Schedule
of
Investments
California
Municipal
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
1
INVESTMENT
COMPANIES
-
0.26%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0.26%
iShares
California
Muni
Bond
ETF
29,578
$
1,861
TOTAL
INVESTMENT
COMPANIES
$
1,861
MUNICIPAL
BONDS
-
99.56%
Principal
Amount
(000's)
Value
(000's)
California
-
97.19%
Abag
Finance
Authority
for
Nonprofit
Corps
5.00%,
08/01/2043
$
1,500
$
1,638
Alameda
Community
Improvement
Commission
Successor
Agency
(credit
support
from
Build
America
Mutual
Assurance
Corp
)
5.00%,
09/01/2031
(a)
1,000
1,130
Alameda
Corridor
Transportation
Authority
5.00%,
10/01/2034
6,805
8,083
5.00%,
10/01/2036
6,250
7,402
Alameda
Unified
School
District-Alameda
County/CA
5.00%,
08/01/2032
1,795
2,117
Anaheim
Housing
&
Public
Improvements
Authority
5.00%,
10/01/2050
1,000
1,173
California
Educational
Facilities
Authority
5.00%,
10/01/2036
1,000
1,177
5.00%,
10/01/2045
1,000
1,173
California
Health
Facilities
Financing
Authority
4.00%,
06/01/2050
5,000
5,913
5.00%,
08/15/2031
2,700
3,291
5.00%,
08/15/2033
1,750
2,081
5.00%,
08/15/2034
2,000
2,431
5.00%,
02/01/2035
2,000
2,306
5.00%,
11/15/2046
(b)
4,504
5,406
5.00%,
11/15/2048
2,785
3,433
California
Health
Facilities
Financing
Authority
(credit
support
from
California
Mortgage
Insurance
)
5.00%,
07/01/2035
(a)
1,000
1,149
California
Housing
Finance
3.50%,
11/20/2035
9,455
11,263
4.25%,
01/15/2035
8,736
10,822
California
Infrastructure
&
Economic
Development
Bank
5.00%,
11/01/2029
5,000
6,581
5.00%,
08/01/2036
2,250
2,903
5.00%,
08/01/2037
1,000
1,287
5.00%,
08/01/2038
1,175
1,509
5.00%,
08/01/2039
1,130
1,448
California
Municipal
Finance
Authority
2.40%,
10/01/2044
(c)
4,000
4,419
4.00%,
07/15/2029
11,000
12,911
4.00%,
10/01/2039
2,150
2,449
5.00%,
05/15/2033
1,000
1,272
5.00%,
05/15/2034
1,000
1,270
5.00%,
12/31/2034
7,550
9,403
5.00%,
12/31/2036
3,000
3,725
5.00%,
05/15/2038
2,000
2,525
5.00%,
12/31/2038
5,500
6,802
5.00%,
10/01/2044
1,000
1,197
5.25%,
11/01/2036
4,000
4,748
California
Municipal
Finance
Authority
(credit
support
from
Build
America
Mutual
Assurance
Corp
)
4.00%,
05/15/2040
(a)
500
609
4.00%,
05/15/2046
(a)
1,000
1,206
5.00%,
05/15/2031
(a)
400
541
5.00%,
05/15/2043
(a)
600
756
5.00%,
05/15/2044
(a)
5,000
6,289
California
Municipal
Finance
Authority
(credit
support
from
Build
America
Mutual
Assurance
Corp
-
Transfer
Custodial
Receipt
)
5.00%,
05/15/2031
(a)
10,000
12,796
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
California
(continued)
California
Pollution
Control
Financing
Authority
3.00%,
11/01/2025
$
10,500
$
11,643
3.25%,
12/01/2027
(c)
2,000
2,166
4.30%,
07/01/2040
3,600
4,120
5.00%,
07/01/2029
(d)
1,000
1,235
5.00%,
07/01/2030
(d)
2,000
2,148
5.00%,
07/01/2037
(d)
10,000
10,535
5.00%,
07/01/2039
(d)
4,250
5,183
5.00%,
11/21/2045
(d)
4,500
5,419
California
Public
Finance
Authority
5.00%,
11/15/2036
(d)
275
331
5.00%,
11/15/2046
(d)
500
587
5.00%,
11/15/2051
(d)
250
292
5.00%,
11/15/2056
(d)
750
872
California
School
Finance
Authority
5.00%,
07/01/2035
(d)
1,925
2,206
5.00%,
08/01/2038
(d)
1,000
1,218
California
State
Public
Works
Board
5.00%,
11/01/2037
1,375
1,454
5.00%,
10/01/2039
4,500
5,117
California
State
University
5.00%,
11/01/2037
2,000
2,475
California
Statewide
Communities
Development
Authority
3.00%,
06/01/2029
(d)
750
806
4.00%,
02/01/2022
830
838
4.00%,
09/02/2029
1,000
1,149
4.00%,
07/01/2048
1,800
2,056
5.00%,
10/01/2028
1,875
2,182
5.00%,
11/01/2032
(d)
1,135
1,380
5.00%,
05/15/2034
5,210
6,213
5.00%,
06/01/2034
(d)
375
465
5.00%,
09/02/2034
1,000
1,246
5.00%,
12/01/2036
(d)
5,000
5,713
5.00%,
04/01/2038
(c)
10,000
13,324
5.00%,
09/02/2038
3,000
3,641
5.00%,
06/01/2039
(d)
475
582
5.00%,
09/02/2039
745
916
5.00%,
09/02/2039
900
1,105
5.00%,
09/02/2039
945
1,165
5.00%,
05/15/2040
3,840
4,536
5.00%,
09/02/2040
1,000
1,243
5.00%,
12/01/2041
(d)
1,100
1,247
5.00%,
09/02/2044
1,425
1,735
5.00%,
12/01/2046
(d)
1,620
1,827
5.00%,
09/02/2048
940
1,146
5.00%,
09/02/2049
600
735
5.00%,
06/01/2051
(d)
1,950
2,347
5.25%,
12/01/2034
3,500
3,994
5.25%,
12/01/2038
(d)
1,000
1,203
5.25%,
12/01/2043
(d)
3,825
4,561
California
Statewide
Financing
Authority
6.00%,
05/01/2043
2,050
2,069
6.00%,
05/01/2043
1,550
1,564
Chino
Valley
Unified
School
District
5.25%,
08/01/2047
2,000
2,527
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
1,181
5.00%,
09/01/2049
2,000
2,225
City
of
Los
Angeles
CA
Wastewater
System
Revenue
5.00%,
06/01/2034
2,000
2,336
Schedule
of
Investments
California
Municipal
Fund
July
31,
2021
(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
$
1,171
5.00%,
05/15/2026
3,500
4,235
5.00%,
05/15/2028
3,175
4,040
5.00%,
05/15/2031
295
319
5.00%,
05/15/2035
5,425
6,941
5.00%,
05/15/2036
1,500
1,739
5.00%,
05/15/2037
(b)
3,565
4,538
5.00%,
05/15/2038
1,155
1,467
5.00%,
05/15/2039
(b)
2,487
3,152
5.00%,
05/15/2042
(b)
4,058
4,825
5.00%,
05/15/2044
(b)
6,840
8,485
5.00%,
05/15/2044
(b)
3,068
3,844
5.00%,
05/15/2044
(b)
456
566
5.00%,
05/15/2047
(b)
2,902
3,542
5.25%,
05/15/2048
(b)
1,658
2,079
City
of
Oroville
CA
5.25%,
04/01/2049
2,500
2,863
City
of
Riverside
CA
Sewer
Revenue
5.00%,
08/01/2040
4,000
4,668
City
of
San
Francisco
CA
Public
Utilities
Commission
Water
Revenue
5.00%,
11/01/2034
1,800
2,205
5.00%,
11/01/2036
2,010
2,034
Coachella
Valley
Unified
School
District/
CA
(credit
support
from
Assured
Guaranty
Municipal
Corp
)
0.00%,
08/01/2039
(a),(e)
4,000
2,794
Compton
Public
Finance
Authority
4.50%,
09/01/2032
(d)
8,000
8,621
Contra
Costa
County
Schools
Pooled
Notes
2.00%,
12/01/2021
4,500
4,525
County
of
Sacramento
CA
Airport
System
Revenue
5.00%,
07/01/2036
1,350
1,617
5.00%,
07/01/2037
2,000
2,471
CSCDA
Community
Improvement
Authority
3.13%,
08/01/2056
(d)
3,000
3,077
4.00%,
08/01/2056
(d)
5,450
6,087
5.00%,
01/01/2054
(d)
5,000
5,945
Dinuba
Redevelopment
Agency
(credit
support
from
Build
America
Mutual
Assurance
Corp
)
5.00%,
09/01/2033
(a)
2,000
2,251
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
615
Foothill-De
Anza
Community
College
District
5.00%,
08/01/2040
1,500
1,500
Golden
State
Tobacco
Securitization
Corp
5.00%,
06/01/2026
1,000
1,211
5.00%,
06/01/2028
7,035
8,710
5.25%,
06/01/2047
7,500
7,765
5.30%,
06/01/2037
9,100
9,447
Golden
State
Tobacco
Securitization
Corp
(credit
support
from
State
of
California
Appropriations
)
5.00%,
06/01/2033
(a)
2,000
2,347
Indio
Redevelopment
Agency
Successor
Agency
5.63%,
08/15/2035
330
331
Inland
Valley
Development
Agency
5.25%,
09/01/2037
1,000
1,109
La
Verne
Public
Financing
Authority
7.25%,
09/01/2026
525
527
Long
Beach
Bond
Finance
Authority
5.00%,
11/15/2035
3,385
4,802
5.50%,
11/15/2030
1,010
1,368
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
California
(continued)
Los
Angeles
County
Metropolitan
Transportation
Authority
4.00%,
06/01/2036
$
9,000
$
11,177
4.00%,
06/01/2036
(f)
5,000
6,321
Los
Angeles
County
Public
Works
Financing
Authority
5.00%,
12/01/2033
2,000
2,380
5.00%,
08/01/2042
1,400
1,465
5.00%,
12/01/2045
(b)
5,500
6,451
Los
Angeles
County
Sanitation
Districts
Financing
Authority
5.00%,
10/01/2035
4,500
5,307
Los
Angeles
Unified
School
District/CA
5.00%,
07/01/2035
2,700
3,385
5.25%,
07/01/2042
8,125
10,197
Marin
Healthcare
District
5.00%,
08/01/2034
1,000
1,175
Merced
Union
High
School
District
0.00%,
08/01/2032
(e)
3,380
2,790
Metropolitan
Water
District
of
Southern
California
5.00%,
10/01/2045
1,410
1,831
Middle
Fork
Project
Finance
Authority
5.00%,
04/01/2036
3,550
4,514
Mountain
View
Shoreline
Regional
Park
Community
(credit
support
from
Assured
Guaranty
Municipal
Corp
)
5.00%,
08/01/2048
(a)
3,000
3,695
Norco
Community
Redevelopment
Agency
Successor
Agency
(credit
support
from
Build
America
Mutual
Assurance
Corp
)
5.00%,
03/01/2032
(a)
1,000
1,107
Norman
Y
Mineta
San
Jose
International
Airport
SJC
5.00%,
03/01/2041
6,000
7,226
5.00%,
03/01/2047
1,500
1,827
Oakland
Unified
School
District/Alameda
County
5.00%,
08/01/2040
3,400
3,981
Oakland
Unified
School
District/Alameda
County
(credit
support
from
Assured
Guaranty
Municipal
Corp
)
3.00%,
08/01/2040
(a)
2,250
2,417
4.00%,
08/01/2037
(a)
1,505
1,748
Pittsburg
Successor
Agency
Redevelopment
Agency
(credit
support
from
Assured
Guaranty
Municipal
Corp
)
5.00%,
09/01/2028
(a)
1,000
1,216
5.00%,
09/01/2029
(a)
1,000
1,215
Pittsburg
Unified
School
District
5.00%,
08/01/2043
2,900
3,319
Pomona
Unified
School
District
(credit
support
from
National
Public
Finance
Guarantee
Corp
)
6.15%,
08/01/2030
(a)
1,000
1,030
Port
Commission
of
the
City
&
County
of
San
Francisco
4.00%,
03/01/2035
1,000
1,062
Port
of
Los
Angeles
5.00%,
08/01/2032
1,740
1,961
Poway
Unified
School
District
0.00%,
08/01/2036
(e)
4,000
3,051
Regents
of
the
University
of
California
Medical
Center
Pooled
Revenue
5.00%,
05/15/2035
4,540
5,446
Rialto
Redevelopment
Agency
5.00%,
09/01/2037
1,000
1,248
Schedule
of
Investments
California
Municipal
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
3
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
California
(continued)
Richmond
Joint
Powers
Financing
Authority
(credit
support
from
Assured
Guaranty
Municipal
Corp
)
5.00%,
11/01/2035
(a)
$
1,180
$
1,488
5.00%,
11/01/2036
(a)
3,330
4,191
Ripon
Unified
School
District
(credit
support
from
Build
America
Mutual
Assurance
Corp
)
0.00%,
08/01/2033
(a),(e)
855
498
Ripon
Unified
School
District
-
Unrefunded
(credit
support
from
Build
America
Mutual
Assurance
Corp
)
0.00%,
08/01/2033
(a),(e)
255
149
Riverside
Community
Properties
Development
Inc
6.00%,
10/15/2038
1,000
1,130
Riverside
County
Public
Financing
Authority
(credit
support
from
Build
America
Mutual
Assurance
Corp
)
5.00%,
10/01/2029
(a)
1,500
1,764
Sacramento
Area
Flood
Control
Agency
5.00%,
10/01/2033
2,000
2,435
Sacramento
Municipal
Utility
District
5.00%,
08/15/2038
5,025
6,709
Salinas
Valley
Solid
Waste
Authority
(credit
support
from
Assured
Guaranty
Municipal
Corp
)
5.50%,
08/01/2031
(a)
3,250
3,733
San
Diego
Association
of
Governments
South
Bay
Expressway
Revenue
5.00%,
07/01/2036
1,500
1,846
5.00%,
07/01/2037
2,300
2,826
San
Diego
Convention
Center
Expansion
Financing
Authority
5.00%,
04/15/2025
5,000
5,172
San
Diego
County
Regional
Airport
Authority
4.00%,
07/01/2037
6,500
7,701
4.00%,
07/01/2038
2,000
2,365
4.00%,
07/01/2044
1,000
1,159
5.00%,
07/01/2042
5,000
6,069
5.00%,
07/01/2044
2,000
2,512
5.00%,
07/01/2049
1,500
1,866
San
Diego
County
Water
Authority
5.00%,
05/01/2031
1,000
1,391
San
Diego
Public
Facilities
Financing
Authority
4.00%,
08/01/2045
1,000
1,211
5.00%,
08/01/2030
1,000
1,360
San
Diego
Unified
School
District/CA
4.00%,
07/01/2038
2,120
2,572
San
Francisco
Bay
Area
Rapid
Transit
District
4.00%,
08/01/2033
1,500
1,868
4.00%,
08/01/2045
3,000
3,624
San
Francisco
Bay
Area
Rapid
Transit
District
Sales
Tax
Revenue
4.00%,
07/01/2036
3,035
3,565
4.00%,
07/01/2037
2,500
2,931
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
5.00%,
05/01/2031
1,000
1,203
5.00%,
05/01/2034
1,000
1,274
5.00%,
05/01/2038
2,500
3,219
5.00%,
05/01/2042
1,500
1,825
San
Joaquin
Hills
Transportation
Corridor
Agency
5.00%,
01/15/2034
7,800
8,880
San
Luis
Obispo
County
Financing
Authority
(credit
support
from
Assured
Guaranty
Municipal
Corp
)
5.00%,
08/01/2030
(a)
1,000
1,004
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
California
(continued)
San
Luis
Obispo
County
Financing
Authority
(credit
support
from
Build
America
Mutual
Assurance
Corp
)
5.00%,
09/01/2037
(a)
$
1,000
$
1,171
San
Mateo
Foster
City
Public
Financing
Authority
4.00%,
08/01/2037
2,070
2,531
San
Ramon
Valley
Fire
Protection
District
4.00%,
08/01/2050
900
1,070
Santa
Margarita-Dana
Point
Authority
4.00%,
06/01/2045
1,490
1,792
Santa
Monica-Malibu
Unified
School
District
3.00%,
08/01/2049
4,650
4,954
4.00%,
08/01/2038
2,975
3,519
4.00%,
08/01/2039
1,510
1,783
Southern
California
Public
Power
Authority
5.00%,
11/01/2028
2,150
2,741
5.00%,
11/01/2029
2,725
3,528
State
of
California
2.45%,
12/01/2031
235
239
4.00%,
09/01/2033
1,580
1,841
5.00%,
09/01/2034
5,000
6,077
5.00%,
02/01/2038
1,450
1,553
5.00%,
04/01/2043
3,380
3,644
Stockton
Unified
School
District
(credit
support
from
Assured
Guaranty
Municipal
Corp
)
5.00%,
08/01/2038
(a)
1,500
1,693
Tobacco
Securitization
Authority
of
Southern
California
5.00%,
06/01/2034
1,000
1,305
5.00%,
06/01/2035
500
652
5.00%,
06/01/2036
2,645
3,439
5.00%,
06/01/2048
5,000
6,334
Transbay
Joint
Powers
Authority
5.00%,
10/01/2030
400
529
5.00%,
10/01/2035
500
652
5.00%,
10/01/2037
700
907
5.00%,
10/01/2038
1,000
1,291
5.00%,
10/01/2045
1,500
1,909
Travis
Unified
School
District
(credit
support
from
Assured
Guaranty
Municipal
Corp
)
5.00%,
09/01/2029
(a)
1,000
1,171
Tulare
County
Transportation
Authority
5.00%,
02/01/2029
1,000
1,116
University
of
California
4.00%,
05/15/2037
3,365
4,207
5.00%,
05/15/2044
295
335
5.00%,
05/15/2044
705
791
West
Valley-Mission
Community
College
District
4.00%,
08/01/2044
5,000
6,019
Woodland-Davis
Clean
Water
Agency
(credit
support
from
Assured
Guaranty
Municipal
Corp
)
5.00%,
03/01/2039
(a)
1,500
1,767
$
694,632
Guam
-
1.79%
Guam
Government
Waterworks
Authority
5.00%,
01/01/2046
2,525
2,871
5.00%,
01/01/2050
5,390
6,666
Port
Authority
of
Guam
5.00%,
07/01/2048
1,000
1,184
Territory
of
Guam
4.00%,
01/01/2036
(f)
1,750
2,051
$
12,772
Schedule
of
Investments
California
Municipal
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
4
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Puerto
Rico
-
0.58%
Commonwealth
of
Puerto
Rico
0.00%,
07/01/2026
(e)
$
3,000
$
2,707
0.00%,
07/01/2039
(e)
1,590
1,435
$
4,142
TOTAL
MUNICIPAL
BONDS
$
711,546
Total
Investments
$
713,407
Liability
for
Floating
Rate
Notes
Issued
in
Conjunction
with
Securities
Held
-
(3.16)%
Notes
with
interest
rates
of
0.04%
-
0.08%
at
July
31,
2021
and
contractual
maturities
of
collateral
of
2023-2027.
(g)
$
(22,608)
(22,608)
Total
Net
Investments
$
690,799
Other
Assets
and
Liabilities
- 3.34%
23,899
TOTAL
NET
ASSETS
-
100.00%
$
714,698
(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.
(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
$73,887
or
10.34%
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,
2021.
Portfolio
Summary (unaudited)
Sector
Percent
Revenue
Bonds
74.05%
General
Obligation
Unlimited
10.03%
Insured
8.82%
Special
Assessment
2.46%
Prerefunded
2.04%
Tax
Allocation
1.07%
Revenue
Notes
0
.63%
Special
Tax
0.31%
Investment
Companies
0.26%
Certificate
Participation
0.15%
Liability
For
Floating
Rate
Notes
Issued
(3.16)%
Other
Assets
and
Liabilities
3.34%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Core
Fixed
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
5
INVESTMENT
COMPANIES
-
2
.82
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
2
.82
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
0.03%
(a),(b)
2,728,021
$
2,728
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c),(d)
296,657,693
296,658
$
299,386
TOTAL
INVESTMENT
COMPANIES
$
299,386
COMMON
STOCKS
-
0
.36
%
Shares
Held
Value
(000's)
Oil
&
Gas
-
0
.13
%
Whiting
Petroleum
Corp
(d)
294,723
$
13,822
Transportation
-
0
.23
%
Trailer
Bridge
Inc
(d),(e),(f)
178,279
24,188
TOTAL
COMMON
STOCKS
$
38,010
BONDS
-
62
.29
%
Principal
Amount
(000's)
Value
(000's)
Airlines
-
0
.71
%
Alaska
Airlines
2020-1
Class
A
Pass
Through
Trust
4.80%,
02/15/2029
(g)
$
28,824
$
32,005
Delta
Air
Lines
Inc
/
SkyMiles
IP
Ltd
4.75%,
10/20/2028
(g)
24,492
27,370
United
Airlines
2013-1
Class
A
Pass
Through
Trust
4.30%,
02/15/2027
6,528
7,087
United
Airlines
2019-2
Class
AA
Pass
Through
Trust
2.70%,
11/01/2033
8,650
8,730
$
75,192
Apparel
-
0
.14
%
Under
Armour
Inc
3.25%,
06/15/2026
14,750
15,285
Automobile
Floor
Plan
Asset
Backed
Securities
-
0
.83
%
Ford
Credit
Floorplan
Master
Owner
Trust
A
0.49%,
10/15/2023
1,000
1,001
1.00
x
1
Month
USD
LIBOR
+
0.40%
0.69%,
09/15/2024
40,000
40,236
1.00
x
1
Month
USD
LIBOR
+
0.60%
Nissan
Master
Owner
Trust
Receivables
0.52%,
11/15/2023
20,000
20,023
1.00
x
1
Month
USD
LIBOR
+
0.43%
0.65%,
02/15/2024
26,845
26,922
1.00
x
1
Month
USD
LIBOR
+
0.56%
$
88,182
Automobile
Manufacturers
-
1
.05
%
American
Honda
Finance
Corp
0.40%,
10/21/2022
30,000
30,063
0.55%,
07/12/2024
15,000
14,958
1.95%,
05/20/2022
48,000
48,679
2.30%,
09/09/2026
7,000
7,423
3.80%,
09/20/2021
(g)
10,000
10,047
$
111,170
Banks
-
11
.04
%
Bank
of
America
Corp
0.81%,
10/24/2024
(h)
20,000
20,073
Secured
Overnight
Financing
Rate
+
0.74%
2.46%,
10/22/2025
(h)
35,000
36,676
3
Month
USD
LIBOR
+
0.87%
2.88%,
04/24/2023
(h)
15,000
15,271
3
Month
USD
LIBOR
+
1.02%
3.19%,
07/23/2030
(h)
8,000
8,677
3
Month
USD
LIBOR
+
1.18%
3.88%,
08/01/2025
10,000
11,153
3.97%,
02/07/2030
(h)
8,000
9,103
3
Month
USD
LIBOR
+
1.21%
6.75%,
06/01/2028
2,000
2,602
Bank
of
New
York
Mellon
Corp/The
0.35%,
12/07/2023
18,000
18,006
1.65%,
01/28/2031
10,000
9,981
2.10%,
10/24/2024
50,000
52,384
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Bank
of
New
York
Mellon
Corp/The
(continued)
2.20%,
08/16/2023
$
9,500
$
9,835
2.80%,
05/04/2026
8,000
8,658
3.00%,
10/30/2028
9,000
9,974
Citigroup
Inc
0.78%,
10/30/2024
(h)
9,000
9,036
Secured
Overnight
Financing
Rate
+
0.69%
2.98%,
11/05/2030
(h)
51,000
54,547
Secured
Overnight
Financing
Rate
+
1.42%
3.88%,
03/26/2025
23,000
25,261
4.45%,
09/29/2027
8,000
9,231
4.50%,
01/14/2022
4,900
4,994
Cullen/Frost
Bankers
Inc
4.50%,
03/17/2027
11,000
12,581
Fifth
Third
Bancorp
2.38%,
01/28/2025
59,000
61,975
2.60%,
06/15/2022
10,000
10,185
3.65%,
01/25/2024
14,000
15,011
Goldman
Sachs
Group
Inc/The
0.63%,
11/17/2023
(h)
15,000
15,005
Secured
Overnight
Financing
Rate
+
0.54%
1.99%,
01/27/2032
(h)
15,000
14,776
Secured
Overnight
Financing
Rate
+
1.09%
3.50%,
11/16/2026
21,000
22,933
3.63%,
01/22/2023
7,000
7,339
3.81%,
04/23/2029
(h)
13,000
14,648
3
Month
USD
LIBOR
+
1.16%
4.25%,
10/21/2025
23,500
26,376
JPMorgan
Chase
&
Co
1.05%,
11/19/2026
(h)
9,000
8,947
Secured
Overnight
Financing
Rate
+
0.80%
2.53%,
11/19/2041
(h)
9,000
8,802
Secured
Overnight
Financing
Rate
+
1.51%
2.74%,
10/15/2030
(h)
47,000
49,668
Secured
Overnight
Financing
Rate
+
1.51%
3.25%,
09/23/2022
5,000
5,169
3.60%,
10/30/2021
(i)
3,911
3,931
3
Month
USD
LIBOR
+
3.47%
3.63%,
05/13/2024
15,900
17,252
3.90%,
07/15/2025
8,000
8,870
KeyCorp
2.25%,
04/06/2027
30,000
31,387
2.55%,
10/01/2029
50,000
53,033
Morgan
Stanley
0.86%,
10/21/2025
(h)
7,500
7,505
Secured
Overnight
Financing
Rate
+
0.75%
1.79%,
02/13/2032
(h)
10,000
9,722
Secured
Overnight
Financing
Rate
+
1.03%
1.93%,
04/28/2032
(h)
6,250
6,136
Secured
Overnight
Financing
Rate
+
1.02%
2.70%,
01/22/2031
(h)
38,000
40,057
Secured
Overnight
Financing
Rate
+
1.14%
2.72%,
07/22/2025
(h)
12,000
12,628
Secured
Overnight
Financing
Rate
+
1.15%
3.95%,
04/23/2027
10,000
11,261
4.00%,
07/23/2025
5,000
5,566
4.88%,
11/01/2022
2,000
2,109
6.25%,
08/09/2026
4,000
4,972
PNC
Bank
NA
2.70%,
10/22/2029
53,000
56,870
2.95%,
02/23/2025
10,000
10,757
3.10%,
10/25/2027
4,750
5,247
PNC
Financial
Services
Group
Inc/The
2.31%,
04/23/2032
(h)
15,000
15,559
Secured
Overnight
Financing
Rate
+
0.98%
6.75%,
11/01/2021
(i)
19,800
19,843
3
Month
USD
LIBOR
+
3.68%
Schedule
of
Investments
Core
Fixed
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
6
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Truist
Bank
2.64%,
09/17/2029
(h)
$
52,000
$
54,529
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.15%
2.75%,
05/01/2023
21,000
21,870
3.30%,
05/15/2026
5,000
5,518
Truist
Financial
Corp
1.27%,
03/02/2027
(h)
5,500
5,529
Secured
Overnight
Financing
Rate
+
0.61%
2.70%,
01/27/2022
9,500
9,596
US
Bancorp
2.95%,
07/15/2022
5,000
5,119
3.00%,
03/15/2022
2,000
2,030
3.00%,
07/30/2029
6,000
6,573
3.15%,
04/27/2027
3,800
4,207
3.60%,
09/11/2024
12,000
13,063
3.90%,
04/26/2028
5,000
5,802
US
Bank
NA/Cincinnati
OH
1.95%,
01/09/2023
35,000
35,827
2.80%,
01/27/2025
7,000
7,513
Wells
Fargo
&
Co
2.41%,
10/30/2025
(h)
32,000
33,462
Secured
Overnight
Financing
Rate
+
1.09%
2.88%,
10/30/2030
(h)
32,000
34,196
Secured
Overnight
Financing
Rate
+
1.43%
3.07%,
01/24/2023
16,000
16,221
$
1,172,637
Beverages
-
0
.65
%
Anheuser-Busch
Cos
LLC
/
Anheuser-Busch
InBev
Worldwide
Inc
4.70%,
02/01/2036
34,000
42,300
Anheuser-Busch
InBev
Worldwide
Inc
4.90%,
01/23/2031
21,000
26,180
$
68,480
Biotechnology
-
1
.98
%
Amgen
Inc
2.20%,
02/21/2027
11,500
12,092
2.45%,
02/21/2030
40,000
41,856
3.63%,
05/15/2022
8,000
8,141
Biogen
Inc
2.25%,
05/01/2030
65,000
66,207
Gilead
Sciences
Inc
1.20%,
10/01/2027
19,000
18,770
2.60%,
10/01/2040
19,000
18,894
3.50%,
02/01/2025
10,000
10,836
3.65%,
03/01/2026
21,000
23,273
4.40%,
12/01/2021
9,900
9,932
$
210,001
Chemicals
-
0
.73
%
Air
Liquide
Finance
SA
2.25%,
09/10/2029
(g)
24,000
25,152
Westlake
Chemical
Corp
3.38%,
06/15/2030
4,500
4,918
3.60%,
08/15/2026
43,000
47,513
$
77,583
Commercial
Services
-
0
.31
%
ERAC
USA
Finance
LLC
3.30%,
10/15/2022
(g)
7,000
7,237
4.50%,
08/16/2021
(g)
6,000
6,009
7.00%,
10/15/2037
(g)
13,000
19,743
$
32,989
Computers
-
0
.99
%
Apple
Inc
1.13%,
05/11/2025
10,000
10,132
2.05%,
09/11/2026
30,000
31,508
2.38%,
02/08/2041
20,000
19,700
2.40%,
05/03/2023
14,650
15,191
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Computers
(continued)
Apple
Inc
(continued)
3.20%,
05/11/2027
$
13,000
$
14,419
3.25%,
02/23/2026
13,000
14,302
$
105,252
Credit
Card
Asset
Backed
Securities
-
1
.26
%
American
Express
Credit
Account
Master
Trust
0.33%,
04/15/2024
35,000
35,010
1.00
x
1
Month
USD
LIBOR
+
0.24%
BA
Credit
Card
Trust
0.34%,
05/15/2026
43,000
42,971
CARDS
II
Trust
0.60%,
04/15/2027
(g)
55,500
55,540
$
133,521
Diversified
Financial
Services
-
0
.45
%
Jefferies
Group
LLC
2.75%,
10/15/2032
8,000
8,203
5.13%,
01/20/2023
1,500
1,599
6.25%,
01/15/2036
10,325
14,073
Jefferies
Group
LLC
/
Jefferies
Group
Capital
Finance
Inc
4.15%,
01/23/2030
19,000
21,714
4.85%,
01/15/2027
1,750
2,050
$
47,639
Electric
-
9
.38
%
AEP
Transmission
Co
LLC
3.15%,
09/15/2049
24,000
25,918
Alabama
Power
Co
1.45%,
09/15/2030
25,000
24,347
3.13%,
07/15/2051
19,000
20,251
3.45%,
10/01/2049
42,000
47,171
Alliant
Energy
Finance
LLC
1.40%,
03/15/2026
(g)
4,500
4,498
American
Electric
Power
Co
Inc
1.00%,
11/01/2025
11,450
11,431
Berkshire
Hathaway
Energy
Co
2.85%,
05/15/2051
23,000
22,951
4.05%,
04/15/2025
10,000
11,132
Black
Hills
Corp
2.50%,
06/15/2030
15,000
15,551
3.05%,
10/15/2029
39,500
42,808
3.15%,
01/15/2027
7,500
8,080
4.35%,
05/01/2033
8,000
9,487
Dayton
Power
&
Light
Co/The
3.95%,
06/15/2049
10,000
11,545
Entergy
Corp
2.40%,
06/15/2031
24,000
24,424
Entergy
Louisiana
LLC
2.90%,
03/15/2051
18,500
18,809
3.25%,
04/01/2028
12,000
13,246
4.20%,
09/01/2048
31,000
38,673
Florida
Power
&
Light
Co
2.85%,
04/01/2025
3,000
3,219
3.15%,
10/01/2049
25,000
27,618
Interstate
Power
and
Light
Co
2.30%,
06/01/2030
9,500
9,831
3.50%,
09/30/2049
66,000
72,830
Louisville
Gas
and
Electric
Co
3.30%,
10/01/2025
3,000
3,267
Metropolitan
Edison
Co
3.50%,
03/15/2023
(g)
9,900
10,263
4.30%,
01/15/2029
(g)
14,000
15,940
Monongahela
Power
Co
3.55%,
05/15/2027
(g)
20,000
22,209
Nevada
Power
Co
2.40%,
05/01/2030
20,500
21,341
NextEra
Energy
Capital
Holdings
Inc
2.75%,
11/01/2029
51,000
54,400
Schedule
of
Investments
Core
Fixed
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
7
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
Northern
States
Power
Co/MN
2.90%,
03/01/2050
$
18,500
$
19,419
Oncor
Electric
Delivery
Co
LLC
0.55%,
10/01/2025
13,000
12,780
2.95%,
04/01/2025
7,000
7,499
3.10%,
09/15/2049
33,500
36,010
4.10%,
11/15/2048
5,000
6,253
5.75%,
03/15/2029
21,000
26,666
PacifiCorp
5.25%,
06/15/2035
5,750
7,531
6.25%,
10/15/2037
2,500
3,604
PPL
Electric
Utilities
Corp
3.00%,
10/01/2049
17,000
18,180
Public
Service
Co
of
Colorado
1.88%,
06/15/2031
11,500
11,590
3.20%,
03/01/2050
15,000
16,696
Solar
Star
Funding
LLC
3.95%,
06/30/2035
(g)
5,768
6,190
5.38%,
06/30/2035
(g)
20,425
23,507
Southwestern
Electric
Power
Co
1.65%,
03/15/2026
24,000
24,491
2.75%,
10/01/2026
10,000
10,726
3.55%,
02/15/2022
12,900
13,013
3.85%,
02/01/2048
12,500
14,034
Talen
Energy
Supply
LLC
4.60%,
12/15/2021
11,750
11,221
TransAlta
Corp
4.50%,
11/15/2022
19,650
20,230
Tucson
Electric
Power
Co
3.05%,
03/15/2025
2,000
2,148
3.25%,
05/01/2051
18,000
19,284
3.85%,
03/15/2023
19,900
20,803
4.85%,
12/01/2048
7,000
9,236
5.15%,
11/15/2021
3,000
3,007
Xcel
Energy
Inc
2.60%,
12/01/2029
32,000
33,890
3.50%,
12/01/2049
24,000
26,686
$
995,934
Electronics
-
0
.49
%
Keysight
Technologies
Inc
3.00%,
10/30/2029
48,000
51,650
Environmental
Control
-
0
.56
%
Republic
Services
Inc
1.75%,
02/15/2032
29,500
28,790
2.30%,
03/01/2030
16,500
17,043
3.20%,
03/15/2025
13,000
13,941
$
59,774
Food
-
0
.22
%
Kraft
Heinz
Foods
Co
3.75%,
04/01/2030
21,000
23,240
Gas
-
0
.44
%
NiSource
Inc
2.95%,
09/01/2029
29,000
31,132
3.60%,
05/01/2030
14,000
15,670
$
46,802
Healthcare
-
Services
-
0
.64
%
HCA
Inc
4.13%,
06/15/2029
14,000
15,979
5.63%,
09/01/2028
2,000
2,405
5.88%,
05/01/2023
4,500
4,871
7.50%,
11/06/2033
1,950
2,757
UnitedHealth
Group
Inc
2.00%,
05/15/2030
9,000
9,212
2.88%,
08/15/2029
15,000
16,382
3.50%,
08/15/2039
14,000
15,928
$
67,534
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
-
3
.40
%
Berkshire
Hathaway
Finance
Corp
1.45%,
10/15/2030
$
36,500
$
36,115
1.85%,
03/12/2030
8,000
8,176
2.50%,
01/15/2051
12,500
11,947
2.85%,
10/15/2050
30,500
31,260
Berkshire
Hathaway
Inc
3.00%,
02/11/2023
8,000
8,344
3.75%,
08/15/2021
(j)
5,000
5,006
Fidelity
National
Financial
Inc
3.40%,
06/15/2030
32,000
34,982
4.50%,
08/15/2028
39,500
45,750
5.50%,
09/01/2022
5,000
5,270
First
American
Financial
Corp
2.40%,
08/15/2031
(k)
22,000
21,782
4.00%,
05/15/2030
28,000
31,613
4.30%,
02/01/2023
21,800
22,950
4.60%,
11/15/2024
5,000
5,545
Five
Corners
Funding
Trust
4.42%,
11/15/2023
(g)
49,500
53,801
Prudential
Financial
Inc
2.10%,
03/10/2030
(j)
23,000
23,593
3.88%,
03/27/2028
7,000
8,083
4.50%,
11/16/2021
7,000
7,085
$
361,302
Internet
-
1
.02
%
Amazon.com
Inc
2.80%,
08/22/2024
44,000
46,892
2.88%,
05/12/2041
20,000
21,035
4.05%,
08/22/2047
32,650
40,343
$
108,270
Iron
&
Steel
-
0
.15
%
Allegheny
Technologies
Inc
7.88%,
08/15/2023
14,750
16,127
Lodging
-
0
.55
%
Choice
Hotels
International
Inc
3.70%,
12/01/2029
42,000
45,838
3.70%,
01/15/2031
11,000
12,062
$
57,900
Media
-
1
.83
%
Comcast
Corp
2.65%,
02/01/2030
33,000
35,066
3.30%,
02/01/2027
10,000
11,046
3.95%,
10/15/2025
15,000
16,822
4.25%,
10/15/2030
4,500
5,346
6.45%,
03/15/2037
1,800
2,651
Discovery
Communications
LLC
3.63%,
05/15/2030
9,000
9,923
4.13%,
05/15/2029
22,000
25,006
5.30%,
05/15/2049
13,000
16,719
Time
Warner
Cable
LLC
6.55%,
05/01/2037
7,400
10,191
6.75%,
06/15/2039
6,000
8,526
7.30%,
07/01/2038
7,750
11,375
Walt
Disney
Co/The
2.00%,
09/01/2029
28,000
28,705
6.40%,
12/15/2035
8,900
13,211
$
194,587
Oil
&
Gas
-
2
.09
%
BP
Capital
Markets
America
Inc
2.94%,
04/06/2023
7,000
7,296
3.12%,
05/04/2026
10,000
10,899
3.41%,
02/11/2026
13,000
14,285
3.94%,
09/21/2028
13,000
14,945
BP
Capital
Markets
PLC
2.50%,
11/06/2022
7,000
7,203
Schedule
of
Investments
Core
Fixed
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
8
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Oil
&
Gas
(continued)
Canadian
Natural
Resources
Ltd
2.05%,
07/15/2025
$
9,000
$
9,276
3.80%,
04/15/2024
35,000
37,556
Helmerich
&
Payne
Inc
4.65%,
03/15/2025
7,000
7,846
Marathon
Petroleum
Corp
5.13%,
12/15/2026
8,500
10,016
Nabors
Industries
Inc
5.10%,
09/15/2023
5,000
4,650
Phillips
66
1.30%,
02/15/2026
11,500
11,525
4.30%,
04/01/2022
28,000
28,733
Suncor
Energy
Inc
2.80%,
05/15/2023
16,500
17,150
3.60%,
12/01/2024
18,000
19,464
4.00%,
11/15/2047
4,500
5,142
9.25%,
10/15/2021
9,475
9,645
W&T
Offshore
Inc
9.75%,
11/01/2023
(g)
6,750
6,479
$
222,110
Oil
&
Gas
Services
-
0
.44
%
Schlumberger
Holdings
Corp
3.63%,
12/21/2022
(g)
10,000
10,334
4.00%,
12/21/2025
(g)
33,000
36,824
$
47,158
Other
Asset
Backed
Securities
-
1
.87
%
Drug
Royalty
III
LP
1
1.73%,
10/15/2031
(g)
1,735
1,718
1.00
x
3
Month
USD
LIBOR
+
1.60%
4.27%,
10/15/2031
(g)
2,230
2,288
PFS
Financing
Corp
0.64%,
09/15/2023
(g)
40,000
40,012
1.00
x
1
Month
USD
LIBOR
+
0.55%
0.64%,
04/15/2024
(g)
13,000
13,034
1.00
x
1
Month
USD
LIBOR
+
0.55%
0.71%,
04/15/2026
(g)
14,000
14,013
0.78%,
08/15/2026
(g)
39,000
38,974
Trafigura
Securitisation
Finance
PLC
2021-1
0.61%,
01/15/2025
(g)
37,500
37,500
1.00
x
1
Month
USD
LIBOR
+
0.53%
Verizon
Owner
Trust
2019-C
0.50%,
04/22/2024
42,500
42,617
1.00
x
1
Month
USD
LIBOR
+
0.42%
Verizon
Owner
Trust
2020-C
0.41%,
04/21/2025
8,500
8,522
$
198,678
Packaging
&
Containers
-
0
.10
%
Sealed
Air
Corp
5.50%,
09/15/2025
(g)
2,000
2,220
6.88%,
07/15/2033
(g)
6,900
8,832
$
11,052
Pharmaceuticals
-
2
.28
%
AbbVie
Inc
2.15%,
11/19/2021
33,000
33,193
2.30%,
11/21/2022
18,000
18,455
2.90%,
11/06/2022
15,000
15,469
Bristol-Myers
Squibb
Co
1.13%,
11/13/2027
12,500
12,543
1.45%,
11/13/2030
10,000
9,807
3.20%,
06/15/2026
20,000
22,025
3.40%,
07/26/2029
27,000
30,582
3.45%,
11/15/2027
9,000
10,148
3.90%,
02/20/2028
10,500
12,176
CVS
Health
Corp
1.30%,
08/21/2027
14,000
13,906
3.00%,
08/15/2026
17,000
18,458
4.30%,
03/25/2028
13,000
15,052
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pharmaceuticals
(continued)
CVS
Health
Corp
(continued)
5.05%,
03/25/2048
$
23,000
$
30,644
$
242,458
Pipelines
-
1
.77
%
ANR
Pipeline
Co
9.63%,
11/01/2021
900
920
Buckeye
Partners
LP
3.95%,
12/01/2026
10,500
10,635
4.15%,
07/01/2023
10,000
10,331
4.35%,
10/15/2024
8,000
8,380
Columbia
Pipeline
Group
Inc
4.50%,
06/01/2025
11,900
13,424
El
Paso
Natural
Gas
Co
LLC
7.50%,
11/15/2026
11,400
14,592
NGPL
PipeCo
LLC
3.25%,
07/15/2031
(g)
15,000
15,640
4.88%,
08/15/2027
(g)
43,000
49,623
Plains
All
American
Pipeline
LP
/
PAA
Finance
Corp
4.50%,
12/15/2026
13,500
15,285
Southeast
Supply
Header
LLC
4.25%,
06/15/2024
(g)
14,650
14,467
Southern
Natural
Gas
Co
LLC
8.00%,
03/01/2032
4,750
6,889
Tennessee
Gas
Pipeline
Co
LLC
8.38%,
06/15/2032
2,000
2,982
TransCanada
PipeLines
Ltd
6.10%,
06/01/2040
7,000
9,762
7.25%,
08/15/2038
10,000
15,422
$
188,352
REITs
-
9
.87
%
Alexandria
Real
Estate
Equities
Inc
1.88%,
02/01/2033
13,000
12,583
2.00%,
05/18/2032
14,000
13,936
2.75%,
12/15/2029
14,500
15,372
3.38%,
08/15/2031
30,000
33,551
4.30%,
01/15/2026
9,900
11,158
4.90%,
12/15/2030
4,250
5,255
American
Tower
Corp
1.88%,
10/15/2030
20,000
19,639
2.10%,
06/15/2030
3,000
3,002
2.40%,
03/15/2025
7,000
7,327
2.75%,
01/15/2027
53,000
56,420
2.95%,
01/15/2051
10,000
9,840
3.38%,
10/15/2026
5,000
5,467
CBL
&
Associates
LP
0.00%,
12/15/2026
(d)
13,750
7,786
Crown
Castle
International
Corp
2.25%,
01/15/2031
13,000
13,036
2.90%,
04/01/2041
30,000
29,612
3.10%,
11/15/2029
8,000
8,609
4.00%,
11/15/2049
17,000
19,394
4.30%,
02/15/2029
13,000
15,114
CubeSmart
LP
2.00%,
02/15/2031
26,000
25,830
3.00%,
02/15/2030
18,000
19,269
4.00%,
11/15/2025
5,000
5,528
4.38%,
12/15/2023
8,000
8,624
4.38%,
02/15/2029
2,000
2,309
Duke
Realty
LP
2.88%,
11/15/2029
12,500
13,376
3.25%,
06/30/2026
5,000
5,457
3.38%,
12/15/2027
25,000
27,725
Healthcare
Realty
Trust
Inc
2.40%,
03/15/2030
9,000
9,166
3.63%,
01/15/2028
3,500
3,882
3.88%,
05/01/2025
5,000
5,468
Schedule
of
Investments
Core
Fixed
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
9
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
REITs
(continued)
Healthpeak
Properties
Inc
2.88%,
01/15/2031
$
7,000
$
7,470
3.00%,
01/15/2030
50,000
54,251
Omega
Healthcare
Investors
Inc
3.38%,
02/01/2031
46,000
47,858
3.63%,
10/01/2029
32,000
34,593
4.75%,
01/15/2028
7,000
8,006
5.25%,
01/15/2026
8,000
9,167
Physicians
Realty
LP
4.30%,
03/15/2027
22,400
25,728
SBA
Tower
Trust
1.63%,
05/15/2051
(g)
46,000
46,560
2.33%,
07/15/2052
(g)
10,000
10,479
2.84%,
01/15/2050
(g)
30,000
31,295
Service
Properties
Trust
4.35%,
10/01/2024
12,000
12,081
4.50%,
06/15/2023
5,000
5,113
4.65%,
03/15/2024
(j)
5,650
5,749
4.95%,
02/15/2027
5,900
5,797
5.00%,
08/15/2022
14,650
14,848
Simon
Property
Group
LP
2.00%,
09/13/2024
32,000
33,251
2.75%,
02/01/2023
7,000
7,206
STORE
Capital
Corp
2.75%,
11/18/2030
18,500
19,037
4.63%,
03/15/2029
33,500
38,890
Ventas
Realty
LP
3.00%,
01/15/2030
8,000
8,514
3.85%,
04/01/2027
21,000
23,682
Ventas
Realty
LP
/
Ventas
Capital
Corp
3.25%,
08/15/2022
9,650
9,866
Welltower
Inc
2.70%,
02/15/2027
12,000
12,830
2.75%,
01/15/2031
7,000
7,359
3.10%,
01/15/2030
23,000
24,805
4.13%,
03/15/2029
6,000
6,910
4.25%,
04/15/2028
4,000
4,625
4.50%,
01/15/2024
5,000
5,426
Weyerhaeuser
Co
7.38%,
03/15/2032
40,000
58,244
WP
Carey
Inc
2.40%,
02/01/2031
21,000
21,449
3.85%,
07/15/2029
30,000
33,776
$
1,048,600
Savings
&
Loans
-
0
.06
%
First
Niagara
Financial
Group
Inc
7.25%,
12/15/2021
6,500
6,662
Semiconductors
-
0
.47
%
NVIDIA
Corp
2.00%,
06/15/2031
19,000
19,336
2.85%,
04/01/2030
14,000
15,309
3.50%,
04/01/2040
13,000
14,898
$
49,543
Software
-
0
.59
%
Oracle
Corp
2.50%,
05/15/2022
35,000
35,473
2.95%,
05/15/2025
25,900
27,642
$
63,115
Telecommunications
-
2
.16
%
Corning
Inc
4.75%,
03/15/2042
4,650
5,925
5.45%,
11/15/2079
43,500
63,240
Crown
Castle
Towers
LLC
4.24%,
07/15/2048
(g)
16,000
18,152
Qwest
Corp
6.75%,
12/01/2021
20,800
21,190
Sprint
Corp
7.88%,
09/15/2023
7,750
8,768
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Telecommunications
(continued)
Sprint
Spectrum
Co
LLC
/
Sprint
Spectrum
Co
II
LLC
/
Sprint
Spectrum
Co
III
LLC
3.36%,
03/20/2023
(g)
$
2,406
$
2,415
5.15%,
03/20/2028
(g)
34,500
39,734
T-Mobile
USA
Inc
2.05%,
02/15/2028
10,000
10,225
2.55%,
02/15/2031
20,000
20,473
3.00%,
02/15/2041
39,000
39,258
$
229,380
Transportation
-
0
.77
%
Ryder
System
Inc
2.90%,
12/01/2026
51,000
55,010
3.35%,
09/01/2025
25,000
27,168
$
82,178
Trucking
&
Leasing
-
1
.00
%
Penske
Truck
Leasing
Co
Lp
/
PTL
Finance
Corp
1.20%,
11/15/2025
(g)
22,000
21,939
1.70%,
06/15/2026
(g)
39,000
39,543
2.70%,
11/01/2024
(g)
28,000
29,474
3.45%,
07/01/2024
(g)
9,000
9,646
4.88%,
07/11/2022
(g)
5,500
5,724
$
106,326
TOTAL
BONDS
$
6,616,663
SENIOR
FLOATING
RATE
INTERESTS
-
0
.54
%
Principal
Amount
(000's)
Value
(000's)
Pipelines
-
0
.09
%
BCP
Renaissance
Parent
LLC
4.50%,
10/31/2024
(l)
$
9,451
$
9,321
3
Month
USD
LIBOR
+
2.00%
Software
-
0
.45
%
Ivanti
Software
Inc
5.75%,
11/22/2027
(l)
47,880
47,780
1
Month
USD
LIBOR
+
4.75%
TOTAL
SENIOR
FLOATING
RATE
INTERESTS
$
57,101
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
34
.23
%
Principal
Amount
(000's)
Value
(000's)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
-
0
.72
%
3.00%,
10/01/2042
$
5,840
$
6,284
3.00%,
10/01/2042
5,924
6,336
3.00%,
11/01/2042
6,100
6,534
3.00%,
06/01/2043
6,023
6,441
3.00%,
12/01/2046
10,379
11,081
3.00%,
07/01/2047
7,983
8,431
3.50%,
04/01/2042
3,806
4,141
3.50%,
04/01/2045
5,209
5,706
3.50%,
03/01/2048
11,876
13,002
4.00%,
02/01/2046
7,996
8,819
9.00%,
01/01/2025
1
1
$
76,776
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
-
18
.85
%
2.00%,
10/01/2050
50,200
51,413
2.00%,
11/01/2050
50,471
51,668
2.00%,
12/01/2050
50,696
51,919
2.00%,
12/01/2050
50,660
51,882
2.50%,
09/01/2050
47,420
49,731
2.50%,
10/01/2050
48,376
50,597
2.50%,
10/01/2050
46,924
49,026
2.50%,
10/01/2050
48,437
50,664
2.50%,
11/01/2050
45,920
48,075
2.50%,
11/01/2050
47,100
49,412
2.50%,
11/01/2050
49,039
51,452
2.50%,
11/01/2050
48,007
50,522
2.50%,
11/01/2050
49,575
51,858
3.00%,
03/01/2042
3,891
4,162
3.00%,
03/01/2042
4,214
4,507
3.00%,
05/01/2042
4,485
4,796
Schedule
of
Investments
Core
Fixed
Income
Fund
July
31,
2021
(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)
3.00%,
06/01/2042
$
3,774
$
4,019
3.00%,
06/01/2042
4,082
4,348
3.00%,
08/01/2049
27,799
29,559
3.00%,
09/01/2049
21,175
22,251
3.00%,
10/01/2049
22,991
24,177
3.00%,
10/01/2049
26,714
28,206
3.00%,
10/01/2049
30,040
31,827
3.00%,
11/01/2049
28,642
30,090
3.00%,
11/01/2049
22,908
24,192
3.00%,
11/01/2049
30,172
32,117
3.00%,
03/01/2050
29,540
31,279
3.00%,
04/01/2050
33,311
35,514
3.00%,
09/01/2050
38,942
40,891
3.50%,
12/01/2040
3,065
3,342
3.50%,
01/01/2042
3,005
3,286
3.50%,
02/01/2043
6,178
6,761
3.50%,
03/01/2045
5,527
6,054
3.50%,
06/01/2045
8,059
8,792
3.50%,
07/01/2045
5,908
6,427
3.50%,
11/01/2045
6,476
6,976
3.50%,
06/01/2046
24,197
26,226
3.50%,
08/01/2047
14,741
15,700
3.50%,
11/01/2047
8,141
8,677
3.50%,
12/01/2047
16,433
17,486
3.50%,
09/01/2048
4,953
5,257
3.50%,
06/01/2049
11,197
11,851
3.50%,
07/01/2049
17,888
18,945
3.50%,
09/01/2049
51,229
54,223
3.50%,
09/01/2049
19,376
20,514
3.50%,
09/01/2049
16,427
17,401
3.50%,
11/01/2049
19,273
20,418
3.50%,
11/01/2049
24,853
26,544
3.50%,
12/01/2049
25,370
26,868
3.50%,
06/01/2050
43,821
46,321
3.50%,
08/01/2050
54,186
58,197
3.50%,
10/01/2050
57,219
60,648
3.50%,
01/01/2051
40,364
42,722
4.00%,
09/01/2040
2,944
3,240
4.00%,
08/01/2043
4,272
4,700
4.00%,
08/01/2043
4,631
5,114
4.00%,
11/01/2043
5,959
6,605
4.00%,
11/01/2043
3,742
4,109
4.00%,
02/01/2044
5,523
6,097
4.00%,
07/01/2044
1,903
2,079
4.00%,
11/01/2044
3,951
4,329
4.00%,
09/01/2045
9,665
10,668
4.00%,
06/01/2046
19,366
21,239
4.00%,
08/01/2046
6,309
6,866
4.00%,
01/01/2047
5,089
5,468
4.00%,
08/01/2047
5,413
5,818
4.00%,
09/01/2048
10,186
10,889
4.00%,
10/01/2048
4,815
5,144
4.00%,
03/01/2049
49,135
52,377
4.00%,
04/01/2049
53,134
56,640
4.00%,
07/01/2049
13,603
14,523
4.00%,
08/01/2049
59,228
63,345
4.00%,
09/01/2049
13,825
14,854
4.00%,
10/01/2049
25,408
27,483
4.00%,
12/01/2049
53,079
56,999
4.00%,
01/01/2050
37,690
40,248
4.50%,
12/01/2040
3,259
3,640
4.50%,
06/01/2046
22,627
25,225
4.50%,
05/01/2047
4,255
4,625
4.50%,
05/01/2047
5,242
5,704
4.50%,
02/01/2049
4,474
4,820
6.50%,
04/01/2032
2
3
$
2,002,641
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Government
National
Mortgage
Association
(GNMA)
-
0
.22
%
3.00%,
02/20/2046
$
21,845
$
23,214
U.S.
Treasury
-
14
.44
%
0.63%,
08/15/2030
40,000
38,066
0.88%,
11/15/2030
40,000
38,838
1.13%,
02/28/2025
40,000
40,928
1.13%,
02/28/2027
40,000
40,741
1.13%,
08/15/2040
40,000
35,616
1.25%,
08/31/2024
40,000
41,077
1.38%,
08/31/2023
40,000
40,975
1.38%,
08/15/2050
40,000
35,133
1.50%,
11/30/2021
40,000
40,190
1.50%,
08/15/2026
40,000
41,562
1.50%,
02/15/2030
40,000
41,152
1.63%,
11/15/2022
40,000
40,783
1.63%,
02/15/2026
40,000
41,766
1.63%,
08/15/2029
40,000
41,636
1.75%,
05/15/2022
40,000
40,525
1.75%,
11/15/2029
40,000
42,030
1.88%,
08/31/2022
40,000
40,769
2.00%,
11/15/2026
40,000
42,592
2.13%,
05/15/2025
40,000
42,420
2.25%,
11/15/2024
40,000
42,398
2.25%,
08/15/2027
40,000
43,283
2.25%,
11/15/2027
40,000
43,317
2.25%,
08/15/2046
40,000
42,862
2.25%,
08/15/2049
40,000
43,009
2.38%,
02/29/2024
40,000
42,150
2.63%,
02/28/2023
40,000
41,564
2.63%,
02/15/2029
40,000
44,545
2.75%,
11/15/2023
40,000
42,297
2.75%,
02/15/2028
40,000
44,617
2.75%,
08/15/2047
35,000
41,223
2.88%,
08/15/2028
40,000
45,113
2.88%,
05/15/2049
20,000
24,263
3.00%,
09/30/2025
40,000
43,997
3.00%,
11/15/2045
35,000
42,760
3.13%,
11/15/2028
40,000
45,898
3.63%,
02/15/2044
35,000
46,599
3.75%,
11/15/2043
35,000
47,328
$
1,534,022
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
3,636,653
Total
Investments
$
10,647,813
Other
Assets
and
Liabilities
- (0.24)%
(
25,252
)
TOTAL
NET
ASSETS
-
100.00%
$
10,622,561
(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
$7,198
or
0.07%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(d)
Non-income
producing
security
(e)
The
value
of
these
investments
was
determined
using
significant
unobservable
inputs,
in
good
faith
by
the
Manager,
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Directors.
(f)
Restricted
Security.
Please
see
Restricted
Securities
sub-schedule
for
additional
information.
(g)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$866,430
or
8.16%
of
net
assets.
(h)
Rate
shown
is
as
of
period
end.
The
rate
may
be
a
variable
or
floating
rate
or
a
fixed
rate
which
may
convert
to
a
variable
or
floating
rate
in
the
future.
Schedule
of
Investments
Core
Fixed
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
11
(i)
Perpetual
security.
Perpetual
securities
pay
an
indefinite
stream
of
interest,
but
they
may
be
called
by
the
issuer
at
an
earlier
date.
Date
shown,
if
any,
reflects
the
next
call
date
or
final
legal
maturity
date.
Rate
shown
is
as
of
period
end.
(j)
Security
or
a
portion
of
the
security
was
on
loan. At
the
end
of
the
period,
the
value
of
these
securities
totaled
$6,952
or
0.07%
of
net
assets.
(k)
Security
purchased
on
a
when-issued
basis.
(l)
Rate
information
disclosed
is
based
on
an
average
weighted
rate
of
the
underlying
tranches
as
of
period
end.
Portfolio
Summary (unaudited)
Sector
Percent
Financial
24
.82
%
Mortgage
Securities
19
.79
%
Government
14
.44
%
Utilities
9
.82
%
Consumer,
Non-cyclical
6
.08
%
Communications
5
.01
%
Energy
4
.52
%
Asset
Backed
Securities
3
.96
%
Industrial
3
.15
%
Money
Market
Funds
2
.82
%
Technology
2
.50
%
Consumer,
Cyclical
2
.45
%
Basic
Materials
0
.88
%
Other
Assets
and
Liabilities
(
0
.24
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
646,517
$
2,756,189
$
3,106,048
$
296,658
$
646,517
$
2,756,189
$
3,106,048
$
296,658
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.
Restricted
Securities
Security
Name
Acquisition
Date
Cost
Value
Percent
of
Net
Assets
Trailer
Bridge
Inc
05/07/2012-05/28/2019
$
21,314
$
24,188
0.23%
Total
$
24,188
0.23%
Amounts
in
thousands.
Schedule
of
Investments
Core
Plus
Bond
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
12
INVESTMENT
COMPANIES
-
14
.55
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
4
.74
%
iShares
iBoxx
High
Yield
Corporate
Bond
ETF
(a)
160,000
$
14,054
SPDR
Bloomberg
Barclays
High
Yield
Bond
ETF
(a)
180,200
19,781
$
33,835
Money
Market
Funds
-
9
.81
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
0.03%
(b),(c)
13,682,407
13,683
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(b),(c),(d),(e)
56,422,430
56,422
$
70,105
TOTAL
INVESTMENT
COMPANIES
$
103,940
COMMON
STOCKS
-
0
.13
%
Shares
Held
Value
(000's)
Diversified
Financial
Services
-
0
.00
%
Avation
PLC
-
Warrants
(e)
3,500
$
—
Oil
&
Gas
-
0
.12
%
EP
Energy
Corp
(e)
8,800
871
Mesquite
Energy
Inc
(e),(f)
407
2
$
873
Retail
-
0
.01
%
Claire's
Holdings
LLC
(e)
232
43
TOTAL
COMMON
STOCKS
$
916
PREFERRED
STOCKS
-
0
.54
%
Shares
Held
Value
(000's)
Sovereign
-
0
.54
%
CoBank
ACB
6.20%,
01/01/2025
(g)
35,000
$
3,857
3
Month
USD
LIBOR
+
3.74%
TOTAL
PREFERRED
STOCKS
$
3,857
BONDS
-
60
.11
%
Principal
Amount
(000's)
Value
(000's)
Advertising
-
0
.41
%
Omnicom
Group
Inc
2.60%,
08/01/2031
$
2,860
$
2,960
Aerospace
&
Defense
-
1
.77
%
Boeing
Co/The
1.95%,
02/01/2024
3,840
3,938
2.20%,
02/04/2026
1,780
1,796
2.80%,
03/01/2024
845
883
3.75%,
02/01/2050
1,140
1,185
4.88%,
05/01/2025
845
948
Raytheon
Technologies
Corp
4.45%,
11/16/2038
715
885
4.50%,
06/01/2042
710
905
5.40%,
05/01/2035
215
288
SSL
Robotics
LLC
9.75%,
12/31/2023
(h)
107
118
TransDigm
Inc
4.88%,
05/01/2029
(h)
210
210
6.25%,
03/15/2026
(h)
125
131
7.50%,
03/15/2027
530
561
8.00%,
12/15/2025
(h)
210
226
Triumph
Group
Inc
8.88%,
06/01/2024
(h)
538
596
$
12,670
Agriculture
-
0
.11
%
Reynolds
American
Inc
5.70%,
08/15/2035
635
785
Airlines
-
0
.72
%
American
Airlines
Inc/AAdvantage
Loyalty
IP
Ltd
5.75%,
04/20/2029
(h)
80
86
Delta
Air
Lines
Inc
/
SkyMiles
IP
Ltd
4.50%,
10/20/2025
(h)
3,208
3,449
Hawaiian
Brand
Intellectual
Property
Ltd
/
HawaiianMiles
Loyalty
Ltd
5.75%,
01/20/2026
(h)
700
734
Southwest
Airlines
Co
4.75%,
05/04/2023
200
214
5.25%,
05/04/2025
605
691
$
5,174
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Automobile
Asset
Backed
Securities
-
2
.59
%
AmeriCredit
Automobile
Receivables
Trust
2020-3
0.42%,
03/18/2024
$
438
$
439
AmeriCredit
Automobile
Receivables
Trust
2021-1
0.28%,
06/18/2024
902
903
CarMax
Auto
Owner
Trust
2020-3
0.34%,
06/15/2023
343
343
1.00
x
1
Month
USD
LIBOR
+
0.25%
CarMax
Auto
Owner
Trust
2020-4
0.31%,
01/16/2024
1,829
1,830
Drive
Auto
Receivables
Trust
2020-2
0.62%,
07/17/2023
12
12
1.00
x
1
Month
USD
LIBOR
+
0.53%
Drive
Auto
Receivables
Trust
2021-1
0.36%,
12/15/2023
2,042
2,043
Ford
Credit
Auto
Lease
Trust
2020-B
0.35%,
12/15/2022
654
654
1.00
x
1
Month
USD
LIBOR
+
0.26%
0.50%,
12/15/2022
351
351
GM
Financial
Automobile
Leasing
Trust
2020-3
0.35%,
11/21/2022
697
697
GM
Financial
Consumer
Automobile
Receivables
Trust
2020-3
0.35%,
07/17/2023
781
781
Hyundai
Auto
Receivables
Trust
2020-B
0.38%,
03/15/2023
699
700
Mercedes-Benz
Auto
Lease
Trust
2020-B
0.31%,
02/15/2023
1,005
1,005
Nissan
Auto
Lease
Trust
2020-B
0.34%,
12/15/2022
1,484
1,485
Santander
Drive
Auto
Receivables
Trust
2020-3
0.46%,
09/15/2023
476
476
Santander
Drive
Auto
Receivables
Trust
2020-4
0.42%,
09/15/2023
326
327
Santander
Drive
Auto
Receivables
Trust
2021-1
0.29%,
11/15/2023
1,257
1,258
Santander
Drive
Auto
Receivables
Trust
2021-2
0.28%,
04/15/2024
1,500
1,500
Santander
Retail
Auto
Lease
Trust
2020-B
0.42%,
11/20/2023
(h)
454
455
Tesla
Auto
Lease
Trust
2019-A
2.13%,
04/20/2022
(h)
510
512
World
Omni
Auto
Receivables
Trust
2020-C
0.35%,
12/15/2023
1,252
1,253
World
Omni
Select
Auto
Trust
2020-A
0.47%,
06/17/2024
1,461
1,463
$
18,487
Automobile
Manufacturers
-
1
.49
%
BMW
US
Capital
LLC
3.80%,
04/06/2023
(h)
695
734
3.90%,
04/09/2025
(h)
1,250
1,378
Ford
Motor
Co
8.50%,
04/21/2023
255
283
9.00%,
04/22/2025
570
702
9.63%,
04/22/2030
45
65
Ford
Motor
Credit
Co
LLC
3.35%,
11/01/2022
570
583
3.38%,
11/13/2025
455
475
4.25%,
09/20/2022
1,330
1,366
4.54%,
08/01/2026
375
407
5.13%,
06/16/2025
215
237
General
Motors
Co
4.88%,
10/02/2023
1,715
1,865
6.25%,
10/02/2043
525
732
Schedule
of
Investments
Core
Plus
Bond
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
13
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Automobile
Manufacturers
(continued)
General
Motors
Financial
Co
Inc
1.25%,
01/08/2026
$
1,100
$
1,099
3.45%,
01/14/2022
730
738
$
10,664
Automobile
Parts
&
Equipment
-
0
.10
%
Tenneco
Inc
5.13%,
04/15/2029
(h)
25
26
7.88%,
01/15/2029
(h)
625
706
$
732
Banks
-
9
.53
%
Banco
Mercantil
del
Norte
SA/Grand
Cayman
8.38%,
10/14/2030
(g),(h),(i),(j)
300
362
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
7.76%
Banco
Santander
SA
2.75%,
05/28/2025
1,600
1,688
Bank
of
America
Corp
2.68%,
06/19/2041
(i)
1,635
1,614
Secured
Overnight
Financing
Rate
+
1.93%
2.69%,
04/22/2032
(i)
2,361
2,464
Secured
Overnight
Financing
Rate
+
1.32%
2.83%,
10/24/2051
(i)
670
658
Secured
Overnight
Financing
Rate
+
1.88%
2.88%,
10/22/2030
(i)
425
451
3
Month
USD
LIBOR
+
1.19%
2.97%,
07/21/2052
(i)
1,800
1,818
Secured
Overnight
Financing
Rate
+
1.56%
3.19%,
07/23/2030
(i)
440
477
3
Month
USD
LIBOR
+
1.18%
4.20%,
08/26/2024
435
477
4.30%,
01/28/2025
(g),(i)
400
413
3
Month
USD
LIBOR
+
2.66%
Barclays
PLC
1.01%,
12/10/2024
(i)
750
753
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.80%
2.85%,
05/07/2026
(i)
1,100
1,167
Secured
Overnight
Financing
Rate
+
2.71%
5.20%,
05/12/2026
500
575
7.75%,
09/15/2023
(g),(i),(j)
835
915
USD
Swap
Semi-Annual
5
Year
+
4.84%
BNP
Paribas
SA
2.22%,
06/09/2026
(h),(i)
800
828
Secured
Overnight
Financing
Rate
+
2.07%
CIT
Group
Inc
5.00%,
08/15/2022
255
266
Citigroup
Inc
3.11%,
04/08/2026
(i)
1,125
1,205
Secured
Overnight
Financing
Rate
+
2.84%
3.52%,
10/27/2028
(i)
2,660
2,930
3
Month
USD
LIBOR
+
1.15%
Credit
Suisse
AG/New
York
NY
2.95%,
04/09/2025
2,585
2,771
Credit
Suisse
Group
AG
2.19%,
06/05/2026
(h),(i)
1,500
1,544
Secured
Overnight
Financing
Rate
+
2.04%
4.19%,
04/01/2031
(h),(i)
250
285
Secured
Overnight
Financing
Rate
+
3.73%
4.88%,
05/15/2045
375
484
Danske
Bank
A/S
3.00%,
09/20/2022
(h),(i)
2,250
2,257
3
Month
USD
LIBOR
+
1.25%
Deutsche
Bank
AG
6.00%,
10/30/2025
(g),(i),(j)
695
728
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.52%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Deutsche
Bank
AG/New
York
NY
2.22%,
09/18/2024
(i)
$
1,700
$
1,745
Secured
Overnight
Financing
Rate
+
2.16%
Goldman
Sachs
Group
Inc/The
3.85%,
01/26/2027
2,403
2,661
6.75%,
10/01/2037
465
688
HSBC
Holdings
PLC
2.80%,
05/24/2032
(i)
1,000
1,037
Secured
Overnight
Financing
Rate
+
1.19%
4.25%,
03/14/2024
840
908
Itau
Unibanco
Holding
SA/Cayman
Island
3.88%,
04/15/2031
(h),(i),(j)
500
495
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.45%
JPMorgan
Chase
&
Co
2.08%,
04/22/2026
(i)
1,435
1,488
Secured
Overnight
Financing
Rate
+
1.85%
3.33%,
04/22/2052
(i)
1,575
1,712
Secured
Overnight
Financing
Rate
+
1.58%
3.96%,
11/15/2048
(i)
105
124
3
Month
USD
LIBOR
+
1.38%
4.95%,
06/01/2045
835
1,121
Lloyds
Banking
Group
PLC
3.87%,
07/09/2025
(i)
1,900
2,059
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
3.50%
Morgan
Stanley
0.86%,
10/21/2025
(i)
1,500
1,501
Secured
Overnight
Financing
Rate
+
0.75%
0.99%,
12/10/2026
(i)
5,000
4,944
Secured
Overnight
Financing
Rate
+
0.72%
3.62%,
04/01/2031
(i)
380
427
Secured
Overnight
Financing
Rate
+
3.12%
4.35%,
09/08/2026
2,000
2,278
5.00%,
11/24/2025
995
1,149
6.38%,
07/24/2042
130
201
Popular
Inc
6.13%,
09/14/2023
145
156
Santander
UK
Group
Holdings
PLC
1.09%,
03/15/2025
(i)
1,175
1,181
Secured
Overnight
Financing
Rate
+
0.79%
2.90%,
03/15/2032
(i)
1,400
1,462
Secured
Overnight
Financing
Rate
+
1.48%
Standard
Chartered
PLC
2.68%,
06/29/2032
(h),(i)
2,000
2,027
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.20%
2.82%,
01/30/2026
(h),(i)
1,020
1,070
3
Month
USD
LIBOR
+
1.21%
6.00%,
07/26/2025
(g),(h),(i),(j)
510
559
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.66%
Synchrony
Bank
3.00%,
06/15/2022
915
934
UBS
Group
AG
1.01%,
07/30/2024
(h),(i)
710
715
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.83%
1.36%,
01/30/2027
(h),(i)
460
459
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.08%
UniCredit
SpA
1.98%,
06/03/2027
(h),(i)
2,400
2,406
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.20%
Schedule
of
Investments
Core
Plus
Bond
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
14
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Wells
Fargo
&
Co
2.39%,
06/02/2028
(i)
$
1,500
$
1,570
Secured
Overnight
Financing
Rate
+
2.10%
3.75%,
01/24/2024
500
538
4.40%,
06/14/2046
465
568
Westpac
Banking
Corp
4.11%,
07/24/2034
(i)
125
139
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.00%
4.42%,
07/24/2039
2,160
2,606
$
68,058
Beverages
-
0
.95
%
Anheuser-Busch
Cos
LLC
/
Anheuser-Busch
InBev
Worldwide
Inc
3.65%,
02/01/2026
850
943
4.90%,
02/01/2046
1,320
1,692
Anheuser-Busch
InBev
Worldwide
Inc
4.38%,
04/15/2038
1,260
1,521
Central
American
Bottling
Corp
5.75%,
01/31/2027
(h)
210
219
Constellation
Brands
Inc
3.70%,
12/06/2026
2,140
2,386
Corp
Lindley
SA
6.75%,
11/23/2021
(h)
4
3
6.75%,
11/23/2021
4
4
$
6,768
Building
Materials
-
0
.79
%
Carrier
Global
Corp
2.24%,
02/15/2025
390
408
Cemex
SAB
de
CV
3.88%,
07/11/2031
(h)
1,025
1,061
5.20%,
09/17/2030
(h)
450
493
Masco
Corp
1.50%,
02/15/2028
1,600
1,586
Patrick
Industries
Inc
4.75%,
05/01/2029
(h)
455
464
7.50%,
10/15/2027
(h)
420
457
SRM
Escrow
Issuer
LLC
6.00%,
11/01/2028
(h)
935
998
Summit
Materials
LLC
/
Summit
Materials
Finance
Corp
5.25%,
01/15/2029
(h)
195
207
$
5,674
Chemicals
-
0
.88
%
Alpek
SAB
de
CV
3.25%,
02/25/2031
(h)
600
609
Braskem
Netherlands
Finance
BV
4.50%,
01/31/2030
(h)
250
264
CF
Industries
Inc
4.95%,
06/01/2043
310
382
5.15%,
03/15/2034
402
498
Consolidated
Energy
Finance
SA
3.87%,
06/15/2022
(h)
250
248
3
Month
USD
LIBOR
+
3.75%
DuPont
de
Nemours
Inc
5.32%,
11/15/2038
525
701
5.42%,
11/15/2048
100
142
EI
du
Pont
de
Nemours
and
Co
1.70%,
07/15/2025
280
289
Element
Solutions
Inc
3.88%,
09/01/2028
(h)
902
920
Equate
Petrochemical
BV
2.63%,
04/28/2028
(h)
250
253
LYB
International
Finance
III
LLC
2.88%,
05/01/2025
575
614
MEGlobal
Canada
ULC
5.88%,
05/18/2030
550
682
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Chemicals
(continued)
Orbia
Advance
Corp
SAB
de
CV
2.88%,
05/11/2031
(h)
$
575
$
585
Tronox
Inc
6.50%,
05/01/2025
(h)
115
122
$
6,309
Commercial
Mortgage
Backed
Securities
-
1
.75
%
Benchmark
2021-B25
Mortgage
Trust
2.58%,
04/15/2054
500
530
Citigroup
Commercial
Mortgage
Trust
2019-C7
3.10%,
12/15/2072
1,500
1,652
COMM
2013-CCRE6
Mortgage
Trust
4.09%,
03/10/2046
(h),(k)
500
474
GS
Mortgage
Securities
Trust
2012-GCJ7
1.79%,
05/10/2045
(k),(l)
4,786
23
GS
Mortgage
Securities
Trust
2013-GC16
5.31%,
11/10/2046
(k)
800
821
GS
Mortgage
Securities
Trust
2020-GSA2
2.01%,
12/12/2053
3,600
3,643
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
2011-C5
5.43%,
08/15/2046
(h),(k)
800
799
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
2012-LC9
1.47%,
12/15/2047
(k),(l)
8,122
114
JPMBB
Commercial
Mortgage
Securities
Trust
2014-C18
4.80%,
02/15/2047
(k)
2,700
2,643
JPMBB
Commercial
Mortgage
Securities
Trust
2014-C19
0.66%,
04/15/2047
(k),(l)
19,592
306
JPMBB
Commercial
Mortgage
Securities
Trust
2014-C24
0.70%,
11/15/2047
(k),(l)
7,457
161
3.70%,
11/15/2047
(h),(k)
725
470
LB-UBS
Commercial
Mortgage
Trust
2005-C3
0.58%,
07/15/2040
(h),(k),(l)
1,013
—
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
2013-C11
0.29%,
08/15/2046
(k),(l)
17,930
74
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
2014-C16
0.98%,
06/15/2047
(k),(l)
18,749
392
MSBAM
Commercial
Mortgage
Securities
Trust
2012-CKSV
1.03%,
10/15/2030
(h),(k),(l)
21,315
160
UBS-Barclays
Commercial
Mortgage
Trust
2012-C4
1.58%,
12/10/2045
(h),(k),(l)
18,076
239
$
12,501
Commercial
Services
-
0
.30
%
ADT
Security
Corp/The
4.13%,
08/01/2029
(h)
100
101
DP
World
Ltd/United
Arab
Emirates
6.85%,
07/02/2037
300
406
Prime
Security
Services
Borrower
LLC
/
Prime
Finance
Inc
3.38%,
08/31/2027
(h)
350
340
6.25%,
01/15/2028
(h)
325
339
United
Rentals
North
America
Inc
3.88%,
02/15/2031
400
412
4.88%,
01/15/2028
414
437
5.88%,
09/15/2026
95
98
$
2,133
Computers
-
0
.17
%
Dell
International
LLC
/
EMC
Corp
5.45%,
06/15/2023
570
616
Schedule
of
Investments
Core
Plus
Bond
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
15
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Computers
(continued)
NCR
Corp
5.13%,
04/15/2029
(h)
$
550
$
573
$
1,189
Consumer
Products
-
0
.02
%
Kronos
Acquisition
Holdings
Inc
/
KIK
Custom
Products
Inc
5.00%,
12/31/2026
(h)
175
177
Credit
Card
Asset
Backed
Securities
-
0
.46
%
Barclays
Dryrock
Issuance
Trust
0.42%,
07/15/2024
3,250
3,251
1.00
x
1
Month
USD
LIBOR
+
0.33%
Diversified
Financial
Services
-
2
.13
%
AerCap
Holdings
NV
5.88%,
10/10/2079
(i)
505
530
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.54%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
3.15%,
02/15/2024
2,825
2,965
4.50%,
09/15/2023
1,670
1,787
Air
Lease
Corp
1.88%,
08/15/2026
1,325
1,337
2.88%,
01/15/2026
1,495
1,581
3.38%,
07/01/2025
890
959
Ally
Financial
Inc
4.63%,
03/30/2025
650
728
5.80%,
05/01/2025
1,075
1,250
Avation
Capital
SA
8.25%,
PIK
9.00%;
10/31/2026
(h),(k),(m)
200
163
Brookfield
Finance
Inc
4.00%,
04/01/2024
685
742
Credit
Acceptance
Corp
5.13%,
12/31/2024
(h)
155
160
6.63%,
03/15/2026
865
913
Global
Aircraft
Leasing
Co
Ltd
6.50%,
PIK
7.25%;
09/15/2024
(h),(k),(m)
692
696
ILFC
E-Capital
Trust
II
3.91%,
12/21/2065
(h),(k)
155
131
OneMain
Finance
Corp
5.63%,
03/15/2023
190
201
6.63%,
01/15/2028
490
566
6.88%,
03/15/2025
400
454
8.88%,
06/01/2025
55
60
$
15,223
Electric
-
2
.13
%
Avangrid
Inc
3.20%,
04/15/2025
1,115
1,201
CMS
Energy
Corp
3.00%,
05/15/2026
275
297
4.70%,
03/31/2043
110
135
Commonwealth
Edison
Co
4.00%,
03/01/2049
405
503
Dominion
Energy
Inc
4.25%,
06/01/2028
475
552
DTE
Electric
Co
3.95%,
03/01/2049
100
123
DTE
Energy
Co
1.05%,
06/01/2025
150
151
3.40%,
06/15/2029
654
727
Elwood
Energy
LLC
8.16%,
07/05/2026
75
80
Enel
Chile
SA
4.88%,
06/12/2028
630
725
Engie
Energia
Chile
SA
3.40%,
01/28/2030
(h)
500
515
Entergy
Corp
1.90%,
06/15/2028
1,204
1,223
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
Georgia
Power
Co
3.25%,
03/15/2051
$
1,609
$
1,694
Louisville
Gas
and
Electric
Co
4.25%,
04/01/2049
180
228
NextEra
Energy
Operating
Partners
LP
4.25%,
07/15/2024
(h)
65
68
NRG
Energy
Inc
7.25%,
05/15/2026
180
187
Oryx
Funding
Ltd
5.80%,
02/03/2031
(h)
350
369
5.80%,
02/03/2031
200
211
Pacific
Gas
and
Electric
Co
1.75%,
06/16/2022
1,760
1,758
4.20%,
06/01/2041
535
523
Public
Service
Co
of
Colorado
1.88%,
06/15/2031
1,690
1,703
Southern
California
Edison
Co
4.20%,
03/01/2029
460
524
4.88%,
03/01/2049
500
600
State
Grid
Overseas
Investment
2016
Ltd
3.50%,
05/04/2027
250
278
Tucson
Electric
Power
Co
4.85%,
12/01/2048
100
132
Virginia
Electric
and
Power
Co
4.60%,
12/01/2048
95
126
Vistra
Operations
Co
LLC
4.38%,
05/01/2029
(h)
575
589
$
15,222
Electrical
Components
&
Equipment
-
0
.14
%
WESCO
Distribution
Inc
7.13%,
06/15/2025
(h)
270
290
7.25%,
06/15/2028
(h)
625
696
$
986
Electronics
-
0
.14
%
Imola
Merger
Corp
4.75%,
05/15/2029
(h)
255
263
Sensata
Technologies
BV
4.00%,
04/15/2029
(h)
655
672
Sensata
Technologies
Inc
3.75%,
02/15/2031
(h)
52
53
$
988
Energy
-
Alternate
Sources
-
0
.09
%
EnfraGen
Energia
Sur
SA
/
EnfraGen
Spain
SA
/
Prime
Energia
SpA
5.38%,
12/30/2030
(h)
275
274
Inversiones
Latin
America
Power
Ltda
5.13%,
06/15/2033
(h)
400
397
$
671
Engineering
&
Construction
-
0
.30
%
ATP
Tower
Holdings
LLC
/
Andean
Tower
Partners
Colombia
SAS
/
Andean
Telecom
Par
4.05%,
04/27/2026
(h)
350
359
Global
Infrastructure
Solutions
Inc
5.63%,
06/01/2029
(h)
515
529
MasTec
Inc
4.50%,
08/15/2028
(a),(h)
660
696
Mexico
City
Airport
Trust
4.25%,
10/31/2026
(h)
500
540
$
2,124
Entertainment
-
0
.34
%
Boyne
USA
Inc
4.75%,
05/15/2029
(h)
470
485
Caesars
Entertainment
Inc
6.25%,
07/01/2025
(h)
993
1,047
Schedule
of
Investments
Core
Plus
Bond
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
16
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Entertainment
(continued)
Scientific
Games
International
Inc
5.00%,
10/15/2025
(h)
$
680
$
698
8.63%,
07/01/2025
(h)
190
205
$
2,435
Environmental
Control
-
0
.06
%
Madison
IAQ
LLC
4.13%,
06/30/2028
(h)
445
446
Food
-
1
.22
%
Albertsons
Cos
Inc
/
Safeway
Inc
/
New
Albertsons
LP
/
Albertsons
LLC
3.50%,
02/15/2023
(h)
120
123
4.63%,
01/15/2027
(h)
525
556
5.88%,
02/15/2028
(h)
355
380
Cencosud
SA
4.38%,
07/17/2027
(h)
475
520
Fresh
Market
Inc/The
9.75%,
05/01/2023
(h)
315
324
JBS
Finance
Luxembourg
Sarl
3.63%,
01/15/2032
(h)
1,675
1,686
JBS
USA
Food
Co
7.00%,
01/15/2026
(h)
200
212
Kraft
Heinz
Foods
Co
3.75%,
04/01/2030
85
94
4.25%,
03/01/2031
495
571
4.38%,
06/01/2046
376
433
MARB
BondCo
PLC
3.95%,
01/29/2031
575
559
Minerva
Luxembourg
SA
4.38%,
03/18/2031
(h)
900
884
Pilgrim's
Pride
Corp
4.25%,
04/15/2031
(h)
740
787
Post
Holdings
Inc
4.50%,
09/15/2031
(h)
535
541
4.63%,
04/15/2030
(h)
215
219
Sigma
Alimentos
SA
de
CV
4.13%,
05/02/2026
(h)
725
795
$
8,684
Forest
Products
&
Paper
-
0
.17
%
Inversiones
CMPC
SA
3.85%,
01/13/2030
(h)
500
535
Mercer
International
Inc
5.13%,
02/01/2029
440
448
Suzano
Austria
GmbH
3.75%,
01/15/2031
195
203
$
1,186
Gas
-
0
.12
%
NiSource
Inc
0.95%,
08/15/2025
885
880
Healthcare
-
Products
-
0
.25
%
Boston
Scientific
Corp
3.45%,
03/01/2024
785
839
4.55%,
03/01/2039
605
751
4.70%,
03/01/2049
145
190
$
1,780
Healthcare
-
Services
-
1
.23
%
Centene
Corp
2.63%,
08/01/2031
(n)
2,885
2,907
3.00%,
10/15/2030
535
556
4.25%,
12/15/2027
405
427
CHS/Community
Health
Systems
Inc
5.63%,
03/15/2027
(h)
25
26
6.00%,
01/15/2029
(h)
190
202
8.00%,
03/15/2026
(h)
130
139
8.00%,
12/15/2027
(h)
500
553
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Healthcare
-
Services
(continued)
HCA
Inc
3.50%,
09/01/2030
$
765
$
831
3.50%,
07/15/2051
(a)
1,570
1,621
5.88%,
05/01/2023
330
357
Legacy
LifePoint
Health
LLC
6.75%,
04/15/2025
(h)
850
898
Tenet
Healthcare
Corp
4.63%,
09/01/2024
(h)
110
113
7.50%,
04/01/2025
(h)
115
124
$
8,754
Home
Builders
-
0
.43
%
Beazer
Homes
USA
Inc
6.75%,
03/15/2025
285
294
Empire
Communities
Corp
7.00%,
12/15/2025
(h)
535
564
Forestar
Group
Inc
3.85%,
05/15/2026
(h)
115
116
5.00%,
03/01/2028
(h)
755
787
KB
Home
7.63%,
05/15/2023
110
118
Lennar
Corp
4.75%,
05/30/2025
300
337
4.88%,
12/15/2023
125
136
LGI
Homes
Inc
4.00%,
07/15/2029
(h)
375
380
Picasso
Finance
Sub
Inc
6.13%,
06/15/2025
(h)
319
338
$
3,070
Home
Equity
Asset
Backed
Securities
-
0
.09
%
First
NLC
Trust
2005-1
0.58%,
05/25/2035
210
200
1.00
x
1
Month
USD
LIBOR
+
0.50%
Saxon
Asset
Securities
Trust
2004-1
1.78%,
03/25/2035
250
174
1.00
x
1
Month
USD
LIBOR
+
1.70%
Specialty
Underwriting
&
Residential
Finance
Trust
Series
2004-BC1
0.85%,
02/25/2035
288
287
1.00
x
1
Month
USD
LIBOR
+
0.77%
$
661
Home
Furnishings
-
0
.10
%
WASH
Multifamily
Acquisition
Inc
5.75%,
04/15/2026
(h)
695
727
Insurance
-
2
.00
%
Acrisure
LLC
/
Acrisure
Finance
Inc
4.25%,
02/15/2029
(h)
310
302
7.00%,
11/15/2025
(h)
225
228
AIA
Group
Ltd
3.20%,
09/16/2040
(h)
3,550
3,701
American
International
Group
Inc
3.90%,
04/01/2026
85
95
4.50%,
07/16/2044
288
360
Arch
Capital
Group
Ltd
3.64%,
06/30/2050
1,035
1,150
Arthur
J
Gallagher
&
Co
3.50%,
05/20/2051
810
885
Athene
Holding
Ltd
3.95%,
05/25/2051
930
1,061
Berkshire
Hathaway
Finance
Corp
1.45%,
10/15/2030
2,695
2,667
Markel
Corp
3.35%,
09/17/2029
65
72
4.30%,
11/01/2047
350
422
Pricoa
Global
Funding
I
3.45%,
09/01/2023
(h)
1,275
1,357
Schedule
of
Investments
Core
Plus
Bond
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
17
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
(continued)
XLIT
Ltd
4.45%,
03/31/2025
$
1,780
$
2,003
$
14,303
Internet
-
1
.78
%
Alibaba
Group
Holding
Ltd
2.13%,
02/09/2031
200
198
2.70%,
02/09/2041
1,375
1,321
Alphabet
Inc
1.90%,
08/15/2040
1,010
937
2.05%,
08/15/2050
1,165
1,055
Amazon.com
Inc
2.70%,
06/03/2060
1,150
1,129
B2W
Digital
Lux
Sarl
4.38%,
12/20/2030
(h)
250
250
Baidu
Inc
3.08%,
04/07/2025
300
319
4.38%,
05/14/2024
375
408
eBay
Inc
3.65%,
05/10/2051
3,165
3,482
Expedia
Group
Inc
3.60%,
12/15/2023
495
526
Netflix
Inc
4.38%,
11/15/2026
1,230
1,395
4.88%,
06/15/2030
(h)
305
367
Prosus
NV
3.68%,
01/21/2030
(h)
325
342
Tencent
Holdings
Ltd
3.80%,
02/11/2025
(h)
250
272
3.98%,
04/11/2029
(h)
350
392
Uber
Technologies
Inc
7.50%,
09/15/2027
(h)
290
317
$
12,710
Investment
Companies
-
0
.09
%
Compass
Group
Diversified
Holdings
LLC
5.25%,
04/15/2029
(h)
530
550
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp
4.75%,
09/15/2024
105
109
$
659
Iron
&
Steel
-
1
.09
%
Cleveland-Cliffs
Inc
6.75%,
03/15/2026
(h)
770
831
CSN
Inova
Ventures
6.75%,
01/28/2028
(h)
485
535
CSN
Resources
SA
4.63%,
06/10/2031
(h)
1,075
1,112
Evraz
PLC
5.25%,
04/02/2024
(h)
550
591
Nucor
Corp
2.00%,
06/01/2025
220
229
Steel
Dynamics
Inc
2.40%,
06/15/2025
350
367
2.80%,
12/15/2024
2,050
2,166
Vale
Overseas
Ltd
3.75%,
07/08/2030
1,845
1,974
$
7,805
Leisure
Products
&
Services
-
0
.23
%
Life
Time
Inc
5.75%,
01/15/2026
(h)
865
880
NCL
Corp
Ltd
3.63%,
12/15/2024
(h)
85
81
10.25%,
02/01/2026
(h)
105
120
12.25%,
05/15/2024
(h)
505
596
$
1,677
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Lodging
-
0
.47
%
Hilton
Domestic
Operating
Co
Inc
5.38%,
05/01/2025
(h)
$
25
$
26
5.75%,
05/01/2028
(h)
648
697
Marriott
International
Inc/MD
2.85%,
04/15/2031
1,615
1,654
3.60%,
04/15/2024
695
741
MGM
Resorts
International
6.00%,
03/15/2023
215
227
$
3,345
Machinery
-
Diversified
-
0
.12
%
Maxim
Crane
Works
Holdings
Capital
LLC
10.13%,
08/01/2024
(h)
475
488
Westinghouse
Air
Brake
Technologies
Corp
3.20%,
06/15/2025
355
379
$
867
Media
-
2
.72
%
AMC
Networks
Inc
4.75%,
08/01/2025
771
790
Cable
Onda
SA
4.50%,
01/30/2030
(h)
200
211
4.50%,
01/30/2030
250
264
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
4.50%,
08/15/2030
(h)
1,314
1,380
5.38%,
06/01/2029
(h)
120
131
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
3.50%,
06/01/2041
1,170
1,194
3.70%,
04/01/2051
415
420
3.75%,
02/15/2028
1,490
1,657
3.90%,
06/01/2052
1,100
1,140
4.46%,
07/23/2022
1,445
1,492
4.80%,
03/01/2050
440
516
4.91%,
07/23/2025
485
551
6.48%,
10/23/2045
200
281
Comcast
Corp
4.60%,
10/15/2038
1,240
1,560
CSC
Holdings
LLC
6.50%,
02/01/2029
(h)
540
596
DIRECTV
Holdings
LLC
/
DIRECTV
Financing
Co
Inc
5.88%,
08/15/2027
(h),(n)
135
140
DISH
DBS
Corp
5.88%,
11/15/2024
190
205
7.38%,
07/01/2028
720
779
LCPR
Senior
Secured
Financing
DAC
5.13%,
07/15/2029
(h)
740
757
Sirius
XM
Radio
Inc
4.00%,
07/15/2028
(h)
755
779
Time
Warner
Cable
LLC
5.50%,
09/01/2041
735
929
5.88%,
11/15/2040
780
1,020
UPC
Holding
BV
5.50%,
01/15/2028
(h)
790
831
ViacomCBS
Inc
4.75%,
05/15/2025
235
266
Walt
Disney
Co/The
2.65%,
01/13/2031
65
69
3.50%,
05/13/2040
660
745
Ziggo
Bond
Co
BV
6.00%,
01/15/2027
(h)
700
729
$
19,432
Mining
-
0
.69
%
Corp
Nacional
del
Cobre
de
Chile
3.75%,
01/15/2031
(h)
450
491
First
Quantum
Minerals
Ltd
7.25%,
04/01/2023
(h)
200
204
Schedule
of
Investments
Core
Plus
Bond
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
18
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Mining
(continued)
FMG
Resources
August
2006
Pty
Ltd
5.13%,
05/15/2024
(h)
$
145
$
157
Freeport-McMoRan
Inc
4.25%,
03/01/2030
175
189
4.63%,
08/01/2030
110
121
Glencore
Funding
LLC
3.00%,
10/27/2022
(h)
800
822
Gold
Fields
Orogen
Holdings
BVI
Ltd
6.13%,
05/15/2029
(h)
300
355
Hudbay
Minerals
Inc
4.50%,
04/01/2026
(h)
215
219
6.13%,
04/01/2029
(h)
135
145
IAMGOLD
Corp
5.75%,
10/15/2028
(h)
600
616
Indonesia
Asahan
Aluminium
Persero
PT
6.53%,
11/15/2028
(h)
300
366
Novelis
Corp
3.88%,
08/15/2031
(h),(n)
350
354
4.75%,
01/30/2030
(h)
648
690
5.88%,
09/30/2026
(h)
175
181
$
4,910
Mortgage
Backed
Securities
-
2
.29
%
Fannie
Mae
REMIC
Trust
2005-W2
0.29%,
05/25/2035
68
68
1.00
x
1
Month
USD
LIBOR
+
0.20%
Fannie
Mae
REMICS
2.25%,
07/25/2040
45
47
3.00%,
04/25/2027
(l)
1,278
74
3.00%,
09/25/2050
(l)
3,011
458
3.50%,
09/25/2027
(l)
2,033
145
3.50%,
11/25/2027
(l)
557
36
3.50%,
05/25/2028
(l)
578
31
3.50%,
03/25/2031
(l)
836
18
4.00%,
04/25/2043
(l)
364
35
6.41%,
12/25/2021
(l)
1
—
(1.00)
x
1
Month
USD
LIBOR
+
6.50%
6.41%,
03/25/2022
(l)
5
—
(1.00)
x
1
Month
USD
LIBOR
+
6.50%
Freddie
Mac
REMICS
0.54%,
05/15/2049
4,228
4,246
1.00
x
1
Month
USD
LIBOR
+
0.45%
2.00%,
02/15/2036
232
239
3.00%,
05/15/2027
(l)
1,156
60
3.00%,
10/15/2027
(l)
383
23
3.00%,
02/15/2029
(l)
1,990
102
3.50%,
02/15/2028
(l)
1,258
81
3.50%,
01/15/2040
(l)
1,189
49
3.50%,
03/15/2041
(l)
1,693
98
6.56%,
05/15/2026
(l)
765
55
(1.00)
x
1
Month
USD
LIBOR
+
6.65%
6.66%,
09/15/2034
(l)
38
1
(1.00)
x
1
Month
USD
LIBOR
+
6.75%
Ginnie
Mae
2.00%,
12/20/2050
(l)
2,900
330
2.50%,
10/20/2050
(l)
1,696
206
2.50%,
12/20/2050
(l)
3,287
448
3.00%,
07/20/2050
(l)
989
115
3.00%,
10/20/2050
(l)
2,920
390
3.00%,
11/20/2050
(l)
3,743
482
3.00%,
11/20/2050
(l)
3,663
448
3.00%,
11/20/2050
(l)
2,324
274
3.50%,
02/20/2040
(l)
1,204
42
3.50%,
01/20/2043
(l)
2,972
518
3.50%,
10/20/2049
(l)
1,461
180
4.00%,
03/16/2039
(l)
1,071
54
4.00%,
09/20/2040
(l)
1,227
99
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Mortgage
Backed
Securities
(continued)
Ginnie
Mae
(continued)
4.50%,
05/16/2043
(l)
$
1,289
$
203
5.97%,
11/20/2040
(l)
1,861
410
(1.00)
x
1
Month
USD
LIBOR
+
6.05%
5.97%,
05/20/2046
(l)
444
100
(1.00)
x
1
Month
USD
LIBOR
+
6.05%
6.07%,
08/20/2044
(l)
1,690
332
(1.00)
x
1
Month
USD
LIBOR
+
6.15%
6.07%,
03/20/2047
(l)
2,278
457
(1.00)
x
1
Month
USD
LIBOR
+
6.15%
6.12%,
08/20/2047
(l)
860
186
(1.00)
x
1
Month
USD
LIBOR
+
6.20%
6.12%,
08/20/2047
(l)
4,965
1,414
(1.00)
x
1
Month
USD
LIBOR
+
6.20%
6.12%,
08/20/2047
(l)
2,279
541
(1.00)
x
1
Month
USD
LIBOR
+
6.20%
6.17%,
10/20/2047
(l)
1,974
433
(1.00)
x
1
Month
USD
LIBOR
+
6.25%
7.00%,
04/20/2041
(l)
835
171
(1.10)
x
1
Month
USD
LIBOR
+
7.10%
JP
Morgan
Mortgage
Trust
2016-2
2.68%,
06/25/2046
(h),(k)
2,594
2,609
Merrill
Lynch
Mortgage
Investors
Trust
Series
2005-A8
0.79%,
08/25/2036
28
28
1.00
x
1
Month
USD
LIBOR
+
0.70%
$
16,336
Office
&
Business
Equipment
-
0
.02
%
Xerox
Corp
4.38%,
03/15/2023
120
125
Oil
&
Gas
-
2
.93
%
Aethon
United
BR
LP
/
Aethon
United
Finance
Corp
8.25%,
02/15/2026
(h)
1,195
1,278
Antero
Resources
Corp
5.00%,
03/01/2025
160
163
7.63%,
02/01/2029
(h)
665
729
Ascent
Resources
Utica
Holdings
LLC
/
ARU
Finance
Corp
7.00%,
11/01/2026
(h)
860
888
Continental
Resources
Inc/OK
3.80%,
06/01/2024
1,278
1,340
CrownRock
LP
/
CrownRock
Finance
Inc
5.00%,
05/01/2029
(h)
285
297
5.63%,
10/15/2025
(h)
675
692
Devon
Energy
Corp
5.25%,
09/15/2024
(h)
130
145
Ecopetrol
SA
6.88%,
04/29/2030
855
1,032
Endeavor
Energy
Resources
LP
/
EER
Finance
Inc
5.50%,
01/30/2026
(h)
155
160
Leviathan
Bond
Ltd
5.75%,
06/30/2023
(h)
375
391
Marathon
Oil
Corp
4.40%,
07/15/2027
370
422
6.60%,
10/01/2037
555
733
MEG
Energy
Corp
5.88%,
02/01/2029
(h)
130
134
6.50%,
01/15/2025
(h)
435
449
7.13%,
02/01/2027
(h)
135
142
Mesquite
Energy
Corp
-
Escrow
0.00%,
02/15/2023
(e)
115
3
Oasis
Petroleum
Inc
6.38%,
06/01/2026
(h)
850
880
Schedule
of
Investments
Core
Plus
Bond
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
19
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Oil
&
Gas
(continued)
Occidental
Petroleum
Corp
3.40%,
04/15/2026
$
530
$
535
4.40%,
04/15/2046
325
319
5.55%,
03/15/2026
240
263
5.88%,
09/01/2025
1,010
1,120
6.13%,
01/01/2031
115
136
6.63%,
09/01/2030
115
140
Petrobras
Global
Finance
BV
5.09%,
01/15/2030
575
623
5.50%,
06/10/2051
750
738
5.60%,
01/03/2031
1,045
1,163
Petroleos
Mexicanos
4.50%,
01/23/2026
100
101
6.50%,
01/23/2029
1,860
1,930
Petronas
Capital
Ltd
3.50%,
04/21/2030
(h)
200
219
Qatar
Petroleum
2.25%,
07/12/2031
(h)
450
455
Saudi
Arabian
Oil
Co
3.25%,
11/24/2050
(h)
500
489
Shelf
Drilling
Holdings
Ltd
8.88%,
11/15/2024
(h)
80
82
Sinopec
Group
Overseas
Development
2017
Ltd
2.50%,
09/13/2022
(h)
500
510
Southwestern
Energy
Co
7.75%,
10/01/2027
455
488
Tengizchevroil
Finance
Co
International
Ltd
4.00%,
08/15/2026
(h)
275
298
Tullow
Oil
PLC
10.25%,
05/15/2026
(h)
200
208
Valero
Energy
Corp
2.85%,
04/15/2025
1,200
1,273
$
20,968
Other
Asset
Backed
Securities
-
0
.91
%
Chase
Funding
Trust
Series
2003-5
0.69%,
07/25/2033
612
591
1.00
x
1
Month
USD
LIBOR
+
0.60%
Chase
Funding
Trust
Series
2004-1
0.55%,
12/25/2033
19
18
1.00
x
1
Month
USD
LIBOR
+
0.46%
Dell
Equipment
Finance
Trust
2020-2
0.47%,
10/24/2022
(h)
1,583
1,585
Dell
Equipment
Finance
Trust
2021-1
0.33%,
05/22/2026
(h)
2,325
2,327
John
Deere
Owner
Trust
2020-B
0.41%,
03/15/2023
372
372
Verizon
Owner
Trust
2018-A
3.23%,
04/20/2023
410
412
Volvo
Financial
Equipment
LLC
0.37%,
04/17/2023
(h)
1,168
1,169
$
6,474
Packaging
&
Containers
-
0
.39
%
Amcor
Flexibles
North
America
Inc
2.63%,
06/19/2030
430
448
Ardagh
Packaging
Finance
PLC
/
Ardagh
Holdings
USA
Inc
4.13%,
08/15/2026
(h)
390
403
5.25%,
08/15/2027
(h)
285
291
CANPACK
SA
/
Eastern
PA
Land
Investment
Holding
LLC
3.13%,
11/01/2025
(h)
200
203
Crown
Cork
&
Seal
Co
Inc
7.38%,
12/15/2026
905
1,112
Sealed
Air
Corp
4.88%,
12/01/2022
(h)
190
197
5.50%,
09/15/2025
(h)
105
117
$
2,771
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pharmaceuticals
-
1
.84
%
AbbVie
Inc
3.75%,
11/14/2023
$
2,500
$
2,677
Bausch
Health
Americas
Inc
8.50%,
01/31/2027
(h)
370
400
Bausch
Health
Cos
Inc
5.50%,
11/01/2025
(h)
100
102
Becton
Dickinson
and
Co
3.36%,
06/06/2024
690
739
3.70%,
06/06/2027
504
563
Bristol-Myers
Squibb
Co
4.13%,
06/15/2039
800
986
Cigna
Corp
3.40%,
03/15/2051
940
1,014
4.90%,
12/15/2048
165
219
CVS
Health
Corp
4.30%,
03/25/2028
251
291
4.88%,
07/20/2035
570
710
5.05%,
03/25/2048
2,275
3,031
Jazz
Securities
DAC
4.38%,
01/15/2029
(h)
285
297
Viatris
Inc
1.65%,
06/22/2025
(h)
175
178
Zoetis
Inc
3.25%,
02/01/2023
545
564
4.45%,
08/20/2048
1,035
1,357
$
13,128
Pipelines
-
2
.64
%
Abu
Dhabi
Crude
Oil
Pipeline
LLC
3.65%,
11/02/2029
(h)
300
335
Antero
Midstream
Partners
LP
/
Antero
Midstream
Finance
Corp
5.38%,
06/15/2029
(h)
475
488
5.75%,
03/01/2027
(h)
425
438
Crestwood
Midstream
Partners
LP
/
Crestwood
Midstream
Finance
Corp
5.63%,
05/01/2027
(h)
980
1,002
DT
Midstream
Inc
4.13%,
06/15/2029
(h)
490
503
Enbridge
Inc
3.40%,
08/01/2051
1,700
1,753
Energy
Transfer
LP
3.75%,
05/15/2030
840
916
4.50%,
04/15/2024
1,325
1,442
5.15%,
03/15/2045
1,625
1,892
EnLink
Midstream
LLC
5.63%,
01/15/2028
(h)
865
915
Enterprise
Products
Operating
LLC
3.95%,
01/31/2060
185
208
4.20%,
01/31/2050
1,695
1,994
5.38%,
02/15/2078
(i)
460
475
3
Month
USD
LIBOR
+
2.57%
EQM
Midstream
Partners
LP
6.00%,
07/01/2025
(h)
185
201
Galaxy
Pipeline
Assets
Bidco
Ltd
1.75%,
09/30/2027
(h)
350
354
2.16%,
03/31/2034
(h)
300
297
Kinder
Morgan
Inc
3.60%,
02/15/2051
1,110
1,160
NuStar
Logistics
LP
5.75%,
10/01/2025
150
163
Sabine
Pass
Liquefaction
LLC
4.20%,
03/15/2028
465
527
5.00%,
03/15/2027
275
321
5.75%,
05/15/2024
1,225
1,372
Targa
Resources
Partners
LP
/
Targa
Resources
Partners
Finance
Corp
5.88%,
04/15/2026
325
340
6.50%,
07/15/2027
366
398
Schedule
of
Investments
Core
Plus
Bond
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
20
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pipelines
(continued)
Williams
Cos
Inc/The
4.55%,
06/24/2024
$
1,225
$
1,347
$
18,841
REITs
-
0
.96
%
American
Tower
Corp
1.30%,
09/15/2025
445
449
Cibanco
SA
Ibm
/
PLA
Administradora
Industrial
S
de
RL
de
CV
4.96%,
07/18/2029
(h)
500
552
Crown
Castle
International
Corp
2.90%,
04/01/2041
1,055
1,041
CyrusOne
LP
/
CyrusOne
Finance
Corp
2.90%,
11/15/2024
585
617
HAT
Holdings
I
LLC
/
HAT
Holdings
II
LLC
3.75%,
09/15/2030
(h)
413
411
6.00%,
04/15/2025
(h)
530
557
Ladder
Capital
Finance
Holdings
LLLP
/
Ladder
Capital
Finance
Corp
4.75%,
06/15/2029
(h)
645
643
Park
Intermediate
Holdings
LLC
/
PK
Domestic
Property
LLC
/
PK
Finance
Co-Issuer
4.88%,
05/15/2029
(h)
130
133
5.88%,
10/01/2028
(h)
45
48
7.50%,
06/01/2025
(h)
110
119
RLJ
Lodging
Trust
LP
3.75%,
07/01/2026
(h)
850
861
VICI
Properties
LP
/
VICI
Note
Co
Inc
3.50%,
02/15/2025
(h)
230
234
4.13%,
08/15/2030
(h)
667
702
XHR
LP
4.88%,
06/01/2029
(h)
471
481
$
6,848
Retail
-
0
.51
%
Ambience
Merger
Sub
Inc
4.88%,
07/15/2028
(h)
420
422
Falabella
SA
3.75%,
04/30/2023
(h)
400
417
Gap
Inc/The
8.38%,
05/15/2023
(h)
174
194
IRB
Holding
Corp
6.75%,
02/15/2026
(h)
35
36
7.00%,
06/15/2025
(h)
30
32
L
Brands
Inc
5.25%,
02/01/2028
225
253
6.63%,
10/01/2030
(h)
340
392
9.38%,
07/01/2025
(h)
280
363
LSF9
Atlantis
Holdings
LLC
/
Victra
Finance
Corp
7.75%,
02/15/2026
(h)
650
679
Macy's
Retail
Holdings
LLC
2.88%,
02/15/2023
90
91
PetSmart
Inc
/
PetSmart
Finance
Corp
4.75%,
02/15/2028
(h)
715
742
$
3,621
Semiconductors
-
0
.76
%
Applied
Materials
Inc
1.75%,
06/01/2030
1,000
1,005
2.75%,
06/01/2050
295
300
Broadcom
Inc
3.15%,
11/15/2025
140
151
3.42%,
04/15/2033
(h)
1,905
2,032
NVIDIA
Corp
3.50%,
04/01/2050
745
860
NXP
BV
/
NXP
Funding
LLC
4.63%,
06/01/2023
(h)
500
535
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Semiconductors
(continued)
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA
Inc
2.70%,
05/01/2025
(h)
$
135
$
143
3.15%,
05/01/2027
(h)
140
151
Skyworks
Solutions
Inc
1.80%,
06/01/2026
235
239
$
5,416
Software
-
1
.90
%
Activision
Blizzard
Inc
2.50%,
09/15/2050
2,690
2,456
3.40%,
09/15/2026
1,000
1,108
Adobe
Inc
2.30%,
02/01/2030
4,170
4,384
Fiserv
Inc
4.40%,
07/01/2049
925
1,140
Open
Text
Corp
3.88%,
02/15/2028
(h)
275
284
5.88%,
06/01/2026
(h)
405
418
Oracle
Corp
2.50%,
04/01/2025
270
284
2.80%,
04/01/2027
525
561
3.95%,
03/25/2051
670
745
salesforce.com
Inc
3.05%,
07/15/2061
1,555
1,619
3.70%,
04/11/2028
505
578
$
13,577
Sovereign
-
2
.39
%
Brazilian
Government
International
Bond
3.88%,
06/12/2030
600
606
Chile
Government
International
Bond
2.55%,
07/27/2033
200
204
CoBank
ACB
6.25%,
10/01/2026
(g),(i)
670
750
3
Month
USD
LIBOR
+
4.66%
Colombia
Government
International
Bond
3.13%,
04/15/2031
750
735
Dominican
Republic
International
Bond
4.88%,
09/23/2032
(h)
750
778
5.30%,
01/21/2041
(h)
500
507
Egypt
Government
International
Bond
5.25%,
10/06/2025
(h)
650
682
8.50%,
01/31/2047
300
310
Ghana
Government
International
Bond
7.75%,
04/07/2029
(h)
750
755
Guatemala
Government
Bond
4.50%,
05/03/2026
550
599
Indonesia
Government
International
Bond
5.38%,
10/17/2023
(h)
800
884
Istanbul
Metropolitan
Municipality
6.38%,
12/09/2025
(h)
400
398
Jamaica
Government
International
Bond
7.88%,
07/28/2045
300
418
Mexico
Government
International
Bond
4.75%,
03/08/2044
520
577
5.00%,
04/27/2051
335
384
Morocco
Government
International
Bond
4.25%,
12/11/2022
390
409
Oman
Government
International
Bond
6.25%,
01/25/2031
(h)
320
346
Pakistan
Government
International
Bond
6.00%,
04/08/2026
(h)
450
453
Panama
Government
International
Bond
3.88%,
03/17/2028
200
220
Peruvian
Government
International
Bond
2.78%,
12/01/2060
300
258
Qatar
Government
International
Bond
4.63%,
06/02/2046
500
630
Schedule
of
Investments
Core
Plus
Bond
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
21
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Sovereign
(continued)
Russian
Foreign
Bond
-
Eurobond
5.10%,
03/28/2035
(h)
$
1,200
$
1,447
Saudi
Government
International
Bond
4.00%,
04/17/2025
(h)
725
800
4.50%,
10/26/2046
1,050
1,232
Turkey
Government
International
Bond
5.88%,
06/26/2031
250
244
6.35%,
08/10/2024
455
478
6.38%,
10/14/2025
650
682
Ukraine
Government
International
Bond
7.25%,
03/15/2033
(h)
550
567
9.75%,
11/01/2028
(h)
375
446
Uruguay
Government
International
Bond
5.10%,
06/18/2050
220
288
$
17,087
Student
Loan
Asset
Backed
Securities
-
0
.05
%
SMB
Private
Education
Loan
Trust
2020-A
0.39%,
03/15/2027
(h)
369
369
1.00
x
1
Month
USD
LIBOR
+
0.30%
Telecommunications
-
2
.28
%
AT&T
Inc
2.75%,
06/01/2031
315
332
3.10%,
02/01/2043
370
370
3.50%,
06/01/2041
500
531
3.50%,
09/15/2053
(h)
3,393
3,507
4.05%,
12/15/2023
535
579
Axtel
SAB
de
CV
6.38%,
11/14/2024
325
337
CommScope
Inc
8.25%,
03/01/2027
(h)
885
937
DKT
Finance
ApS
9.38%,
06/17/2023
(h)
200
204
Embarq
Corp
8.00%,
06/01/2036
397
445
Lumen
Technologies
Inc
4.00%,
02/15/2027
(h)
30
31
Millicom
International
Cellular
SA
4.50%,
04/27/2031
(h)
250
260
Sprint
Communications
Inc
6.00%,
11/15/2022
150
159
Sprint
Corp
7.25%,
09/15/2021
40
40
7.63%,
03/01/2026
297
363
7.88%,
09/15/2023
125
141
Telecom
Italia
Capital
SA
6.38%,
11/15/2033
90
106
Telecom
Italia
SpA/Milano
5.30%,
05/30/2024
(h)
235
255
T-Mobile
USA
Inc
3.50%,
04/15/2025
715
776
4.00%,
04/15/2022
260
264
VEON
Holdings
BV
3.38%,
11/25/2027
(h)
875
882
Verizon
Communications
Inc
2.88%,
11/20/2050
1,460
1,421
3.55%,
03/22/2051
3,050
3,318
VTR
Comunicaciones
SpA
5.13%,
01/15/2028
(h)
736
768
Zayo
Group
Holdings
Inc
4.00%,
03/01/2027
(h)
300
299
$
16,325
Textiles
-
0
.01
%
Delta
Merlin
Dunia
Tekstil
PT
0.00%,
06/26/2032
(e)
500
26
2.50%,
06/26/2028
(k)
500
71
$
97
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Transportation
-
0
.04
%
Eletson
Holdings
Inc
/
Eletson
Finance
US
LLC
/
Agathonissos
Finance
LLC
0.00%,
01/15/2022
(e),(f)
$
1,749
$
157
Navios
South
American
Logistics
Inc
/
Navios
Logistics
Finance
US
Inc
10.75%,
07/01/2025
(h)
125
136
$
293
Trucking
&
Leasing
-
0
.02
%
DAE
Funding
LLC
4.50%,
08/01/2022
(h)
130
130
TOTAL
BONDS
$
429,483
SENIOR
FLOATING
RATE
INTERESTS
-
1
.47
%
Principal
Amount
(000's)
Value
(000's)
Airlines
-
0
.18
%
AAdvantage
Loyalty
IP
Ltd
5.50%,
03/10/2028
(o)
$
645
$
662
1
Month
USD
LIBOR
+
4.75%
United
Airlines
Inc
4.50%,
04/14/2028
(o)
648
649
1
Month
USD
LIBOR
+
3.75%
$
1,311
Commercial
Services
-
0
.10
%
Garda
World
Security
Corp
4.34%,
10/30/2026
(o)
709
707
1
Month
USD
LIBOR
+
4.25%
Consumer
Products
-
0
.09
%
Kronos
Acquisition
Holdings
Inc
4.25%,
12/22/2026
(o)
662
654
1
Month
USD
LIBOR
+
3.75%
Diversified
Financial
Services
-
0
.17
%
Russell
Investments
US
Institutional
Holdco
Inc
4.50%,
06/02/2025
(o)
1,222
1,217
1
Month
USD
LIBOR
+
3.00%
Electronics
-
0
.02
%
Ingram
Micro
Inc
4.00%,
06/30/2028
(o)
120
120
1
Month
USD
LIBOR
+
3.50%
Entertainment
-
0
.18
%
CCM
Merger
Inc
4.50%,
10/29/2025
(o)
617
617
1
Month
USD
LIBOR
+
3.75%
Enterprise
Development
Authority/The
5.00%,
02/18/2028
(o)
568
568
1
Month
USD
LIBOR
+
4.25%
Lions
Gate
Capital
Holdings
LLC
2.34%,
03/24/2025
(o)
123
121
3
Month
USD
LIBOR
+
2.00%
$
1,306
Environmental
Control
-
0
.02
%
Madison
IAQ
LLC
3.75%,
06/21/2028
(o)
150
149
1
Month
USD
LIBOR
+
3.25%
Food
-
0
.02
%
Bellring
Brands
LLC
4.75%,
10/21/2024
(o)
115
115
1
Month
USD
LIBOR
+
4.00%
Insurance
-
0
.16
%
Acrisure
LLC
3.61%,
02/15/2027
(o)
423
415
1
Month
USD
LIBOR
+
3.50%
AssuredPartners
Inc
4.00%,
02/12/2027
(o)
351
350
1
Month
USD
LIBOR
+
3.50%
Schedule
of
Investments
Core
Plus
Bond
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
22
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
(continued)
Asurion
LLC
3.09%,
11/03/2023
(o)
$
116
$
114
1
Month
USD
LIBOR
+
7.25%
5.34%,
01/29/2028
(o)
270
269
1
Month
USD
LIBOR
+
5.25%
$
1,148
Lodging
-
0
.03
%
Golden
Nugget
LLC
3.25%,
10/04/2023
(o)
258
255
1
Month
USD
LIBOR
+
2.50%
Media
-
0
.08
%
CSC
Holdings
LLC
2.59%,
04/15/2027
(o)
191
188
1
Month
USD
LIBOR
+
2.50%
Directv
Financing
LLC
0.00%,
07/22/2027
(o),(p)
395
394
1
Month
USD
LIBOR
+
5.00%
$
582
Oil
&
Gas
-
0
.01
%
Ascent
Resources
Utica
Holdings
LLC
10.00%,
11/01/2025
(o)
47
51
1
Month
USD
LIBOR
+
9.00%
Pharmaceuticals
-
0
.15
%
Bausch
Health
Americas
Inc
3.09%,
05/19/2025
(o)
605
600
3
Month
USD
LIBOR
+
7.50%
Endo
Luxembourg
Finance
Co
I
Sarl
5.75%,
03/27/2028
(o)
79
77
1
Month
USD
LIBOR
+
5.00%
Jazz
Financing
Lux
Sarl
4.00%,
04/21/2028
(o)
415
415
1
Month
USD
LIBOR
+
3.50%
$
1,092
Retail
-
0
.17
%
Ambience
Merger
Sub
Inc
0.00%,
06/24/2028
(o),(p)
340
340
1
Month
USD
LIBOR
+
4.25%
IRB
Holding
Corp
3.75%,
02/05/2025
(o)
706
702
1
Month
USD
LIBOR
+
2.75%
4.25%,
11/19/2027
(o)
169
168
1
Month
USD
LIBOR
+
3.25%
$
1,210
Telecommunications
-
0
.09
%
Level
3
Financing
Inc
1.82%,
03/01/2027
(o)
195
191
1
Month
USD
LIBOR
+
1.75%
Zayo
Group
Holdings
Inc
3.09%,
03/09/2027
(o)
449
441
1
Month
USD
LIBOR
+
3.00%
$
632
TOTAL
SENIOR
FLOATING
RATE
INTERESTS
$
10,549
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
33
.82
%
Principal
Amount
(000's)
Value
(000's)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
-
2
.16
%
2.49%,
01/01/2034
$
37
$
37
1.00
x
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.37%
3.00%,
01/01/2043
1,910
2,065
3.00%,
02/01/2043
834
899
3.00%,
03/01/2043
345
377
4.00%,
02/01/2046
4,645
5,074
4.50%,
04/01/2031
434
474
4.50%,
04/01/2041
3,055
3,416
5.00%,
06/01/2031
299
334
5.50%,
08/01/2023
53
54
5.50%,
05/01/2033
32
37
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
(continued)
5.50%,
10/01/2033
$
37
$
41
5.50%,
12/01/2033
470
539
5.50%,
11/01/2036
437
502
5.50%,
04/01/2038
127
146
5.50%,
08/01/2038
231
269
6.00%,
07/01/2023
25
28
6.00%,
06/01/2028
1
2
6.00%,
12/01/2031
15
18
6.00%,
12/01/2032
15
18
6.00%,
02/01/2033
88
99
6.00%,
12/01/2033
24
29
6.00%,
10/01/2036
122
146
6.00%,
01/01/2038
11
12
6.00%,
07/01/2038
540
632
6.50%,
03/01/2029
3
3
6.50%,
05/01/2029
4
5
6.50%,
04/01/2031
2
2
6.50%,
09/01/2031
2
2
6.50%,
02/01/2032
1
1
6.50%,
05/01/2032
5
6
6.50%,
04/01/2035
47
56
6.50%,
10/01/2035
38
45
7.00%,
12/01/2029
2
3
7.00%,
06/01/2030
9
10
7.00%,
12/01/2030
3
3
7.00%,
09/01/2031
1
1
7.50%,
09/01/2030
1
1
7.50%,
01/01/2031
4
5
7.50%,
03/01/2031
1
1
7.50%,
02/01/2032
2
2
8.00%,
09/01/2030
40
42
$
15,436
Federal
National
Mortgage
Association
(FNMA)
-
0
.31
%
1.33%,
10/01/2034
23
23
1.00
x
6
Month
USD
LIBOR
+
1.08%
1.91%,
07/01/2033
323
337
1.00
x
12
Month
USD
LIBOR
+
1.56%
1.91%,
04/01/2036
17
17
1.00
x
12
Month
USD
LIBOR
+
1.54%
1.98%,
02/01/2036
4
4
1.00
x
12
Month
USD
LIBOR
+
1.61%
2.26%,
01/01/2033
40
40
1.00
x
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.14%
2.49%,
08/01/2035
68
69
1.00
x
12
Month
USD
LIBOR
+
1.74%
2.50%,
04/01/2033
64
64
1.00
x
6
Month
USD
LIBOR
+
2.26%
5.00%,
07/01/2044
1,481
1,656
$
2,210
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
-
12
.48
%
2.00%,
08/01/2036
(q)
8,000
8,302
2.00%,
02/01/2051
11,397
11,719
2.00%,
03/01/2051
6,347
6,522
2.00%,
03/01/2051
4,861
5,013
2.50%,
04/01/2028
1,287
1,356
2.50%,
06/01/2028
89
94
2.50%,
09/01/2029
315
332
2.50%,
06/01/2035
537
562
2.50%,
08/01/2035
2,457
2,603
2.50%,
08/01/2036
(q)
4,000
4,191
2.50%,
08/01/2050
3,904
4,101
2.50%,
09/01/2051
(q)
14,200
14,761
3.00%,
10/01/2029
62
66
3.00%,
09/01/2032
117
125
3.00%,
12/01/2040
147
157
3.00%,
04/01/2043
311
331
Schedule
of
Investments
Core
Plus
Bond
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
23
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
(continued)
3.00%,
05/01/2043
$
510
$
551
3.00%,
08/01/2043
1,960
2,090
3.00%,
03/01/2048
3,473
3,654
3.00%,
12/01/2048
98
103
3.00%,
07/01/2050
3,672
3,884
3.50%,
02/01/2033
23
25
3.50%,
05/01/2034
1,211
1,321
3.50%,
01/01/2041
123
133
3.50%,
01/01/2044
941
1,035
3.50%,
11/01/2044
2,261
2,473
3.50%,
04/01/2047
125
138
3.50%,
10/01/2047
51
55
3.50%,
11/01/2047
3,263
3,573
3.50%,
03/01/2048
32
34
4.00%,
02/01/2031
159
172
4.00%,
03/01/2034
434
476
4.00%,
05/01/2047
4,144
4,466
4.00%,
06/01/2048
11
12
4.50%,
04/01/2024
305
319
4.50%,
06/01/2044
584
651
5.00%,
06/01/2048
1,074
1,202
5.50%,
02/01/2023
4
4
5.50%,
06/01/2023
16
18
5.50%,
07/01/2023
1
1
5.50%,
07/01/2033
80
93
5.50%,
09/01/2033
102
118
5.50%,
05/01/2040
270
312
6.00%,
02/01/2023
2
2
6.00%,
02/01/2038
316
358
6.00%,
05/01/2038
30
34
6.00%,
08/01/2038
206
231
6.00%,
08/01/2038
136
152
6.50%,
05/01/2022
1
1
6.50%,
12/01/2031
2
2
6.50%,
02/01/2032
2
2
6.50%,
02/01/2032
1
1
6.50%,
04/01/2032
6
7
6.50%,
08/01/2032
4
5
6.50%,
07/01/2037
243
289
6.50%,
07/01/2037
111
125
6.50%,
12/01/2037
156
184
6.50%,
02/01/2038
221
258
6.50%,
03/01/2038
34
38
6.50%,
09/01/2038
289
346
7.00%,
03/01/2032
18
20
7.50%,
08/01/2032
4
5
$
89,208
Government
National
Mortgage
Association
(GNMA)
-
4
.63
%
2.00%,
08/01/2051
3,000
3,073
2.50%,
08/01/2051
9,300
9,669
3.00%,
06/20/2043
1,558
1,660
3.00%,
01/20/2045
624
664
3.00%,
06/20/2046
325
344
3.00%,
07/20/2046
1,409
1,491
3.00%,
11/20/2046
2,182
2,308
3.50%,
03/15/2042
767
835
3.50%,
04/15/2042
780
841
3.50%,
09/20/2044
59
66
3.50%,
09/20/2047
1,158
1,260
3.50%,
06/20/2048
1,486
1,577
4.00%,
01/20/2048
3,099
3,356
4.50%,
06/20/2025
907
965
4.50%,
09/15/2039
231
266
4.50%,
03/15/2040
1,168
1,319
5.00%,
11/15/2033
981
1,131
5.00%,
06/15/2034
17
20
5.00%,
10/20/2039
73
82
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Government
National
Mortgage
Association
(GNMA)
(continued)
5.00%,
07/20/2040
$
120
$
129
5.00%,
02/15/2042
750
865
5.50%,
10/15/2033
424
496
5.50%,
05/20/2035
38
44
5.50%,
02/15/2038
329
387
6.00%,
07/20/2028
15
17
6.00%,
11/20/2028
14
16
6.00%,
01/20/2029
15
17
6.00%,
07/20/2029
3
4
6.00%,
08/15/2031
16
17
6.00%,
01/15/2032
2
2
6.00%,
02/15/2032
8
9
6.00%,
02/15/2033
22
25
6.00%,
12/15/2033
22
25
6.50%,
03/20/2028
3
3
6.50%,
05/20/2029
3
3
6.50%,
10/15/2032
11
12
6.50%,
12/15/2032
40
45
7.00%,
06/15/2031
6
7
7.00%,
07/15/2031
1
1
7.00%,
06/15/2032
29
33
8.00%,
01/20/2031
2
3
$
33,087
U.S.
Treasury
-
10
.01
%
0.38%,
01/31/2026
2,000
1,977
0.50%,
06/30/2027
6,500
6,372
1.63%,
08/15/2029
1,800
1,874
1.75%,
04/30/2022
7,000
7,087
2.00%,
10/31/2022
12,000
12,282
2.25%,
11/15/2027
7,000
7,581
3.00%,
11/15/2045
4,350
5,314
3.13%,
05/15/2048
9,915
12,511
3.88%,
08/15/2040
(r)
12,220
16,514
$
71,512
U.S.
Treasury
Bill
-
4
.23
%
0.05%,
11/26/2021
(s)
5,600
5,599
0.05%,
12/23/2021
(s)
24,600
24,595
$
30,194
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
241,647
Total
Investments
$
790,392
Other
Assets
and
Liabilities
- (10.62)%
(
75,888
)
TOTAL
NET
ASSETS
-
100.00%
$
714,504
(a)
Security
or
a
portion
of
the
security
was
on
loan. At
the
end
of
the
period,
the
value
of
these
securities
totaled
$35,313
or
4.94%
of
net
assets.
(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
$36,113
or
5.05%
of
net
assets.
(d)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(e)
Non-income
producing
security
(f)
The
value
of
these
investments
was
determined
using
significant
unobservable
inputs,
in
good
faith
by
the
Manager,
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Directors.
(g)
Perpetual
security.
Perpetual
securities
pay
an
indefinite
stream
of
interest,
but
they
may
be
called
by
the
issuer
at
an
earlier
date.
Date
shown,
if
any,
reflects
the
next
call
date
or
final
legal
maturity
date.
Rate
shown
is
as
of
period
end.
(h)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$130,281
or
18.23%
of
net
assets.
Schedule
of
Investments
Core
Plus
Bond
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
24
(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
is
a
contingent
convertible
security,
("CoCo").
CoCo's
are
hybrid
debt
securities
that
may
convert
to
equity
or
have
their
principal
written
down
upon
occurrence
of
certain
"triggers".
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$3,059
or
0.43%
of
net
assets.
(k)
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions. These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
Rate
shown
is
the
rate
in
effect
as
of
period
end.
(l)
Security
is
an
Interest
Only
Strip.
(m)
Payment
in
kind;
the
issuer
has
the
option
of
paying
additional
securities
in
lieu
of
cash.
(n)
Security
purchased
on
a
when-issued
basis.
(o)
Rate
information
disclosed
is
based
on
an
average
weighted
rate
of
the
underlying
tranches
as
of
period
end.
(p)
This
Senior
Floating
Rate
Note
will
settle
after
July
31,
2021,
at
which
time
the
interest
rate
will
be
determined.
(q)
Security
was
purchased
in
a
"to-be-announced"
("TBA")
transaction.
(r)
Security
or
a
portion
of
the
security
was
pledged
to
cover
margin
requirements
for
futures
contracts.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$946
or
0.13%
of
net
assets.
(s)
Rate
shown
is
the
discount
rate
of
the
original
purchase.
Portfolio
Summary (unaudited)
Sector
Percent
Mortgage
Securities
23
.62
%
Government
17
.17
%
Financial
15
.04
%
Money
Market
Funds
9
.81
%
Communications
7
.36
%
Consumer,
Non-cyclical
6
.28
%
Energy
5
.79
%
Consumer,
Cyclical
4
.97
%
Investment
Companies
4
.74
%
Asset
Backed
Securities
4
.10
%
Industrial
3
.81
%
Technology
2
.85
%
Basic
Materials
2
.83
%
Utilities
2
.25
%
Other
Assets
and
Liabilities
(
10
.62
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
37,137
$
627,023
$
607,738
$
56,422
$
37,137
$
627,023
$
607,738
$
56,422
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.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
US
10
Year
Note;
September
2021
Short
339
$
45,580
$
(
914
)
US
10
Year
Ultra
Note;
September
2021
Short
16
2,404
(
90
)
US
2
Year
Note;
September
2021
Long
30
6,620
—
US
5
Year
Note;
September
2021
Short
246
30,614
(
183
)
US
Long
Bond;
September
2021
Long
107
17,625
742
Total
$
(
445
)
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
Diversified
International
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
25
INVESTMENT
COMPANIES
-
2
.68
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
2
.68
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
0.03%
(a),(b)
7,308,721
$
7,309
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c),(d)
135,480,097
135,480
$
142,789
TOTAL
INVESTMENT
COMPANIES
$
142,789
COMMON
STOCKS
-
97
.32
%
Shares
Held
Value
(000's)
Aerospace
&
Defense
-
0
.32
%
CAE
Inc
(d)
566,400
$
17,283
Airlines
-
0
.23
%
Copa
Holdings
SA
(d)
170,763
12,109
Apparel
-
1
.38
%
LVMH
Moet
Hennessy
Louis
Vuitton
SE
91,769
73,477
Automobile
Manufacturers
-
4
.87
%
Bayerische
Motoren
Werke
AG
323,276
32,144
Eicher
Motors
Ltd
420,088
14,308
Ferrari
NV
80,343
17,510
Honda
Motor
Co
Ltd
936,400
30,075
Kia
Corp
447,739
32,699
Maruti
Suzuki
India
Ltd
196,037
18,419
Toyota
Motor
Corp
939,800
84,371
Volvo
AB
-
B
Shares
(e)
1,262,484
29,771
$
259,297
Automobile
Parts
&
Equipment
-
1
.04
%
Toyota
Industries
Corp
658,800
55,264
Banks
-
9
.29
%
Bank
Leumi
Le-Israel
BM
(d)
2,428,265
18,555
Bank
Rakyat
Indonesia
Persero
Tbk
PT
103,796,900
26,629
BNP
Paribas
SA
636,335
38,803
Canadian
Imperial
Bank
of
Commerce
176,200
20,489
DBS
Group
Holdings
Ltd
1,844,900
41,282
DNB
Bank
ASA
(d)
1,173,837
24,036
Grupo
Financiero
Banorte
SAB
de
CV
3,302,330
21,364
HDFC
Bank
Ltd
ADR
301,294
21,262
ICICI
Bank
Ltd
ADR
2,271,888
42,234
Intesa
Sanpaolo
SpA
16,438,811
45,413
Kotak
Mahindra
Bank
Ltd
(d)
514,704
11,475
Lloyds
Banking
Group
PLC
49,563,247
31,337
Mediobanca
Banca
di
Credito
Finanziario
SpA
3,310,921
38,753
OTP
Bank
Nyrt
(d)
221,264
11,932
PT
Bank
Central
Asia
Tbk
6,371,114
13,152
TCS
Group
Holding
PLC
331,312
27,425
Toronto-Dominion
Bank/The
508,882
33,834
United
Overseas
Bank
Ltd
1,365,900
26,408
$
494,383
Beverages
-
1
.16
%
Carlsberg
AS
229,387
42,388
Heineken
NV
165,367
19,257
$
61,645
Biotechnology
-
1
.10
%
CSL
Ltd
173,766
36,993
Genmab
A/S
(d)
47,165
21,318
$
58,311
Building
Materials
-
5
.17
%
Beijing
Oriental
Yuhong
Waterproof
Technology
Co
Ltd
2,966,687
23,414
China
Lesso
Group
Holdings
Ltd
11,423,000
23,853
Cie
de
Saint-Gobain
780,837
55,813
CRH
PLC
1,413,451
70,643
Geberit
AG
30,640
25,158
HeidelbergCement
AG
492,811
43,672
Holcim
Ltd
(d)
340,105
19,937
Voltas
Ltd
877,795
12,514
$
275,004
Chemicals
-
1
.80
%
Akzo
Nobel
NV
212,054
26,195
Evonik
Industries
AG
506,484
17,611
Koninklijke
DSM
NV
100,577
20,274
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Chemicals
(continued)
Shin-Etsu
Chemical
Co
Ltd
193,800
$
31,614
$
95,694
Commercial
Services
-
1
.37
%
Adecco
Group
AG
354,350
21,220
Amadeus
IT
Group
SA
(d)
235,903
15,471
TechnoPro
Holdings
Inc
644,100
16,110
Worldline
SA/France
(d),(f)
213,853
20,017
$
72,818
Computers
-
3
.53
%
Capgemini
SE
248,585
53,732
Infosys
Ltd
2,211,430
48,196
LG
Corp
172,224
14,115
Logitech
International
SA
496,926
54,597
Nomura
Research
Institute
Ltd
540,300
17,387
$
188,027
Consumer
Products
-
0
.49
%
Hindustan
Unilever
Ltd
832,761
26,166
Distribution
&
Wholesale
-
2
.06
%
Bunzl
PLC
539,357
19,982
Ferguson
PLC
280,433
39,314
ITOCHU
Corp
1,188,900
35,190
Pop
Mart
International
Group
Ltd
(d),(f)
2,100,400
15,447
$
109,933
Diversified
Financial
Services
-
1
.49
%
Banca
Generali
SpA
(d)
304,609
12,636
Brookfield
Asset
Management
Reinsurance
Partners
Ltd
(d)
10,767
583
Housing
Development
Finance
Corp
Ltd
824,308
27,136
KB
Financial
Group
Inc
444,811
19,757
SBI
Holdings
Inc/Japan
456,600
10,930
Tisco
Financial
Group
PCL
3,191,500
8,543
$
79,585
Electric
-
2
.19
%
Enel
SpA
5,006,160
46,135
Iberdrola
SA
3,870,845
46,586
Northland
Power
Inc
683,500
23,985
$
116,706
Electrical
Components
&
Equipment
-
0
.52
%
Delta
Electronics
Inc
2,703,000
27,852
Electronics
-
1
.10
%
Hoya
Corp
414,504
58,515
Energy
-
Alternate
Sources
-
0
.53
%
Vestas
Wind
Systems
A/S
766,850
28,277
Engineering
&
Construction
-
0
.59
%
Vinci
SA
296,764
31,420
Entertainment
-
0
.27
%
Flutter
Entertainment
PLC
(d)
85,767
14,621
Food
-
2
.97
%
Dino
Polska
SA
(d),(f)
178,142
14,262
Nestle
India
Ltd
71,051
16,914
Nestle
SA
741,642
93,914
Seven
&
i
Holdings
Co
Ltd
743,000
33,153
$
158,243
Hand
&
Machine
Tools
-
0
.64
%
Techtronic
Industries
Co
Ltd
1,912,500
34,104
Healthcare
-
Products
-
1
.39
%
Alcon
Inc
409,566
29,816
Getinge
AB
650,327
28,261
Sartorius
Stedim
Biotech
28,268
16,137
$
74,214
Healthcare
-
Services
-
2
.20
%
Fresenius
SE
&
Co
KGaA
335,191
17,618
ICON
PLC
(d)
189,200
46,027
Lonza
Group
AG
68,752
53,532
$
117,177
Schedule
of
Investments
Diversified
International
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
26
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Home
Builders
-
1
.33
%
Daiwa
House
Industry
Co
Ltd
439,000
$
13,460
Persimmon
PLC
646,020
26,059
Taylor
Wimpey
PLC
13,610,437
31,117
$
70,636
Home
Furnishings
-
2
.67
%
GN
Store
Nord
AS
170,194
14,915
Haier
Smart
Home
Co
Ltd
4,752,200
16,298
Howden
Joinery
Group
PLC
2,206,101
27,492
JS
Global
Lifestyle
Co
Ltd
(f)
5,243,500
13,221
Sony
Group
Corp
672,300
70,233
$
142,159
Insurance
-
4
.30
%
AIA
Group
Ltd
5,514,400
65,984
Allianz
SE
129,585
32,210
AXA
SA
909,056
23,542
Fairfax
Financial
Holdings
Ltd
43,600
18,366
ICICI
Lombard
General
Insurance
Co
Ltd
(f)
851,048
16,900
Legal
&
General
Group
PLC
5,199,223
18,834
Prudential
PLC
1,591,446
29,886
Sampo
Oyj
482,322
23,214
$
228,936
Internet
-
2
.70
%
NCSoft
Corp
20,588
14,766
Shopify
Inc
(d)
29,784
44,674
Tencent
Holdings
Ltd
1,242,032
74,905
Trip.com
Group
Ltd
(d)
352,350
9,341
$
143,686
Iron
&
Steel
-
0
.56
%
Vale
SA
1,421,600
29,943
Leisure
Products
&
Services
-
0
.69
%
Shimano
Inc
143,100
36,631
Machinery
-
Construction
&
Mining
-
0
.30
%
Siemens
Energy
AG
(d)
590,898
16,075
Machinery
-
Diversified
-
2
.55
%
Daifuku
Co
Ltd
163,900
14,687
Ebara
Corp
801,800
39,661
GEA
Group
AG
400,767
17,770
Keyence
Corp
71,400
39,770
Omron
Corp
278,900
23,867
$
135,755
Mining
-
2
.05
%
Anglo
American
PLC
641,928
28,447
Franco-Nevada
Corp
183,662
29,369
Rio
Tinto
Ltd
524,957
51,451
$
109,267
Miscellaneous
Manufacturers
-
1
.64
%
JSR
Corp
516,400
17,310
Pidilite
Industries
Ltd
552,742
16,944
Siemens
AG
247,270
38,582
Trelleborg
AB
586,008
14,486
$
87,322
Oil
&
Gas
-
3
.40
%
BP
PLC
8,051,699
32,320
LUKOIL
PJSC
ADR
291,761
25,000
Lundin
Energy
AB
33,833
1,054
Neste
Oyj
767,499
47,179
Parkland
Corp/Canada
430,700
13,709
Reliance
Industries
Ltd
1,000,368
27,422
TotalEnergies
SE
793,220
34,590
$
181,274
Pharmaceuticals
-
4
.48
%
AstraZeneca
PLC
542,753
62,368
Novo
Nordisk
A/S
801,530
74,199
Roche
Holding
AG
263,922
101,956
$
238,523
Pipelines
-
0
.32
%
Pembina
Pipeline
Corp
510,700
16,881
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Private
Equity
-
3
.33
%
3i
Group
PLC
3,765,976
$
66,934
Brookfield
Asset
Management
Inc
1,561,253
84,282
Intermediate
Capital
Group
PLC
866,290
26,106
$
177,322
Real
Estate
-
1
.41
%
A-Living
Smart
City
Services
Co
Ltd
(f)
8,476,750
32,332
Shimao
Services
Holdings
Ltd
(f)
5,256,000
12,136
Sun
Hung
Kai
Properties
Ltd
1,381,000
19,756
Tokyo
Tatemono
Co
Ltd
719,700
10,828
$
75,052
REITs
-
0
.18
%
Keppel
DC
REIT
4,786,800
9,319
Retail
-
3
.50
%
Alimentation
Couche-Tard
Inc
1,008,392
40,648
Home
Product
Center
PCL
30,811,200
12,483
JD
Sports
Fashion
PLC
2,783,663
34,685
Li
Ning
Co
Ltd
3,074,000
32,466
Magazine
Luiza
SA
3,065,798
12,126
Pan
Pacific
International
Holdings
Corp
779,600
16,273
Wal-Mart
de
Mexico
SAB
de
CV
11,366,678
37,447
$
186,128
Semiconductors
-
8
.87
%
Advantest
Corp
266,600
23,536
ASM
International
NV
69,922
24,816
ASML
Holding
NV
157,311
120,246
MediaTek
Inc
855,000
27,957
Nordic
Semiconductor
ASA
(d)
538,634
17,637
Samsung
Electronics
Co
Ltd
1,746,960
119,381
Taiwan
Semiconductor
Manufacturing
Co
Ltd
6,633,544
138,638
$
472,211
Software
-
0
.82
%
Capcom
Co
Ltd
576,700
15,857
DeNA
Co
Ltd
499,000
9,396
Mixi
Inc
352,200
8,871
NetEase
Inc
474,800
9,444
$
43,568
Telecommunications
-
2
.02
%
Deutsche
Telekom
AG
1,069,139
22,189
Nice
Ltd
ADR
(d)
57,848
16,120
Nippon
Telegraph
&
Telephone
Corp
1,214,000
31,088
SoftBank
Group
Corp
610,200
38,373
$
107,770
Toys,
Games
&
Hobbies
-
1
.10
%
Nintendo
Co
Ltd
113,400
58,299
Transportation
-
1
.40
%
Canadian
National
Railway
Co
315,948
34,330
Deutsche
Post
AG
597,057
40,463
$
74,793
TOTAL
COMMON
STOCKS
$
5,181,675
Total
Investments
$
5,324,464
Other
Assets
and
Liabilities
- 0.00%
(
179
)
TOTAL
NET
ASSETS
-
100.00%
$
5,324,285
(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
$19,289
or
0.36%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(d)
Non-income
producing
security
(e)
Security
or
a
portion
of
the
security
was
on
loan. At
the
end
of
the
period,
the
value
of
these
securities
totaled
$18,341
or
0.34%
of
net
assets.
Schedule
of
Investments
Diversified
International
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
27
(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
$124,315
or
2.33%
of
net
assets.
Portfolio
Summary (unaudited)
Location
Percent
Japan
15
.80
%
United
Kingdom
8
.92
%
Switzerland
7
.52
%
Canada
7
.09
%
France
6
.53
%
India
5
.64
%
Germany
5
.22
%
China
4
.69
%
Netherlands
3
.96
%
Korea,
Republic
Of
3
.76
%
Taiwan
3
.65
%
Denmark
3
.40
%
Italy
3
.02
%
United
States
2
.68
%
Hong
Kong
2
.50
%
Ireland
2
.46
%
Australia
1
.67
%
Singapore
1
.46
%
Sweden
1
.38
%
Finland
1
.32
%
Spain
1
.16
%
Mexico
1
.10
%
Brazil
0
.79
%
Norway
0
.78
%
Indonesia
0
.75
%
Israel
0
.65
%
Cyprus
0
.51
%
Russian
Federation
0
.47
%
Thailand
0
.40
%
Poland
0
.27
%
Panama
0
.23
%
Hungary
0
.22
%
Other
Assets
and
Liabilities
0
.00
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
85,878
$
3,494,446
$
3,444,844
$
135,480
$
85,878
$
3,494,446
$
3,444,844
$
135,480
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
Equity
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
28
INVESTMENT
COMPANIES
-
3
.34
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
3
.34
%
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c)
355,275,063
$
355,275
TOTAL
INVESTMENT
COMPANIES
$
355,275
COMMON
STOCKS
-
96
.94
%
Shares
Held
Value
(000's)
Apparel
-
1
.82
%
NIKE
Inc
1,153,311
$
193,191
Automobile
Manufacturers
-
2
.07
%
PACCAR
Inc
2,655,063
220,344
Automobile
Parts
&
Equipment
-
2
.43
%
Magna
International
Inc
3,073,930
257,688
Banks
-
9
.11
%
Bank
of
America
Corp
2,353,115
90,265
First
Republic
Bank/CA
1,246,193
243,033
JPMorgan
Chase
&
Co
1,689,591
256,446
Morgan
Stanley
1,786,452
171,464
PNC
Financial
Services
Group
Inc/The
1,136,431
207,296
$
968,504
Beverages
-
1
.83
%
Coca-Cola
Co/The
3,413,958
194,698
Biotechnology
-
1
.73
%
Corteva
Inc
4,308,170
184,304
Chemicals
-
2
.52
%
Air
Products
and
Chemicals
Inc
493,861
143,728
PPG
Industries
Inc
759,304
124,162
$
267,890
Computers
-
1
.72
%
Apple
Inc
1,255,730
183,161
Diversified
Financial
Services
-
5
.18
%
BlackRock
Inc
368,140
319,240
Discover
Financial
Services
1,864,463
231,790
$
551,030
Electric
-
4
.97
%
Eversource
Energy
1,161,349
100,189
NextEra
Energy
Inc
1,976,162
153,943
Sempra
Energy
448,517
58,599
WEC
Energy
Group
Inc
1,144,348
107,729
Xcel
Energy
Inc
1,579,135
107,776
$
528,236
Electronics
-
0
.97
%
Honeywell
International
Inc
440,722
103,036
Food
-
3
.00
%
Hormel
Foods
Corp
4,676,730
216,907
Tyson
Foods
Inc
1,432,680
102,379
$
319,286
Healthcare
-
Products
-
5
.17
%
Abbott
Laboratories
2,120,801
256,575
Medtronic
PLC
1,818,154
238,742
STERIS
PLC
250,321
54,557
$
549,874
Healthcare
-
Services
-
0
.50
%
UnitedHealth
Group
Inc
128,138
52,821
Insurance
-
3
.64
%
Chubb
Ltd
956,667
161,428
Fidelity
National
Financial
Inc
2,968,753
132,436
Swiss
Re
AG
ADR
4,139,012
93,169
$
387,033
Machinery
-
Construction
&
Mining
-
0
.71
%
Caterpillar
Inc
364,381
75,336
Machinery
-
Diversified
-
2
.28
%
Deere
&
Co
670,047
242,282
Media
-
1
.94
%
Cable
One
Inc
54,108
102,155
Comcast
Corp
-
Class
A
1,768,851
104,062
$
206,217
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Miscellaneous
Manufacturers
-
4
.36
%
Parker-Hannifin
Corp
869,372
$
271,270
Trane
Technologies
PLC
943,175
192,040
$
463,310
Oil
&
Gas
-
3
.55
%
Chevron
Corp
1,204,451
122,625
EOG
Resources
Inc
1,769,447
128,922
Marathon
Petroleum
Corp
2,276,623
125,715
$
377,262
Pharmaceuticals
-
8
.68
%
Becton
Dickinson
and
Co
737,703
188,668
Merck
&
Co
Inc
2,663,109
204,713
Novartis
AG
ADR
1,711,087
158,087
Organon
&
Co
249,485
7,238
Pfizer
Inc
2,817,087
120,599
Roche
Holding
AG
ADR
5,032,038
242,846
$
922,151
Pipelines
-
1
.08
%
Enterprise
Products
Partners
LP
5,072,889
114,495
Private
Equity
-
3
.06
%
KKR
&
Co
Inc
5,104,959
325,492
REITs
-
4
.36
%
Alexandria
Real
Estate
Equities
Inc
883,843
177,953
Digital
Realty
Trust
Inc
1,135,224
175,006
Realty
Income
Corp
1,567,099
110,151
$
463,110
Retail
-
3
.98
%
Costco
Wholesale
Corp
412,124
177,098
Starbucks
Corp
1,195,962
145,226
Target
Corp
386,757
100,963
$
423,287
Semiconductors
-
3
.67
%
Microchip
Technology
Inc
1,340,236
191,815
Taiwan
Semiconductor
Manufacturing
Co
Ltd
ADR
1,702,786
198,613
$
390,428
Software
-
4
.73
%
Activision
Blizzard
Inc
1,387,969
116,062
Fidelity
National
Information
Services
Inc
833,570
124,244
Microsoft
Corp
551,033
156,995
SAP
SE
ADR
730,512
104,989
$
502,290
Telecommunications
-
4
.53
%
BCE
Inc
4,966,630
247,884
Verizon
Communications
Inc
4,181,939
233,269
$
481,153
Toys,
Games
&
Hobbies
-
0
.78
%
Hasbro
Inc
836,599
83,191
Transportation
-
2
.57
%
Expeditors
International
of
Washington
Inc
863,524
110,747
Union
Pacific
Corp
742,299
162,385
$
273,132
TOTAL
COMMON
STOCKS
$
10,304,232
Total
Investments
$
10,659,507
Other
Assets
and
Liabilities
- (0.28)%
(
30,192
)
TOTAL
NET
ASSETS
-
100.00%
$
10,629,315
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
Non-income
producing
security
(c)
Current
yield
shown
is
as
of
period
end.
Schedule
of
Investments
Equity
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
29
Portfolio
Summary (unaudited)
Sector
Percent
Financial
25
.35
%
Consumer,
Non-cyclical
20
.91
%
Consumer,
Cyclical
11
.08
%
Industrial
10
.89
%
Technology
10
.12
%
Communications
6
.47
%
Utilities
4
.97
%
Energy
4
.63
%
Money
Market
Funds
3
.34
%
Basic
Materials
2
.52
%
Other
Assets
and
Liabilities
(
0
.28
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
125,574
$
3,174,910
$
2,945,209
$
355,275
$
125,574
$
3,174,910
$
2,945,209
$
355,275
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
Emerging
Markets
Total
Return
Bond
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
30
INVESTMENT
COMPANIES
-
8.88%
Shares
Held
Value
(000's)
Money
Market
Funds
-
8.88%
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c)
72,895,449
$
72,895
TOTAL
INVESTMENT
COMPANIES
$
72,895
BONDS
-
79.16%
Principal
Amount
(000's)
Value
(000's)
Banks
-
2.71%
Absa
Group
Ltd
6.38%,
05/27/2026
(d),(e),(f)
$
1,950
$
1,992
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.41%
International
Bank
of
Azerbaijan
OJSC
3.50%,
09/01/2024
7,656
7,656
Itau
Unibanco
Holding
SA/Cayman
Island
6.13%,
12/12/2022
(d),(e),(f)
7,425
7,503
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.98%
QIB
Sukuk
Ltd
1.51%,
02/07/2025
5,000
5,053
3
Month
USD
LIBOR
+
1.35%
$
22,204
Building
Materials
-
1.24%
Cemex
SAB
de
CV
5.13%,
06/08/2026
(d),(e),(g)
4,000
4,199
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.53%
5.20%,
09/17/2030
(g)
3,125
3,422
5.20%,
09/17/2030
2,350
2,573
$
10,194
Chemicals
-
1.18%
Sasol
Financing
USA
LLC
4.38%,
09/18/2026
4,475
4,583
5.50%,
03/18/2031
4,875
5,082
$
9,665
Commercial
Services
-
0.48%
StoneCo
Ltd
3.95%,
06/16/2028
(g)
3,975
3,945
Cosmetics
&
Personal
Care
-
0.21%
Oriflame
Investment
Holding
PLC
5.13%,
05/04/2026
(g)
1,649
1,693
Diversified
Financial
Services
-
1.01%
Power
Finance
Corp
Ltd
5.25%,
08/10/2028
7,410
8,310
Electric
-
1.20%
Adani
Electricity
Mumbai
Ltd
3.95%,
02/12/2030
(g)
2,050
2,064
3.95%,
02/12/2030
4,550
4,580
India
Green
Power
Holdings
4.00%,
02/22/2027
(g)
2,400
2,394
4.00%,
02/22/2027
800
798
$
9,836
Engineering
&
Construction
-
0.68%
State
Agency
of
Roads
of
Ukraine
6.25%,
06/24/2028
(g)
5,600
5,544
Food
-
0.65%
JBS
Finance
Luxembourg
Sarl
3.63%,
01/15/2032
(g)
5,325
5,361
Internet
-
0.85%
United
Group
BV
4.00%,
11/15/2027
EUR
2,250
2,640
4.63%,
08/15/2028
(g)
3,575
4,295
$
6,935
Iron
&
Steel
-
2.20%
CSN
Inova
Ventures
6.75%,
01/28/2028
(g)
$
2,650
2,925
6.75%,
01/28/2028
5,500
6,070
CSN
Islands
XII
Corp
7.00%,
09/23/2021
(d)
5,625
5,664
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Iron
&
Steel
(continued)
Metinvest
BV
7.65%,
10/01/2027
(g)
$
850
$
936
7.65%,
10/01/2027
1,400
1,542
8.50%,
04/23/2026
775
877
$
18,014
Media
-
0.33%
LCPR
Senior
Secured
Financing
DAC
5.13%,
07/15/2029
(g)
2,650
2,710
Oil
&
Gas
-
11.32%
Ecopetrol
SA
6.88%,
04/29/2030
3,800
4,588
Energean
Israel
Finance
Ltd
4.50%,
03/30/2024
(g)
6,450
6,562
4.88%,
03/30/2026
(g)
3,475
3,552
5.38%,
03/30/2028
(g)
2,450
2,503
Kosmos
Energy
Ltd
7.13%,
04/04/2026
3,625
3,534
7.50%,
03/01/2028
(g)
2,600
2,512
7.50%,
03/01/2028
3,100
2,995
Leviathan
Bond
Ltd
5.75%,
06/30/2023
(g)
2,500
2,604
6.13%,
06/30/2025
(g)
4,150
4,514
6.50%,
06/30/2027
(g)
5,275
5,809
MC
Brazil
Downstream
Trading
SARL
7.25%,
06/30/2031
(g)
5,400
5,602
Petrobras
Global
Finance
BV
5.50%,
06/10/2051
7,425
7,304
Petroleos
Mexicanos
5.35%,
02/12/2028
6,300
6,209
6.84%,
01/23/2030
5,900
6,155
Qatar
Petroleum
1.38%,
09/12/2026
(g)
5,325
5,340
2.25%,
07/12/2031
(g)
5,325
5,388
3.13%,
07/12/2041
(g)
4,550
4,718
3.30%,
07/12/2051
(g)
5,325
5,518
Tullow
Oil
PLC
7.00%,
03/01/2025
1,625
1,404
10.25%,
05/15/2026
(g)
5,850
6,099
$
92,910
Pipelines
-
1.29%
Galaxy
Pipeline
Assets
Bidco
Ltd
2.16%,
03/31/2034
(g)
5,800
5,743
2.16%,
03/31/2034
4,925
4,876
$
10,619
Real
Estate
-
2.46%
Kaisa
Group
Holdings
Ltd
8.50%,
06/30/2022
5,248
4,618
9.38%,
06/30/2024
2,050
1,584
11.95%,
11/12/2023
3,800
3,236
Sunac
China
Holdings
Ltd
6.50%,
01/10/2025
3,075
2,780
6.65%,
08/03/2024
1,550
1,419
7.00%,
07/09/2025
6,125
5,522
7.25%,
06/14/2022
1,025
1,025
$
20,184
Sovereign
-
46.73%
1MDB
Global
Investments
Ltd
4.40%,
03/09/2023
16,900
16,971
Angolan
Government
International
Bond
9.50%,
11/12/2025
10,150
11,190
Argentine
Republic
Government
International
Bond
0.50%,
07/09/2030
(h)
21,500
7,815
1.13%,
07/09/2035
(h)
16,081
5,186
Benin
Government
International
Bond
6.88%,
01/19/2052
EUR
1,750
2,132
Schedule
of
Investments
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
31
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Sovereign
(continued)
Bonos
de
la
Tesoreria
de
la
Republica
en
pesos
5.00%,
10/01/2028
(g)
CLP
2,675,000
$
3,653
Brazil
Notas
do
Tesouro
Nacional
Serie
F
10.00%,
01/01/2027
BRL
153,050
30,444
Chile
Government
International
Bond
2.25%,
10/30/2022
$
4,000
4,077
Colombia
Government
International
Bond
5.63%,
02/26/2044
4,525
5,052
6.13%,
01/18/2041
8,600
10,081
Colombian
TES
5.75%,
11/03/2027
COP
81,200,000
20,196
7.75%,
09/18/2030
55,700,000
15,111
Egypt
Government
International
Bond
8.50%,
01/31/2047
$
7,575
7,823
Ghana
Government
International
Bond
8.13%,
03/26/2032
2,600
2,595
Ivory
Coast
Government
International
Bond
4.88%,
01/30/2032
EUR
14,750
17,665
4.88%,
01/30/2032
(g)
3,525
4,222
5.88%,
10/17/2031
1,550
1,984
Mexican
Bonos
8.50%,
05/31/2029
MXN
344,100
19,027
Mexico
Government
International
Bond
4.13%,
01/21/2026
$
2,000
2,255
Montenegro
Government
International
Bond
2.88%,
12/16/2027
(g)
EUR
2,300
2,597
2.88%,
12/16/2027
6,275
7,085
Nigeria
Government
International
Bond
7.14%,
02/23/2030
$
12,300
12,917
Oman
Government
International
Bond
6.75%,
01/17/2048
6,975
7,045
7.00%,
01/25/2051
1,050
1,084
Republic
of
South
Africa
Government
Bond
8.88%,
02/28/2035
ZAR
583,000
36,099
Republic
of
South
Africa
Government
International
Bond
5.75%,
09/30/2049
$
12,000
12,164
Romanian
Government
International
Bond
2.00%,
01/28/2032
EUR
5,650
6,736
2.00%,
04/14/2033
(g)
7,350
8,610
2.75%,
04/14/2041
(g)
6,950
8,094
3.50%,
04/03/2034
2,900
3,892
3.62%,
05/26/2030
(g)
3,550
4,855
Russian
Federal
Bond
-
OFZ
6.10%,
07/18/2035
RUB
825,400
10,506
7.25%,
05/10/2034
2,106,600
29,694
Senegal
Government
International
Bond
5.38%,
06/08/2037
(g)
EUR
2,900
3,436
Slovenia
Government
International
Bond
5.25%,
02/18/2024
$
5,000
5,593
Ukraine
Government
Bond
9.84%,
02/15/2023
UAH
22,200
804
11.20%,
07/20/2022
134,500
5,011
14.91%,
10/12/2022
67,900
2,622
15.97%,
04/19/2023
33,200
1,309
Ukraine
Government
International
Bond
1.26%,
05/31/2040
(h)
$
7,400
8,610
6.88%,
05/21/2029
(g)
8,250
8,507
6.88%,
05/21/2029
1,475
1,521
7.25%,
03/15/2033
1,325
1,366
7.75%,
09/01/2027
3,650
3,993
Zambia
Government
International
Bond
0.00%,
04/14/2024
(b)
2,725
1,771
$
383,400
Supranational
Bank
-
0.99%
Africa
Finance
Corp
2.88%,
04/28/2028
(g)
6,700
6,734
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Supranational
Bank
(continued)
Eastern
&
Southern
African
Trade
&
Development
Bank/The
4.88%,
05/23/2024
$
1,350
$
1,424
$
8,158
Telecommunications
-
3.63%
C&W
Senior
Financing
DAC
7.50%,
10/15/2026
(g)
900
940
7.50%,
10/15/2026
7,975
8,333
MTN
Mauritius
Investments
Ltd
5.37%,
02/13/2022
8,120
8,266
VEON
Holdings
BV
3.38%,
11/25/2027
(g)
4,775
4,814
3.38%,
11/25/2027
7,400
7,461
$
29,814
TOTAL
BONDS
$
649,496
CREDIT
LINKED
STRUCTURED
NOTES
-
5.81%
Principal
Amount
(000's)
Value
(000's)
Sovereign
-
5.81%
China
Government
Bond
-
JPMorgan
Chase
3.27%,
11/19/2030
(g)
CNY
298,600
$
47,647
TOTAL
CREDIT
LINKED
STRUCTURED
NOTES
$
47,647
Total
Investments
$
770,038
Other
Assets
and
Liabilities
- 6.15%
50,438
TOTAL
NET
ASSETS
-
100.00%
$
820,476
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
Non-income
producing
security
(c)
Current
yield
shown
is
as
of
period
end.
(d)
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.
(e)
Rate
shown
is
as
of
period
end.
The
rate
may
be
a
variable
or
floating
rate
or
a
fixed
rate
which
may
convert
to
a
variable
or
floating
rate
in
the
future.
(f)
Security
is
a
contingent
convertible
security,
("
CoCo
").
CoCo's
are
hybrid
debt
securities
that
may
convert
to
equity
or
have
their
principal
written
down
upon
occurrence
of
certain
"triggers".
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$9,495
or
1.16%
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
$210,061
or
25.60%
of
net
assets.
(h)
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions. These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
Rate
shown
is
the
rate
in
effect
as
of
period
end.
Schedule
of
Investments
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
32
Portfolio
Summary (unaudited)
Location
Percent
United
States
11.16%
Colombia
6.71%
South
Africa
6.12%
China
5.81%
Cayman
Islands
5.35%
Mexico
5.34%
Russian
Federation
4.90%
Ukraine
4.81%
Brazil
4.63%
Romania
3.92%
Netherlands
3.65%
Israel
3.12%
Cote
d'Ivoire
2.90%
Qatar
2.55%
Virgin
Islands,
British
2.07%
India
1.82%
Argentina
1.58%
Nigeria
1.57%
Jersey,
Channel
Islands
1.50%
Ireland
1.45%
Mauritius
1.40%
Angola
1.36%
Luxembourg
1.33%
Montenegro
1.18%
Supranational
0.99%
Oman
0.99%
Chile
0.95%
Egypt
0.95%
Azerbaijan
0.93%
United
Kingdom
0.91%
Slovenia
0.68%
Senegal
0.42%
Ghana
0.32%
Benin
0.26%
Zambia
0.22%
Other
Assets
and
Liabilities
6.15%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
33,964
$
755,514
$
716,583
$
72,895
$
33,964
$
755,514
$
716,583
$
72,895
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%
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
Amounts
in
thousands.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
Euro
Bond
10
Year
Bond;
September
2021
Short
250
$
52,364
$
(1,457)
US
10
Year
Note;
September
2021
Short
470
63,193
(1,184)
US
Long
Bond;
September
2021
Short
85
14,001
(391)
Total
$
(3,032)
Amounts
in
thousands
except
contracts.
Foreign
Currency
Contracts
Unrealized
Appreciation/(Depreciation)
Counterparty
Settlement
Date
Currency
to
Accept
Currency
to
Deliver
Asset
Liability
Citigroup
Inc
08/27/2021
BRL
42,500
$
8,042
$
92
$
—
Citigroup
Inc
08/27/2021
CZK
521,100
$
23,936
308
—
Citigroup
Inc
08/27/2021
ZAR
26,750
$
1,786
35
—
Citigroup
Inc
08/27/2021
$
12,155
COP
47,500,000
—
(93)
Citigroup
Inc
08/27/2021
$
23,562
EUR
20,000
—
(171)
Schedule
of
Investments
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
33
Foreign
Currency
Contracts
(continued)
Unrealized
Appreciation/(Depreciation)
Counterparty
Settlement
Date
Currency
to
Accept
Currency
to
Deliver
Asset
Liability
Citigroup
Inc
08/27/2021
$
30,430
BRL
161,200
$
—
$
(422)
Citigroup
Inc
08/27/2021
$
21,134
ZAR
308,800
109
—
HSBC
Securities
Inc
08/27/2021
KRW
27,929,000
$
24,318
—
(86)
HSBC
Securities
Inc
08/27/2021
$
4,270
CLP
3,253,000
—
(15)
HSBC
Securities
Inc
08/27/2021
$
19,276
RUB
1,443,900
—
(418)
JPMorgan
Chase
08/26/2021
EUR
7,195
$
8,525
21
(7)
JPMorgan
Chase
08/26/2021
$
87,042
EUR
73,873
—
(623)
JPMorgan
Chase
08/27/2021
HUF
4,925,000
$
16,360
—
(70)
JPMorgan
Chase
08/27/2021
INR
1,205,000
$
16,020
141
—
JPMorgan
Chase
08/27/2021
PLN
47,200
$
12,269
6
(15)
JPMorgan
Chase
08/27/2021
ZAR
327,050
$
22,124
171
(28)
JPMorgan
Chase
08/27/2021
KRW
9,400,000
$
8,207
—
(51)
JPMorgan
Chase
08/27/2021
$
18,886
COP
73,400,000
41
(80)
JPMorgan
Chase
08/27/2021
$
15,804
ZAR
232,600
—
(33)
JPMorgan
Chase
08/27/2021
$
47,004
CNY
305,900
—
(227)
JPMorgan
Chase
08/27/2021
$
18,945
MXN
383,500
—
(263)
Total
$
924
$
(2,602)
Amounts
in
thousands.
Credit
Default
Swaps
Buy
Protection
Counterparty
Reference
Entity
Implied
Credit
Spread
as
of
July
31,
2021
(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.EM.35
N/A
(1.00)%
Quarterly
06/20/2026
$
30,400
$
833
$
71
$
904
$
—
JPMorgan
Chase
CDX.EM.35
N/A
(1.00)%
Quarterly
06/20/2026
13,350
359
38
397
—
Total
$
1,192
$
109
$
1,301
$
—
Sell
Protection
Counterparty
Reference
Entity
Implied
Credit
Spread
as
of
July
31,
2021
(a)
(Pay)/
Receive
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
(b)
Upfront
Payments/
(Receipts)
Unrealized
Appreciation/
(Depreciation)
Fair
Value
(c)
Asset
----
Liability
JPMorgan
Chase
CDX.EM.35
N/A
1.00%
Quarterly
06/20/2026
$
43,750
$
(1,250)
$
(51)
$
—
$
(1,301)
Total
$
(1,250)
$
(51)
$
—
$
(1,301)
Amounts
in
thousands.
Exchange
Cleared
Credit
Default
Swaps
Buy
Protection
Reference
Entity
Implied
Credit
Spread
as
of
July
31,
2021
(a)
(Pay)/
Receive
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
Upfront
Payments/
(Receipts)
Unrealized
Appreciation/
(Depreciation)
Fair
Value
CDX.NA.HY.36
N/A
(5.00)%
Quarterly
06/20/2026
$
40,300
$
(3,969)
$
262
$
(3,707)
ITRAXX.35
N/A
(5.00)%
Quarterly
06/20/2026
EUR
20,550
(2,883)
(50)
(
2,933)
Total
$
(6,852)
$
212
$
(6,640)
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
$43,750.
