue

5.00%,

07/01/2029

2,000‌

2,056‌

6.63%,

07/15/2038

2,000‌

2,034‌

Grand

Parkway

Transportation

Corp

3.00%,

10/01/2050

1,810‌

1,883‌

Harris

County-Houston

Sports

Authority

5.00%,

11/15/2030

3,000‌

3,130‌

Love

Field

Airport

Modernization

Corp

5.00%,

11/01/2022

1,000‌

1,085‌

Metropolitan

Transit

Authority

of

Harris

County

Sales

&

Use

Tax

Revenue

5.00%,

11/01/2033

2,435‌

3,082‌

North

Texas

Tollway

Authority

5.00%,

01/01/2045

1,000‌

1,138‌

Port

Beaumont

Navigation

District

3.63%,

01/01/2035

(b)

2,650‌

2,637‌

4.00%,

01/01/2050

(b)

500‌

502‌

Sea

Breeze

Public

Facility

Corp

6.50%,

01/01/2046

100‌

101‌

Tarrant

County

Cultural

Education

Facilities

Finance

Corp

5.00%,

11/15/2037

2,060‌

2,328‌

Texas

Municipal

Gas

Acquisition

and

Supply

Corp

I

6.25%,

12/15/2026

11,395‌

13,546‌

Texas

Private

Activity

Bond

Surface

Transportation

Corp

5.00%,

12/31/2032

4,000‌

4,980‌

7.00%,

12/31/2038

1,000‌

1,154‌

7.00%,

06/30/2040

3,500‌

3,517‌

Texas

Transportation

Commission

5.00%,

08/01/2057

2,000‌

2,273‌

Schedule

of

Investments

Tax-Exempt

Bond

Fund

July

31,

2020

(unaudited)

See

accompanying

notes.

265

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Texas

(continued)

West

Harris

County

Regional

Water

Authority

4.00%,

12/15/2049

$

1,500‌

$

1,791‌

$

58,067‌

Utah

-

1.39%

Utah

Infrastructure

Agency

5.00%,

10/15/2028

1,000‌

1,129‌

5.00%,

10/15/2032

4,385‌

4,860‌

5.00%,

10/15/2037

1,500‌

1,637‌

5.38%,

10/15/2040

1,200‌

1,329‌

$

8,955‌

Virginia

-

4.18%

Amelia

County

Industrial

Development

Authority

3.00%,

04/01/2027

(c)

6,500‌

6,611‌

County

of

Botetourt

VA

6.00%,

07/01/2034

1,000‌

1,035‌

6.00%,

07/01/2044

1,000‌

1,022‌

Fairfax

County

Redevelopment

&

Housing

Authority

5.00%,

10/01/2038

1,500‌

1,907‌

5.00%,

10/01/2039

1,500‌

1,902‌

Hampton

Roads

Transportation

Accountability

Commission

5.00%,

07/01/2022

4,000‌

4,358‌

King

George

County

Economic

Development

Authority

2.50%,

06/01/2023

(c)

1,600‌

1,657‌

Roanoke

Economic

Development

Authority

6.63%,

12/01/2044

1,295‌

1,562‌

Virginia

College

Building

Authority

5.00%,

02/01/2029

5,000‌

6,790‌

$

26,844‌

Washington

-

1.05%

Port

of

Seattle

WA

5.00%,

04/01/2029

5,250‌

6,732‌

Wisconsin

-

1.31%

City

of

Superior

WI

5.38%,

11/01/2021

750‌

753‌

Public

Finance

Authority

5.00%,

01/01/2024

2,500‌

2,746‌

5.00%,

12/01/2025

3,000‌

3,423‌

5.00%,

10/01/2043

(b)

1,500‌

1,524‌

$

8,446‌

TOTAL

MUNICIPAL

BONDS

$

629,966‌

Total

Investments

$

646,439‌

Liability

for

Floating

Rate

Notes

Issued

in

Conjunction

with

Securities

Held

-

(2.22)%

Notes

with

interest

rates

of

0.19%

-

0.46%

at

July

31,

2020

and

contractual

maturities

of

collateral

from

2023-2026.