(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
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
34
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
Prague
Interbank
Offered
Rate
Receive
1.87%
Annual
Semiannual
N/A
06/28/2026
CZK
725,600
$
—
$
(7)
$
(7)
6
Month
Prague
Interbank
Offered
Rate
Pay
1.87%
Semiannual
Annual
N/A
06/28/2026
725,600
(148)
155
7
6
Month
Warsaw
Interbank
Offered
Rate
Receive
1.40%
Annual
Semiannual
N/A
02/09/2031
PLN
23,600
163
(4)
159
6
Month
Warsaw
Interbank
Offered
Rate
Receive
1.40%
Annual
Semiannual
N/A
02/09/2031
2,000
(2)
16
14
6
Month
Warsaw
Interbank
Offered
Rate
Pay
1.40%
Semiannual
Annual
N/A
02/09/2031
12,000
(10)
(71)
(81)
6
Month
Warsaw
Interbank
Offered
Rate
Receive
1.40%
Annual
Semiannual
N/A
02/09/2031
9,000
(21)
82
61
6
Month
Warsaw
Interbank
Offered
Rate
Receive
1.90%
Annual
Semiannual
N/A
06/16/2031
113,600
(565)
47
(518)
6
Month
Warsaw
Interbank
Offered
Rate
Receive
1.40%
Annual
Semiannual
N/A
02/09/2031
37,800
(170)
424
254
6
Month
Warsaw
Interbank
Offered
Rate
Receive
1.90%
Annual
Semiannual
N/A
06/16/2031
25,000
(151)
37
(114)
6
Month
Warsaw
Interbank
Offered
Rate
Receive
1.40%
Annual
Semiannual
N/A
02/09/2031
6,000
(26)
66
40
6
Month
Warsaw
Interbank
Offered
Rate
Pay
1.90%
Semiannual
Annual
N/A
06/16/2031
32,500
210
(62)
148
6
Month
Warsaw
Interbank
Offered
Rate
Pay
1.90%
Semiannual
Annual
N/A
06/16/2031
32,500
230
(82)
148
6
Month
Warsaw
Interbank
Offered
Rate
Receive
1.90%
Annual
Semiannual
N/A
06/16/2031
7,000
(35)
3
(32)
Total
$
(525)
$
604
$
79
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%,
09/22/2021
98,000,000
Receive
3
Month
USD
LIBOR
+
0.80%
Quarterly
09/22/2021
$
5,845
$
—
$
292
$
—
HSBC
Securities
Inc
Egypt
Treasury
Bills,
0.00%,
09/22/2021
85,000,000
Receive
3
Month
USD
LIBOR
+
0.80%
Quarterly
09/22/2021
5,062
—
261
—
HSBC
Securities
Inc
Egypt
Treasury
Bills,
0.00%,
10/19/2021
85,000,000
Receive
3
Month
USD
LIBOR
+
0.80%
Quarterly
10/20/2021
5,123
—
141
—
HSBC
Securities
Inc
Egypt
Treasury
Bills,
0.00%,
11/17/2021
66,000,000
Receive
3
Month
USD
LIBOR
+
0.80%
Quarterly
11/17/2021
4,013
—
33
—
JPMorgan
Chase
Ghana
Government
Bond,
17.6%,
02/21/2023
11,100,000
Receive
3
Month
USD
LIBOR
+
0.80%
Quarterly
02/21/2023
1,925
—
79
—
JPMorgan
Chase
Ghana
Government
Bond,
17.6%,
02/21/2023
12,000,000
Receive
3
Month
USD
LIBOR
+
0.80%
Quarterly
02/21/2023
2,110
—
57
—
JPMorgan
Chase
Ghana
Government
Bond,
17.6%,
02/21/2023
9,000,000
Receive
3
Month
USD
LIBOR
+
0.80%
Quarterly
02/21/2023
1,615
—
11
—
JPMorgan
Chase
Ghana
Government
Bond,
17.6%,
02/21/2023
7,000,000
Receive
3
Month
USD
LIBOR
+
0.80%
Quarterly
02/21/2023
1,262
—
4
—
JPMorgan
Chase
Ghana
Government
Bond,
19.25%,
12/19/2023
32,000,000
Receive
3
Month
USD
LIBOR
+
0.80%
Quarterly
12/19/2023
5,719
—
—
(67)
JPMorgan
Chase
Ghana
Government
Bond,
19.50%,
07/09/2024
3,800,000
Receive
3
Month
USD
LIBOR
+
0.80%
Quarterly
07/09/2024
653
—
10
—
Total
$
—
$
888
$
(67)
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
Global
Diversified
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
35
INVESTMENT
COMPANIES
-
2.83%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0.47%
Invesco
Preferred
ETF
6,046
$
92
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
(a)
32,000
4,352
iShares
International
Select
Dividend
ETF
65,855
2,129
SPDR
Bloomberg
Barclays
High
Yield
Bond
ETF
(a)
35,000
3,842
WisdomTree
Trust
-
WisdomTree
International
High
Dividend
Fund
ETP
(a)
118,604
4,720
WisdomTree
US
High
Dividend
Fund
ETP
82,654
6,513
$
21,648
Money
Market
Funds
-
2.36%
BlackRock
Liquidity
FedFund
-
Institutional
Class
0.03%
(b),(c)
16,613,767
16,614
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(b),(c),(d),(e)
92,695,532
92,696
$
109,310
TOTAL
INVESTMENT
COMPANIES
$
130,958
COMMON
STOCKS
-
38.00%
Shares
Held
Value
(000's)
Advertising
-
0.03%
Dentsu
Group
Inc
(a)
34,100
$
1,185
Aerospace
&
Defense
-
0.62%
BAE
Systems
PLC
710,317
5,695
CAE
Inc
(e)
88,300
2,695
Elbit
Systems
Ltd
1,183
156
General
Dynamics
Corp
20,693
4,057
HEICO
Corp
18,162
2,456
Lockheed
Martin
Corp
11,522
4,282
Meggitt
PLC
(e)
236,205
1,539
Northrop
Grumman
Corp
8,567
3,110
Thales
SA
5,701
598
TransDigm
Group
Inc
(e)
6,065
3,888
$
28,476
Agriculture
-
0.80%
Altria
Group
Inc
224,793
10,799
British
American
Tobacco
PLC
244,171
9,081
Imperial
Brands
PLC
555,624
11,896
Japan
Tobacco
Inc
266,400
5,206
$
36,982
Airlines
-
0.09%
Qantas
Airways
Ltd
(e)
369,866
1,247
SkyWest
Inc
(e)
42,104
1,705
Wizz
Air
Holdings
Plc
(e),(f)
21,124
1,452
$
4,404
Apparel
-
0.11%
Eclat
Textile
Co
Ltd
98,000
2,140
Feng
TAY
Enterprise
Co
Ltd
254,000
2,101
Tapestry
Inc
(e)
20,349
861
$
5,102
Automobile
Parts
&
Equipment
-
0.22%
Allison
Transmission
Holdings
Inc
61,185
2,442
Denso
Corp
52,500
3,607
Gentex
Corp
71,552
2,435
NGK
Spark
Plug
Co
Ltd
118,500
1,745
$
10,229
Banks
-
1.98%
Banca
Mediolanum
SpA
139,010
1,368
Banco
Bilbao
Vizcaya
Argentaria
SA
871,282
5,578
Bangkok
Bank
PCL
199,800
617
Bank
Leumi
Le-Israel
BM
(e)
64,799
495
Bank
of
America
Corp
75,127
2,882
Bank
of
East
Asia
Ltd/The
608,400
1,002
Bank
of
New
York
Mellon
Corp/The
87,686
4,501
BDO
Unibank
Inc
1,487,920
3,038
BOC
Hong
Kong
Holdings
Ltd
864,500
2,776
Cathay
General
Bancorp
56,999
2,159
Chiba
Bank
Ltd/The
264,100
1,502
Citizens
Financial
Group
Inc
77,560
3,270
Comerica
Inc
45,703
3,138
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Banks
(continued)
Concordia
Financial
Group
Ltd
607,200
$
2,174
Cullen/Frost
Bankers
Inc
26,729
2,869
DBS
Group
Holdings
Ltd
67,500
1,510
Fukuoka
Financial
Group
Inc
67,500
1,138
Goldman
Sachs
Group
Inc/The
6,155
2,307
Huntington
Bancshares
Inc/OH
190,303
2,679
ICICI
Bank
Ltd
ADR
147,793
2,747
Independent
Bank
Corp/MI
111,238
2,339
Israel
Discount
Bank
Ltd
(e)
51,917
243
Mediobanca
Banca
di
Credito
Finanziario
SpA
269,519
3,155
Mitsubishi
UFJ
Financial
Group
Inc
514,700
2,719
Mizrahi
Tefahot
Bank
Ltd
(e)
6,257
190
Mizuho
Financial
Group
Inc
197,900
2,828
Northern
Trust
Corp
38,891
4,389
Oversea-Chinese
Banking
Corp
Ltd
170,800
1,545
Paragon
Banking
Group
PLC
320,111
2,458
Popular
Inc
45,048
3,278
Regions
Financial
Corp
163,538
3,148
Resona
Holdings
Inc
305,300
1,146
Shizuoka
Bank
Ltd/The
233,100
1,683
State
Street
Corp
49,369
4,302
Sumitomo
Mitsui
Financial
Group
Inc
89,300
3,010
Sumitomo
Mitsui
Trust
Holdings
Inc
78,500
2,577
TCS
Group
Holding
PLC
28,527
2,361
Zions
Bancorp
NA
42,700
2,227
$
91,348
Beverages
-
0.16%
Coca-Cola
Europacific
Partners
PLC
11,319
702
Coca-Cola
HBC
AG
(e)
79,936
3,019
Constellation
Brands
Inc
8,219
1,844
Kirin
Holdings
Co
Ltd
95,600
1,749
$
7,314
Building
Materials
-
0.78%
Armstrong
World
Industries
Inc
13,900
1,504
Buzzi
Unicem
SpA
41,849
1,106
China
Lesso
Group
Holdings
Ltd
585,000
1,222
CRH
PLC
56,379
2,818
Fortune
Brands
Home
&
Security
Inc
17,451
1,701
Holcim
Ltd
(e)
102,395
6,003
Ibstock
PLC
(f)
446,655
1,327
Lennox
International
Inc
4,944
1,629
Martin
Marietta
Materials
Inc
14,909
5,416
Masco
Corp
52,866
3,156
Owens
Corning
18,757
1,804
Vulcan
Materials
Co
29,126
5,242
Wienerberger
AG
81,831
3,345
$
36,273
Chemicals
-
0.39%
Arkema
SA
13,564
1,726
Brenntag
SE
26,535
2,650
Celanese
Corp
16,548
2,578
Denka
Co
Ltd
33,400
1,156
ICL
Group
Ltd
31,414
229
LANXESS
AG
22,147
1,604
NewMarket
Corp
6,650
2,101
Nissan
Chemical
Corp
18,000
882
Sherwin-Williams
Co/The
4,620
1,345
Sumitomo
Bakelite
Co
Ltd
34,500
1,502
Tokai
Carbon
Co
Ltd
65,000
859
Yara
International
ASA
5,702
300
Zeon
Corp
68,600
937
$
17,869
Commercial
Services
-
1.35%
Ashtead
Group
PLC
56,235
4,208
ATD
New
Holdings
Inc
(e)
385,347
23,056
Automatic
Data
Processing
Inc
15,190
3,184
Booz
Allen
Hamilton
Holding
Corp
27,451
2,356
Cengage
Learning
Holdings
II
Inc
(e)
34,465
732
Cintas
Corp
5,088
2,006
Schedule
of
Investments
Global
Diversified
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
36
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Commercial
Services
(continued)
Dai
Nippon
Printing
Co
Ltd
112,100
$
2,642
ManpowerGroup
Inc
31,851
3,777
NICE
Information
Service
Co
Ltd
95,088
1,985
Omni
Bridgeway
Ltd
577,179
1,465
Quanta
Services
Inc
3,756
341
Robert
Half
International
Inc
29,084
2,856
S&P
Global
Inc
3,221
1,381
Service
Corp
International/US
42,977
2,686
Sohgo
Security
Services
Co
Ltd
19,600
917
TOPPAN
INC
137,600
2,334
TransUnion
36,917
4,432
Triton
International
Ltd
35,051
1,850
$
62,208
Computers
-
0.57%
Accenture
PLC
-
Class
A
6,706
2,130
Amdocs
Ltd
28,651
2,209
Apple
Inc
7,007
1,022
Bechtle
AG
4,307
889
Capgemini
SE
17,190
3,716
Cognizant
Technology
Solutions
Corp
20,950
1,540
Fujitsu
Ltd
5,400
919
HP
Inc
108,207
3,124
Itochu
Techno-Solutions
Corp
37,300
1,144
Logitech
International
SA
10,867
1,194
NetApp
Inc
61,588
4,902
NSD
Co
Ltd
53,700
921
Obic
Co
Ltd
6,900
1,213
Otsuka
Corp
30,100
1,564
$
26,487
Consumer
Products
-
0.12%
Clorox
Co/The
16,827
3,044
Henkel
AG
&
Co
KGaA
29,775
2,707
$
5,751
Cosmetics
&
Personal
Care
-
0.20%
Kao
Corp
17,600
1,060
Procter
&
Gamble
Co/The
26,042
3,704
Unilever
PLC
76,234
4,387
$
9,151
Distribution
&
Wholesale
-
0.43%
Bunzl
PLC
73,926
2,739
Fastenal
Co
127,082
6,961
Marubeni
Corp
291,400
2,480
Mitsubishi
Corp
96,200
2,698
Sumitomo
Corp
189,100
2,570
Toromont
Industries
Ltd
30,900
2,611
$
20,059
Diversified
Financial
Services
-
1.22%
Ameriprise
Financial
Inc
10,685
2,752
Apollo
Global
Management
Inc
(a)
103,790
6,109
Cboe
Global
Markets
Inc
20,791
2,463
Discover
Financial
Services
25,004
3,108
Hana
Financial
Group
Inc
44,178
1,667
Hargreaves
Lansdown
PLC
174,707
3,963
Jefferies
Financial
Group
Inc
96,849
3,214
LPL
Financial
Holdings
Inc
20,462
2,886
Magellan
Financial
Group
Ltd
88,670
3,199
Mastercard
Inc
1,647
636
Mitsubishi
HC
Capital
Inc
161,500
881
Nomura
Holdings
Inc
418,400
2,095
OneMain
Holdings
Inc
89,118
5,436
ORIX
Corp
150,000
2,624
Raymond
James
Financial
Inc
13,839
1,792
SEI
Investments
Co
28,857
1,755
Synchrony
Financial
73,941
3,477
T
Rowe
Price
Group
Inc
17,205
3,513
Western
Union
Co/The
209,746
4,868
$
56,438
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Electric
-
4.03%
AGL
Energy
Ltd
713,263
$
3,777
Alliant
Energy
Corp
231,805
13,568
Ameren
Corp
179,954
15,102
CMS
Energy
Corp
231,209
14,286
Edison
International
239,238
13,038
Enel
SpA
975,000
8,985
Entergy
Corp
134,219
13,814
Eversource
Energy
65,320
5,635
Exelon
Corp
275,000
12,870
Mercury
NZ
Ltd
22,868
105
Meridian
Energy
Ltd
43,015
156
NextEra
Energy
Inc
200,900
15,650
Northland
Power
Inc
40,200
1,411
NRG
Energy
Inc
115,499
4,763
PG&E
Corp
(e)
515,000
4,527
Portland
General
Electric
Co
65,809
3,218
Public
Service
Enterprise
Group
Inc
146,952
9,145
Red
Electrica
Corp
SA
388,511
7,696
Sempra
Energy
63,265
8,266
Tohoku
Electric
Power
Co
Inc
292,000
2,212
Vistra
Corp
228,073
4,368
WEC
Energy
Group
Inc
120,383
11,333
Xcel
Energy
Inc
177,520
12,116
$
186,041
Electrical
Components
&
Equipment
-
0.26%
Acuity
Brands
Inc
4,299
754
AMETEK
Inc
26,904
3,741
Ecopro
BM
Co
Ltd
8,271
2,085
Frencken
Group
Ltd
3,860,300
5,418
$
11,998
Electronics
-
0.17%
Allegion
plc
13,595
1,857
Avnet
Inc
72,861
3,011
Mycronic
AB
42,843
1,258
SYNNEX
Corp
13,947
1,667
$
7,793
Engineering
&
Construction
-
0.46%
Bouygues
SA
132,309
5,099
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV
(e)
159,800
1,828
HOCHTIEF
AG
93,221
7,397
Kyowa
Exeo
Corp
50,200
1,248
Obayashi
Corp
246,000
2,012
Skanska
AB
57,535
1,624
SPIE
SA
90,379
2,141
$
21,349
Entertainment
-
0.21%
Entain
PLC
(e)
100,701
2,539
Genting
Singapore
Ltd
2,129,400
1,271
Kindred
Group
PLC
107,085
1,753
Vail
Resorts
Inc
(e)
13,130
4,007
$
9,570
Food
-
1.08%
Calbee
Inc
41,000
942
Chocoladefabriken
Lindt
&
Spruengli
AG
-
PC
388
4,346
Chocoladefabriken
Lindt
&
Spruengli
AG
-
REG
35
4,054
Coles
Group
Ltd
196,603
2,530
Empire
Co
Ltd
46,700
1,534
Etablissements
Franz
Colruyt
NV
33,617
1,911
ICA
Gruppen
AB
(a)
55,439
2,741
Kesko
Oyj
124,748
5,347
Koninklijke
Ahold
Delhaize
NV
176,421
5,484
Kroger
Co/The
84,796
3,451
Loblaw
Cos
Ltd
39,000
2,638
MEIJI
Holdings
Co
Ltd
21,800
1,350
Metro
Inc/CN
37,900
1,966
Mondelez
International
Inc
53,356
3,375
Mowi
ASA
14,379
366
Nissin
Foods
Holdings
Co
Ltd
10,800
769
Orkla
ASA
24,571
223
Schedule
of
Investments
Global
Diversified
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
37
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Food
(continued)
Seven
&
i
Holdings
Co
Ltd
38,900
$
1,736
Toyo
Suisan
Kaisha
Ltd
25,000
954
Tyson
Foods
Inc
47,481
3,393
Yakult
Honsha
Co
Ltd
11,400
674
$
49,784
Forest
Products
&
Paper
-
0.02%
West
Fraser
Timber
Co
Ltd
12,100
868
Gas
-
0.99%
Atmos
Energy
Corp
142,471
14,046
Enagas
SA
384,271
8,826
Hong
Kong
&
China
Gas
Co
Ltd
1,040,450
1,692
NiSource
Inc
547,447
13,560
Southwest
Gas
Holdings
Inc
79,672
5,571
UGI
Corp
48,023
2,209
$
45,904
Hand
&
Machine
Tools
-
0.12%
Snap-on
Inc
14,076
3,068
Techtronic
Industries
Co
Ltd
130,000
2,318
$
5,386
Healthcare
-
Products
-
0.26%
Carl
Zeiss
Meditec
AG
(a)
7,699
1,715
Fisher
&
Paykel
Healthcare
Corp
Ltd
19,300
425
Osstem
Implant
Co
Ltd
26,748
3,009
Smith
&
Nephew
PLC
111,037
2,266
STERIS
PLC
20,243
4,412
$
11,827
Healthcare
-
Services
-
0.48%
Anthem
Inc
5,195
1,995
Chemed
Corp
850
405
Encompass
Health
Corp
15,994
1,332
Fresenius
Medical
Care
AG
&
Co
KGaA
31,972
2,520
Fresenius
SE
&
Co
KGaA
58,625
3,081
Humana
Inc
2,180
929
ICON
PLC
(e)
7,306
1,777
NMC
Health
PLC
(e),(g)
9,858
—
Notre
Dame
Intermedica
Participacoes
SA
131,900
2,026
Pharmaron
Beijing
Co
Ltd
(f)
101,900
2,235
Quest
Diagnostics
Inc
10,207
1,447
Ryman
Healthcare
Ltd
13,430
123
Sonic
Healthcare
Ltd
64,476
1,905
UnitedHealth
Group
Inc
5,500
2,267
Universal
Health
Services
Inc
1,604
257
$
22,299
Holding
Companies
-
Diversified
-
0.07%
CK
Hutchison
Holdings
Ltd
339,500
2,480
Jardine
Matheson
Holdings
Ltd
11,948
711
$
3,191
Home
Builders
-
0.37%
DR
Horton
Inc
20,424
1,949
Lennar
Corp
-
A
Shares
13,691
1,440
Lennar
Corp
-
B
Shares
21,534
1,859
Persimmon
PLC
75,830
3,059
PulteGroup
Inc
74,176
4,070
Sekisui
House
Ltd
(a)
135,100
2,676
Toll
Brothers
Inc
38,147
2,261
$
17,314
Home
Furnishings
-
0.20%
GN
Store
Nord
AS
17,073
1,496
Howden
Joinery
Group
PLC
138,365
1,724
JS
Global
Lifestyle
Co
Ltd
(f)
817,000
2,060
Sony
Group
Corp
2,600
272
Targus
Group
International
Inc
(e),(g)
75,880
4
Whirlpool
Corp
17,040
3,775
$
9,331
Housewares
-
0.12%
Newell
Brands
Inc
215,334
5,330
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Insurance
-
2.66%
Aflac
Inc
64,102
$
3,526
Allianz
SE
21,080
5,240
Allstate
Corp/The
23,890
3,107
American
Financial
Group
Inc/OH
24,194
3,060
Arthur
J
Gallagher
&
Co
30,431
4,239
ASR
Nederland
NV
77,587
3,188
Assurant
Inc
21,350
3,369
Axis
Capital
Holdings
Ltd
81,202
4,131
Everest
Re
Group
Ltd
13,324
3,369
Fairfax
Financial
Holdings
Ltd
5,400
2,275
Fidelity
National
Financial
Inc
177,197
7,905
First
American
Financial
Corp
81,043
5,455
Gjensidige
Forsikring
ASA
6,544
150
Great-West
Lifeco
Inc
189,400
5,699
Hanover
Insurance
Group
Inc/The
52,439
7,127
Hartford
Financial
Services
Group
Inc/The
64,818
4,124
Insurance
Australia
Group
Ltd
429,656
1,532
Kemper
Corp
26,587
1,755
Manulife
Financial
Corp
199,600
3,859
MGIC
Investment
Corp
203,367
2,814
NN
Group
NV
71,568
3,558
Primerica
Inc
10,522
1,538
Progressive
Corp/The
6,804
647
Prudential
Financial
Inc
74,379
7,459
Qualitas
Controladora
SAB
de
CV
452,200
2,197
Reinsurance
Group
of
America
Inc
23,558
2,596
Sompo
Holdings
Inc
59,700
2,468
Sun
Life
Financial
Inc
67,300
3,505
Swiss
Life
Holding
AG
6,409
3,306
Swiss
Re
AG
104,110
9,439
T&D
Holdings
Inc
136,900
1,752
Travelers
Cos
Inc/The
20,008
2,979
Unum
Group
204,378
5,600
$
122,968
Internet
-
0.33%
21Vianet
Group
Inc
ADR
(e)
24,662
427
CDW
Corp/DE
25,805
4,732
Cogent
Communications
Holdings
Inc
64,824
5,031
eBay
Inc
26,059
1,777
Trend
Micro
Inc/Japan
37,400
1,947
United
Internet
AG
32,934
1,363
$
15,277
Investment
Companies
-
0.09%
SIMPAR
SA
317,500
4,258
Iron
&
Steel
-
0.63%
Fortescue
Metals
Group
Ltd
231,227
4,225
Reliance
Steel
&
Aluminum
Co
32,331
5,081
Specialty
Steel
Holdings,
Inc.
(e),(g)
87
18,239
Steel
Dynamics
Inc
20,927
1,349
$
28,894
Leisure
Products
&
Services
-
0.04%
Brunswick
Corp/DE
16,412
1,713
Lodging
-
0.11%
Choice
Hotels
International
Inc
2,736
328
City
Developments
Ltd
74,500
376
Hyatt
Hotels
Corp
(e)
39,826
3,181
Melco
Resorts
&
Entertainment
Ltd
ADR
(e)
11,889
165
Travel
+
Leisure
Co
15,881
823
$
4,873
Machinery
-
Construction
&
Mining
-
0.06%
Mitsubishi
Electric
Corp
93,800
1,273
Oshkosh
Corp
14,097
1,685
$
2,958
Machinery
-
Diversified
-
0.33%
Cognex
Corp
34,462
3,116
Dover
Corp
35,859
5,993
Ebara
Corp
36,200
1,790
GEA
Group
AG
46,018
2,040
Schedule
of
Investments
Global
Diversified
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
38
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Machinery
-
Diversified
(continued)
Husqvarna
AB
156,562
$
2,191
$
15,130
Media
-
0.60%
Altice
USA
Inc
(e)
235,291
7,230
Charter
Communications
Inc
(e)
7,873
5,858
Nexstar
Media
Group
Inc
15,813
2,326
Quebecor
Inc
84,800
2,219
Schibsted
ASA
-
A
Shares
2,474
131
Shaw
Communications
Inc
255,000
7,448
ViacomCBS
Inc
-
Class
A
(a)
29,212
1,301
World
Wrestling
Entertainment
Inc
24,715
1,220
$
27,733
Metal
Fabrication
&
Hardware
-
0.14%
Rexnord
Corp
72,245
4,070
SKF
AB
92,763
2,468
$
6,538
Mining
-
0.85%
Arctic
Canadian
Diamond
Co
Ltd
(e),(g)
6,589
1,259
Barrick
Gold
Corp
87,800
1,911
Evolution
Mining
Ltd
692,688
2,107
Impala
Platinum
Holdings
Ltd
77,253
1,393
Kirkland
Lake
Gold
Ltd
50,000
2,138
Lundin
Mining
Corp
49,800
454
Newcrest
Mining
Ltd
54,953
1,062
Newmont
Corp
44,190
2,776
Norsk
Hydro
ASA
43,994
293
Northern
Star
Resources
Ltd
124,544
928
OZ
Minerals
Ltd
27,540
467
Real
Alloy
Holding
Inc
(e),(g)
362
15,380
Rio
Tinto
Ltd
26,731
2,620
Rio
Tinto
PLC
55,666
4,728
Yamana
Gold
Inc
429,900
1,926
$
39,442
Miscellaneous
Manufacturers
-
0.29%
A
O
Smith
Corp
35,662
2,508
Carlisle
Cos
Inc
12,361
2,500
Elite
Material
Co
Ltd
257,000
2,078
Trelleborg
AB
58,197
1,439
Utex
Industries
(e)
120,675
4,948
Utex
Industries
-
Warrants
(e),(h)
53,725
—
$
13,473
Oil
&
Gas
-
0.71%
Aker
BP
ASA
83,854
2,259
Cabot
Oil
&
Gas
Corp
146,733
2,348
Canadian
Natural
Resources
Ltd
161,800
5,339
DCC
PLC
31,815
2,664
ENEOS
Holdings
Inc
644,600
2,708
EOG
Resources
Inc
45,239
3,296
Equinor
ASA
31,971
623
Galp
Energia
SGPS
SA
711,885
6,942
Marathon
Oil
Corp
163,129
1,891
Pioneer
Natural
Resources
Co
24,213
3,519
SandRidge
Energy
Inc
(e)
286
2
SandRidge
Energy
Inc
-
Warrants
(e)
248
—
SandRidge
Energy
Inc
-
Warrants
(e)
104
—
Santos
Ltd
294,187
1,388
$
32,979
Packaging
&
Containers
-
0.16%
DS
Smith
PLC
292,392
1,718
SIG
Combibloc
Group
AG
(e)
110,772
3,268
Westrock
Co
49,976
2,459
$
7,445
Pharmaceuticals
-
1.08%
AbbVie
Inc
52,406
6,095
AmerisourceBergen
Corp
21,093
2,577
Bristol-Myers
Squibb
Co
61,482
4,173
Grifols
SA
59,228
1,506
Hikma
Pharmaceuticals
PLC
54,355
1,999
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Pharmaceuticals
(continued)
Ipsen
SA
17,563
$
1,877
McKesson
Corp
7,257
1,479
Novartis
AG
62,156
5,748
Novo
Nordisk
A/S
116,352
10,771
Orion
Oyj
113,942
4,850
Recordati
Industria
Chimica
e
Farmaceutica
SpA
50,350
3,114
Santen
Pharmaceutical
Co
Ltd
84,100
1,139
Shionogi
&
Co
Ltd
23,200
1,222
Ship
Healthcare
Holdings
Inc
55,500
1,400
Sumitomo
Dainippon
Pharma
Co
Ltd
63,300
1,096
Zoetis
Inc
4,432
898
$
49,944
Pipelines
-
0.11%
Keyera
Corp
(a)
95,800
2,565
ONEOK
Inc
45,700
2,375
$
4,940
Private
Equity
-
0.25%
Centuria
Capital
Group
442,751
950
Intermediate
Capital
Group
PLC
156,162
4,706
KKR
&
Co
Inc
94,628
6,033
$
11,689
Real
Estate
-
0.84%
Azrieli
Group
Ltd
1,893
151
Castellum
AB
80,567
2,257
CBRE
Group
Inc
(e)
36,834
3,553
CK
Asset
Holdings
Ltd
370,500
2,521
Daito
Trust
Construction
Co
Ltd
25,200
2,961
Echo
Investment
SA
(a)
46,460
55
ESR
Cayman
Ltd
(e),(f)
100,800
354
ESR
Kendall
Square
REIT
Co
Ltd
93,709
556
Fabege
AB
32,616
565
Hongkong
Land
Holdings
Ltd
566,151
2,569
Hysan
Development
Co
Ltd
589,000
2,318
LEG
Immobilien
SE
7,519
1,188
Midea
Real
Estate
Holding
Ltd
(f)
383,200
648
Mitsubishi
Estate
Co
Ltd
145,100
2,276
Mitsui
Fudosan
Co
Ltd
85,270
1,994
New
World
Development
Co
Ltd
400,395
1,898
Shimao
Services
Holdings
Ltd
(f)
613,000
1,415
Sun
Hung
Kai
Properties
Ltd
257,000
3,676
Sunac
Services
Holdings
Ltd
(f)
163,000
442
TAG
Immobilien
AG
67,258
2,231
Vonovia
SE
60,115
4,002
Wihlborgs
Fastigheter
AB
26,851
626
Zhongliang
Holdings
Group
Co
Ltd
947,500
515
$
38,771
REITs
-
5.32%
Agree
Realty
Corp
6,732
506
AIMS
APAC
REIT
630,390
735
Alexandria
Real
Estate
Equities
Inc
11,890
2,394
Allied
Properties
Real
Estate
Investment
Trust
21,300
780
alstria
office
REIT-AG
54,195
1,147
American
Assets
Trust
Inc
17,799
657
American
Homes
4
Rent
73,525
3,088
American
Tower
Corp
33,399
9,445
Apartment
Income
REIT
Corp
32,936
1,734
ARA
LOGOS
Logistics
Trust
276,001
183
Arena
REIT
261,997
681
AvalonBay
Communities
Inc
15,176
3,457
Big
Yellow
Group
PLC
36,338
732
Blackstone
Mortgage
Trust
Inc
141,577
4,590
Brandywine
Realty
Trust
816,008
11,392
Broadstone
Net
Lease
Inc
53,288
1,387
Camden
Property
Trust
36,746
5,489
CapitaLand
Integrated
Commercial
Trust
522,900
829
CareTrust
REIT
Inc
153,014
3,691
Centuria
Industrial
REIT
154,954
436
Centuria
Office
REIT
38,194
69
Charter
Hall
Group
207,507
2,480
Schedule
of
Investments
Global
Diversified
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
39
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
REITs
(continued)
City
Office
REIT
Inc
25,727
$
331
CoreSite
Realty
Corp
77,505
10,712
Cousins
Properties
Inc
24,413
970
Covivio
7,015
659
CRE
Logistics
REIT
Inc
530
1,004
Cromwell
European
Real
Estate
Investment
Trust
373,080
1,102
CubeSmart
50,135
2,490
CyrusOne
Inc
12,562
895
Daiwa
House
REIT
Investment
Corp
327
974
Daiwa
Office
Investment
Corp
78
563
Dexus/AU
268,831
2,031
Dream
Industrial
Real
Estate
Investment
Trust
188,830
2,429
Duke
Realty
Corp
60,820
3,094
Equinix
Inc
8,046
6,601
ESR-REIT
2,050,800
673
Essex
Property
Trust
Inc
22,049
7,234
Far
East
Hospitality
Trust
513,930
220
First
Industrial
Realty
Trust
Inc
101,983
5,587
Gecina
SA
4,689
744
GLP
J-Reit
(e)
1,429
2,559
Goodman
Group
62,270
1,036
Granite
Real
Estate
Investment
Trust
14,300
990
Healthcare
Trust
of
America
Inc
50,329
1,439
Highwoods
Properties
Inc
191,658
9,140
Independence
Realty
Trust
Inc
235,227
4,535
Industrial
&
Infrastructure
Fund
Investment
Corp
792
1,535
Industrial
Logistics
Properties
Trust
116,459
3,156
Ingenia
Communities
Group
121,866
520
Inmobiliaria
Colonial
Socimi
SA
56,362
601
Invitation
Homes
Inc
113,900
4,633
Irongate
Group
517,107
557
Keppel
DC
REIT
693,900
1,351
Kilroy
Realty
Corp
14,747
1,021
Klepierre
SA
530,609
12,847
Lendlease
Global
Commercial
REIT
345,600
223
Link
REIT
311,900
2,981
Mapletree
Industrial
Trust
800,430
1,772
Mapletree
Logistics
Trust
484,122
754
Merlin
Properties
Socimi
SA
132,011
1,481
MGM
Growth
Properties
LLC
72,640
2,746
Minto
Apartment
Real
Estate
Investment
Trust
(f)
21,016
414
Mitsui
Fudosan
Logistics
Park
Inc
(e)
350
1,960
Mori
Hills
REIT
Investment
Corp
386
568
New
Residential
Investment
Corp
228,537
2,230
NewRiver
REIT
PLC
132,149
154
NexPoint
Residential
Trust
Inc
49,466
2,916
Nippon
Accommodations
Fund
Inc
421
2,577
Nomura
Real
Estate
Master
Fund
Inc
636
1,011
NSI
NV
20,917
869
Paramount
Group
Inc
541,250
5,283
Park
Hotels
&
Resorts
Inc
(e)
66,160
1,224
Plymouth
Industrial
REIT
Inc
45,991
1,061
Primary
Health
Properties
PLC
175,288
399
Prologis
Inc
34,591
4,429
Rexford
Industrial
Realty
Inc
16,492
1,015
Sabra
Health
Care
REIT
Inc
102,823
1,911
SBA
Communications
Corp
41,390
14,113
Segro
PLC
126,461
2,138
Sekisui
House
Reit
Inc
1,360
1,198
SF
Real
Estate
Investment
Trust
(e)
1,665,000
928
Simon
Property
Group
Inc
5,093
644
STAG
Industrial
Inc
91,721
3,790
STORE
Capital
Corp
170,767
6,180
Summit
Industrial
Income
REIT
120,349
1,830
Sun
Communities
Inc
25,335
4,968
Sunstone
Hotel
Investors
Inc
(e)
53,280
615
Tritax
Big
Box
REIT
PLC
512,795
1,500
UNITE
Group
PLC/The
52,314
842
Ventas
Inc
33,187
1,984
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
REITs
(continued)
VICI
Properties
Inc
254,140
$
7,927
Welltower
Inc
47,293
4,108
Weyerhaeuser
Co
24,898
840
WPT
Industrial
Real
Estate
Investment
Trust
223,617
4,237
$
245,955
Retail
-
1.12%
Advance
Auto
Parts
Inc
4,888
1,037
Alimentation
Couche-Tard
Inc
20,700
834
Best
Buy
Co
Inc
38,748
4,354
Bloomin'
Brands
Inc
(e)
47,666
1,198
Caleres
Inc
154,547
3,823
Canadian
Tire
Corp
Ltd
(a)
19,400
2,985
China
Meidong
Auto
Holdings
Ltd
394,000
2,127
Cosmos
Pharmaceutical
Corp
1,600
272
Darden
Restaurants
Inc
6,348
926
Dick's
Sporting
Goods
Inc
(a)
30,845
3,212
Dollar
General
Corp
5,067
1,179
Domino's
Pizza
Inc
3,264
1,715
Genuine
Parts
Co
35,775
4,541
Grafton
Group
PLC
142,927
2,550
Home
Depot
Inc/The
11,299
3,708
Lowe's
Cos
Inc
11,323
2,182
Marui
Group
Co
Ltd
73,900
1,294
Nu
Skin
Enterprises
Inc
72,197
3,876
Pan
Pacific
International
Holdings
Corp
15,600
326
Ruth's
Hospitality
Group
Inc
(e)
54,804
1,094
Shimamura
Co
Ltd
11,400
1,102
Sundrug
Co
Ltd
27,800
902
Tractor
Supply
Co
8,305
1,503
Tsuruha
Holdings
Inc
6,000
708
USS
Co
Ltd
90,100
1,568
Welcia
Holdings
Co
Ltd
15,000
511
Williams-Sonoma
Inc
14,723
2,233
$
51,760
Savings
&
Loans
-
0.10%
People's
United
Financial
Inc
281,224
4,415
Semiconductors
-
0.66%
Advantest
Corp
6,600
583
Broadcom
Inc
7,596
3,687
Entegris
Inc
33,042
3,986
Hana
Materials
Inc
37,120
1,659
Intel
Corp
45,509
2,445
KoMiCo
Ltd
74,903
4,250
Microchip
Technology
Inc
29,229
4,183
PSK
Inc
117,483
4,342
SiTime
Corp
(e)
25,286
3,430
Tokyo
Ohka
Kogyo
Co
Ltd
28,100
1,821
$
30,386
Shipbuilding
-
0.08%
Huntington
Ingalls
Industries
Inc
17,625
3,615
Software
-
0.46%
Cerner
Corp
19,977
1,606
Concentrix
Corp
(e)
11,175
1,830
Jack
Henry
&
Associates
Inc
9,806
1,707
Nemetschek
SE
9,027
797
Nexon
Co
Ltd
2,900
60
Oracle
Corp
28,994
2,527
Pro
Medicus
Ltd
132,880
5,680
Skillsoft
Corp
(e)
230,831
2,008
SS&C
Technologies
Holdings
Inc
16,163
1,267
TIS
Inc
40,500
1,050
Tyler
Technologies
Inc
(e)
5,128
2,526
WiseTech
Global
Ltd
3,392
77
$
21,135
Storage
&
Warehousing
-
0.03%
Safestore
Holdings
PLC
94,422
1,385
Schedule
of
Investments
Global
Diversified
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
40
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Telecommunications
-
2.04%
Accton
Technology
Corp
270,000
$
3,161
AT&T
Inc
336,001
9,425
BCE
Inc
128,900
6,434
Cisco
Systems
Inc/Delaware
89,897
4,978
Hikari
Tsushin
Inc
6,400
1,108
KDDI
Corp
71,100
2,174
Motorola
Solutions
Inc
10,345
2,316
Orange
SA
(a)
576,913
6,421
Proximus
SADP
(a)
350,705
7,207
SoftBank
Corp
264,000
3,448
Spark
New
Zealand
Ltd
61,672
204
Swisscom
AG
13,600
8,174
Tele2
AB
588,615
8,646
Telefonica
Deutschland
Holding
AG
3,051,024
8,224
Telenor
ASA
22,892
397
Telephone
and
Data
Systems
Inc
266,972
5,967
T-Mobile
US
Inc
(e)
62,700
9,030
Ubiquiti
Inc
1,856
581
Vodafone
Group
PLC
3,881,374
6,241
$
94,136
Toys,
Games
&
Hobbies
-
0.03%
Nintendo
Co
Ltd
2,500
1,285
Transportation
-
0.64%
Aurizon
Holdings
Ltd
1,441,503
4,091
Deutsche
Post
AG
59,793
4,052
DSV
PANALPINA
A/S
5,064
1,234
Expeditors
International
of
Washington
Inc
15,491
1,987
Knight-Swift
Transportation
Holdings
Inc
21,546
1,071
Old
Dominion
Freight
Line
Inc
1,644
442
Poste
Italiane
SpA
(f)
201,435
2,666
PostNL
NV
562,375
3,043
Ryder
System
Inc
61,283
4,667
Sankyu
Inc
54,600
2,454
Schneider
National
Inc
61,067
1,370
Union
Pacific
Corp
11,497
2,515
$
29,592
Water
-
0.33%
American
Water
Works
Co
Inc
90,900
15,463
TOTAL
COMMON
STOCKS
$
1,755,413
CONVERTIBLE
PREFERRED
STOCKS
-
0.02%
Shares
Held
Value
(000's)
REITs
-
0.02%
RPT
Realty
7.25%
(i)
18,000
$
1,018
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
$
1,018
PREFERRED
STOCKS
-
1.38%
Shares
Held
Value
(000's)
Banks
-
0.34%
AgriBank
FCB
6.88%,
01/01/2024
(i)
33,000
$
3,597
3
Month
USD
LIBOR
+
4.23%
Fifth
Third
Bancorp
6.63%,
12/31/2023
(i)
63,642
1,827
3
Month
USD
LIBOR
+
3.71%
KeyCorp
6.13%,
12/15/2026
(i)
33,040
986
3
Month
USD
LIBOR
+
3.89%
Morgan
Stanley
5.85%,
04/15/2027
(i)
60,000
1,785
3
Month
USD
LIBOR
+
3.49%
Northern
Trust
Corp
4.70%,
01/01/2025
(i)
3,727
102
PNC
Financial
Services
Group
Inc/The
6.13%,
05/01/2022
(i)
19,390
507
3
Month
USD
LIBOR
+
4.07%
Regions
Financial
Corp
5.70%,
05/15/2029
(i)
37,100
1,081
3
Month
USD
LIBOR
+
3.15%
State
Street
Corp
5.35%,
03/15/2026
(i)
2,639
80
3
Month
USD
LIBOR
+
3.71%
State
Street
Corp
5.90%,
03/15/2024
(i)
63,900
1,828
3
Month
USD
LIBOR
+
3.11%
Synovus
Financial
Corp
5.88%,
07/01/2024
(i)
6,591
184
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.13%
US
Bancorp
6.50%,
01/15/2022
(i)
579
15
3
Month
USD
LIBOR
+
4.47%
PREFERRED
STOCKS
(continued)
Shares
Held
Value
(000’s)
Banks
(continued)
Valley
National
Bancorp
6.25%,
06/30/2025
(i)
119,724
$
3,597
3
Month
USD
LIBOR
+
3.85%
Wells
Fargo
&
Co
5.63%,
06/15/2022
(i)
3,057
80
Wells
Fargo
&
Co
6.63%,
03/15/2024
(i)
4,221
122
3
Month
USD
LIBOR
+
3.69%
$
15,791
Consumer
Products
-
0.05%
Henkel
AG
&
Co
KGaA
1.85%
24,367
2,471
Diversified
Financial
Services
-
0.00%
Affiliated
Managers
Group
Inc
5.88%,
03/30/2059
5,000
140
Electric
-
0.31%
Alabama
Power
Co
5.00%,
10/01/2022
(i)
61,989
1,652
Algonquin
Power
&
Utilities
Corp
6.20%,
07/01/2079
50,000
1,399
3
Month
USD
LIBOR
+
4.01%
CMS
Energy
Corp
5.88%,
03/01/2079
188,623
5,212
Dominion
Energy
Inc
5.25%,
07/30/2076
32,917
832
DTE
Energy
Co
5.25%,
12/01/2077
35,000
926
Duke
Energy
Corp
5.75%,
06/15/2024
(i)
6,332
180
NextEra
Energy
Capital
Holdings
Inc
5.65%,
03/01/2079
107,104
2,991
Southern
Co/The
5.25%,
12/01/2077
30,863
831
$
14,023
Food
-
0.02%
Dairy
Farmers
of
America
Inc
7.88%,
12/01/2025
(f),(i)
10,000
1,022
Insurance
-
0.09%
Arch
Capital
Group
Ltd
5.25%,
09/29/2021
(i)
17,403
441
Hartford
Financial
Services
Group
Inc/The
7.88%,
04/15/2042
57,124
1,511
3
Month
USD
LIBOR
+
5.60%
Voya
Financial
Inc
5.35%,
09/15/2029
(i)
77,600
2,343
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.21%
$
4,295
Pipelines
-
0.02%
Enbridge
Inc
6.38%,
04/15/2078
37,405
1,019
3
Month
USD
LIBOR
+
3.59%
REITs
-
0.26%
Kimco
Realty
Corp
5.25%,
12/20/2022
(i)
16,419
442
Prologis
Inc
8.54%,
11/13/2026
(i)
83,532
6,014
Public
Storage
4.00%,
06/16/2026
(i)
80,000
2,039
Public
Storage
5.60%,
03/11/2024
(i)
38,030
1,068
Vornado
Realty
Trust
5.25%,
11/24/2025
(i)
80,000
2,180
$
11,743
Savings
&
Loans
-
0.02%
People's
United
Financial
Inc
5.63%,
12/15/2026
(i)
21,629
627
3
Month
USD
LIBOR
+
4.02%
Sovereign
-
0.27%
CoBank
ACB
1.30%,
07/10/2022
(f),(i)
8,000
6,440
3
Month
USD
LIBOR
+
1.18%
CoBank
ACB
6.20%,
01/01/2025
(i)
7,000
771
3
Month
USD
LIBOR
+
3.74%
CoBank
ACB
6.25%,
10/01/2022
(i)
51,000
5,406
3
Month
USD
LIBOR
+
4.56%
$
12,617
TOTAL
PREFERRED
STOCKS
$
63,748
BONDS
-
51.44%
Principal
Amount
(000's)
Value
(000's)
Advertising
-
0.26%
Clear
Channel
Outdoor
Holdings
Inc
7.50%,
06/01/2029
(f)
$
4,565
$
4,739
7.75%,
04/15/2028
(f)
1,990
2,075
Schedule
of
Investments
Global
Diversified
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
41
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Advertising
(continued)
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp
4.63%,
03/15/2030
(f)
$
400
$
402
5.00%,
08/15/2027
(f)
4,725
4,819
$
12,035
Aerospace
&
Defense
-
0.39%
Boeing
Co/The
2.20%,
02/04/2026
2,700
2,724
General
Dynamics
Corp
4.25%,
04/01/2040
2,200
2,750
Leonardo
SpA
4.88%,
03/24/2025
EUR
500
679
TransDigm
Inc
4.63%,
01/15/2029
(f)
$
1,000
997
5.50%,
11/15/2027
7,350
7,589
7.50%,
03/15/2027
2,450
2,595
TransDigm
UK
Holdings
PLC
6.88%,
05/15/2026
525
554
$
17,888
Agriculture
-
0.10%
Altria
Group
Inc
3.13%,
06/15/2031
EUR
500
698
Imperial
Brands
Finance
PLC
2.13%,
02/12/2027
1,700
2,179
Philip
Morris
International
Inc
6.38%,
05/16/2038
$
600
872
Tereos
Finance
Groupe
I
SA
4.13%,
06/16/2023
EUR
600
721
$
4,470
Airlines
-
0.28%
Air
Canada
3.88%,
08/15/2026
(f),(j)
$
3,575
3,584
American
Airlines
Inc/AAdvantage
Loyalty
IP
Ltd
5.75%,
04/20/2029
(f)
1,550
1,672
Delta
Air
Lines
Inc
/
SkyMiles
IP
Ltd
4.75%,
10/20/2028
(f)
2,875
3,213
Hawaiian
Brand
Intellectual
Property
Ltd
/
HawaiianMiles
Loyalty
Ltd
5.75%,
01/20/2026
(f)
1,950
2,044
International
Consolidated
Airlines
Group
SA
1.50%,
07/04/2027
EUR
1,700
1,815
United
Airlines
Inc
4.63%,
04/15/2029
(f)
$
500
514
$
12,842
Apparel
-
0.01%
Levi
Strauss
&
Co
3.38%,
03/15/2027
EUR
200
245
Automobile
Manufacturers
-
1.10%
Ford
Motor
Co
7.45%,
07/16/2031
$
3,980
5,268
9.63%,
04/22/2030
13,870
20,025
Ford
Motor
Credit
Co
LLC
2.90%,
02/16/2028
1,750
1,752
3.82%,
11/02/2027
500
525
4.00%,
11/13/2030
2,975
3,146
4.13%,
08/17/2027
3,540
3,788
4.27%,
01/09/2027
600
646
4.54%,
08/01/2026
2,250
2,444
5.11%,
05/03/2029
925
1,047
General
Motors
Financial
Co
Inc
5.20%,
03/20/2023
2,550
2,735
Renault
SA
1.13%,
10/04/2027
EUR
500
556
Stellantis
NV
3.38%,
07/07/2023
2,200
2,765
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Automobile
Manufacturers
(continued)
Tesla
Inc
5.30%,
08/15/2025
(f)
$
600
$
616
Toyota
Motor
Credit
Corp
3.38%,
04/01/2030
2,800
3,189
Volkswagen
Leasing
GmbH
0.50%,
01/12/2029
EUR
2,000
2,396
$
50,898
Automobile
Parts
&
Equipment
-
0.37%
Cie
Generale
des
Etablissements
Michelin
SCA
1.75%,
09/03/2030
1,100
1,504
Goodyear
Tire
&
Rubber
Co/The
5.00%,
05/31/2026
$
500
513
Real
Hero
Merger
Sub
2
Inc
6.25%,
02/01/2029
(f)
5,065
5,237
Weichai
International
Hong
Kong
Energy
Group
Co
Ltd
3.75%,
09/14/2022
(i),(k)
2,700
2,727
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
6.08%
Wheel
Pros
Inc
6.50%,
05/15/2029
(f)
6,880
6,983
$
16,964
Banks
-
5.86%
Australia
&
New
Zealand
Banking
Group
Ltd/
United
Kingdom
6.75%,
06/15/2026
(f),(i),(k),(l)
2,600
3,055
USD
Swap
Rate
NY
5
Year
+
5.17%
Banco
Bilbao
Vizcaya
Argentaria
SA
2.58%,
02/22/2029
(k)
EUR
1,700
2,129
EUR
Swap
Annual
(VS
6
Month)
5
Year
+
2.45%
Banco
BPM
SpA
1.63%,
02/18/2025
1,000
1,209
Banco
de
Sabadell
SA
5.38%,
12/12/2028
(k)
1,700
2,205
EUR
Swap
Annual
(VS
6
Month)
5
Year
+
5.10%
Banco
do
Brasil
SA/Cayman
6.25%,
04/15/2024
(i),(k),(l)
$
3,550
3,581
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
4.40%
Banco
GNB
Sudameris
SA
7.50%,
04/16/2031
(f),(k),(l)
700
715
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
6.66%
Banco
Mercantil
del
Norte
SA/Grand
Cayman
6.75%,
09/27/2024
(f),(i),(k),(l)
625
670
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.97%
6.75%,
09/27/2024
(i),(k),(l)
3,000
3,214
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.97%
7.50%,
06/27/2029
(f),(i),(k),(l)
1,120
1,264
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
5.47%
Banco
Santander
SA
2.13%,
02/08/2028
EUR
1,300
1,686
Bancolombia
SA
4.63%,
12/18/2029
(k),(l)
$
3,731
3,763
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.94%
Banistmo
SA
3.65%,
09/19/2022
(f)
500
506
4.25%,
07/31/2027
(f)
950
976
Schedule
of
Investments
Global
Diversified
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
42
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Bank
of
America
Corp
1.78%,
05/04/2027
(k)
EUR
1,200
$
1,540
3
Month
Euro
Interbank
Offered
Rate
+
1.20%
2.68%,
06/19/2041
(k)
$
1,725
1,703
Secured
Overnight
Financing
Rate
+
1.93%
6.30%,
03/10/2026
(i),(k)
12,715
14,845
3
Month
USD
LIBOR
+
4.55%
Bank
of
New
York
Mellon
Corp/The
3.70%,
03/20/2026
(i),(k)
6,088
6,369
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.35%
4.70%,
09/20/2025
(i),(k)
7,050
7,800
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.36%
Banque
Centrale
de
Tunisie
International
Bond
5.75%,
01/30/2025
(f)
720
609
Barclays
PLC
2.00%,
02/07/2028
(k)
EUR
1,800
2,189
EUR
Swap
Annual
(VS
6
Month)
5
Year
+
1.90%
5.20%,
05/12/2026
$
500
575
BBVA
Bancomer
SA/Texas
5.88%,
09/13/2034
(f),(k),(l)
650
705
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.31%
BNP
Paribas
SA
2.59%,
08/12/2035
(f),(k)
2,400
2,370
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.05%
7.37%,
08/19/2025
(f),(i),(k),(l)
8,000
9,361
USD
Swap
Semi-Annual
5
Year
+
5.15%
BOS
Funding
Ltd
4.00%,
09/18/2024
2,950
3,037
CaixaBank
SA
2.75%,
07/14/2028
(k)
EUR
2,200
2,727
EUR
Swap
Annual
(VS
6
Month)
5
Year
+
2.35%
Canadian
Imperial
Bank
of
Commerce
3.30%,
05/26/2025
CAD
1,625
1,409
CIT
Group
Inc
6.13%,
03/09/2028
$
295
363
Citigroup
Inc
0.50%,
10/08/2027
(k)
EUR
1,300
1,567
3
Month
Euro
Interbank
Offered
Rate
+
0.96%
3.88%,
02/18/2026
(i),(k)
$
500
512
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.42%
4.00%,
12/10/2025
(i),(k)
13,000
13,433
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.60%
Citizens
Financial
Group
Inc
5.65%,
10/06/2025
(i),(k)
2,100
2,352
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.31%
Credit
Agricole
SA
7.88%,
01/23/2024
(f),(i),(k),(l)
6,000
6,765
USD
Swap
Semi-Annual
5
Year
+
4.90%
8.13%,
12/23/2025
(f),(i),(k),(l)
6,800
8,276
USD
Swap
Semi-Annual
5
Year
+
6.19%
Credit
Suisse
AG/New
York
NY
2.95%,
04/09/2025
1,350
1,447
Credit
Suisse
Group
AG
7.50%,
12/11/2023
(i),(k),(l)
3,000
3,311
USD
Swap
Semi-Annual
5
Year
+
4.60%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Deutsche
Bank
AG/New
York
NY
2.22%,
09/18/2024
(k)
$
2,700
$
2,771
Secured
Overnight
Financing
Rate
+
2.16%
Ecobank
Transnational
Inc
9.50%,
04/18/2024
2,100
2,250
Emirates
Development
Bank
PJSC
3.52%,
03/06/2024
2,900
3,095
Fifth
Third
Bancorp
8.25%,
03/01/2038
400
677
FirstRand
Bank
Ltd
6.25%,
04/23/2028
(k)
550
576
USD
Swap
Semi-Annual
5
Year
+
3.56%
Goldman
Sachs
Group
Inc/The
0.63%,
11/17/2023
(k)
1,700
1,701
Secured
Overnight
Financing
Rate
+
0.54%
4.22%,
05/01/2029
(k)
1,325
1,524
3
Month
USD
LIBOR
+
1.30%
4.95%,
02/10/2025
(i),(k)
13,020
13,993
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.22%
5.50%,
08/10/2024
(i),(k)
1,000
1,098
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.62%
HSBC
Capital
Funding
Dollar
1
LP
10.18%,
06/30/2030
(i),(k)
5,300
8,872
3
Month
USD
LIBOR
+
4.98%
HSBC
Holdings
PLC
3.13%,
06/07/2028
EUR
1,100
1,542
4.38%,
11/23/2026
$
1,100
1,245
Huntington
Bancshares
Inc/OH
4.45%,
10/15/2027
(i),(k)
5,200
5,584
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
7
Year
+
4.05%
5.63%,
07/15/2030
(i),(k)
5,000
5,850
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
4.95%
ING
Groep
NV
3.00%,
04/11/2028
(k)
EUR
1,000
1,244
EUR
Swap
Annual
(VS
6
Month)
5
Year
+
2.85%
6.50%,
04/16/2025
(i),(k),(l)
$
2,500
2,792
USD
Swap
Semi-Annual
5
Year
+
4.45%
International
Bank
of
Azerbaijan
OJSC
3.50%,
09/01/2024
3,532
3,532
Intesa
Sanpaolo
SpA
1.75%,
04/12/2023
EUR
1,200
1,471
Itau
Unibanco
Holding
SA/Cayman
Island
6.13%,
12/12/2022
(f),(i),(k),(l)
$
1,000
1,011
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.98%
6.13%,
12/12/2022
(i),(k),(l)
2,750
2,779
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.98%
JPMorgan
Chase
&
Co
1.09%,
03/11/2027
(k)
EUR
1,800
2,237
3
Month
Euro
Interbank
Offered
Rate
+
0.76%
3.65%,
06/01/2026
(i),(k)
$
500
505
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.85%
3.98%,
11/01/2021
(i)
7,745
7,782
3
Month
USD
LIBOR
+
3.80%
6.75%,
02/01/2024
(i),(k)
6,200
6,847
3
Month
USD
LIBOR
+
3.78%
KeyCorp
Capital
III
7.75%,
07/15/2029
795
1,027
Schedule
of
Investments
Global
Diversified
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
43
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Lloyds
Bank
PLC
13.00%,
01/22/2029
(i),(k)
GBP
400
$
973
Generic
Britain
5
Year
Government
Bond
+
13.40%
Lloyds
Banking
Group
PLC
0.63%,
01/15/2024
(k)
EUR
1,300
1,561
EUR
Swap
Annual
(VS
6
Month)
1
Year
+
0.47%
M&T
Bank
Corp
5.00%,
08/01/2024
(i),(k)
$
2,685
2,868
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.17%
Morgan
Stanley
2.63%,
03/09/2027
GBP
1,000
1,494
National
Australia
Bank
Ltd/New
York
2.50%,
07/12/2026
$
1,450
1,558
Natwest
Group
PLC
2.11%,
11/28/2031
(k)
GBP
700
981
Generic
Britain
5
Year
Government
Bond
+
1.75%
4.52%,
06/25/2024
(k)
$
1,750
1,874
3
Month
USD
LIBOR
+
1.55%
Noor
Sukuk
Co
Ltd
4.47%,
04/24/2023
700
740
Nordea
Bank
Abp
0.50%,
05/14/2027
EUR
1,000
1,230
6.63%,
03/26/2026
(a),(i),(k),(l)
$
1,000
1,151
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.11%
QNB
Finansbank
AS
4.88%,
05/19/2022
1,000
1,020
6.88%,
09/07/2024
(f)
1,300
1,416
Regions
Financial
Corp
5.75%,
06/15/2025
(i),(k)
2,500
2,794
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.43%
Royal
Bank
of
Canada
0.65%,
07/29/2024
2,000
2,002
Santander
UK
Group
Holdings
PLC
3.82%,
11/03/2028
(k)
1,400
1,553
3
Month
USD
LIBOR
+
1.40%
Societe
Generale
SA
7.88%,
12/18/2023
(f),(i),(k),(l)
6,000
6,676
USD
Swap
Semi-Annual
5
Year
+
4.98%
Standard
Chartered
PLC
4.75%,
01/14/2031
(i),(k),(l)
4,000
4,100
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.81%
5.70%,
03/26/2044
(a),(f)
400
528
7.75%,
04/02/2023
(f),(i),(k),(l)
8,000
8,710
USD
Swap
Semi-Annual
5
Year
+
5.72%
SVB
Financial
Group
4.10%,
02/15/2031
(i),(k)
700
716
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
3.06%
Toronto-Dominion
Bank/The
3.22%,
07/25/2029
(k)
CAD
3,400
2,871
Canadian
Dollar
Offered
Rate
3
Month
+
1.25%
Truist
Financial
Corp
4.80%,
09/01/2024
(i),(k)
$
12,300
13,083
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.00%
4.95%,
09/01/2025
(i),(k)
1,000
1,093
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.61%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
UBS
Group
AG
6.88%,
08/07/2025
(i),(k),(l)
$
3,000
$
3,436
USD
Swap
Semi-Annual
(VS
6
Month)
5
Year
+
4.59%
Wells
Fargo
&
Co
3.90%,
03/15/2026
(i),(k)
2,000
2,076
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.45%
5.87%,
06/15/2025
(i),(k)
2,583
2,925
3
Month
USD
LIBOR
+
3.99%
Wells
Fargo
Bank
NA
6.60%,
01/15/2038
600
896
$
270,568
Beverages
-
0.10%
Anheuser-Busch
Cos
LLC
/
Anheuser-Busch
InBev
Worldwide
Inc
4.70%,
02/01/2036
1,400
1,742
Anheuser-Busch
InBev
SA/NV
1.50%,
04/18/2030
EUR
650
850
2.00%,
03/17/2028
500
669
Constellation
Brands
Inc
3.75%,
05/01/2050
$
650
739
Fomento
Economico
Mexicano
SAB
de
CV
3.50%,
01/16/2050
350
375
PepsiCo
Inc
3.50%,
03/19/2040
200
231
$
4,606
Biotechnology
-
0.02%
HCRX
Investments
Holdco
LP
4.50%,
08/01/2029
(f)
700
714
Building
Materials
-
0.03%
SRM
Escrow
Issuer
LLC
6.00%,
11/01/2028
(f)
500
534
Standard
Industries
Inc/NJ
4.75%,
01/15/2028
(f)
1,015
1,056
$
1,590
Chemicals
-
0.43%
Axalta
Coating
Systems
Dutch
Holding
B
BV
3.75%,
01/15/2025
EUR
400
482
Braskem
Idesa
SAPI
7.45%,
11/15/2029
(f)
$
2,000
2,068
Braskem
Netherlands
Finance
BV
4.50%,
01/31/2030
(f)
1,550
1,635
5.88%,
01/31/2050
(a),(f)
1,080
1,210
CF
Industries
Inc
5.15%,
03/15/2034
1,640
2,034
DuPont
de
Nemours
Inc
5.32%,
11/15/2038
500
668
ICL
Group
Ltd
6.38%,
05/31/2038
(f)
600
771
INEOS
Finance
PLC
2.88%,
05/01/2026
EUR
2,000
2,417
Kronos
International
Inc
3.75%,
09/15/2025
200
241
OCP
SA
5.13%,
06/23/2051
(f)
$
595
606
Orbia
Advance
Corp
SAB
de
CV
5.88%,
09/17/2044
500
618
Petkim
Petrokimya
Holding
AS
5.88%,
01/26/2023
1,800
1,842
Sasol
Financing
USA
LLC
5.50%,
03/18/2031
3,925
4,092
Solvay
Finance
SACA
5.87%,
06/03/2024
(i),(k)
EUR
400
536
EUR
Swap
Annual
(VS
6
Month)
5
Year
+
5.22%
Schedule
of
Investments
Global
Diversified
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
44
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Chemicals
(continued)
TPC
Group
Inc
10.50%,
08/01/2024
(f)
$
700
$
689
$
19,909
Coal
-
0.09%
Alliance
Resource
Operating
Partners
LP
/
Alliance
Resource
Finance
Corp
7.50%,
05/01/2025
(f)
2,335
2,358
SunCoke
Energy
Inc
4.88%,
06/30/2029
(f)
1,700
1,713
$
4,071
Commercial
Mortgage
Backed
Securities
-
9.87%
Banc
of
America
Merrill
Lynch
Commercial
Mortgage
Inc
5.48%,
11/10/2042
(m)
2,336
2,149
BANK
2017-BNK4
0.81%,
05/15/2050
(m),(n)
13,843
614
BANK
2017-BNK5
1.18%,
06/15/2060
(f),(m),(n)
42,403
2,572
BANK
2017-BNK9
1.42%,
11/15/2054
(f),(m),(n)
15,200
1,230
BANK
2018-BNK10
1.74%,
02/15/2061
(f),(m),(n)
31,334
3,265
BANK
2018-BNK12
1.42%,
05/15/2061
(f),(m),(n)
18,728
1,576
3.00%,
05/15/2061
(f)
3,000
2,660
BANK
2018-BNK13
1.56%,
08/15/2061
(f),(m),(n)
41,485
4,147
BANK
2018-BNK14
1.60%,
09/15/2060
(f),(m),(n)
11,466
1,116
BANK
2019-BNK16
1.83%,
02/15/2052
(f),(m),(n)
13,120
1,598
BANK
2019-BNK17
1.60%,
04/15/2052
(f),(m),(n)
11,541
1,259
BANK
2019-BNK18
1.35%,
05/15/2062
(f),(m),(n)
17,647
1,685
Bank
2019-BNK19
1.03%,
08/15/2061
(f),(m),(n)
17,014
1,244
BANK
2019-BNK20
1.21%,
09/15/2062
(f),(m),(n)
15,674
1,365
BANK
2019-BNK22
0.96%,
11/15/2062
(f),(m),(n)
18,082
1,290
1.50%,
11/15/2062
(f),(m),(n)
11,840
1,150
1.96%,
11/15/2062
(f),(m)
7,340
4,528
2.50%,
11/15/2062
(f)
5,000
4,684
BANK
2019-BNK23
1.01%,
12/15/2052
(f),(m),(n)
9,170
692
2.50%,
12/15/2052
(f)
1,500
1,348
BANK
2019-BNK24
1.02%,
11/15/2062
(f),(m),(n)
26,932
2,066
BANK
2020-BNK25
0.92%,
01/15/2063
(f),(m),(n)
9,704
673
1.50%,
01/15/2063
(f),(n)
10,561
1,043
1.92%,
01/15/2063
(f),(m)
10,561
6,559
2.50%,
01/15/2063
(f)
1,250
1,069
BANK
2021-BNK33
2.56%,
05/15/2064
3,000
3,175
Barclays
Commercial
Mortgage
Trust
2019-C3
1.78%,
05/15/2052
(f),(m),(n)
6,117
774
Barclays
Commercial
Mortgage
Trust
2019-C4
1.16%,
08/15/2052
(f),(m),(n)
13,091
1,080
Barclays
Commercial
Mortgage
Trust
2019-C5
1.35%,
11/15/2052
(f),(m),(n)
14,866
1,402
BBCMS
Mortgage
Trust
2020-C6
1.20%,
02/15/2053
(f),(m),(n)
7,424
683
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Mortgage
Backed
Securities
(continued)
Benchmark
2018-B1
Mortgage
Trust
1.11%,
01/15/2051
(f),(m),(n)
$
12,667
$
889
1.36%,
01/15/2051
(f),(m),(n)
30,260
2,457
Benchmark
2018-B3
Mortgage
Trust
1.50%,
04/10/2051
(f),(m),(n)
5,520
479
Benchmark
2018-B5
Mortgage
Trust
0.48%,
07/15/2051
(m),(n)
96,236
2,590
3.11%,
07/15/2051
(f),(m)
4,500
4,153
Benchmark
2018-B6
Mortgage
Trust
1.50%,
10/10/2051
(f),(m),(n)
37,790
3,536
Benchmark
2018-B7
Mortgage
Trust
1.86%,
05/15/2053
(f),(m),(n)
16,962
2,012
3.00%,
05/15/2053
(f)
5,000
4,750
Benchmark
2018-B8
Mortgage
Trust
1.87%,
01/15/2052
(f),(m),(n)
6,900
848
Benchmark
2019-B10
Mortgage
Trust
1.86%,
03/15/2062
(f),(m),(n)
12,985
1,660
3.61%,
03/15/2062
(f),(m)
2,500
1,545
Benchmark
2019-B11
Mortgage
Trust
1.52%,
05/15/2052
(f),(m),(n)
13,924
1,456
Benchmark
2019-B12
Mortgage
Trust
1.13%,
08/15/2052
(f),(m),(n)
13,870
1,101
Benchmark
2019-B13
Mortgage
Trust
1.01%,
08/15/2057
(f),(m),(n)
6,500
429
1.51%,
08/15/2057
(f),(m),(n)
4,000
429
3.00%,
08/15/2057
(f)
6,500
4,428
Benchmark
2019-B14
Mortgage
Trust
1.28%,
12/15/2062
(f),(m),(n)
14,908
1,411
Benchmark
2019-B15
Mortgage
Trust
0.97%,
12/15/2072
(f),(m),(n)
24,552
1,766
Benchmark
2019-B9
Mortgage
Trust
2.00%,
03/15/2052
(f),(m),(n)
11,550
1,530
Benchmark
2020-B16
Mortgage
Trust
1.09%,
02/15/2053
(f),(m),(n)
7,615
643
Benchmark
2020-B17
Mortgage
Trust
1.41%,
03/15/2053
(f),(m),(n)
12,580
1,304
Benchmark
2021-B23
Mortgage
Trust
1.20%,
02/15/2054
(f),(m),(n)
24,240
2,442
2.00%,
02/15/2054
(f)
3,000
2,567
Benchmark
2021-B27
Mortgage
Trust
1.49%,
07/15/2054
(f),(m),(n)
21,507
2,858
2.00%,
07/15/2054
(f)
5,000
4,399
BX
Commercial
Mortgage
Trust
2021-SOAR
0.76%,
06/15/2038
(f)
2,500
2,503
1.00
x
1
Month
USD
LIBOR
+
0.67%
Cantor
Commercial
Real
Estate
Lending
2019-CF2
1.47%,
11/15/2052
(f),(m),(n)
10,105
1,065
Cantor
Commercial
Real
Estate
Lending
2019-CF3
1.11%,
01/15/2053
(f),(m),(n)
11,514
956
CD
2018-CD7
Mortgage
Trust
1.75%,
08/15/2051
(f),(m),(n)
20,444
2,208
CFCRE
Commercial
Mortgage
Trust
2016-C6
1.10%,
11/10/2049
(m),(n)
42,042
2,017
Citigroup
Commercial
Mortgage
Trust
2016-C1
1.85%,
05/10/2049
(m),(n)
35,362
2,537
Citigroup
Commercial
Mortgage
Trust
2016-GC37
1.69%,
04/10/2049
(m),(n)
12,936
840
Citigroup
Commercial
Mortgage
Trust
2018-B2
1.50%,
03/10/2051
(f),(m),(n)
13,247
1,089
Citigroup
Commercial
Mortgage
Trust
2018-C5
3.18%,
06/10/2051
(f),(m)
1,000
926
Citigroup
Commercial
Mortgage
Trust
2019-C7
1.20%,
12/15/2072
(f),(m),(n)
15,766
1,455
Schedule
of
Investments
Global
Diversified
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
45
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Mortgage
Backed
Securities
(continued)
Citigroup
Commercial
Mortgage
Trust
2019-GC41
0.85%,
08/10/2056
(f),(m),(n)
$
13,007
$
784
3.00%,
08/10/2056
(f)
9,330
6,360
3.00%,
08/10/2056
(f)
4,000
3,575
Citigroup
Commercial
Mortgage
Trust
2019-GC43
0.62%,
11/10/2052
(f),(m),(n)
11,280
513
0.62%,
11/10/2052
(f),(m),(n)
2,528
109
0.62%,
11/10/2052
(f),(m),(n)
1,750
75
3.00%,
11/10/2052
(f)
5,000
4,694
3.00%,
11/10/2052
(f)
1,750
1,134
Citigroup
Commercial
Mortgage
Trust
2020-GC46
1.07%,
02/15/2053
(f),(m),(n)
21,133
1,726
2.60%,
02/15/2053
(f)
6,000
5,279
COMM
2012-CCRE1
Mortgage
Trust
2.46%,
05/15/2045
(f)
13,993
9,238
5.35%,
05/15/2045
(f),(m)
8,889
7,771
COMM
2012-CCRE4
Mortgage
Trust
4.59%,
10/15/2045
(f),(m)
5,000
1,545
COMM
2012-CCRE5
Mortgage
Trust
4.32%,
12/10/2045
(f),(m)
3,475
3,422
4.32%,
12/10/2045
(f),(m)
7,500
6,997
COMM
2013-CCRE6
Mortgage
Trust
1.01%,
03/10/2046
(m),(n)
44,488
351
4.09%,
03/10/2046
(f),(m)
10,215
9,692
4.09%,
03/10/2046
(f),(m)
13,750
11,505
COMM
2014-CCRE17
Mortgage
Trust
0.33%,
05/10/2047
(f),(m),(n)
44,717
347
COMM
2014-UBS5
Mortgage
Trust
3.50%,
09/10/2047
(f)
3,250
2,679
COMM
2016-COR1
Mortgage
Trust
1.39%,
10/10/2049
(m),(n)
43,144
2,222
COMM
2017-COR2
Mortgage
Trust
1.16%,
09/10/2050
(m),(n)
74,847
4,470
COMM
2018-COR3
Mortgage
Trust
1.75%,
05/10/2051
(f),(m),(n)
15,800
1,560
COMM
2019-GC44
Mortgage
Trust
1.03%,
08/15/2057
(f),(m),(n)
5,500
428
CSAIL
2018-CX12
Commercial
Mortgage
Trust
1.50%,
08/15/2051
(f),(m),(n)
8,985
786
CSAIL
2019-C15
Commercial
Mortgage
Trust
1.04%,
03/15/2052
(m),(n)
55,650
3,418
1.98%,
03/15/2052
(f),(m),(n)
3,981
508
CSAIL
2019-C17
Commercial
Mortgage
Trust
1.36%,
09/15/2052
(m),(n)
29,786
2,578
DBGS
2018-C1
Mortgage
Trust
1.75%,
10/15/2051
(f),(m),(n)
9,496
992
DBUBS
2011-LC1
Mortgage
Trust
0.62%,
11/10/2046
(f),(m),(n)
39,357
1
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
1.48%,
01/25/2043
(m),(n)
79,054
3,720
1.60%,
11/25/2042
(m),(n)
83,688
4
1.66%,
11/25/2040
(m),(n)
16,936
301
1.66%,
06/25/2041
(m),(n)
20,000
562
1.66%,
10/25/2041
(m),(n)
43,000
1,333
1.77%,
01/25/2048
(m),(n)
38,129
3,208
1.97%,
11/25/2044
(m),(n)
16,293
942
2.01%,
09/25/2047
(m),(n)
41,400
3,714
2.03%,
02/25/2045
(m),(n)
27,900
1,770
2.17%,
07/25/2026
(m),(n)
39,161
3,599
2.17%,
05/25/2046
(m),(n)
75,770
5,947
2.19%,
01/25/2026
(m),(n)
70,234
5,765
2.19%,
12/25/2039
(m),(n)
25,654
50
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Mortgage
Backed
Securities
(continued)
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
(continued)
2.27%,
08/25/2045
(m),(n)
$
39,003
$
5,388
2.60%,
04/25/2028
(m),(n)
13,000
2,011
2.95%,
06/25/2049
(m),(n)
4,750
848
3.82%,
02/25/2041
(m),(n)
5,409
72
GS
Mortgage
Securities
Corp
II
1.41%,
07/10/2051
(f),(m),(n)
8,017
735
GS
Mortgage
Securities
Trust
2011-GC5
5.18%,
08/10/2044
(f),(m)
3,660
1,464
GS
Mortgage
Securities
Trust
2012-GCJ7
5.55%,
05/10/2045
(f),(m)
7,429
7,020
GS
Mortgage
Securities
Trust
2012-GCJ9
4.74%,
11/10/2045
(f),(m)
8,500
7,341
GS
Mortgage
Securities
Trust
2013-GC16
3.50%,
11/10/2046
(f)
2,500
1,751
GS
Mortgage
Securities
Trust
2013-GCJ14
4.74%,
08/10/2046
(f),(m)
10,460
10,316
4.74%,
08/10/2046
(f),(m)
7,742
5,746
4.74%,
08/10/2046
(f),(m)
2,500
1,698
GS
Mortgage
Securities
Trust
2014-GC26
1.20%,
11/10/2047
(f),(m),(n)
29,811
1,084
GS
Mortgage
Securities
Trust
2017-GS7
1.11%,
08/10/2050
(m),(n)
28,634
1,457
GS
Mortgage
Securities
Trust
2018-GS9
1.36%,
03/10/2051
(f),(m),(n)
8,353
655
GS
Mortgage
Securities
Trust
2019-GC39
1.62%,
05/10/2052
(f),(m),(n)
16,430
1,855
GS
Mortgage
Securities
Trust
2019-GC40
1.16%,
07/10/2052
(f),(m),(n)
4,941
442
1.16%,
07/10/2052
(f),(m),(n)
16,500
1,294
GS
Mortgage
Securities
Trust
2019-GC42
0.94%,
09/01/2052
(f),(m),(n)
13,000
922
GS
Mortgage
Securities
Trust
2019-GSA1
1.00%,
11/10/2052
(f),(m),(n)
21,600
1,591
GS
Mortgage
Securities
Trust
2020-GC45
0.69%,
02/13/2053
(f),(m),(n)
25,009
1,298
GS
Mortgage
Securities
Trust
2020-GC47
3.46%,
05/12/2053
(f),(m)
2,000
2,014
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
2006-CIBC17
5.49%,
12/12/2043
(m)
4,019
2,954
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
2006-LDP9
5.34%,
05/15/2047
708
627
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
2011-C5
5.43%,
08/15/2046
(f),(m)
2,800
2,795
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
2012-C6
2.97%,
05/15/2045
(f),(m)
3,750
1,664
JPMBB
Commercial
Mortgage
Securities
Trust
2014-C18
0.80%,
02/15/2047
(m),(n)
39,304
648
4.80%,
02/15/2047
(f),(m)
7,850
3,938
JPMBB
Commercial
Mortgage
Securities
Trust
2014-C21
0.97%,
08/15/2047
(m),(n)
34,141
857
JPMBB
Commercial
Mortgage
Securities
Trust
2014-C24
3.70%,
11/15/2047
(f),(m)
14,800
9,588
JPMBB
Commercial
Mortgage
Securities
Trust
2015-C28
0.50%,
10/15/2048
(f),(m),(n)
54,005
866
0.97%,
10/15/2048
(m),(n)
46,370
1,270
Schedule
of
Investments
Global
Diversified
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
46
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Mortgage
Backed
Securities
(continued)
JPMBB
Commercial
Mortgage
Securities
Trust
2015-C30
0.50%,
07/15/2048
(m),(n)
$
69,216
$
1,200
JPMBB
Commercial
Mortgage
Securities
Trust
2015-C31
0.50%,
08/15/2048
(f),(m),(n)
42,377
734
JPMCC
Commercial
Mortgage
Securities
Trust
2017-JP6
1.13%,
07/15/2050
(m),(n)
19,593
881
JPMCC
Commercial
Mortgage
Securities
Trust
2019-COR4
1.12%,
03/10/2052
(m),(n)
34,154
2,390
2.01%,
03/10/2052
(f),(m),(n)
18,869
2,506
3.00%,
03/10/2052
(f)
1,000
889
JPMCC
Commercial
Mortgage
Securities
Trust
2019-COR5
1.78%,
06/13/2052
(f),(m),(n)
8,500
1,049
LB
Commercial
Mortgage
Trust
2007-C3
5.91%,
07/15/2044
(m)
230
227
5.91%,
07/15/2044
(m)
6,369
6,143
LB-UBS
Commercial
Mortgage
Trust
2007-C6
6.47%,
07/15/2040
(m)
1,758
1,616
6.47%,
07/15/2040
(m)
8,841
6,012
MHC
Trust
2021-MHC2
0.94%,
05/15/2023
(f)
10,000
10,019
1.00
x
1
Month
USD
LIBOR
+
0.85%
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
2013-C11
4.35%,
08/15/2046
(m)
2,500
2,464
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
2014-C16
4.27%,
06/15/2047
(f),(m)
10,604
5,569
4.77%,
06/15/2047
(f),(m)
10,598
8,135
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
2015-C20
1.27%,
02/15/2048
(m),(n)
41,988
1,433
1.39%,
02/15/2048
(f),(m),(n)
41,500
1,782
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
2015-C21
0.87%,
03/15/2048
(m),(n)
29,922
738
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
2016-C29
1.54%,
05/15/2049
(m),(n)
38,721
2,175
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
2016-C31
1.29%,
11/15/2049
(f),(m),(n)
21,213
1,196
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
2016-C32
0.69%,
12/15/2049
(m),(n)
73,053
2,236
Morgan
Stanley
Capital
I
Trust
2011-C3
0.00%,
07/15/2049
(e),(f),(m),(n)
738
—
Morgan
Stanley
Capital
I
Trust
2018-H3
1.85%,
07/15/2051
(f),(m),(n)
7,682
840
Morgan
Stanley
Capital
I
Trust
2019-H6
1.58%,
06/15/2052
(f),(m),(n)
4,693
512
3.00%,
06/15/2052
(f)
2,122
1,962
Morgan
Stanley
Capital
I
Trust
2019-L3
1.16%,
11/15/2052
(f),(m),(n)
15,090
1,286
Morgan
Stanley
Capital
I
Trust
2020-L4
1.17%,
02/15/2053
(f),(m),(n)
13,626
1,217
2.50%,
02/15/2053
(f)
3,000
2,801
SG
Commercial
Mortgage
Securities
Trust
2016-C5
0.90%,
10/10/2048
(m),(n)
17,960
742
TPGI
Trust
2021-DGWD
0.79%,
06/15/2026
(f)
3,500
3,505
1.00
x
1
Month
USD
LIBOR
+
0.70%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Mortgage
Backed
Securities
(continued)
UBS
Commercial
Mortgage
Trust
1.76%,
10/15/2052
(f),(m),(n)
$
12,767
$
1,575
UBS
Commercial
Mortgage
Trust
2019-C18
1.45%,
12/15/2052
(f),(m),(n)
11,574
1,210
UBS-Barclays
Commercial
Mortgage
Trust
2012-C3
5.00%,
08/10/2049
(f),(m)
20,994
19,716
Wells
Fargo
Commercial
Mortgage
Trust
2014-LC18
1.04%,
12/15/2047
(m),(n)
68,309
1,858
Wells
Fargo
Commercial
Mortgage
Trust
2015-NXS1
0.40%,
05/15/2048
(m),(n)
24,936
445
Wells
Fargo
Commercial
Mortgage
Trust
2015-NXS3
0.90%,
09/15/2057
(m),(n)
15,592
496
Wells
Fargo
Commercial
Mortgage
Trust
2016-C34
2.12%,
06/15/2049
(m),(n)
33,194
2,170
Wells
Fargo
Commercial
Mortgage
Trust
2016-C35
1.89%,
07/15/2048
(m),(n)
34,948
2,656
Wells
Fargo
Commercial
Mortgage
Trust
2017-C40
4.32%,
10/15/2050
(m)
5,000
5,362
Wells
Fargo
Commercial
Mortgage
Trust
2017-C42
1.57%,
12/15/2050
(f),(m),(n)
20,343
1,831
Wells
Fargo
Commercial
Mortgage
Trust
2018-C43
1.62%,
03/15/2051
(f),(m),(n)
6,614
615
Wells
Fargo
Commercial
Mortgage
Trust
2018-C44
1.83%,
05/15/2051
(f),(m),(n)
8,022
847
Wells
Fargo
Commercial
Mortgage
Trust
2018-C45
1.87%,
06/15/2051
(f),(m),(n)
2,647
312
3.00%,
06/15/2051
(f)
1,250
1,110
Wells
Fargo
Commercial
Mortgage
Trust
2018-C47
1.93%,
09/15/2061
(f),(m),(n)
14,133
1,681
Wells
Fargo
Commercial
Mortgage
Trust
2019-C49
2.14%,
03/15/2052
(f),(m),(n)
4,336
592
3.00%,
03/15/2052
(f)
2,500
2,352
Wells
Fargo
Commercial
Mortgage
Trust
2019-C50
2.01%,
05/15/2052
(f),(m),(n)
14,851
2,084
Wells
Fargo
Commercial
Mortgage
Trust
2019-C53
1.44%,
10/15/2052
(f),(m),(n)
8,777
903
Wells
Fargo
Commercial
Mortgage
Trust
2019-C54
1.37%,
12/15/2052
(f),(m),(n)
6,363
628
Wells
Fargo
Commercial
Mortgage
Trust
2020-C55
1.43%,
02/15/2053
(f),(m),(n)
14,583
1,558
$
456,117
Commercial
Services
-
0.56%
Adani
Ports
&
Special
Economic
Zone
Ltd
4.20%,
08/04/2027
(f)
825
866
ASGN
Inc
4.63%,
05/15/2028
(f)
3,650
3,809
Carriage
Services
Inc
4.25%,
05/15/2029
(f)
2,430
2,424
India
Toll
Roads
5.50%,
08/19/2024
(f)
500
480
Schedule
of
Investments
Global
Diversified
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
47
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Services
(continued)
Limak
Iskenderun
Uluslararasi
Liman
Isletmeciligi
AS
9.50%,
07/10/2036
(f)
$
290
$
304
Loxam
SAS
6.00%,
04/15/2025
EUR
500
602
Movida
Europe
SA
5.25%,
02/08/2031
(f)
$
730
739
MPH
Acquisition
Holdings
LLC
5.75%,
11/01/2028
(a),(f)
2,100
2,039
Rent-A-Center
Inc/TX
6.38%,
02/15/2029
(f)
3,725
4,000
Sotheby's
7.38%,
10/15/2027
(f)
6,575
7,023
Team
Health
Holdings
Inc
6.38%,
02/01/2025
(f)
4,060
3,766
$
26,052
Computers
-
0.21%
Apple
Inc
2.70%,
08/05/2051
(j)
1,500
1,504
3.60%,
07/31/2042
GBP
350
674
Dell
International
LLC
/
EMC
Corp
5.45%,
06/15/2023
$
2,600
2,810
International
Business
Machines
Corp
5.60%,
11/30/2039
800
1,135
KBR
Inc
4.75%,
09/30/2028
(f)
3,375
3,409
$
9,532
Cosmetics
&
Personal
Care
-
0.09%
High
Ridge
Brands
-
Escrow
0.00%,
03/15/2025
(e),(g),(h)
15,607
195
Oriflame
Investment
Holding
PLC
5.13%,
05/04/2026
(f)
4,000
4,106
$
4,301
Diversified
Financial
Services
-
2.35%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
3.15%,
02/15/2024
700
735
Alliance
Data
Systems
Corp
4.75%,
12/15/2024
(f)
3,450
3,540
7.00%,
01/15/2026
(f)
1,075
1,158
Ally
Financial
Inc
4.70%,
05/15/2026
(i),(k)
500
523
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.87%
5.75%,
11/20/2025
1,265
1,447
American
Express
Co
3.55%,
09/15/2026
(i),(j),(k)
2,000
2,010
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.85%
Capital
One
Financial
Corp
3.93%,
09/01/2021
(i)
6,000
6,014
3
Month
USD
LIBOR
+
3.80%
4.20%,
10/29/2025
700
786
Charles
Schwab
Corp/The
4.00%,
06/01/2026
(i),(k)
3,800
3,966
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.17%
7.00%,
02/01/2022
(i),(k)
4,198
4,303
3
Month
USD
LIBOR
+
4.82%
Coastal
Emerald
Ltd
4.30%,
08/01/2024
(i),(k)
2,850
2,866
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
7.45%
Credit
Acceptance
Corp
6.63%,
03/15/2026
1,300
1,372
Credivalores-Crediservicios
SAS
8.88%,
02/07/2025
(f)
800
624
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Diversified
Financial
Services
(continued)
Curo
Group
Holdings
Corp
8.25%,
09/01/2025
(f)
$
2,000
$
2,093
Discover
Financial
Services
6.13%,
06/23/2025
(i),(k)
3,000
3,379
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.78%
Home
Point
Capital
Inc
5.00%,
02/01/2026
(f)
3,225
2,976
Mastercard
Inc
3.35%,
03/26/2030
1,375
1,573
Muthoot
Finance
Ltd
4.40%,
09/02/2023
(f)
875
892
Nationstar
Mortgage
Holdings
Inc
5.50%,
08/15/2028
(f)
2,675
2,719
NFP
Corp
4.88%,
08/15/2028
(f)
8,420
8,567
6.88%,
08/15/2028
(f)
25,478
26,497
OneMain
Finance
Corp
6.63%,
01/15/2028
7,825
9,038
6.88%,
03/15/2025
1,795
2,036
Power
Finance
Corp
Ltd
4.50%,
06/18/2029
3,825
4,087
Provident
Funding
Associates
LP
/
PFG
Finance
Corp
6.38%,
06/15/2025
(f)
4,555
4,646
Quicken
Loans
LLC
5.25%,
01/15/2028
(f)
940
989
Swiss
Insured
Brazil
Power
Finance
Sarl
9.85%,
07/16/2032
(f)
BRL
21,263
4,205
Unifin
Financiera
SAB
de
CV
8.38%,
01/27/2028
(f)
$
1,250
1,172
9.88%,
01/28/2029
(a),(f)
540
533
Vertex
Capital
Investment
Ltd
4.75%,
04/03/2024
2,600
2,743
Visa
Inc
3.15%,
12/14/2025
850
932
$
108,421
Electric
-
1.51%
Acwa
Power
Management
And
Investments
One
Ltd
5.95%,
12/15/2039
(f)
639
758
Adani
Electricity
Mumbai
Ltd
3.95%,
02/12/2030
(f)
4,573
4,603
Calpine
Corp
5.00%,
02/01/2031
(f)
2,000
2,020
Cometa
Energia
SA
de
CV
6.38%,
04/24/2035
2,651
3,105
Dominion
Energy
Inc
3.38%,
04/01/2030
2,500
2,773
4.65%,
12/15/2024
(i),(k)
15,974
17,080
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.99%
Duke
Energy
Corp
3.75%,
09/01/2046
600
659
4.88%,
09/16/2024
(i),(k)
11,350
12,093
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.39%
E.ON
SE
0.38%,
09/29/2027
EUR
800
972
Emera
US
Finance
LP
4.75%,
06/15/2046
$
400
485
Enel
Chile
SA
4.88%,
06/12/2028
2,000
2,302
Enel
SpA
8.75%,
09/24/2073
(f),(k)
2,500
2,885
USD
Swap
Semi-Annual
5
Year
+
5.88%
Schedule
of
Investments
Global
Diversified
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
48
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
Engie
SA
2.00%,
09/28/2037
EUR
500
$
707
Eskom
Holdings
SOC
Ltd
7.50%,
09/15/2033
ZAR
23,000
1,188
Fortis
Inc/Canada
3.06%,
10/04/2026
$
964
1,045
Lamar
Funding
Ltd
3.96%,
05/07/2025
1,500
1,498
LLPL
Capital
Pte
Ltd
6.88%,
02/04/2039
(f)
912
1,066
Minejesa
Capital
BV
4.63%,
08/10/2030
2,300
2,432
Mong
Duong
Finance
Holdings
BV
5.13%,
05/07/2029
(f)
1,100
1,089
NextEra
Energy
Capital
Holdings
Inc
2.25%,
06/01/2030
2,700
2,774
Pampa
Energia
SA
7.50%,
01/24/2027
(f)
1,250
1,116
7.50%,
01/24/2027
3,000
2,678
RWE
AG
3.50%,
04/21/2075
(k)
EUR
500
637
EUR
Swap
Annual
(VS
6
Month)
5
Year
+
3.25%
Southern
Co/The
4.00%,
01/15/2051
(k)
$
1,000
1,055
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.73%
Star
Energy
Geothermal
Wayang
Windu
Ltd
6.75%,
04/24/2033
1,773
2,008
Vistra
Operations
Co
LLC
5.50%,
09/01/2026
(f)
890
917
$
69,945
Electrical
Components
&
Equipment
-
0.01%
Belden
Inc
2.88%,
09/15/2025
EUR
500
598
Energy
-
Alternate
Sources
-
0.04%
Aydem
Yenilenebilir
Enerji
AS
7.75%,
02/02/2027
(f),(j)
$
420
422
Azure
Power
Energy
Ltd
5.50%,
11/03/2022
551
558
Azure
Power
Solar
Energy
Pvt
Ltd
5.65%,
12/24/2024
(f)
600
630
$
1,610
Engineering
&
Construction
-
0.23%
ATP
Tower
Holdings
LLC
/
Andean
Tower
Partners
Colombia
SAS
/
Andean
Telecom
Par
4.05%,
04/27/2026
(f)
630
647
Hacienda
Investments
Ltd
Via
DME
Airport
DAC
5.35%,
02/08/2028
(f)
2,300
2,410
IHS
Netherlands
Holdco
BV
7.13%,
03/18/2025
(f)
4,000
4,140
8.00%,
09/18/2027
(f)
1,050
1,124
Interchile
SA
4.50%,
06/30/2056
(f)
590
631
Rutas
2
and
7
Finance
Ltd
0.00%,
09/30/2036
(e)
750
567
Tutor
Perini
Corp
6.88%,
05/01/2025
(a),(f)
1,240
1,280
$
10,799
Entertainment
-
0.74%
Caesars
Entertainment
Inc
8.13%,
07/01/2027
(f)
1,175
1,292
Caesars
Resort
Collection
LLC
/
CRC
Finco
Inc
5.25%,
10/15/2025
(f)
5,804
5,851
5.75%,
07/01/2025
(f)
1,875
1,971
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Entertainment
(continued)
Cinemark
USA
Inc
5.25%,
07/15/2028
(f)
$
1,925
$
1,809
5.88%,
03/15/2026
(f)
2,450
2,407
8.75%,
05/01/2025
(f)
250
267
Everi
Holdings
Inc
5.00%,
07/15/2029
(f)
1,725
1,764
International
Game
Technology
PLC
6.50%,
02/15/2025
(f)
1,415
1,579
Lions
Gate
Capital
Holdings
LLC
5.50%,
04/15/2029
(f)
6,060
6,204
Live
Nation
Entertainment
Inc
4.75%,
10/15/2027
(f)
1,750
1,787
5.63%,
03/15/2026
(f)
1,350
1,406
6.50%,
05/15/2027
(f)
3,000
3,311
Resorts
World
Las
Vegas
LLC
/
RWLV
Capital
Inc
4.63%,
04/16/2029
400
419
Scientific
Games
International
Inc
7.00%,
05/15/2028
(f)
500
539
Sisal
Group
SpA
7.00%,
07/31/2023
EUR
344
409
Speedway
Motorsports
LLC
/
Speedway
Funding
II
Inc
4.88%,
11/01/2027
(f)
$
2,925
2,965
$
33,980
Environmental
Control
-
0.18%
Covanta
Holding
Corp
5.00%,
09/01/2030
875
939
6.00%,
01/01/2027
1,375
1,427
GFL
Environmental
Inc
4.75%,
06/15/2029
(f)
2,600
2,687
Madison
IAQ
LLC
5.88%,
06/30/2029
(f)
3,225
3,260
$
8,313
Food
-
0.49%
BRF
SA
4.88%,
01/24/2030
(f)
800
829
Casino
Guichard
Perrachon
SA
4.50%,
03/07/2024
EUR
1,500
1,779
Chobani
LLC
/
Chobani
Finance
Corp
Inc
4.63%,
11/15/2028
(f)
$
400
416
Grupo
Bimbo
SAB
de
CV
5.95%,
04/17/2023
(f),(i),(k)
840
882
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.28%
JBS
Finance
Luxembourg
Sarl
3.63%,
01/15/2032
(f)
470
473
Kraft
Heinz
Foods
Co
5.00%,
07/15/2035
1,700
2,102
Nestle
Holdings
Inc
4.00%,
09/24/2048
(f)
950
1,189
Performance
Food
Group
Inc
4.25%,
08/01/2029
(f)
2,400
2,439
5.50%,
10/15/2027
(f)
4,600
4,792
Post
Holdings
Inc
4.50%,
09/15/2031
(f)
1,500
1,518
Simmons
Foods
Inc/Simmons
Prepared
Foods
Inc/Simmons
Pet
Food
Inc/Simmons
Feed
4.63%,
03/01/2029
(f)
2,390
2,413
US
Foods
Inc
4.75%,
02/15/2029
(f)
3,518
3,588
$
22,420
Food
Service
-
0.14%
Aramark
Services
Inc
5.00%,
02/01/2028
(f)
5,385
5,595
6.38%,
05/01/2025
(f)
1,020
1,076
$
6,671
Schedule
of
Investments
Global
Diversified
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
49
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Forest
Products
&
Paper
-
0.10%
Suzano
Austria
GmbH
3.13%,
01/15/2032
$
490
$
486
5.00%,
01/15/2030
3,550
4,020
$
4,506
Gas
-
0.16%
NiSource
Inc
5.65%,
06/15/2023
(i),(k)
7,000
7,332
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.84%
Healthcare
-
Products
-
0.11%
Avantor
Funding
Inc
4.63%,
07/15/2028
(f)
750
789
Medtronic
Global
Holdings
SCA
1.75%,
07/02/2049
EUR
300
403
Stryker
Corp
1.95%,
06/15/2030
$
2,200
2,222
Thermo
Fisher
Scientific
Inc
4.10%,
08/15/2047
1,150
1,425
$
4,839
Healthcare
-
Services
-
1.36%
Acadia
Healthcare
Co
Inc
5.00%,
04/15/2029
(f)
2,425
2,540
5.50%,
07/01/2028
(f)
1,450
1,546
Anthem
Inc
3.65%,
12/01/2027
1,400
1,578
CHS/Community
Health
Systems
Inc
4.75%,
02/15/2031
(f)
1,800
1,827
8.00%,
03/15/2026
(f)
1,000
1,072
DaVita
Inc
3.75%,
02/15/2031
(f)
2,400
2,327
Envision
Healthcare
Corp
8.75%,
10/15/2026
(f)
14,540
10,722
Fresenius
SE
&
Co
KGaA
0.75%,
01/15/2028
EUR
600
738
HCA
Inc
5.38%,
02/01/2025
$
2,200
2,494
Humana
Inc
1.35%,
02/03/2027
(j)
2,000
2,003
Legacy
LifePoint
Health
LLC
4.38%,
02/15/2027
(f)
1,625
1,629
MEDNAX
Inc
6.25%,
01/15/2027
(f)
2,000
2,107
Radiology
Partners
Inc
9.25%,
02/01/2028
(f)
5,425
5,845
Surgery
Center
Holdings
Inc
6.75%,
07/01/2025
(f)
5,418
5,513
10.00%,
04/15/2027
(f)
6,457
7,038
Tenet
Healthcare
Corp
4.63%,
09/01/2024
(f)
2,300
2,352
5.13%,
11/01/2027
(f)
9,220
9,659
6.13%,
10/01/2028
(f)
1,000
1,065
UnitedHealth
Group
Inc
6.88%,
02/15/2038
550
867
$
62,922
Holding
Companies
-
Diversified
-
0.07%
CK
Hutchison
Finance
16
Ltd
1.25%,
04/06/2023
EUR
1,300
1,579
ProGroup
AG
3.00%,
03/31/2026
1,550
1,857
$
3,436
Home
Builders
-
0.04%
Taylor
Morrison
Communities
Inc
/
Taylor
Morrison
Holdings
II
Inc
5.63%,
03/01/2024
(f)
$
1,755
1,898
Insurance
-
2.90%
Acrisure
LLC
/
Acrisure
Finance
Inc
7.00%,
11/15/2025
(f)
8,482
8,609
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
(continued)
Allstate
Corp/The
6.50%,
05/15/2067
(k)
$
10,228
$
13,657
3
Month
USD
LIBOR
+
2.12%
American
International
Group
Inc
8.18%,
05/15/2068
(k)
3,850
5,712
3
Month
USD
LIBOR
+
4.20%
AmWINS
Group
Inc
4.88%,
06/30/2029
(f)
1,100
1,122
Argentum
Netherlands
BV
for
Swiss
Re
Ltd
5.63%,
08/15/2052
(k)
4,500
5,180
3
Month
USD
LIBOR
+
3.78%
5.75%,
08/15/2050
(k)
1,000
1,133
3
Month
USD
LIBOR
+
3.59%
Argentum
Netherlands
BV
for
Zurich
Insurance
Co
Ltd
5.13%,
06/01/2048
(k)
2,000
2,310
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.27%
AssuredPartners
Inc
5.63%,
01/15/2029
(f)
2,350
2,333
7.00%,
08/15/2025
(f)
17,802
18,114
AXA
SA
6.38%,
12/14/2036
(f),(i),(k)
3,000
4,192
3
Month
USD
LIBOR
+
2.26%
8.60%,
12/15/2030
1,000
1,516
Berkshire
Hathaway
Inc
1.63%,
03/16/2035
EUR
1,700
2,282
Caisse
Nationale
de
Reassurance
Mutuelle
Agricole
Groupama
6.38%,
05/28/2024
(i),(k)
400
547
3
Month
Euro
Interbank
Offered
Rate
+
5.77%
Heungkuk
Life
Insurance
Co
Ltd
4.48%,
11/09/2022
(i),(k)
$
2,300
2,340
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.47%
HUB
International
Ltd
7.00%,
05/01/2026
(f)
4,525
4,684
Liberty
Mutual
Group
Inc
7.80%,
03/07/2087
(f)
7,361
9,862
3
Month
USD
LIBOR
+
3.58%
Liberty
Mutual
Insurance
Co
7.70%,
10/15/2097
(f)
946
1,522
M&G
PLC
6.50%,
10/20/2048
(k)
3,200
3,873
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.41%
Mapfre
SA
1.63%,
05/19/2026
EUR
1,100
1,424
Massachusetts
Mutual
Life
Insurance
Co
3.38%,
04/15/2050
(f)
$
650
696
Meiji
Yasuda
Life
Insurance
Co
5.20%,
10/20/2045
(f),(k)
350
396
USD
Swap
Semi-Annual
5
Year
+
4.23%
MetLife
Inc
3.85%,
09/15/2025
(i),(k)
5,900
6,173
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.58%
9.25%,
04/08/2068
(f)
8,000
12,225
3
Month
USD
LIBOR
+
5.54%
10.75%,
08/01/2069
900
1,550
3
Month
USD
LIBOR
+
7.55%
New
York
Life
Global
Funding
1.85%,
08/01/2031
(f),(j)
3,000
3,001
Nippon
Life
Insurance
Co
5.10%,
10/16/2044
(f),(k)
5,000
5,528
USD
Swap
Semi-Annual
5
Year
+
3.65%
Schedule
of
Investments
Global
Diversified
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
50
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
(continued)
Prudential
Financial
Inc
5.88%,
09/15/2042
(k)
$
1,000
$
1,054
3
Month
USD
LIBOR
+
4.18%
Sagicor
Financial
Co
Ltd
5.30%,
05/13/2028
(f)
400
420
Societa
Cattolica
Di
Assicurazione
SPA
4.25%,
12/14/2047
(k)
EUR
800
1,074
3
Month
Euro
Interbank
Offered
Rate
+
4.46%
Sumitomo
Life
Insurance
Co
6.50%,
09/20/2073
(f),(k)
$
6,985
7,718
3
Month
USD
LIBOR
+
4.44%
Swiss
Re
Finance
Luxembourg
SA
5.00%,
04/02/2049
(f),(k)
1,200
1,371
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.58%
Talanx
AG
2.25%,
12/05/2047
(k)
EUR
400
518
3
Month
Euro
Interbank
Offered
Rate
+
2.45%
Voya
Financial
Inc
6.13%,
09/15/2023
(i),(k)
$
1,500
1,616
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.36%
$
133,752
Internet
-
0.49%
Alibaba
Group
Holding
Ltd
3.25%,
02/09/2061
1,050
1,021
3.40%,
12/06/2027
2,000
2,187
Alphabet
Inc
2.00%,
08/15/2026
900
948
Baidu
Inc
2.38%,
10/09/2030
900
904
Booking
Holdings
Inc
3.60%,
06/01/2026
1,200
1,335
Cablevision
Lightpath
LLC
3.88%,
09/15/2027
(f)
925
918
5.63%,
09/15/2028
(f)
2,075
2,111
JD.com
Inc
3.88%,
04/29/2026
1,045
1,146
Netflix
Inc
3.63%,
05/15/2027
EUR
500
688
4.38%,
11/15/2026
$
1,760
1,997
Prosus
NV
3.83%,
02/08/2051
(f)
700
650
Tencent
Holdings
Ltd
3.98%,
04/11/2029
(f)
3,100
3,473
3.98%,
04/11/2029
(a)
700
784
Uber
Technologies
Inc
8.00%,
11/01/2026
(f)
1,500
1,607
United
Group
BV
4.00%,
11/15/2027
EUR
2,400
2,816
$
22,585
Investment
Companies
-
0.02%
Huarong
Finance
2019
Co
Ltd
4.50%,
05/29/2029
$
950
608
MDGH
-
GMTN
BV
3.70%,
11/07/2049
400
440
$
1,048
Iron
&
Steel
-
1.97%
Baffinland
Iron
Mines
Corp
/
Baffinland
Iron
Mines
LP
8.75%,
07/15/2026
(f)
18,412
19,603
Big
River
Steel
LLC
/
BRS
Finance
Corp
6.63%,
01/31/2029
(f)
1,830
2,011
CSN
Islands
XII
Corp
7.00%,
09/23/2021
(i)
3,450
3,474
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Iron
&
Steel
(continued)
CSN
Resources
SA
4.63%,
06/10/2031
(f)
$
640
$
662
GTL
Trade
Finance
Inc
7.25%,
04/16/2044
(a)
1,800
2,512
Material
Sciences
Corp
8.00%,
01/09/2024
(g),(h),(m)
18,397
18,397
Metinvest
BV
7.65%,
10/01/2027
(f)
1,400
1,542
Specialty
Steel
11%
Flt
11.00%,
11/15/2026
(g),(h)
41,564
41,564
Vale
Overseas
Ltd
3.75%,
07/08/2030
1,140
1,220
$
90,985
Lodging
-
0
.35%
Boyd
Gaming
Corp
4.75%,
06/15/2031
(f)
5,630
5,825
Gohl
Capital
Ltd
4.25%,
01/24/2027
3,250
3,436
MGM
China
Holdings
Ltd
4.75%,
02/01/2027
(f)
800
806
Station
Casinos
LLC
5.00%,
10/01/2025
(f)
4,329
4,378
Wynn
Las
Vegas
LLC
/
Wynn
Las
Vegas
Capital
Corp
5.25%,
05/15/2027
(f)
1,840
1,931
$
16,376
Machinery
-
Diversified
-
0.54%
JPW
Industries
Holding
Corp
9.00%,
10/01/2024
(f)
7,240
7,584
Titan
Acquisition
Ltd
/
Titan
Co-Borrower
LLC
7.75%,
04/15/2026
(f)
16,660
17,146
$
24,730
Media
-
1.58%
Altice
Finco
SA
4.75%,
01/15/2028
EUR
300
349
AMC
Networks
Inc
4.75%,
08/01/2025
$
2,045
2,096
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
4.50%,
08/15/2030
(f)
474
498
5.38%,
06/01/2029
(f)
3,500
3,809
5.50%,
05/01/2026
(f)
2,105
2,176
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
3.70%,
04/01/2051
500
506
6.48%,
10/23/2045
1,000
1,407
Comcast
Corp
4.15%,
10/15/2028
950
1,105
4.70%,
10/15/2048
325
426
CSC
Holdings
LLC
4.63%,
12/01/2030
(f)
6,991
6,886
5.75%,
01/15/2030
(f)
3,350
3,491
7.50%,
04/01/2028
(f)
650
709
Discovery
Communications
LLC
4.00%,
09/15/2055
700
752
Globo
Comunicacao
e
Participacoes
SA
4.88%,
01/22/2030
(a)
2,000
2,062
Grupo
Televisa
SAB
5.00%,
05/13/2045
1,400
1,734
LCPR
Senior
Secured
Financing
DAC
5.13%,
07/15/2029
(f)
650
665
Midcontinent
Communications
/
Midcontinent
Finance
Corp
5.38%,
08/15/2027
(f)
1,414
1,472
Nexstar
Media
Inc
4.75%,
11/01/2028
(f)
1,560
1,609
5.63%,
07/15/2027
(f)
7,150
7,559
Schedule
of
Investments
Global
Diversified
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
51
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Media
(continued)
Scripps
Escrow
II
Inc
5.38%,
01/15/2031
(f)
$
2,870
$
2,863
Sirius
XM
Radio
Inc
4.00%,
07/15/2028
(f)
1,400
1,444
SportsNet
New
York
10.25%,
01/15/2025
(g),(h)
20,090
20,267
Virgin
Media
Finance
PLC
5.00%,
07/15/2030
(f)
4,200
4,273
Ziggo
Bond
Co
BV
6.00%,
01/15/2027
(f)
3,500
3,644
Ziggo
BV
5.50%,
01/15/2027
(f)
1,050
1,089
$
72,891
Metal
Fabrication
&
Hardware
-
0.02%
Park-Ohio
Industries
Inc
6.63%,
04/15/2027
885
900
Mining
-
1.12%
Arconic
Corp
6.13%,
02/15/2028
(f)
6,125
6,523
Century
Aluminum
Co
7.50%,
04/01/2028
(f)
9,530
10,173
Constellium
SE
3.75%,
04/15/2029
(f)
950
948
5.63%,
06/15/2028
(f)
600
640
Corp
Nacional
del
Cobre
de
Chile
3.70%,
01/30/2050
750
790
First
Quantum
Minerals
Ltd
6.88%,
10/15/2027
(f)
800
867
Fresnillo
PLC
4.25%,
10/02/2050
(f)
1,245
1,300
Industrias
Penoles
SAB
de
CV
4.15%,
09/12/2029
(a)
2,800
3,056
Joseph
T
Ryerson
&
Son
Inc
8.50%,
08/01/2028
(f)
308
340
Newmont
Corp
4.88%,
03/15/2042
650
845
Northwest
Acquisitions
ULC
/
Dominion
Finco
Inc
0.00%,
11/01/2022
(e),(f)
19,888
2
Novelis
Corp
4.75%,
01/30/2030
(f)
4,014
4,274
Petropavlovsk
2016
Ltd
8.13%,
11/14/2022
1,500
1,563
Real
Alloy
Holding
Inc
11.00%,
11/30/2023
(g),(h),(m)
19,795
19,795
Vedanta
Resources
Finance
II
PLC
8.95%,
03/11/2025
(f)
495
465
13.88%,
01/21/2024
(f)
315
332
$
51,913
Miscellaneous
Manufacturers
-
0.03%
3M
Co
4.00%,
09/14/2048
200
249
Illinois
Tool
Works
Inc
3.90%,
09/01/2042
1,000
1,215
$
1,464
Oil
&
Gas
-
3.19%
Apache
Corp
4.25%,
01/15/2044
500
490
4.88%,
11/15/2027
1,975
2,123
BP
Capital
Markets
America
Inc
3.00%,
02/24/2050
300
296
BP
Capital
Markets
PLC
4.88%,
03/22/2030
(i),(k)
10,960
12,100
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.40%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Oil
&
Gas
(continued)
Chesapeake
Energy
Corp
5.50%,
02/01/2026
(f)
$
750
$
782
5.88%,
02/01/2029
(f)
425
452
Colgate
Energy
Partners
III
LLC
5.88%,
07/01/2029
(f)
1,300
1,349
Comstock
Resources
Inc
5.88%,
01/15/2030
(f)
1,050
1,056
6.75%,
03/01/2029
(f)
100
104
Continental
Resources
Inc/OK
5.75%,
01/15/2031
(f)
1,100
1,326
Cosan
Luxembourg
SA
7.00%,
01/20/2027
1,800
1,897
CrownRock
LP
/
CrownRock
Finance
Inc
5.00%,
05/01/2029
(f)
350
365
Ecopetrol
SA
5.88%,
05/28/2045
1,110
1,184
6.88%,
04/29/2030
2,180
2,632
Energean
Israel
Finance
Ltd
4.50%,
03/30/2024
(f)
500
509
5.88%,
03/30/2031
(f)
4,300
4,404
Exxon
Mobil
Corp
4.23%,
03/19/2040
500
610
Gazprom
PJSC
via
Gaz
Finance
PLC
4.60%,
10/26/2025
(f),(i),(k)
2,825
2,945
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.26%
Gran
Tierra
Energy
Inc
7.75%,
05/23/2027
(f)
435
384
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co
5.75%,
02/01/2029
(f)
400
407
6.00%,
02/01/2031
(f)
725
757
HollyFrontier
Corp
5.88%,
04/01/2026
1,100
1,274
Kosmos
Energy
Ltd
7.13%,
04/04/2026
(f)
775
756
7.13%,
04/04/2026
2,000
1,950
Leviathan
Bond
Ltd
6.50%,
06/30/2027
(f)
4,200
4,625
6.75%,
06/30/2030
(f)
1,000
1,121
Lukoil
International
Finance
BV
4.75%,
11/02/2026
800
899
MC
Brazil
Downstream
Trading
SARL
7.25%,
06/30/2031
(f)
2,000
2,074
Medco
Bell
Pte
Ltd
6.38%,
01/30/2027
(f)
790
792
MEG
Energy
Corp
5.88%,
02/01/2029
(f)
325
336
7.13%,
02/01/2027
(f)
5,500
5,771
Moss
Creek
Resources
Holdings
Inc
7.50%,
01/15/2026
(f)
700
626
NAK
Naftogaz
Ukraine
via
Kondor
Finance
PLC
7.13%,
07/19/2024
EUR
2,800
3,424
Occidental
Petroleum
Corp
3.00%,
02/15/2027
$
3,400
3,375
3.20%,
08/15/2026
1,981
1,966
3.50%,
08/15/2029
1,800
1,796
5.50%,
12/01/2025
2,300
2,530
6.20%,
03/15/2040
475
550
6.38%,
09/01/2028
200
233
6.45%,
09/15/2036
7,972
9,625
6.63%,
09/01/2030
975
1,190
8.88%,
07/15/2030
4,740
6,395
Odebrecht
Drilling
Norbe
VIII/IX
Ltd
6.35%,
12/01/2021
97
96
Oil
India
Ltd
5.13%,
02/04/2029
2,200
2,493
Schedule
of
Investments
Global
Diversified
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
52
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Oil
&
Gas
(continued)
OQ
SAOC
5.13%,
05/06/2028
(f)
$
450
$
451
PDC
Energy
Inc
5.75%,
05/15/2026
2,300
2,376
Pertamina
Persero
PT
4.15%,
02/25/2060
300
302
5.63%,
05/20/2043
(f)
700
828
Petrobras
Global
Finance
BV
5.50%,
06/10/2051
565
556
7.25%,
03/17/2044
1,500
1,800
Petroleos
de
Venezuela
SA
0.00%,
10/27/2020
(e)
1,028
262
0.00%,
11/17/2021
(e)
17,250
733
0.00%,
05/16/2024
(e)
38,002
1,615
0.00%,
11/15/2026
(e)
12,045
512
0.00%,
04/12/2027
(e)
425
18
0.00%,
05/17/2035
(e)
536
23
0.00%,
04/12/2037
(e)
5,840
248
Petroleos
Mexicanos
6.50%,
01/23/2029
2,080
2,159
6.63%,
06/15/2035
6,200
5,987
7.19%,
09/12/2024
MXN
17,000
813
7.69%,
01/23/2050
$
2,240
2,177
9.50%,
09/15/2027
1,000
1,165
Petron
Corp
4.60%,
07/19/2023
(i),(k)
750
750
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.77%
Phillips
66
3.85%,
04/09/2025
2,250
2,475
Qatar
Petroleum
2.25%,
07/12/2031
(f)
1,160
1,174
3.30%,
07/12/2051
(f)
1,510
1,565
SA
Global
Sukuk
Ltd
2.69%,
06/17/2031
(f)
1,310
1,343
Saudi
Arabian
Oil
Co
4.25%,
04/16/2039
(f)
1,155
1,311
4.38%,
04/16/2049
(f)
1,500
1,755
SEPLAT
Energy
PLC
7.75%,
04/01/2026
(f)
730
757
Southwestern
Energy
Co
7.75%,
10/01/2027
1,030
1,105
Suncor
Energy
Inc
3.75%,
03/04/2051
600
665
Sunoco
LP
/
Sunoco
Finance
Corp
5.50%,
02/15/2026
1,045
1,075
5.88%,
03/15/2028
75
79
6.00%,
04/15/2027
2,975
3,105
Tecpetrol
SA
4.88%,
12/12/2022
800
800
Teine
Energy
Ltd
6.88%,
04/15/2029
(f)
4,650
4,720
Tengizchevroil
Finance
Co
International
Ltd
3.25%,
08/15/2030
(f)
400
408
TotalEnergies
SE
2.63%,
02/26/2025
(i),(k)
EUR
1,600
2,031
EUR
Swap
Annual
(VS
6
Month)
5
Year
+
2.15%
Tullow
Oil
PLC
7.00%,
03/01/2025
$
3,250
2,807
10.25%,
05/15/2026
(f)
930
970
Turkiye
Petrol
Rafinerileri
AS
4.50%,
10/18/2024
2,000
2,007
Valero
Energy
Corp
6.63%,
06/15/2037
200
277
Vine
Energy
Holdings
LLC
6.75%,
04/15/2029
(f)
1,500
1,564
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Oil
&
Gas
(continued)
W&T
Offshore
Inc
9.75%,
11/01/2023
(f)
$
2,500
$
2,399
YPF
SA
2.50%,
06/30/2029
(m)
305
199
$
147,435
Oil
&
Gas
Services
-
0.07%
Guara
Norte
Sarl
5.20%,
06/15/2034
1,965
2,023
USA
Compression
Partners
LP
/
USA
Compression
Finance
Corp
6.88%,
04/01/2026
1,180
1,236
$
3,259
Packaging
&
Containers
-
0.95%
Ardagh
Packaging
Finance
PLC
/
Ardagh
Holdings
USA
Inc
6.00%,
02/15/2025
(f)
1,161
1,197
Ball
Corp
4.38%,
12/15/2023
EUR
800
1,042
Berry
Global
Inc
5.63%,
07/15/2027
(f)
$
1,600
1,684
Crown
Americas
LLC
/
Crown
Americas
Capital
Corp
VI
4.75%,
02/01/2026
325
336
Crown
Cork
&
Seal
Co
Inc
7.38%,
12/15/2026
1,385
1,702
Crown
European
Holdings
SA
3.38%,
05/15/2025
EUR
300
383
Graham
Packaging
Co
Inc
7.13%,
08/15/2028
(f)
$
150
160
Intelligent
Packaging
Ltd
Finco
Inc
/
Intelligent
Packaging
Ltd
Co-Issuer
LLC
6.00%,
09/15/2028
(f)
4,050
4,212
Klabin
Austria
GmbH
7.00%,
04/03/2049
750
954
Plastipak
Holdings
Inc
6.25%,
10/15/2025
(f)
3,487
3,559
Silgan
Holdings
Inc
3.25%,
03/15/2025
EUR
600
718
Smurfit
Kappa
Treasury
ULC
1.50%,
09/15/2027
1,700
2,162
Trident
TPI
Holdings
Inc
6.63%,
11/01/2025
(f)
$
10,384
10,631
9.25%,
08/01/2024
(f)
8,420
8,873
Trivium
Packaging
Finance
BV
5.50%,
08/15/2026
(f)
6,000
6,270
$
43,883
Pharmaceuticals
-
0.70%
AbbVie
Inc
4.05%,
11/21/2039
2,300
2,712
AstraZeneca
PLC
4.00%,
01/17/2029
1,150
1,336
Bausch
Health
Americas
Inc
8.50%,
01/31/2027
(f)
1,580
1,708
Bausch
Health
Cos
Inc
5.00%,
01/30/2028
(f)
800
763
5.25%,
01/30/2030
(f)
7,850
7,388
7.00%,
01/15/2028
(f)
3,450
3,623
Bayer
Capital
Corp
BV
1.50%,
06/26/2026
EUR
800
1,012
Cigna
Corp
4.80%,
08/15/2038
$
2,150
2,724
CVS
Health
Corp
5.05%,
03/25/2048
700
933
Eli
Lilly
&
Co
1.70%,
11/01/2049
EUR
325
461
Schedule
of
Investments
Global
Diversified
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
53
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pharmaceuticals
(continued)
Organon
&
Co
/
Organon
Foreign
Debt
Co-Issuer
BV
5.13%,
04/30/2031
(f)
$
1,900
$
1,957
Pfizer
Inc
2.74%,
06/15/2043
GBP
1,800
2,943
4.00%,
12/15/2036
$
225
277
Prestige
Brands
Inc
3.75%,
04/01/2031
(f)
1,100
1,088
Teva
Pharmaceutical
Finance
Netherlands
II
BV
1.88%,
03/31/2027
EUR
900
996
Teva
Pharmaceutical
Finance
Netherlands
III
BV
3.15%,
10/01/2026
$
1,100
1,056
Utah
Acquisition
Sub
Inc
3.95%,
06/15/2026
1,275
1,414
$
32,391
Pipelines
-
1.21%
Abu
Dhabi
Crude
Oil
Pipeline
LLC
4.60%,
11/02/2047
760
904
Antero
Midstream
Partners
LP
/
Antero
Midstream
Finance
Corp
5.75%,
03/01/2027
(f)
1,000
1,030
5.75%,
01/15/2028
(f)
1,550
1,620
Buckeye
Partners
LP
4.50%,
03/01/2028
(f)
2,725
2,766
5.60%,
10/15/2044
50
49
5.85%,
11/15/2043
350
352
CQP
Holdco
LP
/
BIP-V
Chinook
Holdco
LLC
5.50%,
06/15/2031
(f)
3,600
3,735
DT
Midstream
Inc
4.13%,
06/15/2029
(f)
350
359
4.38%,
06/15/2031
(f)
2,000
2,075
Enbridge
Inc
2.50%,
08/01/2033
2,700
2,752
6.25%,
03/01/2078
(k)
5,600
6,234
3
Month
USD
LIBOR
+
3.64%
EQM
Midstream
Partners
LP
4.75%,
01/15/2031
(f)
1,525
1,552
Galaxy
Pipeline
Assets
Bidco
Ltd
1.75%,
09/30/2027
(f)
1,300
1,317
Genesis
Energy
LP
/
Genesis
Energy
Finance
Corp
8.00%,
01/15/2027
100
103
Harvest
Midstream
I
LP
7.50%,
09/01/2028
(f)
4,140
4,427
Hess
Midstream
Operations
LP
5.63%,
02/15/2026
(f)
1,135
1,180
Holly
Energy
Partners
LP
/
Holly
Energy
Finance
Corp
5.00%,
02/01/2028
(f)
1,825
1,850
New
Fortress
Energy
Inc
6.50%,
09/30/2026
(f)
675
682
6.75%,
09/15/2025
(f)
3,500
3,570
NuStar
Logistics
LP
6.38%,
10/01/2030
1,250
1,387
Rockies
Express
Pipeline
LLC
4.80%,
05/15/2030
(f)
2,025
2,060
4.95%,
07/15/2029
(f)
325
335
Targa
Resources
Partners
LP
/
Targa
Resources
Partners
Finance
Corp
4.88%,
02/01/2031
(f)
2,725
2,946
TransCanada
PipeLines
Ltd
4.34%,
10/15/2049
CAD
800
683
Transcanada
Trust
5.87%,
08/15/2076
(k)
$
4,230
4,738
3
Month
USD
LIBOR
+
4.64%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pipelines
(continued)
Venture
Global
Calcasieu
Pass
LLC
3.88%,
08/15/2029
(f),(j)
$
1,725
$
1,762
4.13%,
08/15/2031
(f),(j)
2,075
2,149
Western
Midstream
Operating
LP
5.30%,
03/01/2048
950
1,047
5.45%,
04/01/2044
175
196
6.50%,
02/01/2050
1,250
1,470
Williams
Cos
Inc/The
6.30%,
04/15/2040
450
622
$
55,952
Real
Estate
-
0.35%
Agile
Group
Holdings
Ltd
5.75%,
01/02/2025
440
426
CIBANCO
SA
Institucion
de
Banca
Multiple
Trust
CIB/3332
4.38%,
07/22/2031
(f)
750
734
Corp
Inmobiliaria
Vesta
SAB
de
CV
3.63%,
05/13/2031
(f)
410
418
Country
Garden
Holdings
Co
Ltd
8.00%,
01/27/2024
1,600
1,659
Easy
Tactic
Ltd
8.13%,
02/27/2023
1,400
1,044
Kaisa
Group
Holdings
Ltd
9.95%,
07/23/2025
3,250
2,434
MAF
Global
Securities
Ltd
6.37%,
03/20/2026
(i),(k)
4,000
4,360
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.54%
Scenery
Journey
Ltd
13.00%,
11/06/2022
1,200
468
Sunac
China
Holdings
Ltd
6.50%,
07/09/2023
3,150
3,024
Wanda
Properties
International
Co
Ltd
7.25%,
01/29/2024
1,500
1,455
$
16,022
REITs
-
0.19%
Iron
Mountain
Inc
5.25%,
03/15/2028
(f)
2,165
2,262
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp
3.69%,
06/05/2028
GBP
1,100
1,637
VICI
Properties
LP
/
VICI
Note
Co
Inc
3.75%,
02/15/2027
(f)
$
3,100
3,189
Welltower
Inc
4.00%,
06/01/2025
1,400
1,551
$
8,639
Retail
-
0.72%
1011778
BC
ULC
/
New
Red
Finance
Inc
4.00%,
10/15/2030
(f)
725
723
4.38%,
01/15/2028
(f)
3,500
3,548
Dollar
Tree
Inc
4.20%,
05/15/2028
1,000
1,146
L
Brands
Inc
6.75%,
07/01/2036
1,095
1,396
LBM
Acquisition
LLC
6.25%,
01/15/2029
(f)
1,675
1,678
Lowe's
Cos
Inc
3.00%,
10/15/2050
600
606
LSF9
Atlantis
Holdings
LLC
/
Victra
Finance
Corp
7.75%,
02/15/2026
(f)
3,775
3,945
Park
River
Holdings
Inc
6.75%,
08/01/2029
(f)
1,075
1,083
QVC
Inc
4.38%,
09/01/2028
2,150
2,208
Schedule
of
Investments
Global
Diversified
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
54
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Retail
(continued)
Specialty
Building
Products
Holdings
LLC
/
SBP
Finance
Corp
6.38%,
09/30/2026
(f)
$
2,150
$
2,263
SRS
Distribution
Inc
4.63%,
07/01/2028
(f)
3,560
3,631
Staples
Inc
10.75%,
04/15/2027
(f)
1,700
1,649
Suburban
Propane
Partners
LP/Suburban
Energy
Finance
Corp
5.00%,
06/01/2031
(f)
1,050
1,091
Walmart
Inc
5.63%,
03/27/2034
GBP
450
939
White
Cap
Buyer
LLC
6.88%,
10/15/2028
(f)
$
6,827
7,288
$
33,194
Semiconductors
-
0.06%
Micron
Technology
Inc
2.50%,
04/24/2023
1,500
1,545
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA
Inc
2.70%,
05/01/2025
(f)
1,300
1,375
$
2,920
Software
-
0.44%
Ascend
Learning
LLC
6.88%,
08/01/2025
(f)
6,623
6,747
Clarivate
Science
Holdings
Corp
3.88%,
06/30/2028
(f)
1,675
1,689
4.88%,
06/30/2029
(f)
2,900
2,921
Open
Text
Corp
3.88%,
02/15/2028
(f)
1,300
1,342
Playtika
Holding
Corp
4.25%,
03/15/2029
(f)
6,742
6,725
ZoomInfo
Technologies
LLC/ZoomInfo
Finance
Corp
3.88%,
02/01/2029
(f)
1,075
1,077
$
20,501
Sovereign
-
5.25%
1MDB
Global
Investments
Ltd
4.40%,
03/09/2023
5,400
5,423
Abu
Dhabi
Government
International
Bond
3.13%,
10/11/2027
(f)
950
1,046
3.13%,
10/11/2027
600
661
3.13%,
09/30/2049
(f)
1,500
1,540
Angolan
Government
International
Bond
8.00%,
11/26/2029
(f)
2,150
2,223
8.00%,
11/26/2029
1,500
1,551
9.38%,
05/08/2048
(f)
1,250
1,309
9.50%,
11/12/2025
1,245
1,373
Argentine
Republic
Government
International
Bond
0.50%,
07/09/2030
(m)
6,870
2,497
1.13%,
07/09/2035
(m)
5,700
1,838
2.00%,
01/09/2038
(m)
3,800
1,505
Benin
Government
International
Bond
4.88%,
01/19/2032
(f)
EUR
1,750
2,053
Bolivian
Government
International
Bond
4.50%,
03/20/2028
$
1,900
1,701
Brazil
Notas
do
Tesouro
Nacional
Serie
F
10.00%,
01/01/2023
BRL
5,150
1,015
10.00%,
01/01/2029
7,300
1,452
10.00%,
01/01/2031
8,177
1,612
Brazilian
Government
International
Bond
3.88%,
06/12/2030
$
2,300
2,322
Chile
Government
International
Bond
2.55%,
07/27/2033
900
918
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Sovereign
(continued)
Colombia
Government
International
Bond
3.25%,
04/22/2032
$
550
$
538
3.88%,
04/25/2027
1,390
1,470
5.63%,
02/26/2044
1,100
1,228
6.13%,
01/18/2041
2,280
2,673
Colombian
TES
5.75%,
11/03/2027
COP
16,900,000
4,203
6.25%,
11/26/2025
7,567,300
1,993
6.25%,
07/09/2036
4,442,000
991
7.00%,
03/26/2031
1,652,900
419
Costa
Rica
Government
International
Bond
7.00%,
04/04/2044
(f)
$
800
840
Dominican
Republic
International
Bond
5.88%,
01/30/2060
(f)
1,160
1,170
5.88%,
01/30/2060
300
303
6.50%,
02/15/2048
1,400
1,535
6.85%,
01/27/2045
3,150
3,579
Ecuador
Government
International
Bond
5.00%,
07/31/2030
(m)
1,120
977
Egypt
Government
Bond
14.05%,
07/21/2022
EGP
21,600
1,374
Egypt
Government
International
Bond
6.38%,
04/11/2031
EUR
3,500
4,247
7.63%,
05/29/2032
(f)
$
1,795
1,893
7.63%,
05/29/2032
800
844
8.50%,
01/31/2047
750
775
8.88%,
05/29/2050
(f)
1,450
1,543
8.88%,
05/29/2050
750
798
El
Salvador
Government
International
Bond
5.88%,
01/30/2025
(f)
290
260
8.25%,
04/10/2032
(f)
905
821
Export-Import
Bank
of
India
3.88%,
02/01/2028
3,200
3,473
Export-Import
Bank
of
Korea
6.20%,
08/07/2021
(f)
INR
76,100
1,023
8.00%,
05/15/2024
(f)
IDR
21,100,000
1,566
Gabon
Government
International
Bond
6.38%,
12/12/2024
(f)
$
950
1,008
6.95%,
06/16/2025
(f)
200
217
6.95%,
06/16/2025
3,678
3,982
Ghana
Government
International
Bond
6.38%,
02/11/2027
1,150
1,130
7.63%,
05/16/2029
(f)
890
887
7.88%,
02/11/2035
2,500
2,398
8.63%,
04/07/2034
(f)
1,365
1,379
Guatemala
Government
Bond
6.13%,
06/01/2050
900
1,074
Hazine
Mustesarligi
Varlik
Kiralama
AS
5.13%,
06/22/2026
(f)
800
802
Honduras
Government
International
Bond
6.25%,
01/19/2027
1,750
1,913
Hungary
Government
Bond
2.25%,
04/20/2033
HUF
293,070
906
Indonesia
Government
International
Bond
4.35%,
01/08/2027
(f)
$
700
794
4.45%,
04/15/2070
400
476
4.63%,
04/15/2043
(f)
765
896
8.50%,
10/12/2035
1,000
1,605
Indonesia
Treasury
Bond
7.00%,
09/15/2030
IDR
31,000,000
2,251
7.50%,
08/15/2032
7,440,000
549
8.25%,
05/15/2036
18,125,000
1,395
8.38%,
03/15/2034
38,221,000
2,979
Israel
Government
International
Bond
4.50%,
01/30/2043
$
2,550
3,243
Ivory
Coast
Government
International
Bond
5.75%,
12/31/2032
(m)
3,410
3,444
6.88%,
10/17/2040
(f)
EUR
1,750
2,291
Schedule
of
Investments
Global
Diversified
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
55
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Sovereign
(continued)
Malaysia
Government
Bond
3.76%,
05/22/2040
MYR
7,473
$
1,717
4.89%,
06/08/2038
6,561
1,718
Mexican
Bonos
7.50%,
06/03/2027
MXN
53,139
2,777
7.75%,
05/29/2031
21,700
1,156
7.75%,
11/23/2034
62,000
3,281
8.50%,
05/31/2029
45,191
2,499
10.00%,
11/20/2036
13,470
845
Mexico
Government
International
Bond
4.28%,
08/14/2041
$
910
966
4.75%,
04/27/2032
1,025
1,176
4.75%,
03/08/2044
2,350
2,608
Montenegro
Government
International
Bond
2.88%,
12/16/2027
EUR
2,000
2,258
Morocco
Government
International
Bond
4.25%,
12/11/2022
$
1,400
1,466
Nigeria
Government
International
Bond
6.50%,
11/28/2027
2,200
2,335
7.70%,
02/23/2038
300
307
9.25%,
01/21/2049
200
230
Oman
Government
International
Bond
5.38%,
03/08/2027
3,550
3,728
6.25%,
01/25/2031
(f)
900
972
6.75%,
01/17/2048
1,600
1,616
7.00%,
01/25/2051
(f)
760
785
Oman
Sovereign
Sukuk
Co
4.40%,
06/01/2024
1,100
1,141
Pakistan
Government
International
Bond
6.00%,
04/08/2026
(f)
2,450
2,465
8.88%,
04/08/2051
(f)
670
690
Panama
Government
International
Bond
2.25%,
09/29/2032
940
911
Perusahaan
Penerbit
SBSN
Indonesia
III
4.55%,
03/29/2026
1,150
1,306
Peruvian
Government
International
Bond
2.39%,
01/23/2026
1,000
1,024
2.78%,
01/23/2031
1,050
1,054
5.63%,
11/18/2050
1,200
1,624
6.90%,
08/12/2037
(f)
PEN
4,910
1,153
Qatar
Government
International
Bond
3.40%,
04/16/2025
(f)
$
945
1,028
4.82%,
03/14/2049
(f)
710
924
Republic
of
Belarus
International
Bond
6.88%,
02/28/2023
1,600
1,603
Republic
of
Cameroon
International
Bond
5.95%,
07/07/2032
(f)
EUR
2,000
2,338
Republic
of
Kenya
Government
International
Bond
7.00%,
05/22/2027
(f)
$
1,050
1,146
8.00%,
05/22/2032
3,109
3,511
Republic
of
Poland
Government
International
Bond
3.25%,
04/06/2026
3,000
3,311
Republic
of
South
Africa
Government
Bond
7.00%,
02/28/2031
ZAR
41,949
2,467
8.00%,
01/31/2030
76,751
4,983
8.88%,
02/28/2035
16,911
1,047
Republic
of
South
Africa
Government
International
Bond
4.85%,
09/30/2029
$
2,800
2,957
Romania
Government
Bond
5.00%,
02/12/2029
RON
5,380
1,429
Romanian
Government
International
Bond
2.00%,
01/28/2032
(f)
EUR
4,100
4,888
2.75%,
04/14/2041
(f)
420
489
3.38%,
01/28/2050
570
708
5.13%,
06/15/2048
$
2,500
3,094
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Sovereign
(continued)
Russian
Federal
Bond
-
OFZ
6.70%,
03/14/2029
RUB
163,445
$
2,215
6.90%,
05/23/2029
24,122
333
6.90%,
07/23/2031
68,319
937
7.05%,
01/19/2028
400,000
5,564
7.70%,
03/23/2033
195,492
2,857
7.95%,
10/07/2026
46,819
675
Russian
Foreign
Bond
-
Eurobond
4.38%,
03/21/2029
$
3,000
3,401
4.50%,
04/04/2022
200
206
5.25%,
06/23/2047
400
508
Saudi
Government
International
Bond
3.25%,
10/22/2030
(f)
900
974
4.50%,
10/26/2046
3,000
3,521
4.63%,
10/04/2047
(f)
650
777
Senegal
Government
International
Bond
4.75%,
03/13/2028
EUR
2,525
3,130
5.38%,
06/08/2037
(f)
800
948
Sri
Lanka
Government
International
Bond
5.75%,
04/18/2023
$
305
221
6.85%,
11/03/2025
800
509
Thailand
Government
Bond
1.59%,
12/17/2035
THB
62,393
1,821
1.60%,
12/17/2029
18,401
570
3.78%,
06/25/2032
18,401
675
Trinidad
&
Tobago
Government
International
Bond
4.50%,
08/04/2026
(a)
$
1,700
1,796
Turkey
Government
International
Bond
5.13%,
02/17/2028
1,750
1,711
5.88%,
06/26/2031
455
445
6.38%,
10/14/2025
1,360
1,427
Turkiye
Ihracat
Kredi
Bankasi
AS
5.75%,
07/06/2026
(f)
700
700
Ukraine
Government
Bond
17.00%,
05/11/2022
UAH
81,000
3,145
Ukraine
Government
International
Bond
1.26%,
05/31/2040
(m)
$
1,765
2,054
6.88%,
05/21/2029
(f)
285
294
7.25%,
03/15/2033
3,550
3,660
7.38%,
09/25/2032
(f)
1,300
1,352
7.38%,
09/25/2032
1,050
1,092
7.75%,
09/01/2023
630
675
7.75%,
09/01/2024
900
977
Ukreximbank
Via
Biz
Finance
PLC
9.75%,
01/22/2025
744
803
Venezuela
Government
International
Bond
0.00%,
10/13/2019
(e)
15,701
1,609
0.00%,
09/15/2027
(e)
4,000
416
0.00%,
08/05/2031
(e)
2,425
252
Vietnam
Government
International
Bond
4.80%,
11/19/2024
1,400
1,554
Zambia
Government
International
Bond
0.00%,
09/20/2022
(e)
710
452
0.00%,
04/14/2024
(e)
300
195
$
242,376
Telecommunications
-
1
.71%
Altice
France
SA/France
7.38%,
05/01/2026
(f)
2,429
2,526
America
Movil
SAB
de
CV
3.63%,
04/22/2029
1,100
1,210
AT&T
Inc
3.50%,
09/15/2053
(f)
400
413
4.38%,
09/14/2029
GBP
500
837
7.00%,
04/30/2040
150
351
C&W
Senior
Financing
DAC
6.88%,
09/15/2027
(f)
$
3,550
3,763
Schedule
of
Investments
Global
Diversified
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
56
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Telecommunications
(continued)
CommScope
Inc
6.00%,
03/01/2026
(f)
$
1,100
$
1,147
CommScope
Technologies
LLC
6.00%,
06/15/2025
(f)
6,968
7,073
Digicel
Group
Holdings
Ltd
8.00%,
PIK
2.00%;
04/01/2024
(m),(o)
1,055
1,031
Digicel
International
Finance
Ltd/Digicel
international
Holdings
Ltd
8.75%,
05/25/2024
(f)
450
468
8.75%,
05/25/2024
4,075
4,238
Digicel
Ltd
6.75%,
03/01/2023
(f)
450
425
Embarq
Corp
8.00%,
06/01/2036
755
846
GTT
Communications
Inc
7.88%,
12/31/2024
(f)
24,309
2,309
Kenbourne
Invest
SA
6.88%,
11/26/2024
(f)
800
847
Koninklijke
KPN
NV
5.75%,
09/17/2029
GBP
600
1,041
Liquid
Telecommunications
Financing
Plc
5.50%,
09/04/2026
(f)
$
2,125
2,193
MTN
Mauritius
Investments
Ltd
4.76%,
11/11/2024
1,200
1,268
Nokia
Oyj
2.00%,
03/15/2024
EUR
400
495
Oi
SA
10.00%,
07/27/2025
(m)
$
700
691
Sprint
Capital
Corp
8.75%,
03/15/2032
1,130
1,742
Sprint
Corp
7.88%,
09/15/2023
750
849
Switch
Ltd
3.75%,
09/15/2028
(f)
325
332
4.13%,
06/15/2029
(f)
1,150
1,185
Telecom
Italia
SpA/Milano
5.30%,
05/30/2024
(f)
1,815
1,968
Telefonica
Europe
BV
2.88%,
06/24/2027
(i),(k)
EUR
700
859
EUR
Swap
Annual
(VS
6
Month)
8
Year
+
3.07%
T-Mobile
USA
Inc
2.63%,
02/15/2029
$
1,500
1,500
3.00%,
02/15/2041
1,900
1,913
Turk
Telekomunikasyon
AS
4.88%,
06/19/2024
1,200
1,253
6.88%,
02/28/2025
(f)
600
663
Turkcell
Iletisim
Hizmetleri
AS
5.80%,
04/11/2028
1,500
1,611
Verizon
Communications
Inc
2.50%,
05/16/2030
CAD
1,000
810
4.86%,
08/21/2046
$
550
724
Viasat
Inc
5.63%,
09/15/2025
(f)
5,025
5,112
5.63%,
04/15/2027
(f)
3,850
3,999
6.50%,
07/15/2028
(f)
5,870
6,215
Vmed
O2
UK
Financing
I
PLC
4.25%,
01/31/2031
(f)
3,700
3,663
4.75%,
07/15/2031
(f)
1,550
1,583
Vodafone
Group
PLC
5.00%,
05/30/2038
825
1,055
Zayo
Group
Holdings
Inc
4.00%,
03/01/2027
(f)
4,450
4,427
6.13%,
03/01/2028
(f)
4,475
4,554
$
79,189
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Transportation
-
0.23%
BNSF
Funding
Trust
I
6.61%,
12/15/2055
(k)
$
3,510
$
3,984
3
Month
USD
LIBOR
+
2.35%
Empresa
de
Transporte
de
Pasajeros
Metro
SA
3.65%,
05/07/2030
(f)
600
657
FedEx
Corp
5.25%,
05/15/2050
550
769
Georgian
Railway
JSC
4.00%,
06/17/2028
(f)
2,575
2,601
Lima
Metro
Line
2
Finance
Ltd
4.35%,
04/05/2036
(f)
1,349
1,412
MV24
Capital
BV
6.75%,
06/01/2034
(f)
747
810
Simpar
Europe
SA
5.20%,
01/26/2031
(f)
530
540
$
10,773
Water
-
0.05%
American
Water
Capital
Corp
2.80%,
05/01/2030
800
867
Essential
Utilities
Inc
2.70%,
04/15/2030
1,250
1,323
$
2,190
TOTAL
BONDS
$
2,375,860
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
$
279
TOTAL
CONVERTIBLE
BONDS
$
279
CREDIT
LINKED
STRUCTURED
NOTES
-
0.10%
Principal
Amount
(000's)
Value
(000's)
Sovereign
-
0.10%
China
Government
Bond
-
JPMorgan
Chase
2.85%,
06/04/2027
(m)
CNY
30,000
$
4,657
TOTAL
CREDIT
LINKED
STRUCTURED
NOTES
$
4,657
SENIOR
FLOATING
RATE
INTERESTS
-
6.52%
Principal
Amount
(000's)
Value
(000's)
Airlines
-
0.05%
AAdvantage
Loyalty
IP
Ltd
5.50%,
03/10/2028
(p)
$
1,100
$
1,129
1
Month
USD
LIBOR
+
4.75%
Air
Canada
0.00%,
07/27/2028
(p),(q)
300
301
United
Airlines
Inc
4.50%,
04/14/2028
(p)
998
998
1
Month
USD
LIBOR
+
3.75%
$
2,428
Automobile
Parts
&
Equipment
-
0.54%
Dexko
Global
Inc
9.25%,
07/24/2025
(p)
21,140
21,140
3
Month
USD
LIBOR
+
8.25%
First
Brands
Group
LLC
6.00%,
03/24/2027
(p)
1,521
1,536
1
Month
USD
LIBOR
+
5.00%
9.50%,
03/24/2028
(p)
2,025
2,040
1
Month
USD
LIBOR
+
8.50%
$
24,716
Building
Materials
-
0.08%
Generation
Brands
0.00%,
06/29/2029
(p),(q)
2,560
2,579
0.00%,
06/29/2029
(p),(q)
975
983
Chemicals
-
0.17%
Aruba
Investments
Holdings
LLC
8.50%,
10/27/2028
(p)
6,210
6,220
1
Month
USD
LIBOR
+
7.75%
Schedule
of
Investments
Global
Diversified
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
57
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Chemicals
(continued)
Cpc
Acquisition
Corp
8.50%,
01/12/2029
(p)
$
1,350
$
1,354
1
Month
USD
LIBOR
+
7.75%
$
7,574
Commercial
Services
-
0.91%
CoreCivic
Inc
5.50%,
12/12/2024
(p)
3,080
3,023
1
Month
USD
LIBOR
+
4.50%
KUEHG
Corp
9.25%,
08/22/2025
(p)
16,360
15,931
3
Month
USD
LIBOR
+
8.25%
Learning
Care
Group
US
No
2
Inc
8.50%,
03/13/2026
(p)
17,700
17,493
3
Month
USD
LIBOR
+
7.50%
Rent-A-Center
Inc/TX
4.75%,
01/17/2028
(p)
1,372
1,375
1
Month
USD
LIBOR
+
4.00%
Revint
Intermediate
II
LLC
5.75%,
10/15/2027
(p)
2,119
2,128
1
Month
USD
LIBOR
+
5.00%
RGL
Holdings
LLC
5.00%,
06/30/2028
(p)
2,250
2,244
3
Month
USD
LIBOR
+
4.25%
$
42,194
Distribution
&
Wholesale
-
0.06%
Infinite
Bidco
LLC
7.50%,
02/24/2029
(p)
2,690
2,704
1
Month
USD
LIBOR
+
7.00%
Electronics
-
0.23%
Deliver
Buyer
Inc
5.15%,
05/01/2024
(p)
10,632
10,646
3
Month
USD
LIBOR
+
5.00%
Engineering
&
Construction
-
0.35%
Brand
Industrial
Services
Inc
5.25%,
06/21/2024
(p)
9,891
9,694
3
Month
USD
LIBOR
+
4.25%
5.25%,
06/21/2024
(p)
4,523
4,433
3
Month
USD
LIBOR
+
4.25%
KKR
Apple
Bidco
LLC
0.00%,
07/13/2029
(p),(q)
1,750
1,774
0.00%,
07/13/2029
(p),(q)
400
406
$
16,307
Entertainment
-
0
.44%
18
Fremont
Street
Acquisition
LLC
9.50%,
08/09/2025
(p)
17,825
18,160
1
Month
USD
LIBOR
+
8.00%
NAI
Entertainment
Holdings
LLC
3.50%,
05/08/2025
(p)
2,278
2,228
3
Month
USD
LIBOR
+
2.50%
$
20,388
Healthcare
-
Services
-
0.26%
Cano
Health
LLC
5.50%,
11/19/2027
(p)
4,350
4,339
1
Month
USD
LIBOR
+
4.25%
National
Mentor
Holdings
Inc
8.25%,
02/16/2029
(p)
725
736
1
Month
USD
LIBOR
+
7.25%
Sound
Inpatient
Physicians
Holdings
LLC
6.85%,
06/26/2026
(p)
6,525
6,517
3
Month
USD
LIBOR
+
6.75%
UWH
PLLC
5.00%,
12/18/2027
(p)
450
449
1
Month
USD
LIBOR
+
4.25%
$
12,041
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Home
Builders
-
0.04%
Tecta
America
Corp
5.00%,
04/06/2028
(p)
$
900
$
899
3
Month
USD
LIBOR
+
4.25%
9.25%,
04/06/2029
(p)
900
895
3
Month
USD
LIBOR
+
8.50%
$
1,794
Insurance
-
0.51%
Asurion
LLC
0.00%,
01/15/2029
(p),(q)
8,130
8,081
1
Month
USD
LIBOR
+
5.25%
0.00%,
01/15/2029
(p),(q)
1,725
1,715
1
Month
USD
LIBOR
+
5.25%
3.34%,
12/18/2026
(p)
3,038
2,980
1
Month
USD
LIBOR
+
3.25%
3.34%,
07/29/2027
(p)
3,990
3,917
1
Month
USD
LIBOR
+
3.25%
5.35%,
01/29/2028
(p)
7,050
7,010
1
Month
USD
LIBOR
+
5.25%
$
23,703
Internet
-
1.06%
CNT
Holdings
I
Corp
7.50%,
12/16/2028
(p)
6,061
6,152
1
Month
USD
LIBOR
+
6.75%
MH
Sub
I
LLC
6.34%,
02/12/2029
(p)
7,320
7,414
1
Month
USD
LIBOR
+
6.25%
Ten-X
LLC
9.00%,
09/29/2025
(g),(p)
35,440
35,440
3
Month
USD
LIBOR
+
8.00%
$
49,006
Investment
Companies
-
0.54%
Masergy
Holdings
Inc
8.50%,
12/16/2024
(p)
13,674
13,614
3
Month
USD
LIBOR
+
7.50%
Zest
Acquisition
Corp
8.50%,
03/06/2026
(p)
11,260
11,232
3
Month
USD
LIBOR
+
7.50%
$
24,846
Lodging
-
0.04%
Caesars
Resort
Collection
LLC
4.60%,
07/20/2025
(p)
1,811
1,811
1
Month
USD
LIBOR
+
4.50%
Machinery
-
Diversified
-
0.49%
Engineered
Machinery
Holdings
Inc
8.25%,
07/25/2025
(p)
22,333
22,354
3
Month
USD
LIBOR
+
7.25%
Mining
-
0.14%
Arctic
Canadian
Diamond
Co
Ltd
5.00%,
PIK
12.50%,
12/31/2027
(g),(o),(p)
5,889
5,889
1
Month
USD
LIBOR
+
5.00%
6.00%,
12/31/2024
(g),(p)
471
471
1
Month
USD
LIBOR
+
5.00%
$
6,360
Miscellaneous
Manufacturers
-
0.01%
Utex
Industries
5.25%,
PIK
5.75%,
11/03/2025
(o),(p)
652
626
1
Month
USD
LIBOR
+
9.50%
Software
-
0.46%
Applied
Systems
Inc
6.25%,
09/19/2025
(p)
3,957
3,996
1
Month
USD
LIBOR
+
5.50%
Genesys
Cloud
Services
Holdings
II
LLC
4.76%,
10/08/2027
(p)
3,359
3,361
1
Month
USD
LIBOR
+
4.00%
Informatica
LLC
7.13%,
02/14/2025
(p)
4,950
5,047
Schedule
of
Investments
Global
Diversified
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
58
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Software
(continued)
Skopima
Merger
Sub
Inc
7.75%,
04/30/2029
(p)
$
4,760
$
4,760
1
Month
USD
LIBOR
+
7.50%
Software
Luxembourg
Acquisition
Sarl
8.50%,
04/27/2025
(p)
192
193
1
Month
USD
LIBOR
+
7.50%
Sophia
LP
4.50%,
10/07/2027
(p)
1,415
1,413
1
Month
USD
LIBOR
+
3.75%
Sovos
Compliance
LLC
0.00%,
07/29/2028
(p),(q)
600
600
UKG
Inc
7.50%,
05/03/2027
(p)
1,950
1,978
1
Month
USD
LIBOR
+
6.75%
$
21,348
Telecommunications
-
0.08%
GTT
Communications
BV
2.50%,
PIK
6.00%,
12/31/2021
(o),(p)
1,387
1,398
1
Month
USD
LIBOR
+
5.00%
8.48%,
12/28/2021
(p)
2,420
2,440
1
Month
USD
LIBOR
+
5.00%
$
3,838
Transportation
-
0.06%
ASP
LS
Acquisition
Corp
8.25%,
04/30/2029
(p)
2,800
2,793
1
Month
USD
LIBOR
+
7.50%
TOTAL
SENIOR
FLOATING
RATE
INTERESTS
$
301,039
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
0.24%
Principal
Amount
(000's)
Value
(000's)
U.S.
Treasury
-
0.24%
0.13%,
06/30/2023
$
2,000
$
1,999
0.25%,
06/15/2024
4,000
3,991
0.75%,
03/31/2026
2,000
2,009
1.25%,
05/31/2028
2,200
2,239
1.63%,
05/15/2031
850
881
$
11,119
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
11,119
Total
Investments
$
4,644,091
Other
Assets
and
Liabilities
- (0.54)%
(25,033)
TOTAL
NET
ASSETS
-
100.00%
$
4,619,058
(a)
Security
or
a
portion
of
the
security
was
on
loan. At
the
end
of
the
period,
the
value
of
these
securities
totaled
$38,280
or
0.83%
of
net
assets.
(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
$39,743
or
0.86%
of
net
assets.
(d)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(e)
Non-income
producing
security
(f)
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
$1,229,585
or
26.62%
of
net
assets.
(g)
The
value
of
these
investments
was
determined
using
significant
unobservable
inputs,
in
good
faith
by
the
Manager,
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Directors.
(h)
Restricted
Security.
Please
see
Restricted
Securities
sub-schedule
for
additional
information.
(i)
Perpetual
security.
Perpetual
securities
pay
an
indefinite
stream
of
interest,
but
they
may
be
called
by
the
issuer
at
an
earlier
date.
Date
shown,
if
any,
reflects
the
next
call
date
or
final
legal
maturity
date.
Rate
shown
is
as
of
period
end.
(j)
Security
purchased
on
a
when-issued
basis.
(k)
Rate
shown
is
as
of
period
end.
The
rate
may
be
a
variable
or
floating
rate
or
a
fixed
rate
which
may
convert
to
a
variable
or
floating
rate
in
the
future.
(l)
Security
is
a
contingent
convertible
security,
("CoCo").
CoCo's
are
hybrid
debt
securities
that
may
convert
to
equity
or
have
their
principal
written
down
upon
occurrence
of
certain
"triggers".
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$75,335
or
1.63%
of
net
assets.
(m)
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.
(n)
Security
is
an
Interest
Only
Strip.
(o)
Payment
in
kind;
the
issuer
has
the
option
of
paying
additional
securities
in
lieu
of
cash.
(p)
Rate
information
disclosed
is
based
on
an
average
weighted
rate
of
the
underlying
tranches
as
of
period
end.
(q)
This
Senior
Floating
Rate
Note
will
settle
after
July
31,
2021,
at
which
time
the
interest
rate
will
be
determined.
Schedule
of
Investments
Global
Diversified
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
59
Portfolio
Summary
(unaudited)
Location
Percent
United
States
65.53%
Canada
3.61%
United
Kingdom
3.33%
Japan
3.25%
France
1.90%
Netherlands
1.58%
Germany
1.42%
Switzerland
1.25%
Mexico
1.19%
Australia
1.11%
Cayman
Islands
0.88%
Spain
0
.82%
Hong
Kong
0.71%
Supranational
0.69%
Italy
0.65%
Korea,
Republic
Of
0.51%
Sweden
0.51%
Ireland
0.51%
Brazil
0.51%
Colombia
0.48%
India
0.43%
Virgin
Islands,
British
0.42%
Israel
0.35%
Russian
Federation
0.35%
Turkey
0.34%
Luxembourg
0.34%
Jersey,
Channel
Islands
0.34%
Singapore
0.32%
South
Africa
0.31%
China
0.30%
Finland
0.30%
Indonesia
0.29%
Denmark
0.29%
Ukraine
0.28%
Bermuda
0.26%
Egypt
0.25%
Romania
0.24%
Belgium
0.23%
Argentina
0.22%
Taiwan
0.21%
Malaysia
0.20%
Oman
0.19%
Saudi
Arabia
0.19%
Austria
0.19%
United
Arab
Emirates
0.17%
Portugal
0.15%
Dominican
Republic
0.15%
Venezuela
0.14%
Angola
0.14%
Ghana
0.12%
Isle
of
Man
0.12%
Cote
d'Ivoire
0.12%
Peru
0.11%
Gabon
0.11%
Kenya
0.11%
Chile
0.11%
Norway
0.11%
Qatar
0.10%
Senegal
0.09%
Nigeria
0.09%
Philippines
0.09%
Azerbaijan
0.08%
Puerto
Rico
0.07%
Poland
0.07%
Mauritius
0.07%
Pakistan
0
.07%
Thailand
0.07%
Georgia
0.06%
Montenegro
0.05%
Cameroon
0.05%
Portfolio
Summary (unaudited)
(continued)
Location
Percent
Cyprus
0.05%
Togo
0.05%
Panama
0.05%
Benin
0.04%
Jordan
0.04%
Morocco
0.04%
Trinidad
And
Tobago
0.04%
Malta
0.04%
Bolivia
0.04%
Honduras
0.04%
El
Salvador
0.03%
Vietnam
0.03%
Belarus
0.03%
Guatemala
0.02%
Costa
Rica
0.02%
Ecuador
0.02%
Hungary
0.02%
Tunisia
0.01%
New
Zealand
0.01%
Zambia
0.01%
Sri
Lanka
0.01%
Other
Assets
and
Liabilities
(0.54)%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Global
Diversified
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
60
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
140,535
$
3,288,053
$
3,335,892
$
92,696
$
140,535
$
3,288,053
$
3,335,892
$
92,696
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.
Restricted
Securities
Security
Name
Acquisition
Date
Cost
Value
Percent
of
Net
Assets
High
Ridge
Brands
-
Escrow
0.00%,
03/15/2025
03/17/2017-01/24/2018
$
15,032
$
195
0.00%
Material
Sciences
Corp
8.00%,
01/09/2024
12/22/2016-06/30/2020
18,890
18,397
0.40%
Real
Alloy
Holding
Inc
11.00%,
11/30/2023
05/31/2018-06/30/2020
19,795
19,795
0.43%
Specialty
Steel
11%
Flt
11.00%,
11/15/2026
06/04/2021
41,564
41,564
0.90%
SportsNet
New
York
10.25%,
01/15/2025
12/27/2017
19,789
20,267
0.44%
Utex
Industries
-
Warrants
12/03/2020
—
—
0.00%
Total
$
100,218
2.17%
Amounts
in
thousands.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
Euro
Bond
10
Year
Bond;
September
2021
Short
25
$
5,236
$
(146)
US
10
Year
Note;
September
2021
Short
108
14,521
(272)
Total
$
(418)
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
08/31/2021
CZK
37,302
$
1,716
$
19
$
—
Barclays
Bank
PLC
08/31/2021
HUF
244,222
$
799
9
—
Barclays
Bank
PLC
08/31/2021
PLN
14,704
$
3,780
40
—
Citigroup
Inc
08/27/2021
$
3,340
ZAR
48,800
17
—
Citigroup
Inc
08/27/2021
$
3,327
COP
13,000,000
—
(25)
HSBC
Securities
Inc
08/03/2021
BRL
7,252
$
1,398
—
(6)
HSBC
Securities
Inc
08/27/2021
$
2,223
RUB
166,500
—
(48)
HSBC
Securities
Inc
08/31/2021
CZK
19,862
$
927
—
(2)
HSBC
Securities
Inc
08/31/2021
HUF
284,186
$
929
11
—
JPMorgan
Chase
08/26/2021
EUR
2,321
$
2,754
4
(2)
JPMorgan
Chase
08/26/2021
$
28,938
EUR
24,561
—
(207)
JPMorgan
Chase
08/27/2021
$
3,305
MXN
66,900
—
(46)
JPMorgan
Chase
08/27/2021
$
4,502
CNY
29,300
—
(22)
JPMorgan
Chase
08/27/2021
$
1,089
COP
4,200,000
6
—
JPMorgan
Chase
08/31/2021
ZAR
14,503
$
976
11
—
Morgan
Stanley
&
Co
08/03/2021
BRL
12,645
$
2,481
6
(61)
Morgan
Stanley
&
Co
08/03/2021
$
1,916
BRL
9,932
9
—
Morgan
Stanley
&
Co
08/23/2021
$
882
RUB
65,874
—
(17)
Morgan
Stanley
&
Co
08/31/2021
MXN
3,670
$
183
1
—
Morgan
Stanley
&
Co
08/31/2021
$
3,588
EUR
3,038
—
(18)
Morgan
Stanley
&
Co
09/02/2021
BRL
7,103
$
1,402
—
(44)
Morgan
Stanley
&
Co
09/02/2021
$
927
COP
3,557,114
9
—
Total
$
142
$
(498)
Amounts
in
thousands.
Schedule
of
Investments
Global
Diversified
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
61
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
JPMorgan
Chase
Egypt
Treasury
Bills,
0.00%,
10/27/2021
120,000,000
Receive
3
Month
USD
LIBOR
+
0.70%
Quarterly
10/27/2021
$
7,299
$
—
$
108
$
—
Total
$
—
$
108
$
—
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
Global
Real
Estate
Securities
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
62
INVESTMENT
COMPANIES
-
1
.39
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
1
.39
%
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c)
56,609,183
$
56,609
TOTAL
INVESTMENT
COMPANIES
$
56,609
COMMON
STOCKS
-
98
.94
%
Shares
Held
Value
(000's)
Engineering
&
Construction
-
0
.94
%
Cellnex
Telecom
SA
(d)
195,696
$
12,763
Lendlease
Corp
Ltd
2,850,090
25,582
$
38,345
Entertainment
-
0
.64
%
Marriott
Vacations
Worldwide
Corp
(b)
177,566
26,168
Home
Builders
-
0
.89
%
DR
Horton
Inc
282,929
27,000
Persimmon
PLC
225,544
9,098
$
36,098
Internet
-
0
.29
%
21Vianet
Group
Inc
ADR
(b)
669,372
11,600
Lodging
-
0
.79
%
Choice
Hotels
International
Inc
79,805
9,568
City
Developments
Ltd
1,027,800
5,185
Travel
+
Leisure
Co
339,627
17,593
$
32,346
Real
Estate
-
15
.66
%
Aroundtown
SA
4,674,704
36,589
CapitaLand
Ltd
5,757,700
17,106
Castellum
AB
964,277
27,007
Country
Garden
Services
Holdings
Co
Ltd
2,095,000
17,011
ESR
Cayman
Ltd
(b),(d)
3,563,600
12,525
Fabege
AB
1,819,015
31,500
Hang
Lung
Properties
Ltd
7,020,000
18,171
LEG
Immobilien
SE
155,178
24,526
Mitsubishi
Estate
Co
Ltd
5,147,900
80,755
Mitsui
Fudosan
Co
Ltd
3,262,393
76,298
New
World
Development
Co
Ltd
12,487,250
59,199
Sun
Hung
Kai
Properties
Ltd
4,949,000
70,797
Sunac
Services
Holdings
Ltd
(d)
11,048,926
29,972
Vonovia
SE
1,745,110
116,188
Wihlborgs
Fastigheter
AB
853,076
19,876
$
637,520
REITs
-
78
.22
%
Agree
Realty
Corp
587,740
44,169
Alexandria
Real
Estate
Equities
Inc
457,321
92,077
Allied
Properties
Real
Estate
Investment
Trust
1,738,369
63,691
American
Homes
4
Rent
2,234,215
93,837
American
Tower
Corp
262,017
74,098
Apartment
Income
REIT
Corp
984,920
51,846
AvalonBay
Communities
Inc
557,580
127,033
Big
Yellow
Group
PLC
944,435
19,036
Brandywine
Realty
Trust
601,186
8,393
Broadstone
Net
Lease
Inc
1,517,808
39,493
Canadian
Apartment
Properties
REIT
928,906
46,423
CapitaLand
Integrated
Commercial
Trust
23,766,844
37,660
Charter
Hall
Group
1,372,286
16,399
CoreSite
Realty
Corp
236,635
32,705
Cousins
Properties
Inc
1,051,103
41,750
CubeSmart
1,251,200
62,135
CyrusOne
Inc
213,708
15,231
Daiwa
House
REIT
Investment
Corp
9,613
28,621
Daiwa
Office
Investment
Corp
5,630
40,621
Derwent
London
PLC
299,981
15,126
Dexus/AU
8,474,898
64,020
Equinix
Inc
108,638
89,128
Equity
LifeStyle
Properties
Inc
542,095
45,428
Essex
Property
Trust
Inc
341,348
111,996
Extra
Space
Storage
Inc
549,068
95,615
Federal
Realty
Investment
Trust
87,217
10,251
First
Industrial
Realty
Trust
Inc
1,057,636
57,937
Gecina
SA
282,434
44,792
Goodman
Group
3,005,566
49,989
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
REITs
(continued)
Great
Portland
Estates
PLC
1,858,102
$
19,665
Healthcare
Realty
Trust
Inc
757,945
24,163
Healthcare
Trust
of
America
Inc
2,003,928
57,292
Industrial
&
Infrastructure
Fund
Investment
Corp
21,685
42,032
Inmobiliaria
Colonial
Socimi
SA
3,587,125
38,266
InterRent
Real
Estate
Investment
Trust
1,322,280
19,056
Invitation
Homes
Inc
3,437,956
139,856
Japan
Metropolitan
Fund
Invest
30,434
31,881
Kilroy
Realty
Corp
729,243
50,515
Klepierre
SA
1,322,832
32,028
Link
REIT
3,480,000
33,256
Mapletree
Industrial
Trust
10,735,900
23,771
Merlin
Properties
Socimi
SA
2,974,114
33,358
MGM
Growth
Properties
LLC
455,776
17,228
Mori
Hills
REIT
Investment
Corp
11,768
17,309
Nippon
Accommodations
Fund
Inc
840
5,141
Nomura
Real
Estate
Master
Fund
Inc
17,388
27,629
Park
Hotels
&
Resorts
Inc
(b)
817,341
15,121
Prologis
Inc
1,194,045
152,885
Prologis
Property
Mexico
SA
de
CV
4,438,982
9,760
Regency
Centers
Corp
755,919
49,445
Rexford
Industrial
Realty
Inc
1,413,252
86,943
Sabra
Health
Care
REIT
Inc
1,258,452
23,395
Saul
Centers
Inc
260,753
11,890
Segro
PLC
7,334,806
123,990
Sekisui
House
Reit
Inc
29,071
25,610
Simon
Property
Group
Inc
118,093
14,941
STORE
Capital
Corp
1,499,376
54,262
Summit
Industrial
Income
REIT
2,837,702
43,148
Sun
Communities
Inc
518,610
101,705
Sunstone
Hotel
Investors
Inc
(b)
1,670,544
19,278
Terreno
Realty
Corp
321,874
22,003
UNITE
Group
PLC/The
2,438,944
39,255
Ventas
Inc
1,476,793
88,283
VICI
Properties
Inc
1,571,288
49,008
Welltower
Inc
1,192,040
103,541
Weyerhaeuser
Co
525,016
17,709
$
3,184,118
Storage
&
Warehousing
-
0
.89
%
Safestore
Holdings
PLC
2,473,492
36,294
Telecommunications
-
0
.62
%
NEXTDC
Ltd
(b)
2,674,582
25,141
TOTAL
COMMON
STOCKS
$
4,027,630
Total
Investments
$
4,084,239
Other
Assets
and
Liabilities
- (0.33)%
(
13,480
)
TOTAL
NET
ASSETS
-
100.00%
$
4,070,759
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
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
$55,260
or
1.36%
of
net
assets.
Schedule
of
Investments
Global
Real
Estate
Securities
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
63
Portfolio
Summary (unaudited)
Location
Percent
United
States
57
.21
%
Japan
9
.24
%
United
Kingdom
6
.45
%
Hong
Kong
4
.77
%
Australia
4
.45
%
Canada
4
.23
%
Germany
3
.45
%
Spain
2
.07
%
Singapore
2
.06
%
Sweden
1
.92
%
France
1
.89
%
China
1
.45
%
Luxembourg
0
.90
%
Mexico
0
.24
%
Other
Assets
and
Liabilities
(
0
.33
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
23,379
$
699,646
$
666,416
$
56,609
$
23,379
$
699,646
$
666,416
$
56,609
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
Government
&
High
Quality
Bond
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
64
INVESTMENT
COMPANIES
-
9
.38
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
9
.38
%
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c)
110,431,107
$
110,431
TOTAL
INVESTMENT
COMPANIES
$
110,431
BONDS
-
18
.31
%
Principal
Amount
(000's)
Value
(000's)
Automobile
Asset
Backed
Securities
-
6
.76
%
AmeriCredit
Automobile
Receivables
Trust
2020-3
0.42%,
03/18/2024
$
5,418
$
5,423
AmeriCredit
Automobile
Receivables
Trust
2021-1
0.28%,
06/18/2024
9,603
9,607
BMW
Vehicle
Lease
Trust
2021-1
0.20%,
03/27/2023
6,575
6,577
Carmax
Auto
Owner
Trust
2021-1
0.22%,
02/15/2024
7,430
7,433
Ford
Credit
Auto
Owner
Trust
2020-C
0.25%,
09/15/2023
7,093
7,097
Hyundai
Auto
Lease
Securitization
Trust
2021-A
0.25%,
04/17/2023
(d)
4,999
5,000
Santander
Consumer
Auto
Receivables
Trust
2021-A
0.23%,
11/15/2023
(d)
4,888
4,889
Santander
Drive
Auto
Receivables
Trust
2020-4
0.42%,
09/15/2023
4,036
4,038
Santander
Drive
Auto
Receivables
Trust
2021-1
0.29%,
11/15/2023
10,037
10,041
Santander
Retail
Auto
Lease
Trust
2017-A
0.53%,
01/22/2024
(d)
9,385
9,386
Santander
Retail
Auto
Lease
Trust
2020-B
0.42%,
11/20/2023
(d)
10,110
10,128
$
79,619
Commercial
Mortgage
Backed
Securities
-
2
.29
%
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
2.37%,
05/25/2022
7,650
7,750
Ginnie
Mae
0.13%,
10/16/2054
(e),(f)
17,871
89
0.27%,
06/16/2052
(e),(f)
16,665
71
0.40%,
10/16/2053
(e),(f)
7,994
176
0.41%,
10/16/2054
(e),(f)
32,005
546
0.44%,
01/16/2056
(e),(f)
6,789
177
0.53%,
08/16/2051
(e),(f)
39,862
857
0.54%,
04/16/2047
(e),(f)
49,056
922
0.55%,
11/16/2052
(e),(f)
26,536
505
0.56%,
03/16/2060
(e),(f)
13,644
684
0.56%,
07/16/2060
(e),(f)
9,963
567
0.57%,
06/16/2057
(e),(f)
6,843
230
0.58%,
12/16/2053
(e),(f)
13,058
280
0.61%,
09/16/2053
(e),(f)
22,083
414
0.66%,
02/16/2053
(e),(f)
21,988
511
2.60%,
05/16/2059
2,514
2,618
2.60%,
03/16/2060
4,499
4,685
GS
Mortgage
Securities
Trust
2013-GC13
4.08%,
07/10/2046
(d),(f)
5,000
3,209
Wells
Fargo
Commercial
Mortgage
Trust
2015-C31
4.60%,
11/15/2048
(f)
2,500
2,644
$
26,935
Credit
Card
Asset
Backed
Securities
-
1
.08
%
Barclays
Dryrock
Issuance
Trust
0.42%,
07/15/2024
12,745
12,750
1.00
x
1
Month
USD
LIBOR
+
0.33%
Mortgage
Backed
Securities
-
7
.60
%
Citigroup
Mortgage
Loan
Trust
2015-PS1
5.25%,
09/25/2042
(d),(f)
5,766
6,091
CSMC
Trust
2015-1
3.95%,
01/25/2045
(d),(f)
4,422
4,520
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Mortgage
Backed
Securities
(continued)
Fannie
Mae
Interest
Strip
3.50%,
12/25/2043
(e),(f)
$
2,559
$
312
7.00%,
04/25/2024
(e)
10
1
Fannie
Mae
REMICS
0.70%,
04/25/2027
4
4
1.00
x
1
Month
USD
LIBOR
+
0.60%
1.67%,
06/25/2045
(e)
9,147
505
1.00
x
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.00%
2.50%,
02/25/2028
(e)
6,036
316
3.00%,
07/25/2032
(e)
6,622
590
3.00%,
10/25/2040
(e)
5,867
182
3.00%,
04/25/2042
2,063
2,100
3.00%,
05/25/2048
1,207
1,268
3.00%,
01/25/2051
(e)
17,237
2,250
3.50%,
02/25/2036
(e)
4,400
483
3.50%,
01/25/2040
(e)
2,367
71
3.50%,
02/25/2043
(e)
6,436
411
3.50%,
02/25/2043
403
421
3.50%,
07/25/2043
(e)
7,060
531
3.50%,
08/25/2045
2,931
3,044
4.00%,
12/25/2039
(e)
869
12
4.50%,
04/25/2045
(e)
12,293
2,097
7.00%,
04/25/2032
508
598
Freddie
Mac
REMICS
3.00%,
11/15/2030
(e)
815
10
3.00%,
10/15/2041
602
611
3.00%,
04/15/2046
1,430
1,548
3.50%,
03/15/2029
2,377
2,383
3.50%,
04/15/2040
(e)
611
19
4.00%,
11/15/2042
(e)
3,549
371
4.00%,
11/15/2045
553
597
6.50%,
08/15/2027
52
56
Ginnie
Mae
2.00%,
12/20/2050
(e)
29,964
3,411
2.50%,
10/20/2050
(e)
19,930
2,417
2.50%,
12/20/2050
(e)
13,511
1,848
2.50%,
01/20/2051
(e)
29,406
3,809
3.00%,
07/20/2050
(e)
11,622
1,347
3.00%,
08/20/2050
(e)
20,845
2,302
3.00%,
09/20/2050
(e)
24,368
2,984
3.00%,
09/20/2050
(e)
20,733
2,414
3.00%,
10/20/2050
(e)
14,732
1,578
3.00%,
11/20/2050
(e)
29,190
3,571
3.00%,
11/20/2050
(e)
18,513
2,180
3.00%,
12/20/2050
(e)
11,186
1,276
3.00%,
01/20/2051
(e)
21,864
2,600
3.50%,
08/20/2039
(e)
7,346
221
3.50%,
01/20/2043
(e)
9,825
1,776
3.50%,
10/20/2044
(e)
12,573
1,191
3.50%,
10/20/2049
(e)
18,700
2,299
4.00%,
11/16/2038
100
102
4.00%,
04/20/2044
(e)
3,158
246
4.00%,
01/20/2046
(e)
4,373
314
5.00%,
11/20/2039
1,683
1,926
6.02%,
06/20/2046
(e)
3,232
670
(1.00)
x
1
Month
USD
LIBOR
+
6.10%
JP
Morgan
Mortgage
Trust
2016-4
3.50%,
10/25/2046
(d),(f)
1,303
1,329
JP
Morgan
Mortgage
Trust
2019-9
3.50%,
05/25/2050
(d),(f)
1,391
1,394
New
Residential
Mortgage
Loan
Trust
2015-2
5.48%,
08/25/2055
(d),(f)
4,848
5,217
NRP
Mortgage
Trust
2013-1
3.29%,
07/25/2043
(d),(f)
3,827
3,879
Schedule
of
Investments
Government
&
High
Quality
Bond
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
65
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Mortgage
Backed
Securities
(continued)
Sequoia
Mortgage
Trust
2013-2
3.65%,
02/25/2043
(f)
$
3,084
$
3,138
Sequoia
Mortgage
Trust
2017-3
3.76%,
04/25/2047
(d),(f)
2,231
2,283
Sequoia
Mortgage
Trust
2017-5
3.50%,
08/25/2047
(d),(f)
389
396
$
89,520
Other
Asset
Backed
Securities
-
0
.58
%
Towd
Point
Mortgage
Trust
4.25%,
10/25/2053
(d),(f)
5,000
5,239
Verizon
Owner
Trust
2018-A
3.23%,
04/20/2023
1,563
1,573
$
6,812
TOTAL
BONDS
$
215,636
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
101
.54
%
Principal
Amount
(000's)
Value
(000's)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
-
7
.64
%
2.48%,
10/01/2032
$
1
$
1
1.00
x
12
Month
USD
LIBOR
+
1.98%
2.50%,
08/01/2027
605
637
2.50%,
02/01/2028
1,865
1,967
3.00%,
02/01/2027
1,580
1,674
3.00%,
02/01/2032
4,519
4,821
3.00%,
01/01/2033
3,159
3,371
3.00%,
04/01/2035
1,223
1,308
3.00%,
03/01/2037
2,798
2,952
3.00%,
10/01/2042
4,242
4,564
3.00%,
05/01/2043
1,541
1,666
3.00%,
07/01/2045
4,246
4,577
3.00%,
10/01/2046
5,834
6,364
3.50%,
11/01/2026
841
899
3.50%,
02/01/2032
2,026
2,175
3.50%,
04/01/2032
1,899
2,039
3.50%,
12/01/2041
1,610
1,774
3.50%,
04/01/2042
3,548
3,860
3.50%,
07/01/2042
4,918
5,360
3.50%,
08/01/2043
3,314
3,647
3.50%,
02/01/2044
3,604
3,916
3.50%,
11/01/2046
3,178
3,456
4.00%,
12/01/2041
2,801
3,147
4.00%,
07/01/2042
2,178
2,447
4.00%,
09/15/2042
1,009
1,126
4.00%,
10/01/2045
5,019
5,593
4.50%,
04/01/2041
2,969
3,359
4.50%,
11/01/2043
2,487
2,811
5.00%,
10/01/2025
20
22
5.00%,
12/01/2032
12
13
5.00%,
02/01/2033
232
262
5.00%,
01/01/2034
2,303
2,622
5.00%,
05/01/2034
36
39
5.00%,
07/01/2035
20
23
5.00%,
07/01/2035
1
1
5.00%,
10/01/2035
4
5
5.00%,
11/01/2035
194
221
5.00%,
07/01/2044
1,669
1,894
5.00%,
03/01/2048
3,195
3,657
5.50%,
05/01/2033
4
4
5.50%,
10/01/2033
8
9
5.50%,
12/01/2033
174
201
5.50%,
07/01/2037
10
12
5.50%,
04/01/2038
3
3
5.50%,
05/01/2038
15
17
6.00%,
06/01/2028
3
4
6.00%,
05/01/2031
49
58
6.00%,
10/01/2031
1
2
6.00%,
02/01/2032
10
11
6.00%,
11/01/2033
212
239
6.00%,
09/01/2034
38
45
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
(continued)
6.00%,
02/01/2035
$
21
$
24
6.00%,
10/01/2036
24
29
6.00%,
03/01/2037
56
64
6.00%,
05/01/2037
78
93
6.00%,
01/01/2038
9
11
6.00%,
03/01/2038
25
28
6.00%,
04/01/2038
36
40
6.00%,
07/01/2038
103
118
6.00%,
10/01/2038
63
75
6.50%,
12/01/2021
4
4
6.50%,
04/01/2022
8
9
6.50%,
08/01/2022
4
4
6.50%,
05/01/2023
15
15
6.50%,
07/01/2023
1
1
6.50%,
07/01/2025
1
1
6.50%,
10/01/2025
1
1
6.50%,
03/01/2029
19
21
6.50%,
04/01/2031
58
65
6.50%,
10/01/2031
32
36
6.50%,
02/01/2032
4
5
6.50%,
04/01/2032
4
4
6.50%,
04/01/2035
3
4
6.50%,
02/01/2037
5
6
7.00%,
07/01/2024
1
1
7.00%,
01/01/2028
117
126
7.00%,
06/01/2029
44
51
7.00%,
04/01/2031
28
31
7.00%,
10/01/2031
58
66
7.00%,
04/01/2032
76
89
7.50%,
12/01/2030
3
3
7.50%,
02/01/2031
1
1
7.50%,
02/01/2031
7
7
8.50%,
07/01/2029
60
64
$
89,972
Federal
National
Mortgage
Association
(FNMA)
-
0
.51
%
2.12%,
12/01/2033
29
29
1.00
x
12
Month
USD
LIBOR
+
1.69%
3.00%,
04/01/2043
4,393
4,736
5.50%,
05/01/2033
64
67
6.00%,
01/01/2032
81
87
6.00%,
04/01/2033
135
146
6.00%,
09/01/2034
244
269
6.50%,
06/01/2031
36
42
6.50%,
11/01/2032
243
267
6.50%,
11/01/2032
80
88
7.00%,
08/01/2028
29
33
7.00%,
12/01/2028
33
37
7.00%,
07/01/2029
34
38
7.00%,
07/01/2032
44
45
7.50%,
12/01/2024
34
35
7.50%,
02/01/2030
39
40
$
5,959
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
-
59
.67
%
2.00%,
08/01/2028
1,298
1,351
2.00%,
07/01/2030
3,365
3,505
2.00%,
11/01/2035
8,646
9,013
2.00%,
11/01/2035
12,185
12,681
2.00%,
08/01/2036
(g)
48,000
49,813
2.00%,
10/01/2050
6,721
6,884
2.00%,
03/01/2051
15,539
15,984
2.00%,
05/01/2051
19,177
19,631
2.00%,
07/01/2051
17,500
17,858
2.00%,
09/01/2051
(g)
28,000
28,498
2.50%,
06/01/2027
2,169
2,286
2.50%,
05/01/2028
1,079
1,140
2.50%,
08/01/2028
1,460
1,542
2.50%,
03/01/2030
3,644
3,850
Schedule
of
Investments
Government
&
High
Quality
Bond
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
66
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
(continued)
2.50%,
07/01/2030
$
4,735
$
4,994
2.50%,
12/01/2031
4,965
5,250
2.50%,
08/01/2035
10,649
11,278
2.50%,
10/01/2035
10,435
10,982
2.50%,
04/01/2050
9,473
9,875
2.50%,
06/01/2050
10,664
11,151
2.50%,
08/01/2050
22,310
23,434
2.50%,
09/01/2051
(g)
125,155
130,098
3.00%,
04/01/2027
1,506
1,596
3.00%,
05/01/2029
2,919
3,102
3.00%,
01/01/2030
247
261
3.00%,
08/01/2031
5,223
5,572
3.00%,
06/01/2033
6,621
7,033
3.00%,
12/01/2034
2,555
2,690
3.00%,
10/01/2036
4,122
4,416
3.00%,
12/01/2042
3,749
4,052
3.00%,
01/01/2043
3,526
3,811
3.00%,
07/01/2045
1,565
1,691
3.00%,
01/01/2046
3,697
4,007
3.00%,
07/01/2046
4,402
4,733
3.00%,
10/01/2046
4,749
5,112
3.00%,
12/01/2046
5,298
5,678
3.00%,
01/01/2047
7,248
7,898
3.00%,
08/01/2049
2,403
2,521
3.00%,
10/01/2049
6,104
6,414
3.00%,
12/01/2049
5,904
6,204
3.00%,
01/01/2050
8,944
9,406
3.00%,
02/01/2050
7,927
8,331
3.00%,
07/01/2050
10,127
10,628
3.00%,
08/01/2050
8,089
8,496
3.00%,
09/01/2050
10,715
11,377
3.00%,
09/01/2051
(g)
6,000
6,276
3.50%,
08/01/2031
2,621
2,850
3.50%,
02/01/2033
5,231
5,688
3.50%,
09/01/2033
5,394
5,867
3.50%,
06/01/2039
2,200
2,375
3.50%,
06/01/2042
1,596
1,734
3.50%,
11/01/2042
2,982
3,278
3.50%,
02/01/2043
1,379
1,531
3.50%,
05/01/2043
1,931
2,146
3.50%,
03/01/2045
1,616
1,753
3.50%,
03/01/2045
3,319
3,663
3.50%,
09/01/2045
2,946
3,241
3.50%,
11/01/2048
9,424
10,466
3.50%,
03/01/2050
14,600
15,660
4.00%,
01/01/2034
678
741
4.00%,
10/01/2037
2,904
3,136
4.00%,
09/01/2040
1,321
1,453
4.00%,
02/01/2042
1,284
1,431
4.00%,
03/01/2043
2,123
2,345
4.00%,
08/01/2044
2,400
2,694
4.00%,
11/01/2044
1,904
2,138
4.00%,
07/01/2045
3,553
3,938
4.00%,
08/01/2045
3,770
4,233
4.00%,
08/01/2046
6,125
6,761
4.00%,
07/01/2047
5,353
6,008
4.00%,
10/01/2047
4,142
4,601
4.00%,
02/01/2048
4,539
5,040
4.50%,
09/01/2025
490
521
4.50%,
08/01/2039
1,637
1,851
4.50%,
03/01/2041
2,047
2,287
4.50%,
03/01/2042
4,711
5,323
4.50%,
09/01/2043
3,728
4,213
4.50%,
09/01/2043
2,526
2,854
4.50%,
11/01/2043
3,504
3,960
4.50%,
10/01/2044
2,222
2,470
4.50%,
12/01/2044
4,880
5,514
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
(continued)
4.50%,
05/01/2045
$
2,325
$
2,628
4.50%,
09/01/2045
3,055
3,423
4.50%,
10/01/2045
4,256
4,810
4.50%,
11/01/2045
5,240
5,872
4.50%,
08/01/2048
3,419
3,814
4.50%,
11/01/2048
4,264
4,743
4.50%,
12/01/2048
4,535
5,062
5.00%,
01/01/2026
24
26
5.00%,
04/01/2035
98
111
5.00%,
05/01/2035
39
44
5.00%,
07/01/2035
13
14
5.00%,
02/01/2038
1,250
1,424
5.00%,
03/01/2038
821
938
5.00%,
02/01/2040
3,870
4,461
5.00%,
05/01/2040
1,603
1,833
5.00%,
07/01/2040
879
996
5.00%,
07/01/2041
4,449
5,081
5.00%,
02/01/2044
1,934
2,209
5.00%,
06/01/2044
1,948
2,225
5.00%,
05/01/2048
3,407
3,899
5.50%,
06/01/2026
28
31
5.50%,
07/01/2033
381
440
5.50%,
02/01/2037
2
3
5.50%,
12/01/2037
603
702
5.50%,
03/01/2038
111
130
6.00%,
12/01/2022
1
2
6.00%,
03/01/2029
20
23
6.00%,
12/01/2031
1
1
6.00%,
12/01/2031
2
2
6.00%,
11/01/2032
6
6
6.00%,
11/01/2037
10
12
6.00%,
02/01/2038
33
39
6.00%,
03/01/2038
32
37
6.00%,
04/01/2039
314
360
6.50%,
09/01/2024
33
37
6.50%,
08/01/2028
13
15
6.50%,
03/01/2029
19
21
6.50%,
04/01/2029
18
21
6.50%,
06/01/2031
54
61
6.50%,
12/01/2031
1
2
6.50%,
01/01/2032
26
30
6.50%,
04/01/2032
17
19
6.50%,
04/01/2032
13
14
6.50%,
08/01/2032
51
57
6.50%,
02/01/2033
58
66
6.50%,
04/01/2036
2
3
6.50%,
08/01/2036
21
25
6.50%,
08/01/2036
33
38
6.50%,
10/01/2036
19
23
6.50%,
11/01/2036
14
17
6.50%,
07/01/2037
18
21
6.50%,
07/01/2037
8
9
6.50%,
08/01/2037
23
27
6.50%,
08/01/2037
285
340
6.50%,
02/01/2038
16
19
6.50%,
05/01/2038
3
3
7.00%,
05/01/2022
1
1
7.00%,
11/01/2031
96
109
7.50%,
08/01/2032
6
6
$
702,552
Government
National
Mortgage
Association
(GNMA)
-
20
.83
%
2.00%,
08/01/2051
32,250
33,033
2.50%,
08/01/2051
80,750
83,955
3.00%,
11/15/2042
2,171
2,335
3.00%,
12/15/2042
2,625
2,788
3.00%,
02/15/2043
3,438
3,702
3.00%,
07/20/2045
7,955
8,457
Schedule
of
Investments
Government
&
High
Quality
Bond
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
67
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Government
National
Mortgage
Association
(GNMA)
(continued)
3.00%,
07/20/2046
$
2,785
$
2,947
3.00%,
08/20/2046
6,044
6,383
3.00%,
09/20/2046
4,678
5,046
3.00%,
09/20/2046
7,444
7,874
3.00%,
11/20/2046
2,940
3,145
3.00%,
12/20/2046
3,764
3,982
3.00%,
02/20/2047
4,643
4,893
3.00%,
08/20/2047
2,913
3,077
3.00%,
11/15/2047
5,365
5,830
3.50%,
08/20/2042
2,642
2,864
3.50%,
05/15/2043
4,475
4,857
3.50%,
06/20/2043
3,445
3,748
3.50%,
08/15/2043
4,107
4,443
3.50%,
04/20/2045
2,359
2,540
3.50%,
02/20/2047
1,624
1,767
3.50%,
05/20/2047
9,087
10,097
3.50%,
10/20/2047
3,257
3,495
3.50%,
11/20/2047
3,074
3,402
4.00%,
08/15/2041
2,275
2,525
4.00%,
09/15/2041
3,909
4,355
4.00%,
03/15/2044
2,598
2,894
4.00%,
10/20/2044
2,432
2,624
4.00%,
01/20/2048
12,278
13,296
5.00%,
02/15/2034
69
79
5.00%,
10/15/2039
1,561
1,806
5.50%,
07/20/2033
565
648
5.50%,
03/20/2034
602
707
5.50%,
05/20/2035
60
71
6.00%,
10/15/2023
26
29
6.00%,
11/15/2023
5
5
6.00%,
11/15/2023
3
3
6.00%,
12/15/2023
1
1
6.00%,
04/20/2026
16
18
6.00%,
10/20/2028
2
3
6.00%,
02/20/2029
30
34
6.00%,
02/15/2033
12
14
6.00%,
07/20/2033
491
576
6.00%,
08/15/2038
62
69
6.50%,
09/15/2023
4
4
6.50%,
09/15/2023
1
1
6.50%,
10/15/2023
2
3
6.50%,
12/15/2023
4
5
6.50%,
12/15/2023
4
4
6.50%,
01/15/2024
2
2
6.50%,
01/15/2024
5
6
6.50%,
01/15/2024
1
1
6.50%,
01/15/2024
9
10
6.50%,
04/15/2024
3
3
6.50%,
04/20/2024
2
2
6.50%,
07/15/2024
7
8
6.50%,
01/15/2026
2
2
6.50%,
03/15/2026
2
3
6.50%,
07/20/2026
1
1
6.50%,
10/20/2028
4
4
6.50%,
03/20/2031
32
37
6.50%,
04/20/2031
25
29
6.50%,
07/15/2031
1
1
6.50%,
10/15/2031
8
9
6.50%,
07/15/2032
1
2
6.50%,
05/20/2034
287
336
7.00%,
11/15/2022
1
1
7.00%,
12/15/2022
1
1
7.00%,
02/15/2023
5
5
7.00%,
07/15/2023
1
1
7.00%,
08/15/2023
2
2
7.00%,
12/15/2023
2
2
7.00%,
12/15/2023
1
1
7.00%,
01/15/2026
3
3
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Government
National
Mortgage
Association
(GNMA)
(continued)
7.00%,
01/15/2027
$
4
$
4
7.00%,
10/15/2027
1
1
7.00%,
10/15/2027
1
1
7.00%,
10/15/2027
5
6
7.00%,
12/15/2027
1
1
7.00%,
04/15/2028
2
2
7.00%,
06/15/2028
57
59
7.00%,
12/15/2028
38
41
7.00%,
01/15/2029
28
31
7.00%,
03/15/2029
17
18
7.00%,
04/15/2029
115
127
7.00%,
05/15/2031
4
4
7.00%,
09/15/2031
1
1
7.50%,
08/15/2022
3
3
7.50%,
02/15/2023
1
1
7.50%,
05/15/2023
2
2
7.50%,
03/15/2024
5
5
7.50%,
05/15/2027
2
2
7.50%,
06/15/2027
5
5
7.50%,
08/15/2029
19
19
7.50%,
10/15/2029
13
13
7.50%,
11/15/2029
35
36
8.00%,
12/15/2030
3
4
$
245,292
U.S.
Treasury
Bill
-
12
.89
%
0.02%,
11/12/2021
(h)
46,000
45,993
0.04%,
10/14/2021
(h)
70,750
70,743
0.04%,
11/26/2021
(h)
35,000
34,995
$
151,731
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
1,195,506
Total
Investments
$
1,521,573
Other
Assets
and
Liabilities
- (29.23)%
(
344,191
)
TOTAL
NET
ASSETS
-
100.00%
$
1,177,382
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
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
$62,960
or
5.35%
of
net
assets.
(e)
Security
is
an
Interest
Only
Strip.
(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.
(g)
Security
was
purchased
in
a
"to-be-announced"
("TBA")
transaction.
(h)
Rate
shown
is
the
discount
rate
of
the
original
purchase.
Portfolio
Summary (unaudited)
Sector
Percent
Mortgage
Securities
98
.54
%
Government
12
.89
%
Money
Market
Funds
9
.38
%
Asset
Backed
Securities
8
.42
%
Other
Assets
and
Liabilities
(
29
.23
)
%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Government
&
High
Quality
Bond
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
68
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
250,685
$
672,034
$
812,288
$
110,431
$
250,685
$
672,034
$
812,288
$
110,431
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.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
US
10
Year
Note;
September
2021
Long
482
$
64,807
$
1,215
US
5
Year
Note;
September
2021
Short
186
23,147
(
134
)
US
Ultra
Bond;
September
2021
Short
11
2,195
(
162
)
Total
$
919
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
High
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
69
INVESTMENT
COMPANIES
-
3.63%
Shares
Held
Value
(000's)
Money
Market
Funds
-
3.63%
BlackRock
Liquidity
FedFund
-
Institutional
Class
0.03%
(a),(b)
6,917,251
$
6,917
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c),(d)
130,891,821
130,892
$
137,809
TOTAL
INVESTMENT
COMPANIES
$
137,809
COMMON
STOCKS
-
0.35%
Shares
Held
Value
(000's)
Commercial
Services
-
0.16%
ATD
New
Holdings
Inc
(d)
101,514
$
6,074
Electric
-
0.00%
Vistra
Energy
Corp
-
Rights
(d),(e)
164,087
—
Mining
-
0.03%
Arctic
Canadian
Diamond
Co
Ltd
(d),(e)
5,247
1,002
Miscellaneous
Manufacturers
-
0.12%
Utex
Industries
(d)
111,195
4,559
Utex
Industries
-
Warrants
(d),(f)
51,625
—
$
4,559
Oil
&
Gas
-
0.00%
Sabine
Oil
&
Gas
Holdings
Inc
(d),(e)
246
—
Software
-
0.04%
Skillsoft
Corp
(d)
189,363
1,648
Telecommunications
-
0.00%
Goodman
Networks
Inc
(d),(e)
15,207
—
TOTAL
COMMON
STOCKS
$
13,283
PREFERRED
STOCKS
-
0.00%
Shares
Held
Value
(000's)
Telecommunications
-
0.00%
Goodman
Networks
Inc
0.00%
(d),(e)
18,092
$
—
TOTAL
PREFERRED
STOCKS
$
—
BONDS
-
85.18%
Principal
Amount
(000's)
Value
(000's)
Advertising
-
0.71%
Advantage
Sales
&
Marketing
Inc
6.50%,
11/15/2028
(g)
$
1,080
$
1,118
Clear
Channel
Outdoor
Holdings
Inc
7.50%,
06/01/2029
(g)
3,720
3,861
7.75%,
04/15/2028
(g)
4,220
4,401
Lamar
Media
Corp
3.63%,
01/15/2031
(g)
570
563
3.75%,
02/15/2028
1,000
1,015
4.00%,
02/15/2030
750
763
MDC
Partners
Inc
7.50%,
05/01/2024
(g),(h)
1,260
1,283
National
CineMedia
LLC
5.75%,
08/15/2026
(i)
1,495
1,243
5.88%,
04/15/2028
(g),(i)
900
846
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp
4.25%,
01/15/2029
(g)
1,250
1,252
4.63%,
03/15/2030
(g)
2,780
2,794
5.00%,
08/15/2027
(g)
6,585
6,717
Terrier
Media
Buyer
Inc
8.88%,
12/15/2027
(g)
1,045
1,117
$
26,973
Aerospace
&
Defense
-
2.00%
F-Brasile
SpA
/
F-Brasile
US
LLC
7.38%,
08/15/2026
(g)
650
671
Hexcel
Corp
4.20%,
02/15/2027
1,150
1,246
4.95%,
08/15/2025
1,050
1,161
Howmet
Aerospace
Inc
5.13%,
10/01/2024
1,140
1,255
5.90%,
02/01/2027
670
793
5.95%,
02/01/2037
2,310
2,930
6.75%,
01/15/2028
420
516
6.88%,
05/01/2025
1,090
1,268
Kratos
Defense
&
Security
Solutions
Inc
6.50%,
11/30/2025
(g)
800
834
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Aerospace
&
Defense
(continued)
Leonardo
US
Holdings
Inc
6.25%,
01/15/2040
(g)
$
140
$
162
Moog
Inc
4.25%,
12/15/2027
(g)
500
516
Rolls-Royce
PLC
3.63%,
10/14/2025
(g)
1,500
1,511
5.75%,
10/15/2027
(g)
2,034
2,220
Spirit
AeroSystems
Inc
3.85%,
06/15/2026
245
260
3.95%,
06/15/2023
1,460
1,481
4.60%,
06/15/2028
560
542
7.50%,
04/15/2025
(g)
1,620
1,717
SSL
Robotics
LLC
9.75%,
12/31/2023
(g)
515
567
TransDigm
Inc
4.63%,
01/15/2029
(g)
4,800
4,788
5.50%,
11/15/2027
10,815
11,167
6.25%,
03/15/2026
(g)
13,650
14,315
6.38%,
06/15/2026
12,268
12,682
7.50%,
03/15/2027
8,005
8,480
8.00%,
12/15/2025
(g)
989
1,062
TransDigm
UK
Holdings
PLC
6.88%,
05/15/2026
1,880
1,983
Triumph
Group
Inc
6.25%,
09/15/2024
(g)
550
553
7.75%,
08/15/2025
811
815
8.88%,
06/01/2024
(g)
291
322
$
75,817
Agriculture
-
0.09%
Cooke
Omega
Investments
Inc
/
Alpha
VesselCo
Holdings
Inc
8.50%,
12/15/2022
(g)
250
256
Vector
Group
Ltd
5.75%,
02/01/2029
(g)
2,076
2,107
10.50%,
11/01/2026
(g)
1,015
1,080
$
3,443
Airlines
-
1.83%
Air
Canada
3.88%,
08/15/2026
(g),(j)
9,725
9,748
American
Airlines
2013-1
Class
A
Pass
Through
Trust
4.00%,
01/15/2027
961
924
American
Airlines
2013-2
Class
A
Pass
Through
Trust
4.95%,
07/15/2024
243
248
American
Airlines
2014-1
Class
A
Pass
Through
Trust
3.70%,
04/01/2028
752
765
American
Airlines
2015-1
Class
A
Pass
Through
Trust
3.38%,
11/01/2028
923
918
American
Airlines
2016-1
Class
A
Pass
Through
Trust
4.10%,
07/15/2029
613
616
American
Airlines
2016-2
Class
A
Pass
Through
Trust
3.65%,
12/15/2029
614
597
American
Airlines
Group
Inc
3.75%,
03/01/2025
(g),(i)
2,405
2,140
5.00%,
06/01/2022
(g)
605
604
American
Airlines
Inc
11.75%,
07/15/2025
(g)
2,020
2,525
American
Airlines
Inc/AAdvantage
Loyalty
IP
Ltd
5.50%,
04/20/2026
(g)
6,100
6,382
5.75%,
04/20/2029
(g)
12,160
13,117
Schedule
of
Investments
High
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
70
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Airlines
(continued)
Delta
Air
Lines
Inc
2.90%,
10/28/2024
$
1,405
$
1,424
3.75%,
10/28/2029
(i)
830
823
3.80%,
04/19/2023
685
707
4.38%,
04/19/2028
730
765
7.38%,
01/15/2026
1,140
1,342
Delta
Air
Lines
Inc
/
SkyMiles
IP
Ltd
4.75%,
10/20/2028
(g)
5,884
6,575
Hawaiian
Brand
Intellectual
Property
Ltd
/
HawaiianMiles
Loyalty
Ltd
5.75%,
01/20/2026
(g)
4,856
5,091
Spirit
Loyalty
Cayman
Ltd
/
Spirit
IP
Cayman
Ltd
8.00%,
09/20/2025
(g)
93
105
UAL
2007-1
Pass
Through
Trust
6.64%,
01/02/2024
195
201
United
Airlines
Holdings
Inc
4.25%,
10/01/2022
1,588
1,612
4.88%,
01/15/2025
(i)
363
372
5.00%,
02/01/2024
706
732
United
Airlines
Inc
4.38%,
04/15/2026
(g)
5,475
5,633
4.63%,
04/15/2029
(g)
5,375
5,530
$
69,496
Apparel
-
0.17%
Hanesbrands
Inc
4.63%,
05/15/2024
(g)
1,045
1,105
4.88%,
05/15/2026
(g)
715
771
5.38%,
05/15/2025
(g)
495
520
Michael
Kors
USA
Inc
4.50%,
11/01/2024
(g)
178
189
Under
Armour
Inc
3.25%,
06/15/2026
420
435
William
Carter
Co/The
5.50%,
05/15/2025
(g)
500
526
5.63%,
03/15/2027
(g)
656
686
Wolverine
World
Wide
Inc
5.00%,
09/01/2026
(g)
105
108
6.38%,
05/15/2025
(g)
1,820
1,943
$
6,283
Automobile
Manufacturers
-
3.49%
Allison
Transmission
Inc
3.75%,
01/30/2031
(g)
1,200
1,195
4.75%,
10/01/2027
(g)
25
26
5.88%,
06/01/2029
(g)
1,465
1,600
Aston
Martin
Capital
Holdings
Ltd
10.50%,
11/30/2025
(g)
1,860
2,065
Ford
Holdings
LLC
9.30%,
03/01/2030
215
295
Ford
Motor
Co
4.35%,
12/08/2026
1,340
1,446
4.75%,
01/15/2043
1,103
1,211
5.29%,
12/08/2046
1,145
1,310
6.38%,
02/01/2029
609
706
6.63%,
10/01/2028
1,585
1,898
7.45%,
07/16/2031
4,688
6,205
7.50%,
08/01/2026
220
261
8.50%,
04/21/2023
2,997
3,327
9.00%,
04/22/2025
3,558
4,380
9.63%,
04/22/2030
17,900
25,843
9.98%,
02/15/2047
15
23
Ford
Motor
Credit
Co
LLC
2.90%,
02/16/2028
1,675
1,677
2.98%,
08/03/2022
610
618
3.09%,
01/09/2023
730
743
3.10%,
05/04/2023
700
714
3.35%,
11/01/2022
550
562
3.38%,
11/13/2025
3,550
3,706
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Automobile
Manufacturers
(continued)
Ford
Motor
Credit
Co
LLC
(continued)
3.55%,
10/07/2022
$
290
$
296
3.66%,
09/08/2024
2,820
2,947
3.81%,
01/09/2024
1,000
1,043
3.82%,
11/02/2027
1,100
1,155
4.00%,
11/13/2030
9,150
9,676
4.06%,
11/01/2024
1,279
1,356
4.13%,
08/04/2025
3,100
3,317
4.13%,
08/17/2027
9,340
9,994
4.14%,
02/15/2023
765
793
4.25%,
09/20/2022
200
205
4.27%,
01/09/2027
2,760
2,973
4.38%,
08/06/2023
500
524
4.39%,
01/08/2026
1,610
1,747
4.54%,
08/01/2026
8,580
9,319
4.69%,
06/09/2025
1,447
1,572
5.11%,
05/03/2029
3,135
3,549
5.13%,
06/16/2025
5,515
6,074
5.58%,
03/18/2024
274
299
Jaguar
Land
Rover
Automotive
PLC
4.50%,
10/01/2027
(g)
405
397
5.50%,
07/15/2029
(g)
9,070
9,071
5.63%,
02/01/2023
(g)
1,190
1,194
5.88%,
01/15/2028
(g)
575
596
7.75%,
10/15/2025
(g)
1,070
1,161
JB
Poindexter
&
Co
Inc
7.13%,
04/15/2026
(g)
115
121
PM
General
Purchaser
LLC
9.50%,
10/01/2028
(g)
645
677
Tesla
Inc
5.30%,
08/15/2025
(g)
1,590
1,632
Wabash
National
Corp
5.50%,
10/01/2025
(g)
792
804
$
132,303
Automobile
Parts
&
Equipment
-
1.32%
Adient
Global
Holdings
Ltd
4.88%,
08/15/2026
(g)
1,250
1,278
Adient
US
LLC
9.00%,
04/15/2025
(g)
950
1,039
American
Axle
&
Manufacturing
Inc
6.25%,
04/01/2025
240
248
6.25%,
03/15/2026
319
330
6.50%,
04/01/2027
(i)
852
895
6.88%,
07/01/2028
(i)
305
332
Clarios
Global
LP
6.75%,
05/15/2025
(g)
365
387
Clarios
Global
LP
/
Clarios
US
Finance
Co
6.25%,
05/15/2026
(g)
11,209
11,853
8.50%,
05/15/2027
(g)
2,040
2,203
Cooper-Standard
Automotive
Inc
5.63%,
11/15/2026
(g)
1,026
945
Dana
Financing
Luxembourg
Sarl
5.75%,
04/15/2025
(g)
305
315
Dana
Inc
5.38%,
11/15/2027
658
696
5.63%,
06/15/2028
325
350
Dealer
Tire
LLC
/
DT
Issuer
LLC
8.00%,
02/01/2028
(g)
1,035
1,114
Goodyear
Tire
&
Rubber
Co/The
5.00%,
05/31/2026
700
718
5.00%,
07/15/2029
(g)
1,940
2,041
9.50%,
05/31/2025
977
1,082
IHO
Verwaltungs
GmbH
4.75%,
PIK
5.50%;
09/15/2026
(g),(h),(k)
925
950
6.00%,
PIK
6.75%;
05/15/2027
(g),(h),(k)
335
349
6.38%,
PIK
7.13%;
05/15/2029
(g),(h),(k)
315
341
Schedule
of
Investments
High
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
71
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Automobile
Parts
&
Equipment
(continued)
Meritor
Inc
4.50%,
12/15/2028
(g)
$
190
$
194
6.25%,
06/01/2025
(g)
1,300
1,384
Real
Hero
Merger
Sub
2
Inc
6.25%,
02/01/2029
(g)
9,725
10,054
Tenneco
Inc
5.00%,
07/15/2026
(i)
520
513
5.13%,
04/15/2029
(g)
790
812
5.38%,
12/15/2024
115
116
Titan
International
Inc
7.00%,
04/30/2028
(g)
570
595
Wheel
Pros
Inc
6.50%,
05/15/2029
(g)
7,230
7,338
ZF
North
America
Capital
Inc
4.75%,
04/29/2025
(g)
1,400
1,519
$
49,991
Banks
-
0.64%
CIT
Group
Inc
4.75%,
02/16/2024
795
857
5.00%,
08/15/2022
1,021
1,065
5.00%,
08/01/2023
905
977
5.25%,
03/07/2025
1,015
1,144
6.13%,
03/09/2028
140
173
Commerzbank
AG
8.13%,
09/19/2023
(g)
985
1,118
Deutsche
Bank
AG
4.30%,
05/24/2028
(l)
1,625
1,682
USD
Swap
Semi-Annual
5
Year
+
2.25%
4.50%,
04/01/2025
1,255
1,353
Deutsche
Bank
AG/New
York
NY
4.88%,
12/01/2032
(l)
645
700
USD
Swap
Rate
NY
5
Year
+
2.55%
5.88%,
07/08/2031
(l)
1,390
1,642
Secured
Overnight
Financing
Rate
+
5.44%
Dresdner
Funding
Trust
I
8.15%,
06/30/2031
(g)
899
1,295
Freedom
Mortgage
Corp
7.63%,
05/01/2026
(g)
800
821
8.13%,
11/15/2024
(g)
1,235
1,263
8.25%,
04/15/2025
(g)
430
446
Intesa
Sanpaolo
SpA
4.20%,
06/01/2032
(g)
700
720
4.95%,
06/01/2042
(g)
800
832
5.02%,
06/26/2024
(g)
1,645
1,785
5.71%,
01/15/2026
(g)
1,200
1,355
Synovus
Financial
Corp
5.90%,
02/07/2029
(l)
900
975
USD
Swap
Semi-Annual
5
Year
+
3.38%
UniCredit
SpA
5.46%,
06/30/2035
(g),(l)
1,210
1,337
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.75%
5.86%,
06/19/2032
(g),(l)
1,000
1,113
USD
Swap
Rate
NY
5
Year
+
3.70%
7.30%,
04/02/2034
(g),(l)
1,465
1,779
USD
Swap
Rate
NY
5
Year
+
4.91%
$
24,432
Beverages
-
0.01%
Triton
Water
Holdings
Inc
6.25%,
04/01/2029
(g)
200
200
Biotechnology
-
0.09%
HCRX
Investments
Holdco
LP
4.50%,
08/01/2029
(g)
3,325
3,392
Building
Materials
-
0.60%
Boise
Cascade
Co
4.88%,
07/01/2030
(g)
775
821
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Building
Materials
(continued)
Builders
FirstSource
Inc
5.00%,
03/01/2030
(g)
$
1,140
$
1,213
6.75%,
06/01/2027
(g)
649
694
Cornerstone
Building
Brands
Inc
6.13%,
01/15/2029
(g)
67
71
CP
Atlas
Buyer
Inc
7.00%,
12/01/2028
(g)
260
268
Forterra
Finance
LLC
/
FRTA
Finance
Corp
6.50%,
07/15/2025
(g)
405
434
Griffon
Corp
5.75%,
03/01/2028
1,600
1,683
James
Hardie
International
Finance
DAC
5.00%,
01/15/2028
(g)
300
318
JELD-WEN
Inc
4.63%,
12/15/2025
(g)
330
336
4.88%,
12/15/2027
(g)
779
808
Koppers
Inc
6.00%,
02/15/2025
(g)
399
409
Masonite
International
Corp
5.38%,
02/01/2028
(g)
395
420
Patrick
Industries
Inc
4.75%,
05/01/2029
(g)
1,740
1,776
7.50%,
10/15/2027
(g)
435
473
SRM
Escrow
Issuer
LLC
6.00%,
11/01/2028
(g)
5,875
6,272
Standard
Industries
Inc/NJ
3.38%,
01/15/2031
(g)
705
684
4.38%,
07/15/2030
(g)
2,293
2,362
4.75%,
01/15/2028
(g)
870
906
5.00%,
02/15/2027
(g)
1,515
1,562
Summit
Materials
LLC
/
Summit
Materials
Finance
Corp
5.13%,
06/01/2025
(g)
378
382
5.25%,
01/15/2029
(g)
565
600
6.50%,
03/15/2027
(g)
12
13
US
Concrete
Inc
5.13%,
03/01/2029
(g)
390
426
$
22,931
Chemicals
-
0.95%
Ashland
LLC
4.75%,
08/15/2022
120
123
6.88%,
05/15/2043
308
394
Axalta
Coating
Systems
LLC
3.38%,
02/15/2029
(g)
640
630
Axalta
Coating
Systems
LLC
/
Axalta
Coating
Systems
Dutch
Holding
B
BV
4.75%,
06/15/2027
(g)
885
933
CF
Industries
Inc
3.45%,
06/01/2023
650
673
4.95%,
06/01/2043
515
634
5.15%,
03/15/2034
667
827
5.38%,
03/15/2044
621
799
Chemours
Co/The
5.38%,
05/15/2027
(i)
375
407
5.75%,
11/15/2028
(g)
655
695
7.00%,
05/15/2025
575
594
Consolidated
Energy
Finance
SA
6.88%,
06/15/2025
(g)
300
305
Cornerstone
Chemical
Co
6.75%,
08/15/2024
(g),(i)
430
388
Element
Solutions
Inc
3.88%,
09/01/2028
(g)
1,995
2,035
GCP
Applied
Technologies
Inc
5.50%,
04/15/2026
(g)
600
614
GPD
Cos
Inc
10.13%,
04/01/2026
(g)
2,000
2,165
Schedule
of
Investments
High
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
72
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Chemicals
(continued)
HB
Fuller
Co
4.00%,
02/15/2027
$
750
$
775
4.25%,
10/15/2028
1,450
1,483
Hexion
Inc
7.88%,
07/15/2027
(g)
325
349
Illuminate
Buyer
LLC
/
Illuminate
Holdings
IV
Inc
9.00%,
07/01/2028
(g)
545
606
INEOS
Group
Holdings
SA
5.63%,
08/01/2024
(g)
430
430
Ingevity
Corp
3.88%,
11/01/2028
(g)
277
277
Innophos
Holdings
Inc
9.38%,
02/15/2028
(g)
440
474
Kraton
Polymers
LLC
/
Kraton
Polymers
Capital
Corp
4.25%,
12/15/2025
(g)
1,080
1,107
Methanex
Corp
4.25%,
12/01/2024
275
292
5.13%,
10/15/2027
540
585
5.25%,
12/15/2029
1,525
1,686
5.65%,
12/01/2044
385
410
Minerals
Technologies
Inc
5.00%,
07/01/2028
(g)
487
509
Nufarm
Australia
Ltd
/
Nufarm
Americas
Inc
5.75%,
04/30/2026
(g)
600
617
OCI
NV
4.63%,
10/15/2025
(g)
417
431
5.25%,
11/01/2024
(g)
288
296
Olin
Corp
5.00%,
02/01/2030
520
557
5.13%,
09/15/2027
477
497
5.50%,
08/15/2022
(i)
190
198
5.63%,
08/01/2029
500
549
9.50%,
06/01/2025
(g)
386
482
Rain
CII
Carbon
LLC
/
CII
Carbon
Corp
7.25%,
04/01/2025
(g)
837
862
Rayonier
AM
Products
Inc
5.50%,
06/01/2024
(g)
1,020
956
7.63%,
01/15/2026
(g)
307
315
SCIH
Salt
Holdings
Inc
4.88%,
05/01/2028
(g)
1,500
1,498
SPCM
SA
4.88%,
09/15/2025
(g)
390
399
TPC
Group
Inc
10.50%,
08/01/2024
(g)
1,135
1,118
Trinseo
Materials
Operating
SCA
/
Trinseo
Materials
Finance
Inc
5.38%,
09/01/2025
(g)
1,018
1,039
Tronox
Inc
4.63%,
03/15/2029
(g)
1,115
1,133
Valvoline
Inc
3.63%,
06/15/2031
(g)
1,710
1,701
4.25%,
02/15/2030
(g)
525
545
Venator
Finance
Sarl
/
Venator
Materials
LLC
5.75%,
07/15/2025
(g)
280
269
WR
Grace
&
Co-Conn
4.88%,
06/15/2027
(g)
1,210
1,278
5.63%,
10/01/2024
(g)
60
67
$
36,006
Coal
-
0.20%
Alliance
Resource
Operating
Partners
LP
/
Alliance
Resource
Finance
Corp
7.50%,
05/01/2025
(g)
926
935
Natural
Resource
Partners
LP
/
NRP
Finance
Corp
9.13%,
06/30/2025
(g)
1,000
993
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Coal
(continued)
SunCoke
Energy
Inc
4.88%,
06/30/2029
(g)
$
5,000
$
5,037
Warrior
Met
Coal
Inc
8.00%,
11/01/2024
(g)
585
595
$
7,560
Commercial
Services
-
3.37%
ADT
Security
Corp/The
4.13%,
06/15/2023
315
333
4.88%,
07/15/2032
(g)
545
565
Adtalem
Global
Education
Inc
5.50%,
03/01/2028
(g)
845
867
Ahern
Rentals
Inc
7.38%,
05/15/2023
(g)
450
408
Allied
Universal
Holdco
LLC
/
Allied
Universal
Finance
Corp
6.63%,
07/15/2026
(g)
1,635
1,731
9.75%,
07/15/2027
(g)
1,005
1,102
AMN
Healthcare
Inc
4.63%,
10/01/2027
(g)
3,864
4,023
Aptim
Corp
7.75%,
06/15/2025
(g),(i)
1,100
946
APX
Group
Inc
6.75%,
02/15/2027
(g)
485
514
7.63%,
09/01/2023
1,015
1,038
ASGN
Inc
4.63%,
05/15/2028
(g)
5,945
6,204
Avis
Budget
Car
Rental
LLC
/
Avis
Budget
Finance
Inc
5.75%,
07/15/2027
(g)
6
6
5.75%,
07/15/2027
(g)
620
645
Brink's
Co/The
4.63%,
10/15/2027
(g)
1,100
1,142
Carriage
Services
Inc
4.25%,
05/15/2029
(g)
2,520
2,514
Cimpress
PLC
7.00%,
06/15/2026
(g)
1,751
1,839
CoreCivic
Inc
4.63%,
05/01/2023
(i)
1,448
1,459
4.75%,
10/15/2027
1,000
915
8.25%,
04/15/2026
(i)
2,000
2,120
Deluxe
Corp
8.00%,
06/01/2029
(g)
1,000
1,093
Garda
World
Security
Corp
4.63%,
02/15/2027
(g)
460
462
9.50%,
11/01/2027
(g)
1,032
1,125
Gartner
Inc
3.63%,
06/15/2029
(g)
560
573
3.75%,
10/01/2030
(g)
1,140
1,171
4.50%,
07/01/2028
(g)
130
137
Graham
Holdings
Co
5.75%,
06/01/2026
(g)
2,029
2,111
Herc
Holdings
Inc
5.50%,
07/15/2027
(g)
955
1,002
IHS
Markit
Ltd
4.25%,
05/01/2029
845
986
4.75%,
08/01/2028
1,200
1,428
Jaguar
Holding
Co
II
/
PPD
Development
LP
4.63%,
06/15/2025
(g)
405
424
5.00%,
06/15/2028
(g)
15,545
16,749
Korn
Ferry
4.63%,
12/15/2027
(g)
138
142
Legends
Hospitality
Holding
Co
LLC
/
Legends
Hospitality
Co-Issuer
Inc
5.00%,
02/01/2026
(g)
25
26
Midas
Intermediate
Holdco
II
LLC
/
Midas
Intermediate
Holdco
II
Finance
Inc
7.88%,
10/01/2022
(g),(i)
335
313
Schedule
of
Investments
High
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
73
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Services
(continued)
Modulaire
Global
Finance
Plc
8.00%,
02/15/2023
(g)
$
600
$
616
MPH
Acquisition
Holdings
LLC
5.75%,
11/01/2028
(g),(i)
8,553
8,306
NESCO
Holdings
II
Inc
5.50%,
04/15/2029
(g)
800
826
Nielsen
Co
Luxembourg
SARL/The
5.00%,
02/01/2025
(g)
977
1,003
Nielsen
Finance
LLC
/
Nielsen
Finance
Co
4.50%,
07/15/2029
(g)
2,370
2,388
5.63%,
10/01/2028
(g)
1,425
1,505
North
Queensland
Export
Terminal
Pty
Ltd
4.45%,
12/15/2022
(g)
1,085
1,035
Prime
Security
Services
Borrower
LLC
/
Prime
Finance
Inc
3.38%,
08/31/2027
(g)
310
302
5.25%,
04/15/2024
(g)
1,385
1,480
5.75%,
04/15/2026
(g)
950
1,040
6.25%,
01/15/2028
(g)
1,015
1,059
Rent-A-Center
Inc/TX
6.38%,
02/15/2029
(g)
10,633
11,417
RR
Donnelley
&
Sons
Co
6.13%,
11/01/2026
(g)
1,460
1,537
Sabre
GLBL
Inc
7.38%,
09/01/2025
(g)
800
854
9.25%,
04/15/2025
(g)
775
907
Service
Corp
International/US
3.38%,
08/15/2030
1,035
1,032
5.13%,
06/01/2029
1,022
1,104
Shift4
Payments
LLC
/
Shift4
Payments
Finance
Sub
Inc
4.63%,
11/01/2026
(g)
1,077
1,122
Sotheby's
7.38%,
10/15/2027
(g)
13,740
14,677
Square
Inc
2.75%,
06/01/2026
(g)
1,000
1,023
3.50%,
06/01/2031
(g)
3,760
3,907
Team
Health
Holdings
Inc
6.38%,
02/01/2025
(g)
6,885
6,386
TriNet
Group
Inc
3.50%,
03/01/2029
(g)
676
677
United
Rentals
North
America
Inc
3.88%,
02/15/2031
1,140
1,173
4.00%,
07/15/2030
780
810
4.88%,
01/15/2028
1,564
1,652
5.25%,
01/15/2030
860
941
5.50%,
05/15/2027
765
804
5.88%,
09/15/2026
1,060
1,095
Verscend
Escrow
Corp
9.75%,
08/15/2026
(g)
890
940
$
127,731
Computers
-
0.77%
Banff
Merger
Sub
Inc
9.75%,
09/01/2026
(g)
1,165
1,225
Booz
Allen
Hamilton
Inc
3.88%,
09/01/2028
(g)
185
189
4.00%,
07/01/2029
(g)
950
976
Crowdstrike
Holdings
Inc
3.00%,
02/15/2029
934
947
Dell
Inc
5.40%,
09/10/2040
355
421
6.50%,
04/15/2038
314
414
7.10%,
04/15/2028
555
713
Diebold
Nixdorf
Inc
8.50%,
04/15/2024
(i)
300
306
9.38%,
07/15/2025
(g)
565
621
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Computers
(continued)
EMC
Corp
3.38%,
06/01/2023
$
1,915
$
1,981
KBR
Inc
4.75%,
09/30/2028
(g)
6,181
6,242
NCR
Corp
5.00%,
10/01/2028
(g)
600
618
5.13%,
04/15/2029
(g)
50
52
5.25%,
10/01/2030
(g)
651
685
5.75%,
09/01/2027
(g)
875
923
6.13%,
09/01/2029
(g)
835
906
8.13%,
04/15/2025
(g)
690
750
Presidio
Holdings
Inc
4.88%,
02/01/2027
(g)
1,075
1,108
8.25%,
02/01/2028
(g)
330
358
Science
Applications
International
Corp
4.88%,
04/01/2028
(g)
85
89
Seagate
HDD
Cayman
3.13%,
07/15/2029
(g)
85
83
4.09%,
06/01/2029
(g)
1,407
1,476
4.13%,
01/15/2031
(g)
760
795
4.75%,
06/01/2023
795
846
4.75%,
01/01/2025
735
810
4.88%,
03/01/2024
955
1,036
4.88%,
06/01/2027
750
836
5.75%,
12/01/2034
720
851
Unisys
Corp
6.88%,
11/01/2027
(g)
940
1,023
Western
Digital
Corp
4.75%,
02/15/2026
1,883
2,090
$
29,370
Consumer
Products
-
0.12%
ACCO
Brands
Corp
4.25%,
03/15/2029
(g)
1,095
1,094
Central
Garden
&
Pet
Co
5.13%,
02/01/2028
642
681
Kronos
Acquisition
Holdings
Inc
/
KIK
Custom
Products
Inc
5.00%,
12/31/2026
(g)
1,000
1,014
7.00%,
12/31/2027
(g),(i)
1,000
977
Spectrum
Brands
Inc
5.50%,
07/15/2030
(g)
61
66
5.75%,
07/15/2025
785
806
$
4,638
Cosmetics
&
Personal
Care
-
0.08%
Avon
Products
Inc
7.00%,
03/15/2023
724
770
8.45%,
03/15/2043
240
311
Coty
Inc
6.50%,
04/15/2026
(g)
448
450
Edgewell
Personal
Care
Co
5.50%,
06/01/2028
(g)
1,190
1,260
High
Ridge
Brands
-
Escrow
0.00%,
03/15/2025
(d),(e),(f)
4,938
62
$
2,853
Distribution
&
Wholesale
-
0.31%
American
Builders
&
Contractors
Supply
Co
Inc
4.00%,
01/15/2028
(g)
565
579
Avient
Corp
5.25%,
03/15/2023
355
377
5.75%,
05/15/2025
(g)
525
551
Core
&
Main
LP
6.13%,
08/15/2025
(g)
580
588
G-III
Apparel
Group
Ltd
7.88%,
08/15/2025
(g)
190
206
H&E
Equipment
Services
Inc
3.88%,
12/15/2028
(g)
1,290
1,279
Schedule
of
Investments
High
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
74
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Distribution
&
Wholesale
(continued)
IAA
Inc
5.50%,
06/15/2027
(g)
$
3,678
$
3,858
KAR
Auction
Services
Inc
5.13%,
06/01/2025
(g)
932
954
Resideo
Funding
Inc
6.13%,
11/01/2026
(g)
457
480
Univar
Solutions
USA
Inc/Washington
5.13%,
12/01/2027
(g)
405
424
Wolverine
Escrow
LLC
8.50%,
11/15/2024
(g)
512
497
9.00%,
11/15/2026
(g)
1,708
1,648
13.13%,
11/15/2027
(g)
520
432
$
11,873
Diversified
Financial
Services
-
4.56%
AG
Issuer
LLC
6.25%,
03/01/2028
(g)
499
523
Alliance
Data
Systems
Corp
4.75%,
12/15/2024
(g)
6,135
6,295
7.00%,
01/15/2026
(g)
6,075
6,546
Ally
Financial
Inc
5.75%,
11/20/2025
830
949
Credit
Acceptance
Corp
5.13%,
12/31/2024
(g)
900
930
6.63%,
03/15/2026
(i)
4,284
4,519
Curo
Group
Holdings
Corp
8.25%,
09/01/2025
(g)
565
591
Enact
Holdings
Inc
6.50%,
08/15/2025
(g)
1,170
1,269
Enova
International
Inc
8.50%,
09/01/2024
(g)
635
651
8.50%,
09/15/2025
(g)
360
375
Finance
of
America
Funding
LLC
7.88%,
11/15/2025
(g)
100
99
Global
Aircraft
Leasing
Co
Ltd
6.50%,
PIK
7.25%;
09/15/2024
(g),(h),(k)
1,259
1,265
goeasy
Ltd
5.38%,
12/01/2024
(g)
445
462
Home
Point
Capital
Inc
5.00%,
02/01/2026
(g)
9,092
8,390
Jefferies
Finance
LLC
/
JFIN
Co-Issuer
Corp
5.00%,
08/15/2028
(g),(j)
3,185
3,257
LD
Holdings
Group
LLC
6.13%,
04/01/2028
(g)
2,209
2,193
LPL
Holdings
Inc
4.00%,
03/15/2029
(g)
935
949
4.63%,
11/15/2027
(g)
160
165
Midcap
Financial
Issuer
Trust
6.50%,
05/01/2028
(g)
2,095
2,178
Nationstar
Mortgage
Holdings
Inc
5.13%,
12/15/2030
(g)
562
561
5.50%,
08/15/2028
(g)
3,480
3,537
6.00%,
01/15/2027
(g)
4,950
5,160
Navient
Corp
5.00%,
03/15/2027
575
598
5.50%,
01/25/2023
929
974
5.63%,
08/01/2033
572
556
5.88%,
10/25/2024
1,078
1,177
6.13%,
03/25/2024
455
494
6.75%,
06/25/2025
250
278
6.75%,
06/15/2026
410
460
NFP
Corp
4.88%,
08/15/2028
(g)
8,770
8,923
6.88%,
08/15/2028
(g)
44,345
46,119
OneMain
Finance
Corp
4.00%,
09/15/2030
7,988
7,948
5.38%,
11/15/2029
485
533
5.63%,
03/15/2023
950
1,005
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Diversified
Financial
Services
(continued)
OneMain
Finance
Corp
(continued)
6.13%,
03/15/2024
$
850
$
915
6.63%,
01/15/2028
12,320
14,229
6.88%,
03/15/2025
1,300
1,475
7.13%,
03/15/2026
1,204
1,418
8.25%,
10/01/2023
1,000
1,134
8.88%,
06/01/2025
1,040
1,144
Oxford
Finance
LLC
/
Oxford
Finance
Co-Issuer
II
Inc
6.38%,
12/15/2022
(g)
5,300
5,337
PennyMac
Financial
Services
Inc
4.25%,
02/15/2029
(g)
733
710
5.38%,
10/15/2025
(g)
2,120
2,225
PHH
Mortgage
Corp
7.88%,
03/15/2026
(g)
2,755
2,830
PRA
Group
Inc
7.38%,
09/01/2025
(g)
8
9
Provident
Funding
Associates
LP
/
PFG
Finance
Corp
6.38%,
06/15/2025
(g)
10,683
10,897
Quicken
Loans
LLC
5.25%,
01/15/2028
(g)
5,570
5,862
Quicken
Loans
LLC
/
Quicken
Loans
Co-Issuer
Inc
3.63%,
03/01/2029
(g)
366
367
3.88%,
03/01/2031
(g)
935
954
SLM
Corp
4.20%,
10/29/2025
480
518
StoneX
Group
Inc
8.63%,
06/15/2025
(g)
70
76
TMX
Finance
LLC
/
TitleMax
Finance
Corp
11.13%,
04/01/2023
(g)
15
15
United
Wholesale
Mortgage
LLC
5.50%,
11/15/2025
(g)
2,425
2,490
VistaJet
Malta
Finance
PLC
/
XO
Management
Holding
Inc
10.50%,
06/01/2024
(g)
488
530
$
173,064
Electric
-
1.18%
Calpine
Corp
3.75%,
03/01/2031
(g)
1,000
962
4.50%,
02/15/2028
(g)
1,295
1,334
4.63%,
02/01/2029
(g)
525
518
5.00%,
02/01/2031
(g)
927
936
5.13%,
03/15/2028
(g)
1,950
1,974
5.25%,
06/01/2026
(g)
1,150
1,183
Clearway
Energy
Operating
LLC
3.75%,
02/15/2031
(g)
960
960
4.75%,
03/15/2028
(g)
880
933
5.00%,
09/15/2026
169
173
DPL
Inc
4.13%,
07/01/2025
465
499
4.35%,
04/15/2029
800
877
Drax
Finco
PLC
6.63%,
11/01/2025
(g)
480
494
FirstEnergy
Corp
1.60%,
01/15/2026
715
711
2.05%,
03/01/2025
620
631
2.25%,
09/01/2030
765
755
2.65%,
03/01/2030
1,853
1,888
3.40%,
03/01/2050
1,225
1,230
4.25%,
03/15/2023
1,050
1,105
4.40%,
07/15/2027
1,564
1,743
5.35%,
07/15/2047
1,644
2,067
7.38%,
11/15/2031
1,605
2,243
Schedule
of
Investments
High
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
75
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
FirstEnergy
Transmission
LLC
4.35%,
01/15/2025
(g)
$
832
$
925
4.55%,
04/01/2049
(g)
1,175
1,418
5.45%,
07/15/2044
(g)
138
180
InterGen
NV
7.00%,
06/30/2023
(g)
750
742
Midland
Cogeneration
Venture
LP
6.00%,
03/15/2025
(g)
262
271
NextEra
Energy
Operating
Partners
LP
3.88%,
10/15/2026
(g)
83
87
4.25%,
07/15/2024
(g)
480
505
4.50%,
09/15/2027
(g)
273
294
NRG
Energy
Inc
3.38%,
02/15/2029
(g)
810
806
3.63%,
02/15/2031
(g)
325
327
5.25%,
06/15/2029
(g)
1,340
1,437
5.75%,
01/15/2028
1,655
1,758
6.63%,
01/15/2027
1,293
1,339
7.25%,
05/15/2026
1,299
1,351
NSG
Holdings
LLC
/
NSG
Holdings
Inc
7.75%,
12/15/2025
(g)
75
80
Pattern
Energy
Operations
LP
/
Pattern
Energy
Operations
Inc
4.50%,
08/15/2028
(g)
565
583
PG&E
Corp
5.00%,
07/01/2028
(i)
400
389
5.25%,
07/01/2030
425
415
Talen
Energy
Supply
LLC
6.63%,
01/15/2028
(g)
760
675
7.25%,
05/15/2027
(g)
505
461
7.63%,
06/01/2028
(g)
1,053
961
TransAlta
Corp
4.50%,
11/15/2022
321
330
Vistra
Operations
Co
LLC
4.38%,
05/01/2029
(g)
2,590
2,655
5.00%,
07/31/2027
(g)
1,225
1,265
5.50%,
09/01/2026
(g)
1,325
1,365
5.63%,
02/15/2027
(g)
1,065
1,105
$
44,940
Electrical
Components
&
Equipment
-
0.21%
Energizer
Holdings
Inc
4.38%,
03/31/2029
(g)
415
418
4.75%,
06/15/2028
(g)
590
607
EnerSys
4.38%,
12/15/2027
(g)
490
512
5.00%,
04/30/2023
(g)
1,038
1,083
WESCO
Distribution
Inc
7.13%,
06/15/2025
(g)
3,790
4,074
7.25%,
06/15/2028
(g)
1,070
1,191
$
7,885
Electronics
-
0.19%
Atkore
Inc
4.25%,
06/01/2031
(g)
1,000
1,023
Brightstar
Escrow
Corp
9.75%,
10/15/2025
(g)
815
872
Imola
Merger
Corp
4.75%,
05/15/2029
(g)
2,000
2,064
Sensata
Technologies
BV
4.88%,
10/15/2023
(g)
675
722
5.00%,
10/01/2025
(g)
576
643
5.63%,
11/01/2024
(g)
890
991
Sensata
Technologies
Inc
3.75%,
02/15/2031
(g)
1,000
1,008
4.38%,
02/15/2030
(g)
29
31
$
7,354
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Energy
-
Alternate
Sources
-
0.09%
EnfraGen
Energia
Sur
SA
/
EnfraGen
Spain
SA
/
Prime
Energia
SpA
5.38%,
12/30/2030
(g)
$
1,180
$
1,177
Enviva
Partners
LP
/
Enviva
Partners
Finance
Corp
6.50%,
01/15/2026
(g)
205
212
TerraForm
Power
Operating
LLC
4.25%,
01/31/2023
(g)
220
226
4.75%,
01/15/2030
(g)
700
737
5.00%,
01/31/2028
(g)
1,120
1,209
$
3,561
Engineering
&
Construction
-
0.24%
AECOM
5.13%,
03/15/2027
750
834
Brand
Industrial
Services
Inc
8.50%,
07/15/2025
(g)
1,565
1,592
Fluor
Corp
3.50%,
12/15/2024
(i)
1,369
1,431
4.25%,
09/15/2028
(i)
505
521
Great
Lakes
Dredge
&
Dock
Corp
5.25%,
06/01/2029
(g)
475
489
MasTec
Inc
4.50%,
08/15/2028
(g)
485
512
New
Enterprise
Stone
&
Lime
Co
Inc
6.25%,
03/15/2026
(g)
569
583
9.75%,
07/15/2028
(g)
136
152
PowerTeam
Services
LLC
9.03%,
12/04/2025
(g)
595
655
TopBuild
Corp
3.63%,
03/15/2029
(g)
920
920
Tutor
Perini
Corp
6.88%,
05/01/2025
(g)
431
445
Weekley
Homes
LLC
/
Weekley
Finance
Corp
4.88%,
09/15/2028
(g)
860
889
$
9,023
Entertainment
-
3.11%
Affinity
Gaming
6.88%,
12/15/2027
(g)
1,255
1,331
Allen
Media
LLC
/
Allen
Media
Co-Issuer
Inc
10.50%,
02/15/2028
(g)
750
748
AMC
Entertainment
Holdings
Inc
10.50%,
04/15/2025
(g),(i)
1,245
1,324
Bally's
Corp
6.75%,
06/01/2027
(g)
95
103
Banijay
Entertainment
SASU
5.38%,
03/01/2025
(g)
190
196
Caesars
Entertainment
Inc
6.25%,
07/01/2025
(g)
2,867
3,025
8.13%,
07/01/2027
(g)
6,210
6,829
Caesars
Resort
Collection
LLC
/
CRC
Finco
Inc
5.25%,
10/15/2025
(g)
8,765
8,836
5.75%,
07/01/2025
(g)
6,050
6,360
CCM
Merger
Inc
6.38%,
05/01/2026
(g)
300
314
Cedar
Fair
LP
5.25%,
07/15/2029
1,276
1,296
Cedar
Fair
LP
/
Canada's
Wonderland
Co
/
Magnum
Management
Corp
5.38%,
06/01/2024
100
101
Cedar
Fair
LP
/
Canada's
Wonderland
Co
/
Magnum
Management
Corp
/
Millennium
Op
5.38%,
04/15/2027
925
944
5.50%,
05/01/2025
(g)
1,035
1,074
6.50%,
10/01/2028
(i)
275
296
Churchill
Downs
Inc
4.75%,
01/15/2028
(g)
905
938
5.50%,
04/01/2027
(g)
660
686
Schedule
of
Investments
High
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
76
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Entertainment
(continued)
Cinemark
USA
Inc
5.25%,
07/15/2028
(g)
$
13,675
$
12,855
5.88%,
03/15/2026
(g)
3,861
3,793
8.75%,
05/01/2025
(g)
225
240
Cirsa
Finance
International
Sarl
7.88%,
12/20/2023
(g)
400
407
Downstream
Development
Authority
of
the
Quapaw
Tribe
of
Oklahoma
10.50%,
02/15/2023
(g)
475
495
Everi
Holdings
Inc
5.00%,
07/15/2029
(g)
5,100
5,215
Gateway
Casinos
&
Entertainment
Ltd
8.25%,
03/01/2024
(g)
310
310
Golden
Entertainment
Inc
7.63%,
04/15/2026
(g)
50
53
International
Game
Technology
PLC
6.25%,
01/15/2027
(g)
620
703
6.50%,
02/15/2025
(g)
1,010
1,127
Jacobs
Entertainment
Inc
7.88%,
02/01/2024
(g)
310
323
Lions
Gate
Capital
Holdings
LLC
5.50%,
04/15/2029
(g)
9,200
9,418
Live
Nation
Entertainment
Inc
3.75%,
01/15/2028
(g)
5,550
5,563
4.75%,
10/15/2027
(g)
5,057
5,164
4.88%,
11/01/2024
(g)
650
661
5.63%,
03/15/2026
(g)
4,139
4,309
6.50%,
05/15/2027
(g)
11,275
12,445
Merlin
Entertainments
Ltd
5.75%,
06/15/2026
(g)
565
589
Mohegan
Gaming
&
Entertainment
8.00%,
02/01/2026
(g)
2,720
2,832
Motion
Bondco
DAC
6.63%,
11/15/2027
(g)
888
901
Peninsula
Pacific
Entertainment
LLC
/
Peninsula
Pacific
Entertainment
Finance
Inc
8.50%,
11/15/2027
(g)
1,210
1,304
Powdr
Corp
6.00%,
08/01/2025
(g)
240
251
Scientific
Games
International
Inc
5.00%,
10/15/2025
(g)
972
997
7.00%,
05/15/2028
(g)
575
620
8.25%,
03/15/2026
(g)
900
955
8.63%,
07/01/2025
(g)
72
78
SeaWorld
Parks
&
Entertainment
Inc
9.50%,
08/01/2025
(g)
527
569
Six
Flags
Entertainment
Corp
4.88%,
07/31/2024
(g)
1,341
1,348
5.50%,
04/15/2027
(g)
375
387
Six
Flags
Theme
Parks
Inc
7.00%,
07/01/2025
(g)
595
635
Speedway
Motorsports
LLC
/
Speedway
Funding
II
Inc
4.88%,
11/01/2027
(g)
5,325
5,398
Vail
Resorts
Inc
6.25%,
05/15/2025
(g)
485
515
WMG
Acquisition
Corp
3.00%,
02/15/2031
(g)
808
783
3.88%,
07/15/2030
(g)
430
442
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp
5.13%,
10/01/2029
(g)
780
811
7.75%,
04/15/2025
(g)
902
960
$
117,857
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Environmental
Control
-
0.93%
Clean
Harbors
Inc
4.88%,
07/15/2027
(g)
$
440
$
461
5.13%,
07/15/2029
(g)
300
326
Covanta
Holding
Corp
5.00%,
09/01/2030
3,065
3,289
6.00%,
01/01/2027
5,424
5,627
GFL
Environmental
Inc
3.50%,
09/01/2028
(g)
1,860
1,866
3.75%,
08/01/2025
(g)
1,070
1,098
4.00%,
08/01/2028
(g),(i)
1,225
1,211
4.25%,
06/01/2025
(g)
405
421
4.75%,
06/15/2029
(g)
7,500
7,752
5.13%,
12/15/2026
(g)
870
915
Harsco
Corp
5.75%,
07/31/2027
(g)
595
618
Madison
IAQ
LLC
5.88%,
06/30/2029
(g)
9,482
9,584
Stericycle
Inc
3.88%,
01/15/2029
(g)
700
710
5.38%,
07/15/2024
(g)
879
903
Waste
Pro
USA
Inc
5.50%,
02/15/2026
(g)
431
439
$
35,220
Food
-
2.77%
Albertsons
Cos
Inc
/
Safeway
Inc
/
New
Albertsons
LP
/
Albertsons
LLC
3.25%,
03/15/2026
(g)
1,500
1,536
3.50%,
02/15/2023
(g)
445
456
3.50%,
03/15/2029
(g)
1,846
1,864
4.63%,
01/15/2027
(g)
1,165
1,233
4.88%,
02/15/2030
(g)
1,035
1,120
5.88%,
02/15/2028
(g)
612
655
7.50%,
03/15/2026
(g)
955
1,041
B&G
Foods
Inc
5.25%,
09/15/2027
886
923
Chobani
LLC
/
Chobani
Finance
Corp
Inc
4.63%,
11/15/2028
(g)
3,575
3,719
7.50%,
04/15/2025
(g)
1,130
1,178
Dole
Food
Co
Inc
7.25%,
06/15/2025
(g)
656
669
FAGE
International
SA
/
FAGE
USA
Dairy
Industry
Inc
5.63%,
08/15/2026
(g)
375
386
Fresh
Market
Inc/The
9.75%,
05/01/2023
(g)
743
765
H-Food
Holdings
LLC
/
Hearthside
Finance
Co
Inc
8.50%,
06/01/2026
(g)
404
420
JBS
Finance
Luxembourg
Sarl
3.63%,
01/15/2032
(g)
2,190
2,205
JBS
USA
Food
Co
5.75%,
01/15/2028
(g)
1,300
1,370
7.00%,
01/15/2026
(g)
1,440
1,525
JBS
USA
LUX
SA
/
JBS
USA
Finance
Inc
6.75%,
02/15/2028
(g)
1,455
1,593
JBS
USA
LUX
SA
/
JBS
USA
Food
Co
/
JBS
USA
Finance
Inc
3.75%,
12/01/2031
(g)
2,430
2,497
5.50%,
01/15/2030
(g)
1,020
1,139
6.50%,
04/15/2029
(g)
1,845
2,066
KeHE
Distributors
LLC
/
KeHE
Finance
Corp
8.63%,
10/15/2026
(g)
702
763
Kraft
Heinz
Foods
Co
3.00%,
06/01/2026
1,679
1,787
3.88%,
05/15/2027
1,345
1,490
4.25%,
03/01/2031
1,588
1,832
4.38%,
06/01/2046
2,845
3,278
Schedule
of
Investments
High
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
77
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Food
(continued)
Kraft
Heinz
Foods
Co
(continued)
4.88%,
10/01/2049
$
1,750
$
2,183
5.00%,
06/04/2042
2,000
2,506
5.20%,
07/15/2045
2,210
2,799
5.50%,
06/01/2050
630
844
6.50%,
02/09/2040
1,000
1,428
6.88%,
01/26/2039
1,000
1,468
7.13%,
08/01/2039
(g)
1,000
1,491
Lamb
Weston
Holdings
Inc
4.63%,
11/01/2024
(g)
835
857
4.88%,
11/01/2026
(g)
1,235
1,274
4.88%,
05/15/2028
(g)
750
831
Nathan's
Famous
Inc
6.63%,
11/01/2025
(g)
135
138
Performance
Food
Group
Inc
4.25%,
08/01/2029
(g)
7,000
7,114
5.50%,
10/15/2027
(g)
9,694
10,097
6.88%,
05/01/2025
(g)
315
335
Pilgrim's
Pride
Corp
4.25%,
04/15/2031
(g)
2,000
2,127
5.88%,
09/30/2027
(g)
1,674
1,791
Post
Holdings
Inc
4.50%,
09/15/2031
(g)
10,374
10,499
4.63%,
04/15/2030
(g)
1,445
1,472
5.50%,
12/15/2029
(g)
665
712
5.63%,
01/15/2028
(g)
2,084
2,193
5.75%,
03/01/2027
(g)
1,183
1,231
Safeway
Inc
7.25%,
02/01/2031
200
236
Sigma
Holdco
BV
7.88%,
05/15/2026
(g),(i)
1,075
1,091
Simmons
Foods
Inc/Simmons
Prepared
Foods
Inc/Simmons
Pet
Food
Inc/Simmons
Feed
4.63%,
03/01/2029
(g)
6,980
7,047
TreeHouse
Foods
Inc
4.00%,
09/01/2028
720
721
United
Natural
Foods
Inc
6.75%,
10/15/2028
(g)
13
14
US
Foods
Inc
4.75%,
02/15/2029
(g)
4,105
4,187
6.25%,
04/15/2025
(g)
1,000
1,054
$
105,250
Food
Service
-
0.55%
Aramark
Services
Inc
5.00%,
04/01/2025
(g)
550
564
5.00%,
02/01/2028
(g)
5,340
5,548
6.38%,
05/01/2025
(g)
13,815
14,577
$
20,689
Forest
Products
&
Paper
-
0.08%
Clearwater
Paper
Corp
4.75%,
08/15/2028
(g)
545
551
Mercer
International
Inc
5.13%,
02/01/2029
750
764
5.50%,
01/15/2026
703
719
SpA
Holdings
3
Oy
4.88%,
02/04/2028
(g)
805
809
$
2,843
Gas
-
0.08%
AmeriGas
Partners
LP
/
AmeriGas
Finance
Corp
5.50%,
05/20/2025
437
482
5.63%,
05/20/2024
536
585
5.75%,
05/20/2027
621
700
5.88%,
08/20/2026
533
597
Rockpoint
Gas
Storage
Canada
Ltd
7.00%,
03/31/2023
(g)
493
502
$
2,866
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Hand
&
Machine
Tools
-
0.02%
Apex
Tool
Group
LLC
/
BC
Mountain
Finance
Inc
9.00%,
02/15/2023
(g)
$
250
$
251
Werner
FinCo
LP
/
Werner
FinCo
Inc
8.75%,
07/15/2025
(g)
375
390
$
641
Healthcare
-
Products
-
0.14%
Avantor
Funding
Inc
4.63%,
07/15/2028
(g)
1,250
1,316
Hologic
Inc
3.25%,
02/15/2029
(g)
2,150
2,172
Ortho-Clinical
Diagnostics
Inc
/
Ortho-Clinical
Diagnostics
SA
7.25%,
02/01/2028
(g)
663
722
Teleflex
Inc
4.25%,
06/01/2028
(g)
500
521
4.63%,
11/15/2027
565
596
$
5,327
Healthcare
-
Services
-
5.56%
Acadia
Healthcare
Co
Inc
5.00%,
04/15/2029
(g)
4,430
4,641
5.50%,
07/01/2028
(g)
4,325
4,612
Air
Methods
Corp
8.00%,
05/15/2025
(g)
1,740
1,640
Akumin
Escrow
Inc
7.50%,
08/01/2028
(g),(j)
4,550
4,550
Catalent
Pharma
Solutions
Inc
3.13%,
02/15/2029
(g)
2,350
2,303
5.00%,
07/15/2027
(g)
570
596
Centene
Corp
2.50%,
03/01/2031
1,960
1,962
3.00%,
10/15/2030
2,020
2,099
3.38%,
02/15/2030
2,565
2,676
4.25%,
12/15/2027
2,985
3,149
4.63%,
12/15/2029
4,400
4,822
5.38%,
06/01/2026
(g)
2,450
2,552
5.38%,
08/15/2026
(g)
800
833
Charles
River
Laboratories
International
Inc
3.75%,
03/15/2029
(g)
1,835
1,883
4.00%,
03/15/2031
(g)
110
116
4.25%,
05/01/2028
(g)
1,000
1,044
CHS/Community
Health
Systems
Inc
4.75%,
02/15/2031
(g)
6,585
6,684
5.63%,
03/15/2027
(g)
2,300
2,435
6.00%,
01/15/2029
(g)
377
401
6.13%,
04/01/2030
(g)
2,435
2,467
6.63%,
02/15/2025
(g)
1,500
1,573
6.88%,
04/15/2029
(g)
1,600
1,684
8.00%,
03/15/2026
(g)
1,874
2,009
DaVita
Inc
3.75%,
02/15/2031
(g)
11,320
10,978
4.63%,
06/01/2030
(g)
3,650
3,773
Encompass
Health
Corp
4.50%,
02/01/2028
735
763
4.63%,
04/01/2031
900
979
4.75%,
02/01/2030
1,946
2,077
Envision
Healthcare
Corp
8.75%,
10/15/2026
(g)
17,572
12,957
Global
Medical
Response
Inc
6.50%,
10/01/2025
(g)
1,100
1,141
HCA
Inc
3.50%,
09/01/2030
2,798
3,038
5.38%,
02/01/2025
2,682
3,040
5.38%,
09/01/2026
886
1,030
5.63%,
09/01/2028
2,070
2,489
5.88%,
05/01/2023
978
1,059
5.88%,
02/15/2026
1,210
1,407
Schedule
of
Investments
High
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
78
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Healthcare
-
Services
(continued)
HCA
Inc
(continued)
5.88%,
02/01/2029
$
1,310
$
1,601
7.50%,
11/06/2033
246
348
7.50%,
11/15/2095
165
245
7.69%,
06/15/2025
225
273
IQVIA
Inc
5.00%,
10/15/2026
(g)
1,062
1,091
5.00%,
05/15/2027
(g)
900
938
Legacy
LifePoint
Health
LLC
4.38%,
02/15/2027
(g)
4,160
4,170
6.75%,
04/15/2025
(g)
500
528
LifePoint
Health
Inc
5.38%,
01/15/2029
(g)
1,480
1,473
Magellan
Health
Inc
4.90%,
09/22/2024
325
361
MEDNAX
Inc
6.25%,
01/15/2027
(g)
810
853
ModivCare
Inc
5.88%,
11/15/2025
(g)
1,500
1,592
Molina
Healthcare
Inc
3.88%,
11/15/2030
(g)
1,835
1,943
4.38%,
06/15/2028
(g)
170
178
5.38%,
11/15/2022
1,125
1,172
Prime
Healthcare
Services
Inc
7.25%,
11/01/2025
(g)
950
1,020
Radiology
Partners
Inc
9.25%,
02/01/2028
(g)
12,340
13,297
RegionalCare
Hospital
Partners
Holdings
Inc
/
LifePoint
Health
Inc
9.75%,
12/01/2026
(g)
1,700
1,807
RP
Escrow
Issuer
LLC
5.25%,
12/15/2025
(g)
5,450
5,572
Select
Medical
Corp
6.25%,
08/15/2026
(g)
2,400
2,537
Surgery
Center
Holdings
Inc
6.75%,
07/01/2025
(g)
10,144
10,322
10.00%,
04/15/2027
(g)
9,172
9,997
Syneos
Health
Inc
3.63%,
01/15/2029
(g)
35
35
Tenet
Healthcare
Corp
4.63%,
07/15/2024
3,125
3,164
4.63%,
09/01/2024
(g)
2,170
2,219
4.63%,
06/15/2028
(g)
3,000
3,105
4.88%,
01/01/2026
(g)
6,325
6,531
5.13%,
11/01/2027
(g)
23,975
25,113
6.13%,
10/01/2028
(g)
2,590
2,758
6.25%,
02/01/2027
(g)
1,812
1,887
6.75%,
06/15/2023
1,943
2,108
6.88%,
11/15/2031
285
326
7.50%,
04/01/2025
(g)
570
613
US
Renal
Care
Inc
10.63%,
07/15/2027
(g)
414
450
$
211,089
Holding
Companies
-
Diversified
-
0.02%
Stena
International
SA
5.75%,
03/01/2024
(g)
325
336
6.13%,
02/01/2025
(g)
325
337
$
673
Home
Builders
-
0.51%
Ashton
Woods
USA
LLC
/
Ashton
Woods
Finance
Co
6.63%,
01/15/2028
(g)
900
961
6.75%,
08/01/2025
(g)
190
196
Beazer
Homes
USA
Inc
5.88%,
10/15/2027
245
255
6.75%,
03/15/2025
151
156
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Home
Builders
(continued)
Brookfield
Residential
Properties
Inc
/
Brookfield
Residential
US
LLC
4.88%,
02/15/2030
(g)
$
405
$
404
6.25%,
09/15/2027
(g)
1,554
1,641
Century
Communities
Inc
5.88%,
07/15/2025
711
731
6.75%,
06/01/2027
400
425
Empire
Communities
Corp
7.00%,
12/15/2025
(g)
35
37
Installed
Building
Products
Inc
5.75%,
02/01/2028
(g)
140
146
KB
Home
4.80%,
11/15/2029
144
157
6.88%,
06/15/2027
310
371
7.50%,
09/15/2022
474
506
7.63%,
05/15/2023
30
32
LGI
Homes
Inc
4.00%,
07/15/2029
(g)
1,750
1,775
M/I
Homes
Inc
4.95%,
02/01/2028
561
588
5.63%,
08/01/2025
231
237
Mattamy
Group
Corp
4.63%,
03/01/2030
(g)
1,115
1,155
5.25%,
12/15/2027
(g)
510
530
Meritage
Homes
Corp
6.00%,
06/01/2025
1,208
1,369
Picasso
Finance
Sub
Inc
6.13%,
06/15/2025
(g)
427
453
Shea
Homes
LP
/
Shea
Homes
Funding
Corp
4.75%,
02/15/2028
(g)
418
428
4.75%,
04/01/2029
(g)
70
72
Taylor
Morrison
Communities
Inc
5.13%,
08/01/2030
(g)
405
440
5.75%,
01/15/2028
(g)
355
400
6.63%,
07/15/2027
(g)
90
96
Taylor
Morrison
Communities
Inc
/
Taylor
Morrison
Holdings
II
Inc
5.63%,
03/01/2024
(g)
670
724
5.88%,
04/15/2023
(g)
566
600
Toll
Brothers
Finance
Corp
3.80%,
11/01/2029
320
346
4.35%,
02/15/2028
740
819
4.38%,
04/15/2023
811
847
4.88%,
03/15/2027
345
392
TRI
Pointe
Group
Inc
/
TRI
Pointe
Homes
Inc
5.88%,
06/15/2024
376
417
Tri
Pointe
Homes
Inc
5.25%,
06/01/2027
795
863
5.70%,
06/15/2028
43
48
Williams
Scotsman
International
Inc
4.63%,
08/15/2028
(g)
400
412
Winnebago
Industries
Inc
6.25%,
07/15/2028
(g)
249
268
$
19,297
Home
Furnishings
-
0.05%
Tempur
Sealy
International
Inc
4.00%,
04/15/2029
(g)
830
851
WASH
Multifamily
Acquisition
Inc
5.75%,
04/15/2026
(g)
1,000
1,046
$
1,897
Housewares
-
0.21%
CD&R
Smokey
Buyer
Inc
6.75%,
07/15/2025
(g)
505
538
Newell
Brands
Inc
4.00%,
12/01/2024
200
213
4.35%,
04/01/2023
1,892
1,977
4.70%,
04/01/2026
1,732
1,929
Schedule
of
Investments
High
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
79
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Housewares
(continued)
Newell
Brands
Inc
(continued)
4.88%,
06/01/2025
$
400
$
443
5.87%,
04/01/2036
375
476
6.00%,
04/01/2046
897
1,164
Scotts
Miracle-Gro
Co/The
4.00%,
04/01/2031
(g)
592
595
4.50%,
10/15/2029
500
521
5.25%,
12/15/2026
187
194
$
8,050
Insurance
-
2.81%
Acrisure
LLC
/
Acrisure
Finance
Inc
4.25%,
02/15/2029
(g)
1,860
1,811
7.00%,
11/15/2025
(g)
23,452
23,803
10.13%,
08/01/2026
(g)
497
557
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
4.25%,
10/15/2027
(g)
9,667
9,609
6.75%,
10/15/2027
(g)
1,392
1,453
AmWINS
Group
Inc
4.88%,
06/30/2029
(g)
7,575
7,727
Assurant
Inc
7.00%,
03/27/2048
(l)
415
483
3
Month
USD
LIBOR
+
4.14%
AssuredPartners
Inc
5.63%,
01/15/2029
(g)
8,683
8,620
7.00%,
08/15/2025
(g)
23,364
23,773
Genworth
Holdings
Inc
4.80%,
02/15/2024
383
381
4.90%,
08/15/2023
625
628
6.50%,
06/15/2034
150
154
GTCR
AP
Finance
Inc
8.00%,
05/15/2027
(g)
4,995
5,295
HUB
International
Ltd
7.00%,
05/01/2026
(g)
15,475
16,020
Liberty
Mutual
Group
Inc
4.30%,
02/01/2061
(g)
125
116
7.80%,
03/07/2087
(g)
505
677
3
Month
USD
LIBOR
+
3.58%
MGIC
Investment
Corp
5.25%,
08/15/2028
800
850
5.75%,
08/15/2023
622
670
Radian
Group
Inc
4.50%,
10/01/2024
1,353
1,446
4.88%,
03/15/2027
470
511
Sagicor
Financial
Co
Ltd
5.30%,
05/13/2028
(g)
1,520
1,596
USI
Inc/NY
6.88%,
05/01/2025
(g)
532
542
$
106,722
Internet
-
1.01%
ANGI
Group
LLC
3.88%,
08/15/2028
(g)
639
638
Arches
Buyer
Inc
6.13%,
12/01/2028
(g)
186
192
Cablevision
Lightpath
LLC
3.88%,
09/15/2027
(g)
2,115
2,099
5.63%,
09/15/2028
(g)
6,981
7,103
Cars.com
Inc
6.38%,
11/01/2028
(g)
402
428
Getty
Images
Inc
9.75%,
03/01/2027
(g)
268
287
Go
Daddy
Operating
Co
LLC
/
GD
Finance
Co
Inc
3.50%,
03/01/2029
(g)
700
701
5.25%,
12/01/2027
(g)
395
414
GrubHub
Holdings
Inc
5.50%,
07/01/2027
(g)
836
878
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Internet
(continued)
Match
Group
Holdings
II
LLC
4.13%,
08/01/2030
(g)
$
945
$
989
4.63%,
06/01/2028
(g)
505
530
5.00%,
12/15/2027
(g)
370
389
5.63%,
02/15/2029
(g)
695
760
Netflix
Inc
3.63%,
06/15/2025
(g)
475
510
4.38%,
11/15/2026
1,056
1,198
4.88%,
04/15/2028
1,926
2,251
4.88%,
06/15/2030
(g)
800
964
5.38%,
11/15/2029
(g)
1,049
1,294
5.75%,
03/01/2024
1,125
1,253
5.88%,
02/15/2025
725
835
5.88%,
11/15/2028
2,600
3,230
6.38%,
05/15/2029
1,000
1,285
NortonLifeLock
Inc
5.00%,
04/15/2025
(g)
2,000
2,028
Photo
Holdings
Merger
Sub
Inc
8.50%,
10/01/2026
(g)
885
967
Rakuten
Group
Inc
6.25%,
04/22/2031
(g),(l),(m)
1,000
1,028
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.96%
TripAdvisor
Inc
7.00%,
07/15/2025
(g)
405
432
Twitter
Inc
3.88%,
12/15/2027
(g)
565
604
Uber
Technologies
Inc
6.25%,
01/15/2028
(g)
4
4
7.50%,
05/15/2025
(g)
1,780
1,906
7.50%,
09/15/2027
(g)
945
1,033
8.00%,
11/01/2026
(g)
1,793
1,921
$
38,151
Investment
Companies
-
0.36%
Compass
Group
Diversified
Holdings
LLC
5.25%,
04/15/2029
(g)
1,035
1,074
FS
Energy
and
Power
Fund
7.50%,
08/15/2023
(g)
155
161
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp
4.38%,
02/01/2029
274
277
4.75%,
09/15/2024
1,295
1,350
5.25%,
05/15/2027
7,424
7,804
6.25%,
05/15/2026
1,200
1,261
6.38%,
12/15/2025
1,225
1,260
6.75%,
02/01/2024
515
526
$
13,713
Iron
&
Steel
-
1.75%
Allegheny
Technologies
Inc
5.88%,
12/01/2027
2,775
2,900
7.88%,
08/15/2023
6,426
7,026
ArcelorMittal
SA
4.25%,
07/16/2029
465
525
7.00%,
03/01/2041
570
818
7.25%,
10/15/2039
1,041
1,521
Baffinland
Iron
Mines
Corp
/
Baffinland
Iron
Mines
LP
8.75%,
07/15/2026
(g)
22,732
24,203
Big
River
Steel
LLC
/
BRS
Finance
Corp
6.63%,
01/31/2029
(g)
7,730
8,493
Carpenter
Technology
Corp
6.38%,
07/15/2028
369
406
Cleveland-Cliffs
Inc
5.88%,
06/01/2027
566
597
6.25%,
10/01/2040
215
232
6.75%,
03/15/2026
(g)
4,655
5,021
9.88%,
10/17/2025
(g)
728
851
Schedule
of
Investments
High
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
80
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Iron
&
Steel
(continued)
Commercial
Metals
Co
4.88%,
05/15/2023
$
766
$
804
5.38%,
07/15/2027
154
162
Infrabuild
Australia
Pty
Ltd
12.00%,
10/01/2024
(g),(i)
295
314
Mineral
Resources
Ltd
8.13%,
05/01/2027
(g)
1,075
1,176
Specialty
Steel
11.00%,
11/15/2026
(e),(f)
8,680
8,680
United
States
Steel
Corp
6.25%,
03/15/2026
(i)
547
564
6.65%,
06/01/2037
900
972
6.88%,
08/15/2025
614
626
6.88%,
03/01/2029
476
517
$
66,408
Leisure
Products
&
Services
-
0.89%
Carlson
Travel
Inc
6.75%,
12/15/2025
(g)
4,450
4,049
9.50%,
PIK
2.00%;
12/15/2026
(g),(k)
5,396
2,536
10.50%,
03/31/2025
(g),(h)
490
511
Carnival
Corp
4.00%,
08/01/2028
(g)
2,305
2,296
5.75%,
03/01/2027
(g)
2,195
2,231
7.63%,
03/01/2026
(g)
915
966
9.88%,
08/01/2027
(g)
1,176
1,346
10.50%,
02/01/2026
(g)
625
716
11.50%,
04/01/2023
(g)
1,027
1,158
Constellation
Merger
Sub
Inc
8.50%,
09/15/2025
(g)
1,580
1,554
NCL
Corp
Ltd
3.63%,
12/15/2024
(g)
955
908
5.88%,
03/15/2026
(g)
755
761
10.25%,
02/01/2026
(g)
605
691
12.25%,
05/15/2024
(g)
865
1,021
Royal
Caribbean
Cruises
Ltd
3.70%,
03/15/2028
(i)
595
562
5.25%,
11/15/2022
1,175
1,207
7.50%,
10/15/2027
(i)
930
1,063
9.13%,
06/15/2023
(g)
1,350
1,468
10.88%,
06/01/2023
(g)
1,035
1,175
11.50%,
06/01/2025
(g)
2,065
2,364
Viking
Cruises
Ltd
5.88%,
09/15/2027
(g)
1,300
1,235
6.25%,
05/15/2025
(g)
52
52
7.00%,
02/15/2029
(g)
835
839
13.00%,
05/15/2025
(g)
700
812
Viking
Ocean
Cruises
Ship
VII
Ltd
5.63%,
02/15/2029
(g)
1,165
1,165
Vista
Outdoor
Inc
4.50%,
03/15/2029
(g)
545
555
VOC
Escrow
Ltd
5.00%,
02/15/2028
(g)
545
541
$
33,782
Lodging
-
1.68%
Boyd
Gaming
Corp
4.75%,
12/01/2027
825
855
4.75%,
06/15/2031
(g)
12,765
13,208
8.63%,
06/01/2025
(g)
500
545
Diamond
Resorts
International
Inc
7.75%,
09/01/2023
(g)
550
562
10.75%,
09/01/2024
(g)
935
964
Hilton
Domestic
Operating
Co
Inc
3.63%,
02/15/2032
(g)
1,890
1,885
3.75%,
05/01/2029
(g)
1,050
1,061
4.00%,
05/01/2031
(g)
1,500
1,535
4.88%,
01/15/2030
1,510
1,620
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Lodging
(continued)
Hilton
Domestic
Operating
Co
Inc
(continued)
5.38%,
05/01/2025
(g)
$
2,053
$
2,146
5.75%,
05/01/2028
(g)
612
658
Hilton
Grand
Vacations
Borrower
Escrow
LLC
/
Hilton
Grand
Vacations
Borrower
Esc
5.00%,
06/01/2029
(g)
1,826
1,843
Hilton
Grand
Vacations
Borrower
LLC
/
Hilton
Grand
Vacations
Borrower
Inc
6.13%,
12/01/2024
369
384
Hilton
Worldwide
Finance
LLC
/
Hilton
Worldwide
Finance
Corp
4.88%,
04/01/2027
520
538
Marriott
Ownership
Resorts
Inc
4.75%,
01/15/2028
275
278
6.13%,
09/15/2025
(g)
763
807
Marriott
Ownership
Resorts
Inc
/
ILG
LLC
6.50%,
09/15/2026
291
302
Melco
Resorts
Finance
Ltd
5.38%,
12/04/2029
(g)
1,030
1,062
5.75%,
07/21/2028
(g)
1,305
1,352
MGM
China
Holdings
Ltd
5.25%,
06/18/2025
(g)
405
415
5.38%,
05/15/2024
(g)
730
742
5.88%,
05/15/2026
(g)
970
1,006
MGM
Resorts
International
4.63%,
09/01/2026
415
433
4.75%,
10/15/2028
675
711
5.50%,
04/15/2027
533
579
5.75%,
06/15/2025
700
762
6.00%,
03/15/2023
1,295
1,368
6.75%,
05/01/2025
1,800
1,910
Station
Casinos
LLC
4.50%,
02/15/2028
(g)
1,225
1,231
5.00%,
10/01/2025
(g)
4,614
4,666
Studio
City
Finance
Ltd
5.00%,
01/15/2029
(g)
2,150
2,118
6.00%,
07/15/2025
(g)
905
944
6.50%,
01/15/2028
(g)
1,005
1,053
Travel
+
Leisure
Co
3.90%,
03/01/2023
82
83
4.63%,
03/01/2030
(g)
12
12
5.65%,
04/01/2024
266
285
6.00%,
04/01/2027
280
303
6.63%,
07/31/2026
(g)
1,070
1,194
Universal
Entertainment
Corp
8.50%,
12/11/2024
(g)
1,000
1,050
Wyndham
Hotels
&
Resorts
Inc
4.38%,
08/15/2028
(g)
720
744
Wynn
Las
Vegas
LLC
/
Wynn
Las
Vegas
Capital
Corp
4.25%,
05/30/2023
(g)
645
661
5.25%,
05/15/2027
(g)
1,395
1,464
5.50%,
03/01/2025
(g)
1,865
1,972
Wynn
Macau
Ltd
4.88%,
10/01/2024
(g)
1,025
1,030
5.13%,
12/15/2029
(g)
1,510
1,525
5.50%,
01/15/2026
(g)
1,395
1,444
5.50%,
10/01/2027
(g)
815
837
5.63%,
08/26/2028
(g)
1,500
1,538
$
63,685
Machinery
-
Construction
&
Mining
-
0.09%
BWX
Technologies
Inc
4.13%,
06/30/2028
(g)
1,557
1,596
Manitowoc
Co
Inc/The
9.00%,
04/01/2026
(g)
225
243
Schedule
of
Investments
High
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
81
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Machinery
-
Construction
&
Mining
(continued)
Terex
Corp
5.00%,
05/15/2029
(g)
$
1,405
$
1,456
$
3,295
Machinery
-
Diversified
-
0.83%
ATS
Automation
Tooling
Systems
Inc
4.13%,
12/15/2028
(g)
154
157
Cleaver-Brooks
Inc
7.88%,
03/01/2023
(g)
416
411
Colfax
Corp
6.38%,
02/15/2026
(g)
237
250
Husky
III
Holding
Ltd
13.00%,
PIK
13.75%;
02/15/2025
(g),(h),(k)
113
122
JPW
Industries
Holding
Corp
9.00%,
10/01/2024
(g),(i)
5,945
6,227
RBS
Global
Inc
/
Rexnord
LLC
4.88%,
12/15/2025
(g)
442
451
SPX
FLOW
Inc
5.88%,
08/15/2026
(g)
1,000
1,033
Stevens
Holding
Co
Inc
6.13%,
10/01/2026
(g)
1,063
1,140
Titan
Acquisition
Ltd
/
Titan
Co-Borrower
LLC
7.75%,
04/15/2026
(g)
18,709
19,255
TK
Elevator
US
Newco
Inc
5.25%,
07/15/2027
(g)
1,785
1,885
Vertical
Holdco
GmbH
7.63%,
07/15/2028
(g)
360
390
$
31,321
Media
-
5.99%
Altice
Financing
SA
5.00%,
01/15/2028
(g)
1,245
1,223
AMC
Networks
Inc
4.25%,
02/15/2029
2,120
2,120
4.75%,
08/01/2025
830
851
5.00%,
04/01/2024
477
484
Audacy
Capital
Corp
6.50%,
05/01/2027
(g),(i)
356
367
6.75%,
03/31/2029
(g)
2,000
2,040
Belo
Corp
7.25%,
09/15/2027
170
198
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
4.00%,
03/01/2023
(g)
515
519
4.25%,
02/01/2031
(g)
3,925
4,050
4.50%,
08/15/2030
(g)
4,142
4,349
4.50%,
05/01/2032
3,260
3,411
4.50%,
06/01/2033
(g)
1,900
1,978
4.75%,
03/01/2030
(g)
4,995
5,294
5.00%,
02/01/2028
(g)
5,900
6,186
5.13%,
05/01/2027
(g)
3,334
3,488
5.38%,
06/01/2029
(g)
1,920
2,090
5.50%,
05/01/2026
(g)
1,280
1,323
5.75%,
02/15/2026
(g)
4,061
4,199
Cengage
Learning
Inc
9.50%,
06/15/2024
(g)
718
736
Clear
Channel
Worldwide
Holdings
Inc
5.13%,
08/15/2027
(g)
1,295
1,330
CSC
Holdings
LLC
3.38%,
02/15/2031
(g)
1,250
1,187
4.13%,
12/01/2030
(g)
1,640
1,644
4.50%,
11/15/2031
(g)
500
504
4.63%,
12/01/2030
(g)
19,890
19,591
5.00%,
11/15/2031
(g)
500
503
5.25%,
06/01/2024
1,136
1,227
5.38%,
02/01/2028
(g)
1,100
1,162
5.50%,
04/15/2027
(g)
1,436
1,502
5.75%,
01/15/2030
(g)
3,707
3,864
5.88%,
09/15/2022
523
547
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Media
(continued)
CSC
Holdings
LLC
(continued)
6.50%,
02/01/2029
(g)
$
2,959
$
3,264
7.50%,
04/01/2028
(g)
5,620
6,129
Cumulus
Media
New
Holdings
Inc
6.75%,
07/01/2026
(g),(i)
516
544
Diamond
Sports
Group
LLC
/
Diamond
Sports
Finance
Co
5.38%,
08/15/2026
(g)
1,460
847
DISH
DBS
Corp
5.00%,
03/15/2023
1,779
1,852
5.13%,
06/01/2029
(g)
2,490
2,468
5.88%,
11/15/2024
2,844
3,064
7.38%,
07/01/2028
2,135
2,310
7.75%,
07/01/2026
2,805
3,201
GCI
LLC
4.75%,
10/15/2028
(g)
170
177
Gray
Television
Inc
4.75%,
10/15/2030
(g)
1,065
1,056
5.88%,
07/15/2026
(g)
640
660
7.00%,
05/15/2027
(g)
735
787
iHeartCommunications
Inc
4.75%,
01/15/2028
(g)
1,005
1,041
5.25%,
08/15/2027
(g)
991
1,033
6.38%,
05/01/2026
775
818
8.38%,
05/01/2027
1,623
1,727
LCPR
Senior
Secured
Financing
DAC
6.75%,
10/15/2027
(g)
1,100
1,174
Liberty
Interactive
LLC
8.25%,
02/01/2030
435
496
8.50%,
07/15/2029
326
374
Meredith
Corp
6.50%,
07/01/2025
(g)
5
5
Midcontinent
Communications
/
Midcontinent
Finance
Corp
5.38%,
08/15/2027
(g)
20
21
Nexstar
Media
Inc
4.75%,
11/01/2028
(g)
10,407
10,732
5.63%,
07/15/2027
(g)
14,150
14,960
Quebecor
Media
Inc
5.75%,
01/15/2023
1,285
1,378
Radiate
Holdco
LLC
/
Radiate
Finance
Inc
4.50%,
09/15/2026
(g)
931
964
6.50%,
09/15/2028
(g)
800
831
Scripps
Escrow
II
Inc
3.88%,
01/15/2029
(g)
135
135
5.38%,
01/15/2031
(g)
4,723
4,712
Scripps
Escrow
Inc
5.88%,
07/15/2027
(g)
4,676
4,840
Sinclair
Television
Group
Inc
5.13%,
02/15/2027
(g)
418
416
5.50%,
03/01/2030
(g),(i)
1,000
999
5.88%,
03/15/2026
(g)
270
277
Sirius
XM
Radio
Inc
3.88%,
08/01/2022
(g)
768
768
4.00%,
07/15/2028
(g)
8,280
8,542
4.13%,
07/01/2030
(g)
1,550
1,599
4.63%,
07/15/2024
(g)
1,150
1,177
5.00%,
08/01/2027
(g)
2,331
2,436
5.38%,
07/15/2026
(g)
5,475
5,653
5.50%,
07/01/2029
(g)
1,388
1,520
SportsNet
New
York
10.25%,
01/15/2025
(e),(f)
4,130
4,166
TEGNA
Inc
4.63%,
03/15/2028
764
787
4.75%,
03/15/2026
(g)
200
212
5.00%,
09/15/2029
2,315
2,419
Schedule
of
Investments
High
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
82
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Media
(continued)
Telenet
Finance
Luxembourg
Notes
Sarl
5.50%,
03/01/2028
(g)
$
1,000
$
1,053
Univision
Communications
Inc
4.50%,
05/01/2029
(g)
1,600
1,604
5.13%,
02/15/2025
(g)
1,959
1,989
6.63%,
06/01/2027
(g)
2,224
2,391
9.50%,
05/01/2025
(g)
80
87
UPC
Holding
BV
5.50%,
01/15/2028
(g)
430
453
Urban
One
Inc
7.38%,
02/01/2028
(g)
5
5
ViacomCBS
Inc
6.25%,
02/28/2057
(l)
1,712
1,960
3
Month
USD
LIBOR
+
3.90%
Videotron
Ltd
3.63%,
06/15/2029
(g)
1,380
1,415
5.13%,
04/15/2027
(g)
664
692
5.38%,
06/15/2024
(g)
1,017
1,121
Virgin
Media
Finance
PLC
5.00%,
07/15/2030
(g)
14,876
15,136
Virgin
Media
Secured
Finance
PLC
4.50%,
08/15/2030
(g)
525
529
5.50%,
05/15/2029
(g)
1,215
1,298
Virgin
Media
Vendor
Financing
Notes
IV
DAC
5.00%,
07/15/2028
(g)
405
412
Ziggo
Bond
Co
BV
5.13%,
02/28/2030
(g)
4,855
4,989
6.00%,
01/15/2027
(g)
2,600
2,708
Ziggo
BV
4.88%,
01/15/2030
(g)
1,015
1,047
5.50%,
01/15/2027
(g)
7,410
7,682
$
227,109
Metal
Fabrication
&
Hardware
-
0.02%
Grinding
Media
Inc
/
Moly-Cop
AltaSteel
Ltd
7.38%,
12/15/2023
(g)
835
845
Mining
-
1.93%
Alcoa
Nederland
Holding
BV
5.50%,
12/15/2027
(g)
605
653
6.13%,
05/15/2028
(g)
430
470
7.00%,
09/30/2026
(g)
580
605
Arconic
Corp
6.00%,
05/15/2025
(g)
565
597
6.13%,
02/15/2028
(g)
17,697
18,848
Celtic
Resources
Holdings
DAC
4.13%,
10/09/2024
(g)
1,000
1,054
Century
Aluminum
Co
7.50%,
04/01/2028
(g)
12,475
13,317
Coeur
Mining
Inc
5.13%,
02/15/2029
(g)
895
869
Compass
Minerals
International
Inc
4.88%,
07/15/2024
(g)
1,260
1,306
6.75%,
12/01/2027
(g)
353
378
Constellium
SE
3.75%,
04/15/2029
(g)
3,450
3,441
5.63%,
06/15/2028
(g)
1,250
1,332
5.88%,
02/15/2026
(g)
500
513
FMG
Resources
August
2006
Pty
Ltd
4.38%,
04/01/2031
(g)
500
544
4.50%,
09/15/2027
(g)
485
529
5.13%,
05/15/2024
(g)
1,242
1,341
Freeport-McMoRan
Inc
3.55%,
03/01/2022
430
433
3.88%,
03/15/2023
525
544
4.13%,
03/01/2028
725
759
4.25%,
03/01/2030
485
523
4.38%,
08/01/2028
525
556
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Mining
(continued)
Freeport-McMoRan
Inc
(continued)
4.55%,
11/14/2024
$
590
$
642
4.63%,
08/01/2030
1,053
1,157
5.00%,
09/01/2027
258
272
5.25%,
09/01/2029
485
535
5.40%,
11/14/2034
1,005
1,278
5.45%,
03/15/2043
1,510
1,941
Hecla
Mining
Co
7.25%,
02/15/2028
55
60
Joseph
T
Ryerson
&
Son
Inc
8.50%,
08/01/2028
(g)
3,345
3,696
JW
Aluminum
Continuous
Cast
Co
10.25%,
06/01/2026
(g)
435
457
Kaiser
Aluminum
Corp
4.63%,
03/01/2028
(g)
310
324
Northwest
Acquisitions
ULC
/
Dominion
Finco
Inc
0.00%,
11/01/2022
(d),(g)
15,820
2
Novelis
Corp
4.75%,
01/30/2030
(g)
7,095
7,555
5.88%,
09/30/2026
(g)
1,705
1,769
Perenti
Finance
Pty
Ltd
6.50%,
10/07/2025
(g),(i)
335
351
Real
Alloy
Holding
Inc
11.00%,
11/30/2023
(e),(f),(h)
4,697
4,697
$
73,348
Miscellaneous
Manufacturers
-
0.26%
Amsted
Industries
Inc
5.63%,
07/01/2027
(g)
495
520
Bombardier
Inc
7.13%,
06/15/2026
(g)
1,100
1,144
7.45%,
05/01/2034
(g)
200
227
7.50%,
12/01/2024
(g)
900
935
7.50%,
03/15/2025
(g),(i)
1,123
1,144
7.88%,
04/15/2027
(g)
1,755
1,817
FXI
Holdings
Inc
7.88%,
11/01/2024
(g)
543
557
12.25%,
11/15/2026
(g)
693
788
Gates
Global
LLC
/
Gates
Corp
6.25%,
01/15/2026
(g)
680
706
Hillenbrand
Inc
4.50%,
09/15/2026
1,260
1,401
LSB
Industries
Inc
9.63%,
05/01/2023
(g),(i)
535
553
Trinity
Industries
Inc
4.55%,
10/01/2024
230
244
$
10,036
Office
&
Business
Equipment
-
0.18%
CDW
LLC
/
CDW
Finance
Corp
3.25%,
02/15/2029
1,090
1,094
4.13%,
05/01/2025
300
311
4.25%,
04/01/2028
485
504
5.50%,
12/01/2024
920
1,013
Pitney
Bowes
Inc
6.88%,
03/15/2027
(g)
120
127
7.25%,
03/15/2029
(g)
1,354
1,452
Xerox
Corp
3.80%,
05/15/2024
215
225
4.38%,
03/15/2023
715
747
4.80%,
03/01/2035
350
357
6.75%,
12/15/2039
280
315
Xerox
Holdings
Corp
5.00%,
08/15/2025
(g)
430
458
5.50%,
08/15/2028
(g)
250
264
$
6,867
Schedule
of
Investments
High
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
83
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Oil
&
Gas
-
6.04%
Aethon
United
BR
LP
/
Aethon
United
Finance
Corp
8.25%,
02/15/2026
(g)
$
750
$
802
Antero
Resources
Corp
5.00%,
03/01/2025
(i)
450
458
7.63%,
02/01/2029
(g)
480
526
8.38%,
07/15/2026
(g)
480
543
Apache
Corp
4.25%,
01/15/2030
755
787
4.25%,
01/15/2044
645
632
4.38%,
10/15/2028
423
448
4.63%,
11/15/2025
376
404
4.75%,
04/15/2043
954
980
4.88%,
11/15/2027
2,910
3,128
5.10%,
09/01/2040
1,570
1,684
5.25%,
02/01/2042
815
876
5.35%,
07/01/2049
765
806
6.00%,
01/15/2037
735
845
Ascent
Resources
Utica
Holdings
LLC
/
ARU
Finance
Corp
7.00%,
11/01/2026
(g)
900
929
9.00%,
11/01/2027
(g)
479
656
Baytex
Energy
Corp
5.63%,
06/01/2024
(g)
438
437
8.75%,
04/01/2027
(g)
100
100
California
Resources
Corp
7.13%,
02/01/2026
(g)
30
31
Callon
Petroleum
Co
6.13%,
10/01/2024
195
182
6.38%,
07/01/2026
665
595
8.25%,
07/15/2025
1,000
940
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp
7.75%,
04/15/2023
365
361
9.25%,
07/15/2024
(g)
580
632
11.00%,
04/15/2025
(g)
440
487
Centennial
Resource
Production
LLC
5.38%,
01/15/2026
(g)
150
144
6.88%,
04/01/2027
(g),(i)
200
197
Chesapeake
Energy
Corp
5.50%,
02/01/2026
(g)
1,500
1,564
5.88%,
02/01/2029
(g)
900
956
CNX
Resources
Corp
6.00%,
01/15/2029
(g)
520
551
7.25%,
03/14/2027
(g)
525
559
Colgate
Energy
Partners
III
LLC
5.88%,
07/01/2029
(g)
3,750
3,891
Comstock
Resources
Inc
5.88%,
01/15/2030
(g)
4,025
4,049
6.75%,
03/01/2029
(g)
2,675
2,795
7.50%,
05/15/2025
(g)
605
626
Continental
Resources
Inc/OK
3.80%,
06/01/2024
1,395
1,463
4.38%,
01/15/2028
825
914
4.50%,
04/15/2023
541
563
4.90%,
06/01/2044
550
635
5.75%,
01/15/2031
(g)
1,305
1,573
CrownRock
LP
/
CrownRock
Finance
Inc
5.00%,
05/01/2029
(g)
1,950
2,035
5.63%,
10/15/2025
(g)
1,354
1,388
CVR
Energy
Inc
5.25%,
02/15/2025
(g)
385
374
5.75%,
02/15/2028
(g),(i)
300
291
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Oil
&
Gas
(continued)
Endeavor
Energy
Resources
LP
/
EER
Finance
Inc
5.50%,
01/30/2026
(g)
$
917
$
946
5.75%,
01/30/2028
(g)
850
889
6.63%,
07/15/2025
(g)
485
513
Ensign
Drilling
Inc
9.25%,
04/15/2024
(g)
620
567
EQT
Corp
3.00%,
10/01/2022
588
596
3.90%,
10/01/2027
1,675
1,815
5.00%,
01/15/2029
365
413
7.63%,
02/01/2025
1,000
1,155
8.50%,
02/01/2030
1,175
1,543
Global
Marine
Inc
7.00%,
06/01/2028
1,500
1,015
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co
5.75%,
10/01/2025
(g)
1,120
1,131
5.75%,
02/01/2029
(g)
3,190
3,248
6.00%,
02/01/2031
(g)
4,945
5,161
6.25%,
11/01/2028
(g)
385
402
Indigo
Natural
Resources
LLC
5.38%,
02/01/2029
(g)
700
730
Laredo
Petroleum
Inc
9.50%,
01/15/2025
1,800
1,850
10.13%,
01/15/2028
800
842
Magnolia
Oil
&
Gas
Operating
LLC
/
Magnolia
Oil
&
Gas
Finance
Corp
6.00%,
08/01/2026
(g)
374
381
Matador
Resources
Co
5.88%,
09/15/2026
1,050
1,067
MEG
Energy
Corp
5.88%,
02/01/2029
(g)
8,920
9,210
6.50%,
01/15/2025
(g)
637
657
7.13%,
02/01/2027
(g)
7,705
8,085
Moss
Creek
Resources
Holdings
Inc
7.50%,
01/15/2026
(g)
709
635
10.50%,
05/15/2027
(g)
410
394
Murphy
Oil
Corp
5.75%,
08/15/2025
336
343
6.37%,
12/01/2042
245
244
6.38%,
07/15/2028
1,295
1,369
6.88%,
08/15/2024
90
92
Nabors
Industries
Inc
5.75%,
02/01/2025
595
506
9.00%,
02/01/2025
(g)
15
15
Nabors
Industries
Ltd
7.25%,
01/15/2026
(g)
1,080
1,010
Neptune
Energy
Bondco
PLC
6.63%,
05/15/2025
(g)
800
813
Oasis
Petroleum
Inc
6.38%,
06/01/2026
(g)
965
999
Occidental
Petroleum
Corp
3.00%,
02/15/2027
7,941
7,881
3.20%,
08/15/2026
1,625
1,613
3.40%,
04/15/2026
1,225
1,237
3.45%,
07/15/2024
200
202
3.50%,
06/15/2025
660
672
3.50%,
08/15/2029
4,725
4,714
4.20%,
03/15/2048
1,410
1,350
4.30%,
08/15/2039
1,000
991
4.40%,
04/15/2046
1,925
1,889
4.40%,
08/15/2049
95
92
4.50%,
07/15/2044
1,090
1,074
4.63%,
06/15/2045
1,146
1,150
5.50%,
12/01/2025
780
858
5.55%,
03/15/2026
975
1,067
5.88%,
09/01/2025
700
776
Schedule
of
Investments
High
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
84
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Oil
&
Gas
(continued)
Occidental
Petroleum
Corp
(continued)
6.13%,
01/01/2031
$
5,441
$
6,428
6.20%,
03/15/2040
1,555
1,800
6.38%,
09/01/2028
2,020
2,353
6.45%,
09/15/2036
22,941
27,698
6.60%,
03/15/2046
2,555
3,143
6.63%,
09/01/2030
3,480
4,246
6.95%,
07/01/2024
535
597
7.15%,
05/15/2028
235
271
7.50%,
05/01/2031
1,659
2,107
7.88%,
09/15/2031
545
709
7.95%,
06/15/2039
740
962
8.50%,
07/15/2027
400
499
8.88%,
07/15/2030
6,035
8,142
Ovintiv
Exploration
Inc
5.38%,
01/01/2026
745
841
5.63%,
07/01/2024
970
1,074
Ovintiv
Inc
5.15%,
11/15/2041
460
505
6.50%,
08/15/2034
1,295
1,727
6.50%,
02/01/2038
605
823
6.63%,
08/15/2037
585
795
7.20%,
11/01/2031
980
1,310
7.38%,
11/01/2031
1,090
1,473
8.13%,
09/15/2030
940
1,294
Par
Petroleum
LLC
/
Par
Petroleum
Finance
Corp
7.75%,
12/15/2025
(g)
225
223
Parkland
Corp/Canada
4.50%,
10/01/2029
(g)
900
926
5.88%,
07/15/2027
(g)
640
682
Patterson-UTI
Energy
Inc
3.95%,
02/01/2028
440
443
5.15%,
11/15/2029
1,255
1,297
PBF
Holding
Co
LLC
/
PBF
Finance
Corp
7.25%,
06/15/2025
874
524
9.25%,
05/15/2025
(g)
725
663
PDC
Energy
Inc
5.75%,
05/15/2026
560
579
6.13%,
09/15/2024
495
504
Precision
Drilling
Corp
7.13%,
01/15/2026
(g)
550
567
Puma
International
Financing
SA
5.00%,
01/24/2026
(g)
730
730
5.13%,
10/06/2024
(g)
400
401
Range
Resources
Corp
4.88%,
05/15/2025
550
570
5.00%,
03/15/2023
465
481
8.25%,
01/15/2029
(g)
435
482
9.25%,
02/01/2026
750
814
SM
Energy
Co
5.63%,
06/01/2025
90
88
6.75%,
09/15/2026
375
372
10.00%,
01/15/2025
(g)
351
391
Southwestern
Energy
Co
6.45%,
01/23/2025
685
750
7.75%,
10/01/2027
90
97
8.38%,
09/15/2028
600
669
Sunoco
LP
/
Sunoco
Finance
Corp
4.50%,
05/15/2029
1,050
1,074
5.50%,
02/15/2026
600
617
5.88%,
03/15/2028
7,816
8,226
6.00%,
04/15/2027
1,815
1,894
Talos
Production
Inc
12.00%,
01/15/2026
3,665
3,819
Teine
Energy
Ltd
6.88%,
04/15/2029
(g)
6,375
6,470
Transocean
Guardian
Ltd
5.88%,
01/15/2024
(g)
553
524
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Oil
&
Gas
(continued)
Transocean
Inc
7.50%,
01/15/2026
(g)
$
467
$
362
8.00%,
02/01/2027
(g)
635
468
11.50%,
01/30/2027
(g)
510
507
Transocean
Pontus
Ltd
6.13%,
08/01/2025
(g)
410
405
Transocean
Poseidon
Ltd
6.88%,
02/01/2027
(g)
420
410
Transocean
Sentry
Ltd
5.38%,
05/15/2023
(g)
368
346
Vantage
Drilling
International
9.25%,
11/15/2023
(g)
400
352
Vermilion
Energy
Inc
5.63%,
03/15/2025
(g)
179
180
Vine
Energy
Holdings
LLC
6.75%,
04/15/2029
(g)
4,700
4,900
W&T
Offshore
Inc
9.75%,
11/01/2023
(g)
645
619
$
229,262
Oil
&
Gas
Services
-
0.26%
Archrock
Partners
LP
/
Archrock
Partners
Finance
Corp
6.25%,
04/01/2028
(g)
985
1,005
6.88%,
04/01/2027
(g)
435
457
Bristow
Group
Inc
6.88%,
03/01/2028
(g)
100
103
Exterran
Energy
Solutions
LP
/
EES
Finance
Corp
8.13%,
05/01/2025
551
485
KCA
Deutag
UK
Finance
PLC
9.88%,
12/01/2025
(g)
500
546
Oceaneering
International
Inc
4.65%,
11/15/2024
113
112
6.00%,
02/01/2028
225
226
TechnipFMC
PLC
6.50%,
02/01/2026
(g)
900
965
Telford
Offshore
Ltd
12.00%,
PIK
12.00%
(h),(k),(m)
359
13
Transocean
Phoenix
2
Ltd
7.75%,
10/15/2024
(g)
338
342
Transocean
Proteus
Ltd
6.25%,
12/01/2024
(g)
452
447
USA
Compression
Partners
LP
/
USA
Compression
Finance
Corp
6.88%,
04/01/2026
962
1,008
6.88%,
09/01/2027
270
285
Weatherford
International
Ltd
8.75%,
09/01/2024
(g)
630
655
11.00%,
12/01/2024
(g)
2,695
2,789
Welltec
A/S
9.50%,
12/01/2022
(g)
335
332
$
9,770
Packaging
&
Containers
-
2.94%
ARD
Finance
SA
6.50%,
PIK
7.25%;
06/30/2027
(g),(h),(k)
961
1,014
Ardagh
Metal
Packaging
Finance
USA
LLC
/
Ardagh
Metal
Packaging
Finance
PLC
3.25%,
09/01/2028
(g)
3,050
3,054
4.00%,
09/01/2029
(g)
2,915
2,918
Ardagh
Packaging
Finance
PLC
/
Ardagh
Holdings
USA
Inc
4.13%,
08/15/2026
(g)
1,680
1,735
5.25%,
04/30/2025
(g)
795
830
5.25%,
08/15/2027
(g)
1,570
1,603
5.25%,
08/15/2027
(g)
810
827
6.00%,
02/15/2025
(g)
2,000
2,062
Schedule
of
Investments
High
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
85
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Packaging
&
Containers
(continued)
Ball
Corp
2.88%,
08/15/2030
$
1,065
$
1,054
4.00%,
11/15/2023
830
880
4.88%,
03/15/2026
1,140
1,274
5.25%,
07/01/2025
746
841
Berry
Global
Inc
4.50%,
02/15/2026
(g)
296
302
5.63%,
07/15/2027
(g)
3,400
3,578
Cascades
Inc/Cascades
USA
Inc
5.38%,
01/15/2028
(g)
1,740
1,831
Crown
Americas
LLC
/
Crown
Americas
Capital
Corp
IV
4.50%,
01/15/2023
1,030
1,074
Crown
Americas
LLC
/
Crown
Americas
Capital
Corp
V
4.25%,
09/30/2026
315
338
Crown
Cork
&
Seal
Co
Inc
7.38%,
12/15/2026
654
804
Flex
Acquisition
Co
Inc
6.88%,
01/15/2025
(g)
818
828
7.88%,
07/15/2026
(g)
560
583
Graham
Packaging
Co
Inc
7.13%,
08/15/2028
(g)
2,675
2,852
Graphic
Packaging
International
LLC
3.50%,
03/15/2028
(g)
980
992
3.50%,
03/01/2029
(g)
1,555
1,545
4.88%,
11/15/2022
363
378
Intelligent
Packaging
Ltd
Finco
Inc
/
Intelligent
Packaging
Ltd
Co-Issuer
LLC
6.00%,
09/15/2028
(g)
7,830
8,143
LABL
Inc
6.75%,
07/15/2026
(g)
2,435
2,584
10.50%,
07/15/2027
(g)
770
847
Matthews
International
Corp
5.25%,
12/01/2025
(g)
265
272
Mauser
Packaging
Solutions
Holding
Co
5.50%,
04/15/2024
(g)
1,179
1,186
7.25%,
04/15/2025
(g)
1,280
1,249
Owens-Brockway
Glass
Container
Inc
5.38%,
01/15/2025
(g)
205
219
6.38%,
08/15/2025
(g)
83
93
Pactiv
LLC
7.95%,
12/15/2025
435
489
8.38%,
04/15/2027
(i)
830
951
Plastipak
Holdings
Inc
6.25%,
10/15/2025
(g)
17,102
17,456
Reynolds
Group
Issuer
Inc
/
Reynolds
Group
Issuer
LLC
/
Reynolds
Group
Issuer
4.00%,
10/15/2027
(g)
1,445
1,443
Sealed
Air
Corp
4.00%,
12/01/2027
(g)
230
246
4.88%,
12/01/2022
(g)
320
332
5.13%,
12/01/2024
(g)
80
87
5.25%,
04/01/2023
(g)
385
405
5.50%,
09/15/2025
(g)
872
968
6.88%,
07/15/2033
(g)
355
454
Silgan
Holdings
Inc
4.13%,
02/01/2028
1,015
1,053
Trident
TPI
Holdings
Inc
6.63%,
11/01/2025
(g)
17,774
18,196
9.25%,
08/01/2024
(g)
6,247
6,583
Trivium
Packaging
Finance
BV
5.50%,
08/15/2026
(g)
13,281
13,879
8.50%,
08/15/2027
(g)
1,030
1,107
$
111,439
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pharmaceuticals
-
1.69%
AdaptHealth
LLC
6.13%,
08/01/2028
(g)
$
290
$
304
Bausch
Health
Americas
Inc
8.50%,
01/31/2027
(g)
2,330
2,520
9.25%,
04/01/2026
(g)
2,670
2,890
Bausch
Health
Cos
Inc
5.00%,
01/30/2028
(g)
4,218
4,023
5.00%,
02/15/2029
(g)
2,520
2,381
5.25%,
01/30/2030
(g)
9,097
8,562
5.25%,
02/15/2031
(g),(i)
2,946
2,762
5.50%,
11/01/2025
(g)
1,810
1,848
5.75%,
08/15/2027
(g)
900
947
6.13%,
04/15/2025
(g)
3,322
3,391
6.25%,
02/15/2029
(g)
2,780
2,766
7.00%,
01/15/2028
(g)
4,450
4,673
7.25%,
05/30/2029
(g)
1,430
1,480
9.00%,
12/15/2025
(g)
1,470
1,569
Elanco
Animal
Health
Inc
5.27%,
08/28/2023
1,300
1,391
5.90%,
08/28/2028
1,135
1,357
Endo
Dac
/
Endo
Finance
LLC
/
Endo
Finco
Inc
6.00%,
06/30/2028
(g)
543
367
9.50%,
07/31/2027
(g),(i)
1,335
1,339
Endo
Luxembourg
Finance
Co
I
Sarl
/
Endo
US
Inc
6.13%,
04/01/2029
(g)
795
790
Herbalife
Nutrition
Ltd
/
HLF
Financing
Inc
7.88%,
09/01/2025
(g)
1,500
1,629
Horizon
Therapeutics
USA
Inc
5.50%,
08/01/2027
(g)
875
928
Organon
&
Co
/
Organon
Foreign
Debt
Co-Issuer
BV
5.13%,
04/30/2031
(g)
7,700
7,931
Owens
&
Minor
Inc
4.50%,
03/31/2029
(g)
555
569
P&L
Development
LLC
/
PLD
Finance
Corp
7.75%,
11/15/2025
(g)
800
836
Par
Pharmaceutical
Inc
7.50%,
04/01/2027
(g)
1,725
1,760
Prestige
Brands
Inc
3.75%,
04/01/2031
(g)
4,915
4,859
5.13%,
01/15/2028
(g)
395
417
$
64,289
Pipelines
-
4.78%
AI
Candelaria
Spain
SLU
7.50%,
12/15/2028
(g)
299
333
Antero
Midstream
Partners
LP
/
Antero
Midstream
Finance
Corp
5.38%,
06/15/2029
(g)
2,900
2,978
5.75%,
03/01/2027
(g)
2,300
2,369
5.75%,
01/15/2028
(g)
4,050
4,232
7.88%,
05/15/2026
(g)
1,985
2,198
Blue
Racer
Midstream
LLC
/
Blue
Racer
Finance
Corp
6.63%,
07/15/2026
(g)
200
207
7.63%,
12/15/2025
(g)
210
226
Buckeye
Partners
LP
4.13%,
03/01/2025
(g)
500
518
4.13%,
12/01/2027
730
745
4.15%,
07/01/2023
495
511
4.35%,
10/15/2024
295
309
4.50%,
03/01/2028
(g)
4,850
4,923
5.60%,
10/15/2044
3,121
3,080
5.85%,
11/15/2043
3,120
3,136
6.37%,
01/22/2078
(l)
355
328
3
Month
USD
LIBOR
+
4.02%
Schedule
of
Investments
High
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
86
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pipelines
(continued)
Cheniere
Energy
Inc
4.63%,
10/15/2028
$
2,020
$
2,129
Cheniere
Energy
Partners
LP
4.00%,
03/01/2031
(g)
385
407
4.50%,
10/01/2029
1,669
1,800
5.63%,
10/01/2026
1,175
1,213
CNX
Midstream
Partners
LP
/
CNX
Midstream
Finance
Corp
6.50%,
03/15/2026
(g)
305
315
CQP
Holdco
LP
/
BIP-V
Chinook
Holdco
LLC
5.50%,
06/15/2031
(g)
12,125
12,580
Crestwood
Midstream
Partners
LP
/
Crestwood
Midstream
Finance
Corp
5.63%,
05/01/2027
(g)
568
581
5.75%,
04/01/2025
424
434
6.00%,
02/01/2029
(g)
2,185
2,272
DCP
Midstream
Operating
LP
3.88%,
03/15/2023
458
470
5.13%,
05/15/2029
450
501
5.38%,
07/15/2025
414
457
5.60%,
04/01/2044
400
459
5.85%,
05/21/2043
(g),(l)
675
624
3
Month
USD
LIBOR
+
3.85%
6.45%,
11/03/2036
(g)
560
672
6.75%,
09/15/2037
(g)
315
388
8.13%,
08/16/2030
220
293
Delek
Logistics
Partners
LP
/
Delek
Logistics
Finance
Corp
6.75%,
05/15/2025
665
677
7.13%,
06/01/2028
(g)
1,376
1,431
DT
Midstream
Inc
4.13%,
06/15/2029
(g)
3,875
3,974
4.38%,
06/15/2031
(g)
10,350
10,738
EnLink
Midstream
LLC
5.38%,
06/01/2029
224
233
5.63%,
01/15/2028
(g)
957
1,013
EnLink
Midstream
Partners
LP
4.15%,
06/01/2025
550
568
4.40%,
04/01/2024
450
473
4.85%,
07/15/2026
280
293
5.05%,
04/01/2045
250
231
5.45%,
06/01/2047
77
75
5.60%,
04/01/2044
193
188
EQM
Midstream
Partners
LP
4.00%,
08/01/2024
639
654
4.13%,
12/01/2026
828
836
4.50%,
01/15/2029
(g)
80
81
4.75%,
07/15/2023
336
350
4.75%,
01/15/2031
(g)
7,615
7,748
5.50%,
07/15/2028
923
999
6.50%,
07/01/2027
(g)
946
1,062
6.50%,
07/15/2048
490
538
Genesis
Energy
LP
/
Genesis
Energy
Finance
Corp
5.63%,
06/15/2024
669
664
6.25%,
05/15/2026
375
369
6.50%,
10/01/2025
701
696
7.75%,
02/01/2028
890
899
8.00%,
01/15/2027
5,360
5,526
Global
Partners
LP
/
GLP
Finance
Corp
6.88%,
01/15/2029
100
105
Harvest
Midstream
I
LP
7.50%,
09/01/2028
(g)
5,551
5,935
Hess
Midstream
Operations
LP
5.63%,
02/15/2026
(g)
1,041
1,083
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pipelines
(continued)
Holly
Energy
Partners
LP
/
Holly
Energy
Finance
Corp
5.00%,
02/01/2028
(g)
$
5,485
$
5,560
New
Fortress
Energy
Inc
6.50%,
09/30/2026
(g)
1,500
1,515
6.75%,
09/15/2025
(g)
12,441
12,691
NGL
Energy
Operating
LLC
/
NGL
Energy
Finance
Corp
7.50%,
02/01/2026
(g)
1,850
1,901
NGL
Energy
Partners
LP
/
NGL
Energy
Finance
Corp
6.13%,
03/01/2025
(i)
1,076
915
7.50%,
11/01/2023
479
456
7.50%,
04/15/2026
85
72
NuStar
Logistics
LP
5.63%,
04/28/2027
7,183
7,756
5.75%,
10/01/2025
1,605
1,749
6.00%,
06/01/2026
640
691
6.38%,
10/01/2030
200
222
PBF
Logistics
LP
/
PBF
Logistics
Finance
Corp
6.88%,
05/15/2023
(i)
608
589
Rattler
Midstream
LP
5.63%,
07/15/2025
(g)
605
631
Rockies
Express
Pipeline
LLC
3.60%,
05/15/2025
(g)
1,900
1,940
4.80%,
05/15/2030
(g)
4,240
4,313
4.95%,
07/15/2029
(g)
1,304
1,343
6.88%,
04/15/2040
(g)
500
526
7.50%,
07/15/2038
(g)
630
699
Southeast
Supply
Header
LLC
4.25%,
06/15/2024
(g)
515
509
Tallgrass
Energy
Partners
LP
/
Tallgrass
Energy
Finance
Corp
5.50%,
09/15/2024
(g)
290
294
5.50%,
01/15/2028
(g)
872
892
6.00%,
03/01/2027
(g)
500
516
6.00%,
12/31/2030
(g)
350
368
7.50%,
10/01/2025
(g)
615
667
Targa
Resources
Partners
LP
/
Targa
Resources
Partners
Finance
Corp
4.00%,
01/15/2032
(g)
1,035
1,070
4.88%,
02/01/2031
(g)
4,900
5,299
5.00%,
01/15/2028
735
773
5.38%,
02/01/2027
484
502
5.50%,
03/01/2030
965
1,063
5.88%,
04/15/2026
725
759
6.50%,
07/15/2027
785
853
6.88%,
01/15/2029
650
730
Venture
Global
Calcasieu
Pass
LLC
3.88%,
08/15/2029
(g),(j)
5,100
5,208
4.13%,
08/15/2031
(g),(j)
6,050
6,264
Western
Midstream
Operating
LP
3.95%,
06/01/2025
730
753
4.35%,
02/01/2025
1,350
1,414
4.50%,
03/01/2028
807
868
4.65%,
07/01/2026
735
788
4.75%,
08/15/2028
845
917
5.30%,
02/01/2030
1,315
1,476
5.30%,
03/01/2048
3,500
3,858
5.45%,
04/01/2044
1,285
1,442
6.50%,
02/01/2050
1,199
1,410
$
181,389
Real
Estate
-
0.24%
Cushman
&
Wakefield
US
Borrower
LLC
6.75%,
05/15/2028
(g)
960
1,032
Schedule
of
Investments
High
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
87
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Real
Estate
(continued)
Five
Point
Operating
Co
LP
/
Five
Point
Capital
Corp
7.88%,
11/15/2025
(g)
$
1,236
$
1,295
Greystar
Real
Estate
Partners
LLC
5.75%,
12/01/2025
(g)
561
572
Howard
Hughes
Corp/The
4.13%,
02/01/2029
(g)
1,145
1,134
5.38%,
08/01/2028
(g)
910
963
Kennedy-Wilson
Inc
4.75%,
03/01/2029
673
691
5.00%,
03/01/2031
598
613
Newmark
Group
Inc
6.13%,
11/15/2023
517
560
Realogy
Group
LLC
/
Realogy
Co-Issuer
Corp
4.88%,
06/01/2023
(g)
845
879
9.38%,
04/01/2027
(g)
870
962
WeWork
Cos
Inc
7.88%,
05/01/2025
(g)
545
556
$
9,257
REITs
-
1.77%
Brookfield
Property
REIT
Inc
/
BPR
Cumulus
LLC
/
BPR
Nimbus
LLC
/
GGSI
Sellco
LL
5.75%,
05/15/2026
(g)
806
836
Diversified
Healthcare
Trust
4.38%,
03/01/2031
600
586
9.75%,
06/15/2025
1,035
1,142
EPR
Properties
3.75%,
08/15/2029
545
553
4.50%,
04/01/2025
850
905
4.50%,
06/01/2027
(i)
775
825
4.75%,
12/15/2026
565
609
4.95%,
04/15/2028
735
795
5.25%,
07/15/2023
600
634
FelCor
Lodging
LP
6.00%,
06/01/2025
100
102
GEO
Group
Inc/The
5.13%,
04/01/2023
640
602
5.88%,
10/15/2024
(i)
195
174
6.00%,
04/15/2026
(i)
1,285
1,046
HAT
Holdings
I
LLC
/
HAT
Holdings
II
LLC
3.38%,
06/15/2026
(g)
3,845
3,896
3.75%,
09/15/2030
(g)
25
25
6.00%,
04/15/2025
(g)
80
84
Iron
Mountain
Inc
4.50%,
02/15/2031
(g)
895
915
4.88%,
09/15/2027
(g)
1,886
1,954
4.88%,
09/15/2029
(g)
1,220
1,278
5.25%,
03/15/2028
(g)
1,056
1,104
5.25%,
07/15/2030
(g)
2,287
2,437
5.63%,
07/15/2032
(g)
1,075
1,163
iStar
Inc
4.75%,
10/01/2024
1,000
1,060
5.50%,
02/15/2026
647
676
Ladder
Capital
Finance
Holdings
LLLP
/
Ladder
Capital
Finance
Corp
5.25%,
10/01/2025
(g)
294
298
MGM
Growth
Properties
Operating
Partnership
LP
/
MGP
Finance
Co-Issuer
Inc
3.88%,
02/15/2029
(g)
665
681
4.50%,
09/01/2026
888
946
4.63%,
06/15/2025
(g)
645
685
5.63%,
05/01/2024
830
898
5.75%,
02/01/2027
605
676
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
REITs
(continued)
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp
3.50%,
03/15/2031
$
557
$
571
4.63%,
08/01/2029
835
899
5.00%,
10/15/2027
2,215
2,345
5.25%,
08/01/2026
120
123
Park
Intermediate
Holdings
LLC
/
PK
Domestic
Property
LLC
/
PK
Finance
Co-Issuer
4.88%,
05/15/2029
(g)
1,620
1,656
5.88%,
10/01/2028
(g)
1,730
1,847
7.50%,
06/01/2025
(g)
525
569
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp
4.75%,
10/15/2027
365
378
SBA
Communications
Corp
3.13%,
02/01/2029
(g)
2,915
2,863
3.88%,
02/15/2027
1,325
1,366
4.88%,
09/01/2024
1,950
1,971
Service
Properties
Trust
3.95%,
01/15/2028
715
670
4.35%,
10/01/2024
1,025
1,032
4.38%,
02/15/2030
720
673
4.50%,
06/15/2023
750
767
4.50%,
03/15/2025
645
643
4.65%,
03/15/2024
(i)
840
855
4.75%,
10/01/2026
740
726
4.95%,
02/15/2027
415
408
4.95%,
10/01/2029
340
330
5.00%,
08/15/2022
745
755
5.25%,
02/15/2026
650
655
5.50%,
12/15/2027
(i)
465
496
7.50%,
09/15/2025
1,000
1,128
Starwood
Property
Trust
Inc
4.75%,
03/15/2025
406
428
5.50%,
11/01/2023
(g)
225
236
Uniti
Group
LP
/
Uniti
Fiber
Holdings
Inc
/
CSL
Capital
LLC
7.13%,
12/15/2024
(g)
590
606
7.88%,
02/15/2025
(g)
3,099
3,300
Uniti
Group
LP
/
Uniti
Group
Finance
Inc
/
CSL
Capital
LLC
6.50%,
02/15/2029
(g)
2,485
2,519
VICI
Properties
LP
/
VICI
Note
Co
Inc
3.50%,
02/15/2025
(g)
550
560
3.75%,
02/15/2027
(g)
3,969
4,084
4.13%,
08/15/2030
(g)
703
739
4.25%,
12/01/2026
(g)
1,665
1,732
4.63%,
12/01/2029
(g)
1,035
1,107
XHR
LP
6.38%,
08/15/2025
(g)
385
411
$
67,033
Retail
-
3.81%
1011778
BC
ULC
/
New
Red
Finance
Inc
3.88%,
01/15/2028
(g)
605
610
4.00%,
10/15/2030
(g)
6,657
6,639
4.38%,
01/15/2028
(g)
3,755
3,807
5.75%,
04/15/2025
(g)
375
395
99
Escrow
Issuer
Inc
7.50%,
01/15/2026
(g)
460
434
AAG
FH
LP
/
AAG
FH
Finco
Inc
9.75%,
07/15/2024
(g)
115
114
Abercrombie
&
Fitch
Management
Co
8.75%,
07/15/2025
(g)
215
237
Asbury
Automotive
Group
Inc
4.75%,
03/01/2030
78
83
BCPE
Ulysses
Intermediate
Inc
7.75%,
PIK
8.50%;
04/01/2027
(g),(h),(k)
400
402
Schedule
of
Investments
High
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
88
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Retail
(continued)
Bed
Bath
&
Beyond
Inc
3.75%,
08/01/2024
(i)
$
90
$
93
4.92%,
08/01/2034
(i)
91
88
5.17%,
08/01/2044
441
419
Brinker
International
Inc
3.88%,
05/15/2023
780
805
5.00%,
10/01/2024
(g)
235
249
Caleres
Inc
6.25%,
08/15/2023
3
3
Carvana
Co
5.63%,
10/01/2025
(g)
415
430
5.88%,
10/01/2028
(g)
500
530
eG
Global
Finance
PLC
6.75%,
02/07/2025
(g)
605
619
8.50%,
10/30/2025
(g)
515
539
Ferrellgas
LP
/
Ferrellgas
Finance
Corp
5.38%,
04/01/2026
(g)
1,085
1,071
FirstCash
Inc
4.63%,
09/01/2028
(g)
715
743
Foundation
Building
Materials
Inc
6.00%,
03/01/2029
(g)
1,000
983
Gap
Inc/The
8.38%,
05/15/2023
(g)
405
453
8.63%,
05/15/2025
(g)
1,220
1,333
8.88%,
05/15/2027
(g)
810
935
Golden
Nugget
Inc
6.75%,
10/15/2024
(g)
1,871
1,876
Group
1
Automotive
Inc
4.00%,
08/15/2028
(g)
570
585
Guitar
Center
Inc
8.50%,
01/15/2026
(g),(i)
310
331
IRB
Holding
Corp
6.75%,
02/15/2026
(g)
3,140
3,226
7.00%,
06/15/2025
(g)
6,580
7,007
Ken
Garff
Automotive
LLC
4.88%,
09/15/2028
(g)
30
31
KFC
Holding
Co/Pizza
Hut
Holdings
LLC/Taco
Bell
of
America
LLC
4.75%,
06/01/2027
(g)
717
749
L
Brands
Inc
5.25%,
02/01/2028
288
324
6.63%,
10/01/2030
(g)
870
1,003
6.75%,
07/01/2036
506
645
6.88%,
11/01/2035
744
957
6.95%,
03/01/2033
320
390
7.50%,
06/15/2029
358
415
7.60%,
07/15/2037
53
68
9.38%,
07/01/2025
(g)
710
920
LBM
Acquisition
LLC
6.25%,
01/15/2029
(g)
7,503
7,518
LCM
Investments
Holdings
II
LLC
4.88%,
05/01/2029
(g)
2,875
2,942
Lithia
Motors
Inc
3.88%,
06/01/2029
(g)
1,945
2,048
4.38%,
01/15/2031
(g)
476
519
4.63%,
12/15/2027
(g)
586
623
LSF9
Atlantis
Holdings
LLC
/
Victra
Finance
Corp
7.75%,
02/15/2026
(g)
11,925
12,462
Macy's
Inc
8.38%,
06/15/2025
(g)
1,085
1,183
Macy's
Retail
Holdings
LLC
2.88%,
02/15/2023
700
704
3.63%,
06/01/2024
(i)
129
132
4.30%,
02/15/2043
265
217
4.50%,
12/15/2034
485
449
5.13%,
01/15/2042
265
242
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Retail
(continued)
Macy’s
Retail
Holdings
LLC
(continued)
5.88%,
04/01/2029
(g),(i)
$
1,760
$
1,857
6.38%,
03/15/2037
600
606
6.70%,
07/15/2034
(g)
550
589
Marks
&
Spencer
PLC
7.13%,
12/01/2037
(g)
200
237
Murphy
Oil
USA
Inc
3.75%,
02/15/2031
(g)
1,870
1,865
4.75%,
09/15/2029
500
530
5.63%,
05/01/2027
695
732
NMG
Holding
Co
Inc
/
Neiman
Marcus
Group
LLC
7.13%,
04/01/2026
(g)
1,500
1,601
Park
River
Holdings
Inc
5.63%,
02/01/2029
(g)
400
392
6.75%,
08/01/2029
(g)
6,050
6,095
Party
City
Holdings
Inc
8.75%,
02/15/2026
(g)
414
438
PetSmart
Inc
/
PetSmart
Finance
Corp
4.75%,
02/15/2028
(g)
1,645
1,708
7.75%,
02/15/2029
(g)
1,275
1,398
QVC
Inc
4.38%,
03/15/2023
1,015
1,067
4.38%,
09/01/2028
440
452
4.45%,
02/15/2025
920
987
4.75%,
02/15/2027
900
965
4.85%,
04/01/2024
910
986
5.45%,
08/15/2034
850
901
5.95%,
03/15/2043
810
838
Rite
Aid
Corp
7.50%,
07/01/2025
(g)
565
567
7.70%,
02/15/2027
(i)
180
167
8.00%,
11/15/2026
(g)
1,275
1,280
Sonic
Automotive
Inc
6.13%,
03/15/2027
801
834
Specialty
Building
Products
Holdings
LLC
/
SBP
Finance
Corp
6.38%,
09/30/2026
(g)
13,372
14,074
SRS
Distribution
Inc
4.63%,
07/01/2028
(g)
4,220
4,304
6.13%,
07/01/2029
(g)
580
593
Staples
Inc
7.50%,
04/15/2026
(g)
2,352
2,387
10.75%,
04/15/2027
(g)
2,515
2,440
Suburban
Propane
Partners
LP/Suburban
Energy
Finance
Corp
5.00%,
06/01/2031
(g)
7,247
7,528
5.88%,
03/01/2027
523
548
Superior
Plus
LP
/
Superior
General
Partner
Inc
4.50%,
03/15/2029
(g)
690
709
White
Cap
Buyer
LLC
6.88%,
10/15/2028
(g)
9,680
10,334
Yum!
Brands
Inc
3.63%,
03/15/2031
850
867
3.88%,
11/01/2023
275
291
4.63%,
01/31/2032
2,045
2,196
4.75%,
01/15/2030
(g)
800
876
5.35%,
11/01/2043
408
444
6.88%,
11/15/2037
300
385
$
144,648
Semiconductors
-
0.15%
Amkor
Technology
Inc
6.63%,
09/15/2027
(g)
500
537
ams
AG
7.00%,
07/31/2025
(g)
365
391
Entegris
Inc
4.38%,
04/15/2028
(g)
880
924
Schedule
of
Investments
High
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
89
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Semiconductors
(continued)
Microchip
Technology
Inc
4.25%,
09/01/2025
$
1,590
$
1,675
Qorvo
Inc
3.38%,
04/01/2031
(g)
658
683
4.38%,
10/15/2029
1,360
1,481
Synaptics
Inc
4.00%,
06/15/2029
(g)
15
15
$
5,706
Software
-
2.38%
ACI
Worldwide
Inc
5.75%,
08/15/2026
(g)
3,200
3,348
Ascend
Learning
LLC
6.88%,
08/01/2025
(g)
5,443
5,545
6.88%,
08/01/2025
(g)
5,615
5,721
Black
Knight
InfoServ
LLC
3.63%,
09/01/2028
(g)
1,515
1,518
Blackboard
Inc
10.38%,
11/15/2024
(g),(i)
365
381
Boxer
Parent
Co
Inc
7.13%,
10/02/2025
(g)
1,085
1,157
9.13%,
03/01/2026
(g)
650
680
BY
Crown
Parent
LLC
7.38%,
10/15/2024
(g)
700
712
BY
Crown
Parent
LLC
/
BY
Bond
Finance
Inc
4.25%,
01/31/2026
(g)
605
635
Camelot
Finance
SA
4.50%,
11/01/2026
(g)
705
735
Castle
US
Holding
Corp
9.50%,
02/15/2028
(g)
110
115
CDK
Global
Inc
4.88%,
06/01/2027
984
1,037
5.00%,
10/15/2024
266
293
5.25%,
05/15/2029
(g)
650
707
Clarivate
Science
Holdings
Corp
3.88%,
06/30/2028
(g)
4,800
4,840
4.88%,
06/30/2029
(g)
8,725
8,787
Donnelley
Financial
Solutions
Inc
8.25%,
10/15/2024
740
766
Dun
&
Bradstreet
Corp/The
6.88%,
08/15/2026
(g)
356
377
10.25%,
02/15/2027
(g)
365
398
Fair
Isaac
Corp
4.00%,
06/15/2028
(g)
246
257
5.25%,
05/15/2026
(g)
1,140
1,297
Granite
Merger
Sub
2
Inc
11.00%,
07/15/2027
(g)
90
102
J2
Global
Inc
4.63%,
10/15/2030
(g)
1,300
1,381
MSCI
Inc
3.63%,
09/01/2030
(g)
300
315
3.88%,
02/15/2031
(g)
1,810
1,923
4.00%,
11/15/2029
(g)
825
880
5.38%,
05/15/2027
(g)
650
690
Nuance
Communications
Inc
5.63%,
12/15/2026
430
448
Open
Text
Corp
3.88%,
02/15/2028
(g)
1,795
1,853
5.88%,
06/01/2026
(g)
1,584
1,636
Open
Text
Holdings
Inc
4.13%,
02/15/2030
(g)
1,785
1,843
Playtika
Holding
Corp
4.25%,
03/15/2029
(g)
11,133
11,105
PTC
Inc
3.63%,
02/15/2025
(g)
220
226
4.00%,
02/15/2028
(g)
381
394
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Software
(continued)
Rackspace
Technology
Global
Inc
3.50%,
02/15/2028
(g)
$
1,710
$
1,646
5.38%,
12/01/2028
(g),(i)
230
234
SS&C
Technologies
Inc
5.50%,
09/30/2027
(g)
16,920
17,907
Twilio
Inc
3.63%,
03/15/2029
196
201
3.88%,
03/15/2031
132
138
Veritas
US
Inc
/
Veritas
Bermuda
Ltd
7.50%,
09/01/2025
(g)
2,030
2,101
10.50%,
02/01/2024
(g)
789
804
ZoomInfo
Technologies
LLC/ZoomInfo
Finance
Corp
3.88%,
02/01/2029
(g)
5,178
5,187
$
90,320
Storage
&
Warehousing
-
0.01%
LBC
Tank
Terminals
Holding
Netherlands
BV
6.88%,
05/15/2023
(g)
325
323
Telecommunications
-
5.73%
Altice
France
Holding
SA
6.00%,
02/15/2028
(g)
1,450
1,430
10.50%,
05/15/2027
(g)
2,050
2,255
Altice
France
SA/France
5.13%,
01/15/2029
(g)
1,355
1,365
5.13%,
07/15/2029
(g)
3,740
3,768
5.50%,
01/15/2028
(g)
1,100
1,128
7.38%,
05/01/2026
(g)
2,015
2,096
8.13%,
02/01/2027
(g)
1,815
1,965
Avaya
Inc
6.13%,
09/15/2028
(g)
1,090
1,166
Cincinnati
Bell
Inc
7.00%,
07/15/2024
(g)
1,230
1,256
8.00%,
10/15/2025
(g)
955
1,003
CommScope
Inc
5.50%,
03/01/2024
(g)
775
797
6.00%,
03/01/2026
(g)
10,520
10,967
7.13%,
07/01/2028
(g)
425
458
8.25%,
03/01/2027
(g)
2,820
2,986
CommScope
Technologies
LLC
5.00%,
03/15/2027
(g)
4,840
4,897
6.00%,
06/15/2025
(g)
11,045
11,211
Connect
Finco
SARL
/
Connect
US
Finco
LLC
6.75%,
10/01/2026
(g)
9,835
10,339
Consolidated
Communications
Inc
5.00%,
10/01/2028
(g)
915
920
DKT
Finance
ApS
9.38%,
06/17/2023
(g)
125
127
Embarq
Corp
8.00%,
06/01/2036
1,067
1,195
Frontier
Communications
Holdings
LLC
5.00%,
05/01/2028
(g)
2,080
2,152
5.88%,
10/15/2027
(g)
1,550
1,656
6.75%,
05/01/2029
(g)
1,235
1,315
Frontier
Florida
LLC
6.86%,
02/01/2028
1,340
1,465
GTT
Communications
Inc
7.88%,
12/31/2024
(g)
16,390
1,557
Hughes
Satellite
Systems
Corp
5.25%,
08/01/2026
1,045
1,168
6.63%,
08/01/2026
715
804
Intrado
Corp
8.50%,
10/15/2025
(g)
1,171
1,139
Koninklijke
KPN
NV
7.00%,
03/28/2073
(g),(l)
405
436
USD
Swap
Semi-Annual
10
Year
+
5.21%
Schedule
of
Investments
High
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
90
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Telecommunications
(continued)
Level
3
Financing
Inc
3.63%,
01/15/2029
(g)
$
1,100
$
1,069
3.75%,
07/15/2029
(g)
800
784
4.25%,
07/01/2028
(g)
1,075
1,095
4.63%,
09/15/2027
(g)
825
857
5.25%,
03/15/2026
795
821
Ligado
Networks
LLC
0.00%,
PIK
15.50%;
11/01/2023
(d),(g),(h),(k)
3,562
3,500
LogMeIn
Inc
5.50%,
09/01/2027
(g)
710
736
Lumen
Technologies
Inc
4.00%,
02/15/2027
(g)
1,100
1,130
4.50%,
01/15/2029
(g)
560
550
5.13%,
12/15/2026
(g)
950
987
5.63%,
04/01/2025
345
376
6.88%,
01/15/2028
202
229
7.50%,
04/01/2024
1,035
1,164
7.60%,
09/15/2039
422
481
7.65%,
03/15/2042
580
655
Nokia
Oyj
4.38%,
06/12/2027
410
452
6.63%,
05/15/2039
573
785
Sprint
Capital
Corp
6.88%,
11/15/2028
1,987
2,563
8.75%,
03/15/2032
2,623
4,043
Sprint
Communications
Inc
6.00%,
11/15/2022
2,215
2,345
Sprint
Corp
7.13%,
06/15/2024
2,133
2,452
7.63%,
02/15/2025
1,764
2,079
7.63%,
03/01/2026
1,319
1,611
7.88%,
09/15/2023
4,181
4,730
Switch
Ltd
3.75%,
09/15/2028
(g)
2,625
2,685
4.13%,
06/15/2029
(g)
3,250
3,348
Telecom
Italia
Capital
SA
6.00%,
09/30/2034
1,809
2,076
6.38%,
11/15/2033
905
1,070
7.20%,
07/18/2036
1,972
2,519
7.72%,
06/04/2038
550
738
Telecom
Italia
SpA/Milano
5.30%,
05/30/2024
(g)
1,555
1,686
Telesat
Canada
/
Telesat
LLC
4.88%,
06/01/2027
(g)
95
87
6.50%,
10/15/2027
(g)
445
377
T-Mobile
USA
Inc
2.25%,
02/15/2026
885
895
2.63%,
04/15/2026
2,040
2,088
3.38%,
04/15/2029
2,110
2,197
3.50%,
04/15/2031
2,215
2,323
4.75%,
02/01/2028
1,320
1,403
5.38%,
04/15/2027
731
774
Trilogy
International
South
Pacific
LLC
/
TISP
Finance
Inc
8.88%,
05/15/2023
(g),(i)
704
698
United
States
Cellular
Corp
6.70%,
12/15/2033
500
621
VEON
Holdings
BV
3.38%,
11/25/2027
(g)
1,465
1,477
4.00%,
04/09/2025
(g)
1,230
1,294
Viasat
Inc
5.63%,
09/15/2025
(g)
23,646
24,054
5.63%,
04/15/2027
(g)
4,575
4,752
6.50%,
07/15/2028
(g)
4,320
4,574
Vmed
O2
UK
Financing
I
PLC
4.25%,
01/31/2031
(g)
3,815
3,777
4.75%,
07/15/2031
(g)
10,425
10,646
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Telecommunications
(continued)
Vodafone
Group
PLC
3.25%,
06/04/2081
(l)
$
500
$
508
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.45%
4.13%,
06/04/2081
(l)
1,000
1,009
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.77%
5.13%,
06/04/2081
(l)
1,000
1,027
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.07%
7.00%,
04/04/2079
(l)
2,150
2,671
USD
Swap
Semi-Annual
5
Year
+
4.87%
Windstream
Escrow
LLC
/
Windstream
Escrow
Finance
Corp
7.75%,
08/15/2028
(g)
1,935
1,974
Zayo
Group
Holdings
Inc
4.00%,
03/01/2027
(g)
11,800
11,741
6.13%,
03/01/2028
(g)
13,700
13,942
$
217,546
Toys,
Games
&
Hobbies
-
0.08%
Mattel
Inc
3.15%,
03/15/2023
1,000
1,020
3.75%,
04/01/2029
(g)
150
159
5.45%,
11/01/2041
810
954
5.88%,
12/15/2027
(g)
550
603
6.20%,
10/01/2040
150
189
$
2,925
Transportation
-
0.16%
Altera
Infrastructure
LP/Teekay
Offshore
Finance
Corp
8.50%,
07/15/2023
(g)
1,230
1,127
Cargo
Aircraft
Management
Inc
4.75%,
02/01/2028
(g)
545
557
Kenan
Advantage
Group
Inc/The
7.88%,
07/31/2023
(g)
322
322
Teekay
Corp
9.25%,
11/15/2022
(g)
250
258
Watco
Cos
LLC
/
Watco
Finance
Corp
6.50%,
06/15/2027
(g)
615
658
Western
Global
Airlines
LLC
10.38%,
08/15/2025
(g)
215
242
XPO
CNW
Inc
6.70%,
05/01/2034
237
284
XPO
Logistics
Inc
6.13%,
09/01/2023
(g)
96
96
6.25%,
05/01/2025
(g)
910
966
6.75%,
08/15/2024
(g)
1,399
1,452
$
5,962
Trucking
&
Leasing
-
0.09%
AerCap
Global
Aviation
Trust
6.50%,
06/15/2045
(g),(l)
400
429
3
Month
USD
LIBOR
+
4.30%
Fortress
Transportation
and
Infrastructure
Investors
LLC
5.50%,
05/01/2028
(g)
970
1,006
6.50%,
10/01/2025
(g)
1,160
1,202
9.75%,
08/01/2027
(g)
825
941
$
3,578
TOTAL
BONDS
$
3,231,547
SENIOR
FLOATING
RATE
INTERESTS
-
11.59%
Principal
Amount
(000's)
Value
(000's)
Airlines
-
0.22%
AAdvantage
Loyalty
IP
Ltd
5.50%,
03/10/2028
(n)
$
3,975
$
4,081
1
Month
USD
LIBOR
+
4.75%
Air
Canada
0.00%,
07/27/2028
(n),(o)
850
852
Schedule
of
Investments
High
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
91
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Airlines
(continued)
United
Airlines
Inc
4.50%,
04/14/2028
(n)
$
3,317
$
3,318
1
Month
USD
LIBOR
+
3.75%
$
8,251
Automobile
Parts
&
Equipment
-
0.69%
Dexko
Global
Inc
9.25%,
07/24/2025
(n)
13,518
13,518
3
Month
USD
LIBOR
+
8.25%
First
Brands
Group
LLC
6.00%,
03/24/2027
(n)
6,468
6,530
1
Month
USD
LIBOR
+
5.00%
9.50%,
03/24/2028
(n)
6,000
6,045
1
Month
USD
LIBOR
+
8.50%
$
26,093
Building
Materials
-
0.19%
CP
Atlas
Buyer
Inc
4.25%,
11/23/2027
(n)
1,671
1,662
1
Month
USD
LIBOR
+
3.75%
Generation
Brands
0.00%,
06/29/2029
(n),(o)
2,670
2,690
0.00%,
06/29/2029
(n),(o)
2,900
2,922
$
7,274
Chemicals
-
0.40%
Aruba
Investments
Holdings
LLC
8.50%,
10/27/2028
(n)
4,040
4,047
1
Month
USD
LIBOR
+
7.75%
Cpc
Acquisition
Corp
8.50%,
01/12/2029
(n)
10,995
11,022
1
Month
USD
LIBOR
+
7.75%
$
15,069
Commercial
Services
-
1.57%
Cast
&
Crew
Payroll
LLC
3.85%,
01/16/2026
(n)
1,443
1,430
1
Month
USD
LIBOR
+
3.75%
CoreCivic
Inc
5.50%,
12/12/2024
(n)
2,897
2,844
1
Month
USD
LIBOR
+
4.50%
KUEHG
Corp
4.75%,
02/21/2025
(n)
9,435
9,224
3
Month
USD
LIBOR
+
3.75%
9.25%,
08/22/2025
(n)
12,738
12,404
3
Month
USD
LIBOR
+
8.25%
Learning
Care
Group
US
No
2
Inc
4.25%,
03/13/2025
(n)
11,246
10,977
3
Month
USD
LIBOR
+
3.25%
8.50%,
03/13/2026
(n)
6,500
6,424
3
Month
USD
LIBOR
+
7.50%
PAREXEL
International
Corp
2.84%,
09/27/2024
(n)
3,011
3,000
3
Month
USD
LIBOR
+
2.75%
Rent-A-Center
Inc/TX
4.75%,
01/17/2028
(n)
2,195
2,199
1
Month
USD
LIBOR
+
4.00%
Revint
Intermediate
II
LLC
5.75%,
10/15/2027
(n)
4,439
4,457
1
Month
USD
LIBOR
+
5.00%
RGL
Holdings
LLC
5.00%,
06/30/2028
(n)
2,365
2,359
3
Month
USD
LIBOR
+
4.25%
8.25%,
07/02/2029
(n)
4,310
4,256
3
Month
USD
LIBOR
+
7.50%
$
59,574
Distribution
&
Wholesale
-
0.20%
American
Tire
Distributors
Inc
7.00%,
09/01/2023
(n)
2,297
2,290
3
Month
USD
LIBOR
+
6.00%
8.50%,
09/03/2024
(n)
1,493
1,491
3
Month
USD
LIBOR
+
7.50%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Distribution
&
Wholesale
(continued)
Infinite
Bidco
LLC
7.50%,
02/24/2029
(n)
$
3,930
$
3,950
1
Month
USD
LIBOR
+
7.00%
$
7,731
Electronics
-
0.43%
Deliver
Buyer
Inc
5.15%,
05/01/2024
(n)
12,508
12,523
3
Month
USD
LIBOR
+
5.00%
7.25%,
05/01/2024
(n)
3,861
3,875
1
Month
USD
LIBOR
+
6.25%
$
16,398
Engineering
&
Construction
-
1.18%
Brand
Industrial
Services
Inc
5.25%,
06/21/2024
(n)
14,902
14,605
3
Month
USD
LIBOR
+
4.25%
5.25%,
06/21/2024
(n)
15,575
15,265
3
Month
USD
LIBOR
+
4.25%
KKR
Apple
Bidco
LLC
0.00%,
07/13/2029
(n),(o)
1,820
1,845
0.00%,
07/13/2029
(n),(o)
1,150
1,166
USIC
Holdings
Inc
4.25%,
05/05/2028
(n)
7,675
7,633
1
Month
USD
LIBOR
+
3.50%
7.25%,
05/07/2029
(n)
4,125
4,166
1
Month
USD
LIBOR
+
6.50%
$
44,680
Entertainment
-
0.46%
18
Fremont
Street
Acquisition
LLC
9.50%,
08/09/2025
(n)
13,386
13,638
1
Month
USD
LIBOR
+
8.00%
NAI
Entertainment
Holdings
LLC
3.50%,
05/08/2025
(n)
3,742
3,661
3
Month
USD
LIBOR
+
2.50%
$
17,299
Environmental
Control
-
0.24%
Packers
Holdings
LLC
4.00%,
03/09/2028
(n)
9,016
8,922
1
Month
USD
LIBOR
+
4.00%
Healthcare
-
Services
-
0.78%
ATI
Holdings
Acquisition
Inc
4.50%,
05/10/2023
(n)
5,277
5,114
3
Month
USD
LIBOR
+
3.50%
Cano
Health
LLC
5.50%,
11/19/2027
(n)
4,839
4,827
1
Month
USD
LIBOR
+
4.25%
GHX
Ultimate
Parent
Corp
4.00%,
06/28/2024
(n)
572
569
3
Month
USD
LIBOR
+
3.25%
National
Mentor
Holdings
Inc
4.50%,
02/18/2028
(n)
4,443
4,433
1
Month
USD
LIBOR
+
3.75%
4.50%,
02/18/2028
(n)
140
139
1
Month
USD
LIBOR
+
3.75%
8.25%,
02/16/2029
(n)
3,475
3,527
1
Month
USD
LIBOR
+
7.25%
Sound
Inpatient
Physicians
Holdings
LLC
6.85%,
06/26/2026
(n)
6,525
6,517
3
Month
USD
LIBOR
+
6.75%
UWH
PLLC
5.00%,
12/18/2027
(n)
4,667
4,661
1
Month
USD
LIBOR
+
4.25%
$
29,787
Schedule
of
Investments
High
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
92
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Home
Builders
-
0.20%
Tecta
America
Corp
5.00%,
04/06/2028
(n)
$
3,275
$
3,271
3
Month
USD
LIBOR
+
4.25%
9.25%,
04/06/2029
(n)
4,425
4,403
3
Month
USD
LIBOR
+
8.50%
$
7,674
Insurance
-
1.45%
Asurion
LLC
0.00%,
01/15/2029
(n),(o)
8,480
8,430
1
Month
USD
LIBOR
+
5.25%
0.00%,
01/15/2029
(n),(o)
12,525
12,450
1
Month
USD
LIBOR
+
5.25%
3.34%,
12/18/2026
(n)
8,317
8,157
1
Month
USD
LIBOR
+
3.25%
3.34%,
07/29/2027
(n)
11,292
11,085
1
Month
USD
LIBOR
+
3.25%
5.35%,
01/29/2028
(n)
14,900
14,815
1
Month
USD
LIBOR
+
5.25%
$
54,937
Internet
-
0.60%
CNT
Holdings
I
Corp
7.50%,
12/16/2028
(n)
6,029
6,119
1
Month
USD
LIBOR
+
6.75%
MH
Sub
I
LLC
6.34%,
02/12/2029
(n)
6,100
6,179
1
Month
USD
LIBOR
+
6.25%
Ten-X
LLC
5.00%,
09/27/2024
(n)
11,038
10,614
3
Month
USD
LIBOR
+
4.00%
$
22,912
Investment
Companies
-
0.25%
Masergy
Holdings
Inc
8.50%,
12/16/2024
(n)
6,288
6,260
3
Month
USD
LIBOR
+
7.50%
Zest
Acquisition
Corp
8.50%,
03/06/2026
(n)
3,226
3,218
3
Month
USD
LIBOR
+
7.50%
$
9,478
Lodging
-
0.15%
Caesars
Resort
Collection
LLC
4.60%,
07/20/2025
(n)
5,608
5,608
1
Month
USD
LIBOR
+
4.50%
Machinery
-
Diversified
-
0.53%
Engineered
Machinery
Holdings
Inc
7.25%,
05/04/2029
(n)
1,610
1,626
1
Month
USD
LIBOR
+
6.50%
7.25%,
05/04/2029
(n)
1,600
1,616
1
Month
USD
LIBOR
+
6.50%
8.25%,
07/25/2025
(n)
16,681
16,697
3
Month
USD
LIBOR
+
7.25%
$
19,939
Mining
-
0.13%
Arctic
Canadian
Diamond
Co
Ltd
5.00%,
PIK
12.50%,
12/31/2027
(e),(k),(n)
4,690
4,691
1
Month
USD
LIBOR
+
5.00%
6.00%,
12/31/2024
(e),(n)
375
375
1
Month
USD
LIBOR
+
5.00%
$
5,066
Miscellaneous
Manufacturers
-
0.01%
Utex
Industries
5.25%,
PIK
5.75%,
11/03/2025
(k),(n)
595
571
1
Month
USD
LIBOR
+
9.50%
Pharmaceuticals
-
0.15%
Option
Care
Health
Inc
3.84%,
08/06/2026
(n)
2,935
2,920
1
Month
USD
LIBOR
+
3.75%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pharmaceuticals
(continued)
PetVet
Care
Centers
LLC
4.25%,
02/14/2025
(n)
$
2,227
$
2,218
1
Month
USD
LIBOR
+
3.50%
Southern
Veterinary
Partners
LLC
8.75%,
10/02/2028
(n)
500
501
1
Month
USD
LIBOR
+
7.75%
$
5,639
Software
-
1.40%
Applied
Systems
Inc
6.25%,
09/19/2025
(n)
18,078
18,255
1
Month
USD
LIBOR
+
5.50%
Ascend
Learning
LLC
4.00%,
07/12/2024
(n)
3,952
3,943
3
Month
USD
LIBOR
+
3.00%
4.75%,
07/12/2024
(n)
1,687
1,689
1
Month
USD
LIBOR
+
3.75%
Genesys
Cloud
Services
Holdings
II
LLC
4.76%,
10/08/2027
(n)
9,179
9,184
1
Month
USD
LIBOR
+
4.00%
Informatica
LLC
7.13%,
02/14/2025
(n)
7,297
7,439
Skopima
Merger
Sub
Inc
7.75%,
04/30/2029
(n)
4,920
4,920
1
Month
USD
LIBOR
+
7.50%
Software
Luxembourg
Acquisition
Sarl
8.50%,
04/27/2025
(n)
158
158
1
Month
USD
LIBOR
+
7.50%
Sophia
LP
4.50%,
10/07/2027
(n)
2,569
2,566
1
Month
USD
LIBOR
+
3.75%
Sovos
Compliance
LLC
0.00%,
07/29/2028
(n),(o)
1,791
1,791
UKG
Inc
7.50%,
05/03/2027
(n)
3,175
3,221
1
Month
USD
LIBOR
+
6.75%
$
53,166
Telecommunications
-
0.28%
GTT
Communications
BV
2.50%,
PIK
6.00%,
12/31/2021
(k),(n)
870
877
1
Month
USD
LIBOR
+
5.00%
8.48%,
12/28/2021
(n)
1,518
1,530
1
Month
USD
LIBOR
+
5.00%
Intrado
Corp
5.00%,
10/10/2024
(n)
8,451
8,233
3
Month
USD
LIBOR
+
4.00%
$
10,640
Transportation
-
0.08%
ASP
LS
Acquisition
Corp
8.25%,
04/30/2029
(n)
2,900
2,893
1
Month
USD
LIBOR
+
7.50%
TOTAL
SENIOR
FLOATING
RATE
INTERESTS
$
439,601
Total
Investments
$
3,822,240
Other
Assets
and
Liabilities
- (0.75)%
(28,458)
TOTAL
NET
ASSETS
-
100.00%
$
3,793,782
(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
$18,257
or
0.48%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(d)
Non-income
producing
security
(e)
The
value
of
these
investments
was
determined
using
significant
unobservable
inputs,
in
good
faith
by
the
Manager,
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Directors.