(f)

$

(14,252‌)

(14,252‌)

Total

Net

Investments

$

632,187‌

Other

Assets

and

Liabilities

-  1.58%

10,175‌

TOTAL

NET

ASSETS

-

100.00%

$

642,362‌

(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

$45,738

or

7.12%

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)

Non-income

producing

security

(f)

Floating

rate

securities.

The

interest

rate(s)

shown

reflect

the

rates

in

effect

at

July

31,

2020.

Portfolio

Summary  (unaudited)

Sector

Percent

Revenue

Bonds

80.49‌%

General

Obligation

Unlimited

7.85‌%

Insured

4.77‌%

Investment

Companies

2.57‌%

Prerefunded

1.98‌%

General

Obligation

Limited

1.50‌%

Tax

Allocation

0.68‌%

Special

Assessment

0.40‌%

Special

Tax

0.31‌%

Certificate

Participation

0.09‌%

Liability

For

Floating

Rate

Notes

Issued

(2.22‌)%

Other

Assets

and

Liabilities

1.58‌%

TOTAL

NET

ASSETS

100.00%

Glossary

to

the

Schedule

of

Investments

July

31,

2020

(unaudited)

See

accompanying

notes.

266

Currency

Abbreviations

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CLP

Chilean

Peso

CNY

Chinese

Renminbi

COP

Colombian

Peso

CZK

Czech

Koruna

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

TRY

Turkish

Lira

UAH

Ukrainian

Hryvnia

USD/$

United

States

Dollar

ZAR

South

African

Rand

July

31,

2020

(unaudited)

267

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

July

31,

2020

(unaudited)

268

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:

yield

to

maturity,

EBITDA

multiples,

discount

rates

or

available

cash.

Significant

increases

in

yield

to

maturity,

EBITDA

multiples

or

available

cash

would

have

resulted

in

a

significantly

higher

fair

value

measurement.

A

significant

increase

in

discount

rates

would

have

resulted

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.).

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

$

6,279

$

—

$

—

$

6,279

Municipal

Bonds*

—

644,210

—

644,210

Total

investments

in

securities

$

6,279

$

6

44,210

$

—

$

650,489

July

31,

2020

(unaudited)

269

Fund

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Core

Fixed

Income

Fund

Bonds*

$

—

$

5,494,099

$

—

$

5,494,099

Common

Stocks

Financial

—

—

—

—

Industrial

—

—

17,786

17,786

Investment

Companies

235,120

—

—

235,120

Senior

Floating

Rate

Interests*

—

19,493

—

19,493

U.S.

Government

&

Government

Agency

Obligations*

—

2,650,942

—

2,650,942

Total

investments

in

securities

$

235,120

$

8,164,534

$

17,786

$

8,417,440

Core

Plus

Bond

Fund

Bonds*

—

378,960

332

379,292

Common

Stocks*

61

—

—

61

Investment

Companies

55,887

—

—

55,887

Preferred

Stocks

Government

—

3,693

—

3,693

Senior

Floating

Rate

Interests*

—

5,457

11

5,468

U.S.

Government

&

Government

Agency

Obligations*

—

269,024

—

269,024

Total

investments

in

securities

$

55,948

$

657,134

$

343

$

713,425

Assets

Interest

Rate

Contracts

Futures**

285

—

—

285

Liabilities

Credit

Contracts

Exchange

Cleared

Credit

Default

Swaps**

—

(373)

—

(373)

Interest

Rate

Contracts

Futures**

(42)

—

—

(42)