Schedule
of
Investments
High
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
93
(f)
Restricted
Security.
Please
see
Restricted
Securities
sub-schedule
for
additional
information.
(g)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$2,389,522
or
62.99%
of
net
assets.
(h)
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions. These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
Rate
shown
is
the
rate
in
effect
as
of
period
end.
(i)
Security
or
a
portion
of
the
security
was
on
loan. At
the
end
of
the
period,
the
value
of
these
securities
totaled
$17,282
or
0.46%
of
net
assets.
(j)
Security
purchased
on
a
when-issued
basis.
(k)
Payment
in
kind;
the
issuer
has
the
option
of
paying
additional
securities
in
lieu
of
cash.
(l)
Rate
shown
is
as
of
period
end.
The
rate
may
be
a
variable
or
floating
rate
or
a
fixed
rate
which
may
convert
to
a
variable
or
floating
rate
in
the
future.
(m)
Perpetual
security.
Perpetual
securities
pay
an
indefinite
stream
of
interest,
but
they
may
be
called
by
the
issuer
at
an
earlier
date.
Date
shown,
if
any,
reflects
the
next
call
date
or
final
legal
maturity
date.
Rate
shown
is
as
of
period
end.
(n)
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,
2021,
at
which
time
the
interest
rate
will
be
determined.
Portfolio
Summary (unaudited)
Sector
Percent
Consumer,
Cyclical
19.94%
Consumer,
Non-cyclical
16.58%
Communications
14.32%
Financial
12.08%
Energy
11.37%
Industrial
11.36%
Basic
Materials
5.27%
Technology
4.92%
Money
Market
Funds
3.63%
Utilities
1.26%
Diversified
0.02%
Other
Assets
and
Liabilities
(0.75)%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
145,168
$
1,788,658
$
1,802,934
$
130,892
$
145,168
$
1,788,658
$
1,802,934
$
130,892
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.
Restricted
Securities
Security
Name
Acquisition
Date
Cost
Value
Percent
of
Net
Assets
High
Ridge
Brands
-
Escrow
0.00%,
03/15/2025
10/27/2017-01/24/2018
$
4,690
$
62
0.00%
Real
Alloy
Holding
Inc
11.00%,
11/30/2023
05/31/2018-06/30/2020
4,697
4,697
0.12%
Specialty
Steel
11.00%,
11/15/2026
06/04/2021
8,680
8,680
0.23%
SportsNet
New
York
10.25%,
01/15/2025
12/27/2017
4,068
4,166
0.11%
Utex
Industries
-
Warrants
12/03/2020
—
—
0.00%
Total
$
17,605
0.46%
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
08/24/2021
EUR
5,570
$
6,636
$
—
$
(26)
Bank
of
New
York
Mellon
08/24/2021
$
6,817
EUR
5,570
207
—
Total
$
207
$
(26)
Amounts
in
thousands.
Exchange
Cleared
Credit
Default
Swaps
Sell
Protection
Reference
Entity
Implied
Credit
Spread
as
of
July
31,
2021
(a)
(Pay)/
Receive
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
(b)
Upfront
Payments/
(Receipts)
Unrealized
Appreciation/
(Depreciation)
Fair
Value
(c)
CDX.NA.HY.36
N/A
5.00%
Quarterly
06/20/2026
$
62,800
$
5,925
$
(148)
$
5,777
Total
$
5,925
$
(148)
$
5,777
Amounts
in
thousands.
Schedule
of
Investments
High
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
94
Exchange
Cleared
Credit
Default
Swaps
(continued)
(a)
Implied
credit
spreads,
represented
in
absolute
terms,
used
in
determining
the
market
value
of
credit
default
swap
agreements
on
corporate
issues
or
sovereign
issues
as
of
period
end
serve
as
an
indicator
of
the
current
status
of
the
payment/performance
risk
and
represent
the
likelihood
or
risk
of
default
for
the
credit
derivative.
The
implied
credit
spread
of
a
particular
referenced
entity
reflects
the
cost
of
buying/selling
protection
and
may
include
upfront
payments
required
to
be
made
to
enter
into
the
agreement.
Wider
credit
spreads
represent
a
deterioration
of
the
referenced
entity's
credit
soundness
and
a
greater
likelihood
or
risk
of
default
or
other
credit
event
occurring
as
defined
under
the
terms
of
the
agreement.
(b)
The
maximum
potential
payment
amount
that
the
seller
of
credit
protection
could
be
required
to
make
if
a
credit
event
occurs
as
defined
under
the
terms
of
that
particular
swap
agreement
is
$62,800.
(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,
2021
(unaudited)
See
accompanying
notes.
95
INVESTMENT
COMPANIES
-
1
.92
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
1
.92
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
0.03%
(a),(b)
3,112,370
$
3,112
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c),(d)
52,710,700
52,711
$
55,823
TOTAL
INVESTMENT
COMPANIES
$
55,823
COMMON
STOCKS
-
0
.85
%
Shares
Held
Value
(000's)
Diversified
Financial
Services
-
0
.00
%
Avation
PLC
-
Warrants
(d)
103,250
$
—
Oil
&
Gas
-
0
.82
%
EP
Energy
Corp
(d)
161,700
16,008
Mesquite
Energy
Inc
(d),(e)
15,341
60
Oasis
Petroleum
Inc
55,691
5,108
Unit
Corp
(d)
148,325
2,818
$
23,994
Retail
-
0
.03
%
Claire's
Holdings
LLC
(d)
4,036
746
TOTAL
COMMON
STOCKS
$
24,740
BONDS
-
85
.57
%
Principal
Amount
(000's)
Value
(000's)
Aerospace
&
Defense
-
1
.63
%
SSL
Robotics
LLC
9.75%,
12/31/2023
(f)
$
1,783
$
1,963
TransDigm
Inc
4.88%,
05/01/2029
(f)
5,120
5,128
6.25%,
03/15/2026
(f)
12,880
13,508
6.38%,
06/15/2026
5,935
6,135
7.50%,
03/15/2027
3,875
4,105
8.00%,
12/15/2025
(f)
1,065
1,144
Triumph
Group
Inc
7.75%,
08/15/2025
(g)
11,980
12,040
8.88%,
06/01/2024
(f)
3,088
3,420
$
47,443
Airlines
-
0
.50
%
American
Airlines
2015-1
Class
B
Pass
Through
Trust
3.70%,
11/01/2024
1,326
1,300
American
Airlines
Inc/AAdvantage
Loyalty
IP
Ltd
5.75%,
04/20/2029
(f)
1,525
1,645
Hawaiian
Brand
Intellectual
Property
Ltd
/
HawaiianMiles
Loyalty
Ltd
5.75%,
01/20/2026
(f)
7,095
7,437
United
Airlines
2016-1
Class
B
Pass
Through
Trust
3.65%,
07/07/2027
4,311
4,291
$
14,673
Automobile
Manufacturers
-
2
.59
%
Aston
Martin
Capital
Holdings
Ltd
10.50%,
11/30/2025
(f)
6,545
7,265
Ford
Motor
Co
8.50%,
04/21/2023
12,895
14,316
9.00%,
04/22/2025
15,580
19,178
9.63%,
04/22/2030
1,225
1,769
Ford
Motor
Credit
Co
LLC
3.38%,
11/13/2025
7,735
8,075
4.39%,
01/08/2026
5,025
5,452
4.54%,
08/01/2026
9,495
10,313
5.13%,
06/16/2025
5,430
5,980
Mclaren
Finance
PLC
7.50%,
08/01/2026
(f),(h)
2,990
3,035
$
75,383
Automobile
Parts
&
Equipment
-
1
.64
%
American
Axle
&
Manufacturing
Inc
6.25%,
04/01/2025
373
386
6.25%,
03/15/2026
5,205
5,379
6.88%,
07/01/2028
(g)
7,835
8,520
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Automobile
Parts
&
Equipment
(continued)
Dana
Inc
4.25%,
09/01/2030
$
845
$
878
5.38%,
11/15/2027
9,100
9,623
5.63%,
06/15/2028
5,040
5,423
Tenneco
Inc
5.00%,
07/15/2026
1,590
1,568
5.13%,
04/15/2029
(f)
6,535
6,715
7.88%,
01/15/2029
(f)
8,260
9,334
$
47,826
Banks
-
1
.64
%
Barclays
PLC
5.09%,
06/20/2030
(i)
6,395
7,503
3
Month
USD
LIBOR
+
3.05%
7.75%,
09/15/2023
(i),(j),(k)
6,795
7,449
USD
Swap
Semi-Annual
5
Year
+
4.84%
CIT
Group
Inc
5.80%,
06/15/2022
(i),(j)
7,324
7,522
3
Month
USD
LIBOR
+
3.97%
Deutsche
Bank
AG
4.30%,
05/24/2028
(i)
7,350
7,610
USD
Swap
Semi-Annual
5
Year
+
2.25%
6.00%,
10/30/2025
(i),(j),(k)
7,955
8,333
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.52%
JPMorgan
Chase
&
Co
4.60%,
02/01/2025
(i),(j)
7,215
7,467
Secured
Overnight
Financing
Rate
+
3.13%
Popular
Inc
6.13%,
09/14/2023
1,793
1,932
$
47,816
Building
Materials
-
2
.09
%
Builders
FirstSource
Inc
5.00%,
03/01/2030
(f)
4,065
4,324
6.75%,
06/01/2027
(f)
5,547
5,935
Griffon
Corp
5.75%,
03/01/2028
12,075
12,704
Patrick
Industries
Inc
4.75%,
05/01/2029
(f)
9,260
9,452
7.50%,
10/15/2027
(f)
5,475
5,954
SRM
Escrow
Issuer
LLC
6.00%,
11/01/2028
(f)
20,925
22,338
$
60,707
Chemicals
-
1
.69
%
CF
Industries
Inc
4.95%,
06/01/2043
3,860
4,755
5.15%,
03/15/2034
4,610
5,716
Consolidated
Energy
Finance
SA
6.50%,
05/15/2026
(f)
10,520
10,638
6.88%,
06/15/2025
(f)
7,475
7,588
Element
Solutions
Inc
3.88%,
09/01/2028
(f)
11,343
11,573
Tronox
Inc
4.63%,
03/15/2029
(f)
8,735
8,877
$
49,147
Commercial
Services
-
1
.74
%
ADT
Security
Corp/The
4.13%,
08/01/2029
(f)
4,565
4,592
Ahern
Rentals
Inc
7.38%,
05/15/2023
(f),(g)
8,064
7,313
Garda
World
Security
Corp
6.00%,
06/01/2029
(f)
3,205
3,137
9.50%,
11/01/2027
(f)
8,286
9,032
Prime
Security
Services
Borrower
LLC
/
Prime
Finance
Inc
3.38%,
08/31/2027
(f)
3,240
3,152
6.25%,
01/15/2028
(f)
11,145
11,631
Schedule
of
Investments
High
Yield
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
96
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Services
(continued)
United
Rentals
North
America
Inc
3.88%,
02/15/2031
$
5,775
$
5,940
4.88%,
01/15/2028
2,815
2,973
5.25%,
01/15/2030
2,595
2,840
$
50,610
Computers
-
0
.52
%
Austin
BidCo
Inc
7.13%,
12/15/2028
(f)
4,042
4,133
NCR
Corp
5.13%,
04/15/2029
(f)
10,655
11,090
$
15,223
Consumer
Products
-
0
.61
%
ACCO
Brands
Corp
4.25%,
03/15/2029
(f)
13,355
13,338
Kronos
Acquisition
Holdings
Inc
/
KIK
Custom
Products
Inc
5.00%,
12/31/2026
(f)
4,335
4,396
$
17,734
Distribution
&
Wholesale
-
0
.65
%
Avient
Corp
5.75%,
05/15/2025
(f)
11,475
12,049
H&E
Equipment
Services
Inc
3.88%,
12/15/2028
(f)
6,805
6,745
$
18,794
Diversified
Financial
Services
-
3
.15
%
AerCap
Holdings
NV
5.88%,
10/10/2079
(i)
11,870
12,463
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.54%
Avation
Capital
SA
8.25%,
PIK
9.00%;
10/31/2026
(f),(l),(m)
5,900
4,809
Credit
Acceptance
Corp
5.13%,
12/31/2024
(f)
7,605
7,862
6.63%,
03/15/2026
5,245
5,533
Global
Aircraft
Leasing
Co
Ltd
6.50%,
PIK
7.25%;
09/15/2024
(f),(l),(m)
9,132
9,177
LD
Holdings
Group
LLC
6.13%,
04/01/2028
(f)
8,625
8,563
LPL
Holdings
Inc
4.00%,
03/15/2029
(f)
12,975
13,170
OneMain
Finance
Corp
4.00%,
09/15/2030
6,460
6,428
6.63%,
01/15/2028
2,730
3,153
6.88%,
03/15/2025
11,790
13,374
7.13%,
03/15/2026
3,140
3,697
8.88%,
06/01/2025
3,095
3,404
$
91,633
Electric
-
1
.41
%
Clearway
Energy
Operating
LLC
4.75%,
03/15/2028
(f)
9,910
10,504
Elwood
Energy
LLC
8.16%,
07/05/2026
3,699
3,967
NextEra
Energy
Operating
Partners
LP
4.25%,
07/15/2024
(f)
7,190
7,560
Pattern
Energy
Operations
LP
/
Pattern
Energy
Operations
Inc
4.50%,
08/15/2028
(f)
7,160
7,391
Vistra
Operations
Co
LLC
4.38%,
05/01/2029
(f)
11,405
11,690
$
41,112
Electrical
Components
&
Equipment
-
0
.28
%
WESCO
Distribution
Inc
7.13%,
06/15/2025
(f)
1,235
1,327
7.25%,
06/15/2028
(f)
6,165
6,862
$
8,189
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electronics
-
0
.88
%
Imola
Merger
Corp
4.75%,
05/15/2029
(f)
$
6,410
$
6,616
Sensata
Technologies
BV
4.00%,
04/15/2029
(f)
7,790
7,994
5.00%,
10/01/2025
(f)
6,405
7,150
Sensata
Technologies
Inc
3.75%,
02/15/2031
(f)
1,290
1,300
4.38%,
02/15/2030
(f)
2,440
2,611
$
25,671
Engineering
&
Construction
-
0
.90
%
Global
Infrastructure
Solutions
Inc
5.63%,
06/01/2029
(f)
10,180
10,447
MasTec
Inc
4.50%,
08/15/2028
(f)
15,010
15,829
$
26,276
Entertainment
-
4
.13
%
Boyne
USA
Inc
4.75%,
05/15/2029
(f)
10,030
10,343
Caesars
Entertainment
Inc
6.25%,
07/01/2025
(f)
3,215
3,392
8.13%,
07/01/2027
(f)
17,850
19,629
Caesars
Resort
Collection
LLC
/
CRC
Finco
Inc
5.25%,
10/15/2025
(f)
12,290
12,390
CCM
Merger
Inc
6.38%,
05/01/2026
(f)
9,860
10,321
International
Game
Technology
PLC
5.25%,
01/15/2029
(f)
6,590
7,034
6.25%,
01/15/2027
(f)
2,030
2,303
6.50%,
02/15/2025
(f)
7,815
8,720
Lions
Gate
Capital
Holdings
LLC
5.50%,
04/15/2029
(f)
16,565
16,958
Peninsula
Pacific
Entertainment
LLC
/
Peninsula
Pacific
Entertainment
Finance
Inc
8.50%,
11/15/2027
(f)
10,800
11,637
Scientific
Games
International
Inc
7.25%,
11/15/2029
(f)
3,470
3,891
8.63%,
07/01/2025
(f)
12,595
13,603
$
120,221
Environmental
Control
-
0
.26
%
Madison
IAQ
LLC
4.13%,
06/30/2028
(f)
7,500
7,511
Food
-
4
.86
%
Albertsons
Cos
Inc
/
Safeway
Inc
/
New
Albertsons
LP
/
Albertsons
LLC
4.63%,
01/15/2027
(f)
18,280
19,340
5.88%,
02/15/2028
(f)
905
968
Chobani
LLC
/
Chobani
Finance
Corp
Inc
4.63%,
11/15/2028
(f)
7,450
7,750
7.50%,
04/15/2025
(f)
5,786
6,030
Fresh
Market
Inc/The
9.75%,
05/01/2023
(f)
14,575
15,012
JBS
Finance
Luxembourg
Sarl
3.63%,
01/15/2032
(f)
15,275
15,379
Kraft
Heinz
Foods
Co
3.75%,
04/01/2030
8,770
9,706
4.25%,
03/01/2031
12,220
14,102
4.38%,
06/01/2046
12,625
14,547
Pilgrim's
Pride
Corp
4.25%,
04/15/2031
(f)
15,290
16,257
Post
Holdings
Inc
4.50%,
09/15/2031
(f)
155
157
4.63%,
04/15/2030
(f)
21,739
22,147
$
141,395
Forest
Products
&
Paper
-
0
.47
%
Mercer
International
Inc
5.13%,
02/01/2029
7,975
8,125
Schedule
of
Investments
High
Yield
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
97
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Forest
Products
&
Paper
(continued)
Sappi
Papier
Holding
GmbH
7.50%,
06/15/2032
(f)
$
4,886
$
5,423
$
13,548
Healthcare
-
Products
-
0
.25
%
Avantor
Funding
Inc
4.63%,
07/15/2028
(f)
7,045
7,415
Healthcare
-
Services
-
5
.10
%
Acadia
Healthcare
Co
Inc
5.00%,
04/15/2029
(f)
10,020
10,496
AHP
Health
Partners
Inc
5.75%,
07/15/2029
(f)
9,310
9,415
Centene
Corp
2.63%,
08/01/2031
(h)
7,735
7,793
3.00%,
10/15/2030
1,820
1,891
3.38%,
02/15/2030
17,025
17,762
CHS/Community
Health
Systems
Inc
5.63%,
03/15/2027
(f)
2,735
2,896
6.00%,
01/15/2029
(f)
4,055
4,313
8.00%,
03/15/2026
(f)
1,480
1,587
8.00%,
12/15/2027
(f)
13,473
14,901
DaVita
Inc
4.63%,
06/01/2030
(f)
14,655
15,150
HCA
Inc
3.50%,
09/01/2030
21,415
23,256
LifePoint
Health
Inc
5.38%,
01/15/2029
(f)
10,370
10,318
Molina
Healthcare
Inc
4.38%,
06/15/2028
(f)
7,065
7,392
Tenet
Healthcare
Corp
6.13%,
10/01/2028
(f)
16,840
17,934
6.25%,
02/01/2027
(f)
1,175
1,223
7.50%,
04/01/2025
(f)
2,115
2,274
$
148,601
Home
Builders
-
1
.53
%
Century
Communities
Inc
5.88%,
07/15/2025
6,775
6,963
Empire
Communities
Corp
7.00%,
12/15/2025
(f)
6,240
6,575
Forestar
Group
Inc
3.85%,
05/15/2026
(f)
4,390
4,434
5.00%,
03/01/2028
(f)
8,370
8,721
LGI
Homes
Inc
4.00%,
07/15/2029
(f)
3,730
3,784
Picasso
Finance
Sub
Inc
6.13%,
06/15/2025
(f)
3,890
4,123
Taylor
Morrison
Communities
Inc
5.75%,
01/15/2028
(f)
1,535
1,729
Taylor
Morrison
Communities
Inc
/
Taylor
Morrison
Holdings
II
Inc
5.63%,
03/01/2024
(f)
5,500
5,947
Williams
Scotsman
International
Inc
4.63%,
08/15/2028
(f)
2,180
2,245
$
44,521
Home
Furnishings
-
0
.42
%
WASH
Multifamily
Acquisition
Inc
5.75%,
04/15/2026
(f)
11,620
12,157
Insurance
-
1
.66
%
Acrisure
LLC
/
Acrisure
Finance
Inc
4.25%,
02/15/2029
(f)
5,275
5,136
AssuredPartners
Inc
7.00%,
08/15/2025
(f)
6,800
6,919
Voya
Financial
Inc
5.65%,
05/15/2053
(i)
34,307
36,277
3
Month
USD
LIBOR
+
3.58%
$
48,332
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Internet
-
0
.70
%
Netflix
Inc
4.38%,
11/15/2026
$
14,505
$
16,455
5.38%,
11/15/2029
(f)
2,440
3,010
Uber
Technologies
Inc
7.50%,
09/15/2027
(f)
965
1,055
$
20,520
Investment
Companies
-
0
.22
%
Compass
Group
Diversified
Holdings
LLC
5.25%,
04/15/2029
(f)
6,200
6,432
Iron
&
Steel
-
1
.50
%
Cleveland-Cliffs
Inc
4.63%,
03/01/2029
(f),(g)
10,575
11,223
4.88%,
03/01/2031
(f)
4,670
5,044
6.75%,
03/15/2026
(f)
925
998
Commercial
Metals
Co
4.88%,
05/15/2023
9,523
9,999
TMS
International
Corp/DE
6.25%,
04/15/2029
(f)
6,490
6,805
United
States
Steel
Corp
6.88%,
03/01/2029
8,850
9,606
$
43,675
Leisure
Products
&
Services
-
1
.53
%
Life
Time
Inc
5.75%,
01/15/2026
(f)
11,645
11,848
NCL
Corp
Ltd
10.25%,
02/01/2026
(f)
1,480
1,691
12.25%,
05/15/2024
(f)
10,020
11,824
Royal
Caribbean
Cruises
Ltd
5.50%,
04/01/2028
(f)
7,120
7,260
Viking
Cruises
Ltd
13.00%,
05/15/2025
(f)
1,600
1,856
VOC
Escrow
Ltd
5.00%,
02/15/2028
(f)
10,010
9,935
$
44,414
Machinery
-
Diversified
-
0
.47
%
Maxim
Crane
Works
Holdings
Capital
LLC
10.13%,
08/01/2024
(f)
13,355
13,739
Media
-
7
.62
%
Altice
Financing
SA
7.50%,
05/15/2026
(f)
14,435
15,016
AMC
Networks
Inc
4.75%,
08/01/2025
14,650
15,016
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
4.25%,
02/01/2031
(f)
1,850
1,909
4.50%,
08/15/2030
(f)
15,960
16,758
4.75%,
03/01/2030
(f)
17,645
18,703
5.38%,
06/01/2029
(f)
9,270
10,089
CSC
Holdings
LLC
5.50%,
04/15/2027
(f)
3,195
3,343
6.50%,
02/01/2029
(f)
16,060
17,713
7.50%,
04/01/2028
(f)
2,872
3,132
Diamond
Sports
Group
LLC
/
Diamond
Sports
Finance
Co
5.38%,
08/15/2026
(f)
9,850
5,713
DIRECTV
Holdings
LLC
/
DIRECTV
Financing
Co
Inc
5.88%,
08/15/2027
(f),(h)
2,090
2,161
DISH
DBS
Corp
5.13%,
06/01/2029
(f)
2,385
2,364
5.88%,
11/15/2024
10,285
11,081
7.38%,
07/01/2028
11,460
12,399
LCPR
Senior
Secured
Financing
DAC
5.13%,
07/15/2029
(f)
7,345
7,510
6.75%,
10/15/2027
(f)
9,580
10,222
Schedule
of
Investments
High
Yield
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
98
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Media
(continued)
Radiate
Holdco
LLC
/
Radiate
Finance
Inc
4.50%,
09/15/2026
(f)
$
2,140
$
2,215
6.50%,
09/15/2028
(f)
4,695
4,879
Scripps
Escrow
II
Inc
5.38%,
01/15/2031
(f)
7,525
7,506
Sirius
XM
Radio
Inc
4.00%,
07/15/2028
(f)
13,450
13,876
4.13%,
07/01/2030
(f)
2,940
3,033
UPC
Holding
BV
5.50%,
01/15/2028
(f)
15,110
15,903
Ziggo
Bond
Co
BV
6.00%,
01/15/2027
(f)
13,915
14,490
Ziggo
BV
5.50%,
01/15/2027
(f)
6,495
6,734
$
221,765
Mining
-
3
.81
%
ACN
113
874
712
Pty
Ltd
0.00%,
02/15/2018
(d),(f)
10,465
10
Copper
Mountain
Mining
Corp
8.00%,
04/09/2026
(f)
9,600
9,984
First
Quantum
Minerals
Ltd
6.88%,
10/15/2027
(f)
3,750
4,064
7.25%,
04/01/2023
(f)
3,185
3,245
7.50%,
04/01/2025
(f)
9,070
9,400
Freeport-McMoRan
Inc
4.25%,
03/01/2030
10,955
11,818
4.63%,
08/01/2030
3,975
4,367
Hudbay
Minerals
Inc
4.50%,
04/01/2026
(f)
4,270
4,345
6.13%,
04/01/2029
(f)
7,295
7,860
IAMGOLD
Corp
5.75%,
10/15/2028
(f)
10,390
10,676
New
Gold
Inc
7.50%,
07/15/2027
(f)
12,105
13,038
Novelis
Corp
4.75%,
01/30/2030
(f)
13,810
14,705
Taseko
Mines
Ltd
7.00%,
02/15/2026
(f)
16,905
17,396
$
110,908
Miscellaneous
Manufacturers
-
0
.42
%
Bombardier
Inc
7.13%,
06/15/2026
(f)
4,630
4,815
7.50%,
03/15/2025
(f)
7,400
7,540
$
12,355
Oil
&
Gas
-
7
.08
%
Aethon
United
BR
LP
/
Aethon
United
Finance
Corp
8.25%,
02/15/2026
(f)
18,490
19,779
Antero
Resources
Corp
5.00%,
03/01/2025
(g)
3,382
3,441
7.63%,
02/01/2029
(f)
6,930
7,595
8.38%,
07/15/2026
(f)
2,641
2,988
Ascent
Resources
Utica
Holdings
LLC
/
ARU
Finance
Corp
7.00%,
11/01/2026
(f)
12,255
12,653
Comstock
Resources
Inc
5.88%,
01/15/2030
(f)
5,950
5,986
6.75%,
03/01/2029
(f)
6,780
7,084
7.50%,
05/15/2025
(f)
1,978
2,047
Continental
Resources
Inc/OK
5.75%,
01/15/2031
(f)
7,635
9,203
CrownRock
LP
/
CrownRock
Finance
Inc
5.00%,
05/01/2029
(f)
2,790
2,912
5.63%,
10/15/2025
(f)
11,600
11,890
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Oil
&
Gas
(continued)
Endeavor
Energy
Resources
LP
/
EER
Finance
Inc
5.50%,
01/30/2026
(f)
$
7,665
$
7,905
6.63%,
07/15/2025
(f)
5,520
5,837
ESC
GCB
Unit
-
Escrow
0.00%,
07/23/2021
(d),(e)
8,600
—
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co
5.75%,
02/01/2029
(f)
3,985
4,058
6.00%,
02/01/2031
(f)
4,530
4,728
MEG
Energy
Corp
5.88%,
02/01/2029
(f)
4,410
4,553
6.50%,
01/15/2025
(f)
6,001
6,189
7.13%,
02/01/2027
(f)
4,035
4,234
Mesquite
Energy
Corp
-
Escrow
0.00%,
02/15/2023
(d)
4,268
96
Oasis
Petroleum
Inc
6.38%,
06/01/2026
(f)
5,400
5,589
Occidental
Petroleum
Corp
3.40%,
04/15/2026
9,415
9,509
4.40%,
04/15/2046
6,585
6,460
5.55%,
03/15/2026
14,105
15,439
6.13%,
01/01/2031
7,015
8,287
6.63%,
09/01/2030
7,720
9,418
Shelf
Drilling
Holdings
Ltd
8.88%,
11/15/2024
(f)
3,855
3,951
Southwestern
Energy
Co
7.75%,
10/01/2027
20,695
22,195
Transocean
Inc
11.50%,
01/30/2027
(f)
2,058
2,048
$
206,074
Packaging
&
Containers
-
2
.79
%
Ardagh
Packaging
Finance
PLC
/
Ardagh
Holdings
USA
Inc
4.13%,
08/15/2026
(f)
5,015
5,178
5.25%,
08/15/2027
(f)
4,725
4,825
6.00%,
02/15/2025
(f)
9,265
9,552
Cascades
Inc/Cascades
USA
Inc
5.38%,
01/15/2028
(f)
13,810
14,535
Crown
Americas
LLC
/
Crown
Americas
Capital
Corp
VI
4.75%,
02/01/2026
5,490
5,682
Crown
Cork
&
Seal
Co
Inc
7.38%,
12/15/2026
13,099
16,099
Flex
Acquisition
Co
Inc
6.88%,
01/15/2025
(f)
6,090
6,167
7.88%,
07/15/2026
(f)
5,705
5,943
Mauser
Packaging
Solutions
Holding
Co
7.25%,
04/15/2025
(f)
13,530
13,206
$
81,187
Pharmaceuticals
-
0
.68
%
Bausch
Health
Americas
Inc
8.50%,
01/31/2027
(f)
12,710
13,741
Jazz
Securities
DAC
4.38%,
01/15/2029
(f)
5,720
5,962
$
19,703
Pipelines
-
4
.76
%
Antero
Midstream
Partners
LP
/
Antero
Midstream
Finance
Corp
5.38%,
06/15/2029
(f)
5,840
5,997
5.75%,
03/01/2027
(f)
9,965
10,264
Buckeye
Partners
LP
3.95%,
12/01/2026
6,905
6,994
4.13%,
12/01/2027
9,680
9,873
Crestwood
Midstream
Partners
LP
/
Crestwood
Midstream
Finance
Corp
5.63%,
05/01/2027
(f)
14,640
14,967
Schedule
of
Investments
High
Yield
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
99
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pipelines
(continued)
DT
Midstream
Inc
4.13%,
06/15/2029
(f)
$
8,815
$
9,041
EnLink
Midstream
LLC
5.63%,
01/15/2028
(f)
12,835
13,582
EQM
Midstream
Partners
LP
6.00%,
07/01/2025
(f)
5,430
5,914
6.50%,
07/01/2027
(f)
8,050
9,036
Harvest
Midstream
I
LP
7.50%,
09/01/2028
(f)
6,140
6,565
Hess
Midstream
Operations
LP
5.63%,
02/15/2026
(f)
9,480
9,859
NuStar
Logistics
LP
5.63%,
04/28/2027
10,009
10,807
6.00%,
06/01/2026
2,835
3,062
Tallgrass
Energy
Partners
LP
/
Tallgrass
Energy
Finance
Corp
6.00%,
12/31/2030
(f)
7,145
7,502
Targa
Resources
Partners
LP
/
Targa
Resources
Partners
Finance
Corp
5.88%,
04/15/2026
4,317
4,517
6.50%,
07/15/2027
9,712
10,550
$
138,530
REITs
-
2
.21
%
HAT
Holdings
I
LLC
/
HAT
Holdings
II
LLC
3.38%,
06/15/2026
(f)
6,710
6,800
3.75%,
09/15/2030
(f)
2,360
2,350
6.00%,
04/15/2025
(f)
4,920
5,169
Ladder
Capital
Finance
Holdings
LLLP
/
Ladder
Capital
Finance
Corp
4.75%,
06/15/2029
(f)
10,425
10,386
Park
Intermediate
Holdings
LLC
/
PK
Domestic
Property
LLC
/
PK
Finance
Co-Issuer
4.88%,
05/15/2029
(f)
735
751
5.88%,
10/01/2028
(f)
3,590
3,832
7.50%,
06/01/2025
(f)
4,180
4,533
RLJ
Lodging
Trust
LP
3.75%,
07/01/2026
(f)
6,355
6,434
VICI
Properties
LP
/
VICI
Note
Co
Inc
4.13%,
08/15/2030
(f)
6,295
6,621
4.63%,
12/01/2029
(f)
5,765
6,169
XHR
LP
4.88%,
06/01/2029
(f)
11,133
11,377
$
64,422
Retail
-
4
.58
%
Academy
Ltd
6.00%,
11/15/2027
(f)
9,965
10,700
Ambience
Merger
Sub
Inc
4.88%,
07/15/2028
(f)
9,310
9,345
BCPE
Ulysses
Intermediate
Inc
7.75%,
PIK
8.50%;
04/01/2027
(f),(l),(m)
4,875
4,900
Dave
&
Buster's
Inc
7.63%,
11/01/2025
(f)
13,775
14,579
Doman
Building
Materials
Group
Ltd
5.25%,
05/15/2026
(f)
CAD
14,930
11,997
Golden
Nugget
Inc
6.75%,
10/15/2024
(f)
$
3,630
3,639
IRB
Holding
Corp
6.75%,
02/15/2026
(f)
3,635
3,735
7.00%,
06/15/2025
(f)
6,015
6,406
L
Brands
Inc
5.25%,
02/01/2028
11,165
12,559
6.63%,
10/01/2030
(f)
3,730
4,299
9.38%,
07/01/2025
(f)
4,345
5,632
LBM
Acquisition
LLC
6.25%,
01/15/2029
(f)
1,905
1,909
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Retail
(continued)
LSF9
Atlantis
Holdings
LLC
/
Victra
Finance
Corp
7.75%,
02/15/2026
(f)
$
13,245
$
13,841
Park
River
Holdings
Inc
5.63%,
02/01/2029
(f)
15,135
14,832
PetSmart
Inc
/
PetSmart
Finance
Corp
4.75%,
02/15/2028
(f)
11,370
11,805
7.75%,
02/15/2029
(f)
2,750
3,015
$
133,193
Savings
&
Loans
-
0
.00
%
Washington
Mutual
Bank
/
Henderson
NV
0.00%,
06/15/2011
(d),(e)
3,500
—
0.00%,
01/15/2013
(d)
3,000
1
0.00%,
01/15/2015
(d),(e)
2,000
—
$
1
Software
-
0
.63
%
Open
Text
Corp
3.88%,
02/15/2028
(f)
11,250
11,616
5.88%,
06/01/2026
(f)
6,635
6,851
$
18,467
Telecommunications
-
4
.12
%
Altice
France
Holding
SA
10.50%,
05/15/2027
(f)
7,205
7,925
Altice
France
SA/France
5.50%,
01/15/2028
(f)
3,595
3,685
8.13%,
02/01/2027
(f)
6,375
6,903
CommScope
Inc
7.13%,
07/01/2028
(f)
6,510
7,023
8.25%,
03/01/2027
(f)
20,265
21,456
Embarq
Corp
8.00%,
06/01/2036
13,270
14,862
Level
3
Financing
Inc
3.63%,
01/15/2029
(f)
4,870
4,731
4.25%,
07/01/2028
(f)
5,660
5,763
Sprint
Corp
7.63%,
03/01/2026
6,610
8,074
Telecom
Italia
Capital
SA
6.38%,
11/15/2033
3,120
3,689
Telecom
Italia
SpA/Milano
5.30%,
05/30/2024
(f)
13,065
14,167
T-Mobile
USA
Inc
2.63%,
02/15/2029
7,580
7,582
Windstream
Escrow
LLC
/
Windstream
Escrow
Finance
Corp
7.75%,
08/15/2028
(f)
6,910
7,048
Zayo
Group
Holdings
Inc
4.00%,
03/01/2027
(f)
7,110
7,074
$
119,982
Transportation
-
1
.85
%
Eletson
Holdings
Inc
/
Eletson
Finance
US
LLC
/
Agathonissos
Finance
LLC
0.00%,
01/15/2022
(d),(e)
18,905
1,701
Navios
Maritime
Acquisition
Corp
/
Navios
Acquisition
Finance
US
Inc
8.13%,
11/15/2021
(f)
14,660
12,021
Navios
Maritime
Holdings
Inc
/
Navios
Maritime
Finance
II
US
Inc
7.38%,
01/15/2022
(f)
7,000
6,054
11.25%,
08/15/2022
(f)
3,610
3,592
Navios
South
American
Logistics
Inc
/
Navios
Logistics
Finance
US
Inc
10.75%,
07/01/2025
(f)
6,805
7,384
Watco
Cos
LLC
/
Watco
Finance
Corp
6.50%,
06/15/2027
(f)
11,147
11,918
Schedule
of
Investments
High
Yield
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
100
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Transportation
(continued)
XPO
Logistics
Inc
6.25%,
05/01/2025
(f)
$
10,610
$
11,260
$
53,930
TOTAL
BONDS
$
2,491,235
CONVERTIBLE
BONDS
-
0
.00
%
Principal
Amount
(000's)
Value
(000's)
Food
-
0
.00
%
Fresh
Express
Delivery
Holding
Group
Co
Ltd
-
Escrow
0.00%,
11/09/2009
(d),(e)
HKD
46,500
$
—
0.00%,
10/18/2010
(d),(e)
CNY
245,000
—
$
—
TOTAL
CONVERTIBLE
BONDS
$
—
SENIOR
FLOATING
RATE
INTERESTS
-
11
.29
%
Principal
Amount
(000's)
Value
(000's)
Airlines
-
1
.47
%
AAdvantage
Loyalty
IP
Ltd
5.50%,
03/10/2028
(n)
$
18,790
$
19,293
1
Month
USD
LIBOR
+
4.75%
Mileage
Plus
Holdings
LLC
6.25%,
06/21/2027
(n)
10,000
10,584
1
Month
USD
LIBOR
+
5.25%
United
Airlines
Inc
4.50%,
04/14/2028
(n)
12,933
12,937
1
Month
USD
LIBOR
+
3.75%
$
42,814
Chemicals
-
0
.52
%
Aruba
Investments
Holdings
LLC
8.50%,
10/27/2028
(n)
15,000
15,025
1
Month
USD
LIBOR
+
7.75%
Commercial
Services
-
0
.21
%
Garda
World
Security
Corp
4.34%,
10/30/2026
(n)
2,899
2,893
1
Month
USD
LIBOR
+
4.25%
Prime
Security
Services
Borrower
LLC
3.50%,
09/23/2026
(n)
3,135
3,120
1
Month
USD
LIBOR
+
2.75%
$
6,013
Computers
-
0
.10
%
Virtusa
Corp
5.00%,
12/09/2027
(n)
2,993
3,000
1
Month
USD
LIBOR
+
4.25%
Consumer
Products
-
0
.60
%
Kronos
Acquisition
Holdings
Inc
4.25%,
12/22/2026
(n)
17,746
17,530
1
Month
USD
LIBOR
+
3.75%
Diversified
Financial
Services
-
0
.35
%
Russell
Investments
US
Institutional
Holdco
Inc
4.50%,
06/02/2025
(n)
10,163
10,113
1
Month
USD
LIBOR
+
3.00%
Electronics
-
0
.10
%
Ingram
Micro
Inc
4.00%,
06/30/2028
(n)
2,800
2,800
1
Month
USD
LIBOR
+
3.50%
Entertainment
-
0
.48
%
CCM
Merger
Inc
4.50%,
10/29/2025
(n)
287
287
1
Month
USD
LIBOR
+
3.75%
Enterprise
Development
Authority/The
5.00%,
02/18/2028
(n)
13,173
13,173
1
Month
USD
LIBOR
+
4.25%
Landry's
Finance
Acquisition
Co
13.00%,
10/06/2023
(n)
500
550
1
Month
USD
LIBOR
+
12.00%
$
14,010
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Environmental
Control
-
0
.12
%
Madison
IAQ
LLC
3.75%,
06/21/2028
(n)
$
3,440
$
3,409
1
Month
USD
LIBOR
+
3.25%
Food
-
0
.50
%
Bellring
Brands
LLC
4.75%,
10/21/2024
(n)
14,614
14,667
1
Month
USD
LIBOR
+
4.00%
Forest
Products
&
Paper
-
0
.24
%
Pixelle
Specialty
Solutions
LLC
7.50%,
10/31/2024
(n)
7,116
7,107
1
Month
USD
LIBOR
+
6.50%
Healthcare
-
Services
-
0
.62
%
AHP
Health
Partners
Inc
4.75%,
06/30/2025
(n)
10,000
10,002
1
Month
USD
LIBOR
+
3.75%
LifePoint
Health
Inc
3.84%,
11/16/2025
(n)
7,980
7,909
1
Month
USD
LIBOR
+
3.75%
$
17,911
Insurance
-
1
.24
%
Acrisure
LLC
3.61%,
02/15/2027
(n)
10,142
9,952
1
Month
USD
LIBOR
+
3.50%
AssuredPartners
Inc
4.00%,
02/12/2027
(n)
8,100
8,076
1
Month
USD
LIBOR
+
3.50%
Asurion
LLC
5.34%,
01/29/2028
(n)
18,161
18,057
1
Month
USD
LIBOR
+
5.25%
$
36,085
Iron
&
Steel
-
0
.25
%
TMS
International
Corp/DE
3.75%,
08/14/2024
(n)
7,463
7,388
1
Month
USD
LIBOR
+
2.75%
Lodging
-
0
.44
%
Golden
Nugget
LLC
3.25%,
10/04/2023
(n)
12,883
12,750
1
Month
USD
LIBOR
+
2.50%
Media
-
0
.68
%
Directv
Financing
LLC
0.00%,
07/22/2027
(n),(o)
10,925
10,899
1
Month
USD
LIBOR
+
5.00%
Radiate
Holdco
LLC
4.25%,
09/25/2026
(n)
3,693
3,677
1
Month
USD
LIBOR
+
3.50%
UPC
Financing
Partnership
3.09%,
01/31/2029
(n)
5,250
5,193
1
Month
USD
LIBOR
+
3.00%
$
19,769
Oil
&
Gas
-
0
.08
%
Ascent
Resources
Utica
Holdings
LLC
10.00%,
11/01/2025
(n)
2,004
2,189
1
Month
USD
LIBOR
+
9.00%
Packaging
&
Containers
-
0
.18
%
Mauser
Packaging
Solutions
Holding
Co
3.34%,
04/03/2024
(n)
5,366
5,189
3
Month
USD
LIBOR
+
8.50%
Pharmaceuticals
-
1
.36
%
Bausch
Health
Americas
Inc
2.84%,
11/14/2025
(n)
5,600
5,541
3
Month
USD
LIBOR
+
8.75%
3.09%,
05/19/2025
(n)
17,088
16,960
3
Month
USD
LIBOR
+
7.50%
Endo
Luxembourg
Finance
Co
I
Sarl
5.75%,
03/27/2028
(n)
11,527
11,230
1
Month
USD
LIBOR
+
5.00%
Schedule
of
Investments
High
Yield
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
101
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pharmaceuticals
(continued)
Jazz
Financing
Lux
Sarl
4.00%,
04/21/2028
(n)
$
5,975
$
5,981
1
Month
USD
LIBOR
+
3.50%
$
39,712
Pipelines
-
0
.20
%
Buckeye
Partners
LP
2.35%,
11/01/2026
(n)
5,970
5,911
1
Month
USD
LIBOR
+
2.25%
Retail
-
1
.07
%
Academy
Ltd
4.50%,
11/05/2027
(n)
3,466
3,463
1
Month
USD
LIBOR
+
3.75%
Ambience
Merger
Sub
Inc
4.75%,
06/24/2028
(n)
6,690
6,684
1
Month
USD
LIBOR
+
4.25%
IRB
Holding
Corp
4.25%,
11/19/2027
(n)
15,636
15,572
1
Month
USD
LIBOR
+
3.25%
LBM
Acquisition
LLC
4.50%,
12/09/2027
(n)
5,441
5,387
1
Month
USD
LIBOR
+
3.75%
$
31,106
Telecommunications
-
0
.48
%
Maxar
Technologies
Ltd
2.85%,
10/05/2024
(n)
7,540
7,458
1
Month
USD
LIBOR
+
4.25%
Zayo
Group
Holdings
Inc
3.09%,
03/09/2027
(n)
6,757
6,642
1
Month
USD
LIBOR
+
3.00%
$
14,100
TOTAL
SENIOR
FLOATING
RATE
INTERESTS
$
328,598
Total
Investments
$
2,900,396
Other
Assets
and
Liabilities
- 0.37%
10,706
TOTAL
NET
ASSETS
-
100.00%
$
2,911,102
(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
$8,212
or
0.28%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(d)
Non-income
producing
security
(e)
The
value
of
these
investments
was
determined
using
significant
unobservable
inputs,
in
good
faith
by
the
Manager,
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Directors.
(f)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$1,809,681
or
62.16%
of
net
assets.
(g)
Security
or
a
portion
of
the
security
was
on
loan. At
the
end
of
the
period,
the
value
of
these
securities
totaled
$7,950
or
0.27%
of
net
assets.
(h)
Security
purchased
on
a
when-issued
basis.
(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
is
a
contingent
convertible
security,
("CoCo").
CoCo's
are
hybrid
debt
securities
that
may
convert
to
equity
or
have
their
principal
written
down
upon
occurrence
of
certain
"triggers".
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$15,782
or
0.54%
of
net
assets.
(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,
2021,
at
which
time
the
interest
rate
will
be
determined.
Portfolio
Summary (unaudited)
Sector
Percent
Consumer,
Cyclical
21
.06
%
Consumer,
Non-cyclical
16
.53
%
Communications
13
.60
%
Energy
12
.94
%
Industrial
11
.97
%
Financial
10
.47
%
Basic
Materials
8
.48
%
Money
Market
Funds
1
.92
%
Utilities
1
.41
%
Technology
1
.25
%
Other
Assets
and
Liabilities
0
.37
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
91,815
$
985,921
$
1,025,025
$
52,711
$
91,815
$
985,921
$
1,025,025
$
52,711
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.
Foreign
Currency
Contracts
Unrealized
Appreciation/(Depreciation)
Counterparty
Settlement
Date
Currency
to
Accept
Currency
to
Deliver
Asset
Liability
RBC
Dominon
Securities
Corp
08/19/2021
$
11,917
CAD
14,930
$
—
$
(
51
)
Total
$
—
$
(
51
)
Amounts
in
thousands.
Schedule
of
Investments
Inflation
Protection
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
102
INVESTMENT
COMPANIES
-
0
.79
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0
.79
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
0.03%
(a),(b)
2,301,750
$
2,302
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(c),(d)
9,620,422
9,620
$
11,922
TOTAL
INVESTMENT
COMPANIES
$
11,922
BONDS
-
6
.10
%
Principal
Amount
(000's)
Value
(000's)
Banks
-
0
.51
%
Kreditanstalt
fuer
Wiederaufbau
0.00%,
09/17/2030
(d)
EUR
6,343
$
7,706
Commercial
Mortgage
Backed
Securities
-
0
.00
%
Commercial
Mortgage
Trust
2007-GG9
0.63%,
03/10/2039
(e),(f),(g)
$
305
3
Ginnie
Mae
1.59%,
03/16/2047
(e),(f)
82
1
ML-CFC
Commercial
Mortgage
Trust
2006-3
0.77%,
07/12/2046
(e),(f),(g)
54
—
$
4
Home
Equity
Asset
Backed
Securities
-
0
.00
%
Option
One
Mortgage
Loan
Trust
2005-1
1.59%,
02/25/2035
23
19
1.00
x
1
Month
USD
LIBOR
+
1.50%
Mortgage
Backed
Securities
-
0
.06
%
Alternative
Loan
Trust
2006-OA6
0.61%,
07/25/2046
2
2
1.00
x
1
Month
USD
LIBOR
+
0.52%
Chase
Mortgage
Finance
Trust
Series
2007-A2
2.28%,
06/25/2035
(f)
16
16
Fannie
Mae
REMIC
Trust
2004-W5
0.54%,
02/25/2047
15
16
1.00
x
1
Month
USD
LIBOR
+
0.45%
Fannie
Mae
REMIC
Trust
2005-W2
0.29%,
05/25/2035
3
3
1.00
x
1
Month
USD
LIBOR
+
0.20%
Impac
CMB
Trust
Series
2004-5
2.41%,
10/25/2034
6
6
1.00
x
1
Month
USD
LIBOR
+
2.33%
Impac
CMB
Trust
Series
2004-6
1.07%,
10/25/2034
4
4
1.00
x
1
Month
USD
LIBOR
+
0.98%
Impac
CMB
Trust
Series
2005-1
0.71%,
04/25/2035
45
45
1.00
x
1
Month
USD
LIBOR
+
0.62%
Impac
CMB
Trust
Series
2005-5
0.85%,
08/25/2035
10
9
1.00
x
1
Month
USD
LIBOR
+
0.51%
Merrill
Lynch
Alternative
Note
Asset
Trust
Series
2007-A3
0.30%,
04/25/2037
1,544
820
1.00
x
1
Month
USD
LIBOR
+
0.21%
WaMu
Mortgage
Pass-Through
Certificates
Series
2005-AR2
Trust
0.83%,
01/25/2045
22
22
1.00
x
1
Month
USD
LIBOR
+
0.74%
$
943
Oil
&
Gas
-
0
.03
%
SA
Global
Sukuk
Ltd
2.69%,
06/17/2031
(g)
450
461
Other
Asset
Backed
Securities
-
0
.00
%
Argent
Securities
Trust
2006-W3
0.33%,
04/25/2036
25
11
1.00
x
1
Month
USD
LIBOR
+
0.24%
Countrywide
Asset-Backed
Certificates
1.21%,
12/25/2032
12
12
1.00
x
1
Month
USD
LIBOR
+
1.13%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Other
Asset
Backed
Securities
(continued)
Fannie
Mae
REMIC
Trust
2003-W16
0.24%,
11/25/2033
$
1
$
—
1.00
x
1
Month
USD
LIBOR
+
0.15%
Long
Beach
Mortgage
Loan
Trust
2004-2
0.88%,
06/25/2034
24
24
1.00
x
1
Month
USD
LIBOR
+
0.80%
$
47
Regional
Authority
-
0
.17
%
State
of
North
Rhine-Westphalia
Germany
0.20%,
04/09/2030
EUR
2,065
2,532
Sovereign
-
4
.10
%
Chile
Government
International
Bond
2.55%,
07/27/2033
$
1,705
1,739
Colombia
Government
International
Bond
3.00%,
01/30/2030
(h)
2,325
2,279
3.25%,
04/22/2032
730
714
European
Union
0.00%,
10/04/2030
(d)
EUR
16,465
19,976
0.30%,
11/04/2050
2,475
2,876
0.75%,
04/04/2031
1,015
1,315
1.25%,
04/04/2033
1,655
2,254
French
Republic
Government
Bond
OAT
0.75%,
05/25/2052
(g)
2,340
2,823
Mexico
Government
International
Bond
1.45%,
10/25/2033
1,230
1,385
2.13%,
10/25/2051
730
734
New
Zealand
Government
Bond
1.75%,
05/15/2041
NZD
2,176
1,393
New
Zealand
Government
Inflation
Linked
Bond
2.00%,
09/20/2025
18,868
14,668
2.50%,
09/20/2040
1,720
1,610
Panama
Government
International
Bond
4.50%,
04/01/2056
$
375
428
Qatar
Government
International
Bond
3.75%,
04/16/2030
(g)
3,172
3,607
Romanian
Government
International
Bond
3.62%,
05/26/2030
EUR
1,365
1,867
Spain
Government
Bond
3.45%,
07/30/2066
(g)
1,185
2,286
$
61,954
Supranational
Bank
-
1
.23
%
European
Investment
Bank
0.00%,
09/09/2030
(d)
13,185
15,958
2.75%,
09/13/2030
1,710
2,582
$
18,540
TOTAL
BONDS
$
92,206
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
93
.37
%
Principal
Amount
(000's)
Value
(000's)
U.S.
Treasury
-
1
.07
%
1.13%,
08/15/2040
$
4,760
$
4,238
1.38%,
11/15/2040
11,855
11,012
1.88%,
02/15/2041
850
860
$
16,110
U.S.
Treasury
Inflation-Indexed
Obligations
-
92
.30
%
0.13%,
01/15/2023
65,185
68,077
0.13%,
07/15/2024
53,392
57,771
0.13%,
10/15/2024
33,686
36,544
0.13%,
04/15/2025
11,245
12,260
0.13%,
10/15/2025
15,910
17,536
0.13%,
04/15/2026
5,769
6,365
0.13%,
07/15/2026
39,707
44,216
0.13%,
01/15/2030
46,079
52,060
0.13%,
07/15/2030
45,457
51,637
0.13%,
01/15/2031
41,349
46,801
0.13%,
07/15/2031
23,990
27,277
0.13%,
02/15/2051
11,389
13,070
0.25%,
01/15/2025
35,337
38,554
Schedule
of
Investments
Inflation
Protection
Fund
July
31,
2021
(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)
0.25%,
07/15/2029
$
21,090
$
24,122
0.25%,
02/15/2050
19,041
22,428
0.38%,
07/15/2023
63,173
67,283
0.38%,
07/15/2025
54,847
60,865
0.38%,
01/15/2027
45,954
51,883
0.38%,
07/15/2027
45,664
52,055
0.50%,
04/15/2024
39,791
43,087
0.50%,
01/15/2028
40,416
46,389
0.63%,
04/15/2023
41,890
44,320
0.63%,
01/15/2024
49,991
54,027
0.63%,
01/15/2026
15,493
17,444
0.63%,
02/15/2043
17,733
21,872
0.75%,
07/15/2028
44,337
52,162
0.75%,
02/15/2042
23,030
28,934
0.75%,
02/15/2045
(i)
25,314
32,282
0.88%,
01/15/2029
39,060
46,402
0.88%,
02/15/2047
9,334
12,450
1.00%,
02/15/2046
15,003
20,286
1.00%,
02/15/2048
14,279
19,748
1.00%,
02/15/2049
12,222
17,072
1.38%,
02/15/2044
(i)
21,394
30,429
1.75%,
01/15/2028
21,530
26,585
2.00%,
01/15/2026
17,110
20,382
2.13%,
02/15/2040
7,362
11,282
2.13%,
02/15/2041
13,920
21,582
2.38%,
01/15/2025
3,944
4,612
2.38%,
01/15/2027
18,935
23,598
2.50%,
01/15/2029
13,339
17,592
3.38%,
04/15/2032
9,790
14,834
3.63%,
04/15/2028
2,313
3,181
3.88%,
04/15/2029
8,872
12,762
$
1,394,118
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
1,410,228
TOTAL
PURCHASED
OPTIONS
-
0.00%
$
5
TOTAL
PURCHASED
INTEREST
RATE
SWAPTIONS
-
0.42%
$
6,317
Total
Investments
$
1,520,678
Other
Assets
and
Liabilities
- (0.68)%
(
10,259
)
TOTAL
NET
ASSETS
-
100.00%
$
1,510,419
(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
$2,302
or
0.15%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(d)
Non-income
producing
security
(e)
Security
is
an
Interest
Only
Strip.
(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.
(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
$9,180
or
0.61%
of
net
assets.
(h)
Security
or
a
portion
of
the
security
was
on
loan. At
the
end
of
the
period,
the
value
of
these
securities
totaled
$2,257
or
0.15%
of
net
assets.
(i)
Security
or
a
portion
of
the
security
was
pledged
to
cover
margin
requirements
for
futures
contracts.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$3,388
or
0.22%
of
net
assets.
Portfolio
Summary (unaudited)
Sector
Percent
Government
98
.87
%
Money
Market
Funds
0
.79
%
Financial
0
.51
%
Purchased
Interest
Rate
Swaptions
0
.42
%
Mortgage
Securities
0
.06
%
Energy
0
.03
%
Asset
Backed
Securities
0
.00
%
Purchased
Options
0
.00
%
Other
Assets
and
Liabilities
(
0
.68
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
22,181
$
573,285
$
585,846
$
9,620
$
22,181
$
573,285
$
585,846
$
9,620
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.
Options
Purchased
Options
Outstanding
Counterparty
Contracts/
Shares
Notional
Amount
Exercise
Price
Expiration
Date
Upfront
Payments
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
EUR
versus
GBP
Citigroup
Inc
1
EUR
3,845
EUR
0
.88
08/09/2021
$
87
$
—
$
(
87
)
Put
-
90
Day
Eurodollar
Future;
December
2022
N/A
209
$
523
$
99
.25
10/18/2021
18
5
(
13
)
Total
$
105
$
5
$
(
100
)
Amounts
in
thousands
except
contracts/shares.
Schedule
of
Investments
Inflation
Protection
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
104
Interest
Rate
Swaptions
Purchased
Swaptions
Outstanding
Counterparty
Floating
Rate
Index
Pay/
Receive
Floating
Rate
Notional
Amount
Exercise
Rate
Expiration
Date
Upfront
Payments
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
1
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Pay
$
26,930
1.62%
02/25/2025
$
150
$
190
$
40
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
3,470
1.50%
02/26/2025
183
123
(
60
)
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
1,410
3.05%
01/11/2029
80
175
95
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
3,705
3.09%
12/07/2038
172
460
288
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
4,872
2.98%
03/08/2024
224
635
411
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
4,870
2.95%
03/13/2024
219
623
404
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
1,420
3.08%
01/30/2029
80
179
99
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
2,535
2.00%
07/01/2024
112
150
38
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
2,535
1.97%
06/25/2024
115
145
30
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
3,120
2.60%
04/08/2026
175
300
125
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
1,475
1.42%
06/06/2025
79
49
(
30
)
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
2,990
1.68%
07/23/2024
132
125
(
7
)
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
1,230
0.89%
05/01/2025
67
22
(
45
)
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
3,670
1.55%
07/30/2024
133
133
—
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
1,475
1.28%
06/05/2025
80
42
(
38
)
Call
-
10
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Pay
1,295
2.86%
02/23/2039
64
145
81
Call
-
10
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Receive
310
2.99%
04/28/2038
15
37
22
Call
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Pay
1,410
3.04%
01/12/2029
81
174
93
Call
-
5
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
16,330
1.20%
04/29/2022
159
276
117
Call
-
5
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Pay
6,085
1.53%
04/06/2022
88
182
94
Call
-
5
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Pay
11,590
1.39%
04/11/2022
173
279
106
Put
-
1
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Receive
26,930
1.62%
02/25/2025
149
108
(
41
)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
JPY
LIBOR
Pay
JPY
2,357,900
1.10%
06/30/2022
320
—
(
320
)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
$
4,870
2.95%
03/13/2024
220
52
(
168
)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
3,705
3.09%
12/07/2038
172
134
(
38
)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
5,610
2.25%
08/09/2022
133
38
(
95
)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
3,470
1.50%
02/26/2025
182
211
29
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
1,410
3.05%
01/11/2029
80
41
(
39
)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
1,420
3.08%
01/30/2029
81
41
(
40
)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
4,872
2.98%
03/08/2024
224
50
(
174
)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
2,535
2.00%
07/01/2024
111
83
(
28
)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
2,535
1.97%
06/25/2024
116
86
(
30
)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
3,120
2.60%
04/08/2026
175
89
(
86
)
Schedule
of
Investments
Inflation
Protection
Fund
July
31,
2021
(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
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
$
1,475
1.28%
06/05/2025
$
80
$
111
$
31
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
1,230
0.89%
05/01/2025
67
123
56
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
1,475
1.42%
06/06/2025
79
99
20
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
2,990
1.68%
07/23/2024
132
138
6
Put
-
10
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Receive
1,295
2.86%
02/23/2039
64
52
(
12
)
Put
-
10
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Receive
5,530
2.25%
08/03/2022
149
36
(
113
)
Put
-
10
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Receive
310
2.99%
04/28/2038
15
12
(
3
)
Put
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Receive
1,410
3.04%
01/12/2029
80
41
(
39
)
Put
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Receive
5,390
2.50%
06/21/2024
218
104
(
114
)
Put
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Receive
5,390
2.50%
06/14/2024
243
104
(
139
)
Put
-
30
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
6,520
2.85%
05/10/2022
379
36
(
343
)
Put
-
5
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Receive
EUR
10,560
0.15%
11/16/2021
76
10
(
66
)
Put
-
5
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Receive
$
6,085
1.53%
04/06/2022
89
21
(
68
)
Put
-
5
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Receive
11,590
1.39%
04/11/2022
168
53
(
115
)
Total
$
6,383
$
6,317
$
(
66
)
Written
Swaptions
Outstanding
Counterparty
Floating
Rate
Index
Pay/
Receive
Floating
Rate
Notional
Amount
Exercise
Rate
Expiration
Date
Upfront
Receipts
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
$
3,930
3.05%
03/13/2029
$
(
209
)
$
(
487
)
$
(
278
)
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
2,000
1.25%
01/28/2022
(
47
)
(
29
)
18
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
2,890
1.25%
01/03/2023
(
96
)
(
58
)
38
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
5,220
1.44%
01/10/2023
(
170
)
(
144
)
26
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
4,080
1.00%
01/28/2022
(
56
)
(
27
)
29
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
3,180
1.78%
10/15/2021
(
68
)
(
150
)
(
82
)
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
2,820
1.06%
10/12/2022
(
95
)
(
36
)
59
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
2,608
1.23%
12/19/2022
(
86
)
(
50
)
36
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
3,300
0.74%
05/03/2022
(
114
)
(
14
)
100
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
2,608
1.24%
12/19/2022
(
86
)
(
51
)
35
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
4,870
1.52%
09/23/2021
(
68
)
(
126
)
(
58
)
Call
-
10
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Receive
3,860
1.40%
06/08/2022
(
37
)
(
92
)
(
55
)
Call
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
18,130
0.52%
03/04/2022
(
52
)
(
56
)
(
4
)
Call
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
5,830
0.30%
12/07/2021
(
3
)
(
5
)
(
2
)
Call
-
2
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
35,490
0.57%
03/24/2022
(
115
)
(
131
)
(
16
)
Call
-
2
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
27,120
0.41%
02/24/2022
(
67
)
(
48
)
19
Schedule
of
Investments
Inflation
Protection
Fund
July
31,
2021
(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
Receipts
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
2
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
$
386
0.35%
12/07/2021
$
—
$
—
$
—
Call
-
2
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
5,444
0.35%
12/07/2021
(
4
)
(
7
)
(
3
)
Call
-
2
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
18,130
0.56%
03/22/2022
(
61
)
(
66
)
(
5
)
Call
-
2
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Receive
53,080
0.49%
03/03/2022
(
153
)
(
143
)
10
Call
-
2
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Receive
32,510
0.51%
01/11/2022
(
96
)
(
107
)
(
11
)
Call
-
5
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
8,170
0.90%
04/25/2022
(
42
)
(
66
)
(
24
)
Call
-
5
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
24,500
0.90%
04/29/2022
(
110
)
(
199
)
(
89
)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
EUR
5,280
0.70%
05/16/2023
(
141
)
(
55
)
86
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
$
3,930
3.05%
03/13/2029
(
209
)
(
116
)
93
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
5,610
3.25%
08/09/2022
(
34
)
(
8
)
26
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
5,610
2.75%
08/09/2022
(
67
)
(
16
)
51
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
2,000
1.25%
01/28/2022
(
47
)
(
49
)
(
2
)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
5,590
2.10%
01/07/2022
(
128
)
(
14
)
114
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
5,520
2.15%
01/11/2022
(
129
)
(
13
)
116
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
14,210
2.75%
05/10/2022
(
412
)
(
26
)
386
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
5,220
1.44%
01/10/2023
(
170
)
(
188
)
(
18
)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
2,890
1.25%
01/03/2023
(
95
)
(
131
)
(
36
)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
4,870
1.52%
09/23/2021
(
68
)
(
18
)
50
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
4,080
1.50%
01/28/2022
(
56
)
(
55
)
1
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
3,810
1.60%
03/01/2022
(
69
)
(
47
)
22
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
2,608
1.24%
12/19/2022
(
85
)
(
118
)
(
33
)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
2,608
1.23%
12/19/2022
(
85
)
(
119
)
(
34
)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
2,820
1.06%
10/12/2022
(
95
)
(
149
)
(
54
)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
3,300
0.74%
05/03/2022
(
114
)
(
223
)
(
109
)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
3,180
1.78%
10/15/2021
(
68
)
(
6
)
62
Put
-
10
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Pay
5,530
2.75%
08/03/2022
(
76
)
(
16
)
60
Put
-
10
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Pay
5,530
3.25%
08/03/2022
(
36
)
(
7
)
29
Put
-
10
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Pay
3,860
2.40%
06/08/2022
(
44
)
(
16
)
28
Put
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Pay
5,390
3.00%
06/21/2024
(
131
)
(
62
)
69
Put
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Pay
5,390
3.50%
06/21/2024
(
79
)
(
38
)
41
Put
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Pay
5,390
3.00%
06/14/2024
(
148
)
(
62
)
86
Put
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Pay
5,730
2.25%
08/21/2024
(
170
)
(
152
)
18
Put
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Pay
5,390
3.50%
06/14/2024
(
90
)
(
37
)
53
Schedule
of
Investments
Inflation
Protection
Fund
July
31,
2021
(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
Receipts
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
$
12,390
0.50%
12/07/2021
$
(
9
)
$
(
8
)
$
1
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
EUR
24,530
0.25%
09/07/2021
(
40
)
—
40
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
9,180
0.15%
08/10/2021
(
12
)
—
12
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
$
18,130
0.52%
03/04/2022
(
53
)
(
33
)
20
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
EUR
16,230
0.15%
08/10/2021
(
22
)
—
22
Put
-
2
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
$
12,318
0.45%
12/13/2021
(
11
)
(
12
)
(
1
)
Put
-
2
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
18,130
0.56%
03/22/2022
(
61
)
(
34
)
27
Put
-
2
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
27,120
0.75%
02/28/2022
(
64
)
(
22
)
42
Put
-
2
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
35,490
0.57%
03/24/2022
(
115
)
(
65
)
50
Put
-
2
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
8,650
0.50%
01/20/2022
(
16
)
(
11
)
5
Put
-
2
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Pay
53,080
0.49%
03/03/2022
(
153
)
(
107
)
46
Put
-
2
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Pay
32,510
0.51%
01/11/2022
(
91
)
(
35
)
56
Total
$
(
5,328
)
$
(
4,160
)
$
1,168
Amounts
in
thousands.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
Canadian
Bank
Acceptance;
March
2022
Long
189
$
37,661
$
26
Canadian
Bank
Acceptance;
September
2021
Short
189
37,704
(
2
)
Euro
Bond
10
Year
Bond;
September
2021
Short
386
80,850
(
1,206
)
Euro
Buxl
30
Year
Bond;
September
2021
Short
42
10,714
(
459
)
Euro
Schatz;
September
2021
Short
106
14,128
(
26
)
Euro-BTP;
September
2021
Long
55
10,066
254
Euro-Oat;
September
2021
Long
48
9,229
26
Short
Term
Euro-BTP;
September
2021
Long
94
12,642
28
UK
10
Year
Gilt;
September
2021
Short
31
5,593
(
118
)
US
10
Year
Note;
September
2021
Short
266
35,765
(
375
)
US
10
Year
Ultra
Note;
September
2021
Short
414
62,204
(
816
)
US
2
Year
Note;
September
2021
Long
168
37,070
56
US
5
Year
Note;
September
2021
Long
650
80,889
247
US
Ultra
Bond;
September
2021
Short
25
4,988
(
174
)
Total
$
(
2,539
)
Amounts
in
thousands
except
contracts.
Foreign
Currency
Contracts
Unrealized
Appreciation/(Depreciation)
Counterparty
Settlement
Date
Currency
to
Accept
Currency
to
Deliver
Asset
Liability
ANZ
Stockbroking
08/04/2021
$
9,372
EUR
7,936
$
8
$
(
50
)
Bank
of
America
NA
08/04/2021
CAD
159
$
127
1
—
Bank
of
America
NA
08/04/2021
EUR
53,386
$
63,444
—
(
114
)
Bank
of
America
NA
09/03/2021
$
63,480
EUR
53,386
120
—
Bank
of
America
NA
09/15/2021
AUD
3,860
$
2,933
—
(
101
)
Bank
of
America
NA
09/15/2021
AUD
2,010
JPY
164,424
—
(
25
)
Bank
of
America
NA
09/15/2021
CAD
3,703
$
2,980
—
(
11
)
Bank
of
America
NA
09/15/2021
EUR
2,520
$
2,984
11
(
3
)
Bank
of
America
NA
09/15/2021
JPY
163,908
$
1,490
5
—
Bank
of
America
NA
09/15/2021
JPY
332,309
AUD
4,065
47
—
Bank
of
America
NA
09/15/2021
$
2,896
AUD
3,850
70
—
Bank
of
America
NA
09/15/2021
$
2,970
CAD
3,675
24
—
Barclays
Bank
PLC
08/04/2021
GBP
158
$
219
1
—
Barclays
Bank
PLC
09/15/2021
$
1,490
CAD
1,870
—
(
9
)
Barclays
Bank
PLC
09/15/2021
$
1,489
EUR
1,260
—
(
7
)
Schedule
of
Investments
Inflation
Protection
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
108
Foreign
Currency
Contracts
(continued)
Unrealized
Appreciation/(Depreciation)
Counterparty
Settlement
Date
Currency
to
Accept
Currency
to
Deliver
Asset
Liability
BNP
Paribas
08/04/2021
$
2,243
EUR
1,906
$
—
$
(
18
)
BNP
Paribas
08/04/2021
$
92
GBP
66
—
—
BNP
Paribas
09/03/2021
$
1,057
EUR
891
—
—
Citigroup
Inc
08/04/2021
$
35,324
EUR
29,602
208
—
Citigroup
Inc
09/15/2021
CAD
1,803
$
1,480
—
(
34
)
Citigroup
Inc
09/15/2021
EUR
2,430
$
2,965
—
(
80
)
Citigroup
Inc
09/15/2021
$
1,476
EUR
1,210
40
—
Deutsche
Bank
AG
08/04/2021
$
7
GBP
5
—
—
Goldman
Sachs
&
Co
09/15/2021
$
1,470
EUR
1,240
—
(
2
)
HSBC
Securities
Inc
08/04/2021
$
2
JPY
254
—
—
HSBC
Securities
Inc
08/04/2021
$
4,057
EUR
3,434
—
(
17
)
HSBC
Securities
Inc
09/15/2021
CAD
1,790
$
1,480
—
(
45
)
JPMorgan
Chase
08/04/2021
GBP
18
$
25
—
—
JPMorgan
Chase
08/04/2021
NZD
25,199
$
17,642
—
(
86
)
JPMorgan
Chase
08/04/2021
$
145
GBP
105
—
(
1
)
JPMorgan
Chase
09/03/2021
$
17,641
NZD
25,199
92
—
JPMorgan
Chase
09/03/2021
$
25
GBP
18
—
—
JPMorgan
Chase
09/15/2021
AUD
1,950
$
1,471
—
(
40
)
JPMorgan
Chase
09/15/2021
EUR
1,210
JPY
159,026
—
(
14
)
JPMorgan
Chase
09/15/2021
EUR
2,450
$
2,959
—
(
50
)
JPMorgan
Chase
09/15/2021
JPY
160,025
EUR
1,210
23
—
JPMorgan
Chase
09/15/2021
$
1,490
JPY
163,331
—
—
JPMorgan
Chase
09/15/2021
$
2,957
EUR
2,470
31
(
7
)
JPMorgan
Chase
09/15/2021
$
1,480
CAD
1,792
44
—
Morgan
Stanley
&
Co
09/15/2021
EUR
1,210
$
1,438
—
(
2
)
Morgan
Stanley
&
Co
09/15/2021
$
1,489
EUR
1,220
41
—
Standard
Chartered
Bank,
Hong
Kong
09/15/2021
$
1,446
EUR
1,210
10
—
UBS
AG
08/04/2021
$
12,399
EUR
10,508
—
(
66
)
UBS
AG
08/04/2021
$
17,740
NZD
25,199
184
—
Westpac
Banking
Corporation
08/04/2021
JPY
254
$
2
—
—
Westpac
Banking
Corporation
09/03/2021
$
2
JPY
254
—
—
Westpac
Banking
Corporation
09/15/2021
$
1,481
AUD
1,960
43
—
Total
$
1,003
$
(
782
)
Amounts
in
thousands.
Exchange
Cleared
Interest
Rate
Swaps
Floating
Rate
Index
(Pay)/
Receive
Floating
Rate
Fixed
Rate
Payment
Frequency
Paid
by
Fund
Payment
Frequency
Received
by
Fund
Effective
Date
(a)
Maturity
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Upfront
Payments/
(Receipts)
Fair
Value
3
Month
USD
LIBOR
Receive
1.74%
Semiannual
Quarterly
N/A
11/23/2030
$
7,450
$
(
336
)
$
—
$
(
336
)
3
Month
USD
LIBOR
Pay
1.27%
Quarterly
Semiannual
N/A
07/12/2031
775
(
1
)
—
(
1
)
3
Month
USD
LIBOR
Receive
1.55%
Semiannual
Quarterly
N/A
02/25/2026
4,660
(
10
)
—
(
10
)
3
Month
USD
LIBOR
Pay
1.51%
Quarterly
Semiannual
N/A
08/19/2031
350
7
—
7
3
Month
USD
LIBOR
Receive
1.62%
Semiannual
Quarterly
N/A
02/22/2032
1,673
(
36
)
—
(
36
)
3
Month
USD
LIBOR
Pay
1.91%
Quarterly
Semiannual
N/A
02/22/2051
663
36
—
36
3
Month
USD
LIBOR
Receive
1.59%
Semiannual
Quarterly
N/A
02/22/2032
3,345
(
64
)
—
(
64
)
3
Month
USD
LIBOR
Pay
1.87%
Quarterly
Semiannual
N/A
02/19/2051
1,325
61
—
61
3
Month
USD
LIBOR
Pay
1.30%
Quarterly
Semiannual
N/A
07/12/2031
775
1
—
1
3
Month
USD
LIBOR
Pay
0.48%
Quarterly
Semiannual
N/A
01/21/2026
70
(
1
)
—
(
1
)
3
Month
USD
LIBOR
Receive
0.84%
Semiannual
Quarterly
N/A
11/15/2027
8,120
63
—
63
3
Month
USD
LIBOR
Pay
1.29%
Quarterly
Semiannual
N/A
07/12/2031
775
—
—
—
3
Month
USD
LIBOR
Pay
1.36%
Quarterly
Semiannual
N/A
07/13/2031
1,540
11
—
11
3
Month
USD
LIBOR
Receive
1.70%
Semiannual
Quarterly
N/A
02/15/2047
2,100
(
8
)
—
(
8
)
3
Month
USD
LIBOR
Receive
1.53%
Semiannual
Quarterly
N/A
12/15/2022
17,645
(
329
)
—
(
329
)
3
Month
USD
LIBOR
Receive
0.92%
Semiannual
Quarterly
N/A
12/10/2030
2,746
81
—
81
3
Month
USD
LIBOR
Receive
0.25%
Semiannual
Quarterly
N/A
12/01/2022
19,390
(
21
)
—
(
21
)
3
Month
USD
LIBOR
Pay
0.93%
Quarterly
Semiannual
N/A
09/17/2026
9,640
42
—
42
3
Month
USD
LIBOR
Receive
0.73%
Semiannual
Quarterly
N/A
06/21/2024
7,440
(
22
)
—
(
22
)
3
Month
USD
LIBOR
Pay
1.45%
Quarterly
Semiannual
N/A
01/18/2032
1,324
9
—
9
3
Month
USD
LIBOR
Pay
1.24%
Quarterly
Semiannual
N/A
07/21/2031
1,550
(
7
)
—
(
7
)
3
Month
USD
LIBOR
Receive
0.68%
Semiannual
Quarterly
N/A
09/16/2030
295
14
—
14
3
Month
USD
LIBOR
Pay
1.32%
Quarterly
Semiannual
N/A
07/09/2031
775
3
—
3
3
Month
USD
LIBOR
Pay
1.06%
Quarterly
Semiannual
N/A
09/16/2050
78
(
12
)
—
(
12
)
3
Month
USD
LIBOR
Pay
1.36%
Quarterly
Semiannual
N/A
07/08/2031
775
6
—
6
3
Month
USD
LIBOR
Receive
1.71%
Semiannual
Quarterly
N/A
03/06/2026
3,740
(
14
)
—
(
14
)
3
Month
USD
LIBOR
Receive
1.89%
Semiannual
Quarterly
N/A
02/15/2047
2,060
(
95
)
—
(
95
)
Schedule
of
Investments
Inflation
Protection
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
109
Exchange
Cleared
Interest
Rate
Swaps
(continued)
Floating
Rate
Index
(Pay)/
Receive
Floating
Rate
Fixed
Rate
Payment
Frequency
Paid
by
Fund
Payment
Frequency
Received
by
Fund
Effective
Date
(a)
Maturity
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Upfront
Payments/
(Receipts)
Fair
Value
3
Month
USD
LIBOR
Pay
1.90%
Quarterly
Semiannual
N/A
06/11/2051
$
630
$
35
$
—
$
35
3
Month
USD
LIBOR
Receive
0.74%
Semiannual
Quarterly
N/A
06/23/2024
3,720
(
12
)
—
(
12
)
3
Month
USD
LIBOR
Pay
0.45%
Quarterly
Semiannual
N/A
03/01/2024
3,930
—
—
—
3
Month
USD
LIBOR
Receive
2.10%
Semiannual
Quarterly
N/A
02/15/2047
6,200
(
567
)
(
1
)
(
568
)
3
Month
USD
LIBOR
Pay
2.15%
Quarterly
Semiannual
N/A
05/16/2033
2,820
142
—
142
3
Month
USD
LIBOR
Pay
2.08%
Quarterly
Semiannual
N/A
05/05/2033
830
36
1
37
3
Month
USD
LIBOR
Receive
0.28%
Semiannual
Quarterly
N/A
04/23/2023
20,215
(
16
)
(
1
)
(
17
)
3
Month
USD
LIBOR
Pay
2.00%
Quarterly
Semiannual
N/A
04/22/2051
310
25
—
25
3
Month
USD
LIBOR
Receive
1.29%
Semiannual
Quarterly
N/A
04/20/2027
2,990
(
40
)
—
(
40
)
3
Month
USD
LIBOR
Pay
0.59%
Quarterly
Semiannual
N/A
04/20/2024
7,290
12
—
12
3
Month
USD
LIBOR
Receive
0.31%
Semiannual
Quarterly
N/A
06/24/2023
15,200
(
18
)
—
(
18
)
3
Month
USD
LIBOR
Receive
0.77%
Semiannual
Quarterly
N/A
06/28/2024
3,740
(
13
)
—
(
13
)
3
Month
USD
LIBOR
Pay
0.72%
Quarterly
Semiannual
N/A
07/01/2031
3,210
(
174
)
—
(
174
)
3
Month
USD
LIBOR
Pay
1.78%
Quarterly
Semiannual
N/A
02/15/2047
1,920
44
—
44
3
Month
USD
LIBOR
Receive
2.50%
Semiannual
Quarterly
N/A
03/20/2031
3
—
—
—
3
Month
USD
LIBOR
Pay
1.37%
Quarterly
Semiannual
N/A
03/22/2027
3,386
63
—
63
3
Month
USD
LIBOR
Pay
1.80%
Quarterly
Semiannual
N/A
02/15/2047
1,760
45
—
45
3
Month
USD
LIBOR
Receive
0.26%
Semiannual
Quarterly
N/A
03/23/2023
7,390
(
6
)
—
(
6
)
3
Month
USD
LIBOR
Pay
1.38%
Quarterly
Semiannual
N/A
07/08/2031
775
7
—
7
3
Month
USD
LIBOR
Receive
2.79%
Semiannual
Quarterly
N/A
03/10/2031
7,307
(
1,033
)
—
(
1,033
)
3
Month
USD
LIBOR
Receive
1.27%
Semiannual
Quarterly
N/A
02/15/2028
8,090
(
142
)
1
(
141
)
3
Month
USD
LIBOR
Pay
1.20%
Quarterly
Semiannual
N/A
07/21/2031
775
(
7
)
—
(
7
)
3
Month
USD
LIBOR
Receive
0.69%
Semiannual
Quarterly
N/A
06/20/2024
1,160
(
2
)
—
(
2
)
3
Month
USD
LIBOR
Receive
0.97%
Semiannual
Quarterly
N/A
08/17/2040
890
96
—
96
3
Month
USD
LIBOR
Pay
1.25%
Quarterly
Semiannual
N/A
01/24/2032
1,160
(
15
)
—
(
15
)
3
Month
USD
LIBOR
Pay
0.52%
Quarterly
Semiannual
N/A
04/22/2024
3,750
—
—
—
3
Month
USD
LIBOR
Pay
1.05%
Quarterly
Semiannual
N/A
05/15/2028
3,330
1
—
1
3
Month
USD
LIBOR
Pay
1.32%
Quarterly
Semiannual
N/A
07/27/2031
970
3
—
3
3
Month
USD
LIBOR
Receive
0.50%
Semiannual
Quarterly
N/A
08/19/2027
600
16
—
16
3
Month
USD
LIBOR
Pay
1.27%
Quarterly
Semiannual
N/A
07/28/2031
250
—
—
—
3
Month
USD
LIBOR
Pay
3.09%
Quarterly
Semiannual
N/A
11/29/2024
23,270
1,974
—
1,974
3
Month
USD
LIBOR
Pay
1.93%
Quarterly
Semiannual
N/A
12/01/2056
150
3
—
3
3
Month
USD
LIBOR
Receive
2.10%
Semiannual
Quarterly
N/A
10/23/2039
470
(
4
)
—
(
4
)
3
Month
USD
LIBOR
Receive
1.98%
Semiannual
Quarterly
N/A
10/23/2034
850
(
15
)
—
(
15
)
3
Month
USD
LIBOR
Receive
1.98%
Semiannual
Quarterly
N/A
10/23/2034
850
(
16
)
—
(
16
)
3
Month
USD
LIBOR
Receive
1.93%
Semiannual
Quarterly
N/A
10/22/2034
1,940
(
27
)
—
(
27
)
3
Month
USD
LIBOR
Receive
1.91%
Semiannual
Quarterly
N/A
10/21/2034
1,660
(
19
)
—
(
19
)
3
Month
USD
LIBOR
Receive
1.65%
Semiannual
Quarterly
N/A
08/22/2034
1,765
20
—
20
3
Month
USD
LIBOR
Receive
1.67%
Semiannual
Quarterly
N/A
08/17/2049
600
10
—
10
3
Month
USD
LIBOR
Receive
1.71%
Semiannual
Quarterly
N/A
08/16/2049
780
10
—
10
3
Month
USD
LIBOR
Receive
1.77%
Semiannual
Quarterly
N/A
07/12/2023
47,825
(
677
)
—
(
677
)
3
Month
USD
LIBOR
Receive
2.38%
Semiannual
Quarterly
N/A
07/05/2049
840
(
30
)
—
(
30
)
3
Month
USD
LIBOR
Receive
2.33%
Semiannual
Quarterly
N/A
06/24/2034
420
(
22
)
—
(
22
)
3
Month
USD
LIBOR
Pay
1.83%
Quarterly
Semiannual
N/A
02/10/2050
50
2
—
2
3
Month
USD
LIBOR
Receive
0.82%
Semiannual
Quarterly
N/A
09/08/2025
3,440
(
21
)
—
(
21
)
3
Month
USD
LIBOR
Pay
0.44%
Quarterly
Semiannual
N/A
01/25/2024
3,750
2
—
2
3
Month
USD
LIBOR
Receive
0.63%
Semiannual
Quarterly
N/A
04/14/2025
6,490
(
5
)
—
(
5
)
3
Month
USD
LIBOR
Pay
1.20%
Quarterly
Semiannual
N/A
07/21/2031
775
(
6
)
—
(
6
)
3
Month
USD
LIBOR
Receive
0.88%
Semiannual
Quarterly
N/A
07/12/2053
960
211
—
211
3
Month
USD
LIBOR
Pay
0.65%
Quarterly
Semiannual
N/A
07/12/2028
5,240
(
179
)
—
(
179
)
3
Month
USD
LIBOR
Receive
0.65%
Semiannual
Quarterly
N/A
11/04/2030
3,820
200
—
200
3
Month
USD
LIBOR
Pay
0.65%
Quarterly
Semiannual
N/A
06/20/2027
5,060
(
102
)
—
(
102
)
3
Month
USD
LIBOR
Receive
1.09%
Semiannual
Quarterly
N/A
06/20/2052
920
146
—
146
3
Month
USD
LIBOR
Pay
0.68%
Quarterly
Semiannual
N/A
06/20/2027
5,060
(
95
)
—
(
95
)
3
Month
USD
LIBOR
Receive
1.14%
Semiannual
Quarterly
N/A
06/20/2052
920
135
—
135
3
Month
USD
LIBOR
Pay
0.36%
Quarterly
Semiannual
N/A
06/02/2025
5,050
(
52
)
—
(
52
)
3
Month
USD
LIBOR
Pay
1.25%
Quarterly
Semiannual
N/A
09/08/2050
591
(
62
)
—
(
62
)
3
Month
USD
LIBOR
Pay
0.92%
Quarterly
Semiannual
N/A
05/16/2035
1,160
(
96
)
—
(
96
)
3
Month
USD
LIBOR
Receive
0.81%
Semiannual
Quarterly
N/A
05/18/2050
580
122
—
122
3
Month
USD
LIBOR
Receive
0.65%
Semiannual
Quarterly
N/A
06/02/2030
680
33
—
33
3
Month
USD
LIBOR
Pay
0.82%
Quarterly
Semiannual
N/A
04/14/2030
3,390
(
108
)
—
(
108
)
3
Month
USD
LIBOR
Receive
0.76%
Semiannual
Quarterly
N/A
05/03/2032
4,950
317
—
317
3
Month
USD
LIBOR
Receive
0.77%
Semiannual
Quarterly
N/A
05/06/2032
990
63
—
63
3
Month
USD
LIBOR
Pay
1.19%
Quarterly
Semiannual
N/A
07/22/2031
1,530
(
15
)
—
(
15
)
3
Month
USD
LIBOR
Receive
0.77%
Semiannual
Quarterly
N/A
05/04/2032
5,060
322
—
322
6
Month
Euro
Interbank
Offered
Rate
Pay
(0.15)%
Semiannual
Annual
N/A
11/16/2026
EUR
5,280
60
—
60
6
Month
Euro
Interbank
Offered
Rate
Receive
0.19%
Annual
Semiannual
N/A
01/16/2030
1,050
(
34
)
(
3
)
(
37
)
Schedule
of
Investments
Inflation
Protection
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
110
Exchange
Cleared
Interest
Rate
Swaps
(continued)
Floating
Rate
Index
(Pay)/
Receive
Floating
Rate
Fixed
Rate
Payment
Frequency
Paid
by
Fund
Payment
Frequency
Received
by
Fund
Effective
Date
(a)
Maturity
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Upfront
Payments/
(Receipts)
Fair
Value
6
Month
Euro
Interbank
Offered
Rate
Receive
0.44%
Annual
Semiannual
N/A
05/16/2033
EUR
1,860
$
(
72
)
$
—
$
(
72
)
Canada
Bankers
Acceptances
3
Month
Pay
0.79%
Semiannual
Semiannual
N/A
06/22/2023
CAD
19,200
18
1
19
Canada
Bankers
Acceptances
3
Month
Pay
0.64%
Quarterly
Semiannual
N/A
04/21/2023
25,410
(
10
)
1
(
9
)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.38%
Annual
Annual
N/A
06/22/2031
$
5,205
151
—
151
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Pay
2.50%
Annual
Annual
N/A
06/22/2026
5,205
(
113
)
—
(
113
)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Pay
2.58%
Annual
Annual
N/A
07/09/2026
5,175
(
73
)
—
(
73
)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.43%
Annual
Annual
N/A
06/24/2031
12,935
297
—
297
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Pay
2.55%
Annual
Annual
N/A
06/24/2026
12,935
(
244
)
—
(
244
)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.75%
Annual
Annual
N/A
07/28/2026
13,680
22
—
22
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Pay
2.54%
Annual
Annual
N/A
07/12/2026
5,075
(
82
)
—
(
82
)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.38%
Annual
Annual
N/A
07/12/2031
5,075
130
—
130
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Pay
2.53%
Annual
Annual
N/A
07/28/2031
5,065
(
26
)
—
(
26
)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.73%
Annual
Annual
N/A
07/28/2026
5,065
14
—
14
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Pay
2.91%
Annual
Annual
N/A
08/03/2024
13,655
(
1
)
—
(
1
)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
3.15%
Annual
Annual
N/A
08/02/2023
13,655
(
20
)
—
(
20
)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Pay
2.96%
Annual
Annual
N/A
08/02/2024
13,655
17
—
17
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.44%
Annual
Annual
N/A
07/09/2031
5,175
97
—
97
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.25%
Annual
Annual
N/A
10/30/2028
7,950
298
1
299
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.48%
Annual
Annual
N/A
03/25/2026
8,190
256
—
256
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.60%
Annual
Annual
N/A
06/17/2026
11,005
189
—
189
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
1.33%
Annual
Annual
N/A
05/04/2030
11,260
1,621
—
1,621
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Pay
1.85%
Annual
Annual
N/A
08/10/2030
9,270
(
1,016
)
—
(
1,016
)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Pay
2.01%
Annual
Annual
N/A
09/04/2030
1,030
(
91
)
—
(
91
)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Pay
1.95%
Annual
Annual
N/A
09/18/2030
3,795
(
351
)
—
(
351
)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.19%
Annual
Annual
N/A
12/23/2030
12,170
758
1
759
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Pay
2.19%
Annual
Annual
N/A
12/31/2030
4,020
(
247
)
—
(
247
)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.53%
Annual
Annual
N/A
06/21/2026
5,740
116
—
116
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Pay
2.33%
Annual
Annual
N/A
01/26/2031
3,925
(
181
)
1
(
180
)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.30%
Annual
Annual
N/A
02/25/2026
11,260
462
—
462
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Pay
2.33%
Annual
Annual
N/A
03/01/2026
16,340
(
652
)
—
(
652
)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.31%
Annual
Annual
N/A
03/01/2031
10,730
498
1
499
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
3.09%
Annual
Annual
N/A
08/03/2023
13,655
(
5
)
—
(
5
)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.77%
Annual
Annual
N/A
08/03/2026
19,040
(
23
)
1
(
22
)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Pay
2.63%
Annual
Annual
N/A
06/10/2026
10,440
(
174
)
—
(
174
)
Schedule
of
Investments
Inflation
Protection
Fund
July
31,
2021
(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
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Pay
2.56%
Annual
Annual
N/A
04/19/2026
$
5,235
$
(
135
)
$
—
$
(
135
)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.47%
Annual
Annual
N/A
04/19/2031
2,620
71
—
71
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.52%
Annual
Annual
N/A
06/10/2031
10,440
163
—
163
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Pay
1.45%
Annual
Annual
N/A
07/15/2026
EUR
4,925
(
41
)
—
(
41
)
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Receive
1.53%
Annual
Annual
N/A
07/15/2031
4,925
65
—
65
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Pay
1.79%
Annual
Annual
N/A
07/15/2051
1,295
(
39
)
—
(
39
)
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Receive
1.43%
Annual
Annual
N/A
06/15/2026
5,060
56
—
56
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Pay
1.46%
Annual
Annual
N/A
06/15/2031
5,060
(
119
)
1
(
118
)
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Receive
1.50%
Annual
Annual
N/A
06/15/2026
9,845
63
(
1
)
62
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Pay
1.50%
Annual
Annual
N/A
07/15/2031
5,085
(
87
)
—
(
87
)
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Pay
1.45%
Annual
Annual
N/A
03/15/2031
6,585
(
258
)
3
(
255
)
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Pay
1.53%
Annual
Annual
N/A
06/15/2031
9,845
(
135
)
1
(
134
)
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Pay
1.54%
Annual
Annual
N/A
07/15/2031
5,015
(
61
)
—
(
61
)
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Receive
1.44%
Annual
Annual
N/A
07/15/2026
5,085
48
—
48
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Pay
1.54%
Annual
Annual
N/A
06/15/2031
5,180
(
69
)
—
(
69
)
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Receive
1.48%
Annual
Annual
N/A
07/15/2026
5,015
33
—
33
Secured
Overnight
Financing
Rate
Receive
1.08%
Annual
Annual
N/A
08/02/2031
$
100
(
1
)
—
(
1
)
United
Kingdom
Retail
Prices
Index
Receive
3.38%
Annual
Annual
N/A
12/15/2030
GBP
2,525
219
(
1
)
218
United
Kingdom
Retail
Prices
Index
Receive
3.42%
Annual
Annual
N/A
10/15/2034
12,690
461
32
493
United
Kingdom
Retail
Prices
Index
Pay
3.36%
Annual
Annual
N/A
10/15/2039
12,690
(
1,007
)
(
33
)
(
1,040
)
United
Kingdom
Retail
Prices
Index
Receive
3.16%
Annual
Annual
N/A
10/15/2049
9,745
2,062
(
93
)
1,969
United
Kingdom
Retail
Prices
Index
Pay
3.27%
Annual
Annual
N/A
10/15/2044
9,745
(
1,318
)
18
(
1,300
)
United
Kingdom
Retail
Prices
Index
Receive
3.13%
Annual
Annual
N/A
01/15/2050
4,000
954
11
965
United
Kingdom
Retail
Prices
Index
Pay
3.24%
Annual
Annual
N/A
01/15/2045
4,000
(
669
)
(
7
)
(
676
)
United
Kingdom
Retail
Prices
Index
Pay
3.56%
Annual
Annual
N/A
03/15/2041
965
(
59
)
—
(
59
)
United
Kingdom
Retail
Prices
Index
Pay
3.67%
Annual
Annual
N/A
06/15/2031
7,235
(
193
)
—
(
193
)
United
Kingdom
Retail
Prices
Index
Pay
3.34%
Annual
Annual
N/A
01/15/2040
5,200
(
548
)
(
9
)
(
557
)
United
Kingdom
Retail
Prices
Index
Pay
3.50%
Annual
Annual
N/A
12/15/2030
7,500
(
501
)
7
(
494
)
United
Kingdom
Retail
Prices
Index
Receive
3.39%
Annual
Annual
N/A
01/15/2035
5,200
320
4
324
United
Kingdom
Retail
Prices
Index
Receive
3.36%
Annual
Annual
N/A
01/15/2035
5,400
378
8
386
United
Kingdom
Retail
Prices
Index
Receive
3.63%
Annual
Annual
N/A
06/15/2026
7,235
126
—
126
United
Kingdom
Retail
Prices
Index
Pay
3.22%
Annual
Annual
N/A
01/15/2045
4,100
(
731
)
(
11
)
(
742
)
United
Kingdom
Retail
Prices
Index
Receive
3.11%
Annual
Annual
N/A
01/15/2050
4,100
1,046
17
1,063
United
Kingdom
Retail
Prices
Index
Receive
3.62%
Annual
Annual
N/A
04/15/2031
3,475
178
(
1
)
177
United
Kingdom
Retail
Prices
Index
Receive
3.58%
Annual
Annual
N/A
02/15/2026
8,675
289
(
3
)
286
United
Kingdom
Retail
Prices
Index
Pay
3.63%
Annual
Annual
N/A
02/15/2031
5,350
(
264
)
2
(
262
)
United
Kingdom
Retail
Prices
Index
Pay
3.75%
Annual
Annual
N/A
04/15/2031
2,025
(
59
)
1
(
58
)
United
Kingdom
Retail
Prices
Index
Pay
3.57%
Annual
Annual
N/A
10/15/2030
8,775
(
492
)
20
(
472
)
United
Kingdom
Retail
Prices
Index
Pay
3.33%
Annual
Annual
N/A
11/15/2040
1,925
(
313
)
4
(
309
)
United
Kingdom
Retail
Prices
Index
Pay
3.31%
Annual
Annual
N/A
01/15/2040
5,400
(
640
)
(
15
)
(
655
)
United
Kingdom
Retail
Prices
Index
Receive
3.42%
Annual
Annual
N/A
01/15/2031
2,405
212
—
212
Total
$
471
$
(
41
)
$
430
Amounts
in
thousands.
(a)
Forward
swap.
Schedule
of
Investments
International
Emerging
Markets
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
112
INVESTMENT
COMPANIES
-
1
.30
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
1
.30
%
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c)
3,992,916
$
3,993
TOTAL
INVESTMENT
COMPANIES
$
3,993
COMMON
STOCKS
-
98
.55
%
Shares
Held
Value
(000's)
Agriculture
-
0
.26
%
SLC
Agricola
SA
93,300
$
801
Airlines
-
0
.27
%
Copa
Holdings
SA
(b)
11,843
840
Automobile
Manufacturers
-
3
.15
%
Ashok
Leyland
Ltd
1,144,211
2,048
Eicher
Motors
Ltd
48,798
1,662
Hyundai
Motor
Co
15,341
2,920
Kia
Corp
41,861
3,057
$
9,687
Automobile
Parts
&
Equipment
-
0
.86
%
Fuyao
Glass
Industry
Group
Co
Ltd
(d)
171,600
1,093
Weichai
Power
Co
Ltd
709,000
1,554
$
2,647
Banks
-
8
.47
%
Bank
Rakyat
Indonesia
Persero
Tbk
PT
7,387,100
1,895
China
Merchants
Bank
Co
Ltd
322,000
2,450
Grupo
Financiero
Banorte
SAB
de
CV
317,400
2,053
HDFC
Bank
Ltd
124,040
2,387
ICICI
Bank
Ltd
408,918
3,761
Kotak
Mahindra
Bank
Ltd
(b)
44,916
1,001
OTP
Bank
Nyrt
(b)
30,056
1,621
PT
Bank
Central
Asia
Tbk
719,600
1,486
Regional
SAB
de
CV
336,400
2,087
Sberbank
of
Russia
PJSC
ADR
282,756
4,706
TCS
Group
Holding
PLC
31,099
2,574
$
26,021
Beverages
-
1
.66
%
Arca
Continental
SAB
de
CV
213,600
1,304
Kweichow
Moutai
Co
Ltd
8,300
2,159
Tsingtao
Brewery
Co
Ltd
206,000
1,628
$
5,091
Biotechnology
-
0
.25
%
I-Mab
ADR
(b)
9,654
754
Building
Materials
-
3
.07
%
Amber
Enterprises
India
Ltd
(b)
41,240
1,657
Beijing
Oriental
Yuhong
Waterproof
Technology
Co
Ltd
271,821
2,145
China
Lesso
Group
Holdings
Ltd
1,182,000
2,468
China
Resources
Cement
Holdings
Ltd
638,000
527
Voltas
Ltd
123,706
1,764
Xinyi
Glass
Holdings
Ltd
229,000
856
$
9,417
Chemicals
-
0
.89
%
Asian
Paints
Ltd
40,289
1,603
Navin
Fluorine
International
Ltd
22,992
1,131
$
2,734
Commercial
Services
-
0
.49
%
NICE
Information
Service
Co
Ltd
71,764
1,498
Computers
-
1
.82
%
Infosys
Ltd
200,319
4,366
LG
Corp
15,002
1,229
$
5,595
Consumer
Products
-
0
.65
%
Hindustan
Unilever
Ltd
63,575
1,998
Distribution
&
Wholesale
-
1
.75
%
AKR
Corporindo
Tbk
PT
3,041,400
757
Pop
Mart
International
Group
Ltd
(b),(d)
197,800
1,455
Vamos
Locacao
de
Caminhoes
Maquinas
e
Equipamentos
SA
(b)
225,000
3,152
$
5,364
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Diversified
Financial
Services
-
4
.76
%
Bajaj
Finance
Ltd
21,774
$
1,828
Banco
BTG
Pactual
SA
180,850
1,012
CreditAccess
Grameen
Ltd
(b)
93,605
838
Fubon
Financial
Holding
Co
Ltd
904,000
2,430
Hong
Kong
Exchanges
&
Clearing
Ltd
14,100
901
Housing
Development
Finance
Corp
Ltd
126,228
4,155
KB
Financial
Group
Inc
49,622
2,204
Tisco
Financial
Group
PCL
463,800
1,242
$
14,610
Electric
-
0
.44
%
China
Longyuan
Power
Group
Corp
Ltd
718,000
1,345
Electrical
Components
&
Equipment
-
1
.25
%
Delta
Electronics
Inc
205,000
2,112
Frencken
Group
Ltd
1,225,500
1,720
$
3,832
Electronics
-
0
.32
%
Voltronic
Power
Technology
Corp
20,000
975
Energy
-
Alternate
Sources
-
0
.58
%
Sao
Martinho
SA
285,129
1,771
Engineering
&
Construction
-
0
.88
%
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV
(b)
161,400
1,847
Grupo
Aeroportuario
del
Sureste
SAB
de
CV
47,985
868
$
2,715
Food
-
2
.92
%
Bid
Corp
Ltd
(b)
75,205
1,652
Dino
Polska
SA
(b),(d)
22,296
1,785
JBS
SA
141,600
873
Nestle
India
Ltd
5,133
1,222
Tingyi
Cayman
Islands
Holding
Corp
968,000
1,745
Want
Want
China
Holdings
Ltd
2,495,000
1,684
$
8,961
Gas
-
1
.67
%
China
Resources
Gas
Group
Ltd
318,000
1,960
ENN
Energy
Holdings
Ltd
151,900
3,170
$
5,130
Healthcare
-
Products
-
0
.80
%
Osstem
Implant
Co
Ltd
21,954
2,470
Healthcare
-
Services
-
2
.07
%
Notre
Dame
Intermedica
Participacoes
SA
77,000
1,183
Pharmaron
Beijing
Co
Ltd
(d)
66,800
1,465
Rede
D'Or
Sao
Luiz
SA
(d)
84,020
1,117
Wuxi
Biologics
Cayman
Inc
(b),(d)
169,500
2,589
$
6,354
Home
Furnishings
-
1
.23
%
Haier
Smart
Home
Co
Ltd
503,000
1,725
JS
Global
Lifestyle
Co
Ltd
(d)
360,000
908
Midea
Group
Co
Ltd
117,300
1,155
$
3,788
Insurance
-
3
.88
%
AIA
Group
Ltd
202,600
2,424
ICICI
Lombard
General
Insurance
Co
Ltd
(d)
65,344
1,298
ICICI
Prudential
Life
Insurance
Co
Ltd
(d)
110,371
940
Odontoprev
SA
283,400
710
PICC
Property
&
Casualty
Co
Ltd
2,132,000
1,722
Ping
An
Insurance
Group
Co
of
China
Ltd
356,500
3,120
Qualitas
Controladora
SAB
de
CV
351,000
1,705
$
11,919
Internet
-
14
.15
%
Alibaba
Group
Holding
Ltd
(b)
527,424
12,881
JD.com
Inc
ADR
(b)
45,193
3,203
Meituan
(b),(d)
165,600
4,582
MercadoLibre
Inc
(b)
961
1,508
My
EG
Services
Bhd
3,099,600
1,220
NCSoft
Corp
2,610
1,872
Sea
Ltd
ADR
(b)
5,720
1,580
Tencent
Holdings
Ltd
249,000
15,017
Trip.com
Group
Ltd
ADR
(b)
61,414
1,592
$
43,455
Schedule
of
Investments
International
Emerging
Markets
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
113
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Investment
Companies
-
0
.28
%
VEF
AB
(b)
1,612,935
$
871
Iron
&
Steel
-
2
.83
%
Hunan
Valin
Steel
Co
Ltd
859,889
1,022
Kumba
Iron
Ore
Ltd
38,127
2,023
Severstal
PAO
78,716
1,937
Vale
SA
175,600
3,698
$
8,680
Lodging
-
0
.31
%
Galaxy
Entertainment
Group
Ltd
(b)
142,000
962
Metal
Fabrication
&
Hardware
-
0
.72
%
APL
Apollo
Tubes
Ltd
(b)
54,636
1,284
Astral
Ltd
33,617
942
$
2,226
Mining
-
2
.20
%
Anglo
American
PLC
51,588
2,286
Impala
Platinum
Holdings
Ltd
133,236
2,402
Polymetal
International
PLC
49,039
1,065
Polyus
PJSC
10,329
996
$
6,749
Miscellaneous
Manufacturers
-
1
.96
%
Elite
Material
Co
Ltd
116,000
938
Escorts
Ltd
41,061
655
Lens
Technology
Co
Ltd
183,800
724
Pidilite
Industries
Ltd
43,485
1,333
Sunny
Optical
Technology
Group
Co
Ltd
77,800
2,362
$
6,012
Oil
&
Gas
-
4
.55
%
LUKOIL
PJSC
ADR
37,610
3,223
Petrobras
Distribuidora
SA
440,900
2,403
Petroleo
Brasileiro
SA
431,200
2,285
Reliance
Industries
Ltd
221,375
6,068
$
13,979
Packaging
&
Containers
-
0
.27
%
Shandong
Pharmaceutical
Glass
Co
Ltd
159,100
845
Pharmaceuticals
-
0
.56
%
Caplin
Point
Laboratories
Ltd
74,460
886
China
Grand
Pharmaceutical
and
Healthcare
Holdings
Ltd
1,050,000
835
$
1,721
Pipelines
-
0
.62
%
Gaztransport
Et
Technigaz
SA
23,773
1,906
Real
Estate
-
1
.29
%
A-Living
Smart
City
Services
Co
Ltd
(d)
526,750
2,009
Shimao
Services
Holdings
Ltd
(d)
840,213
1,940
$
3,949
Retail
-
4
.04
%
Ace
Hardware
Indonesia
Tbk
PT
11,079,900
1,012
China
Meidong
Auto
Holdings
Ltd
180,000
971
China
Yongda
Automobiles
Services
Holdings
Ltd
738,000
1,378
Home
Product
Center
PCL
2,744,600
1,112
Li
Ning
Co
Ltd
201,000
2,123
Magazine
Luiza
SA
497,212
1,967
Via
Varejo
S/A
(b)
497,819
1,210
Wal-Mart
de
Mexico
SAB
de
CV
798,800
2,632
$
12,405
Semiconductors
-
18
.94
%
ASE
Technology
Holding
Co
Ltd
390,000
1,716
ASPEED
Technology
Inc
11,000
886
eMemory
Technology
Inc
19,700
927
Hana
Materials
Inc
29,790
1,331
Keystone
Microtech
Corp
79,000
984
MediaTek
Inc
146,000
4,774
Novatek
Microelectronics
Corp
63,300
1,164
Parade
Technologies
Ltd
17,000
1,044
Realtek
Semiconductor
Corp
96,000
2,027
Samsung
Electronics
Co
Ltd
247,059
16,883
SK
Hynix
Inc
39,378
3,855
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Semiconductors
(continued)
Taiwan
Semiconductor
Manufacturing
Co
Ltd
1,080,685
$
22,586
$
58,177
Shipbuilding
-
0
.20
%
Yangzijiang
Shipbuilding
Holdings
Ltd
607,700
615
Software
-
0
.73
%
NetEase
Inc
112,125
2,230
Telecommunications
-
0
.51
%
RichWave
Technology
Corp
(b)
36,000
518
Shenzhen
Transsion
Holdings
Co
Ltd
41,841
1,054
$
1,572
TOTAL
COMMON
STOCKS
$
302,671
PREFERRED
STOCKS
-
0
.27
%
Shares
Held
Value
(000's)
Semiconductors
-
0
.27
%
Samsung
Electronics
Co
Ltd
1431.00%
13,335
$
837
TOTAL
PREFERRED
STOCKS
$
837
Total
Investments
$
307,501
Other
Assets
and
Liabilities
- (0.12)%
(
366
)
TOTAL
NET
ASSETS
-
100.00%
$
307,135
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
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
$21,181
or
6.90%
of
net
assets.
Portfolio
Summary (unaudited)
Location
Percent
China
29
.30
%
India
14
.59
%
Taiwan
13
.69
%
Korea,
Republic
Of
12
.42
%
Brazil
7
.22
%
Mexico
4
.07
%
Russian
Federation
3
.53
%
Hong
Kong
3
.04
%
South
Africa
1
.98
%
Indonesia
1
.68
%
United
States
1
.64
%
Cyprus
1
.19
%
Malaysia
0
.96
%
Thailand
0
.77
%
United
Kingdom
0
.75
%
France
0
.62
%
Poland
0
.58
%
Hungary
0
.53
%
Singapore
0
.52
%
Argentina
0
.49
%
Sweden
0
.28
%
Panama
0
.27
%
Other
Assets
and
Liabilities
(
0
.12
)
%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
International
Emerging
Markets
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
114
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
3,691
$
59,678
$
59,376
$
3,993
$
3,691
$
59,678
$
59,376
$
3,993
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
International
Fund
I
July
31,
2021
(unaudited)
See
accompanying
notes.
115
INVESTMENT
COMPANIES
-
1
.17
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
1
.17
%
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c)
4,077,331
$
4,077
TOTAL
INVESTMENT
COMPANIES
$
4,077
COMMON
STOCKS
-
98
.11
%
Shares
Held
Value
(000's)
Agriculture
-
0
.58
%
British
American
Tobacco
PLC
54,000
$
2,008
Apparel
-
2
.67
%
Kering
SA
2,361
2,118
LVMH
Moet
Hennessy
Louis
Vuitton
SE
8,978
7,189
$
9,307
Automobile
Manufacturers
-
2
.24
%
Bayerische
Motoren
Werke
AG
18,500
1,840
Toyota
Motor
Corp
33,000
2,963
Volvo
AB
-
B
Shares
128,000
3,018
$
7,821
Automobile
Parts
&
Equipment
-
1
.93
%
Bridgestone
Corp
76,000
3,348
Koito
Manufacturing
Co
Ltd
24,000
1,469
Magna
International
Inc
23,000
1,928
$
6,745
Banks
-
11
.31
%
Bank
of
China
Ltd
8,821,000
3,065
China
Merchants
Bank
Co
Ltd
785,500
5,976
DBS
Group
Holdings
Ltd
144,900
3,242
Lloyds
Banking
Group
PLC
2,027,000
1,282
Macquarie
Group
Ltd
14,346
1,656
National
Bank
of
Canada
67,900
5,197
Royal
Bank
of
Canada
57,300
5,795
Sberbank
of
Russia
PJSC
ADR
194,243
3,232
Svenska
Handelsbanken
AB
382,000
4,305
Swedbank
AB
145,000
2,824
UBS
Group
AG
174,000
2,867
$
39,441
Beverages
-
0
.51
%
Diageo
PLC
36,000
1,785
Building
Materials
-
2
.20
%
China
Lesso
Group
Holdings
Ltd
690,000
1,441
Sika
AG
12,460
4,389
Xinyi
Glass
Holdings
Ltd
494,000
1,846
$
7,676
Chemicals
-
1
.12
%
Nitto
Denko
Corp
23,000
1,709
Soulbrain
Co
Ltd/New
7,471
2,212
$
3,921
Coal
-
0
.92
%
China
Shenhua
Energy
Co
Ltd
802,000
1,518
Shaanxi
Coal
Industry
Co
Ltd
947,957
1,641
Thungela
Resources
Ltd
(b)
9,550
30
$
3,189
Commercial
Services
-
1
.01
%
Ashtead
Group
PLC
47,137
3,527
Computers
-
3
.85
%
Asustek
Computer
Inc
128,000
1,609
BayCurrent
Consulting
Inc
11,300
4,500
Gigabyte
Technology
Co
Ltd
710,000
2,551
Logitech
International
SA
17,000
1,868
Teleperformance
6,822
2,878
$
13,406
Cosmetics
&
Personal
Care
-
1
.13
%
L'Oreal
SA
8,600
3,934
Distribution
&
Wholesale
-
0
.51
%
Ferguson
PLC
12,800
1,794
Diversified
Financial
Services
-
6
.52
%
Amundi
SA
(d)
19,500
1,801
Azimut
Holding
SpA
115,892
2,981
Banca
Generali
SpA
(b)
59,000
2,448
Fubon
Financial
Holding
Co
Ltd
1,354,000
3,640
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Diversified
Financial
Services
(continued)
Hana
Financial
Group
Inc
51,000
$
1,924
IG
Group
Holdings
PLC
144,000
1,784
KB
Financial
Group
Inc
39,000
1,732
Korea
Investment
Holdings
Co
Ltd
18,000
1,504
Man
Group
PLC/Jersey
1,258,000
3,455
Schroders
PLC
28,500
1,447
$
22,716
Electric
-
1
.65
%
Endesa
SA
85,000
2,065
Enel
SpA
192,000
1,769
Iberdrola
SA
158,000
1,902
$
5,736
Electrical
Components
&
Equipment
-
2
.29
%
Delta
Electronics
Inc
248,000
2,555
LG
Innotek
Co
Ltd
13,000
2,570
Schneider
Electric
SE
17,000
2,847
$
7,972
Electronics
-
1
.45
%
Micro-Star
International
Co
Ltd
436,000
2,316
Murata
Manufacturing
Co
Ltd
33,000
2,739
$
5,055
Engineering
&
Construction
-
0
.38
%
Penta-Ocean
Construction
Co
Ltd
197,000
1,335
Entertainment
-
1
.31
%
Evolution
AB
(d)
11,200
1,949
Kindred
Group
PLC
160,000
2,619
$
4,568
Food
-
3
.92
%
HelloFresh
SE
(b)
18,000
1,687
JBS
SA
277,000
1,707
Magnit
PJSC
121,000
1,767
Marfrig
Global
Foods
SA
531,000
2,003
Metro
Inc/CN
32,500
1,686
Nestle
SA
38,000
4,812
$
13,662
Gas
-
1
.31
%
ENN
Energy
Holdings
Ltd
219,400
4,579
Healthcare
-
Products
-
0
.37
%
Jafron
Biomedical
Co
Ltd
125,000
1,300
Home
Builders
-
1
.56
%
Barratt
Developments
PLC
146,000
1,427
Bellway
PLC
36,000
1,644
Open
House
Co
Ltd
47,000
2,376
$
5,447
Home
Furnishings
-
1
.60
%
JS
Global
Lifestyle
Co
Ltd
(d)
596,000
1,503
Sony
Group
Corp
39,000
4,074
$
5,577
Insurance
-
7
.69
%
Allianz
SE
8,123
2,019
Assicurazioni
Generali
SpA
128,000
2,552
Dai-ichi
Life
Holdings
Inc
69,000
1,270
iA
Financial
Corp
Inc
27,000
1,494
Japan
Post
Insurance
Co
Ltd
137,114
2,431
Legal
&
General
Group
PLC
798,230
2,891
Manulife
Financial
Corp
107,000
2,069
Power
Corp
of
Canada
70,350
2,245
Samsung
Life
Insurance
Co
Ltd
24,500
1,608
Sun
Life
Financial
Inc
52,500
2,734
Swiss
Life
Holding
AG
5,764
2,973
Tokio
Marine
Holdings
Inc
53,037
2,528
$
26,814
Internet
-
3
.12
%
Alibaba
Group
Holding
Ltd
ADR
(b)
11,000
2,147
CyberAgent
Inc
82,600
1,487
Future
PLC
58,000
2,778
Tencent
Holdings
Ltd
74,000
4,463
$
10,875
Schedule
of
Investments
International
Fund
I
July
31,
2021
(unaudited)
See
accompanying
notes.
116
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Iron
&
Steel
-
3
.43
%
Evraz
PLC
204,000
$
1,743
Fortescue
Metals
Group
Ltd
129,000
2,357
Kumba
Iron
Ore
Ltd
30,000
1,592
Mineral
Resources
Ltd
82,000
3,794
Vale
SA
117,000
2,464
$
11,950
Leisure
Products
&
Services
-
0
.47
%
BRP
Inc
19,700
1,651
Machinery
-
Construction
&
Mining
-
0
.39
%
Sandvik
AB
52,000
1,356
Machinery
-
Diversified
-
2
.21
%
Atlas
Copco
AB
-
A
Shares
58,500
3,962
Ebara
Corp
41,400
2,048
Haitian
International
Holdings
Ltd
462,000
1,690
$
7,700
Mining
-
4
.51
%
Anglo
American
Platinum
Ltd
14,600
1,911
Anglo
American
PLC
95,500
4,232
BHP
Group
PLC
73,000
2,364
Boliden
AB
(b)
43,000
1,676
Impala
Platinum
Holdings
Ltd
85,000
1,532
Rio
Tinto
Ltd
41,000
4,018
$
15,733
Miscellaneous
Manufacturers
-
2
.06
%
Elite
Material
Co
Ltd
446,000
3,607
Siemens
AG
23,000
3,589
$
7,196
Oil
&
Gas
-
0
.75
%
PTT
Exploration
&
Production
PCL
839,000
2,628
Packaging
&
Containers
-
0
.51
%
CCL
Industries
Inc
31,000
1,778
Pharmaceuticals
-
3
.67
%
Ipsen
SA
13,500
1,443
Novo
Nordisk
A/S
29,000
2,684
Roche
Holding
AG
9,300
3,593
Sanofi
29,000
2,989
Shanghai
Fosun
Pharmaceutical
Group
Co
Ltd
227,000
2,080
$
12,789
Private
Equity
-
0
.89
%
Partners
Group
Holding
AG
1,820
3,109
Real
Estate
-
0
.41
%
Country
Garden
Services
Holdings
Co
Ltd
177,000
1,437
Retail
-
1
.95
%
ANTA
Sports
Products
Ltd
121,100
2,637
B&M
European
Value
Retail
SA
288,000
2,213
Harvey
Norman
Holdings
Ltd
467,000
1,950
$
6,800
Semiconductors
-
9
.30
%
ASML
Holding
NV
6,300
4,816
Elan
Microelectronics
Corp
238,000
1,546
Maxscend
Microelectronics
Co
Ltd
20,998
1,315
MediaTek
Inc
50,500
1,651
Novatek
Microelectronics
Corp
100,453
1,848
Realtek
Semiconductor
Corp
196,000
4,138
Samsung
Electronics
Co
Ltd
91,000
6,219
Taiwan
Semiconductor
Manufacturing
Co
Ltd
233,854
4,887
Taiwan
Semiconductor
Manufacturing
Co
Ltd
ADR
37,200
4,339
Tokyo
Electron
Ltd
4,000
1,650
$
32,409
Software
-
2
.04
%
HCL
Technologies
Ltd
129,000
1,779
Konami
Holdings
Corp
27,000
1,496
NetEase
Inc
ADR
18,855
1,927
TIS
Inc
73,000
1,893
$
7,095
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Telecommunications
-
0
.53
%
Telefonaktiebolaget
LM
Ericsson
160,000
$
1,845
Toys,
Games
&
Hobbies
-
0
.44
%
Nintendo
Co
Ltd
3,000
1,542
Transportation
-
1
.40
%
Canadian
Pacific
Railway
Ltd
26,500
1,968
Kuehne
+
Nagel
International
AG
8,600
2,901
$
4,869
TOTAL
COMMON
STOCKS
$
342,077
Total
Investments
$
346,154
Other
Assets
and
Liabilities
- 0.72%
2,521
TOTAL
NET
ASSETS
-
100.00%
$
348,675
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
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
$5,253
or
1.51%
of
net
assets.
Portfolio
Summary (unaudited)
Location
Percent
Japan
11
.74
%
China
10
.66
%
Taiwan
9
.93
%
United
Kingdom
9
.75
%
Canada
8
.17
%
Switzerland
7
.60
%
France
7
.24
%
Sweden
6
.00
%
Korea,
Republic
Of
5
.10
%
Australia
4
.63
%
Italy
2
.80
%
Germany
2
.62
%
Brazil
1
.78
%
South
Africa
1
.46
%
Russian
Federation
1
.44
%
Netherlands
1
.38
%
United
States
1
.17
%
Spain
1
.14
%
Hong
Kong
0
.96
%
Singapore
0
.93
%
Denmark
0
.77
%
Malta
0
.75
%
Thailand
0
.75
%
India
0
.51
%
Other
Assets
and
Liabilities
0
.72
%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
International
Fund
I
July
31,
2021
(unaudited)
See
accompanying
notes.
117
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
3
$
142,889
$
138,815
$
4,077
$
3
$
142,889
$
138,815
$
4,077
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
LargeCap
Growth
Fund
I
July
31,
2021
(unaudited)
See
accompanying
notes.
118
INVESTMENT
COMPANIES
-
1.75%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0.25%
iShares
Russell
1000
Growth
ETF
130,215
$
36,546
Money
Market
Funds
-
1.50%
BlackRock
Liquidity
FedFund
-
Institutional
Class
0.03%
(a),(b)
25,300,995
25,301
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c),(d)
193,833,887
193,834
$
219,135
TOTAL
INVESTMENT
COMPANIES
$
255,681
CONVERTIBLE
PREFERRED
STOCKS
-
1.80%
Shares
Held
Value
(000's)
Automobile
Manufacturers
-
1.65%
Rivian
Automotive
Series
D
0.00%
(d),(e),(f)
1,213,721
$
86,211
Rivian
Automotive
Series
E
0.00%
(d),(e),(f)
1,774,321
126,030
Rivian
Automotive
Series
F
0.00%
(d),(e),(f)
350,551
24,900
Waymo
LLC
Series
A-2
0.00%
(d),(e),(f)
48,770
4,473
$
241,614
Chemicals
-
0.03%
Sila
Nano
Series
F
0.00%
(d),(e),(f)
103,620
4,277
Software
-
0.08%
Magic
Leap
Inc
-
Series
C
0.00%
(d),(e),(f)
168,788
103
Magic
Leap
Inc
-
Series
D
0.00%
(d),(e),(f)
48,744
30
Nuro
-
Series
C
0.00%
(d),(e),(f)
353,308
4,612
Rappi
Inc
-
Series
E
0.00%
(d),(e),(f)
103,387
6,660
$
11,405
Telecommunications
-
0.04%
Aurora
Innovation
0.00%
(d),(e),(f)
327,430
6,683
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
$
263,979
COMMON
STOCKS
-
96.72%
Shares
Held
Value
(000's)
Advertising
-
0.02%
Trade
Desk
Inc/The
(d)
33,346
$
2,731
Aerospace
&
Defense
-
1.13%
HEICO
Corp
1,124
152
HEICO
Corp
-
Class
A
1,972
239
Howmet
Aerospace
Inc
2,254
74
L3Harris
Technologies
Inc
693,935
157,343
Lockheed
Martin
Corp
16,865
6,268
Northrop
Grumman
Corp
1,024
372
Spirit
AeroSystems
Holdings
Inc
2,377
103
TransDigm
Group
Inc
(d)
1,158
742
$
165,293
Agriculture
-
0.03%
Altria
Group
Inc
80,203
3,853
Darling
Ingredients
Inc
(d)
665
46
$
3,899
Airlines
-
0.01%
Delta
Air
Lines
Inc
(d)
49,741
1,985
Apparel
-
0.43%
Columbia
Sportswear
Co
192
19
Deckers
Outdoor
Corp
(d)
294
121
Hanesbrands
Inc
16,137
295
NIKE
Inc
361,355
60,530
Skechers
USA
Inc
(d)
1,146
61
Tapestry
Inc
(d)
2,170
92
VF
Corp
16,205
1,300
$
62,418
Automobile
Manufacturers
-
0.28%
Tesla
Inc
(d)
60,445
41,538
TuSimple
Holdings
Inc
(d),(g)
322
12
$
41,550
Automobile
Parts
&
Equipment
-
0.59%
Allison
Transmission
Holdings
Inc
6,433
257
Aptiv
PLC
(d)
515,424
85,998
QuantumScape
Corp
(d),(g)
6,457
148
$
86,403
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Banks
-
0.01%
Citizens
Financial
Group
Inc
5,851
$
247
Goldman
Sachs
Group
Inc/The
1,413
530
Synovus
Financial
Corp
846
34
Western
Alliance
Bancorp
4,125
383
$
1,194
Beverages
-
1.03%
Boston
Beer
Co
Inc/The
(d)
725
515
Brown-Forman
Corp
-
A
Shares
1,758
117
Brown-Forman
Corp
-
B
Shares
1,716,229
121,715
Coca-Cola
Co/The
213,562
12,179
Monster
Beverage
Corp
(d)
26,834
2,531
PepsiCo
Inc
89,345
14,023
$
151,080
Biotechnology
-
0.72%
Acceleron
Pharma
Inc
(d)
4,076
510
Alnylam
Pharmaceuticals
Inc
(d)
9,128
1,634
Amgen
Inc
36,852
8,901
Certara
Inc
(d)
1,482
40
CureVac
NV
(d)
4,133
204
Exact
Sciences
Corp
(d)
12,289
1,325
Exelixis
Inc
(d)
20,611
347
Guardant
Health
Inc
(d)
6,987
767
Horizon
Therapeutics
Plc
(d)
3,178
318
Illumina
Inc
(d)
11,363
5,633
Incyte
Corp
(d)
326,891
25,285
Ionis
Pharmaceuticals
Inc
(d)
10,048
373
Iovance
Biotherapeutics
Inc
(d)
3,434
77
Maravai
LifeSciences
Holdings
Inc
(d)
5,870
258
Mirati
Therapeutics
Inc
(d)
2,545
407
Moderna
Inc
(d)
26,355
9,319
Novavax
Inc
(d)
5,745
1,030
Regeneron
Pharmaceuticals
Inc
(d)
837
481
Royalty
Pharma
PLC
14,979
572
Seagen
Inc
(d)
9,273
1,423
Ultragenyx
Pharmaceutical
Inc
(d)
3,730
298
Vertex
Pharmaceuticals
Inc
(d)
231,868
46,740
$
105,942
Building
Materials
-
0.02%
Armstrong
World
Industries
Inc
1,786
193
AZEK
Co
Inc/The
(d)
4,663
170
Carrier
Global
Corp
31,677
1,750
Fortune
Brands
Home
&
Security
Inc
2,740
267
Louisiana-Pacific
Corp
578
32
Trex
Co
Inc
(d)
9,004
874
$
3,286
Chemicals
-
1.35%
Axalta
Coating
Systems
Ltd
(d)
2,874
87
Celanese
Corp
3,190
497
Chemours
Co/The
6,593
219
Diversey
Holdings
Ltd
(d)
3,072
51
Dow
Inc
4,191
261
Ecolab
Inc
17,074
3,770
FMC
Corp
2,536
271
LyondellBasell
Industries
NV
2,515
250
Olin
Corp
848
40
PPG
Industries
Inc
7,775
1,271
RPM
International
Inc
5,803
502
Sherwin-Williams
Co/The
653,234
190,111
W
R
Grace
&
Co
4,376
305
Westlake
Chemical
Corp
514
43
$
197,678
Commercial
Services
-
6.16%
Affirm
Holdings
Inc
(d)
22,969
1,294
Automatic
Data
Processing
Inc
30,483
6,390
Avalara
Inc
(d)
6,590
1,102
Booz
Allen
Hamilton
Holding
Corp
10,559
906
Bright
Horizons
Family
Solutions
Inc
(d)
3,771
564
Chegg
Inc
(d)
8,310
736
Cintas
Corp
504,291
198,781
Schedule
of
Investments
LargeCap
Growth
Fund
I
July
31,
2021
(unaudited)
See
accompanying
notes.
119
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Commercial
Services
(continued)
CoStar
Group
Inc
(d)
454,720
$
40,402
Equifax
Inc
3,604
939
Euronet
Worldwide
Inc
(d)
2,788
398
FleetCor
Technologies
Inc
(d)
1,454
375
Gartner
Inc
(d)
6,517
1,725
Global
Payments
Inc
949,827
183,706
H&R
Block
Inc
11,416
280
MarketAxess
Holdings
Inc
26,003
12,356
Moody's
Corp
11,983
4,506
Morningstar
Inc
1,648
416
Paylocity
Holding
Corp
(d)
2,916
605
PayPal
Holdings
Inc
(d)
1,406,567
387,552
Robert
Half
International
Inc
7,496
736
Rollins
Inc
16,420
629
S&P
Global
Inc
102,458
43,926
Sabre
Corp
(d)
24,680
291
Shift4
Payments
Inc
(d)
3,340
298
Square
Inc
(d)
30,424
7,523
StoneCo
Ltd
(d)
15,990
941
TransUnion
10,175
1,222
United
Rentals
Inc
(d)
1,952
643
Verisk
Analytics
Inc
7,871
1,495
WEX
Inc
(d)
2,331
442
$
901,179
Computers
-
3.70%
Accenture
PLC
-
Class
A
39,838
12,656
Apple
Inc
3,018,007
440,207
Crowdstrike
Holdings
Inc
(d)
12,487
3,167
Dell
Technologies
Inc
(d)
10,398
1,005
EPAM
Systems
Inc
(d)
4,189
2,345
Fortinet
Inc
(d)
285,553
77,739
Genpact
Ltd
712
35
Globant
SA
(d)
3,023
723
HP
Inc
33,691
973
McAfee
Corp
2,750
74
NCR
Corp
(d)
3,369
149
NetApp
Inc
11,482
914
Pure
Storage
Inc
(d)
19,408
379
Zscaler
Inc
(d)
6,015
1,419
$
541,785
Consumer
Products
-
0.03%
Avery
Dennison
Corp
3,419
720
Church
&
Dwight
Co
Inc
1,014
88
Clorox
Co/The
7,844
1,419
Kimberly-Clark
Corp
13,204
1,792
$
4,019
Cosmetics
&
Personal
Care
-
1.48%
Colgate-Palmolive
Co
34,469
2,740
Estee
Lauder
Cos
Inc/The
639,553
213,502
$
216,242
Distribution
&
Wholesale
-
0.06%
Copart
Inc
(d)
16,271
2,392
Fastenal
Co
39,614
2,170
IAA
Inc
(d)
10,491
634
Leslie's
Inc
(d)
7,511
183
Pool
Corp
3,030
1,448
SiteOne
Landscape
Supply
Inc
(d)
1,786
312
WW
Grainger
Inc
3,001
1,334
$
8,473
Diversified
Financial
Services
-
4.18%
American
Express
Co
32,292
5,507
Ameriprise
Financial
Inc
5,070
1,306
Apollo
Global
Management
Inc
13,890
818
Charles
Schwab
Corp/The
394,017
26,773
Credit
Acceptance
Corp
(d)
47
23
Discover
Financial
Services
13,043
1,622
LPL
Financial
Holdings
Inc
6,194
874
Mastercard
Inc
766,463
295,808
Raymond
James
Financial
Inc
487
63
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Diversified
Financial
Services
(continued)
Rocket
Cos
Inc
10,522
$
181
Synchrony
Financial
8,444
397
T
Rowe
Price
Group
Inc
5,804
1,185
Upstart
Holdings
Inc
(d)
955
115
UWM
Holdings
Corp
(g)
1,593
12
Visa
Inc
1,074,062
264,638
Western
Union
Co/The
7,874
183
XP
Inc
(d)
318,326
13,071
$
612,576
Electric
-
0.06%
Brookfield
Renewable
Corp
2,493
106
NextEra
Energy
Inc
101,534
7,910
NRG
Energy
Inc
8,593
354
$
8,370
Electrical
Components
&
Equipment
-
0.02%
Generac
Holdings
Inc
(d)
4,772
2,001
Universal
Display
Corp
3,368
790
$
2,791
Electronics
-
0.11%
Agilent
Technologies
Inc
21,221
3,252
Allegion
plc
5,315
726
Amphenol
Corp
32,319
2,343
Coherent
Inc
(d)
1,705
419
Honeywell
International
Inc
11,693
2,734
Jabil
Inc
8,933
532
Keysight
Technologies
Inc
(d)
6,334
1,042
Mettler-Toledo
International
Inc
(d)
1,787
2,634
Vontier
Corp
7,115
230
Waters
Corp
(d)
4,424
1,724
$
15,636
Energy
-
Alternate
Sources
-
0.02%
Enphase
Energy
Inc
(d)
10,263
1,946
Plug
Power
Inc
(d)
38,945
1,062
$
3,008
Engineering
&
Construction
-
0.00%
Frontdoor
Inc
(d)
4,555
223
TopBuild
Corp
(d)
2,124
430
$
653
Entertainment
-
0.35%
Caesars
Entertainment
Inc
(d)
9,636
842
Churchill
Downs
Inc
2,867
533
DraftKings
Inc
(d)
546,856
26,522
Live
Nation
Entertainment
Inc
(d)
286,895
22,633
Madison
Square
Garden
Sports
Corp
(d)
563
92
Penn
National
Gaming
Inc
(d)
764
52
Six
Flags
Entertainment
Corp
(d)
2,297
95
Vail
Resorts
Inc
(d)
3,105
948
$
51,717
Environmental
Control
-
0.01%
Waste
Management
Inc
5,227
775
Food
-
0.04%
Beyond
Meat
Inc
(d),(g)
3,910
480
Hershey
Co/The
9,771
1,748
Kellogg
Co
8,698
551
Lamb
Weston
Holdings
Inc
3,362
224
Pilgrim's
Pride
Corp
(d)
1,512
33
Sysco
Corp
37,946
2,816
$
5,852
Hand
&
Machine
Tools
-
0.01%
Lincoln
Electric
Holdings
Inc
4,466
623
MSA
Safety
Inc
818
134
$
757
Healthcare
-
Products
-
7.72%
10X
Genomics
Inc
(d)
6,506
1,192
Abbott
Laboratories
67,662
8,186
ABIOMED
Inc
(d)
3,450
1,129
Adaptive
Biotechnologies
Corp
(d)
7,542
277
Align
Technology
Inc
(d)
6,130
4,265
Schedule
of
Investments
LargeCap
Growth
Fund
I
July
31,
2021
(unaudited)
See
accompanying
notes.
120
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Healthcare
-
Products
(continued)
Avantor
Inc
(d)
1,458,373
$
54,806
Bio-Techne
Corp
3,009
1,451
Bruker
Corp
7,960
655
Danaher
Corp
214,789
63,898
Edwards
Lifesciences
Corp
(d)
1,879,504
211,012
Globus
Medical
Inc
(d)
305
25
IDEXX
Laboratories
Inc
(d)
6,588
4,470
Insulet
Corp
(d)
5,146
1,439
Intuitive
Surgical
Inc
(d)
409,146
405,651
Masimo
Corp
(d)
2,823
769
Natera
Inc
(d)
5,674
650
Novocure
Ltd
(d)
7,965
1,227
Penumbra
Inc
(d),(g)
2,615
696
Repligen
Corp
(d)
4,012
986
ResMed
Inc
10,080
2,740
STERIS
PLC
1,052
229
Stryker
Corp
440,909
119,460
Tandem
Diabetes
Care
Inc
(d)
4,456
484
Teleflex
Inc
644
256
Thermo
Fisher
Scientific
Inc
448,293
242,082
West
Pharmaceutical
Services
Inc
5,721
2,356
$
1,130,391
Healthcare
-
Services
-
2.08%
agilon
health
Inc
(d)
3,656
134
Amedisys
Inc
(d)
2,206
575
Anthem
Inc
71,365
27,405
Catalent
Inc
(d)
2,969
356
Centene
Corp
(d)
426,336
29,251
Charles
River
Laboratories
International
Inc
(d)
3,634
1,479
Chemed
Corp
322
153
DaVita
Inc
(d)
3,827
460
Encompass
Health
Corp
4,351
362
HCA
Healthcare
Inc
295,862
73,433
Humana
Inc
106,877
45,515
IQVIA
Holdings
Inc
(d)
7,334
1,817
Molina
Healthcare
Inc
(d)
683
186
Oak
Street
Health
Inc
(d)
7,291
460
PPD
Inc
(d)
5,098
235
Sotera
Health
Co
(d)
6,094
144
Syneos
Health
Inc
(d)
1,020
91
UnitedHealth
Group
Inc
296,302
122,142
$
304,198
Home
Builders
-
0.02%
DR
Horton
Inc
10,691
1,020
NVR
Inc
(d)
171
893
PulteGroup
Inc
5,930
325
Thor
Industries
Inc
1,685
200
Toll
Brothers
Inc
3,539
210
$
2,648
Home
Furnishings
-
0.00%
Tempur
Sealy
International
Inc
14,158
613
Housewares
-
0.00%
Scotts
Miracle-Gro
Co/The
3,202
567
Insurance
-
0.03%
Alleghany
Corp
(d)
109
72
Aon
PLC
10,265
2,669
Arch
Capital
Group
Ltd
(d)
7,226
282
Brown
&
Brown
Inc
1,087
59
Erie
Indemnity
Co
1,350
250
Everest
Re
Group
Ltd
699
177
GoHealth
Inc
(d)
3,181
28
Lemonade
Inc
(d),(g)
308
27
Lincoln
National
Corp
2,240
138
Markel
Corp
(d)
175
211
Marsh
&
McLennan
Cos
Inc
4,670
687
RenaissanceRe
Holdings
Ltd
1,689
258
$
4,858
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Internet
-
26.63%
Airbnb
Inc
(d)
149,241
$
21,492
Alibaba
Group
Holding
Ltd
ADR
(d)
298,397
58,244
Alphabet
Inc
-
A
Shares
(d)
170,804
460,236
Alphabet
Inc
-
C
Shares
(d)
208,515
563,913
Amazon.com
Inc
(d)
255,704
850,877
Anaplan
Inc
(d)
11,001
629
Booking
Holdings
Inc
(d)
28,584
62,263
CDW
Corp/DE
10,894
1,997
Chewy
Inc
(d)
1,780,620
149,038
Coupang
Inc
(d),(g)
633,622
23,013
DoorDash
Inc
-
Class
A
(d)
62,135
10,830
eBay
Inc
53,040
3,618
Etsy
Inc
(d)
9,857
1,809
Expedia
Group
Inc
(d)
10,986
1,767
Facebook
Inc
(d)
1,279,597
455,921
Farfetch
Ltd
(d)
502,046
25,162
FireEye
Inc
(d)
5,339
108
GoDaddy
Inc
(d)
1,334
112
IAC/InterActiveCorp
(d)
220,545
30,279
Lyft
Inc
(d)
21,822
1,207
Match
Group
Inc
(d)
1,590,036
253,246
Netflix
Inc
(d)
233,005
120,596
NortonLifeLock
Inc
11,334
281
Okta
Inc
(d)
9,667
2,395
Opendoor
Technologies
Inc
(d),(g)
5,413
80
Palo
Alto
Networks
Inc
(d)
7,419
2,960
Pinterest
Inc
(d)
2,870,682
169,083
Proofpoint
Inc
(d)
4,414
771
Roku
Inc
(d)
8,969
3,841
Sea
Ltd
ADR
(d)
72,338
19,977
Shopify
Inc
(d)
163,379
245,057
Snap
Inc
Class
A
(d)
2,399,007
178,534
Spotify
Technology
SA
(d)
315,592
72,167
Tencent
Holdings
Ltd
ADR
(g)
1,228,426
75,180
TripAdvisor
Inc
(d)
4,691
178
Twitter
Inc
(d)
6,374
445
Uber
Technologies
Inc
(d)
107,593
4,676
Vimeo
Inc
(d)
472,729
21,178
Wayfair
Inc
(d)
3,255
786
Wix.com
Ltd
(d)
4,148
1,239
Zendesk
Inc
(d)
9,152
1,195
Zillow
Group
Inc
-
A
Shares
(d)
4,621
495
Zillow
Group
Inc
-
C
Shares
(d)
12,758
1,356
$
3,898,231
Iron
&
Steel
-
0.00%
Steel
Dynamics
Inc
2,918
188
Leisure
Products
&
Services
-
0.03%
Brunswick
Corp/DE
774
81
Peloton
Interactive
Inc
(d)
20,548
2,426
Planet
Fitness
Inc
(d)
4,458
336
Polaris
Inc
3,114
408
Virgin
Galactic
Holdings
Inc
(d),(g)
10,280
308
YETI
Holdings
Inc
(d)
6,656
641
$
4,200
Lodging
-
0.05%
Boyd
Gaming
Corp
(d)
1,359
77
Choice
Hotels
International
Inc
2,708
325
Hilton
Worldwide
Holdings
Inc
(d)
14,288
1,878
Las
Vegas
Sands
Corp
(d)
25,740
1,090
Marriott
International
Inc/MD
(d)
21,175
3,091
Travel
+
Leisure
Co
4,383
227
Wyndham
Hotels
&
Resorts
Inc
4,501
324
Wynn
Resorts
Ltd
(d)
8,222
809
$
7,821
Machinery
-
Construction
&
Mining
-
0.06%
BWX
Technologies
Inc
5,565
320
Caterpillar
Inc
36,799
7,608
Vertiv
Holdings
Co
21,877
613
$
8,541
Schedule
of
Investments
LargeCap
Growth
Fund
I
July
31,
2021
(unaudited)
See
accompanying
notes.
121
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Machinery
-
Diversified
-
1.46%
AGCO
Corp
475
$
63
Cognex
Corp
13,304
1,203
Deere
&
Co
21,963
7,942
Graco
Inc
8,111
633
IDEX
Corp
661,847
150,034
Ingersoll
Rand
Inc
(d)
1,022,310
49,960
Middleby
Corp/The
(d)
1,289
247
Nordson
Corp
773
175
Rockwell
Automation
Inc
5,484
1,686
Toro
Co/The
7,908
899
Xylem
Inc/NY
9,181
1,155
$
213,997
Media
-
0.07%
Altice
USA
Inc
(d)
11,645
358
Cable
One
Inc
224
423
Charter
Communications
Inc
(d)
9,701
7,218
FactSet
Research
Systems
Inc
2,542
908
Nexstar
Media
Group
Inc
219
32
Walt
Disney
Co/The
(d)
7,213
1,270
World
Wrestling
Entertainment
Inc
2,992
148
$
10,357
Metal
Fabrication
&
Hardware
-
0.00%
Advanced
Drainage
Systems
Inc
4,376
534
Mining
-
0.01%
Freeport-McMoRan
Inc
33,383
1,272
Southern
Copper
Corp
5,973
392
$
1,664
Miscellaneous
Manufacturers
-
0.07%
3M
Co
6,580
1,303
Axon
Enterprise
Inc
(d)
4,970
925
Carlisle
Cos
Inc
1,529
309
Donaldson
Co
Inc
1,169
77
Illinois
Tool
Works
Inc
21,978
4,982
Parker-Hannifin
Corp
1,661
518
Trane
Technologies
PLC
9,047
1,842
$
9,956
Office
&
Business
Equipment
-
0.02%
Zebra
Technologies
Corp
(d)
4,143
2,289
Oil
&
Gas
-
0.02%
Cabot
Oil
&
Gas
Corp
3,627
58
Cimarex
Energy
Co
1,563
102
Continental
Resources
Inc/OK
519
18
Diamondback
Energy
Inc
6,662
514
EOG
Resources
Inc
5,405
394
Hess
Corp
1,467
112
Occidental
Petroleum
Corp
8,353
218
Pioneer
Natural
Resources
Co
7,493
1,089
Texas
Pacific
Land
Corp
457
682
$
3,187
Oil
&
Gas
Services
-
0.00%
Halliburton
Co
3,651
76
Packaging
&
Containers
-
0.01%
Ball
Corp
7,407
599
Crown
Holdings
Inc
1,241
124
Graphic
Packaging
Holding
Co
6,192
119
Sealed
Air
Corp
6,403
363
$
1,205
Pharmaceuticals
-
4.28%
AbbVie
Inc
137,650
16,009
Becton
Dickinson
and
Co
152,695
39,052
Cardinal
Health
Inc
13,362
793
Cigna
Corp
519,012
119,108
Dexcom
Inc
(d)
445,151
229,479
Eli
Lilly
&
Co
52,173
12,704
Herbalife
Nutrition
Ltd
(d)
1,377
70
McKesson
Corp
1,788
365
Neurocrine
Biosciences
Inc
(d)
7,310
681
Sarepta
Therapeutics
Inc
(d)
5,914
401
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Pharmaceuticals
(continued)
Zoetis
Inc
1,024,823
$
207,732
$
626,394
Pipelines
-
0.01%
Cheniere
Energy
Inc
(d)
18,232
1,549
New
Fortress
Energy
Inc
2,058
62
$
1,611
Private
Equity
-
0.05%
Ares
Management
Corp
9,403
673
Blackstone
Group
Inc/The
53,039
6,114
$
6,787
Real
Estate
-
0.00%
CBRE
Group
Inc
(d)
1,377
133
REITs
-
1.59%
American
Tower
Corp
35,163
9,944
CoreSite
Realty
Corp
2,590
358
Crown
Castle
International
Corp
33,559
6,480
Equinix
Inc
4,943
4,055
Equity
LifeStyle
Properties
Inc
7,139
598
Extra
Space
Storage
Inc
909
158
Iron
Mountain
Inc
15,693
687
Lamar
Advertising
Co
5,858
625
Public
Storage
8,966
2,802
SBA
Communications
Corp
600,364
204,718
Simon
Property
Group
Inc
22,062
2,791
$
233,216
Retail
-
4.80%
AutoZone
Inc
(d)
368
597
Best
Buy
Co
Inc
4,475
503
Burlington
Stores
Inc
(d)
4,865
1,629
CarMax
Inc
(d)
1,087
146
Carvana
Co
(d)
168,045
56,726
Chipotle
Mexican
Grill
Inc
(d)
24,042
44,800
Costco
Wholesale
Corp
361,248
155,235
Darden
Restaurants
Inc
6,871
1,002
Dollar
General
Corp
320,270
74,508
Domino's
Pizza
Inc
2,048
1,076
Five
Below
Inc
(d)
4,287
833
Floor
&
Decor
Holdings
Inc
(d)
7,919
966
Freshpet
Inc
(d)
3,174
465
GameStop
Corp
(d),(g)
4,602
741
Home
Depot
Inc/The
83,784
27,497
L
Brands
Inc
10,587
848
Lithia
Motors
Inc
204
77
Lowe's
Cos
Inc
55,916
10,774
Lululemon
Athletica
Inc
(d)
468,948
187,659
McDonald's
Corp
10,356
2,514
Nordstrom
Inc
(d)
7,246
240
O'Reilly
Automotive
Inc
(d)
1,639
990
Petco
Health
&
Wellness
Co
Inc
(d),(g)
366
8
RH
(d)
1,335
887
Ross
Stores
Inc
853,561
104,723
Starbucks
Corp
91,803
11,148
Target
Corp
17,351
4,529
TJX
Cos
Inc/The
93,946
6,464
Tractor
Supply
Co
8,949
1,619
Ulta
Beauty
Inc
(d)
4,188
1,406
Vroom
Inc
(d)
2,239
83
Wendy's
Co/The
13,864
322
Williams-Sonoma
Inc
4,427
672
Yum
China
Holdings
Inc
2,554
159
Yum!
Brands
Inc
1,973
259
$
702,105
Savings
&
Loans
-
0.00%
Sterling
Bancorp/DE
1,172
25
Semiconductors
-
3.41%
Advanced
Micro
Devices
Inc
(d)
471,442
50,063
Allegro
MicroSystems
Inc
(d)
3,995
109
Analog
Devices
Inc
4,216
706
Schedule
of
Investments
LargeCap
Growth
Fund
I
July
31,
2021
(unaudited)
See
accompanying
notes.
122
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Semiconductors
(continued)
Applied
Materials
Inc
71,323
$
9,980
ASML
Holding
NV
-
NY
Reg
Shares
157,138
120,484
Broadcom
Inc
31,103
15,097
Brooks
Automation
Inc
4,692
418
Entegris
Inc
10,476
1,264
IPG
Photonics
Corp
(d)
202
44
KLA
Corp
11,941
4,157
Lam
Research
Corp
11,098
7,074
Maxim
Integrated
Products
Inc
19,730
1,971
Microchip
Technology
Inc
16,357
2,341
Micron
Technology
Inc
12,045
934
MKS
Instruments
Inc
3,630
568
Monolithic
Power
Systems
Inc
3,487
1,566
NVIDIA
Corp
186,404
36,347
NXP
Semiconductors
NV
1,057,477
218,253
ON
Semiconductor
Corp
(d)
17,825
696
QUALCOMM
Inc
87,889
13,166
Skyworks
Solutions
Inc
6,058
1,118
Teradyne
Inc
12,935
1,643
Texas
Instruments
Inc
44,617
8,505
Xilinx
Inc
19,146
2,869
$
499,373
Software
-
22.14%
Adobe
Inc
(d)
419,761
260,936
Alteryx
Inc
(d)
4,573
354
ANSYS
Inc
(d)
2,821
1,039
Aspen
Technology
Inc
(d)
5,316
778
Atlassian
Corp
PLC
(d)
10,280
3,342
Autodesk
Inc
(d)
757,177
243,152
Bentley
Systems
Inc
(g)
10,490
638
Bill.com
Holdings
Inc
(d)
5,837
1,207
Broadridge
Financial
Solutions
Inc
8,173
1,418
C3.ai
Inc
(d)
382
19
Cadence
Design
Systems
Inc
(d)
21,393
3,159
CDK
Global
Inc
1,469
70
Citrix
Systems
Inc
3,430
346
Cloudflare
Inc
(d)
18,445
2,188
Coupa
Software
Inc
(d)
5,694
1,236
Datadog
Inc
(d)
17,637
1,952
DocuSign
Inc
(d)
14,847
4,425
DoubleVerify
Holdings
Inc
(d),(g)
1,184
41
Dropbox
Inc
-
A
Shares
(d)
23,716
747
Duck
Creek
Technologies
Inc
(d)
1,244
55
Dynatrace
Inc
(d)
13,468
860
Elastic
NV
(d)
5,314
787
Electronic
Arts
Inc
1,056,523
152,097
Everbridge
Inc
(d)
2,892
408
Fair
Isaac
Corp
(d)
2,172
1,138
Fidelity
National
Information
Services
Inc
203,464
30,326
Fiserv
Inc
(d)
3,170
365
Five9
Inc
(d)
5,204
1,048
HubSpot
Inc
(d)
3,469
2,068
Intuit
Inc
880,754
466,773
Jack
Henry
&
Associates
Inc
1,500
261
Jamf
Holding
Corp
(d)
3,484
114
Manhattan
Associates
Inc
(d)
2,625
419
Medallia
Inc
(d)
4,407
149
Microsoft
Corp
3,457,283
985,015
MongoDB
Inc
(d)
99,308
35,643
MSCI
Inc
4,426
2,638
nCino
Inc
(d)
3,659
233
New
Relic
Inc
(d)
4,256
294
Nuance
Communications
Inc
(d)
8,424
462
Nutanix
Inc
(d)
14,983
540
Oracle
Corp
126,405
11,015
Palantir
Technologies
Inc
(d)
126,441
2,745
Paychex
Inc
21,861
2,488
Paycom
Software
Inc
(d)
3,945
1,578
Pegasystems
Inc
2,989
382
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Software
(continued)
Playtika
Holding
Corp
(d)
5,918
$
132
PTC
Inc
(d)
8,202
1,111
RingCentral
Inc
(d)
6,240
1,668
Roper
Technologies
Inc
338,518
166,327
salesforce.com
Inc
(d)
511,337
123,707
ServiceNow
Inc
(d)
554,674
326,087
Skillz
Inc
(d),(g)
22,908
323
Smartsheet
Inc
(d)
9,322
676
Snowflake
Inc
-
Class
A
(d)
36,819
9,784
Splunk
Inc
(d)
373,258
52,995
Stripe
Inc
-
Class
B
(d),(e),(f)
114,126
4,579
Synopsys
Inc
(d)
184,078
53,013
Take-Two
Interactive
Software
Inc
(d)
1,770
307
Teradata
Corp
(d)
7,233
359
Twilio
Inc
(d)
3,544
1,324
Tyler
Technologies
Inc
(d)
2,714
1,337
UIPATH
Inc
-
Class
A
(d),(f)
532,928
33,340
Unity
Software
Inc
(d)
11,450
1,227
Veeva
Systems
Inc
(d)
496,675
165,249
VMware
Inc
(d),(g)
2,322
357
Workday
Inc
(d)
78,711
18,450
Zoom
Video
Communications
Inc
(d)
137,346
51,931
Zynga
Inc
(d)
36,978
373
$
3,241,604
Telecommunications
-
0.02%
Arista
Networks
Inc
(d)
4,189
1,593
CommScope
Holding
Co
Inc
(d)
15,611
330
Corning
Inc
20,018
838
Switch
Inc
8,913
184
Ubiquiti
Inc
455
143
$
3,088
Toys,
Games
&
Hobbies
-
0.00%
Mattel
Inc
(d)
27,125
589
Transportation
-
0.29%
CH
Robinson
Worldwide
Inc
2,023
181
Expeditors
International
of
Washington
Inc
9,545
1,224
FedEx
Corp
8,306
2,325
JB
Hunt
Transport
Services
Inc
5,808
978
Kansas
City
Southern
1,882
504
Landstar
System
Inc
2,611
410
Norfolk
Southern
Corp
59,527
15,348
Old
Dominion
Freight
Line
Inc
7,327
1,972
Union
Pacific
Corp
32,709
7,156
United
Parcel
Service
Inc
56,385
10,790
XPO
Logistics
Inc
(d)
6,146
852
$
41,740
TOTAL
COMMON
STOCKS
$
14,159,478
Total
Investments
$
14,679,138
Other
Assets
and
Liabilities
- (0.27)%
(39,714)
TOTAL
NET
ASSETS
-
100.00%
$
14,639,424
(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
$66,911
or
0.46%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(d)
Non-income
producing
security
(e)
The
value
of
these
investments
was
determined
using
significant
unobservable
inputs,
in
good
faith
by
the
Manager,
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Directors.
(f)
Restricted
Security.
Please
see
Restricted
Securities
sub-schedule
for
additional
information.
(g)
Security
or
a
portion
of
the
security
was
on
loan. At
the
end
of
the
period,
the
value
of
these
securities
totaled
$64,204
or
0.44%
of
net
assets.
Schedule
of
Investments
LargeCap
Growth
Fund
I
July
31,
2021
(unaudited)
See
accompanying
notes.
123
Portfolio
Summary (unaudited)
Sector
Percent
Technology
29.35%
Communications
26.78%
Consumer,
Non-cyclical
23.57%
Consumer,
Cyclical
8.27%
Financial
5.86%
Industrial
3.19%
Money
Market
Funds
1.50%
Basic
Materials
1.39%
Investment
Companies
0.25%
Utilities
0.06%
Energy
0.05%
Other
Assets
and
Liabilities
(0.27)%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
95,143
$
2,426,649
$
2,327,958
$
193,834
$
95,143
$
2,426,649
$
2,327,958
$
193,834
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.
Restricted
Securities
Security
Name
Acquisition
Date
Cost
Value
Percent
of
Net
Assets
Aurora
Innovation
0.00%
03/01/2019
$
3,02
6
$
6,683
0.04%
Magic
Leap
Inc
-
Series
C
0.00%
01/20/2016
3,888
103
0.00%
Magic
Leap
Inc
-
Series
D
0.00%
10/12/2017
1,316
30
0.00%
Nuro
-
Series
C
0.00%
10/30/2020
4,612
4,612
0.03%
Rappi
Inc
-
Series
E
0.00%
09/08/2020
6,177
6,660
0.05%
Rivian
Automotive
Series
D
0.00%
12/23/2019
13,040
86,211
0.59%
Rivian
Automotive
Series
E
0.00%
07/10/2020
27,484
126,030
0.86%
Rivian
Automotive
Series
F
0.00%
01/19/2021
12,918
24,900
0.17%
Sila
Nano
Series
F
0.00%
01/07/2021
4,277
4,277
0.03%
Stripe
Inc
-
Class
B
12/17/2019
1,791
4,579
0.03%
UIPATH
Inc
-
Class
A
04/21/2021
11,415
33,340
0.23%
Waymo
LLC
Series
A-2
0.00%
05/08/2020
4,188
4,473
0.03%
Total
$
301,898
2.06%
Amounts
in
thousands.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
S&P
500
Emini;
September
2021
Long
329
$
72,207
$
1,244
Total
$
1,244
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
LargeCap
S&P
500
Index
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
124
INVESTMENT
COMPANIES
-
3
.47
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0
.34
%
iShares
Core
S&P
500
ETF
47,300
$
20,831
Money
Market
Funds
-
3
.13
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
0.03%
(a),(b)
817,698
818
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(c),(d)
190,525,800
190,526
$
191,344
TOTAL
INVESTMENT
COMPANIES
$
212,175
COMMON
STOCKS
-
96
.20
%
Shares
Held
Value
(000's)
Advertising
-
0
.08
%
Interpublic
Group
of
Cos
Inc/The
62,151
$
2,198
Omnicom
Group
Inc
33,981
2,474
$
4,672
Aerospace
&
Defense
-
1
.45
%
Boeing
Co/The
(d)
86,853
19,670
General
Dynamics
Corp
36,166
7,090
Howmet
Aerospace
Inc
61,759
2,027
L3Harris
Technologies
Inc
32,387
7,343
Lockheed
Martin
Corp
38,643
14,362
Northrop
Grumman
Corp
23,651
8,586
Raytheon
Technologies
Corp
239,378
20,814
Teledyne
Technologies
Inc
(d)
7,337
3,322
TransDigm
Group
Inc
(d)
8,672
5,560
$
88,774
Agriculture
-
0
.72
%
Altria
Group
Inc
292,393
14,046
Archer-Daniels-Midland
Co
88,272
5,272
Philip
Morris
International
Inc
246,240
24,646
$
43,964
Airlines
-
0
.23
%
Alaska
Air
Group
Inc
(d)
19,667
1,141
American
Airlines
Group
Inc
(d)
101,335
2,065
Delta
Air
Lines
Inc
(d)
101,060
4,032
Southwest
Airlines
Co
(d)
93,434
4,720
United
Airlines
Holdings
Inc
(d)
51,123
2,389
$
14,347
Apparel
-
0
.72
%
Hanesbrands
Inc
55,158
1,007
NIKE
Inc
201,436
33,743
PVH
Corp
(d)
11,259
1,178
Ralph
Lauren
Corp
7,623
865
Tapestry
Inc
(d)
44,058
1,864
Under
Armour
Inc
-
Class
A
(d)
29,801
609
Under
Armour
Inc
-
Class
C
(d)
31,044
544
VF
Corp
50,805
4,075
$
43,885
Automobile
Manufacturers
-
1
.86
%
Cummins
Inc
23,100
5,362
Ford
Motor
Co
(d)
619,466
8,642
General
Motors
Co
(d)
201,694
11,464
PACCAR
Inc
54,848
4,552
Tesla
Inc
(d)
121,760
83,673
$
113,693
Automobile
Parts
&
Equipment
-
0
.15
%
Aptiv
PLC
(d)
42,731
7,130
BorgWarner
Inc
37,894
1,856
$
8,986
Banks
-
4
.84
%
Bank
of
America
Corp
1,191,443
45,704
Bank
of
New
York
Mellon
Corp/The
127,469
6,543
Citigroup
Inc
326,584
22,084
Citizens
Financial
Group
Inc
67,294
2,837
Comerica
Inc
22,058
1,514
Fifth
Third
Bancorp
111,225
4,036
First
Republic
Bank/CA
27,805
5,422
Goldman
Sachs
Group
Inc/The
53,753
20,151
Huntington
Bancshares
Inc/OH
233,119
3,282
JPMorgan
Chase
&
Co
478,272
72,592
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Banks
(continued)
KeyCorp
153,337
$
3,015
M&T
Bank
Corp
20,326
2,721
Morgan
Stanley
235,172
22,572
Northern
Trust
Corp
32,885
3,711
PNC
Financial
Services
Group
Inc/The
67,125
12,244
Regions
Financial
Corp
151,878
2,924
State
Street
Corp
54,947
4,788
SVB
Financial
Group
(d)
8,581
4,719
Truist
Financial
Corp
212,480
11,565
US
Bancorp
214,180
11,896
Wells
Fargo
&
Co
653,083
30,003
Zions
Bancorp
NA
25,883
1,350
$
295,673
Beverages
-
1
.38
%
Brown-Forman
Corp
-
B
Shares
28,858
2,046
Coca-Cola
Co/The
613,102
34,965
Constellation
Brands
Inc
26,701
5,990
Molson
Coors
Beverage
Co
29,759
1,455
Monster
Beverage
Corp
(d)
58,457
5,514
PepsiCo
Inc
218,290
34,261
$
84,231
Biotechnology
-
1
.62
%
Amgen
Inc
90,778
21,927
Biogen
Inc
(d)
23,787
7,772
Bio-Rad
Laboratories
Inc
(d)
3,405
2,518
Corteva
Inc
116,460
4,982
Gilead
Sciences
Inc
198,155
13,532
Illumina
Inc
(d)
23,067
11,436
Incyte
Corp
(d)
29,534
2,284
Moderna
Inc
(d)
48,129
17,018
Regeneron
Pharmaceuticals
Inc
(d)
16,542
9,505
Vertex
Pharmaceuticals
Inc
(d)
40,900
8,245
$
99,219
Building
Materials
-
0
.44
%
Carrier
Global
Corp
129,059
7,130
Fortune
Brands
Home
&
Security
Inc
21,873
2,132
Johnson
Controls
International
plc
113,239
8,087
Martin
Marietta
Materials
Inc
9,853
3,580
Masco
Corp
40,098
2,394
Vulcan
Materials
Co
20,960
3,773
$
27,096
Chemicals
-
1
.63
%
Air
Products
and
Chemicals
Inc
34,966
10,176
Albemarle
Corp
18,441
3,800
Celanese
Corp
17,796
2,772
CF
Industries
Holdings
Inc
33,892
1,602
Dow
Inc
118,020
7,336
DuPont
de
Nemours
Inc
84,077
6,310
Eastman
Chemical
Co
21,568
2,431
Ecolab
Inc
39,303
8,679
FMC
Corp
20,362
2,178
International
Flavors
&
Fragrances
Inc
39,328
5,924
Linde
PLC
82,191
25,265
LyondellBasell
Industries
NV
40,676
4,040
Mosaic
Co/The
54,603
1,705
PPG
Industries
Inc
37,459
6,125
Sherwin-Williams
Co/The
37,817
11,006
$
99,349
Commercial
Services
-
2
.33
%
Automatic
Data
Processing
Inc
67,230
14,094
Cintas
Corp
13,942
5,496
Equifax
Inc
19,228
5,011
FleetCor
Technologies
Inc
(d)
13,168
3,400
Gartner
Inc
(d)
13,600
3,600
Global
Payments
Inc
46,642
9,021
IHS
Markit
Ltd
59,187
6,915
MarketAxess
Holdings
Inc
6,001
2,852
Moody's
Corp
25,435
9,564
Nielsen
Holdings
PLC
56,640
1,342
Schedule
of
Investments
LargeCap
S&P
500
Index
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
125
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Commercial
Services
(continued)
PayPal
Holdings
Inc
(d)
185,600
$
51,138
Quanta
Services
Inc
22,015
2,001
Robert
Half
International
Inc
17,819
1,750
Rollins
Inc
34,988
1,341
S&P
Global
Inc
38,060
16,317
United
Rentals
Inc
(d)
11,435
3,768
Verisk
Analytics
Inc
25,610
4,864
$
142,474
Computers
-
7
.30
%
Accenture
PLC
-
Class
A
100,428
31,904
Apple
Inc
2,478,372
361,495
Cognizant
Technology
Solutions
Corp
83,330
6,127
DXC
Technology
Co
(d)
40,258
1,610
Fortinet
Inc
(d)
21,416
5,830
Hewlett
Packard
Enterprise
Co
206,329
2,992
HP
Inc
189,794
5,479
International
Business
Machines
Corp
141,172
19,900
Leidos
Holdings
Inc
21,004
2,235
NetApp
Inc
35,169
2,799
Seagate
Technology
Holdings
PLC
31,460
2,765
Western
Digital
Corp
(d)
48,417
3,144
$
446,280
Consumer
Products
-
0
.28
%
Avery
Dennison
Corp
13,114
2,763
Church
&
Dwight
Co
Inc
38,747
3,355
Clorox
Co/The
19,651
3,554
Kimberly-Clark
Corp
53,315
7,236
$
16,908
Cosmetics
&
Personal
Care
-
1
.27
%
Colgate-Palmolive
Co
133,660
10,626
Estee
Lauder
Cos
Inc/The
36,638
12,231
Procter
&
Gamble
Co/The
386,810
55,016
$
77,873
Distribution
&
Wholesale
-
0
.30
%
Copart
Inc
(d)
32,892
4,835
Fastenal
Co
90,742
4,970
LKQ
Corp
(d)
43,922
2,229
Pool
Corp
6,341
3,030
WW
Grainger
Inc
6,916
3,075
$
18,139
Diversified
Financial
Services
-
3
.94
%
American
Express
Co
102,805
17,531
Ameriprise
Financial
Inc
18,313
4,717
BlackRock
Inc
22,411
19,434
Capital
One
Financial
Corp
71,334
11,535
Cboe
Global
Markets
Inc
16,856
1,997
Charles
Schwab
Corp/The
236,969
16,102
CME
Group
Inc
56,735
12,035
Discover
Financial
Services
48,172
5,989
Franklin
Resources
Inc
43,029
1,271
Intercontinental
Exchange
Inc
88,914
10,655
Invesco
Ltd
59,783
1,457
Mastercard
Inc
138,213
53,342
Nasdaq
Inc
18,149
3,389
Raymond
James
Financial
Inc
19,324
2,502
Synchrony
Financial
85,459
4,018
T
Rowe
Price
Group
Inc
35,843
7,318
Visa
Inc
267,298
65,860
Western
Union
Co/The
64,661
1,501
$
240,653
Electric
-
2
.25
%
AES
Corp/The
105,267
2,495
Alliant
Energy
Corp
39,520
2,313
Ameren
Corp
40,376
3,388
American
Electric
Power
Co
Inc
78,957
6,958
CenterPoint
Energy
Inc
91,715
2,335
CMS
Energy
Corp
45,733
2,826
Consolidated
Edison
Inc
54,162
3,996
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Electric
(continued)
Dominion
Energy
Inc
127,426
$
9,540
DTE
Energy
Co
30,607
3,591
Duke
Energy
Corp
121,532
12,774
Edison
International
59,949
3,267
Entergy
Corp
31,703
3,263
Evergy
Inc
36,223
2,362
Eversource
Energy
54,265
4,681
Exelon
Corp
154,388
7,225
FirstEnergy
Corp
85,933
3,293
NextEra
Energy
Inc
309,898
24,141
NRG
Energy
Inc
38,669
1,595
Pinnacle
West
Capital
Corp
17,814
1,488
PPL
Corp
121,565
3,449
Public
Service
Enterprise
Group
Inc
79,802
4,966
Sempra
Energy
49,779
6,504
Southern
Co/The
167,258
10,683
WEC
Energy
Group
Inc
49,837
4,692
Xcel
Energy
Inc
85,033
5,804
$
137,629
Electrical
Components
&
Equipment
-
0
.31
%
AMETEK
Inc
36,484
5,073
Emerson
Electric
Co
94,749
9,559
Generac
Holdings
Inc
(d)
9,946
4,171
$
18,803
Electronics
-
1
.22
%
Agilent
Technologies
Inc
47,943
7,346
Allegion
plc
14,217
1,942
Amphenol
Corp
94,422
6,845
Fortive
Corp
53,485
3,886
Garmin
Ltd
23,679
3,723
Honeywell
International
Inc
109,736
25,655
Keysight
Technologies
Inc
(d)
29,107
4,790
Mettler-Toledo
International
Inc
(d)
3,677
5,419
TE
Connectivity
Ltd
52,175
7,694
Trimble
Inc
(d)
39,651
3,390
Waters
Corp
(d)
9,749
3,800
$
74,490
Energy
-
Alternate
Sources
-
0
.07
%
Enphase
Energy
Inc
(d)
21,439
4,065
Engineering
&
Construction
-
0
.04
%
Jacobs
Engineering
Group
Inc
20,573
2,782
Entertainment
-
0
.10
%
Caesars
Entertainment
Inc
(d)
32,973
2,880
Live
Nation
Entertainment
Inc
(d)
22,825
1,801
Penn
National
Gaming
Inc
(d)
23,468
1,605
$
6,286
Environmental
Control
-
0
.24
%
Pentair
PLC
26,259
1,935
Republic
Services
Inc
33,267
3,937
Waste
Management
Inc
61,360
9,097
$
14,969
Food
-
0
.94
%
Campbell
Soup
Co
32,075
1,402
Conagra
Brands
Inc
75,831
2,540
General
Mills
Inc
96,374
5,673
Hershey
Co/The
23,127
4,137
Hormel
Foods
Corp
44,535
2,066
J
M
Smucker
Co/The
17,314
2,270
Kellogg
Co
39,811
2,522
Kraft
Heinz
Co/The
102,422
3,940
Kroger
Co/The
119,620
4,869
Lamb
Weston
Holdings
Inc
23,111
1,543
McCormick
&
Co
Inc/MD
39,341
3,311
Mondelez
International
Inc
221,939
14,040
Sysco
Corp
80,827
5,997
Tyson
Foods
Inc
46,572
3,328
$
57,638
Schedule
of
Investments
LargeCap
S&P
500
Index
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
126
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Forest
Products
&
Paper
-
0
.06
%
International
Paper
Co
61,894
$
3,575
Gas
-
0
.06
%
Atmos
Energy
Corp
20,645
2,035
NiSource
Inc
61,968
1,535
$
3,570
Hand
&
Machine
Tools
-
0
.11
%
Snap-on
Inc
8,545
1,862
Stanley
Black
&
Decker
Inc
25,515
5,028
$
6,890
Healthcare
-
Products
-
3
.94
%
Abbott
Laboratories
280,728
33,963
ABIOMED
Inc
(d)
7,156
2,341
Align
Technology
Inc
(d)
11,377
7,916
Baxter
International
Inc
79,450
6,145
Boston
Scientific
Corp
(d)
224,496
10,237
Cooper
Cos
Inc/The
7,780
3,281
Danaher
Corp
100,298
29,838
DENTSPLY
SIRONA
Inc
34,495
2,278
Edwards
Lifesciences
Corp
(d)
98,217
11,027
Henry
Schein
Inc
(d)
22,230
1,782
Hologic
Inc
(d)
40,485
3,038
IDEXX
Laboratories
Inc
(d)
13,474
9,143
Intuitive
Surgical
Inc
(d)
18,708
18,548
Medtronic
PLC
212,568
27,912
PerkinElmer
Inc
17,709
3,227
ResMed
Inc
22,991
6,249
STERIS
PLC
15,426
3,362
Stryker
Corp
51,786
14,031
Teleflex
Inc
7,383
2,934
Thermo
Fisher
Scientific
Inc
62,097
33,533
West
Pharmaceutical
Services
Inc
11,664
4,802
Zimmer
Biomet
Holdings
Inc
32,939
5,383
$
240,970
Healthcare
-
Services
-
2
.07
%
Anthem
Inc
38,683
14,855
Catalent
Inc
(d)
26,913
3,224
Centene
Corp
(d)
92,069
6,317
Charles
River
Laboratories
International
Inc
(d)
7,939
3,230
DaVita
Inc
(d)
11,075
1,332
HCA
Healthcare
Inc
41,523
10,306
Humana
Inc
20,383
8,680
IQVIA
Holdings
Inc
(d)
30,281
7,501
Laboratory
Corp
of
America
Holdings
(d)
15,426
4,568
Quest
Diagnostics
Inc
20,641
2,927
UnitedHealth
Group
Inc
149,102
61,463
Universal
Health
Services
Inc
12,319
1,976
$
126,379
Home
Builders
-
0
.24
%
DR
Horton
Inc
51,830
4,946
Lennar
Corp
-
A
Shares
43,568
4,581
NVR
Inc
(d)
541
2,826
PulteGroup
Inc
41,787
2,293
$
14,646
Home
Furnishings
-
0
.05
%
Leggett
&
Platt
Inc
21,050
1,011
Whirlpool
Corp
9,895
2,192
$
3,203
Housewares
-
0
.02
%
Newell
Brands
Inc
59,803
1,480
Insurance
-
3
.12
%
Aflac
Inc
99,869
5,493
Allstate
Corp/The
47,296
6,151
American
International
Group
Inc
135,583
6,420
Aon
PLC
35,651
9,270
Arthur
J
Gallagher
&
Co
32,371
4,510
Assurant
Inc
9,569
1,510
Berkshire
Hathaway
Inc
-
Class
B
(d)
299,457
83,336
Chubb
Ltd
71,048
11,989
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Insurance
(continued)
Cincinnati
Financial
Corp
23,670
$
2,790
Everest
Re
Group
Ltd
6,333
1,601
Globe
Life
Inc
14,980
1,395
Hartford
Financial
Services
Group
Inc/The
56,434
3,590
Lincoln
National
Corp
28,275
1,742
Loews
Corp
35,345
1,896
Marsh
&
McLennan
Cos
Inc
80,345
11,828
MetLife
Inc
117,566
6,784
Principal
Financial
Group
Inc
39,970
2,483
Progressive
Corp/The
92,451
8,798
Prudential
Financial
Inc
62,251
6,243
Travelers
Cos
Inc/The
39,736
5,917
Unum
Group
32,269
884
W
R
Berkley
Corp
22,139
1,620
Willis
Towers
Watson
PLC
20,377
4,199
$
190,449
Internet
-
11
.37
%
Alphabet
Inc
-
A
Shares
(d)
47,516
128,033
Alphabet
Inc
-
C
Shares
(d)
44,990
121,672
Amazon.com
Inc
(d)
67,728
225,371
Booking
Holdings
Inc
(d)
6,486
14,128
CDW
Corp/DE
22,152
4,062
eBay
Inc
102,254
6,975
Etsy
Inc
(d)
20,081
3,685
Expedia
Group
Inc
(d)
22,347
3,595
F5
Networks
Inc
(d)
9,419
1,945
Facebook
Inc
(d)
378,565
134,883
Netflix
Inc
(d)
70,055
36,258
NortonLifeLock
Inc
91,630
2,274
Twitter
Inc
(d)
126,099
8,796
VeriSign
Inc
(d)
15,659
3,388
$
695,065
Iron
&
Steel
-
0
.08
%
Nucor
Corp
47,278
4,918
Leisure
Products
&
Services
-
0
.11
%
Carnival
Corp
(d)
126,127
2,731
Norwegian
Cruise
Line
Holdings
Ltd
(d)
58,447
1,404
Royal
Caribbean
Cruises
Ltd
(d)
34,589
2,659
$
6,794
Lodging
-
0
.30
%
Hilton
Worldwide
Holdings
Inc
(d)
44,006
5,784
Las
Vegas
Sands
Corp
(d)
51,902
2,198
Marriott
International
Inc/MD
(d)
42,188
6,159
MGM
Resorts
International
64,328
2,414
Wynn
Resorts
Ltd
(d)
16,628
1,635
$
18,190
Machinery
-
Construction
&
Mining
-
0
.29
%
Caterpillar
Inc
86,547
17,894
Machinery
-
Diversified
-
0
.73
%
Deere
&
Co
49,286
17,821
Dover
Corp
22,739
3,800
IDEX
Corp
11,996
2,719
Ingersoll
Rand
Inc
(d)
58,981
2,883
Otis
Worldwide
Corp
63,736
5,708
Rockwell
Automation
Inc
18,339
5,638
Westinghouse
Air
Brake
Technologies
Corp
28,069
2,382
Xylem
Inc/NY
28,448
3,580
$
44,531
Media
-
1
.99
%
Charter
Communications
Inc
(d)
21,761
16,191
Comcast
Corp
-
Class
A
724,382
42,616
Discovery
Inc
-
A
Shares
(d),(e)
26,646
773
Discovery
Inc
-
C
Shares
(d)
47,466
1,287
DISH
Network
Corp
(d)
39,255
1,645
Fox
Corp
-
A
Shares
51,656
1,842
Fox
Corp
-
B
Shares
24,011
798
News
Corp
-
A
Shares
61,804
1,522
News
Corp
-
B
Shares
19,239
452
Schedule
of
Investments
LargeCap
S&P
500
Index
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
127
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Media
(continued)
ViacomCBS
Inc
-
Class
B
95,679
$
3,916
Walt
Disney
Co/The
(d)
287,065
50,529
$
121,571
Mining
-
0
.27
%
Freeport-McMoRan
Inc
231,545
8,822
Newmont
Corp
126,579
7,952
$
16,774
Miscellaneous
Manufacturers
-
1
.22
%
3M
Co
91,585
18,128
A
O
Smith
Corp
21,246
1,494
Eaton
Corp
PLC
62,960
9,951
General
Electric
Co
1,386,982
17,962
Illinois
Tool
Works
Inc
45,417
10,295
Parker-Hannifin
Corp
20,390
6,362
Textron
Inc
35,662
2,461
Trane
Technologies
PLC
37,784
7,693
$
74,346
Office
&
Business
Equipment
-
0
.08
%
Zebra
Technologies
Corp
(d)
8,454
4,671
Oil
&
Gas
-
2
.02
%
APA
Corp
59,717
1,120
Cabot
Oil
&
Gas
Corp
63,144
1,010
Chevron
Corp
305,365
31,089
ConocoPhillips
213,203
11,952
Devon
Energy
Corp
94,113
2,432
Diamondback
Energy
Inc
28,596
2,206
EOG
Resources
Inc
92,206
6,718
Exxon
Mobil
Corp
668,878
38,507
Hess
Corp
43,368
3,315
Marathon
Oil
Corp
124,512
1,443
Marathon
Petroleum
Corp
103,116
5,694
Occidental
Petroleum
Corp
132,727
3,464
Phillips
66
69,180
5,080
Pioneer
Natural
Resources
Co
36,616
5,323
Valero
Energy
Corp
64,581
4,325
$
123,678
Oil
&
Gas
Services
-
0
.21
%
Baker
Hughes
Co
114,929
2,441
Halliburton
Co
140,571
2,907
NOV
Inc
(d)
61,719
852
Schlumberger
NV
220,929
6,370
$
12,570
Packaging
&
Containers
-
0
.21
%
Amcor
PLC
243,597
2,816
Ball
Corp
51,862
4,194
Packaging
Corp
of
America
15,008
2,124
Sealed
Air
Corp
24,015
1,363
Westrock
Co
42,044
2,069
$
12,566
Pharmaceuticals
-
5
.03
%
AbbVie
Inc
279,053
32,454
AmerisourceBergen
Corp
23,366
2,855
Becton
Dickinson
and
Co
45,947
11,751
Bristol-Myers
Squibb
Co
352,951
23,955
Cardinal
Health
Inc
45,843
2,722
Cigna
Corp
54,216
12,442
CVS
Health
Corp
208,010
17,132
Dexcom
Inc
(d)
15,279
7,876
Eli
Lilly
&
Co
125,762
30,623
Johnson
&
Johnson
416,063
71,646
McKesson
Corp
24,993
5,094
Merck
&
Co
Inc
400,052
30,752
Organon
&
Co
39,977
1,160
Perrigo
Co
PLC
21,100
1,013
Pfizer
Inc
884,407
37,861
Viatris
Inc
190,961
2,687
Zoetis
Inc
75,010
15,205
$
307,228
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Pipelines
-
0
.23
%
Kinder
Morgan
Inc
307,701
$
5,348
ONEOK
Inc
70,392
3,658
Williams
Cos
Inc/The
191,926
4,808
$
13,814
Real
Estate
-
0
.08
%
CBRE
Group
Inc
(d)
53,032
5,115
REITs
-
2
.44
%
Alexandria
Real
Estate
Equities
Inc
21,673
4,364
American
Tower
Corp
71,839
20,316
AvalonBay
Communities
Inc
22,056
5,025
Boston
Properties
Inc
22,439
2,634
Crown
Castle
International
Corp
68,283
13,185
Digital
Realty
Trust
Inc
44,489
6,858
Duke
Realty
Corp
59,245
3,014
Equinix
Inc
14,153
11,611
Equity
Residential
54,363
4,574
Essex
Property
Trust
Inc
10,269
3,369
Extra
Space
Storage
Inc
21,128
3,679
Federal
Realty
Investment
Trust
11,179
1,314
Healthpeak
Properties
Inc
85,148
3,148
Host
Hotels
&
Resorts
Inc
(d)
111,557
1,777
Iron
Mountain
Inc
45,618
1,996
Kimco
Realty
Corp
68,484
1,461
Mid-America
Apartment
Communities
Inc
18,088
3,493
Prologis
Inc
116,880
14,965
Public
Storage
24,051
7,515
Realty
Income
Corp
59,021
4,149
Regency
Centers
Corp
24,958
1,632
SBA
Communications
Corp
17,275
5,891
Simon
Property
Group
Inc
51,906
6,567
UDR
Inc
46,898
2,579
Ventas
Inc
59,270
3,543
Vornado
Realty
Trust
24,805
1,079
Welltower
Inc
65,966
5,730
Weyerhaeuser
Co
118,372
3,993
$
149,461
Retail
-
4
.95
%
Advance
Auto
Parts
Inc
10,339
2,193
AutoZone
Inc
(d)
3,416
5,546
Best
Buy
Co
Inc
35,221
3,957
CarMax
Inc
(d)
25,777
3,453
Chipotle
Mexican
Grill
Inc
(d)
4,447
8,287
Costco
Wholesale
Corp
69,844
30,013
Darden
Restaurants
Inc
20,672
3,016
Dollar
General
Corp
37,320
8,682
Dollar
Tree
Inc
(d)
36,649
3,657
Domino's
Pizza
Inc
6,134
3,223
Gap
Inc/The
32,812
957
Genuine
Parts
Co
22,825
2,897
Home
Depot
Inc/The
167,991
55,133
L
Brands
Inc
41,826
3,349
Lowe's
Cos
Inc
111,686
21,521
McDonald's
Corp
117,891
28,613
O'Reilly
Automotive
Inc
(d)
11,023
6,656
Ross
Stores
Inc
56,342
6,913
Starbucks
Corp
186,165
22,606
Target
Corp
78,164
20,405
TJX
Cos
Inc/The
190,541
13,111
Tractor
Supply
Co
18,210
3,295
Ulta
Beauty
Inc
(d)
8,652
2,905
Walgreens
Boots
Alliance
Inc
113,352
5,345
Walmart
Inc
216,937
30,924
Yum!
Brands
Inc
47,068
6,184
$
302,841
Savings
&
Loans
-
0
.02
%
People's
United
Financial
Inc
67,563
1,061
Schedule
of
Investments
LargeCap
S&P
500
Index
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
128
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Semiconductors
-
5
.32
%
Advanced
Micro
Devices
Inc
(d)
191,967
$
20,385
Analog
Devices
Inc
58,272
9,756
Applied
Materials
Inc
144,985
20,288
Broadcom
Inc
64,509
31,313
Intel
Corp
637,986
34,273
IPG
Photonics
Corp
(d)
5,671
1,237
KLA
Corp
24,218
8,432
Lam
Research
Corp
22,534
14,363
Maxim
Integrated
Products
Inc
42,400
4,236
Microchip
Technology
Inc
43,216
6,185
Micron
Technology
Inc
177,177
13,745
Monolithic
Power
Systems
Inc
6,795
3,053
NVIDIA
Corp
393,720
76,771
NXP
Semiconductors
NV
43,568
8,992
Qorvo
Inc
(d)
17,789
3,373
QUALCOMM
Inc
178,220
26,697
Skyworks
Solutions
Inc
26,083
4,813
Teradyne
Inc
26,270
3,336
Texas
Instruments
Inc
145,912
27,814
Xilinx
Inc
38,841
5,820
$
324,882
Shipbuilding
-
0
.02
%
Huntington
Ingalls
Industries
Inc
6,356
1,304
Software
-
9
.96
%
Activision
Blizzard
Inc
122,764
10,266
Adobe
Inc
(d)
75,522
46,947
Akamai
Technologies
Inc
(d)
25,751
3,088
ANSYS
Inc
(d)
13,769
5,073
Autodesk
Inc
(d)
34,760
11,163
Broadridge
Financial
Solutions
Inc
18,347
3,183
Cadence
Design
Systems
Inc
(d)
43,965
6,491
Cerner
Corp
47,608
3,827
Citrix
Systems
Inc
19,617
1,976
Electronic
Arts
Inc
45,217
6,509
Fidelity
National
Information
Services
Inc
97,976
14,603
Fiserv
Inc
(d)
94,100
10,832
Intuit
Inc
43,174
22,881
Jack
Henry
&
Associates
Inc
11,737
2,043
Microsoft
Corp
1,189,952
339,029
MSCI
Inc
13,023
7,761
Oracle
Corp
287,019
25,011
Paychex
Inc
50,672
5,768
Paycom
Software
Inc
(d)
7,761
3,104
PTC
Inc
(d)
16,616
2,251
Roper
Technologies
Inc
16,627
8,170
salesforce.com
Inc
(d)
152,535
36,903
ServiceNow
Inc
(d)
31,195
18,339
Synopsys
Inc
(d)
24,102
6,941
Take-Two
Interactive
Software
Inc
(d)
18,273
3,169
Tyler
Technologies
Inc
(d)
6,436
3,171
$
608,499
Telecommunications
-
2
.23
%
Arista
Networks
Inc
(d)
8,682
3,303
AT&T
Inc
1,128,084
31,643
Cisco
Systems
Inc/Delaware
665,825
36,867
Corning
Inc
122,404
5,124
Juniper
Networks
Inc
51,764
1,457
Lumen
Technologies
Inc
157,170
1,960
Motorola
Solutions
Inc
26,806
6,002
T-Mobile
US
Inc
(d)
92,588
13,334
Verizon
Communications
Inc
654,110
36,486
$
136,176
Textiles
-
0
.03
%
Mohawk
Industries
Inc
(d)
9,252
1,803
Toys,
Games
&
Hobbies
-
0
.03
%
Hasbro
Inc
20,213
2,010
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Transportation
-
1
.52
%
CH
Robinson
Worldwide
Inc
21,012
$
1,874
CSX
Corp
359,001
11,603
Expeditors
International
of
Washington
Inc
26,684
3,422
FedEx
Corp
38,568
10,797
JB
Hunt
Transport
Services
Inc
13,189
2,222
Kansas
City
Southern
14,367
3,847
Norfolk
Southern
Corp
39,537
10,194
Old
Dominion
Freight
Line
Inc
15,024
4,044
Union
Pacific
Corp
104,958
22,960
United
Parcel
Service
Inc
114,280
21,869
$
92,832
Water
-
0
.08
%
American
Water
Works
Co
Inc
28,671
4,877
TOTAL
COMMON
STOCKS
$
5,879,511
Total
Investments
$
6,091,686
Other
Assets
and
Liabilities
- 0.33%
19,893
TOTAL
NET
ASSETS
-
100.00%
$
6,111,579
(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
$818
or
0.01%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(d)
Non-income
producing
security
(e)
Security
or
a
portion
of
the
security
was
on
loan. At
the
end
of
the
period,
the
value
of
these
securities
totaled
$765
or
0.01%
of
net
assets.
Portfolio
Summary (unaudited)
Sector
Percent
Technology
22
.66
%
Consumer,
Non-cyclical
19
.58
%
Communications
15
.67
%
Financial
14
.44
%
Consumer,
Cyclical
9
.09
%
Industrial
7
.80
%
Money
Market
Funds
3
.13
%
Energy
2
.53
%
Utilities
2
.39
%
Basic
Materials
2
.04
%
Investment
Companies
0
.34
%
Other
Assets
and
Liabilities
0
.33
%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
LargeCap
S&P
500
Index
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
129
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
79,783
$
1,191,189
$
1,080,446
$
190,526
$
79,783
$
1,191,189
$
1,080,446
$
190,526
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.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
S&P
500
Emini;
September
2021
Long
941
$
206,526
$
6,759
Total
$
6,759
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
LargeCap
Value
Fund
III
July
31,
2021
(unaudited)
See
accompanying
notes.
130
INVESTMENT
COMPANIES
-
2
.76
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0
.35
%
iShares
Russell
1000
Value
ETF
74,061
$
11,847
Money
Market
Funds
-
2
.41
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
0.03%
(a),(b)
1,269,079
1,269
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(c),(d)
81,284,948
81,285
$
82,554
TOTAL
INVESTMENT
COMPANIES
$
94,401
COMMON
STOCKS
-
97
.37
%
Shares
Held
Value
(000's)
Advertising
-
0
.02
%
Interpublic
Group
of
Cos
Inc/The
11,143
$
394
Omnicom
Group
Inc
6,040
440
$
834
Aerospace
&
Defense
-
3
.40
%
Boeing
Co/The
(d)
15,202
3,443
General
Dynamics
Corp
168,524
33,036
HEICO
Corp
860
116
HEICO
Corp
-
Class
A
1,511
183
Hexcel
Corp
(d)
2,384
130
Howmet
Aerospace
Inc
10,292
338
L3Harris
Technologies
Inc
123,721
28,053
Lockheed
Martin
Corp
885
329
Mercury
Systems
Inc
(d)
1,565
103
Northrop
Grumman
Corp
3,910
1,419
Raytheon
Technologies
Corp
550,517
47,867
Spirit
AeroSystems
Holdings
Inc
2,103
91
Teledyne
Technologies
Inc
(d)
1,309
593
TransDigm
Group
Inc
(d)
1,045
670
$
116,371
Agriculture
-
0
.21
%
Altria
Group
Inc
23,340
1,121
Archer-Daniels-Midland
Co
15,794
943
Bunge
Ltd
3,895
302
Darling
Ingredients
Inc
(d)
4,338
300
Philip
Morris
International
Inc
44,206
4,425
$
7,091
Airlines
-
0
.06
%
Alaska
Air
Group
Inc
(d)
3,432
199
American
Airlines
Group
Inc
(d)
18,106
369
Copa
Holdings
SA
(d)
894
63
JetBlue
Airways
Corp
(d)
8,839
131
Southwest
Airlines
Co
(d)
16,755
847
United
Airlines
Holdings
Inc
(d)
9,168
428
$
2,037
Apparel
-
1
.01
%
Capri
Holdings
Ltd
(d)
4,187
236
Carter's
Inc
1,222
120
Columbia
Sportswear
Co
1,061
106
Deckers
Outdoor
Corp
(d)
682
280
Hanesbrands
Inc
3,960
72
PVH
Corp
(d)
2,009
210
Ralph
Lauren
Corp
288,151
32,711
Skechers
USA
Inc
(d)
3,319
178
Tapestry
Inc
(d)
7,124
301
Under
Armour
Inc
-
Class
A
(d)
5,446
111
Under
Armour
Inc
-
Class
C
(d)
5,479
96
VF
Corp
3,280
263
$
34,684
Automobile
Manufacturers
-
0
.95
%
Cummins
Inc
4,145
962
Ford
Motor
Co
(d)
111,066
1,549
General
Motors
Co
(d)
511,990
29,102
PACCAR
Inc
9,665
802
TuSimple
Holdings
Inc
(d),(e)
899
33
$
32,448
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Automobile
Parts
&
Equipment
-
0
.06
%
Allison
Transmission
Holdings
Inc
747
$
30
Aptiv
PLC
(d)
6,255
1,044
BorgWarner
Inc
6,793
333
Gentex
Corp
6,847
233
Lear
Corp
1,713
300
QuantumScape
Corp
(d),(e)
944
21
$
1,961
Banks
-
10
.68
%
Bank
of
America
Corp
823,778
31,601
Bank
of
Hawaii
Corp
1,139
95
Bank
of
New
York
Mellon
Corp/The
22,756
1,168
Bank
OZK
3,500
143
BOK
Financial
Corp
908
76
Citigroup
Inc
404,392
27,346
Citizens
Financial
Group
Inc
9,918
418
Comerica
Inc
3,985
274
Commerce
Bancshares
Inc/MO
3,023
214
Cullen/Frost
Bankers
Inc
1,600
172
East
West
Bancorp
Inc
4,040
287
Fifth
Third
Bancorp
19,902
722
First
Citizens
BancShares
Inc/NC
172
135
First
Hawaiian
Inc
3,749
103
First
Horizon
Corp
15,592
241
First
Republic
Bank/CA
4,949
965
FNB
Corp/PA
9,280
106
Goldman
Sachs
Group
Inc/The
209,366
78,487
Huntington
Bancshares
Inc/OH
41,553
585
JPMorgan
Chase
&
Co
240,752
36,542
KeyCorp
27,437
539
M&T
Bank
Corp
3,637
487
Morgan
Stanley
39,413
3,783
Northern
Trust
Corp
238,742
26,942
PacWest
Bancorp
3,374
134
Pinnacle
Financial
Partners
Inc
2,114
189
PNC
Financial
Services
Group
Inc/The
143,435
26,164
Popular
Inc
2,375
173
Prosperity
Bancshares
Inc
2,557
174
Regions
Financial
Corp
27,269
525
Signature
Bank/New
York
NY
1,607
365
State
Street
Corp
9,858
859
SVB
Financial
Group
(d)
1,584
871
Synovus
Financial
Corp
3,870
158
Truist
Financial
Corp
38,125
2,075
Umpqua
Holdings
Corp
6,354
120
US
Bancorp
861,558
47,851
Webster
Financial
Corp
2,559
123
Wells
Fargo
&
Co
1,201,897
55,215
Western
Alliance
Bancorp
202,285
18,776
Wintrust
Financial
Corp
1,651
118
Zions
Bancorp
NA
4,627
241
$
365,562
Beverages
-
2
.08
%
Brown-Forman
Corp
-
A
Shares
650
43
Brown-Forman
Corp
-
B
Shares
2,620
186
Coca-Cola
Co/The
32,408
1,848
Coca-Cola
Europacific
Partners
PLC
627,363
38,934
Constellation
Brands
Inc
4,586
1,029
Keurig
Dr
Pepper
Inc
19,824
698
Molson
Coors
Beverage
Co
5,004
245
Monster
Beverage
Corp
(d)
757
71
PepsiCo
Inc
178,773
28,059
$
71,113
Biotechnology
-
1
.36
%
Amgen
Inc
2,886
697
Biogen
Inc
(d)
4,251
1,389
BioMarin
Pharmaceutical
Inc
(d)
5,171
397
Bio-Rad
Laboratories
Inc
(d)
607
449
Certara
Inc
(d)
336
9
Corteva
Inc
879,036
37,605
Schedule
of
Investments
LargeCap
Value
Fund
III
July
31,
2021
(unaudited)
See
accompanying
notes.
131
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Biotechnology
(continued)
Exact
Sciences
Corp
(d)
364
$
39
Exelixis
Inc
(d)
1,269
21
Gilead
Sciences
Inc
35,638
2,434
Horizon
Therapeutics
Plc
(d)
5,031
503
Incyte
Corp
(d)
753
58
Ionis
Pharmaceuticals
Inc
(d)
317
12
Iovance
Biotherapeutics
Inc
(d)
2,866
64
Mirati
Therapeutics
Inc
(d)
184
29
Nektar
Therapeutics
(d)
5,006
79
Regeneron
Pharmaceuticals
Inc
(d)
2,540
1,460
Royalty
Pharma
PLC
3,764
144
Sage
Therapeutics
Inc
(d)
1,456
64
Seagen
Inc
(d)
404
62
Ultragenyx
Pharmaceutical
Inc
(d)
466
37
United
Therapeutics
Corp
(d)
1,240
226
Vertex
Pharmaceuticals
Inc
(d)
4,411
889
$
46,667
Building
Materials
-
0
.17
%
Armstrong
World
Industries
Inc
698
76
AZEK
Co
Inc/The
(d)
1,409
51
Builders
FirstSource
Inc
(d)
5,810
259
Carrier
Global
Corp
13,123
725
Eagle
Materials
Inc
1,174
166
Fortune
Brands
Home
&
Security
Inc
2,920
285
Hayward
Holdings
Inc
(d)
1,089
26
Johnson
Controls
International
plc
20,311
1,451
Lennox
International
Inc
966
318
Louisiana-Pacific
Corp
2,679
149
Martin
Marietta
Materials
Inc
1,763
640
Masco
Corp
7,139
426
MDU
Resources
Group
Inc
5,719
181
Owens
Corning
2,925
281
Vulcan
Materials
Co
3,750
675
$
5,709
Chemicals
-
1
.87
%
Air
Products
and
Chemicals
Inc
6,274
1,826
Albemarle
Corp
3,295
679
Ashland
Global
Holdings
Inc
1,579
134
Axalta
Coating
Systems
Ltd
(d)
4,875
147
Celanese
Corp
2,033
317
CF
Industries
Holdings
Inc
6,121
289
Chemours
Co/The
2,266
75
Diversey
Holdings
Ltd
(d)
334
6
Dow
Inc
19,688
1,224
DuPont
de
Nemours
Inc
15,117
1,135
Eastman
Chemical
Co
3,849
434
Ecolab
Inc
873
193
Element
Solutions
Inc
6,569
154
FMC
Corp
2,730
292
Huntsman
Corp
5,977
158
International
Flavors
&
Fragrances
Inc
362,894
54,666
LyondellBasell
Industries
NV
6,539
649
Mosaic
Co/The
9,905
309
NewMarket
Corp
189
60
Olin
Corp
3,769
177
PPG
Industries
Inc
3,882
635
RPM
International
Inc
1,505
130
Valvoline
Inc
5,077
156
Westlake
Chemical
Corp
753
62
$
63,907
Commercial
Services
-
1
.87
%
ADT
Inc
4,492
47
AMERCO
256
151
Aramark
973,018
34,182
Automatic
Data
Processing
Inc
967
203
Bright
Horizons
Family
Solutions
Inc
(d)
349
52
Chegg
Inc
(d)
945
84
Cintas
Corp
161
63
CoStar
Group
Inc
(d)
2,480
220
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Commercial
Services
(continued)
Driven
Brands
Holdings
Inc
(d)
1,041
$
33
Dun
&
Bradstreet
Holdings
Inc
(d)
4,542
95
Equifax
Inc
2,122
553
Euronet
Worldwide
Inc
(d)
420
60
FleetCor
Technologies
Inc
(d)
1,781
460
FTI
Consulting
Inc
(d)
952
139
Global
Payments
Inc
8,322
1,610
Grand
Canyon
Education
Inc
(d)
1,331
123
H&R
Block
Inc
1,008
25
IHS
Markit
Ltd
10,588
1,237
ManpowerGroup
Inc
1,540
183
Moody's
Corp
238
89
Morningstar
Inc
68
17
Nielsen
Holdings
PLC
10,214
242
Paysafe
Ltd
(d),(e)
8,754
94
Quanta
Services
Inc
239,650
21,785
Robert
Half
International
Inc
384
38
Rollins
Inc
459
18
S&P
Global
Inc
1,997
856
Service
Corp
International/US
4,641
290
StoneCo
Ltd
(d)
432
25
Terminix
Global
Holdings
Inc
(d)
3,621
190
TransUnion
1,719
206
United
Rentals
Inc
(d)
1,340
442
Verisk
Analytics
Inc
1,633
310
WEX
Inc
(d)
417
79
$
64,201
Computers
-
1
.27
%
Accenture
PLC
-
Class
A
3,537
1,124
Amdocs
Ltd
3,630
280
CACI
International
Inc
(d)
658
176
Cognizant
Technology
Solutions
Corp
472,473
34,741
Dell
Technologies
Inc
(d)
3,993
386
DXC
Technology
Co
(d)
7,270
291
Genpact
Ltd
4,933
246
Hewlett
Packard
Enterprise
Co
36,895
535
HP
Inc
23,107
667
International
Business
Machines
Corp
25,369
3,576
Leidos
Holdings
Inc
4,002
426
Lumentum
Holdings
Inc
(d)
2,144
180
McAfee
Corp
277
7
NCR
Corp
(d)
2,387
106
NetApp
Inc
2,127
169
Pure
Storage
Inc
(d)
489
9
Science
Applications
International
Corp
1,641
143
Western
Digital
Corp
(d)
8,703
565
$
43,627
Consumer
Products
-
0
.05
%
Avery
Dennison
Corp
1,102
232
Church
&
Dwight
Co
Inc
6,590
571
Clorox
Co/The
671
121
Kimberly-Clark
Corp
4,756
646
Reynolds
Consumer
Products
Inc
1,541
44
Spectrum
Brands
Holdings
Inc
1,226
107
$
1,721
Cosmetics
&
Personal
Care
-
0
.31
%
Colgate-Palmolive
Co
11,139
885
Coty
Inc
(d)
8,551
75
Procter
&
Gamble
Co/The
69,121
9,831
$
10,791
Distribution
&
Wholesale
-
0
.03
%
Fastenal
Co
1,841
101
Leslie's
Inc
(d)
355
9
LKQ
Corp
(d)
7,933
403
SiteOne
Landscape
Supply
Inc
(d)
597
104
Univar
Solutions
Inc
(d)
4,821
118
Watsco
Inc
929
262
WW
Grainger
Inc
224
100
$
1,097
Schedule
of
Investments
LargeCap
Value
Fund
III
July
31,
2021
(unaudited)
See
accompanying
notes.
132
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Diversified
Financial
Services
-
4
.83
%
Affiliated
Managers
Group
Inc
1,178
$
187
Air
Lease
Corp
3,054
129
Alliance
Data
Systems
Corp
1,409
131
Ally
Financial
Inc
10,505
540
American
Express
Co
166,334
28,364
Ameriprise
Financial
Inc
1,459
376
BlackRock
Inc
4,058
3,519
Capital
One
Financial
Corp
191,818
31,017
Cboe
Global
Markets
Inc
3,014
357
Charles
Schwab
Corp/The
570,538
38,768
CME
Group
Inc
10,172
2,158
Credit
Acceptance
Corp
(d)
241
117
Discover
Financial
Services
3,890
484
Evercore
Inc
-
Class
A
1,125
149
Franklin
Resources
Inc
8,199
242
Interactive
Brokers
Group
Inc
-
A
Shares
2,276
141
Intercontinental
Exchange
Inc
228,031
27,325
Invesco
Ltd
9,460
231
Janus
Henderson
Group
PLC
4,843
203
Jefferies
Financial
Group
Inc
6,213
206
Lazard
Ltd
2,889
136
Nasdaq
Inc
3,238
605
OneMain
Holdings
Inc
2,511
153
Raymond
James
Financial
Inc
3,313
429
Santander
Consumer
USA
Holdings
Inc
1,711
70
SEI
Investments
Co
3,155
192
SLM
Corp
9,127
172
Stifel
Financial
Corp
2,892
192
Synchrony
Financial
13,382
629
T
Rowe
Price
Group
Inc
4,276
873
Tradeweb
Markets
Inc
2,974
258
UWM
Holdings
Corp
(e)
643
5
Virtu
Financial
Inc
2,647
68
Visa
Inc
107,950
26,598
Western
Union
Co/The
8,709
202
$
165,226
Electric
-
2
.95
%
AES
Corp/The
18,733
444
Alliant
Energy
Corp
7,093
415
Ameren
Corp
7,218
606
American
Electric
Power
Co
Inc
14,196
1,251
Avangrid
Inc
1,641
86
Brookfield
Renewable
Corp
2,712
115
CenterPoint
Energy
Inc
16,481
420
CMS
Energy
Corp
8,192
506
Consolidated
Edison
Inc
9,741
719
Dominion
Energy
Inc
22,863
1,712
DTE
Energy
Co
231,652
27,177
Duke
Energy
Corp
21,840
2,296
Edison
International
10,577
576
Entergy
Corp
5,684
585
Evergy
Inc
6,490
423
Eversource
Energy
9,736
840
Exelon
Corp
536,474
25,107
FirstEnergy
Corp
15,423
591
Hawaiian
Electric
Industries
Inc
3,064
133
IDACORP
Inc
1,440
152
NextEra
Energy
Inc
373,328
29,082
NRG
Energy
Inc
3,769
155
OGE
Energy
Corp
5,731
193
PG&E
Corp
(d)
42,861
377
Pinnacle
West
Capital
Corp
3,221
269
PPL
Corp
21,859
620
Public
Service
Enterprise
Group
Inc
14,306
890
Sempra
Energy
8,951
1,169
Southern
Co/The
30,026
1,918
Vistra
Corp
13,371
256
WEC
Energy
Group
Inc
8,951
843
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Electric
(continued)
Xcel
Energy
Inc
15,271
$
1,042
$
100,968
Electrical
Components
&
Equipment
-
0
.09
%
Acuity
Brands
Inc
1,022
179
AMETEK
Inc
6,537
909
ChargePoint
Holdings
Inc
(d),(e)
3,548
84
Emerson
Electric
Co
16,931
1,708
Littelfuse
Inc
668
178
$
3,058
Electronics
-
1
.00
%
Agilent
Technologies
Inc
899
138
Allegion
plc
610
83
Amphenol
Corp
4,788
347
Arrow
Electronics
Inc
(d)
2,115
251
Avnet
Inc
2,833
117
Coherent
Inc
(d)
73
18
Fortive
Corp
9,265
673
Garmin
Ltd
4,288
674
Honeywell
International
Inc
126,025
29,463
Hubbell
Inc
1,541
309
Jabil
Inc
857
51
Keysight
Technologies
Inc
(d)
2,951
486
National
Instruments
Corp
3,693
163
nVent
Electric
PLC
4,721
149
Sensata
Technologies
Holding
PLC
(d)
4,420
259
SYNNEX
Corp
1,185
142
Trimble
Inc
(d)
7,099
607
Vontier
Corp
2,204
71
Waters
Corp
(d)
122
48
Woodward
Inc
1,627
198
$
34,247
Energy
-
Alternate
Sources
-
0
.02
%
First
Solar
Inc
(d)
3,004
259
Shoals
Technologies
Group
Inc
(d)
2,518
73
Sunrun
Inc
(d)
5,652
299
$
631
Engineering
&
Construction
-
1
.47
%
AECOM
(d)
599,638
37,753
Frontdoor
Inc
(d)
773
38
Jacobs
Engineering
Group
Inc
92,669
12,534
MasTec
Inc
(d)
1,591
161
TopBuild
Corp
(d)
160
32
$
50,518
Entertainment
-
0
.03
%
Caesars
Entertainment
Inc
(d)
2,142
187
Live
Nation
Entertainment
Inc
(d)
2,347
185
Madison
Square
Garden
Sports
Corp
(d)
330
54
Marriott
Vacations
Worldwide
Corp
(d)
1,179
174
Penn
National
Gaming
Inc
(d)
4,147
283
Six
Flags
Entertainment
Corp
(d)
1,351
56
$
939
Environmental
Control
-
0
.08
%
Clean
Harbors
Inc
(d)
1,470
140
Pentair
PLC
4,729
348
Republic
Services
Inc
5,960
705
Stericycle
Inc
(d)
2,611
184
Waste
Management
Inc
10,089
1,496
$
2,873
Food
-
0
.27
%
Albertsons
Cos
Inc
(e)
4,404
95
Beyond
Meat
Inc
(d),(e)
200
25
Campbell
Soup
Co
5,532
242
Conagra
Brands
Inc
13,362
447
Flowers
Foods
Inc
5,338
126
General
Mills
Inc
17,317
1,019
Grocery
Outlet
Holding
Corp
(d)
2,478
82
Hain
Celestial
Group
Inc/The
(d)
2,349
94
Hershey
Co/The
590
106
Schedule
of
Investments
LargeCap
Value
Fund
III
July
31,
2021
(unaudited)
See
accompanying
notes.
133
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Food
(continued)
Hormel
Foods
Corp
8,007
$
371
Ingredion
Inc
1,921
169
J
M
Smucker
Co/The
3,025
397
Kellogg
Co
3,972
252
Kraft
Heinz
Co/The
18,833
724
Kroger
Co/The
21,209
863
Lamb
Weston
Holdings
Inc
2,915
195
McCormick
&
Co
Inc/MD
7,075
595
Mondelez
International
Inc
39,584
2,504
Pilgrim's
Pride
Corp
(d)
714
16
Post
Holdings
Inc
(d)
1,694
173
Seaboard
Corp
8
33
Tyson
Foods
Inc
8,146
582
US
Foods
Holding
Corp
(d)
6,302
216
$
9,326
Forest
Products
&
Paper
-
0
.02
%
International
Paper
Co
11,100
641
Gas
-
0
.03
%
Atmos
Energy
Corp
3,667
362
National
Fuel
Gas
Co
2,474
127
NiSource
Inc
10,984
272
UGI
Corp
5,966
274
$
1,035
Hand
&
Machine
Tools
-
1
.12
%
MSA
Safety
Inc
741
122
Regal
Beloit
Corp
1,157
170
Snap-on
Inc
1,514
330
Stanley
Black
&
Decker
Inc
191,009
37,639
$
38,261
Healthcare
-
Products
-
2
.48
%
Abbott
Laboratories
24,656
2,983
Adaptive
Biotechnologies
Corp
(d)
336
12
Baxter
International
Inc
14,264
1,103
Boston
Scientific
Corp
(d)
40,264
1,836
Cooper
Cos
Inc/The
1,372
579
Danaher
Corp
17,065
5,077
DENTSPLY
SIRONA
Inc
6,164
407
Envista
Holdings
Corp
(d)
4,574
197
Globus
Medical
Inc
(d)
2,120
176
Henry
Schein
Inc
(d)
3,994
320
Hill-Rom
Holdings
Inc
1,885
261
Hologic
Inc
(d)
7,193
540
ICU
Medical
Inc
(d)
564
115
Integra
LifeSciences
Holdings
Corp
(d)
2,042
148
Masimo
Corp
(d)
389
106
Medtronic
PLC
463,358
60,843
Natera
Inc
(d)
150
17
PerkinElmer
Inc
3,175
579
QIAGEN
NV
(d)
6,444
340
Quidel
Corp
(d)
1,064
150
Repligen
Corp
(d)
88
22
ResMed
Inc
407
111
STERIS
PLC
2,416
527
Stryker
Corp
5,672
1,537
Tandem
Diabetes
Care
Inc
(d)
123
13
Teleflex
Inc
1,090
433
Thermo
Fisher
Scientific
Inc
10,149
5,480
Zimmer
Biomet
Holdings
Inc
5,940
971
$
84,883
Healthcare
-
Services
-
3
.87
%
Acadia
Healthcare
Co
Inc
(d)
2,515
155
agilon
health
Inc
(d)
144
5
Amedisys
Inc
(d)
104
27
Anthem
Inc
120,845
46,406
Catalent
Inc
(d)
3,525
422
Centene
Corp
(d)
16,413
1,126
Charles
River
Laboratories
International
Inc
(d)
91
37
Chemed
Corp
324
154
DaVita
Inc
(d)
593
71
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Healthcare
-
Services
(continued)
Encompass
Health
Corp
1,182
$
98
Humana
Inc
3,659
1,558
IQVIA
Holdings
Inc
(d)
2,739
679
Laboratory
Corp
of
America
Holdings
(d)
2,771
821
Molina
Healthcare
Inc
(d)
1,385
378
Oak
Street
Health
Inc
(d)
284
18
PPD
Inc
(d)
2,684
124
Quest
Diagnostics
Inc
3,695
524
Syneos
Health
Inc
(d)
2,522
226
Teladoc
Health
Inc
(d)
4,156
617
UnitedHealth
Group
Inc
190,668
78,598
Universal
Health
Services
Inc
2,148
345
$
132,389
Home
Builders
-
0
.38
%
DR
Horton
Inc
5,539
529
Lennar
Corp
-
A
Shares
111,666
11,742
Lennar
Corp
-
B
Shares
443
38
NVR
Inc
(d)
32
167
PulteGroup
Inc
5,269
289
Thor
Industries
Inc
895
106
Toll
Brothers
Inc
1,897
112
$
12,983
Home
Furnishings
-
0
.02
%
Dolby
Laboratories
Inc
1,820
177
Leggett
&
Platt
Inc
3,783
182
Whirlpool
Corp
1,745
386
$
745
Housewares
-
0
.01
%
Newell
Brands
Inc
10,786
267
Insurance
-
4
.96
%
Aflac
Inc
19,050
1,048
Alleghany
Corp
(d)
345
229
Allstate
Corp/The
8,472
1,102
American
Financial
Group
Inc/OH
1,923
243
American
International
Group
Inc
1,509,215
71,461
Aon
PLC
2,609
678
Arch
Capital
Group
Ltd
(d)
8,389
327
Arthur
J
Gallagher
&
Co
5,723
797
Assurant
Inc
1,706
269
Assured
Guaranty
Ltd
2,135
102
Athene
Holding
Ltd
(d)
3,309
214
Axis
Capital
Holdings
Ltd
2,194
111
Berkshire
Hathaway
Inc
-
Class
B
(d)
165,651
46,099
Brighthouse
Financial
Inc
(d)
2,523
109
Brown
&
Brown
Inc
6,263
341
Chubb
Ltd
134,311
22,664
Cincinnati
Financial
Corp
4,247
501
CNA
Financial
Corp
822
36
Equitable
Holdings
Inc
10,878
336
Erie
Indemnity
Co
220
41
Everest
Re
Group
Ltd
870
220
Fidelity
National
Financial
Inc
7,882
351
First
American
Financial
Corp
2,967
200
Globe
Life
Inc
2,872
267
GoHealth
Inc
(d)
348
3
Hanover
Insurance
Group
Inc/The
1,033
140
Hartford
Financial
Services
Group
Inc/The
10,118
644
Kemper
Corp
1,765
116
Lemonade
Inc
(d),(e)
970
84
Lincoln
National
Corp
4,554
281
Loews
Corp
6,286
337
Markel
Corp
(d)
321
387
Marsh
&
McLennan
Cos
Inc
12,717
1,872
Mercury
General
Corp
801
49
MetLife
Inc
21,028
1,213
MGIC
Investment
Corp
9,628
133
Old
Republic
International
Corp
7,933
196
Primerica
Inc
1,110
162
Progressive
Corp/The
16,579
1,578
Schedule
of
Investments
LargeCap
Value
Fund
III
July
31,
2021
(unaudited)
See
accompanying
notes.
134
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Insurance
(continued)
Prudential
Financial
Inc
11,187
$
1,122
Reinsurance
Group
of
America
Inc
1,940
214
RenaissanceRe
Holdings
Ltd
778
119
Travelers
Cos
Inc/The
7,129
1,062
Unum
Group
5,832
160
Voya
Financial
Inc
3,436
221
W
R
Berkley
Corp
3,914
286
White
Mountains
Insurance
Group
Ltd
82
93
Willis
Towers
Watson
PLC
56,020
11,545
$
169,763
Internet
-
0
.91
%
Alphabet
Inc
-
A
Shares
(d)
8,909
24,006
Alphabet
Inc
-
C
Shares
(d)
1,120
3,029
DoorDash
Inc
-
Class
A
(d)
284
50
F5
Networks
Inc
(d)
1,687
348
FireEye
Inc
(d)
4,696
95
GoDaddy
Inc
(d)
4,273
358
IAC/InterActiveCorp
(d)
2,166
297
NortonLifeLock
Inc
11,456
284
Opendoor
Technologies
Inc
(d),(e)
7,859
117
TripAdvisor
Inc
(d)
1,082
41
Twitter
Inc
(d)
19,803
1,381
Uber
Technologies
Inc
(d)
6,597
287
VeriSign
Inc
(d)
2,795
605
Vimeo
Inc
(d)
284
13
Wayfair
Inc
(d)
950
229
$
31,140
Iron
&
Steel
-
0
.06
%
Cleveland-Cliffs
Inc
(d)
12,920
323
Nucor
Corp
8,474
881
Reliance
Steel
&
Aluminum
Co
1,812
285
Steel
Dynamics
Inc
4,627
298
United
States
Steel
Corp
7,583
201
$
1,988
Leisure
Products
&
Services
-
0
.05
%
Brunswick
Corp/DE
1,924
201
Carnival
Corp
(d)
24,158
523
Harley-Davidson
Inc
4,385
174
Norwegian
Cruise
Line
Holdings
Ltd
(d)
10,393
250
Planet
Fitness
Inc
(d)
737
55
Polaris
Inc
502
66
Royal
Caribbean
Cruises
Ltd
(d)
6,214
477
Virgin
Galactic
Holdings
Inc
(d),(e)
326
10
$
1,756
Lodging
-
0
.60
%
Boyd
Gaming
Corp
(d)
1,831
104
Hilton
Worldwide
Holdings
Inc
(d)
2,565
337
Hyatt
Hotels
Corp
(d)
1,146
92
Las
Vegas
Sands
Corp
(d)
457,947
19,394
MGM
Resorts
International
11,574
434
Travel
+
Leisure
Co
806
42
Wyndham
Hotels
&
Resorts
Inc
960
69
$
20,472
Machinery
-
Construction
&
Mining
-
0
.02
%
BWX
Technologies
Inc
667
38
Caterpillar
Inc
2,147
444
Oshkosh
Corp
1,939
232
$
714
Machinery
-
Diversified
-
2
.28
%
AGCO
Corp
1,597
211
Colfax
Corp
(d)
3,315
152
Crane
Co
1,408
137
Curtiss-Wright
Corp
1,184
140
Deere
&
Co
110,026
39,784
Dover
Corp
4,070
680
Flowserve
Corp
3,731
157
Gates
Industrial
Corp
PLC
(d)
1,826
33
Graco
Inc
1,805
141
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Machinery
-
Diversified
(continued)
IDEX
Corp
2,153
$
488
Ingersoll
Rand
Inc
(d)
10,634
520
Middleby
Corp/The
(d)
173,353
33,195
Nordson
Corp
1,363
308
Otis
Worldwide
Corp
12,191
1,092
Rockwell
Automation
Inc
1,295
398
Toro
Co/The
166
19
Westinghouse
Air
Brake
Technologies
Corp
5,184
440
Xylem
Inc/NY
1,732
218
$
78,113
Media
-
3
.34
%
Altice
USA
Inc
(d)
1,074,361
33,015
Cable
One
Inc
71
134
Charter
Communications
Inc
(d)
198
147
Comcast
Corp
-
Class
A
837,234
49,254
Discovery
Inc
-
A
Shares
(d),(e)
4,683
136
Discovery
Inc
-
C
Shares
(d)
8,894
241
DISH
Network
Corp
(d)
7,048
295
FactSet
Research
Systems
Inc
148
53
Fox
Corp
-
A
Shares
9,143
326
Fox
Corp
-
B
Shares
4,383
146
Liberty
Broadband
Corp
-
A
Shares
(d)
706
121
Liberty
Broadband
Corp
-
C
Shares
(d)
4,304
764
Liberty
Media
Corp-Liberty
Formula
One
-
A
Shares
(d)
708
29
Liberty
Media
Corp-Liberty
Formula
One
-
C
Shares
(d)
5,681
267
Liberty
Media
Corp-Liberty
SiriusXM
-
A
Shares
(d)
2,264
106
Liberty
Media
Corp-Liberty
SiriusXM
-
C
Shares
(d)
4,598
212
New
York
Times
Co/The
4,665
204
News
Corp
-
A
Shares
11,128
274
News
Corp
-
B
Shares
3,440
81
Nexstar
Media
Group
Inc
1,086
160
Sirius
XM
Holdings
Inc
(e)
25,595
166
ViacomCBS
Inc
-
Class
A
241
11
ViacomCBS
Inc
-
Class
B
16,535
677
Walt
Disney
Co/The
(d)
155,755
27,416
World
Wrestling
Entertainment
Inc
171
8
$
114,243
Metal
Fabrication
&
Hardware
-
0
.01
%
Timken
Co/The
1,811
144
Valmont
Industries
Inc
597
141
$
285
Mining
-
0
.84
%
Alcoa
Corp
(d)
5,296
213
Freeport-McMoRan
Inc
704,079
26,825
Newmont
Corp
22,750
1,429
Royal
Gold
Inc
1,856
226
Southern
Copper
Corp
211
14
$
28,707
Miscellaneous
Manufacturers
-
1
.52
%
3M
Co
14,021
2,775
A
O
Smith
Corp
3,800
267
Carlisle
Cos
Inc
900
182
Donaldson
Co
Inc
3,114
206
Eaton
Corp
PLC
270,546
42,760
General
Electric
Co
248,016
3,212
Illinois
Tool
Works
Inc
921
209
ITT
Inc
2,473
242
Parker-Hannifin
Corp
3,044
950
Textron
Inc
6,398
441
Trane
Technologies
PLC
3,475
708
$
51,952
Office
&
Business
Equipment
-
0
.00
%
Xerox
Holdings
Corp
4,346
105
Schedule
of
Investments
LargeCap
Value
Fund
III
July
31,
2021
(unaudited)
See
accompanying
notes.
135
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Oil
&
Gas
-
6
.30
%
APA
Corp
10,756
$
202
Cabot
Oil
&
Gas
Corp
9,814
157
Chevron
Corp
233,794
23,803
Cimarex
Energy
Co
2,281
149
ConocoPhillips
488,674
27,395
Continental
Resources
Inc/OK
1,655
57
Devon
Energy
Corp
19,122
494
Diamondback
Energy
Inc
2,695
208
EOG
Resources
Inc
307,343
22,393
EQT
Corp
(d)
7,898
145
Exxon
Mobil
Corp
120,227
6,921
Hess
Corp
492,777
37,667
HollyFrontier
Corp
4,281
126
Marathon
Oil
Corp
22,026
255
Marathon
Petroleum
Corp
18,486
1,021
Occidental
Petroleum
Corp
20,930
546
Phillips
66
541,616
39,771
Pioneer
Natural
Resources
Co
131,929
19,178
Valero
Energy
Corp
527,782
35,346
$
215,834
Oil
&
Gas
Services
-
0
.06
%
Baker
Hughes
Co
20,907
444
Halliburton
Co
23,791
492
NOV
Inc
(d)
11,079
153
Schlumberger
NV
39,702
1,145
$
2,234
Packaging
&
Containers
-
0
.09
%
Amcor
PLC
43,707
505
AptarGroup
Inc
1,835
236
Ardagh
Group
SA
412
10
Ball
Corp
6,417
519
Berry
Global
Group
Inc
(d)
3,829
246
Crown
Holdings
Inc
3,224
322
Graphic
Packaging
Holding
Co
5,950
114
Packaging
Corp
of
America
2,684
380
Sealed
Air
Corp
1,974
112
Silgan
Holdings
Inc
2,373
96
Sonoco
Products
Co
2,869
183
Westrock
Co
7,357
362
$
3,085
Pharmaceuticals
-
6
.74
%
AmerisourceBergen
Corp
4,162
508
Becton
Dickinson
and
Co
163,768
41,884
Bristol-Myers
Squibb
Co
63,416
4,304
Cardinal
Health
Inc
3,369
200
Cigna
Corp
9,682
2,222
CVS
Health
Corp
975,480
80,341
Elanco
Animal
Health
Inc
(d)
12,624
460
Eli
Lilly
&
Co
5,052
1,230
Herbalife
Nutrition
Ltd
(d)
2,542
129
Jazz
Pharmaceuticals
PLC
(d)
1,675
284
Johnson
&
Johnson
74,771
12,876
McKesson
Corp
130,978
26,697
Merck
&
Co
Inc
670,892
51,572
Organon
&
Co
7,194
209
Perrigo
Co
PLC
3,739
180
Pfizer
Inc
158,487
6,785
Premier
Inc
3,487
124
Viatris
Inc
34,261
482
Zoetis
Inc
702
142
$
230,629
Pipelines
-
0
.08
%
Antero
Midstream
Corp
9,498
90
DT
Midstream
Inc
2,735
116
Kinder
Morgan
Inc
55,220
960
ONEOK
Inc
12,587
654
Targa
Resources
Corp
6,309
266
Williams
Cos
Inc/The
34,485
864
$
2,950
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Private
Equity
-
0
.04
%
Ares
Management
Corp
472
$
34
Carlyle
Group
Inc/The
4,602
232
KKR
&
Co
Inc
15,574
993
$
1,259
Real
Estate
-
0
.04
%
CBRE
Group
Inc
(d)
8,969
865
Howard
Hughes
Corp/The
(d)
1,180
109
Jones
Lang
LaSalle
Inc
(d)
1,449
323
$
1,297
REITs
-
3
.36
%
AGNC
Investment
Corp
14,920
237
Alexandria
Real
Estate
Equities
Inc
78,323
15,769
American
Campus
Communities
Inc
3,925
197
American
Homes
4
Rent
7,816
328
Americold
Realty
Trust
7,159
278
Annaly
Capital
Management
Inc
39,664
337
Apartment
Income
REIT
Corp
4,385
231
AvalonBay
Communities
Inc
3,954
901
Boston
Properties
Inc
4,456
523
Brixmor
Property
Group
Inc
8,492
196
Camden
Property
Trust
2,700
403
CoreSite
Realty
Corp
264
37
Cousins
Properties
Inc
4,242
169
CubeSmart
5,692
283
CyrusOne
Inc
3,443
245
Digital
Realty
Trust
Inc
7,961
1,227
Douglas
Emmett
Inc
4,769
159
Duke
Realty
Corp
10,569
538
EPR
Properties
2,163
109
Equinix
Inc
734
602
Equity
LifeStyle
Properties
Inc
2,326
195
Equity
Residential
10,453
879
Essex
Property
Trust
Inc
1,838
603
Extra
Space
Storage
Inc
3,387
590
Federal
Realty
Investment
Trust
2,187
257
First
Industrial
Realty
Trust
Inc
3,617
198
Gaming
and
Leisure
Properties
Inc
6,289
298
Healthcare
Trust
of
America
Inc
6,236
178
Healthpeak
Properties
Inc
15,290
565
Highwoods
Properties
Inc
2,950
141
Host
Hotels
&
Resorts
Inc
(d)
20,031
319
Hudson
Pacific
Properties
Inc
4,158
113
Invitation
Homes
Inc
16,069
654
Iron
Mountain
Inc
2,407
105
JBG
SMITH
Properties
3,492
114
Kilroy
Realty
Corp
3,290
228
Kimco
Realty
Corp
11,833
252
Lamar
Advertising
Co
309
33
Life
Storage
Inc
2,163
254
Medical
Properties
Trust
Inc
16,433
346
MGM
Growth
Properties
LLC
813,926
30,766
Mid-America
Apartment
Communities
Inc
3,229
624
National
Retail
Properties
Inc
4,909
240
New
Residential
Investment
Corp
12,300
120
Omega
Healthcare
Investors
Inc
6,666
242
Park
Hotels
&
Resorts
Inc
(d)
6,653
123
Prologis
Inc
238,893
30,588
Public
Storage
48,084
15,025
Rayonier
Inc
3,914
148
Realty
Income
Corp
10,599
745
Regency
Centers
Corp
4,831
316
Rexford
Industrial
Realty
Inc
3,804
234
SBA
Communications
Corp
2,561
873
Simon
Property
Group
Inc
1,213
153
SL
Green
Realty
Corp
2,009
150
Spirit
Realty
Capital
Inc
3,266
164
Starwood
Property
Trust
Inc
7,831
204
STORE
Capital
Corp
6,916
250
Sun
Communities
Inc
3,133
614
Schedule
of
Investments
LargeCap
Value
Fund
III
July
31,
2021
(unaudited)
See
accompanying
notes.
136
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
REITs
(continued)
UDR
Inc
8,399
$
462
Ventas
Inc
10,627
635
VEREIT
Inc
6,488
318
VICI
Properties
Inc
15,307
477
Vornado
Realty
Trust
5,031
219
Weingarten
Realty
Investors
3,504
113
Welltower
Inc
11,847
1,029
Weyerhaeuser
Co
21,253
717
WP
Carey
Inc
5,003
404
$
115,044
Retail
-
7
.92
%
Advance
Auto
Parts
Inc
252,907
53,631
AutoNation
Inc
(d)
1,441
175
AutoZone
Inc
(d)
489
794
Best
Buy
Co
Inc
5,459
613
Burlington
Stores
Inc
(d)
110
37
CarMax
Inc
(d)
4,227
566
Casey's
General
Stores
Inc
1,051
208
Costco
Wholesale
Corp
817
351
Darden
Restaurants
Inc
1,184
173
Dick's
Sporting
Goods
Inc
1,765
184
Dollar
General
Corp
296,112
68,887
Dollar
Tree
Inc
(d)
6,570
656
Domino's
Pizza
Inc
350
184
Foot
Locker
Inc
2,547
145
Gap
Inc/The
5,707
166
Genuine
Parts
Co
4,027
511
Home
Depot
Inc/The
76,748
25,188
Kohl's
Corp
4,443
226
L
Brands
Inc
2,830
227
Lithia
Motors
Inc
745
281
Lowe's
Cos
Inc
209,370
40,344
McDonald's
Corp
17,429
4,230
MSC
Industrial
Direct
Co
Inc
1,275
114
Nordstrom
Inc
(d)
494
16
Ollie's
Bargain
Outlet
Holdings
Inc
(d)
1,848
172
O'Reilly
Automotive
Inc
(d)
1,359
821
Penske
Automotive
Group
Inc
902
80
Petco
Health
&
Wellness
Co
Inc
(d),(e)
1,985
41
Qurate
Retail
Inc
10,787
128
Ross
Stores
Inc
191,118
23,448
Target
Corp
7,791
2,034
Vroom
Inc
(d)
2,448
91
Walgreens
Boots
Alliance
Inc
20,356
960
Walmart
Inc
306,249
43,656
Williams-Sonoma
Inc
510
77
Yum
China
Holdings
Inc
11,004
684
Yum!
Brands
Inc
7,742
1,017
$
271,116
Savings
&
Loans
-
0
.01
%
New
York
Community
Bancorp
Inc
12,735
150
People's
United
Financial
Inc
12,102
190
Sterling
Bancorp/DE
4,991
109
TFS
Financial
Corp
1,395
27
$
476
Semiconductors
-
5
.21
%
Analog
Devices
Inc
8,917
1,493
ASML
Holding
NV
-
NY
Reg
Shares
53,084
40,702
Broadcom
Inc
86,003
41,746
Brooks
Automation
Inc
364
32
Cirrus
Logic
Inc
(d)
1,667
138
Cree
Inc
(d)
3,268
303
Intel
Corp
114,751
6,164
IPG
Photonics
Corp
(d)
946
206
Marvell
Technology
Inc
22,901
1,386
Maxim
Integrated
Products
Inc
395
40
Microchip
Technology
Inc
127,852
18,298
Micron
Technology
Inc
354,759
27,522
MKS
Instruments
Inc
245
38
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Semiconductors
(continued)
NXP
Semiconductors
NV
5,419
$
1,118
ON
Semiconductor
Corp
(d)
5,513
215
Qorvo
Inc
(d)
3,205
608
QUALCOMM
Inc
152,883
22,902
Skyworks
Solutions
Inc
2,471
456
Texas
Instruments
Inc
78,368
14,939
$
178,306
Shipbuilding
-
0
.01
%
Huntington
Ingalls
Industries
Inc
1,115
229
Software
-
3
.07
%
Activision
Blizzard
Inc
390,955
32,692
Akamai
Technologies
Inc
(d)
4,558
547
ANSYS
Inc
(d)
1,442
531
Black
Knight
Inc
(d)
4,308
357
Broadridge
Financial
Solutions
Inc
301
52
C3.ai
Inc
(d)
383
19
CDK
Global
Inc
2,906
139
Ceridian
HCM
Holding
Inc
(d)
3,661
360
Cerner
Corp
8,548
687
Change
Healthcare
Inc
(d)
6,997
152
Citrix
Systems
Inc
2,262
228
Clarivate
PLC
(d)
11,685
266
Cloudflare
Inc
(d)
406
48
Concentrix
Corp
(d)
1,184
194
Datto
Holding
Corp
(d)
677
18
Duck
Creek
Technologies
Inc
(d),(e)
1,579
69
Dynatrace
Inc
(d)
307
20
Electronic
Arts
Inc
8,130
1,170
Fastly
Inc
(d),(e)
2,997
144
Fidelity
National
Information
Services
Inc
17,587
2,621
Fiserv
Inc
(d)
15,822
1,821
Guidewire
Software
Inc
(d)
2,378
274
Jack
Henry
&
Associates
Inc
1,547
269
Jamf
Holding
Corp
(d)
230
8
Manhattan
Associates
Inc
(d)
837
134
Medallia
Inc
(d)
1,331
45
Microsoft
Corp
110,439
31,465
MSCI
Inc
661
394
N-Able
Inc
(d)
992
14
Nuance
Communications
Inc
(d)
5,011
275
Oracle
Corp
230,198
20,060
Paychex
Inc
1,171
133
Pegasystems
Inc
77
10
Roper
Technologies
Inc
2,974
1,461
salesforce.com
Inc
(d)
21,197
5,128
Signify
Health
Inc
(d)
649
17
Snowflake
Inc
-
Class
A
(d)
198
53
SolarWinds
Corp
(d)
1,984
22
SS&C
Technologies
Holdings
Inc
6,354
498
Synopsys
Inc
(d)
1,574
453
Take-Two
Interactive
Software
Inc
(d)
2,592
450
Teradata
Corp
(d)
453
23
Twilio
Inc
(d)
3,302
1,234
Tyler
Technologies
Inc
(d)
152
75
VMware
Inc
(d),(e)
1,432
220
Zynga
Inc
(d)
14,865
150
$
105,000
Telecommunications
-
2
.94
%
Arista
Networks
Inc
(d)
182
69
AT&T
Inc
202,790
5,688
Ciena
Corp
(d)
4,379
255
Cisco
Systems
Inc/Delaware
823,889
45,619
Corning
Inc
14,290
598
Juniper
Networks
Inc
9,199
259
Lumen
Technologies
Inc
31,231
389
Motorola
Solutions
Inc
4,713
1,055
T-Mobile
US
Inc
(d)
277,322
39,940
Ubiquiti
Inc
21
7
Verizon
Communications
Inc
117,645
6,562
Schedule
of
Investments
LargeCap
Value
Fund
III
July
31,
2021
(unaudited)
See
accompanying
notes.
137
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Telecommunications
(continued)
Viasat
Inc
(d)
1,747
$
87
$
100,528
Textiles
-
0
.67
%
Mohawk
Industries
Inc
(d)
118,292
23,055
Toys,
Games
&
Hobbies
-
0
.01
%
Hasbro
Inc
3,639
362
Transportation
-
2
.13
%
CH
Robinson
Worldwide
Inc
3,005
268
CSX
Corp
64,278
2,077
Expeditors
International
of
Washington
Inc
1,294
166
FedEx
Corp
3,933
1,101
JB
Hunt
Transport
Services
Inc
239,948
40,419
Kansas
City
Southern
1,886
505
Kirby
Corp
(d)
1,725
100
Knight-Swift
Transportation
Holdings
Inc
4,558
227
Landstar
System
Inc
123
19
Norfolk
Southern
Corp
7,088
1,828
Old
Dominion
Freight
Line
Inc
230
62
Ryder
System
Inc
1,516
115
Schneider
National
Inc
1,473
33
Union
Pacific
Corp
118,966
26,025
XPO
Logistics
Inc
(d)
375
52
$
72,997
Water
-
0
.03
%
American
Water
Works
Co
Inc
5,150
876
Essential
Utilities
Inc
6,411
315
$
1,191
TOTAL
COMMON
STOCKS
$
3,333,641
Total
Investments
$
3,428,042
Other
Assets
and
Liabilities
- (0.13)%
(
4,532
)
TOTAL
NET
ASSETS
-
100.00%
$
3,423,510
(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
$1,269
or
0.04%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(d)
Non-income
producing
security
(e)
Security
or
a
portion
of
the
security
was
on
loan. At
the
end
of
the
period,
the
value
of
these
securities
totaled
$1,219
or
0.04%
of
net
assets.
Portfolio
Summary (unaudited)
Sector
Percent
Financial
23
.92
%
Consumer,
Non-cyclical
19
.24
%
Industrial
13
.39
%
Consumer,
Cyclical
11
.80
%
Technology
9
.55
%
Communications
7
.21
%
Energy
6
.46
%
Utilities
3
.01
%
Basic
Materials
2
.79
%
Money
Market
Funds
2
.41
%
Investment
Companies
0
.35
%
Other
Assets
and
Liabilities
(
0
.13
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
44,291
$
1,328,878
$
1,291,884
$
81,285
$
44,291
$
1,328,878
$
1,291,884
$
81,285
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.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
S&P
500
Emini;
September
2021
Long
98
$
21,509
$
611
Total
$
611
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
MidCap
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
138
INVESTMENT
COMPANIES
-
0
.02
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0
.02
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
0.03%
(a),(b)
77,979
$
78
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(c),(d)
4,901,265
4,901
$
4,979
TOTAL
INVESTMENT
COMPANIES
$
4,979
COMMON
STOCKS
-
100
.01
%
Shares
Held
Value
(000's)
Aerospace
&
Defense
-
5
.40
%
HEICO
Corp
-
Class
A
2,722,928
$
330,264
TransDigm
Group
Inc
(d)
1,513,113
970,042
$
1,300,306
Banks
-
0
.86
%
First
Republic
Bank/CA
1,055,698
205,882
Beverages
-
0
.27
%
Brown-Forman
Corp
-
B
Shares
925,737
65,653
Building
Materials
-
4
.11
%
Martin
Marietta
Materials
Inc
768,589
279,228
Summit
Materials
Inc
(d)
4,172,846
140,208
Vulcan
Materials
Co
3,163,174
569,340
$
988,776
Chemicals
-
0
.55
%
Air
Products
and
Chemicals
Inc
455,501
132,565
Commercial
Services
-
10
.74
%
Bright
Horizons
Family
Solutions
Inc
(d)
811,603
121,334
CoStar
Group
Inc
(d)
10,102,191
897,580
Everarc
Holdings
Ltd
-
Warrants
(d)
2,883,826
649
Gartner
Inc
(d)
1,093,053
289,364
IHS
Markit
Ltd
1,255,998
146,751
Moody's
Corp
630,735
237,156
S&P
Global
Inc
241,361
103,476
Square
Inc
(d)
645,463
159,597
TransUnion
3,041,503
365,163
Verisk
Analytics
Inc
1,396,013
265,159
$
2,586,229
Distribution
&
Wholesale
-
4
.68
%
Copart
Inc
(d)
5,254,916
772,473
Fastenal
Co
6,471,788
354,460
$
1,126,933
Diversified
Financial
Services
-
1
.46
%
Brookfield
Asset
Management
Reinsurance
Partners
Ltd
(d)
146,196
7,924
Credit
Acceptance
Corp
(d)
706,962
342,714
$
350,638
Electric
-
2
.23
%
Brookfield
Infrastructure
Partners
LP
7,673,248
414,970
Brookfield
Renewable
Partners
LP
3,098,759
121,843
$
536,813
Electronics
-
2
.00
%
Agilent
Technologies
Inc
723,845
110,915
Mettler-Toledo
International
Inc
(d)
251,214
370,216
$
481,131
Entertainment
-
3
.29
%
Live
Nation
Entertainment
Inc
(d)
5,315,251
419,320
Vail
Resorts
Inc
(d)
1,219,224
372,107
$
791,427
Healthcare
-
Products
-
1
.56
%
IDEXX
Laboratories
Inc
(d)
554,906
376,520
Holding
Companies
-
Diversified
-
0
.15
%
Everarc
Holdings
Ltd
(c),(d)
2,883,826
36,058
Home
Builders
-
2
.60
%
Lennar
Corp
-
A
Shares
2,591,773
272,525
Lennar
Corp
-
B
Shares
37,552
3,242
NVR
Inc
(d)
67,101
350,442
$
626,209
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Insurance
-
6
.63
%
Aon
PLC
548,785
$
142,701
Arch
Capital
Group
Ltd
(d)
8,095,998
315,744
Brown
&
Brown
Inc
5,823,022
316,772
Fidelity
National
Financial
Inc
2,170,880
96,843
Markel
Corp
(d)
449,713
542,430
Progressive
Corp/The
1,906,301
181,404
$
1,595,894
Internet
-
4
.37
%
VeriSign
Inc
(d)
1,927,115
416,970
Wix.com
Ltd
(d)
2,125,756
634,836
$
1,051,806
Lodging
-
3
.38
%
Hilton
Worldwide
Holdings
Inc
(d)
5,020,439
659,937
Hyatt
Hotels
Corp
(d)
1,911,494
152,671
$
812,608
Machinery
-
Diversified
-
0
.50
%
Cognex
Corp
541,326
48,941
Colfax
Corp
(d)
1,534,693
70,412
$
119,353
Media
-
4
.00
%
Liberty
Broadband
Corp
-
A
Shares
(d)
682,269
117,125
Liberty
Broadband
Corp
-
C
Shares
(d)
3,506,314
622,336
Liberty
Media
Corp-Liberty
Formula
One
-
A
Shares
(d)
509,148
21,109
Liberty
Media
Corp-Liberty
Formula
One
-
C
Shares
(d)
4,255,080
199,691
Liberty
Media
Corp-Liberty
SiriusXM
-
A
Shares
(d)
22,391
1,046
Liberty
Media
Corp-Liberty
SiriusXM
-
C
Shares
(d)
36,306
1,677
$
962,984
Private
Equity
-
8
.85
%
Ares
Management
Corp
1,140,891
81,699
Brookfield
Asset
Management
Inc
(e)
21,042,866
1,136,104
KKR
&
Co
Inc
10,933,038
697,091
Onex
Corp
2,830,677
215,584
$
2,130,478
Real
Estate
-
2
.67
%
CBRE
Group
Inc
(d)
3,820,372
368,513
Howard
Hughes
Corp/The
(d)
1,936,293
179,514
Kennedy-Wilson
Holdings
Inc
4,715,055
95,197
$
643,224
REITs
-
2
.79
%
SBA
Communications
Corp
1,971,439
672,241
Retail
-
10
.47
%
Cannae
Holdings
Inc
(d)
645,958
21,478
CarMax
Inc
(d)
6,107,811
818,141
Dollar
General
Corp
1,179,654
274,435
Domino's
Pizza
Inc
812,762
427,098
O'Reilly
Automotive
Inc
(d)
1,076,326
649,929
Restaurant
Brands
International
Inc
2,684,271
183,040
Ross
Stores
Inc
1,192,329
146,287
$
2,520,408
Semiconductors
-
1
.51
%
Microchip
Technology
Inc
2,545,098
364,254
Software
-
14
.94
%
ANSYS
Inc
(d)
1,083,825
399,346
Autodesk
Inc
(d)
2,251,125
722,904
Black
Knight
Inc
(d)
6,522,197
540,103
Guidewire
Software
Inc
(d)
3,528,087
406,435
HubSpot
Inc
(d)
141,656
84,430
MSCI
Inc
435,210
259,368
Qualtrics
International
Inc
(d)
759,763
31,705
Roper
Technologies
Inc
1,064,010
522,791
Schedule
of
Investments
MidCap
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
139
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Software
(continued)
Tyler
Technologies
Inc
(d)
1,274,138
$
627,691
$
3,594,773
TOTAL
COMMON
STOCKS
$
24,073,163
Total
Investments
$
24,078,142
Other
Assets
and
Liabilities
- (0.03)%
(
8,108
)
TOTAL
NET
ASSETS
-
100.00%
$
24,070,034
(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
$78
or
0.00%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(d)
Non-income
producing
security
(e)
Security
or
a
portion
of
the
security
was
on
loan. At
the
end
of
the
period,
the
value
of
these
securities
totaled
$76
or
0.00%
of
net
assets.
Portfolio
Summary (unaudited)
Sector
Percent
Consumer,
Cyclical
24
.42
%
Financial
23
.26
%
Technology
16
.45
%
Consumer,
Non-cyclical
12
.57
%
Industrial
12
.01
%
Communications
8
.37
%
Utilities
2
.23
%
Basic
Materials
0
.55
%
Diversified
0
.15
%
Money
Market
Funds
0
.02
%
Other
Assets
and
Liabilities
(
0
.03
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Everarc
Holdings
Ltd
$
37,416
$
—
$
—
$
36,058
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
2
689,562
684,663
4,901
$
37,418
$
689,562
$
684,663
$
40,959
Income
(a)
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Everarc
Holdings
Ltd
$
—
$
—
$
—
$
(
1,358
)
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
—
—
—
—
$
—
$
—
$
—
$
(
1,358
)
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
MidCap
Growth
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
140
INVESTMENT
COMPANIES
-
0
.32
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0
.32
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
0.03%
(a),(b)
10
$
—
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(c),(d)
937,206
937
$
937
TOTAL
INVESTMENT
COMPANIES
$
937
COMMON
STOCKS
-
96
.87
%
Shares
Held
Value
(000's)
Advertising
-
1
.82
%
Trade
Desk
Inc/The
(d)
64,847
$
5,312
Aerospace
&
Defense
-
1
.44
%
Spirit
AeroSystems
Holdings
Inc
97,630
4,219
Airlines
-
0
.99
%
Southwest
Airlines
Co
(d)
56,922
2,876
Apparel
-
6
.68
%
Crocs
Inc
(d)
49,218
6,684
Deckers
Outdoor
Corp
(d)
11,727
4,818
Tapestry
Inc
(d)
82,537
3,492
VF
Corp
56,138
4,502
$
19,496
Banks
-
3
.20
%
Signature
Bank/New
York
NY
10,775
2,446
SVB
Financial
Group
(d)
12,554
6,904
$
9,350
Biotechnology
-
6
.16
%
Bio-Rad
Laboratories
Inc
(d)
7,163
5,297
Horizon
Therapeutics
Plc
(d)
85,172
8,519
Maravai
LifeSciences
Holdings
Inc
(d)
94,804
4,168
$
17,984
Building
Materials
-
1
.44
%
Vulcan
Materials
Co
23,316
4,197
Chemicals
-
3
.76
%
Albemarle
Corp
25,839
5,324
Element
Solutions
Inc
242,415
5,670
$
10,994
Commercial
Services
-
0
.99
%
Cintas
Corp
7,357
2,900
Computers
-
3
.17
%
Crowdstrike
Holdings
Inc
(d)
17,380
4,408
Zscaler
Inc
(d)
20,552
4,848
$
9,256
Cosmetics
&
Personal
Care
-
1
.68
%
Coty
Inc
(d)
560,932
4,897
Distribution
&
Wholesale
-
1
.87
%
LKQ
Corp
(d)
107,712
5,466
Diversified
Financial
Services
-
2
.07
%
Alliance
Data
Systems
Corp
15,291
1,426
OneMain
Holdings
Inc
75,959
4,633
$
6,059
Electrical
Components
&
Equipment
-
1
.01
%
Littelfuse
Inc
11,089
2,950
Electronics
-
1
.83
%
Trimble
Inc
(d)
62,577
5,350
Energy
-
Alternate
Sources
-
1
.34
%
Enphase
Energy
Inc
(d)
20,702
3,925
Healthcare
-
Products
-
8
.95
%
Align
Technology
Inc
(d)
10,057
6,998
Avantor
Inc
(d)
143,733
5,401
IDEXX
Laboratories
Inc
(d)
8,377
5,684
Inspire
Medical
Systems
Inc
(d)
16,725
3,063
Omnicell
Inc
(d)
34,020
4,984
$
26,130
Healthcare
-
Services
-
1
.28
%
Community
Health
Systems
Inc
(d)
280,419
3,735
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Internet
-
8
.75
%
Chewy
Inc
(d)
37,393
$
3,130
Match
Group
Inc
(d)
17,342
2,762
Palo
Alto
Networks
Inc
(d)
10,743
4,287
Snap
Inc
Class
A
(d)
105,592
7,858
Zendesk
Inc
(d)
57,672
7,528
$
25,565
Machinery
-
Diversified
-
4
.40
%
Chart
Industries
Inc
(d)
24,741
3,846
CNH
Industrial
NV
164,630
2,772
Middleby
Corp/The
(d)
32,490
6,222
$
12,840
Oil
&
Gas
-
1
.61
%
EOG
Resources
Inc
64,448
4,696
Pharmaceuticals
-
2
.73
%
AmerisourceBergen
Corp
35,713
4,363
Dexcom
Inc
(d)
7,017
3,617
$
7,980
Retail
-
4
.10
%
Five
Below
Inc
(d)
21,674
4,214
Floor
&
Decor
Holdings
Inc
(d)
28,875
3,523
Lululemon
Athletica
Inc
(d)
10,591
4,238
$
11,975
Semiconductors
-
9
.68
%
Ambarella
Inc
(d)
50,594
4,983
Cree
Inc
(d)
31,411
2,914
Marvell
Technology
Inc
112,089
6,783
MKS
Instruments
Inc
26,050
4,075
NXP
Semiconductors
NV
18,717
3,863
Qorvo
Inc
(d)
29,739
5,638
$
28,256
Software
-
9
.17
%
Dynatrace
Inc
(d)
58,761
3,753
HubSpot
Inc
(d)
8,610
5,132
Manhattan
Associates
Inc
(d)
42,433
6,774
RingCentral
Inc
(d)
9,034
2,414
Synopsys
Inc
(d)
16,188
4,662
Veeva
Systems
Inc
(d)
12,140
4,039
$
26,774
Telecommunications
-
5
.71
%
Arista
Networks
Inc
(d)
16,543
6,293
CommScope
Holding
Co
Inc
(d)
251,544
5,323
Motorola
Solutions
Inc
22,581
5,056
$
16,672
Toys,
Games
&
Hobbies
-
1
.04
%
Mattel
Inc
(d)
139,370
3,027
TOTAL
COMMON
STOCKS
$
282,881
Total
Investments
$
283,818
Other
Assets
and
Liabilities
- 2.81%
8,201
TOTAL
NET
ASSETS
-
100.00%
$
292,019
(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,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(d)
Non-income
producing
security
Schedule
of
Investments
MidCap
Growth
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
141
Portfolio
Summary (unaudited)
Sector
Percent
Technology
22
.02
%
Consumer,
Non-cyclical
21
.79
%
Communications
16
.28
%
Consumer,
Cyclical
14
.68
%
Industrial
10
.12
%
Financial
5
.27
%
Basic
Materials
3
.76
%
Energy
2
.95
%
Money
Market
Funds
0
.32
%
Other
Assets
and
Liabilities
2
.81
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
4,694
$
112,902
$
116,659
$
937
$
4,694
$
112,902
$
116,659
$
937
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
MidCap
Growth
Fund
III
July
31,
2021
(unaudited)
See
accompanying
notes.
142
INVESTMENT
COMPANIES
-
3
.21
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0
.21
%
iShares
Russell
Mid-Cap
Growth
ETF
(a)
22,067
$
2,522
Money
Market
Funds
-
3
.00
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
0.03%
(b),(c)
2,809,186
2,809
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(b),(d),(e)
32,750,544
32,751
$
35,560
TOTAL
INVESTMENT
COMPANIES
$
38,082
COMMON
STOCKS
-
97
.13
%
Shares
Held
Value
(000's)
Advertising
-
0
.08
%
Trade
Desk
Inc/The
(e)
11,971
$
981
Aerospace
&
Defense
-
1
.21
%
HEICO
Corp
67,418
9,118
HEICO
Corp
-
Class
A
708
86
Howmet
Aerospace
Inc
809
27
L3Harris
Technologies
Inc
21,055
4,774
Spirit
AeroSystems
Holdings
Inc
853
37
TransDigm
Group
Inc
(e)
415
266
$
14,308
Agriculture
-
0
.00
%
Darling
Ingredients
Inc
(e)
239
16
Airlines
-
0
.06
%
Delta
Air
Lines
Inc
(e)
17,857
712
Apparel
-
0
.57
%
Columbia
Sportswear
Co
69
7
Deckers
Outdoor
Corp
(e)
15,018
6,170
Hanesbrands
Inc
5,795
106
Skechers
USA
Inc
(e)
412
22
Tapestry
Inc
(e)
779
33
VF
Corp
5,817
466
$
6,804
Automobile
Manufacturers
-
0
.00
%
TuSimple
Holdings
Inc
(a),(e)
116
4
Automobile
Parts
&
Equipment
-
0
.43
%
Allison
Transmission
Holdings
Inc
2,309
92
Aptiv
PLC
(e)
30,039
5,012
QuantumScape
Corp
(a),(e)
2,319
53
$
5,157
Banks
-
0
.75
%
Citizens
Financial
Group
Inc
2,101
89
Pinnacle
Financial
Partners
Inc
96,798
8,674
Synovus
Financial
Corp
304
12
Western
Alliance
Bancorp
1,481
138
$
8,913
Beverages
-
0
.96
%
Boston
Beer
Co
Inc/The
(e)
261
186
Brown-Forman
Corp
-
A
Shares
631
42
Brown-Forman
Corp
-
B
Shares
2,542
180
Constellation
Brands
Inc
26,393
5,921
Monster
Beverage
Corp
(e)
53,041
5,003
$
11,332
Biotechnology
-
2
.65
%
Acceleron
Pharma
Inc
(e)
21,911
2,740
Alnylam
Pharmaceuticals
Inc
(e)
14,665
2,624
Certara
Inc
(e)
532
14
Corteva
Inc
98,440
4,211
CureVac
NV
(a),(e)
1,483
73
Exact
Sciences
Corp
(e)
22,306
2,406
Exelixis
Inc
(e)
7,400
125
Guardant
Health
Inc
(e)
21,430
2,354
Horizon
Therapeutics
Plc
(e)
52,015
5,202
Incyte
Corp
(e)
4,418
342
Ionis
Pharmaceuticals
Inc
(e)
3,607
134
Iovance
Biotherapeutics
Inc
(e)
1,233
27
Maravai
LifeSciences
Holdings
Inc
(e)
2,107
93
Mirati
Therapeutics
Inc
(e)
914
146
Moderna
Inc
(e)
17,094
6,044
Novavax
Inc
(e)
2,062
370
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Biotechnology
(continued)
Royalty
Pharma
PLC
5,378
$
205
Seagen
Inc
(e)
27,413
4,205
Ultragenyx
Pharmaceutical
Inc
(e)
1,339
107
$
31,422
Building
Materials
-
1
.83
%
Armstrong
World
Industries
Inc
641
69
AZEK
Co
Inc/The
(e)
1,674
61
Carrier
Global
Corp
11,372
628
Fortune
Brands
Home
&
Security
Inc
67,549
6,584
Louisiana-Pacific
Corp
207
12
Martin
Marietta
Materials
Inc
15,725
5,713
Trex
Co
Inc
(e)
89,328
8,674
$
21,741
Chemicals
-
0
.55
%
Albemarle
Corp
25,712
5,298
Axalta
Coating
Systems
Ltd
(e)
1,032
31
Celanese
Corp
1,145
178
Chemours
Co/The
2,367
79
Diversey
Holdings
Ltd
(e)
1,105
19
FMC
Corp
910
97
LyondellBasell
Industries
NV
903
90
Olin
Corp
305
14
PPG
Industries
Inc
2,791
457
RPM
International
Inc
2,083
180
W
R
Grace
&
Co
1,571
109
Westlake
Chemical
Corp
185
15
$
6,567
Commercial
Services
-
6
.95
%
Avalara
Inc
(e)
2,367
396
Booz
Allen
Hamilton
Holding
Corp
41,576
3,567
Bright
Horizons
Family
Solutions
Inc
(e)
1,354
202
Chegg
Inc
(e)
2,983
264
Cintas
Corp
2,334
920
CoStar
Group
Inc
(e)
106,520
9,464
Equifax
Inc
1,294
337
Euronet
Worldwide
Inc
(e)
63,603
9,084
FleetCor
Technologies
Inc
(e)
27,242
7,035
Gartner
Inc
(e)
2,340
620
Global
Payments
Inc
33,513
6,482
H&R
Block
Inc
4,083
100
MarketAxess
Holdings
Inc
12,876
6,118
Moody's
Corp
12,483
4,694
Morningstar
Inc
591
149
Paylocity
Holding
Corp
(e)
1,047
217
Ritchie
Bros
Auctioneers
Inc
97,815
5,843
Robert
Half
International
Inc
2,691
264
Rollins
Inc
5,881
225
Sabre
Corp
(e)
8,863
105
Shift4
Payments
Inc
(e)
1,199
107
StoneCo
Ltd
(e)
5,752
338
TransUnion
158,491
19,029
United
Rentals
Inc
(e)
18,728
6,172
Verisk
Analytics
Inc
2,826
537
WEX
Inc
(e)
837
159
$
82,428
Computers
-
3
.83
%
Crowdstrike
Holdings
Inc
(e)
56,831
14,413
EPAM
Systems
Inc
(e)
25,812
14,449
Fortinet
Inc
(e)
3,742
1,019
Genpact
Ltd
256
13
Globant
SA
(e)
24,407
5,837
HP
Inc
12,095
349
McAfee
Corp
987
27
NCR
Corp
(e)
186,547
8,283
NetApp
Inc
4,122
328
Pure
Storage
Inc
(e)
6,969
136
Zscaler
Inc
(e)
2,160
509
$
45,363
Schedule
of
Investments
MidCap
Growth
Fund
III
July
31,
2021
(unaudited)
See
accompanying
notes.
143
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Consumer
Products
-
0
.07
%
Avery
Dennison
Corp
1,227
$
258
Church
&
Dwight
Co
Inc
364
32
Clorox
Co/The
2,816
509
$
799
Distribution
&
Wholesale
-
5
.12
%
Copart
Inc
(e)
89,872
13,211
Fastenal
Co
165,145
9,045
IAA
Inc
(e)
66,308
4,010
Leslie's
Inc
(e)
2,697
66
Pool
Corp
57,878
27,655
SiteOne
Landscape
Supply
Inc
(e)
641
112
WW
Grainger
Inc
14,786
6,574
$
60,673
Diversified
Financial
Services
-
0
.95
%
Ameriprise
Financial
Inc
1,820
469
Apollo
Global
Management
Inc
4,986
293
Credit
Acceptance
Corp
(e)
20
10
Discover
Financial
Services
4,682
582
LPL
Financial
Holdings
Inc
64,757
9,134
Raymond
James
Financial
Inc
175
23
Rocket
Cos
Inc
3,779
65
Synchrony
Financial
3,031
142
T
Rowe
Price
Group
Inc
2,083
425
Upstart
Holdings
Inc
(e)
343
41
UWM
Holdings
Corp
(a)
572
4
Western
Union
Co/The
2,827
66
$
11,254
Electric
-
0
.01
%
Brookfield
Renewable
Corp
895
38
NRG
Energy
Inc
3,085
127
$
165
Electrical
Components
&
Equipment
-
1
.63
%
Generac
Holdings
Inc
(e)
39,334
16,495
Universal
Display
Corp
12,167
2,853
$
19,348
Electronics
-
2
.33
%
Agilent
Technologies
Inc
32,029
4,907
Allegion
plc
1,908
261
Amphenol
Corp
11,602
841
Coherent
Inc
(e)
613
151
Jabil
Inc
3,207
191
Keysight
Technologies
Inc
(e)
119,053
19,590
Mettler-Toledo
International
Inc
(e)
642
946
Vontier
Corp
2,555
83
Waters
Corp
(e)
1,588
619
$
27,589
Energy
-
Alternate
Sources
-
0
.44
%
Enphase
Energy
Inc
(e)
25,218
4,782
Plug
Power
Inc
(e)
13,981
381
$
5,163
Engineering
&
Construction
-
0
.02
%
Frontdoor
Inc
(e)
1,636
80
TopBuild
Corp
(e)
763
155
$
235
Entertainment
-
1
.03
%
Caesars
Entertainment
Inc
(e)
87,664
7,658
Churchill
Downs
Inc
1,029
191
DraftKings
Inc
(e)
8,483
412
Live
Nation
Entertainment
Inc
(e)
1,437
113
Madison
Square
Garden
Sports
Corp
(e)
202
33
Penn
National
Gaming
Inc
(e)
274
19
Six
Flags
Entertainment
Corp
(e)
825
34
Vail
Resorts
Inc
(e)
12,242
3,736
$
12,196
Environmental
Control
-
0
.86
%
Waste
Connections
Inc
80,600
10,211
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Food
-
0
.84
%
Beyond
Meat
Inc
(a),(e)
1,403
$
172
Hershey
Co/The
3,508
627
Kellogg
Co
3,122
198
Lamb
Weston
Holdings
Inc
134,999
9,014
Pilgrim's
Pride
Corp
(e)
544
12
$
10,023
Hand
&
Machine
Tools
-
0
.02
%
Lincoln
Electric
Holdings
Inc
1,603
224
MSA
Safety
Inc
293
48
$
272
Healthcare
-
Products
-
9
.68
%
10X
Genomics
Inc
(e)
2,335
428
ABIOMED
Inc
(e)
1,239
405
Adaptive
Biotechnologies
Corp
(e)
2,708
99
Align
Technology
Inc
(e)
17,023
11,845
Avantor
Inc
(e)
148,789
5,592
Bio-Techne
Corp
6,513
3,141
Bruker
Corp
2,857
235
Cooper
Cos
Inc/The
15,998
6,747
Globus
Medical
Inc
(e)
110
9
IDEXX
Laboratories
Inc
(e)
34,925
23,698
Insulet
Corp
(e)
54,357
15,204
Masimo
Corp
(e)
18,865
5,138
Natera
Inc
(e)
2,146
246
Novocure
Ltd
(e)
2,860
440
Penumbra
Inc
(a),(e)
944
251
Repligen
Corp
(e)
66,609
16,366
ResMed
Inc
62,336
16,943
STERIS
PLC
378
82
Tandem
Diabetes
Care
Inc
(e)
1,603
174
Teleflex
Inc
5,593
2,223
West
Pharmaceutical
Services
Inc
13,481
5,551
$
114,817
Healthcare
-
Services
-
3
.04
%
agilon
health
Inc
(e)
1,313
48
Amedisys
Inc
(e)
13,930
3,630
Catalent
Inc
(e)
83,745
10,034
Charles
River
Laboratories
International
Inc
(e)
10,077
4,100
Chemed
Corp
115
55
DaVita
Inc
(e)
1,374
165
Encompass
Health
Corp
1,562
130
ICON
PLC
(e)
47,687
11,601
IQVIA
Holdings
Inc
(e)
2,632
652
Laboratory
Corp
of
America
Holdings
(e)
8,348
2,472
Molina
Healthcare
Inc
(e)
10,243
2,797
Oak
Street
Health
Inc
(e)
2,617
165
PPD
Inc
(e)
1,830
84
Sotera
Health
Co
(e)
2,188
52
Syneos
Health
Inc
(e)
366
33
$
36,018
Home
Builders
-
0
.96
%
DR
Horton
Inc
86,193
8,225
Lennar
Corp
-
A
Shares
24,925
2,621
NVR
Inc
(e)
61
319
PulteGroup
Inc
2,129
117
Thor
Industries
Inc
605
72
Toll
Brothers
Inc
1,270
75
$
11,429
Home
Furnishings
-
0
.02
%
Tempur
Sealy
International
Inc
5,083
220
Housewares
-
0
.02
%
Scotts
Miracle-Gro
Co/The
1,147
203
Insurance
-
0
.05
%
Alleghany
Corp
(e)
42
28
Arch
Capital
Group
Ltd
(e)
2,594
101
Brown
&
Brown
Inc
380
21
Erie
Indemnity
Co
484
89
Everest
Re
Group
Ltd
251
63
Schedule
of
Investments
MidCap
Growth
Fund
III
July
31,
2021
(unaudited)
See
accompanying
notes.
144
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Insurance
(continued)
GoHealth
Inc
(e)
1,147
$
10
Lemonade
Inc
(a),(e)
110
10
Lincoln
National
Corp
804
50
Markel
Corp
(e)
63
76
RenaissanceRe
Holdings
Ltd
606
92
$
540
Internet
-
5
.67
%
Anaplan
Inc
(e)
76,620
4,382
Bumble
Inc
(a),(e)
47,052
2,394
CDW
Corp/DE
75,606
13,862
DoorDash
Inc
-
Class
A
(e)
2,061
359
Etsy
Inc
(e)
38,499
7,065
Expedia
Group
Inc
(e)
3,944
635
FireEye
Inc
(e)
1,918
39
GoDaddy
Inc
(e)
479
40
Lyft
Inc
(e)
7,834
433
Match
Group
Inc
(e)
7,539
1,201
NortonLifeLock
Inc
4,069
101
Okta
Inc
(e)
3,471
860
Opendoor
Technologies
Inc
(a),(e)
1,946
29
Palo
Alto
Networks
Inc
(e)
2,664
1,063
Pinterest
Inc
(e)
176,718
10,409
Proofpoint
Inc
(e)
1,585
277
Roku
Inc
(e)
3,220
1,379
Shopify
Inc
(e)
2,187
3,280
Spotify
Technology
SA
(e)
10,756
2,459
TripAdvisor
Inc
(e)
1,684
64
Twitter
Inc
(e)
2,288
160
VeriSign
Inc
(e)
37,218
8,053
Vimeo
Inc
(e)
3,221
144
Wayfair
Inc
(e)
1,169
282
Wix.com
Ltd
(e)
1,489
445
Zendesk
Inc
(e)
54,368
7,097
Zillow
Group
Inc
-
A
Shares
(e)
1,659
178
Zillow
Group
Inc
-
C
Shares
(e)
4,580
487
$
67,177
Iron
&
Steel
-
0
.01
%
Steel
Dynamics
Inc
1,048
68
Leisure
Products
&
Services
-
0
.62
%
Brunswick
Corp/DE
278
29
Peloton
Interactive
Inc
(e)
7,376
871
Planet
Fitness
Inc
(e)
24,767
1,863
Polaris
Inc
1,118
146
Royal
Caribbean
Cruises
Ltd
(e)
52,945
4,070
Virgin
Galactic
Holdings
Inc
(a),(e)
3,690
111
YETI
Holdings
Inc
(e)
2,389
230
$
7,320
Lodging
-
0
.11
%
Boyd
Gaming
Corp
(e)
488
28
Choice
Hotels
International
Inc
972
117
Hilton
Worldwide
Holdings
Inc
(e)
5,129
674
Travel
+
Leisure
Co
1,573
82
Wyndham
Hotels
&
Resorts
Inc
1,616
116
Wynn
Resorts
Ltd
(e)
2,951
290
$
1,307
Machinery
-
Construction
&
Mining
-
0
.03
%
BWX
Technologies
Inc
1,998
115
Vertiv
Holdings
Co
7,854
220
$
335
Machinery
-
Diversified
-
3
.98
%
AGCO
Corp
170
22
Cognex
Corp
94,186
8,515
Graco
Inc
113,776
8,883
IDEX
Corp
36,339
8,238
Ingersoll
Rand
Inc
(e)
169,576
8,287
Middleby
Corp/The
(e)
463
89
Nordson
Corp
278
63
Rockwell
Automation
Inc
24,722
7,600
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Machinery
-
Diversified
(continued)
Toro
Co/The
2,839
$
323
Westinghouse
Air
Brake
Technologies
Corp
56,565
4,801
Xylem
Inc/NY
3,295
415
$
47,236
Media
-
0
.06
%
Altice
USA
Inc
(e)
4,181
128
Cable
One
Inc
80
151
FactSet
Research
Systems
Inc
912
326
Nexstar
Media
Group
Inc
79
12
World
Wrestling
Entertainment
Inc
1,074
53
$
670
Metal
Fabrication
&
Hardware
-
1
.26
%
Advanced
Drainage
Systems
Inc
50,665
6,186
RBC
Bearings
Inc
(e)
37,138
8,727
$
14,913
Miscellaneous
Manufacturers
-
0
.11
%
Axon
Enterprise
Inc
(e)
1,785
332
Carlisle
Cos
Inc
549
111
Donaldson
Co
Inc
432
29
Parker-Hannifin
Corp
596
186
Trane
Technologies
PLC
3,248
661
$
1,319
Office
&
Business
Equipment
-
0
.07
%
Zebra
Technologies
Corp
(e)
1,487
822
Oil
&
Gas
-
0
.08
%
Cabot
Oil
&
Gas
Corp
1,304
21
Cimarex
Energy
Co
561
37
Continental
Resources
Inc/OK
187
6
Diamondback
Energy
Inc
2,391
185
Hess
Corp
526
40
Occidental
Petroleum
Corp
2,999
78
Pioneer
Natural
Resources
Co
2,690
391
Texas
Pacific
Land
Corp
164
245
$
1,003
Oil
&
Gas
Services
-
0
.37
%
Baker
Hughes
Co
204,058
4,334
Halliburton
Co
1,312
27
$
4,361
Packaging
&
Containers
-
0
.32
%
Ball
Corp
43,781
3,541
Crown
Holdings
Inc
445
44
Graphic
Packaging
Holding
Co
2,223
43
Sealed
Air
Corp
2,298
130
$
3,758
Pharmaceuticals
-
2
.83
%
Cardinal
Health
Inc
4,797
285
Dexcom
Inc
(e)
38,470
19,832
Herbalife
Nutrition
Ltd
(e)
494
25
Jazz
Pharmaceuticals
PLC
(e)
30,187
5,117
McKesson
Corp
16,887
3,442
Neurocrine
Biosciences
Inc
(e)
2,613
244
Sarepta
Therapeutics
Inc
(e)
2,132
144
Zoetis
Inc
21,859
4,431
$
33,520
Pipelines
-
0
.05
%
Cheniere
Energy
Inc
(e)
6,545
556
New
Fortress
Energy
Inc
739
22
$
578
Private
Equity
-
0
.02
%
Ares
Management
Corp
3,376
242
Real
Estate
-
0
.00
%
CBRE
Group
Inc
(e)
494
48
REITs
-
0
.84
%
CoreSite
Realty
Corp
929
128
Equity
LifeStyle
Properties
Inc
2,562
215
Extra
Space
Storage
Inc
327
57
Iron
Mountain
Inc
5,634
247
Lamar
Advertising
Co
2,103
224
Schedule
of
Investments
MidCap
Growth
Fund
III
July
31,
2021
(unaudited)
See
accompanying
notes.
145
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
REITs
(continued)
SBA
Communications
Corp
23,878
$
8,142
Simon
Property
Group
Inc
7,921
1,002
$
10,015
Retail
-
8
.80
%
AutoZone
Inc
(e)
3,473
5,638
Best
Buy
Co
Inc
1,606
180
Burlington
Stores
Inc
(e)
29,149
9,759
CarMax
Inc
(e)
391
52
Carvana
Co
(e)
2,154
727
Chipotle
Mexican
Grill
Inc
(e)
12,246
22,820
Darden
Restaurants
Inc
2,467
360
Domino's
Pizza
Inc
735
386
Five
Below
Inc
(e)
75,275
14,635
Floor
&
Decor
Holdings
Inc
(e)
119,103
14,532
Freshpet
Inc
(e)
1,139
167
GameStop
Corp
(a),(e)
1,652
266
L
Brands
Inc
3,801
304
Lithia
Motors
Inc
73
28
Lululemon
Athletica
Inc
(e)
22,309
8,928
Nordstrom
Inc
(e)
2,601
86
O'Reilly
Automotive
Inc
(e)
588
355
Petco
Health
&
Wellness
Co
Inc
(a),(e)
131
3
RH
(e)
479
318
Tractor
Supply
Co
69,971
12,660
Ulta
Beauty
Inc
(e)
15,405
5,173
Vroom
Inc
(e)
804
30
Wendy's
Co/The
4,977
116
Williams-Sonoma
Inc
43,740
6,635
Yum
China
Holdings
Inc
917
57
Yum!
Brands
Inc
708
93
$
104,308
Savings
&
Loans
-
0
.00
%
Sterling
Bancorp/DE
421
9
Semiconductors
-
4
.88
%
Advanced
Micro
Devices
Inc
(e)
71,618
7,605
Allegro
MicroSystems
Inc
(e)
1,435
39
Brooks
Automation
Inc
1,684
150
Entegris
Inc
3,761
454
IPG
Photonics
Corp
(e)
73
16
Lattice
Semiconductor
Corp
(e)
119,687
6,792
Marvell
Technology
Inc
99,164
6,000
Maxim
Integrated
Products
Inc
7,083
708
Microchip
Technology
Inc
115,291
16,501
MKS
Instruments
Inc
1,304
204
Monolithic
Power
Systems
Inc
38,127
17,129
ON
Semiconductor
Corp
(e)
6,399
250
Skyworks
Solutions
Inc
2,175
401
Teradyne
Inc
4,644
590
Xilinx
Inc
6,873
1,030
$
57,869
Software
-
18
.61
%
Alteryx
Inc
(e)
1,642
127
ANSYS
Inc
(e)
30,473
11,228
Aspen
Technology
Inc
(e)
57,959
8,477
Bentley
Systems
Inc
(a)
3,765
229
Bill.com
Holdings
Inc
(e)
2,096
434
Broadridge
Financial
Solutions
Inc
51,788
8,985
C3.ai
Inc
(e)
137
7
Cadence
Design
Systems
Inc
(e)
51,183
7,557
CDK
Global
Inc
527
25
Citrix
Systems
Inc
1,231
124
Clarivate
PLC
(e)
121,002
2,759
Cloudflare
Inc
(e)
6,621
785
Coupa
Software
Inc
(e)
13,153
2,854
Datadog
Inc
(e)
6,331
701
DocuSign
Inc
(e)
30,052
8,957
DoubleVerify
Holdings
Inc
(a),(e)
425
15
Dropbox
Inc
-
A
Shares
(e)
8,514
268
Duck
Creek
Technologies
Inc
(e)
447
20
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Software
(continued)
Dynatrace
Inc
(e)
4,835
$
309
Elastic
NV
(e)
35,865
5,311
Everbridge
Inc
(e)
1,050
148
Fair
Isaac
Corp
(e)
13,733
7,195
Five9
Inc
(e)
31,953
6,432
HubSpot
Inc
(e)
1,246
743
Jack
Henry
&
Associates
Inc
539
94
Jamf
Holding
Corp
(e)
1,251
41
Manhattan
Associates
Inc
(e)
943
151
Medallia
Inc
(e)
1,583
54
MongoDB
Inc
(e)
1,478
530
MSCI
Inc
38,799
23,122
nCino
Inc
(e)
1,313
83
New
Relic
Inc
(e)
1,529
106
Nuance
Communications
Inc
(e)
3,024
166
Nutanix
Inc
(e)
5,379
194
Palantir
Technologies
Inc
(e)
45,391
985
Paychex
Inc
7,848
893
Paycom
Software
Inc
(e)
32,498
12,999
Pegasystems
Inc
1,076
137
Playtika
Holding
Corp
(e)
2,126
47
PTC
Inc
(e)
100,080
13,556
RingCentral
Inc
(e)
32,419
8,665
ServiceNow
Inc
(e)
3,596
2,114
Skillz
Inc
(a),(e)
8,225
116
Smartsheet
Inc
(e)
3,356
243
Splunk
Inc
(e)
44,091
6,260
Synopsys
Inc
(e)
81,226
23,392
Take-Two
Interactive
Software
Inc
(e)
47,506
8,238
Teradata
Corp
(e)
2,597
129
Tyler
Technologies
Inc
(e)
44,289
21,819
Unity
Software
Inc
(e)
4,110
440
Veeva
Systems
Inc
(e)
56,762
18,885
Workday
Inc
(e)
14,559
3,413
Zynga
Inc
(e)
13,280
134
$
220,696
Telecommunications
-
0
.09
%
Arista
Networks
Inc
(e)
1,504
572
CommScope
Holding
Co
Inc
(e)
5,605
119
Corning
Inc
7,187
301
Switch
Inc
3,201
66
Ubiquiti
Inc
163
51
$
1,109
Toys,
Games
&
Hobbies
-
0
.02
%
Mattel
Inc
(e)
9,739
211
Transportation
-
1
.34
%
CH
Robinson
Worldwide
Inc
726
65
Expeditors
International
of
Washington
Inc
3,426
439
JB
Hunt
Transport
Services
Inc
44,671
7,525
Kansas
City
Southern
676
181
Landstar
System
Inc
947
149
Old
Dominion
Freight
Line
Inc
26,769
7,205
XPO
Logistics
Inc
(e)
2,317
321
$
15,885
TOTAL
COMMON
STOCKS
$
1,151,682
Total
Investments
$
1,189,764
Other
Assets
and
Liabilities
- (0.34)%
(
4,058
)
TOTAL
NET
ASSETS
-
100.00%
$
1,185,706
(a)
Security
or
a
portion
of
the
security
was
on
loan. At
the
end
of
the
period,
the
value
of
these
securities
totaled
$2,731
or
0.23%
of
net
assets.
(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
$2,809
or
0.24%
of
net
assets.
Schedule
of
Investments
MidCap
Growth
Fund
III
July
31,
2021
(unaudited)
See
accompanying
notes.
146
(d)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(e)
Non-income
producing
security
Portfolio
Summary (unaudited)
Sector
Percent
Technology
27
.39
%
Consumer,
Non-cyclical
27
.02
%
Consumer,
Cyclical
17
.76
%
Industrial
14
.94
%
Communications
5
.90
%
Money
Market
Funds
3
.00
%
Financial
2
.61
%
Energy
0
.94
%
Basic
Materials
0
.56
%
Investment
Companies
0
.21
%
Utilities
0
.01
%
Other
Assets
and
Liabilities
(
0
.34
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
18,201
$
312,215
$
297,665
$
32,751
$
18,201
$
312,215
$
297,665
$
32,751
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.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
S&P
Mid
400
Emini;
September
2021
Long
13
$
3,508
$
44
Total
$
44
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
MidCap
S&P
400
Index
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
147
INVESTMENT
COMPANIES
-
2
.65
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0
.16
%
iShares
Core
S&P
Mid-Cap
ETF
8,000
$
2,158
Money
Market
Funds
-
2
.49
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
0.03%
(a),(b)
30,752
30
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(c),(d)
34,802,809
34,803
$
34,833
TOTAL
INVESTMENT
COMPANIES
$
36,991
COMMON
STOCKS
-
97
.28
%
Shares
Held
Value
(000's)
Aerospace
&
Defense
-
0
.34
%
Hexcel
Corp
(d)
48,442
$
2,636
Mercury
Systems
Inc
(d)
32,476
2,144
$
4,780
Agriculture
-
0
.47
%
Darling
Ingredients
Inc
(d)
94,355
6,517
Airlines
-
0
.19
%
JetBlue
Airways
Corp
(d)
183,097
2,708
Apparel
-
1
.90
%
Capri
Holdings
Ltd
(d)
87,506
4,928
Carter's
Inc
25,419
2,484
Columbia
Sportswear
Co
17,677
1,761
Crocs
Inc
(d)
37,720
5,123
Deckers
Outdoor
Corp
(d)
16,084
6,608
Skechers
USA
Inc
(d)
77,587
4,165
Urban
Outfitters
Inc
(d)
39,755
1,478
$
26,547
Automobile
Parts
&
Equipment
-
1
.64
%
Adient
PLC
(d)
54,476
2,295
Dana
Inc
83,929
2,028
Fox
Factory
Holding
Corp
(d)
24,266
3,920
Gentex
Corp
139,672
4,753
Goodyear
Tire
&
Rubber
Co/The
(d)
161,361
2,535
Lear
Corp
31,646
5,537
Visteon
Corp
(d)
16,169
1,844
$
22,912
Banks
-
6
.19
%
Associated
Banc-Corp
88,363
1,750
BancorpSouth
Bank
55,795
1,439
Bank
of
Hawaii
Corp
23,358
1,955
Bank
OZK
69,903
2,846
Cathay
General
Bancorp
43,305
1,640
CIT
Group
Inc
57,285
2,763
Commerce
Bancshares
Inc/MO
60,909
4,308
Cullen/Frost
Bankers
Inc
32,703
3,510
East
West
Bancorp
Inc
82,033
5,837
First
Financial
Bankshares
Inc
82,279
4,018
First
Horizon
Corp
319,417
4,935
FNB
Corp/PA
184,688
2,117
Fulton
Financial
Corp
94,027
1,440
Glacier
Bancorp
Inc
55,228
2,848
Hancock
Whitney
Corp
50,194
2,194
Home
BancShares
Inc/AR
87,696
1,857
International
Bancshares
Corp
32,242
1,260
PacWest
Bancorp
67,608
2,692
Pinnacle
Financial
Partners
Inc
44,003
3,943
Prosperity
Bancshares
Inc
53,743
3,665
Signature
Bank/New
York
NY
33,322
7,563
Synovus
Financial
Corp
85,930
3,515
Texas
Capital
Bancshares
Inc
(d)
29,248
1,842
Trustmark
Corp
36,663
1,101
UMB
Financial
Corp
25,141
2,353
Umpqua
Holdings
Corp
127,578
2,407
United
Bankshares
Inc/WV
77,581
2,680
Valley
National
Bancorp
234,707
3,025
Webster
Financial
Corp
52,286
2,515
Wintrust
Financial
Corp
32,983
2,355
$
86,373
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Beverages
-
0
.27
%
Boston
Beer
Co
Inc/The
(d)
5,377
$
3,818
Biotechnology
-
1
.41
%
Arrowhead
Pharmaceuticals
Inc
(d)
60,188
4,170
Emergent
BioSolutions
Inc
(d)
26,338
1,736
Exelixis
Inc
(d)
181,217
3,053
Halozyme
Therapeutics
Inc
(d)
77,395
3,199
Ligand
Pharmaceuticals
Inc
(d)
9,629
1,093
Nektar
Therapeutics
(d)
105,422
1,665
United
Therapeutics
Corp
(d)
25,903
4,713
$
19,629
Building
Materials
-
2
.68
%
Builders
FirstSource
Inc
(d)
119,776
5,330
Eagle
Materials
Inc
24,506
3,463
Lennox
International
Inc
19,879
6,549
Louisiana-Pacific
Corp
59,129
3,278
MDU
Resources
Group
Inc
116,341
3,690
Owens
Corning
60,407
5,809
Simpson
Manufacturing
Co
Inc
25,114
2,825
Trex
Co
Inc
(d)
66,710
6,478
$
37,422
Chemicals
-
2
.02
%
Ashland
Global
Holdings
Inc
31,595
2,688
Cabot
Corp
32,750
1,803
Chemours
Co/The
95,715
3,182
Ingevity
Corp
(d)
23,148
1,966
Minerals
Technologies
Inc
19,505
1,565
NewMarket
Corp
4,234
1,338
Olin
Corp
82,855
3,897
RPM
International
Inc
74,891
6,485
Sensient
Technologies
Corp
24,449
2,131
Valvoline
Inc
104,711
3,213
$
28,268
Commercial
Services
-
3
.87
%
ASGN
Inc
(d)
30,763
3,111
Avis
Budget
Group
Inc
(d)
29,894
2,474
Brink's
Co/The
28,770
2,214
FTI
Consulting
Inc
(d)
19,789
2,883
Graham
Holdings
Co
2,336
1,553
Grand
Canyon
Education
Inc
(d)
26,800
2,475
H&R
Block
Inc
104,915
2,576
HealthEquity
Inc
(d)
48,213
3,567
Insperity
Inc
20,798
2,060
John
Wiley
&
Sons
Inc
25,178
1,480
LiveRamp
Holdings
Inc
(d)
39,560
1,583
ManpowerGroup
Inc
31,531
3,739
Paylocity
Holding
Corp
(d)
21,737
4,510
PROG
Holdings
Inc
38,946
1,705
Progyny
Inc
(d)
21,499
1,197
R1
RCM
Inc
(d)
79,924
1,711
Sabre
Corp
(d)
184,732
2,178
Service
Corp
International/US
97,230
6,076
Strategic
Education
Inc
14,254
1,130
WEX
Inc
(d)
25,871
4,908
WW
International
Inc
(d)
27,738
853
$
53,983
Computers
-
2
.02
%
CACI
International
Inc
(d)
13,619
3,636
Genpact
Ltd
100,736
5,018
KBR
Inc
81,733
3,163
Lumentum
Holdings
Inc
(d)
43,889
3,686
Maximus
Inc
35,547
3,164
NCR
Corp
(d)
75,694
3,361
NetScout
Systems
Inc
(d)
42,648
1,226
Qualys
Inc
(d)
19,466
1,977
Science
Applications
International
Corp
33,521
2,926
$
28,157
Consumer
Products
-
0
.23
%
Helen
of
Troy
Ltd
(d)
14,138
3,158
Schedule
of
Investments
MidCap
S&P
400
Index
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
148
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Cosmetics
&
Personal
Care
-
0
.10
%
Coty
Inc
(d)
163,914
$
1,431
Distribution
&
Wholesale
-
1
.16
%
Avient
Corp
52,794
2,562
IAA
Inc
(d)
77,923
4,713
KAR
Auction
Services
Inc
(d)
72,145
1,189
Univar
Solutions
Inc
(d)
98,066
2,406
Watsco
Inc
19,033
5,376
$
16,246
Diversified
Financial
Services
-
2
.67
%
Affiliated
Managers
Group
Inc
24,077
3,815
Alliance
Data
Systems
Corp
28,754
2,681
Evercore
Inc
-
Class
A
23,680
3,131
Federated
Hermes
Inc
54,099
1,755
Interactive
Brokers
Group
Inc
-
A
Shares
46,739
2,891
Janus
Henderson
Group
PLC
98,667
4,128
Jefferies
Financial
Group
Inc
115,680
3,839
LendingTree
Inc
(d)
6,388
1,247
Navient
Corp
103,806
2,121
SEI
Investments
Co
68,543
4,167
SLM
Corp
186,703
3,516
Stifel
Financial
Corp
60,770
4,044
$
37,335
Electric
-
1
.33
%
ALLETE
Inc
30,178
2,122
Black
Hills
Corp
36,357
2,459
Hawaiian
Electric
Industries
Inc
63,135
2,736
IDACORP
Inc
29,211
3,080
NorthWestern
Corp
29,304
1,817
OGE
Energy
Corp
115,753
3,907
PNM
Resources
Inc
49,635
2,399
$
18,520
Electrical
Components
&
Equipment
-
1
.32
%
Acuity
Brands
Inc
20,647
3,621
Belden
Inc
25,870
1,268
Energizer
Holdings
Inc
33,604
1,440
EnerSys
24,768
2,443
Littelfuse
Inc
14,200
3,777
Universal
Display
Corp
24,806
5,817
$
18,366
Electronics
-
3
.18
%
Arrow
Electronics
Inc
(d)
42,889
5,085
Avnet
Inc
57,538
2,378
Coherent
Inc
(d)
14,185
3,489
Hubbell
Inc
31,409
6,296
II-VI
Inc
(d)
60,651
4,234
Jabil
Inc
77,440
4,611
National
Instruments
Corp
76,103
3,357
nVent
Electric
PLC
96,962
3,065
SYNNEX
Corp
23,987
2,867
Vishay
Intertechnology
Inc
76,742
1,698
Vontier
Corp
97,608
3,158
Woodward
Inc
33,904
4,121
$
44,359
Energy
-
Alternate
Sources
-
1
.21
%
First
Solar
Inc
(d)
49,180
4,231
SolarEdge
Technologies
Inc
(d)
30,055
7,799
Sunrun
Inc
(d)
93,160
4,935
$
16,965
Engineering
&
Construction
-
1
.35
%
AECOM
(d)
84,654
5,330
Dycom
Industries
Inc
(d)
17,798
1,235
EMCOR
Group
Inc
31,548
3,843
Fluor
Corp
(d)
72,739
1,212
MasTec
Inc
(d)
32,658
3,306
TopBuild
Corp
(d)
19,118
3,875
$
18,801
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Entertainment
-
0
.87
%
Churchill
Downs
Inc
20,048
$
3,725
Cinemark
Holdings
Inc
(d)
62,903
977
Marriott
Vacations
Worldwide
Corp
(d)
24,688
3,638
Scientific
Games
Corp
(d)
32,779
2,023
Six
Flags
Entertainment
Corp
(d)
43,947
1,826
$
12,189
Environmental
Control
-
0
.76
%
Clean
Harbors
Inc
(d)
29,029
2,758
Stericycle
Inc
(d)
53,061
3,743
Tetra
Tech
Inc
31,319
4,182
$
10,683
Food
-
1
.55
%
Flowers
Foods
Inc
113,859
2,683
Grocery
Outlet
Holding
Corp
(d)
50,362
1,668
Hain
Celestial
Group
Inc/The
(d)
47,285
1,887
Ingredion
Inc
38,729
3,401
Lancaster
Colony
Corp
11,309
2,238
Pilgrim's
Pride
Corp
(d)
28,181
624
Post
Holdings
Inc
(d)
34,220
3,502
Sanderson
Farms
Inc
11,493
2,147
Sprouts
Farmers
Market
Inc
(d)
68,309
1,679
Tootsie
Roll
Industries
Inc
10,178
350
TreeHouse
Foods
Inc
(d)
32,510
1,443
$
21,622
Food
Service
-
0
.08
%
Healthcare
Services
Group
Inc
43,206
1,128
Gas
-
1
.23
%
National
Fuel
Gas
Co
52,722
2,712
New
Jersey
Resources
Corp
55,710
2,146
ONE
Gas
Inc
30,790
2,272
Southwest
Gas
Holdings
Inc
33,539
2,345
Spire
Inc
29,885
2,120
UGI
Corp
120,684
5,550
$
17,145
Hand
&
Machine
Tools
-
0
.96
%
Kennametal
Inc
48,342
1,752
Lincoln
Electric
Holdings
Inc
34,429
4,800
MSA
Safety
Inc
21,063
3,465
Regal
Beloit
Corp
23,495
3,459
$
13,476
Healthcare
-
Products
-
4
.78
%
Bio-Techne
Corp
22,489
10,845
Envista
Holdings
Corp
(d)
92,969
4,005
Globus
Medical
Inc
(d)
44,873
3,732
Haemonetics
Corp
(d)
29,464
1,791
Hill-Rom
Holdings
Inc
38,434
5,322
ICU
Medical
Inc
(d)
11,411
2,320
Integra
LifeSciences
Holdings
Corp
(d)
41,068
2,973
LivaNova
PLC
(d)
28,252
2,438
Masimo
Corp
(d)
29,260
7,970
Neogen
Corp
(d)
62,105
2,705
NuVasive
Inc
(d)
29,866
1,910
Patterson
Cos
Inc
50,293
1,566
Penumbra
Inc
(d),(e)
19,620
5,223
Quidel
Corp
(d)
22,391
3,168
Repligen
Corp
(d)
29,526
7,254
STAAR
Surgical
Co
(d)
27,117
3,469
$
66,691
Healthcare
-
Services
-
3
.08
%
Acadia
Healthcare
Co
Inc
(d)
51,892
3,203
Amedisys
Inc
(d)
18,836
4,909
Chemed
Corp
9,224
4,391
Encompass
Health
Corp
57,561
4,792
LHC
Group
Inc
(d)
18,311
3,940
Medpace
Holdings
Inc
(d)
16,016
2,818
Molina
Healthcare
Inc
(d)
33,770
9,220
Syneos
Health
Inc
(d)
58,554
5,250
Schedule
of
Investments
MidCap
S&P
400
Index
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
149
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Healthcare
-
Services
(continued)
Tenet
Healthcare
Corp
(d)
61,752
$
4,436
$
42,959
Home
Builders
-
0
.96
%
KB
Home
51,387
2,181
Taylor
Morrison
Home
Corp
(d)
74,571
2,000
Thor
Industries
Inc
32,016
3,789
Toll
Brothers
Inc
64,922
3,848
Tri
Pointe
Homes
Inc
(d)
68,480
1,652
$
13,470
Home
Furnishings
-
0
.46
%
Herman
Miller
Inc
42,639
1,840
Tempur
Sealy
International
Inc
105,917
4,583
$
6,423
Housewares
-
0
.30
%
Scotts
Miracle-Gro
Co/The
23,514
4,161
Insurance
-
4
.39
%
Alleghany
Corp
(d)
8,054
5,341
American
Financial
Group
Inc/OH
39,861
5,042
Brighthouse
Financial
Inc
(d)
49,612
2,136
Brown
&
Brown
Inc
135,275
7,359
CNO
Financial
Group
Inc
76,080
1,738
Essent
Group
Ltd
65,258
2,948
First
American
Financial
Corp
63,459
4,271
Hanover
Insurance
Group
Inc/The
20,758
2,821
Kemper
Corp
35,097
2,317
Kinsale
Capital
Group
Inc
12,399
2,215
Mercury
General
Corp
15,370
935
MGIC
Investment
Corp
196,211
2,716
Old
Republic
International
Corp
163,887
4,041
Primerica
Inc
22,805
3,334
Reinsurance
Group
of
America
Inc
39,313
4,331
RenaissanceRe
Holdings
Ltd
28,704
4,383
RLI
Corp
23,003
2,493
Selective
Insurance
Group
Inc
34,709
2,824
$
61,245
Internet
-
0
.26
%
TripAdvisor
Inc
(d)
56,696
2,152
Yelp
Inc
(d)
40,495
1,514
$
3,666
Iron
&
Steel
-
1
.89
%
Cleveland-Cliffs
Inc
(d)
265,682
6,642
Commercial
Metals
Co
69,685
2,286
Reliance
Steel
&
Aluminum
Co
36,839
5,789
Steel
Dynamics
Inc
116,033
7,478
United
States
Steel
Corp
155,933
4,129
$
26,324
Leisure
Products
&
Services
-
1
.35
%
Brunswick
Corp/DE
45,045
4,703
Callaway
Golf
Co
(d)
67,275
2,131
Harley-Davidson
Inc
88,857
3,521
Polaris
Inc
33,289
4,363
YETI
Holdings
Inc
(d)
43,386
4,179
$
18,897
Lodging
-
0
.80
%
Boyd
Gaming
Corp
(d)
46,664
2,660
Choice
Hotels
International
Inc
16,707
2,003
Travel
+
Leisure
Co
49,836
2,581
Wyndham
Hotels
&
Resorts
Inc
54,008
3,892
$
11,136
Machinery
-
Construction
&
Mining
-
0
.48
%
Oshkosh
Corp
39,678
4,744
Terex
Corp
40,362
1,934
$
6,678
Machinery
-
Diversified
-
3
.85
%
AGCO
Corp
35,729
4,720
Cognex
Corp
102,125
9,233
Colfax
Corp
(d)
68,216
3,130
Crane
Co
28,709
2,791
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Machinery
-
Diversified
(continued)
Curtiss-Wright
Corp
23,673
$
2,800
Flowserve
Corp
75,356
3,172
Graco
Inc
97,977
7,650
Middleby
Corp/The
(d)
32,170
6,160
Nordson
Corp
31,250
7,067
Toro
Co/The
61,911
7,042
$
53,765
Media
-
1
.50
%
Cable
One
Inc
3,141
5,930
FactSet
Research
Systems
Inc
21,889
7,821
New
York
Times
Co/The
83,984
3,677
TEGNA
Inc
127,663
2,262
World
Wrestling
Entertainment
Inc
26,174
1,292
$
20,982
Metal
Fabrication
&
Hardware
-
0
.53
%
Timken
Co/The
39,544
3,144
Valmont
Industries
Inc
12,287
2,911
Worthington
Industries
Inc
20,224
1,294
$
7,349
Mining
-
0
.43
%
Compass
Minerals
International
Inc
19,662
1,348
Royal
Gold
Inc
37,938
4,610
$
5,958
Miscellaneous
Manufacturers
-
1
.72
%
Axon
Enterprise
Inc
(d)
37,404
6,958
Carlisle
Cos
Inc
30,181
6,104
Donaldson
Co
Inc
72,933
4,827
ITT
Inc
49,789
4,875
Trinity
Industries
Inc
46,787
1,268
$
24,032
Office
&
Business
Equipment
-
0
.16
%
Xerox
Holdings
Corp
93,236
2,250
Oil
&
Gas
-
0
.91
%
Cimarex
Energy
Co
59,460
3,877
CNX
Resources
Corp
(d)
127,372
1,541
EQT
Corp
(d)
161,396
2,968
HollyFrontier
Corp
86,418
2,541
Murphy
Oil
Corp
83,925
1,822
$
12,749
Oil
&
Gas
Services
-
0
.18
%
ChampionX
Corp
(d)
108,275
2,516
Packaging
&
Containers
-
0
.81
%
AptarGroup
Inc
38,000
4,899
Greif
Inc
-
Class
A
15,339
930
Silgan
Holdings
Inc
45,325
1,837
Sonoco
Products
Co
58,179
3,711
$
11,377
Pharmaceuticals
-
0
.79
%
Jazz
Pharmaceuticals
PLC
(d)
34,752
5,891
Neurocrine
Biosciences
Inc
(d)
54,672
5,096
$
10,987
Pipelines
-
0
.82
%
Antero
Midstream
Corp
165,623
1,573
DT
Midstream
Inc
56,177
2,382
Equitrans
Midstream
Corp
235,091
1,933
Targa
Resources
Corp
132,222
5,568
$
11,456
Real
Estate
-
0
.47
%
Jones
Lang
LaSalle
Inc
(d)
29,668
6,603
REITs
-
9
.29
%
American
Campus
Communities
Inc
79,722
4,011
Apartment
Income
REIT
Corp
90,686
4,774
Brixmor
Property
Group
Inc
171,718
3,953
Camden
Property
Trust
56,487
8,439
CoreSite
Realty
Corp
24,856
3,435
Corporate
Office
Properties
Trust
64,954
1,912
Cousins
Properties
Inc
85,960
3,414
CyrusOne
Inc
70,857
5,050
Schedule
of
Investments
MidCap
S&P
400
Index
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
150
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
REITs
(continued)
Douglas
Emmett
Inc
95,380
$
3,186
EastGroup
Properties
Inc
23,143
4,078
EPR
Properties
43,236
2,175
First
Industrial
Realty
Trust
Inc
74,670
4,090
Healthcare
Realty
Trust
Inc
81,915
2,611
Highwoods
Properties
Inc
60,172
2,870
Hudson
Pacific
Properties
Inc
87,289
2,379
JBG
SMITH
Properties
63,875
2,084
Kilroy
Realty
Corp
61,278
4,245
Lamar
Advertising
Co
50,129
5,344
Life
Storage
Inc
44,442
5,216
Macerich
Co/The
96,729
1,577
Medical
Properties
Trust
Inc
340,131
7,153
National
Retail
Properties
Inc
101,529
4,962
National
Storage
Affiliates
Trust
44,932
2,434
Omega
Healthcare
Investors
Inc
136,098
4,938
Park
Hotels
&
Resorts
Inc
(d)
136,754
2,530
Pebblebrook
Hotel
Trust
75,975
1,709
Physicians
Realty
Trust
124,595
2,361
PotlatchDeltic
Corp
38,767
2,013
PS
Business
Parks
Inc
11,620
1,786
Rayonier
Inc
80,394
3,032
Rexford
Industrial
Realty
Inc
77,522
4,769
Sabra
Health
Care
REIT
Inc
124,862
2,321
SL
Green
Realty
Corp
40,105
2,986
Spirit
Realty
Capital
Inc
66,478
3,338
STORE
Capital
Corp
140,773
5,094
Urban
Edge
Properties
63,612
1,209
Weingarten
Realty
Investors
69,374
2,233
$
129,711
Retail
-
5
.84
%
American
Eagle
Outfitters
Inc
87,284
3,009
AutoNation
Inc
(d)
31,181
3,783
BJ's
Wholesale
Club
Holdings
Inc
(d)
79,300
4,016
Casey's
General
Stores
Inc
21,365
4,224
Cracker
Barrel
Old
Country
Store
Inc
13,720
1,868
Dick's
Sporting
Goods
Inc
37,896
3,946
FirstCash
Inc
23,725
1,879
Five
Below
Inc
(d)
32,378
6,295
Foot
Locker
Inc
59,722
3,408
Jack
in
the
Box
Inc
12,854
1,399
Kohl's
Corp
90,344
4,589
Lithia
Motors
Inc
17,208
6,491
MSC
Industrial
Direct
Co
Inc
27,174
2,423
Murphy
USA
Inc
14,480
2,136
Nordstrom
Inc
(d)
62,951
2,084
Nu
Skin
Enterprises
Inc
28,938
1,554
Ollie's
Bargain
Outlet
Holdings
Inc
(d)
32,844
3,058
Papa
John's
International
Inc
19,128
2,183
RH
(d)
9,728
6,460
Texas
Roadhouse
Inc
37,909
3,494
Wendy's
Co/The
102,403
2,377
Williams-Sonoma
Inc
44,060
6,684
Wingstop
Inc
17,195
2,946
World
Fuel
Services
Corp
36,566
1,260
$
81,566
Savings
&
Loans
-
0
.50
%
New
York
Community
Bancorp
Inc
268,928
3,168
Sterling
Bancorp/DE
111,373
2,418
Washington
Federal
Inc
41,869
1,351
$
6,937
Semiconductors
-
2
.54
%
Amkor
Technology
Inc
62,127
1,531
Brooks
Automation
Inc
42,963
3,824
Cirrus
Logic
Inc
(d)
33,265
2,747
CMC
Materials
Inc
16,916
2,447
Cree
Inc
(d)
66,772
6,194
Lattice
Semiconductor
Corp
(d)
78,963
4,481
MKS
Instruments
Inc
32,010
5,008
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Semiconductors
(continued)
Semtech
Corp
(d)
37,545
$
2,325
Silicon
Laboratories
Inc
(d)
25,876
3,855
Synaptics
Inc
(d)
20,355
3,092
$
35,504
Software
-
3
.97
%
ACI
Worldwide
Inc
(d)
68,312
2,343
Aspen
Technology
Inc
(d)
39,330
5,752
Blackbaud
Inc
(d)
28,230
2,014
CDK
Global
Inc
70,417
3,379
Cerence
Inc
(d)
21,843
2,348
Ceridian
HCM
Holding
Inc
(d)
75,942
7,473
CommVault
Systems
Inc
(d)
26,615
2,012
Concentrix
Corp
(d)
24,080
3,943
Envestnet
Inc
(d)
31,470
2,368
Fair
Isaac
Corp
(d)
16,641
8,718
J2
Global
Inc
(d)
24,539
3,467
Manhattan
Associates
Inc
(d)
36,788
5,872
Sailpoint
Technologies
Holdings
Inc
(d)
53,387
2,669
Teradata
Corp
(d)
63,377
3,147
$
55,505
Telecommunications
-
0
.81
%
Ciena
Corp
(d)
89,609
5,210
Iridium
Communications
Inc
(d)
67,924
2,868
Telephone
and
Data
Systems
Inc
57,593
1,287
Viasat
Inc
(d)
39,358
1,954
$
11,319
Toys,
Games
&
Hobbies
-
0
.31
%
Mattel
Inc
(d)
201,682
4,381
Transportation
-
1
.51
%
Kirby
Corp
(d)
34,757
2,013
Knight-Swift
Transportation
Holdings
Inc
70,825
3,519
Landstar
System
Inc
22,211
3,487
Ryder
System
Inc
31,150
2,372
Werner
Enterprises
Inc
32,991
1,508
XPO
Logistics
Inc
(d)
58,785
8,153
$
21,052
Trucking
&
Leasing
-
0
.14
%
GATX
Corp
20,470
1,888
Water
-
0
.45
%
Essential
Utilities
Inc
129,262
6,349
TOTAL
COMMON
STOCKS
$
1,358,424
Total
Investments
$
1,395,415
Other
Assets
and
Liabilities
- 0.07%
1,006
TOTAL
NET
ASSETS
-
100.00%
$
1,396,421
(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
$30
or
0.00%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(d)
Non-income
producing
security
(e)
Security
or
a
portion
of
the
security
was
on
loan. At
the
end
of
the
period,
the
value
of
these
securities
totaled
$30
or
0.00%
of
net
assets.
Schedule
of
Investments
MidCap
S&P
400
Index
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
151
Portfolio
Summary (unaudited)
Sector
Percent
Financial
23
.51
%
Industrial
19
.63
%
Consumer,
Non-cyclical
16
.55
%
Consumer,
Cyclical
15
.86
%
Technology
8
.69
%
Basic
Materials
4
.34
%
Energy
3
.12
%
Utilities
3
.01
%
Communications
2
.57
%
Money
Market
Funds
2
.49
%
Investment
Companies
0
.16
%
Other
Assets
and
Liabilities
0
.07
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
11,945
$
252,512
$
229,654
$
34,803
$
11,945
$
252,512
$
229,654
$
34,803
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.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
S&P
Mid
400
Emini;
September
2021
Long
134
$
36,163
$
190
Total
$
190
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
MidCap
Value
Fund
I
July
31,
2021
(unaudited)
See
accompanying
notes.
152
INVESTMENT
COMPANIES
-
2
.50
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0
.26
%
iShares
Russell
Mid-Cap
Value
ETF
65,500
$
7,577
Money
Market
Funds
-
2
.24
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
0.03%
(a),(b)
1,644,104
1,643
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(c),(d)
63,310,275
63,311
$
64,954
TOTAL
INVESTMENT
COMPANIES
$
72,531
COMMON
STOCKS
-
97
.37
%
Shares
Held
Value
(000's)
Advertising
-
1
.26
%
Interpublic
Group
of
Cos
Inc/The
1,007,363
$
35,621
Omnicom
Group
Inc
10,549
768
$
36,389
Aerospace
&
Defense
-
0
.13
%
HEICO
Corp
1,508
204
HEICO
Corp
-
Class
A
2,649
321
Hexcel
Corp
(d)
4,159
227
Howmet
Aerospace
Inc
18,026
592
Mercury
Systems
Inc
(d)
2,743
181
Spirit
AeroSystems
Holdings
Inc
3,683
159
Teledyne
Technologies
Inc
(d)
2,282
1,033
TransDigm
Group
Inc
(d)
1,828
1,172
$
3,889
Agriculture
-
1
.35
%
Archer-Daniels-Midland
Co
635,673
37,962
Bunge
Ltd
6,826
530
Darling
Ingredients
Inc
(d)
7,601
525
$
39,017
Airlines
-
1
.13
%
Alaska
Air
Group
Inc
(d)
508,057
29,483
American
Airlines
Group
Inc
(d)
31,717
646
Copa
Holdings
SA
(d)
1,564
111
JetBlue
Airways
Corp
(d)
15,719
233
Southwest
Airlines
Co
(d)
29,356
1,483
United
Airlines
Holdings
Inc
(d)
16,062
750
$
32,706
Apparel
-
1
.09
%
Capri
Holdings
Ltd
(d)
7,335
413
Carter's
Inc
35,004
3,421
Columbia
Sportswear
Co
1,860
185
Deckers
Outdoor
Corp
(d)
1,196
492
Hanesbrands
Inc
6,928
127
PVH
Corp
(d)
3,511
367
Ralph
Lauren
Corp
2,354
267
Skechers
USA
Inc
(d)
5,811
312
Tapestry
Inc
(d)
12,479
528
Under
Armour
Inc
-
Class
A
(d)
9,404
192
Under
Armour
Inc
-
Class
C
(d)
9,835
172
VF
Corp
313,745
25,163
$
31,639
Automobile
Manufacturers
-
0
.11
%
Cummins
Inc
7,261
1,685
PACCAR
Inc
16,934
1,406
TuSimple
Holdings
Inc
(d),(e)
1,573
58
$
3,149
Automobile
Parts
&
Equipment
-
2
.56
%
Allison
Transmission
Holdings
Inc
1,303
52
Aptiv
PLC
(d)
149,957
25,020
BorgWarner
Inc
981,196
48,059
Gentex
Corp
12,003
408
Lear
Corp
2,993
524
QuantumScape
Corp
(d),(e)
1,650
38
$
74,101
Banks
-
5
.16
%
Bank
of
Hawaii
Corp
38,637
3,234
Bank
of
New
York
Mellon
Corp/The
495,000
25,408
Bank
OZK
6,101
248
BOK
Financial
Corp
1,518
128
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Banks
(continued)
Citizens
Financial
Group
Inc
17,376
$
733
Comerica
Inc
72,747
4,995
Commerce
Bancshares
Inc/MO
5,234
370
Cullen/Frost
Bankers
Inc
2,835
304
East
West
Bancorp
Inc
7,046
501
Fifth
Third
Bancorp
34,868
1,265
First
Citizens
BancShares
Inc/NC
300
235
First
Hawaiian
Inc
6,474
178
First
Horizon
Corp
27,284
422
First
Republic
Bank/CA
8,712
1,699
FNB
Corp/PA
15,986
183
Huntington
Bancshares
Inc/OH
1,533,830
21,596
KeyCorp
48,203
948
M&T
Bank
Corp
69,752
9,336
Northern
Trust
Corp
10,200
1,151
PacWest
Bancorp
95,680
3,810
Pinnacle
Financial
Partners
Inc
3,689
331
Popular
Inc
4,126
300
Prosperity
Bancshares
Inc
337,461
23,011
Regions
Financial
Corp
251,599
4,844
Signature
Bank/New
York
NY
2,800
636
State
Street
Corp
17,272
1,505
SVB
Financial
Group
(d)
2,771
1,524
Synovus
Financial
Corp
6,776
277
Umpqua
Holdings
Corp
11,001
208
Webster
Financial
Corp
4,473
215
Western
Alliance
Bancorp
33,501
3,109
Wintrust
Financial
Corp
2,851
204
Zions
Bancorp
NA
704,077
36,718
$
149,626
Beverages
-
0
.03
%
Brown-Forman
Corp
-
A
Shares
1,140
76
Brown-Forman
Corp
-
B
Shares
4,592
326
Molson
Coors
Beverage
Co
8,868
433
$
835
Biotechnology
-
1
.03
%
BioMarin
Pharmaceutical
Inc
(d)
9,062
695
Bio-Rad
Laboratories
Inc
(d)
1,052
778
Certara
Inc
(d)
904
25
Corteva
Inc
498,683
21,333
Exact
Sciences
Corp
(d)
637
69
Exelixis
Inc
(d)
2,213
37
Horizon
Therapeutics
Plc
(d)
8,817
882
Incyte
Corp
(d)
1,321
102
Ionis
Pharmaceuticals
Inc
(d)
584
22
Iovance
Biotherapeutics
Inc
(d)
5,018
112
Mirati
Therapeutics
Inc
(d)
322
51
Nektar
Therapeutics
(d)
8,664
137
Royalty
Pharma
PLC
126,725
4,841
Sage
Therapeutics
Inc
(d)
2,551
111
Seagen
Inc
(d)
708
109
Ultragenyx
Pharmaceutical
Inc
(d)
819
65
United
Therapeutics
Corp
(d)
2,191
399
$
29,768
Building
Materials
-
1
.01
%
Armstrong
World
Industries
Inc
1,221
132
AZEK
Co
Inc/The
(d)
2,465
90
Builders
FirstSource
Inc
(d)
10,179
453
Carrier
Global
Corp
22,991
1,270
Eagle
Materials
Inc
2,061
291
Fortune
Brands
Home
&
Security
Inc
5,114
499
Hayward
Holdings
Inc
(d)
1,904
46
Lennox
International
Inc
1,692
557
Louisiana-Pacific
Corp
4,693
260
Martin
Marietta
Materials
Inc
3,081
1,119
Masco
Corp
12,570
751
MDU
Resources
Group
Inc
9,971
316
Owens
Corning
233,177
22,423
Schedule
of
Investments
MidCap
Value
Fund
I
July
31,
2021
(unaudited)
See
accompanying
notes.
153
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Building
Materials
(continued)
Vulcan
Materials
Co
6,557
$
1,180
$
29,387
Chemicals
-
3
.41
%
Albemarle
Corp
5,775
1,190
Ashland
Global
Holdings
Inc
2,765
235
Axalta
Coating
Systems
Ltd
(d)
8,536
257
Celanese
Corp
3,560
555
CF
Industries
Holdings
Inc
10,678
504
Chemours
Co/The
98,152
3,264
Diversey
Holdings
Ltd
(d)
615
10
Eastman
Chemical
Co
211,726
23,866
Element
Solutions
Inc
11,490
269
FMC
Corp
4,782
511
Huntsman
Corp
10,470
276
International
Flavors
&
Fragrances
Inc
217,377
32,745
LyondellBasell
Industries
NV
11,455
1,138
Mosaic
Co/The
17,281
540
NewMarket
Corp
332
105
Olin
Corp
6,599
310
PPG
Industries
Inc
6,800
1,112
RPM
International
Inc
2,637
228
Valvoline
Inc
316,113
9,699
Westlake
Chemical
Corp
266,318
22,083
$
98,897
Commercial
Services
-
2
.47
%
ADT
Inc
7,853
82
AMERCO
439
258
Aramark
11,419
401
Bright
Horizons
Family
Solutions
Inc
(d)
610
91
Chegg
Inc
(d)
1,656
147
Cintas
Corp
279
110
CoStar
Group
Inc
(d)
4,360
387
Driven
Brands
Holdings
Inc
(d)
1,820
58
Dun
&
Bradstreet
Holdings
Inc
(d)
7,952
167
Equifax
Inc
3,720
969
Euronet
Worldwide
Inc
(d)
735
105
FleetCor
Technologies
Inc
(d)
3,122
806
FTI
Consulting
Inc
(d)
16,193
2,360
Grand
Canyon
Education
Inc
(d)
66,965
6,185
H&R
Block
Inc
1,759
43
IHS
Markit
Ltd
18,554
2,168
ManpowerGroup
Inc
286,035
33,918
Morningstar
Inc
116
29
Nielsen
Holdings
PLC
17,825
422
Paysafe
Ltd
(d),(e)
15,313
165
Quanta
Services
Inc
6,873
625
Robert
Half
International
Inc
671
66
Rollins
Inc
847
32
Service
Corp
International/US
8,127
508
StoneCo
Ltd
(d)
757
45
Terminix
Global
Holdings
Inc
(d)
6,390
336
TransUnion
3,014
362
United
Rentals
Inc
(d)
60,847
20,052
Verisk
Analytics
Inc
2,863
544
WEX
Inc
(d)
730
139
$
71,580
Computers
-
5
.03
%
Amdocs
Ltd
10,165
784
CACI
International
Inc
(d)
1,154
308
DXC
Technology
Co
(d)
695,682
27,813
Genpact
Ltd
638,641
31,810
Hewlett
Packard
Enterprise
Co
1,229,600
17,829
HP
Inc
517,107
14,929
Leidos
Holdings
Inc
231,012
24,584
Lumentum
Holdings
Inc
(d)
3,757
316
Maximus
Inc
288,000
25,632
McAfee
Corp
575
16
NCR
Corp
(d)
4,178
185
NetApp
Inc
3,726
297
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Computers
(continued)
Pure
Storage
Inc
(d)
899
$
18
Science
Applications
International
Corp
2,875
251
Western
Digital
Corp
(d)
15,250
990
$
145,762
Consumer
Products
-
1
.08
%
Avery
Dennison
Corp
140,928
29,690
Church
&
Dwight
Co
Inc
11,546
1,000
Clorox
Co/The
1,174
212
Reynolds
Consumer
Products
Inc
2,697
77
Spectrum
Brands
Holdings
Inc
2,117
185
$
31,164
Cosmetics
&
Personal
Care
-
0
.00
%
Coty
Inc
(d)
14,250
124
Distribution
&
Wholesale
-
0
.48
%
Fastenal
Co
3,222
176
Leslie's
Inc
(d)
138,951
3,384
LKQ
Corp
(d)
13,896
705
SiteOne
Landscape
Supply
Inc
(d)
1,048
183
Univar
Solutions
Inc
(d)
8,340
205
Watsco
Inc
31,889
9,007
WW
Grainger
Inc
392
174
$
13,834
Diversified
Financial
Services
-
2
.98
%
Affiliated
Managers
Group
Inc
2,062
327
Air
Lease
Corp
5,323
225
Alliance
Data
Systems
Corp
96,309
8,981
Ally
Financial
Inc
18,422
946
Ameriprise
Financial
Inc
2,554
658
Cboe
Global
Markets
Inc
98,513
11,671
Credit
Acceptance
Corp
(d)
436
211
Discover
Financial
Services
6,814
847
Evercore
Inc
-
Class
A
1,972
261
Franklin
Resources
Inc
14,363
424
Interactive
Brokers
Group
Inc
-
A
Shares
178,280
11,029
Invesco
Ltd
16,569
404
Janus
Henderson
Group
PLC
8,484
355
Jefferies
Financial
Group
Inc
10,959
364
Lazard
Ltd
5,037
238
Nasdaq
Inc
5,676
1,060
OneMain
Holdings
Inc
4,398
268
Raymond
James
Financial
Inc
5,804
752
Santander
Consumer
USA
Holdings
Inc
2,993
123
SEI
Investments
Co
5,441
331
SLM
Corp
15,985
301
Stifel
Financial
Corp
5,066
337
Synchrony
Financial
366,731
17,243
T
Rowe
Price
Group
Inc
69,242
14,136
Tradeweb
Markets
Inc
5,213
452
UWM
Holdings
Corp
(e)
1,163
9
Virtu
Financial
Inc
439,413
11,310
Western
Union
Co/The
136,955
3,179
$
86,442
Electric
-
2
.27
%
AES
Corp/The
32,800
777
Alliant
Energy
Corp
445,691
26,086
Ameren
Corp
12,647
1,061
Avangrid
Inc
2,826
147
Brookfield
Renewable
Corp
4,749
202
CenterPoint
Energy
Inc
28,872
735
CMS
Energy
Corp
14,362
888
Consolidated
Edison
Inc
17,068
1,259
DTE
Energy
Co
9,589
1,125
Edison
International
18,531
1,010
Entergy
Corp
9,968
1,026
Evergy
Inc
11,362
741
Eversource
Energy
17,042
1,470
FirstEnergy
Corp
27,032
1,036
Hawaiian
Electric
Industries
Inc
5,236
227
IDACORP
Inc
2,515
265
Schedule
of
Investments
MidCap
Value
Fund
I
July
31,
2021
(unaudited)
See
accompanying
notes.
154
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Electric
(continued)
NRG
Energy
Inc
6,599
$
272
OGE
Energy
Corp
9,994
337
PG&E
Corp
(d)
75,030
660
Pinnacle
West
Capital
Corp
5,628
470
PPL
Corp
38,245
1,085
Public
Service
Enterprise
Group
Inc
25,076
1,561
Vistra
Corp
23,792
456
WEC
Energy
Group
Inc
15,680
1,476
Xcel
Energy
Inc
314,759
21,482
$
65,854
Electrical
Components
&
Equipment
-
0
.15
%
Acuity
Brands
Inc
1,770
310
AMETEK
Inc
24,982
3,474
ChargePoint
Holdings
Inc
(d),(e)
6,213
147
Littelfuse
Inc
1,174
312
$
4,243
Electronics
-
4
.26
%
Agilent
Technologies
Inc
1,573
241
Allegion
plc
1,066
146
Amphenol
Corp
301,387
21,848
Arrow
Electronics
Inc
(d)
28,809
3,416
Avnet
Inc
4,896
202
Coherent
Inc
(d)
133
33
Flex
Ltd
(d)
1,430,000
25,697
Fortive
Corp
16,235
1,180
Garmin
Ltd
7,521
1,182
Hubbell
Inc
150,700
30,209
Jabil
Inc
238,452
14,197
Keysight
Technologies
Inc
(d)
5,168
850
National
Instruments
Corp
6,439
284
nVent
Electric
PLC
8,268
261
Sensata
Technologies
Holding
PLC
(d)
7,715
452
SYNNEX
Corp
78,115
9,338
Trimble
Inc
(d)
12,442
1,064
Vontier
Corp
385,712
12,478
Waters
Corp
(d)
213
83
Woodward
Inc
2,851
347
$
123,508
Energy
-
Alternate
Sources
-
0
.04
%
First
Solar
Inc
(d)
5,265
453
Shoals
Technologies
Group
Inc
(d)
5,064
147
Sunrun
Inc
(d)
9,903
525
$
1,125
Engineering
&
Construction
-
0
.06
%
AECOM
(d)
6,975
439
Frontdoor
Inc
(d)
1,351
66
Jacobs
Engineering
Group
Inc
6,399
866
MasTec
Inc
(d)
2,787
282
TopBuild
Corp
(d)
281
57
$
1,710
Entertainment
-
0
.06
%
Caesars
Entertainment
Inc
(d)
3,754
328
Live
Nation
Entertainment
Inc
(d)
4,114
324
Madison
Square
Garden
Sports
Corp
(d)
577
94
Marriott
Vacations
Worldwide
Corp
(d)
2,067
305
Penn
National
Gaming
Inc
(d)
7,266
497
Six
Flags
Entertainment
Corp
(d)
2,363
98
$
1,646
Environmental
Control
-
0
.69
%
Clean
Harbors
Inc
(d)
2,515
239
Pentair
PLC
8,256
608
Republic
Services
Inc
159,416
18,869
Stericycle
Inc
(d)
4,567
322
$
20,038
Food
-
4
.06
%
Albertsons
Cos
Inc
(e)
7,710
167
Beyond
Meat
Inc
(d),(e)
351
43
Campbell
Soup
Co
9,694
424
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Food
(continued)
Conagra
Brands
Inc
23,278
$
780
Flowers
Foods
Inc
9,310
219
Grocery
Outlet
Holding
Corp
(d)
4,338
144
Hain
Celestial
Group
Inc/The
(d)
4,089
163
Hershey
Co/The
233,707
41,806
Hormel
Foods
Corp
14,053
652
Ingredion
Inc
3,353
294
J
M
Smucker
Co/The
5,271
691
Kellogg
Co
6,955
441
Kroger
Co/The
37,160
1,512
Lamb
Weston
Holdings
Inc
5,105
341
McCormick
&
Co
Inc/MD
12,397
1,043
Pilgrim's
Pride
Corp
(d)
118,019
2,614
Post
Holdings
Inc
(d)
2,930
300
Seaboard
Corp
13
53
Sprouts
Farmers
Market
Inc
(d)
160,419
3,943
Sysco
Corp
397,000
29,457
Tyson
Foods
Inc
449,268
32,105
US
Foods
Holding
Corp
(d)
10,983
377
$
117,569
Forest
Products
&
Paper
-
0
.04
%
International
Paper
Co
19,448
1,123
Gas
-
0
.06
%
Atmos
Energy
Corp
6,425
634
National
Fuel
Gas
Co
4,316
222
NiSource
Inc
19,458
482
UGI
Corp
10,399
478
$
1,816
Hand
&
Machine
Tools
-
0
.71
%
Lincoln
Electric
Holdings
Inc
129,000
17,986
MSA
Safety
Inc
1,298
214
Regal
Beloit
Corp
2,022
298
Snap-on
Inc
2,652
578
Stanley
Black
&
Decker
Inc
8,020
1,580
$
20,656
Healthcare
-
Products
-
2
.79
%
Adaptive
Biotechnologies
Corp
(d)
624
23
Cooper
Cos
Inc/The
70,004
29,526
DENTSPLY
SIRONA
Inc
10,809
714
Envista
Holdings
Corp
(d)
7,978
344
Globus
Medical
Inc
(d)
3,642
303
Henry
Schein
Inc
(d)
6,997
561
Hill-Rom
Holdings
Inc
238,904
33,078
Hologic
Inc
(d)
12,601
946
ICU
Medical
Inc
(d)
989
201
Integra
LifeSciences
Holdings
Corp
(d)
3,565
258
Masimo
Corp
(d)
683
186
Natera
Inc
(d)
280
32
PerkinElmer
Inc
5,564
1,014
QIAGEN
NV
(d)
39,316
2,075
Quidel
Corp
(d)
55,963
7,917
Repligen
Corp
(d)
167
41
ResMed
Inc
714
194
STERIS
PLC
4,234
923
Tandem
Diabetes
Care
Inc
(d)
193
21
Teleflex
Inc
1,911
759
Zimmer
Biomet
Holdings
Inc
10,373
1,695
$
80,811
Healthcare
-
Services
-
2
.07
%
Acadia
Healthcare
Co
Inc
(d)
4,387
271
agilon
health
Inc
(d)
163
6
Amedisys
Inc
(d)
184
48
Catalent
Inc
(d)
6,173
740
Charles
River
Laboratories
International
Inc
(d)
156
63
Chemed
Corp
569
271
DaVita
Inc
(d)
1,038
125
Encompass
Health
Corp
2,070
172
IQVIA
Holdings
Inc
(d)
4,796
1,188
Laboratory
Corp
of
America
Holdings
(d)
4,856
1,438
Schedule
of
Investments
MidCap
Value
Fund
I
July
31,
2021
(unaudited)
See
accompanying
notes.
155
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Healthcare
-
Services
(continued)
Molina
Healthcare
Inc
(d)
64,567
$
17,628
Oak
Street
Health
Inc
(d)
524
33
PPD
Inc
(d)
4,702
217
Quest
Diagnostics
Inc
251,477
35,659
Syneos
Health
Inc
(d)
4,364
391
Teladoc
Health
Inc
(d)
7,284
1,081
Universal
Health
Services
Inc
3,765
604
$
59,935
Home
Builders
-
1
.36
%
DR
Horton
Inc
80,100
7,644
Lennar
Corp
-
A
Shares
50,810
5,343
Lennar
Corp
-
B
Shares
35,822
3,093
NVR
Inc
(d)
55
287
PulteGroup
Inc
268,469
14,731
Thor
Industries
Inc
30,208
3,576
Toll
Brothers
Inc
78,254
4,638
$
39,312
Home
Furnishings
-
0
.21
%
Dolby
Laboratories
Inc
3,188
310
Leggett
&
Platt
Inc
6,599
317
Tempur
Sealy
International
Inc
107,538
4,653
Whirlpool
Corp
3,047
675
$
5,955
Housewares
-
0
.44
%
Newell
Brands
Inc
520,894
12,892
Insurance
-
8
.00
%
Aflac
Inc
33,376
1,836
Alleghany
Corp
(d)
59,097
39,187
American
Financial
Group
Inc/OH
303,368
38,373
Arch
Capital
Group
Ltd
(d)
14,693
573
Arthur
J
Gallagher
&
Co
152,052
21,182
Assurant
Inc
3,000
473
Assured
Guaranty
Ltd
3,612
173
Athene
Holding
Ltd
(d)
5,715
369
Axis
Capital
Holdings
Ltd
3,776
192
Brighthouse
Financial
Inc
(d)
4,276
184
Brown
&
Brown
Inc
10,971
597
Cincinnati
Financial
Corp
7,443
877
CNA
Financial
Corp
1,308
58
Equitable
Holdings
Inc
19,054
588
Erie
Indemnity
Co
384
71
Everest
Re
Group
Ltd
168,417
42,581
Fidelity
National
Financial
Inc
216,369
9,653
First
American
Financial
Corp
176,604
11,887
Globe
Life
Inc
5,040
469
GoHealth
Inc
(d)
361
3
Hanover
Insurance
Group
Inc/The
1,774
241
Hartford
Financial
Services
Group
Inc/The
17,736
1,128
Kemper
Corp
3,028
200
Lemonade
Inc
(d),(e)
1,700
148
Lincoln
National
Corp
7,983
492
Loews
Corp
11,019
591
Markel
Corp
(d)
4,176
5,037
Mercury
General
Corp
1,351
82
MGIC
Investment
Corp
16,859
233
Old
Republic
International
Corp
590,904
14,572
Primerica
Inc
1,945
284
Prudential
Financial
Inc
19,601
1,966
Reinsurance
Group
of
America
Inc
3,388
373
RenaissanceRe
Holdings
Ltd
22,649
3,459
Unum
Group
10,166
279
Voya
Financial
Inc
5,982
385
W
R
Berkley
Corp
431,859
31,599
White
Mountains
Insurance
Group
Ltd
150
170
Willis
Towers
Watson
PLC
6,367
1,312
$
231,877
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Internet
-
0
.38
%
DoorDash
Inc
-
Class
A
(d)
499
$
87
F5
Networks
Inc
(d)
12,675
2,618
FireEye
Inc
(d)
8,231
166
GoDaddy
Inc
(d)
7,489
628
IAC/InterActiveCorp
(d)
3,797
521
NortonLifeLock
Inc
20,070
498
Opendoor
Technologies
Inc
(d),(e)
13,757
204
TripAdvisor
Inc
(d)
1,891
72
Twitter
Inc
(d)
34,666
2,418
VeriSign
Inc
(d)
4,898
1,060
Vimeo
Inc
(d)
527
23
Wayfair
Inc
(d)
1,665
402
Zillow
Group
Inc
-
C
Shares
(d)
21,496
2,284
$
10,981
Iron
&
Steel
-
2
.09
%
Cleveland-Cliffs
Inc
(d)
22,630
566
Nucor
Corp
14,848
1,544
Reliance
Steel
&
Aluminum
Co
217,642
34,202
Steel
Dynamics
Inc
372,104
23,982
United
States
Steel
Corp
13,280
352
$
60,646
Leisure
Products
&
Services
-
0
.11
%
Brunswick
Corp/DE
3,371
352
Carnival
Corp
(d)
42,324
916
Harley-Davidson
Inc
7,648
303
Norwegian
Cruise
Line
Holdings
Ltd
(d)
18,344
441
Planet
Fitness
Inc
(d)
1,291
97
Polaris
Inc
876
115
Royal
Caribbean
Cruises
Ltd
(d)
10,889
837
Virgin
Galactic
Holdings
Inc
(d),(e)
604
18
$
3,079
Lodging
-
0
.82
%
Boyd
Gaming
Corp
(d)
3,208
183
Hilton
Worldwide
Holdings
Inc
(d)
4,494
591
Hyatt
Hotels
Corp
(d)
2,009
160
Las
Vegas
Sands
Corp
(d)
514,000
21,768
MGM
Resorts
International
20,276
761
Travel
+
Leisure
Co
1,410
73
Wyndham
Hotels
&
Resorts
Inc
1,680
121
$
23,657
Machinery
-
Construction
&
Mining
-
1
.68
%
BWX
Technologies
Inc
1,166
67
Oshkosh
Corp
203,385
24,315
Vertiv
Holdings
Co
862,000
24,170
$
48,552
Machinery
-
Diversified
-
4
.21
%
AGCO
Corp
222,796
29,433
Colfax
Corp
(d)
5,809
267
Crane
Co
2,429
236
Curtiss-Wright
Corp
25,937
3,068
Dover
Corp
7,129
1,191
Flowserve
Corp
6,502
274
Gates
Industrial
Corp
PLC
(d)
3,479
63
Graco
Inc
3,161
247
IDEX
Corp
3,772
855
Ingersoll
Rand
Inc
(d)
18,632
911
Middleby
Corp/The
(d)
155,120
29,704
Nordson
Corp
2,390
540
Otis
Worldwide
Corp
211,934
18,979
Rockwell
Automation
Inc
2,267
697
Toro
Co/The
209,306
23,807
Westinghouse
Air
Brake
Technologies
Corp
8,975
762
Xylem
Inc/NY
87,034
10,953
$
121,987
Media
-
1
.02
%
Altice
USA
Inc
(d)
3,185
98
Cable
One
Inc
125
236
Discovery
Inc
-
A
Shares
(d),(e)
8,202
238
Schedule
of
Investments
MidCap
Value
Fund
I
July
31,
2021
(unaudited)
See
accompanying
notes.