Diversified

International

Fund

Common

Stocks

Basic

Materials

202,186

425,107

—

627,293

Communications

389,624

1,189,202

—

1,578,826

Consumer,

Cyclical

278,790

1,738,263

—

2,017,053

Consumer,

Non-cyclical

147,254

2,062,858

—

2,210,112

Diversified

—

103

—

103

Energy

267,797

401,265

—

669,062

Financial

562,348

1,700,759

—

2,263,107

Industrial

130,898

1,272,140

—

1,403,038

Technology

62,117

1,579,629

—

1,641,746

Utilities

33,600

288,263

—

321,863

Investment

Companies

158,418

—

—

158,418

Preferred

Stocks

56,745

—

—

56,745

Total

investments

in

securities

$

2,289,777

$

10,657,589

$

—

$

12,947,366

Equity

Income

Fund

Common

Stocks*

7,617,496

—

—

7,617,496

Investment

Companies

383,285

—

—

383,285

Total

investments

in

securities

$

8,000,781

$

—

$

—

$

8,000,781

Finisterre

Unconstrained

Emerging

Markets

Bond

Fund

Bonds*

—

196,797

—

196,797

Investment

Companies

9,270

—

—

9,270

U.S.

Government

&

Government

Agency

Obligations*

—

5,079

—

5,079

Total

investments

in

securities

$

9,270

$

201,876

$

—

$

211,146

Assets

Credit

Contracts

Credit

Default

Swaps

—

965

—

965

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

—

1,466

—

1,466

Interest

Rate

Contracts

Exchange

Cleared

Interest

Rate

Swaps**

—

2,379

—

2,379

Interest

Rate

Swaps

—

487

—

487

Total

Return

Swaps

—

2

0

—

2

0

July

31,

2020

(unaudited)

270

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

Liabilities

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

$

—

$

(1,309)

$

—

$

(1,309)

Interest

Rate

Contracts

Exchange

Cleared

Interest

Rate

Swaps**

—

(2,518)

—

(2,518)

Interest

Rate

Swaps

—

(351)

—

(351)

Global

Diversified

Income

Fund

Bonds*

—

3,530,432

104,768

3,635,200

Common

Stocks

Basic

Materials

21,085

30,251

24,108

75,444

Communications

86,383

6,620

—

93,003

Consumer,

Cyclical

42,346

29,345

4

71,695

Consumer,

Non-cyclical

18,009

25,880

6,304

50,193

Diversified

—

1,037

—

1,037

Energy

16,724

13,450

191

30,365

Financial

218,252

115,019

—

333,271

Industrial

36,397

36,641

—

73,038

Technology

20,552

8,115

—

28,667

Utilities

283,038

15,092

—

298,130

Convertible

Bonds*

—

348

—

348

Convertible

Preferred

Stocks

Financial

1,487

—

—

1,487

Investment

Companies

147,893

—

—

147,893

Preferred

Stocks

Communications

1,459

—

—

1,459

Consumer,

Non-cyclical

—

1,456

—

1,456

Energy

931

—

—

931

Financial

32,729

4,780

—

37,509

Government

—

10,846

—

10,846

Utilities

18,441

—

—

18,441

Senior

Floating

Rate

Interests*

—

404,164

35,440

439,604

U.S.

Government

&

Government

Agency

Obligations*

—

5,447

—

5,447

Total

investments

in

securities

$

945,726

$

4,238,923

$

170,815

$

5,355,464

Assets

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

—

1,028

—

1,028

Liabilities

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

—

(3,274)

—

(3,274)

Global

Real

Estate

Securities

Fund

Common

Stocks

Communications

—

22,934

—

22,934

Consumer,

Cyclical

17,257

41,534

—

58,791

Financial

1,610,510

1,137,956

—

2,748,466

Industrial

—

20,059

—

20,059

Investment

Companies

21,793

—

—

21,793

Total

investments

in

securities

$

1,649,560

$

1,222,483

$

—

$

2,872,043

Government

&

High

Quality

Bond

Fund

Bonds*

—

313,617

—

313,617

Investment

Companies

205,106

—

—

205,106

U.S.