156
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Media
(continued)
Discovery
Inc
-
C
Shares
(d)
15,666
$
425
DISH
Network
Corp
(d)
132,248
5,540
FactSet
Research
Systems
Inc
261
93
Fox
Corp
-
A
Shares
16,015
571
Fox
Corp
-
B
Shares
7,553
251
Liberty
Broadband
Corp
-
A
Shares
(d)
1,234
212
Liberty
Broadband
Corp
-
C
Shares
(d)
7,539
1,338
Liberty
Media
Corp-Liberty
Formula
One
-
A
Shares
(d)
1,166
48
Liberty
Media
Corp-Liberty
Formula
One
-
C
Shares
(d)
9,914
465
Liberty
Media
Corp-Liberty
SiriusXM
-
A
Shares
(d)
3,969
185
Liberty
Media
Corp-Liberty
SiriusXM
-
C
Shares
(d)
8,056
372
New
York
Times
Co/The
8,141
357
News
Corp
-
A
Shares
199,933
4,924
News
Corp
-
B
Shares
6,058
143
Nexstar
Media
Group
Inc
85,867
12,629
Sirius
XM
Holdings
Inc
(e)
44,727
289
ViacomCBS
Inc
-
Class
A
500
22
ViacomCBS
Inc
-
Class
B
28,971
1,186
World
Wrestling
Entertainment
Inc
318
16
$
29,638
Metal
Fabrication
&
Hardware
-
0
.02
%
Timken
Co/The
3,161
251
Valmont
Industries
Inc
1,040
247
$
498
Mining
-
0
.03
%
Alcoa
Corp
(d)
9,275
373
Royal
Gold
Inc
3,253
395
$
768
Miscellaneous
Manufacturers
-
3
.06
%
A
O
Smith
Corp
169,985
11,955
Carlisle
Cos
Inc
1,575
319
Donaldson
Co
Inc
5,491
363
ITT
Inc
4,319
423
Parker-Hannifin
Corp
88,332
27,562
Textron
Inc
677,210
46,735
Trane
Technologies
PLC
6,086
1,239
$
88,596
Office
&
Business
Equipment
-
0
.01
%
Xerox
Holdings
Corp
7,606
184
Oil
&
Gas
-
3
.09
%
APA
Corp
18,880
354
Cabot
Oil
&
Gas
Corp
17,182
275
Cimarex
Energy
Co
358,995
23,406
Continental
Resources
Inc/OK
2,897
99
Devon
Energy
Corp
1,095,501
28,308
Diamondback
Energy
Inc
40,983
3,161
EQT
Corp
(d)
13,693
252
Hess
Corp
12,845
982
HollyFrontier
Corp
7,465
219
Marathon
Oil
Corp
39,111
453
Marathon
Petroleum
Corp
32,403
1,789
Occidental
Petroleum
Corp
36,666
957
Phillips
66
21,762
1,598
Pioneer
Natural
Resources
Co
5,943
864
Valero
Energy
Corp
398,292
26,674
$
89,391
Oil
&
Gas
Services
-
0
.07
%
Baker
Hughes
Co
36,625
778
Halliburton
Co
41,701
862
NOV
Inc
(d)
19,403
268
$
1,908
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Packaging
&
Containers
-
2
.08
%
Amcor
PLC
76,555
$
885
AptarGroup
Inc
126,662
16,330
Ardagh
Group
SA
901
21
Ball
Corp
11,245
910
Berry
Global
Group
Inc
(d)
6,708
431
Crown
Holdings
Inc
5,652
564
Graphic
Packaging
Holding
Co
10,066
193
Packaging
Corp
of
America
204,657
28,959
Sealed
Air
Corp
144,963
8,227
Silgan
Holdings
Inc
4,158
168
Sonoco
Products
Co
43,914
2,801
Westrock
Co
12,933
636
$
60,125
Pharmaceuticals
-
0
.78
%
AmerisourceBergen
Corp
7,295
891
Cardinal
Health
Inc
5,903
350
Elanco
Animal
Health
Inc
(d)
22,115
807
Herbalife
Nutrition
Ltd
(d)
173,456
8,836
Jazz
Pharmaceuticals
PLC
(d)
2,943
499
McKesson
Corp
46,757
9,530
Organon
&
Co
12,600
365
Perrigo
Co
PLC
6,635
319
Premier
Inc
6,028
215
Viatris
Inc
60,043
845
$
22,657
Pipelines
-
0
.34
%
Antero
Midstream
Corp
16,591
158
DT
Midstream
Inc
4,794
203
Equitrans
Midstream
Corp
338,181
2,780
ONEOK
Inc
22,045
1,146
Targa
Resources
Corp
98,369
4,142
Williams
Cos
Inc/The
60,418
1,513
$
9,942
Private
Equity
-
0
.08
%
Ares
Management
Corp
825
59
Carlyle
Group
Inc/The
8,062
407
KKR
&
Co
Inc
27,339
1,743
$
2,209
Real
Estate
-
0
.08
%
CBRE
Group
Inc
(d)
15,714
1,516
Howard
Hughes
Corp/The
(d)
2,060
191
Jones
Lang
LaSalle
Inc
(d)
2,539
565
$
2,272
REITs
-
8
.42
%
AGNC
Investment
Corp
26,039
413
Alexandria
Real
Estate
Equities
Inc
130,267
26,228
American
Campus
Communities
Inc
6,841
344
American
Homes
4
Rent
634,807
26,662
Americold
Realty
Trust
585,540
22,748
Annaly
Capital
Management
Inc
69,400
589
Apartment
Income
REIT
Corp
7,761
409
AvalonBay
Communities
Inc
6,927
1,578
Boston
Properties
Inc
7,756
910
Brixmor
Property
Group
Inc
14,815
341
Camden
Property
Trust
181,720
27,147
CoreSite
Realty
Corp
461
64
Cousins
Properties
Inc
7,397
294
CubeSmart
9,972
495
CyrusOne
Inc
6,083
434
Douglas
Emmett
Inc
8,318
278
Duke
Realty
Corp
18,598
946
EPR
Properties
3,679
185
Equity
LifeStyle
Properties
Inc
319,075
26,738
Equity
Residential
18,315
1,541
Essex
Property
Trust
Inc
3,220
1,056
Extra
Space
Storage
Inc
5,936
1,034
Federal
Realty
Investment
Trust
3,833
450
First
Industrial
Realty
Trust
Inc
6,390
350
Gaming
and
Leisure
Properties
Inc
75,498
3,574
Schedule
of
Investments
MidCap
Value
Fund
I
July
31,
2021
(unaudited)
See
accompanying
notes.
157
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
REITs
(continued)
Healthcare
Trust
of
America
Inc
10,869
$
311
Healthpeak
Properties
Inc
26,757
989
Highwoods
Properties
Inc
405,138
19,321
Host
Hotels
&
Resorts
Inc
(d)
34,561
551
Hudson
Pacific
Properties
Inc
7,287
199
Invitation
Homes
Inc
28,207
1,147
Iron
Mountain
Inc
4,213
184
JBG
SMITH
Properties
6,084
199
Kilroy
Realty
Corp
5,744
398
Kimco
Realty
Corp
177,599
3,789
Lamar
Advertising
Co
225,539
24,042
Life
Storage
Inc
3,791
445
Medical
Properties
Trust
Inc
28,787
605
Mid-America
Apartment
Communities
Inc
5,649
1,091
National
Retail
Properties
Inc
458,676
22,415
New
Residential
Investment
Corp
21,473
210
Omega
Healthcare
Investors
Inc
11,676
424
Park
Hotels
&
Resorts
Inc
(d)
11,622
215
Rayonier
Inc
6,855
258
Realty
Income
Corp
18,569
1,305
Regency
Centers
Corp
8,425
551
Rexford
Industrial
Realty
Inc
6,665
410
SBA
Communications
Corp
4,483
1,529
Simon
Property
Group
Inc
2,124
269
SL
Green
Realty
Corp
3,474
259
Spirit
Realty
Capital
Inc
5,644
283
Starwood
Property
Trust
Inc
13,669
356
STORE
Capital
Corp
12,133
439
Sun
Communities
Inc
5,490
1,077
UDR
Inc
14,672
807
Ventas
Inc
18,625
1,113
VEREIT
Inc
181,545
8,891
VICI
Properties
Inc
26,622
830
Vornado
Realty
Trust
8,772
382
Weingarten
Realty
Investors
5,933
191
Welltower
Inc
20,758
1,803
Weyerhaeuser
Co
37,233
1,256
WP
Carey
Inc
8,767
707
$
244,059
Retail
-
5
.24
%
Advance
Auto
Parts
Inc
3,243
688
AutoNation
Inc
(d)
149,563
18,146
AutoZone
Inc
(d)
2,969
4,821
Best
Buy
Co
Inc
9,566
1,075
Burlington
Stores
Inc
(d)
191
64
CarMax
Inc
(d)
7,407
992
Casey's
General
Stores
Inc
1,836
363
Darden
Restaurants
Inc
2,074
302
Dick's
Sporting
Goods
Inc
132,529
13,801
Dollar
Tree
Inc
(d)
63,872
6,374
Domino's
Pizza
Inc
614
323
Foot
Locker
Inc
52,047
2,969
Gap
Inc/The
9,997
292
Genuine
Parts
Co
7,019
891
Kohl's
Corp
7,739
393
L
Brands
Inc
204,751
16,395
Lithia
Motors
Inc
1,306
493
MSC
Industrial
Direct
Co
Inc
33,644
3,000
Nordstrom
Inc
(d)
914
30
Ollie's
Bargain
Outlet
Holdings
Inc
(d)
3,239
301
O'Reilly
Automotive
Inc
(d)
2,381
1,438
Penske
Automotive
Group
Inc
75,321
6,674
Petco
Health
&
Wellness
Co
Inc
(d),(e)
3,471
72
Qurate
Retail
Inc
421,172
4,995
Ross
Stores
Inc
234,000
28,709
Vroom
Inc
(d)
4,287
159
Williams-Sonoma
Inc
893
135
Yum
China
Holdings
Inc
19,282
1,199
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Retail
(continued)
Yum!
Brands
Inc
279,565
$
36,732
$
151,826
Savings
&
Loans
-
0
.03
%
New
York
Community
Bancorp
Inc
22,448
265
People's
United
Financial
Inc
21,144
332
Sterling
Bancorp/DE
8,739
190
TFS
Financial
Corp
2,279
44
$
831
Semiconductors
-
0
.79
%
Brooks
Automation
Inc
639
57
Cirrus
Logic
Inc
(d)
2,917
241
Cree
Inc
(d)
5,728
531
IPG
Photonics
Corp
(d)
1,653
361
Marvell
Technology
Inc
40,125
2,428
Maxim
Integrated
Products
Inc
691
69
Microchip
Technology
Inc
1,960
280
MKS
Instruments
Inc
428
67
ON
Semiconductor
Corp
(d)
9,655
377
Qorvo
Inc
(d)
36,556
6,931
Skyworks
Solutions
Inc
46,652
8,607
Teradyne
Inc
22,264
2,828
$
22,777
Shipbuilding
-
0
.01
%
Huntington
Ingalls
Industries
Inc
1,956
401
Software
-
1
.21
%
Akamai
Technologies
Inc
(d)
7,986
958
ANSYS
Inc
(d)
2,527
931
Black
Knight
Inc
(d)
7,549
625
Broadridge
Financial
Solutions
Inc
528
92
C3.ai
Inc
(d)
670
34
CDK
Global
Inc
5,116
245
Ceridian
HCM
Holding
Inc
(d)
6,416
631
Cerner
Corp
14,977
1,204
Change
Healthcare
Inc
(d)
12,252
266
Citrix
Systems
Inc
3,962
399
Clarivate
PLC
(d)
20,470
467
Cloudflare
Inc
(d)
711
84
Concentrix
Corp
(d)
72,991
11,951
Datto
Holding
Corp
(d)
1,254
33
Duck
Creek
Technologies
Inc
(d),(e)
2,767
122
Dynatrace
Inc
(d)
571
36
Fastly
Inc
(d)
5,250
252
Guidewire
Software
Inc
(d)
4,166
480
Jack
Henry
&
Associates
Inc
2,710
472
Jamf
Holding
Corp
(d)
426
14
Manhattan
Associates
Inc
(d)
1,467
234
Medallia
Inc
(d)
2,329
79
MSCI
Inc
1,158
690
N-Able
Inc
(d)
1,733
24
Nuance
Communications
Inc
(d)
8,777
482
Paychex
Inc
2,048
233
Pegasystems
Inc
121
15
Signify
Health
Inc
(d)
1,203
32
SolarWinds
Corp
(d)
3,466
39
SS&C
Technologies
Holdings
Inc
11,134
873
Synopsys
Inc
(d)
2,759
795
Take-Two
Interactive
Software
Inc
(d)
68,353
11,854
Teradata
Corp
(d)
789
39
Tyler
Technologies
Inc
(d)
268
132
Zynga
Inc
(d)
25,989
262
$
35,079
Telecommunications
-
1
.13
%
Arista
Networks
Inc
(d)
318
121
Ciena
Corp
(d)
7,640
444
Corning
Inc
25,034
1,048
Juniper
Networks
Inc
16,114
453
Lumen
Technologies
Inc
54,691
682
Motorola
Solutions
Inc
133,418
29,875
Ubiquiti
Inc
39
12
Schedule
of
Investments
MidCap
Value
Fund
I
July
31,
2021
(unaudited)
See
accompanying
notes.
158
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Telecommunications
(continued)
Viasat
Inc
(d)
3,076
$
153
$
32,788
Textiles
-
0
.02
%
Mohawk
Industries
Inc
(d)
2,810
548
Toys,
Games
&
Hobbies
-
0
.02
%
Hasbro
Inc
6,327
629
Transportation
-
2
.90
%
CH
Robinson
Worldwide
Inc
54,740
4,881
Expeditors
International
of
Washington
Inc
112,447
14,421
JB
Hunt
Transport
Services
Inc
153,468
25,852
Kansas
City
Southern
3,302
884
Kirby
Corp
(d)
2,975
172
Knight-Swift
Transportation
Holdings
Inc
107,058
5,320
Landstar
System
Inc
203,917
32,015
Old
Dominion
Freight
Line
Inc
402
108
Ryder
System
Inc
2,616
199
Schneider
National
Inc
2,571
58
XPO
Logistics
Inc
(d)
654
91
$
84,001
Water
-
0
.07
%
American
Water
Works
Co
Inc
9,023
1,535
Essential
Utilities
Inc
11,189
550
$
2,085
TOTAL
COMMON
STOCKS
$
2,820,493
Total
Investments
$
2,893,024
Other
Assets
and
Liabilities
- 0.13%
3,813
TOTAL
NET
ASSETS
-
100.00%
$
2,896,837
(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
$1,643
or
0.06%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(d)
Non-income
producing
security
(e)
Security
or
a
portion
of
the
security
was
on
loan. At
the
end
of
the
period,
the
value
of
these
securities
totaled
$1,574
or
0.05%
of
net
assets.
Portfolio
Summary (unaudited)
Sector
Percent
Financial
24
.75
%
Industrial
20
.97
%
Consumer,
Non-cyclical
15
.66
%
Consumer,
Cyclical
13
.65
%
Technology
7
.04
%
Basic
Materials
5
.57
%
Communications
3
.79
%
Energy
3
.54
%
Utilities
2
.40
%
Money
Market
Funds
2
.24
%
Investment
Companies
0
.26
%
Other
Assets
and
Liabilities
0
.13
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
22,289
$
760,513
$
719,491
$
63,311
$
22,289
$
760,513
$
719,491
$
63,311
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.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
S&P
Mid
400
Emini;
September
2021
Long
69
$
18,621
$
341
Total
$
341
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
Overseas
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
159
INVESTMENT
COMPANIES
-
2
.80
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0
.26
%
iShares
MSCI
EAFE
Value
ETF
(a)
156,000
$
8,053
Money
Market
Funds
-
2
.54
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
0.03%
(b),(c)
11,218,693
11,218
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(b),(c),(d),(e)
66,031,972
66,032
$
77,250
TOTAL
INVESTMENT
COMPANIES
$
85,303
COMMON
STOCKS
-
97
.60
%
Shares
Held
Value
(000's)
Advertising
-
0
.05
%
Dentsu
Group
Inc
9,000
$
313
Hakuhodo
DY
Holdings
Inc
4,900
74
Publicis
Groupe
SA
9,350
590
WPP
PLC
51,384
665
$
1,642
Aerospace
&
Defense
-
6
.50
%
Airbus
SE
(e)
216,105
29,643
BAE
Systems
PLC
4,266,153
34,205
Elbit
Systems
Ltd
1,111
146
Rheinmetall
AG
352,908
33,865
Rolls-Royce
Holdings
PLC
(e)
33,273,495
45,955
Safran
SA
174,129
22,789
Thales
SA
300,483
31,537
$
198,140
Agriculture
-
0
.94
%
British
American
Tobacco
PLC
717,464
26,684
Imperial
Brands
PLC
39,687
850
Japan
Tobacco
Inc
50,200
981
$
28,515
Airlines
-
1
.25
%
Air
Canada
(e)
1,060,400
21,232
Deutsche
Lufthansa
AG
(a),(e)
6,267
71
Japan
Airlines
Co
Ltd
(e)
4,100
85
Qantas
Airways
Ltd
(e)
13,566
46
Ryanair
Holdings
PLC
ADR
(e)
151,748
16,546
$
37,980
Apparel
-
0
.78
%
Gildan
Activewear
Inc
692,000
23,856
Automobile
Manufacturers
-
2
.52
%
Bayerische
Motoren
Werke
AG
13,884
1,380
Daimler
AG
385,057
34,363
Hino
Motors
Ltd
12,000
105
Honda
Motor
Co
Ltd
941,200
30,230
Isuzu
Motors
Ltd
23,100
308
Mazda
Motor
Corp
(e)
15,600
154
Nissan
Motor
Co
Ltd
(e)
97,300
565
Renault
SA
(e)
8,060
306
Subaru
Corp
25,700
505
Suzuki
Motor
Corp
7,700
313
Toyota
Motor
Corp
88,810
7,973
Volkswagen
AG
1,360
451
$
76,653
Automobile
Parts
&
Equipment
-
1
.50
%
Aisin
Corp
4,100
166
Bridgestone
Corp
799,900
35,240
Cie
Generale
des
Etablissements
Michelin
SCA
7,104
1,160
Continental
AG
(e)
4,612
627
Koito
Manufacturing
Co
Ltd
1,600
98
NGK
Insulators
Ltd
10,800
173
Stanley
Electric
Co
Ltd
5,400
141
Sumitomo
Electric
Industries
Ltd
31,600
449
Toyota
Industries
Corp
6,100
512
Valeo
242,317
7,006
$
45,572
Banks
-
14
.12
%
ABN
AMRO
Bank
NV
(f)
17,737
207
Australia
&
New
Zealand
Banking
Group
Ltd
119,327
2,429
Banco
Bilbao
Vizcaya
Argentaria
SA
3,493,610
22,364
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Banks
(continued)
Banco
Santander
SA
727,187
$
2,664
Bank
Hapoalim
BM
(e)
30,952
246
Bank
Leumi
Le-Israel
BM
(e)
39,604
303
Bank
Mandiri
Persero
Tbk
PT
19,572,100
7,712
Bank
of
East
Asia
Ltd/The
54,600
90
Banque
Cantonale
Vaudoise
1,262
113
Barclays
PLC
7,823,144
18,925
BNP
Paribas
SA
135,696
8,274
BOC
Hong
Kong
Holdings
Ltd
9,288,300
29,827
CaixaBank
SA
8,040,250
23,879
Chiba
Bank
Ltd/The
22,200
126
Commerzbank
AG
(e)
42,013
271
Commonwealth
Bank
of
Australia
74,397
5,454
Concordia
Financial
Group
Ltd
45,600
163
Credicorp
Ltd
(e)
70,068
7,074
Credit
Agricole
SA
48,925
682
Credit
Suisse
Group
AG
1,598,561
16,049
Danske
Bank
A/S
28,924
507
Deutsche
Bank
AG
(e)
86,671
1,093
DNB
Bank
ASA
(e)
39,008
799
Erste
Group
Bank
AG
11,715
454
Grupo
Financiero
Banorte
SAB
de
CV
5,512,049
35,660
Hang
Seng
Bank
Ltd
32,000
613
HSBC
Holdings
PLC
6,974,843
38,502
ING
Groep
NV
3,655,595
46,904
Intesa
Sanpaolo
SpA
692,600
1,913
Investec
PLC
5,725,746
21,753
Israel
Discount
Bank
Ltd
(e)
17,086
80
Japan
Post
Bank
Co
Ltd
16,900
143
KBC
Group
NV
10,483
844
Lloyds
Banking
Group
PLC
2,971,511
1,879
Mediobanca
Banca
di
Credito
Finanziario
SpA
26,043
305
Mitsubishi
UFJ
Financial
Group
Inc
512,500
2,707
Mizrahi
Tefahot
Bank
Ltd
(e)
2,943
89
Mizuho
Financial
Group
Inc
101,100
1,445
National
Australia
Bank
Ltd
138,266
2,637
Natwest
Group
PLC
132,739
373
Nordea
Bank
Abp
(e)
135,869
1,591
Oversea-Chinese
Banking
Corp
Ltd
140,700
1,273
Raiffeisen
Bank
International
AG
6,206
147
Resona
Holdings
Inc
89,500
336
Shizuoka
Bank
Ltd/The
18,700
135
Skandinaviska
Enskilda
Banken
AB
68,249
923
Societe
Generale
SA
33,996
996
Standard
Chartered
PLC
112,501
674
Sumitomo
Mitsui
Financial
Group
Inc
627,500
21,153
Sumitomo
Mitsui
Trust
Holdings
Inc
14,107
463
Svenska
Handelsbanken
AB
61,167
689
Swedbank
AB
243,652
4,745
UBS
Group
AG
153,739
2,533
UniCredit
SpA
4,085,023
48,862
United
Overseas
Bank
Ltd
1,927,600
37,267
Westpac
Banking
Corp
153,843
2,763
$
430,102
Beverages
-
1
.26
%
Anheuser-Busch
InBev
SA/NV
31,952
2,017
Asahi
Group
Holdings
Ltd
19,100
860
Carlsberg
AS
4,318
798
Coca-Cola
Europacific
Partners
PLC
238,784
14,819
Coca-Cola
HBC
AG
(e)
8,402
317
Heineken
NV
5,434
633
Kirin
Holdings
Co
Ltd
34,400
629
Pernod
Ricard
SA
81,733
18,039
Suntory
Beverage
&
Food
Ltd
5,800
203
$
38,315
Biotechnology
-
0
.01
%
Argenx
SE
(e)
960
293
Schedule
of
Investments
Overseas
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
160
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Building
Materials
-
0
.93
%
AGC
Inc
4,100
$
175
Cie
de
Saint-Gobain
21,220
1,517
CRH
PLC
32,921
1,645
HeidelbergCement
AG
3,120
277
Holcim
Ltd
(e)
416,655
24,425
Rinnai
Corp
700
65
TOTO
Ltd
2,100
109
Xinyi
Glass
Holdings
Ltd
76,000
284
$
28,497
Chemicals
-
2
.89
%
Air
Liquide
SA
9,931
1,727
Akzo
Nobel
NV
215,228
26,587
Arkema
SA
2,575
328
Asahi
Kasei
Corp
52,500
572
BASF
SE
408,667
32,113
Brenntag
SE
6,478
647
Covestro
AG
(f)
8,101
522
EMS-Chemie
Holding
AG
103
114
Evonik
Industries
AG
8,792
306
ICL
Group
Ltd
29,539
215
Johnson
Matthey
PLC
530,390
21,923
LANXESS
AG
3,483
252
Mitsubishi
Chemical
Holdings
Corp
27,000
227
Mitsubishi
Gas
Chemical
Co
Inc
6,600
137
Mitsui
Chemicals
Inc
7,700
246
Nippon
Sanso
Holdings
Corp
6,300
139
Nitto
Denko
Corp
6,300
468
Solvay
SA
3,107
415
Sumitomo
Chemical
Co
Ltd
22,000
115
Toray
Industries
Inc
58,100
383
Tosoh
Corp
10,900
191
Yara
International
ASA
7,308
385
$
88,012
Commercial
Services
-
2
.81
%
Adecco
Group
AG
6,497
389
Amadeus
IT
Group
SA
(e)
597,750
39,201
Atlantia
SpA
(e)
1,337,046
24,252
Dai
Nippon
Printing
Co
Ltd
9,700
229
Randstad
NV
5,014
364
RELX
PLC
347,455
10,213
RELX
PLC
336,675
10,000
Secom
Co
Ltd
3,000
227
Securitas
AB
13,130
231
SGS
SA
126
408
TOPPAN
INC
10,900
185
$
85,699
Computers
-
0
.06
%
Atos
SE
4,150
198
CyberArk
Software
Ltd
(e)
1,055
150
Fujitsu
Ltd
8,200
1,395
$
1,743
Consumer
Products
-
0
.04
%
Henkel
AG
&
Co
KGaA
4,356
396
Reckitt
Benckiser
Group
PLC
10,460
800
$
1,196
Cosmetics
&
Personal
Care
-
1
.00
%
Kao
Corp
10,100
608
Pigeon
Corp
1,600
46
Pola
Orbis
Holdings
Inc
2,500
60
Unilever
PLC
518,430
29,837
$
30,551
Distribution
&
Wholesale
-
0
.87
%
ITOCHU
Corp
32,300
956
Marubeni
Corp
65,700
559
Mitsubishi
Corp
34,600
971
Mitsui
&
Co
Ltd
64,900
1,490
Rexel
SA
(e)
1,023,929
21,617
Sumitomo
Corp
47,400
644
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Distribution
&
Wholesale
(continued)
Toyota
Tsusho
Corp
8,900
$
420
$
26,657
Diversified
Financial
Services
-
2
.33
%
Abrdn
Plc
91,516
361
Amundi
SA
(f)
2,548
235
ASX
Ltd
5,276
299
Daiwa
Securities
Group
Inc
60,500
318
Hargreaves
Lansdown
PLC
9,698
220
Julius
Baer
Group
Ltd
543,305
35,859
Mitsubishi
HC
Capital
Inc
27,600
151
Nomura
Holdings
Inc
128,700
644
ORIX
Corp
1,851,300
32,390
SBI
Holdings
Inc/Japan
10,200
244
Schroders
PLC
5,212
265
Tokyo
Century
Corp
1,600
88
$
71,074
Electric
-
3
.53
%
AGL
Energy
Ltd
26,126
138
AusNet
Services
Ltd
79,702
107
Chubu
Electric
Power
Co
Inc
27,000
324
CLP
Holdings
Ltd
68,500
706
E.ON
SE
61,199
752
EDP
-
Energias
de
Portugal
SA
116,411
604
EDP
Renovaveis
SA
4,228
99
Electricite
de
France
SA
19,500
237
Endesa
SA
13,318
324
Enel
SpA
4,036,503
37,199
Engie
SA
76,593
1,021
Fortum
Oyj
942,859
25,976
HK
Electric
Investments
&
HK
Electric
Investments
Ltd
111,000
113
Iberdrola
SA
248,290
2,988
Kansai
Electric
Power
Co
Inc/The
29,500
278
Mercury
NZ
Ltd
28,563
132
Meridian
Energy
Ltd
53,731
195
National
Grid
PLC
148,836
1,903
Origin
Energy
Ltd
73,856
223
Orsted
AS
(f)
3,965
588
Power
Assets
Holdings
Ltd
58,000
375
Red
Electrica
Corp
SA
18,152
360
RWE
AG
873,881
31,072
SSE
PLC
(a)
43,703
876
Terna
-
Rete
Elettrica
Nazionale
59,002
468
Tohoku
Electric
Power
Co
Inc
17,900
136
Tokyo
Electric
Power
Co
Holdings
Inc
(e)
63,900
170
Uniper
SE
3,837
150
$
107,514
Electrical
Components
&
Equipment
-
0
.45
%
ABB
Ltd
319,869
11,694
Brother
Industries
Ltd
9,800
199
Casio
Computer
Co
Ltd
8,100
132
Legrand
SA
3,924
442
Schneider
Electric
SE
7,908
1,325
$
13,792
Electronics
-
1
.19
%
Hirose
Electric
Co
Ltd
700
105
Kyocera
Corp
13,400
828
Murata
Manufacturing
Co
Ltd
425,300
35,294
Yokogawa
Electric
Corp
9,500
146
$
36,373
Engineering
&
Construction
-
3
.61
%
ACS
Actividades
de
Construccion
y
Servicios
SA
10,284
270
Aena
SME
SA
(e),(f)
134,521
21,422
Aeroports
de
Paris
(e)
808
98
Auckland
International
Airport
Ltd
(e)
26,247
132
Balfour
Beatty
PLC
1,320,441
5,561
Beijing
Capital
International
Airport
Co
Ltd
(e)
9,906,000
5,693
Bouygues
SA
9,580
369
CK
Infrastructure
Holdings
Ltd
5,360,000
32,358
Schedule
of
Investments
Overseas
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
161
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Engineering
&
Construction
(continued)
Eiffage
SA
3,492
$
356
Ferrovial
SA
13,092
389
Infrastrutture
Wireless
Italiane
SpA
(f)
7,046
80
Kajima
Corp
18,800
242
Keppel
Corp
Ltd
61,000
247
Lendlease
Corp
Ltd
28,864
259
Obayashi
Corp
27,200
222
Shimizu
Corp
23,100
170
Skanska
AB
14,265
403
Taisei
Corp
8,000
270
Vinci
SA
392,032
41,506
$
110,047
Entertainment
-
0
.67
%
Flutter
Entertainment
PLC
(e)
3,489
595
Genting
Singapore
Ltd
32,430,100
19,351
Tabcorp
Holdings
Ltd
92,975
339
$
20,285
Food
-
3
.58
%
Ajinomoto
Co
Inc
9,700
247
Associated
British
Foods
PLC
919,373
25,565
Carrefour
SA
44,782
832
Chocoladefabriken
Lindt
&
Spruengli
AG
-
PC
21
235
Chocoladefabriken
Lindt
&
Spruengli
AG
-
REG
2
232
Danone
SA
663,050
48,770
Etablissements
Franz
Colruyt
NV
2,283
130
ICA
Gruppen
AB
4,216
208
J
Sainsbury
PLC
69,964
275
Koninklijke
Ahold
Delhaize
NV
43,852
1,363
MEIJI
Holdings
Co
Ltd
5,100
316
Mowi
ASA
6,452
164
NH
Foods
Ltd
3,400
137
Nisshin
Seifun
Group
Inc
8,200
132
Nissin
Foods
Holdings
Co
Ltd
1,300
92
Ocado
Group
PLC
(e)
10,204
263
Orkla
ASA
31,496
286
Seven
&
i
Holdings
Co
Ltd
626,400
27,950
Tesco
PLC
324,231
1,050
Toyo
Suisan
Kaisha
Ltd
1,800
69
WH
Group
Ltd
(f)
401,500
333
Wm
Morrison
Supermarkets
PLC
101,051
376
$
109,025
Food
Service
-
1
.20
%
Compass
Group
PLC
(e)
1,725,302
36,456
Forest
Products
&
Paper
-
0
.09
%
Mondi
PLC
20,361
564
Oji
Holdings
Corp
34,200
197
Smurfit
Kappa
Group
PLC
10,276
580
Stora
Enso
Oyj
24,394
483
UPM-Kymmene
Oyj
22,382
915
$
2,739
Gas
-
1
.43
%
Centrica
PLC
(e)
35,036,481
22,109
Enagas
SA
10,436
240
Hong
Kong
&
China
Gas
Co
Ltd
468,300
762
Naturgy
Energy
Group
SA
12,197
315
Osaka
Gas
Co
Ltd
15,700
293
Snam
SpA
3,200,511
19,359
Toho
Gas
Co
Ltd
2,000
97
Tokyo
Gas
Co
Ltd
15,700
297
$
43,472
Hand
&
Machine
Tools
-
0
.01
%
Fuji
Electric
Co
Ltd
5,300
232
Healthcare
-
Products
-
0
.09
%
Alcon
Inc
10,476
763
EssilorLuxottica
SA
7,777
1,468
Smith
&
Nephew
PLC
23,907
488
$
2,719
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Healthcare
-
Services
-
0
.06
%
Fresenius
Medical
Care
AG
&
Co
KGaA
8,601
$
678
Fresenius
SE
&
Co
KGaA
17,534
921
Ryman
Healthcare
Ltd
17,822
164
$
1,763
Holding
Companies
-
Diversified
-
0
.05
%
CK
Hutchison
Holdings
Ltd
113,000
826
Jardine
Matheson
Holdings
Ltd
8,995
535
Swire
Pacific
Ltd
20,500
127
$
1,488
Home
Builders
-
0
.10
%
Barratt
Developments
PLC
42,703
417
Berkeley
Group
Holdings
PLC
5,148
347
Daiwa
House
Industry
Co
Ltd
23,700
727
Iida
Group
Holdings
Co
Ltd
6,100
147
Persimmon
PLC
13,380
540
Sekisui
Chemical
Co
Ltd
15,900
274
Sekisui
House
Ltd
(a)
25,800
511
$
2,963
Home
Furnishings
-
0
.04
%
Hoshizaki
Corp
1,100
92
Panasonic
Corp
92,500
1,117
$
1,209
Insurance
-
6
.57
%
Admiral
Group
PLC
8,086
382
Aegon
NV
75,037
319
Ageas
SA/NV
7,342
388
Allianz
SE
17,288
4,297
Assicurazioni
Generali
SpA
46,263
922
Aviva
PLC
164,750
885
AXA
SA
2,342,287
60,658
Baloise
Holding
AG
1,943
306
CNP
Assurances
7,198
122
Dai-ichi
Life
Holdings
Inc
42,900
790
Direct
Line
Insurance
Group
PLC
57,222
237
Gjensidige
Forsikring
ASA
8,386
192
Hannover
Rueck
SE
2,528
425
Insurance
Australia
Group
Ltd
103,374
369
Japan
Post
Holdings
Co
Ltd
(e)
66,000
560
Japan
Post
Insurance
Co
Ltd
9,400
167
Legal
&
General
Group
PLC
250,243
907
M&G
PLC
109,028
341
MS&AD
Insurance
Group
Holdings
Inc
18,600
575
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
3,820
1,031
NN
Group
NV
11,774
585
Phoenix
Group
Holdings
PLC
27,220
257
Prudential
PLC
2,657,842
49,912
QBE
Insurance
Group
Ltd
61,860
496
Sampo
Oyj
515,317
24,801
SCOR
SE
6,648
186
Sompo
Holdings
Inc
398,100
16,458
Suncorp
Group
Ltd
53,702
456
Swiss
Life
Holding
AG
1,341
692
Swiss
Re
AG
12,647
1,147
T&D
Holdings
Inc
22,500
288
Tokio
Marine
Holdings
Inc
26,400
1,258
Tryg
A/S
15,098
373
Zurich
Insurance
Group
AG
72,578
29,261
$
200,043
Internet
-
0
.04
%
Just
Eat
Takeaway.com
NV
(e),(f)
4,885
434
Rakuten
Group
Inc
12,700
140
Trend
Micro
Inc/Japan
1,900
99
United
Internet
AG
4,068
168
Wix.com
Ltd
(e)
1,166
348
Z
Holdings
Corp
38,900
195
$
1,384
Schedule
of
Investments
Overseas
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
162
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Investment
Companies
-
0
.05
%
BGP
Holdings
PLC
(e),(g)
738,711
$
—
EXOR
NV
4,547
373
Groupe
Bruxelles
Lambert
SA
4,736
551
Industrivarden
AB
-
A
Shares
4,480
179
Industrivarden
AB
-
C
Shares
6,696
256
L
E
Lundbergforetagen
AB
2,070
148
$
1,507
Iron
&
Steel
-
0
.65
%
ArcelorMittal
SA
499,799
17,456
Evraz
PLC
21,382
183
Fortescue
Metals
Group
Ltd
71,013
1,297
Hitachi
Metals
Ltd
4,400
86
JFE
Holdings
Inc
20,600
250
Nippon
Steel
Corp
35,800
621
$
19,893
Leisure
Products
&
Services
-
0
.01
%
Yamaha
Corp
1,900
105
Yamaha
Motor
Co
Ltd
11,700
293
$
398
Lodging
-
1
.99
%
Accor
SA
(e)
718,761
25,437
City
Developments
Ltd
17,000
86
Galaxy
Entertainment
Group
Ltd
(e)
31,000
210
Melco
Resorts
&
Entertainment
Ltd
ADR
(e)
9,001
125
Sands
China
Ltd
(e)
4,202,800
14,315
SJM
Holdings
Ltd
(e)
22,541,083
20,330
Whitbread
PLC
(e)
5,503
233
$
60,736
Machinery
-
Construction
&
Mining
-
0
.11
%
Hitachi
Construction
Machinery
Co
Ltd
4,500
127
Hitachi
Ltd
26,300
1,513
Mitsubishi
Electric
Corp
76,500
1,038
Mitsubishi
Heavy
Industries
Ltd
13,400
387
Siemens
Energy
AG
(e)
8,379
228
$
3,293
Machinery
-
Diversified
-
1
.64
%
FANUC
Corp
114,100
25,555
KION
Group
AG
218,690
23,224
Kone
Oyj
4,988
413
Kubota
Corp
28,100
588
Omron
Corp
2,800
239
$
50,019
Media
-
0
.73
%
Bollore
SA
37,064
207
Informa
PLC
(e)
3,002,463
20,631
Pearson
PLC
31,606
381
Vivendi
SE
29,842
1,008
$
22,227
Metal
Fabrication
&
Hardware
-
0
.02
%
NSK
Ltd
16,100
133
SKF
AB
16,003
426
$
559
Mining
-
0
.49
%
Anglo
American
PLC
54,304
2,406
BHP
Group
Ltd
80,299
3,154
BHP
Group
PLC
88,569
2,867
Boliden
AB
(e)
11,469
447
Norsk
Hydro
ASA
56,396
375
Rio
Tinto
Ltd
15,567
1,526
Rio
Tinto
PLC
47,063
3,998
Sumitomo
Metal
Mining
Co
Ltd
3,700
150
$
14,923
Miscellaneous
Manufacturers
-
1
.67
%
Alstom
SA
(a)
434,417
18,018
Siemens
AG
208,244
32,493
Smiths
Group
PLC
16,621
359
$
50,870
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Office
&
Business
Equipment
-
0
.07
%
Canon
Inc
41,900
$
965
FUJIFILM
Holdings
Corp
15,000
1,077
Seiko
Epson
Corp
11,700
201
$
2,243
Oil
&
Gas
-
5
.67
%
BP
PLC
7,317,650
29,373
DCC
PLC
336,527
28,175
Ecopetrol
SA
ADR
(a)
2,223,130
30,035
ENEOS
Holdings
Inc
128,610
540
Eni
SpA
105,840
1,252
Equinor
ASA
40,983
798
Galp
Energia
SGPS
SA
21,020
205
Idemitsu
Kosan
Co
Ltd
8,700
205
Inpex
Corp
42,900
304
Lundin
Energy
AB
1,044,300
32,556
Neste
Oyj
8,869
545
OMV
AG
6,175
334
Repsol
SA
62,462
684
Royal
Dutch
Shell
PLC
-
A
Shares
171,986
3,457
Royal
Dutch
Shell
PLC
-
B
Shares
155,419
3,071
Santos
Ltd
27,516
130
TotalEnergies
SE
926,203
40,389
Woodside
Petroleum
Ltd
40,351
648
$
172,701
Pharmaceuticals
-
8
.58
%
Astellas
Pharma
Inc
78,000
1,242
AstraZeneca
PLC
230,634
26,502
Bayer
AG
285,790
17,027
Daiichi
Sankyo
Co
Ltd
24,900
493
GlaxoSmithKline
PLC
1,689,706
33,362
Hisamitsu
Pharmaceutical
Co
Inc
1,100
48
Medipal
Holdings
Corp
7,600
143
Novartis
AG
568,913
52,612
Orion
Oyj
4,449
189
Otsuka
Holdings
Co
Ltd
16,300
648
Roche
Holding
AG
94,306
36,432
Sanofi
467,172
48,154
Santen
Pharmaceutical
Co
Ltd
15,100
205
Shionogi
&
Co
Ltd
11,100
585
Sumitomo
Dainippon
Pharma
Co
Ltd
7,500
130
Taisho
Pharmaceutical
Holdings
Co
Ltd
1,400
78
Takeda
Pharmaceutical
Co
Ltd
1,276,200
42,480
Teva
Pharmaceutical
Industries
Ltd
ADR
(e)
45,982
444
UCB
SA
5,301
573
$
261,347
Pipelines
-
1
.55
%
APA
Group
17,316
122
Enbridge
Inc
877,100
34,575
Koninklijke
Vopak
NV
295,758
12,523
$
47,220
Private
Equity
-
0
.02
%
3i
Group
PLC
26,527
471
Real
Estate
-
2
.51
%
Aroundtown
SA
27,232
213
Azrieli
Group
Ltd
1,778
142
CapitaLand
Ltd
110,500
328
CK
Asset
Holdings
Ltd
84,500
575
Daito
Trust
Construction
Co
Ltd
2,700
317
Hang
Lung
Properties
Ltd
84,000
217
Henderson
Land
Development
Co
Ltd
60,438
270
Hongkong
Land
Holdings
Ltd
5,403,375
24,515
Hulic
Co
Ltd
5,600
64
Mitsubishi
Estate
Co
Ltd
49,500
777
Mitsui
Fudosan
Co
Ltd
1,006,940
23,550
New
World
Development
Co
Ltd
63,451
301
Nomura
Real
Estate
Holdings
Inc
4,800
119
Sino
Land
Co
Ltd
138,000
211
Sumitomo
Realty
&
Development
Co
Ltd
12,900
420
Sun
Hung
Kai
Properties
Ltd
54,383
778
Schedule
of
Investments
Overseas
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
163
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Real
Estate
(continued)
Swire
Properties
Ltd
7,488,000
$
21,297
Swiss
Prime
Site
AG
3,185
339
UOL
Group
Ltd
9,700
52
Vonovia
SE
22,544
1,501
Wharf
Real
Estate
Investment
Co
Ltd
69,000
390
$
76,376
REITs
-
0
.27
%
Ascendas
Real
Estate
Investment
Trust
67,400
155
British
Land
Co
PLC/The
36,918
261
CapitaLand
Integrated
Commercial
Trust
189,908
301
Covivio
2,180
205
Daiwa
House
REIT
Investment
Corp
82
244
Dexus/AU
45,544
344
Gecina
SA
1,924
305
GLP
J-Reit
(e)
172
308
GPT
Group/The
81,686
280
Japan
Metropolitan
Fund
Invest
292
306
Japan
Real
Estate
Investment
Corp
52
327
Klepierre
SA
8,654
209
Land
Securities
Group
PLC
29,539
291
Link
REIT
87,200
833
Mirvac
Group
165,122
347
Nippon
Building
Fund
Inc
62
401
Nippon
Prologis
REIT
Inc
86
287
Nomura
Real
Estate
Master
Fund
Inc
177
281
Orix
JREIT
Inc
109
208
Scentre
Group
217,659
416
Segro
PLC
49,968
845
Stockland
100,103
324
Unibail-Rodamco-Westfield
(e)
5,227
435
United
Urban
Investment
Corp
124
182
Vicinity
Centres
162,266
185
$
8,280
Retail
-
2
.21
%
ABC-Mart
Inc
1,300
72
Chow
Tai
Fook
Jewellery
Group
Ltd
83,800
176
Cie
Financiere
Richemont
SA
191,859
24,552
E-MART
Inc
130,232
19,102
Kingfisher
PLC
88,514
455
Lawson
Inc
2,100
105
Ryohin
Keikaku
Co
Ltd
5,200
105
Swatch
Group
AG/The
-
BR
1,212
404
Swatch
Group
AG/The
-
REG
2,205
143
USS
Co
Ltd
5,900
103
WH
Smith
PLC
(e)
980,844
22,122
Yamada
Holdings
Co
Ltd
28,500
135
$
67,474
Semiconductors
-
2
.92
%
Infineon
Technologies
AG
203,906
7,792
Rohm
Co
Ltd
1,200
117
Samsung
Electronics
Co
Ltd
725,253
49,561
SK
Hynix
Inc
323,185
31,639
$
89,109
Shipbuilding
-
0
.01
%
Wartsila
OYJ
Abp
12,904
194
Software
-
1
.41
%
Sage
Group
PLC/The
29,879
291
SAP
SE
298,063
42,776
$
43,067
Telecommunications
-
1
.30
%
BT
Group
PLC
(e)
374,296
902
Deutsche
Telekom
AG
90,852
1,886
Elisa
Oyj
2,981
192
Eutelsat
Communications
SA
1,853,008
20,163
HKT
Trust
&
HKT
Ltd
158,000
215
KDDI
Corp
67,600
2,067
Koninklijke
KPN
NV
(a)
141,000
463
Nippon
Telegraph
&
Telephone
Corp
53,900
1,380
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Telecommunications
(continued)
Nokia
OYJ
(e)
226,102
$
1,389
Orange
SA
83,662
931
Proximus
SADP
6,377
131
Singapore
Telecommunications
Ltd
225,200
377
SoftBank
Corp
120,300
1,571
SoftBank
Group
Corp
34,200
2,151
Spark
New
Zealand
Ltd
77,658
256
Swisscom
AG
1,085
652
Tele2
AB
21,002
309
Telecom
Italia
SpA/Milano
417,851
183
Telecom
Italia
SpA/Milano
-
RSP
252,777
118
Telefonica
Deutschland
Holding
AG
43,658
118
Telefonica
SA
219,005
1,002
Telenor
ASA
29,343
509
Telia
Co
AB
111,475
489
Telstra
Corp
Ltd
174,562
486
Vodafone
Group
PLC
1,125,308
1,809
$
39,749
Transportation
-
0
.23
%
AP
Moller
-
Maersk
A/S
-
B
89
247
Aurizon
Holdings
Ltd
77,774
221
Central
Japan
Railway
Co
6,000
873
Deutsche
Post
AG
41,567
2,817
East
Japan
Railway
Co
8,300
553
Getlink
SE
6,457
103
Hankyu
Hanshin
Holdings
Inc
9,500
281
Keisei
Electric
Railway
Co
Ltd
1,900
57
Kintetsu
Group
Holdings
Co
Ltd
(e)
2,600
88
MTR
Corp
Ltd
64,500
382
Nippon
Express
Co
Ltd
3,200
234
Nippon
Yusen
KK
6,700
362
Odakyu
Electric
Railway
Co
Ltd
4,500
107
Poste
Italiane
SpA
(f)
21,908
290
Tokyu
Corp
10,600
142
West
Japan
Railway
Co
4,500
244
$
7,001
Water
-
0
.92
%
Severn
Trent
PLC
10,016
389
Suez
SA
14,492
338
United
Utilities
Group
PLC
28,594
426
Veolia
Environnement
SA
817,768
26,821
$
27,974
TOTAL
COMMON
STOCKS
$
2,973,632
PREFERRED
STOCKS
-
0
.21
%
Shares
Held
Value
(000's)
Automobile
Manufacturers
-
0
.18
%
Bayerische
Motoren
Werke
AG
1.92%
2,384
$
205
Porsche
Automobil
Holding
SE
2.21%
3,210
347
Volkswagen
AG
4.86%
20,443
4,980
$
5,532
Chemicals
-
0
.00
%
FUCHS
PETROLUB
SE
0.99%
1,021
51
Consumer
Products
-
0
.03
%
Henkel
AG
&
Co
KGaA
1.85%
7,470
757
TOTAL
PREFERRED
STOCKS
$
6,340
CONVERTIBLE
BONDS
-
0
.13
%
Principal
Amount
(000's)
Value
(000's)
Banks
-
0
.13
%
Credit
Suisse
Group
Guernsey
VII
Ltd
3.00%,
11/12/2021
(a),(f)
CHF
545
$
635
3.00%,
11/12/2021
(f),(h)
3,000
3,494
$
4,129
TOTAL
CONVERTIBLE
BONDS
$
4,129
Total
Investments
$
3,069,404
Other
Assets
and
Liabilities
- (0.74)%
(
22,576
)
TOTAL
NET
ASSETS
-
100.00%
$
3,046,828
Schedule
of
Investments
Overseas
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
164
(a)
Security
or
a
portion
of
the
security
was
on
loan. At
the
end
of
the
period,
the
value
of
these
securities
totaled
$26,921
or
0.88%
of
net
assets.
(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
$28,498
or
0.94%
of
net
assets.
(d)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(e)
Non-income
producing
security
(f)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$28,240
or
0.93%
of
net
assets.
(g)
The
value
of
these
investments
was
determined
using
significant
unobservable
inputs,
in
good
faith
by
the
Manager,
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Directors.
(h)
Restricted
Security.
Please
see
Restricted
Securities
sub-schedule
for
additional
information.
Portfolio
Summary (unaudited)
Location
Percent
United
Kingdom
18
.18
%
France
15
.98
%
Japan
11
.86
%
Germany
9
.27
%
Switzerland
7
.85
%
Hong
Kong
4
.52
%
Italy
4
.43
%
Spain
3
.83
%
Korea,
Republic
Of
3
.30
%
Netherlands
3
.18
%
United
States
2
.80
%
Canada
2
.62
%
Singapore
1
.94
%
Finland
1
.88
%
Ireland
1
.56
%
Sweden
1
.38
%
Mexico
1
.17
%
Colombia
0
.99
%
Australia
0
.91
%
South
Africa
0
.71
%
Luxembourg
0
.58
%
Macao
0
.47
%
Indonesia
0
.25
%
Peru
0
.23
%
China
0
.19
%
Belgium
0
.16
%
Guernsey
0
.13
%
Norway
0
.13
%
Denmark
0
.08
%
Israel
0
.06
%
Austria
0
.04
%
New
Zealand
0
.03
%
Portugal
0
.03
%
Other
Assets
and
Liabilities
(
0
.74
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
32,634
$
1,600,243
$
1,566,845
$
66,032
$
32,634
$
1,600,243
$
1,566,845
$
66,032
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.
Restricted
Securities
Security
Name
Acquisition
Date
Cost
Value
Percent
of
Net
Assets
Credit
Suisse
Group
Guernsey
VII
Ltd
3.00%,
11/12/2021
04/23/2021
$
3,285
$
3,494
0.11%
Total
$
3,494
0.11%
Amounts
in
thousands.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
eMini
MSCI
EAFE;
September
2021
Long
135
$
15,656
$
(
5
)
Total
$
(
5
)
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
Principal
Capital
Appreciation
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
165
INVESTMENT
COMPANIES
-
0
.97
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0
.97
%
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c)
21,805,132
$
21,805
TOTAL
INVESTMENT
COMPANIES
$
21,805
COMMON
STOCKS
-
98
.42
%
Shares
Held
Value
(000's)
Aerospace
&
Defense
-
0
.20
%
Teledyne
Technologies
Inc
(b)
10,021
$
4,537
Apparel
-
2
.16
%
Deckers
Outdoor
Corp
(b)
86,289
35,452
NIKE
Inc
79,530
13,322
$
48,774
Automobile
Manufacturers
-
1
.05
%
PACCAR
Inc
286,506
23,777
Banks
-
3
.74
%
JPMorgan
Chase
&
Co
370,876
56,291
PNC
Financial
Services
Group
Inc/The
153,959
28,084
$
84,375
Beverages
-
1
.73
%
Keurig
Dr
Pepper
Inc
775,123
27,292
PepsiCo
Inc
75,171
11,798
$
39,090
Chemicals
-
1
.44
%
Air
Products
and
Chemicals
Inc
48,632
14,153
FMC
Corp
172,271
18,425
$
32,578
Commercial
Services
-
0
.98
%
PayPal
Holdings
Inc
(b)
80,563
22,198
Computers
-
5
.13
%
Apple
Inc
792,934
115,657
Consumer
Products
-
0
.98
%
Church
&
Dwight
Co
Inc
254,139
22,003
Diversified
Financial
Services
-
6
.01
%
Ameriprise
Financial
Inc
67,066
17,274
BlackRock
Inc
25,263
21,907
Charles
Schwab
Corp/The
413,560
28,101
Discover
Financial
Services
165,598
20,587
Nasdaq
Inc
120,868
22,570
Visa
Inc
102,492
25,253
$
135,692
Electric
-
2
.51
%
NextEra
Energy
Inc
496,668
38,691
Xcel
Energy
Inc
262,550
17,919
$
56,610
Electronics
-
1
.33
%
Honeywell
International
Inc
128,652
30,078
Environmental
Control
-
1
.00
%
Republic
Services
Inc
190,598
22,559
Food
-
0
.38
%
McCormick
&
Co
Inc/MD
101,506
8,544
Healthcare
-
Products
-
5
.03
%
Abbott
Laboratories
371,610
44,957
Edwards
Lifesciences
Corp
(b)
145,758
16,364
Medtronic
PLC
129,994
17,070
Thermo
Fisher
Scientific
Inc
64,870
35,031
$
113,422
Healthcare
-
Services
-
2
.22
%
UnitedHealth
Group
Inc
93,365
38,487
Universal
Health
Services
Inc
72,679
11,658
$
50,145
Insurance
-
2
.28
%
Chubb
Ltd
26,036
4,393
Fidelity
National
Financial
Inc
101,852
4,544
Marsh
&
McLennan
Cos
Inc
177,964
26,200
Progressive
Corp/The
172,378
16,403
$
51,540
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Internet
-
10
.45
%
Alphabet
Inc
-
A
Shares
(b)
33,245
$
89,580
Amazon.com
Inc
(b)
22,006
73,227
Facebook
Inc
(b)
157,964
56,282
Netflix
Inc
(b)
21,537
11,147
Pinterest
Inc
(b)
94,284
5,553
$
235,789
Machinery
-
Construction
&
Mining
-
0
.94
%
Epiroc
AB
-
A
Shares
913,980
21,291
Machinery
-
Diversified
-
1
.13
%
Deere
&
Co
70,714
25,570
Media
-
2
.19
%
Comcast
Corp
-
Class
A
569,055
33,478
Nexstar
Media
Group
Inc
76,817
11,297
Walt
Disney
Co/The
(b)
25,706
4,525
$
49,300
Oil
&
Gas
-
2
.81
%
Chevron
Corp
565,315
57,554
Valero
Energy
Corp
85,930
5,755
$
63,309
Packaging
&
Containers
-
0
.87
%
Ball
Corp
241,551
19,537
Pharmaceuticals
-
6
.47
%
Becton
Dickinson
and
Co
22,545
5,766
Bristol-Myers
Squibb
Co
299,065
20,297
Dexcom
Inc
(b)
16,647
8,582
Eli
Lilly
&
Co
106,218
25,864
Johnson
&
Johnson
158,427
27,281
Merck
&
Co
Inc
401,901
30,894
Pfizer
Inc
326,064
13,959
Roche
Holding
AG
ADR
274,554
13,250
$
145,893
REITs
-
3
.43
%
Alexandria
Real
Estate
Equities
Inc
107,081
21,560
American
Tower
Corp
64,806
18,327
Extra
Space
Storage
Inc
117,713
20,498
Prologis
Inc
132,825
17,007
$
77,392
Retail
-
8
.78
%
Costco
Wholesale
Corp
124,410
53,461
Home
Depot
Inc/The
71,690
23,528
Lululemon
Athletica
Inc
(b)
52,407
20,972
O'Reilly
Automotive
Inc
(b)
34,160
20,627
Starbucks
Corp
165,825
20,136
Target
Corp
123,696
32,291
Tractor
Supply
Co
149,174
26,990
$
198,005
Semiconductors
-
5
.46
%
Broadcom
Inc
72,764
35,320
Lam
Research
Corp
45,708
29,135
Microchip
Technology
Inc
118,163
16,911
NVIDIA
Corp
117,876
22,984
Taiwan
Semiconductor
Manufacturing
Co
Ltd
ADR
161,280
18,812
$
123,162
Software
-
13
.44
%
Adobe
Inc
(b)
93,029
57,830
Black
Knight
Inc
(b)
131,756
10,911
Fair
Isaac
Corp
(b)
47,187
24,722
Fidelity
National
Information
Services
Inc
30,262
4,510
Microsoft
Corp
478,308
136,275
Roper
Technologies
Inc
36,554
17,960
salesforce.com
Inc
(b)
117,716
28,479
ServiceNow
Inc
(b)
38,256
22,490
$
303,177
Telecommunications
-
1
.97
%
T-Mobile
US
Inc
(b)
261,147
37,611
Verizon
Communications
Inc
122,303
6,822
$
44,433
Schedule
of
Investments
Principal
Capital
Appreciation
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
166
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Transportation
-
2
.31
%
Expeditors
International
of
Washington
Inc
214,490
$
27,508
Union
Pacific
Corp
112,303
24,568
$
52,076
TOTAL
COMMON
STOCKS
$
2,220,513
Total
Investments
$
2,242,318
Other
Assets
and
Liabilities
- 0.61%
13,757
TOTAL
NET
ASSETS
-
100.00%
$
2,256,075
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
Non-income
producing
security
(c)
Current
yield
shown
is
as
of
period
end.
Portfolio
Summary (unaudited)
Sector
Percent
Technology
24
.03
%
Consumer,
Non-cyclical
17
.79
%
Financial
15
.46
%
Communications
14
.61
%
Consumer,
Cyclical
11
.99
%
Industrial
7
.78
%
Energy
2
.81
%
Utilities
2
.51
%
Basic
Materials
1
.44
%
Money
Market
Funds
0
.97
%
Other
Assets
and
Liabilities
0
.61
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
31,622
$
322,116
$
331,933
$
21,805
$
31,622
$
322,116
$
331,933
$
21,805
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
Principal
LifeTime
2010
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
167
INVESTMENT
COMPANIES
-
100
.01
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
58
.14
%
Blue
Chip
Fund
(a)
681,787
$
28,771
Core
Fixed
Income
Fund
(a)
25,702,004
260,618
Diversified
International
Fund
(a)
2,313,408
37,200
Diversified
Real
Asset
Fund
(a)
935,907
12,579
International
Small
Company
Fund
(a)
603,071
8,003
LargeCap
Growth
Fund
I
(a)
1,120,989
27,083
MidCap
Fund
(a),(b)
305,327
12,995
MidCap
Value
Fund
I
(a)
701,980
13,050
Origin
Emerging
Markets
Fund
(a)
758,912
10,663
SmallCap
Growth
Fund
I
(a)
326,415
6,430
SmallCap
Value
Fund
II
(a)
494,749
6,827
$
424,219
Principal
Funds,
Inc.
Institutional
Class
-
41
.87
%
Equity
Income
Fund
(a)
633,137
25,724
High
Income
Fund
(a)
5,248,489
49,546
Inflation
Protection
Fund
(a)
3,302,164
32,460
LargeCap
S&P
500
Index
Fund
(a)
645,844
16,411
LargeCap
Value
Fund
III
(a)
1,287,990
25,940
Overseas
Fund
(a)
2,149,630
24,140
Short-Term
Income
Fund
(a)
10,579,731
131,295
$
305,516
TOTAL
INVESTMENT
COMPANIES
$
729,735
Total
Investments
$
729,735
Other
Assets
and
Liabilities
- (0.01)%
(
77
)
TOTAL
NET
ASSETS
-
100.00%
$
729,658
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
Non-income
producing
security
Portfolio
Summary (unaudited)
Fund
Type
Percent
Fixed
Income
Funds
70
.05
%
Domestic
Equity
Funds
22
.37
%
International
Equity
Funds
5
.87
%
Specialty
Funds
1
.72
%
Other
Assets
and
Liabilities
(
0
.01
)
%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Principal
LifeTime
2010
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
168
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
42,164
$
1,876
$
24,505
$
28,771
Bond
Market
Index
Fund
37,554
—
37,727
—
Core
Fixed
Income
Fund
240,715
54,982
33,340
260,618
Diversified
International
Fund
34,471
1,180
7,175
37,200
Diversified
Real
Asset
Fund
11,439
474
1,942
12,579
Equity
Income
Fund
27,613
9,225
18,218
25,724
High
Income
Fund
46,354
6,397
5,475
49,546
Inflation
Protection
Fund
32,075
2,313
3,729
32,460
International
Small
Company
Fund
9,179
261
3,731
8,003
LargeCap
Growth
Fund
I
—
25,247
1,563
27,083
LargeCap
S&P
500
Index
Fund
35,951
6,408
31,921
16,411
LargeCap
Value
Fund
III
—
24,084
1,564
25,940
MidCap
Fund
18,736
525
11,296
12,995
MidCap
Value
Fund
I
7,055
3,535
1,238
13,050
Origin
Emerging
Markets
Fund
—
11,073
903
10,663
Overseas
Fund
21,641
879
6,319
24,140
Short-Term
Income
Fund
134,406
13,740
15,611
131,295
SmallCap
Growth
Fund
I
6,846
719
2,999
6,430
SmallCap
Value
Fund
II
3,587
1,627
507
6,827
$
709,786
$
164,545
$
209,763
$
729,735
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Blue
Chip
Fund
$
229
$
1,943
$
1,173
$
7,293
Bond
Market
Index
Fund
—
3,570
—
(
3,397
)
Core
Fixed
Income
Fund
4,516
(
23
)
—
(
1,716
)
Diversified
International
Fund
424
(
721
)
—
9,445
Diversified
Real
Asset
Fund
70
294
—
2,314
Equity
Income
Fund
268
2,493
—
4,611
High
Income
Fund
1,928
(
64
)
—
2,334
Inflation
Protection
Fund
155
144
—
1,657
International
Small
Company
Fund
99
512
—
1,782
LargeCap
Growth
Fund
I
244
(
6
)
731
3,405
LargeCap
S&P
500
Index
Fund
1,009
13,917
1,854
(
7,944
)
LargeCap
Value
Fund
III
235
72
—
3,348
MidCap
Fund
—
5,602
219
(
572
)
MidCap
Value
Fund
I
139
73
—
3,625
Origin
Emerging
Markets
Fund
70
27
—
466
Overseas
Fund
437
927
—
7,012
Short-Term
Income
Fund
1,847
(
7
)
204
(
1,233
)
SmallCap
Growth
Fund
I
87
1,342
308
522
SmallCap
Value
Fund
II
35
46
—
2,074
$
11,792
$
30,141
$
4,489
$
35,026
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
2015
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
169
INVESTMENT
COMPANIES
-
100
.01
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
59
.93
%
Blue
Chip
Fund
(a)
434,326
$
18,329
Core
Fixed
Income
Fund
(a)
12,226,167
123,973
Diversified
International
Fund
(a)
1,555,506
25,012
Diversified
Real
Asset
Fund
(a)
433,584
5,827
International
Small
Company
Fund
(a)
407,811
5,412
LargeCap
Growth
Fund
I
(a)
735,938
17,780
MidCap
Fund
(a),(b)
195,929
8,339
MidCap
Value
Fund
I
(a)
454,346
8,446
Origin
Emerging
Markets
Fund
(a)
497,710
6,993
SmallCap
Growth
Fund
I
(a)
210,700
4,151
SmallCap
Value
Fund
II
(a)
318,478
4,395
$
228,657
Principal
Funds,
Inc.
Institutional
Class
-
40
.08
%
Equity
Income
Fund
(a)
409,711
16,647
High
Income
Fund
(a)
2,433,909
22,976
Inflation
Protection
Fund
(a)
1,609,414
15,821
LargeCap
S&P
500
Index
Fund
(a)
446,475
11,345
LargeCap
Value
Fund
III
(a)
833,429
16,785
Overseas
Fund
(a)
1,342,428
15,075
Short-Term
Income
Fund
(a)
4,371,542
54,251
$
152,900
TOTAL
INVESTMENT
COMPANIES
$
381,557
Total
Investments
$
381,557
Other
Assets
and
Liabilities
- (0.01)%
(
40
)
TOTAL
NET
ASSETS
-
100.00%
$
381,517
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
Non-income
producing
security
Portfolio
Summary (unaudited)
Fund
Type
Percent
Fixed
Income
Funds
63
.44
%
Domestic
Equity
Funds
27
.84
%
International
Equity
Funds
7
.20
%
Specialty
Funds
1
.53
%
Other
Assets
and
Liabilities
(
0
.01
)
%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Principal
LifeTime
2015
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
170
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
12,941
$
2,976
$
2,161
$
18,329
Bond
Market
Index
Fund
16,027
—
16,101
—
Core
Fixed
Income
Fund
110,478
34,496
20,214
123,973
Diversified
International
Fund
22,055
2,255
4,971
25,012
Diversified
Real
Asset
Fund
5,127
823
1,323
5,827
Equity
Income
Fund
9,002
6,172
2,013
16,647
High
Income
Fund
20,068
5,242
3,335
22,976
Inflation
Protection
Fund
15,005
2,347
2,407
15,821
International
Small
Company
Fund
6,125
487
2,749
5,412
LargeCap
Growth
Fund
I
12,858
3,757
2,393
17,780
LargeCap
S&P
500
Index
Fund
22,056
2,617
17,274
11,345
LargeCap
Value
Fund
III
8,549
6,230
1,681
16,785
MidCap
Fund
10,889
868
6,429
8,339
MidCap
Value
Fund
I
6,024
1,008
1,286
8,446
Origin
Emerging
Markets
Fund
—
7,574
900
6,993
Overseas
Fund
14,082
1,323
5,522
15,075
Short-Term
Income
Fund
53,586
9,663
8,493
54,251
SmallCap
Growth
Fund
I
4,706
548
2,386
4,151
SmallCap
Value
Fund
II
2,466
1,037
531
4,395
$
352,044
$
89,423
$
102,169
$
381,557
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Blue
Chip
Fund
$
79
$
63
$
405
$
4,510
Bond
Market
Index
Fund
—
1,492
—
(
1,418
)
Core
Fixed
Income
Fund
2,131
(
37
)
—
(
750
)
Diversified
International
Fund
280
455
—
5,218
Diversified
Real
Asset
Fund
32
(
17
)
—
1,217
Equity
Income
Fund
184
41
—
3,445
High
Income
Fund
880
(
22
)
—
1,023
Inflation
Protection
Fund
74
9
—
867
International
Small
Company
Fund
67
355
—
1,194
LargeCap
Growth
Fund
I
271
5
812
3,553
LargeCap
S&P
500
Index
Fund
514
10,699
945
(
6,753
)
LargeCap
Value
Fund
III
191
54
—
3,633
MidCap
Fund
—
3,321
130
(
310
)
MidCap
Value
Fund
I
102
94
—
2,606
Origin
Emerging
Markets
Fund
46
27
—
292
Overseas
Fund
283
640
—
4,552
Short-Term
Income
Fund
755
(
7
)
83
(
498
)
SmallCap
Growth
Fund
I
58
1,288
205
(
5
)
SmallCap
Value
Fund
II
24
40
—
1,383
$
5,971
$
18,500
$
2,580
$
23,759
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
2020
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
171
INVESTMENT
COMPANIES
-
100
.01
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
61
.96
%
Blue
Chip
Fund
(a)
5,281,333
$
222,872
Core
Fixed
Income
Fund
(a)
110,091,518
1,116,328
Diversified
International
Fund
(a)
18,444,727
296,591
Diversified
Real
Asset
Fund
(a)
4,095,276
55,041
International
Small
Company
Fund
(a)
4,910,118
65,157
LargeCap
Growth
Fund
I
(a)
8,945,062
216,113
MidCap
Fund
(a),(b)
2,367,070
100,743
MidCap
Value
Fund
I
(a)
5,487,447
102,012
Origin
Emerging
Markets
Fund
(a)
6,061,715
85,167
SmallCap
Growth
Fund
I
(a)
2,555,494
50,343
SmallCap
Value
Fund
II
(a)
3,874,861
53,473
$
2,363,840
Principal
Funds,
Inc.
Institutional
Class
-
38
.05
%
Equity
Income
Fund
(a)
4,978,250
202,266
High
Income
Fund
(a)
20,642,776
194,868
Inflation
Protection
Fund
(a)
14,816,823
145,649
LargeCap
S&P
500
Index
Fund
(a)
5,791,399
147,159
LargeCap
Value
Fund
III
(a)
10,130,740
204,033
Overseas
Fund
(a)
17,021,691
191,154
Short-Term
Income
Fund
(a)
29,541,722
366,613
$
1,451,742
TOTAL
INVESTMENT
COMPANIES
$
3,815,582
Total
Investments
$
3,815,582
Other
Assets
and
Liabilities
- (0.01)%
(
285
)
TOTAL
NET
ASSETS
-
100.00%
$
3,815,297
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
Non-income
producing
security
Portfolio
Summary (unaudited)
Fund
Type
Percent
Fixed
Income
Funds
55
.57
%
Domestic
Equity
Funds
34
.05
%
International
Equity
Funds
8
.95
%
Specialty
Funds
1
.44
%
Other
Assets
and
Liabilities
(
0
.01
)
%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Principal
LifeTime
2020
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
172
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
168,620
$
23,638
$
26,072
$
222,872
Bond
Market
Index
Fund
145,154
—
145,823
—
Core
Fixed
Income
Fund
1,019,665
241,688
137,703
1,116,328
Diversified
International
Fund
283,924
5,479
64,163
296,591
Diversified
Real
Asset
Fund
52,379
992
10,110
55,041
Equity
Income
Fund
113,569
65,849
20,084
202,266
High
Income
Fund
174,833
33,265
21,837
194,868
Inflation
Protection
Fund
147,262
7,625
17,391
145,649
International
Small
Company
Fund
74,857
1,238
29,758
65,157
LargeCap
Growth
Fund
I
163,675
35,604
26,925
216,113
LargeCap
S&P
500
Index
Fund
281,374
19,334
203,480
147,159
LargeCap
Value
Fund
III
107,766
66,892
16,087
204,033
MidCap
Fund
128,852
2,291
66,480
100,743
MidCap
Value
Fund
I
76,811
4,714
12,983
102,012
Origin
Emerging
Markets
Fund
—
89,339
8,678
85,167
Overseas
Fund
177,219
4,711
55,507
191,154
Short-Term
Income
Fund
382,438
41,082
53,451
366,613
SmallCap
Growth
Fund
I
55,786
4,104
24,660
50,343
SmallCap
Value
Fund
II
29,687
11,055
4,449
53,473
$
3,583,871
$
658,900
$
945,641
$
3,815,582
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Blue
Chip
Fund
$
1,014
$
2,015
$
5,185
$
54,671
Bond
Market
Index
Fund
—
13,954
—
(
13,285
)
Core
Fixed
Income
Fund
19,242
(
190
)
—
(
7,132
)
Diversified
International
Fund
3,460
(
3,396
)
—
74,747
Diversified
Real
Asset
Fund
319
223
—
11,557
Equity
Income
Fund
2,248
1,325
—
41,607
High
Income
Fund
7,486
(
177
)
—
8,784
Inflation
Protection
Fund
712
276
—
7,877
International
Small
Company
Fund
822
2,936
—
15,884
LargeCap
Growth
Fund
I
3,390
1,206
10,171
42,553
LargeCap
S&P
500
Index
Fund
6,404
114,980
11,769
(
65,049
)
LargeCap
Value
Fund
III
2,342
1,102
—
44,360
MidCap
Fund
—
37,856
1,530
(
1,776
)
MidCap
Value
Fund
I
1,266
1,511
—
31,959
Origin
Emerging
Markets
Fund
591
345
—
4,161
Overseas
Fund
3,552
5,330
—
59,401
Short-Term
Income
Fund
5,212
(
99
)
579
(
3,357
)
SmallCap
Growth
Fund
I
700
12,364
2,467
2,749
SmallCap
Value
Fund
II
287
442
—
16,738
$
59,047
$
192,003
$
31,701
$
326,449
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
2025
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
173
INVESTMENT
COMPANIES
-
100
.01
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
64
.83
%
Blue
Chip
Fund
(a)
2,952,208
$
124,583
Core
Fixed
Income
Fund
(a)
47,154,068
478,142
Diversified
International
Fund
(a)
10,378,224
166,882
Diversified
Real
Asset
Fund
(a)
2,229,546
29,965
International
Small
Company
Fund
(a)
2,720,630
36,103
LargeCap
Growth
Fund
I
(a)
4,998,863
120,773
MidCap
Fund
(a),(b)
1,355,891
57,707
MidCap
Value
Fund
I
(a)
3,124,234
58,079
Origin
Emerging
Markets
Fund
(a)
3,377,125
47,449
SmallCap
Growth
Fund
I
(a)
1,429,151
28,154
SmallCap
Value
Fund
II
(a)
2,171,104
29,961
$
1,177,798
Principal
Funds,
Inc.
Institutional
Class
-
35
.18
%
Equity
Income
Fund
(a)
2,789,654
113,343
High
Income
Fund
(a)
8,672,991
81,873
Inflation
Protection
Fund
(a)
5,294,636
52,046
LargeCap
S&P
500
Index
Fund
(a)
3,126,129
79,435
LargeCap
Value
Fund
III
(a)
5,672,679
114,248
Overseas
Fund
(a)
9,469,003
106,337
Short-Term
Income
Fund
(a)
7,397,474
91,803
$
639,085
TOTAL
INVESTMENT
COMPANIES
$
1,816,883
Total
Investments
$
1,816,883
Other
Assets
and
Liabilities
- (0.01)%
(
92
)
TOTAL
NET
ASSETS
-
100.00%
$
1,816,791
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
Non-income
producing
security
Portfolio
Summary (unaudited)
Fund
Type
Percent
Fixed
Income
Funds
47
.93
%
Domestic
Equity
Funds
39
.98
%
International
Equity
Funds
10
.45
%
Specialty
Funds
1
.65
%
Other
Assets
and
Liabilities
(
0
.01
)
%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Principal
LifeTime
2025
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
174
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
81,472
$
18,812
$
5,902
$
124,583
Bond
Market
Index
Fund
51,252
—
51,488
—
Core
Fixed
Income
Fund
403,125
114,977
37,632
478,142
Diversified
International
Fund
148,136
10,390
29,335
166,882
Diversified
Real
Asset
Fund
24,746
2,417
3,034
29,965
Equity
Income
Fund
59,906
38,255
7,998
113,343
High
Income
Fund
65,117
19,295
5,827
81,873
Inflation
Protection
Fund
47,568
5,719
4,066
52,046
International
Small
Company
Fund
36,626
2,172
12,283
36,103
LargeCap
Growth
Fund
I
80,554
22,688
5,901
120,773
LargeCap
S&P
500
Index
Fund
141,075
14,274
101,982
79,435
LargeCap
Value
Fund
III
56,991
38,622
5,901
114,248
MidCap
Fund
66,167
3,985
31,906
57,707
MidCap
Value
Fund
I
41,080
4,661
5,845
58,079
Origin
Emerging
Markets
Fund
—
48,718
3,418
47,449
Overseas
Fund
92,635
6,505
26,873
106,337
Short-Term
Income
Fund
88,307
15,903
11,600
91,803
SmallCap
Growth
Fund
I
29,177
2,892
11,841
28,154
SmallCap
Value
Fund
II
16,855
5,601
2,105
29,961
$
1,530,789
$
375,886
$
364,937
$
1,816,883
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Blue
Chip
Fund
$
495
$
369
$
2,528
$
29,832
Bond
Market
Index
Fund
—
4,530
—
(
4,294
)
Core
Fixed
Income
Fund
7,859
(
40
)
—
(
2,288
)
Diversified
International
Fund
1,831
2,606
—
35,085
Diversified
Real
Asset
Fund
155
(
33
)
—
5,869
Equity
Income
Fund
1,231
165
—
23,015
High
Income
Fund
2,975
(
65
)
—
3,353
Inflation
Protection
Fund
235
8
—
2,817
International
Small
Company
Fund
430
581
—
9,007
LargeCap
Growth
Fund
I
1,689
290
5,068
23,142
LargeCap
S&P
500
Index
Fund
3,276
53,683
6,018
(
27,615
)
LargeCap
Value
Fund
III
1,256
208
—
24,328
MidCap
Fund
—
10,265
789
9,196
MidCap
Value
Fund
I
677
123
—
18,060
Origin
Emerging
Markets
Fund
305
140
—
2,009
Overseas
Fund
1,878
(
181
)
—
34,251
Short-Term
Income
Fund
1,238
(
33
)
136
(
774
)
SmallCap
Growth
Fund
I
359
3,922
1,266
4,004
SmallCap
Value
Fund
II
161
83
—
9,527
$
26,050
$
76,621
$
15,805
$
198,524
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
2030
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
175
INVESTMENT
COMPANIES
-
100
.01
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
67
.26
%
Blue
Chip
Fund
(a)
11,926,010
$
503,278
Core
Fixed
Income
Fund
(a)
153,750,602
1,559,031
Diversified
International
Fund
(a)
41,681,792
670,243
Diversified
Real
Asset
Fund
(a)
7,440,493
100,000
International
Small
Company
Fund
(a)
11,064,450
146,825
LargeCap
Growth
Fund
I
(a)
20,363,395
491,980
MidCap
Fund
(a),(b)
5,462,552
232,486
MidCap
Value
Fund
I
(a)
12,690,960
235,925
Origin
Emerging
Markets
Fund
(a)
13,683,111
192,248
SmallCap
Growth
Fund
I
(a)
5,778,141
113,829
SmallCap
Value
Fund
II
(a)
8,788,044
121,275
$
4,367,120
Principal
Funds,
Inc.
Institutional
Class
-
32
.75
%
Equity
Income
Fund
(a)
11,301,663
459,187
High
Income
Fund
(a)
29,182,215
275,480
Inflation
Protection
Fund
(a)
13,595,517
133,644
LargeCap
S&P
500
Index
Fund
(a)
14,100,859
358,303
LargeCap
Value
Fund
III
(a)
22,975,673
462,730
Overseas
Fund
(a)
38,879,709
436,619
$
2,125,963
TOTAL
INVESTMENT
COMPANIES
$
6,493,083
Total
Investments
$
6,493,083
Other
Assets
and
Liabilities
- (0.01)%
(
340
)
TOTAL
NET
ASSETS
-
100.00%
$
6,492,743
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
Non-income
producing
security
Portfolio
Summary (unaudited)
Fund
Type
Percent
Domestic
Equity
Funds
45
.89
%
Fixed
Income
Funds
40
.63
%
International
Equity
Funds
11
.95
%
Specialty
Funds
1
.54
%
Other
Assets
and
Liabilities
(
0
.01
)
%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Principal
LifeTime
2030
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
176
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
216,988
$
187,825
$
13,453
$
503,278
Bond
Market
Index
Fund
167,358
—
168,134
—
Core
Fixed
Income
Fund
1,293,226
349,026
76,509
1,559,031
Diversified
International
Fund
607,408
21,232
112,489
670,243
Diversified
Real
Asset
Fund
83,324
3,742
6,596
100,000
Equity
Income
Fund
145,443
246,282
13,453
459,187
High
Income
Fund
221,356
54,865
12,004
275,480
Inflation
Protection
Fund
128,370
4,474
6,594
133,644
International
Small
Company
Fund
157,476
4,680
55,601
146,825
LargeCap
Growth
Fund
I
458,082
40,064
114,512
491,980
LargeCap
S&P
500
Index
Fund
575,206
42,031
370,513
358,303
LargeCap
Value
Fund
III
313,493
73,469
37,205
462,730
MidCap
Fund
263,246
8,418
115,261
232,486
MidCap
Value
Fund
I
164,728
14,503
16,455
235,925
Origin
Emerging
Markets
Fund
—
193,987
11,325
192,248
Overseas
Fund
378,578
15,655
96,428
436,619
SmallCap
Growth
Fund
I
114,993
8,535
40,910
113,829
SmallCap
Value
Fund
II
66,343
21,537
4,750
121,275
$
5,355,618
$
1,290,325
$
1,272,192
$
6,493,083
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Blue
Chip
Fund
$
1,461
$
222
$
7,470
$
111,696
Bond
Market
Index
Fund
—
15,419
—
(
14,643
)
Core
Fixed
Income
Fund
25,367
(
26
)
—
(
6,686
)
Diversified
International
Fund
7,481
(
6,333
)
—
160,425
Diversified
Real
Asset
Fund
517
(
239
)
—
19,769
Equity
Income
Fund
5,051
193
—
80,722
High
Income
Fund
9,905
(
258
)
—
11,521
Inflation
Protection
Fund
629
45
—
7,349
International
Small
Company
Fund
1,761
4,826
—
35,444
LargeCap
Growth
Fund
I
8,089
46,856
24,271
61,490
LargeCap
S&P
500
Index
Fund
11,898
179,933
21,861
(
68,354
)
LargeCap
Value
Fund
III
5,301
166
—
112,807
MidCap
Fund
—
37,854
3,147
38,229
MidCap
Value
Fund
I
2,714
1,463
—
71,686
Origin
Emerging
Markets
Fund
1,283
713
—
8,873
Overseas
Fund
7,628
6,053
—
132,761
SmallCap
Growth
Fund
I
1,431
16,054
5,040
15,157
SmallCap
Value
Fund
II
640
412
—
37,733
$
91,156
$
303,353
$
61,789
$
815,979
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
2035
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
177
INVESTMENT
COMPANIES
-
100
.00
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
63
.68
%
Blue
Chip
Fund
(a)
3,290,805
$
138,872
Core
Fixed
Income
Fund
(a)
33,113,767
335,774
Diversified
International
Fund
(a)
12,139,549
195,204
International
Small
Company
Fund
(a)
3,206,699
42,553
LargeCap
Growth
Fund
I
(a)
5,625,778
135,919
MidCap
Value
Fund
I
(a)
3,540,731
65,822
Origin
Emerging
Markets
Fund
(a)
3,937,900
55,327
Real
Estate
Securities
Fund
(a)
1,195,304
39,218
SmallCap
Growth
Fund
I
(a)
1,595,475
31,431
SmallCap
Value
Fund
II
(a)
2,427,396
33,498
$
1,073,618
Principal
Funds,
Inc.
Institutional
Class
-
36
.32
%
Equity
Income
Fund
(a)
3,122,085
126,850
High
Income
Fund
(a)
6,779,578
63,999
LargeCap
S&P
500
Index
Fund
(a)
4,219,695
107,222
LargeCap
Value
Fund
III
(a)
6,344,728
127,783
MidCap
Growth
Fund
III
(a)
3,641,736
63,002
Overseas
Fund
(a)
11,004,051
123,576
$
612,432
TOTAL
INVESTMENT
COMPANIES
$
1,686,050
Total
Investments
$
1,686,050
Other
Assets
and
Liabilities
- 0.00%
(
23
)
TOTAL
NET
ASSETS
-
100.00%
$
1,686,027
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Portfolio
Summary (unaudited)
Fund
Type
Percent
Domestic
Equity
Funds
51
.58
%
Fixed
Income
Funds
35
.29
%
International
Equity
Funds
13
.13
%
Other
Assets
and
Liabilities
0
.00
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
47,327
$
66,078
$
4,118
$
138,872
Core
Fixed
Income
Fund
277,995
75,291
16,334
335,774
Diversified
International
Fund
146,023
19,925
10,081
195,204
Equity
Income
Fund
32,064
77,812
4,118
126,850
High
Income
Fund
47,765
16,537
2,768
63,999
International
Small
Company
Fund
40,812
3,796
12,914
42,553
LargeCap
Growth
Fund
I
126,474
17,652
38,115
135,919
LargeCap
S&P
500
Index
Fund
152,688
18,259
94,372
107,222
LargeCap
Value
Fund
III
91,527
20,737
16,351
127,783
MidCap
Fund
11,714
320
13,890
—
MidCap
Growth
Fund
III
58,966
15,572
26,572
63,002
MidCap
Value
Fund
I
47,483
6,614
8,713
65,822
Origin
Emerging
Markets
Fund
33,466
19,539
3,409
55,327
Overseas
Fund
91,768
10,756
13,947
123,576
Real
Estate
Securities
Fund
26,292
3,883
1,687
39,218
SmallCap
Growth
Fund
I
28,954
4,249
9,734
31,431
SmallCap
Value
Fund
II
17,776
6,560
1,182
33,498
$
1,279,094
$
383,580
$
278,305
$
1,686,050
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Blue
Chip
Fund
$
338
$
25
$
1,729
$
29,560
Core
Fixed
Income
Fund
5,266
(
6
)
—
(
1,172
)
Diversified
International
Fund
2,050
130
—
39,207
Equity
Income
Fund
1,384
21
—
21,071
High
Income
Fund
2,242
(
97
)
—
2,562
International
Small
Company
Fund
486
33
—
10,826
LargeCap
Growth
Fund
I
2,201
13,575
6,603
16,333
LargeCap
S&P
500
Index
Fund
3,113
33,913
5,720
(
3,266
)
LargeCap
Value
Fund
III
1,490
111
—
31,759
MidCap
Fund
—
1,415
124
441
MidCap
Growth
Fund
III
478
4,790
2,864
10,246
MidCap
Value
Fund
I
740
363
—
20,075
Origin
Emerging
Markets
Fund
358
163
—
5,568
Overseas
Fund
2,084
(
196
)
—
35,195
Real
Estate
Securities
Fund
506
(
40
)
101
10,770
SmallCap
Growth
Fund
I
369
2,695
1,301
5,267
SmallCap
Value
Fund
II
177
(
7
)
—
10,351
$
23,282
$
56,888
$
18,442
$
244,793
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
2040
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
178
INVESTMENT
COMPANIES
-
100
.00
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
61
.30
%
Blue
Chip
Fund
(a)
10,076,817
$
425,242
Core
Fixed
Income
Fund
(a)
66,989,243
679,271
Diversified
International
Fund
(a)
36,897,454
593,311
International
Small
Company
Fund
(a)
10,142,202
134,587
LargeCap
Growth
Fund
I
(a)
17,214,075
415,892
MidCap
Value
Fund
I
(a)
10,739,614
199,649
Origin
Emerging
Markets
Fund
(a)
12,229,534
171,825
Real
Estate
Securities
Fund
(a)
3,416,555
112,097
SmallCap
Growth
Fund
I
(a)
4,873,176
96,002
SmallCap
Value
Fund
II
(a)
7,437,375
102,636
$
2,930,512
Principal
Funds,
Inc.
Institutional
Class
-
38
.70
%
Equity
Income
Fund
(a)
9,559,273
388,393
High
Income
Fund
(a)
15,962,402
150,685
LargeCap
S&P
500
Index
Fund
(a)
13,427,492
341,192
LargeCap
Value
Fund
III
(a)
19,438,385
391,489
MidCap
Growth
Fund
III
(a)
11,046,630
191,107
Overseas
Fund
(a)
34,490,535
387,329
$
1,850,195
TOTAL
INVESTMENT
COMPANIES
$
4,780,707
Total
Investments
$
4,780,707
Other
Assets
and
Liabilities
- 0.00%
(
212
)
TOTAL
NET
ASSETS
-
100.00%
$
4,780,495
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Portfolio
Summary (unaudited)
Fund
Type
Percent
Domestic
Equity
Funds
55
.73
%
Fixed
Income
Funds
29
.77
%
International
Equity
Funds
14
.50
%
Other
Assets
and
Liabilities
0
.00
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
142,857
$
203,890
$
12,587
$
425,242
Core
Fixed
Income
Fund
618,138
100,972
37,136
679,271
Diversified
International
Fund
472,187
26,476
30,939
593,311
Equity
Income
Fund
104,087
230,703
12,588
388,393
High
Income
Fund
115,982
35,676
6,944
150,685
International
Small
Company
Fund
127,041
4,266
31,041
134,587
LargeCap
Growth
Fund
I
401,781
34,557
113,387
415,892
LargeCap
S&P
500
Index
Fund
490,340
35,607
282,493
341,192
LargeCap
Value
Fund
III
297,184
45,294
52,106
391,489
MidCap
Growth
Fund
III
229,722
16,365
108,393
191,107
MidCap
Value
Fund
I
159,278
7,864
32,965
199,649
Origin
Emerging
Markets
Fund
118,543
43,557
9,260
171,825
Overseas
Fund
297,553
13,578
36,239
387,329
Real
Estate
Securities
Fund
81,322
4,183
5,033
112,097
SmallCap
Growth
Fund
I
94,067
7,164
30,696
96,002
SmallCap
Value
Fund
II
58,874
14,651
4,130
102,636
$
3,808,956
$
824,803
$
805,937
$
4,780,707
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Blue
Chip
Fund
$
1,027
$
399
$
5,248
$
90,683
Core
Fixed
Income
Fund
11,020
78
—
(
2,781
)
Diversified
International
Fund
6,542
(
1,220
)
—
126,807
Equity
Income
Fund
4,320
219
—
65,972
High
Income
Fund
5,283
(
611
)
—
6,582
International
Small
Company
Fund
1,595
983
—
33,338
LargeCap
Growth
Fund
I
6,881
49,136
20,645
43,805
LargeCap
S&P
500
Index
Fund
9,926
128,141
18,244
(
30,403
)
LargeCap
Value
Fund
III
4,765
2,140
—
98,977
MidCap
Growth
Fund
III
1,690
31,405
10,116
22,008
MidCap
Value
Fund
I
2,375
1,574
—
63,898
Origin
Emerging
Markets
Fund
1,134
440
—
18,545
Overseas
Fund
6,679
(
479
)
—
112,916
Real
Estate
Securities
Fund
1,503
(
327
)
306
31,952
SmallCap
Growth
Fund
I
1,175
10,828
4,137
14,639
SmallCap
Value
Fund
II
570
328
—
32,913
$
66,485
$
223,034
$
58,696
$
729,851
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
2045
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
179
INVESTMENT
COMPANIES
-
100
.00
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
59
.24
%
Blue
Chip
Fund
(a)
2,875,536
$
121,348
Core
Fixed
Income
Fund
(a)
12,208,596
123,795
Diversified
International
Fund
(a)
10,579,761
170,123
International
Small
Company
Fund
(a)
2,808,591
37,270
LargeCap
Growth
Fund
I
(a)
4,904,451
118,492
MidCap
Value
Fund
I
(a)
3,100,683
57,642
Origin
Emerging
Markets
Fund
(a)
3,445,942
48,415
Real
Estate
Securities
Fund
(a)
921,500
30,234
SmallCap
Growth
Fund
I
(a)
1,395,491
27,491
SmallCap
Value
Fund
II
(a)
2,121,732
29,280
$
764,090
Principal
Funds,
Inc.
Institutional
Class
-
40
.76
%
Equity
Income
Fund
(a)
2,728,306
110,851
High
Income
Fund
(a)
3,640,548
34,367
LargeCap
S&P
500
Index
Fund
(a)
4,131,496
104,981
LargeCap
Value
Fund
III
(a)
5,546,087
111,698
MidCap
Growth
Fund
III
(a)
3,195,696
55,286
Overseas
Fund
(a)
9,656,652
108,444
$
525,627
TOTAL
INVESTMENT
COMPANIES
$
1,289,717
Total
Investments
$
1,289,717
Other
Assets
and
Liabilities
- 0.00%
25
TOTAL
NET
ASSETS
-
100.00%
$
1,289,742
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Portfolio
Summary (unaudited)
Fund
Type
Percent
Domestic
Equity
Funds
59
.50
%
Fixed
Income
Funds
25
.45
%
International
Equity
Funds
15
.05
%
Other
Assets
and
Liabilities
0
.00
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
39,328
$
59,455
$
3,184
$
121,348
Core
Fixed
Income
Fund
110,129
20,730
6,552
123,795
Diversified
International
Fund
127,122
14,653
5,872
170,123
Equity
Income
Fund
27,754
67,905
3,183
110,851
High
Income
Fund
23,384
11,154
1,415
34,367
International
Small
Company
Fund
32,956
2,849
7,624
37,270
LargeCap
Growth
Fund
I
103,393
13,850
24,223
118,492
LargeCap
S&P
500
Index
Fund
133,029
14,657
70,524
104,981
LargeCap
Value
Fund
III
81,058
16,534
13,951
111,698
MidCap
Growth
Fund
III
62,485
7,577
29,672
55,286
MidCap
Value
Fund
I
44,027
5,025
9,777
57,642
Origin
Emerging
Markets
Fund
32,028
13,244
2,093
48,415
Overseas
Fund
79,368
8,378
9,628
108,444
Real
Estate
Securities
Fund
20,543
2,569
1,200
30,234
SmallCap
Growth
Fund
I
25,958
3,272
8,828
27,491
SmallCap
Value
Fund
II
15,766
5,595
1,162
29,280
$
958,328
$
267,447
$
198,888
$
1,289,717
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Blue
Chip
Fund
$
280
$
55
$
1,432
$
25,694
Core
Fixed
Income
Fund
1,994
—
—
(
512
)
Diversified
International
Fund
1,762
51
—
34,169
Equity
Income
Fund
1,210
20
—
18,355
High
Income
Fund
1,144
(
88
)
—
1,332
International
Small
Company
Fund
419
145
—
8,944
LargeCap
Growth
Fund
I
1,809
6,655
5,428
18,817
LargeCap
S&P
500
Index
Fund
2,723
19,323
5,004
8,496
LargeCap
Value
Fund
III
1,313
22
—
28,035
MidCap
Growth
Fund
III
460
7,170
2,751
7,726
MidCap
Value
Fund
I
658
7
—
18,360
Origin
Emerging
Markets
Fund
311
49
—
5,187
Overseas
Fund
1,792
(
181
)
—
30,507
Real
Estate
Securities
Fund
391
(
48
)
78
8,370
SmallCap
Growth
Fund
I
324
2,435
1,142
4,654
SmallCap
Value
Fund
II
153
(
105
)
—
9,186
$
16,743
$
35,510
$
15,835
$
227,320
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
2050
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
180
INVESTMENT
COMPANIES
-
100
.00
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
58
.42
%
Blue
Chip
Fund
(a)
6,965,532
$
293,945
Core
Fixed
Income
Fund
(a)
21,257,880
215,555
Diversified
International
Fund
(a)
25,581,440
411,350
International
Small
Company
Fund
(a)
6,941,692
92,116
LargeCap
Growth
Fund
I
(a)
11,903,622
287,592
MidCap
Value
Fund
I
(a)
7,483,599
139,120
Origin
Emerging
Markets
Fund
(a)
8,421,715
118,325
Real
Estate
Securities
Fund
(a)
2,113,746
69,352
SmallCap
Growth
Fund
I
(a)
3,382,177
66,629
SmallCap
Value
Fund
II
(a)
5,150,013
71,070
$
1,765,054
Principal
Funds,
Inc.
Institutional
Class
-
41
.58
%
Equity
Income
Fund
(a)
6,619,801
268,963
High
Income
Fund
(a)
6,659,288
62,864
LargeCap
S&P
500
Index
Fund
(a)
9,951,993
252,880
LargeCap
Value
Fund
III
(a)
13,457,358
271,031
MidCap
Growth
Fund
III
(a)
7,707,805
133,345
Overseas
Fund
(a)
23,777,297
267,019
$
1,256,102
TOTAL
INVESTMENT
COMPANIES
$
3,021,156
Total
Investments
$
3,021,156
Other
Assets
and
Liabilities
- 0.00%
(
99
)
TOTAL
NET
ASSETS
-
100.00%
$
3,021,057
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Portfolio
Summary (unaudited)
Fund
Type
Percent
Domestic
Equity
Funds
61
.36
%
Fixed
Income
Funds
22
.83
%
International
Equity
Funds
15
.81
%
Other
Assets
and
Liabilities
0
.00
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
98,770
$
141,527
$
8,735
$
293,945
Core
Fixed
Income
Fund
186,575
42,532
12,592
215,555
Diversified
International
Fund
319,601
26,296
19,883
411,350
Equity
Income
Fund
69,610
162,847
8,736
268,963
High
Income
Fund
42,619
20,923
2,916
62,864
International
Small
Company
Fund
82,763
4,519
17,947
92,116
LargeCap
Growth
Fund
I
262,382
27,492
65,004
287,592
LargeCap
S&P
500
Index
Fund
336,191
28,706
181,150
252,880
LargeCap
Value
Fund
III
202,981
33,531
34,756
271,031
MidCap
Growth
Fund
III
157,428
14,170
75,083
133,345
MidCap
Value
Fund
I
110,051
7,749
23,824
139,120
Origin
Emerging
Markets
Fund
80,854
31,131
5,951
118,325
Overseas
Fund
200,931
13,743
23,816
267,019
Real
Estate
Securities
Fund
49,211
3,907
3,101
69,352
SmallCap
Growth
Fund
I
65,366
6,190
22,619
66,629
SmallCap
Value
Fund
II
40,246
11,422
3,295
71,070
$
2,305,579
$
576,685
$
509,408
$
3,021,156
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Blue
Chip
Fund
$
705
$
101
$
3,602
$
62,282
Core
Fixed
Income
Fund
3,448
35
—
(
995
)
Diversified
International
Fund
4,442
(
545
)
—
85,881
Equity
Income
Fund
2,974
80
—
45,162
High
Income
Fund
2,107
(
281
)
—
2,519
International
Small
Company
Fund
1,072
498
—
22,283
LargeCap
Growth
Fund
I
4,563
25,034
13,691
37,688
LargeCap
S&P
500
Index
Fund
6,746
62,517
12,395
6,616
LargeCap
Value
Fund
III
3,278
(
129
)
—
69,404
MidCap
Growth
Fund
III
1,153
19,619
6,903
17,211
MidCap
Value
Fund
I
1,635
288
—
44,856
Origin
Emerging
Markets
Fund
746
241
—
12,050
Overseas
Fund
4,535
(
644
)
—
76,805
Real
Estate
Securities
Fund
917
(
217
)
185
19,552
SmallCap
Growth
Fund
I
811
7,126
2,855
10,566
SmallCap
Value
Fund
II
388
(
294
)
—
22,991
$
39,520
$
113,429
$
39,631
$
534,871
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
2055
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
181
INVESTMENT
COMPANIES
-
99
.99
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
57
.81
%
Blue
Chip
Fund
(a)
1,727,167
$
72,886
Core
Fixed
Income
Fund
(a)
3,527,900
35,773
Diversified
International
Fund
(a)
6,509,245
104,669
International
Small
Company
Fund
(a)
1,740,161
23,092
LargeCap
Growth
Fund
I
(a)
2,958,854
71,486
MidCap
Value
Fund
I
(a)
1,886,345
35,067
Origin
Emerging
Markets
Fund
(a)
2,106,899
29,602
Real
Estate
Securities
Fund
(a)
515,636
16,918
SmallCap
Growth
Fund
I
(a)
841,516
16,578
SmallCap
Value
Fund
II
(a)
1,282,605
17,700
$
423,771
Principal
Funds,
Inc.
Institutional
Class
-
42
.18
%
Equity
Income
Fund
(a)
1,645,419
66,853
High
Income
Fund
(a)
1,080,854
10,203
LargeCap
S&P
500
Index
Fund
(a)
2,584,998
65,685
LargeCap
Value
Fund
III
(a)
3,343,944
67,347
MidCap
Growth
Fund
III
(a)
1,948,245
33,705
Overseas
Fund
(a)
5,829,041
65,460
$
309,253
TOTAL
INVESTMENT
COMPANIES
$
733,024
Total
Investments
$
733,024
Other
Assets
and
Liabilities
- 0.01%
75
TOTAL
NET
ASSETS
-
100.00%
$
733,099
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Portfolio
Summary (unaudited)
Fund
Type
Percent
Domestic
Equity
Funds
63
.32
%
Fixed
Income
Funds
20
.55
%
International
Equity
Funds
16
.12
%
Other
Assets
and
Liabilities
0
.01
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
23,105
$
36,858
$
2,183
$
72,886
Core
Fixed
Income
Fund
27,897
10,116
2,134
35,773
Diversified
International
Fund
73,874
13,826
3,173
104,669
Equity
Income
Fund
16,521
41,583
2,182
66,853
High
Income
Fund
8,324
2,076
614
10,203
International
Small
Company
Fund
19,000
2,631
3,926
23,092
LargeCap
Growth
Fund
I
60,251
10,644
14,580
71,486
LargeCap
S&P
500
Index
Fund
75,346
11,168
37,457
65,685
LargeCap
Value
Fund
III
47,019
11,917
8,107
67,347
MidCap
Growth
Fund
III
36,505
6,122
17,775
33,705
MidCap
Value
Fund
I
25,846
4,630
6,312
35,067
Origin
Emerging
Markets
Fund
19,302
8,641
1,278
29,602
Overseas
Fund
46,469
7,395
6,289
65,460
Real
Estate
Securities
Fund
10,962
2,117
731
16,918
SmallCap
Growth
Fund
I
14,908
2,554
4,974
16,578
SmallCap
Value
Fund
II
9,534
3,539
844
17,700
$
514,863
$
175,817
$
112,559
$
733,024
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Blue
Chip
Fund
$
165
$
63
$
845
$
15,043
Core
Fixed
Income
Fund
550
3
—
(
109
)
Diversified
International
Fund
1,045
13
—
20,129
Equity
Income
Fund
721
3
—
10,928
High
Income
Fund
377
(
28
)
—
445
International
Small
Company
Fund
252
(
35
)
—
5,422
LargeCap
Growth
Fund
I
1,065
2,706
3,194
12,465
LargeCap
S&P
500
Index
Fund
1,553
6,679
2,851
9,949
LargeCap
Value
Fund
III
774
—
—
16,518
MidCap
Growth
Fund
III
269
3,824
1,613
5,029
MidCap
Value
Fund
I
389
(
217
)
—
11,120
Origin
Emerging
Markets
Fund
178
12
—
2,925
Overseas
Fund
1,064
(
115
)
—
18,000
Real
Estate
Securities
Fund
215
(
19
)
42
4,589
SmallCap
Growth
Fund
I
186
1,043
657
3,047
SmallCap
Value
Fund
II
93
(
87
)
—
5,558
$
8,896
$
13,845
$
9,202
$
141,058
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
2060
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
182
INVESTMENT
COMPANIES
-
99
.99
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
57
.15
%
Blue
Chip
Fund
(a)
1,586,082
$
66,933
Core
Fixed
Income
Fund
(a)
2,254,510
22,861
Diversified
International
Fund
(a)
6,004,666
96,555
International
Small
Company
Fund
(a)
1,626,617
21,585
LargeCap
Growth
Fund
I
(a)
2,718,769
65,685
MidCap
Value
Fund
I
(a)
1,764,632
32,805
Origin
Emerging
Markets
Fund
(a)
1,956,096
27,483
Real
Estate
Securities
Fund
(a)
474,337
15,563
SmallCap
Growth
Fund
I
(a)
779,474
15,356
SmallCap
Value
Fund
II
(a)
1,181,404
16,303
$
381,129
Principal
Funds,
Inc.
Institutional
Class
-
42
.84
%
Equity
Income
Fund
(a)
1,513,438
61,491
High
Income
Fund
(a)
785,733
7,417
LargeCap
S&P
500
Index
Fund
(a)
2,426,434
61,656
LargeCap
Value
Fund
III
(a)
3,073,085
61,892
MidCap
Growth
Fund
III
(a)
1,832,072
31,695
Overseas
Fund
(a)
5,483,927
61,584
$
285,735
TOTAL
INVESTMENT
COMPANIES
$
666,864
Total
Investments
$
666,864
Other
Assets
and
Liabilities
- 0.01%
56
TOTAL
NET
ASSETS
-
100.00%
$
666,920
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Portfolio
Summary (unaudited)
Fund
Type
Percent
Domestic
Equity
Funds
64
.38
%
Fixed
Income
Funds
19
.02
%
International
Equity
Funds
16
.59
%
Other
Assets
and
Liabilities
0
.01
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
19,868
$
35,545
$
1,978
$
66,933
Core
Fixed
Income
Fund
16,834
7,619
1,537
22,861
Diversified
International
Fund
64,603
17,614
3,398
96,555
Equity
Income
Fund
14,522
39,233
1,978
61,491
High
Income
Fund
5,812
2,019
709
7,417
International
Small
Company
Fund
16,574
3,424
3,195
21,585
LargeCap
Growth
Fund
I
52,512
12,201
12,578
65,685
LargeCap
S&P
500
Index
Fund
66,052
12,740
32,038
61,656
LargeCap
Value
Fund
III
41,388
13,132
7,254
61,892
MidCap
Growth
Fund
III
31,909
7,354
15,474
31,695
MidCap
Value
Fund
I
22,864
6,005
5,769
32,805
Origin
Emerging
Markets
Fund
17,932
8,092
1,154
27,483
Overseas
Fund
40,907
9,587
4,711
61,584
Real
Estate
Securities
Fund
9,516
2,666
674
15,563
SmallCap
Growth
Fund
I
13,197
3,085
4,547
15,356
SmallCap
Value
Fund
II
8,487
3,823
856
16,303
$
442,977
$
184,139
$
97,850
$
666,864
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Blue
Chip
Fund
$
143
$
—
$
732
$
13,498
Core
Fixed
Income
Fund
338
1
—
(
56
)
Diversified
International
Fund
923
15
—
17,721
Equity
Income
Fund
646
1
—
9,713
High
Income
Fund
262
(
39
)
—
334
International
Small
Company
Fund
225
(
103
)
—
4,885
LargeCap
Growth
Fund
I
930
1,557
2,789
11,993
LargeCap
S&P
500
Index
Fund
1,358
4,479
2,493
10,423
LargeCap
Value
Fund
III
685
(
72
)
—
14,698
MidCap
Growth
Fund
III
235
2,868
1,410
5,038
MidCap
Value
Fund
I
344
(
340
)
—
10,045
Origin
Emerging
Markets
Fund
158
12
—
2,601
Overseas
Fund
949
(
166
)
—
15,967
Real
Estate
Securities
Fund
190
(
48
)
37
4,103
SmallCap
Growth
Fund
I
164
840
579
2,781
SmallCap
Value
Fund
II
83
(
141
)
—
4,990
$
7,633
$
8,864
$
8,040
$
128,734
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
2065
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
183
INVESTMENT
COMPANIES
-
100
.02
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
57
.53
%
Blue
Chip
Fund
(a)
169,962
$
7,172
Core
Fixed
Income
Fund
(a)
243,794
2,472
Diversified
International
Fund
(a)
674,834
10,851
International
Small
Company
Fund
(a)
177,146
2,351
LargeCap
Growth
Fund
I
(a)
291,799
7,050
MidCap
Value
Fund
I
(a)
204,717
3,806
Origin
Emerging
Markets
Fund
(a)
210,817
2,962
Real
Estate
Securities
Fund
(a)
55,955
1,836
SmallCap
Growth
Fund
I
(a)
85,351
1,681
SmallCap
Value
Fund
II
(a)
128,526
1,774
$
41,955
Principal
Funds,
Inc.
Institutional
Class
-
42
.49
%
Equity
Income
Fund
(a)
162,787
6,614
High
Income
Fund
(a)
87,107
822
LargeCap
S&P
500
Index
Fund
(a)
260,758
6,626
LargeCap
Value
Fund
III
(a)
329,456
6,635
MidCap
Growth
Fund
III
(a)
216,366
3,743
Overseas
Fund
(a)
582,596
6,543
$
30,983
TOTAL
INVESTMENT
COMPANIES
$
72,938
Total
Investments
$
72,938
Other
Assets
and
Liabilities
- (0.02)%
(
18
)
TOTAL
NET
ASSETS
-
100.00%
$
72,920
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Portfolio
Summary (unaudited)
Fund
Type
Percent
Domestic
Equity
Funds
64
.37
%
Fixed
Income
Funds
19
.40
%
International
Equity
Funds
16
.25
%
Other
Assets
and
Liabilities
(
0
.02
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
1,330
$
4,901
$
344
$
7,172
Core
Fixed
Income
Fund
917
1,778
227
2,472
Diversified
International
Fund
4,551
5,448
541
10,851
Equity
Income
Fund
1,037
5,064
343
6,614
High
Income
Fund
262
618
74
822
International
Small
Company
Fund
1,155
1,121
313
2,351
LargeCap
Growth
Fund
I
3,708
3,231
1,139
7,050
LargeCap
S&P
500
Index
Fund
4,591
3,406
2,640
6,626
LargeCap
Value
Fund
III
3,007
3,185
789
6,635
MidCap
Growth
Fund
III
2,225
2,112
1,291
3,743
MidCap
Value
Fund
I
1,677
1,999
719
3,806
Origin
Emerging
Markets
Fund
1,267
1,718
187
2,962
Overseas
Fund
2,876
3,137
673
6,543
Real
Estate
Securities
Fund
683
863
112
1,836
SmallCap
Growth
Fund
I
914
864
367
1,681
SmallCap
Value
Fund
II
642
859
133
1,774
$
30,842
$
40,304
$
9,892
$
72,938
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Blue
Chip
Fund
$
10
$
—
$
53
$
1,285
Core
Fixed
Income
Fund
29
—
—
4
Diversified
International
Fund
72
2
—
1,391
Equity
Income
Fund
59
1
—
855
High
Income
Fund
23
(
1
)
—
17
International
Small
Company
Fund
18
2
—
386
LargeCap
Growth
Fund
I
71
14
213
1,236
LargeCap
S&P
500
Index
Fund
105
172
193
1,097
LargeCap
Value
Fund
III
55
5
—
1,227
MidCap
Growth
Fund
III
18
118
106
579
MidCap
Value
Fund
I
28
15
—
834
Origin
Emerging
Markets
Fund
12
—
—
164
Overseas
Fund
74
—
—
1,203
Real
Estate
Securities
Fund
18
—
3
402
SmallCap
Growth
Fund
I
12
22
43
248
SmallCap
Value
Fund
II
7
—
—
406
$
611
$
350
$
611
$
11,334
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
Hybrid
2015
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
184
INVESTMENT
COMPANIES
-
100
.02
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
21
.76
%
Diversified
International
Fund
(a)
888,754
$
14,291
Diversified
Real
Asset
Fund
(a)
178,213
2,395
International
Small
Company
Fund
(a)
136,349
1,809
MidCap
S&P
400
Index
Fund
(a)
225,591
5,672
Origin
Emerging
Markets
Fund
(a)
126,908
1,783
SmallCap
S&P
600
Index
Fund
(a)
91,252
2,958
$
28,908
Principal
Funds,
Inc.
Institutional
Class
-
78
.26
%
Bond
Market
Index
Fund
(a)
4,300,506
43,607
High
Income
Fund
(a)
852,305
8,046
Inflation
Protection
Fund
(a)
550,895
5,415
LargeCap
S&P
500
Index
Fund
(a)
1,091,801
27,743
Short-Term
Income
Fund
(a)
1,541,708
19,132
$
103,943
TOTAL
INVESTMENT
COMPANIES
$
132,851
Total
Investments
$
132,851
Other
Assets
and
Liabilities
- (0.02)%
(
27
)
TOTAL
NET
ASSETS
-
100.00%
$
132,824
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Portfolio
Summary (unaudited)
Fund
Type
Percent
Fixed
Income
Funds
68
.13
%
Domestic
Equity
Funds
27
.39
%
International
Equity
Funds
2
.70
%
Specialty
Funds
1
.80
%
Other
Assets
and
Liabilities
(
0
.02
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Bond
Market
Index
Fund
$
37,097
$
17,202
$
4,708
$
43,607
Diversified
International
Fund
11,350
2,522
2,599
14,291
Diversified
Real
Asset
Fund
1,948
612
624
2,395
High
Income
Fund
6,021
2,515
797
8,046
Inflation
Protection
Fund
4,442
1,262
576
5,415
International
Small
Company
Fund
1,794
328
794
1,809
LargeCap
S&P
500
Index
Fund
22,529
5,614
6,290
27,743
MidCap
S&P
400
Index
Fund
2,481
3,079
943
5,672
Origin
Emerging
Markets
Fund
—
1,886
121
1,783
Short-Term
Income
Fund
16,405
4,795
1,900
19,132
SmallCap
S&P
600
Index
Fund
1,923
583
529
2,958
$
105,990
$
40,398
$
19,881
$
132,851
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Bond
Market
Index
Fund
$
3,018
$
(
157
)
$
3,257
$
(
5,827
)
Diversified
International
Fund
150
153
—
2,865
Diversified
Real
Asset
Fund
13
31
—
428
High
Income
Fund
285
(
7
)
—
314
Inflation
Protection
Fund
22
1
—
286
International
Small
Company
Fund
21
92
—
389
LargeCap
S&P
500
Index
Fund
617
439
1,134
5,451
MidCap
S&P
400
Index
Fund
78
(
2
)
254
1,057
Origin
Emerging
Markets
Fund
9
—
—
18
Short-Term
Income
Fund
244
(
2
)
26
(
166
)
SmallCap
S&P
600
Index
Fund
42
22
15
959
$
4,499
$
570
$
4,686
$
5,774
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
Hybrid
2020
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
185
INVESTMENT
COMPANIES
-
100
.01
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
26
.11
%
Diversified
International
Fund
(a)
3,709,631
$
59,651
Diversified
Real
Asset
Fund
(a)
615,552
8,273
International
Small
Company
Fund
(a)
566,361
7,515
MidCap
S&P
400
Index
Fund
(a)
936,791
23,551
Origin
Emerging
Markets
Fund
(a)
529,872
7,445
SmallCap
S&P
600
Index
Fund
(a)
377,476
12,234
$
118,669
Principal
Funds,
Inc.
Institutional
Class
-
73
.90
%
Bond
Market
Index
Fund
(a)
13,354,564
135,415
High
Income
Fund
(a)
2,481,362
23,424
Inflation
Protection
Fund
(a)
1,787,364
17,570
LargeCap
S&P
500
Index
Fund
(a)
4,526,860
115,028
Short-Term
Income
Fund
(a)
3,582,841
44,463
$
335,900
TOTAL
INVESTMENT
COMPANIES
$
454,569
Total
Investments
$
454,569
Other
Assets
and
Liabilities
- (0.01)%
(
41
)
TOTAL
NET
ASSETS
-
100.00%
$
454,528
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Portfolio
Summary (unaudited)
Fund
Type
Percent
Fixed
Income
Funds
61
.72
%
Domestic
Equity
Funds
33
.18
%
International
Equity
Funds
3
.29
%
Specialty
Funds
1
.82
%
Other
Assets
and
Liabilities
(
0
.01
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Bond
Market
Index
Fund
$
113,357
$
49,344
$
9,231
$
135,415
Diversified
International
Fund
47,011
9,181
8,966
59,651
Diversified
Real
Asset
Fund
6,165
1,766
1,140
8,273
High
Income
Fund
17,280
6,725
1,464
23,424
Inflation
Protection
Fund
14,243
3,575
1,166
17,570
International
Small
Company
Fund
7,336
1,174
2,954
7,515
LargeCap
S&P
500
Index
Fund
92,225
21,233
22,452
115,028
MidCap
S&P
400
Index
Fund
9,450
12,605
2,646
23,551
Origin
Emerging
Markets
Fund
—
7,642
337
7,445
Short-Term
Income
Fund
36,530
11,080
2,780
44,463
SmallCap
S&P
600
Index
Fund
7,640
2,319
1,668
12,234
$
351,237
$
126,644
$
54,804
$
454,569
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Bond
Market
Index
Fund
$
9,133
$
(
497
)
$
9,857
$
(
17,558
)
Diversified
International
Fund
615
698
—
11,727
Diversified
Real
Asset
Fund
39
35
—
1,447
High
Income
Fund
808
(
18
)
—
901
Inflation
Protection
Fund
72
3
—
915
International
Small
Company
Fund
84
272
—
1,687
LargeCap
S&P
500
Index
Fund
2,494
2,096
4,582
21,926
MidCap
S&P
400
Index
Fund
311
(
29
)
1,018
4,171
Origin
Emerging
Markets
Fund
41
1
—
139
Short-Term
Income
Fund
548
(
5
)
57
(
362
)
SmallCap
S&P
600
Index
Fund
169
82
61
3,861
$
14,314
$
2,638
$
15,575
$
28,854
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
Hybrid
2025
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
186
INVESTMENT
COMPANIES
-
100
.01
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
30
.63
%
Diversified
International
Fund
(a)
4,345,739
$
69,880
Diversified
Real
Asset
Fund
(a)
645,211
8,672
International
Small
Company
Fund
(a)
657,262
8,722
MidCap
S&P
400
Index
Fund
(a)
1,122,211
28,212
Origin
Emerging
Markets
Fund
(a)
616,445
8,661
SmallCap
S&P
600
Index
Fund
(a)
446,327
14,465
$
138,612
Principal
Funds,
Inc.
Institutional
Class
-
69
.38
%
Bond
Market
Index
Fund
(a)
11,906,051
120,727
High
Income
Fund
(a)
2,178,342
20,564
Inflation
Protection
Fund
(a)
1,303,073
12,809
LargeCap
S&P
500
Index
Fund
(a)
5,365,494
136,337
Short-Term
Income
Fund
(a)
1,891,026
23,468
$
313,905
TOTAL
INVESTMENT
COMPANIES
$
452,517
Total
Investments
$
452,517
Other
Assets
and
Liabilities
- (0.01)%
(
37
)
TOTAL
NET
ASSETS
-
100.00%
$
452,480
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Portfolio
Summary (unaudited)
Fund
Type
Percent
Fixed
Income
Funds
54
.69
%
Domestic
Equity
Funds
39
.56
%
International
Equity
Funds
3
.84
%
Specialty
Funds
1
.92
%
Other
Assets
and
Liabilities
(
0
.01
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Bond
Market
Index
Fund
$
92,766
$
50,601
$
7,641
$
120,727
Diversified
International
Fund
51,000
14,579
9,451
69,880
Diversified
Real
Asset
Fund
6,089
2,345
1,273
8,672
High
Income
Fund
13,570
7,460
1,183
20,564
Inflation
Protection
Fund
9,600
3,372
826
12,809
International
Small
Company
Fund
7,734
1,852
2,999
8,722
LargeCap
S&P
500
Index
Fund
98,361
30,674
19,896
136,337
MidCap
S&P
400
Index
Fund
11,879
13,881
2,603
28,212
Origin
Emerging
Markets
Fund
—
8,924
383
8,661
Short-Term
Income
Fund
17,986
7,026
1,355
23,468
SmallCap
S&P
600
Index
Fund
8,306
3,429
1,641
14,465
$
317,291
$
144,143
$
49,251
$
452,517
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Bond
Market
Index
Fund
$
7,649
$
(
660
)
$
8,247
$
(
14,339
)
Diversified
International
Fund
679
450
—
13,302
Diversified
Real
Asset
Fund
40
32
—
1,479
High
Income
Fund
681
(
19
)
—
736
Inflation
Protection
Fund
49
2
—
661
International
Small
Company
Fund
92
34
—
2,101
LargeCap
S&P
500
Index
Fund
2,752
647
5,054
26,551
MidCap
S&P
400
Index
Fund
346
(
65
)
1,131
5,120
Origin
Emerging
Markets
Fund
44
2
—
118
Short-Term
Income
Fund
280
(
4
)
29
(
185
)
SmallCap
S&P
600
Index
Fund
187
41
67
4,330
$
12,799
$
460
$
14,528
$
39,874
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
Hybrid
2030
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
187
INVESTMENT
COMPANIES
-
100
.01
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
34
.77
%
Diversified
International
Fund
(a)
5,427,103
$
87,268
Diversified
Real
Asset
Fund
(a)
682,492
9,173
International
Small
Company
Fund
(a)
819,927
10,880
MidCap
S&P
400
Index
Fund
(a)
1,376,853
34,614
Origin
Emerging
Markets
Fund
(a)
768,748
10,801
SmallCap
S&P
600
Index
Fund
(a)
548,166
17,766
$
170,502
Principal
Funds,
Inc.
Institutional
Class
-
65
.24
%
Bond
Market
Index
Fund
(a)
11,819,213
119,847
High
Income
Fund
(a)
2,224,922
21,003
Inflation
Protection
Fund
(a)
1,042,134
10,244
LargeCap
S&P
500
Index
Fund
(a)
6,642,368
168,783
$
319,877
TOTAL
INVESTMENT
COMPANIES
$
490,379
Total
Investments
$
490,379
Other
Assets
and
Liabilities
- (0.01)%
(
35
)
TOTAL
NET
ASSETS
-
100.00%
$
490,344
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Portfolio
Summary (unaudited)
Fund
Type
Percent
Fixed
Income
Funds
48
.62
%
Domestic
Equity
Funds
45
.10
%
International
Equity
Funds
4
.42
%
Specialty
Funds
1
.87
%
Other
Assets
and
Liabilities
(
0
.01
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Bond
Market
Index
Fund
$
92,018
$
48,475
$
5,889
$
119,847
Diversified
International
Fund
63,109
17,039
9,881
87,268
Diversified
Real
Asset
Fund
6,232
2,344
964
9,173
High
Income
Fund
13,263
7,959
924
21,003
Inflation
Protection
Fund
7,600
2,628
508
10,244
International
Small
Company
Fund
9,889
2,174
3,878
10,880
LargeCap
S&P
500
Index
Fund
121,031
36,204
22,003
168,783
MidCap
S&P
400
Index
Fund
13,335
18,006
2,659
34,614
Origin
Emerging
Markets
Fund
—
11,018
347
10,801
SmallCap
S&P
600
Index
Fund
10,365
3,713
1,719
17,766
$
336,842
$
149,560
$
48,772
$
490,379
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Bond
Market
Index
Fund
$
7,525
$
(
512
)
$
8,107
$
(
14,245
)
Diversified
International
Fund
849
283
—
16,718
Diversified
Real
Asset
Fund
41
18
—
1,543
High
Income
Fund
681
(
17
)
—
722
Inflation
Protection
Fund
39
—
—
524
International
Small
Company
Fund
116
19
—
2,676
LargeCap
S&P
500
Index
Fund
3,337
1,230
6,125
32,321
MidCap
S&P
400
Index
Fund
419
(
53
)
1,370
5,985
Origin
Emerging
Markets
Fund
54
3
—
127
SmallCap
S&P
600
Index
Fund
227
40
82
5,367
$
13,288
$
1,011
$
15,684
$
51,738
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
Hybrid
2035
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
188
INVESTMENT
COMPANIES
-
100
.01
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
38
.56
%
Diversified
International
Fund
(a)
4,632,255
$
74,487
International
Small
Company
Fund
(a)
702,791
9,326
MidCap
S&P
400
Index
Fund
(a)
1,149,696
28,903
Origin
Emerging
Markets
Fund
(a)
655,081
9,204
Real
Estate
Securities
Fund
(a)
274,833
9,017
SmallCap
S&P
600
Index
Fund
(a)
453,125
14,686
$
145,623
Principal
Funds,
Inc.
Institutional
Class
-
61
.45
%
Bond
Market
Index
Fund
(a)
7,540,505
76,461
High
Income
Fund
(a)
1,533,072
14,472
LargeCap
S&P
500
Index
Fund
(a)
5,552,884
141,099
$
232,032
TOTAL
INVESTMENT
COMPANIES
$
377,655
Total
Investments
$
377,655
Other
Assets
and
Liabilities
- (0.01)%
(
28
)
TOTAL
NET
ASSETS
-
100.00%
$
377,627
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Portfolio
Summary (unaudited)
Fund
Type
Percent
Domestic
Equity
Funds
51
.30
%
Fixed
Income
Funds
43
.80
%
International
Equity
Funds
4
.91
%
Other
Assets
and
Liabilities
(
0
.01
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Bond
Market
Index
Fund
$
53,073
$
34,016
$
2,122
$
76,461
Diversified
International
Fund
48,302
16,252
3,465
74,487
High
Income
Fund
8,384
6,000
360
14,472
International
Small
Company
Fund
7,697
2,063
2,599
9,326
LargeCap
S&P
500
Index
Fund
94,814
33,112
13,930
141,099
MidCap
S&P
400
Index
Fund
12,082
13,583
1,868
28,903
Origin
Emerging
Markets
Fund
3,556
5,339
209
9,204
Real
Estate
Securities
Fund
5,181
2,091
531
9,017
SmallCap
S&P
600
Index
Fund
8,172
3,486
1,280
14,686
$
241,261
$
115,942
$
26,364
$
377,655
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Bond
Market
Index
Fund
$
4,378
$
(
242
)
$
4,719
$
(
8,264
)
Diversified
International
Fund
688
26
—
13,372
High
Income
Fund
460
(
16
)
—
464
International
Small
Company
Fund
94
(
10
)
—
2,175
LargeCap
S&P
500
Index
Fund
2,671
457
4,903
26,646
MidCap
S&P
400
Index
Fund
336
(
39
)
1,100
5,145
Origin
Emerging
Markets
Fund
47
2
—
516
Real
Estate
Securities
Fund
106
(
16
)
20
2,292
SmallCap
S&P
600
Index
Fund
181
35
66
4,273
$
8,961
$
197
$
10,808
$
46,619
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
Hybrid
2040
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
189
INVESTMENT
COMPANIES
-
100
.01
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
41
.58
%
Diversified
International
Fund
(a)
4,628,352
$
74,424
International
Small
Company
Fund
(a)
724,477
9,614
MidCap
S&P
400
Index
Fund
(a)
1,137,425
28,595
Origin
Emerging
Markets
Fund
(a)
662,950
9,314
Real
Estate
Securities
Fund
(a)
246,370
8,083
SmallCap
S&P
600
Index
Fund
(a)
453,430
14,696
$
144,726
Principal
Funds,
Inc.
Institutional
Class
-
58
.43
%
Bond
Market
Index
Fund
(a)
4,983,343
50,531
High
Income
Fund
(a)
1,174,353
11,086
LargeCap
S&P
500
Index
Fund
(a)
5,578,224
141,743
$
203,360
TOTAL
INVESTMENT
COMPANIES
$
348,086
Total
Investments
$
348,086
Other
Assets
and
Liabilities
- (0.01)%
(
33
)
TOTAL
NET
ASSETS
-
100.00%
$
348,053
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Portfolio
Summary (unaudited)
Fund
Type
Percent
Domestic
Equity
Funds
55
.48
%
Fixed
Income
Funds
39
.09
%
International
Equity
Funds
5
.44
%
Other
Assets
and
Liabilities
(
0
.01
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Bond
Market
Index
Fund
$
38,084
$
20,811
$
2,359
$
50,531
Diversified
International
Fund
50,956
13,322
3,760
74,424
High
Income
Fund
6,838
4,325
440
11,086
International
Small
Company
Fund
7,822
1,711
2,138
9,614
LargeCap
S&P
500
Index
Fund
102,399
28,520
17,466
141,743
MidCap
S&P
400
Index
Fund
10,673
15,147
2,049
28,595
Origin
Emerging
Markets
Fund
4,300
4,749
309
9,314
Real
Estate
Securities
Fund
4,912
1,576
504
8,083
SmallCap
S&P
600
Index
Fund
8,498
3,162
1,418
14,696
$
234,482
$
93,323
$
30,443
$
348,086
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Bond
Market
Index
Fund
$
3,064
$
(
172
)
$
3,303
$
(
5,833
)
Diversified
International
Fund
712
18
—
13,888
High
Income
Fund
356
(
15
)
—
378
International
Small
Company
Fund
99
(
48
)
—
2,267
LargeCap
S&P
500
Index
Fund
2,769
1,143
5,084
27,147
MidCap
S&P
400
Index
Fund
345
(
42
)
1,129
4,866
Origin
Emerging
Markets
Fund
48
2
—
572
Real
Estate
Securities
Fund
98
(
11
)
19
2,110
SmallCap
S&P
600
Index
Fund
187
32
68
4,422
$
7,678
$
907
$
9,603
$
49,817
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
Hybrid
2045
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
190
INVESTMENT
COMPANIES
-
100
.01
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
43
.84
%
Diversified
International
Fund
(a)
3,286,465
$
52,846
International
Small
Company
Fund
(a)
501,041
6,649
MidCap
S&P
400
Index
Fund
(a)
813,462
20,450
Origin
Emerging
Markets
Fund
(a)
467,461
6,568
Real
Estate
Securities
Fund
(a)
163,625
5,369
SmallCap
S&P
600
Index
Fund
(a)
323,237
10,476
$
102,358
Principal
Funds,
Inc.
Institutional
Class
-
56
.17
%
Bond
Market
Index
Fund
(a)
2,267,440
22,992
High
Income
Fund
(a)
666,013
6,287
LargeCap
S&P
500
Index
Fund
(a)
4,008,641
101,860
$
131,139
TOTAL
INVESTMENT
COMPANIES
$
233,497
Total
Investments
$
233,497
Other
Assets
and
Liabilities
- (0.01)%
(
27
)
TOTAL
NET
ASSETS
-
100.00%
$
233,470
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Portfolio
Summary (unaudited)
Fund
Type
Percent
Domestic
Equity
Funds
59
.18
%
Fixed
Income
Funds
35
.17
%
International
Equity
Funds
5
.66
%
Other
Assets
and
Liabilities
(
0
.01
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Bond
Market
Index
Fund
$
17,634
$
9,449
$
1,187
$
22,992
Diversified
International
Fund
34,849
10,430
2,104
52,846
High
Income
Fund
3,437
2,877
216
6,287
International
Small
Company
Fund
5,092
1,324
1,256
6,649
LargeCap
S&P
500
Index
Fund
68,510
22,587
8,892
101,860
MidCap
S&P
400
Index
Fund
8,556
9,535
1,302
20,450
Origin
Emerging
Markets
Fund
3,101
3,227
187
6,568
Real
Estate
Securities
Fund
3,204
1,157
376
5,369
SmallCap
S&P
600
Index
Fund
5,917
2,285
864
10,476
$
150,300
$
62,871
$
16,384
$
233,497
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Bond
Market
Index
Fund
$
1,471
$
(
83
)
$
1,588
$
(
2,821
)
Diversified
International
Fund
499
10
—
9,661
High
Income
Fund
196
(
7
)
—
196
International
Small
Company
Fund
68
(
31
)
—
1,520
LargeCap
S&P
500
Index
Fund
1,939
253
3,564
19,402
MidCap
S&P
400
Index
Fund
245
(
28
)
802
3,689
Origin
Emerging
Markets
Fund
34
1
—
426
Real
Estate
Securities
Fund
65
(
10
)
13
1,394
SmallCap
S&P
600
Index
Fund
132
13
48
3,125
$
4,649
$
118
$
6,015
$
36,592
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
Hybrid
2050
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
191
INVESTMENT
COMPANIES
-
100
.01
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
45
.31
%
Diversified
International
Fund
(a)
2,706,253
$
43,517
International
Small
Company
Fund
(a)
421,727
5,596
MidCap
S&P
400
Index
Fund
(a)
669,060
16,820
Origin
Emerging
Markets
Fund
(a)
386,292
5,428
Real
Estate
Securities
Fund
(a)
128,344
4,211
SmallCap
S&P
600
Index
Fund
(a)
266,469
8,636
$
84,208
Principal
Funds,
Inc.
Institutional
Class
-
54
.70
%
Bond
Market
Index
Fund
(a)
1,346,322
13,651
High
Income
Fund
(a)
414,804
3,916
LargeCap
S&P
500
Index
Fund
(a)
3,310,147
84,111
$
101,678
TOTAL
INVESTMENT
COMPANIES
$
185,886
Total
Investments
$
185,886
Other
Assets
and
Liabilities
- (0.01)%
(
26
)
TOTAL
NET
ASSETS
-
100.00%
$
185,860
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Portfolio
Summary (unaudited)
Fund
Type
Percent
Domestic
Equity
Funds
61
.22
%
Fixed
Income
Funds
32
.86
%
International
Equity
Funds
5
.93
%
Other
Assets
and
Liabilities
(
0
.01
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Bond
Market
Index
Fund
$
9,942
$
6,178
$
843
$
13,651
Diversified
International
Fund
29,216
8,300
2,053
43,517
High
Income
Fund
2,148
1,787
138
3,916
International
Small
Company
Fund
4,307
1,070
1,035
5,596
LargeCap
S&P
500
Index
Fund
57,857
17,894
8,007
84,111
MidCap
S&P
400
Index
Fund
6,545
8,491
1,105
16,820
Origin
Emerging
Markets
Fund
2,502
2,740
157
5,428
Real
Estate
Securities
Fund
2,525
878
278
4,211
SmallCap
S&P
600
Index
Fund
4,957
1,835
757
8,636
$
119,999
$
49,173
$
14,373
$
185,886
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Bond
Market
Index
Fund
$
825
$
(
44
)
$
890
$
(
1,582
)
Diversified
International
Fund
414
11
—
8,043
High
Income
Fund
118
(
4
)
—
123
International
Small
Company
Fund
58
(
35
)
—
1,289
LargeCap
S&P
500
Index
Fund
1,612
308
2,961
16,059
MidCap
S&P
400
Index
Fund
203
(
22
)
664
2,911
Origin
Emerging
Markets
Fund
28
1
—
342
Real
Estate
Securities
Fund
51
(
5
)
10
1,091
SmallCap
S&P
600
Index
Fund
109
3
39
2,598
$
3,418
$
213
$
4,564
$
30,874
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
Hybrid
2055
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
192
INVESTMENT
COMPANIES
-
100
.02
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
46
.85
%
Diversified
International
Fund
(a)
1,341,759
$
21,575
International
Small
Company
Fund
(a)
208,173
2,762
MidCap
S&P
400
Index
Fund
(a)
336,579
8,462
Origin
Emerging
Markets
Fund
(a)
190,204
2,672
Real
Estate
Securities
Fund
(a)
62,257
2,043
SmallCap
S&P
600
Index
Fund
(a)
131,163
4,251
$
41,765
Principal
Funds,
Inc.
Institutional
Class
-
53
.17
%
Bond
Market
Index
Fund
(a)
445,105
4,514
High
Income
Fund
(a)
139,006
1,312
LargeCap
S&P
500
Index
Fund
(a)
1,636,448
41,582
$
47,408
TOTAL
INVESTMENT
COMPANIES
$
89,173
Total
Investments
$
89,173
Other
Assets
and
Liabilities
- (0.02)%
(
19
)
TOTAL
NET
ASSETS
-
100.00%
$
89,154
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Portfolio
Summary (unaudited)
Fund
Type
Percent
Domestic
Equity
Funds
63
.19
%
Fixed
Income
Funds
30
.73
%
International
Equity
Funds
6
.10
%
Other
Assets
and
Liabilities
(
0
.02
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Bond
Market
Index
Fund
$
2,981
$
2,204
$
183
$
4,514
Diversified
International
Fund
13,195
5,460
786
21,575
High
Income
Fund
898
486
118
1,312
International
Small
Company
Fund
1,960
699
480
2,762
LargeCap
S&P
500
Index
Fund
25,537
11,238
2,841
41,582
MidCap
S&P
400
Index
Fund
3,393
4,086
468
8,462
Origin
Emerging
Markets
Fund
1,169
1,422
70
2,672
Real
Estate
Securities
Fund
1,109
555
122
2,043
SmallCap
S&P
600
Index
Fund
2,225
1,143
305
4,251
$
52,467
$
27,293
$
5,373
$
89,173
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Bond
Market
Index
Fund
$
251
$
(
19
)
$
271
$
(
469
)
Diversified
International
Fund
190
4
—
3,702
High
Income
Fund
43
(
2
)
—
48
International
Small
Company
Fund
27
(
10
)
—
593
LargeCap
S&P
500
Index
Fund
731
44
1,342
7,604
MidCap
S&P
400
Index
Fund
92
(
14
)
303
1,465
Origin
Emerging
Markets
Fund
13
1
—
150
Real
Estate
Securities
Fund
24
(
4
)
4
505
SmallCap
S&P
600
Index
Fund
50
—
18
1,188
$
1,421
$
—
$
1,938
$
14,786
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
Hybrid
2060
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
193
INVESTMENT
COMPANIES
-
100
.05
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
48
.07
%
Diversified
International
Fund
(a)
523,774
$
8,422
International
Small
Company
Fund
(a)
81,525
1,082
MidCap
S&P
400
Index
Fund
(a)
132,821
3,339
Origin
Emerging
Markets
Fund
(a)
73,168
1,028
Real
Estate
Securities
Fund
(a)
24,323
798
SmallCap
S&P
600
Index
Fund
(a)
50,574
1,639
$
16,308
Principal
Funds,
Inc.
Institutional
Class
-
51
.98
%
Bond
Market
Index
Fund
(a)
127,386
1,292
High
Income
Fund
(a)
44,506
420
LargeCap
S&P
500
Index
Fund
(a)
626,566
15,921
$
17,633
TOTAL
INVESTMENT
COMPANIES
$
33,941
Total
Investments
$
33,941
Other
Assets
and
Liabilities
- (0.05)%
(
16
)
TOTAL
NET
ASSETS
-
100.00%
$
33,925
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Portfolio
Summary (unaudited)
Fund
Type
Percent
Domestic
Equity
Funds
63
.95
%
Fixed
Income
Funds
29
.88
%
International
Equity
Funds
6
.22
%
Other
Assets
and
Liabilities
(
0
.05
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Bond
Market
Index
Fund
$
706
$
789
$
89
$
1,292
Diversified
International
Fund
4,578
2,971
425
8,422
High
Income
Fund
250
216
59
420
International
Small
Company
Fund
664
378
164
1,082
LargeCap
S&P
500
Index
Fund
8,768
5,634
1,244
15,921
MidCap
S&P
400
Index
Fund
1,222
1,838
248
3,339
Origin
Emerging
Markets
Fund
431
591
42
1,028
Real
Estate
Securities
Fund
378
293
57
798
SmallCap
S&P
600
Index
Fund
776
588
142
1,639
$
17,773
$
13,298
$
2,470
$
33,941
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Bond
Market
Index
Fund
$
60
$
(
6
)
$
65
$
(
108
)
Diversified
International
Fund
66
1
—
1,297
High
Income
Fund
13
(
1
)
—
14
International
Small
Company
Fund
9
(
3
)
—
207
LargeCap
S&P
500
Index
Fund
253
12
465
2,751
MidCap
S&P
400
Index
Fund
32
(
6
)
105
533
Origin
Emerging
Markets
Fund
4
—
—
48
Real
Estate
Securities
Fund
9
(
1
)
1
185
SmallCap
S&P
600
Index
Fund
17
1
6
416
$
463
$
(
3
)
$
642
$
5,343
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
Hybrid
2065
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
194
INVESTMENT
COMPANIES
-
100
.18
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
48
.60
%
Diversified
International
Fund
(a)
131,765
$
2,119
International
Small
Company
Fund
(a)
20,319
270
MidCap
S&P
400
Index
Fund
(a)
33,186
834
Origin
Emerging
Markets
Fund
(a)
18,118
254
Real
Estate
Securities
Fund
(a)
6,208
204
SmallCap
S&P
600
Index
Fund
(a)
12,541
406
$
4,087
Principal
Funds,
Inc.
Institutional
Class
-
51
.58
%
Bond
Market
Index
Fund
(a)
27,927
283
High
Income
Fund
(a)
9,957
94
LargeCap
S&P
500
Index
Fund
(a)
155,820
3,960
$
4,337
TOTAL
INVESTMENT
COMPANIES
$
8,424
Total
Investments
$
8,424
Other
Assets
and
Liabilities
- (0.18)%
(
15
)
TOTAL
NET
ASSETS
-
100.00%
$
8,409
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Portfolio
Summary (unaudited)
Fund
Type
Percent
Domestic
Equity
Funds
64
.26
%
Fixed
Income
Funds
29
.69
%
International
Equity
Funds
6
.23
%
Other
Assets
and
Liabilities
(
0
.18
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Bond
Market
Index
Fund
$
90
$
301
$
83
$
283
Diversified
International
Fund
773
1,413
329
2,119
High
Income
Fund
31
92
32
94
International
Small
Company
Fund
111
184
67
270
LargeCap
S&P
500
Index
Fund
1,489
2,514
624
3,960
MidCap
S&P
400
Index
Fund
204
717
198
834
Origin
Emerging
Markets
Fund
75
206
38
254
Real
Estate
Securities
Fund
65
136
39
204
SmallCap
S&P
600
Index
Fund
133
263
76
406
$
2,971
$
5,826
$
1,486
$
8,424
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Bond
Market
Index
Fund
$
14
$
(
1
)
$
15
$
(
24
)
Diversified
International
Fund
16
2
—
260
High
Income
Fund
3
—
—
3
International
Small
Company
Fund
2
—
—
42
LargeCap
S&P
500
Index
Fund
59
—
108
581
MidCap
S&P
400
Index
Fund
8
1
26
110
Origin
Emerging
Markets
Fund
1
1
—
10
Real
Estate
Securities
Fund
2
—
—
42
SmallCap
S&P
600
Index
Fund
4
—
2
86
$
109
$
3
$
151
$
1,110
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
Hybrid
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
195
INVESTMENT
COMPANIES
-
100
.02
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
14
.67
%
Diversified
International
Fund
(a)
344,382
$
5,538
Diversified
Real
Asset
Fund
(a)
142,401
1,914
International
Small
Company
Fund
(a)
52,998
703
MidCap
S&P
400
Index
Fund
(a)
85,924
2,160
Origin
Emerging
Markets
Fund
(a)
49,197
691
SmallCap
S&P
600
Index
Fund
(a)
34,356
1,114
$
12,120
Principal
Funds,
Inc.
Institutional
Class
-
85
.35
%
Bond
Market
Index
Fund
(a)
3,226,046
32,712
High
Income
Fund
(a)
660,700
6,237
Inflation
Protection
Fund
(a)
393,480
3,868
LargeCap
S&P
500
Index
Fund
(a)
410,777
10,438
Short-Term
Income
Fund
(a)
1,389,776
17,247
$
70,502
TOTAL
INVESTMENT
COMPANIES
$
82,622
Total
Investments
$
82,622
Other
Assets
and
Liabilities
- (0.02)%
(
20
)
TOTAL
NET
ASSETS
-
100.00%
$
82,602
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Portfolio
Summary (unaudited)
Fund
Type
Percent
Fixed
Income
Funds
79
.41
%
Domestic
Equity
Funds
16
.60
%
Specialty
Funds
2
.32
%
International
Equity
Funds
1
.69
%
Other
Assets
and
Liabilities
(
0
.02
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Bond
Market
Index
Fund
$
26,615
$
14,602
$
4,168
$
32,712
Diversified
International
Fund
3,932
1,328
798
5,538
Diversified
Real
Asset
Fund
1,484
541
470
1,914
High
Income
Fund
4,611
2,136
748
6,237
Inflation
Protection
Fund
3,018
1,129
482
3,868
International
Small
Company
Fund
640
166
280
703
LargeCap
S&P
500
Index
Fund
7,869
2,653
2,219
10,438
MidCap
S&P
400
Index
Fund
1,281
857
454
2,160
Origin
Emerging
Markets
Fund
—
741
53
691
Short-Term
Income
Fund
14,272
5,198
2,073
17,247
SmallCap
S&P
600
Index
Fund
803
234
317
1,114
$
64,525
$
29,585
$
12,062
$
82,622
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Bond
Market
Index
Fund
$
2,190
$
(
91
)
$
2,364
$
(
4,246
)
Diversified
International
Fund
53
23
—
1,053
Diversified
Real
Asset
Fund
10
16
—
343
High
Income
Fund
223
(
5
)
—
243
Inflation
Protection
Fund
15
1
—
202
International
Small
Company
Fund
7
28
—
149
LargeCap
S&P
500
Index
Fund
231
48
424
2,087
MidCap
S&P
400
Index
Fund
29
(
1
)
95
477
Origin
Emerging
Markets
Fund
3
—
—
3
Short-Term
Income
Fund
218
(
2
)
23
(
148
)
SmallCap
S&P
600
Index
Fund
16
23
6
371
$
2,995
$
40
$
2,912
$
534
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
Strategic
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
196
INVESTMENT
COMPANIES
-
100
.01
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
57
.37
%
Blue
Chip
Fund
(a)
324,564
$
13,697
Core
Fixed
Income
Fund
(a)
18,056,691
183,095
Diversified
International
Fund
(a)
1,139,863
18,329
Diversified
Real
Asset
Fund
(a)
677,822
9,110
International
Small
Company
Fund
(a)
305,746
4,057
LargeCap
Growth
Fund
I
(a)
535,105
12,928
MidCap
Fund
(a),(b)
148,506
6,321
MidCap
Value
Fund
I
(a)
336,164
6,249
Origin
Emerging
Markets
Fund
(a)
376,092
5,284
SmallCap
Growth
Fund
I
(a)
156,040
3,074
SmallCap
Value
Fund
II
(a)
236,378
3,262
$
265,406
Principal
Funds,
Inc.
Institutional
Class
-
42
.64
%
Equity
Income
Fund
(a)
302,842
12,304
High
Income
Fund
(a)
3,683,489
34,772
Inflation
Protection
Fund
(a)
2,248,691
22,105
LargeCap
S&P
500
Index
Fund
(a)
333,437
8,473
LargeCap
Value
Fund
III
(a)
615,745
12,401
Overseas
Fund
(a)
1,047,644
11,765
Short-Term
Income
Fund
(a)
7,693,312
95,474
$
197,294
TOTAL
INVESTMENT
COMPANIES
$
462,700
Total
Investments
$
462,700
Other
Assets
and
Liabilities
- (0.01)%
(
42
)
TOTAL
NET
ASSETS
-
100.00%
$
462,658
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
Non-income
producing
security
Portfolio
Summary (unaudited)
Fund
Type
Percent
Fixed
Income
Funds
76
.47
%
Domestic
Equity
Funds
17
.01
%
International
Equity
Funds
4
.56
%
Specialty
Funds
1
.97
%
Other
Assets
and
Liabilities
(
0
.01
)
%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Principal
LifeTime
Strategic
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
197
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
18,266
$
1,684
$
10,456
$
13,697
Bond
Market
Index
Fund
24,990
—
25,107
—
Core
Fixed
Income
Fund
158,963
53,595
28,304
183,095
Diversified
International
Fund
15,665
2,164
3,523
18,329
Diversified
Real
Asset
Fund
7,587
1,307
1,574
9,110
Equity
Income
Fund
13,343
4,461
8,940
12,304
High
Income
Fund
31,821
6,270
4,882
34,772
Inflation
Protection
Fund
20,784
3,263
3,148
22,105
International
Small
Company
Fund
4,302
468
1,815
4,057
LargeCap
Growth
Fund
I
—
12,282
974
12,928
LargeCap
S&P
500
Index
Fund
16,631
3,706
14,785
8,473
LargeCap
Value
Fund
III
—
11,748
975
12,401
MidCap
Fund
12,579
915
10,163
6,321
MidCap
Value
Fund
I
—
5,849
667
6,249
Origin
Emerging
Markets
Fund
—
5,535
461
5,284
Overseas
Fund
9,849
1,321
3,100
11,765
Short-Term
Income
Fund
94,573
16,296
14,494
95,474
SmallCap
Growth
Fund
I
3,234
484
1,529
3,074
SmallCap
Value
Fund
II
1,735
820
315
3,262
$
434,322
$
132,168
$
135,212
$
462,700
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Blue
Chip
Fund
$
101
$
4,702
$
514
$
(
499
)
Bond
Market
Index
Fund
—
2,241
—
(
2,124
)
Core
Fixed
Income
Fund
3,090
(
26
)
—
(
1,133
)
Diversified
International
Fund
194
(
130
)
—
4,153
Diversified
Real
Asset
Fund
48
22
—
1,768
Equity
Income
Fund
129
3,138
—
302
High
Income
Fund
1,346
(
37
)
—
1,600
Inflation
Protection
Fund
102
(
16
)
—
1,222
International
Small
Company
Fund
47
148
—
954
LargeCap
Growth
Fund
I
109
(
5
)
327
1,625
LargeCap
S&P
500
Index
Fund
472
5,855
867
(
2,934
)
LargeCap
Value
Fund
III
116
16
—
1,612
MidCap
Fund
—
5,046
144
(
2,056
)
MidCap
Value
Fund
I
39
15
—
1,052
Origin
Emerging
Markets
Fund
33
2
—
208
Overseas
Fund
204
310
—
3,385
Short-Term
Income
Fund
1,323
(
9
)
145
(
892
)
SmallCap
Growth
Fund
I
41
471
145
414
SmallCap
Value
Fund
II
17
11
—
1,011
$
7,411
$
21,754
$
2,142
$
9,668
Amounts
in
thousands.
Schedule
of
Investments
Real
Estate
Securities
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
198
INVESTMENT
COMPANIES
-
1
.84
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
1
.84
%
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c)
115,604,406
$
115,604
TOTAL
INVESTMENT
COMPANIES
$
115,604
COMMON
STOCKS
-
98
.28
%
Shares
Held
Value
(000's)
Entertainment
-
1
.32
%
Marriott
Vacations
Worldwide
Corp
(b)
564,780
$
83,232
Home
Builders
-
1
.00
%
DR
Horton
Inc
662,927
63,263
Lodging
-
1
.12
%
Choice
Hotels
International
Inc
154,690
18,547
Travel
+
Leisure
Co
999,752
51,787
$
70,334
REITs
-
94
.84
%
Agree
Realty
Corp
1,454,429
109,300
Alexandria
Real
Estate
Equities
Inc
1,127,178
226,946
American
Assets
Trust
Inc
1,548,878
57,200
American
Homes
4
Rent
5,900,193
247,808
American
Tower
Corp
708,722
200,427
Apartment
Income
REIT
Corp
2,535,845
133,487
Apple
Hospitality
REIT
Inc
3,652,544
54,606
AvalonBay
Communities
Inc
1,433,418
326,576
Brandywine
Realty
Trust
1,688,950
23,578
Broadstone
Net
Lease
Inc
3,658,537
95,195
CoreSite
Realty
Corp
566,643
78,316
Cousins
Properties
Inc
2,989,253
118,733
CubeSmart
2,088,194
103,700
CyrusOne
Inc
400,778
28,563
DiamondRock
Hospitality
Co
(b)
2,357,346
20,297
Digital
Realty
Trust
Inc
376,852
58,096
Equinix
Inc
517,887
424,880
Equity
LifeStyle
Properties
Inc
1,574,349
131,930
Essex
Property
Trust
Inc
848,638
278,438
Extra
Space
Storage
Inc
1,323,937
230,550
First
Industrial
Realty
Trust
Inc
2,411,694
132,113
Healthcare
Realty
Trust
Inc
1,312,844
41,853
Healthcare
Trust
of
America
Inc
5,472,649
156,463
Invitation
Homes
Inc
8,480,556
344,989
Kilroy
Realty
Corp
1,879,377
130,184
MGM
Growth
Properties
LLC
1,864,349
70,472
Park
Hotels
&
Resorts
Inc
(b)
2,111,689
39,066
Prologis
Inc
3,239,784
414,822
PS
Business
Parks
Inc
539,957
82,975
Public
Storage
238,136
74,413
Regency
Centers
Corp
1,599,202
104,604
Rexford
Industrial
Realty
Inc
1,651,358
101,592
Sabra
Health
Care
REIT
Inc
4,688,167
87,153
Saul
Centers
Inc
459,616
20,958
Simon
Property
Group
Inc
546,359
69,125
STORE
Capital
Corp
3,700,387
133,917
Sun
Communities
Inc
1,320,640
258,991
Terreno
Realty
Corp
1,531,156
104,670
Ventas
Inc
3,894,696
232,825
VICI
Properties
Inc
3,919,839
122,260
Welltower
Inc
2,805,594
243,694
Weyerhaeuser
Co
1,427,313
48,143
$
5,963,908
TOTAL
COMMON
STOCKS
$
6,180,737
Total
Investments
$
6,296,341
Other
Assets
and
Liabilities
- (0.12)%
(
7,729
)
TOTAL
NET
ASSETS
-
100.00%
$
6,288,612
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
Non-income
producing
security
(c)
Current
yield
shown
is
as
of
period
end.
Portfolio
Summary (unaudited)
Sector
Percent
Financial
94
.84
%
Consumer,
Cyclical
3
.44
%
Money
Market
Funds
1
.84
%
Other
Assets
and
Liabilities
(
0
.12
)
%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Real
Estate
Securities
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
199
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
4
$
791,283
$
675,683
$
115,604
$
4
$
791,283
$
675,683
$
115,604
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%
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
Amounts
in
thousands.
Schedule
of
Investments
SAM
Balanced
Portfolio
July
31,
2021
(unaudited)
See
accompanying
notes.
200
INVESTMENT
COMPANIES
-
100
.05
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0
.22
%
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c)
11,148,536
$
11,149
Principal
Exchange-Traded
Funds
-
20
.54
%
Principal
Investment
Grade
Corporate
Active
ETF
(a)
2,566,000
69,412
Principal
U.S.
Mega-Cap
ETF
(a)
13,023,257
532,521
Principal
U.S.
Small-Cap
Multi-Factor
ETF
(a)
9,574,700
436,415
$
1,038,348
Principal
Funds,
Inc.
Class
R-6
-
55
.71
%
Blue
Chip
Fund
(a)
13,105,859
553,067
Core
Fixed
Income
Fund
(a)
50,111,953
508,135
Diversified
International
Fund
(a)
9,626,466
154,794
Diversified
Real
Asset
Fund
(a)
19,353,906
260,116
Edge
MidCap
Fund
(a)
6,381,219
119,393
Global
Real
Estate
Securities
Fund
(a)
18,158,406
212,635
High
Yield
Fund
(a)
15,087,666
110,743
International
Small
Company
Fund
(a)
6,200,423
82,280
LargeCap
Growth
Fund
I
(a)
9,622,635
232,483
Origin
Emerging
Markets
Fund
(a)
25,606,528
359,772
Spectrum
Preferred
and
Capital
Securities
Income
Fund
(a)
21,055,880
222,139
$
2,815,557
Principal
Funds,
Inc.
Institutional
Class
-
23
.58
%
Equity
Income
Fund
(a)
10,128,689
411,529
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
(a)
15,205,386
159,504
Government
&
High
Quality
Bond
Fund
(a)
12,612,498
132,179
LargeCap
Value
Fund
III
(a)
12,768,218
257,152
Overseas
Fund
(a)
4,302,187
48,313
Short-Term
Income
Fund
(a)
14,735,694
182,870
$
1,191,547
TOTAL
INVESTMENT
COMPANIES
$
5,056,601
Total
Investments
$
5,056,601
Other
Assets
and
Liabilities
- (0.05)%
(
2,502
)
TOTAL
NET
ASSETS
-
100.00%
$
5,054,099
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
Non-income
producing
security
(c)
Current
yield
shown
is
as
of
period
end.
Portfolio
Summary (unaudited)
Fund
Type
Percent
Domestic
Equity
Funds
50
.30
%
Fixed
Income
Funds
30
.46
%
International
Equity
Funds
13
.92
%
Specialty
Funds
5
.15
%
Money
Market
Funds
0
.22
%
Other
Assets
and
Liabilities
(
0
.05
)
%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
SAM
Balanced
Portfolio
July
31,
2021
(unaudited)
See
accompanying
notes.
201
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
414,471
$
58,199
$
62,012
$
553,067
Core
Fixed
Income
Fund
556,054
29,777
73,987
508,135
Diversified
International
Fund
373,492
10,358
322,718
154,794
Diversified
Real
Asset
Fund
62,729
189,323
15,953
260,116
Edge
MidCap
Fund
201,039
14,492
148,077
119,393
Equity
Income
Fund
613,815
11,083
392,593
411,529
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
—
159,673
—
159,504
Global
Diversified
Income
Fund
43,480
1,000
47,970
—
Global
Real
Estate
Securities
Fund
152,320
12,588
6,838
212,635
Government
&
High
Quality
Bond
Fund
227,233
3,725
96,141
132,179
High
Yield
Fund
93,662
16,328
4,558
110,743
Inflation
Protection
Fund
71,661
807
72,960
—
International
Small
Company
Fund
52,191
24,953
11,395
82,280
LargeCap
Growth
Fund
I
—
205,670
—
232,483
LargeCap
Value
Fund
III
—
248,690
—
257,152
Origin
Emerging
Markets
Fund
148,996
194,235
4,557
359,772
Overseas
Fund
—
47,880
—
48,313
Principal
Active
Global
Dividend
Income
ETF
106,929
—
124,147
—
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
22,376
332,294
343,521
11,149
Principal
Investment
Grade
Corporate
Active
ETF
—
67,423
—
69,412
Principal
U.S.
Mega-Cap
ETF
420,004
14,364
30,187
532,521
Principal
U.S.
Small-Cap
Multi-Factor
ETF
175,839
144,019
—
436,415
Short-Term
Income
Fund
301,084
6,257
121,538
182,870
Spectrum
Preferred
and
Capital
Securities
Income
Fund
237,733
12,293
36,865
222,139
$
4,275,108
$
1,805,431
$
1,916,017
$
5,056,601
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Blue
Chip
Fund
$
2,439
$
6,957
$
12,467
$
135,452
Core
Fixed
Income
Fund
9,024
(
2,155
)
—
(
1,554
)
Diversified
International
Fund
5,067
118,113
—
(
24,451
)
Diversified
Real
Asset
Fund
373
916
—
23,101
Edge
MidCap
Fund
3,034
36,670
8,408
15,269
Equity
Income
Fund
7,694
186,500
—
(
7,276
)
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
1,461
—
—
(
169
)
Global
Diversified
Income
Fund
848
3,891
—
(
401
)
Global
Real
Estate
Securities
Fund
1,404
169
—
54,396
Government
&
High
Quality
Bond
Fund
2,030
85
—
(
2,723
)
High
Yield
Fund
4,082
(
8
)
—
5,319
Inflation
Protection
Fund
352
6,143
—
(
5,651
)
International
Small
Company
Fund
754
1,110
—
15,421
LargeCap
Growth
Fund
I
—
—
—
26,813
LargeCap
Value
Fund
III
—
—
—
8,462
Origin
Emerging
Markets
Fund
1,373
106
—
20,992
Overseas
Fund
—
—
—
433
Principal
Active
Global
Dividend
Income
ETF
1,319
26,044
—
(
8,826
)
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
—
—
—
—
Principal
Investment
Grade
Corporate
Active
ETF
435
—
—
1,989
Principal
U.S.
Mega-Cap
ETF
6,042
5,892
—
122,448
Principal
U.S.
Small-Cap
Multi-Factor
ETF
3,051
—
—
116,557
Short-Term
Income
Fund
3,768
2,297
456
(
5,230
)
Spectrum
Preferred
and
Capital
Securities
Income
Fund
7,548
441
—
8,537
$
62,098
$
393,171
$
21,331
$
498,908
Amounts
in
thousands.
Schedule
of
Investments
SAM
Conservative
Balanced
Portfolio
July
31,
2021
(unaudited)
See
accompanying
notes.
202
INVESTMENT
COMPANIES
-
100
.05
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0
.33
%
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c)
6,371,868
$
6,372
Principal
Exchange-Traded
Funds
-
15
.18
%
Principal
Investment
Grade
Corporate
Active
ETF
(a)
1,612,000
43,606
Principal
U.S.
Mega-Cap
ETF
(a)
3,398,648
138,971
Principal
U.S.
Small-Cap
Multi-Factor
ETF
(a)
2,383,700
108,649
$
291,226
Principal
Funds,
Inc.
Class
R-6
-
59
.31
%
Blue
Chip
Fund
(a)
3,531,097
149,012
Core
Fixed
Income
Fund
(a)
32,601,366
330,578
Diversified
International
Fund
(a)
1,699,537
27,329
Diversified
Real
Asset
Fund
(a)
7,345,558
98,724
Edge
MidCap
Fund
(a)
1,655,009
30,965
Global
Real
Estate
Securities
Fund
(a)
8,415,594
98,547
High
Yield
Fund
(a)
10,123,679
74,308
International
Small
Company
Fund
(a)
1,762,008
23,382
LargeCap
Growth
Fund
I
(a)
2,568,814
62,062
Origin
Emerging
Markets
Fund
(a)
6,537,042
91,845
Spectrum
Preferred
and
Capital
Securities
Income
Fund
(a)
14,357,716
151,474
$
1,138,226
Principal
Funds,
Inc.
Institutional
Class
-
25
.23
%
Equity
Income
Fund
(a)
2,488,602
101,112
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
(a)
10,492,892
110,071
Government
&
High
Quality
Bond
Fund
(a)
8,611,380
90,247
LargeCap
Value
Fund
III
(a)
2,318,014
46,685
Overseas
Fund
(a)
1,215,792
13,653
Short-Term
Income
Fund
(a)
9,854,477
122,294
$
484,062
TOTAL
INVESTMENT
COMPANIES
$
1,919,886
Total
Investments
$
1,919,886
Other
Assets
and
Liabilities
- (0.05)%
(
871
)
TOTAL
NET
ASSETS
-
100.00%
$
1,919,015
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
Non-income
producing
security
(c)
Current
yield
shown
is
as
of
period
end.
Portfolio
Summary (unaudited)
Fund
Type
Percent
Fixed
Income
Funds
49
.51
%
Domestic
Equity
Funds
33
.21
%
International
Equity
Funds
11
.86
%
Specialty
Funds
5
.14
%
Money
Market
Funds
0
.33
%
Other
Assets
and
Liabilities
(
0
.05
)
%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
SAM
Conservative
Balanced
Portfolio
July
31,
2021
(unaudited)
See
accompanying
notes.
203
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
104,817
$
17,679
$
10,094
$
149,012
Core
Fixed
Income
Fund
329,074
28,971
25,688
330,578
Diversified
International
Fund
95,398
4,715
96,553
27,329
Diversified
Real
Asset
Fund
25,024
67,312
2,850
98,724
Edge
MidCap
Fund
49,707
5,383
37,085
30,965
Equity
Income
Fund
167,222
6,631
121,139
101,112
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
—
110,228
—
110,071
Global
Diversified
Income
Fund
29,515
730
32,586
—
Global
Real
Estate
Securities
Fund
71,699
4,224
2,849
98,547
Government
&
High
Quality
Bond
Fund
139,212
5,353
52,680
90,247
High
Yield
Fund
58,580
14,485
2,137
74,308
Inflation
Protection
Fund
30,295
312
30,825
—
International
Small
Company
Fund
12,506
7,386
713
23,382
LargeCap
Growth
Fund
I
—
54,889
—
62,062
LargeCap
Value
Fund
III
—
45,190
200
46,685
Origin
Emerging
Markets
Fund
35,525
52,782
1,425
91,845
Overseas
Fund
—
13,530
—
13,653
Principal
Active
Global
Dividend
Income
ETF
28,407
—
32,931
—
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
10,474
106,038
110,140
6,372
Principal
Investment
Grade
Corporate
Active
ETF
—
42,356
—
43,606
Principal
U.S.
Mega-Cap
ETF
106,234
4,182
4,207
138,971
Principal
U.S.
Small-Cap
Multi-Factor
ETF
43,224
36,570
—
108,649
Short-Term
Income
Fund
184,064
9,257
69,193
122,294
Spectrum
Preferred
and
Capital
Securities
Income
Fund
138,462
11,772
4,275
151,474
$
1,659,439
$
649,975
$
637,570
$
1,919,886
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Blue
Chip
Fund
$
629
$
550
$
3,214
$
36,060
Core
Fixed
Income
Fund
5,573
(
703
)
—
(
1,076
)
Diversified
International
Fund
1,301
35,049
—
(
11,280
)
Diversified
Real
Asset
Fund
153
159
—
9,079
Edge
MidCap
Fund
753
10,224
2,086
2,736
Equity
Income
Fund
2,052
44,733
—
3,665
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
1,005
—
—
(
157
)
Global
Diversified
Income
Fund
562
898
—
1,443
Global
Real
Estate
Securities
Fund
663
3
—
25,470
Government
&
High
Quality
Bond
Fund
1,282
(
445
)
—
(
1,193
)
High
Yield
Fund
2,588
(
6
)
—
3,386
Inflation
Protection
Fund
144
2,890
—
(
2,672
)
International
Small
Company
Fund
187
24
—
4,179
LargeCap
Growth
Fund
I
—
—
—
7,173
LargeCap
Value
Fund
III
—
—
—
1,695
Origin
Emerging
Markets
Fund
328
14
—
4,949
Overseas
Fund
—
—
—
123
Principal
Active
Global
Dividend
Income
ETF
307
6,935
—
(
2,411
)
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
—
—
—
—
Principal
Investment
Grade
Corporate
Active
ETF
273
—
—
1,250
Principal
U.S.
Mega-Cap
ETF
1,550
375
—
32,387
Principal
U.S.
Small-Cap
Multi-Factor
ETF
758
—
—
28,855
Short-Term
Income
Fund
2,361
1,158
282
(
2,992
)
Spectrum
Preferred
and
Capital
Securities
Income
Fund
4,714
(
6
)
—
5,521
$
27,183
$
101,852
$
5,582
$
146,190
Amounts
in
thousands.
Schedule
of
Investments
SAM
Conservative
Growth
Portfolio
July
31,
2021
(unaudited)
See
accompanying
notes.
204
INVESTMENT
COMPANIES
-
100
.05
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0
.26
%
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c)
9,045,184
$
9,045
Principal
Exchange-Traded
Funds
-
25
.97
%
Principal
Investment
Grade
Corporate
Active
ETF
(a)
586,000
15,852
Principal
U.S.
Mega-Cap
ETF
(a)
12,067,445
493,438
Principal
U.S.
Small-Cap
Multi-Factor
ETF
(a)
8,775,800
400,001
$
909,291
Principal
Funds,
Inc.
Class
R-6
-
52
.59
%
Blue
Chip
Fund
(a)
12,148,969
512,687
Core
Fixed
Income
Fund
(a)
9,952,645
100,920
Diversified
International
Fund
(a)
8,935,094
143,676
Diversified
Real
Asset
Fund
(a)
13,321,229
179,037
Edge
MidCap
Fund
(a)
6,289,169
117,670
Global
Real
Estate
Securities
Fund
(a)
10,812,982
126,620
High
Yield
Fund
(a)
2,344,953
17,212
International
Small
Company
Fund
(a)
5,389,045
71,513
LargeCap
Growth
Fund
I
(a)
8,465,956
204,538
Origin
Emerging
Markets
Fund
(a)
23,201,486
325,981
Spectrum
Preferred
and
Capital
Securities
Income
Fund
(a)
3,977,674
41,964
$
1,841,818
Principal
Funds,
Inc.
Institutional
Class
-
21
.23
%
Equity
Income
Fund
(a)
9,731,481
395,390
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
(a)
3,228,171
33,863
Government
&
High
Quality
Bond
Fund
(a)
2,365,093
24,786
LargeCap
Value
Fund
III
(a)
10,760,309
216,713
Overseas
Fund
(a)
4,425,346
49,697
Short-Term
Income
Fund
(a)
1,860,040
23,083
$
743,532
TOTAL
INVESTMENT
COMPANIES
$
3,503,686
Total
Investments
$
3,503,686
Other
Assets
and
Liabilities
- (0.05)%
(
1,686
)
TOTAL
NET
ASSETS
-
100.00%
$
3,502,000
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
Non-income
producing
security
(c)
Current
yield
shown
is
as
of
period
end.
Portfolio
Summary (unaudited)
Fund
Type
Percent
Domestic
Equity
Funds
66
.83
%
International
Equity
Funds
16
.39
%
Fixed
Income
Funds
11
.46
%
Specialty
Funds
5
.11
%
Money
Market
Funds
0
.26
%
Other
Assets
and
Liabilities
(
0
.05
)
%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
SAM
Conservative
Growth
Portfolio
July
31,
2021
(unaudited)
See
accompanying
notes.
205
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
362,772
$
63,667
$
41,670
$
512,687
Core
Fixed
Income
Fund
155,836
10,092
63,110
100,920
Diversified
International
Fund
353,028
11,837
309,280
143,676
Diversified
Real
Asset
Fund
47,588
127,589
13,281
179,037
Edge
MidCap
Fund
190,070
14,814
136,311
117,670
Equity
Income
Fund
521,464
10,323
290,322
395,390
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
—
33,899
—
33,863
Global
Real
Estate
Securities
Fund
82,609
18,482
4,980
126,620
Government
&
High
Quality
Bond
Fund
64,382
932
39,791
24,786
High
Yield
Fund
28,216
2,565
14,950
17,212
Inflation
Protection
Fund
48,332
239
48,899
—
International
Small
Company
Fund
47,315
22,806
13,280
71,513
LargeCap
Growth
Fund
I
—
180,900
—
204,538
LargeCap
Value
Fund
III
—
209,520
—
216,713
Origin
Emerging
Markets
Fund
126,012
187,676
4,981
325,981
Overseas
Fund
—
49,250
—
49,697
Principal
Active
Global
Dividend
Income
ETF
96,150
—
111,560
—
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
18,862
257,119
266,936
9,045
Principal
Investment
Grade
Corporate
Active
ETF
—
15,398
—
15,852
Principal
U.S.
Mega-Cap
ETF
370,383
14,875
6,602
493,438
Principal
U.S.
Small-Cap
Multi-Factor
ETF
158,656
136,364
—
400,001
Short-Term
Income
Fund
86,525
1,489
64,100
23,083
Spectrum
Preferred
and
Capital
Securities
Income
Fund
70,087
2,486
32,910
41,964
$
2,828,287
$
1,372,322
$
1,462,963
$
3,503,686
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Blue
Chip
Fund
$
2,213
$
3,819
$
11,311
$
124,099
Core
Fixed
Income
Fund
2,210
515
—
(
2,413
)
Diversified
International
Fund
4,755
105,333
—
(
17,242
)
Diversified
Real
Asset
Fund
277
716
—
16,425
Edge
MidCap
Fund
2,857
31,209
7,920
17,888
Equity
Income
Fund
6,690
58,214
—
95,711
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
310
—
—
(
36
)
Global
Real
Estate
Securities
Fund
756
46
—
30,463
Government
&
High
Quality
Bond
Fund
528
326
—
(
1,063
)
High
Yield
Fund
955
400
—
981
Inflation
Protection
Fund
238
44
—
284
International
Small
Company
Fund
664
1,329
—
13,343
LargeCap
Growth
Fund
I
—
—
—
23,638
LargeCap
Value
Fund
III
—
—
—
7,193
Origin
Emerging
Markets
Fund
1,152
101
—
17,173
Overseas
Fund
—
—
—
447
Principal
Active
Global
Dividend
Income
ETF
1,076
23,519
—
(
8,109
)
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
—
—
—
—
Principal
Investment
Grade
Corporate
Active
ETF
99
—
—
454
Principal
U.S.
Mega-Cap
ETF
5,446
581
—
114,201
Principal
U.S.
Small-Cap
Multi-Factor
ETF
2,759
—
—
104,981
Short-Term
Income
Fund
958
1,461
127
(
2,292
)
Spectrum
Preferred
and
Capital
Securities
Income
Fund
1,881
641
—
1,660
$
35,824
$
228,254
$
19,358
$
537,786
Amounts
in
thousands.
Schedule
of
Investments
SAM
Flexible
Income
Portfolio
July
31,
2021
(unaudited)
See
accompanying
notes.
206
INVESTMENT
COMPANIES
-
100
.05
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0
.40
%
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c)
12,102,362
$
12,102
Principal
Exchange-Traded
Funds
-
23
.52
%
Principal
Active
Income
ETF
(a)
4,459,042
187,034
Principal
Investment
Grade
Corporate
Active
ETF
(a)
11,330,702
306,505
Principal
U.S.
Mega-Cap
ETF
(a)
3,160,095
129,216
Principal
U.S.
Small-Cap
Multi-Factor
ETF
(a)
1,908,000
86,967
$
709,722
Principal
Funds,
Inc.
Class
R-6
-
50
.83
%
Blue
Chip
Fund
(a)
3,957,640
167,013
Core
Fixed
Income
Fund
(a)
50,575,930
512,840
Diversified
International
Fund
(a)
4,805,314
77,270
Diversified
Real
Asset
Fund
(a)
15,450,603
207,656
Global
Real
Estate
Securities
Fund
(a)
16,964,059
198,649
High
Yield
Fund
(a)
5,928,918
43,518
Origin
Emerging
Markets
Fund
(a)
3,049,493
42,845
Small-MidCap
Dividend
Income
Fund
(a)
1,666,706
28,351
Spectrum
Preferred
and
Capital
Securities
Income
Fund
(a)
24,270,341
256,052
$
1,534,194
Principal
Funds,
Inc.
Institutional
Class
-
25
.30
%
Equity
Income
Fund
(a)
2,053,304
83,426
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
(a)
9,025,869
94,681
Government
&
High
Quality
Bond
Fund
(a)
28,397,008
297,601
LargeCap
Value
Fund
III
(a)
2,542,291
51,202
Short-Term
Income
Fund
(a)
19,078,992
236,770
$
763,680
TOTAL
INVESTMENT
COMPANIES
$
3,019,698
Total
Investments
$
3,019,698
Other
Assets
and
Liabilities
- (0.05)%
(
1,408
)
TOTAL
NET
ASSETS
-
100.00%
$
3,018,290
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
Non-income
producing
security
(c)
Current
yield
shown
is
as
of
period
end.
Portfolio
Summary (unaudited)
Fund
Type
Percent
Fixed
Income
Funds
66
.67
%
Domestic
Equity
Funds
18
.10
%
International
Equity
Funds
8
.00
%
Specialty
Funds
6
.88
%
Money
Market
Funds
0
.40
%
Other
Assets
and
Liabilities
(
0
.05
)
%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
SAM
Flexible
Income
Portfolio
July
31,
2021
(unaudited)
See
accompanying
notes.
207
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
100,959
$
32,666
$
3,644
$
167,013
Core
Fixed
Income
Fund
295,254
241,644
26,436
512,840
Diversified
International
Fund
124,327
10,949
90,063
77,270
Diversified
Real
Asset
Fund
—
197,220
—
207,656
Edge
MidCap
Fund
34,712
2,625
45,316
—
Equity
Income
Fund
200,273
10,535
183,820
83,426
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
—
94,803
—
94,681
Global
Real
Estate
Securities
Fund
83,084
82,989
4,555
198,649
Government
&
High
Quality
Bond
Fund
391,437
19,191
108,284
297,601
High
Yield
Fund
82,060
5,808
48,230
43,518
Inflation
Protection
Fund
171,578
7,654
180,382
—
LargeCap
Value
Fund
III
—
49,330
—
51,202
Origin
Emerging
Markets
Fund
—
43,540
—
42,845
Principal
Active
Income
ETF
175,316
—
9,391
187,034
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
20,067
81,032
88,997
12,102
Principal
Investment
Grade
Corporate
Active
ETF
295,315
8,909
—
306,505
Principal
U.S.
Mega-Cap
ETF
93,019
6,794
—
129,216
Principal
U.S.
Small-Cap
Multi-Factor
ETF
43,346
15,269
—
86,967
Short-Term
Income
Fund
349,363
19,426
128,492
236,770
Small-MidCap
Dividend
Income
Fund
—
27,378
1,148
28,351
Spectrum
Preferred
and
Capital
Securities
Income
Fund
218,304
35,232
6,377
256,052
$
2,678,414
$
992,994
$
925,135
$
3,019,698
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Blue
Chip
Fund
$
599
$
(
29
)
$
3,062
$
37,061
Core
Fixed
Income
Fund
6,636
(
178
)
—
2,556
Diversified
International
Fund
1,717
16,139
—
15,918
Diversified
Real
Asset
Fund
—
—
—
10,436
Edge
MidCap
Fund
512
11,181
1,420
(
3,202
)
Equity
Income
Fund
2,330
81,959
—
(
25,521
)
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
868
—
—
(
122
)
Global
Real
Estate
Securities
Fund
770
1
—
37,130
Government
&
High
Quality
Bond
Fund
3,805
(
2,169
)
—
(
2,574
)
High
Yield
Fund
2,547
970
—
2,910
Inflation
Protection
Fund
851
14,456
—
(
13,306
)
LargeCap
Value
Fund
III
—
—
—
1,872
Origin
Emerging
Markets
Fund
—
—
—
(
695
)
Principal
Active
Income
ETF
5,188
(
22
)
—
21,131
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
—
—
—
—
Principal
Investment
Grade
Corporate
Active
ETF
7,700
—
3,414
2,281
Principal
U.S.
Mega-Cap
ETF
1,414
—
—
29,403
Principal
U.S.
Small-Cap
Multi-Factor
ETF
702
—
—
28,352
Short-Term
Income
Fund
4,528
1,418
539
(
4,945
)
Small-MidCap
Dividend
Income
Fund
34
3
—
2,118
Spectrum
Preferred
and
Capital
Securities
Income
Fund
7,746
(
26
)
—
8,919
$
47,947
$
123,703
$
8,435
$
149,722
Amounts
in
thousands.
Schedule
of
Investments
SAM
Strategic
Growth
Portfolio
July
31,
2021
(unaudited)
See
accompanying
notes.
208
INVESTMENT
COMPANIES
-
100
.05
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0
.25
%
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c)
5,775,125
$
5,775
Principal
Exchange-Traded
Funds
-
24
.65
%
Principal
U.S.
Mega-Cap
ETF
(a)
6,647,800
271,828
Principal
U.S.
Small-Cap
Multi-Factor
ETF
(a)
6,409,500
292,145
$
563,973
Principal
Funds,
Inc.
Class
R-6
-
52
.67
%
Blue
Chip
Fund
(a)
8,273,896
349,158
Diversified
International
Fund
(a)
8,677,203
139,529
Diversified
Real
Asset
Fund
(a)
8,783,324
118,048
Edge
MidCap
Fund
(a)
4,187,514
78,348
Global
Real
Estate
Securities
Fund
(a)
1,840,707
21,555
International
Small
Company
Fund
(a)
4,259,960
56,530
LargeCap
Growth
Fund
I
(a)
12,062,991
291,442
Origin
Emerging
Markets
Fund
(a)
10,718,838
150,600
$
1,205,210
Principal
Funds,
Inc.
Institutional
Class
-
22
.48
%
Equity
Income
Fund
(a)
6,561,848
266,608
LargeCap
Value
Fund
III
(a)
8,027,920
161,682
Overseas
Fund
(a)
7,680,290
86,250
$
514,540
TOTAL
INVESTMENT
COMPANIES
$
2,289,498
Total
Investments
$
2,289,498
Other
Assets
and
Liabilities
- (0.05)%
(
1,211
)
TOTAL
NET
ASSETS
-
100.00%
$
2,288,287
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
Non-income
producing
security
(c)
Current
yield
shown
is
as
of
period
end.
Portfolio
Summary (unaudited)
Fund
Type
Percent
Domestic
Equity
Funds
74
.78
%
International
Equity
Funds
13
.76
%
Fixed
Income
Funds
6
.10
%
Specialty
Funds
5
.16
%
Money
Market
Funds
0
.25
%
Other
Assets
and
Liabilities
(
0
.05
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
253,140
$
26,170
$
15,667
$
349,158
Diversified
International
Fund
335,567
6,894
285,010
139,529
Diversified
Real
Asset
Fund
—
111,950
—
118,048
Edge
MidCap
Fund
141,995
10,288
110,346
78,348
Equity
Income
Fund
325,401
6,044
159,904
266,608
Global
Real
Estate
Securities
Fund
16,734
5,881
6,620
21,555
International
Small
Company
Fund
34,374
21,083
9,931
56,530
LargeCap
Growth
Fund
I
153,958
91,502
5,519
291,442
LargeCap
Value
Fund
III
84,019
55,745
8,847
161,682
Origin
Emerging
Markets
Fund
93,890
47,586
4,413
150,600
Overseas
Fund
—
85,501
—
86,250
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
6,165
110,038
110,428
5,775
Principal
U.S.
Mega-Cap
ETF
208,409
—
2
271,828
Principal
U.S.
Small-Cap
Multi-Factor
ETF
126,541
86,793
—
292,145
$
1,780,193
$
665,475
$
716,687
$
2,289,498
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Blue
Chip
Fund
$
1,482
$
1,159
$
7,575
$
84,356
Diversified
International
Fund
4,530
70,323
—
11,755
Diversified
Real
Asset
Fund
—
—
—
6,098
Edge
MidCap
Fund
2,138
23,391
5,925
13,020
Equity
Income
Fund
4,237
25,482
—
69,585
Global
Real
Estate
Securities
Fund
141
1,236
—
4,324
International
Small
Company
Fund
484
946
—
10,058
LargeCap
Growth
Fund
I
2,874
70
8,624
51,431
LargeCap
Value
Fund
III
1,501
82
—
30,683
Origin
Emerging
Markets
Fund
738
300
—
13,237
Overseas
Fund
—
—
—
749
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
—
—
—
—
Principal
U.S.
Mega-Cap
ETF
2,974
—
—
63,421
Principal
U.S.
Small-Cap
Multi-Factor
ETF
2,020
—
—
78,811
$
23,119
$
122,989
$
22,124
$
437,528
Amounts
in
thousands.
Schedule
of
Investments
Short-Term
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
209
INVESTMENT
COMPANIES
-
0.99%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0.99%
BlackRock
Liquidity
FedFund
-
Institutional
Class
0.03%
(a),(b)
1,379,932
$
1,379
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(c),(d)
46,238,644
46,239
$
47,618
TOTAL
INVESTMENT
COMPANIES
$
47,618
BONDS
-
90.24%
Principal
Amount
(000's)
Value
(000's)
Agriculture
-
0.84%
Bunge
Ltd
Finance
Corp
1.63%,
08/17/2025
$
4,200
$
4,275
4.35%,
03/15/2024
10,450
11,374
Cargill
Inc
0.75%,
02/02/2026
(e)
14,700
14,633
1.38%,
07/23/2023
(e)
9,800
9,989
$
40,271
Airlines
-
0.52%
Alaska
Airlines
2020-1
Class
A
Pass
Through
Trust
4.80%,
02/15/2029
(e)
10,785
11,975
American
Airlines
2013-2
Class
A
Pass
Through
Trust
4.95%,
07/15/2024
3,584
3,656
Delta
Air
Lines
Inc
/
SkyMiles
IP
Ltd
4.50%,
10/20/2025
(e)
8,673
9,323
$
24,954
Automobile
Asset
Backed
Securities
-
7.63%
Americredit
Automobile
Receivables
Trust
2018-2
3.15%,
03/20/2023
48
48
Americredit
Automobile
Receivables
Trust
2019-1
2.97%,
11/20/2023
2,445
2,460
Americredit
Automobile
Receivables
Trust
2019-2
2.28%,
01/18/2024
8,133
8,184
AmeriCredit
Automobile
Receivables
Trust
2020-1
1.10%,
03/20/2023
450
450
AmeriCredit
Automobile
Receivables
Trust
2020-2
0.60%,
12/18/2023
5,427
5,433
AmeriCredit
Automobile
Receivables
Trust
2020-3
0.42%,
03/18/2024
12,543
12,554
AmeriCredit
Automobile
Receivables
Trust
2021-1
0.28%,
06/18/2024
15,415
15,422
CarMax
Auto
Owner
Trust
2021-2
0.27%,
06/17/2024
8,600
8,604
CPS
Auto
Receivables
Trust
2020-A
2.09%,
05/15/2023
(e)
103
103
CPS
Auto
Receivables
Trust
2020-B
1.15%,
07/17/2023
(e)
740
741
CPS
Auto
Receivables
Trust
2020-C
0.63%,
03/15/2024
(e)
5,071
5,075
CPS
Auto
Receivables
Trust
2021-A
0.35%,
01/16/2024
(e)
7,691
7,692
0.61%,
02/18/2025
(e)
6,375
6,387
CPS
Auto
Receivables
Trust
2021-B
0.37%,
03/17/2025
(e)
11,313
11,321
CPS
Auto
Trust
0.33%,
07/15/2024
(e)
2,500
2,500
Ford
Credit
Auto
Owner
Trust
2017-REV1
2.62%,
08/15/2028
(e)
11,500
11,652
Ford
Credit
Auto
Owner
Trust
2018-REV2
3.47%,
01/15/2030
(e)
14,600
15,476
Ford
Credit
Auto
Owner
Trust
2019-REV1
3.52%,
07/15/2030
(e)
11,700
12,550
Ford
Credit
Auto
Owner
Trust
2020-REV1
2.04%,
08/15/2031
(e)
13,000
13,571
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Automobile
Asset
Backed
Securities
(continued)
Ford
Credit
Auto
Owner
Trust
2020-REV2
1.06%,
04/15/2033
(e)
$
25,725
$
25,838
Ford
Credit
Auto
Owner
Trust
2021-REV1
1.37%,
10/17/2033
(e)
10,250
10,412
OneMain
Direct
Auto
Receivables
Trust
2018-1
3.43%,
12/16/2024
(e)
3,588
3,600
OneMain
Direct
Auto
Receivables
Trust
2019-1
3.63%,
09/14/2027
(e)
16,750
18,099
Santander
Drive
Auto
Receivables
Trust
2020-3
0.46%,
09/15/2023
3,918
3,919
Santander
Drive
Auto
Receivables
Trust
2020-4
0.42%,
09/15/2023
9,344
9,348
Santander
Drive
Auto
Receivables
Trust
2021-1
0.29%,
11/15/2023
9,922
9,926
0.32%,
09/16/2024
12,800
12,817
Santander
Drive
Auto
Receivables
Trust
2021-2
0.28%,
04/15/2024
21,500
21,503
Toyota
Auto
Loan
Extended
Note
Trust
2019-1
2.56%,
11/25/2031
(e)
17,000
17,957
Toyota
Auto
Loan
Extended
Note
Trust
2020-1
1.35%,
05/25/2033
(e)
6,100
6,237
Toyota
Auto
Loan
Extended
Note
Trust
2021-1
1.07%,
02/27/2034
(e)
15,750
15,894
Westlake
Automobile
Receivables
Trust
2019-2
2.62%,
07/15/2024
(e)
5,676
5,693
Westlake
Automobile
Receivables
Trust
2019-3
2.15%,
02/15/2023
(e)
1,191
1,192
Westlake
Automobile
Receivables
Trust
2020-2
0.93%,
02/15/2024
(e)
5,342
5,355
Westlake
Automobile
Receivables
Trust
2020-3
0.56%,
05/15/2024
(e)
21,177
21,216
Westlake
Automobile
Receivables
Trust
2021-1
0.39%,
10/15/2024
(e)
16,900
16,913
0.64%,
03/16/2026
(e)
10,500
10,521
World
Omni
Select
Auto
Trust
2020-A
0.47%,
06/17/2024
9,207
9,215
$
365,878
Automobile
Floor
Plan
Asset
Backed
Securities
-
0.18%
Ford
Credit
Floorplan
Master
Owner
Trust
A
0.49%,
10/15/2023
8,750
8,757
1.00
x
1
Month
USD
LIBOR
+
0.40%
Automobile
Manufacturers
-
0.31%
Ford
Motor
Credit
Co
LLC
1.42%,
03/28/2022
5,000
4,985
3
Month
USD
LIBOR
+
1.27%
Toyota
Motor
Credit
Corp
2.60%,
01/11/2022
9,600
9,701
$
14,686
Banks
-
19.22%
Bank
of
America
Corp
0.98%,
09/25/2025
(f)
19,500
19,532
Secured
Overnight
Financing
Rate
+
0.91%
1.20%,
10/24/2026
(f)
19,600
19,570
Secured
Overnight
Financing
Rate
+
1.01%
1.29%,
01/20/2023
28,400
28,543
3
Month
USD
LIBOR
+
1.16%
1.32%,
06/19/2026
(f)
19,400
19,504
Secured
Overnight
Financing
Rate
+
1.15%
2.50%,
10/21/2022
12,000
12,059
3.00%,
12/20/2023
(f)
10,347
10,711
3
Month
USD
LIBOR
+
0.79%
4.20%,
08/26/2024
24,500
26,853
Bank
of
Montreal
0.95%,
01/22/2027
(f)
14,700
14,597
Secured
Overnight
Financing
Rate
+
0.60%
Schedule
of
Investments
Short-Term
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
210
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Bank
of
New
York
Mellon
Corp/The
1.18%,
10/30/2023
$
24,500
$
24,795
3
Month
USD
LIBOR
+
1.05%
BNP
Paribas
SA
3.50%,
03/01/2023
(e)
9,750
10,215
Capital
One
NA
1.28%,
01/30/2023
14,400
14,471
3
Month
USD
LIBOR
+
1.15%
Citigroup
Inc
0.78%,
10/30/2024
(f)
9,600
9,639
Secured
Overnight
Financing
Rate
+
0.69%
1.09%,
04/25/2022
19,800
19,915
3
Month
USD
LIBOR
+
0.96%
1.12%,
01/28/2027
(f)
19,600
19,435
Secured
Overnight
Financing
Rate
+
0.77%
1.56%,
09/01/2023
10,000
10,129
3
Month
USD
LIBOR
+
1.43%
3.50%,
05/15/2023
9,750
10,257
4.00%,
08/05/2024
10,750
11,718
4.04%,
06/01/2024
(f)
4,750
5,047
3
Month
USD
LIBOR
+
1.02%
Credit
Suisse
AG/New
York
NY
2.10%,
11/12/2021
9,750
9,803
Credit
Suisse
Group
AG
2.59%,
09/11/2025
(e),(f)
5,000
5,213
Secured
Overnight
Financing
Rate
+
1.56%
4.21%,
06/12/2024
(e),(f)
17,900
19,010
3
Month
USD
LIBOR
+
1.24%
Deutsche
Bank
AG/New
York
NY
0.90%,
05/28/2024
9,200
9,191
Fifth
Third
Bancorp
2.60%,
06/15/2022
13,400
13,647
4.30%,
01/16/2024
15,700
17,024
First
Republic
Bank/CA
1.91%,
02/12/2024
(f)
11,000
11,228
Secured
Overnight
Financing
Rate
+
0.62%
Goldman
Sachs
Group
Inc
/The
0.48%,
01/27/2023
14,700
14,708
0.57%,
11/17/2023
19,250
19,302
Secured
Overnight
Financing
Rate
+
0.54%
0.84%,
12/09/2026
14,700
14,691
Secured
Overnight
Financing
Rate
+
0.79%
3.20%,
02/23/2023
10,000
10,409
HSBC
Holdings
PLC
2.63%,
11/07/2025
(f)
9,300
9,747
Secured
Overnight
Financing
Rate
+
1.40%
3.95%,
05/18/2024
(f)
9,750
10,337
3
Month
USD
LIBOR
+
0.99%
ING
Groep
NV
3.15%,
03/29/2022
6,800
6,931
JPMorgan
Chase
&
Co
1.03%,
04/25/2023
38,500
38,785
3
Month
USD
LIBOR
+
0.90%
1.04%,
02/04/2027
(f)
9,800
9,703
Secured
Overnight
Financing
Rate
+
0.70%
1.05%,
11/19/2026
(f)
19,600
19,484
Secured
Overnight
Financing
Rate
+
0.80%
1.36%,
10/24/2023
15,000
15,200
3
Month
USD
LIBOR
+
1.23%
1.51%,
06/01/2024
(f)
14,700
14,986
Secured
Overnight
Financing
Rate
+
1.46%
3.88%,
09/10/2024
5,249
5,714
KeyBank
NA/Cleveland
OH
0.39%,
01/03/2024
19,500
19,524
Secured
Overnight
Financing
Rate
+
0.34%
3.30%,
02/01/2022
4,750
4,824
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Morgan
Stanley
0.53%,
01/25/2024
(f)
$
13,500
$
13,504
Secured
Overnight
Financing
Rate
+
0.46%
0.75%,
01/20/2023
9,800
9,826
Secured
Overnight
Financing
Rate
+
0.70%
1.53%,
10/24/2023
38,600
39,165
3
Month
USD
LIBOR
+
1.40%
1.59%,
05/04/2027
(f)
10,750
10,911
Secured
Overnight
Financing
Rate
+
0.88%
4.10%,
05/22/2023
10,200
10,854
Natwest
Group
PLC
4.27%,
03/22/2025
(f)
9,750
10,596
3
Month
USD
LIBOR
+
1.76%
NatWest
Markets
PLC
0.80%,
08/12/2024
(e)
7,800
7,792
PNC
Bank
NA
0.63%,
07/27/2022
9,600
9,644
3
Month
USD
LIBOR
+
0.50%
Royal
Bank
of
Canada
0.88%,
01/20/2026
14,700
14,616
Societe
Generale
SA
2.63%,
01/22/2025
(e)
9,700
10,166
State
Street
Corp
2.35%,
11/01/2025
(f)
9,800
10,331
Secured
Overnight
Financing
Rate
+
0.94%
Toronto-Dominion
Bank/The
0.75%,
01/06/2026
(g)
14,700
14,606
Truist
Bank
0.77%,
08/02/2022
9,750
9,750
3
Month
USD
LIBOR
+
0.59%
2.45%,
08/01/2022
15,500
15,806
2.63%,
01/15/2022
14,400
14,527
Truist
Financial
Corp
1.27%,
03/02/2027
(f)
6,825
6,861
Secured
Overnight
Financing
Rate
+
0.61%
2.70%,
01/27/2022
3,832
3,871
UBS
AG/London
1.75%,
04/21/2022
(e)
11,750
11,867
UBS
Group
AG
1.01%,
07/30/2024
(e),(f)
7,000
7,052
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.83%
3.49%,
05/23/2023
(e)
11,450
11,732
US
Bancorp
0.77%,
01/24/2022
(g)
5,751
5,765
3
Month
USD
LIBOR
+
0.64%
US
Bank
NA/Cincinnati
OH
2.65%,
05/23/2022
10,000
10,180
Wells
Fargo
&
Co
1.65%,
06/02/2024
(f)
19,600
20,017
Secured
Overnight
Financing
Rate
+
1.60%
2.16%,
02/11/2026
(f)
9,800
10,205
3
Month
USD
LIBOR
+
0.75%
2.19%,
04/30/2026
(f)
14,600
15,195
Secured
Overnight
Financing
Rate
+
2.00%
2.41%,
10/30/2025
(f)
10,000
10,457
Secured
Overnight
Financing
Rate
+
1.09%
3.07%,
01/24/2023
19,000
19,262
$
921,009
Beverages
-
0.51%
Anheuser-Busch
InBev
Finance
Inc
3.65%,
02/01/2026
8,700
9,629
Keurig
Dr
Pepper
Inc
0.75%,
03/15/2024
14,700
14,722
$
24,351
Schedule
of
Investments
Short-Term
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
211
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Biotechnology
-
1.41%
Amgen
Inc
2.65%,
05/11/2022
$
9,600
$
9,759
Biogen
Inc
3.63%,
09/15/2022
8,000
8,290
4.05%,
09/15/2025
1,500
1,676
Gilead
Sciences
Inc
0.75%,
09/29/2023
48,000
48,026
$
67,751
Building
Materials
-
0.31%
Martin
Marietta
Materials
Inc
4.25%,
07/02/2024
13,455
14,700
Chemicals
-
0.74%
Air
Liquide
Finance
SA
1.75%,
09/27/2021
(e)
6,750
6,758
Celanese
US
Holdings
LLC
3.50%,
05/08/2024
9,800
10,480
Westlake
Chemical
Corp
3.60%,
07/15/2022
9,382
9,579
3.60%,
08/15/2026
7,900
8,729
$
35,546
Commercial
Mortgage
Backed
Securities
-
4.80%
BX
Commercial
Mortgage
Trust
2021-SOAR
0.76%,
06/15/2038
(e)
12,200
12,215
1.00
x
1
Month
USD
LIBOR
+
0.67%
BX
Commercial
Mortgage
Trust
2021-VINO
0.75%,
05/15/2038
(e)
8,200
8,205
1.00
x
1
Month
USD
LIBOR
+
0.65%
Cold
Storage
Trust
2020-ICE5
0.99%,
11/15/2037
(e)
28,900
29,000
1.00
x
1
Month
USD
LIBOR
+
0.90%
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
0.44%,
12/25/2025
14,532
14,493
0.52%,
06/25/2025
10,448
10,408
0.52%,
11/25/2026
14,588
14,526
0.53%,
01/25/2025
9,493
9,486
0.57%,
05/25/2026
14,467
14,428
FRESB
2020-SB79
Mortgage
Trust
0.80%,
07/25/2040
(h)
16,266
16,308
FRESB
2020-SB81Mortgage
Trust
0.72%,
10/25/2040
(h)
6,801
6,779
FRESB
2021-SB82
Mortgage
Trust
0.67%,
11/25/2025
(h)
13,670
13,649
FRESB
2021-SB83
Mortgage
Trust
0.63%,
01/25/2026
(h)
9,367
9,357
Ginnie
Mae
0.23%,
02/16/2055
(h),(
i
)
37,358
205
0.28%,
10/16/2054
(h),(
i
)
27,985
464
0.35%,
01/16/2054
(h),(
i
)
26,832
338
0.36%,
02/16/2048
(h),(
i
)
14,115
228
0.37%,
09/16/2055
(h),(
i
)
13,176
232
0.52%,
01/16/2055
(h),(
i
)
61,842
867
0.88%,
06/16/2045
(h),(
i
)
24,490
668
0.93%,
08/16/2042
(h),(
i
)
10,807
172
1.16%,
02/16/2046
(h),(
i
)
21,899
642
1.23%,
10/16/2051
(h),(
i
)
2,171
91
1.26%,
12/16/2036
(h),(
i
)
9,248
238
GS
Mortgage
Securities
Trust
2017-GS6
1.95%,
05/10/2050
3,573
3,589
MHC
Commercial
Mortgage
Trust
2021-MHC
0.89%,
04/15/2038
(e)
29,200
29,255
1.00
x
1
Month
USD
LIBOR
+
0.80%
MHC
Trust
2021-MHC2
0.94%,
05/15/2023
(e)
14,600
14,627
1.00
x
1
Month
USD
LIBOR
+
0.85%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Mortgage
Backed
Securities
(continued)
MHP
2021-STOR
0.00%,
07/15/2038
(d),(e),(j)
$
8,800
$
8,817
1.00
x
1
Month
USD
LIBOR
+
0.70%
TPGI
Trust
2021-DGWD
0.79%,
06/15/2026
(e)
10,725
10,740
1.00
x
1
Month
USD
LIBOR
+
0.70%
$
230,027
Computers
-
1.72%
Apple
Inc
0.70%,
02/08/2026
14,700
14,627
1.13%,
05/11/2025
34,800
35,258
3.25%,
02/23/2026
5,350
5,886
Dell
International
LLC
/
EMC
Corp
5.45%,
06/15/2023
9,800
10,591
Hewlett
Packard
Enterprise
Co
4.45%,
10/02/2023
14,700
15,870
$
82,232
Consumer
Products
-
0.20%
Reckitt
Benckiser
Treasury
Services
PLC
0.69%,
06/24/2022
(e)
9,600
9,638
3
Month
USD
LIBOR
+
0.56%
Credit
Card
Asset
Backed
Securities
-
1.06%
BA
Credit
Card
Trust
0.34%,
05/15/2026
13,000
12,992
1.74%,
01/15/2025
37,000
37,607
$
50,599
Diversified
Financial
Services
-
0.80%
American
Express
Co
3.70%,
11/05/2021
6,850
6,891
Capital
One
Bank
USA
NA
2.01%,
01/27/2023
(f)
19,750
19,909
Secured
Overnight
Financing
Rate
+
0.62%
Capital
One
Financial
Corp
3.90%,
01/29/2024
7,900
8,507
USAA
Capital
Corp
1.50%,
05/01/2023
(e)
3,000
3,063
$
38,370
Electric
-
6.99%
AES
Corp/The
1.38%,
01/15/2026
(e)
9,750
9,733
Alabama
Power
Co
2.45%,
03/30/2022
14,250
14,440
Alliant
Energy
Finance
LLC
1.40%,
03/15/2026
(e)
4,600
4,598
3.75%,
06/15/2023
(e)
19,500
20,585
American
Electric
Power
Co
Inc
0.66%,
11/01/2023
14,700
14,710
3
Month
USD
LIBOR
+
0.48%
Black
Hills
Corp
4.25%,
11/30/2023
27,000
28,991
Dominion
Energy
Inc
0.65%,
09/15/2023
14,500
14,508
3
Month
USD
LIBOR
+
0.53%
2.72%,
08/15/2021
(h)
9,800
9,804
3.07%,
08/15/2024
(h)
9,800
10,429
DTE
Energy
Co
1.05%,
06/01/2025
4,400
4,414
2.25%,
11/01/2022
9,750
9,970
2.53%,
10/01/2024
10,000
10,491
Duke
Energy
Corp
0.90%,
09/15/2025
9,750
9,710
Duke
Energy
Florida
LLC
3.10%,
08/15/2021
5,750
5,756
Entergy
Louisiana
LLC
0.62%,
11/17/2023
14,700
14,712
Evergy
Inc
2.45%,
09/15/2024
9,300
9,783
Schedule
of
Investments
Short-Term
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
212
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
Exelon
Corp
3.50%,
06/01/2022
$
22,500
$
23,028
Florida
Power
&
Light
Co
0.28%,
05/10/2023
4,600
4,601
Secured
Overnight
Financing
Rate
+
0.25%
Fortis
Inc
/Canada
3.06%,
10/04/2026
14,594
15,822
NextEra
Energy
Capital
Holdings
Inc
0.42%,
02/22/2023
9,800
9,801
3
Month
USD
LIBOR
+
0.27%
2.40%,
09/01/2021
10,000
10,017
2.90%,
04/01/2022
14,162
14,409
3.15%,
04/01/2024
5,600
5,965
Public
Service
Enterprise
Group
Inc
0.80%,
08/15/2025
14,600
14,518
San
Diego
Gas
&
Electric
Co
1.91%,
02/01/2022
1,043
1,049
Southern
California
Edison
Co
1.85%,
02/01/2022
1,672
1,674
Southern
Power
Co
0.90%,
01/15/2026
3,900
3,866
Southwestern
Electric
Power
Co
1.65%,
03/15/2026
11,600
11,837
Tucson
Electric
Power
Co
3.05%,
03/15/2025
4,400
4,727
Vistra
Operations
Co
LLC
3.70%,
01/30/2027
(e)
19,500
20,893
$
334,841
Electrical
Components
&
Equipment
-
0.21%
Emerson
Electric
Co
0.88%,
10/15/2026
10,200
10,159
Electronics
-
0.50%
Honeywell
International
Inc
0.48%,
08/19/2022
14,250
14,252
1.85%,
11/01/2021
9,600
9,627
$
23,879
Environmental
Control
-
0.29%
Republic
Services
Inc
2.50%,
08/15/2024
5,650
5,937
Waste
Management
Inc
0.75%,
11/15/2025
7,800
7,782
$
13,719
Food
-
1.10%
Mars
Inc
0.88%,
07/16/2026
(e)
24,000
23,696
Nestle
Holdings
Inc
0.38%,
01/15/2024
(e)
29,000
28,920
$
52,616
Forest
Products
&
Paper
-
0.37%
Georgia-Pacific
LLC
1.75%,
09/30/2025
(e)
17,000
17,572
Gas
-
0.30%
NiSource
Inc
0.95%,
08/15/2025
14,600
14,520
Healthcare
-
Services
-
1.49%
Centene
Corp
4.25%,
12/15/2027
11,300
11,922
5.38%,
06/01/2026
(e)
2,693
2,805
5.38%,
08/15/2026
(e)
11,945
12,438
HCA
Inc
5.25%,
06/15/2026
25,800
30,058
Humana
Inc
0.65%,
08/03/2023
(j)
14,250
14,253
$
71,476
Home
Builders
-
0.21%
DR
Horton
Inc
2.50%,
10/15/2024
9,800
10,271
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Home
Furnishings
-
0.32%
Panasonic
Corp
2.54%,
07/19/2022
(e)
$
9,800
$
9,975
2.68%,
07/19/2024
(e)
5,000
5,253
$
15,228
Insurance
-
4.90%
Allstate
Corp/The
0.78%,
03/29/2023
12,500
12,606
3
Month
USD
LIBOR
+
0.63%
Five
Corners
Funding
Trust
4.42%,
11/15/2023
(e)
26,875
29,210
Guardian
Life
Global
Funding
0.88%,
12/10/2025
(e)
24,500
24,376
1.10%,
06/23/2025
(e)
17,525
17,699
MassMutual
Global
Funding
II
2.75%,
06/22/2024
(e)
13,000
13,784
Metropolitan
Life
Global
Funding
I
0.40%,
01/07/2024
(e)
14,700
14,687
1.95%,
09/15/2021
(e)
28,175
28,232
3.60%,
01/11/2024
(e)
5,000
5,383
New
York
Life
Global
Funding
0.65%,
06/10/2022
(e)
24,000
24,109
3
Month
USD
LIBOR
+
0.52%
2.00%,
01/22/2025
(e)
9,800
10,203
2.30%,
06/10/2022
(e)
16,000
16,282
Northwestern
Mutual
Global
Funding
0.80%,
01/14/2026
(e)
24,500
24,291
Prudential
Financial
Inc
1.50%,
03/10/2026
13,700
14,002
$
234,864
Internet
-
0.41%
eBay
Inc
1.40%,
05/10/2026
19,500
19,751
Iron
&
Steel
-
0.10%
Nucor
Corp
2.00%,
06/01/2025
4,500
4,684
Machinery
-
Diversified
-
0.31%
Otis
Worldwide
Corp
0.59%,
04/05/2023
14,750
14,751
3
Month
USD
LIBOR
+
0.45%
Media
-
1.24%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
4.91%,
07/23/2025
14,700
16,686
Discovery
Communications
LLC
4.90%,
03/11/2026
14,498
16,626
Sky
Ltd
3.13%,
11/26/2022
(e)
8,900
9,224
ViacomCBS
Inc
4.75%,
05/15/2025
14,850
16,828
$
59,364
Mining
-
0.44%
Anglo
American
Capital
PLC
5.38%,
04/01/2025
(e)
9,600
11,002
Glencore
Funding
LLC
1.63%,
09/01/2025
(e)
9,750
9,902
$
20,904
Miscellaneous
Manufacturers
-
0.11%
Siemens
Financieringsmaatschappij
NV
0.48%,
03/11/2024
(e)
5,450
5,490
Secured
Overnight
Financing
Rate
+
0.43%
Mortgage
Backed
Securities
-
3.23%
Banc
of
America
Funding
2004-1
Trust
5.25%,
02/25/2019
7
7
Chase
Home
Lending
Mortgage
Trust
2019-1
3.50%,
03/25/2050
(e),(h)
484
484
Schedule
of
Investments
Short-Term
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
213
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Mortgage
Backed
Securities
(continued)
CHL
Mortgage
Pass-Through
Trust
2003-46
2.42%,
01/19/2034
(h)
$
152
$
151
Credit
Suisse
First
Boston
Mortgage
Securities
Corp
5.00%,
09/25/2019
5
4
GS
Mortage
-Backed
Securities
Trust
2020-PJ1
3.50%,
05/25/2050
(e),(h)
667
667
GS
Mortgage-Backed
Securities
Corp
Trust
2020-PJ3
3.00%,
10/25/2050
(e),(h)
2,844
2,869
GS
Mortgage-Backed
Securities
Corp
Trust
2021-PJ3
2.50%,
08/25/2051
(e),(h)
4,690
4,824
JP
Morgan
Mortgage
Trust
2004-A3
2.11%,
07/25/2034
(h)
317
307
JP
Morgan
Mortgage
Trust
2004-S1
5.00%,
09/25/2034
141
147
JP
Morgan
Mortgage
Trust
2020-5
3.00%,
12/25/2050
(e),(h)
1,220
1,226
JP
Morgan
Mortgage
Trust
2021-1
2.50%,
06/25/2051
(e),(h)
20,866
21,353
Metlife
Securitization
Trust
2019-1
3.75%,
04/25/2058
(e),(h)
3,653
3,764
Morgan
Stanley
Residential
Mortgage
Loan
Trust
2020-1
2.50%,
12/25/2050
(e),(h)
7,010
7,181
Oceanview
Mortgage
Trust
2021-3
2.50%,
06/25/2051
(e),(h)
14,500
14,889
PHH
Mortgage
Trust
Series
2008-CIM1
2.35%,
06/25/2038
514
510
1.00
x
1
Month
USD
LIBOR
+
2.25%
PSMC
2020-1
Trust
3.50%,
01/25/2050
(e),(h)
614
614
PSMC
2020-2
Trust
3.00%,
05/25/2050
(e),(h)
966
967
Sequoia
Mortgage
Trust
2017-1
3.50%,
02/25/2047
(e),(h)
751
751
Sequoia
Mortgage
Trust
2017-2
3.50%,
02/25/2047
(e),(h)
396
396
Sequoia
Mortgage
Trust
2020-1
3.50%,
02/25/2050
(e),(h)
581
583
Sequoia
Mortgage
Trust
2020-4
2.50%,
11/25/2050
(e),(h)
12,852
13,278
Sequoia
Mortgage
Trust
2021-3
2.50%,
05/25/2051
(e),(h)
23,867
24,522
Sequoia
Mortgage
Trust
2021-4
2.50%,
06/25/2051
(e),(h)
24,115
24,770
Wells
Fargo
Mortgage
Backed
Securities
2019-4
Trust
3.50%,
09/25/2049
(e),(h)
774
775
Wells
Fargo
Mortgage
Backed
Securities
2020-1
Trust
3.00%,
12/25/2049
(e),(h)
2,956
2,963
Wells
Fargo
Mortgage
Backed
Securities
2020-2
Trust
3.00%,
12/25/2049
(e),(h)
4,780
4,823
Wells
Fargo
Mortgage
Backed
Securities
2020-3
Trust
3.00%,
06/25/2050
(e),(h)
2,236
2,249
Wells
Fargo
Mortgage
Backed
Securities
2020-4
Trust
3.00%,
07/25/2050
(e),(h)
8,637
8,808
Wells
Fargo
Mortgage
Backed
Securities
2020-5
Trust
2.50%,
09/25/2050
(e),(h)
8,093
8,232
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Mortgage
Backed
Securities
(continued)
Wells
Fargo
Mortgage
Backed
Securities
2021-1
Trust
2.50%,
12/25/2050
(e),(h)
$
2,716
$
2,794
$
154,908
Oil
&
Gas
-
1.83%
BP
Capital
Markets
PLC
3.81%,
02/10/2024
5,000
5,399
Chevron
USA
Inc
0.69%,
08/12/2025
14,600
14,554
Cimarex
Energy
Co
4.38%,
06/01/2024
12,500
13,582
Exxon
Mobil
Corp
2.99%,
03/19/2025
9,800
10,522
Marathon
Petroleum
Corp
4.50%,
05/01/2023
9,800
10,425
Phillips
66
0.78%,
02/15/2024
9,750
9,759
3
Month
USD
LIBOR
+
0.62%
3.85%,
04/09/2025
6,850
7,536
Suncor
Energy
Inc
2.80%,
05/15/2023
7,400
7,691
3.10%,
05/15/2025
7,900
8,468
$
87,936
Oil
&
Gas
Services
-
0.17%
Schlumberger
Holdings
Corp
3.75%,
05/01/2024
(e)
7,800
8,395
Other
Asset
Backed
Securities
-
6.59%
CCG
Receivables
Trust
2.80%,
09/14/2026
(e)
4,023
4,064
CCG
Receivables
Trust
2018-2
3.09%,
12/15/2025
(e)
1,021
1,023
CCG
Receivables
Trust
2019-2
2.11%,
03/15/2027
(e)
8,756
8,853
CCG
Receivables
Trust
2020-1
0.54%,
12/14/2027
(e)
12,847
12,882
CCG
Receivables
Trust
2021-1
0.30%,
06/14/2027
(e)
24,300
24,278
CF
Hippolyta
LLC
1.53%,
03/15/2061
(e)
21,335
21,707
Drug
Royalty
III
LP
1
1.73%,
10/15/2031
(e)
1,735
1,718
1.00
x
3
Month
USD
LIBOR
+
1.60%
4.27%,
10/15/2031
(e)
2,106
2,161
GreatAmerica
Leasing
Receivables
Funding
LLC
Series
2021-1
0.27%,
06/15/2023
(e)
12,200
12,206
HPEFS
Equipment
Trust
2021-1
0.27%,
03/20/2031
(e)
22,200
22,210
MMAF
Equipment
Finance
LLC
2020-A
0.74%,
04/09/2024
(e)
6,356
6,380
MMAF
Equipment
Finance
LLC
2020-B
0.38%,
08/14/2023
(e)
12,294
12,307
MMAF
Equipment
Finance
LLC
2021-A
0.30%,
04/15/2024
(e)
14,600
14,610
MVW
2021-1W
LLC
1.14%,
01/22/2041
(e)
6,891
6,903
MVW
Owner
Trust
2016-1
2.25%,
12/20/2033
(e)
1,672
1,688
MVW
Owner
Trust
2018-1
3.45%,
01/21/2036
(e)
4,766
4,944
PFS
Financing
Corp
0.71%,
04/15/2026
(e)
9,750
9,759
0.93%,
08/15/2024
(e)
9,500
9,552
0.97%,
02/15/2026
(e)
17,650
17,801
2.23%,
10/15/2024
(e)
29,250
29,880
2.86%,
04/15/2024
(e)
9,750
9,925
3.52%,
10/15/2023
(e)
6,750
6,807
Schedule
of
Investments
Short-Term
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
214
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Other
Asset
Backed
Securities
(continued)
Trafigura
Securitisation
Finance
PLC
2018-1
3.73%,
03/15/2022
(e)
$
22,000
$
22,076
Trafigura
Securitisation
Finance
PLC
2021-1
1.08%,
01/15/2025
(e)
24,000
23,997
Volvo
Financial
Equipment
LLC
0.37%,
04/17/2023
(e)
14,600
14,608
Volvo
Financial
Equipment
LLC
Series
2018-1
2.76%,
10/17/2022
(e)
2,336
2,345
Volvo
Financial
Equipment
LLC
Series
2019-1
3.00%,
03/15/2023
(e)
5,410
5,453
Volvo
Financial
Equipment
LLC
Series
2019-2
2.02%,
08/15/2022
(e)
836
837
VSE
2018-A
VOI
Mortgage
LLC
3.56%,
02/20/2036
(e)
4,400
4,630
$
315,604
Packaging
&
Containers
-
0.41%
Graphic
Packaging
International
LLC
0.82%,
04/15/2024
(e)
9,700
9,664
1.51%,
04/15/2026
(e)
9,800
9,833
$
19,497
Pharmaceuticals
-
2.64%
AbbVie
Inc
2.15%,
11/19/2021
19,500
19,614
AstraZeneca
PLC
0.70%,
04/08/2026
24,000
23,710
Bayer
US
Finance
II
LLC
3.88%,
12/15/2023
(e)
5,800
6,204
Bristol-Myers
Squibb
Co
0.54%,
11/13/2023
14,700
14,715
Cigna
Corp
0.61%,
03/15/2024
7,850
7,853
1.25%,
03/15/2026
14,700
14,819
GlaxoSmithKline
Capital
PLC
0.53%,
10/01/2023
24,500
24,566
Novartis
Capital
Corp
1.75%,
02/14/2025
14,700
15,208
$
126,689
Pipelines
-
1.90%
Buckeye
Partners
LP
4.15%,
07/01/2023
11,300
11,674
Enterprise
Products
Operating
LLC
3.50%,
02/01/2022
14,600
14,834
Florida
Gas
Transmission
Co
LLC
3.88%,
07/15/2022
(e)
12,550
12,822
Kinder
Morgan
Inc
1.41%,
01/15/2023
14,500
14,697
3
Month
USD
LIBOR
+
1.28%
ONEOK
Partners
LP
5.00%,
09/15/2023
13,600
14,682
Southeast
Supply
Header
LLC
4.25%,
06/15/2024
(e)
11,634
11,489
TransCanada
PipeLines
Ltd
2.37%,
05/15/2067
12,163
10,855
3
Month
USD
LIBOR
+
2.21%
$
91,053
REITs
-
2.84%
American
Tower
Corp
2.40%,
03/15/2025
9,600
10,049
American
Tower
Trust
#1
3.07%,
03/15/2048
(e)
24,100
24,206
Crown
Castle
International
Corp
1.35%,
07/15/2025
8,750
8,850
CubeSmart
LP
4.00%,
11/15/2025
3,275
3,621
4.38%,
12/15/2023
13,400
14,446
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
REITs
(continued)
Omega
Healthcare
Investors
Inc
4.50%,
01/15/2025
$
7,250
$
7,951
4.95%,
04/01/2024
4,750
5,173
Public
Storage
0.88%,
02/15/2026
14,000
13,957
SBA
Tower
Trust
1.63%,
05/15/2051
(e)
19,400
19,636
1.88%,
07/15/2050
(e)
6,463
6,589
2.84%,
01/15/2050
(e)
10,325
10,771
3.72%,
04/09/2048
(e)
632
639
Ventas
Realty
LP
3.50%,
04/15/2024
9,400
10,045
$
135,933
Retail
-
0.13%
Walmart
Inc
2.85%,
07/08/2024
6,000
6,404
Semiconductors
-
1.03%
Broadcom
Inc
4.70%,
04/15/2025
10,300
11,573
Microchip
Technology
Inc
4.33%,
06/01/2023
9,800
10,419
Micron
Technology
Inc
2.50%,
04/24/2023
11,100
11,433
NXP
BV
/
NXP
Funding
LLC
4.63%,
06/01/2023
(e)
9,800
10,496
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA
Inc
2.70%,
05/01/2025
(e)
5,300
5,606
$
49,527
Software
-
0.98%
Oracle
Corp
1.65%,
03/25/2026
19,700
20,066
Roper
Technologies
Inc
1.00%,
09/15/2025
14,200
14,200
VMware
Inc
0.60%,
08/15/2023
(j)
12,500
12,522
$
46,788
Student
Loan
Asset
Backed
Securities
-
6.06%
Commonbond
Student
Loan
Trust
2018-BGS
3.56%,
09/25/2045
(e)
4,320
4,469
Commonbond
Student
Loan
Trust
2018-C-GS
3.87%,
02/25/2046
(e)
6,528
6,704
Commonbond
Student
Loan
Trust
2019-A-GS
2.54%,
01/25/2047
(e)
10,257
10,521
Commonbond
Student
Loan
Trust
2020-A-GS
1.98%,
08/25/2050
(e)
4,378
4,452
Commonbond
Student
Loan
Trust
2021-A-GS
1.20%,
03/25/2052
(e)
18,207
18,227
EDvestinU
Private
Education
Loan
Issue
No
3
LLC
1.80%,
11/25/2045
(e)
12,108
12,224
Keycorp
Student
Loan
Trust
2000-b
0.44%,
07/25/2029
3,855
3,844
1.00
x
3
Month
USD
LIBOR
+
0.31%
KeyCorp
Student
Loan
Trust
2003-A
0.66%,
01/25/2037
8,068
8,068
1.00
x
3
Month
USD
LIBOR
+
0.53%
Laurel
Road
Prime
Student
Loan
Trust
2019-A
2.34%,
10/25/2048
(e)
1,193
1,212
Navient
Private
Education
Refi
Loan
Trust
2019-A
3.42%,
01/15/2043
(e)
2,793
2,863
Navient
Private
Education
Refi
Loan
Trust
2019-G
2.40%,
10/15/2068
(e)
8,201
8,382
Schedule
of
Investments
Short-Term
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
215
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Student
Loan
Asset
Backed
Securities
(continued)
Navient
Private
Education
Refi
Loan
Trust
2020-A
0.44%,
11/15/2068
(e)
$
1,268
$
1,268
1.00
x
1
Month
USD
LIBOR
+
0.35%
Navient
Private
Education
Refi
Loan
Trust
2020-D
1.69%,
05/15/2069
(e)
10,003
10,124
Navient
Private
Education
Refi
Loan
Trust
2020-F
1.22%,
07/15/2069
(e)
6,499
6,540
Navient
Private
Education
Refi
Loan
Trust
2020-G
1.17%,
09/16/2069
(e)
7,078
7,131
Navient
Private
Education
Refi
Loan
Trust
2020-H
1.31%,
01/15/2069
(e)
11,521
11,621
Navient
Private
Education
Refi
Loan
Trust
2021-A
0.84%,
05/15/2069
(e)
8,781
8,776
Navient
Private
Education
Refi
Loan
Trust
2021-B
0.94%,
07/15/2069
(e)
16,289
16,309
Navient
Private
Education
Refi
Loan
Trust
2021-c
1.06%,
10/15/2069
(e)
15,083
15,141
Navient
Private
Education
Refi
Loan
Trust
2021-E
0.97%,
12/16/2069
(e)
18,800
18,809
Nelnet
Student
Loan
Trust
2021-A
1.36%,
04/20/2062
(e)
37,755
37,872
SLM
Private
Credit
Student
Loan
Trust
2004-A
0.52%,
06/15/2033
846
838
1.00
x
3
Month
USD
LIBOR
+
0.40%
SLM
Private
Credit
Student
Loan
Trust
2004-B
0.45%,
03/15/2024
5,718
5,709
1.00
x
3
Month
USD
LIBOR
+
0.33%
SLM
Private
Credit
Student
Loan
Trust
2006-A
0.41%,
06/15/2039
18,019
17,525
1.00
x
3
Month
USD
LIBOR
+
0.29%
SLM
Private
Credit
Student
Loan
Trust
2006-B
0.32%,
12/15/2039
10,537
10,310
1.00
x
3
Month
USD
LIBOR
+
0.20%
SMB
Private
Education
Loan
Trust
2020-A
0.39%,
03/15/2027
(e)
2,895
2,895
1.00
x
1
Month
USD
LIBOR
+
0.30%
SMB
Private
Education
Loan
Trust
2021-A
0.59%,
01/15/2053
(e)
2,061
2,063
1.00
x
1
Month
USD
LIBOR
+
0.50%
1.07%,
01/15/2053
(e)
13,420
13,345
SMB
Private
Education
Loan
Trust
2021-B
1.31%,
07/17/2051
(e)
23,206
23,245
$
290,487
Telecommunications
-
2.67%
AT&T
Inc
1.04%,
02/15/2023
8,525
8,617
3
Month
USD
LIBOR
+
0.89%
1.70%,
03/25/2026
24,400
24,779
Crown
Castle
Towers
LLC
3.66%,
05/15/2045
(e)
4,187
4,481
3.72%,
07/15/2043
(e)
1,263
1,305
NTT
Finance
Corp
0.37%,
03/03/2023
(e)
4,600
4,602
0.58%,
03/01/2024
(e)
14,600
14,608
Sprint
Spectrum
Co
LLC
/
Sprint
Spectrum
Co
II
LLC
/
Sprint
Spectrum
Co
III
LLC
3.36%,
03/20/2023
(e)
2,397
2,405
4.74%,
03/20/2025
(e)
38,490
41,168
5.15%,
03/20/2028
(e)
9,500
10,941
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Telecommunications
(continued)
Verizon
Communications
Inc
0.84%,
03/20/2026
$
14,700
$
14,951
Secured
Overnight
Financing
Rate
+
0.79%
$
127,857
Trucking
&
Leasing
-
0.22%
Penske
Truck
Leasing
Co
Lp
/
PTL
Finance
Corp
3.45%,
07/01/2024
(e)
9,800
10,504
TOTAL
BONDS
$
4,324,440
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
9.21%
Principal
Amount
(000's)
Value
(000's)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
-
0.00%
2.41%,
09/01/2035
$
25
$
27
1.00
x
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.25%
7.00%,
12/01/2022
23
24
$
51
Federal
National
Mortgage
Association
(FNMA)
-
0.01%
2.00%,
07/01/2034
9
9
1.00
x
12
Month
USD
LIBOR
+
1.64%
2.02%,
12/01/2032
12
12
1.00
x
12
Month
USD
LIBOR
+
1.64%
2.02%,
07/01/2034
33
33
1.00
x
12
Month
USD
LIBOR
+
1.63%
2.13%,
01/01/2035
19
20
1.00
x
12
Month
USD
LIBOR
+
1.75%
2.16%,
08/01/2034
24
24
1.00
x
12
Month
USD
LIBOR
+
1.63%
2.17%,
10/01/2035
78
79
1.00
x
12
Month
USD
LIBOR
+
1.67%
2.22%,
02/01/2037
43
43
1.00
x
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.09%
2.31%,
02/01/2035
10
10
1.00
x
6
Month
USD
LIBOR
+
2.06%
2.41%,
11/01/2032
11
11
1.00
x
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.29%
4.81%,
11/01/2035
1
1
1.00
x
Cost
of
funds
for
the
11th
District
of
San
Francisco
+
1.25%
$
242
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
U.S.
Treasury
-
3.14%
0.13%,
01/31/2023
41,700
41,695
0.13%,
10/15/2023
28,750
28,689
1.13%,
02/28/2022
29,400
29,580
1.25%,
08/31/2024
19,500
20,025
2.75%,
07/31/2023
28,800
30,271
$
150,260
U.S.
Treasury
Bill
-
6.06%
0.02%,
09/02/2021
(k)
24,500
24,499
0.02%,
10/28/2021
(k)
29,400
29,396
0.03%,
09/09/2021
(k)
29,300
29,299
0.03%,
09/16/2021
(k)
30,000
29,998
0.03%,
09/23/2021
(k)
29,400
29,398
0.03%,
09/30/2021
(k)
29,000
28,998
0.03%,
11/26/2021
(k)
30,000
29,995
0.04%,
12/02/2021
(k)
30,000
29,995
0.04%,
12/09/2021
(k)
29,500
29,495
Schedule
of
Investments
Short-Term
Income
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
216
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
U.S.
Treasury
Bill
(continued)
0.05%,
10/14/2021
(k)
$
29,500
$
29,497
$
290,570
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
441,126
Total
Investments
$
4,813,184
Other
Assets
and
Liabilities
- (0.44)%
(
21,162)
TOTAL
NET
ASSETS
-
100.00%
$
4,792,022
(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
$1,379
or
0.03%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(d)
Non-income
producing
security
(e)
Security
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
$1,847,565
or
38.56%
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,
the
value
of
these
securities
totaled
$1,344
or
0.03%
of
net
assets.
(h)
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions. These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
Rate
shown
is
the
rate
in
effect
as
of
period
end.
(
i
)
Security
is
an
Interest
Only
Strip.
(j)
Security
purchased
on
a
when-issued
basis.
(k)
Rate
shown
is
the
discount
rate
of
the
original
purchase.
Portfolio
Summary (unaudited)
Sector
Percent
Financial
27.76%
Asset
Backed
Securities
21.52%
Government
9.20%
Consumer,
Non-cyclical
8.19%
Mortgage
Securities
8.04%
Utilities
7.29%
Communications
4.32%
Energy
3.90%
Technology
3.73%
Industrial
2.36%
Basic
Materials
1.65%
Consumer,
Cyclical
1.49%
Money
Market
Funds
0.99%
Other
Assets
and
Liabilities
(0.44)%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
25,115
$
2,507,436
$
2,486,312
$
46,239
$
25,115
$
2,507,436
$
2,486,312
$
46,239
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.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
US
5
Year
Note;
September
2021
Short
1,458
$
181,441
$
(860)
Total
$
(860)
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
SmallCap
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
217
INVESTMENT
COMPANIES
-
4
.58
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
4
.58
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
0.03%
(a),(b)
12,267,431
$
12,268
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c),(d)
50,281,357
50,281
$
62,549
TOTAL
INVESTMENT
COMPANIES
$
62,549
COMMON
STOCKS
-
97
.41
%
Shares
Held
Value
(000's)
Agriculture
-
1
.79
%
Darling
Ingredients
Inc
(d)
298,900
$
20,645
Vital
Farms
Inc
(d)
222,100
3,867
$
24,512
Airlines
-
0
.31
%
Sun
Country
Airlines
Holdings
Inc
(d)
130,600
4,243
Automobile
Parts
&
Equipment
-
0
.98
%
Modine
Manufacturing
Co
(d)
327,200
5,474
Visteon
Corp
(d)
69,900
7,972
$
13,446
Banks
-
5
.02
%
Ameris
Bancorp
256,800
12,483
BancFirst
Corp
67,400
3,740
Bancorp
Inc/The
(d)
204,150
4,771
First
Foundation
Inc
182,600
4,304
First
Interstate
BancSystem
Inc
257,900
10,811
First
Merchants
Corp
181,100
7,376
Independent
Bank
Corp/MI
132,000
2,776
Lakeland
Bancorp
Inc
153,100
2,506
United
Community
Banks
Inc/GA
438,050
12,620
WesBanco
Inc
224,600
7,250
$
68,637
Biotechnology
-
5
.47
%
Acceleron
Pharma
Inc
(d)
60,000
7,503
ADC
Therapeutics
SA
(d)
89,400
1,881
Allogene
Therapeutics
Inc
(d)
88,100
1,934
Bluebird
Bio
Inc
(d)
141,200
3,588
Cellectis
SA
ADR
(d),(e)
205,700
2,664
Denali
Therapeutics
Inc
(d)
172,600
8,808
Design
Therapeutics
Inc
(d)
119,000
1,842
Horizon
Therapeutics
Plc
(d)
148,400
14,843
Immunocore
Holdings
PLC
ADR
(d)
58,100
1,901
Insmed
Inc
(d)
234,700
5,774
Iovance
Biotherapeutics
Inc
(d)
172,100
3,833
MacroGenics
Inc
(d)
182,600
4,558
Magenta
Therapeutics
Inc
(d)
372,800
2,654
Olink
Holding
AB
ADR
(d)
98,200
3,670
Precision
BioSciences
Inc
(d)
390,200
3,847
Seagen
Inc
(d)
35,500
5,445
$
74,745
Building
Materials
-
1
.67
%
Builders
FirstSource
Inc
(d)
264,800
11,784
Masonite
International
Corp
(d)
97,500
11,033
$
22,817
Chemicals
-
2
.02
%
Atotech
Ltd
(d)
507,200
12,249
Diversey
Holdings
Ltd
(d)
708,800
11,823
Koppers
Holdings
Inc
(d)
116,300
3,571
$
27,643
Commercial
Services
-
4
.29
%
ABM
Industries
Inc
176,300
8,196
AMN
Healthcare
Services
Inc
(d)
128,700
12,942
Coursera
Inc
(d),(e)
83,300
2,965
First
Advantage
Corp
(d)
263,500
5,167
Heidrick
&
Struggles
International
Inc
110,700
4,728
Huron
Consulting
Group
Inc
(d)
162,800
7,998
ICF
International
Inc
62,700
5,742
Legalzoom.com
Inc
(d)
10,404
383
Medifast
Inc
36,900
10,535
$
58,656
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Computers
-
1
.49
%
ExlService
Holdings
Inc
(d)
115,300
$
13,054
KnowBe4
Inc
(d),(e)
346,389
7,347
$
20,401
Consumer
Products
-
0
.49
%
Central
Garden
&
Pet
Co
-
A
Shares
(d)
154,180
6,677
Cosmetics
&
Personal
Care
-
1
.35
%
Beauty
Health
Co/The
(d),(e)
410,500
7,209
Beauty
Health
Co/The
-
Warrants
(d)
133,433
939
Honest
Co
Inc/The
(d),(e)
714,500
10,267
$
18,415
Distribution
&
Wholesale
-
1
.29
%
Core
&
Main
Inc
(d),(e)
286,052
7,580
ThredUp
Inc
(d),(e)
222,494
5,309
Titan
Machinery
Inc
(d)
165,500
4,722
$
17,611
Diversified
Financial
Services
-
5
.36
%
Encore
Capital
Group
Inc
(d)
238,600
11,295
Flywire
Corp
(d)
174,600
5,545
Focus
Financial
Partners
Inc
(d)
259,500
13,320
Janus
Henderson
Group
PLC
216,800
9,071
Lazard
Ltd
107,700
5,084
Piper
Sandler
Cos
101,540
12,458
Stifel
Financial
Corp
247,800
16,489
$
73,262
Electric
-
2
.02
%
Brookfield
Renewable
Corp
382,400
16,229
Portland
General
Electric
Co
233,100
11,399
$
27,628
Electrical
Components
&
Equipment
-
1
.22
%
EnerSys
132,100
13,033
nLight
Inc
(d)
104,964
3,641
$
16,674
Electronics
-
3
.64
%
Advanced
Energy
Industries
Inc
139,900
14,514
Atkore
Inc
(d)
206,700
15,525
SYNNEX
Corp
83,400
9,970
Vishay
Intertechnology
Inc
438,400
9,702
$
49,711
Energy
-
Alternate
Sources
-
0
.26
%
Array
Technologies
Inc
(d)
257,400
3,485
Engineering
&
Construction
-
1
.82
%
Dycom
Industries
Inc
(d)
166,600
11,562
MYR
Group
Inc
(d)
82,200
7,861
Tutor
Perini
Corp
(d)
391,606
5,510
$
24,933
Entertainment
-
3
.13
%
Caesars
Entertainment
Inc
(d)
208,900
18,249
Golden
Entertainment
Inc
(d)
276,500
12,584
Vail
Resorts
Inc
(d)
39,000
11,903
$
42,736
Food
-
0
.78
%
Performance
Food
Group
Co
(d)
233,818
10,714
Gas
-
0
.71
%
Southwest
Gas
Holdings
Inc
138,190
9,664
Healthcare
-
Products
-
3
.62
%
Adaptive
Biotechnologies
Corp
(d)
133,900
4,909
Castle
Biosciences
Inc
(d)
103,000
7,194
Natera
Inc
(d)
149,100
17,075
Nevro
Corp
(d)
73,400
11,377
STAAR
Surgical
Co
(d)
69,200
8,852
$
49,407
Healthcare
-
Services
-
4
.18
%
Accolade
Inc
(d)
84,625
3,961
Addus
HomeCare
Corp
(d)
114,800
9,964
Amedisys
Inc
(d)
16,800
4,379
Aveanna
Healthcare
Holdings
Inc
(d)
361,000
3,733
LifeStance
Health
Group
Inc
(d)
553,600
13,120
Schedule
of
Investments
SmallCap
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
218
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Healthcare
-
Services
(continued)
Syneos
Health
Inc
(d)
177,900
$
15,952
Teladoc
Health
Inc
(d)
40,500
6,012
$
57,121
Holding
Companies
-
Diversified
-
1
.15
%
Ajax
I
(d),(e)
382,900
3,814
Ajax
I
-
Class
A
Warrants
(d)
95,725
172
Gores
Metropoulos
II
Inc
(d),(f)
7,900
78
GS
Acquisition
Holdings
Corp
II
(d)
440,400
4,409
GS
Acquisition
Holdings
Corp
II
-
Class
A
Warrants
(d)
179,475
345
Vesper
Healthcare
Acquisition
Corp
-
PIPE
(d)
390,000
6,848
$
15,666
Home
Builders
-
1
.12
%
Taylor
Morrison
Home
Corp
(d)
572,300
15,349
Home
Furnishings
-
0
.48
%
Purple
Innovation
Inc
(d)
247,914
6,530
Insurance
-
1
.62
%
CNO
Financial
Group
Inc
302,300
6,905
Hanover
Insurance
Group
Inc/The
97,800
13,291
Reinsurance
Group
of
America
Inc
17,500
1,928
$
22,124
Internet
-
1
.77
%
Eventbrite
Inc
(d)
452,100
8,034
Revolve
Group
Inc
(d)
231,300
16,101
$
24,135
Iron
&
Steel
-
1
.08
%
Cleveland-Cliffs
Inc
(d)
590,000
14,750
Leisure
Products
&
Services
-
0
.82
%
Lindblad
Expeditions
Holdings
Inc
(d)
248,000
3,395
Planet
Fitness
Inc
(d)
103,500
7,786
$
11,181
Machinery
-
Diversified
-
1
.42
%
Columbus
McKinnon
Corp/NY
206,400
9,577
Gates
Industrial
Corp
PLC
(d)
541,750
9,811
$
19,388
Media
-
0
.50
%
World
Wrestling
Entertainment
Inc
136,900
6,760
Metal
Fabrication
&
Hardware
-
1
.38
%
Rexnord
Corp
246,000
13,857
Xometry
Inc
(d)
63,120
4,997
$
18,854
Mining
-
0
.70
%
Alcoa
Corp
(d)
172,990
6,945
Piedmont
Lithium
Inc
(d)
48,400
2,665
$
9,610
Miscellaneous
Manufacturers
-
0
.94
%
Hillenbrand
Inc
284,400
12,883
Office
Furnishings
-
0
.35
%
HNI
Corp
128,400
4,789
Oil
&
Gas
-
0
.88
%
PDC
Energy
Inc
92,500
3,658
Pioneer
Natural
Resources
Co
57,910
8,419
$
12,077
Oil
&
Gas
Services
-
0
.85
%
Bristow
Group
Inc
(d)
127,500
3,312
ChampionX
Corp
(d)
358,735
8,337
$
11,649
Packaging
&
Containers
-
0
.44
%
Graphic
Packaging
Holding
Co
316,000
6,058
Pharmaceuticals
-
1
.89
%
Collegium
Pharmaceutical
Inc
(d)
243,800
6,068
Dexcom
Inc
(d)
12,900
6,650
PMV
Pharmaceuticals
Inc
(d)
166,600
5,666
Revance
Therapeutics
Inc
(d)
257,000
7,474
$
25,858
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
REITs
-
5
.91
%
Agree
Realty
Corp
227,600
$
17,104
Cousins
Properties
Inc
371,301
14,748
First
Industrial
Realty
Trust
Inc
269,340
14,754
Ladder
Capital
Corp
516,800
5,902
Pebblebrook
Hotel
Trust
621,236
13,972
Rexford
Industrial
Realty
Inc
231,900
14,267
$
80,747
Retail
-
5
.88
%
Bed
Bath
&
Beyond
Inc
(d)
69,600
1,986
BJ's
Wholesale
Club
Holdings
Inc
(d)
211,351
10,703
Bloomin'
Brands
Inc
(d)
324,400
8,152
Brinker
International
Inc
(d)
143,500
7,798
Caleres
Inc
612,200
15,146
Petco
Health
&
Wellness
Co
Inc
(d)
310,173
6,399
Rush
Enterprises
Inc
-
Class
A
191,782
9,012
Ruth's
Hospitality
Group
Inc
(d)
10,967
219
Sally
Beauty
Holdings
Inc
(d)
422,400
7,992
Vroom
Inc
(d)
236,800
8,771
World
Fuel
Services
Corp
121,100
4,173
$
80,351
Savings
&
Loans
-
1
.63
%
Meridian
Bancorp
Inc
98,000
1,873
Provident
Financial
Services
Inc
286,400
6,186
Sterling
Bancorp/DE
652,400
14,164
$
22,223
Semiconductors
-
3
.18
%
Allegro
MicroSystems
Inc
(d)
462,800
12,685
Entegris
Inc
116,140
14,011
SiTime
Corp
(d)
123,200
16,711
$
43,407
Software
-
9
.28
%
Aspen
Technology
Inc
(d)
57,400
8,395
Bentley
Systems
Inc
(e)
70,840
4,308
BigCommerce
Holdings
Inc
(d)
43,900
2,843
Clear
Secure
Inc
(d)
78,863
3,898
Concentrix
Corp
(d)
83,300
13,639
DigitalOcean
Holdings
Inc
(d)
202,000
10,403
DoubleVerify
Holdings
Inc
(d),(e)
108,947
3,770
Doximity
Inc
(d)
65,688
4,066
Duck
Creek
Technologies
Inc
(d)
66,800
2,935
Jamf
Holding
Corp
(d)
132,900
4,360
Manhattan
Associates
Inc
(d)
109,300
17,448
Olo
Inc
(d)
33,400
1,171
ON24
Inc
(d)
86,000
3,141
Paymentus
Holdings
Inc
(d)
191,900
5,565
Privia
Health
Group
Inc
(d)
271,000
11,247
SentinelOne
Inc
(d)
64,000
3,156
Signify
Health
Inc
(d)
162,400
4,274
Sophia
Genetics
SA
(d),(e)
111,200
1,740
Sprout
Social
Inc
(d)
230,700
20,495
$
126,854
Telecommunications
-
0
.19
%
Switch
Inc
126,100
2,605
Transportation
-
1
.04
%
Atlas
Air
Worldwide
Holdings
Inc
(d)
76,400
5,116
Hub
Group
Inc
(d)
137,900
9,140
$
14,256
TOTAL
COMMON
STOCKS
$
1,331,242
Total
Investments
$
1,393,791
Other
Assets
and
Liabilities
- (1.99)%
(
27,244
)
TOTAL
NET
ASSETS
-
100.00%
$
1,366,547
Schedule
of
Investments
SmallCap
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
219
(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
$32,488
or
2.38%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(d)
Non-income
producing
security
(e)
Security
or
a
portion
of
the
security
was
on
loan. At
the
end
of
the
period,
the
value
of
these
securities
totaled
$31,203
or
2.28%
of
net
assets.
(f)
Restricted
Security.
Please
see
Restricted
Securities
sub-schedule
for
additional
information.
Portfolio
Summary (unaudited)
Sector
Percent
Consumer,
Non-cyclical
23
.86
%
Financial
19
.54
%
Consumer,
Cyclical
14
.36
%
Technology
13
.95
%
Industrial
13
.57
%
Money
Market
Funds
4
.58
%
Basic
Materials
3
.80
%
Utilities
2
.73
%
Communications
2
.46
%
Energy
1
.99
%
Diversified
1
.15
%
Other
Assets
and
Liabilities
(
1
.99
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
29,913
$
578,957
$
558,589
$
50,281
$
29,913
$
578,957
$
558,589
$
50,281
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.
Restricted
Securities
Security
Name
Acquisition
Date
Cost
Value
Percent
of
Net
Assets
Gores
Metropoulos
II
Inc
05/25/2021-07/26/2021
$
78
$
78
0.01%
Total
$
78
0.01%
Amounts
in
thousands.
Schedule
of
Investments
SmallCap
Growth
Fund
I
July
31,
2021
(unaudited)
See
accompanying
notes.
220
INVESTMENT
COMPANIES
-
3.83%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0.17%
iShares
Russell
2000
Growth
ETF
(a)
17,092
$
5,129
Money
Market
Funds
-
3.66%
BlackRock
Liquidity
FedFund
-
Institutional
Class
0.03%
(b),(c)
10,137,915
10,137
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(b),(c),(d),(e)
99,980,288
99,981
$
110,118
TOTAL
INVESTMENT
COMPANIES
$
115,247
COMMON
STOCKS
-
97.45%
Shares
Held
Value
(000's)
Advertising
-
0.01%
Clear
Channel
Outdoor
Holdings
Inc
(e)
4,994
$
13
MDC
Partners
Inc
(e)
869
5
Mission
Produce
Inc
(e)
677
13
National
CineMedia
Inc
799
3
Quotient
Technology
Inc
(e)
14,082
153
$
187
Aerospace
&
Defense
-
0
.31%
Aerojet
Rocketdyne
Holdings
Inc
9,445
446
AeroVironment
Inc
(e)
3,564
360
Kratos
Defense
&
Security
Solutions
Inc
(e)
312,590
8,502
$
9,308
Agriculture
-
0.16%
22nd
Century
Group
Inc
(a),(e)
23,932
77
Andersons
Inc/The
2,019
54
AppHarvest
Inc
(a),(e)
7,596
90
Cadiz
Inc
(e)
204
3
Greenlane
Holdings
Inc
(a),(e)
2,608
9
Limoneira
Co
697
12
Turning
Point
Brands
Inc
2,309
122
Vector
Group
Ltd
3,209
43
Vital
Farms
Inc
(e)
248,668
4,330
$
4,740
Airlines
-
0.14%
Allegiant
Travel
Co
(e)
2,401
457
Frontier
Group
Holdings
Inc
(e)
5,517
81
Sun
Country
Airlines
Holdings
Inc
(e)
109,874
3,570
$
4,108
Apparel
-
0.11%
Crocs
Inc
(e)
10,235
1,390
Kontoor
Brands
Inc
8,220
455
Oxford
Industries
Inc
187
16
PLBY
Group
Inc
(e)
1,718
49
Rocky
Brands
Inc
57
3
Steven
Madden
Ltd
12,999
570
Superior
Group
of
Cos
Inc
395
9
Urban
Outfitters
Inc
(e)
7,653
285
Wolverine
World
Wide
Inc
12,886
432
$
3,209
Automobile
Manufacturers
-
0.20%
Arcimoto
Inc
(a),(e)
4,338
71
Blue
Bird
Corp
(e)
1,221
30
Canoo
Inc
(a),(e)
5,752
47
Fisker
Inc
(a),(e)
327,357
5,277
Hyliion
Holdings
Corp
(e)
3,567
35
Lordstown
Motors
Corp
(a),(e)
1,684
10
Nikola
Corp
(a),(e)
31,771
377
REV
Group
Inc
669
10
Wabash
National
Corp
600
9
Workhorse
Group
Inc
(a),(e)
1,743
20
XL
Fleet
Corp
(a),(e)
797
6
$
5,892
Automobile
Parts
&
Equipment
-
0.88%
Adient
PLC
(e)
1,922
81
American
Axle
&
Manufacturing
Holdings
Inc
(e)
8,900
86
Commercial
Vehicle
Group
Inc
(e)
1,799
17
Dana
Inc
12,370
299
Dorman
Products
Inc
(e)
4,240
429
Douglas
Dynamics
Inc
3,625
145
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Automobile
Parts
&
Equipment
(continued)
Fox
Factory
Holding
Corp
(e)
108,269
$
17,490
Gentherm
Inc
(e)
5,273
437
Meritor
Inc
(e)
9,457
230
Miller
Industries
Inc/TN
88
3
Modine
Manufacturing
Co
(e)
833
14
Romeo
Power
Inc
(e)
5,221
37
Shyft
Group
Inc/The
5,486
216
Tenneco
Inc
(e)
10,247
178
Titan
International
Inc
(e)
1,275
11
Velodyne
Lidar
Inc
(a),(e)
11,200
90
Visteon
Corp
(e)
57,327
6,538
XPEL
Inc
(e)
2,847
264
$
26,565
Banks
-
2.43%
Altabancorp
167
7
Bridgewater
Bancshares
Inc
(e)
740
12
Cadence
BanCorp
6,883
131
Coastal
Financial
Corp/WA
(e)
1,025
30
CrossFirst
Bankshares
Inc
(e)
3,625
50
Customers
Bancorp
Inc
(e)
340
12
Eastern
Bankshares
Inc
521,194
9,511
FB
Financial
Corp
418
16
First
Financial
Bankshares
Inc
361,971
17,679
Five
Star
Bancorp
319
8
Glacier
Bancorp
Inc
1,930
100
Great
Western
Bancorp
Inc
537
17
Kearny
Financial
Corp/MD
3,426
41
Lakeland
Financial
Corp
244
16
Live
Oak
Bancshares
Inc
285,240
17,169
Luther
Burbank
Corp
109
1
Meta
Financial
Group
Inc
1,447
72
Metrocity
Bankshares
Inc
743
15
Metropolitan
Bank
Holding
Corp
(e)
82
6
Origin
Bancorp
Inc
570
23
Prosperity
Bancshares
Inc
250,254
17,065
RBB
Bancorp
250
6
ServisFirst
Bancshares
Inc
6,591
468
Silvergate
Capital
Corp
(e)
37,736
3,879
South
State
Corp
46,066
3,171
Southern
First
Bancshares
Inc
(e)
364
18
Stock
Yards
Bancorp
Inc
590
28
Texas
Capital
Bancshares
Inc
(e)
3,030
191
Triumph
Bancorp
Inc
(e)
40,097
3,074
Veritex
Holdings
Inc
1,063
36
Walker
&
Dunlop
Inc
474
49
West
BanCorp
Inc
477
14
$
72,915
Beverages
-
0.11%
Celsius
Holdings
Inc
(e)
7,208
495
Coca-Cola
Consolidated
Inc
746
298
Duckhorn
Portfolio
Inc/The
(e)
2,140
47
MGP
Ingredients
Inc
1,882
112
National
Beverage
Corp
3,723
169
NewAge
Inc
(e)
11,339
21
Zevia
PBC
(a),(e)
156,199
2,079
$
3,221
Biotechnology
-
9.36%
4D
Molecular
Therapeutics
Inc
(e)
162
4
9
Meters
Biopharma
Inc
(e)
33,715
36
Abcam
PLC
ADR
(e)
218,176
4,126
ACADIA
Pharmaceuticals
Inc
(e)
18,961
410
Acceleron
Pharma
Inc
(e)
56,593
7,078
ADC
Therapeutics
SA
(e)
165,971
3,492
Affimed
NV
(e)
18,393
122
Agenus
Inc
(e)
31,232
162
Akero
Therapeutics
Inc
(e)
3,071
66
Akoya
Biosciences
Inc
(e)
1,158
20
Albireo
Pharma
Inc
(e)
2,102
60
Alder
Biopharmaceuticals
Inc
(a),(e),(f)
9,847
1
Schedule
of
Investments
SmallCap
Growth
Fund
I
July
31,
2021
(unaudited)
See
accompanying
notes.
221
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Biotechnology
(continued)
Aldeyra
Therapeutics
Inc
(e)
7,689
$
68
Aligos
Therapeutics
Inc
(e)
2,972
43
Allakos
Inc
(e)
80,856
6,433
Allogene
Therapeutics
Inc
(e)
212,199
4,657
Alpine
Immune
Sciences
Inc
(e)
1,762
16
ALX
Oncology
Holdings
Inc
(e)
2,810
165
Amicus
Therapeutics
Inc
(e)
41,662
387
Anavex
Life
Sciences
Corp
(e)
9,832
176
Angion
Biomedica
Corp
(e)
803
9
Annexon
Inc
(e)
190,617
4,014
Apellis
Pharmaceuticals
Inc
(e)
10,292
659
Applied
Molecular
Transport
Inc
(e)
3,897
109
Applied
Therapeutics
Inc
(e)
151,634
2,609
Arbutus
Biopharma
Corp
(e)
1,273
3
Arcutis
Biotherapeutics
Inc
(e)
443
10
Ardelyx
Inc
(e)
9,748
17
Arena
Pharmaceuticals
Inc
(e)
83,846
5,187
Arrowhead
Pharmaceuticals
Inc
(e)
16,061
1,113
Ascendis
Pharma
A/S
ADR
(e)
81,860
9,675
Atara
Biotherapeutics
Inc
(e)
1,053
13
Atea
Pharmaceuticals
Inc
(e)
882
22
Athersys
Inc
(a),(e)
27,438
45
Atossa
Therapeutics
Inc
(a),(e)
1,309
4
Avid
Bioservices
Inc
(e)
9,013
231
Avidity
Biosciences
Inc
(e)
790
15
Avrobio
Inc
(e)
172,801
1,272
Axsome
Therapeutics
Inc
(e)
4,405
214
Beam
Therapeutics
Inc
(e)
7,444
685
Berkeley
Lights
Inc
(e)
7,598
346
BioAtla
Inc
(e)
1,932
79
BioCryst
Pharmaceuticals
Inc
(e)
2,874
46
Biodesix
Inc
(a),(e)
1,863
18
Biohaven
Pharmaceutical
Holding
Co
Ltd
(e)
211,575
26,661
Biomea
Fusion
Inc
(a),(e)
1,308
17
Blueprint
Medicines
Corp
(e)
248,832
21,865
Bridgebio
Pharma
Inc
(e)
11,442
612
Brooklyn
ImmunoTherapeutics
Inc
(a),(e)
3,297
38
C4
Therapeutics
Inc
(e)
5,456
235
Celldex
Therapeutics
Inc
(e)
4,883
214
CEL-SCI
Corp
(a),(e)
5,129
41
Cerecor
Inc
(e)
7,565
20
Cerevel
Therapeutics
Holdings
Inc
(e)
5,586
138
Certara
Inc
(e)
286,431
7,794
ChemoCentryx
Inc
(e)
579
9
ChromaDex
Corp
(e)
7,420
64
Clene
Inc
(a),(e)
2,329
20
Codiak
Biosciences
Inc
(e)
2,488
43
Cogent
Biosciences
Inc
(a),(e)
1,693
10
Cortexyme
Inc
(e)
3,162
179
Crinetics
Pharmaceuticals
Inc
(e)
4,964
89
Cue
Biopharma
Inc
(e)
4,719
49
Cullinan
Oncology
Inc
(a),(e)
136
3
Curis
Inc
(e)
484,270
3,676
CytomX
Therapeutics
Inc
(e)
8,745
47
Deciphera
Pharmaceuticals
Inc
(e)
5,375
164
Denali
Therapeutics
Inc
(e)
14,415
736
Design
Therapeutics
Inc
(e)
1,189
18
Dicerna
Pharmaceuticals
Inc
(e)
111,131
4,168
Dynavax
Technologies
Corp
(a),(e)
17,080
160
Edgewise
Therapeutics
Inc
(e)
1,955
34
Editas
Medicine
Inc
(a),(e)
10,837
454
Epizyme
Inc
(e)
14,225
94
Erasca
Inc
(e)
120,098
2,522
Esperion
Therapeutics
Inc
(a),(e)
4,161
64
Evelo
Biosciences
Inc
(a),(e)
4,812
44
Evolus
Inc
(a),(e)
5,111
55
Exagen
Inc
(e)
666
8
Fate
Therapeutics
Inc
(e)
50,512
4,182
FibroGen
Inc
(e)
12,469
162
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Biotechnology
(continued)
Finch
Therapeutics
Group
Inc
(e)
153
$
2
Forte
Biosciences
Inc
(e)
1,788
54
Gemini
Therapeutics
Inc
(e)
560
2
Generation
Bio
Co
(e)
6,511
142
Global
Blood
Therapeutics
Inc
(e)
9,482
259
Gossamer
Bio
Inc
(e)
383,879
3,017
Greenwich
Lifesciences
Inc
(e)
641
25
GT
Biopharma
Inc
(e)
3,778
38
Halozyme
Therapeutics
Inc
(e)
22,329
923
Harvard
Bioscience
Inc
(e)
5,302
42
Humanigen
Inc
(a),(e)
7,105
115
IGM
Biosciences
Inc
(e)
1,309
89
Ikena
Oncology
Inc
(e)
165
2
Imago
Biosciences
Inc
(e)
138,047
2,529
ImmunityBio
Inc
(e)
1,136
12
ImmunoGen
Inc
(e)
16,777
94
Immunovant
Inc
(e)
3,829
40
Impel
Neuropharma
Inc
(a),(e)
577
8
Infinity
Pharmaceuticals
Inc
(e)
12,523
27
Inhibrx
Inc
(e)
4,423
126
Innoviva
Inc
(e)
1,104
16
Insmed
Inc
(e)
259,152
6,375
Instil
Bio
Inc
(e)
260,896
3,926
Intercept
Pharmaceuticals
Inc
(e)
4,442
77
Intra-Cellular
Therapies
Inc
(e)
11,198
384
iTeos
Therapeutics
Inc
(e)
166,808
4,008
IVERIC
bio
Inc
(e)
2,884
25
Kadmon
Holdings
Inc
(e)
27,461
103
Kaleido
Biosciences
Inc
(e)
2,781
15
Karuna
Therapeutics
Inc
(e)
54,474
6,222
Karyopharm
Therapeutics
Inc
(e)
11,407
95
KemPharm
Inc
(a),(e)
2,107
21
Keros
Therapeutics
Inc
(e)
2,473
91
Kiniksa
Pharmaceuticals
Ltd
(e)
2,123
33
Kinnate
Biopharma
Inc
(e)
109
2
Kodiak
Sciences
Inc
(e)
5,309
445
Kronos
Bio
Inc
(e)
706
14
Krystal
Biotech
Inc
(e)
1,020
60
Kymera
Therapeutics
Inc
(e)
4,581
276
Legend
Biotech
Corp
ADR
(e)
123,693
5,323
Lexicon
Pharmaceuticals
Inc
(e)
4,140
15
Ligand
Pharmaceuticals
Inc
(e)
285
32
MacroGenics
Inc
(e)
8,598
215
Magenta
Therapeutics
Inc
(e)
4,232
30
MEI
Pharma
Inc
(e)
16,693
45
MeiraGTx
Holdings
plc
(e)
300
4
Mersana
Therapeutics
Inc
(e)
7,671
84
Mind
Medicine
MindMed
Inc
(e)
51,038
156
Molecular
Templates
Inc
(e)
5,858
41
NeoGenomics
Inc
(e)
656,827
30,279
NGM
Biopharmaceuticals
Inc
(e)
479
10
Nurix
Therapeutics
Inc
(e)
4,520
139
Nuvation
Bio
Inc
(e)
4,725
41
Olema
Pharmaceuticals
Inc
(e)
853
20
Olink
Holding
AB
ADR
(e)
46,804
1,749
Omeros
Corp
(a),(e)
9,554
139
Oncocyte
Corp
(e)
8,332
43
Oncternal
Therapeutics
Inc
(e),(f)
139
—
Organogenesis
Holdings
Inc
(e)
6,043
93
Oyster
Point
Pharma
Inc
(e)
125
2
Pacific
Biosciences
of
California
Inc
(e)
14,081
453
Phathom
Pharmaceuticals
Inc
(e)
3,209
103
Pliant
Therapeutics
Inc
(e)
3,496
71
Portage
Biotech
Inc
(e)
96
1
Praxis
Precision
Medicines
Inc
(a),(e)
193,257
3,015
Precigen
Inc
(a),(e)
13,103
72
Precision
BioSciences
Inc
(e)
7,640
75
Prelude
Therapeutics
Inc
(a),(e)
1,715
55
Prothena
Corp
PLC
(e)
4,155
208
Schedule
of
Investments
SmallCap
Growth
Fund
I
July
31,
2021
(unaudited)
See
accompanying
notes.
222
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Biotechnology
(continued)
PTC
Therapeutics
Inc
(e)
11,005
$
422
Puma
Biotechnology
Inc
(e)
5,063
38
Radius
Health
Inc
(e)
7,417
112
Rain
Therapeutics
Inc
(a),(e)
796
13
RAPT
Therapeutics
Inc
(e)
2,848
87
Recursion
Pharmaceuticals
Inc
(a),(e)
172,839
5,246
REGENXBIO
Inc
(e)
3,265
106
Relay
Therapeutics
Inc
(e)
160,465
5,205
Replimune
Group
Inc
(e)
210,355
6,885
REVOLUTION
Medicines
Inc
(e)
1,328
38
Rigel
Pharmaceuticals
Inc
(e)
27,069
108
Rocket
Pharmaceuticals
Inc
(e)
6,295
225
Rubius
Therapeutics
Inc
(e)
7,143
154
Sana
Biotechnology
Inc
(e)
4,024
66
Sangamo
Therapeutics
Inc
(e)
16,687
160
Scholar
Rock
Holding
Corp
(e)
3,700
116
Seelos
Therapeutics
Inc
(e)
12,060
27
Seer
Inc
(e)
71,576
2,287
Selecta
Biosciences
Inc
(e)
1,443
5
Sesen
Bio
Inc
(e)
27,085
101
Shattuck
Labs
Inc
(a),(e)
3,456
76
Sigilon
Therapeutics
Inc
(e)
250
1
Sorrento
Therapeutics
Inc
(a),(e)
39,046
321
SpringWorks
Therapeutics
Inc
(e)
4,627
397
Stoke
Therapeutics
Inc
(a),(e)
3,024
87
Sutro
Biopharma
Inc
(e)
472
8
Syndax
Pharmaceuticals
Inc
(e)
1,740
25
Talaris
Therapeutics
Inc
(e)
955
13
Tarsus
Pharmaceuticals
Inc
(e)
1,070
24
Taysha
Gene
Therapies
Inc
(a),(e)
2,921
51
Terns
Pharmaceuticals
Inc
(e)
935
7
TG
Therapeutics
Inc
(e)
20,308
711
Theravance
Biopharma
Inc
(e)
7,736
100
Tobira
Therapeutics
Inc
-
Rights
(e),(f)
1,559
—
Translate
Bio
Inc
(e)
5,470
151
TransMedics
Group
Inc
(e)
81,081
2,312
Travere
Therapeutics
Inc
(e)
625
9
Trillium
Therapeutics
Inc
(e)
2,256
15
Turning
Point
Therapeutics
Inc
(e)
101,869
6,502
Twist
Bioscience
Corp
(e)
106,718
13,132
Ultragenyx
Pharmaceutical
Inc
(e)
115,390
9,211
United
Therapeutics
Corp
(e)
40,814
7,425
UroGen
Pharma
Ltd
(a),(e)
2,250
35
Vaxart
Inc
(a),(e)
17,203
124
VBI
Vaccines
Inc
(e)
26,486
79
Verastem
Inc
(e)
27,319
88
Vericel
Corp
(a),(e)
7,367
390
Veru
Inc
(e)
7,171
49
Vincerx
Pharma
Inc
(e)
752
10
Vir
Biotechnology
Inc
(e)
154,715
5,516
Viracta
Therapeutics
Inc
(e)
1,192
13
VistaGen
Therapeutics
Inc
(e)
25,402
68
Vor
BioPharma
Inc
(e)
177
2
WaVe
Life
Sciences
Ltd
(e)
5,853
32
Werewolf
Therapeutics
Inc
(e)
769
13
Xencor
Inc
(e)
8,958
276
XOMA
Corp
(a),(e)
79
3
Y-mAbs
Therapeutics
Inc
(e)
165,791
5,487
Zentalis
Pharmaceuticals
Inc
(e)
116,700
6,209
ZIOPHARM
Oncology
Inc
(a),(e)
33,317
76
$
281,302
Building
Materials
-
2.53%
AAON
Inc
6,647
413
AZEK
Co
Inc/The
(e)
678,284
24,668
Boise
Cascade
Co
1,343
69
Cornerstone
Building
Brands
Inc
(e)
8,674
146
Forterra
Inc
(e)
4,612
109
Gibraltar
Industries
Inc
(e)
1,494
112
Hayward
Holdings
Inc
(e)
591,997
14,261
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Building
Materials
(continued)
JELD-WEN
Holding
Inc
(e)
5,298
$
140
Masonite
International
Corp
(e)
45,474
5,146
Patrick
Industries
Inc
3,601
298
PGT
Innovations
Inc
(e)
4,393
99
Simpson
Manufacturing
Co
Inc
150,736
16,955
SPX
Corp
(e)
5,783
385
Summit
Materials
Inc
(e)
98,788
3,319
Trex
Co
Inc
(e)
96,844
9,404
UFP
Industries
Inc
8,627
641
US
Concrete
Inc
(e)
223
16
$
76,181
Chemicals
-
1.44%
American
Vanguard
Corp
1,057
17
Amyris
Inc
(e)
2,941
43
Balchem
Corp
5,111
689
Cabot
Corp
8,892
490
Codexis
Inc
(e)
9,538
202
Danimer
Scientific
Inc
(e)
10,895
182
Element
Solutions
Inc
586,710
13,723
Ferro
Corp
(e)
10,817
225
Hawkins
Inc
2,023
73
HB
Fuller
Co
175,751
11,357
Ingevity
Corp
(e)
6,380
542
Innospec
Inc
1,207
107
Kronos
Worldwide
Inc
516
7
Marrone
Bio
Innovations
Inc
(e)
15,128
19
Orion
Engineered
Carbons
SA
(e)
9,601
174
Quaker
Chemical
Corp
57,630
14,508
Rogers
Corp
(e)
2,607
497
Sensient
Technologies
Corp
3,466
302
Stepan
Co
331
39
Zymergen
Inc
(e)
555
19
$
43,215
Coal
-
0.00%
Arch
Resources
Inc
(e)
474
31
Warrior
Met
Coal
Inc
779
15
$
46
Commercial
Services
-
5.92%
2U
Inc
(e)
9,605
417
Alarm.com
Holdings
Inc
(e)
7,495
624
Alta
Equipment
Group
Inc
(e)
550
7
AMN
Healthcare
Services
Inc
(e)
7,472
751
Arlo
Technologies
Inc
(e)
12,900
79
ASGN
Inc
(e)
7,338
742
Bright
Horizons
Family
Solutions
Inc
(e)
125,905
18,823
Brink's
Co/The
7,712
594
CAI
International
Inc
592
33
Carriage
Services
Inc
476
18
Cass
Information
Systems
Inc
349
15
Chegg
Inc
(e)
244,739
21,692
Cimpress
PLC
(e)
2,781
284
CorVel
Corp
(e)
1,399
197
CRA
International
Inc
950
81
Cross
Country
Healthcare
Inc
(e)
740
12
Custom
Truck
One
Source
Inc
(a),(e)
667
5
Driven
Brands
Holdings
Inc
(e)
464,597
14,783
EVERTEC
Inc
9,599
419
Evo
Payments
Inc
(e)
634,851
18,538
First
Advantage
Corp
(e)
139,213
2,730
Forrester
Research
Inc
(e)
1,791
84
Franklin
Covey
Co
(e)
1,977
72
FTI
Consulting
Inc
(e)
100,240
14,605
Green
Dot
Corp
(e)
848
39
GreenSky
Inc
(e)
11,742
77
Hackett
Group
Inc/The
3,644
65
HealthEquity
Inc
(e)
186,111
13,769
Heidrick
&
Struggles
International
Inc
1,319
56
Herc
Holdings
Inc
(e)
3,954
490
HireQuest
Inc
(a)
717
13
Schedule
of
Investments
SmallCap
Growth
Fund
I
July
31,
2021
(unaudited)
See
accompanying
notes.
223
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Commercial
Services
(continued)
Huron
Consulting
Group
Inc
(e)
347
$
17
Insperity
Inc
5,759
570
Kforce
Inc
3,256
203
LiveRamp
Holdings
Inc
(e)
117,090
4,685
Macquarie
Infrastructure
Corp
3,383
134
Marathon
Digital
Holdings
Inc
(a),(e)
907
25
Medifast
Inc
1,847
527
Monro
Inc
3,240
188
Multiplan
Corp
(e)
9,801
79
National
Research
Corp
2,218
117
Paya
Holdings
Inc
(e)
253,806
2,917
Priority
Technology
Holdings
Inc
(e)
1,595
10
PROG
Holdings
Inc
1,681
74
Progyny
Inc
(e)
179,561
10,000
R1
RCM
Inc
(e)
20,854
446
Rent-A-Center
Inc/TX
9,757
558
Repay
Holdings
Corp
(e)
107,581
2,680
Riot
Blockchain
Inc
(a),(e)
13,358
440
Shift4
Payments
Inc
(e)
149,564
13,340
ShotSpotter
Inc
(e)
1,344
61
SP
Plus
Corp
(e)
3,666
120
Stride
Inc
(e)
341
10
Terminix
Global
Holdings
Inc
(e)
243,095
12,763
Textainer
Group
Holdings
Ltd
(e)
1,025
33
Transcat
Inc
(e)
1,123
72
TriNet
Group
Inc
(e)
101,406
8,414
Viad
Corp
(e)
3,218
148
Vivint
Smart
Home
Inc
(e)
3,861
47
WEX
Inc
(e)
47,118
8,940
Willdan
Group
Inc
(e)
1,378
57
WW
International
Inc
(e)
2,554
79
$
177,868
Computers
-
3.65%
3D
Systems
Corp
(e)
17,543
483
Cantaloupe
Inc
(e)
176,949
1,829
Corsair
Gaming
Inc
(a),(e)
4,261
124
Desktop
Metal
Inc
(e)
10,477
94
Diebold
Nixdorf
Inc
(e)
11,402
119
ExlService
Holdings
Inc
(e)
5,206
589
ExOne
Co/The
(a),(e)
169
3
Genpact
Ltd
640,124
31,885
Grid
Dynamics
Holdings
Inc
(e)
4,866
102
iCAD
Inc
(e)
3,502
51
Insight
Enterprises
Inc
(e)
1,934
194
KBR
Inc
19,605
759
Maximus
Inc
9,720
865
Mitek
Systems
Inc
(e)
6,650
147
OneSpan
Inc
(e)
5,582
138
PAE
Inc
(e)
11,001
98
PAR
Technology
Corp
(e)
3,759
230
Ping
Identity
Holding
Corp
(e)
117,013
2,583
PlayAGS
Inc
(e)
4,352
34
Qualys
Inc
(e)
5,404
549
Rapid7
Inc
(e)
275,090
31,292
Rekor
Systems
Inc
(a),(e)
3,242
26
Rimini
Street
Inc
(e)
6,946
60
Super
Micro
Computer
Inc
(e)
109,524
4,166
Telos
Corp
(e)
2,735
77
Tenable
Holdings
Inc
(e)
14,377
615
TTEC
Holdings
Inc
2,932
306
Unisys
Corp
(e)
8,185
183
Varonis
Systems
Inc
(e)
516,181
31,590
Vocera
Communications
Inc
(e)
5,411
227
Vuzix
Corp
(a),(e)
9,298
138
$
109,556
Consumer
Products
-
0.05%
Central
Garden
&
Pet
Co
(e)
600
29
Central
Garden
&
Pet
Co
-
A
Shares
(e)
2,463
107
Helen
of
Troy
Ltd
(e)
3,876
866
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Consumer
Products
(continued)
WD-40
Co
2,166
$
526
$
1,528
Cosmetics
&
Personal
Care
-
0.06%
Beauty
Health
Co/The
(a),(e)
6,729
118
elf
Beauty
Inc
(e)
7,238
200
Honest
Co
Inc/The
(e)
92,133
1,324
Inter
Parfums
Inc
2,835
218
Revlon
Inc
(e)
57
1
$
1,861
Distribution
&
Wholesale
-
2.37%
Avient
Corp
187,646
9,105
Core-Mark
Holding
Co
Inc
2,260
97
EVI
Industries
Inc
(a),(e)
906
24
Global
Industrial
Co
1,559
62
H&E
Equipment
Services
Inc
67,849
2,309
IAA
Inc
(e)
427,869
25,878
Leslie's
Inc
(e)
282,383
6,876
Resideo
Technologies
Inc
(e)
2,681
79
SiteOne
Landscape
Supply
Inc
(e)
153,139
26,765
WESCO
International
Inc
(e)
1,250
133
$
71,328
Diversified
Financial
Services
-
2.04%
Artisan
Partners
Asset
Management
Inc
9,276
446
Atlanticus
Holdings
Corp
(e)
903
39
Blucora
Inc
(e)
2,843
48
Brightsphere
Investment
Group
Inc
9,190
230
Cohen
&
Steers
Inc
3,942
328
Columbia
Financial
Inc
(e)
2,317
42
Curo
Group
Holdings
Corp
3,338
53
Focus
Financial
Partners
Inc
(e)
8,188
420
GAMCO
Investors
Inc
740
20
GCM
Grosvenor
Inc
4,629
46
Greenhill
&
Co
Inc
2,327
37
Hamilton
Lane
Inc
23,119
2,150
Hannon
Armstrong
Sustainable
Infrastructure
Capital
Inc
67,275
3,821
Houlihan
Lokey
Inc
230,412
20,530
I3
Verticals
Inc
(e)
3,310
106
International
Money
Express
Inc
(e)
5,110
83
LendingTree
Inc
(e)
1,842
360
Moelis
&
Co
191,229
11,330
PJT
Partners
Inc
3,209
251
Pzena
Investment
Management
Inc
2,731
31
Regional
Management
Corp
510
26
StepStone
Group
Inc
134,156
6,105
Stifel
Financial
Corp
215,806
14,360
StoneX
Group
Inc
(e)
230
15
Virtus
Investment
Partners
Inc
1,157
319
WisdomTree
Investments
Inc
16,521
102
$
61,298
Electric
-
0.18%
Ameresco
Inc
(e)
67,494
4,626
Clearway
Energy
Inc
-
Class
A
1,387
37
Clearway
Energy
Inc
-
Class
C
3,264
94
Evoqua
Water
Technologies
Corp
(e)
18,337
605
FTC
Solar
Inc
(e)
3,014
31
Spark
Energy
Inc
1,641
18
$
5,411
Electrical
Components
&
Equipment
-
1.36%
Blink
Charging
Co
(a),(e)
5,785
200
Energizer
Holdings
Inc
10,787
462
EnerSys
742
73
Insteel
Industries
Inc
256
10
Littelfuse
Inc
90,040
23,950
nLight
Inc
(e)
6,740
234
Novanta
Inc
(e)
112,682
15,821
$
40,750
Schedule
of
Investments
SmallCap
Growth
Fund
I
July
31,
2021
(unaudited)
See
accompanying
notes.
224
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Electronics
-
0.98%
Advanced
Energy
Industries
Inc
6,098
$
633
Akoustis
Technologies
Inc
(a),(e)
6,887
67
Allied
Motion
Technologies
Inc
1,702
56
Atkore
Inc
(e)
7,448
559
Badger
Meter
Inc
4,630
468
FARO
Technologies
Inc
(e)
57,506
4,191
Fluidigm
Corp
(a),(e)
791
6
GoPro
Inc
(e)
19,786
203
Identiv
Inc
(e)
3,041
49
II-VI
Inc
(e)
213,099
14,876
Itron
Inc
(e)
5,887
581
Kimball
Electronics
Inc
(e)
200
4
Luna
Innovations
Inc
(e)
4,828
60
MicroVision
Inc
(a),(e)
25,087
345
Napco
Security
Technologies
Inc
(e)
2,299
81
NVE
Corp
717
54
OSI
Systems
Inc
(e)
278
28
Plexus
Corp
(e)
3,974
359
Stoneridge
Inc
(e)
604
17
Turtle
Beach
Corp
(e)
1,935
60
Vicor
Corp
(e)
3,362
389
Vishay
Intertechnology
Inc
2,916
65
Woodward
Inc
51,525
6,263
$
29,414
Energy
-
Alternate
Sources
-
0.31%
Advent
Technologies
Holdings
Inc
(a),(e)
1,966
15
Array
Technologies
Inc
(e)
4,735
64
Beam
Global
(a),(e)
1,196
37
Eos
Energy
Enterprises
Inc
(a),(e)
2,783
43
FuelCell
Energy
Inc
(a),(e)
39,722
251
Shoals
Technologies
Group
Inc
(e)
275,732
8,021
Stem
Inc
(e)
9,923
269
Sunnova
Energy
International
Inc
(e)
2,005
76
SunPower
Corp
(e)
10,075
250
TPI
Composites
Inc
(e)
5,661
222
$
9,248
Engineering
&
Construction
-
0.84%
908
Devices
Inc
(e)
1,148
36
Atlas
Technical
Consultants
Inc
(e)
374
3
Comfort
Systems
USA
Inc
5,650
422
Construction
Partners
Inc
(e)
4,513
152
Dycom
Industries
Inc
(e)
3,849
267
EMCOR
Group
Inc
858
105
Exponent
Inc
8,231
881
IES
Holdings
Inc
(e)
1,374
75
Infrastructure
and
Energy
Alternatives
Inc
(e)
1,290
16
Iteris
Inc
(e)
6,609
41
Latham
Group
Inc
(e)
141,071
3,848
MYR
Group
Inc
(e)
1,958
187
NV5
Global
Inc
(e)
61,107
5,806
Sterling
Construction
Co
Inc
(e)
834
18
TopBuild
Corp
(e)
61,606
12,487
WillScot
Mobile
Mini
Holdings
Corp
(e)
29,609
850
$
25,194
Entertainment
-
1.41%
Accel
Entertainment
Inc
(e)
8,994
99
Bally's
Corp
(e)
5,175
255
Chicken
Soup
For
The
Soul
Entertainment
Inc
(e)
463
17
Churchill
Downs
Inc
104,408
19,399
Cinemark
Holdings
Inc
(e)
179,698
2,791
Esports
Technologies
Inc
(e)
387
9
Everi
Holdings
Inc
(e)
448,512
10,176
GAN
Ltd
(e)
680
10
Golden
Entertainment
Inc
(e)
2,683
122
Golden
Nugget
Online
Gaming
Inc
(e)
5,056
58
IMAX
Corp
(e)
732
12
International
Game
Technology
PLC
(e)
15,843
297
Liberty
Media
Corp-Liberty
Braves
-
A
Shares
(e)
1,587
42
Liberty
Media
Corp-Liberty
Braves
-
C
Shares
(e)
5,789
153
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Entertainment
(continued)
Monarch
Casino
&
Resort
Inc
(e)
1,671
$
107
NEOGAMES
SA
(e)
885
43
RCI
Hospitality
Holdings
Inc
1,325
83
Red
Rock
Resorts
Inc
(e)
9,770
385
Rush
Street
Interactive
Inc
(e)
8,291
82
Scientific
Games
Corp
(e)
15,238
940
SeaWorld
Entertainment
Inc
(e)
152,339
7,223
$
42,303
Environmental
Control
-
2.12%
Casella
Waste
Systems
Inc
(e)
7,182
494
Covanta
Holding
Corp
18,981
382
Energy
Recovery
Inc
(e)
6,682
141
Harsco
Corp
(e)
5,236
105
Heritage-Crystal
Clean
Inc
(e)
958
27
Montrose
Environmental
Group
Inc
(e)
121,855
6,542
Pure
Cycle
Corp
(e)
2,713
42
PureCycle
Technologies
Inc
(a),(e)
5,219
77
Sharps
Compliance
Corp
(e)
2,055
21
Tetra
Tech
Inc
223,644
29,861
US
Ecology
Inc
(e)
524
18
Waste
Connections
Inc
205,524
26,038
$
63,748
Food
-
1.66%
AquaBounty
Technologies
Inc
(e)
2,658
13
BellRing
Brands
Inc
(e)
315,688
10,440
Calavo
Growers
Inc
2,715
153
Chefs'
Warehouse
Inc/The
(e)
220,726
6,383
Hain
Celestial
Group
Inc/The
(e)
221,375
8,835
J
&
J
Snack
Foods
Corp
2,337
384
John
B
Sanfilippo
&
Son
Inc
933
86
Laird
Superfood
Inc
(a),(e)
681
19
Lancaster
Colony
Corp
2,642
523
Nathan's
Famous
Inc
317
20
Performance
Food
Group
Co
(e)
20,908
958
Sanderson
Farms
Inc
2,759
516
Simply
Good
Foods
Co/The
(e)
558,464
20,931
Sprouts
Farmers
Market
Inc
(e)
8,389
206
Tattooed
Chef
Inc
(a),(e)
7,409
146
United
Natural
Foods
Inc
(e)
532
18
Utz
Brands
Inc
9,342
212
$
49,843
Food
Service
-
0.00%
Healthcare
Services
Group
Inc
6,237
163
Hand
&
Machine
Tools
-
0.39%
Franklin
Electric
Co
Inc
7,350
601
Luxfer
Holdings
PLC
1,938
40
MSA
Safety
Inc
67,224
11,057
$
11,698
Healthcare
-
Products
-
5.61%
Accelerate
Diagnostics
Inc
(e)
5,228
39
Accuray
Inc
(e)
14,656
60
Acutus
Medical
Inc
(e)
2,461
38
Alphatec
Holdings
Inc
(e)
10,033
148
Apria
Inc
(e)
553
17
Apyx
Medical
Corp
(e)
4,941
45
Asensus
Surgical
Inc
(a),(e)
11,445
27
Aspira
Women's
Health
Inc
(e)
11,520
52
AtriCure
Inc
(e)
320,265
27,050
Atrion
Corp
226
142
Avita
Medical
Inc
(a),(e)
3,783
70
Axogen
Inc
(e)
6,044
123
Axonics
Inc
(e)
6,596
448
BioLife
Solutions
Inc
(e)
3,868
181
Bionano
Genomics
Inc
(a),(e)
44,565
264
Bioventus
Inc
(e)
992
16
Bruker
Corp
171,418
14,099
Butterfly
Network
Inc
(e)
5,149
55
Cardiovascular
Systems
Inc
(e)
6,229
251
CareDx
Inc
(e)
7,930
666
Schedule
of
Investments
SmallCap
Growth
Fund
I
July
31,
2021
(unaudited)
See
accompanying
notes.
225
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Healthcare
-
Products
(continued)
Castle
Biosciences
Inc
(e)
3,104
$
217
Celcuity
Inc
(e)
1,263
25
Cerus
Corp
(e)
26,650
134
ClearPoint
Neuro
Inc
(a),(e)
2,981
66
CONMED
Corp
4,603
635
CryoLife
Inc
(e)
5,350
144
Cutera
Inc
(e)
2,789
145
CVRx
Inc
(e)
103,990
2,053
CytoSorbents
Corp
(e)
6,533
50
DermTech
Inc
(e)
3,757
126
Eargo
Inc
(a),(e)
226,595
8,157
Establishment
Labs
Holdings
Inc
(e)
199,197
15,794
Glaukos
Corp
(e)
7,123
363
Haemonetics
Corp
(e)
5,461
332
Hanger
Inc
(e)
5,943
146
Inari
Medical
Inc
(e)
194,080
17,427
InfuSystem
Holdings
Inc
(e)
2,743
50
Inogen
Inc
(e)
3,097
247
Inspire
Medical
Systems
Inc
(e)
4,263
781
Integer
Holdings
Corp
(e)
58,668
5,743
Intersect
ENT
Inc
(e)
5,276
123
iRadimed
Corp
(e)
1,005
34
iRhythm
Technologies
Inc
(e)
4,677
239
Lantheus
Holdings
Inc
(e)
1,549
41
LeMaitre
Vascular
Inc
2,847
155
LivaNova
PLC
(e)
6,267
541
Meridian
Bioscience
Inc
(e)
724
15
Merit
Medical
Systems
Inc
(e)
120,556
8,449
MiMedx
Group
Inc
(e)
11,757
144
Misonix
Inc
(e)
952
25
NanoString
Technologies
Inc
(e)
6,614
410
Neogen
Corp
(e)
16,018
698
NeuroPace
Inc
(e)
1,055
23
Nevro
Corp
(e)
44,544
6,904
NuVasive
Inc
(e)
8,210
525
Omnicell
Inc
(e)
6,818
999
OrthoPediatrics
Corp
(e)
145,613
9,150
Patterson
Cos
Inc
3,449
107
PAVmed
Inc
(e)
11,387
78
Pulmonx
Corp
(e)
4,025
160
Pulse
Biosciences
Inc
(a),(e)
2,292
47
Quanterix
Corp
(e)
4,891
260
Quotient
Ltd
(e)
12,948
44
Repligen
Corp
(e)
58,842
14,458
Retractable
Technologies
Inc
(a),(e)
2,747
32
SeaSpine
Holdings
Corp
(e)
174,286
3,414
Shockwave
Medical
Inc
(e)
5,347
973
SI-BONE
Inc
(e)
179,216
5,438
Sientra
Inc
(e)
7,956
66
Silk
Road
Medical
Inc
(e)
156,803
7,869
Soliton
Inc
(e)
1,468
32
STAAR
Surgical
Co
(e)
7,450
953
Stereotaxis
Inc
(e)
7,685
70
Surmodics
Inc
(e)
2,146
118
Tactile
Systems
Technology
Inc
(e)
3,040
149
Treace
Medical
Concepts
Inc
(e)
300,496
9,093
Utah
Medical
Products
Inc
63
6
Varex
Imaging
Corp
(e)
772
21
ViewRay
Inc
(e)
21,583
143
Wright
Medical
Group
-
Escrow
(e),(f)
18,925
—
Zynex
Inc
(a),(e)
3,085
43
$
168,475
Healthcare
-
Services
-
4.16%
Accolade
Inc
(e)
156,421
7,322
Addus
HomeCare
Corp
(e)
1,042
90
Agiliti
Inc
(e)
3,581
70
agilon
health
Inc
(a),(e)
391,765
14,413
Aveanna
Healthcare
Holdings
Inc
(e)
6,114
63
Catalent
Inc
(e)
176,803
21,183
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Healthcare
-
Services
(continued)
Charles
River
Laboratories
International
Inc
(e)
82,005
$
33,370
Community
Health
Systems
Inc
(e)
17,128
228
Encompass
Health
Corp
120,691
10,048
Ensign
Group
Inc/The
8,328
708
Fulgent
Genetics
Inc
(a),(e)
398
37
Innovage
Holding
Corp
(e)
2,904
49
Inotiv
Inc
(e)
2,052
54
Invitae
Corp
(e)
8,161
228
Joint
Corp/The
(e)
2,170
171
LHC
Group
Inc
(e)
86,030
18,511
LifeStance
Health
Group
Inc
(e)
231,267
5,481
MEDNAX
Inc
(e)
6,405
187
Medpace
Holdings
Inc
(e)
4,596
809
ModivCare
Inc
(e)
653
111
Neuronetics
Inc
(e)
3,546
47
Oak
Street
Health
Inc
(e)
148,595
9,367
Ontrak
Inc
(a),(e)
1,426
39
Ortho
Clinical
Diagnostics
Holdings
PLC
(e)
14,020
315
Pennant
Group
Inc/The
(e)
4,063
139
Personalis
Inc
(e)
439
9
RadNet
Inc
(e)
7,091
261
Select
Medical
Holdings
Corp
17,509
691
SOC
Telemed
Inc
(e)
4,907
23
Surgery
Partners
Inc
(e)
5,022
274
Tenet
Healthcare
Corp
(e)
2,004
144
Tivity
Health
Inc
(e)
4,107
103
US
Physical
Therapy
Inc
2,027
240
Vapotherm
Inc
(e)
3,605
93
Viemed
Healthcare
Inc
(e)
906
6
$
124,884
Home
Builders
-
0.81%
Cavco
Industries
Inc
(e)
1,034
243
Century
Communities
Inc
3,074
213
Forestar
Group
Inc
(e)
663
14
Green
Brick
Partners
Inc
(e)
1,383
35
Installed
Building
Products
Inc
24,791
2,975
KB
Home
2,573
109
LCI
Industries
3,929
573
LGI
Homes
Inc
(e)
3,517
601
MDC
Holdings
Inc
2,466
131
Meritage
Homes
Corp
(e)
352
38
Skyline
Champion
Corp
(e)
258,166
14,561
Taylor
Morrison
Home
Corp
(e)
2,388
64
Tri
Pointe
Homes
Inc
(e)
1,436
35
Winnebago
Industries
Inc
64,436
4,631
$
24,223
Home
Furnishings
-
0.75%
Aterian
Inc
(e)
3,135
28
Casper
Sleep
Inc
(e)
4,601
32
Hamilton
Beach
Brands
Holding
Co
499
9
Hooker
Furniture
Corp
84
3
iRobot
Corp
(e)
4,027
352
Kopin
Corp
(e)
12,296
83
Lovesac
Co/The
(e)
145,183
8,813
Purple
Innovation
Inc
(e)
7,956
210
Sleep
Number
Corp
(e)
123,879
12,290
Sonos
Inc
(e)
19,054
636
$
22,456
Insurance
-
1.68%
BRP
Group
Inc
(e)
302,078
8,235
eHealth
Inc
(e)
1,147
60
Goosehead
Insurance
Inc
441
53
Heritage
Insurance
Holdings
Inc
269
2
Investors
Title
Co
22
4
James
River
Group
Holdings
Ltd
863
31
Kinsale
Capital
Group
Inc
3,409
609
NMI
Holdings
Inc
(e)
789
17
Palomar
Holdings
Inc
(e)
111,058
9,043
RLI
Corp
5,868
636
Schedule
of
Investments
SmallCap
Growth
Fund
I
July
31,
2021
(unaudited)
See
accompanying
notes.
226
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Insurance
(continued)
Ryan
Specialty
Group
Holdings
Inc
(e)
334,014
$
9,854
Selectquote
Inc
(e)
21,235
378
Trean
Insurance
Group
Inc
(e)
212,016
2,860
Trupanion
Inc
(e)
162,462
18,686
$
50,468
Internet
-
3.77%
1-800-Flowers.com
Inc
(e)
4,224
129
Anaplan
Inc
(e)
21,105
1,207
Angi
Inc
(e)
1,089,121
12,536
Cargurus
Inc
(e)
14,717
421
CarParts.com
Inc
(e)
7,507
132
Cars.com
Inc
(e)
1,370
17
ChannelAdvisor
Corp
(e)
3,263
76
Cogent
Communications
Holdings
Inc
272,698
21,165
Couchbase
Inc
(e)
93,390
2,817
Digital
Media
Solutions
Inc
(a),(e)
242
2
Eventbrite
Inc
(e)
11,892
211
EverQuote
Inc
(e)
145,405
4,388
Figs
Inc
(e)
214,697
7,815
fuboTV
Inc
(a),(e)
20,834
543
Groupon
Inc
(e)
3,158
115
HyreCar
Inc
(e)
2,777
49
Liquidity
Services
Inc
(e)
4,201
83
LiveXLive
Media
Inc
(a),(e)
8,394
30
Magnite
Inc
(e)
16,642
504
MakeMyTrip
Ltd
(e)
313,248
8,915
MediaAlpha
Inc
(e)
158,874
5,307
Mimecast
Ltd
(e)
240,934
13,384
Open
Lending
Corp
(e)
16,521
628
Overstock.com
Inc
(e)
6,813
474
Perficient
Inc
(e)
117,593
11,087
Q2
Holdings
Inc
(e)
55,217
5,704
QuinStreet
Inc
(e)
7,865
144
RealReal
Inc/The
(e)
432,582
7,142
Revolve
Group
Inc
(e)
3,580
249
Shutterstock
Inc
3,710
402
Stamps.com
Inc
(e)
1,910
624
Stitch
Fix
Inc
(e)
9,363
505
TechTarget
Inc
(e)
4,046
296
Tucows
Inc
(a),(e)
1,494
116
Upwork
Inc
(e)
18,480
957
Vimeo
Inc
(e)
107,418
4,812
Yelp
Inc
(e)
10,645
398
Zix
Corp
(e)
8,477
63
$
113,447
Investment
Companies
-
0.06%
Altus
Midstream
Co
43
3
Trinity
Capital
Inc
125,810
1,795
$
1,798
Iron
&
Steel
-
0.01%
Allegheny
Technologies
Inc
(e)
12,292
252
Schnitzer
Steel
Industries
Inc
326
17
$
269
Leisure
Products
&
Services
-
1.18%
Acushnet
Holdings
Corp
1,626
83
Camping
World
Holdings
Inc
6,764
266
Clarus
Corp
338,187
9,645
Drive
Shack
Inc
(e)
6,039
15
Escalade
Inc
424
10
Johnson
Outdoors
Inc
515
61
Liberty
TripAdvisor
Holdings
Inc
(e)
8,911
37
Lindblad
Expeditions
Holdings
Inc
(e)
200,692
2,748
Malibu
Boats
Inc
(e)
3,286
275
Marine
Products
Corp
1,235
20
MasterCraft
Boat
Holdings
Inc
(e)
2,980
80
Nautilus
Inc
(e)
1,192
17
OneSpaWorld
Holdings
Ltd
(e)
4,146
41
OneWater
Marine
Inc
1,627
76
Planet
Fitness
Inc
(e)
192,007
14,445
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Leisure
Products
&
Services
(continued)
YETI
Holdings
Inc
(e)
79,062
$
7,616
$
35,435
Lodging
-
0.71%
Century
Casinos
Inc
(e)
4,315
48
Choice
Hotels
International
Inc
76,086
9,123
Diamond
Resorts
International
-
Escrow
(e),(f)
8,392
—
Full
House
Resorts
Inc
(e)
5,184
43
Hilton
Grand
Vacations
Inc
(e)
301,130
12,247
Target
Hospitality
Corp
(e)
2,723
10
$
21,471
Machinery
-
Construction
&
Mining
-
0.03%
Babcock
&
Wilcox
Enterprises
Inc
(e)
2,493
18
Bloom
Energy
Corp
(e)
22,063
481
Terex
Corp
10,844
520
$
1,019
Machinery
-
Diversified
-
2.97%
AgEagle
Aerial
Systems
Inc
(e)
6,746
27
Alamo
Group
Inc
1,398
205
Albany
International
Corp
978
84
Altra
Industrial
Motion
Corp
90,210
5,654
Applied
Industrial
Technologies
Inc
6,151
552
Cactus
Inc
169,528
6,110
Chart
Industries
Inc
(e)
181,376
28,195
CIRCOR
International
Inc
(e)
2,918
90
CSW
Industrials
Inc
2,170
257
Eastman
Kodak
Co
(a),(e)
6,711
49
Gorman-Rupp
Co/The
629
22
GrafTech
International
Ltd
23,904
272
Hydrofarm
Holdings
Group
Inc
(e)
275,143
13,575
Ichor
Holdings
Ltd
(e)
2,872
148
IDEX
Corp
21,366
4,843
Kadant
Inc
1,826
329
Lindsay
Corp
1,561
251
Middleby
Corp/The
(e)
76,240
14,599
Mueller
Water
Products
Inc
-
Class
A
1,673
25
Ranpak
Holdings
Corp
(e)
498,776
12,779
SPX
FLOW
Inc
549
45
Tennant
Co
2,928
232
Watts
Water
Technologies
Inc
2,438
368
Welbilt
Inc
(e)
20,714
487
$
89,198
Media
-
0.03%
AMC
Networks
Inc
(e)
2,352
118
CuriosityStream
Inc
(a),(e)
732
8
Houghton
Mifflin
Harcourt
Co
(e)
18,914
214
iHeartMedia
Inc
(e)
8,091
209
Meredith
Corp
(e)
3,990
174
Sinclair
Broadcast
Group
Inc
1,122
32
Thryv
Holdings
Inc
(e)
831
28
Value
Line
Inc
109
3
WideOpenWest
Inc
(e)
5,191
115
$
901
Metal
Fabrication
&
Hardware
-
0.22%
Helios
Technologies
Inc
5,125
414
Lawson
Products
Inc/DE
(e)
755
40
Mueller
Industries
Inc
3,446
150
Omega
Flex
Inc
493
77
Proto
Labs
Inc
(e)
707
55
RBC
Bearings
Inc
(e)
558
131
Rexnord
Corp
10,038
565
Ryerson
Holding
Corp
1,649
26
Tredegar
Corp
3,376
44
Valmont
Industries
Inc
21,986
5,210
$
6,712
Mining
-
0.07%
Century
Aluminum
Co
(e)
451
7
Coeur
Mining
Inc
(e)
26,190
197
Compass
Minerals
International
Inc
5,422
372
Schedule
of
Investments
SmallCap
Growth
Fund
I
July
31,
2021
(unaudited)
See
accompanying
notes.
227
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Mining
(continued)
Energy
Fuels
Inc/Canada
(a),(e)
19,214
$
101
Gatos
Silver
Inc
(a),(e)
4,606
63
Hecla
Mining
Co
24,849
166
Kaiser
Aluminum
Corp
308
38
Livent
Corp
(e)
23,294
454
MP
Materials
Corp
(a),(e)
11,559
435
Novagold
Resources
Inc
(e)
37,583
294
Perpetua
Resources
Corp
(e)
4,068
23
PolyMet
Mining
Corp
(e)
1,560
5
United
States
Lime
&
Minerals
Inc
10
1
Uranium
Energy
Corp
(e)
33,695
73
Ur-Energy
Inc
(e)
26,578
30
$
2,259
Miscellaneous
Manufacturers
-
2.09%
AMMO
Inc
(e)
10,444
71
Axon
Enterprise
Inc
(e)
70,486
13,112
Byrna
Technologies
Inc
(e)
1,679
40
Chase
Corp
306
36
Enerpac
Tool
Group
Corp
9,574
246
ESCO
Technologies
Inc
343
32
Fabrinet
(e)
5,040
476
Federal
Signal
Corp
9,549
378
Hillenbrand
Inc
6,541
296
ITT
Inc
138,990
13,609
John
Bean
Technologies
Corp
195,792
28,699
Lydall
Inc
(e)
1,242
76
Materion
Corp
1,258
90
Meta
Materials
Inc
(a),(e)
9,757
34
Myers
Industries
Inc
2,673
57
Raven
Industries
Inc
(e)
5,653
329
Sight
Sciences
Inc
(e)
121,885
4,506
Smith
&
Wesson
Brands
Inc
8,425
198
Sturm
Ruger
&
Co
Inc
2,531
188
Trinseo
SA
6,168
335
$
62,808
Office
&
Business
Equipment
-
0.01%
Pitney
Bowes
Inc
27,866
223
Office
Furnishings
-
0.00%
HNI
Corp
718
27
Interface
Inc
2,046
29
$
56
Oil
&
Gas
-
0.50%
Antero
Resources
Corp
(e)
5,487
75
Callon
Petroleum
Co
(e)
5,475
215
Centennial
Resource
Development
Inc/DE
(e)
3,489
18
Contango
Oil
&
Gas
Co
(a),(e)
23,270
89
Denbury
Inc
(e)
7,995
525
Earthstone
Energy
Inc
(e)
651
6
Extraction
Oil
&
Gas
Inc
(e)
986
44
Falcon
Minerals
Corp
5,230
25
Kosmos
Energy
Ltd
(e)
64,306
149
Laredo
Petroleum
Inc
(e)
542
30
Magnolia
Oil
&
Gas
Corp
22,060
309
Matador
Resources
Co
398,656
12,318
Oasis
Petroleum
Inc
2,722
250
Ovintiv
Inc
2,326
60
Par
Pacific
Holdings
Inc
(e)
6,040
99
Riley
Exploration
Permian
Inc
99
2
Southwestern
Energy
Co
(e)
107,380
506
Talos
Energy
Inc
(e)
860
10
Tellurian
Inc
(e)
50,222
189
Vine
Energy
Inc
(e)
3,268
46
$
14,965
Oil
&
Gas
Services
-
0.15%
ChampionX
Corp
(e)
178,299
4,144
DMC
Global
Inc
(e)
2,945
129
Frank's
International
NV
(e)
3,770
10
Liberty
Oilfield
Services
Inc
(e)
4,760
48
NexTier
Oilfield
Solutions
Inc
(e)
2,806
11
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Oil
&
Gas
Services
(continued)
Solaris
Oilfield
Infrastructure
Inc
1,360
$
12
TETRA
Technologies
Inc
(e)
14,987
46
$
4,400
Packaging
&
Containers
-
0.01%
Greif
Inc
-
Class
A
582
35
Greif
Inc
-
Class
B
134
8
Karat
Packaging
Inc
(e)
694
16
O-I
Glass
Inc
(e)
25,035
370
UFP
Technologies
Inc
(e)
81
5
$
434
Pharmaceuticals
-
3.02%
Aclaris
Therapeutics
Inc
(e)
6,879
103
AdaptHealth
Corp
(e)
141,444
3,167
Aduro
Biotech
(e)
1,565
—
Aerie
Pharmaceuticals
Inc
(e)
6,707
106
Akebia
Therapeutics
Inc
(e)
10,828
27
Alector
Inc
(e)
9,126
219
Alkermes
PLC
(e)
25,414
657
Allovir
Inc
(e)
126,741
2,425
Amneal
Pharmaceuticals
Inc
(e)
15,800
78
Amphastar
Pharmaceuticals
Inc
(e)
1,771
37
Ampio
Pharmaceuticals
Inc
(e)
30,221
43
Antares
Pharma
Inc
(e)
26,447
116
Artana
Therapeutics
(e),(f)
6,221
—
Arvinas
Inc
(e)
85,197
8,613
Athenex
Inc
(e)
8,059
30
Beyondspring
Inc
(a),(e)
386,823
3,683
BioDelivery
Sciences
International
Inc
(e)
14,756
56
Bioxcel
Therapeutics
Inc
(e)
118,814
3,041
Cassava
Sciences
Inc
(e)
6,062
422
Chimerix
Inc
(e)
8,292
55
Clovis
Oncology
Inc
(a),(e)
15,783
76
Coherus
Biosciences
Inc
(e)
308,486
4,026
Collegium
Pharmaceutical
Inc
(e)
176,924
4,404
Corcept
Therapeutics
Inc
(e)
15,319
318
CorMedix
Inc
(e)
570
3
Covetrus
Inc
(e)
98,909
2,518
Cytokinetics
Inc
(e)
11,406
339
Dova
Pharmaceuticals
Inc
(e),(f)
1,117
—
Durect
Corp
(e)
35,907
51
Eagle
Pharmaceuticals
Inc/DE
(e)
862
40
Enanta
Pharmaceuticals
Inc
(e)
281
12
Flexion
Therapeutics
Inc
(e)
7,632
45
Foghorn
Therapeutics
Inc
(e)
466
4
Fortress
Biotech
Inc
(e)
11,130
35
G1
Therapeutics
Inc
(e)
3,659
63
Harmony
Biosciences
Holdings
Inc
(e)
3,541
93
Harpoon
Therapeutics
Inc
(e)
2,964
29
Heron
Therapeutics
Inc
(e)
14,637
181
Heska
Corp
(e)
1,518
365
Hookipa
Pharma
Inc
(e)
1,762
14
Ideaya
Biosciences
Inc
(e)
1,067
26
Intellia
Therapeutics
Inc
(e)
96,032
13,622
Ironwood
Pharmaceuticals
Inc
(e)
23,016
305
Kala
Pharmaceuticals
Inc
(a),(e)
4,901
17
KalVista
Pharmaceuticals
Inc
(e)
103,041
2,075
Landos
Biopharma
Inc
(e)
920
10
Madrigal
Pharmaceuticals
Inc
(e)
1,800
157
MannKind
Corp
(a),(e)
864,355
3,544
Marinus
Pharmaceuticals
Inc
(e)
5,852
86
Mirum
Pharmaceuticals
Inc
(e)
255
4
Morphic
Holding
Inc
(e)
3,286
189
Neoleukin
Therapeutics
Inc
(e)
1,318
9
Neurocrine
Biosciences
Inc
(e)
93,376
8,704
NexImmune
Inc
(e)
726
8
Ocugen
Inc
(a),(e)
29,256
196
Ocular
Therapeutix
Inc
(e)
221,420
2,438
Oramed
Pharmaceuticals
Inc
(a),(e)
4,231
60
ORIC
Pharmaceuticals
Inc
(e)
215,886
3,595
Schedule
of
Investments
SmallCap
Growth
Fund
I
July
31,
2021
(unaudited)
See
accompanying
notes.
228
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Pharmaceuticals
(continued)
Outlook
Therapeutics
Inc
(e)
13,903
$
31
Owens
&
Minor
Inc
9,493
439
Pacira
BioSciences
Inc
(e)
6,918
408
Paratek
Pharmaceuticals
Inc
(e)
7,201
37
Passage
Bio
Inc
(e)
122,835
1,449
PetIQ
Inc
(e)
4,183
148
Phibro
Animal
Health
Corp
3,291
78
PMV
Pharmaceuticals
Inc
(e)
4,155
141
Prometheus
Biosciences
Inc
(e)
233
5
Protagonist
Therapeutics
Inc
(e)
43,616
2,156
Reata
Pharmaceuticals
Inc
(e)
65,091
8,157
Relmada
Therapeutics
Inc
(e)
2,378
62
Reneo
Pharmaceuticals
Inc
(e)
676
6
Revance
Therapeutics
Inc
(e)
214,523
6,238
Senseonics
Holdings
Inc
(a),(e)
65,818
202
Seres
Therapeutics
Inc
(e)
11,026
78
SIGA
Technologies
Inc
(e)
7,846
50
Spectrum
Pharmaceuticals
Inc
(e)
24,520
79
Spero
Therapeutics
Inc
(e)
3,593
48
Summit
Therapeutics
Inc
(a),(e)
3,561
26
Syros
Pharmaceuticals
Inc
(e)
4,228
20
TherapeuticsMD
Inc
(e)
57,484
58
Trevena
Inc
(e)
8,293
11
USANA
Health
Sciences
Inc
(e)
2,015
192
Vaxcyte
Inc
(e)
1,821
39
Verrica
Pharmaceuticals
Inc
(a),(e)
1,796
19
$
90,716
Real
Estate
-
0.08%
Cushman
&
Wakefield
PLC
(e)
18,594
347
eXp
World
Holdings
Inc
9,835
353
Fathom
Holdings
Inc
(a),(e)
781
20
Marcus
&
Millichap
Inc
(e)
391
16
McGrath
RentCorp
2,635
207
Newmark
Group
Inc
23,642
304
Rafael
Holdings
Inc
(e)
1,545
78
Redfin
Corp
(e)
16,121
944
RMR
Group
Inc/The
249
10
St
Joe
Co/The
5,281
239
$
2,518
REITs
-
1.35%
Alexander's
Inc
341
95
American
Finance
Trust
Inc
927
8
CatchMark
Timber
Trust
Inc
5,471
64
Clipper
Realty
Inc
1,523
13
Community
Healthcare
Trust
Inc
2,366
118
DigitalBridge
Group
Inc
(e)
699,145
4,866
EastGroup
Properties
Inc
102,157
18,002
Gladstone
Commercial
Corp
1,554
36
Gladstone
Land
Corp
2,364
55
Indus
Realty
Trust
Inc
533
36
Innovative
Industrial
Properties
Inc
1,965
422
Monmouth
Real
Estate
Investment
Corp
2,145
41
National
Storage
Affiliates
Trust
12,397
672
NexPoint
Residential
Trust
Inc
674
40
Outfront
Media
Inc
4,589
110
PennyMac
Mortgage
Investment
Trust
3,060
60
PS
Business
Parks
Inc
2,704
416
QTS
Realty
Trust
Inc
154,714
12,022
Ryman
Hospitality
Properties
Inc
(e)
40,093
3,075
Safehold
Inc
1,898
171
Saul
Centers
Inc
1,731
79
Tanger
Factory
Outlet
Centers
Inc
4,354
75
UMH
Properties
Inc
5,497
128
Universal
Health
Realty
Income
Trust
1,879
112
$
40,716
Retail
-
7.06%
Abercrombie
&
Fitch
Co
(e)
818
31
American
Eagle
Outfitters
Inc
24,116
831
America's
Car-Mart
Inc/TX
(e)
810
129
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Retail
(continued)
Arko
Corp
(e)
3,254
$
27
Asbury
Automotive
Group
Inc
(e)
3,068
630
Aspen
Aerogels
Inc
(e)
3,423
129
Beacon
Roofing
Supply
Inc
(e)
6,625
354
Bed
Bath
&
Beyond
Inc
(e)
1,947
56
BJ's
Restaurants
Inc
(e)
94,043
3,816
BJ's
Wholesale
Club
Holdings
Inc
(e)
16,227
822
Bloomin'
Brands
Inc
(e)
14,037
353
BlueLinx
Holdings
Inc
(e)
1,423
61
Boot
Barn
Holdings
Inc
(e)
4,558
394
Brinker
International
Inc
(e)
7,200
391
Buckle
Inc/The
4,462
188
Caleres
Inc
5,839
144
Casey's
General
Stores
Inc
87,912
17,381
Cheesecake
Factory
Inc/The
(e)
6,865
311
Chico's
FAS
Inc
(e)
4,079
25
Children's
Place
Inc/The
(e)
48,689
4,106
Chuy's
Holdings
Inc
(e)
95,464
3,151
Citi
Trends
Inc
(e)
1,414
113
Cracker
Barrel
Old
Country
Store
Inc
3,758
512
Dave
&
Buster's
Entertainment
Inc
(e)
3,157
105
Denny's
Corp
(e)
7,555
106
Designer
Brands
Inc
(e)
9,525
139
Dick's
Sporting
Goods
Inc
(a)
68,297
7,112
Dine
Brands
Global
Inc
(e)
2,584
200
Duluth
Holdings
Inc
(e)
1,924
29
FirstCash
Inc
455
36
Five
Below
Inc
(e)
92,416
17,967
Floor
&
Decor
Holdings
Inc
(e)
123,700
15,093
Franchise
Group
Inc
587
20
Freshpet
Inc
(e)
165,359
24,217
GrowGeneration
Corp
(e)
8,573
349
Guess?
Inc
792
18
Haverty
Furniture
Cos
Inc
1,145
41
Hibbett
Inc
2,132
189
Jack
in
the
Box
Inc
90,433
9,845
JOANN
Inc
1,839
28
Kirkland's
Inc
(a),(e)
2,221
43
Kura
Sushi
USA
Inc
(e)
542
26
Lithia
Motors
Inc
37,783
14,253
MarineMax
Inc
(e)
1,767
95
MedAvail
Holdings
Inc
(e)
1,777
15
Murphy
USA
Inc
3,993
589
National
Vision
Holdings
Inc
(e)
669,027
36,114
Noodles
&
Co
(e)
204,543
2,442
Nu
Skin
Enterprises
Inc
3,514
189
ONE
Group
Hospitality
Inc/The
(e)
3,096
28
OptimizeRx
Corp
(e)
2,672
148
Papa
John's
International
Inc
5,243
598
Party
City
Holdco
Inc
(e)
17,510
150
Petco
Health
&
Wellness
Co
Inc
(a),(e)
144,120
2,973
PetMed
Express
Inc
2,688
84
PriceSmart
Inc
251
23
Red
Robin
Gourmet
Burgers
Inc
(e)
2,468
65
Regis
Corp
(e)
3,340
27
Ruth's
Hospitality
Group
Inc
(e)
5,330
106
Sally
Beauty
Holdings
Inc
(e)
17,858
338
Shake
Shack
Inc
(e)
5,932
596
Shift
Technologies
Inc
(e)
1,873
16
Shoe
Carnival
Inc
2,555
86
Signet
Jewelers
Ltd
6,437
414
Sportsman's
Warehouse
Holdings
Inc
(e)
6,898
122
Texas
Roadhouse
Inc
191,174
17,621
Tilly's
Inc
137,784
2,043
Vroom
Inc
(e)
183,507
6,797
Wingstop
Inc
97,647
16,728
Winmark
Corp
201
42
$
212,220
Schedule
of
Investments
SmallCap
Growth
Fund
I
July
31,
2021
(unaudited)
See
accompanying
notes.
229
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Savings
&
Loans
-
0.48%
Axos
Financial
Inc
(e)
869
$
42
Hingham
Institution
For
Savings
The
10
3
Investors
Bancorp
Inc
13,050
180
OceanFirst
Financial
Corp
260,882
5,087
Pacific
Premier
Bancorp
Inc
241,337
9,166
Waterstone
Financial
Inc
168
3
$
14,481
Semiconductors
-
6.54%
Allegro
MicroSystems
Inc
(e)
383,437
10,510
Alpha
&
Omega
Semiconductor
Ltd
(e)
2,740
71
Ambarella
Inc
(e)
101,239
9,972
Amkor
Technology
Inc
3,348
83
Atomera
Inc
(a),(e)
3,217
57
Axcelis
Technologies
Inc
(e)
5,334
206
CEVA
Inc
(e)
3,571
177
CMC
Materials
Inc
104,266
15,081
Cohu
Inc
(e)
179,323
6,349
CTS
Corp
1,128
39
Diodes
Inc
(e)
78,448
6,433
EMCORE
Corp
(e)
870
8
Entegris
Inc
128,018
15,444
FormFactor
Inc
(e)
119,335
4,447
Impinj
Inc
(e)
2,958
136
Kulicke
&
Soffa
Industries
Inc
9,702
527
Lattice
Semiconductor
Corp
(e)
678,393
38,499
MACOM
Technology
Solutions
Holdings
Inc
(e)
411,378
25,390
MaxLinear
Inc
(e)
11,083
535
Onto
Innovation
Inc
(e)
121,700
8,528
Ouster
Inc
(e)
4,601
42
Power
Integrations
Inc
9,569
928
Semtech
Corp
(e)
314,742
19,486
Silicon
Laboratories
Inc
(e)
91,400
13,618
SiTime
Corp
(e)
2,040
277
SkyWater
Technology
Inc
(a),(e)
56,217
970
SMART
Global
Holdings
Inc
(e)
2,252
105
Synaptics
Inc
(e)
120,062
18,240
Ultra
Clean
Holdings
Inc
(e)
6,894
372
$
196,530
Software
-
11.25%
1Life
Healthcare
Inc
(e)
18,473
500
8x8
Inc
(e)
16,867
431
ACI
Worldwide
Inc
(e)
18,696
641
ACV
Auctions
Inc
(e)
234,181
5,424
Agilysys
Inc
(e)
2,695
150
Alignment
Healthcare
Inc
(a),(e)
206,989
4,312
Alkami
Technology
Inc
(e)
1,030
32
Altair
Engineering
Inc
(e)
7,195
502
American
Software
Inc/GA
3,820
84
Apollo
Medical
Holdings
Inc
(e)
5,748
508
Appfolio
Inc
(e)
2,970
421
Appian
Corp
(e)
6,233
726
Asana
Inc
(e)
10,769
765
Avaya
Holdings
Corp
(e)
13,078
317
Avid
Technology
Inc
(e)
5,729
214
Bandwidth
Inc
(e)
3,619
469
Benefitfocus
Inc
(e)
2,910
38
BigCommerce
Holdings
Inc
(e)
229,061
14,834
Blackbaud
Inc
(e)
7,671
547
Blackline
Inc
(e)
242,402
27,728
BM
Technologies
Inc
(e)
43
—
Bottomline
Technologies
DE
Inc
(e)
1,221
49
Box
Inc
(e)
23,331
558
Brightcove
Inc
(e)
6,373
73
BTRS
Holdings
Inc
(e)
7,512
88
Cardlytics
Inc
(e)
5,067
638
Cerence
Inc
(e)
5,997
645
Cloudera
Inc
(e)
22,370
355
CommVault
Systems
Inc
(e)
6,692
506
Cornerstone
OnDemand
Inc
(e)
9,982
479
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Software
(continued)
CSG
Systems
International
Inc
2,411
$
109
Digimarc
Corp
(a),(e)
1,978
57
Digital
Turbine
Inc
(e)
13,388
843
DigitalOcean
Holdings
Inc
(e)
167,642
8,634
Domo
Inc
(e)
4,368
386
Donnelley
Financial
Solutions
Inc
(e)
282
9
DoubleVerify
Holdings
Inc
(e)
44,074
1,525
Duck
Creek
Technologies
Inc
(e)
251,382
11,043
Dynatrace
Inc
(e)
242,921
15,515
eGain
Corp
(e)
1,431
17
Envestnet
Inc
(e)
126,477
9,515
Everbridge
Inc
(e)
89,870
12,691
Evolent
Health
Inc
(e)
2,468
57
Forian
Inc
(a),(e)
2,639
28
GreenBox
POS
(a),(e)
2,635
23
Health
Catalyst
Inc
(e)
253,311
14,707
IBEX
Holdings
Ltd
(e)
858
18
Inovalon
Holdings
Inc
(e)
11,970
453
Intelligent
Systems
Corp
(a),(e)
1,169
40
J2
Global
Inc
(e)
6,887
973
Jamf
Holding
Corp
(e)
86,140
2,826
JFrog
Ltd
(a),(e)
8,178
358
LivePerson
Inc
(e)
10,154
647
Manhattan
Associates
Inc
(e)
104,770
16,724
ManTech
International
Corp/VA
132,138
11,557
MicroStrategy
Inc
(e)
1,244
779
Model
N
Inc
(e)
161,189
5,218
Momentive
Global
Inc
(e)
20,302
426
NantHealth
Inc
(e)
2,347
5
Nuance
Communications
Inc
(e)
199,777
10,968
ON24
Inc
(a),(e)
124,138
4,534
Outset
Medical
Inc
(e)
215,785
8,839
PagerDuty
Inc
(e)
12,792
519
Phreesia
Inc
(e)
201,860
13,797
Porch
Group
Inc
(e)
2,515
47
Privia
Health
Group
Inc
(e)
49,480
2,053
Progress
Software
Corp
6,969
318
PROS
Holdings
Inc
(e)
188,877
8,201
QAD
Inc
1,656
144
Rackspace
Technology
Inc
(e)
6,143
109
Riskified
Ltd
(e)
260,397
7,140
Sailpoint
Technologies
Holdings
Inc
(e)
169,855
8,491
Sapiens
International
Corp
NV
4,903
124
Schrodinger
Inc/United
States
(e)
7,180
486
Simulations
Plus
Inc
2,425
114
Smartsheet
Inc
(e)
173,486
12,586
Sprout
Social
Inc
(e)
7,001
622
SPS
Commerce
Inc
(e)
5,719
623
Sumo
Logic
Inc
(e)
175,380
3,622
Tabula
Rasa
HealthCare
Inc
(e)
3,562
153
Upland
Software
Inc
(e)
4,533
163
Veritone
Inc
(e)
4,603
95
Verra
Mobility
Corp
(e)
21,245
325
Viant
Technology
Inc
(e)
1,701
29
Workiva
Inc
(e)
278,510
36,142
Yext
Inc
(e)
17,600
229
Zuora
Inc
(e)
656,511
11,351
Zynga
Inc
(e)
2,870,681
28,994
$
338,035
Telecommunications
-
0.68%
A10
Networks
Inc
(e)
7,931
101
ADTRAN
Inc
524
12
Anterix
Inc
(e)
532
31
CalAmp
Corp
(e)
5,527
67
Calix
Inc
(e)
7,168
335
Cambium
Networks
Corp
(e)
1,412
62
Casa
Systems
Inc
(e)
4,972
37
Cincinnati
Bell
Inc
(e)
3,327
51
Clearfield
Inc
(e)
1,807
79
Schedule
of
Investments
SmallCap
Growth
Fund
I
July
31,
2021
(unaudited)
See
accompanying
notes.
230
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Telecommunications
(continued)
DZS
Inc
(e)
1,088
$
22
Extreme
Networks
Inc
(e)
19,558
215
Globalstar
Inc
(e)
84,164
116
Gogo
Inc
(a),(e)
671
7
Harmonic
Inc
(e)
2,506
22
IDT
Corp
-
Class
B
(e)
2,390
119
Infinera
Corp
(e)
1,016,032
10,069
Inseego
Corp
(a),(e)
2,788
24
InterDigital
Inc
1,967
130
Iridium
Communications
Inc
(e)
14,297
604
Loral
Space
&
Communications
Inc
2,035
72
Ooma
Inc
(e)
2,000
37
ORBCOMM
Inc
(e)
11,824
134
Plantronics
Inc
(e)
2,253
70
Shenandoah
Telecommunications
Co
2,597
137
Viavi
Solutions
Inc
(e)
433,628
7,238
Vonage
Holdings
Corp
(e)
38,298
546
$
20,337
Toys,
Games
&
Hobbies
-
0.00%
Funko
Inc
(e)
4,200
78
Transportation
-
1.14%
CryoPort
Inc
(e)
6,429
397
Daseke
Inc
(e)
6,657
46
Dorian
LPG
Ltd
953
11
Echo
Global
Logistics
Inc
(e)
141,766
4,385
Forward
Air
Corp
57,807
5,112
Knight-Swift
Transportation
Holdings
Inc
129,862
6,453
PAM
Transportation
Services
Inc
(e)
26
2
Saia
Inc
(e)
78,885
17,828
Universal
Logistics
Holdings
Inc
922
21
Werner
Enterprises
Inc
1,174
54
Yellow
Corp
(e)
450
2
$
34,311
Trucking
&
Leasing
-
0.00%
Willis
Lease
Finance
Corp
(e)
46
2
Water
-
0.01%
American
States
Water
Co
3,042
269
Global
Water
Resources
Inc
1,936
34
Middlesex
Water
Co
1,021
104
York
Water
Co/The
1,271
61
$
468
TOTAL
COMMON
STOCKS
$
2,928,413
BONDS
-
0.00%
Principal
Amount
(000's)
Value
(000's)
Diversified
Financial
Services
-
0.00%
GAMCO
Investors
Inc
4.00%,
06/15/2023
(g)
$
1
$
1
TOTAL
BONDS
$
1
Total
Investments
$
3,043,661
Other
Assets
and
Liabilities
- (1.28)%
(38,551)
TOTAL
NET
ASSETS
-
100.00%
$
3,005,110
(a)
Security
or
a
portion
of
the
security
was
on
loan. At
the
end
of
the
period,
the
value
of
these
securities
totaled
$26,093
or
0.87%
of
net
assets.
(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
$27,577
or
0.92%
of
net
assets.
(d)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(e)
Non-income
producing
security
(f)
The
value
of
these
investments
was
determined
using
significant
unobservable
inputs,
in
good
faith
by
the
Manager,
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Directors.
(g)
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)
Sector
Percent
Consumer,
Non-cyclical
30.11%
Technology
21.45%
Consumer,
Cyclical
15.62%
Industrial
14.99%
Financial
8.12%
Communications
4.49%
Money
Market
Funds
3.66%
Basic
Materials
1.52%
Energy
0.96%
Utilities
0.19%
Investment
Companies
0.17%
Other
Assets
and
Liabilities
(1.28)%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
98,344
$
1,359,657
$
1,358,020
$
99,981
$
98,344
$
1,359,657
$
1,358,020
$
99,981
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
SmallCap
Growth
Fund
I
July
31,
2021
(unaudited)
See
accompanying
notes.
231
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
Russell
2000
Emini;
September
2021
Long
158
$
17,551
$
37
Total
$
37
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
SmallCap
S&P
600
Index
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
232
INVESTMENT
COMPANIES
-
2
.58
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0
.11
%
iShares
Core
S&P
Small-Cap
ETF
14,044
$
1,548
Money
Market
Funds
-
2
.47
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
0.03%
(a),(b)
4,444,690
4,445
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c),(d)
31,276,852
31,277
$
35,722
TOTAL
INVESTMENT
COMPANIES
$
37,270
COMMON
STOCKS
-
98
.21
%
Shares
Held
Value
(000's)
Aerospace
&
Defense
-
1
.41
%
AAR
Corp
(d)
45,656
$
1,633
Aerojet
Rocketdyne
Holdings
Inc
102,420
4,832
AeroVironment
Inc
(d)
30,881
3,122
Barnes
Group
Inc
64,085
3,247
Kaman
Corp
38,244
1,696
Moog
Inc
40,249
3,134
National
Presto
Industries
Inc
7,160
691
Park
Aerospace
Corp
25,787
385
Triumph
Group
Inc
(d)
83,894
1,598
$
20,338
Agriculture
-
0
.45
%
Andersons
Inc/The
43,059
1,150
Fresh
Del
Monte
Produce
Inc
41,815
1,290
Universal
Corp/VA
33,712
1,759
Vector
Group
Ltd
175,995
2,351
$
6,550
Airlines
-
0
.55
%
Allegiant
Travel
Co
(d)
20,034
3,809
Hawaiian
Holdings
Inc
(d)
70,279
1,387
SkyWest
Inc
(d)
69,234
2,803
$
7,999
Apparel
-
1
.06
%
Fossil
Group
Inc
(d)
65,172
822
Kontoor
Brands
Inc
64,987
3,599
Oxford
Industries
Inc
23,238
2,020
Steven
Madden
Ltd
105,838
4,639
Unifi
Inc
(d)
20,595
486
Wolverine
World
Wide
Inc
113,900
3,820
$
15,386
Automobile
Manufacturers
-
0
.07
%
Wabash
National
Corp
71,347
1,044
Automobile
Parts
&
Equipment
-
1
.19
%
American
Axle
&
Manufacturing
Holdings
Inc
(d)
156,749
1,519
Cooper-Standard
Holdings
Inc
(d)
23,299
607
Dorman
Products
Inc
(d)
39,267
3,972
Gentherm
Inc
(d)
45,537
3,776
Meritor
Inc
(d)
99,811
2,428
Methode
Electronics
Inc
52,871
2,529
Motorcar
Parts
of
America
Inc
(d)
26,205
583
Standard
Motor
Products
Inc
27,461
1,147
Titan
International
Inc
(d)
69,486
599
$
17,160
Banks
-
8
.79
%
Allegiance
Bancshares
Inc
25,535
931
Ameris
Bancorp
95,892
4,661
BancFirst
Corp
25,691
1,425
Bancorp
Inc/The
(d)
70,065
1,637
BankUnited
Inc
128,224
5,075
Banner
Corp
47,854
2,538
Cadence
BanCorp
171,516
3,259
Central
Pacific
Financial
Corp
38,907
996
City
Holding
Co
21,566
1,632
Columbia
Banking
System
Inc
98,643
3,447
Community
Bank
System
Inc
74,098
5,308
Customers
Bancorp
Inc
(d)
40,820
1,479
CVB
Financial
Corp
175,695
3,349
Dime
Community
Bancshares
Inc
48,605
1,605
Eagle
Bancorp
Inc
43,952
2,419
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Banks
(continued)
FB
Financial
Corp
46,241
$
1,748
First
BanCorp/Puerto
Rico
296,503
3,597
First
Bancorp/Southern
Pines
NC
39,178
1,567
First
Commonwealth
Financial
Corp
132,303
1,742
First
Financial
Bancorp
133,777
3,010
First
Hawaiian
Inc
179,281
4,936
First
Midwest
Bancorp
Inc/IL
157,223
2,821
Flagstar
Bancorp
Inc
65,290
2,988
Great
Western
Bancorp
Inc
75,787
2,334
Hanmi
Financial
Corp
42,210
770
Heritage
Financial
Corp/WA
49,480
1,197
Hilltop
Holdings
Inc
89,507
2,836
HomeStreet
Inc
29,367
1,107
Hope
Bancorp
Inc
169,922
2,252
Independent
Bank
Corp
45,424
3,211
Independent
Bank
Group
Inc
50,488
3,519
Meta
Financial
Group
Inc
43,903
2,182
National
Bank
Holdings
Corp
42,342
1,501
NBT
Bancorp
Inc
59,717
2,081
OFG
Bancorp
71,011
1,640
Old
National
Bancorp/IN
227,908
3,667
Park
National
Corp
19,551
2,227
Preferred
Bank/Los
Angeles
CA
18,649
1,100
Renasant
Corp
77,442
2,724
S&T
Bancorp
Inc
54,128
1,594
Seacoast
Banking
Corp
of
Florida
76,039
2,311
ServisFirst
Bancshares
Inc
64,788
4,605
Simmons
First
National
Corp
148,997
4,056
Southside
Bancshares
Inc
42,574
1,534
Tompkins
Financial
Corp
16,603
1,274
Triumph
Bancorp
Inc
(d)
31,140
2,387
TrustCo
Bank
Corp
NY
26,517
892
United
Community
Banks
Inc/GA
119,335
3,438
Veritex
Holdings
Inc
68,020
2,282
Walker
&
Dunlop
Inc
40,661
4,208
Westamerica
BanCorp
36,944
2,052
$
127,151
Beverages
-
0
.57
%
Celsius
Holdings
Inc
(d)
45,228
3,104
Coca-Cola
Consolidated
Inc
6,383
2,548
MGP
Ingredients
Inc
18,112
1,080
National
Beverage
Corp
(e)
32,076
1,456
$
8,188
Biotechnology
-
1
.50
%
ANI
Pharmaceuticals
Inc
(d)
13,653
463
Cara
Therapeutics
Inc
(d)
59,193
708
Innoviva
Inc
(d)
86,460
1,226
Myriad
Genetics
Inc
(d)
105,957
3,351
NeoGenomics
Inc
(d)
162,166
7,476
Organogenesis
Holdings
Inc
(d)
68,762
1,055
REGENXBIO
Inc
(d)
47,936
1,549
Vericel
Corp
(d),(e)
63,746
3,375
Xencor
Inc
(d)
80,070
2,465
$
21,668
Building
Materials
-
2
.12
%
AAON
Inc
56,244
3,496
American
Woodmark
Corp
(d)
23,380
1,736
Apogee
Enterprises
Inc
35,455
1,406
Boise
Cascade
Co
54,087
2,766
Gibraltar
Industries
Inc
(d)
44,872
3,351
Griffon
Corp
62,360
1,442
Patrick
Industries
Inc
30,729
2,539
PGT
Innovations
Inc
(d)
81,883
1,849
SPX
Corp
(d)
62,231
4,148
UFP
Industries
Inc
85,035
6,315
US
Concrete
Inc
(d)
22,178
1,615
$
30,663
Schedule
of
Investments
SmallCap
S&P
600
Index
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
233
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Chemicals
-
2
.53
%
AdvanSix
Inc
(d)
38,574
$
1,290
American
Vanguard
Corp
37,304
616
Balchem
Corp
44,606
6,017
Ferro
Corp
(d)
113,620
2,363
GCP
Applied
Technologies
Inc
(d)
66,551
1,547
Hawkins
Inc
26,052
946
HB
Fuller
Co
71,850
4,643
Innospec
Inc
33,840
2,993
Koppers
Holdings
Inc
(d)
29,209
897
Kraton
Corp
(d)
44,202
1,688
Quaker
Chemical
Corp
18,188
4,579
Rayonier
Advanced
Materials
Inc
(d)
87,455
609
Rogers
Corp
(d)
25,733
4,905
Stepan
Co
29,417
3,470
$
36,563
Coal
-
0
.21
%
CONSOL
Energy
Inc
(d)
41,674
875
SunCoke
Energy
Inc
114,107
882
Warrior
Met
Coal
Inc
70,695
1,320
$
3,077
Commercial
Services
-
4
.13
%
Aaron's
Co
Inc/The
46,989
1,357
ABM
Industries
Inc
92,260
4,289
Adtalem
Global
Education
Inc
(d)
67,843
2,465
Alarm.com
Holdings
Inc
(d)
62,268
5,182
American
Public
Education
Inc
(d)
25,676
761
AMN
Healthcare
Services
Inc
(d)
64,986
6,535
Arlo
Technologies
Inc
(d)
111,764
683
CoreCivic
Inc
(d)
165,397
1,700
CorVel
Corp
(d)
12,520
1,763
Cross
Country
Healthcare
Inc
(d)
48,174
791
Deluxe
Corp
58,035
2,548
EVERTEC
Inc
82,366
3,599
Forrester
Research
Inc
(d)
15,257
715
Green
Dot
Corp
(d)
74,849
3,448
Heidrick
&
Struggles
International
Inc
26,813
1,145
Kelly
Services
Inc
(d)
46,055
1,010
Korn
Ferry
74,269
5,105
Medifast
Inc
16,174
4,618
Monro
Inc
46,059
2,671
Perdoceo
Education
Corp
(d)
96,863
1,149
Rent-A-Center
Inc/TX
82,065
4,696
Resources
Connection
Inc
42,427
657
Team
Inc
(d)
42,482
262
TrueBlue
Inc
(d)
48,779
1,326
Viad
Corp
(d)
28,170
1,292
$
59,767
Computers
-
1
.71
%
3D
Systems
Corp
(d)
171,962
4,736
Diebold
Nixdorf
Inc
(d)
107,576
1,120
ExlService
Holdings
Inc
(d)
46,011
5,209
Insight
Enterprises
Inc
(d)
48,570
4,876
OneSpan
Inc
(d)
46,512
1,148
Sykes
Enterprises
Inc
(d)
54,703
2,935
TTEC
Holdings
Inc
25,113
2,624
Unisys
Corp
(d)
92,165
2,060
$
24,708
Consumer
Products
-
0
.60
%
Central
Garden
&
Pet
Co
(d)
13,407
647
Central
Garden
&
Pet
Co
-
A
Shares
(d)
54,591
2,364
Quanex
Building
Products
Corp
46,200
1,148
WD-40
Co
18,851
4,581
$
8,740
Cosmetics
&
Personal
Care
-
0
.44
%
Edgewell
Personal
Care
Co
74,753
3,071
elf
Beauty
Inc
(d)
53,269
1,470
Inter
Parfums
Inc
24,376
1,874
$
6,415
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Distribution
&
Wholesale
-
0
.85
%
Core-Mark
Holding
Co
Inc
62,109
$
2,673
G-III
Apparel
Group
Ltd
(d)
59,874
1,788
Resideo
Technologies
Inc
(d)
197,814
5,835
ScanSource
Inc
(d)
35,020
966
Veritiv
Corp
(d)
16,803
1,030
$
12,292
Diversified
Financial
Services
-
1
.64
%
B
Riley
Financial
Inc
24,309
1,642
Blucora
Inc
(d)
66,579
1,123
Brightsphere
Investment
Group
Inc
81,843
2,045
Encore
Capital
Group
Inc
(d)
42,645
2,019
Enova
International
Inc
(d)
50,538
1,672
EZCORP
Inc
(d)
72,710
416
Greenhill
&
Co
Inc
20,131
323
Mr
Cooper
Group
Inc
(d)
93,576
3,479
Piper
Sandler
Cos
19,831
2,433
PRA
Group
Inc
(d)
62,983
2,443
StoneX
Group
Inc
(d)
22,899
1,478
Virtus
Investment
Partners
Inc
9,888
2,730
WisdomTree
Investments
Inc
154,284
954
World
Acceptance
Corp
(d)
5,403
1,024
$
23,781
Electric
-
0
.36
%
Avista
Corp
95,319
4,082
Unitil
Corp
20,687
1,095
$
5,177
Electrical
Components
&
Equipment
-
0
.25
%
Encore
Wire
Corp
28,376
2,226
Insteel
Industries
Inc
26,597
1,033
Powell
Industries
Inc
12,220
355
$
3,614
Electronics
-
2
.97
%
Advanced
Energy
Industries
Inc
52,829
5,481
Applied
Optoelectronics
Inc
(d),(e)
33,982
263
Badger
Meter
Inc
40,122
4,053
Bel
Fuse
Inc
14,024
191
Benchmark
Electronics
Inc
49,253
1,300
Brady
Corp
66,729
3,649
Comtech
Telecommunications
Corp
35,828
895
FARO
Technologies
Inc
(d)
24,964
1,820
Itron
Inc
(d)
62,064
6,121
Knowles
Corp
(d)
127,603
2,557
Mesa
Laboratories
Inc
6,716
1,978
OSI
Systems
Inc
(d)
22,995
2,301
Plexus
Corp
(d)
39,322
3,551
Sanmina
Corp
(d)
89,518
3,439
TTM
Technologies
Inc
(d)
137,083
1,918
Vicor
Corp
(d)
29,267
3,383
$
42,900
Energy
-
Alternate
Sources
-
0
.48
%
FutureFuel
Corp
35,490
302
Green
Plains
Inc
(d)
58,300
2,061
Renewable
Energy
Group
Inc
(d)
65,541
4,014
REX
American
Resources
Corp
(d)
7,251
595
$
6,972
Engineering
&
Construction
-
1
.36
%
Arcosa
Inc
66,247
3,628
Comfort
Systems
USA
Inc
49,898
3,730
Exponent
Inc
71,676
7,676
Granite
Construction
Inc
62,972
2,419
MYR
Group
Inc
(d)
23,142
2,213
$
19,666
Entertainment
-
0
.08
%
Monarch
Casino
&
Resort
Inc
(d)
17,830
1,138
Environmental
Control
-
0
.26
%
Harsco
Corp
(d)
108,866
2,190
US
Ecology
Inc
(d)
43,335
1,517
$
3,707
Schedule
of
Investments
SmallCap
S&P
600
Index
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
234
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Food
-
1
.37
%
B&G
Foods
Inc
(e)
89,045
$
2,557
Calavo
Growers
Inc
22,881
1,289
Cal-Maine
Foods
Inc
51,497
1,797
Chefs'
Warehouse
Inc/The
(d)
44,823
1,296
J
&
J
Snack
Foods
Corp
20,681
3,400
John
B
Sanfilippo
&
Son
Inc
12,199
1,127
Seneca
Foods
Corp
-
Class
A
(d)
9,198
504
Simply
Good
Foods
Co/The
(d)
115,887
4,343
SpartanNash
Co
49,835
969
United
Natural
Foods
Inc
(d)
77,417
2,564
$
19,846
Forest
Products
&
Paper
-
0
.61
%
Clearwater
Paper
Corp
(d)
22,947
677
Domtar
Corp
(d)
69,095
3,794
Glatfelter
Corp
61,129
931
Mercer
International
Inc
54,446
633
Neenah
Inc
23,163
1,164
Schweitzer-Mauduit
International
Inc
43,195
1,699
$
8,898
Gas
-
0
.63
%
Chesapeake
Utilities
Corp
24,110
3,004
Northwest
Natural
Holding
Co
42,158
2,204
South
Jersey
Industries
Inc
154,595
3,891
$
9,099
Hand
&
Machine
Tools
-
0
.30
%
Franklin
Electric
Co
Inc
53,049
4,337
Healthcare
-
Products
-
3
.58
%
AngioDynamics
Inc
(d)
52,444
1,397
Avanos
Medical
Inc
(d)
66,107
2,508
Cardiovascular
Systems
Inc
(d)
55,230
2,225
CONMED
Corp
40,005
5,518
CryoLife
Inc
(d)
53,767
1,452
Cutera
Inc
(d)
24,481
1,272
Glaukos
Corp
(d)
63,644
3,246
Hanger
Inc
(d)
52,999
1,301
Inogen
Inc
(d)
25,560
2,039
Integer
Holdings
Corp
(d)
45,347
4,439
Invacare
Corp
(d)
48,063
347
Lantheus
Holdings
Inc
(d)
92,804
2,429
LeMaitre
Vascular
Inc
23,519
1,281
Meridian
Bioscience
Inc
(d)
59,586
1,221
Merit
Medical
Systems
Inc
(d)
67,763
4,749
Natus
Medical
Inc
(d)
46,862
1,251
Omnicell
Inc
(d)
59,394
8,701
OraSure
Technologies
Inc
(d)
98,956
1,167
Orthofix
Medical
Inc
(d)
26,897
1,069
Surmodics
Inc
(d)
19,069
1,051
Tactile
Systems
Technology
Inc
(d)
27,022
1,324
Varex
Imaging
Corp
(d)
54,043
1,475
Zynex
Inc
(d),(e)
26,835
373
$
51,835
Healthcare
-
Services
-
2
.47
%
Addus
HomeCare
Corp
(d)
20,776
1,803
Community
Health
Systems
Inc
(d)
170,808
2,275
Ensign
Group
Inc/The
71,065
6,045
Fulgent
Genetics
Inc
(d),(e)
24,332
2,245
Joint
Corp/The
(d)
18,151
1,434
Magellan
Health
Inc
(d)
32,008
3,019
MEDNAX
Inc
(d)
118,530
3,452
ModivCare
Inc
(d)
16,773
2,851
Pennant
Group
Inc/The
(d)
35,031
1,199
RadNet
Inc
(d)
60,150
2,210
Select
Medical
Holdings
Corp
148,340
5,852
Tivity
Health
Inc
(d)
52,132
1,307
US
Physical
Therapy
Inc
17,736
2,096
$
35,788
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Home
Builders
-
2
.43
%
Cavco
Industries
Inc
(d)
11,737
$
2,758
Century
Communities
Inc
40,343
2,802
Installed
Building
Products
Inc
31,038
3,725
LCI
Industries
34,729
5,064
LGI
Homes
Inc
(d)
30,175
5,157
M/I
Homes
Inc
(d)
40,136
2,597
MDC
Holdings
Inc
76,337
4,070
Meritage
Homes
Corp
(d)
52,044
5,651
Winnebago
Industries
Inc
46,206
3,321
$
35,145
Home
Furnishings
-
0
.60
%
Daktronics
Inc
(d)
50,704
310
Ethan
Allen
Interiors
Inc
30,146
716
iRobot
Corp
(d)
38,636
3,381
Sleep
Number
Corp
(d)
33,642
3,337
Universal
Electronics
Inc
(d)
18,930
885
$
8,629
Housewares
-
0
.10
%
Tupperware
Brands
Corp
(d)
68,297
1,427
Insurance
-
2
.84
%
Ambac
Financial
Group
Inc
(d)
63,526
922
American
Equity
Investment
Life
Holding
Co
118,106
3,790
AMERISAFE
Inc
26,584
1,521
Assured
Guaranty
Ltd
103,694
4,958
eHealth
Inc
(d)
35,940
1,869
Employers
Holdings
Inc
39,223
1,628
Genworth
Financial
Inc
(d)
696,930
2,328
HCI
Group
Inc
8,981
902
Horace
Mann
Educators
Corp
57,048
2,271
James
River
Group
Holdings
Ltd
51,253
1,865
NMI
Holdings
Inc
(d)
117,713
2,592
Palomar
Holdings
Inc
(d)
29,913
2,436
ProAssurance
Corp
74,194
1,505
Safety
Insurance
Group
Inc
19,572
1,500
Selectquote
Inc
(d)
60,665
1,080
SiriusPoint
Ltd
(d)
104,439
1,023
Stewart
Information
Services
Corp
36,870
2,176
Trupanion
Inc
(d)
46,270
5,322
United
Fire
Group
Inc
29,708
740
United
Insurance
Holdings
Corp
28,534
125
Universal
Insurance
Holdings
Inc
39,063
553
$
41,106
Internet
-
1
.90
%
Cogent
Communications
Holdings
Inc
58,180
4,515
ePlus
Inc
(d)
18,569
1,717
HealthStream
Inc
(d)
34,707
1,014
Liquidity
Services
Inc
(d)
37,193
738
Perficient
Inc
(d)
45,446
4,285
QuinStreet
Inc
(d)
67,833
1,244
Shutterstock
Inc
30,663
3,327
Stamps.com
Inc
(d)
25,192
8,232
TechTarget
Inc
(d)
32,514
2,376
$
27,448
Iron
&
Steel
-
0
.42
%
Allegheny
Technologies
Inc
(d)
174,924
3,591
Carpenter
Technology
Corp
66,052
2,520
$
6,111
Leisure
Products
&
Services
-
0
.22
%
Vista
Outdoor
Inc
(d)
79,411
3,207
Lodging
-
0
.04
%
Marcus
Corp/The
(d)
33,119
532
Machinery
-
Construction
&
Mining
-
0
.13
%
Astec
Industries
Inc
31,258
1,916
Machinery
-
Diversified
-
2
.53
%
Alamo
Group
Inc
13,609
1,998
Albany
International
Corp
42,218
3,646
Applied
Industrial
Technologies
Inc
53,438
4,793
Chart
Industries
Inc
(d)
48,939
7,608
Schedule
of
Investments
SmallCap
S&P
600
Index
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
235
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Machinery
-
Diversified
(continued)
CIRCOR
International
Inc
(d)
27,842
$
859
DXP
Enterprises
Inc/TX
(d)
24,299
793
Ichor
Holdings
Ltd
(d)
38,614
1,991
Lindsay
Corp
14,999
2,410
SPX
FLOW
Inc
58,055
4,769
Tennant
Co
25,592
2,025
Watts
Water
Technologies
Inc
37,882
5,711
$
36,603
Media
-
0
.59
%
AMC
Networks
Inc
(d)
42,259
2,115
EW
Scripps
Co/The
79,326
1,514
Gannett
Co
Inc
(d)
186,168
1,074
Meredith
Corp
(d)
55,821
2,436
Scholastic
Corp
41,336
1,389
$
8,528
Metal
Fabrication
&
Hardware
-
0
.78
%
AZZ
Inc
34,400
1,823
Mueller
Industries
Inc
78,561
3,410
Olympic
Steel
Inc
12,491
376
Proto
Labs
Inc
(d)
38,079
2,977
Standex
International
Corp
16,861
1,551
TimkenSteel
Corp
(d)
52,791
704
Tredegar
Corp
35,657
466
$
11,307
Mining
-
0
.88
%
Arconic
Corp
(d)
134,667
4,840
Century
Aluminum
Co
(d)
69,375
1,010
Kaiser
Aluminum
Corp
21,794
2,652
Livent
Corp
(d)
219,205
4,277
$
12,779
Miscellaneous
Manufacturers
-
2
.77
%
Enerpac
Tool
Group
Corp
82,675
2,122
EnPro
Industries
Inc
28,328
2,638
ESCO
Technologies
Inc
35,811
3,379
Fabrinet
(d)
50,722
4,794
Federal
Signal
Corp
83,250
3,298
Haynes
International
Inc
17,450
658
Hillenbrand
Inc
103,478
4,688
John
Bean
Technologies
Corp
43,662
6,400
Lydall
Inc
(d)
23,539
1,441
Materion
Corp
28,049
2,002
Myers
Industries
Inc
49,622
1,051
Raven
Industries
Inc
(d)
49,393
2,877
Sturm
Ruger
&
Co
Inc
24,182
1,798
Trinseo
SA
53,271
2,896
$
40,042
Office
&
Business
Equipment
-
0
.13
%
Pitney
Bowes
Inc
241,327
1,931
Office
Furnishings
-
0
.24
%
HNI
Corp
59,890
2,234
Interface
Inc
81,149
1,170
$
3,404
Oil
&
Gas
-
2
.56
%
Bonanza
Creek
Energy
Inc
26,202
1,008
Callon
Petroleum
Co
(d)
63,623
2,504
Helmerich
&
Payne
Inc
148,371
4,254
Laredo
Petroleum
Inc
(d)
13,303
732
Matador
Resources
Co
150,958
4,665
Nabors
Industries
Ltd
(d)
8,970
785
Par
Pacific
Holdings
Inc
(d)
61,242
1,003
Patterson-UTI
Energy
Inc
258,239
2,071
PBF
Energy
Inc
(d)
132,213
1,212
PDC
Energy
Inc
136,576
5,402
Penn
Virginia
Corp
(d)
21,052
389
Range
Resources
Corp
(d)
356,982
5,437
SM
Energy
Co
150,649
2,817
Southwestern
Energy
Co
(d)
893,737
4,210
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Oil
&
Gas
(continued)
Talos
Energy
Inc
(d)
43,819
$
506
$
36,995
Oil
&
Gas
Services
-
0
.98
%
Archrock
Inc
177,950
1,532
Bristow
Group
Inc
(d)
31,850
827
Core
Laboratories
NV
63,677
2,124
DMC
Global
Inc
(d)
25,725
1,126
Dril-Quip
Inc
(d)
48,722
1,393
Helix
Energy
Solutions
Group
Inc
(d)
194,832
809
Matrix
Service
Co
(d)
36,474
398
NOW
Inc
(d)
151,617
1,496
Oceaneering
International
Inc
(d)
137,176
1,819
Oil
States
International
Inc
(d)
84,270
477
ProPetro
Holding
Corp
(d)
112,520
850
RPC
Inc
(d)
80,101
336
US
Silica
Holdings
Inc
(d)
102,230
1,033
$
14,220
Packaging
&
Containers
-
0
.33
%
Matthews
International
Corp
43,533
1,506
O-I
Glass
Inc
(d)
217,153
3,212
$
4,718
Pharmaceuticals
-
2
.68
%
Amphastar
Pharmaceuticals
Inc
(d)
50,439
1,057
Anika
Therapeutics
Inc
(d)
19,791
794
Coherus
Biosciences
Inc
(d)
91,668
1,196
Collegium
Pharmaceutical
Inc
(d)
48,470
1,207
Corcept
Therapeutics
Inc
(d)
144,346
2,998
Covetrus
Inc
(d)
137,117
3,491
Cytokinetics
Inc
(d)
112,373
3,335
Eagle
Pharmaceuticals
Inc/DE
(d)
16,042
746
Enanta
Pharmaceuticals
Inc
(d)
24,717
1,044
Endo
International
PLC
(d)
320,827
1,623
Heska
Corp
(d)
13,620
3,278
Owens
&
Minor
Inc
103,339
4,780
Pacira
BioSciences
Inc
(d)
60,542
3,569
Phibro
Animal
Health
Corp
27,968
662
Prestige
Consumer
Healthcare
Inc
(d)
68,636
3,607
Spectrum
Pharmaceuticals
Inc
(d)
222,114
715
Supernus
Pharmaceuticals
Inc
(d)
72,910
1,920
USANA
Health
Sciences
Inc
(d)
15,863
1,511
Vanda
Pharmaceuticals
Inc
(d)
76,404
1,246
$
38,779
Real
Estate
-
0
.48
%
Marcus
&
Millichap
Inc
(d)
33,161
1,319
RE/MAX
Holdings
Inc
25,977
891
Realogy
Holdings
Corp
(d)
160,099
2,837
St
Joe
Co/The
42,917
1,943
$
6,990
REITs
-
8
.85
%
Acadia
Realty
Trust
118,684
2,540
Agree
Realty
Corp
93,616
7,035
Alexander
&
Baldwin
Inc
99,561
1,993
American
Assets
Trust
Inc
69,022
2,549
Apollo
Commercial
Real
Estate
Finance
Inc
176,972
2,694
Armada
Hoffler
Properties
Inc
82,934
1,078
ARMOUR
Residential
REIT
Inc
97,969
1,019
Brandywine
Realty
Trust
234,957
3,280
Capstead
Mortgage
Corp
133,180
848
CareTrust
REIT
Inc
133,093
3,210
Centerspace
17,845
1,606
Chatham
Lodging
Trust
(d)
66,855
821
Community
Healthcare
Trust
Inc
31,562
1,573
DiamondRock
Hospitality
Co
(d)
289,128
2,489
Diversified
Healthcare
Trust
327,653
1,278
Easterly
Government
Properties
Inc
115,333
2,618
Ellington
Financial
Inc
60,207
1,095
Essential
Properties
Realty
Trust
Inc
161,575
4,815
Four
Corners
Property
Trust
Inc
104,748
3,007
Franklin
Street
Properties
Corp
132,833
693
Schedule
of
Investments
SmallCap
S&P
600
Index
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
236
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
REITs
(continued)
GEO
Group
Inc/The
167,260
$
1,157
Getty
Realty
Corp
51,291
1,620
Global
Net
Lease
Inc
131,177
2,423
Granite
Point
Mortgage
Trust
Inc
75,782
1,069
Hersha
Hospitality
Trust
(d)
50,581
476
Independence
Realty
Trust
Inc
140,469
2,708
Industrial
Logistics
Properties
Trust
89,799
2,434
Innovative
Industrial
Properties
Inc
32,902
7,074
Invesco
Mortgage
Capital
Inc
390,617
1,344
iStar
Inc
100,710
2,440
Kite
Realty
Group
Trust
116,179
2,342
KKR
Real
Estate
Finance
Trust
Inc
37,489
799
Lexington
Realty
Trust
381,781
5,020
LTC
Properties
Inc
54,134
2,049
Mack-Cali
Realty
Corp
(d)
118,530
2,134
New
York
Mortgage
Trust
Inc
521,558
2,279
NexPoint
Residential
Trust
Inc
31,100
1,833
Office
Properties
Income
Trust
66,445
1,926
PennyMac
Mortgage
Investment
Trust
134,679
2,656
Ready
Capital
Corp
79,333
1,200
Redwood
Trust
Inc
155,405
1,845
Retail
Opportunity
Investments
Corp
163,335
2,886
Retail
Properties
of
America
Inc
295,290
3,724
RPT
Realty
111,615
1,422
Safehold
Inc
19,777
1,786
Saul
Centers
Inc
17,774
811
Service
Properties
Trust
226,658
2,523
SITE
Centers
Corp
232,158
3,682
Summit
Hotel
Properties
Inc
(d)
145,932
1,315
Tanger
Factory
Outlet
Centers
Inc
138,619
2,380
Two
Harbors
Investment
Corp
431,311
2,765
Uniti
Group
Inc
321,026
3,759
Universal
Health
Realty
Income
Trust
17,613
1,052
Urstadt
Biddle
Properties
Inc
41,392
789
Washington
Real
Estate
Investment
Trust
116,313
2,825
Whitestone
REIT
54,910
486
Xenia
Hotels
&
Resorts
Inc
(d)
156,498
2,767
$
128,041
Retail
-
7
.46
%
Abercrombie
&
Fitch
Co
(d)
85,171
3,220
America's
Car-Mart
Inc/TX
(d)
8,474
1,347
Asbury
Automotive
Group
Inc
(d)
26,595
5,464
Barnes
&
Noble
Education
Inc
(d),(e)
43,804
366
Bed
Bath
&
Beyond
Inc
(d)
146,637
4,185
Big
Lots
Inc
43,926
2,531
BJ's
Restaurants
Inc
(d)
31,956
1,297
Bloomin'
Brands
Inc
(d)
111,272
2,796
Boot
Barn
Holdings
Inc
(d)
40,225
3,476
Brinker
International
Inc
(d)
62,914
3,419
Buckle
Inc/The
39,710
1,671
Caleres
Inc
52,697
1,304
Cato
Corp/The
26,639
439
Cheesecake
Factory
Inc/The
(d)
63,373
2,868
Chico's
FAS
Inc
(d)
168,570
1,042
Children's
Place
Inc/The
(d)
20,168
1,701
Chuy's
Holdings
Inc
(d)
27,483
907
Conn's
Inc
(d)
26,646
593
Dave
&
Buster's
Entertainment
Inc
(d)
65,707
2,187
Designer
Brands
Inc
(d)
81,507
1,188
Dine
Brands
Global
Inc
(d)
23,592
1,828
El
Pollo
Loco
Holdings
Inc
(d)
26,084
485
Fiesta
Restaurant
Group
Inc
(d)
24,382
326
GameStop
Corp
(d)
76,336
12,299
Genesco
Inc
(d)
19,539
1,122
GMS
Inc
(d)
58,922
2,895
Group
1
Automotive
Inc
23,479
4,079
Guess?