Government

&

Government

Agency

Obligations*

—

1,303,983

—

1,303,983

Total

investments

in

securities

$

205,106

$

1,617,600

$

—

$

1,822,706

Liabilities

Interest

Rate

Contracts

Futures**

(1,161)

—

—

(1,161)

High

Income

Fund

Bonds*

—

2,458,461

17,683

2,476,144

Common

Stocks

Communications

—

—

—

—

Consumer,

Cyclical

—

—

—

—

July

31,

2020

(unaudited)

271

Fund

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

High

Income

Fund

Consumer,

Non-cyclical

$

—

$

—

$

1,661

$

1,661

Utilities

—

—

—

—

Investment

Companies

112,911

—

—

112,911

Preferred

Stocks

—

—

—

—

Senior

Floating

Rate

Interests*

—

320,935

—

320,935

Total

investments

in

securities

$

112,911

$

2,779,396

$

19,344

$

2,911,651

Assets

Credit

Contracts

Exchange

Cleared

Credit

Default

Swaps**

—

86

—

86

Liabilities

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

—

(395)

—

(395)

High

Yield

Fund

Bonds*

—

2,770,262

3,592

2,773,854

Common

Stocks*

1,060

—

—

1,060

Convertible

Bonds*

—

—

—

—

Investment

Companies

204,730

—

—

204,730

Senior

Floating

Rate

Interests*

—

192,359

425

192,784

Total

investments

in

securities

$

205,790

$

2,962,621

$

4,017

$

3,172,428

Inflation

Protection

Fund

Bonds*

—

143,562

—

143,562

Investment

Companies

41,520

—

—

41,520

U.S.

Government

&

Government

Agency

Obligations*

—

1,520,454

—

1,520,454

Purchased

Options

303

136

—

439

Purchased

Interest

Rate

Swaptions

—

9,135

—

9,135

Purchased

Capped

Options

—

353

—

353

Total

investments

in

securities

$

41,823

$

1,673,640

$

—

$

1,715,463

Assets

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

—

2,613

—

2,613

Interest

Rate

Contracts

Exchange

Cleared

Interest

Rate

Swaps**

—

28,157

—

28,157

Futures**

683

—

—

683

Liabilities

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

—

(6,353)

—

(6,353)

Interest

Rate

Contracts

Capped

Options

—

(198)

—

(198)

Exchange

Cleared

Interest

Rate

Swaps**

—

(26,360)

—

(26,360)

Futures**

(1,518)

—

—

(1,518)

Interest

Rate

Swaptions

—

(13,388)

—

(13,388)

Written

Options

(397)

—

—

(397)

International

Emerging

Markets

Fund

Common

Stocks

Basic

Materials

637

10,867

—

11,504

Communications

10,017

55,743

—

65,760

Consumer,

Cyclical

5,474

17,657

—

23,131

Consumer,

Non-cyclical

5,151

16,240

—

21,391

Diversified

—

1,483

—

1,483

Energy

2,257

10,010

—

12,267

Financial

9,306

34,581

—

43,887

Industrial

967

17,989

—

18,956

Technology

5,008

44,577

—

49,585

Utilities

—

3,170

—

3,170

Investment

Companies

1,664

—

—

1,664

Preferred

Stocks

Communications

1,751

—

—

1,751

Technology

—

557

—

557

Total

investments

in

securities

$

42,232

$

212,874

$

—

$

255,106

July

31,

2020

(unaudited)

272

Fund

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

International

Fund

I

Common

Stocks

Basic

Materials

$

3,773

$

23,775

$

—

$

27,548

Communications

12,547

21,607

—

34,154

Consumer,

Cyclical

2,016

25,815

—

27,831

Consumer,

Non-cyclical

2,961

52,019

—

54,980

Energy

2,101

4,668

—

6,769

Financial

13,994

47,812

—

61,806

Industrial

—

34,013

—

34,013

Technology

12,665

40,865

—

53,530

Utilities

—

10,788

—

10,788

Investment

Companies

—

—

—

—

Total

investments

in

securities

$

50,057

$

261,362

$

—

$

311,419

LargeCap

Growth

Fund

I

Common

Stocks

Basic

Materials

191,616

—

—

191,616

Communications

2,598,553

—

—

2,598,553

Consumer,

Cyclical

784,865

—

—

784,865

Consumer,

Non-cyclical

3,340,761

—

—

3,340,761

Energy

16,769

—

—

16,769

Financial

743,492

—

—

743,492

Industrial

660,198

—

—

660,198

Technology

3,115,465

410

1,791

3,117,666

Utilities

80,346

—

—

80,346

Convertible

Preferred

Stocks

Communications

—

—

9,872

9,872

Consumer,

Cyclical

—

4,188

—

4,188

Investment

Companies

288,665

—

—

288,665

Preferred

Stocks

Communications

—

1,699

3,026

4,725

Consumer,

Cyclical

—

27,484

18,801

46,285

Technology

—

176

8,547

8,723

Total

investments

in

securities

$

11,820,730

$

33,957

$

42,037

$

11,896,724

Assets

Equity

Contracts

Futures**

2,147

—

—

2,147

LargeCap

S&P

500

Index

Fund

Common

Stocks*

6,036,801

—

—

6,036,801

Investment

Companies

116,047

—

—

116,047

Total

investments

in

securities

$

6,152,848

$

—

$

—

$

6,152,848

Assets

Equity

Contracts

Futures**

2,528

—

—

2,528

LargeCap

Value

Fund

III

Common

Stocks*

1,855,763

—

—

1,855,763

Investment

Companies

55,560

—

—

55,560

Total

investments

in

securities

$

1,911,323

$

—

$

—

$

1,911,323

Assets

Equity

Contracts

Futures**

304

—

—

304

MidCap

Fund

Common

Stocks

Basic

Materials

140,873

—

—

140,873

Communications

2,060,169

—

—

2,060,169

Consumer,

Cyclical

4,298,872

—

—

4,298,872

Consumer,

Non-cyclical

2,344,314

37,482

—

2,381,796

Financial

4,746,339

—

—

4,746,339

Industrial

2,397,021

—

—

2,397,021

Technology

2,600,196

—

—

2,600,196

July

31,

2020

(unaudited)