Inc
52,674
1,176
Haverty
Furniture
Cos
Inc
23,276
838
Hibbett
Inc
22,288
1,976
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Retail
(continued)
La-Z-Boy
Inc
63,667
$
2,138
Lumber
Liquidators
Holdings
Inc
(d)
39,915
762
Macy's
Inc
(d)
428,657
7,287
MarineMax
Inc
(d)
30,466
1,639
Movado
Group
Inc
23,129
695
ODP
Corp/The
(d)
73,605
3,484
PC
Connection
Inc
15,125
719
PetMed
Express
Inc
(e)
27,873
875
PriceSmart
Inc
32,137
2,884
Red
Robin
Gourmet
Burgers
Inc
(d)
21,564
566
Regis
Corp
(d)
33,467
267
Ruth's
Hospitality
Group
Inc
(d)
43,952
878
Sally
Beauty
Holdings
Inc
(d)
155,329
2,939
Shake
Shack
Inc
(d)
50,010
5,028
Shoe
Carnival
Inc
23,780
801
Signet
Jewelers
Ltd
72,009
4,633
Sonic
Automotive
Inc
32,119
1,752
Vera
Bradley
Inc
(d)
30,507
336
Zumiez
Inc
(d)
29,035
1,267
$
107,975
Savings
&
Loans
-
1
.90
%
Axos
Financial
Inc
(d)
70,872
3,391
Banc
of
California
Inc
61,409
1,051
Berkshire
Hills
Bancorp
Inc
70,412
1,904
Brookline
Bancorp
Inc
107,527
1,545
Capitol
Federal
Financial
Inc
177,522
1,969
Investors
Bancorp
Inc
309,931
4,283
Northfield
Bancorp
Inc
63,495
1,045
Northwest
Bancshares
Inc
174,993
2,329
Pacific
Premier
Bancorp
Inc
130,160
4,943
Provident
Financial
Services
Inc
99,711
2,154
WSFS
Financial
Corp
65,364
2,862
$
27,476
Semiconductors
-
3
.41
%
Axcelis
Technologies
Inc
(d)
46,206
1,781
CEVA
Inc
(d)
31,372
1,557
Cohu
Inc
(d)
66,597
2,358
CTS
Corp
44,485
1,557
Diodes
Inc
(d)
58,287
4,780
DSP
Group
Inc
(d)
30,982
497
FormFactor
Inc
(d)
106,745
3,977
Kulicke
&
Soffa
Industries
Inc
85,334
4,639
MaxLinear
Inc
(d)
94,326
4,549
Onto
Innovation
Inc
(d)
67,438
4,726
Photronics
Inc
(d)
87,164
1,166
Power
Integrations
Inc
83,409
8,090
Rambus
Inc
(d)
154,710
3,661
SMART
Global
Holdings
Inc
(d)
22,955
1,075
Ultra
Clean
Holdings
Inc
(d)
60,233
3,253
Veeco
Instruments
Inc
(d)
69,008
1,601
$
49,267
Software
-
3
.42
%
8x8
Inc
(d)
151,117
3,863
Agilysys
Inc
(d)
28,258
1,570
Allscripts
Healthcare
Solutions
Inc
(d)
194,121
3,316
Apollo
Medical
Holdings
Inc
(d)
18,150
1,604
BM
Technologies
Inc
(d)
6,482
65
Bottomline
Technologies
DE
Inc
(d)
54,085
2,183
Computer
Programs
and
Systems
Inc
17,620
556
CSG
Systems
International
Inc
45,227
2,051
Digi
International
Inc
(d)
46,795
968
Donnelley
Financial
Solutions
Inc
(d)
40,956
1,319
Ebix
Inc
32,335
977
LivePerson
Inc
(d)
88,184
5,616
ManTech
International
Corp/VA
37,714
3,298
MicroStrategy
Inc
(d),(e)
10,701
6,699
NextGen
Healthcare
Inc
(d)
76,508
1,241
PDF
Solutions
Inc
(d)
40,626
760
Progress
Software
Corp
60,512
2,759
Schedule
of
Investments
SmallCap
S&P
600
Index
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
237
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Software
(continued)
Simulations
Plus
Inc
21,021
$
992
SPS
Commerce
Inc
(d)
49,316
5,373
Tabula
Rasa
HealthCare
Inc
(d)
31,088
1,336
Xperi
Holding
Corp
144,262
2,996
$
49,542
Telecommunications
-
1
.89
%
ADTRAN
Inc
66,551
1,491
ATN
International
Inc
15,107
650
CalAmp
Corp
(d)
48,461
588
Cincinnati
Bell
Inc
(d)
70,007
1,074
Consolidated
Communications
Holdings
Inc
(d)
101,187
778
Extreme
Networks
Inc
(d)
173,350
1,909
Harmonic
Inc
(d)
139,010
1,230
InterDigital
Inc
42,317
2,788
NETGEAR
Inc
(d)
41,896
1,435
Plantronics
Inc
(d)
52,356
1,633
Shenandoah
Telecommunications
Co
68,680
3,626
Spok
Holdings
Inc
24,525
202
Viavi
Solutions
Inc
(d)
314,413
5,248
Vonage
Holdings
Corp
(d)
324,954
4,634
$
27,286
Textiles
-
0
.32
%
UniFirst
Corp/MA
20,954
4,563
Transportation
-
1
.88
%
ArcBest
Corp
34,910
2,064
Atlas
Air
Worldwide
Holdings
Inc
(d)
37,896
2,538
Dorian
LPG
Ltd
37,289
451
Echo
Global
Logistics
Inc
(d)
36,629
1,133
Forward
Air
Corp
37,567
3,322
Heartland
Express
Inc
67,028
1,141
Hub
Group
Inc
(d)
46,433
3,078
Marten
Transport
Ltd
80,818
1,279
Matson
Inc
59,731
4,009
Saia
Inc
(d)
36,214
8,184
$
27,199
Trucking
&
Leasing
-
0
.13
%
Greenbrier
Cos
Inc/The
45,141
1,932
Water
-
0
.78
%
American
States
Water
Co
50,762
4,483
California
Water
Service
Group
69,905
4,382
Middlesex
Water
Co
24,028
2,445
$
11,310
TOTAL
COMMON
STOCKS
$
1,420,875
Total
Investments
$
1,458,145
Other
Assets
and
Liabilities
- (0.79)%
(
11,364
)
TOTAL
NET
ASSETS
-
100.00%
$
1,446,781
(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
$11,715
or
0.81%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(d)
Non-income
producing
security
(e)
Security
or
a
portion
of
the
security
was
on
loan. At
the
end
of
the
period,
the
value
of
these
securities
totaled
$11,833
or
0.82%
of
net
assets.
Portfolio
Summary (unaudited)
Sector
Percent
Financial
24
.50
%
Consumer,
Non-cyclical
17
.79
%
Industrial
17
.22
%
Consumer,
Cyclical
15
.21
%
Technology
8
.67
%
Basic
Materials
4
.44
%
Communications
4
.38
%
Energy
4
.23
%
Money
Market
Funds
2
.47
%
Utilities
1
.77
%
Investment
Companies
0
.11
%
Other
Assets
and
Liabilities
(
0
.79
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
34,576
$
472,018
$
475,317
$
31,277
$
34,576
$
472,018
$
475,317
$
31,277
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.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
Russell
2000
Emini;
September
2021
Long
227
$
25,215
$
64
Total
$
64
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
SmallCap
Value
Fund
II
July
31,
2021
(unaudited)
See
accompanying
notes.
238
INVESTMENT
COMPANIES
-
2
.71
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0
.23
%
iShares
Russell
2000
Value
ETF
19,600
$
3,135
Money
Market
Funds
-
2
.48
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
0.03%
(a),(b)
3,170,560
3,171
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c),(d)
30,449,246
30,449
$
33,620
TOTAL
INVESTMENT
COMPANIES
$
36,755
COMMON
STOCKS
-
96
.59
%
Shares
Held
Value
(000's)
Advertising
-
0
.14
%
Advantage
Solutions
Inc
(d)
105,608
$
1,033
Boston
Omaha
Corp
(d)
1,659
54
Clear
Channel
Outdoor
Holdings
Inc
(d)
31,585
84
Fluent
Inc
(d)
3,897
10
MDC
Partners
Inc
(d)
106,441
597
Mission
Produce
Inc
(d)
3,135
61
National
CineMedia
Inc
5,135
18
$
1,857
Aerospace
&
Defense
-
0
.53
%
AAR
Corp
(d)
68,342
2,444
Aerojet
Rocketdyne
Holdings
Inc
1,454
68
AerSale
Corp
(d)
859
10
Astronics
Corp
(d)
2,291
39
Barnes
Group
Inc
4,517
229
Ducommun
Inc
(d)
1,035
56
Kaman
Corp
2,634
117
Kratos
Defense
&
Security
Solutions
Inc
(d)
9,070
246
Moog
Inc
25,361
1,975
National
Presto
Industries
Inc
18,937
1,827
Park
Aerospace
Corp
1,860
28
Triumph
Group
Inc
(d)
4,874
93
$
7,132
Agriculture
-
0
.04
%
Andersons
Inc/The
1,783
48
Cadiz
Inc
(d)
1,772
24
Fresh
Del
Monte
Produce
Inc
3,199
99
Limoneira
Co
1,077
19
Tejon
Ranch
Co
(d)
1,957
36
Universal
Corp/VA
2,287
119
Vector
Group
Ltd
11,773
157
$
502
Airlines
-
0
.11
%
Hawaiian
Holdings
Inc
(d)
4,821
95
Mesa
Air
Group
Inc
(d)
3,187
29
SkyWest
Inc
(d)
4,750
192
Spirit
Airlines
Inc
(d)
45,182
1,219
$
1,535
Apparel
-
1
.13
%
Capri
Holdings
Ltd
(d)
211,290
11,898
Fossil
Group
Inc
(d)
4,496
57
Oxford
Industries
Inc
1,415
123
Rocky
Brands
Inc
15,222
828
Superior
Group
of
Cos
Inc
13,173
308
Unifi
Inc
(d)
27,757
655
Urban
Outfitters
Inc
(d)
37,335
1,388
$
15,257
Automobile
Manufacturers
-
0
.34
%
Blue
Bird
Corp
(d)
73,071
1,827
Canoo
Inc
(d),(e)
4,145
34
Fisker
Inc
(d),(e)
1,238
20
Hyliion
Holdings
Corp
(d)
9,037
88
Lordstown
Motors
Corp
(d),(e)
9,639
60
REV
Group
Inc
2,263
34
Wabash
National
Corp
160,246
2,346
Workhorse
Group
Inc
(d),(e)
10,694
123
XL
Fleet
Corp
(d)
3,179
22
$
4,554
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Automobile
Parts
&
Equipment
-
1
.09
%
Adient
PLC
(d)
62,457
$
2,631
Aeva
Technologies
Inc
(d)
2,365
21
American
Axle
&
Manufacturing
Holdings
Inc
(d)
5,401
52
Commercial
Vehicle
Group
Inc
(d)
1,923
18
Cooper-Standard
Holdings
Inc
(d)
1,560
41
Dana
Inc
6,420
155
Goodyear
Tire
&
Rubber
Co/The
(d)
168,887
2,654
Meritor
Inc
(d)
98,586
2,398
Methode
Electronics
Inc
52,941
2,532
Miller
Industries
Inc/TN
32,821
1,231
Modine
Manufacturing
Co
(d)
40,584
679
Motorcar
Parts
of
America
Inc
(d)
81,883
1,821
Romeo
Power
Inc
(d)
1,022
7
Standard
Motor
Products
Inc
10,544
440
Tenneco
Inc
(d)
570
10
Titan
International
Inc
(d)
4,053
35
$
14,725
Banks
-
13
.03
%
1st
Source
Corp
41,863
1,917
Alerus
Financial
Corp
1,385
39
Allegiance
Bancshares
Inc
1,815
66
Altabancorp
1,618
65
Amalgamated
Financial
Corp
62,297
957
American
National
Bankshares
Inc
979
31
Ameris
Bancorp
6,345
308
Arrow
Financial
Corp
1,278
46
Associated
Banc-Corp
129,347
2,561
Atlantic
Capital
Bancshares
Inc
(d)
1,875
45
Atlantic
Union
Bankshares
Corp
7,520
267
BancFirst
Corp
1,638
91
Bancorp
Inc/The
(d)
4,991
117
BancorpSouth
Bank
300,900
7,763
Bank
First
Corp
(e)
636
45
Bank
of
Marin
Bancorp
13,424
465
Bank
of
NT
Butterfield
&
Son
Ltd/The
4,786
159
BankUnited
Inc
252,958
10,012
Bankwell
Financial
Group
Inc
3,300
95
Banner
Corp
14,581
773
Bar
Harbor
Bankshares
31,524
903
BCB
Bancorp
Inc
8,000
120
Blue
Ridge
Bankshares
Inc
(e)
1,651
28
BOK
Financial
Corp
17,200
1,445
Bridgewater
Bancshares
Inc
(d)
34,964
567
Bryn
Mawr
Bank
Corp
21,884
857
Business
First
Bancshares
Inc
1,782
42
Byline
Bancorp
Inc
2,431
60
Cadence
BanCorp
86,295
1,639
Cambridge
Bancorp
649
56
Camden
National
Corp
15,060
674
Capital
Bancorp
Inc
27,236
619
Capital
City
Bank
Group
Inc
1,237
30
Capstar
Financial
Holdings
Inc
1,949
41
Carter
Bankshares
Inc
(d)
23,968
275
Cathay
General
Bancorp
81,038
3,069
CBTX
Inc
1,752
46
Central
Pacific
Financial
Corp
73,280
1,876
Central
Valley
Community
Bancorp
3,100
69
Century
Bancorp
Inc/MA
259
30
CIT
Group
Inc
57,274
2,763
Citizens
&
Northern
Corp
1,477
37
City
Holding
Co
1,476
112
Civista
Bancshares
Inc
29,465
675
CNB
Financial
Corp/PA
26,230
605
Coastal
Financial
Corp/WA
(d)
345
10
Columbia
Banking
System
Inc
6,865
240
Community
Bank
System
Inc
5,110
366
Community
Financial
Corp/The
4,300
157
Community
Trust
Bancorp
Inc
35,871
1,426
ConnectOne
Bancorp
Inc
76,295
2,007
Schedule
of
Investments
SmallCap
Value
Fund
II
July
31,
2021
(unaudited)
See
accompanying
notes.
239
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Banks
(continued)
CrossFirst
Bankshares
Inc
(d)
77,115
$
1,065
Customers
Bancorp
Inc
(d)
35,858
1,299
CVB
Financial
Corp
34,858
664
Dime
Community
Bancshares
Inc
58,158
1,921
Eagle
Bancorp
Inc
49,218
2,708
Eastern
Bankshares
Inc
56,315
1,028
Enterprise
Bancorp
Inc/MA
881
29
Enterprise
Financial
Services
Corp
17,015
758
Equity
Bancshares
Inc
(d)
51,488
1,517
Farmers
National
Banc
Corp
2,434
37
FB
Financial
Corp
52,011
1,967
Fidelity
D&D
Bancorp
Inc
380
19
Financial
Institutions
Inc
44,995
1,324
First
Bancorp
Inc/The
984
29
First
BanCorp/Puerto
Rico
279,075
3,386
First
Bancorp/Southern
Pines
NC
2,697
108
First
Bancshares
Inc/The
1,938
75
First
Bank/Hamilton
NJ
1,598
21
First
Busey
Corp
81,647
1,926
First
Business
Financial
Services
Inc
20,349
561
First
Commonwealth
Financial
Corp
8,993
118
First
Community
Bankshares
Inc
1,615
47
First
Financial
Bancorp
100,164
2,254
First
Financial
Bankshares
Inc
852
42
First
Financial
Corp/IN
45,257
1,813
First
Foundation
Inc
3,788
89
First
Hawaiian
Inc
75,407
2,076
First
Internet
Bancorp
36,783
1,114
First
Interstate
BancSystem
Inc
3,905
164
First
Merchants
Corp
13,833
563
First
Mid
Bancshares
Inc
31,583
1,285
First
Midwest
Bancorp
Inc/IL
43,969
789
First
of
Long
Island
Corp/The
62,231
1,341
Five
Star
Bancorp
379
9
Flagstar
Bancorp
Inc
4,973
228
FNB
Corp/PA
148,700
1,704
Fulton
Financial
Corp
146,970
2,251
German
American
Bancorp
Inc
2,355
89
Glacier
Bancorp
Inc
7,996
412
Great
Southern
Bancorp
Inc
34,220
1,780
Great
Western
Bancorp
Inc
64,044
1,972
Guaranty
Bancshares
Inc/TX
758
25
Hancock
Whitney
Corp
56,056
2,450
Hanmi
Financial
Corp
116,433
2,123
HarborOne
Bancorp
Inc
4,817
66
HBT
Financial
Inc
911
15
Heartland
Financial
USA
Inc
3,844
175
Heritage
Commerce
Corp
5,510
60
Heritage
Financial
Corp/WA
28,797
696
Hilltop
Holdings
Inc
42,838
1,357
Home
BancShares
Inc/AR
14,554
308
HomeStreet
Inc
45,235
1,706
Hope
Bancorp
Inc
185,359
2,456
Horizon
Bancorp
Inc/IN
73,641
1,231
Howard
Bancorp
Inc
(d)
1,306
26
Independent
Bank
Corp
3,144
222
Independent
Bank
Corp/MI
16,271
342
Independent
Bank
Group
Inc
3,591
250
International
Bancshares
Corp
41,518
1,622
Investar
Holding
Corp
27,800
610
Kearny
Financial
Corp/MD
4,904
59
Lakeland
Bancorp
Inc
112,410
1,840
Lakeland
Financial
Corp
2,159
144
Live
Oak
Bancshares
Inc
27,956
1,683
Luther
Burbank
Corp
74,883
970
Macatawa
Bank
Corp
2,458
20
Mercantile
Bank
Corp
38,772
1,212
Merchants
Bancorp/IN
936
34
Meta
Financial
Group
Inc
2,129
106
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Banks
(continued)
Metrocity
Bankshares
Inc
1,364
$
27
Metropolitan
Bank
Holding
Corp
(d)
32,132
2,282
Mid
Penn
Bancorp
Inc
934
24
Midland
States
Bancorp
Inc
82,918
2,041
MidWestOne
Financial
Group
Inc
43,450
1,266
MVB
Financial
Corp
902
37
National
Bank
Holdings
Corp
9,322
331
National
Bankshares
Inc
700
25
NBT
Bancorp
Inc
4,021
140
Nicolet
Bankshares
Inc
(d)
862
62
Northeast
Bank
2,300
73
Northrim
BanCorp
Inc
13,792
563
OFG
Bancorp
4,790
111
Old
National
Bancorp/IN
496,106
7,983
Old
Second
Bancorp
Inc
2,707
31
Origin
Bancorp
Inc
1,751
71
Orrstown
Financial
Services
Inc
25,700
593
PacWest
Bancorp
244,680
9,743
Park
National
Corp
1,372
156
PCB
Bancorp
19,000
360
PCSB
Financial
Corp
1,373
25
Peapack-Gladstone
Financial
Corp
58,955
1,899
Peoples
Bancorp
Inc/OH
42,622
1,257
Peoples
Financial
Services
Corp
666
29
Pioneer
Bancorp
Inc/NY
(d)
1,104
13
Popular
Inc
35,500
2,583
Preferred
Bank/Los
Angeles
CA
30,513
1,799
Premier
Financial
Bancorp
Inc
1,279
22
Premier
Financial
Corp
65,177
1,745
Primis
Financial
Corp
81,180
1,263
Provident
Bancorp
Inc
1,587
25
QCR
Holdings
Inc
1,466
72
RBB
Bancorp
41,538
994
Red
River
Bancshares
Inc
437
22
Reliant
Bancorp
Inc
1,451
40
Renasant
Corp
5,270
185
Republic
Bancorp
Inc/KY
20,790
1,013
Republic
First
Bancorp
Inc
(d)
4,264
16
S&T
Bancorp
Inc
78,748
2,319
Sandy
Spring
Bancorp
Inc
17,377
723
Seacoast
Banking
Corp
of
Florida
5,207
158
ServisFirst
Bancshares
Inc
795
57
Sierra
Bancorp
38,093
919
Simmons
First
National
Corp
42,001
1,143
SmartFinancial
Inc
1,296
32
South
Plains
Financial
Inc
1,021
24
South
State
Corp
6,764
466
Southern
First
Bancshares
Inc
(d)
479
24
Southside
Bancshares
Inc
2,980
107
Spirit
of
Texas
Bancshares
Inc
1,251
29
Stock
Yards
Bancorp
Inc
1,631
78
Summit
Financial
Group
Inc
1,036
24
Synovus
Financial
Corp
43,600
1,783
Texas
Capital
Bancshares
Inc
(d)
39,715
2,501
Tompkins
Financial
Corp
1,361
104
Towne
Bank/Portsmouth
VA
60,207
1,795
TriCo
Bancshares
14,186
560
TriState
Capital
Holdings
Inc
(d)
59,657
1,212
Triumph
Bancorp
Inc
(d)
149
11
TrustCo
Bank
Corp
NY
56,730
1,907
Trustmark
Corp
40,335
1,212
UMB
Financial
Corp
4,178
391
Umpqua
Holdings
Corp
54,300
1,025
United
Bankshares
Inc/WV
20,566
711
United
Community
Banks
Inc/GA
17,235
496
Univest
Financial
Corp
57,635
1,577
Valley
National
Bancorp
121,831
1,571
Veritex
Holdings
Inc
3,897
131
Walker
&
Dunlop
Inc
2,505
259
Schedule
of
Investments
SmallCap
Value
Fund
II
July
31,
2021
(unaudited)
See
accompanying
notes.
240
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Banks
(continued)
Washington
Trust
Bancorp
Inc
14,031
$
685
Webster
Financial
Corp
37,300
1,794
WesBanco
Inc
6,231
201
West
BanCorp
Inc
1,258
37
Westamerica
BanCorp
2,483
138
William
Penn
Bancorp
6,600
81
Wintrust
Financial
Corp
32,200
2,299
$
176,561
Beverages
-
0
.02
%
Duckhorn
Portfolio
Inc/The
(d)
632
14
MGP
Ingredients
Inc
219
13
NewAge
Inc
(d)
5,530
11
Primo
Water
Corp
15,007
248
$
286
Biotechnology
-
1
.01
%
4D
Molecular
Therapeutics
Inc
(d)
835
21
89bio
Inc
(d)
926
15
Achillion
Pharamceuticals
Inc
(d),(f)
8,433
4
Adicet
Bio
Inc
(d)
1,991
15
Adverum
Biotechnologies
Inc
(d)
8,235
19
Akero
Therapeutics
Inc
(d)
599
13
Akouos
Inc
(d)
2,286
25
Albireo
Pharma
Inc
(d)
353
10
Allogene
Therapeutics
Inc
(d)
3,869
85
Altimmune
Inc
(d)
3,096
28
AnaptysBio
Inc
(d)
23,181
532
ANI
Pharmaceuticals
Inc
(d)
929
32
Annexon
Inc
(d)
2,971
63
Applied
Therapeutics
Inc
(d)
474
8
Arbutus
Biopharma
Corp
(d)
6,664
18
Arcturus
Therapeutics
Holdings
Inc
(d)
2,011
63
Arcus
Biosciences
Inc
(d)
4,320
136
Arcutis
Biotherapeutics
Inc
(d)
2,371
55
Ardelyx
Inc
(d)
2,215
4
Arena
Pharmaceuticals
Inc
(d)
5,274
326
Atara
Biotherapeutics
Inc
(d)
24,642
314
Atea
Pharmaceuticals
Inc
(d),(e)
5,605
140
Athersys
Inc
(d)
3,247
5
Athira
Pharma
Inc
(d)
3,073
30
Atossa
Therapeutics
Inc
(d),(e)
10,378
31
Atreca
Inc
(d)
2,474
14
Avid
Bioservices
Inc
(d)
381
10
Avidity
Biosciences
Inc
(d)
2,387
46
Avrobio
Inc
(d)
3,458
25
BioCryst
Pharmaceuticals
Inc
(d)
15,233
246
Biohaven
Pharmaceutical
Holding
Co
Ltd
(d)
1,695
214
Black
Diamond
Therapeutics
Inc
(d)
2,169
21
Bluebird
Bio
Inc
(d)
6,442
164
Blueprint
Medicines
Corp
(d)
361
32
Bolt
Biotherapeutics
Inc
(d)
1,103
12
Bridgebio
Pharma
Inc
(d)
3,376
180
Brooklyn
ImmunoTherapeutics
Inc
(d),(e)
346
4
Cara
Therapeutics
Inc
(d)
4,235
51
Cardiff
Oncology
Inc
(d)
3,446
18
Celldex
Therapeutics
Inc
(d)
798
35
CEL-SCI
Corp
(d),(e)
361
3
Cerecor
Inc
(d)
498
1
ChemoCentryx
Inc
(d)
4,803
71
Chinook
Therapeutics
Inc
(d)
2,997
39
Clene
Inc
(d),(e)
868
7
Cogent
Biosciences
Inc
(d),(e)
2,530
15
Crinetics
Pharmaceuticals
Inc
(d)
557
10
Cullinan
Oncology
Inc
(d),(e)
1,177
27
Curis
Inc
(d)
42,882
326
Cymabay
Therapeutics
Inc
(d)
6,574
26
CytomX
Therapeutics
Inc
(d)
1,115
6
Deciphera
Pharmaceuticals
Inc
(d)
515
16
Design
Therapeutics
Inc
(d)
576
9
Dyne
Therapeutics
Inc
(d)
2,861
52
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Biotechnology
(continued)
Eiger
BioPharmaceuticals
Inc
(d)
3,050
$
24
Emergent
BioSolutions
Inc
(d)
95,084
6,266
Exagen
Inc
(d)
755
9
EyePoint
Pharmaceuticals
Inc
(d),(e)
2,011
17
FibroGen
Inc
(d)
759
10
Finch
Therapeutics
Group
Inc
(d),(e)
748
10
Forma
Therapeutics
Holdings
Inc
(d)
3,064
70
Frequency
Therapeutics
Inc
(d)
3,048
25
Gemini
Therapeutics
Inc
(d),(e)
2,000
8
Generation
Bio
Co
(d)
314
7
Geron
Corp
(d)
28,460
35
Gossamer
Bio
Inc
(d)
5,929
47
Harvard
Bioscience
Inc
(d)
583
5
Homology
Medicines
Inc
(d)
3,998
25
iBio
Inc
(d),(e)
20,328
25
Ikena
Oncology
Inc
(d)
855
8
Immunic
Inc
(d),(e)
1,475
13
ImmunityBio
Inc
(d)
5,663
62
ImmunoGen
Inc
(d)
8,536
48
Immunovant
Inc
(d)
1,270
13
Impel
Neuropharma
Inc
(d),(e)
223
3
Infinity
Pharmaceuticals
Inc
(d),(e)
1,020
2
Innoviva
Inc
(d)
5,340
76
Inovio
Pharmaceuticals
Inc
(d),(e)
19,728
166
Inozyme
Pharma
Inc
(d)
1,369
23
Instil
Bio
Inc
(d)
886
13
iTeos
Therapeutics
Inc
(d)
1,923
46
IVERIC
bio
Inc
(d)
6,903
60
Kaleido
Biosciences
Inc
(d),(e)
232
1
KemPharm
Inc
(d),(e)
1,397
14
Kezar
Life
Sciences
Inc
(d)
3,069
15
Kiniksa
Pharmaceuticals
Ltd
(d)
1,501
23
Kinnate
Biopharma
Inc
(d)
1,225
26
Kronos
Bio
Inc
(d),(e)
3,255
67
Krystal
Biotech
Inc
(d)
1,096
64
Lexicon
Pharmaceuticals
Inc
(d)
3,869
14
Ligand
Pharmaceuticals
Inc
(d)
1,266
144
Lineage
Cell
Therapeutics
Inc
(d),(e)
11,524
30
MacroGenics
Inc
(d)
447
11
Magenta
Therapeutics
Inc
(d)
254
2
MeiraGTx
Holdings
plc
(d)
2,659
37
Mersana
Therapeutics
Inc
(d)
1,947
21
Mustang
Bio
Inc
(d)
6,618
19
Myriad
Genetics
Inc
(d)
7,302
231
NGM
Biopharmaceuticals
Inc
(d)
2,717
55
Nkarta
Inc
(d)
1,343
43
Nurix
Therapeutics
Inc
(d)
322
10
Nuvation
Bio
Inc
(d)
645
6
Olema
Pharmaceuticals
Inc
(d)
616
14
Oncocyte
Corp
(d)
1,843
9
Oncorus
Inc
(d)
1,944
25
Oncternal
Therapeutics
Inc
(d)
4,219
16
Oyster
Point
Pharma
Inc
(d)
997
14
Pacific
Biosciences
of
California
Inc
(d)
10,075
324
Pliant
Therapeutics
Inc
(d)
231
5
Portage
Biotech
Inc
(d)
352
5
Poseida
Therapeutics
Inc
(d)
2,740
22
Praxis
Precision
Medicines
Inc
(d),(e)
2,131
33
Precigen
Inc
(d),(e)
1,541
8
Prothena
Corp
PLC
(d)
749
38
Provention
Bio
Inc
(d),(e)
5,289
32
Rain
Therapeutics
Inc
(d),(e)
281
5
Recursion
Pharmaceuticals
Inc
(d),(e)
660
20
REGENXBIO
Inc
(d)
1,797
58
Relay
Therapeutics
Inc
(d)
606
20
Replimune
Group
Inc
(d)
765
25
REVOLUTION
Medicines
Inc
(d)
4,865
139
Sana
Biotechnology
Inc
(d)
167
3
Sangamo
Therapeutics
Inc
(d)
1,162
11
Schedule
of
Investments
SmallCap
Value
Fund
II
July
31,
2021
(unaudited)
See
accompanying
notes.
241
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Biotechnology
(continued)
Scholar
Rock
Holding
Corp
(d)
408
$
13
Seer
Inc
(d)
887
28
Selecta
Biosciences
Inc
(d)
7,657
26
Sensei
Biotherapeutics
Inc
(d)
878
7
Shattuck
Labs
Inc
(d),(e)
490
11
Sigilon
Therapeutics
Inc
(d)
781
4
Silverback
Therapeutics
Inc
(d)
1,211
37
Solid
Biosciences
Inc
(d)
5,669
16
Sorrento
Therapeutics
Inc
(d),(e)
2,494
20
Spruce
Biosciences
Inc
(d)
943
9
SQZ
Biotechnologies
Co
(d)
2,168
26
Surface
Oncology
Inc
(d)
3,171
19
Sutro
Biopharma
Inc
(d)
3,853
66
Syndax
Pharmaceuticals
Inc
(d)
3,240
47
Talaris
Therapeutics
Inc
(d)
338
5
Tarsus
Pharmaceuticals
Inc
(d)
135
3
Taysha
Gene
Therapies
Inc
(d),(e)
441
8
TCR2
Therapeutics
Inc
(d)
2,906
36
Terns
Pharmaceuticals
Inc
(d)
330
2
Theravance
Biopharma
Inc
(d)
517
7
Translate
Bio
Inc
(d)
3,099
86
Travere
Therapeutics
Inc
(d)
5,186
71
Trillium
Therapeutics
Inc
(d)
7,912
52
Turning
Point
Therapeutics
Inc
(d)
3,900
249
UroGen
Pharma
Ltd
(d)
617
10
Vaxart
Inc
(d),(e)
1,163
8
VBI
Vaccines
Inc
(d)
2,493
7
Veracyte
Inc
(d)
6,435
287
Veru
Inc
(d)
1,709
12
Viking
Therapeutics
Inc
(d)
6,524
40
Viracta
Therapeutics
Inc
(d)
2,704
28
VistaGen
Therapeutics
Inc
(d)
3,382
9
Vor
BioPharma
Inc
(d),(e)
979
12
Werewolf
Therapeutics
Inc
(d)
287
5
XBiotech
Inc
(e)
1,430
23
XOMA
Corp
(d),(e)
530
17
$
13,753
Building
Materials
-
2
.29
%
American
Woodmark
Corp
(d)
1,620
120
Apogee
Enterprises
Inc
35,412
1,405
Armstrong
Flooring
Inc
(d)
176,151
761
Boise
Cascade
Co
36,449
1,865
Builders
FirstSource
Inc
(d)
65,785
2,927
Caesarstone
Ltd
2,085
28
Cornerstone
Building
Brands
Inc
(d)
47,190
794
Gibraltar
Industries
Inc
(d)
83,612
6,244
Griffon
Corp
24,331
562
JELD-WEN
Holding
Inc
(d)
96,322
2,551
Masonite
International
Corp
(d)
21,758
2,462
PGT
Innovations
Inc
(d)
2,933
66
Select
Interior
Concepts
Inc
(d)
21,200
232
SPX
Corp
(d)
136,553
9,103
Summit
Materials
Inc
(d)
11,195
376
UFP
Industries
Inc
18,190
1,351
US
Concrete
Inc
(d)
1,406
102
View
Inc
(d),(e)
8,083
49
$
30,998
Chemicals
-
3
.93
%
AdvanSix
Inc
(d)
25,573
855
American
Vanguard
Corp
113,075
1,867
Amyris
Inc
(d)
14,183
207
Cabot
Corp
36,400
2,004
Chemours
Co/The
364,130
12,107
Element
Solutions
Inc
811,075
18,971
Ferro
Corp
(d)
1,321
27
FMC
Corp
88,070
9,419
GCP
Applied
Technologies
Inc
(d)
17,391
404
Hawkins
Inc
19,813
719
HB
Fuller
Co
28,979
1,873
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Chemicals
(continued)
Innospec
Inc
4,146
$
367
Intrepid
Potash
Inc
(d)
952
29
Koppers
Holdings
Inc
(d)
1,978
61
Kraton
Corp
(d)
2,995
114
Kronos
Worldwide
Inc
1,814
25
Minerals
Technologies
Inc
3,189
256
Oil-Dri
Corp
of
America
487
17
PQ
Group
Holdings
Inc
120,897
1,881
Rayonier
Advanced
Materials
Inc
(d)
5,860
41
Rogers
Corp
(d)
215
41
Sensient
Technologies
Corp
1,948
170
Stepan
Co
1,864
220
Tronox
Holdings
PLC
10,936
202
Valhi
Inc
278
7
W
R
Grace
&
Co
3,700
258
Westlake
Chemical
Partners
LP
41,300
1,104
Zymergen
Inc
(d),(e)
1,434
50
$
53,296
Coal
-
0
.13
%
Arch
Resources
Inc
(d)
1,158
76
CONSOL
Energy
Inc
(d)
3,265
69
Peabody
Energy
Corp
(d)
6,604
77
SunCoke
Energy
Inc
7,858
61
Warrior
Met
Coal
Inc
82,717
1,544
$
1,827
Commercial
Services
-
5
.51
%
2U
Inc
(d)
1,058
46
Aaron's
Co
Inc/The
103,488
2,987
ABM
Industries
Inc
49,002
2,278
Acacia
Research
Corp
(d)
4,732
27
Adtalem
Global
Education
Inc
(d)
4,698
171
Alta
Equipment
Group
Inc
(d)
1,472
19
American
Public
Education
Inc
(d)
16,078
476
API
Group
Corp
(d),(g)
17,213
395
ASGN
Inc
(d)
117,889
11,922
Avis
Budget
Group
Inc
(d)
4,880
404
Barrett
Business
Services
Inc
712
52
BGSF
Inc
54,200
684
BrightView
Holdings
Inc
(d)
3,821
61
CAI
International
Inc
8,293
463
Carriage
Services
Inc
1,287
48
Cass
Information
Systems
Inc
50,435
2,224
CBIZ
Inc
(d)
44,171
1,428
Cimpress
PLC
(d)
3,956
404
CoreCivic
Inc
(d)
11,373
117
Coursera
Inc
(d)
1,147
41
CRA
International
Inc
121
10
Cross
Country
Healthcare
Inc
(d)
3,010
49
Custom
Truck
One
Source
Inc
(d),(e)
1,020
8
Deluxe
Corp
4,016
176
Emerald
Holding
Inc
(d)
492,360
1,945
Ennis
Inc
92,456
1,828
FTI
Consulting
Inc
(d)
71,770
10,457
GP
Strategies
Corp
(d)
53,882
1,096
Graham
Holdings
Co
368
245
Green
Dot
Corp
(d)
4,582
211
H&R
Block
Inc
96,300
2,364
Hackett
Group
Inc/The
222
4
Heidrick
&
Struggles
International
Inc
59,649
2,548
HireQuest
Inc
(e)
77
1
Huron
Consulting
Group
Inc
(d)
1,932
95
ICF
International
Inc
1,764
162
John
Wiley
&
Sons
Inc
4,115
242
Kelly
Services
Inc
(d)
90,293
1,980
Korn
Ferry
40,259
2,767
Laureate
Education
Inc
(d)
10,087
149
LiveRamp
Holdings
Inc
(d)
6,209
248
Macquarie
Infrastructure
Corp
5,009
198
Marathon
Digital
Holdings
Inc
(d),(e)
8,561
237
Schedule
of
Investments
SmallCap
Value
Fund
II
July
31,
2021
(unaudited)
See
accompanying
notes.
242
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Commercial
Services
(continued)
MoneyGram
International
Inc
(d)
7,437
$
77
Monro
Inc
1,214
70
Multiplan
Corp
(d),(e)
32,182
259
Perdoceo
Education
Corp
(d)
6,712
80
PROG
Holdings
Inc
21,259
930
Rent-A-Center
Inc/TX
35,014
2,004
Repay
Holdings
Corp
(d)
4,110
102
Resources
Connection
Inc
142,432
2,207
Ritchie
Bros
Auctioneers
Inc
139,715
8,345
RR
Donnelley
&
Sons
Co
(d)
6,758
41
Sabre
Corp
(d)
176,200
2,077
StoneMor
Inc
(d)
3,442
9
Strategic
Education
Inc
2,326
184
Stride
Inc
(d)
3,639
112
Team
Inc
(d)
2,511
15
Textainer
Group
Holdings
Ltd
(d)
3,955
128
Triton
International
Ltd
33,905
1,790
TrueBlue
Inc
(d)
91,209
2,480
Vectrus
Inc
(d)
49,212
2,229
Vivint
Smart
Home
Inc
(d)
6,415
79
Willdan
Group
Inc
(d)
259
11
WW
International
Inc
(d)
3,485
107
$
74,603
Computers
-
4
.33
%
3D
Systems
Corp
(d)
10,996
303
CACI
International
Inc
(d)
40,575
10,832
Conduent
Inc
(d)
15,985
107
Desktop
Metal
Inc
(d)
1,663
15
Diebold
Nixdorf
Inc
(d)
91,000
947
DXC
Technology
Co
(d)
56,480
2,258
ExlService
Holdings
Inc
(d)
110,235
12,481
ExOne
Co/The
(d),(e)
1,522
25
Insight
Enterprises
Inc
(d)
231,399
23,228
KBR
Inc
68,684
2,658
NetScout
Systems
Inc
(d)
6,639
191
Parsons
Corp
(d)
2,508
97
Ping
Identity
Holding
Corp
(d)
4,148
92
Quantum
Corp
(d)
5,326
33
Rekor
Systems
Inc
(d)
1,186
9
SecureWorks
Corp
(d)
911
18
StarTek
Inc
(d)
1,830
13
Super
Micro
Computer
Inc
(d)
71,215
2,709
Sykes
Enterprises
Inc
(d)
48,362
2,595
Unisys
Corp
(d)
1,331
30
$
58,641
Consumer
Products
-
0
.38
%
ACCO
Brands
Corp
307,873
2,753
Central
Garden
&
Pet
Co
(d)
45,477
2,196
Central
Garden
&
Pet
Co
-
A
Shares
(d)
2,377
103
Quanex
Building
Products
Corp
3,192
79
$
5,131
Cosmetics
&
Personal
Care
-
0
.61
%
Beauty
Health
Co/The
(d),(e)
455
8
Coty
Inc
(d)
927,310
8,095
Edgewell
Personal
Care
Co
5,181
213
Honest
Co
Inc/The
(d),(e)
737
11
Revlon
Inc
(d)
730
8
$
8,335
Distribution
&
Wholesale
-
1
.72
%
A-Mark
Precious
Metals
Inc
831
42
Avient
Corp
7,785
378
Core-Mark
Holding
Co
Inc
2,900
125
G-III
Apparel
Group
Ltd
(d)
46,009
1,374
Global
Industrial
Co
273
11
H&E
Equipment
Services
Inc
19,700
670
KAR
Auction
Services
Inc
(d)
11,874
196
Resideo
Technologies
Inc
(d)
120,812
3,564
ScanSource
Inc
(d)
89,352
2,465
Titan
Machinery
Inc
(d)
1,846
53
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Distribution
&
Wholesale
(continued)
Univar
Solutions
Inc
(d)
444,285
$
10,903
Veritiv
Corp
(d)
1,468
90
VSE
Corp
1,007
50
WESCO
International
Inc
(d)
31,282
3,330
$
23,251
Diversified
Financial
Services
-
3
.47
%
Amerant
Bancorp
Inc
(d)
1,999
44
America
First
Multifamily
Investors
LP
67,600
464
Arlington
Asset
Investment
Corp
(d)
133,800
516
Artisan
Partners
Asset
Management
Inc
17,639
848
AssetMark
Financial
Holdings
Inc
(d)
1,707
45
Associated
Capital
Group
Inc
221
8
B
Riley
Financial
Inc
1,901
128
BGC
Partners
Inc
31,651
169
Blucora
Inc
(d)
2,924
49
Brightsphere
Investment
Group
Inc
73,298
1,832
Columbia
Financial
Inc
(d)
2,433
44
Cowen
Inc
59,876
2,394
Diamond
Hill
Investment
Group
Inc
7,983
1,375
Encore
Capital
Group
Inc
(d)
2,942
139
Enova
International
Inc
(d)
14,779
489
Evercore
Inc
-
Class
A
9,800
1,296
EZCORP
Inc
(d)
4,569
26
Federal
Agricultural
Mortgage
Corp
19,771
1,928
Federated
Hermes
Inc
71,533
2,321
Finance
Of
America
Cos
Inc
(d)
3,182
21
GAMCO
Investors
Inc
79
2
GCM
Grosvenor
Inc
403
4
Greenhill
&
Co
Inc
127,099
2,036
Hannon
Armstrong
Sustainable
Infrastructure
Capital
Inc
6,892
391
Home
Point
Capital
Inc
(d),(e)
651
3
Houlihan
Lokey
Inc
628
56
LendingClub
Corp
(d)
9,204
225
LPL
Financial
Holdings
Inc
88,245
12,446
Marlin
Business
Services
Corp
819
19
Moelis
&
Co
174,686
10,350
Mr
Cooper
Group
Inc
(d)
6,768
252
Navient
Corp
106,969
2,186
Nelnet
Inc
1,603
121
Ocwen
Financial
Corp
(d)
775
20
Oportun
Financial
Corp
(d)
1,985
42
Oppenheimer
Holdings
Inc
860
39
PennyMac
Financial
Services
Inc
3,370
212
Piper
Sandler
Cos
1,688
207
PJT
Partners
Inc
361
28
PRA
Group
Inc
(d)
11,056
429
Regional
Management
Corp
8,710
451
Sculptor
Capital
Management
Inc
2,053
48
SLM
Corp
30,800
580
StepStone
Group
Inc
26,136
1,189
Stifel
Financial
Corp
6,140
409
StoneX
Group
Inc
(d)
1,463
94
Velocity
Financial
Inc
(d)
814
10
Virtus
Investment
Partners
Inc
3,600
994
WisdomTree
Investments
Inc
3,295
20
World
Acceptance
Corp
(d)
423
80
$
47,079
Electric
-
1
.40
%
ALLETE
Inc
41,031
2,885
Avista
Corp
65,589
2,809
Black
Hills
Corp
6,016
407
Clearway
Energy
Inc
-
Class
A
2,488
67
Clearway
Energy
Inc
-
Class
C
5,863
168
Hawaiian
Electric
Industries
Inc
56,900
2,466
MGE
Energy
Inc
3,476
272
NorthWestern
Corp
4,846
300
Ormat
Technologies
Inc
4,325
302
Otter
Tail
Corp
53,625
2,723
Schedule
of
Investments
SmallCap
Value
Fund
II
July
31,
2021
(unaudited)
See
accompanying
notes.
243
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Electric
(continued)
PNM
Resources
Inc
62,209
$
3,007
Portland
General
Electric
Co
70,138
3,430
Spark
Energy
Inc
159
2
Unitil
Corp
1,410
75
$
18,913
Electrical
Components
&
Equipment
-
0
.96
%
Acuity
Brands
Inc
8,000
1,403
American
Superconductor
Corp
(d)
2,523
35
Belden
Inc
53,320
2,613
Encore
Wire
Corp
30,659
2,405
Energizer
Holdings
Inc
42,900
1,838
EnerSys
30,646
3,024
Graham
Corp
42,034
575
Insteel
Industries
Inc
1,624
63
Powell
Industries
Inc
37,418
1,089
$
13,045
Electronics
-
2
.37
%
Allied
Motion
Technologies
Inc
88
3
Atkore
Inc
(d)
9,600
721
Avnet
Inc
62,500
2,582
Benchmark
Electronics
Inc
3,442
91
Brady
Corp
4,500
246
Comtech
Telecommunications
Corp
95,129
2,376
FARO
Technologies
Inc
(d)
866
63
Fluidigm
Corp
(d)
6,472
48
Identiv
Inc
(d)
169
3
II-VI
Inc
(d)
114,028
7,960
Itron
Inc
(d)
771
76
Jabil
Inc
136,140
8,106
Kimball
Electronics
Inc
(d)
61,374
1,251
Knowles
Corp
(d)
8,491
170
Mesa
Laboratories
Inc
466
137
NVE
Corp
16,439
1,234
OSI
Systems
Inc
(d)
1,449
145
Plexus
Corp
(d)
7,610
687
Sanmina
Corp
(d)
83,088
3,192
Stoneridge
Inc
(d)
2,106
61
TTM
Technologies
Inc
(d)
10,221
143
Turtle
Beach
Corp
(d)
318
10
Vishay
Intertechnology
Inc
124,143
2,748
Vishay
Precision
Group
Inc
(d)
1,149
42
$
32,095
Energy
-
Alternate
Sources
-
0
.27
%
Advent
Technologies
Holdings
Inc
(d),(e)
474
4
Aemetis
Inc
(d),(e)
2,210
19
Alto
Ingredients
Inc
(d)
6,821
36
Array
Technologies
Inc
(d)
9,333
126
Beam
Global
(d)
144
4
Cleanspark
Inc
(d),(e)
3,120
42
FuelCell
Energy
Inc
(d),(e)
7,104
45
FutureFuel
Corp
66,829
568
Gevo
Inc
(d),(e)
18,624
113
Green
Plains
Inc
(d)
19,188
679
Renewable
Energy
Group
Inc
(d)
4,272
262
REX
American
Resources
Corp
(d)
18,232
1,495
Sunnova
Energy
International
Inc
(d)
7,003
267
SunPower
Corp
(d)
1,562
39
$
3,699
Engineering
&
Construction
-
1
.39
%
Arcosa
Inc
4,622
253
Atlas
Technical
Consultants
Inc
(d)
1,057
10
Comfort
Systems
USA
Inc
18,100
1,353
Concrete
Pumping
Holdings
Inc
(d)
2,458
21
Dycom
Industries
Inc
(d)
527
37
EMCOR
Group
Inc
18,084
2,203
Fluor
Corp
(d)
145,152
2,418
Granite
Construction
Inc
4,363
168
Great
Lakes
Dredge
&
Dock
Corp
(d)
169,877
2,616
Infrastructure
and
Energy
Alternatives
Inc
(d)
1,178
14
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Engineering
&
Construction
(continued)
MasTec
Inc
(d)
6,613
$
669
Mistras
Group
Inc
(d)
1,901
20
MYR
Group
Inc
(d)
18,165
1,737
NV5
Global
Inc
(d)
927
88
Primoris
Services
Corp
82,989
2,482
Star
Group
LP
82,704
975
Sterling
Construction
Co
Inc
(d)
64,482
1,416
Tutor
Perini
Corp
(d)
131,363
1,848
WillScot
Mobile
Mini
Holdings
Corp
(d)
16,896
485
$
18,813
Entertainment
-
2
.15
%
AMC
Entertainment
Holdings
Inc
(d),(e)
38,869
1,439
Chicken
Soup
For
The
Soul
Entertainment
Inc
(d),(e)
803
29
Cinemark
Holdings
Inc
(d)
23,475
365
Eros
STX
Global
Corp
(d)
29,976
33
Everi
Holdings
Inc
(d)
304,825
6,917
GAN
Ltd
(d)
3,419
52
Hall
of
Fame
Resort
&
Entertainment
Co
(d)
5,234
16
IMAX
Corp
(d)
4,291
69
International
Game
Technology
PLC
(d)
546,668
10,250
Lions
Gate
Entertainment
Corp
-
A
shares
(d)
5,553
83
Lions
Gate
Entertainment
Corp
-
B
shares
(d)
10,994
147
Madison
Square
Garden
Entertainment
Corp
(d)
6,800
475
Monarch
Casino
&
Resort
Inc
(d)
234
15
Scientific
Games
Corp
(d)
148,468
9,162
SeaWorld
Entertainment
Inc
(d)
2,200
104
$
29,156
Environmental
Control
-
0
.06
%
Casella
Waste
Systems
Inc
(d)
370
25
CECO
Environmental
Corp
(d)
2,913
20
Centrus
Energy
Corp
(d)
898
21
Harsco
Corp
(d)
4,316
87
Heritage-Crystal
Clean
Inc
(d)
912
26
Pure
Cycle
Corp
(d)
246
4
US
Ecology
Inc
(d)
18,673
654
$
837
Food
-
2
.07
%
AquaBounty
Technologies
Inc
(d)
3,331
17
B&G
Foods
Inc
(e)
67,511
1,939
BellRing
Brands
Inc
(d)
19,181
634
Cal-Maine
Foods
Inc
3,402
119
Chefs'
Warehouse
Inc/The
(d)
2,814
81
HF
Foods
Group
Inc
(d)
3,350
17
Hostess
Brands
Inc
(d)
54,932
884
Ingles
Markets
Inc
36,991
2,210
John
B
Sanfilippo
&
Son
Inc
285
26
Laird
Superfood
Inc
(d)
140
4
Lancaster
Colony
Corp
220
44
Landec
Corp
(d)
2,431
27
Nathan's
Famous
Inc
87
6
Natural
Grocers
by
Vitamin
Cottage
Inc
108,728
1,215
Nomad
Foods
Ltd
(d)
281,640
7,357
Performance
Food
Group
Co
(d)
199,495
9,141
Sanderson
Farms
Inc
276
52
Seneca
Foods
Corp
-
Class
A
(d)
586
32
Simply
Good
Foods
Co/The
(d)
7,628
286
SpartanNash
Co
22,558
439
Sprouts
Farmers
Market
Inc
(d)
25,039
615
Tootsie
Roll
Industries
Inc
1,481
51
TreeHouse
Foods
Inc
(d)
4,961
220
United
Natural
Foods
Inc
(d)
4,988
165
Village
Super
Market
Inc
48,456
1,092
Weis
Markets
Inc
24,974
1,315
Whole
Earth
Brands
Inc
(d)
3,562
46
$
28,034
Food
Service
-
0
.01
%
Healthcare
Services
Group
Inc
3,395
89
Schedule
of
Investments
SmallCap
Value
Fund
II
July
31,
2021
(unaudited)
See
accompanying
notes.
244
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Forest
Products
&
Paper
-
0
.25
%
Clearwater
Paper
Corp
(d)
1,570
$
46
Domtar
Corp
(d)
18,369
1,009
Glatfelter
Corp
49,241
750
Mercer
International
Inc
118,600
1,379
Neenah
Inc
1,607
81
Schweitzer-Mauduit
International
Inc
2,985
117
Verso
Corp
2,915
56
$
3,438
Gas
-
1
.74
%
Brookfield
Infrastructure
Corp
(e)
3,492
226
Chesapeake
Utilities
Corp
1,643
205
New
Jersey
Resources
Corp
9,219
355
Northwest
Natural
Holding
Co
2,911
152
ONE
Gas
Inc
5,032
371
South
Jersey
Industries
Inc
97,576
2,456
Southwest
Gas
Holdings
Inc
143,464
10,033
Spire
Inc
137,679
9,768
$
23,566
Hand
&
Machine
Tools
-
0
.02
%
Kennametal
Inc
7,976
289
Luxfer
Holdings
PLC
1,543
32
$
321
Healthcare
-
Products
-
1
.78
%
Alphatec
Holdings
Inc
(d)
636
9
AngioDynamics
Inc
(d)
3,527
94
Apria
Inc
(d)
17,798
561
Asensus
Surgical
Inc
(d),(e)
15,345
36
Avanos
Medical
Inc
(d)
4,589
174
Avantor
Inc
(d)
272,575
10,243
Bioventus
Inc
(d)
135
2
Castle
Biosciences
Inc
(d)
163
11
CryoLife
Inc
(d)
429
12
Haemonetics
Corp
(d)
1,524
93
Hanger
Inc
(d)
112,791
2,768
Hologic
Inc
(d)
95,410
7,160
Integer
Holdings
Corp
(d)
3,134
307
Invacare
Corp
(d)
3,182
23
Lantheus
Holdings
Inc
(d)
5,494
144
LivaNova
PLC
(d)
914
79
Meridian
Bioscience
Inc
(d)
32,717
671
Merit
Medical
Systems
Inc
(d)
536
38
MiMedx
Group
Inc
(d),(e)
3,515
43
Misonix
Inc
(d)
538
14
NanoString
Technologies
Inc
(d)
345
21
Natus
Medical
Inc
(d)
3,214
86
Neogen
Corp
(d)
624
27
OraSure
Technologies
Inc
(d)
6,824
80
Orthofix
Medical
Inc
(d)
1,803
72
Patterson
Cos
Inc
38,184
1,189
SeaSpine
Holdings
Corp
(d)
1,493
29
Sientra
Inc
(d)
836
7
Talis
Biomedical
Corp
(d),(e)
1,374
14
Utah
Medical
Products
Inc
287
26
Varex
Imaging
Corp
(d)
3,169
86
$
24,119
Healthcare
-
Services
-
2
.20
%
Addus
HomeCare
Corp
(d)
841
73
American
Well
Corp
(d)
76,086
886
Brookdale
Senior
Living
Inc
(d)
17,659
133
Community
Health
Systems
Inc
(d)
1,538
20
Fulgent
Genetics
Inc
(d),(e)
1,697
157
Invitae
Corp
(d)
14,206
398
Magellan
Health
Inc
(d)
2,263
213
MEDNAX
Inc
(d)
51,005
1,485
ModivCare
Inc
(d)
791
134
Molina
Healthcare
Inc
(d)
41,080
11,215
National
HealthCare
Corp
1,197
93
Neuronetics
Inc
(d)
299
4
OPKO
Health
Inc
(d)
37,089
128
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Healthcare
-
Services
(continued)
Personalis
Inc
(d)
3,132
$
66
SOC
Telemed
Inc
(d)
992
5
Syneos
Health
Inc
(d)
153,695
13,782
Tenet
Healthcare
Corp
(d)
8,929
641
Tivity
Health
Inc
(d)
1,723
43
Triple-S
Management
Corp
(d)
15,178
370
Viemed
Healthcare
Inc
(d)
2,834
20
$
29,866
Home
Builders
-
1
.76
%
Beazer
Homes
USA
Inc
(d)
2,790
51
Cavco
Industries
Inc
(d)
258
61
Century
Communities
Inc
41,643
2,891
Forestar
Group
Inc
(d)
1,205
25
Green
Brick
Partners
Inc
(d)
28,199
707
Hovnanian
Enterprises
Inc
(d)
487
51
Installed
Building
Products
Inc
35,965
4,316
KB
Home
21,909
929
Landsea
Homes
Corp
(d)
692
6
LGI
Homes
Inc
(d)
11,200
1,914
M/I
Homes
Inc
(d)
47,037
3,043
MDC
Holdings
Inc
3,971
212
Meritage
Homes
Corp
(d)
36,119
3,922
Taylor
Morrison
Home
Corp
(d)
102,632
2,753
Tri
Pointe
Homes
Inc
(d)
125,880
3,037
$
23,918
Home
Furnishings
-
0
.46
%
Daktronics
Inc
(d)
3,672
22
Ethan
Allen
Interiors
Inc
91,926
2,185
Flexsteel
Industries
Inc
629
22
Hamilton
Beach
Brands
Holding
Co
507
9
Herman
Miller
Inc
47,617
2,055
Hooker
Furniture
Corp
51,980
1,726
iRobot
Corp
(d),(e)
243
21
Sleep
Number
Corp
(d)
1,173
116
Universal
Electronics
Inc
(d)
1,269
59
VOXX
International
Corp
(d)
1,482
17
$
6,232
Housewares
-
0
.06
%
Lifetime
Brands
Inc
1,233
18
Tupperware
Brands
Corp
(d)
39,630
828
$
846
Insurance
-
5
.37
%
Ambac
Financial
Group
Inc
(d)
134,513
1,953
American
Equity
Investment
Life
Holding
Co
71,902
2,307
American
National
Group
Inc
6,110
1,008
AMERISAFE
Inc
9,013
516
Argo
Group
International
Holdings
Ltd
17,791
928
Assured
Guaranty
Ltd
33,300
1,592
Axis
Capital
Holdings
Ltd
48,300
2,457
Brighthouse
Financial
Inc
(d)
32,200
1,387
Brown
&
Brown
Inc
162,490
8,839
Citizens
Inc/TX
(d),(e)
4,687
25
CNO
Financial
Group
Inc
113,050
2,582
Crawford
&
Co
1,604
17
Donegal
Group
Inc
1,385
21
eHealth
Inc
(d)
1,638
85
Employers
Holdings
Inc
55,546
2,306
Enstar
Group
Ltd
(d)
10,581
2,720
Essent
Group
Ltd
74,407
3,361
First
American
Financial
Corp
118,865
8,001
Genworth
Financial
Inc
(d)
48,385
162
Global
Indemnity
Group
LLC
25,729
662
Goosehead
Insurance
Inc
1,423
171
Greenlight
Capital
Re
Ltd
(d)
2,716
24
Hanover
Insurance
Group
Inc/The
18,700
2,541
HCI
Group
Inc
538
54
Heritage
Insurance
Holdings
Inc
2,164
16
Horace
Mann
Educators
Corp
69,261
2,757
Independence
Holding
Co
407
18
Schedule
of
Investments
SmallCap
Value
Fund
II
July
31,
2021
(unaudited)
See
accompanying
notes.
245
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Insurance
(continued)
Investors
Title
Co
112
$
19
James
River
Group
Holdings
Ltd
16,393
596
Maiden
Holdings
Ltd
(d)
6,626
22
MBIA
Inc
(d)
4,629
60
MetroMile
Inc
(d)
3,500
25
National
Western
Life
Group
Inc
8,720
1,813
NI
Holdings
Inc
(d)
845
17
NMI
Holdings
Inc
(d)
90,913
2,001
ProAssurance
Corp
43,164
875
ProSight
Global
Inc
(d)
896
11
Radian
Group
Inc
125,147
2,826
RLI
Corp
286
31
Safety
Insurance
Group
Inc
4,280
328
Selective
Insurance
Group
Inc
114,581
9,321
SiriusPoint
Ltd
(d)
258,642
2,535
State
Auto
Financial
Corp
1,658
83
Stewart
Information
Services
Corp
29,625
1,748
Tiptree
Inc
2,163
21
Trean
Insurance
Group
Inc
(d)
278,840
3,762
United
Fire
Group
Inc
1,962
49
United
Insurance
Holdings
Corp
2,257
10
Universal
Insurance
Holdings
Inc
2,583
37
$
72,700
Internet
-
0
.15
%
Cars.com
Inc
(d)
5,667
69
ChannelAdvisor
Corp
(d)
818
19
comScore
Inc
(d)
6,557
26
Digital
Media
Solutions
Inc
(d),(e)
168
1
ePlus
Inc
(d)
15,667
1,449
Groupon
Inc
(d)
313
11
HealthStream
Inc
(d)
2,424
71
Lands'
End
Inc
(d)
1,366
52
Limelight
Networks
Inc
(d)
11,871
33
MediaAlpha
Inc
(d)
194
7
Revolve
Group
Inc
(d)
1,269
88
Stamps.com
Inc
(d)
547
179
TrueCar
Inc
(d)
9,388
49
VirnetX
Holding
Corp
(d)
6,050
25
Yelp
Inc
(d)
502
19
$
2,098
Investment
Companies
-
0
.00
%
Altus
Midstream
Co
284
18
Iron
&
Steel
-
0
.17
%
Allegheny
Technologies
Inc
(d)
4,750
98
Carpenter
Technology
Corp
4,544
173
Commercial
Metals
Co
51,260
1,681
Schnitzer
Steel
Industries
Inc
6,467
339
$
2,291
Leisure
Products
&
Services
-
0
.39
%
Acushnet
Holdings
Corp
2,291
118
Callaway
Golf
Co
(d)
11,043
350
Drive
Shack
Inc
(d)
4,028
10
Escalade
Inc
718
16
Johnson
Outdoors
Inc
16,288
1,928
Liberty
TripAdvisor
Holdings
Inc
(d)
1,918
8
Nautilus
Inc
(d)
21,494
311
OneSpaWorld
Holdings
Ltd
(d)
2,544
25
OneWater
Marine
Inc
47,700
2,241
Vista
Outdoor
Inc
(d)
5,575
225
$
5,232
Lodging
-
0
.25
%
Bluegreen
Vacations
Holding
Corp
(d)
1,441
25
Hilton
Grand
Vacations
Inc
(d)
44,407
1,806
Marcus
Corp/The
(d)
2,175
35
Target
Hospitality
Corp
(d)
913
3
Travel
+
Leisure
Co
28,900
1,497
$
3,366
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Machinery
-
Construction
&
Mining
-
0
.17
%
Argan
Inc
1,421
$
64
Astec
Industries
Inc
2,162
132
Babcock
&
Wilcox
Enterprises
Inc
(d)
3,724
27
Hyster-Yale
Materials
Handling
Inc
27,868
1,996
Manitowoc
Co
Inc/The
(d)
3,272
76
$
2,295
Machinery
-
Diversified
-
1
.90
%
AgEagle
Aerial
Systems
Inc
(d),(e)
2,438
10
Alamo
Group
Inc
53,651
7,874
Albany
International
Corp
2,348
203
Altra
Industrial
Motion
Corp
6,182
388
Cactus
Inc
27,600
995
Chart
Industries
Inc
(d)
1,390
216
Columbus
McKinnon
Corp/NY
2,653
123
Crane
Co
16,800
1,633
DXP
Enterprises
Inc/TX
(d)
63,198
2,063
Eastman
Kodak
Co
(d),(e)
290
2
Flowserve
Corp
33,300
1,402
Gorman-Rupp
Co/The
1,767
63
GrafTech
International
Ltd
218,267
2,482
Ichor
Holdings
Ltd
(d)
70,830
3,653
Lindsay
Corp
99
16
Mueller
Water
Products
Inc
-
Class
A
104,522
1,549
NN
Inc
(d)
3,963
27
Ranpak
Holdings
Corp
(d)
2,721
70
SPX
FLOW
Inc
3,692
303
Thermon
Group
Holdings
Inc
(d)
149,471
2,490
Watts
Water
Technologies
Inc
1,157
174
$
25,736
Media
-
1
.64
%
AMC
Networks
Inc
(d)
13,879
695
CuriosityStream
Inc
(d),(e)
2,041
22
Entercom
Communications
Corp
(d)
11,252
40
Entravision
Communications
Corp
126,595
778
EW
Scripps
Co/The
5,465
104
Gannett
Co
Inc
(d)
98,727
569
Gray
Television
Inc
8,153
181
Hemisphere
Media
Group
Inc
(d)
1,515
19
Houghton
Mifflin
Harcourt
Co
(d)
895
10
iHeartMedia
Inc
(d)
29,893
773
Liberty
Latin
America
Ltd
-
Class
A
(d)
4,089
56
Liberty
Latin
America
Ltd
-
Class
C
(d)
50,238
695
Media
General
Inc
-
Rights
(d),(f)
15,053
1
Meredith
Corp
(d)
1,403
61
Scholastic
Corp
2,730
92
Sinclair
Broadcast
Group
Inc
312,504
8,841
TEGNA
Inc
520,129
9,217
Thryv
Holdings
Inc
(d)
141
5
Value
Line
Inc
12
—
WideOpenWest
Inc
(d)
1,872
42
$
22,201
Metal
Fabrication
&
Hardware
-
0
.86
%
AZZ
Inc
47,257
2,504
L
B
Foster
Co
(d)
1,300
24
Mayville
Engineering
Co
Inc
(d)
850
15
Mueller
Industries
Inc
45,969
1,995
Northwest
Pipe
Co
(d)
879
25
Olympic
Steel
Inc
852
26
Park-Ohio
Holdings
Corp
831
24
Proto
Labs
Inc
(d)
2,227
174
RBC
Bearings
Inc
(d)
2,024
476
Rexnord
Corp
14,299
805
Ryerson
Holding
Corp
15,696
247
Standex
International
Corp
1,148
106
TimkenSteel
Corp
(d)
4,236
56
Tredegar
Corp
81,966
1,071
TriMas
Corp
(d)
25,422
832
Valmont
Industries
Inc
7,755
1,837
Schedule
of
Investments
SmallCap
Value
Fund
II
July
31,
2021
(unaudited)
See
accompanying
notes.
246
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Metal
Fabrication
&
Hardware
(continued)
Worthington
Industries
Inc
22,604
$
1,446
$
11,663
Mining
-
0
.44
%
Alcoa
Corp
(d)
19,907
799
Arconic
Corp
(d)
10,533
379
Century
Aluminum
Co
(d)
4,629
67
Coeur
Mining
Inc
(d)
7,352
56
Compass
Minerals
International
Inc
27,000
1,851
Constellium
SE
(d)
11,712
221
Energy
Fuels
Inc/Canada
(d),(e)
1,881
10
Gatos
Silver
Inc
(d),(e)
602
8
Hecla
Mining
Co
35,769
239
Kaiser
Aluminum
Corp
19,468
2,369
PolyMet
Mining
Corp
(d)
2,205
7
United
States
Lime
&
Minerals
Inc
173
24
Ur-Energy
Inc
(d)
1,586
2
$
6,032
Miscellaneous
Manufacturers
-
2
.49
%
American
Outdoor
Brands
Inc
(d)
1,341
36
Chase
Corp
523
61
EnPro
Industries
Inc
30,631
2,852
ESCO
Technologies
Inc
2,234
211
Fabrinet
(d)
131,896
12,467
Federal
Signal
Corp
287,900
11,404
Haynes
International
Inc
1,155
44
Hillenbrand
Inc
61,034
2,764
Lydall
Inc
(d)
919
56
Materion
Corp
1,187
85
Myers
Industries
Inc
1,833
39
NL
Industries
Inc
722
4
Sturm
Ruger
&
Co
Inc
19,281
1,434
Trinity
Industries
Inc
8,278
224
Trinseo
SA
38,500
2,093
$
33,774
Office
Furnishings
-
0
.41
%
CompX
International
Inc
142
3
HNI
Corp
3,720
139
Interface
Inc
138,812
2,002
Kimball
International
Inc
93,498
1,157
Steelcase
Inc
168,418
2,315
$
5,616
Oil
&
Gas
-
3
.81
%
Amplify
Energy
Corp
(d)
28,700
94
Antero
Resources
Corp
(d)
24,004
326
Berry
Corp
259,537
1,440
Bonanza
Creek
Energy
Inc
58,341
2,244
Brigham
Minerals
Inc
4,161
82
California
Resources
Corp
(d)
74,022
2,081
Callon
Petroleum
Co
(d)
507
20
Centennial
Resource
Development
Inc/DE
(d)
15,082
79
Chesapeake
Energy
Corp
19,413
1,050
CNX
Resources
Corp
(d)
20,878
253
Comstock
Resources
Inc
(d)
413,411
2,513
CVR
Energy
Inc
31,185
426
Delek
US
Holdings
Inc
6,261
109
Earthstone
Energy
Inc
(d)
172,238
1,693
Extraction
Oil
&
Gas
Inc
(d)
896
40
Falcon
Minerals
Corp
786
4
Helmerich
&
Payne
Inc
10,047
288
HighPeak
Energy
Inc
575
6
HollyFrontier
Corp
36,700
1,079
Kosmos
Energy
Ltd
(d)
1,028,621
2,376
Laredo
Petroleum
Inc
(d)
873
48
Murphy
Oil
Corp
106,483
2,312
Nabors
Industries
Ltd
(d)
673
59
Northern
Oil
and
Gas
Inc
138,661
2,395
Oasis
Petroleum
Inc
23,185
2,126
Ovintiv
Inc
349,845
8,977
Par
Pacific
Holdings
Inc
(d)
70,367
1,153
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Oil
&
Gas
(continued)
Patterson-UTI
Energy
Inc
17,800
$
143
PBF
Energy
Inc
(d)
9,169
84
PDC
Energy
Inc
157,921
6,245
Penn
Virginia
Corp
(d)
133,366
2,466
Range
Resources
Corp
(d)
194,217
2,958
Riley
Exploration
Permian
Inc
233
5
SM
Energy
Co
11,124
208
Southwestern
Energy
Co
(d)
766,244
3,609
Talos
Energy
Inc
(d)
2,973
34
W&T
Offshore
Inc
(d)
9,091
37
Whiting
Petroleum
Corp
(d)
55,957
2,624
$
51,686
Oil
&
Gas
Services
-
1
.95
%
Archrock
Inc
12,867
111
Bristow
Group
Inc
(d)
615
16
ChampionX
Corp
(d)
189,108
4,395
Core
Laboratories
NV
11,100
370
Dril-Quip
Inc
(d)
53,248
1,522
Frank's
International
NV
(d),(e)
747,102
2,054
FTS
International
Inc
(d)
845
17
Helix
Energy
Solutions
Group
Inc
(d)
290,356
1,205
Liberty
Oilfield
Services
Inc
(d)
135,193
1,378
Matrix
Service
Co
(d)
123,430
1,347
MRC
Global
Inc
(d)
7,679
70
National
Energy
Services
Reunited
Corp
(d)
101,037
1,304
Newpark
Resources
Inc
(d)
146,093
471
NexTier
Oilfield
Solutions
Inc
(d)
629,286
2,404
NOW
Inc
(d)
46,307
457
Oceaneering
International
Inc
(d)
9,420
125
Oil
States
International
Inc
(d)
102,825
582
ProPetro
Holding
Corp
(d)
118,244
892
RPC
Inc
(d)
6,444
27
Select
Energy
Services
Inc
(d)
175,255
1,043
Solaris
Oilfield
Infrastructure
Inc
182,569
1,588
TechnipFMC
PLC
(d)
681,615
4,922
TETRA
Technologies
Inc
(d)
3,068
9
US
Silica
Holdings
Inc
(d)
6,928
70
$
26,379
Packaging
&
Containers
-
0
.03
%
Greif
Inc
-
Class
A
2,111
128
Greif
Inc
-
Class
B
484
30
Matthews
International
Corp
2,950
102
Pactiv
Evergreen
Inc
4,101
59
UFP
Technologies
Inc
(d)
574
34
$
353
Pharmaceuticals
-
0
.60
%
AdaptHealth
Corp
(d)
7,519
168
Aduro
Biotech
(d)
161
—
Aeglea
BioTherapeutics
Inc
(d)
3,853
24
Agios
Pharmaceuticals
Inc
(d)
5,877
283
Akebia
Therapeutics
Inc
(d)
8,699
21
Amphastar
Pharmaceuticals
Inc
(d)
2,461
51
Anika
Therapeutics
Inc
(d)
1,373
55
Artana
Therapeutics
(d),(f)
581
—
Athenex
Inc
(d),(e)
3,396
13
Catalyst
Pharmaceuticals
Inc
(d)
9,262
54
Chimerix
Inc
(d)
1,968
13
Citius
Pharmaceuticals
Inc
(d)
10,652
20
CorMedix
Inc
(d)
3,272
19
Covetrus
Inc
(d)
9,874
251
Cytokinetics
Inc
(d)
464
14
Eagle
Pharmaceuticals
Inc/DE
(d)
587
27
Enanta
Pharmaceuticals
Inc
(d)
1,623
68
Endo
International
PLC
(d)
21,872
111
Foghorn
Therapeutics
Inc
(d)
1,584
14
Fulcrum
Therapeutics
Inc
(d)
2,110
15
G1
Therapeutics
Inc
(d)
1,534
26
Gritstone
bio
Inc
(d)
3,849
26
Hookipa
Pharma
Inc
(d)
874
7
Schedule
of
Investments
SmallCap
Value
Fund
II
July
31,
2021
(unaudited)
See
accompanying
notes.
247
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Pharmaceuticals
(continued)
Ideaya
Biosciences
Inc
(d)
2,031
$
50
Jounce
Therapeutics
Inc
(d)
3,142
16
Kala
Pharmaceuticals
Inc
(d),(e)
1,852
6
Kura
Oncology
Inc
(d)
6,060
115
MannKind
Corp
(d)
21,157
87
Mirum
Pharmaceuticals
Inc
(d)
214
3
Nature's
Sunshine
Products
Inc
1,127
20
Neoleukin
Therapeutics
Inc
(d)
2,570
18
NexImmune
Inc
(d),(e)
256
3
Option
Care
Health
Inc
(d)
10,554
219
ORIC
Pharmaceuticals
Inc
(d)
2,416
40
Owens
&
Minor
Inc
1,202
56
Passage
Bio
Inc
(d)
3,536
42
Prestige
Consumer
Healthcare
Inc
(d)
4,777
251
Prometheus
Biosciences
Inc
(d)
936
20
Reata
Pharmaceuticals
Inc
(d)
341
43
Reneo
Pharmaceuticals
Inc
(d)
239
2
Rhythm
Pharmaceuticals
Inc
(d)
4,200
73
Spero
Therapeutics
Inc
(d)
133
2
Supernus
Pharmaceuticals
Inc
(d)
4,685
123
Syros
Pharmaceuticals
Inc
(d)
2,831
13
Taro
Pharmaceutical
Industries
Ltd
(d)
34,000
2,421
Tonix
Pharmaceuticals
Holding
Corp
(d),(e)
30,647
22
Trevena
Inc
(d)
10,077
13
USANA
Health
Sciences
Inc
(d)
19,400
1,848
Vanda
Pharmaceuticals
Inc
(d)
72,525
1,183
Vaxcyte
Inc
(d)
2,692
58
Zogenix
Inc
(d)
5,348
87
$
8,114
Pipelines
-
0
.29
%
Equitrans
Midstream
Corp
338,632
2,784
Golar
LNG
Ltd
(d)
9,809
109
Rattler
Midstream
LP
96,200
1,001
$
3,894
Private
Equity
-
0
.13
%
Victory
Capital
Holdings
Inc
55,739
1,699
Real
Estate
-
0
.38
%
FRP
Holdings
Inc
(d)
635
38
Kennedy-Wilson
Holdings
Inc
11,457
231
Legacy
Housing
Corp
(d)
763
14
Marcus
&
Millichap
Inc
(d)
1,982
79
McGrath
RentCorp
718
56
Radius
Global
Infrastructure
Inc
(d)
4,194
64
RE/MAX
Holdings
Inc
53,963
1,852
Realogy
Holdings
Corp
(d)
10,990
195
RMR
Group
Inc/The
65,405
2,566
$
5,095
REITs
-
3
.07
%
Acadia
Realty
Trust
37,436
801
Agree
Realty
Corp
6,417
482
Alexander
&
Baldwin
Inc
6,834
137
Alexander's
Inc
6,500
1,812
American
Assets
Trust
Inc
4,766
176
American
Finance
Trust
Inc
9,886
84
Apartment
Investment
and
Management
Co
14,213
99
Apollo
Commercial
Real
Estate
Finance
Inc
25,989
396
Apple
Hospitality
REIT
Inc
20,040
300
Arbor
Realty
Trust
Inc
12,140
222
Ares
Commercial
Real
Estate
Corp
3,595
54
Armada
Hoffler
Properties
Inc
5,696
74
ARMOUR
Residential
REIT
Inc
6,745
70
Ashford
Hospitality
Trust
Inc
(d)
1,040
17
Blackstone
Mortgage
Trust
Inc
13,213
428
Braemar
Hotels
&
Resorts
Inc
(d)
4,243
22
Brandywine
Realty
Trust
16,193
226
BrightSpire
Capital
Inc
209,306
1,991
Broadmark
Realty
Capital
Inc
12,234
127
Broadstone
Net
Lease
Inc
13,578
353
BRT
Apartments
Corp
1,041
18
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
REITs
(continued)
Capstead
Mortgage
Corp
9,060
$
58
CareTrust
REIT
Inc
9,208
222
CatchMark
Timber
Trust
Inc
1,369
16
Centerspace
1,261
114
Chatham
Lodging
Trust
(d)
4,560
56
Chimera
Investment
Corp
21,969
323
City
Office
REIT
Inc
4,001
52
Clipper
Realty
Inc
240
2
Columbia
Property
Trust
Inc
10,940
182
Community
Healthcare
Trust
Inc
802
40
CorePoint
Lodging
Inc
(d)
3,703
50
Corporate
Office
Properties
Trust
10,780
317
CTO
Realty
Growth
Inc
556
31
DiamondRock
Hospitality
Co
(d)
19,961
172
DigitalBridge
Group
Inc
(d)
45,632
318
Diversified
Healthcare
Trust
22,555
88
Dynex
Capital
Inc
71,356
1,246
Easterly
Government
Properties
Inc
23,117
525
Ellington
Financial
Inc
3,898
71
Empire
State
Realty
Trust
Inc
13,645
156
Equity
Commonwealth
11,192
294
Essential
Properties
Realty
Trust
Inc
11,171
333
Farmland
Partners
Inc
2,455
31
Four
Corners
Property
Trust
Inc
7,258
208
Franklin
Street
Properties
Corp
9,848
51
GEO
Group
Inc/The
11,201
78
Getty
Realty
Corp
3,800
120
Gladstone
Commercial
Corp
2,483
58
Gladstone
Land
Corp
977
23
Global
Medical
REIT
Inc
5,408
84
Global
Net
Lease
Inc
9,163
169
Granite
Point
Mortgage
Trust
Inc
51,568
728
Great
Ajax
Corp
93,919
1,191
Healthcare
Realty
Trust
Inc
44,242
1,410
Hersha
Hospitality
Trust
(d)
3,206
30
Independence
Realty
Trust
Inc
9,748
188
Indus
Realty
Trust
Inc
119
8
Industrial
Logistics
Properties
Trust
6,151
167
Innovative
Industrial
Properties
Inc
1,078
232
Invesco
Mortgage
Capital
Inc
23,679
81
iStar
Inc
51,894
1,258
Kite
Realty
Group
Trust
7,884
159
KKR
Real
Estate
Finance
Trust
Inc
3,080
66
Ladder
Capital
Corp
10,842
124
Lexington
Realty
Trust
26,185
344
LTC
Properties
Inc
3,711
140
Macerich
Co/The
18,861
307
Mack-Cali
Realty
Corp
(d)
8,379
151
MFA
Financial
Inc
190,421
890
Monmouth
Real
Estate
Investment
Corp
7,797
148
National
Health
Investors
Inc
4,174
285
NETSTREIT
Corp
3,783
98
New
Senior
Investment
Group
Inc
7,770
72
New
York
Mortgage
Trust
Inc
36,234
158
NexPoint
Residential
Trust
Inc
1,718
101
Office
Properties
Income
Trust
4,525
131
One
Liberty
Properties
Inc
1,479
45
Orchid
Island
Capital
Inc
9,045
45
Outfront
Media
Inc
11,123
266
Paramount
Group
Inc
17,815
174
Pebblebrook
Hotel
Trust
119,005
2,676
PennyMac
Mortgage
Investment
Trust
7,507
148
Physicians
Realty
Trust
20,581
390
Piedmont
Office
Realty
Trust
Inc
30,954
589
Plymouth
Industrial
REIT
Inc
2,790
64
Postal
Realty
Trust
Inc
1,146
22
PotlatchDeltic
Corp
6,301
327
Preferred
Apartment
Communities
Inc
4,779
50
PS
Business
Parks
Inc
287
44
Schedule
of
Investments
SmallCap
Value
Fund
II
July
31,
2021
(unaudited)
See
accompanying
notes.
248
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
REITs
(continued)
QTS
Realty
Trust
Inc
3,796
$
295
Ready
Capital
Corp
5,444
82
Redwood
Trust
Inc
10,784
128
Retail
Opportunity
Investments
Corp
11,094
196
Retail
Properties
of
America
Inc
20,472
258
Retail
Value
Inc
1,668
41
RLJ
Lodging
Trust
15,622
224
RPT
Realty
7,657
98
Ryman
Hospitality
Properties
Inc
(d)
415
32
Sabra
Health
Care
REIT
Inc
20,581
383
Safehold
Inc
564
51
Saul
Centers
Inc
107
5
Seritage
Growth
Properties
(d)
88,138
1,398
Service
Properties
Trust
15,661
174
SITE
Centers
Corp
16,535
262
STAG
Industrial
Inc
15,357
635
Summit
Hotel
Properties
Inc
(d)
9,821
88
Sunstone
Hotel
Investors
Inc
(d)
690,942
7,974
Tanger
Factory
Outlet
Centers
Inc
6,842
117
Terreno
Realty
Corp
6,543
447
TPG
RE
Finance
Trust
Inc
65,986
869
Two
Harbors
Investment
Corp
29,931
192
UMH
Properties
Inc
544
13
Uniti
Group
Inc
18,559
217
Universal
Health
Realty
Income
Trust
115
7
Urban
Edge
Properties
11,048
210
Urstadt
Biddle
Properties
Inc
2,798
53
Washington
Real
Estate
Investment
Trust
8,077
196
Whitestone
REIT
3,759
33
Xenia
Hotels
&
Resorts
Inc
(d)
10,872
192
$
41,554
Retail
-
4
.82
%
Abercrombie
&
Fitch
Co
(d)
5,361
203
Academy
Sports
&
Outdoors
Inc
(d)
33,953
1,258
American
Eagle
Outfitters
Inc
41,500
1,431
America's
Car-Mart
Inc/TX
(d)
89
14
Asbury
Automotive
Group
Inc
(d)
12,773
2,624
Barnes
&
Noble
Education
Inc
(d)
3,663
31
Bassett
Furniture
Industries
Inc
884
20
Beacon
Roofing
Supply
Inc
(d)
1,335
71
Bed
Bath
&
Beyond
Inc
(d)
9,301
265
Big
5
Sporting
Goods
Corp
(e)
56,083
1,230
Big
Lots
Inc
6,611
381
Biglari
Holdings
Inc
(d)
77
13
BJ's
Restaurants
Inc
(d)
193
8
BJ's
Wholesale
Club
Holdings
Inc
(d)
9,567
484
BlueLinx
Holdings
Inc
(d)
20,400
876
Brinker
International
Inc
(d)
31,200
1,695
Buckle
Inc/The
10,246
431
Cannae
Holdings
Inc
(d)
8,333
277
CarLotz
Inc
(d),(e)
4,144
18
Carrols
Restaurant
Group
Inc
(d)
3,328
16
Cato
Corp/The
128,188
2,115
Chico's
FAS
Inc
(d)
9,022
56
Chuy's
Holdings
Inc
(d)
1,009
33
Clean
Energy
Fuels
Corp
(d)
13,269
100
Conn's
Inc
(d)
1,699
38
Container
Store
Group
Inc/The
(d)
2,957
31
Dave
&
Buster's
Entertainment
Inc
(d)
2,220
74
Del
Taco
Restaurants
Inc
2,804
24
Denny's
Corp
(d)
1,425
20
Dillard's
Inc
(e)
600
110
El
Pollo
Loco
Holdings
Inc
(d)
1,814
34
Fiesta
Restaurant
Group
Inc
(d)
1,676
22
FirstCash
Inc
3,569
283
Foot
Locker
Inc
22,600
1,290
Franchise
Group
Inc
(e)
36,930
1,254
Genesco
Inc
(d)
44,296
2,545
GMS
Inc
(d)
4,077
200
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Retail
(continued)
Group
1
Automotive
Inc
37,517
$
6,518
Guess?
Inc
3,339
75
Haverty
Furniture
Cos
Inc
11,636
418
Hibbett
Inc
27,315
2,422
Jack
in
the
Box
Inc
17,596
1,915
La-Z-Boy
Inc
63,685
2,138
Lazydays
Holdings
Inc
(d)
696
15
Lithia
Motors
Inc
1,248
471
Lumber
Liquidators
Holdings
Inc
(d)
2,730
52
Macy's
Inc
(d)
29,982
510
MarineMax
Inc
(d)
29,088
1,565
Movado
Group
Inc
1,460
44
Nu
Skin
Enterprises
Inc
26,725
1,435
ODP
Corp/The
(d)
48,027
2,273
PC
Connection
Inc
41,720
1,984
Penske
Automotive
Group
Inc
16,700
1,480
PetMed
Express
Inc
(e)
20,518
644
Potbelly
Corp
(d)
43,300
302
PriceSmart
Inc
2,075
186
Regis
Corp
(d)
295
2
Rite
Aid
Corp
(d)
28,811
438
Rush
Enterprises
Inc
-
Class
A
224,741
10,560
Rush
Enterprises
Inc
-
Class
B
594
26
Shift
Technologies
Inc
(d),(e)
4,740
40
Shoe
Carnival
Inc
178
6
Signet
Jewelers
Ltd
1,099
71
Sonic
Automotive
Inc
49,686
2,711
Suburban
Propane
Partners
LP
13,613
220
Tilly's
Inc
83,425
1,237
TravelCenters
of
America
Inc
(d)
1,188
34
Vera
Bradley
Inc
(d)
177,251
1,952
Winmark
Corp
214
45
World
Fuel
Services
Corp
42,335
1,459
Zumiez
Inc
(d)
56,941
2,486
$
65,309
Savings
&
Loans
-
1
.55
%
Axos
Financial
Inc
(d)
4,945
237
Banc
of
California
Inc
4,220
72
Berkshire
Hills
Bancorp
Inc
20,875
564
Brookline
Bancorp
Inc
111,996
1,610
Capitol
Federal
Financial
Inc
12,400
138
Flushing
Financial
Corp
120,565
2,659
FS
Bancorp
Inc
16,893
587
Hingham
Institution
For
Savings
The
128
38
Home
Bancorp
Inc
703
25
HomeTrust
Bancshares
Inc
22,627
596
Investors
Bancorp
Inc
189,095
2,613
Meridian
Bancorp
Inc
37,024
708
Northfield
Bancorp
Inc
83,827
1,379
Northwest
Bancshares
Inc
11,678
155
OceanFirst
Financial
Corp
91,540
1,785
Pacific
Premier
Bancorp
Inc
7,584
288
Provident
Financial
Services
Inc
121,098
2,615
Southern
Missouri
Bancorp
Inc
14,554
653
Territorial
Bancorp
Inc
24,468
625
Washington
Federal
Inc
94,249
3,042
Waterstone
Financial
Inc
8,307
164
WSFS
Financial
Corp
10,671
467
$
21,020
Semiconductors
-
2
.77
%
Alpha
&
Omega
Semiconductor
Ltd
(d)
416
11
Ambarella
Inc
(d)
2,567
253
Amkor
Technology
Inc
26,987
665
AXT
Inc
(d)
3,682
38
CMC
Materials
Inc
55,930
8,090
Cohu
Inc
(d)
8,562
303
CTS
Corp
2,364
83
Diodes
Inc
(d)
31,741
2,602
DSP
Group
Inc
(d)
2,148
35
Schedule
of
Investments
SmallCap
Value
Fund
II
July
31,
2021
(unaudited)
See
accompanying
notes.
249
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Semiconductors
(continued)
EMCORE
Corp
(d)
2,962
$
26
FormFactor
Inc
(d)
924
34
MKS
Instruments
Inc
53,940
8,438
Onto
Innovation
Inc
(d)
3,183
223
Photronics
Inc
(d)
198,394
2,652
Rambus
Inc
(d)
40,187
951
SkyWater
Technology
Inc
(d),(e)
71
1
Synaptics
Inc
(d)
5,754
874
Tower
Semiconductor
Ltd
(d)
298,955
8,326
Ultra
Clean
Holdings
Inc
(d)
70,225
3,793
Veeco
Instruments
Inc
(d)
4,748
110
$
37,508
Software
-
0
.58
%
Agilysys
Inc
(d)
194
11
Alkami
Technology
Inc
(d)
45
1
Allscripts
Healthcare
Solutions
Inc
(d)
13,354
228
American
Software
Inc/GA
644
14
Asana
Inc
(d)
570
41
Benefitfocus
Inc
(d)
763
10
BM
Technologies
Inc
(d)
13,325
133
Bottomline
Technologies
DE
Inc
(d)
3,487
141
Castlight
Health
Inc
(d)
11,253
26
Cloudera
Inc
(d)
8,611
137
Computer
Programs
and
Systems
Inc
1,341
42
CSG
Systems
International
Inc
15,253
692
Daily
Journal
Corp
(d)
114
38
DarioHealth
Corp
(d)
1,281
19
Digi
International
Inc
(d)
3,219
67
DigitalOcean
Holdings
Inc
(d)
81
4
Donnelley
Financial
Solutions
Inc
(d)
2,639
85
E2open
Parent
Holdings
Inc
(d),(e)
3,983
40
Ebix
Inc
48,129
1,454
eGain
Corp
(d)
1,027
12
Envestnet
Inc
(d)
330
25
Evolent
Health
Inc
(d)
5,907
136
Forian
Inc
(d),(e)
171
2
Genius
Brands
International
Inc
(d)
26,698
42
GTY
Technology
Holdings
Inc
(d)
3,068
21
ManTech
International
Corp/VA
2,615
229
Model
N
Inc
(d)
304
10
NantHealth
Inc
(d)
1,363
3
NextGen
Healthcare
Inc
(d)
5,356
87
ON24
Inc
(d),(e)
12,084
441
PDF
Solutions
Inc
(d)
2,827
53
QAD
Inc
137
12
Rackspace
Technology
Inc
(d)
27,876
494
Smith
Micro
Software
Inc
(d)
4,240
24
Verint
Systems
Inc
(d)
6,146
262
Xperi
Holding
Corp
135,430
2,813
$
7,849
Supranational
Bank
-
0
.00
%
Banco
Latinoamericano
de
Comercio
Exterior
SA
2,913
48
Telecommunications
-
0
.95
%
A10
Networks
Inc
(d)
953
12
ADTRAN
Inc
4,285
96
Anterix
Inc
(d)
741
43
ATN
International
Inc
1,058
46
Aviat
Networks
Inc
(d)
916
34
Calix
Inc
(d)
894
42
Casa
Systems
Inc
(d)
67,100
504
Cincinnati
Bell
Inc
(d)
2,809
43
Consolidated
Communications
Holdings
Inc
(d)
6,953
53
DZS
Inc
(d)
915
18
EchoStar
Corp
(d)
3,941
88
Globalstar
Inc
(d)
7,051
10
Gogo
Inc
(d),(e)
5,236
54
Harmonic
Inc
(d)
6,943
61
HC2
Holdings
Inc
(d)
4,515
17
IDT
Corp
-
Class
B
(d)
470
23
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Telecommunications
(continued)
Inseego
Corp
(d),(e)
6,272
$
55
InterDigital
Inc
1,769
117
Iridium
Communications
Inc
(d)
2,792
118
KVH
Industries
Inc
(d)
1,443
16
Maxar
Technologies
Inc
6,841
248
NeoPhotonics
Corp
(d)
4,808
47
NETGEAR
Inc
(d)
55,874
1,913
Ooma
Inc
(d)
866
16
Plantronics
Inc
(d)
1,894
59
Preformed
Line
Products
Co
17,401
1,192
Ribbon
Communications
Inc
(d)
6,707
46
Shenandoah
Telecommunications
Co
3,047
161
Switch
Inc
356,570
7,367
Telephone
and
Data
Systems
Inc
9,641
216
United
States
Cellular
Corp
(d)
1,455
53
Viavi
Solutions
Inc
(d)
2,440
41
$
12,809
Textiles
-
0
.42
%
Culp
Inc
35,400
530
UniFirst
Corp/MA
23,887
5,202
$
5,732
Transportation
-
1
.45
%
AFC
Gamma
Inc
688
15
Air
Transport
Services
Group
Inc
(d)
5,628
136
ArcBest
Corp
2,414
143
Atlas
Air
Worldwide
Holdings
Inc
(d)
18,172
1,217
Costamare
Inc
5,034
55
Covenant
Logistics
Group
Inc
(d)
1,167
25
DHT
Holdings
Inc
13,814
80
Dorian
LPG
Ltd
2,332
28
Eagle
Bulk
Shipping
Inc
(d)
791
33
Echo
Global
Logistics
Inc
(d)
35,658
1,103
Forward
Air
Corp
14,700
1,300
Frontline
Ltd/Bermuda
(e)
11,212
89
Genco
Shipping
&
Trading
Ltd
3,062
54
Heartland
Express
Inc
37,753
643
Hoegh
LNG
Partners
LP
(e)
13,700
75
Hub
Group
Inc
(d)
3,158
209
Ideanomics
Inc
(d),(e)
38,889
92
International
Seaways
Inc
3,969
65
Landstar
System
Inc
17,260
2,710
Marten
Transport
Ltd
5,675
90
Matson
Inc
35,525
2,384
Nordic
American
Tankers
Ltd
(e)
14,371
38
PAM
Transportation
Services
Inc
(d)
165
10
Radiant
Logistics
Inc
(d)
3,688
23
Safe
Bulkers
Inc
(d)
5,229
17
Saia
Inc
(d)
29,770
6,728
Schneider
National
Inc
24,600
552
Scorpio
Tankers
Inc
4,651
76
SFL
Corp
Ltd
9,972
68
Teekay
Corp
(d)
6,610
20
Teekay
Tankers
Ltd
(d)
2,272
29
Tidewater
Inc
(d)
3,815
43
Universal
Logistics
Holdings
Inc
50,982
1,175
US
Xpress
Enterprises
Inc
(d)
2,562
22
Werner
Enterprises
Inc
5,273
241
Yellow
Corp
(d)
4,532
24
$
19,612
Trucking
&
Leasing
-
0
.73
%
GATX
Corp
80,609
7,436
Greenbrier
Cos
Inc/The
57,411
2,457
Willis
Lease
Finance
Corp
(d)
256
11
$
9,904
Water
-
0
.06
%
American
States
Water
Co
1,688
149
Artesian
Resources
Corp
773
30
California
Water
Service
Group
4,848
304
Middlesex
Water
Co
1,034
105
Schedule
of
Investments
SmallCap
Value
Fund
II
July
31,
2021
(unaudited)
See
accompanying
notes.
250
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Water
(continued)
SJW
Group
2,640
$
182
York
Water
Co/The
475
23
$
793
TOTAL
COMMON
STOCKS
$
1,308,690
Total
Investments
$
1,345,445
Other
Assets
and
Liabilities
- 0.70%
9,521
TOTAL
NET
ASSETS
-
100.00%
$
1,354,966
(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
$8,371
or
0.62%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(d)
Non-income
producing
security
(e)
Security
or
a
portion
of
the
security
was
on
loan. At
the
end
of
the
period,
the
value
of
these
securities
totaled
$7,966
or
0.59%
of
net
assets.
(f)
The
value
of
these
investments
was
determined
using
significant
unobservable
inputs,
in
good
faith
by
the
Manager,
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Directors.
(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
$395
or
0.03%
of
net
assets.
Portfolio
Summary (unaudited)
Sector
Percent
Financial
27
.00
%
Industrial
15
.25
%
Consumer,
Cyclical
15
.12
%
Consumer,
Non-cyclical
14
.22
%
Technology
7
.68
%
Energy
6
.45
%
Basic
Materials
4
.79
%
Utilities
3
.20
%
Communications
2
.88
%
Money
Market
Funds
2
.48
%
Investment
Companies
0
.23
%
Government
0
.00
%
Other
Assets
and
Liabilities
0
.70
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
October
31,
2020
Purchases
Sales
July
31,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
16,879
$
640,714
$
627,144
$
30,449
$
16,879
$
640,714
$
627,144
$
30,449
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.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
Russell
2000
Emini;
September
2021
Long
93
$
10,330
$
(
74
)
Total
$
(
74
)
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
Tax-Exempt
Bond
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
251
INVESTMENT
COMPANIES
-
3.51%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
3.51%
iShares
National
Muni
Bond
ETF
54,700
$
6,431
iShares
Short-Term
National
Muni
Bond
ETF
77,374
8,356
SPDR
Nuveen
Bloomberg
Barclays
High
Yield
Municipal
Bond
ETF
80,031
4,883
VanEck
Vectors
High
Yield
Muni
ETF
113,537
7,252
$
26,922
TOTAL
INVESTMENT
COMPANIES
$
26,922
MUNICIPAL
BONDS
-
97.03%
Principal
Amount
(000's)
Value
(000's)
Alabama
-
2.71%
Columbia
Industrial
Development
Board
0.03%,
12/01/2037
(a)
$
2,700
$
2,700
Lower
Alabama
Gas
District/The
5.00%,
09/01/2034
3,500
4,840
5.00%,
09/01/2046
4,000
6,161
Phenix
City
Industrial
Development
Board
4.13%,
05/15/2035
3,000
3,106
Tuscaloosa
County
Industrial
Development
Authority
4.50%,
05/01/2032
(b)
929
1,017
5.25%,
05/01/2044
(b)
2,500
2,950
$
20,774
Arizona
-
1.50
%
Arizona
Industrial
Development
Authority
5.00%,
01/01/2043
575
622
5.50%,
01/01/2054
(b)
1,500
1,437
Chandler
Industrial
Development
Authority
2.70%,
12/01/2037
(a)
1,300
1,361
Navajo
Nation
5.50%,
12/01/2030
(b)
1,240
1,405
Salt
Verde
Financial
Corp
5.00%,
12/01/2032
4,965
6,649
$
11,474
California
-
9.48%
Alum
Rock
Union
Elementary
School
District
5.25%,
08/01/2043
1,000
1,085
Bay
Area
Toll
Authority
0.01%,
04/01/2047
(a)
4,000
4,000
California
Health
Facilities
Financing
Authority
5.00%,
11/15/2046
(c)
1,691
2,030
California
Municipal
Finance
Authority
5.00%,
05/15/2033
1,000
1,272
5.00%,
05/15/2034
600
762
California
Municipal
Finance
Authority
(credit
support
from
Build
America
Mutual
Assurance
Corp
-
Transfer
Custodial
Receipt
)
5.00%,
05/15/2031
(d)
2,240
2,866
California
Pollution
Control
Financing
Authority
0.20%,
11/01/2042
(a),(b)
2,000
2,000
4.30%,
07/01/2040
2,000
2,289
City
of
Los
Angeles
Department
of
Airports
4.00%,
05/15/2035
5,000
6,157
4.00%,
05/15/2037
1,000
1,224
5.00%,
05/15/2028
2,000
2,545
5.00%,
05/15/2037
(c)
735
936
5.00%,
05/15/2039
(c)
513
650
5.00%,
05/15/2042
(c)
837
995
5.00%,
05/15/2044
(c)
1,410
1,749
5.00%,
05/15/2044
(c)
632
792
5.00%,
05/15/2044
(c)
94
117
5.00%,
05/15/2047
(c)
598
730
5.25%,
05/15/2048
(c)
342
429
Golden
State
Tobacco
Securitization
Corp
5.00%,
06/01/2047
2,840
2,932
5.30%,
06/01/2037
1,000
1,038
Oakland
Unified
School
District/Alameda
County
5.00%,
08/01/2034
2,210
2,600
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
California
(continued)
Riverside
Community
Properties
Development
Inc
6.00%,
10/15/2038
$
1,150
$
1,299
Sacramento
Area
Flood
Control
Agency
(credit
support
from
Build
America
Mutual
Assurance
Corp
)
5.00%,
10/01/2039
(d)
1,340
1,522
Sacramento
County
Water
Financing
Authority
5.00%,
06/01/2027
500
631
San
Diego
County
Regional
Airport
Authority
5.00%,
07/01/2029
410
531
5.00%,
07/01/2030
480
633
5.00%,
07/01/2031
500
656
5.00%,
07/01/2032
455
595
5.00%,
07/01/2033
500
652
5.00%,
07/01/2034
415
540
5.00%,
07/01/2035
300
389
5.00%,
07/01/2037
450
581
5.00%,
07/01/2038
500
644
5.00%,
07/01/2040
265
340
San
Diego
Unified
School
District/CA
0.00%,
07/01/2032
(e)
5,000
4,337
Southern
California
Public
Power
Authority
5.00%,
11/01/2028
2,385
3,040
State
of
California
0.01%,
05/01/2033
(a)
1,000
1,000
5.00%,
08/01/2028
2,000
2,598
University
of
California
4.00%,
05/15/2038
10,005
12,476
West
Contra
Costa
Unified
School
District
5.25%,
08/01/2033
1,000
1,102
$
72,764
Colorado
-
4.52%
Colorado
Educational
&
Cultural
Facilities
Authority
0.03%,
01/01/2039
(a)
3,000
3,000
Colorado
Health
Facilities
Authority
4.00%,
11/01/2039
6,275
7,528
Colorado
Housing
and
Finance
Authority
(credit
support
from
Ginnie
Mae
Collateral
)
0.02%,
11/01/2041
(a),(d)
1,180
1,180
Cottonwood
Highlands
Metropolitan
District
No
1
5.00%,
12/01/2049
1,250
1,349
Denver
Convention
Center
Hotel
Authority
5.00%,
12/01/2036
1,000
1,172
Dominion
Water
&
Sanitation
District
5.25%,
12/01/2027
1,340
1,386
Elbert
County
Independence
Water
&
Sanitation
District
7.25%,
12/01/2038
1,000
1,088
Jefferson
County
School
District
R-1
(credit
support
from
State
Aid
Withholding
)
4.00%,
12/15/2034
(c),(d)
2,317
2,910
4.00%,
12/15/2036
(c),(d)
6,180
7,718
Painted
Prairie
Public
Improvement
Authority
5.00%,
12/01/2049
1,000
1,094
STC
Metropolitan
District
No
2
4.00%,
12/01/2029
1,000
1,090
Transport
Metropolitan
District
No
3
5.00%,
12/01/2051
1,500
1,682
Velocity
Metropolitan
District
No
3
5.13%,
12/01/2034
2,235
2,434
5.50%,
12/01/2048
1,000
1,088
$
34,719
Connecticut
-
0.86%
Mohegan
Tribal
Finance
Authority
7.00%,
02/01/2045
(b)
4,000
4,252
Schedule
of
Investments
Tax-Exempt
Bond
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
252
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Connecticut
(continued)
State
of
Connecticut
Special
Tax
Revenue
5.00%,
05/01/2030
$
1,755
$
2,358
$
6,610
District
of
Columbia
-
2.28%
District
of
Columbia
5.00%,
03/01/2029
4,900
6,436
Metropolitan
Washington
Airports
Authority
Aviation
Revenue
5.00%,
10/01/2033
7,250
9,769
Metropolitan
Washington
Airports
Authority
Dulles
Toll
Road
Revenue
5.00%,
10/01/2047
1,000
1,260
$
17,465
Florida
-
4.56%
City
of
Lakeland
FL
Department
of
Electric
Utilities
5.25%,
10/01/2036
1,000
1,446
Collier
County
Health
Facilities
Authority
5.00%,
05/01/2043
3,500
4,243
Florida
Development
Finance
Corp
7.38%,
01/01/2049
(b)
6,750
7,454
Greater
Orlando
Aviation
Authority
5.00%,
10/01/2047
(c)
7,001
8,465
Lee
County
Industrial
Development
Authority/FL
0.04%,
12/01/2046
(a)
4,900
4,900
Orange
County
School
Board
5.00%,
08/01/2032
5,000
7,038
Village
Community
Development
District
No
13
2.63%,
05/01/2024
375
385
3.00%,
05/01/2029
995
1,071
$
35,002
Georgia
-
0.65%
Development
Authority
of
Appling
County
1.50%,
01/01/2038
(a)
2,500
2,569
George
L
Smith
II
Congress
Center
Authority
5.00%,
01/01/2036
(b)
1,000
1,235
5.00%,
01/01/2054
(b)
1,000
1,206
$
5,010
Illinois
-
12.53%
Chicago
O'Hare
International
Airport
5.25%,
01/01/2036
2,000
2,458
5.25%,
01/01/2037
4,000
4,907
Chicago
Transit
Authority
Capital
Grant
Receipts
Revenue
5.00%,
06/01/2028
2,000
2,555
5.00%,
06/01/2029
1,250
1,634
Chicago
Transit
Authority
Sales
Tax
Receipts
Fund
5.00%,
12/01/2046
4,000
4,812
City
of
Chicago
IL
5.25%,
01/01/2029
2,000
2,287
5.50%,
01/01/2049
1,000
1,262
6.00%,
01/01/2038
2,965
3,714
7.13%,
03/15/2022
100
100
7.46%,
02/15/2026
558
427
City
of
Chicago
IL
Wastewater
Transmission
Revenue
5.00%,
01/01/2030
1,000
1,152
5.00%,
01/01/2032
1,000
1,151
5.00%,
01/01/2033
2,625
3,018
City
of
Chicago
IL
Waterworks
Revenue
5.00%,
11/01/2028
1,000
1,138
County
of
Cook
IL
Sales
Tax
Revenue
5.25%,
11/15/2036
1,520
1,905
Illinois
Finance
Authority
0.00%,
12/01/2042
(e)
444
18
0.06%,
06/01/2043
(a)
5,125
5,125
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Illinois
(continued)
Illinois
Sports
Facilities
Authority/The
5.00%,
06/15/2028
$
900
$
1,113
5.00%,
06/15/2029
1,000
1,255
Illinois
Sports
Facilities
Authority/The
(credit
support
from
Build
America
Mutual
Assurance
Corp
)
5.00%,
06/15/2029
(d)
2,700
3,447
Illinois
State
Toll
Highway
Authority
5.00%,
12/01/2032
5,200
6,173
5.00%,
01/01/2040
(c)
2,009
2,365
Metropolitan
Pier
&
Exposition
Authority
4.00%,
12/15/2042
(f)
2,000
2,326
4.00%,
12/15/2047
(f)
1,000
1,151
4.00%,
06/15/2052
(f)
2,000
2,294
5.00%,
06/15/2057
700
840
Metropolitan
Pier
&
Exposition
Authority
(credit
support
from
National
Public
Finance
Guarantee
Corp
)
5.50%,
06/15/2029
(d)
2,410
2,893
Metropolitan
Water
Reclamation
District
of
Greater
Chicago
5.00%,
12/01/2028
5,000
6,201
Sales
Tax
Securitization
Corp
5.00%,
01/01/2036
1,000
1,288
5.00%,
01/01/2048
3,000
3,625
Sales
Tax
Securitization
Corp
(credit
support
from
Build
America
Mutual
Assurance
Corp
)
4.00%,
01/01/2040
(d)
1,750
2,087
5.00%,
01/01/2037
(d)
2,000
2,578
State
of
Illinois
5.00%,
11/01/2028
4,590
5,678
5.00%,
03/01/2031
2,000
2,651
5.00%,
12/01/2032
1,000
1,222
5.00%,
03/01/2046
3,500
4,445
5.50%,
07/01/2027
3,410
3,728
5.50%,
01/01/2030
500
668
United
City
of
Yorkville
IL
5.75%,
03/01/2028
300
300
Village
of
Gilberts
IL
Special
Service
Area
No
24
5.38%,
03/01/2034
149
149
$
96,140
Indiana
-
0.10%
Town
of
Shoals
IN
7.25%,
11/01/2043
700
760
Kentucky
-
0.74%
County
of
Trimble
KY
1.30%,
09/01/2044
(a)
1,000
1,015
Kentucky
Municipal
Power
Agency
5.00%,
09/01/2035
1,080
1,355
Kentucky
Public
Energy
Authority
4.00%,
01/01/2049
(a)
3,000
3,336
$
5,706
Louisiana
-
2.65%
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
3.50%,
11/01/2032
3,000
3,357
4.40%,
11/01/2044
(b)
2,000
2,239
5.50%,
11/01/2039
(b)
2,595
3,002
Louisiana
Offshore
Terminal
Authority
1.65%,
09/01/2027
(a)
3,320
3,375
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
(a),(b)
1,000
1,151
6.10%,
12/01/2040
(a),(b)
1,000
1,330
Schedule
of
Investments
Tax-Exempt
Bond
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
253
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Louisiana
(continued)
Parish
of
St
John
the
Baptist
LA
2.00%,
06/01/2037
(a)
$
5,750
$
5,888
$
20,342
Maine
-
0.26%
Finance
Authority
of
Maine
4.38%,
08/01/2035
(a),(b)
1,800
2,027
Massachusetts
-
0.80%
Massachusetts
Bay
Transportation
Authority
5.25%,
07/01/2028
2,000
2,634
Massachusetts
Educational
Financing
Authority
4.90%,
07/01/2028
925
927
Massachusetts
Port
Authority
5.00%,
07/01/2029
1,000
1,305
5.00%,
07/01/2035
1,000
1,277
$
6,143
Michigan
-
2.07%
City
of
Detroit
MI
5.50%,
04/01/2050
1,000
1,258
Detroit
City
School
District
(credit
support
from
Qualified
School
Bond
Loan
Fund
)
5.00%,
05/01/2036
(d)
1,000
1,305
5.00%,
05/01/2037
(d)
1,000
1,302
5.00%,
05/01/2038
(d)
2,000
2,598
Kalamazoo
Economic
Development
Corp
5.00%,
05/15/2032
2,660
3,083
Kentwood
Economic
Development
Corp
5.00%,
11/15/2041
1,000
1,168
Michigan
Finance
Authority
4.00%,
02/15/2044
3,400
3,997
Wayne
County
Airport
Authority
5.00%,
12/01/2045
1,000
1,181
$
15,892
Mississippi
-
0.14%
Mississippi
Business
Finance
Corp
2.20%,
03/01/2027
(a)
1,000
1,054
Missouri
-
0.84%
City
of
St
Louis
MO
Airport
Revenue
5.00%,
07/01/2034
1,285
1,649
5.00%,
07/01/2044
1,100
1,383
City
of
St
Louis
MO
Airport
Revenue
(credit
support
from
National
Public
Finance
Guarantee
Corp
)
5.50%,
07/01/2028
(d)
1,500
1,981
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
5.00%,
02/01/2034
1,250
1,411
$
6,424
Montana
-
0.50%
Montana
Board
of
Housing
(credit
support
from
Federal
Housing
Administration,
Guaranteed
by
the
Department
of
Veterans
Affairs
and
HUD
)
4.00%,
06/01/2045
(d)
1,470
1,604
Montana
Facility
Finance
Authority
4.13%,
07/01/2038
2,000
2,258
$
3,862
Nebraska
-
0.22%
Hospital
Authority
No
1
of
Lancaster
County
0.02%,
06/01/2031
(a)
445
445
Lincoln
Airport
Authority
4.00%,
07/01/2036
1,000
1,222
$
1,667
Nevada
-
1.94%
Las
Vegas
Convention
&
Visitors
Authority
5.00%,
07/01/2043
(c)
8,604
10,516
Las
Vegas
Redevelopment
Agency
5.00%,
06/15/2040
3,850
4,395
$
14,911
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
New
Hampshire
-
2.89%
New
Hampshire
Business
Finance
Authority
2.15%,
07/01/2027
(a)
$
6,750
$
7,081
3.75%,
07/01/2045
(a),(b)
1,000
1,075
4.00%,
11/01/2027
(b)
1,000
1,057
4.13%,
01/20/2034
9,798
11,915
4.88%,
11/01/2042
(b)
1,000
1,060
$
22,188
New
Jersey
-
5.99%
Casino
Reinvestment
Development
Authority
Inc
5.25%,
11/01/2039
750
812
New
Jersey
Economic
Development
Authority
4.00%,
07/01/2032
805
915
5.75%,
04/01/2031
1,005
1,097
New
Jersey
Transportation
Trust
Fund
Authority
5.25%,
06/15/2032
2,000
2,312
5.25%,
06/15/2034
2,250
2,644
South
Jersey
Port
Corp
5.00%,
01/01/2042
5,000
6,011
5.00%,
01/01/2048
3,000
3,584
State
of
New
Jersey
4.00%,
06/01/2031
4,600
5,805
4.00%,
06/01/2032
5,000
6,409
Tobacco
Settlement
Financing
Corp
4.00%,
06/01/2037
4,700
5,518
5.00%,
06/01/2046
7,000
8,458
5.00%,
06/01/2046
2,000
2,391
$
45,956
New
York
-
8.55%
Hudson
Yards
Infrastructure
Corp
5.75%,
02/15/2047
780
783
Metropolitan
Transportation
Authority
4.00%,
02/01/2022
600
611
4.00%,
11/15/2045
1,000
1,171
5.00%,
11/15/2021
850
862
5.00%,
11/15/2025
400
475
5.00%,
11/15/2032
1,000
1,319
New
York
City
Industrial
Development
Agency
(credit
support
from
Assured
Guaranty
Municipal
Corp
)
5.00%,
01/01/2031
(d)
1,000
1,350
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue
0.03%,
11/01/2036
(a)
5,000
5,000
5.25%,
08/01/2037
3,000
3,868
New
York
City
Water
&
Sewer
System
4.00%,
06/15/2037
2,800
3,394
New
York
Counties
Tobacco
Trust
VI
5.00%,
06/01/2031
215
254
5.00%,
06/01/2036
740
856
5.00%,
06/01/2041
400
458
New
York
Liberty
Development
Corp
5.00%,
11/15/2031
1,000
1,014
5.00%,
09/15/2040
1,000
1,028
5.00%,
12/15/2041
1,000
1,017
New
York
State
Bridge
Authority
4.00%,
01/01/2040
500
611
New
York
State
Dormitory
Authority
4.00%,
09/01/2045
2,000
2,313
5.00%,
07/01/2033
1,200
1,517
New
York
State
Dormitory
Authority
(credit
support
from
Assured
Guaranty
Municipal
Corp
-
State
Aid
Withholding
)
5.00%,
10/01/2023
(d)
140
141
New
York
Transportation
Development
Corp
4.00%,
10/01/2030
1,000
1,213
4.00%,
04/30/2053
1,000
1,180
5.00%,
12/01/2027
1,000
1,265
5.00%,
12/01/2028
1,100
1,425
Schedule
of
Investments
Tax-Exempt
Bond
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
254
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
New
York
(continued)
New
York
Transportation
Development
Corp
(continued)
5.00%,
12/01/2029
$
1,200
$
1,586
5.00%,
01/01/2032
7,200
8,862
5.00%,
12/01/2034
2,000
2,655
5.00%,
10/01/2035
2,000
2,601
5.00%,
01/01/2036
3,200
3,904
5.00%,
10/01/2040
2,000
2,570
5.25%,
01/01/2050
3,125
3,538
Port
Authority
of
New
York
&
New
Jersey
5.00%,
07/15/2035
3,000
3,897
Tompkins
County
Development
Corp
0.00%,
07/01/2027
(e)
115
58
Westchester
County
Local
Development
Corp
5.00%,
11/01/2046
2,400
2,791
$
65,587
North
Carolina
-
2.29%
City
of
Charlotte
NC
5.00%,
06/01/2029
5,790
7,685
North
Carolina
Medical
Care
Commission
5.00%,
10/01/2047
1,000
1,093
North
Carolina
Turnpike
Authority
5.00%,
01/01/2040
4,100
5,026
Raleigh
Durham
Airport
Authority
5.00%,
05/01/2031
1,750
2,293
5.00%,
05/01/2034
1,150
1,492
$
17,589
Ohio
-
3.53%
American
Municipal
Power
Inc
5.25%,
02/15/2033
2,575
2,647
Buckeye
Tobacco
Settlement
Financing
Authority
4.00%,
06/01/2037
3,000
3,625
5.00%,
06/01/2055
7,100
8,350
City
of
Cincinnati
OH
5.00%,
12/01/2032
815
848
County
of
Hamilton
OH
0.03%,
08/15/2051
(a)
3,000
3,000
5.00%,
01/01/2036
1,435
1,627
5.00%,
01/01/2046
2,500
2,792
Ohio
Air
Quality
Development
Authority
4.25%,
01/15/2038
(b)
1,000
1,164
4.50%,
01/15/2048
(b)
850
1,002
Port
of
Greater
Cincinnati
Development
Authority
4.25%,
12/01/2050
(b)
2,000
2,056
$
27,111
Oklahoma
-
0.18%
Oklahoma
Development
Finance
Authority
5.25%,
08/15/2043
1,085
1,339
Oregon
-
0.38%
Oregon
State
Business
Development
Commission
0.00%,
04/01/2031
(b),(e)
1,000
215
State
of
Oregon
Housing
&
Community
Services
Department
3.55%,
07/01/2033
2,495
2,711
$
2,926
Pennsylvania
-
4.16%
Allegheny
County
Industrial
Development
Authority
4.88%,
11/01/2024
1,000
1,090
5.13%,
05/01/2030
1,630
1,993
City
of
Philadelphia
PA
5.00%,
02/01/2038
1,000
1,275
5.00%,
02/01/2039
1,000
1,270
Commonwealth
Financing
Authority
5.00%,
06/01/2032
3,000
3,744
5.00%,
06/01/2033
2,000
2,487
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pennsylvania
(continued)
Luzerne
County
Industrial
Development
Authority
2.45%,
12/01/2039
(a)
$
2,000
$
2,199
Pennsylvania
Economic
Development
Financing
Authority
0.20%,
04/01/2034
(a)
1,000
1,000
0.20%,
04/01/2049
(a)
1,500
1,500
2.15%,
11/01/2021
(a)
2,250
2,261
3.25%,
08/01/2039
(b)
1,200
1,250
Pennsylvania
Turnpike
Commission
5.00%,
12/01/2029
2,000
2,641
5.00%,
12/01/2036
1,725
2,136
5.25%,
12/01/2044
5,000
6,483
Pittsburgh
Water
&
Sewer
Authority
(credit
support
from
Assured
Guaranty
Municipal
Corp
)
5.00%,
09/01/2033
(d)
400
568
$
31,897
Puerto
Rico
-
0.80%
Commonwealth
of
Puerto
Rico
0.00%,
07/01/2039
(e)
6,835
6,169
South
Carolina
-
0.93%
South
Carolina
Jobs-Economic
Development
Authority
5.25%,
11/15/2052
1,500
1,655
6.00%,
06/01/2031
(b)
1,000
1,041
6.25%,
06/01/2040
(b)
2,000
2,105
6.50%,
06/01/2051
(b)
2,250
2,367
$
7,168
South
Dakota
-
0.20%
Oglala
Sioux
Tribe
5.75%,
10/01/2025
(b)
1,500
1,501
Tennessee
-
2.30%
Metropolitan
Government
Nashville
&
Davidson
County
Health
&
Educational
Facilities
Board
5.00%,
07/01/2040
4,510
5,413
Metropolitan
Nashville
Airport
Authority/The
5.00%,
07/01/2044
5,000
6,356
5.00%,
07/01/2054
3,750
4,721
Tennergy
Corp/TN
5.00%,
02/01/2050
(a)
1,000
1,138
$
17,628
Texas
-
8.75%
Central
Texas
Regional
Mobility
Authority
5.00%,
01/01/2048
2,740
3,335
Central
Texas
Turnpike
System
5.00%,
08/15/2031
1,285
1,445
City
of
Dallas
TX
Waterworks
&
Sewer
System
Revenue
4.00%,
10/01/2037
5,000
6,180
City
of
Houston
TX
Airport
System
Revenue
5.00%,
07/01/2029
2,000
2,203
6.63%,
07/15/2038
2,000
2,012
Harris
County-Houston
Sports
Authority
5.00%,
11/15/2030
3,000
3,369
Love
Field
Airport
Modernization
Corp
5.00%,
11/01/2022
1,000
1,060
Lower
Neches
Valley
Authority
Industrial
Development
Corp
0.03%,
11/01/2051
(a)
1,850
1,850
Metropolitan
Transit
Authority
of
Harris
County
Sales
&
Use
Tax
Revenue
5.00%,
11/01/2033
2,435
2,984
North
Texas
Tollway
Authority
5.00%,
01/01/2045
1,000
1,141
Port
Beaumont
Navigation
District
3.63%,
01/01/2035
(b)
2,650
2,744
4.00%,
01/01/2050
(b)
500
518
Schedule
of
Investments
Tax-Exempt
Bond
Fund
July
31,
2021
(unaudited)
See
accompanying
notes.
255
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Texas
(continued)
Sea
Breeze
Public
Facility
Corp
6.50%,
01/01/2046
$
100
$
100
Tarrant
County
Cultural
Education
Facilities
Finance
Corp
5.00%,
11/15/2037
2,060
2,427
Texas
Municipal
Gas
Acquisition
&
Supply
Corp
III
5.00%,
12/15/2029
5,000
6,552
5.00%,
12/15/2031
2,200
2,983
Texas
Municipal
Gas
Acquisition
and
Supply
Corp
I
6.25%,
12/15/2026
11,560
13,627
Texas
Private
Activity
Bond
Surface
Transportation
Corp
4.00%,
12/31/2030
1,250
1,544
4.00%,
06/30/2035
1,000
1,209
5.00%,
12/31/2032
4,000
5,161
7.00%,
12/31/2038
1,000
1,136
Texas
Transportation
Commission
5.00%,
08/01/2057
2,000
2,357
West
Harris
County
Regional
Water
Authority
4.00%,
12/15/2049
1,000
1,179
$
67,116
Utah
-
1.27%
Utah
Infrastructure
Agency
5.00%,
10/15/2028
1,000
1,231
5.00%,
10/15/2032
4,385
5,287
5.00%,
10/15/2037
1,500
1,791
5.38%,
10/15/2040
1,200
1,460
$
9,769
Virginia
-
2.76%
County
of
Botetourt
VA
6.00%,
07/01/2034
1,000
1,134
6.00%,
07/01/2044
1,000
1,122
Fairfax
County
Redevelopment
&
Housing
Authority
5.00%,
10/01/2038
1,500
1,884
5.00%,
10/01/2039
1,500
1,880
Hampton
Roads
Transportation
Accountability
Commission
5.00%,
07/01/2022
4,000
4,178
King
George
County
Economic
Development
Authority
2.50%,
06/01/2023
(a)
1,600
1,666
Norfolk
Economic
Development
Authority
0.02%,
11/01/2034
(a)
1,260
1,260
Roanoke
Economic
Development
Authority
6.63%,
12/01/2044
1,295
1,485
Virginia
College
Building
Authority
5.00%,
02/01/2029
5,000
6,559
$
21,168
Washington
-
1.49%
Port
of
Seattle
WA
5.00%,
04/01/2029
5,250
6,747
Washington
State
Housing
Finance
Commission
3.50%,
12/20/2035
3,991
4,710
$
11,457
West
Virginia
-
0.17%
West
Virginia
Economic
Development
Authority
4.12%,
07/01/2045
(a)
1,250
1,334
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Wisconsin
-
1.04%
Public
Finance
Authority
5.00%,
01/01/2024
$
2,500
$
2,755
5.00%,
12/01/2025
3,000
3,531
5.00%,
10/01/2043
(b)
1,500
1,674
$
7,960
TOTAL
MUNICIPAL
BONDS
$
744,609
Total
Investments
$
771,531
Liability
for
Floating
Rate
Notes
Issued
in
Conjunction
with
Securities
Held
-
(2.64)%
Notes
with
interest
rates
of
0.05%
-
0.21%
at
July
31,
2021
and
contractual
maturities
of
collateral
from
2023-2036.
(g)
$
(20,256)
(20,256)
Total
Net
Investments
$
751,275
Other
Assets
and
Liabilities
- 2.10%
16,104
TOTAL
NET
ASSETS
-
100.00%
$
767,379
(a)
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions. These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
Rate
shown
is
the
rate
in
effect
as
of
period
end.
(b)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$53,534
or
6.98%
of
net
assets.
(c)
Security
or
portion
of
underlying
security
related
to
Inverse
Floaters
entered
into
by
the
fund.
(d)
Credit
support
indicates
investments
that
benefit
from
credit
enhancement
or
liquidity
support
provided
by
a
third
party
bank,
institution,
or
government
agency.
(e)
Non-income
producing
security
(f)
Security
purchased
on
a
when-issued
basis.
(g)
Floating
rate
securities.
The
interest
rate(s)
shown
reflect
the
rates
in
effect
at
July
31,
2021.
Portfolio
Summary (unaudited)
Sector
Percent
Revenue
Bonds
78.36%
General
Obligation
Unlimited
9.59%
Insured
4.97%
Investment
Companies
3.51%
General
Obligation
Limited
1.00%
Certificate
Participation
0.99%
Prerefunded
0.96%
Tax
Allocation
0.57%
Special
Assessment
0.33%
Special
Tax
0.26%
Liability
For
Floating
Rate
Notes
Issued
(2.64)%
Other
Assets
and
Liabilities
2.10%
TOTAL
NET
ASSETS
100.00%
Glossary
to
the
Schedule
of
Investments
July
31,
2021
(unaudited)
See
accompanying
notes.
256
Currency
Abbreviations
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CHF
Swiss
Franc
CLP
Chilean
Peso
CNY
Chinese
Renminbi
COP
Colombian
Peso
CZK
Czech
Koruna
EGP
Egyptian
Pound
EUR
Euro
GBP
British
Pound
Sterling
HKD
Hong
Kong
Dollar
HUF
Hungarian
Forint
IDR
Indonesian
Rupiah
INR
Indian
Rupee
JPY
Japanese
Yen
KRW
South
Korean
Won
MXN
Mexican
Peso
MYR
Malaysian
Ringgit
NZD
New
Zealand
Dollar
PEN
Peruvian
Nuevo
Sol
PLN
Polish
Zloty
RON
Romanian
New
Leu
RUB
Russian
Ruble
THB
Thai
Baht
UAH
Ukrainian
Hryvnia
USD/$
United
States
Dollar
ZAR
South
African
Rand
July
31,
2021
(unaudited)
257
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
Emerging
Markets
Total
Return
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.
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
about
the
estimates
market
participants
would
use
in
pricing
the
asset
or
liability
developed
based
on
the
best
information
available
in
the
circumstances.
July
31,
2021
(unaudited)
258
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,
municipal
bonds,
OTC
derivatives,
senior
floating
rate
interests,
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,
available
cash,
or
direct
offering
price.
Significant
increases
in
yield
to
maturity,
EBITDA
multiples,
available
cash,
or
direct
offering
price
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
July
31,
2021
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
$
1,861
$
—
$
—
$
1,861
Municipal
Bonds*
—
711,546
—
711,546
Total
investments
in
securities
$
1,861
$
711,546
$
—
$
713,407
July
31,
2021
(unaudited)
259
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*
$
—
$
6,616,663
$
—
$
6,616,663
Common
Stocks
Energy
13,822
—
—
13,822
Industrial
—
—
24,188
24,188
Investment
Companies
299,386
—
—
299,386
Senior
Floating
Rate
Interests*
—
57,101
—
57,101
U.S.
Government
&
Government
Agency
Obligations*
—
3,636,653
—
3,636,653
Total
investments
in
securities
$
313,208
$
10,310,417
$
24,188
$
10,647,813
Core
Plus
Bond
Fund
Bonds*
—
429,326
157
429,483
Common
Stocks
Consumer,
Cyclical
—
43
—
43
Energy
871
—
2
873
Financial
—
—
—
—
Investment
Companies
103,940
—
—
103,940
Preferred
Stocks
3,857
—
—
3,857
Senior
Floating
Rate
Interests*
—
10,549
—
10,549
U.S.
Government
&
Government
Agency
Obligations*
—
241,647
—
241,647
Total
investments
in
securities
$
108,668
$
681,565
$
159
$
790,392
Assets
Interest
Rate
Contracts
Futures**
742
—
—
742
Liabilities
Interest
Rate
Contracts
Futures**
(1,187)
—
—
(1,187)
Diversified
International
Fund
Common
Stocks
Basic
Materials
59,312
175,592
—
234,904
Communications
60,794
190,662
—
251,456
Consumer,
Cyclical
102,330
916,224
—
1,018,554
Consumer,
Non-cyclical
46,027
761,070
—
807,097
Energy
30,590
195,842
—
226,432
Financial
242,414
822,183
—
1,064,597
Industrial
51,613
706,510
—
758,123
Technology
—
703,806
—
703,806
Utilities
23,985
92,721
—
116,706
Investment
Companies
142,789
—
—
142,789
Total
investments
in
securities
$
759,854
$
4,564,610
$
—
$
5,324,464
Equity
Income
Fund
Common
Stocks*
10,304,232
—
—
10,304,232
Investment
Companies
355,275
—
—
355,275
Total
investments
in
securities
$
10,659,507
$
—
$
—
$
10,659,507
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
Bonds*
—
649,496
—
649,496
Credit
Linked
Structured
Notes*
—
47,647
—
47,647
Investment
Companies
72,895
—
—
72,895
Total
investments
in
securities
$
72,895
$
697,143
$
—
$
770,038
Assets
Credit
Contracts
Credit
Default
Swaps
—
1,301
—
1,301
Exchange
Cleared
Credit
Default
Swaps**
—
262
—
262
Foreign
Exchange
Contracts
Foreign
Currency
Contracts
—
924
—
924
Interest
Rate
Contracts
Exchange
Cleared
Interest
Rate
Swaps**
—
603
—
603
Total
Return
Swaps
—
888
—
888
Liabilities
Credit
Contracts
July
31,
2021
(unaudited)
260
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
Credit
Default
Swaps
$
—
$
(1,301)
$
—
$
(1,301)
Exchange
Cleared
Credit
Default
Swaps**
—
(50)
—
(50)
Foreign
Exchange
Contracts
Foreign
Currency
Contracts
—
(2,602)
—
(2,602)
Interest
Rate
Contracts
Exchange
Cleared
Interest
Rate
Swaps**
—
(1,128)
—
(1,128)
Futures**
(3,032)
—
—
(3,032)
Total
Return
Swaps
—
(67
)
—
(67
)
Global
Diversified
Income
Fund
Bonds*
—
2,275,642
100,218
2,375,860
Common
Stocks
Basic
Materials
22,527
29,668
34,878
87,073
Communications
78,300
60,031
—
138,331
Consumer,
Cyclical
88,316
54,035
4
142,355
Consumer,
Non-cyclical
94,120
161,140
—
255,260
Diversified
—
3,191
—
3,191
Energy
21,335
16,584
—
37,919
Financial
387,170
188,672
—
575,842
Industrial
94,864
95,162
—
190,026
Technology
46,129
31,879
—
78,008
Utilities
213,959
33,449
—
247,408
Convertible
Bonds*
—
279
—
279
Convertible
Preferred
Stocks
Financial
1,018
—
—
1,018
Credit
Linked
Structured
Notes*
—
4,657
—
4,657
Investment
Companies
130,958
—
—
130,958
Preferred
Stocks
Consumer,
Non-cyclical
—
3,493
—
3,493
Energy
1,019
—
—
1,019
Financial
22,985
9,611
—
32,596
Government
6,177
6,440
—
12,617
Utilities
14,023
—
—
14,023
Senior
Floating
Rate
Interests*
—
259,239
41,800
301,039
U.S.
Government
&
Government
Agency
Obligations*
—
11,119
—
11,119
Total
investments
in
securities
$
1,222,900
$
3,244,291
$
176,900
$
4,644,091
Assets
Foreign
Exchange
Contracts
Foreign
Currency
Contracts
—
142
—
142
Interest
Rate
Contracts
Total
Return
Swaps
—
1
08
—
1
08
Liabilities
Foreign
Exchange
Contracts
Foreign
Currency
Contracts
—
(498)
—
(498)
Interest
Rate
Contracts
Futures**
(418)
—
—
(418)
Global
Real
Estate
Securities
Fund
Common
Stocks
Communications
11,600
25,141
—
36,741
Consumer,
Cyclical
80,329
50,577
—
130,906
Financial
2,374,663
1,446,975
—
3,821,638
Industrial
—
38,345
—
38,345
Investment
Companies
56,609
—
—
56,609
Total
investments
in
securities
$
2,523,201
$
1,561,038
$
—
$
4,084,239
Government
&
High
Quality
Bond
Fund
Bonds*
—
215,636
—
215,636
Investment
Companies
110,431
—
—
110,431
U.S.
Government
&
Government
Agency
Obligations*
—
1,195,506
—
1,195,506
Total
investments
in
securities
$
110,431
$
1,411,142
$
—
$
1,521,573
Assets
Interest
Rate
Contracts
Futures**
1,215
—
—
1,215
July
31,
2021
(unaudited)
261
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
Government
&
High
Quality
Bond
Fund
Liabilities
Interest
Rate
Contracts
Futures**
$
(296)
$
—
$
—
$
(296)
High
Income
Fund
Bonds*
—
3,213,942
17,605
3,231,547
Common
Stocks
Basic
Materials
—
—
1,002
1,002
Communications
—
—
—
—
Consumer,
Non-cyclical
—
6,074
—
6,074
Energy
—
—
—
—
Industrial
—
4,559
—
4,559
Technology
1,648
—
—
1,648
Utilities
—
—
—
—
Investment
Companies
137,809
—
—
137,809
Preferred
Stocks
—
—
—
—
Senior
Floating
Rate
Interests*
—
434,535
5,066
439,601
Total
investments
in
securities
$
139,457
$
3,659,110
$
23,673
$
3,822,240
Assets
Foreign
Exchange
Contracts
Foreign
Currency
Contracts
—
207
—
207
Liabilities
Credit
Contracts
Exchange
Cleared
Credit
Default
Swaps**
—
(148)
—
(148)
Foreign
Exchange
Contracts
Foreign
Currency
Contracts
—
(26)
—
(26)
High
Yield
Fund
Bonds*
—
2,489,534
1,701
2,491,235
Common
Stocks
Consumer,
Cyclical
—
746
—
746
Energy
23,934
—
60
23,994
Financial
—
—
—
—
Convertible
Bonds*
—
—
—
—
Investment
Companies
55,823
—
—
55,823
Senior
Floating
Rate
Interests*
—
328,598
—
328,598
Total
investments
in
securities
$
79,757
$
2,818,878
$
1,761
$
2,900,396
Liabilities
Foreign
Exchange
Contracts
Foreign
Currency
Contracts
—
(51)
—
(51)
Inflation
Protection
Fund
Bonds*
—
92,206
—
92,206
Investment
Companies
11,922
—
—
11,922
U.S.
Government
&
Government
Agency
Obligations*
—
1,410,228
—
1,410,228
Purchased
Options
5
—
—
5
Purchased
Interest
Rate
Swaptions
—
6,317
—
6,317
Total
investments
in
securities
$
11,927
$
1,508,751
$
—
$
1,520,678
Assets
Foreign
Exchange
Contracts
Foreign
Currency
Contracts
—
1,003
—
1,003
Interest
Rate
Contracts
Exchange
Cleared
Interest
Rate
Swaps**
—
16,177
—
16,177
Futures**
637
—
—
637
Liabilities
Foreign
Exchange
Contracts
Foreign
Currency
Contracts
—
(782)
—
(782)
Interest
Rate
Contracts
Exchange
Cleared
Interest
Rate
Swaps**
—
(15,706)
—
(15,706)
Futures**
(3,176)
—
—
(3,176)
Interest
Rate
Swaptions
—
(4,160)
—
(4,160)
July
31,
2021
(unaudited)
262
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
International
Emerging
Markets
Fund
Common
Stocks
Basic
Materials
$
3,698
$
14,465
$
—
$
18,163
Communications
7,883
37,144
—
45,027
Consumer,
Cyclical
9,801
25,892
—
35,693
Consumer,
Non-cyclical
6,032
23,616
—
29,648
Energy
6,459
11,197
—
17,656
Financial
7,567
49,803
—
57,370
Industrial
2,715
23,922
—
26,637
Technology
—
66,002
—
66,002
Utilities
—
6,475
—
6,475
Investment
Companies
3,993
—
—
3,993
Preferred
Stocks
Technology
—
837
—
837
Total
investments
in
securities
$
48,148
$
259,353
$
—
$
307,501
International
Fund
I
Common
Stocks
Basic
Materials
2,464
29,140
—
31,604
Communications
2,147
10,573
—
12,720
Consumer,
Cyclical
3,579
47,673
—
51,252
Consumer,
Non-cyclical
5,396
33,609
—
39,005
Energy
—
5,817
—
5,817
Financial
19,534
73,983
—
93,517
Industrial
3,746
41,191
—
44,937
Technology
6,266
46,644
—
52,910
Utilities
—
10,315
—
10,315
Investment
Companies
4,077
—
—
4,077
Total
investments
in
securities
$
47,209
$
298,945
$
—
$
346,154
LargeCap
Growth
Fund
I
Common
Stocks
Basic
Materials
199,530
—
—
199,530
Communications
3,914,407
—
—
3,914,407
Consumer,
Cyclical
971,089
—
—
971,089
Consumer,
Non-cyclical
3,449,196
—
—
3,449,196
Energy
7,882
—
—
7,882
Financial
858,789
—
—
858,789
Industrial
465,164
—
—
465,164
Technology
4,280,472
—
4,579
4,285,051
Utilities
8,370
—
—
8,370
Convertible
Preferred
Stocks
Basic
Materials
—
—
4,277
4,277
Communications
—
—
6,683
6,683
Consumer,
Cyclical
—
—
241,614
241,614
Technology
—
—
11,405
11,405
Investment
Companies
255,681
—
—
255,681
Total
investments
in
securities
$
14,410,580
$
—
$
268,558
$
14,679,138
Assets
Equity
Contracts
Futures**
1,244
—
—
1,244
LargeCap
S&P
500
Index
Fund
Common
Stocks*
5,879,511
—
—
5,879,511
Investment
Companies
212,175
—
—
212,175
Total
investments
in
securities
$
6,091,686
$
—
$
—
$
6,091,686
Assets
Equity
Contracts
Futures**
6,759
—
—
6,759
July
31,
2021
(unaudited)
263
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
LargeCap
Value
Fund
III
Common
Stocks*
$
3,333,641
$
—
$
—
$
3,333,641
Investment
Companies
94,401
—
—
94,401
Total
investments
in
securities
$
3,428,042
$
—
$
—
$
3,428,042
Assets
Equity
Contracts
Futures**
611
—
—
611
MidCap
Fund
Common
Stocks
Basic
Materials
132,565
—
—
132,565
Communications
2,014,790
—
—
2,014,790
Consumer,
Cyclical
5,877,585
—
—
5,877,585
Consumer,
Non-cyclical
3,028,402
—
—
3,028,402
Diversified
—
36,058
—
36,058
Financial
5,598,357
—
—
5,598,357
Industrial
2,889,566
—
—
2,889,566
Technology
3,959,027
—
—
3,959,027
Utilities
536,813
—
—
536,813
Investment
Companies
4,979
—
—
4,979
Total
investments
in
securities
$
24,042,084
$
36,058
$
—
$
24,078,142
MidCap
Growth
Fund
Common
Stocks*
282,881
—
—
282,881
Investment
Companies
937
—
—
937
Total
investments
in
securities
$
283,818
$
—
$
—
$
283,818
MidCap
Growth
Fund
III
Common
Stocks*
1,151,682
—
—
1,151,682
Investment
Companies
38,082
—
—
38,082
Total
investments
in
securities
$
1,189,764
$
—
$
—
$
1,189,764
Assets
Equity
Contracts
Futures**
44
—
—
44
MidCap
S&P
400
Index
Fund
Common
Stocks*
1,358,424
—
—
1,358,424
Investment
Companies
36,991
—
—
36,991
Total
investments
in
securities
$
1,395,415
$
—
$
—
$
1,395,415
Assets
Equity
Contracts
Futures**
190
—
—
190
MidCap
Value
Fund
I
Common
Stocks*
2,820,493
—
—
2,820,493
Investment
Companies
72,531
—
—
72,531
Total
investments
in
securities
$
2,893,024
$
—
$
—
$
2,893,024
Assets
Equity
Contracts
Futures**
341
—
—
341
Overseas
Fund
Common
Stocks
Basic
Materials
—
125,567
—
125,567
Communications
348
64,654
—
65,002
Consumer,
Cyclical
61,759
338,480
—
400,239
Consumer,
Non-cyclical
15,263
544,160
—
559,423
Diversified
—
1,488
—
1,488
Energy
64,610
155,311
—
219,921
Financial
42,734
745,119
—
787,853
Industrial
—
499,017
—
499,017
Technology
150
136,012
—
136,162
July
31,
2021
(unaudited)
264
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
Overseas
Fund
Utilities
$
—
$
178,960
$
—
$
178,960
Convertible
Bonds*
—
4,129
—
4,129
Investment
Companies
85,303
—
—
85,303
Preferred
Stocks
Basic
Materials
—
51
—
51
Consumer,
Cyclical
—
5,532
—
5,532
Consumer,
Non-cyclical
—
757
—
757
Total
investments
in
securities
$
270,167
$
2,799,237
$
—
$
3,069,404
Liabilities
Equity
Contracts
Futures**
(5)
—
—
(5)
Principal
Capital
Appreciation
Fund
Common
Stocks
Basic
Materials
32,578
—
—
32,578
Communications
329,522
—
—
329,522
Consumer,
Cyclical
270,556
—
—
270,556
Consumer,
Non-cyclical
401,295
—
—
401,295
Energy
63,309
—
—
63,309
Financial
348,999
—
—
348,999
Industrial
154,357
21,291
—
175,648
Technology
541,996
—
—
541,996
Utilities
56,610
—
—
56,610
Investment
Companies
21,805
—
—
21,805
Total
investments
in
securities
$
2,221,027
$
21,291
$
—
$
2,242,318
Principal
LifeTime
2010
Fund
Investment
Companies
729,735
—
—
729,735
Total
investments
in
securities
$
729,735
$
—
$
—
$
729,735
Principal
LifeTime
2015
Fund
Investment
Companies
381,557
—
—
381,557
Total
investments
in
securities
$
381,557
$
—
$
—
$
381,557
Principal
LifeTime
2020
Fund
Investment
Companies
3,815,582
—
—
3,815,582
Total
investments
in
securities
$
3,815,582
$
—
$
—
$
3,815,582
Principal
LifeTime
2025
Fund
Investment
Companies
1,816,883
—
—
1,816,883
Total
investments
in
securities
$
1,816,883
$
—
$
—
$
1,816,883
Principal
LifeTime
2030
Fund
Investment
Companies
6,493,083
—
—
6,493,083
Total
investments
in
securities
$
6,493,083
$
—
$
—
$
6,493,083
Principal
LifeTime
2035
Fund
Investment
Companies
1,686,050
—
—
1,686,050
Total
investments
in
securities
$
1,686,050
$
—
$
—
$
1,686,050
Principal
LifeTime
2040
Fund
Investment
Companies
4,780,707
—
—
4,780,707
Total
investments
in
securities
$
4,780,707
$
—
$
—
$
4,780,707
Principal
LifeTime
2045
Fund
Investment
Companies
1,289,717
—
—
1,289,717
Total
investments
in
securities
$
1,289,717
$
—
$
—
$
1,289,717
July
31,
2021
(unaudited)
265
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
Principal
LifeTime
2050
Fund
Investment
Companies
$
3,021,156
$
—
$
—
$
3,021,156
Total
investments
in
securities
$
3,021,156
$
—
$
—
$
3,021,156
Principal
LifeTime
2055
Fund
Investment
Companies
733,024
—
—
733,024
Total
investments
in
securities
$
733,024
$
—
$
—
$
733,024
Principal
LifeTime
2060
Fund
Investment
Companies
666,864
—
—
666,864
Total
investments
in
securities
$
666,864
$
—
$
—
$
666,864
Principal
LifeTime
2065
Fund
Investment
Companies
72,938
—
—
72,938
Total
investments
in
securities
$
72,938
$
—
$
—
$
72,938
Principal
LifeTime
Hybrid
2015
Fund
Investment
Companies
132,851
—
—
132,851
Total
investments
in
securities
$
132,851
$
—
$
—
$
132,851
Principal
LifeTime
Hybrid
2020
Fund
Investment
Companies
454,569
—
—
454,569
Total
investments
in
securities
$
454,569
$
—
$
—
$
454,569
Principal
LifeTime
Hybrid
2025
Fund
Investment
Companies
452,517
—
—
452,517
Total
investments
in
securities
$
452,517
$
—
$
—
$
452,517
Principal
LifeTime
Hybrid
2030
Fund
Investment
Companies
490,379
—
—
490,379
Total
investments
in
securities
$
490,379
$
—
$
—
$
490,379
Principal
LifeTime
Hybrid
2035
Fund
Investment
Companies
377,655
—
—
377,655
Total
investments
in
securities
$
377,655
$
—
$
—
$
377,655
Principal
LifeTime
Hybrid
2040
Fund
Investment
Companies
348,086
—
—
348,086
Total
investments
in
securities
$
348,086
$
—
$
—
$
348,086
Principal
LifeTime
Hybrid
2045
Fund
Investment
Companies
233,497
—
—
233,497
Total
investments
in
securities
$
233,497
$
—
$
—
$
233,497
Principal
LifeTime
Hybrid
2050
Fund
Investment
Companies
185,886
—
—
185,886
Total
investments
in
securities
$
185,886
$
—
$
—
$
185,886
Principal
LifeTime
Hybrid
2055
Fund
Investment
Companies
89,173
—
—
89,173
Total
investments
in
securities
$
89,173
$
—
$
—
$
89,173
Principal
LifeTime
Hybrid
2060
Fund
Investment
Companies
33,941
—
—
33,941
Total
investments
in
securities
$
33,941
$
—
$
—
$
33,941
July
31,
2021
(unaudited)
266
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
Principal
LifeTime
Hybrid
2065
Fund
Investment
Companies
$
8,424
$
—
$
—
$
8,424
Total
investments
in
securities
$
8,424
$
—
$
—
$
8,424
Principal
LifeTime
Hybrid
Income
Fund
Investment
Companies
82,622
—
—
82,622
Total
investments
in
securities
$
82,622
$
—
$
—
$
82,622
Principal
LifeTime
Strategic
Income
Fund
Investment
Companies
462,700
—
—
462,700
Total
investments
in
securities
$
462,700
$
—
$
—
$
462,700
Real
Estate
Securities
Fund
Common
Stocks*
6,180,737
—
—
6,180,737
Investment
Companies
115,604
—
—
115,604
Total
investments
in
securities
$
6,296,341
$
—
$
—
$
6,296,341
SAM
Balanced
Portfolio
Investment
Companies
5,056,601
—
—
5,056,601
Total
investments
in
securities
$
5,056,601
$
—
$
—
$
5,056,601
SAM
Conservative
Balanced
Portfolio
Investment
Companies
1,919,886
—
—
1,919,886
Total
investments
in
securities
$
1,919,886
$
—
$
—
$
1,919,886
SAM
Conservative
Growth
Portfolio
Investment
Companies
3,503,686
—
—
3,503,686
Total
investments
in
securities
$
3,503,686
$
—
$
—
$
3,503,686
SAM
Flexible
Income
Portfolio
Investment
Companies
3,019,698
—
—
3,019,698
Total
investments
in
securities
$
3,019,698
$
—
$
—
$
3,019,698
SAM
Strategic
Growth
Portfolio
Investment
Companies
2,289,498
—
—
2,289,498
Total
investments
in
securities
$
2,289,498
$
—
$
—
$
2,289,498
Short-Term
Income
Fund
Bonds*
—
4,324,440
—
4,324,440
Investment
Companies
47,618
—
—
47,618
U.S.
Government
&
Government
Agency
Obligations*
—
441,126
—
441,126
Total
investments
in
securities
$
47,618
$
4,765,566
$
—
$
4,813,184
Liabilities
Interest
Rate
Contracts
Futures**
(860)
—
—
(860)
SmallCap
Fund
Common
Stocks
Basic
Materials
52,003
—
—
52,003
Communications
33,500
—
—
33,500
Consumer,
Cyclical
196,236
—
—
196,236
Consumer,
Non-cyclical
326,105
—
—
326,105
Diversified
8,818
6,848
—
15,666
Energy
27,211
—
—
27,211
Financial
266,993
—
—
266,993
Industrial
185,574
—
—
185,574
Technology
190,662
—
—
190,662
July
31,
2021
(unaudited)
267
*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.
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
SmallCap
Fund
Utilities
$
37,292
$
—
$
—
$
37,292
Investment
Companies
62,549
—
—
62,549
Total
investments
in
securities
$
1,386,943
$
6,848
$
—
$
1,393,791
SmallCap
Growth
Fund
I
Bonds*
—
1
—
1
Common
Stocks
Basic
Materials
45,743
—
—
45,743
Communications
134,872
—
—
134,872
Consumer,
Cyclical
469,507
—
—
469,507
Consumer,
Non-cyclical
904,437
—
1
904,438
Energy
28,659
—
—
28,659
Financial
244,194
—
—
244,194
Industrial
450,777
—
—
450,777
Technology
644,344
—
—
644,344
Utilities
5,879
—
—
5,879
Investment
Companies
115,247
—
—
115,247
Total
investments
in
securities
$
3,043,659
$
1
$
1
$
3,043,661
Assets
Equity
Contracts
Futures**
37
—
—
37
SmallCap
S&P
600
Index
Fund
Common
Stocks*
1,420,875
—
—
1,420,875
Investment
Companies
37,270
—
—
37,270
Total
investments
in
securities
$
1,458,145
$
—
$
—
$
1,458,145
Assets
Equity
Contracts
Futures**
64
—
—
64
SmallCap
Value
Fund
II
Common
Stocks
Basic
Materials
65,057
—
—
65,057
Communications
38,964
—
1
38,965
Consumer,
Cyclical
204,818
—
—
204,818
Consumer,
Non-cyclical
192,739
—
4
192,743
Energy
87,485
—
—
87,485
Financial
365,726
—
—
365,726
Government
48
—
—
48
Industrial
206,578
—
—
206,578
Technology
103,998
—
—
103,998
Utilities
43,272
—
—
43,272
Investment
Companies
36,755
—
—
36,755
Total
investments
in
securities
$
1,345,440
$
—
$
5
$
1,345,445
Liabilities
Equity
Contracts
Futures**
(74)
—
—
(74)
Tax-Exempt
Bond
Fund
Investment
Companies
26,922
—
—
26,922
Municipal
Bonds*
—
744,609
—
744,609
Total
investments
in
securities
$
26,922
$
744,609
$
—
$
771,531
July
31,
2021
(unaudited)
268
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
3.
Instances
in
which
a
price
becomes
available
from
a
pricing
service
At
the
end
of
the
period,
there
were
no
other
Funds
which
had
a
significant
Level
3
balance.
During
the
period,
there
were
no
significant
purchases,
sales,
or
transfers
into
or
out
of
Level
3,
except
as
noted
above.
The
Funds'
Schedules
of
Investments
as
of
July
31,
2021
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.
Fund
Asset
Type
Fair
Value
as
of
July
31,
2021
Valuation
Technique
Unobservable
Input
Input
Valuations*
Global
Diversified
Income
Fund
Bonds
$
100,023
Yield
Analysis
Yield
to
Maturity
8.0%
-
11.0%
(10.2%)
195
Liquidation
Analysis
Discount
Rate
6.6%
Common
Stocks
34,878
Enterprise
Valuation
Model
EBITDA
Multiples
4.0
–
5.5x
(4.8x)
Discounted
Cash
Flow
Discount
Rate
10.1%
-
18.3%
(11.7%)
4
Indicative
Market
Quotations
Broker
Quote
$
0.05
Senior
Floating
Rate
Interests
6,360
Precedent
Transaction
Analysis
Direct
Offering
Price
$
100.00
35,440
Cash
Payout
Methodology
Liquidation
Payment
$100.00
$
176,900
LargeCap
Growth
Fund
I
Common
Stocks
$
4,579
Precedent
Transaction
Analysis
Direct
Offering
Price
$
40.13
Convertible
Preferred
Stocks
257,295
Precedent
Transaction
Analysis
Direct
Offering
Price
$
0.61
-
91.72
(69.65)
6,684
Precedent
Transaction
Analysis
Discount
Rate
5%
$
268,558
Fund
Fair
Value
October
31,
2020
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**
Value
as
of
July
31,
2021
Net
Change
in
Unrealized
Appreciation/
(Depreciation)
on
Investments
Held
at
July
31,
2021
Global
Diversified
Income
Fund
Bonds
$
103,557
$
299
$
(14,756)
$
56,596
$
(45,478)
$
—
$
—
$
100,218
$
(14,190)
Common
Stock
39,716
1,602
8,517
—
(7,385)
—
(7,568)
34,882
9,204
Senior
Floating
Rates
Interests
35,440
—
—
6,369
(9)
—
—
41,800
—
Total
$
178,713
$
1,901
$
(6,239)
$
62,965
$
(52,872)
$
—
$
(7,568)
$
176,900
$
(4,986)
LargeCap
Growth
Fund
I
Common
Stock
$
1,791
$
—
$
2,788
$
—
$
—
$
—
$
—
$
4,579
$
2,788
Convertible
Preferred
Stock
42,112
—
175,189
17,194
(12,977)
42,461
—
263,979
175,189
Total
$
43,903
$
—
$
177,977
$
17,194
$
(12,977)
$
42,461
$
—
$
268,558
$
177,977