273

Fund

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

MidCap

Fund

Utilities

$

392,704

$

—

$

—

$

392,704

Investment

Companies

24,939

—

—

24,939

Total

investments

in

securities

$

19,005,427

$

37,482

$

—

$

19,042,909

MidCap

Growth

Fund

Common

Stocks*

184,447

—

—

184,447

Investment

Companies

1,150

—

—

1,150

Total

investments

in

securities

$

185,597

$

—

$

—

$

185,597

MidCap

Growth

Fund

III

Common

Stocks*

1,179,510

—

—

1,179,510

Investment

Companies

36,539

—

—

36,539

Total

investments

in

securities

$

1,216,049

$

—

$

—

$

1,216,049

Assets

Equity

Contracts

Futures**

119

—

—

119

MidCap

S&P

400

Index

Fund

Common

Stocks*

1,014,601

—

—

1,014,601

Investment

Companies

17,049

—

—

17,049

Total

investments

in

securities

$

1,031,650

$

—

$

—

$

1,031,650

Assets

Equity

Contracts

Futures**

458

—

—

458

MidCap

Value

Fund

I

Common

Stocks*

2,183,708

—

—

2,183,708

Investment

Companies

37,775

—

—

37,775

Total

investments

in

securities

$

2,221,483

$

—

$

—

$

2,221,483

Assets

Equity

Contracts

Futures**

232

—

—

232

Overseas

Fund

Common

Stocks

Basic

Materials

—

233,107

—

233,107

Communications

31,653

50,651

—

82,304

Consumer,

Cyclical

33,438

308,698

—

342,136

Consumer,

Non-cyclical

30,993

380,644

—

411,637

Diversified

—

1,570

—

1,570

Energy

48,582

102,264

—

150,846

Financial

26,013

540,027

—

566,040

Industrial

—

479,004

—

479,004

Technology

—

128,724

—

128,724

Utilities

—

136,173

—

136,173

Investment

Companies

85,238

—

—

85,238

Preferred

Stocks

Basic

Materials

—

106

—

106

Consumer,

Cyclical

—

52,962

—

52,962

Consumer,

Non-cyclical

—

943

—

943

Total

investments

in

securities

$

255,917

$

2,414,873

$

—

$

2,670,790

Liabilities

Equity

Contracts

Futures**

(801)

—

—

(801)

Principal

Capital

Appreciation

Fund

Common

Stocks*

1,806,099

—

—

1,806,099

Investment

Companies

24,761

—

—

24,761

Total

investments

in

securities

$

1,830,860

$

—

$

—

$

1,830,860

July

31,

2020

(unaudited)

274

Fund

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Principal

LifeTime

2010

Fund

Investment

Companies

$

723,833

$

—

$

—

$

723,833

Total

investments

in

securities

$

723,833

$

—

$

—

$

723,833

Principal

LifeTime

2015

Fund

Investment

Companies

365,604

—

—

365,604

Total

investments

in

securities

$

365,604

$

—

$

—

$

365,604

Principal

LifeTime

2020

Fund

Investment

Companies

3,759,202

—

—

3,759,202

Total

investments

in

securities

$

3,759,202

$

—

$

—

$

3,759,202

Principal

LifeTime

2025

Fund

Investment

Companies

1,579,741

—

—

1,579,741

Total

investments

in

securities

$

1,579,741

$

—

$

—

$

1,579,741

Principal

LifeTime

2030

Fund

Investment

Companies

5,525,718

—

—

5,525,718

Total

investments

in

securities

$

5,525,718

$

—

$

—

$

5,525,718

Principal

LifeTime

2035

Fund

Investment

Companies

1,305,949

—

—

1,305,949

Total

investments

in

securities

$

1,305,949

$

—

$

—

$

1,305,949

Principal

LifeTime

2040

Fund

Investment

Companies

3,883,960

—

—

3,883,960

Total

investments

in

securities

$

3,883,960

$

—

$

—

$

3,883,960

Principal

LifeTime

2045

Fund

Investment

Companies

981,737

—

—

981,737

Total

investments

in

securities

$

981,737

$

—

$

—

$

981,737

Principal

LifeTime

2050

Fund

Investment

Companies

2,353,878

—

—

2,353,878

Total

investments

in

securities

$

2,353,878

$

—

$

—

$

2,353,878

Principal

LifeTime

2055

Fund

Investment

Companies

535,180

—

—

535,180

Total

investments

in

securities

$

535,180

$

—

$

—

$

535,180

Principal

LifeTime

2060

Fund

Investment

Companies

441,453

—

—

441,453

Total

investments

in

securities

$

441,453

$

—

$

—

$

441,453

Principal

LifeTime

2065

Fund

Investment

Companies

30,398

—

—

30,398

Total

investments

in

securities

$

30,398

$

—

$

—

$

30,398

Principal

LifeTime

Hybrid

2015

Fund

Investment

Companies

108,197

—

—

108,197

Total

investments

in

securities

$

108,197

$

—

$

—

$

108,197

Principal

LifeTime

Hybrid

2020

Fund

Investment

Companies

348,305

—

—

348,305

Total

investments

in

securities

$

348,305

$

—

$

—

$

348,305

July

31,

2020

(unaudited)

275

Fund

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Principal

LifeTime

Hybrid

2025

Fund

Investment

Companies

$

302,322

$

—

$

—

$

302,322

Total

investments

in

securities

$

302,322

$

—

$

—

$

302,322

Principal

LifeTime

Hybrid

2030

Fund

Investment

Companies

326,682

—

—

326,682

Total

investments

in

securities

$

326,682

$

—

$

—

$

326,682

Principal

LifeTime

Hybrid

2035

Fund

Investment

Companies

230,257

—

—

230,257

Total

investments

in

securities

$

230,257

$

—

$

—

$

230,257

Principal

LifeTime

Hybrid

2040

Fund

Investment

Companies

227,759

—

—

227,759

Total

investments

in

securities

$

227,759

$

—

$

—

$

227,759

Principal

LifeTime

Hybrid

2045

Fund

Investment

Companies

142,581

—

—

142,581

Total

investments

in

securities

$

142,581

$

—

$

—

$

142,581

Principal

LifeTime

Hybrid

2050

Fund

Investment

Companies

113,014

—

—

113,014

Total

investments

in

securities

$

113,014

$

—

$

—

$

113,014

Principal

LifeTime

Hybrid

2055

Fund

Investment

Companies

48,671

—

—

48,671

Total

investments

in

securities

$

48,671

$

—

$

—

$

48,671

Principal

LifeTime

Hybrid

2060

Fund

Investment

Companies

16,396

—

—

16,396

Total

investments

in

securities

$

16,396

$

—

$

—

$

16,396

Principal

LifeTime

Hybrid

2065

Fund

Investment

Companies

3,020

—

—

3,020

Total

investments

in

securities

$

3,020

$

—

$

—

$

3,020

Principal

LifeTime

Hybrid

Income

Fund

Investment

Companies

61,360

—

—

61,360

Total

investments

in

securities

$

61,360

$

—

$

—

$

61,360

Principal

LifeTime

Strategic

Income

Fund

Investment

Companies

429,426

—

—

429,426

Total

investments

in

securities

$

429,426

$

—

$

—

$

429,426

Real

Estate

Securities

Fund

Common

Stocks*

4,750,445

—

—

4,750,445

Investment

Companies

73,960

—

—

73,960

Total

investments

in

securities

$

4,824,405

$

—

$

—

$

4,824,405

SAM

Balanced

Portfolio

Investment

Companies

4,341,154

—

—

4,341,154

Total

investments

in

securities

$

4,341,154

$

—

$

—

$

4,341,154

SAM

Conservative

Balanced

Portfolio

Investment

Companies

1,638,499

—

—

1,638,499

Total

investments

in

securities

$

1,638,499

$

—

$

—

$

1,638,499

July

31,

2020

(unaudited)

276

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

$

2,899,281

$

—

$

—

$

2,899,281

Total

investments

in

securities

$

2,899,281

$

—

$

—

$

2,899,281

SAM

Flexible

Income

Portfolio

Investment

Companies

2,762,919

—

—

2,762,919

Total

investments

in

securities

$

2,762,919

$

—

$

—

$

2,762,919

SAM

Strategic

Growth

Portfolio

Investment

Companies

1,824,642

—

—

1,824,642

Total

investments

in

securities

$

1,824,642

$

—

$

—

$

1,824,642

Short-Term

Income

Fund

Bonds*

—

4,918,650

—

4,918,650

Investment

Companies

38,240

—

—

38,240

U.S.

Government

&

Government

Agency

Obligations*

—

623,811

—

623,811

Total

investments

in

securities

$

38,240

$

5,542,461

$

—

$

5,580,701

SmallCap

Fund

Common

Stocks*

626,955

—

—

626,955

Investment

Companies

20,326

—

—

20,326

Total

investments

in

securities

$

647,281

$

—

$

—

$

647,281

SmallCap

Growth

Fund

I

Common

Stocks

Basic

Materials

15,052

—

—

15,052

Communications

113,516

—

—

113,516

Consumer,

Cyclical

279,206

—

—

279,206

Consumer,

Non-cyclical

686,660

—

15

686,675

Energy

7,305

—

—

7,305

Financial

153,780

—

—

153,780

Industrial

345,530

—

—

345,530

Technology

413,426

—

—

413,426

Utilities

2,505

—

—

2,505

Investment

Companies

110,852

—

—

110,852

Total

investments

in

securities

$

2,127,832

$

—

$

15

$

2,127,847

Assets

Equity

Contracts

Futures**

285

—

—

285

SmallCap

S&P

600

Index

Fund

Common

Stocks*

1,057,350

—

—

1,057,350

Investment

Companies

27,251

—

—

27,251

Total

investments

in

securities

$

1,084,601

$

—

$

—

$

1,084,601

Assets

Equity

Contracts

Futures**

546

—

—

546

SmallCap

Value

Fund

II

Common

Stocks

Basic

Materials

25,387

—

—

25,387

Communications

22,175

—

1

22,176

Consumer,

Cyclical

123,064

—

—

123,064

Consumer,

Non-cyclical

103,075

—

4

103,079

Diversified

6

—

—

6

Energy

32,159

—

—

32,159

Financial

243,243

—

—

243,243

Government

39

—

—

39

Industrial

147,791

—

—

147,791

Technology

82,392

—

—

82,392

July

31,

2020

(unaudited)

277

*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):

*Unobservable

inputs

were

weighted

by

the

relative

fair

value

of

the

instruments.

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

**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

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

Utilities

$

26,897

$

—

$

—

$

26,897

Investment

Companies

22,013

—

—

22,013

Total

investments

in

securities

$

828,241

$

—

$

5

$

828,246

Assets

Equity

Contracts

Futures**

13

—

—

13

Tax-Exempt

Bond

Fund

Investment

Companies

16,473

—

—

16,473

Municipal

Bonds*

—

62

9,966

—

629,966

Total

investments

in

securities

$

16,473

$

62

9,966

$

—

$

646,439

Fund

Asset

Type

Fair

Value

as

of

July

31,

2020

Valuation

Technique

Unobservable

Input

Input

Valuations*

Global

Diversified

Income

Fund

Bonds

$

104,768

Yield

Analysis

Yield

to

Maturity

8.8

–

11.0%

(10.4%)

Common

Stocks

30,412

Enterprise

Valuation

Model

EBITDA

Multiples

8.0

–

9.5x

(8.7x)

Discounted

Cash

Flow

Discount

Rate

11.6

–

15.2%

(13.0%)

Common

Stocks

191

Liquidation

Analysis

Available

Cash

$

10,200,000

Common

Stocks

4

Indicative

Market

Quotations

Broker

Quote

$

0.05

Senior

Floating

Rate

Interests

35,440

Yield

Analysis

Yield

to

Maturity

9.0%

$

170,815

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

July

31,

2020

Net

Change

in

Unrealized

Appreciation/

(Depreciation)

on

Investments

Held

at

July

31,

2020

Global

Diversified

Income

Fund

Bonds

$

107,775

$

46

$

(578)

$

1,971

$

(46)

$

—

$

(4,400)***

$

104,768

$

(430)

Common

Stock

Basic

Materials

27,293

—

(3,185)

—

—

—

—

24,108

(3,185)

Consumer,

ss

Cyclical

4

—

—

—

—

—

—

4

—

Consumer,

ss

Non-Cyclical

9,649

(3)

(3,592)

18

(7)

239

—

6,304

(3,592)

Energy

191

—

—

—

—

—

—

191

—

Senior

Floating

Rates

Interests

35,086

—

354

—

—

—

—

35,440

354

Total

$

179,998

$

43

$

(7,001)

$

1,989

$

(53)

$

239

$

(4,400)

$

170,815

$

(6,853)

July

31,

2020

(unaudited)

278

3.

Instances

in

which

a

price

becomes

available

from

a

pricing

service

***$4,400

was

transferred

from

Level

3

to

Level

2

due

to

the

initiation

of

a

vendor

providing

a

price

based

on

market

activity

which

has

been

determined

to

include

significant

observable

inputs.

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

July

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.